all their arguments are so, they're so far out of reality that it's so easy to respond with the claims that the left makes in this case twitter is a meme and it's hilarious. dagen: i just use the gif of a tire fire, that's my go-to, joe concha, mike lee, thank you so much "varney" & company is right now, stuart take it away. stuart: good morning, dagen and good morning, everyone. oh, its been a very tough weekend for the administration. embarrassment at the border over those innocent border guards who are still punished just as biden demanded. another word salad from vice president harris on abortion. biden scrambles to explain his begging for oil from the saudis and today, maybe the worst news of all. the new york times has a new poll showing his approval rating dropping to just 33% and only 13 % think the country is on the right track. all right, that's the political headlines. on the markets, almost

everything is down. stocks opening the new week lower across-the-board but it's not a huge sell-off by any means dow is off 170, nasdaq down about 85. bitcoin is down, priced now just above the $20,000 level. gaming stocks, man, are they down. wynn, sands, mgm china, the chinese authorities have shutdown alma could you's casino s for one week following a covid outbreak, twitter is down, musk wants out of the deal. the board will sue to force him to go through with it. expect a long, drawn out court battle with twitter stock languishing 34 bucks a share right now. oil down, barely above $100 a barrel 101 to be precise. gas, down $4.60 is the average for regular and in california you're still above six bucks but only just 6.08 in the golden state. diesel is down 5.64 is your average but that's only $0.17 from last month's record high.

let's finalize it with interest rates ever so slightly lower. you're at 3.02% on the 10 year treasury yield. we're going to go back to the attack on the bodega worker charged with murder after killing his career criminal attacker. there's a move to bring a "stand your ground" law to new york city so people can legally defend themselves and i'll pose the question. suppose there had been no video had to show what really happened stay with us, all will be revealed monday, july 11, 2022. "varney" & company is about to begin. ♪ stuart: it's going to be a nice day in new york, with act returning to sixth avenue and here we go, let's get started. president biden wrote an op-ed in the washington post, defend

ing his trip this week to saudi arabia. he leaves tomorrow by the way. lori lightfoot en what exactly does he have to say? lauren: he said his aim is to re orient, not rupture, relations with the saudis so he penned 1,300 words in the same opinion pages that the saudi critic jama l kashogi wrote in before he was murdered and his is what president biden said. i know there are many who disagree with my decision to travel to saudi arabia. my views on human rights are clear and long-standing and fundamental freedoms are always on the agenda when i travel abroad. well, what else is on the agenda when he travels abroad? stuart: oil. lauren: oil. and americans as you just noted were paying 4.67 to fill up. ironically in that 1,300 word piece, he used the word oil just one-time, and energy two times. reading between the lines, i think he's looking for a pass here. he's going to go to beg and borrow for oil and he wrote these 1,300 words to explain why

, to justify it. stuart: it's interesting that the president of the united states should have to justify a trip that he's about to make to his homegrown constituents, very interesting, but actually, this is, there's another stunning headline. it's in the new york times. at 79, biden is testing the boundaries of age and the presidency and he is becoming an uncomfortable issue for him and his party. okay, there's something else today. perhaps even worse. a new poll comes out in the new york times. 64% of democrats do not want the president to run in 2024. here with me now is will cain. look, that, today's headline, his approval rating is down to 33% and the vast majority of people think the country is going the wrong direction. i say the administration is in a tailspin. am i overstating my case, will? >> will: no, you're not. in fact, the administration's own supporters as you point out now are looking for alternatives

where can they go is in 2024? the answer is decreasingly, joe biden. you know, there's two avenues for this analysis, stuart. one is exactly what's going on in the country, inflation, gas prices, stock market, the economy, the general state of the american country right now is not one that anyone wants to see extended for another four years under this kind of leadership but the second is the man himself, as you pointed out in that new york times article. it's increasingly undeniable that he is just simply not up for the task. not physically, not mentally, he can't keep the schedule. it's an incredibly demanding job i think everyone can recognize that fact, and even according to the new york times their own report, he has to have a tailored schedule that makes it easier for him to deal with demands of the job. you can't imagine extending that , stuart, for another four years. stuart: will i've got this too, this is why so many people are questioning the president's fitness for office. roll tape just look at this for a second.

roll it. >> it is noteworthy that the percentage of women who registered to vote and cast a ballot is consistently higher than the percentage of the men who do so, end of quote. repeat the line. we're going to seize the luxury homes and other ill-begotten gains of putin's, yeah, cliptocr acy. the american nation can be defined in a single word. so the best way to get something done, if you hold near and dear to you that you, um, like to be able to, anyway -- stuart: that's almost frightening, will. the president just can't get it right and that's very worrying to a lot of people. last word to you. >> you know, it is frightening because you consider that that is the leader of the free world. it's also sad. it's sad to see someone operate

below their mental faculties. it's also comedic. i have sons stuart, one that's 14 now on social media. those clips, outside of the political sphere, make their way around the world, and so the thing that it all adds up to it's sad and frightening the one thing it's not is inspiring. it does not inspire trust in the leadership in the united states of america. stuart: well-said. i don't think he will be the presidential candidate for the democrats in 2024. that's just my opinion. will cain, thanks very much for getting up early and being with us today always appreciate it because it's not that early i guess, but you are in texas. >> thanks, stuart. stuart: let's get back to serious issues. the presidency is not a serious issue what is but we're talking twitter at the moment. they're lawyering it up after elon musk says he's pulling out ofnk it was an element of humor in there. lauren: so, the drama is now elon versus the courts. can a court force him to buy a

company that he no longer wants and what recourse do they have if he refuses? bloomberg is reporting that twitter hired a big name law firm,lipton rosen and katz and they plan to sue this week for violating the takeover agreement so musk could be forced to pay the $1 billion breakup fee plus any potential damages while he's taunting twitter on twitter with this series and the bottom one says now they have to disclose the bot info in court which means this potential court battle opens up the discovery process and advertisers could then sue twitter for false information. stuart: sounds like a mess to me lauren: it does. stuart: we need jeff sica. let's get on with it. jeff you've been right from the very start. you always opposed this deal. you've always thought twitter was as you said a garbage company. all right, give me the end game. how does this thing end up? >> well, you know, as i've been

saying, the fact is they refused the twitter board which i think is going to go down in history as being one of the most in competent corporate boards ever assembled that they couldn't run a lemonade stand. what i believe is going to happen is they are going to do this masquerade of saying that they're going to sue to get elon musk to follow through with his original offer. they are going to fail, and i believe they're being extremely deceptive in that they are making it that there is a remote possibility this deal will still happen and i think they're doing it to keep their stock price up, and i think that is deceptive to investors because i think unless they're willing to come out and negotiate a bargain basement price, elon musk is going to move on. he did an event and he only

talked about mars. he didn't even want to talk about twitter. the way he works is he'll move on and he won't even think about twitter at any point in the future. stuart: okay, well he moves on, maybe he pays a billion dollar breakup fee, maybe damages, i don't know but at the end of the day, that stock price, if he walks away twitter stock price, i think, will go down from $34. what say you? >> oh, i think absolutely and the billion dollars that they may force him to pay, to elon musk, he probably spends that on gum and candy every year. so it's not a big amount of money for him being worth what he's worth, but i think that the stock will, the stock will decline. i think for a company and i've always said a garbage company, they have very little ability to make money, they have a very dismal future. i think the stock is going to be driven down into the low 20s and then maybe in the low 20s he may reemerge and decide you know

what? the price is better. 44 billion. i thought that was ludacris and now, maybe if it's 20 billion, maybe you could justify it, for his and again, i love the free speech initiative. i love the fact that he was doing this. i called it a baller move and it was a baller move. now he's, if he's going to buy it he's going to buy it on his terms. stuart: a baller move. i'll have to remember that expression been a while since i've called that one. jeff you're already thank you very much, sir. see you again soon. we have to stay on musk. former president trump enters, what did trump say? lauren: he did, i think the bromance is over between trump and musk. trump slammed him at an alaska rally over the weekend, watch. >> i'll tell you what. elon, elon is not going to buy twitter. where did you hear that before? from me. i said the other day, oh, i've

never voted for a republican. i said i didn't know that. he told me that he voted for me, so he's another bullshit artist but he's not going to be buying it. although he might later who the hell knows what's going to happen. he's got a pretty rotten contract. lauren: so he never thought musk would really buy twitter which means trump won't go back on twitter, if musk doesn't buy it, right? which means look at this , dwac, the firm that will take trump's truth social public, up 15%. stuart: i should have known. all right, thanks. let's check futures, please. it's monday morning, 18 minutes to go before we open this market and we are in the red. it's not a huge sell-off by any means, but a little red ink right there. another week, another -- i hate this expression but can't think of anything else to say. another week and another word salad from vice president harris watch this. >> i think that to be very honest with you, i do believe that we should have rightly believed but we certainly

believe that certain issues are just settled. stuart: i'm not sure, was that supposed to be about abortion but to me, completely in comprehensible, more on that later. president biden's commerce secretary claims we're talking ourselves into a recession. stephen moore is here to separate fact from fiction. stephen is after this. stand by me ♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care,

