the average price for a green mattress is roughly $1320. wouldn't do it for me. there you go, that is the most popular. quick check of the markets before we bug out of here. let's take a look at the dow up 200 points. the s&p up half a percent. the nasdaq up 1 1/2%. time now to turn it over to my esteemed colleague. connell mcshane. wizard of wall street. connell: that was in your teleprompter. you can bug out of here. welcome, everybody, to cavuto "coast to coast." i'm connell mcshane filling in for the great neil cavuto. stocks are starting the week off right, not bad, right? stronger than expected bank earnings, especially the goldman sachs report doing the trick or helping at least for now. as urge we have a big show ahead for the next couple hours. we'll have debate or discussion,

whichever works, what is worse, recession or runaway inflation? that is quite a choice. former reagan economist art laffer here to react talking about what liberal economy. s are suggesting own that front. general jack keane looking at president biden's trip on saudi arabia and why the two sides can't agree what was discussed there. former football star jack brew hears a personal story to tell, as rising crime rates are hitting close to home for him. that is coming up later. first this hour, internal debate taking place in the democratic party about inflation. it is getting ugly. senator bernie sanders accusing fellow democrat joe manchin intentionally sabotaging president biden's agenda. chat pergram on capitol hill with more on all of this. chad? reporter: connell, hello, rarely is there such intense internal criticism of a sitting senator by fellow members of his own

party that is the case with democratic west virginia senator joe manchin after he killed the most recent version of a domestic spending bill. >> i made it clear that you have people like manchin, sinema, to a lesser degree who are intentionally sabotaging the president's agenda, what the american people want, what a majority of us in the democratic caucus want. nothing new about this. reporter: democrats feel betrayed by manchin after more than a year of negotiations repeatedly stopping and starting. progressive new york democrat jamaal bowman says he is quote befuddled but bowman concedes democrats were not being honest with themselves about where manchin stood. >> that we all screwed up and we all screwed up because we were not looking at the truth of what is happening in our current congress and how we got here and how we need to go forward. i'm not blaming one individual.

we're here now. reporter: bowman says the move by manchin should come as no surprise because of his ties to the fossil fuel industry. manchin cited inflation as a reason for killing the deal. the administration concedes it has a problem. >> inflation which sun acceptably high, let's get that clear out of the gate went up 1.3% in june. again, unacceptably high increase. half of that increase is energy prices alone. now since then the price of gas has come down 50 cents a gallon. reporter: manchin insists on two things in the bill, deficit reduction is one and provisions to bring down the cost of prescription drugs but the type of bill democrats considered using for this must be budget neutral. and the cost of drugs are not spiking at the same rates as other products. connell? connell: chad, good to see you,

chad pergram live on capitol hill. let's talk about this a little more, former reagan economist art laffer, national taxpayers union vice president brandon arnold, as well. brandon, start with you, what chad set up for us, an economic debate do we want to tackle inflation or spend more money to avoid going into recession, what do you think, art? >> well i don't think it is either or to be honest with you. we're right now in stagflation, we'll get a recession and inflation and when i look what joe manchin it is shocking someone would actually vote the way he believes to be the truth and be criticized for it by his fellow senators. this is not where we have monolithic parties against monolithic parties. individual senators are elected, they should express their own views and vote their own conscious and i'm surprised the democrats have been able to bully all the other people voting the other way which is silly. it is really not manchin's problem, bernie sanders and rest

of the democrats ones way out of farmland. connell: there is no bullying joe manchin emerged last couple years, brandon a powerful not only in his own party but congress the way things are split. art, might not be right. this may not be an either or choice. there was an interesting piece piece in "axios" what liberal economists are saying about inflation versus whether we go into a recession and it is not exactly what you would expect maybe from some of them. put on the screen for example, with josh bevins, left-of-center, said a recession directly reduces economywide incomes. inflation does not. later in the his column he said inflation on the other hashed, inflation on the other hand is pure redistribution in the short run but does not directly reduce incomes in aggregate. one person's cost is another person's income. so the whole point i guess of this piece is that we might be,

we might be better off on one end or the other. is it either or for you? what do you think? >> i don't think it is an either/or. i agree with dr. laffer here. we shouldn't be in this position. we're the greatest country the world has ever known. we are finding debate which poison we take. how about neither? we increase supply, increase energy production mere in the united states? we cut tariffs and take on labor unions? we take on costs to avoid a full-blown recession. we might be in a mild recession. but we can avoid deep recession and tamp down inflation at the same time. connell: it brings up '70s, people who argue about inflation i wouldn't want to go through that again because runaway inflation is much worse than a slowdown in the economy or to the point that we just heard from brandon a mild recession. is that a fair kind of comparison between the two?

you would want avoid something worse. i don't know, maybe we have rainaway inflation already but you want to avoid something worse than this getting really out of hand? >> having lived through the '70s and the '80s, been very involved in government and public policy both are terrible. the 81-82 downturn, a huge inflation spike was even higher than it is today. i tell you this one will get there. it will get there past the 1970s in my view. connell: is that right, it gets worse in your view? >> i do. when you look at it we're in recession now. first quarter was negative gdp 1.6. the second quarter according to atlanta fed is down 1.3% or 1.5%. that is two quarters of negative growth back-to-back that is the traditional definition of a recession. the only thing we have to ask, connell, will it get worse? i don't know if it will or not but with these guys in charge it will get worse.

connell: you say these guys in charge, administration, brandon, you weigh in, how hard does the fed really hammer this? we're led to believe they will not go the full point at the end of the month in terms of raising rates. probably go three quarters of a point, 75 basis points but still if the federal reserve comes inning as in aggressively hammers this, this could be a deep one if they decide to tackle inflation they would do that right? >> that is absolutely right. i cast concerned when the jobs report came out couple weeks ago and cpi report that we would see more aggressive response from the fed. they tamped that down slightly at 75 basis points. that is good news. while we need to cool off the housing market for instance, it already has showed signs of cool so we shouldn't be too aggressive at fed level. my concern what the congress and fed will do with fiscal policy. even a slimmed down

reconciliation process, that has prescription drug price controls that has obamacare subsidies inflationary in nature could be bad news and of course there may be much worse news further down the road once additional economic data comes out. they may be able to pry manchin loose. connell: art, even with manchin, the president could use executive action on climate and there could be more money spent, right? >> i should say the fed get out of the interest rate business and let market rates settle what they should be the way paul volcker did. interest rates on 10-year bond yield, 14, 15%. something like that. they should not use price controls and get out of that business. yes i do think manchin has done a great job so far. we have a lot of other stuff. my view this is not a pretty picture coming along. executive orders i would suggest that they may not pass supreme court muster. connell: interesting. as always, art laffer good to see you.

