median age of 31. where do i think the old e is, ash, where do you think is the oldest? >> i saw it on the prompter. maine. stuart: at least you're honest. the median is 44 there and 31 in utah. i find that absolutely fascinating. demographics, remarkable stuff. ash, thanks for all the help. 12 noon, here is neil. it is yours, sir. neil: stuart, thank you very much. we have a bit of a buy going on corner of wall and broad at least for the dow. the slip-sliding energy prices powwow president of the united states with his mexican counterpart where president obrador seemingly ribbing the president to bring down gas prices here because a lot of americanses are going south of the border to go get their gas. we're all over of with former new mexico governor susana martinez, the tense relationship with the president and his

counterpart in mexico. we'll here from piers morgan what he makes of the raging debate over the president whether he is up to the job. he is making enemies left and right but going after donald trump and joe biden. i guess he is a fair and balanced sort of critic. he is coming up later on. we have physicist michio kaku. he is on the big telescope news. the whole thing is electrifying the entire country right now. what this enabled us to do for the first time in history to see the first light from galaxies 13 billion years ago. we're talking about the james webb space telescope. it cost $10 billion. e we put it up one million miles from the earth. these images that we're getting back are stunning. it kind of puts it into perspective. some of the images we're getting back from 13 billion years ago,

that was before the iphone. keeping you post #-d on those developments and keeping you posted on what isp hack in markets. you think 13 billion years ago we were not fixated on it? 13 billion years from now we'll be equally fixated on it? probably not. we're in present day. it's a concern. because they're pretty volatile. ray wang, joining us constellation research ceo. susan li as well. doesn't look you know a minute older than 13 billion years. they take good care of themselves, both of them. susan, let me ask you a little bit about this backdrop here, not just the images that we're getting from galaxies billions of light years away, the signals we're getting on the economy globally. these new covid case, concerns as well, will lead to a slowdown economy. some are interpreting as good news because it might slow the rate of increases we're seeing out of the fed. how do you sort of play it out? >> looking a million miles into

the future, and that is what kind of wall street does, they're looking ahead to 2023 and i think that is why stocks are rallying today. as you mentioned, you have nomura we could get to 3 1/2% interest rates trying to bring down inflation from the federal reserve. guess what? september, final quarter of 2023. the economy will slow down so much that the fed will have to cut interest rates, start cutting rates. that is why you're looking at stocks higher but i will say this, you heard this again and again, you will hear this again and again during earnings season. pepsico started off numbers this morning they did better than expected in springtime but risk of currency and strong dollar. the strong dollar, the highest since 2002 and inflation and input costs. neil: that strong dollar, good thing people look at us as a haven. as susan pointed out ray, the fact of the matter is that hurts

international companies. whatever they're earning abroad translates into fewer dollars. that could have a big impact. are you worried about it? >> i'm worried a little bit, euro-dollar parity a little bit this morning we'll see more and more of, people look at europe to say, this is more after risk. it is creating options in terms of propping up the dollar a stronger dollar actually give us an advantage in the world markets. we'll see what happens between both of that but what i'm worried about is the inflation on the housing side. those numbers are coming in soon what that is going to do, that is 2/5 of the core inflation number, that what we see on numbers wednesday in terms of tomorrow on the labor department's number in terms of overall inflation. that is where there is concern. i'm surprised the markets are doing so well because people are forecasting nine to 10% inflation for the numbers tomorrow. neil: housing costs are up 15% year-over-year. we've seen a hit on those who are applying for mortgages who

bowed out of deals because i think 60,000 americans did so. it is interesting too, another issue rearing its ugly head all of a sudden, susan, the spike in covid cases particularly in china. i will go into this with much more detail with dr. anthony fauci at 4:00 p.m. on fox news. one thing that is striking here that china risks slowing the economy all over again with its pretty draconian response. you talked about the bumps in manufacturing as a result but what do you make of it all? >> zero covid policy over in china i think they reported a record 3,000 cases or so. obviously that is going to impact on some of the multinationals that have big factories in china. we've been talking about apple and tesla. i think apple will probably be the bellwether report later on this month on july 28th when they report results but also there is a counter story to this china covid number but did you

see the fact they will sell $200 billion, release $200 billion in the economy through the bond system? that is a possibly a wild card in this. if you see china like in 2008 when they funneled $600 billion into the economy that could be a backstop for global markets. neil: i wonder as well on that, ray, not that you're a gambler, but i know macau is a gambling mecca shut down. and there is spillover effect in manufacturing centers that were ramping them up and now they will slow down and sporadic cases in hong kong. where are we on this. >> why oil is down seven to 8% because they see china not opening up in time. in post-pandemic world, five consequences inflation, interest rates, inventory, infection and invasion. shutdown in china we're heading into inventory and infection again. that is a drag everybody around

the world. that is the recession risk from china but the other recession risk happening on the u.s. side is basically demand destruction being caused by the fed. interest rates going up doesn't address the issue of headline inflation which is food energy which can only be addressed on supply side. which means we need more refineries, pump more, more energy sources lng terminals and get leases our land up there. shutting down alaska lees won't help us. neil: thank you for sticking around. what happened to twitter as you probably heard. "barron's" online talking about another 30% fall off. we'll discuss that with you guys. meantime to rich edson on the inflation problem the administration sees and got a reminder from the mexican president. what is interesting right now we're likely to get, rich, tomorrow an inflation report that will show retail inflation, cpi, running at .8.8% clip that

would be higher than we were. what is the take there? reporter: neil, already the white house is previewing this. weren't even asked about this at yesterday's briefing. the white house press secretary previewed the cpi numbers this is what is called a lag be -- lagging indicator this is june, things have gotten better since june says the white house and continuing to blame the war in ukraine. >> we expect the headline number which includes gas and food to be highly elevated, mainly because gas prices were so elevated in june. gas and food prices continue to be heavily impacted by the war in ukraine. reporter: the white house maintains the gas prices are coming down and that inflation is high worldwide. a new "new york times" sienna college poll shows the president at 33% approval rating. 64% of democratic voters prefer a new 2024 presidential nominee.