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right there. now, this. a commerce secretary romando says we are talking ourselves into a recession. she also is saying, she's also talking down a recession. kind of complicated. lauren: so we asked on the show friday, you asked every guest, how do you have a recession with a 3.6% jobless rate and second romando is asking the same thing on meet the press. >> i was just talking to the ceo of a big company and asking him as i always do talking to people, what do you think about the economy and he said the economy is strong, customers are buying, businesses are strong, people are adding jobs. he said we're trying to talk ourselves into a recession, and i agree with that. i think fundamentally, the economy is strong. lauren: so it's saying that the job market is strong, the economy is strong, is often called a democrat distraction, right? because recession is real to many americans, paying high

prices for everything. inflation eating away at your wage gain so it feels like you're in a recession whether the technical shows that or not we do get the new inflation data on wednesday and it will offer little relief consumer prices to rise 8.8% annually. stuart: 8.8% that's the expected number on wednesday morning? lauren: headline, june-from-june , 2021 to this june. stuart: i'd like to know how the market reacts to that if that's correct. stephen moore is an economist and stephen joins us now. are we talking ourselves into a recession? >> hey, stuart, good to be with you. well we're already in a recession. the first two quarters of this year were negative which is officially a recession. how long that will last and whether it's going to be a soft recession or a crash landing, that's yet to be determined, but i'll tell you this , stuart. according to the new york times, this weekend, they did a poll and it found that 80% of americans do not agree with our commerce secretary, 80% of americans say the economy is headed in the wrong direction and i think it's precisely

because they are feeling the pain of this high inflation, so we could get around a crash recession but i'm not seeing policies, stuart, from washington that would get us around this. now i want to give you a high alert on something. i am very nervous about what's going on with chuck schumer and joe manchin. there is serious talk about a mini version of build back better, which, stuart, among other things would impose new price controls on our drug industry, hundreds of billions of dollars of new green energy subsidies and they want to raise the income tax rate by another 4 % which would cancel out the virtues and the value of the trump tax cuts. stuart: but they got to have joe manchin on board to get that. >> that's exactly right. stuart: is he on board? >> it's still in the negotiation phase, but i'm hearing that they are inching closer to a deal which be really

bad news for the u.s. economy. i mean, can you imagine a worse time to be raising tax rates than now that we're floating with a recession? so this is something i think everybody should be paying very close attention to. by the way, these price controls on the drug industry, that's not going to do a lot of good for a race for the cure for alzheimers and cancer and all these other diseases we're trying to cure so i think that's bad news on the washington post. we should be cutting taxes, not raising them right now. stuart: quick one. on wednesday we get the latest cpi data. it might show a gain of well- over 8.6%. if that's the case, it will kill the argument that inflation has peaked, right? >> yeah, you know, i'm of the mind, i'm looking at three or four statistics, at what's happening with commodity prices, stuart, looking at what's happened with the 10 year treasury, looking at the tips yield which is the kind of the

market forecast on inflation i think, my own opinion is we've reached peak inflation, and i think we're going to start to see those inflation rates come down over the next few months. now, look, we're sky high right now. we're 8.5% but i think we could get that inflation rate down to five or 6% but i think we're going to see it in the economy is in the jobs market. look what a great jobs report we just had. you know, there are 300,000 fewer americans working today, stuart, than were working three months ago. that's not a positive trend in employment. stuart: i understand and there are fewer people working now than worked in 2019 before covid i'm out of time, stephen but you know that's the way it is. thanks for joining us see you again soon. >> thank you, stuart, have a great week. stuart: former ceo andy puzder has a new op-ed warning about the declining american work ethic. lauren: the former head of fast food restaurants and he says some workers are lazy. he wrotes, it's long, but

important, "some americans have clearly gotten used to not working and have chosen to live emains need of government assistance but the ablebodied should work for societies benefit and for their personal benefit. it's a simple notion those who can work, should, welfare enhancement still in place have aided the current dis inclination to work ethic and says this will exacerbate the on coming recession." the unemployment rate is dropping because fewer people are saying hey i'm available to work. they aren't interested, and then he cites data that shows last year, a family of four, two adults out of work, they earned $72,000 in unemployment benefits stuart: ouch that's quite a lot of money i'd say. lauren: a lot. stuart: quick check of the futures. i see red ink but not a whole lot of it. the opening bell is next and we'll take you there.

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moments away and also on your screen is keith fitz-gerald joining us this monday morning. keith, earnings season kicks off i know you're interested in two particular companies. first off, pepsi, because you think that will demonstrate how the consumer is behaving. make your case. >> absolutely and here is why. many people compared to coca cola, stuart but it's not a beverage company. it's a snacks company, almost 50 % of their revenue comes from things like potato chips and grab-it-food so quaker brands, lay's,fritos, those are all folded into the pepsi franchise. we'll see where and what consumers are buying. stuart: but you're not recommending pepsi, you aren't buying the stock, you're saying it's a very good indicator, right? that's what you're saying? >> exactly. it's a bell weather. for purchases, if i want to go after the consumer i'm going to be into a stock, and i am, into a stock like costco, for example ,, because i want to be into the proverbial food chain, not just the food itself. stuart: so costco is very good results today. how about another one you're

looking at is jpmorgan. what are they going to tell you about the economy? >> this is the interesting one. jpmorgan is not about the financial results that everybody is going to be thinking. it's really about whether or not the guidance mirrors ceo jamie dimon's economic hurricane comments that made so much news six, seven weeks ago, so if it's a downbeat forecast, then i'm going to bat on down the hatches if it's up beat or level forecast, then do you know what? i think we'll have a short, sharp recession we're already in one but that's going to bode well for coming into 2,023-2024 stuart: the consensus of the opinion on the analysts on this show is that twitter, if there is such a thing as a consensus on this show is that twitter goes down maybe to the low 20s and then musk buys it for the low 20s. you got 30 seconds to tell me whether that's right or wrong. >> i think that's probably correct. he's an absolute genius tacticia n, because now

twitter will have to disclose in court whether or not they have all the bots he alleged. stuart: so you think it might go down to the low 20s and musk might buy it at that price right >> probably. he will have change left over from the billion dollar penalty and not even care. stuart: i feel like i'm twisting your arm. >> [opening bell ringing] stuart: keith we'll see you again real soon. all right, they are clapping and cheering i don't know what their signs are they are holding up at the nasdaq but excited about today's trading and here it goes it is 9:30, a monday morning, and the bell has rung. opening with a loss for the dow industrials thinking about a half percentage point and the dow 30 vast majority are in the red so you've got a lot of selling among the dow 30 so far today. the dow is down 148. the s&p is down about three- quarters of 1%, selling there, and the nasdaq composite, also down, it is down exactly 1% i presume the big tech is doing badly, it is. apple is at 145, amazon 113, meta 166, alphabet is down 30

bucks and microsoft at 265. oh, show me, please, uber. very much a company in the news. there's a big story in the washington post suggesting some tough practices by former management. susan, good morning to you. >> good morning. stuart: what are they alleged to have been doing? >> this won't surprise you they are talking about using violent attacks by taxi drivers in order to win support from politicians and i'm talking specifically in paris. remember in 2015 when you saw taxi drivers attacking and protesting uber's entry not market, you had 80 uber drivers attacked across europe that year and also accused of using a kill switch so they block governments from grabbing evidence during raids and then they funneled money through tax havens like bermuda. have you watched that show super pumped? it's about travis kalanik, and the co-founder of uber, the corporate bad boy before he was kicked out before uber's ipo so he was in charge and behind

all these aggressive moves to really expand quickly and i would say look, uber for all his fault, he was a tactician, and the reason why uber was worth around $70 billion when it ipo'd in 2018. stuart: and is not now all the way down to $22 a share. >> which is half the price of its ipo offer price, but yeah, you were just blowing your nose i think i'm getting a nose leak here too. i was watching wimbledon all weekend for us. stuart: well it was a great final. the men's final was terrific. >> well okay it was very entertaining that curios had a self-conversation the whole match. stuart: i thought it was games manship and i don't like it show me lululemon is down 7% that stock is down what 25% this year. i know. stuart: what's the problem? >> the problem is well they got a downgrade this morning from jefferies so there's a lot of ly

cra and spandex worn incent er court from the players so talking about increased competition from others so nike is getting into athleisure as well, the covid lockdown boom is over according to jefferies bringing down their target price of $200 for lululemon stock so they are looking for a of other 30% or so and lululemon saying they are going to quadruple their international sales and that's their target by 2026. stuart: if they do come down another 30% that stock is cut in half because i remember it being well over 400. also under armour same problems as well so jefferies cutting that stock saying it's only worth $10 so you have upside but it's china's lockdowns and jefferies talking about management volatility and lagging fundamentals. stuart: show me a mc, please. >> it wasn't you. stuart: no it wasn't me. but they did well with that thor movie. >> bad reviews and people said it was terrible but you had

great stars, christian bao was in it 143 million at the domestic box office made 159 million internationally which as you know is pretty much the strength these days when it comes to silver screens as i say super hero marvel sequals continue to make money. amc says it was the best weekend so far in 2022, 10 million going back into the theaters. stuart: i can't imagine adults watching that movie. isn't that for youngow so demogy driven, yes, younger audience but so far it's a fantastic summer think about the minions did really well and top gun 2 is a billion dollar property trending back to the near pre-pandemic levels people want to go out and streaming. have you looked at the stranger things season four numbers a billion hours viewed so far and they think it'll be the most- watched show ever on netflix, even topping squid game which is the other billion-hour viewed movie, show, whatever you

want to call it. but what do you think about the release window just quickly, in terms of silver screen, going on to streaming because some say that needs reduced from 45 days or 48 days where it is has to be shorter in order to capture more of the streaming market. stuart: can the streamers make more money by releasing it on streaming very quickly and before it goes into the cinema? that's the question. they make more money doing that they will do it i'm pretty sure. s. especially if you are paying for the monthly fee. stuart: show me the china tech stocks, please. they are way down today look at that huge loss. >> well beijing was fining these china tech names last night so alibaba paid another fine. not huge. a new round of fines so don't forget that just last year they paid around $3 billion same thing for tencent as well and accusing them of being anti-trust again not reporting past deals to authorities, but if you look at the comeback, you mentioned it before. there's one bull market in the

world right now it's china. these tech names came up 70% from those march lows. stuart: quickly to gaming stocks they're all way down, and i know this is because macau just closed up shop. yes, all 30-plus casinos being shut for a week in the world's largest gaming enclave. did you know and i'm sure you know because you've visited macau before by ferry or chopper? stuart: ferry in the old days. >> let's take the chopper next time, so we're not talking about the gaming enclave making four times more revenue than the las vegas strip at its peak, so the fact that you have rising covid cases i think they were the most since march over in macau, 3,000 on the mainland, that's why casinos are being shut for a week, all of them but they have essentially been closed for three weeks. stuart: shut them down completely that's it. >> also just think about the knock-on effects if you have rising cases in china, think of the factories that might be closed once again. what does that mean for tesla, apple as we head into earnings season. stuart: i'd think it's a danger

signal. >> by the way i'll see you in the delaware court in the 11 hour, just that twitter used that, the delaware court. stuart: nothing like i'll see you in court. thank you, susan we'll see you later. the big board shows a loss of 130 points that's .39%. the dow winners, topped by we've got that's interesting, ibm, back at the top, walmart is in there as well and proctor and gamble doing well. 500 winners, altria, perigot, campbell's soup, not really huge names and the nasdaq headed by kraft heinz, american electric power, wear are the big tech companies? not on the winners politicos list. the 10 year treasury yield right around 3% last time we checked 302, price of gold, where are we now at 1,735 that's all, so much for the inflation indicator. bitcoin struggling to hold at 20,000, 20, 400 right now.