brandon arnold, thank you as well for both of you starting us off on a monday. we mentioned as we came on the air the market is doing pretty well with the relatively strong bank earnings giving as you boost today, both goldman sachs and bank of america beat analyst second quarter expectations with their report. maybe you take a step back from the expectations game and it is not quite as sunny as it seems. jpmorgan's jamie dimon doubling down on that warning he gave us of an economic hurricane being on the horizon. we get the read from capitalist pig hedge fund manager jonathan hoenig. you know, it is interesting, we get obsessed, jonathan, hey, did you beat expectation this is quarter? we start reporting on goldman, well that is a strong report. it blew past all the expectations but still investment banking numbers are down big, year-over-year profit numbers are down like all the banks and i wonder what message they're sending us what do you think? >> connell, you're right we always look under the hood here at fox business. the old saying that is where the

money is. banks tend to lead the market on the way up, they get crushed, annihilated in a recession for a number of reasons. a obviously defaults, a slower consumer and lower interest rates. you're right, profit expectations are lower for a lot of these banks. still a lot are even beating lowered expectations primarily because of rising interest rates. something we all know about. interest rates have gone up. banks are capitalizing on that. connell: they make more money in a higher interest rate environment. that is how they make money to your point but in terms of the global economy and macro economy here in the united states we've heard over the last couple weeks not only from you know, goldman today or bank of america to go back, mention jamie dimon to the jpmorgan report, a lot of these banks, jpmorgan was a example, setting aside a lot of money, hundreds of millions of dollars for future loan losses. they tell you things will take a turn for the worse, right? >> what is interesting watching

executives from elon musk to jpmorgan, talking about how frightened they are concerned with the economy jet every one in washington, d.c., assuring us there is no problem, these individuals are overreacting. connell, bank stokes which tend to for shadow the future tend to reflect that bank stocks are down 20% this year. that is four or 5% worse than the overall market n terms of value, bank stocks are now as cheap as they have been in 20 years. the market is pricing in a pretty tough economy a pretty tough recession. that is why the bank stocks given up all the gains they made post-pandemic. now they are back where they were pre-pandemic. they say be as concerned as jamie dimon now. connell: about the hurricane coming. where normal people are, we're still spending a decent amount of money in this country, to bring the banking conversation into it, it is chase credit card, that you're running up these, so that must be the

concern at some point you know, it's going to come home on us we'll say we have to pay off these credit card bills. the confidence that people have, false confidence in terms of their spending or they're just, stuck in their houses for years and years. they say you know what? no matter what happens, i will spend even to put it on credit that could get ugly. how do you think things play out economically? >> that is what happens connell. consumer confidence is abysmal. people are still spending. however they have eaten down the all the pandemic savings. people cut the pandemic dramatically during the pandemic. they're not eating into that spending. putting it not only on credit card debt but tapping value of their homes. connell: right. >> you see a storm brewing right there. at the same time, the bank stocks are forecasting something that people should be a little bit more concerned than they are. i think jamie dimon and some other financial leaders are as you said, putting stocks away. why putting cash away. and why we're watching these

bank earnings so closely f we get a couple more beats, citigroup, up 12, 13% on friday, perhaps this whole market could get turned around. connell: even jpmorgan down a little bit today. goldman number as we said was a strong number versus expectations. we're trying to look under the hood a little bit to use your phrase. always good to see you, jonathan hoenig. >> do well. connell: when it comes to oil production, president biden traveling overseas really seemed to come home empty when it comes to saudi arabia, increasing oil production. we didn't hear anything about that how do midterm voters feel about the president's energy policies? we're live at the white house, up next. ♪

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♪. connell: the price of oil is up today bouncing back from last week. we're up close to $102 a barrel. president biden returning home from the middle east. white house correspondent edward lawrence all over the president's trip. back with us at the white house. there he is, looks like he is doing some gardening work. a couple things, edward there. first we didn't have any announcements, i don't know if we expected any, certainly didn't get any on oil production

from saudi arabia, the president is there, so nothing there. when the president comes home, i look at new numbers continues to struggle with the polls. what is the latest from the white house monday? reporter: the two may be connected, connell. you hear the construction going on all morning. the president has no public events on his calendar. we can't ask him about the connection of those two things. the saudi king made no assurances there would be increased oil production. what we saw from saudi arabia is this, the president is greeted by mohammed bin salman, giving a fist bump there. this the u.s. intelligence says ordered the murder of a "washington post" journalist and the president said would make a pariah on the world stage. the two walked in with meetings in saudi arabia. this is what a top saudi diplomat told fox news's alex hogan said about all of this. reporter: biden on the trip

spoke to the crown prince, that he held him directly responsible. how did he respond to those comments? >> i didn't hear that particular phrase. the president said he is committed to human rights but since the founding fathers wrote the constitution and he also made the point that the american presidents, this is part of the agenda for the american president. reporter: so president biden said we'll know in the next few weeks if inflation will come back down. the next opec meeting is august 3rd. the countries could decide to keep the current path of production, increase or even cut it. the president not planning on any changes to his policy. the latest "fox news" polling showing this disconnect we were talking about. "fox news poll" shows that only 25% of voters approve of the president's job performance on inflation. nearly 3/4 disapprove. listen here as republicans say the president needs to look within the u.s. >> they don't need somebody

attacks them, wanting to raise taxes, wanting to burden with regulations. the idea he is going to the middle east to beg for oil is ridiculous. he could have gotten to midland, texas, or west texas. reporter: we won't hear from the president there is a press briefing today. we'll ask the white house press secretary about all of this. connell. connell: thank you, sir, edward lawrence at the white house. back to the price of oil for a moment. we mentioned it is back over 100, 101 per barrel. we have this from a top white house visor on the direction, especially for gas prices. take a listen. >> so look nobody can see reliably around the corner when it comes to those prices, talking a couple of quarters away. so i would say really don't pay a lot of attention to those forecasts because it is too much volatility. what i can say is that i think it is very likely gas prices continue to track down say for the rest of this month. i say that not just the oil price is down 20% but wholesale prices are down as well. those two tend to track each

other. connell: to dan eberhardt, ceo of canary. from jared bernstein was the caveat, we all know we can't predict it. to his point gas prices come down 4.50 a gallon from five bucks plus around the country. what would saw i first before we get into the president's trip to saudi arabia and any detail about the direction of oil and particularly gas prices at the pump? >> sure. i think that is a bit of a sugar rush and hopelessly optimistic. the price of oil is falling a little bit. so the price at the pump will fall a little bit. there is really a lot of supply clouds and thunderstorms coming as we roll through the calendar, rest of the year, q1 next year. i think oil is ultimately headed higher. connell: ultimately headed higher. floor on oil and where is the ceiling when we do turn around and head higher? >> first a couple of points. first of all biden released the

strategic petroleum reserve. we're releasing a million a day into the economy. price is still going down. the price is still falling. we've also got a very tremendous, so that is million barrels a day, supply taken off the market. opec is supposedly has all the spare capacity. used to be thought of as two or three million barrels saudis had alone. i don't think the saudis have that much spare capacity anymore. i think they're covering for russia. i don't think there is a lot of spare capacity. opec is supposed to be producing three million barrels a day more than they are. if they had it they would be producing. u.s. production still clumsily won't come back where it was in the trump administration. u.s. production will increase million barrels a day this year, but half a million barrels under what it was on trump. there is a wet blanket because of the climate change initiatives and green policies coming out of the white house that is causing a lack of long-term investment to increase

supply. so i think as assuming demand stays constant i think supply will be challenging for oil as we move through the rest of 2022. connell: on the domestic front we keep hearing over and over whatever you think policy wise, if they start to ramp it up now it would take too long because of how the oil companies are set up to have any impact. >> yeah. connell: do you agree with that? to go back to your other point, to go back to edward lawrence's point on the president's overseas trip, are you saying we didn't get announcement on oil production, there is not much the saudis can do anyway, is that your point? >> yeah, the president, previous speaker was right, the president should look at north dakota, texas for more oil, not saudi arabia. seems like a fool's errand to go beg hat in hand to saudi arabia u.s. production, look i think it is the long-term investment horizon has a chilling effect on people making short-term investors produce more oil in six months, nine months, 18 months. connell: right. >> i think what is going on

right now, the two things are converging we have a supply shortage. the other thing affecting our business, i talked to several people in the permian basin, bakken, et cetera, we have the same supply chain issues in the oil field a lot of other american businesses have. we can't get inputs from china. we can't get new vehicles because of chip problem. we're having labor shortages. this is creating tightness, it is holding us back from increasing supply which we would obviously like to do. >> interesting. dan, thanks. good perspective obviously from someone that knows the business from the inside. >> thank you. connell: we have new housing numbers in today we want to get to now. these homebuilders not a confident bunch right now. that is it we're learning. we'll have the new read on the new data in just a moment. right back here on "cavuto: coast to coast". ♪