the white house is pointing out that 92% of democrats support the president. so more on that poll, basically only 26% support president biden say that he should be the 2024 nominee compared to 64% who say he should not. a follow on that poll today released republican side, the former president still leads by a wide margin, president trump in the republican field. but 51% of republican voters would choose another candidate to run in 2024 with a quarter supporting florida governor ron desantis there are democrats who are making the point that president biden still would beat former president trump according to this poll in a head-to-head matchup if they were to run against each other again in 2024. president biden has been asked repeatedly if he plans on running for re-election and he said repeatedly if he is good, his health is in good shape he would run for re-election. neil. neil: rich edson at the white house. want to go to art laffer, right

now, the former reagan economist, economic svengali, one of the most stellar examples of economic thought of the last century. he was there before the horse and buggy. that is not true at all. very good to see you, my friend. how are you doing? >> doing well. flattery will get you everywhere, neil. i love it. neil: thank you. you know what, it is interesting that the administration apparently that the labor market puts the u.s. in a far better position than other countries to transition to lower inflation and steady growth. if it is a strong as of a labor market as they claim wouldn't that make it worse? >> yeah. well it is not as strong as a market they claim, it really isn't. this last month they had a good victory lap running around with 375,000 new jobs created which is wonderful but that is the establishment survey, neil. in the same report we had the household survey which is minus

300,000 jobs and these two numbers ultimately come together. this is a very mixed labor report. you have the participation rate very low in the u.s. a lot of people have left the labor force. that has lowered the unemployment rate but also lowered the participation rate. so all of this is in flux and there is no obvious good market or bad market reading of the labor market today. same way with inflation. neil: so with inflation the administration ready to put trigger on lifting some of those chinese tariffs. do you support that? >> well that doesn't, that won't have any effect on inflation whatsoever on the chinese tariffs. that reason is just not the reason. what you want to do is look at those tariffs with regard to strategic products and why those tariffs are in place and whether they need to be removed or not. i'm not really privy to all of that but as far as as an inflation cure it is not the answer to inflation, period. we have, we have several things

going on as krine said in the briefing we'll have a high number this month, highly elevated. she is talking about this month's number being high on a monthly basis. what she didn't mention the number being dropped off this index is also being extremely high, one of the highest numbers we ever had. i was expecting this inflation ernuo comn dte shary bplauseecse ottas drdrdophs ant and tha atot not e shi n i 8%,.2 ey haveyeav a a really,eaea m gproimrdause th nexttee months will be dropped off, the next four months are extremely low. so any inflation numbers coming in will pop that number quite substantially. they're caught in the middle. they are trying to spin it the best they can. i don't blame them for doing that but it is not correct. i would advise people in the marketplace, don't think there

is any obvious answer in these markets. they're in a heap of trouble. neil: the markets seem to be betting on the federal reserve continuing to raise rates. maybe they were somewhat eased today, if you can say such a thing, art, by the spikes in covid cases in china, that might slow down china a little bit. that might be welcome news to the world. be careful what you wish for of course. do you buy that? >> that's right. neil: that the latest cases are boeing to put a lid exactly how much the economy can come out of this and how the federal reserve and other banks have to respond to this? >> there are two things happening here. one is the covid cases in china that would cause a slowdown and cause oil prices to drop sharply time pack inflation a short period of time. spot commodity prices, those things like copper, lump berks all those things used in the production process, including gold by the way will be a very sharp nosedive. a sharp nosedive in spot

commodity prices has two implications. one it will slow inflation, that is the good news, but it hints there is a big recession downturn coming which is the bad news. i believe there is a very good chance of a sharp downturn coming in the next six months, including the last two quarters which have been negative. this is not a good sign i don't think. and again mixed signals coming up but this is a bad economy for this administration. neil: we'll watch it very closely. art, thank you very much. good catching up with you. >> neil, thank you very much, my pleasure. neil: thank you. the cdc is saying no longer requiring air passengers traveling to the united states to show a negative covid-19 viral test or documentation of recovery from covid period. the timing of this might be though a little concerning here because it is coming as there are spikes in covid cases worldwide especially this ba.2 75 variant proving stubborn in china. i will raise this with

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so i was skeptical about anything working because it never did. but look what golo has done. look what it has done. i'm in a size 4 pair of pants. go golo. (soft music) ♪. neil: all right. after the snub not too much of a rub. the mexican president in town right now to meet with the president of the united states. so you might recall that lopez obrador skipped the summit of americas that president biden was hosting last month in los angeles but he is here to meet with the president today. mark meredith on whether they found any common ground. mark? reporter: neil, good afternoon to you. both leaders just got done speaking in front of cameras inside of the oval office and both had very complimentary things to say about their working relationship. president biden even saying despite the headlines suggesting otherwise that he believes they have a strong productive relationship as well as they are

trying to tackle strategic and different challenges impacting both of these countries. we also heard the mexican president talk about the issues facing his country including the economy saying these are difficult times, the economic crisis post-pandemic has been worse. inflation because of it, the whole world is suffering. i was hoping to play the actual sound from the oval office but it hasn't come in yet. it was lengthy meeting. cameras rolled for 30 minutes. plenty of headlines once we hear the actual recordings. one thing going into this meeting what was happening on the southern border as we've been talking about repeatedly of this crisis happening the latest numbers from u.s customs & border protection in the month of may alone some 239,000 migrants were caught trying to cross into the united states from mexico. they're coming from different countries but mexico of course is the country they have to get through to get to the u.s. with the year being only halfway over, that number of southwest border encounters, 1.5 million