oil is down to 103. nat gas i think is up this morning, yes, it is, nearly 10% at 662. the average price for a gallon of regular 4.67. california you have to pay on average there 6.08. tease, this is what's coming up. wider voters say they regret voting for him. roll that tape. >> i used to be a biden support er. i'm definitely not anymore. >> i feel like i've been lied to by the media telling us biden is the answer to all of the country's problems. >> i can not see any reason why i be voting democrat in the next election. stuart: folks, there's more where that came from. stay tuned. would you want your children to walk through this to get home from school? that is what's happening in san francisco. president biden reportedly sold a million barrels of oil from our energy reserves to china. my next guest says, its got something to do with hunter

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♪ stuart: all right, that is i think that i've got the pronunciation correct, it's in south carolina heading to a high today of 82 degrees, right there. president biden heads to the mid east this week, meanwhile, i think that he's looking for oil from over there. meanwhile, power companies here are facing supply issues. lydia hu joins us. what's the warning that's coming from utility companies, lydia? reporter: good morning, stuart. utility companies are warning that rolling blackouts could be

more widespread for millions of more americans this summer than in previous summers. take a look at this , you can see here that a large swath of the midwest, the area in red, it can lack power that it needs to get through even normal peak conditions. southern illinois is among the most vulnerable places along with michigan, wisconsin, and minnesota. stuart one reason for the power shortage is that cold plants are retiring, some operators are choosing to shutdown rather than invest in upgrades that could be phased out under government's long term energy goals. that means short-term increased demand for electricity happens during the hot summer months to power air conditioning, that could destabilize the power grid another reason a shortage on equipment and materials like overhead wires, some local utility companies have warned the department of energy that they face wait times of more than a year for transformer parts. that will slow response times

after severe weather knocks power out and now these power shortages that means it's going to cost us its predicted that electricity prices could rise, as much as 233% this summer over last, now stuart the prospect of these rolling blackouts and increased costs really amplify ing criticism of the biden administration's plans to transition to green energy, because that transition will force more electric cars on the roads that means more stress on the power grid at a time when the infrastructure, while the utility companies are warning it's not going to keep up with current demand. stuart? stuart: that was quite a warning thank you, lydia. we have been warned see you later. president biden reportedly sold a million barrels of oil from the strategic reserve to china- owned gas giant unipek. daniel turner is with us. daniel's company, power the future calls out radical energy policies and he joins me now. here is the question.

what has hunter biden got to do with this reported selling of a million barrels of oil to china? >> yeah, this is pretty remarkable, right of all of the oil companies in the world, we chose to use one company in china that hunter biden is a part owner and investor. you can argue the release of strategic petroleum reserves as a hedge on rising prices and we have, and said it's a terrible idea. the next step is why are we selling it to the communist chinese and then the third step is again, of all of the oil companies that are brokering this deal, the one that the president's son is a part owner investor, i don't know if he profitedded, i don't know if he got a commission but it's just beyond curious and definitely worthy of congressional investigation that his firm had a hand in this outrageous sale of our strategic reserves. stuart: well-said indeed. now next subject. president biden's going to saudi arabia, i think he leaves tomorrow. what do you think comes out of that? >> i have absolutely no hope

for this because why would opec increase production and the white house has said there are no terms that have already been agreed upon, before this trip, so look the president , i'll give the biden administration this. they understand we have a supply problem. that's why they release from the strategic reserves, although like i said we sold it to communist china. it's why he's sent en views to venezuela and iran and why he's going to saudi arabia so he wants to increase supply. why will he not help us to increase domestic supply? so if you're the saudi king, if you're opec plus, you have absolutely no desire to increase production. this is a waste of the president 's time and will make america look incredibly weak on the world stage. stuart: well, daniel turner, you summed it up nicely both issues. thank you very much for joining us, daniel. you gave us some clarity and we like that. thank you. >> thank you. stuart: the white house is considering several options for the alaska drilling project. let's suppose we actually went through. how many barrels of oil would we get? lauren: so over the 30 year

lifetime the answer is 629 million-barrels. okay? so it's a lot. a thousand jobs in the process at least at first. it's called the willow project, conoco phillips is developing it the trump adminitration initially approved this project. then a federal judge blocked it and they said you need another environmental review here to take into account the effects on the climate, so the biden administration just issued that new review. stuart: and? lauren: we'll see. does he punt or play? if they actually drill this oil, they actually explore for this oil, i mean, the critics on the left, that have him it uenergizes the environmentalists. stuart: you can hold it up forever if you want to. lauren: he will probably punt. stuart: 600 million-barrels of oil out out of alaska from this project? lauren: but we need it right now he'd rather ask saudi arabia for it. stuart: [laughter] right he would. next case supreme court justice

kavanaugh forced out of a d.c. restaurant after pro-abortion protesters showed up. the president' response, keep protesting. the cost to finance a new car hit a record high, over $700 a month on average, and it'll cost you an arm and a leg to fix your old one too. madison alworth has the story, right after this. ♪ fishing helps ease my mind. kinda like having liberty mutual. they customize your car insurance, so you only pay for what you need. woah! look out! [sfx: submarine rising out of water ] [ sfx: minion spits bobber ] minions are bitin' today. [ sfx: submarine hatch closes, submarine dives ] ♪ liberty. liberty. liberty. liberty. ♪

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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. stuart: the average payment for a new car has hit a record high, $712. car maintenance rising as well. let's get to madison all worth has who the full story. how much are repair costs up from a year ago? reporter: stuart, repair costs are up 6% on average, that's the latest cpi data but of course certain parts are costing even more. i have a catalytic converter right here. a year ago, this cost the shop 267. today this one that they recently bought, $540, and that's because it's filled with precious metals. that's what we're seeing with a lot of parts i want to bring in

someone better than i know, pey ton, the owner of knights automotive repair. what else are you guys seeing jump up in costs for customers? >> well it's pretty much everything across-the-board. tires have gone up i just talked to my tire guy to reference it since the pandemic it's up 40% in tires. so tires, they're going up daily things of that nature. break rotars hads are up 20%, engines and transmissions, i used to do an engine job, installed for about $4,500. now that jobs $9,500. the engines and they can't get them. we're waiting months and months to get the product too. reporter: so getting it is hard and the new ones are costing a lot so a lot of people are turning to used market, used parts but what are you seeing there as more people look to used parts for their cars? >> absolutely the used car market they know the used car parts are going to go up too because the new ones have raised thousands of dollars so now, a used transmission that might have got for four or $500 is

now $2,500 is everything is going up. reporter: people are holding on to cars longer. have you seen in your shop people coming in that maybe in the past they would have said i'll just buy a new car but now they are continuing to work on the older vehicles? >> absolutely, yes. first of all it's tough to get newer vehicles they can't get their hands of them but the cost of a new vehicle has gone up drastically. the cost of a new used car has gone up drastically so people are putting a lot of money into their used cars happening with their used cars seeing a lot of people spend more money than they normally would. like if it got to be 3,500 or $ 4,000 they might not go for it but now we had a couple people in last week sending five or $ 6,000 on their car. they don't want to get into new cars they know the cost. reporter: thank you so much. it's not just here you're seeing costs the u.s. on average cars are on the road for 12 years. that's the longest we've ever seen cars on the road but people are putting in that money because getting the new car is expensive too. stuart: some of the price increases came as a real shock, madison. i didn't realize almost doubling

in some cases. madison alworth in the middle of it see you again soon. check the markets, please. we've been in business for 25 minutes and we've got red ink, a lot of red ink for the nasdaq which is down 250 points that is better than 2%. still ahead, steve forbes, four star general jack keane, the attorney general of montana austin mtsen, and two time world series champ keith hernandez, the 10:00 hour is next. you must be my lucky star ♪

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increased a little bit and the nasdaq is the standout down 2%. here's why. the yield on the 10-year treasury, i thought it had gone up. it's not. it is right at 3%. even so big tech sharply lower this morning. in fact they're leading the selling. microsoft is down, apple, alphabet. we have amazon and meta. all of them down in significant proportions. when you start quoting them in percentage terms you know you got some movement. oil is down nearly 2% to $102 a barrel. bitcoin, still trying to maintain the 20,000-dollar level. it is holding it just now but only at 20,200. that is the markets. all right. now this. what would have happened if the attack on the new york city bodega worker had not been captured on videotape? if there was no tape how would the death of the attacker have played out? well to recap the store clerk, jose alba, stabbed austin simon

to death. he was defending himself. charged with murder. he spent time on rikers. he is out only because the video caused uproar. without the video, what would have happen. i would have suggested austan simon would have become a martyr, cut down in the prime of his life. maybe riots or marchs. grievance industry would have be primed up with simon the victim, alba in prison. fortunately we have the videotape before the grievance takes over. the bodega owners association, will meet radical d.a., alvin bragg, they will demand all charges dropped. they will demand a "stand your ground" law that allows defense with a violent attack. good. new york city is lawless.

thank heaven for the tape. now we can do something about it. these radical d.a.s have got to go. second hour of "varney" is just getting started. ♪. stuart: todd piro joins us this morning. todd, you answer the question, what would have happened had there been no videotape? >> i think you answered it and it's a fascinating hypothetical. we could be in a situation where reality would not have been carried out because we would have all, not we, number of people in the media would have created their own reality what happened. an innocent man could be potentially in jail for the rest of his life. we live in an inverted system of justice, stuart and that is sickening in this world. as a d.a. your job is to prosecute bad guys and represent the interests of the good guys. we don't do that anymore. what happened in this case is sickening. it is so crucial that we have the video so that something like this doesn't go down the way of

something where an innocent man, an immigrant in our country just trying to make a living, working a thankless job, get put away for the rest of his life for saving his own life. stuart: extraordinary situation here. let me move on. some people who voted for president biden in 2020 are now regretting their decision 18 months into his presidency. roll tape. >> i started noticed i made a huge mistake voting for biden, just a couple months after biden took office. >> biden is not who he says he is. seems like democrats in a sense they want to keep us in the same spot more so dependent on them, dependent on the government. i'm definitely not a biden supporter anymore. >> i feel like i've been lied to by the media, biden is the answer to all the country's problems and made trump the bad guy and things were a lot better when he was president. stuart: on todd's show earlier this morning he heard from some other voters who shared these

same concerns. what did they tell you? >> the one main takeaway, we voted for him. we didn't think it would be bad. we thought it would be, this guy is old, he seems nice. he is not trump. what could go wrong? this could go wrong. not just these individuals that we suspect with. i think a huge number of biden voters some personally related to will not mention who they are, very, very close with, we have lead-up to the 2020 election. he will h will be in office, for four years, nothing will change and not be quote-unquote crazy as trump. tell you something a lot of people would like crazy tweets every now and again inflation through the roof, standing on the world stage through the you know what? stuart: you saw the front page of "the new york times" today, big lead story. biden approval sinkses to 33%. that is all-time low. >> nobody has ever seen that you're right. stuart: only 13% of people think

we're heading in the right direction. that is catastrophic for biden. >> there is inside baseball palace intrigue that biden can't walk properly, can't speak properly. that was also in the "times" i believe. bad news for this white house but the american people voted him in because we weren't getting information we needed on the hunter biden situation and all those incidents. stuart: okay, now to change the subject radically, florida was performing on fox friday. todd joined him on stage. this happened. ♪. >> too low with flo-rida split my pants. stuart: good lord, showing that on television. >> showing that on television again. look, you can see through. i don't think we're coming back from this. stuart: pants are not coming back. >> take it to the tailor, see it

coming through. i may talk to management. should we auction this off for charity. somebody would buy it. sign it. raise money for an organization. stuart: nice try. i think diet. >> i'm on balance the nature. on balance the nature. see if to prevent this happening again. stuart: good luck, fellow. we'll get really serious now, we'll talk about twitter. yeah, they put together a legal team after elon musk dropped his plans for a a takeover of twitter. how is musk responding to that. >> i think he is laughing about that. this is one tweet he posted. one with chuck norris, checkmate. this is a game of chess for him. because elon musk thinks if this goes to the courts discovery will show there are more bots on the platform than twitter says there is. bloomberg is reporting they hired a big-name law firm.