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♪. connell: we're back. we have an interesting story today about retailers. if you look at the big cities, what we're starting to see is some companies are really taking advantage of essentially getting good deals where they can get more for their money when it comes to relate estate on the commercial front. madison alworth is here in new york. all the time, madison, we do stories about residential rents in new york. everybody is paying more. not the case in the commercial space for the retailers. tell us what you're learning. reporter: absolutely, connell. when it comes to residential rents have been spiking really across the u.s. but for commercial retail leases those rates are down. now as a result businesses are jumping on the opportunity to get these spaces for a relative bargain, especially in new york city. looking at this area in q2 we

saw 67 new leases signed that is a 38% increase from a year ago. it is because of those lower prices. looking at the new york city area, on average rent for retail spaces that is down 3.5% below a year ago. what that means is, we're looking at pricing levels similar to 2011. in certain areas of new york city like downtown broadway from chambers street to battery park, rent is down nearly 13% from a year ago. even though when you look at new york offices, those spaces we've seen a slow return to workers there. so that is not adding to it. but what we are see something an increase in domestic travel. that is helping to add confidence. >> tourism is back. we're seeing it at 85% of pre-pandemic levels and when you look at markets like fifth avenue, soho, specifically madison avenue they are really reliant on that tourism number, both foreign and domestic. reporter: you know new york is

not the only city to see businesses looking for a bargain. according to a report from chicago based stone real estate the vacancy rate near the north side dropped 3% over the course of a year, now at 19.3% vacancy. while that rate is still high the movement could signify stabilization. the retail report last week that consumers increased spending at restaurants by bars about 1% from month to month and furniture and home stores saw a increase of 1.4%. even though retail dropped 5.4%. the hope consumer spending stays strong. players i are making moves. the building behind me a space used to be owned by gap has been souped-up by is a worse ski. they are hoping that consumer spending will remain strong, get stronger by that point. connell: whole thing is interesting post-pandemic. i have one question, madison,

completely unrelated to new york. it is raining in new york. are you standing under a scaffold that would be a pro reporter move or have a producer holdinging a umbrella? reporter: i'm standing under a scaffold. i'm nice and dry. it is ugly out here in new york. connell: that is professional reporter, belle done. madison alworth. interesting story. we'll move back to residential real estate because there is a difference here. completely different animal when you think about it. new numbers came in on homebuilder sentiment. homebuilder sentiment plunging. this is the lowest level, down 12 points since may of 2020. tim rood joins to us talk about this. tim is not under a scaffold. this number is telling, it is down, one thing i notice it is down all over the place. we talk about real estate generally being regional but this homebuilder number is down all over the country.

what does it tell you? >> hey, connell, i kept thinking about rodney dangerfield, oh, god, this is ugly. builder sentiment has been going down six months. builder stocks have been slaughtered. look what they were going through from the beginning of this year, they had issues with buildable supply, buildable lots. you have skilled labor issues. you have supply chain issues. they were working through all those towards the year. you had great demand and affordability through the year because interest rates are so slow. may, april, right around that time, all of sudden all the supply chain issues caused them to realize, oh, my god, i can't finish properties that i have. i sure as scheck stop focusing on new ones to focus on backlogs. when affordability went up, interest rates doubled demand faltered. you're seeing that play out in the sentiment numbers which are pretty bleak. connell: are we close to kind of getting the worst of this out of

our system and turning it around? or rates obviously will only go up from here. so i guess it would take that supply chain, you're right, that is what the builders are dealing with. land costs a lot. supply chain was backed up. they had those issues for a long time but now that rates go up and continue to go up, what does the future look like from where you sit? >> we're coming off of a base anyone could legitimately argue was a clinically unhealthy real estate market. you can't have 20 years a year appreciation rates like we saw. the supply and demand imbalance. so in one sense it is good to be getting away from that clinically unhealthy market and now you're getting back to a recovery market which is more balanced. supply and demand balance out. affordability issues cause price appreciation to mellow out. you're seeing great migration out of high density, expensive urban areas. the migration into more affordable markets, used to be 20% of the population when they

moved they would stay in that local market. now, 35% are just basically driving until they comply. they cash out after million and change property in these expensive areas. they drop into tampa, miami, phoenix, nevada, at basically a half to a third of the price. that is all happening. connell: i started off the conversation, make this the last point it was down all over the place on sentiment. down six points in the northeast. four in the midwest, eight in the south, 12 in the west but you think the general theme of the migration from urban areas to more rural or at least suburban areas that's here to stay? >> yeah, yeah for sure at least for the time-being. obviously anything can happen with the economy. you compound the fact you have not just got higher housing inflation, but higher inflation of everything. everything costs more. you have your assets, stocks, crypto, you name it, all have come down. that is putting real pressure f you get into the housing market,

you find basically the most affordable markets. connell: right. >> that is what you're seeing connell, 16 of top 20 markets buyer demand, velocity of sales are well below the median home price in the country. that is in the midwest and northeast for the most part. connell: tim, good analysis as always. good to see you again. thank you, tim. >> thanks. connell: tim rood. in a moment president biden, i think edward lawrence referred to this facing some backlash for the fist bump in the middle east instead of pressing the saudi crown prince on the murder of journalist jamal khashoggi. we'll have retired four-star general jack keane on that and more next. ♪

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>> says you refuse towed talk about khashoggi murder. is he telling the truth? president biden: no?