people. texas officials say the situation has gotten so bad. the state buses migrants it finds to the southern border from elsewhere in texas. kamala harris says this policy is more about politics than about security. there is lot of focus on the administration what they can do to shore up what is happening on the southern border. it has gone beyond what is happening with the daily images here of people. it is happening with fentanyl, drugs coming across, also the possibility of it being a national security threat. we've seen suspected terrorists being able to cross over into the united states through the southern border in the past. president biden though making it very clear he sees it as problems that can be worked on together between the u.s. and mexico. he see as warm relationship here. i want to say he says president biden said we see mexico as an equal partner. our stations have shared close ties. that they value each other through their history. we'll get you the full transcript when it comes out. sounds like a productive meeting so far.

neil: thank you my friend, mark meredith at the white house. governor susan ma martinez, former governor of new mexico. in the days running your beautiful state. you've been critical of mexico whether it could, or would do more to deal with the migrant issue that was still very much an issue, not as severe you now when you were in power. little evidence that president obrador is doing anything about it. video from southern mexico, the border with guatamala, there is very little effort to disrupt the throngs going northward. do you see that changing? >> i don't see it changing if america doesn't step up 100% to protect its own border. i think america first needs to take the big steps of making sure that people don't come across our border and then in partnership with mexico saying that on their southern border, that they hold back people from

coming over and not staying just in mexico. their southern border or the northern border of mexico. you see there are people that are coming but they're flying in. they don't necessarily take that big long trip. we've seen many people were incapable of walking that big long desert but they are very capable of crossing the river in a very short period of time. and so it is not just with mexico. it is with many other countries that are allowing immigrants to cross our border. neil: another thing that fascinates me, governor, is that the mexicans had promised to provide economic incentives for those coming from south of mexican border to stop, look around, stay in mexico. i don't know if they followed through on that. but even if they were offering them work visas and the like. very few take them up on it, proceed to walk further north to the united states. does that surprise you? >> it doesn't surprise me. this administration, the biden

administration has opened a welcome sign to anyone who wants to come to the united states from other countries. it is not just from mexico. they go through mexico and then come through the path of least resistance and so it doesn't surprise me they're not staying in mexico, coming from the united states, getting all kinds of access, assistance and housing and food and you know, the safety net that we provide americans that right now during an installation, this extreme inflation we don't have sufficient funds and assistance for the americans that live here much less with three plus million people that crossed the border illegally. neil: i would be remiss, they will have the 7th hearing, governor, for the january 6th committee. wonder whether you share this view it might not result in criminal charges or recommended against the former president, or might.

but we do know and suspect it is beginning to dent the former president's approval ratings. maybe not to the degree where his running for president again would be compromised but what do you think of that? >> you know, i wish that congress would start to get their priorities in order. there is a whole lot of stuff going on in america that affects everyone that lives in america. our border, inflation, the cost of living, housing homelessness, drugs, fentanyl. there is so much for us to be dealing with. instead we're having hearings after hearings when really the american people are concerned with day-to-day living? i lived on this border for 50 years. i get it. i understand the trouble that we're going through. to have these kind of hearings instead of affecting this big problems that you know, the biden administration keeps talking, the kitchen table problems and issues, let's talk about them, let's solve them.

let's make them work. let's change this trajectory, instead we'll have the january 6th hearings. i'm sorry, frankly most of americans are not watching, aren't listening. they're more worried will they have gas for their tank to get to work to, get a paycheck, to feed their children and make sure they can get to school safety. neil: you think any of the revelations at all, governor have dented former president trump's standing within the republican party? he still leads all other comers for the time-being but, there is a chipping away sense. do you buy that or no? >> sure. i have no doubt. for those that are watching it and are paying attention to it i think there can be some evidence presented. however, i find the system, the process that is going forward is very unfair. the two sides are not being represented fairly. they're not able to call witnesses from both sides of the aisle. they're not allowed to then ask questions and cross-examine

those witnesses. this is a one-sided proceeding. i'm a lawyer. i understand, you have to give due process. neil: you don't think, cheney and kinzinger reflect that view, those two republicans? >> i'm sorry but i wouldn't consider them as part of the due process that is necessary for good cross-examination and the calling of witnesses on behalf of the other side of the aisle. neil: got it. governor, good seeing you again. be well. >> you too, neil. take care. neil: governor martinez of new mexico. we're monitoring again what the president is saying with president obrador. remember this sets the stage for more of foreign dignity terries with whom he will be chatting, this time traveling to israel. of course the end of the week saudi arabia where some are saying the president will go hat in hand for the saudis to ease up and maybe produce more, or maybe not. stay with us.

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♪. neil: all right. we are monitoring the president meeting with his counterpart in mexico, lopez obrador. they're talking about obviously about some of the border issues between our countries and obrador making a bit of an elbow rib there, saying a lot of americans are coming south of the border to get cheaper gas in mexico and maybe the president can work on that. i'm paraphrasing, it was all said in good fun and humor. many in the u.s. have been very critical how mexico responded to the migrant crisis going on right now, it has done too little, way too often to encourage the u.s. that it is serious about cracking down thousands making their way here. they more or less get a green

light going from southern portion of mexico, from points south, nicaragua, guatemala, make their way here with an unobstructed march from our country through mexico. we're monitoring this closely as is joe lieberman, former connecticut senator, former vice presidential nominee. senator, doesn't seem like this relationship that is between the president of mexico and our president is very good. i only base that on last month president obrador not joining the president of the united states in los angeles for the americas summit and offering very little constructive thus far with ways to deal what is happening at the border. what do you make ever it? >> yeah. that was a pretty clear message of protest, unhappiness by the mexican president. obviously we can only bend over so far backward but it is in our interests to have better