they plan to sue musk this week for violating the takeover agreement. stuart: off we go with the lawyers. dan ives with us. you're the analyst on this subject. i want to tell you what i think. i think musk gets twitter for $30 a share or less. what do you say to that? >> i think there is a small percentage chance there could be some sort of renegotiation that happens here, let's be clear. this is a nightmare situation for twitter. this will be a long protracted battle in court, a "game of thrones" battle and twitter as public company, we view it as -- battle, that will be issue for the stock and the company to navigate. stuart: okay. earnings season kicks off today. i read your stuff, dan, and you're saying cloud is going to be the shining star as in cloud in microsoft, cloud in amazon. why is the cloud such a big deal, telling you what in these earnings reports?

>> yeah and clearly negative sentiment as you're talking about going into earnings is intact but if you look at cloud and cybersecurity, hundreds of billions of dollars are continuing to move to the cloud and even in their sloyer macro that will continue to play out and that is a benefit for microsoft amazon in terms of the cloud piece, google, cybersecurity, palo alto, z scale, checkpoint among others. i view it as a rock of gibraltar sector what is economic storm potentially for tech. stuart: aren't you preparing for bad news from big tech? >> look, i think a lot of bad news is baked in here. i think about 200 bps of currency will get factored in. in my opinion it is a bifurcated tech, consumer ad dollars, under

pressure around real estate. but you look at the enterprise, cloud and cybersecurity, some of these sectors are holding up well. we continue to be bullish on the stalwarts. i believe that a lot is overcorrected. that is our call going into earnings season. stuart: i hear it, dan ives. thanks for being with us. >> thank you. stuart: dan ives, everyone. good stuff. there are movers in today's market as you might expect with all the red ink. start with oxy-pete down 2%. lauren: goldmandown graded to neutral. 70-dollar price target. they cited valuation. shares are up 110% this year amid the war in ukraine and bust bust's buffett's increased stake. china shut down essentially for covid. that is low demand. stuart: macau shutting down completely because of covid. that affects the oil price. mattel show me them they are up 2 1/2%. lauren: goldman says returning

disney princess toy license next year will help. peaking cost inflation over the next two years will make things more affordable for mattel to do business. so they see cost pressures coming down. stuart: princesses are back? i thought they were out? lauren: license to make them with certain movie and show franchises. stuart: little girls still like princesses? lauren: i don't think they're going there exactly with this. i think little girls like princesses. maybe little boys, one never knows. stuart: one never knows. meta, 4%. lauren: needham says sell them. lower quarter for and for the year. meta is pushing lot of money in the meta verse at at time -- stuart: that thing has been chopped off at the knees. next case, a large number of state employees in virginia just resigned. what is up with that? lauren: they don't want to go back to the office, go back to the physical office.

300 across five agencies, transportation and health resigning after governor youngkin said no more teleworking. they had two months to figure out how they come back in. they got the warning may 5th, july 5th. they had to come back. here is the thing that boggles my mind. they had options. not five days a week in the office. you could get approval to do one day at home, two days at home or three days at home. if you wanted three days at home you needed chief of staff to sign off but it was still an option. still these workers said we want to work from home all the time and they quit as a result. stuart: pandemic made a big difference, didn't it? >> they're trying to create something not really there. working at home for the rest of your career should not be a thing. it is not how the world operates. every now and again sure, i think it is interesting that those individuals in virginia think they will get their way going forward for the rest of their careers. stuart: you're a tough guy. lauren: maybe i'm partial, i feel like people showing up to work, i will get hit for saying this on twitter, should we get

bonuses for coming to to the office? people going to work get compensated for that. >> i can buy new pants. lauren: wear sweatpants at home. stuart: i'm moving on from your ripped pants s that okay with everybody? california governor newsom vacationed in montana. a state he banned state travel over lgbtq issues. i wonder what the attorney general of montana thinks of this? the montana attorney general is coming up on the show. vice president harris caught in another word salad. roll it. >> i do believe we should have rightly believed but we certainly believed certain issues are just settled, certain issues are just settled. >> clearly we're not. >> no, that's not. stuart: just not sure what the vice president is trying to say. we will try to get into it. president biden once vowed to make the saudi arabia kingdom a pariah. now he is defending his controversial trip there.

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stuart: president biden's playing defense as warnings of a potential recession mount. edward lawrence is with us. what, is the white house's defense, edward? reporter: this is all mixed together, the saudi trip and the inflation, it is all kind of mixed together in a little salad, not a word salad. president biden is justifying his trip to saudi arabia bringing a middle east partner closer together for the

stability of the region. oh, by the way they need saudi arabia to pump more oil n an op-ed to "the washington post" this weekend, president, president joe biden writes this, from the start my aim was to reorient, not rupture relations with a country that has been a strategic partner for 80 years. today saudi arabia helped restore the unity among the six countries of the gulf cooperation council. to help working with experts to stablize oil markets for other oil producers. there is the rub for republicans t makes president biden look weak when we have the same oil in texas and oklahoma. >> to replace american oil and gas that biden launched his war on, he wants to do it with venezuelan, saudi, iranian oil and gas supplies. that is an asinine policies, dagen. i don't think it will work. i don't think they have the capacity to nearly match what we could have done if we would just

unleash it. reporter: with wage inflation upside down, poll numbers dropping, president biden needs gas prices to come down but will not change any policies or regulations in the u.s. now the eu did roll back some of their energy policy regulations and as spokesperson john kirby told me last week energy is on the list to talk about in the i bilateral meeting this week with the king of saudi arabia. the prince linkerred with the murder of journalist khashoggi. that journalist worked for the same newspaper that president biden wrote his op-ed in over the weekend. stu? stuart: edward, we hear thank you so much indeed. let's bring in austin knudson attorney general for the state of montana. mr. attorney general, montana is the 12th largest state in terms of oil out put and 20th in terms of natural gas output. what do you need from president biden to increase production of oil and nat-gas?

>> we need him to get list foot off the neck of industry. he can talk about lease sales and he can talk about all the federal leases out there, quote, unquote, available, the fact is, stuart, he absolutely weaponized the federal government against oil and gas production here in the u.s. we know that to be true. you can talk to anybody in the industry. there's so much uncertainty right now, there is no incentive to invest. wells cost millions. stuart: could you be specific? in what way has the federal government weaponized energy and the energy industry against you in montana? >> sure, i can give you a couple examples. we're talking about permitting. talking about nationwide permit 12. the army corporation of engineers talking about getting rid of nationwide permit 12. talk about methane emissions. anything in the bakken, permian region that requires flaring, there is waste natural gas

produced u to go through a large permitting process to get rid of that. talk about roads, you will lease a well pad out in the middle of federal land you have to build the road -- stuart: that happens in television occasionally. you go to bars and tone. that is classic problem. that happens occasionally. we had been speaking with the attorney general of the state of montana. the picture went down. i'm not sure if we can get it back up again. we'll try. in the meantime show me the market please, we've just taken another move to the south. the dow is now down over 200 points. that is 2/3s of 1%. we got quite a lot of, we got quite a lot of selling going on right now. we have the attorney general of montana back with us. okay. no, we don't. back to bars and tone. it happens, folks. it happens. this is live television. you know how you do it? you smile. you don't ever lose your temper because the shot went down, certainly not. you smile, pledge to get the attorney general of montana back

as soon as possible. okay. now this, a new report reveals how much it costs to live comfortably in some of the major cities in the country. lauren, bail me out, tell me how much it costs. lauren: net worth of $774,000. that is your assets minus your liabilities for perspective. the median net worth in the country is $121,000. okay? stuart: i'm not with you. lauren: okay. you would need to live these big cities 774,000-dollar net worth. stuart: net worth, okay. tell me about specific cities. lauren: these are the cities, san francisco, new york city, southern california, seattle, washington, chicago. with the extension of chicago you need more than one million dollars, 1.7 million in net worth in san francisco. those are also the cities people are fleeing where it is so expensive. to live financially comfortably in these cities your net worth has to be thesing figures.

getting expensive in houston, dallas. texas is getting expensive as people move in. denver, 671,000. stuart: very interesting. good stuff, lauren. thanks for helping me out. lauren: do we have him back? stuart: we don't have him back. maybe tomorrow. who knows. millions of in covid funding was used to promote social activism for kids t was supposed to be used for the pandemic. hill very vaughn has what happened with the 15 million. if you donated to a crypto pac, you may have been scammed. bruce felton explains after this ♪.