>> mr. do you regret the fist bump. president biden: why don't you guys talk about a question that matters something that matters. connell: talk a lot about the fist bump between president biden and saudi crown prince, who said what about the meeting began about the murder of jamal khashoggi. retired four-star general jack keane, to talk about this in a moment. what do you make of what happened, didn't happen, what was said or not said in saudi arabia. do you have a read on it? >> well, my take on it, first of all i think it was something after pr nightmare because president biden before he went to the middle east was downplaying a visit with mohammed bin salman, so-called mbs. actually at one time said that he is really not going to meet with him. he will meet with the leaders of the gulf cooperation council, eight other members other than saudi arabia and we all saw what happened t actually was a a

meeting certainly as mbs was the host for the gulf cooperation council there to include the united states. i think the optics it of that actually took away from the substance of the meeting but he brought those optics on himself. connell: right. >> but the substance of the meeting i think also has much to do with resetting the relationship with saudi arabia which has deteriorated quite significantly over the past 18 months. so much so that the arab world, even the israelis are wondering whether the united states is really committed to middle east. so much of this visit was about affirming that, that the united states has their backs, arabs as well as israelis the biden administration seen what transpired since the relationship deteriorated. china, russia, are moving in to influence the middle east given the vacuum created by this

administration and that has a lot to do with why this visit took place. connell: china has a habit doing that all over the world. to your point russia as well. that brings up a larger question. since we don't know necessarily what happened behind closed doors, it becomes a hypothetical question the choice was whether to go or not. to your point there are reasons you would make a trip like this. if you do make the trip, your intelligence community is telling you what we think it was telling the president, you know, this guy, mbs is responsible for the murder of this journalist jamal khashoggi. how should a u.s. president have handle ad situation like that? what advice going in. >> first of all the trump administration knew the same set of fact as does the biden administration. the trump administration condemned it. the entire senate to a person, all 100 of them condemned it in a legislative vote.

emissaries of president trump traveled to the region and behind closed doors i think pointed at mbs's chest, told him how horrific behavior and it would taint the relationship f it continued it would dramatically change the relationship. i think president biden calling out khashoggi, excuse me mbs for this behavior, somewhat after the fact is appropriate. he is president of the united states. i think he did, he also did it at a meeting that they held in the presence of others, i think that is also appropriate. it doesn't mean that we cannot have a strategic partnership with this country because the fact is our national interests are tied to the country. connell: right. >> the facts are, saudi arabia is the defacto leader of the arab world. their arch rival is iran. we have national interests in containing iran and saudi arabia is key to that.

connell: geopolitics can be complicated as you well know. the other topic i wanted you to weigh in on war in europe, ukraine and russia. we are reading europeans are worried about their economy, particularly when the gas will be turned back on. whether putin will essentially turn the gas back on. they're doing maintenance work on nord stream one pipeline. it is supposed to be done in a few days, july 21st t would be turned back on. but there are all these stories emerging now that will russia come up with a reason to postpone that through gazprom and not turn it back on right away? the european economy is already in dire straits. they need the gas to be flowing for the winter is what they're saying. how do you think all of this plays out, and how worried should we all be about it? >> i can certainly understand the european concerns dealing with russia and russia use this is as blackmail certainly.

obviously these european countries by now have got to recognize that over time they have, they have get to move away from this complete dependence on russia for oil and gas, so much so their economy can go into recession just by russia turning down the flow of oil but particularly in this case the flow of gas which has already happened and if it was shut down, certainly there would be serious economic impacts on those countries and what russia likes the idea that they're squeezing these countries, certainly many of them are providing aid to ukraine and that is something troublesome to russia and they're using all the leverage that they can here. i suspect the gas will continue to flow somewhat but i believe russia as it has already turned the spigot down will continue to squeeze them further but probably not shut it off completely. connell: we'll watch i days. thank you, gen a

couple concerning stories about crime, one involves a mother in police were right to kill a man who shot into her apartment. the details on this story and are coming up next. ♪ [whistling] when you have technology that's easier to control... that can scale across all your clouds... we got that right? yeah, we got that. it's easier to be an innovator. so you can do more incredible things. [whistling] so you can do more incredible things. finding my way forward with node-positive breast cancer felt overwhelming at times.

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♪. reporter: welcome back to "cavuto: coast to coast." i'm mike tobin. he was armed. he shot at his neighbors, after a six-hour standoff with police, snipers took him out. still blm protesters call for what they're calling justice in the police-involved of "teckel" sundberg. it was wednesday evening. he began shooting in the apartment of arabella i can't remember. when police arrived sundberg held them at bay for hours after he was shot and killed. police found and handgun with extended magazine and bowl filled with ammunition in his apartment. as the protesters daughterred out said the same apartment where yarborough lives, she lost her temer. >> he was shooting through the

hallway. my home is full of bell lets in the kitchen. i was cooking over my kids. why are you celebrating a man who tried to kill us. reporter: president of the police officers federation in minneapolis said negotiation was attempted with sundberg. those efforts became futile when he endangered lives of others or great bodily harm to others so they used deadly force. he was suffered a mental crisis. he was an imperfect human but did not deserve to be picked off like a animal from a rooftop. they were releasing body camera footage. minneapolis police say there were 50 officers there for a 6 hour period and hundred of hours of footage. connell: that is some story. mike tobin with us. the other involved two suspects arrested after shooting a barbershop owner in the face

during a robbery. this is coral springs, florida, and the story hit very close to home for our next guest. he happens to live in the neighborhood where this took place. the former football player jack brewer, brewer foundation ceo as well. he joins us now. jack this is your story. tell us more about it. >> it's a horrific, horrific story, the one you showed what is going on in our country going on with our crime wave and these burglaries. we have over 2.5 million burglaries every year in the america which is unconscionable but as you see, this is the back of my youth center where these thugs are walking right by. you can't see the kids that they're walking by right now. young kids are in my youth program, my summer program, walking right by the kids with guns to walk in to shoot my friend in the face. my friend runs a barbershop next door to us. he cuts hair of our kids.

our kids were scheduled for a haircut around noon this happened around 11:30. you can imagine they are shaken and ravaged our entire community, man. we pour into fatherless kids all across our community and now we don't know what to do. we're confused. our kids are traumatized. right now stores are closing down around us because they're scared and afraid for their lives. and so these are the things and realities that you have to deal with whenever you allow lawlessness. some of kids that committed crimes are not citizens of this nation. it is really sad. the one was 18 years old. the other was 20. my kids walk by to see them in the neighborhood every day. just imagine having to walk to school and conduct your life, you're already an underserved kid in communities like this. connell: right. >> when you have these type of thugs walking around. connell: tell us two things.

i want to make sure we have time as we get closer to the the top of the next hour. number one, your friend, barbershop owner had shot in the face, was he killed? how is he? number two what have you noticed in the neighborhood. you mentioned all the work you're doing and changes you're seeing in recent months or last couple of years? >> we're praying for my brother alan. right now in his third surgery trying to get bullet particles out of his jaw and neck area. as you can imagine in is a horrific crime. you know has been on the lookout in our community for our kids. we take these kids, like i said over 90% of our kids are fatherless. most of them have, struggle with reading math proficiency. we've been working as hard as we possibly can over a year trying to get them back on track. they're just low economic status and environment around is one that we've been trying to help recover but whenever you have these type of incident, just

last week we had another shooting in the town. so you know, when you start to have all of these robberies and spikes in crime and home break-ins and burglaries it is too much. connell: it is too much. we know you do great work even with all these challenges. thank you for sharing this story. painful as it is, jack brewer. thank you, jack. quick break. we'll be right back with our top stories in just a moment. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. ... for 35 years.