relations obviously with the government of mexico because they're our neighbor. overall they have been pretty good neighbors. the extent that illegal immigration has gone up in recent times tells us again how important it is for to us have a good cooperative partnership with the mexican government. so i think inside of the relationship but i'm glad that the two presidents are together today. i hope that joke the mexican president told, if it was that was pleasing to president biden. more important i hope that it is in our mutual interests and interests of the people of both countries that they work together. neil: you know i try not to delve into politics here. no one cares what my politics is senator. no one cares my point of view on a these subjects, i will ask you former democrat, independent,

certainly the second guy own the democratic ticket back in 2000 and it's almost like this is operation ignore among democrats what is happening at the border. it is very real. you don't have to be conservative or liberal to see the jolting numbers, what is happening, to say nothing of the fentanyl, all the drugs getting through the country in the process. >> right. neil: why is it operation ignore among democrats? >> i think what's happened to this question of immigration across our southern border is like what's happened to so much else of our political discussion these days. you take a side and it's a side different from the other party and you dig in on that side but that is unreasonable here. look, i've always been pro-immigration. i think immigration continues to be one of the great strengths of our country but you got to have

rules. you just can't open your borders, country as great as we are can't absorb that. we got a real problem on the southern border, particularly every time that the economy globally or in our part of north america goes down, that people are wanting to come in here to work. a lot of them work hard, contribute to the economy but it is still not right. neil: you think about it, senator, when we were waiting for that democratic response to this it is more often to go after border officials who chase migrants on horseback than why they have to chase migrants on horseback and the numbers keep, just keep rocketing along and for the, the marvel to me is, why and how that is routinely ignored and sometimes turned upside down? and i wonder if it is showing up in how democrats feel about the president? more than six out of 10 in this

one survey want another guy leading them in 2024. what do you make of all of this? >> i think, neil, it is showing up on how people in the country feel about president biden and also about the democratic party as we head to the midterms this immigration issue bothers people. honestly i would say most americans are not anti-immigrant or anti-immigration. they just know we can't have open borders in our country. we've got to have rules. really what we need is for members of both parties together, with the president to come up what everybody realizes is in reach with just an immigration reform proposal that secures the border and makes clear who can come in and who can't and what do we do with the illegal immigrants that are here now. stuart: yeah. >> so this is another case, incidentally, i, in addition to everything else we're talking

about democrats ignoring this. i think democrats ignore at their political peril because the public is not ignoring it, particularly at a time of economic stress that we're in today. so, everybody's interest to solve this problem. the question is, do we have political leaders in washington who will show, show the courage to take a risk and do what they know they can do to make it a lot better than it is today. that means each side has to quote, acknowledge that the other side has a point but not the whole truth. neil: yeah, we're not quite there yet. >> we're not there. neil: indeed. thank you, my friend, very much, joe lieberman, the former democrat vice presidential nominee, remember back then. >> thank you, neil. neil: we have a lot more coming up including the latest news out of meeting throw airport -- heathrow airport in london.

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passengers who bought the tickets will need to be rescheduled or refunded this airport is a gateway for americans getting too and around europe. before covid-19 it was the second busiest international airport behind dubai. this is the first time that the airport will impose such a cap at this scale and length. it starts on tuesday. and from beginnings to endings, starbucks has announced they are closing 16 stores because of safety concerns. they are closing six stores in los angeles and seattle, two in portland and one each in philadelphia and washington, d.c. a starbucks spokesperson confirming that a high volume of challenging incidents at these locations made it unsafe to continue operating. starbucks is also giving store managers more leeway for policy changes at their individual stores including things like limiting bathroom use, reducing seating, and even offering de-escalation training at work. the partners, which is the

starbucks word for employees at these stores will have the ability to transfer locations when they close on the 31st of july. three stores are unionized and in the process of becoming unionized. starbucks says they will work with the union to try to reach an agreement for continuous employment for those employees. some of the complaints that led to the closing of these stores involved drug use. it is actually something that my producer and i have seen first-hand. as a field reporter we are constantly ducking into coffee shops between our reports. this past winter right here in new york city, my producer had to leave a starbucks after a man sitting across from her rolled a blunt at the table and had a lighter on the table as well. howard schultz is working to turn things around at this iconic coffee chain. we'll have to see if he can do it. neil? >> that is incredible. thank you, madison, very, very much. meantime before we go we want to look at the corner of wall and broad, the dow is up. but interestingly enough,

twitter, tesla for now at least both stocks are up. "barron's" on line twitter could fall another 30%. ray wang back with us. susan li back with us. ray, what do you think of that, another 30% fall off in twitter? much depends on how this saga turns out. but what do you think? >> yeah a lot can happen between now and the trial. that is really the risk that twitter and elon musk are really facing. so part of the reason that is happening because if you look lt the 52-week low for less la, tesla, it will go to 31. if you go below 31 there is risk territory. people are waiting to see what the reports are. meta reported headwinds in digital advertising and people waiting for the july 28th earning to see what will happen. the longer they drag this fight out the more longer this stock fight continues to tank. people wonder what maps to

twitter, will it be independent or twitter acquired by someone else at a lower price. that will be part of the trial process f the discover on ads and bots, a ton of bots more than 5%, advertisers will leave and flee. that will demand lower rates. that is driving downward pressure. neil: susan, you talk to a lot of people onth story. do you think this has more to do with tesla's stocks price and its collapse than twitter's. this is why elon musk said, maybe not? >> we're looking at a lot of these deals being pulled, whether kohl's and frontier. i think market conditions really makes m&a really difficult even if you're as deep pocketed as elon musk is. a lot of people are very concerned about how much worse off twitter is being left by this deal. you've been exposed. you open up your books. there is a lack of growth, possibly higher bots on the platform than many expected, past 5% for sure. no one believes that number.