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stuart: i got some breaking news and it concerns real estate. we've just learned that 60,000 home purchases, contracts for home purchases, 60,000 of them were canceled in the month of june alone. that is a key real estate indicator. 60,000 home purchases canceled. that is 14.9 of all the homes on

which a sales contract had been written. so people are getting out of the deals they gotten into in the first place. look at the markets, please, we're looking at the dow down 185. nasdaq is down 234. lots of selling this morning. we're looking at movers. microsoft is moving, you will tell me why. lauren: sorry start stuart down 1 1/2%. oppenheimer expects to see some slow-down to personal computing that accounts for a third of revenue and includes windows devices and gaming. also the strong dollar. we'll hear a lot about forex as earnings season kicks in this week. citigroup says euro could go down to 90 cents versus the dollar. that is beyond parity. stuart: i hope cloud business bails microsoft out. under armour. down 4%. lauren: jefferies downgraded them to hold, halved the price

target. cut lululemon. look at numbers, during covid, 40% of people gained wait they're trying to get off. jeffries is concerned for under armour, that a lot of the demand was pulled forward. they don't like management changes, et cetera. so they're dumping the stock. stuart: show me the gaming stocks again, please. i know they're all sharply lower. this is because macau has what? lauren: vegas sands down 9%. macau shut all of the casinos to curb the rise of covid-19. 17,000 people in quarantine. they're talking about mass testing in other parts of china as well. here we go again. i think the chinese got what, two weeks of relief if even. they go back into mass testing and lockdowns. stuart: that is one of the reasons why the price of oil is down so much. if china slows down again, less demand, lower price. lauren: you hear the news russia is turning off gas for at least 10 days to fix a pipeline you would think nat-gas oil prices

would go up. but the worry it will be complete demand destruction with slower economies in europe and china. stuart: show me bitcoin, please. oil $101 a barrel. bitcoin right around 21,300 at this point. i want to bring in bruce fenton. a gop senatorial candidate in new hampshire. bruce funded his own campaign with his own bitcoin. bruce, why are you calling crypto pacs, political action committees, why are you calling them a scam? >> not all of them are a scam but i'm new to this political process and i certainly expected it to be bad but i noticed it is even worse than i thought. there is a lot of scams. a lot of scams, that is harsh word, but a lot are badly aligned incentive. it is worse than i think a lot of people realize. the bigger problem, there is too much money in the races and not enough ideas. stuart: okay, the governor of

your state, john sununu, says the administration should fire treasury secretary janet yellen. watch this please, bruce. roll tape. >> what do you think the biden administration needs to do about it if anything? >> well, there is couple of things. first i would fire the treasury secretary. i think she is completely misled america because she didn't want to kind of own the bad news but that is part of public service. you have to own the good with the bad. ease folks into it, present a glide path. the more the administration saying recession is not inevitable, of course it is. stuart: bruce, do you agree with the governor, fire janet yellen? >> firing janet yellen would be a great start. also like to indthe fed and fire fauci and fire several other dozen people in the administration. sure, yellen would be a great start. stuart: you sound like a trump guy? >> i don't like labels. i'm a, more of a ron paul guy. i'm a freedom libertarian, you

know, constitutionalist outsider basically. stuart: do you think the country is headed in the right direction? >> not right now, no. that is the reason i decided to run because, we've been on a bad, you know direction for the last 20 years or so but especially these last couple years. this sort of medical tyranny, vax passes, mandated injections. these things have absolutely no place in a free society, every single one of us, every single one ever us must fight this. that is why i decided to run. we can reverse it and go in the right direction. there is a lot of exciting potential. stuart: you sir, are a libertarian, if i'm not mistaken. i think that is the heart of your appeal here. bruce, thanks very much for being with us. we appreciate any and all perspectives. you have got a good one. thanks a lot, sir. new reports reveal biden's massive global relief package included money for social activism for kids. hillary vaughn is with us. how much money and what kind of

activism? >> stuart, social activism, democrats when this passed in the american rescue plan insisted this money had to be spent to help the country recover from the pandemic. now we're getting new information where the money spent actually went and it is raising more than eyebrows. some lawmakers say taxpayers need a refund. as part of the american rescue plan, $50 million went to a federal agency that supports libraries and museums across the country that agency doled out cash to museums and libraries for projects. here is what your taxpayer money paid for. $40,000 to the rochester museum and science center in new york for an anti-racism education field trip for third-graders, educating them about a community effort to take down racist artwork from a historic carousel. 43,000 to the minneapolis institute of arts, to train tour guides to guide tours with quote, anti-racist lens. to include topics like social

activism for students. brooklyn blew see yum got $50,000 to produce content that looks at history and art through quote, anti-racist lenses. the museum in new york got 50,000-dollars to build a nine foot statue that addresses black masculinity and stereotypes. they are defending the spending. this enables schools and libraries to remain strong community institutions by responding to challenging situations facing their communities resulting from the pandemic. lawmakers are not convinced this think the money should be paid back. ralph northam sits on the house financials services. he told fox digital this. i don't care how long it takes. we need top down dollar how the american rescue plan was spent. any individual or organization who used funds to be able to provide a thorough defense of their decision and spent outside dollars of the spirit and law

must be held account. even some obama economists have said that the american rescue plan is helping fuel inflation we're seeing today. so taxpayers in one way kind of paid for this twice. stuart. stuart: we certainly did. hillary, thank you very much indeed. former disney employees, some of them are now suing the company over their covid-19 policies. tell me more. lauren: it is three employees and they worked for disney between seven and 20 years. they're suing for an unspecified amount. they want their jobs back, lost wages paid, attorney fees, paid as well. doesn't seem like they're asking for much. they are suing because they say their religious liberty was violated when exemption for religious grounds were denied. they say wearing masks violated their religious a believes the lawsuit says they were fired for that. stuart: so they're going to court. this is horrific.

children coming home from school forced to walk through a crowd of homeless people and drug addicts. that is in san fan. major companies like citadel, boeing, leaving chicago as crime runs rampant there. why is h why is the mayor going abroad to tout her city's economic recovery? grady trimble with the report after this. ♪

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stuart: markets show a lot of red ink but not as much as they had about half hour ago. dow down 89, nasdaq is down 180. shocking video shows children getting off after school bus in san francisco and having to walk through crud addicts an homeless people to get where they are going. ashley, tell me nor about this.

>> very disturbing a man is ushering the schoolchildren off the bus in san francisco, who must as you can see, must negotiate their way through a crowd of homeless people living in squalor on the nearby sidewalk. you see drug addicts nodding off all in the middle of the filth. the man could be heard saying these little kids have to walk through this? it is crazy. there has been plenty of reaction on twitter with some slamming california lawmakers for doing nothing about the disgraceful scenes. but many also worried about the children themselves. one local rest dented responded toed video saying this. this is no back alley. this is a main artery in our city hijacked by drug dealers and now it is pure filth. those kids have to go through that every day that they go to school. stuart: there is an op-ed in the "new york post" which calls out homelessness in new york city, not san francisco, in new york. what does it say? ashley: right. it is interesting. the op-ed was written by a

person who is called brian robinson. who says a homeless man followed his wife and young daughter to their home in tribeca. he thankfully arrived to scare him off. he said if they don't fix homelessness to take action. he sold his business in the financial district, he is running as a democrat to serve new york's 10th congressional district. robinson said he feels abandoned by the city to enabled crime to proliferate, bail and soft on crime policies failing to address the homeless crisis. when new yorkers don't feel safe they tend to stay at home. they eat out less and shop online more. and the lack of foot traffic only compounds the problem he says as there are fewer witnesses to stop crime. essentially it's a democrat calling out democrats for failing the city. maybe he can do something about it. we'll see. stu?

stuart: i think mr., he will be on the show tomorrow. what was his name again. armstrong? >> good. stuart: robinson, mr. robinson will be on the show tomorrow. ashley: brian robinson thanks, ashley, very much. the mayor of chicago lori lightfoot, is meeting with leaders of paris and london touting her city's economic recovery. grady trimble is in chicago. big companies like boeing are leaving chicago. what recovery is the mayor talking about? reporter: stu, mayor lightfoot says the economy is thriving and the city is poised to have the best economic recovery of any major city in the united states. lightfoot is expected to sell the windy city as a hub for financial technology companies, citing several fintech companies that have raised nearly half a billion in vc money recently. in announcing this trip to london and paris though, lightfoot failed to mention the three major companies that

recently announced they're packing their bags too but not for a five-day trip to europe. boeing, caterpillar, and ken griffin's citadel said in the last couple months they're permanently leaving illinois. all of those companies heading to lower-taxed states. at least in the case of citadel we know crime also played a role. griffin complained about it a lot. violent crime in chicago is up 34% from a year ago. the illinois policy institute had this to say about the mayor's travels. politicians such as lightfoot should be listening to instead of ignoring chicago's calls for basic reforms to end nickel and diming taxation that would improve the city's business climate much more than a trip halfway across the globe to ask other countries to prop up our shrinking landscape. we did reach out to mayor lightfoot's office to ask how she plans to address those three major companies leaving the city recently? we have not heard back stu.

in fact i have never heard back from the mayor's office anytime i reached out to them. stuart: that is telling it. thanks very much, grady trimble. a new "monmouth" poll shows the biggest concerns for most americans, clearly inflation is right out front there gas prices are up as well. but look at that, only 5% athink abortion is most important, 3% guns, 1% climate change. mercedes schlapp will be commenting on that in our next hour. president biden made another gaff while reading from the teleprompter. watch this. president biden: it is noteworthy that the percentage of women who registered to vote and cast a ballot is consistently higher than the percentage of the men who do so end of quote. repeat the line. stuart: that was reading from the teleprompter. what was on the teleprompter. paris dennard will deal with this and "the new york times" study that shows biden's approval rating is at 33%.

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dow is down 125 but there is a much bigger loss on the nasdaq. it is down 200 points. that is 1.7%. a lot of selling in big tech today. today by the way is july 11th, also known as 7-eleven day. you can go to any 7-eleven convenience store to get a free slurpee today. got that? it is all american pet photo today. i will show you a quick picture of one of my dogs. there is arthur. there is bailey. ash, show us your dog. >> i got one. we lost gracie in march. that is the hard part about having wonderful pets. we have a picture of baxter. he is 13 years old. he is getting a little slower these days. there he is. isn't that cute? big, fury, fluffy ears. he is a cocker spaniel. he is living the good life. i work for him, let me point that out. stuart: i understand these things.