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♪ can you take me higher ♪ connell: that's like a play on words. we are edging higher today. some are talking about interest rates, not as worried about the fed going crazy on rates and then we had the bank earnings which we talked about last hour and after a turbulent week last week we are up across-the-board up 75 on the dow. all right welcome back it's hour number two of cavuto "coast to coast" i'm connell mcshane filling in for neil and another jam packed hour to get through, we'll get in as much as we can, we'll be hearing from the republican from new jersey congressman jeff van drew, the former democrat on how he thinks inflation will impact the balance of the mid-terms. we'll also get the read from the former acting secretary, department of homeland security, chad wolf is coming on, new numbers are out from the border, and with chad wolf and then we'll have a look at the heat wave in britain, of all places. london and elsewhere throughout the uk it is crazy how hot it is we actually have reports coming in of flights being halted, get

this , because the runways are melting. that is a heat wave if we heard of one all across europe. so as we say a lot to get to. let's actually start with the markets spend a couple of minutes on what's happening today. we're green across the screen and tech has been doing pretty well. certainly as i mentioned a second ago we're off the highs from this morning. strong earnings from goldman sachs, among the banks to report , and then you get people saying, you know, wall street journal article about the federal reserve not maybe not going a full point, maybe that helps stocks a little. anyway, susan li is with us here in the studio, and i guess that is the first thing good to see you. >> good to see you so two months in a row we've had the federal reserve somehow getting their message across the wall street journal saying we're only going to razor going to raise by a certain amount. i think heading into this weekend, and i've said this on our air, that given that you had 9% inflation, highest in 41 years that you had to really pull up the bazooka, raising by

one full percentage point but i think the federal reserve says look, we've got to wait and see , see how the consumer react s and how the economy react s and it takes time for the market to adjust to a hawkish view so going only 75 basis points which i think is very positive, today, at least for market sentiment. connell: right, a little off the highs, i'm not sure if we read anything into that or not. >> it's pretty good. connell: we'll take anything at this point. we'll take, i was looking at the bank earnings for example,, goldman did really well. >> yeah, a billion more in sales in the quarter but also, looking at the commentary as well and i listened to the earnings call each and every quarter, and i was listening to bank of america in particular, and brian moinahan was pointing to the strength of the u.s. consumer and you heard that as well from jpmorgan jamie dimon, despite the fact he says his economic hurricane hasn't changed he says look we're still looking at a healthy economy for now, the consumer is spending there's still

$2 trillion in household spending. connell: i wonder if they are saving those bank credit cards talking about this last hour a little bit and the bank says even though they see a healthy consumer, at some point you gotta pay off those credit card bills and jpmorgan you mentioned they were the best example as they set aside 400 million plus whatever it was to say rainy day, you don't pay your debts back, we got this money put aside. reporter: consumer banks, citi did fantastic in the quarter beat on top and bottom line and brian moynihan talk about the savings and credit card debt is going up at this point, the fastest rate we've seen since 2008 and how can consumer behavior suggest they don't cut back when there's a slowing economy or the day-to-day necessities. they borrow to cover their spending habits, basically. but look, i think if you move away from the financials which i think goldman sachs is really leading the way today, i want to show you technology. have you looked at apple? it's up to 150 bucks as we head into earnings next week, and what that tells a lot of people that maybe, and i'm just

throwing it out there, even the bear, from morgan stanley, the strategist there, says we're going to come out of this bear market pretty quickly going in and quickly coming out which i think is pretty positive. connell: yeah, 150. >> that's up 15% from the bear market lows when it slid below 130 and how it worked was just because of the cascade and you want to sell your favorite stock s last and that's kind of what happened in that bear market sell-off when we hit that 20% down for the s&p 500. connell: susan good stuff as always. susan li on the markets for us. we're going down to michelle schneider and carol roth and a little bit more perspective on i guess what susan was talking about, and it is, and michelle i'll start with you, to go back to the first part of our conversation, kind of an interesting time, it's always an interesting time, but try to gauge what the federal reserve is going to do, along with other central banks around the world. the ecb will finally raise rates i think later this week, first time in 11 years, and you

know, are they getting it right these central bankers, or are they still behind the curb? what do you think as you view things right now? >> well, what the ecb finally raising rates on thursday, it's pretty obvious why they couldn't be too aggressive up to this point because they were already looking at the precipice of recessions, particularly with the energy crisis, so they had to be really careful, and comparatively the u.s. , even a 3% yield is still the strongest in terms of all of the countries which of course is why the dollar has done so well too but i don't want anybody to get too complacent here, because even though the fed may go easy on the 75 basis points with the expectation and i probably think that's accurate, we still have this notion, i think, that with the peak of inflation, that exactly that. that people think there is somehow a peak in inflation, and we're definitely more skeptical about that, because we do think

that there's problems with food and mother nature can't be controlled as we know and then the energy crisis we don't think that's necessarily going away because opec is even admitting to some supply issues so it really will be how aggressive can they get to control the parts of inflation that may not be controlled with higher interest rates. connell: we'll try to figure out peak inflation. it's interesting, carol. we did a story in mississippi last week talking to small business owners and it was about restaurants because michelle brings up food, and one of the guys we spoke to was on the supplier side, like a vendor , you know, helping out these restaurants get the produce that they need, and he was saying he sees a long way until we have peak inflation because what happened in his business is that they signed contracts a long time ago. a lot of those contracts came due and now paying higher prices and what he tried to do as best as they can he tried to not pass along too much of the price increases he was seeing but now last month or two, two or three months it's impossible and he has to pass along price

increases that were kind of stuck, and now the restaurants are hitting them and another round of price increases there so these guys just one anecdote of many, they see a long way until we hit peak inflation, largely because of the food component of it. where do you think we are in the cycle? >> yeah, and i think it depends on people's definition of peak inflation. it did mean 9.1% is the highest number or that we're going to start to see a downward trajectory and we know that we're no longer have any meaning i think that the reality whether it goes up a little bit more or it stays elevated is that we are going to stay elevated as michelle was alluding to, for a long period of time, because we have supply constraints all throughout the economy, and even though the fed is doing whatever it can to cool demand, it really can't affect that supply side of the equation, and they have to manage this very delicate balance because if you close that gap too much then you end up with us in a world of hurt, and that's really the dance

we're playing right now. connell: both carol and michelle will be back, so stick around we're going to talk about some other topics a little bit later on in the hour. for now i'm going to shift back at least for a few minutes to politics. we watched some of the primary races, very interesting in terms of what they might tell us heading into the mid-terms in the fall and one state we're watching now is maryland, because the voters there head to the polls tomorrow. they have a primary in the governor's race, larry hogan , the republican, is term- limited, a bunch of folks running and aishah hasnie the fox news con for example, all correspondent is out in anna polis today, the state capitol, talking about this fight for the governor's mansion. it's an interesting race what are you learning from there? reporter: hey there, connell, good afternoon to you. it is an interesting race. it's really one that everyone should be paying attention to, because we're expecting a very tight race between the two front runners in this gop nod for governor, and really, it has become this proxy war of sorts, a battle between the candidate that is being supported by

current governor larry hogan and the candidate being supported by former president trump. so here are your gop front runners forker kelly schulz has hogan's support and dan cox, endorsed by trump so all four have been trading with trump calling hogan a rhino, and then hogan questioning trump's impact >> i think that trump's effect on the party is diminished and it's continuing too. i think the latest poll 34% of likely primary voters want trump to run again. i think that will be even lower as time goes on. reporter: and connell, it could get really interesting here if trump and hogan make a run for the white house, so keep watching that one. on the other side, nine democrat s are on the ballot but peter francho, tom perez and wes moore are leading the pack in the polls on the democratic side. the top issues here in maryland