when i checked twitter's stock, you know, neil, when you had elon musk buying twitter at end of january. that stock was trading at $35. without elon musk in a deal twitter didn't necessarily want, it could fall in the 20s. i think elon musk may have made things worse here. neil: we'll watch it very closely, guys. meantime they're getting ready for another january 6th committee hearing. forget about what things were happening in the world about 18 months ago. i want you to go a little further back, about 13 billion years further back. the first images of what the galaxy was like, just coming to us and that is what is looked like 13 billion years ago. more after this. ♪ [acoustic soul music throughout] [acoustic soul music throughout]

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unmanned spacecraft. this is courtesy of nasa's new james webb telescope. that thing cost better than $10 billion. it is positioned one million miles from earth and it is giving us the first glimpse of galaxies formed 13 billion years ago. that is even before the big bang and before cable news. so it's a big deal. we have dr. michio kaku joining us. theoretical physicist, author of, the god equation, much more. he is kind you have in to join us. doctor, these images are stunning. that we're only getting the smallest of percentage in, much more to come. what do you think of this one? >> i think these pictures are spectacular, they're breathtaking. they realize, you realize there is a whole universe out there that we have not seen, even with the hubble space telescope. this telescope, the webb, is 100 times more powerful than the

hubble space telescope. neil: wow. >> if you look at the pictures, each dot, each dot represents a galaxy. a galaxy of 100 billion stars. when you look at the entire picture you're looking at literally a trillion stars. this is incredible. when you look at the night ski, you have a pinpoint of light, a pinpoint of light in the night ski, expanded gives you one of these pictures from the webb space telescope. to think we're only intelligent creatures in the universe, looking at the majesty of the pictures it is a little bit presumptuous i think. neil: a lot of people seize on the possibility of that, doctor. they go through frequency of waves we get now and then. some call it interference. others say, there is sign something is out there, maybe watching us as well, what do you think of that? >> well, we have no conclusive evidence of life in outer space. we looked, we tried.

we really tried to find evidence of intelligence out there. neil: right. >> so far we no reproducible, testifiable, falsifiable evidence. when you look at sheer number of gal galaxyies in the out there, number of stars, maybe they're hiding their present but yeah, they're out there. neil: images that we get, we're able to ascertain these are billions of light years away this is a very dumb question. how do we ascertain that? how do we say this is about 13 billion at which by the way would be further than anything we've seen, you know, for human made ever. so what is it telling you? >> well, we have the hubble theory of the expanding the universe. the faster a star moves away from us the farther it is away. that is hubble's law. we can calculate, we can

calculate how fast the stars are moving away of us looking at the doppler shift of the light. yellow light becomes reddish as it moves away from you. yellow light becomes bluish as it moves towards you. we see a red shift throughout the universe. there is a formula that calculates the distance to the galaxy once we know how fast it is moving away from us. that is how we know there is an expanding universe out there? when did it all start? we think it all started about 13.8 billion years ago. neil: wow. >> this tell cope can take us to perhaps 13.5 billion years ago, very close the instant creation of the universe itself this is amazing. neil: it is amazing. it is humbling as well. doctor, very good seeing you again. thank you very much. sometimes it is healthy for to us look at things like this when we fight and scream at each other over policies and wars and disagreements and spending and

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hundred dollar a barrel oil assume a cut off from europe with no alternatives to be put in place but i think those russian supplies are redirected elsewhere.

>> redirected to china and india, the biden administrator wants to implement a never before tried plan to the price of russian oil at a deeply discounted rate. it was a gamble requiring cooperation from countries buying it like china and india and others that purchase russian oil and could lead retaliation, could cut production and drive up prices of oil even further. neil: this did not take long. bonnie takes great offense at the reference i made, with gas prices pointing out, 13 billion years ago there were no gas pumps, proof me wrong. i have the proof. edward lawrence, the

president's arrival, it is a busy guy, a lot of pressure. >> globe to globe halfway around the world to reinvigorate and orient relationships with saudi arabia and move israel closer together using american money to do that in the omnibus bill, pretty iron dome, reinstated for israel, jake sullivan says $500 million is reinstated from this president for help from the palestinian, one hundred million announced for supporting hospitals for the palestinian authority's. israelis responded announcing a series of measures that help the palestinian authority including 5000 people to the

number of registered palestinians and increasing the quota of people from the gaza strip and president biden was less popular than donald trump but, the king of saudi arabia at the end of the week and john kirby said the president is clear about the marital irv of journalist jamarcus irby and tried to change the narrative. >> we are want to reorient, a key strategic partner of the region with which we often have need to deal with and issues like counterterrorism, the war in yemen, iran. >> reporter: mike pompeo says the trip is a sign of desperation over near record gas prices. >> campaign on the fact someone socially irredeemable you will

make up our ryer state and deny them weapons we agreed to help them to defend their own sovereignty and trying to build a relationship with the saudis and kuwaitis. >> the white house has not been able to define deliverables from these meetings the middle east and the reason has changed for the past two weeks. neil: speaking of the saudis, the golf group right now, there's a lot of money involved here, tiger woods offered $1 billion, the influence right now, say he's not a big plan. >> players have chosen to live and play, i disagree with it.