lauren has no pets. lauren: no pets. stuart: but you can get a free slurpee. lauren: i do have that. stuart: yes. lauren: free slurpee, small one at 7-eleven today. you can get it at a speedway too, a little something for free when you're paying an arm and a leg filling your gas tank. stuart: i am glad you pointed that out. >> now you know. stuart: now you know. let's get serious. president biden had a series of gaffs friday while reading from the teleprompter. watch this. president biden: it is noteworthy that the percentage of women that cast a vote and is significantly higher than the men of do. repeat quote. let me repeat the line. let me be precise, and or political power. stuart: "the new york times" took notice, saying, at 79 biden is testing the boundaries of age and the presidency. paris dennard joining us now. paris, we've known biden's age all along. why was his age fine during the

presidential campaign but suddenly it's a problem? >> thank you for having me on the show. i don't think biden's age is the issue. the issue is his competence. the issue is series of so-called gaffs his sister actually said aren't gaffs. take what he says is truth because he speaks the truth. he doesn't think they're gaffs. the american people are looking at what he says, what he does and they're rejecting it. why "the new york times" recently came out with a poll with -- 77% of american views that the country is on the wrong track and 33% of americans, his approval rating is only at 33%. this is a president who is not up to par and not delivering a message or policies that the american people agree with. look, stuart, in 2008 we talked about 7-eleven anniversary. in 2008 joe biden literally said you can't walk into 7-eleven or

dunkin' donuts without hearing a slight indian accent. this is nothing new. it is because this man has the history of saying inappropriate things, often times they're bigoted, many times they're out of the realm of what people think are acceptable. so the media knew about joe biden for history, for his history for a long time. they did not, the mainstream media did not report on, hold him accountable. but that is going to changes. the american people will hold joe biden and the democrats accountable come november, then again in 2024 should he run. stuart: paris, you were part of president trump's campaign in 2020. do you now want to see president, former president trump go up against joe biden in 2024? is that the line-up you would like to see? >> the line-up i would like to see is a republican president in office. you know at the rnc we actually remain neutral, we will remain neutral throughout the whole primary process. i can guarranty you whoever our nominee will be will be someone

american people will believe in and deliver for american people in the ways this democrat house, congress, senate, and white house never have been able to do. stuart: do you have confidence in the price president? i ask that because i will show you another word salad when she was asked about abortion. >> did democrats fail, past democratic presidents, congressional leaders to not codify roe v. wade over the past five decade? >> i do believe that we should have rightly believe, but we certainly believe certain issues are just settled, certain issues are just settled. >> clearly we're not. >> no, that's right. that's why i do believe we're living sadly in real unsettled times. stuart: these word salads, paris, they just keep on happening. very unsettling. >> at the end of the day she is one of the worst messengers for the democrat party and the biden white house.

she is incapable of actually delivering coherent messages that make sense to the average american. this is why they fail to connect with people, understanding what they're doing because they don't have to listen to them, to hear what they're doing. they can experience it. every single day when they go to the grocery store, when they fill up the gas tank, they see that the rhetoric coming out of the white house, even though it is incoherent at best, does not match reality what american people are dealing with, suffering with because of bide-enharris administration. hair riffs does not help to the administration articulating what they're saying or trying to do because we all know they're failing at it. stuart: paris dennard, thanks for jumping on to the show at the last minute. we appreciate it. still ahead, two-time world series champ keith hernandez, steve forbes, four-star general jack keane and mercedes schlapp. ♪ ♪ ♪

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>> the administration's own supporters as you point out now are looking for alternatives. where can they go in 2024? the answer is decreasingly joe biden. >> the fact is that they refused the twitter board, which i think is going to go down in history as being one of the most incompetent corporate boards ever assembled, they couldn't run a lemonade stand. they are going to fail. >> he's an absolute genius tact

ician, because now twitter will have to disclose, in court, whether or not they got all of the bots he alleges. >> let's be clear. this is a nightmare situation for twitter, and this is going to be a long protracted battle. >> we're already in a recession we could get around a flash recession, but i'm not seeing policies, stuart, from washington, that would get us around this. >> an innocent man could be potentially in jail for the rest of his life. we live in an inverted system of justice. ♪ stuart: it is 11:00 eastern time , and it is monday, july 11. look at, "start me up" i always like that song by the rolling stones, it gets you going doesn't it? the dow is down about 145 points , significant loss for the nasdaq, piling up there,

down 228 on the nasdaq, dow down 149. big tech almost all the big tech stocks are way down this morning , when you start quoting percentage terms, you know you've got a sell-off in hand. look at the 10 year treasury yield, and i thought it, yup, look it's below 3%, i suspect that's a flight to safety. money comes out of stocks, goes to safe bonds, up goes the price , down comes the yield. 297 as we speak. oil, $102 a barrel. bitcoin, trying to hold on to 20,000, just about making it 20, 380 as we speak. that's the markets. now this. the last few days have exposed all that's wrong with the biden administration. on friday, border policy, investigators found that agents have not whipped migrants, that they will be punished anyway. biden had promised they would pay for their horrible treatment of migrants, and they will. guilty or not.

under bid en at the open border, you're punished for doing your job. on abortion another in comprehensible statement from vice president harris. roll it. >> i do believe that we should have rightly believed but we certainly believe that certain issues are just settled. certain issues are just settled. >> clearly we're not. >> no that's right and that's why i do believe that we are living, sadly, in real unsettled times. stuart: sorry, but i don't know what that means. then, justice kavanaugh run out of a restaurant as he was eating dinner with his family. clear intimidation over abortion , and the president says well, keep on protesting. on saturday, the new york times hit the third round of democrat politics the presidents age, "he often shuffles when he walks and they worry he will trip on a wire." he stumbled over his words at public events and they hold their breath to see if he makes it to the end without a gaf.

he was supposed to go straight to saudi arabia after his european trip last week, but his aids knew he codnd handle it so they have given him another weekend at the beach to recover. but there's no recovery from the embarrassment of begging the saudis to supply more oil. the president wrote an op-ed in the washington post, claiming he had to go over there to fix the mess left by his predecessor he doesn't like to say trump's name, perhaps because it may remind us all of how things used to be. the administration is in a tailspin. that's not good, because even if the president does not run in 2024, there's still another two and a half years to go with the biden-harris team. third hour of "varney" starts now. mercedes schlapp with us this morning, in the new york times, the polls shows 64% of democrats do not want the

president to run in 2024. well, i just said the administration is in a tailspin. what say you? >> i say that first lady jill biden should face up to her husband and they need to make a decision whether president biden can continue to serve as president of the united states. right now, we are probably in one of the most important moment s of our nation's history in terms of what direction this country is going in. we're seeing economic woes that are impacting american families day in and day out. they can't get the inflation under control. obviously, we're seeing fact that we have to depend on foreign sources, foreign countries, to be able to provide for our energy needs and this is all due to the fact that these democrats and joe biden has focused more on trying to divide america on these cultural issues , instead of focusing on what matters to the american people which is that of ensuring that we can get through these

economic tough times, and we're able to continue to build a strong america with a strong border, and making sure that we stay in a position of strength when it comes to our national security. stuart: well, mercedes, the president is urging women to continue protesting the supreme court roe v. wade ruling. watch this , please. roll it. >> keep protesting, because keep making your point. it's critically important. we can do a lot of things to accommodate the rights of women in the meantime, fundamentally, nobody's going to change this , the only thing is if we have a national law that we in states roe v. wade. stuart: keep protesting and there's this. a liberal advocacy group called "shutdown d.c." offers up to $250 for spotting a supreme court justice that could then go out and, you know, challenge him i guess in public just like they

did can kavanaugh. mercedes, that's going hunting for supreme court justices. that is appalling. >> look, let me tell you something, if the liberal media, if that would have been donald trump, the lib rail entitlement media would have said that the president is inciting violent. i'm all for people protesting, i think it's an important right that we have here in america. the difference is that you're seeing leftistsh basically vandalize life pregnancy centers across the country. those that basically provide services for women and that in and of itself is very troubling. the other piece of this is obviously the bullying tactics on our justices. this is stuff that you see in other countries like in latin america but shouldn't happen here in the united states, and the mere fact they are putting a target on the backs of our conservative supreme court justices i think is very problematic because if something were to happen to one of our justices, i don't care if it's a liberal judge or conservative judge those are things that should not be happening here in the united states, and the

shutdown d.c., they are very problematic and i'm surprised that the department of justice hasn't said, you've gotta stop this behavior and basically tell him to, you know, knock it off. stuart: well i'm not surprised that the justice department in this administration is not telling him to knock it off. i'm not surprised at all. mercedes thank you very much for being with us we appreciate it always. >> thank you. stuart: got it. back to the markets, please, an awful lot of red ink. we need some advice here, especially with the nasdaq down almost 2%. we have the right guy in place, don't worry. all is well. his name is jason katz and he joins us right now. actually, i want to talk about wednesday, and the consumer price inflation index. last month, it was 8.6% over what it was a year ago. this time around, what's it going to be? is it going to be more than 8.6% because if that's the case we all get worried about inflation. >> indeed. well, yes, i think it's going to be north of 8.6. it's going to be an ugly number

but frankly, i think the streets focus more on the following day, which is the ppi number, and that's because moderating prices in terms of luminar per, corn, wheat, oil, they show up first in the ppi, before they come to the cpi number. i think the reason we're having a manic monday isn't so much bracing for inflation on wednesday as much as bracing for this earnings season and revisions coming down. stuart: when you say revisions coming down, that means the analysts are going to change their opinion about what we're going to see next week? >> precisely. the vast majority of analysts don't cut ahead of earnings season. they want companies to get out there and tell their story. you're going to see a major revision downward in terms of earnings, and i think the markets are trying to wrestle with that right now. that coupled with the inflation. stuart: that's not baked in yet? a revision downward of profitability, that's not baked in? >> i think to some extent it is i think this quarters actually

going to be really solid. it's the subsequent quarter that we have to be concerned with right now. and look the fed is hell bent right now on fighting inflation at the risk of causing a recession. so everyone's really worried about a mistake. that's really the concern. stuart: it just doesn't seem to me like the time to jump in with both feet and get back into more microsoft and back into more of this , that, and the other. what do you say? >> i'm in agreement. i'm asked all the time now, should we wade back in and start nibbling and if your horizon is five or seven years yes you could put a few toes in the water but there's no sense of urgency right now. we have a lot more wood to chop before there's a real catalyst to get involved. stuart: we're not out of the woods are we? >> hardly. stuart: you'll be here to tell us when we are won't you? >> every monday 11 a.m. stuart: taking a great risk when you say that. you realize that. >> watch what i wish for. stuart: jason thanks very much. some stocks obviously are moving significantly, when you got a market like this on the downside

let's start with open door down 12%. lauren: so this is the online company they offer cash for your home, fix your home, and then sell it. well wedbush cut the price target to $9. they say inflation is still hitting builders as they sell fewer homes so the market is slowing with the red fin report, that you mentioned earlier. so the thinking is open door isn't going to get as many homes that cheap, if the homes are so expensive to build and people put a lot of money into them. stuart: flipping don't work right now. lauren: flipping doesn't work. stuart: apple, now they've been on a winning streak, but they are down today. the story? lauren: up for five days in a row and down 1% today, a company called moneske cut their price target by 12% to 174. they cite concerns over an economic recession, regulatory headwinds, and just volatility that we're seeing in the market but you have big players like apple and microsoft down today. stuart: yes they are indeed. match group i think they are down.

lauren: yeah, they are 5.3% they got another price target cut at keybanc to 90 so still more than it is now but firm 125. stuart: these markets are brutal on a monday morning. you wake up and think how are we going to perform and you walk in and see a sea of red ink. lauren: more downgrades and price target cuts today. stuart: not great but that is reality i guess. commerce secretary gina raimondo says we are talking ourselves into a recession. roll tape. >> you know i was just talking to a ceo of a big company. he said we're trying to talk ourselves into a recession, and i agree with that. stuart: steve forbes will deal with that, just in a moment's time. we are dealing with a tight labor market, soaring inflation, slowing growth, and democrats are choosing to focus on tax hikes for the wealthy. we've got that report too. president biden defending his upcoming trip to saudi arabia. is he still looking for an iran deal? i'll ask general jack keane, he's next.