for voters is rising crime, inflation of course, education, infrastructure, abortion has also risen to the top since that supreme court ruling on roe v. wade. we're also watching voter turn out very closely, connell, because if the turnout winds up being low tomorrow, then everybody starts to look at those mail-in ballots and here in maryland, this is one of a kind, listen to this. you can not start counting those mail-in ballots until two days after the primary and as of today, connell, we're looking at already about 500,000 mail-in ballots so buckle up. could be a while before we know who those nominees are. connell: and it's good for you to point that out now, because all these states are different, people don't know and they see the results coming in and they aren't sure. reporter: you get to prepare. connell: you need a couple days, calm down, everybody, aishah hasnie in annapolis. let's go back to washington for a moment with the joe manchin story, the west virginia democratic senator. again, kind of just putting a pin in president biden's

spending agenda, with inflation continuing to sore. we want to bring in new jersey republican congressman jeff van drew, and it's interesting, congressman, to see once again, joe manchin kind of standing his ground on all of this. i mentioned for those who don't know, many do, that former democrat switched parties. i think your perspective be an interesting one just observing what's happening in this intraparty fight on the democratic side. what do you make of the role joe manchin has been playing there in d.c.? >> well, obviously, he's been playing a very serious and important role and just quite frankly, he's right, biden and the majority in congress are wrong. i mean, we just can't keep spending the way we're spending. we have to slowdown. there's a couple of issues here. one of them is obviously slowing down spending. second, because of inflation and then secondly, i certainly am concerned about the environment. we all are, but some of the legislation that they have just puts trillions of dollars

into different programs that we really don't know are going to work or not work. we're pushing too hard, too fast , we're still going to rely on fossil energy for a while, fossil fuels and we have to realize that. we joist got to calm down but most of all we got to stop spending and then fix all of the other problems they have. i mean, i think what joe manchin would think i can't speak for him, but being that he seems to be more moderate is hey, how about what are we going to do to make the border better? what are we going to do to make the supply chain better? what are we going to do to make our cities safer and make sure our military is better, what are we going to do to make sure that in the military we're not spending all the money on woke kind of crazy stuff but on the things that we really need to do and the things we really need to have, so i think he's correct. i would certainly side with him on this issue, and definitely not with the president and definitely not with the majority in congress. connell: i know you and others have said this is on the ballot in the mid-term elections this being inflation, that this is going to be one of the

big issues that people vote on, so the republicans may now, you may get your chance to govern on this issue, at least in terms of having control of the congress, if you have a strong mid-term election. now, to be fair, people would look back when the republicans are impacted saying they didn't exactly in recent history cut spending either but you're saying this time be different, there could be a real push to cut spending in washington? >> first of all, yes, but second of all, and importantly, there wouldn't be just the crazy kind of spending that exists now with this administration, trillions upon trillions of dollars. you know, a lot of the inflation problem and all of the problems we have has to do also with many different issues. obviously our energy issue and what we're doing there which is so wrong, we should be number one and could be number one and we were number one in the world, and then secondly, the way we dealt with covid, we didn't work with businesses enough, we didn't work with people in certain ways enough, so we just

closed everything down. you close everything down, they aren't going to have production. when you don't have production you don't have stuff that people need and when that happens, you have too many dollars chasing too few goods and services, so this whole thing quite frankly is a democrat's fault from beginning to end. it's not putin's fault, it's not the republicans fault, it's not some other people he's named everyday, it's somebody different. sometimes when you're an elected official, whether a congressman, a senator or a president, you have to stand up, tell the truth , take the heat. connell: or at least some of the heat or talk about it being a bunch of different factors and not try to oversimplify it, jeff van drew, thank you, the congressman from new jersey republican, we thank you for taking the time today we appreciate that. number of migrants crossing the border the southern border, it continues to grow. in fact there are new numbers out on this and we have chad wolf, the former acting dhs secretary joining us in just a moment on this new

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connell: to immigration now the crisis at the border customs and border patrol has released the june immigration report, so these are new numbers that reveal over 200,000 migrant encounters, and also a record number of terrorist sightings. fox news national correspondent matt finn with more in eagle pass, texas, what's the latest from there? reporter: it was a busy weekend here. our crews saw hundreds and hundreds of migrants cross the rio grande into the united states by foot and also we did two overnight ride-alongs with texas dps troopers and last night, our cameras captured multiple busts. troopers recovered drugs, a gun, and arrested illegal migrants heeding in cars, we're told the american citizens associated with those busts will be charged with human smuggling among other charges and we saw firsthand ranchers here are dealing with a lot of fear and stress and they tell us migrants cut their fence , robbed their homes and run through their property at night. we spoke to one rancher last

night who had 14 migrants arrested on her property. >> i am worried for the country not so much for me, but for the grandchildren that i would like to tell the parents, you better get aware of what's going on. reporter: and texas governor greg abbott continues to send the migrants from the border to the nations capitol it's a message to the biden administration that the border crisis is its problem. now, d.c. mayor muriel bowser is calling on the federal government to help with migrants in her city and claims governor abbott should not be busing illegal migrants to the nations capitol, rather only where they wish to go. >> i fear they're being tricked into nationwide bus trips when their final destinations are places all over the united states of america. reporter: governor abbott's office just responded us writing in part that the border communities here are overwhelmed so "governor abbott launched the

border bus mission back in april to help provide support to these communities pleading for help where the biden administration is dumping migrants." with our nations capitol now experiencing a fraction of the disaster created by president biden's wreckless open border policies that our state faces every single day, maybe he'll finally do this job and secure the border. send it back to you. connell: matt finn along the border in eagle pass, texas. thank you, matt. we go to chad wolf for perspective on this , the former secretary of department of homeland security as i mentioned there are new numbers i want to get into in just a moment but first your general reaction to what matt is reporting as he said it was another busy weekend a along the border, what do you make of what you just saw? >> i think what those images and numbers tell you is that it's more of the status quo along the border unfortunately that this administration continues to have, has self- inflicted a crisis on the american people, and that border and they are doing very little to change the dynamics down there.

207,000 illegal apprehensions in one month alone is just astronomically high. this represents the sixth month in the biden administration where we've been over 200,000 illegal apprehensions. you have to go all the way back to march of 2000 to find one month over 200,000 and so what it tells you is their strategy is broken, but unfortunately, they aren't changing tactics or course, and we're going to continue to see months like this and other months that we have had continuing to go unless they try to actually enforce border security along that border. connell: to add to what you're saying the fiscal year 2022 is now on pace to shatter the record from 2021 in total encounters that number that you alluded to but also when you dig a little bit deeper into it we see an increase in not only terrorist sightings but certainly unaccompanied children those numbers continue to go up, illegal drug seizures those numbers continue to go up. what would the tactical move be here? what would the change of course

you say is not going to happen be in the short-term? >> well it's actually enforcing the laws holding people accountable for choosing to break the law and come across that border illegally. it's things like continuing construction along that border wall system. it's reinstituting the remain in mexico program, the asylum cooperative agreements and there's a number of things that they can do that will disrupt the cartels operations there which all they care about is making money and if that means smuggling thousands of individuals across that border every single day because every person that crosses that border is paying cartels somewhere between five and $10,000. you have to disrupt their business operations and you have to do that with effective and smart policy decisions and operations and the one thing that the cartels want is predictability and the one thing this administration has given them over the course of 17 months is that predictability. they have not done one thing different along that border and that's why we continue to see these astronomically high numbers. you have to make hard decisions,