what they have done is turned their back to get to this position. neil: the justice department, it is not about investigating that but the pga, whether it is engaging in anti-competitive behavior and trying to squash the saudi league, that's the gist of it. guy lewis is with us. this surprised me, the justice department, but pga, what do we make of that? >> the timing on this i don't quite get unless it is all directed to politics and the trip to saudi arabia. the person who sponsored live and their mainstay is the saudi

prince himself who will be at this meeting with the president, i find it strange that our justice department, antitrust division, i am born and raised there, hesitate to criticize them, this smacks of politics, the president can say we are investigating the pga. neil: the pga would not be the first giant that threatened up and fast, or like the saudi backed group, we've seen with corporations and the justice department looking at companies, microsoft, ibm that might have unfairly leveraged their position as the giant at the time to squish little bugs and competitors at the time. where could this go? >> as we know right now the justice department sent a

request for information to various agents of some of the golfers. ask for pga rules, application of those rules, things like that. we don't know whether it is civil or criminal, the antitrust division has divisions that operate in both arenas. if you listen to greg norman, he came out hard in the palm beach coast and said that what is happening right now is a testament to the pga's stupidity, his words, not mine but he clearly outlined with the saudis and golf. neil: people can go where they want and i get the argument you stated, what they do with their money is the business, people collect tainted money but the

pga has tight relations with china and china isn't global choir boy here. it seems hypocritical but your thoughts? >> it is hypocrisy, the pga is deciding who plays in their tournaments as late as a few days ago and the scottish arena a court granted a restraining order and says you can't enforce these rules if you are trying, unfairly out of your tournament for reasons that don't make sense, we are using our justice department to go in and investigate criminally or civilly the player dispute and legal dispute, seemed like good use of government resources. neil: guy lewis following all these developments. a lot going on, the president's

meeting with the president of mexico getting ready for big meetings this week in israel and saudi arabia but amazon prime day kicks off today, wrapped up tomorrow and apparently people are still interested in buying but are they as interested as they were last year? are they going to buy as many items as they did last year? we are on it this year, this day after this. ♪♪ take the money and run ♪♪ go on ♪♪ take the money and run ♪♪ go on ♪♪ take the money and run ♪♪ go on take the money and run >> tech: need to get your windshield fixed? safelite makes it easy. >> tech vo: you can schedule in just a few clicks. and we'll come to you with a replacement you can trust.

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neil: the sailors on at amazon, today and tomorrow replica, this is their opportunity to tell shoppers the world over this is your moment. how is it going? >> we are getting a look at our busy day for amazon. this is one of amazon's 4000

workers at the plant today, she is stowing a product away that will later be shipped to customers. this facility will ship 800,000 packages, up about 30% of typical volume unusual day and keeping up with that volume is a challenge especially with employment issues, they are addressing the employment challenges by increasing compensation. average is $18 an hour and they took an eye to designing their trucking position to make them more attractive and competitive. >> the number one thing is they won a day trip, they wanted to be home with their families at night so we focused on building a network of small businesses, drivers who are able to be home every night.

>> reporter: amazon prime day sales have grown every year since the shopping events got started. last year, $6.5 billion in us sales, this year we expect to see $7.7 billion in the united states, it is smaller than growth in previous years because of skyrocketing inflation. others show it will impact consumer spending. a survey shows almost $600 on amazon prime day last year but this year projecting shoppers will spend only $388. amazon knows that inflation is eating the pocketbooks of consumers coast-to-coast. their strategy, focus on promoting sales on products everybody needs, like diapers or toothpaste rather than big-ticket items, they hope it

will attract consumers who may sit prime day out. stuart: i'm getting nervous because those boxes flying by, whoa, whoa, whoa, slow down. one of my favorite guests on this show, former federal reserve bank of philadelphia president, great to have you. the amazon prime day will be a big test of how much the consumers feel. what do you think? >> the economy is slowing somewhat. remember, by the way, the job market, labor market holding up very well, still producing jobs

and conflicting signals about what will happen in the future. the job market even though labor is rising and what is going to happen, we have to wait and see. neil: i try to keep the politics out of it, people want to look at this and say it is the carter 70s experience all over again. it might get there but we are a long way, you refer to the strong labor market, steady growth, might be slowed down dramatically to reverse it completely. i'm not in the camp that says to the stagflation thing is here, where are you on this? >> there's a lot to be learned. don't know the answer to that.

i blame bad policy for getting us here in this position where we have high inflation that hasn't been dealt with. stuart: do you blame the fed and the administration? >> i blame both. the fiscal policy after the pandemic and aggressive monetary policy after the pandemic neither of which backed off at the time we recovered. the primary drivers of what we see as inflation and persistence in particular. that has got to be handled. i applaud the fed in recent weeks, they have become much firmer in their desire and commitment to bring inflation

down and get it under control. they didn't have that a year ago and should have but seem to have it now but to see where they are sustained that if the unemployment rate does creep up, going 4. 5% or something like that. will they stick to their guns? that is important for the outcome. will they backup in the political year of an election, their commitment to higher rates to bring inflation down or stick to their guns? if they don't stick to their guns we may find inflation very high for a longer time because the fed has lost its credibility. stuart: 3. 6% is where we are across to

your point, could get to 4.5% and normally, the fed always errs on the side of not doing or afraid it would take the economy, the signals they seem to be sending need to do everything in their power to deal and snuff out inflation by hiking interest rates 3 quarters of a point, maybe another 3 quarters of a point in september. where do you think we end up? >> i think 3 quarters of 1% coming up, in september, would not be too high. i understand if they got to that point and maybe decided maybe not september but november, only by 50 or 25. it all depends what the data looks like him. they have to get the interest

rate above the rate of inflation if they are going to regain control of the inflation process. if they don't do that they risk undermining their credibility and fighting inflation. neil: if the inflation rate is due out tomorrow running at 8.8% clip to get to that level with the obviously be scary, these hikes are going to slow those inflation numbers down and they don't have to go that high but how do you see them going? what's the highest we see them getting? >> for right now, i see that getting get somewhere around 5% might be enough but again it depends on how this plays out.