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if you think you have dupuytren's contracture, there's a simple test you can take—from anywhere. try to lay your hand flat against a surface. if you can't, you may have dupuytren's contracture. talk to a hand specialist about your options, including nonsurgical treatments. stuart: well listen to this. the army is cutting off pay for thousands of national guard troops and reserves. ashley, i guess this is because they didn't get the jab, is that it? ashley: you are correct, sir, roughly 40,000 national guards men and 22000 reserves are going to be barred from service for refusing to get vaccinated against covid and that decision effectively, as you say, cuts off pay and benefits to the combined 62000 service members, also prohibits them from participating in training.

the guardsmen and reserves had until last thursday, to receive the vaccine. now, if the soldiers continue to refuse without a valid medical or religious exemption, they could face further action including separation of just mandatory discharge. part-time service members who have pending exemption cases can continue to take part in training exercises, also collect pay and benefits but i should point out so far, the army has approved very few exemptions, and all of this comes at a time when the armed services are really struggling to find new recruits. stu? stuart: got it. thanks, ash. president biden goes to saudi arabia tomorrow. i want to bring in general jack keane to cover this. general, welcome back. always good to see you, sir. i want to talk to you about the iran deal. is the president still looking for an iran deal? >> yeah, and they pretty much are. it was one of the first initiatives that they took when they came into power, was to

reach out to the iran, much to the frustration of the israelis and also our arab partners in the region, and they stiffed saudi arabia and the uae frankly, they were about to receive military shipments from us, and the president delayed all of that and also pulled out the patriot missile batteries we had in saudi arabia. he sent a lawed message to the arab world that i'm not supporting you, but yet, he's trying to work a deal with the iranians, and what are the arabs doing? listen, they have choices and their secure utility is important, obviously, to them as well as our security is to us , and they reached out to russia, and to china, so this is , yes, this is a reset that's taken place by biden visiting there, and i hope it turns out to be a positive visit , but make no mistake. fuentally tall destepitel w b bt fa tha biparti bsan bsan onsiti t t t it, it, l l l lessb

e at cn itenendez who was opposed to the first deal in 2015 and is opposed to this one as well. stuart: so basically we're just begging for oil. that's what the we're doing over there. is that it? >> no, i mean, the visit, different subject now, dealing with saudi arabia and the gulf states, saudi arabia is a de facto leader of the arab world and also are the arch rival of iran, and the reality is that they are the world's number one exporter of oil and certainly the united states wants stable oil world prices and that's certainly part of the visit but the other part of the visit is to sure up this partnership with the arab world, as a deterrence against iran and that is crucial they want to also extend the truce that's now taking place in yemen. these are major issues that are

on the table for this visit, and also, i think they are going to try to nudge saudi arabia, stuart, to get into the arab accord and normalize relations with israel. i don't think it'll happen immediately but mohammed ben sum an, the de facto leader of saudi arabia i've been told is already there but the king doesn't want to do it and he like had it wouldn't do it until he became king, but nonetheless i think it's important to push him in that direction, because that will help in countering them in the long run. stuart: that be a success if that can be pulled off. real fast, general. i want to switch to ukraine. seems like there's a stalemate there. looks to me like the u.s. and europe really don't want a flat- out win in ukraine, against the russians. do you see it that way? >> yes and no. i mean, the u.s. is pretty much changed its position from just providing limited support to going all-into help zelenskyy on

the ground with his forces, and that help is being decisive in terms of its results. with the europeans, yes. i do think there are a number of european countries led by france and germany that are looking for a way out because of the economic impact it's having on them as well, and i think the eastern european countries, poland, the baltics, romania, to include the uk, they're all in, and the reason is they see this threat. they see the russian threat. if russia achieves a victory in ukraine these eastern european countries despite being a part of nato, stuart, they believe they're next, and that's why they're all in, but yes, you put your finger on the under belly of the problem that we have with the war in ukraine, that there's softness being developed among the europeans for sticking with this , and that is going to be a problem going down the road.

kind of, it's referred to as ukraine fatigue. and it can truly hurt. stuart: yeah, general, we really need and want your expertise and you always provide it and we're very happy to see that. thank you very much for being here, general jack keane, thank you, sir. >> great talking to you, stuart , thank you. stuart: secretary of state anthony blinken says biden and china's president xi may soon have the opportunity to speak. ashley? opportunity to speak, what does that mean? ashley: yeah, that's vague talk, is it not? blinken says there's maybe an opportunity to speak in the coming weeks, blinken was speaking in bankock, and didn't pinpoint where the talks would take place all very vague but it would come with tensions rising over taiwan, the russia invasion of ukraine and ongoing security issues in the indo-pacific region and biden visited if you remember south korea and japan in may, including a summit of

the so-called quad, which includes australia, japan, and india, and during that visit, biden said the u.s. would defend taiwan, militarily if china invaded the independent and sovereign democratic island nation which china of course claims belongs to them and they walk back a little bit, but that statement, as we know, did not go down well in beijing, but all very vague and when this possible meeting between the two leaders could take place stuart: it could be virtual as well on some kind of zoom thing, as opposed to an in- person visit. ash, we're back to you shortly, thanks a lot. sending your mail through the postal service is going to cost you more, soon? as of now, i think. we're going to tell you how much more. senate majority leader chuck schumer making a last ditch bit to pass the democrat social spending bill this summer. will joe manchin go along with it? we'll get into that, next.

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stuart: i'm still seeing red ink on the left-hand side of the screen the dow is down 100 and the nasdaq is down 250 that is something of a sell-off.

susan is back with us i'm very glad to say. looking at twitter waxes the latest? >> it's very rare he says such nice things. stuart: that's not true. i'm a master of flattery. >> it's a monday so yes we have this expected court showdown and , you know, i'm curious to hear what you think will happen and we'll game it out in just a bit in the different scenarios but we have twitter's chair, brett taylor, salesforce co-ceo tweet ing they will see musk in the delaware court of chancery, they hired a strong law firm to represent them, musk mocking twitter's threat overnight, that's going to court will actually make twitter disclose their bot info in court. i think that's important, because i was looking into those in silicon valley and they say that the discovery process in any prolonged court battle, it's not going to be good for either twitter or musk, obviously. now, this bot issue, not new. its been around for at least three years. short-term it seems like it's all negative for twitter stocks so wedbush, as you had on, says

bear case is 25 which i still think is optimistic so let's game this out and i'd love to hear what you think is well might happen, i guess the best case scenario because it's all bad for twitter short-term, i think. so -- stuart: okay my opinion is twitter is not a very well run company, its prospects in the future are not very good. if you withdraw the offer, from musk, you withdraw the money, twitter stock goes down, it's at $33 right now, and a protracted court case eventually the stock will come down more because it's not a very good company, and along comes musk. >> what's not a good company? what do you consider not a good company, the fact that it hasn't been able to grow users specifically? stuart: yes. up to the facebook 2 billion or so? stuart: yes. it's useful to most people, we use it, well i don't, but lots of folks do. people in the news, they use it. >> well i think 200 million users on the planet, so, okay i just want to tell you though, that most people think that musk wants to renegotiate a cheaper deal, and off the price

discovery even if he does pay a billion dollar breakup fee it's still beneficial for him if he can negotiate something cheaper and walk away. stuart: tesla first went up and now its gone down. >> china covid lockdowns because of concerns over that factory and also truth social looking at the spac, rallying today, up big actually, almost 13% in the session if their competitor doesn't get a buyout. stuart: you're not supposed to say this but only time will tell what happens. >> absolutely, and do you want someone that's so unpredictable to be running your company any way? i think that's a question mark right there. stuart: i love him to really mess up twitter big time, i'd fire him, love to see that but there you go i'm just blood thirsty. >> apparently. stuart: thank you very much, susan. democrats renewing their push for a slimmed down version of build back better. hillary vaughn on capitol hill what's in this new bill, hillary reporter: stuart it's three parts there's a climate piece, there's a healthcare piece that deals with drug costs and

medicare solvency and also a big deficit reduction piece, but senate majority leader chuck schumer is deep in negotiations with senator joe manchin but senator manchin's office is throwing cold water on the idea that democrats dreams of making build back better a reality, telling fox news in a statement this suggesting that a reconciliation deal is close are false. senator manchin still has serious unresolved concerns and there's a lot of work to be done before it's conceivable a deal can be reached he can sign on to a big thing up in the air, how to pay for it all, bloomberg reports the pay fors could look something like this , on the table a 15% corporate minimum tax on profits a 15% global minimum tax and tax for high earners, increased tax audits and a 1% tax on stock buybacks but they say off the table be a wealth tax or a mill millionaires tax but reuters reports at closing a tax

loop hold many pass through businesses use, think small and mid-size businesses raising an additional 3.8% tax on income earned but while a lot still needs to be negotiated there is one big hiccup. leader schumer tested positive for covid over the weekend and his spokesperson says that's not going to slow schumer down though saying this , anyone who knows leader schumer knows even if he's not physically in the capitol, through virtual meetings and his trademark flip phone he will continue with his robust schedule and remain in near constant contact with his colleagues, but stuart, time is of the essence, because reconciliation essentially runs out in october, so they really do not have a lot of time, considering the august recess to try to work out some type of deal. stuart: reconciliation means they gotta have all 50 votes in the senate. >> yes. stuart: everyone. reporter: uh-huh. stuart: hillary thank you very much indeed. republican senator john barrasso has a warning for senator joe manchin, watch this , please.