have you to have leadership to do it and there's simply not choosing to do that, sticking their head in the ground saying well i hope this goes away and it's simply not going away. it won't go away on its own. connell: we never hear any more, hardly ever is a real discussion in washington about immigration bill or compromise on immigration. it used to be every few months you'd hear something about that. of course it would fall apart after that, but it seems like there be something there. if you talk to people in the business community, big business but also small business , talking to farmers about this a few months back they will tell you they'd like to see more legal immigration. they like to get more talent as they say to come into the country. there should be some sort of a deal here, increased border security, because we have a big worker shortage in this country so that more legal immigration could happen. we never hear it though, do we? >> well i think that's right. i think there's a number of things we could probably be talking about and find some common ground and solutions on, unfortunately, i think though over the last 17 months what has

been abundantly clear is you can't have those discussions if you continue to have a wide open border and why do i say that? why would you discuss h 2a and h 2b, and all these other visas that allow individuals to come in but you have to vet them to come in when the border is wide open when those individuals don't go through that vetting program and simply walk across the border and be released into the united states so you have to secure the border first and foremost, and then you can talk about the legal ways to bring in temporary workers into other parts of the labor force, but unless the left really wants to get serious and talk about how do we enforce border security along that board eras well as in the interior of the country and remove individuals that don't have a legal right to be here, all the other stuff is just window dressing. it's going to be very hard to find a compromise. connell: chad wolf former secretary at homeland security, thank you, sir, we appreciate it there's a story about speaker pelosi we'll get to that involves her husband, but involves his investing, invest ing in some computer chip stocks, just as congress is getting set to vote on a bill

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connell: all right, to house speaker nancy pelosi. her husband, paul, is back in the news today. because of his investments, in particular, in nvidia, the chip maker. the stock you see it up today by just about 5% and paul pelosi's purchase just weeks ahead of a vote in congress on a bill that would give $52 billion in subsidies and tax credits to the chip industry, so hillary vaughn has been looking into all of this and she joins us now from capitol hill with the very latest. hillary? reporter: connell this is not the first time that speaker pelosi's husband, paul, stock buys, has gotten some attention and raised some questions, but

this latest purchase, a million dollar stock purchase from a major chipmaker nvidia, in june, is causing some controversy. nvidia makes chip systems for cars, robots, and other technology. the purchase happening though, right before congress, is expected to pass a bill that would give about $52 billion in aid to the semiconductor chip industry. speaker pelosi spokesperson telling me this. "the speaker does not own any stocks, as you can see from the required disclosures with which the speaker fully cooperates, these transactions are marked sp for spouse. the speaker has no prior knowledge or subsequent involvement in any transactions but some lawmakers say whether speaker pelosi knew about the purchase isn't the point. she still stands to profit and even though it may not be the lawmakers themselves making the trade, lawmakers do have the power to vote up or down bills that could reap major returns for their investments." >> this stinks to high heaven and as the american people are suffering as they are looking at their investments continuing to

plummet the fact that the pelosi s are profiting just doesn't smell right and frankly it's one of the commitments of republicans in the majority to make sure that we have the correct rules in place to make sure there's no malfeasance and to make sure that members of congress and their family members particularly their spouses are not able to profit at all over these types of investments. reporter: it's not just watchdog s in washington that have caught on to paul pelosi stock buys. mr. pelosi's stock trades are also tik tok famous. investors tracking his trades trying to look for signs of what they should buy and that's not a bad idea because paul pelosi's portfolio has frequently out performed the s&p 500, so it's not a bad idea to see what he's buying. connell? connell: all right hillary, thank you. hillary vaughn there let's bring charlie gasparino on all of this charlie by the way had new reporting of his own today on the sec and those climate-related disclosure s that that story is heating up we'll get to that in a second charlie but just a quick thought on this paul pelosi story what do you make of it? charlie: well, i mean, have you

to ask yourself, no one in that report said it but is this insider trading? is he being tipped off by his wife, you know, that has happened before, insider trading cases, about something that's going to happen and that tip off is information that is material, non-public, and miss appropriat ed that means stolen from either the citizens of the united states or investors of nvidia. with that criteria i'd say based on what i know is impossible. this does not fall into the category of insider trading, or it's an impossible case to prove and just look at the past cases and where they've tried to prune this with republicans in congress, bill barret, the senator from north carolina. again, you know, he was accused and investigated essentially for trading on information right before the pandemic hit because he had briefings about how bad

the pandemic be and its economic impact so he sold a bunch of stock. his case, his claim was listen, we kind of knew it was out there that the pandemic could be really bad and i just, it's not because of these briefings i was given and paul pelosi probably said listen, you know, everybody knows we're looking to pass legislation which they have been for a long time, and so what? so i took a bet, and it's really , this is a difficult case now, the ethical question is really bad. why does this guy think he can get out of, why does the same guy think he can get away with driving drunk, and doing stuff that is obviously eye raising and people are going to say, you have a position here, a power and you're utilizing that. connell: a different question is politically, so certainly for her -- charlie: it makes her look stupid and him look stupid and her look greedy. the whole thing is just horrible connell: i want to give you time to talk about, and i guess this

could end up in, we'll see how it plays out could be an sec story, but your story today as i mentioned is sec related or gary gensler the commissioner they have been trying to get these companies to disclose, to make disclosures on climate, and the new developments on that. so bring us up to speed on what you're learning. charlie: listen, normally, companies disclose every quarter , stuff that is material to the shareholders. gary gensler following a very progressive agenda, obviously, he wants to be something else other than the sec chair, is looking to expand those disclosures. he wants all these companies to disclose how they are reducing their carbon footprint. he thinks that is at least in theory, he thinks that is material to investors. huge problems with that particularly now that the supreme court has ruled against the epa basically saying that you cannot mandate certain climate issues, climate stuff, climate mandates. a lot of that has to come from congress and gary gensler from

what i understand is going to be facing this same stuff. job creators network, a conservative group is telling us fox business exclusively it's looking to sue gary gensler on this issue, and yes, using the framework about the scotus epa ruling that this is the domain of congress not an agency, state attorneys generals same thing. they are starting to, republican s are starting to pushback. i will say this. if the republicans take the house and the senate, gary gensler is likely to be target number one, or way up there in terms of reigning in the over- regulation of the biden administration because this stuff with climate and woke stuff, i mean, you know, how many give us every board member and their sexual preferences that's kind of where he's going with this , is just something the republicans are not going to stand for and he's going to have to do a lot of explaining again if the republicans take the house and the senate and he's likely to get sued on this stuff. connell: put a target on his