the fed focuses on the pce which is 6% right now as opposed to the cti that is overate. i think they don't really know how far it can fall at this time. and until they get somewhere in the neighborhood of 5%, a little more, a little less, unless they see inflation falling precipitously. neil: you were referring to personal expenditures and the fed, one of its his favorite statistics including the core pc which factors out food and energy, no matter what inflationary number, any of this pce data, they have all been rocketing, the belief is within a couple months they will start slowing.

do you by that? will they start to slow, 8.6% inflation clip will get down by the end of the year, what do you look for? >> that is very possible. we could see inflation -- take the cpi falling to 7% or 6% and 65, that is plausible to me but it is a long way from two so that's not the end, just because inflation eases somewhat does not mean the end of the fight. if they quit too soon inflation will continue and may be ratchet back up again.

neil: always an honor, former federal reserve president instrumental, key ships in the economy, we are going through a big one and the delicate balance to avoid a hard landing and orchestrator soft landing rarely if ever done, that is what they are working on. take your attention to washington dc, the seventh hearing of the january 6th committee focusing on trump-related forces and a link to extremist, peers morgan has gone on a limb to say it is not helping donald trump but just when you say you can figure out made the he is a democrat or sympathetic to the president, not if you read his column today. maybe he felt sad about boris johnson leaving in britain, not until you heard what he had to say the last week.

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neil: these are the senate hearings you're looking at from the january 6th committee and the latest ones trying to link donald trump and extremist groups including the proud boys and oath keepers and all that, don't know what progress they are making but we are looking for any impact on the poll numbers for the former president himself, he leads by a country mile in unimagined race between he and president biden even though in one poll he trails the president by two points. it raises the possibility these are dinging him in his popularity.

a number of great columns out that i will get to in a second but good to see you. >> great to be back with you. neil: let me ask about the effect these hearings are having. i referred to the former president leading by a country mile it was over his likely republican challengers but not by as much as it used to be and half of republicans favor someone other than donald trump being their standardbearer in a couple years. what are we to make of that? >> fascinating moment for the republican party. some evidence that the only way joe biden could cling on to power is if the republicans choose donald trump again as their nominee because trump brings so much baggage and the baggage is being reinforced

drip by drip by drip from these hearings and if you compare him to the governor of florida, ron desantis, his trumpian in policy but doesn't have his baggage, inflammatory rhetoric or mad tweeting, doesn't have january 6th hanging over him like a sword of damocles. if you are a republican thinking do we need all the hassle of donald trump again? are we by choosing them as potentially are nominee, opening the door to the only way joe biden could win? would it galvanize the democrat base more than any other nominee if it is donald trump? are we safer going with a younger more dynamic version of trump without the chaos and madness that surrounds it? that's the calculation republicans have to make. i wrote a column last week saying it may be time to dump

the don and run with the ron. neil: that got responses from all sorts of people including the former president. just when people think they can figure you out i see a column in which you expound, this president is aging, sometimes loses his train of thought, has trouble summoning names, appears momentarily confused, that's me every day. i am wondering how much is that resonating among people? 64% of democrats not just for the aging reason but the economy, are getting very worried. >> of course they are getting worried. they are facing a tremendous shellacking in the midterms that will bring momentum to a crushing defeat in the general

election in 2024 if they are not careful. the new york times piece, an in-depth analysis from well sourced people to the white house chief correspondent of the times, this wasn't a republican hit job. this was a newspaper, a journalist bending over backwards to be fair to president biden, when lots of evidence that he has been a complete disaster. he's 18 months into his tenure and two thirds of democrats do not want him to lead the party in the next election. that's as damning an indictment as you can get but the poll came out, the discontent of the american people, 80% going the wrong way, want to know who these people are think the country is going in the right direction. every metric you look at for president biden is terrible but if i was an american voter,

looking at his general demeanor and behavior it seems it is not so much a question of his age but his ability to function and that ability has been seen to slow down and deteriorate, it aged barack obama who was a young rock star, gray-haired old man by the end of it, this is a tough job for anybody but even tougher if you come into it in the condition president biden is which is somebody showing his age in a more deteriorating manner. neil: i wonder if republicans risk getting out of their electoral skis. after the 94, what bill clinton experienced in the midterms was given up for political dead meat, he went on to win reelection handily and the same was set of barack obama when he lost all those seats that he would have the battle of his life on his hands a couple years later and survived that

appreciably. even ronald reagan at the midpoint of his presidency far first term when republicans, inflation was running out of control. the difference there is he came back in a big way. i'm wondering if there's anything you could see the could reverse this, you talked about republicans nominating a donald trump but is there a risk they bury biden too soon? >> no, the risk is if they don't, if democrats don't bury him themselves, that is the problem, politically bury him. the issue for democrats is if joe biden is not the person to win the next election, then should you consider the nuclear option of the 20 fifth amendment, intervention, to remove him from office? than the question becomes who would take over and there is no obvious person to do that but

the democrats are in serious trouble and by comparison to the scenarios you painted with the previous presidents look at the state of the economy, as bad as it can be for an incumbent president, raging inflation, raging gas prices, raging prices at the supermarket, everyone feeling the pinch and they want someone to blame. neil: still have a strong job market. just want to leave that pregnant pause. let me ask a question about boris johnson. one thing i noticed in britain, seems to be admired, quick and ruthless but there is no automatic backup person. half a dozen maybe more vying for the job. how does it look and how soon? >> we have twee 8 candidates as of 20 minutes ago, twee 8