>> to my friend joe manchin, from west virginia, whose vote is going to be necessary for this , i would remind him that joe biden's popularity in that state is as low as it is in wyoming. only 17%, joe shouldn't walk the plank for joe biden. stuart: okay, look whose here now. steve forbes joins us. let me just reverse this for a second, steve. let's suppose that manchin does go along with it and there is more spending, and there is more taxes, and they get it in place before the november election. you get it in place by october. what happens to the economy? >> it's like taking a patient and putting him or her in the snow it'll make the economy sicker not better. look at what happened to britain boris johnson raised taxes, raised regulations, raised spending and the economy is sick , and the worst economy in europe. do the opposite, allow the economy to grow. that's how you get out of these problems but they are just bent on doing the opposite. stuart: you know you're quite right about boris johnson. he is more like bernie sanders,

a profits tax on the oil companies, taxation of wealthy people, i mean, raising payroll tax. what on earth are you thinking you're doing there? that's not a conservative. i better move on before i put my foot in it. commerce secretary gina raimondo is downplaying fears of a recession roll that tape, please. >> i was just talking to a ceo of a big company, and asking him , as i always do, talking to people, you know, what do you think about the economy? and he said the economy is strong, customers are buying, businesses are strong, people are adding jobs. he said we're trying to talk ourselves into a recession, and i agree with that. i think fundamentally, the economy is strong. stuart: steve forbes i think you believe we're already in a recession. >> certainly tens of millions of americans feel they are going backwards not forwards and the prospects are not good, when you see what's going to happen to heating oil costs in the wintertime, mortgage rates even though they have come off are going to be substantially higher when the rates are readjusted rater this year, so

yeah, trying to blame people for oh, if you just don't feel you're in a recession, you aren't in a recession. no, every time you shop, every time you look at that checkbook, every time you look at the bank balance, every time you look at your 401 (k) no things aren't what they should be. stuart: it's not a deep recession at this point. >> no. stuart: is it going to become a deep recession? >> that's going to rely on leadership which makes you give a little pause because you have crisis brewing overseas not just underdeveloped countries what you see in sri lanka, the european central bank, can they continue to buy bonds and fight inflation at the same time italy is in trouble, japan is in trouble financially so you have these black swans out there and because this administration is capable of dealing with the crisis? you'll see they aren't doing all they should in ukraine. you have neutral shipping pickup that grain in ukraine which they should try to do so where is the leadership? if we have proper leadership we could see our way through this. stuart: we don't have it.

steve forbes thank you very much , sir. sign up for fox nation to watch steve forbes and many other special guests at this year's freedom fest. it starts this wednesday, july 13. you can stream all the speeches live and on demand on foxnation .com. next, the postal service, just hiked prices. ashley? what's a first class letter going to cost me now? ashley: another good question. all right you'll pay first class mail letter rate for postage purchased at the post office increased $0.02 to $0.60 each additional ounce of weight will cost $0.24. the metered mail rate for first class mail, that is, increased $ 0.04 to $5.57, first class mail flat large envelopes increased $ 0.04 to $is .20 each additional ounce will cost $0.24 and first class mail international increased $0.10 to $1.40 and the post office points out that

first class mail prices okay they're up 6.5% but still below the inflation rate of 8.6%. also, expect more hikes in the future. the post office is working to breakeven by fiscal year 2023, good luck, and avoid $160 billion in projected losses over the next 10 years so the prices are going up and i would hazard a guess, frequently stu? stuart: yeah, $160 billion is quite a big loss i'd say. thanks, ash. back to you shortly. one county is providing senior citizens with a cash payment to deal with rising prices. we'll tell you how much they are getting and where that is happening. we're getting the latest read on inflation this week, with the consumer price index report. i'll ask mark grand if he thinks inflation is peaking. ♪

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stuart: all right, red ink still flowing down 229 on the nasdaq, down 150 on the dow. okay, look whose here now. haven't seen him in a long time but i want to welcome him back, his name is mark grant. he knows what he's talking about we're going to get the big read on inflation, wednesday, at the consumer price index. in your opinion, is it going to show that inflation is about to peak or has peaked? >> we have to do something first and then i'll answer your question. july 7 was a very special day. stuart: it was. >> ♪ happy birthday to you ♪ stuart: you don't have to sing. you don't have to sing! >> ♪ happy birthday, stuart, happy birthday to you ♪ there you go. stuart: that is very kind of you , mark. it really was a special day for me. loads of people from wall street

and from fox all chimed in and said "happy birthday" and it really made me feel really cool and good. so having gotten that out of the way with, has inflation peaked, mark grant? >> no, i don't think so at all. matter of fact, you have two big numbers coming. the cpi index and the ppi index right after that. they are currently at an average of 9.7% and i think it's very likely the average is going to be above 10%, so i think that both numbers are going to be higher than they were last month stuart: what does that do to the market? >> nothing good. as you said earlier, swimming in a sea of red ink. i think appreciation plays are very difficult, the bond markets been very difficult, i think the best strategy is an income strategy where you're getting money every month to deal with the inflation rate. stuart: cash is king today? >> cash, i follow about 70

securities and 15 or 20 are all paying more than 10%, some of them are paying 12 to 15% and you get money every month. i think right now, in this market, that's the best strategy, especially for people that are retirees or seniors or pension funds, or university endowments. stuart: but is a payout per- month over 10% reliable in the future? is it going to, are you going to get your 10-12% for sure? >> well, there are no guarantee s that of course past performance doesn't guarantee future performance, but i'm very careful about the funds that i picked and they've been getting over 10% for months now, some of them have leverage, some of them have no leverage at all, and you have to know what you're doing, but i really think that income strategy is the best strategy in this market, because bonds aren't working for yield and there's some exceptions, of

course but equities aren't working for appreciation. stuart: okay, mark, we hear you and we like your advice. i just wish i could find out exactly which securities will pay me 12% but we'll get into that. i'll have to become your client, that's the way it is. >> there you go. stuart: [laughter] see you soon, mark grant. thanks for the birthday wishes, much obliged to you. >> absolutely, stuart, my pleasure. stuart: lawmakers in one county have passed a resolution to provide a one-time cash payment to some senior citizens. come on ashley. where is this happening and how much are they getting? ashley: upstate new york and 200 bucks, the one-time cash payment be given to certain senior citizens who are struggling as we know during a period of high inflation. the legislation notes that seniors fixed income in an economy of a decades high inflationary environment makes them disproportionately vulnerable to maintain a stable and sustainable livelihood

within the comfort of their home , that's how the resolution reads, to qualify seniors need to be receiving new york's enhanced star exemption for households earning 60,000 or under, and where the property owner is at least 65 years old. other lawmakers, by the way, want the cash payments to cover low income families as well, but the county says it's yet to figure that out and they know it's costly this program alone will cost $5.5 million. stu? stuart: for a smallest county that's a lot of money. thanks a lot. the new york mets retired keith hernandez's number, number 17, retired it this weekend. the two time world champion, two -time world series champion i should say, keith herman death joins me, next. you're the best around ♪

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stuart: the new york mets honor ed two time world series champ keith hernandez, his number 17 jersey was retired over the weekend. hernandez got an 82nd standing

ovation, and he wore a mustache in his honor. keith hernandez joins me now, there he is. >> hey. stuart: congratulations, keith. his must mean a lot to you. >> it does. it's the , stuart, nice to see you and happy belated birthday. i did send you a video. it's the highest honor that an organization can bestow on a player and i'm one of six people up there, up in the rafters they call it. only the fourth player along with two managers which of course are casey stegel and gil hodges. stuart: do you miss it, the excitement of suiting up and getting out and seeing what you can do? >> well you know i'm in the booth now i've been doing 20 years on tv and my view was from the broadcast booth looking down on the field, and to be on the field, and in front of a full house, and hearing the crowd, the noise, it did bring back memories of my

playing days and what it was like to play in front of a big house. stuart: well as i understand it, the mets are in first place in the national league east. its been a real dream season for you. >> well, we'll see. we've got a whole second half of games left and i'm down here in atlanta right now. there's a big series against the braves just kicking off tonight, three game series the braves have been red hot. they were 10 and a half times behind at one point and it's down to one and a half right now they've caught fire so this is what the game is all about i've been looking forward to this series i wish i could be in uniform but i'll be up in the booth calling game. stuart: well you're a great figure in baseball, truly loved especially in new york city, but i want to ask you a completely different kind of question and it's a question i ask a lot of celebrities on this program. what do you invest in? are you a stock guy? are you a bitcoin guy? where do you put your money? >> i put my money, i'm

diversified, i think like most people, and i've taken a hit right now, and i'm in it for the long run. i'm not going to pull out and try to make a mad dash here or there. i do have a little liquidity but basically i always believe in this country, and we'll get past this , and we'll pull through it stuart: you watch this show, don't you? this show? >> of course i do. i watch it all the time. almost everyday. you're part of may coffee, my morning coffee. stuart: i don't really believe it. i never believe that people do watch the show everyday. especially when they are celebrities in their own right. >> well i'm a night guy. games are at night so i'm on a night schedule, so my mornings are all free, so i'm not sitting there glued to the tv on you, sorry, stu. stuart: come on, come on, keith. >> but i've got it on and i watch it. i watch it pretty much everyday.

stuart: well -- >> i enjoy your show. stuart: i'm glad to hear you, that's flattery but i've got two of my australian grandsons are coming to america and next thursday, they are going to see the mets gameplay the yankees. okay? now they are australians, baseball fans. can you get their name up on the notice board there? >> i can. stuart: will you? >> you've got my my e-mail. just get in touch with me. stuart: my producer just sent you my e-mail. >> i have more pull than you, buddy. stuart: that's very true. i just want to thank you very much for your birthday messages and congratulations, once again. you are a great star of baseball and it's a real honor to have you watch this program occasionally. we'll take it, keith. we'll see you then. >> thank you, stuart. stuart: good luck, sir, see you later. look at this , 11:55 just creeps

up on you, the trivia question is, which state is the flatest in america? florida, kansas, iowa, delaware? i would normally go for kansas on this but i don't think it's the right answer. we'll get to the right answer after this. . . bubbles bubbles so many bubbles! as an expedia member you earn points on your travels, and that's on top of your airline miles.

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♪. stuart: here we go which state is the flattest in america? final guess, ash, what have you got? >> you know my first instinct

kansas. i think it's a trap. i lived in florida i haven't found a hill yet. stuart: i agree. florida. there you go. highest point in the state is only 345 feet above sea level. huge state, dead flat. great place too. thanks, ash. see you again real soon. time's up for me. it is 12 noon. here is neil. neil: is the birthday over? stuart: yes. totally. neil: getting to be like the queen's jubilee. it was going on and on. stuart: you know what, neil? neil: it was nice reflection on you. stuart: i had such a good time i decided to have a birthday every month. there you go. neil: i like that. i will grease the skids for you and your staff looking forward to my september birthday. that's it. that is all i can say. that is all i can say. happy birthday again, and again and again. stuart: do your show. neil: all right, fine. at the corner of wall and broad