conservative members of parliament reached the threshold of 20 of a conservative mps in the first round, that was the minimum number you need to progress to the next stage. i would imagine a very quickly, maybe as soon asked tomorrow we are down to four and of those we should have the final two by next wednesday, the significance of that day being that is the day the parliament goes into summer recess for the rest of the summer, the conservative party who are the incumbent party of government want to get their final two in place by next wednesday and the final two will go out for the next 5 or 6 weeks campaigning on -- up and down the country where they try to persuade conservative members, one hundred thousand conservative paid up members of the public who are members of the party will make the decision about who becomes prime minister and my money right now, one of those candidates, the chancellor throughout the

pandemic, very smart guy who understands the economy better than most. you understand this with your business brain but there is a battle for the soul of where the party needs to go to get britain out of this economic meltdown. most of the candidates if not all of them apart from one believe the answer is to cut taxes but soon, go back in history to where margaret thatcher came to power and although she is known as a big tax cutter that came later in her administration and she raised taxes when britain was having a tough time economically to get back in better shape economically so she could cut taxes the way she wanted it. spending a lot of time with people in margaret thatcher's government, he understands the more likely way we can come out

of this and not go into a deeper recession is actually not to cut taxes now but raise them, get more income coming and ends when the economy recovers you cut them and that's the pledge he is making but he is a lone wolf in this regard. is one of the final two. the others you could take any of them. we will know there are three others to choose from and one will come through but right now i would think the most likely next british prime minister is richie subnet. neil: where does boris johnson go? >> boris johnson remains at number 10 downing street, resigned as prime minister, he only resigned as leader of the conservative party, he wants to stay in downing street for the next two months as the process unfolds of the labor opposition party are trying to table a motion of no confidence in the government but made a strategic error.

they said we have no confidence in the government as long as boris johnson remains prime ministers so boris johnson said in that case i am not going to allow you to have this motion which is in his power so there's a battle raging over whether labor has the right to table a motion of no-confidence in boris johnson as prime minister. i don't think they will be successful, the most likely outcome is boris johnson will remain prime minister until september 5th which is when the conservative party system said they will announce the prime minister. bazaar state of affairs where you have a prime minister, incumbent prime minister who had to quit as leader of his party because 61 of his own ministers including most senior cabinet members all resigned in the space of two days and yet he remains prime minister. and unprecedented and in my view unfathomable situation. neil: it is what it his.

in your biden article you wrote his speeches are flat and looks less, stumble so often staffers hold their breath to see if he makes it to the end without a gaffe. that is my staff every day with me. i wonder why if they highlighted it. >> you would make a cracking president. neil: this was fun stuff. i enjoyed covering the world with you. thank you very much. much more, we will have more after this including -- a pretty crackerjack market with 91 points, technology is coming up after this.

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neil: charlie gasparino could tell the most involved business story and give an idea where it

could be going. twitter nominally to the upside, tesla losing a little ground but far better than the issues we were taking yesterday. where is this going? charles: it is going to delaware chancery court, why delaware? that's where they are headquartered. it is business friendly state, a lot of expertise around business dealings. what is interesting here, how this is planned by legal experts and people looking at worst-case scenarios if -- i got trump on the brain. of musk wins or loses, twitter wins or loses, and interesting take i'm getting from legal

experts and they say musk is not really in the driver's seat right now, odds are against him prevailing. if musk does lose this suits and this will way out over the next 8 to 12 months a judge will say a pay up or pay up $44 billion or a big chunk of that. if musk stays true to form and says no to the judge this gets interesting. i reported two months ago, somebody at cnbc was parroting my report about jail, that's a possibility, theoretical. more than likely possibility the judge impound his assets. that could spark a fire yard sale in tesla shares. if anyone is hurt onerous way through the saddle with you on

and twitter shares, brought up all the bad parts that most people do but he put it front and center but look at a chart from may 13, '20 lawn said the deal is on hold of tesla stock and it has gotten crushed and likely to get crushed again particularly if he loses. this is a problem for tesla going forward and you -- i know elon is going to win but stakes are huge for everybody involved, to talk about settlement. they will figure out something in the middle but here we are. neil: you are the boris johnson of business journalists. charles: my hair is better than his. neil: marginally, stay with us, you are watching fox business.

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neil: baby formula on the way from foreign sources but patrick morrisy is keen on finding out what caused the shortage in the first place in 15 others are looking into it

as well. where does the stand right now? how did this start in the first place? >> thank you for having me on. this is an appointed you, the blame to these shortages wrapped up the feet of the fda, overly burdensome regulation makes it difficult to come into the marketplace. the standard need to be met, the micromanagement used to get to this and this is a real issue. the other thing we did is conduct an investigation and review before submit and comments to the federal trade commission and learned there is a huge concentration of the infant formula marketplace in the united states and some real barriers to entry because of how the wic program is structured. a lot of huge players make it difficult for other people to

come online and very few domestic manufacturers and more reliance on foreign manufacturers of infant formula. big problems on the regulatory front and how this program operates which has had unintended consequences. neil: should we widen the pool for more american players? they are dominated by the abbotts of the world? >> we should open it up and do that through targeted fda regulatory relief package to encourage and limit barriers for entry and make sure when you do the wic contracts that you are not only loading the largest of the large would give other people the opportunity to come on board because of they don't get even some people in the contract there won't be much supply, that's what we are recommending. neil:

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neil: holding on to gains here in the dow. a lot of technology stocks doing a lot better than they were yesterday to. charles payne. charles: hey, neil. can't wait for this. i think the next two hours will be really exciting my friend,. neil: awesome. charles: good afternoon, i'm charles payne. maybe 10 seconds earlier. tensions are thick. pressures are intense. it could bust pipes. investors bracing for the huge invasion number. oil joining bear market club. it plunged below $100 a barrel. the dollar is surging. we're looking at developments from all the angles. most important, things have