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>> we're for cutting the cost of electric vehicles because when you have an electric vehicle then you're also going to be able to save on gas but you got to be able to afford it in the first place. now we're actually starting to see on some models the costs come to where even if your car payments a little higher your gas payment will be a little lower and you come out ahead. connell: that is the transportation secretary pete buttigieg. go electric if you don't like the high gas prices, says mr. buttigieg, western states petroleum association vice president kevin slagel is here. anything wrong with what you just heard from mr. buttigieg, what do think, kevin? >> well, it's not wrong that they are going to be nor ev's on the road in the years ahead but what is wrong right now are some of the policies getting us there for example, in california, we're four years away from an

electric vehicle mandate. that will require starting in that year, 35% of the vehicles sold in california to be ev's. we don't have the chargers, we don't have the infrastructure, we struggle to keep the lights on currently right now, so adding all those cars and chargers without having the right grid or the right infrastructure in place is something we should be very concerned about. connell: so we're not, i guess, neil makes this argument when he's here all the time we can look at a situation like this and try to do a little bit of both. these are by the way the national gas prices i mentioned earlier about 4 intuit 50 so we can try to do a little bit of both so why wouldn't you try to bring down those prices and also promote these cars and i guess your point is we're going too far in the one direction. >> yeah, we're going too far too soon and it's going to be too costly for a lot of americans. going back into california in 2026 when this ban starts, what americans need to know is that affects 14 other states about 40 % of the market of car markets in the united states is affected

directly by california's regulations. so in four years, we'll need to start buying ev's at about 35-40 % of the total market or share that sold and so are we ready? where is the infrastructure? do we have the chargers? do we have the range on some of these cars? do we have chargers every 50 miles or so for folks to charge as they travel across the country. connell: if those questions were answered in the affirmative where is the demand, do you think? >> well, there's that too, right? folks still, you know, the cars and trucks we drive everyday are largely internal combustion engine cars or hybrids banned by these mandates, so consumers need to have a choice. without that choice, you have higher costs, you might not be able to choose what's best for your family so there are a number of issues not just the better mileage or more availability possibly and lower cost of the cars folks want to have to buy these cars and use them to get their families where they need to go. connell: kevin good stuff, thank you. i'll move on to breaking news,

kevin shlagel with us from apple and susan was talking about apple stock being up it turned around there are reports in the last few minutes apple may slowdown its hiring so this could end up being a big story if it's a trend. we talk about technology companies, maybe not hiring as much or even started to cut jobs. the report says apple would slowdown its hiring and its spending, and we're going to talk as we continue here, about that. some of the details we're just learning and the perspective on it, apple now down more than a dollar a share. we'll be right back. ♪ every year we try to exercise more,

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connell: it is something else what's going o in right now in europe. this is a major heat wave that's hitting the european continent, also, i mean, london they never see stuff like this temperatures reaching levels well-over 100 degrees over 110 degrees fahrenheit in some spots, and we get all kinds of reports now, reports of military flights being halted, there was a melted runway supposedly, anyway fox news correspondent ryan chilcot is live in london with the very latest on the heat wave. ryan? reporter: yeah, hi, connell. it's just over 100 degrees right

now, which is pretty impressive considering that we're coming up on 7:00 p.m., 100 degrees just over in the hottest part of the uk. that makes today the hottest day in 2022 by a country mile and puts us within striking distance of the hottest temperature ever in the uk, which was set back in 2019 that was 101.7. now, there are some forecasts that the temperature could rise the most recent forecast could rise as high as 106 some even saying 109 tomorrow. now i know, you're going to have people in the audience just a short while ago talking about it being 109 in texas. this isn't texas. this is the uk, it doesn't get that hot, here, it's generally pretty mild temperatures. so the infrastructure just isn't built to handle this kind of heat. just in the last couple of hours you were talking about luten airport one of the biggest airports to serve london, has closed, and the air force here has halted all flight

s in and out of the largest air base. why? because parts of the runways have melted. power disruptions, schools, hospital operating rooms, all in danger of getting shutdown. those are real possibilities, and there is even a danger that the heat could warp the rails on the railroad. you heard me. some trains have already been canceled that's because the rails, the tracks themselves in this country were built to withstand a temperature range of up to around 95 degrees before they could, in theory, buckle. it's even hotter in continental europe. remember britain is an island, so things tend to be a bit cooler here. massive wildfires though down on the european continent right now , in the south of france, portugal, spain, 35,000-acres, in fact, burnt to the ground between france and spain alone, but the expectation is temperatures will continue to climb this week throughout europe, and i've gotta say, it's getting hotter and even hotter in most places indoors, and i'm sure you can see me sweating right now.

i'm actually in my attic office right here and it is hotter in here than it is outside, even though there's lots of ventilation and the reason for that is, and it's not just in my attic. the reason is because in the uk, there's not t 1% of buildings have air conditioning, as opposed to in the united states get ready for this , 87%. so it's not just the extreme heat here, it's the fact that the infrastructure here doesn't exist to handle these kind of temperatures, which we're seeing more and more. connell: we will let you try to cool off in some way, shape, or form, ryan chilcot in london. obviously it's hot over in, man, in the uk and as ryan says across the continent in europe. to bring an economic angle of this if you can stand the heat, as an american right now, maybe this is a good time to travel abroad. big story here over the last few days with the euro hitting parity with the dollar first time we've seen it in 20 years and we have michelle schneider and carol roth back with us right now.

i don't know, carol. could you, i mean, you'd expect if you went to spain or france, you know, parts of france this time of the year to be hot but i don't know if the currency exchange rate is enough for you to stand that heat in london, because as ryan says they aren't ready for it but kind of interesting to see parity. >> yeah, you know, there's never really a wrong time to have pasta and gelato so maybe we should all book a trip out there. you know, the parity is very interesting and obviously, may seem like a good reason to want to go ahead and book a trip to europe but i'm a little bit more conservative. obviously, there is still inflation to contend with even if you have that good exchange rate. the melting of the runways in the uk notwithstanding, there are also broad airline issues. you don't want to find yourself stranded in europe, and obviously, they're having an energy crisis. there's unrest that's happening around them from food shortages that could bleed over, so i think i'm going to have my pasta

and gelato at a small business in america instead of booking my trip. connell: that's the thing, right , michelle, because obviously exchange rate is something we'd look at before we travel. carol made an interesting point. you get over there and the rental car is going to cost a ton to fill it up, the cost of everything else even if the exchange rates are similar, is up, right? good time to go or no? >> well, i think that we actually, we talked about it possibly going, because of the exchange rate, but all of the issues that carol just pointed out has really prevented us from going. we're going to hawaii where it's also hot, not quite as hot, but we're still in the usa, [laughter] and we could have gelato there, but yeah, i mean, just looking at the dollar. let's face it. we're still the world's reserve currency. things, goods are basically priced in dollars, and the way that the dxy, the futures trade , is in pairs with global currencies, and the heaviest weight is the dollar to the euro and that's why the dollars

gotten so much stronger, as a flight to safety and b, because of all of the recessionary issues that europe have had, so that could flip at any point. obviously, we wonder how much the dollar is being manipulated higher, while let's say gold prices are being forced lower, and when that switches, but for right now, yeah, we should enjoy the strong dollar here in the united states, and probably going to europe right now. connell: let me get to this other story carol and michelle. we talked a moment ago about apple, it was a bloomberg news report that apple might slowdown its hiring and really if the economy is slowing heading into a recession you would think carol we'll see more announcements like this but or maybe it's just an industry- specific story, because the types of announcements at least in the job market that we've seen have come mostly from tech. what do you make of apple slowing down hiring and spending for some teams next year. >> yeah, you heard the realignment out of microsoft , now we're hearing apple. i don't know, connell.

i look at the back half of the year. i look at what analysts are projecting. i think it's something like 11% increase in earnings, in the third quarter and over 10% in the fourth quarter and it just seems decoupled from what we're seeing in the rest of the economy, so i'm expecting that we're going to hear more of these and perhaps some of these big names being willing to come out and say this , gives people cover. because frankly the markets not going to give you credit anyway if you go out and raise rates so it makes more sense to be conservative. connell: stock price apple is down 16%, today it was up but now it's down. speaking of which so is the dow down five points michelle thank you, and carol thank you as well we'll have more in a moment on that market turning around maybe the apple news had some together do with it as we come right back on "coast to coast." don't go away.

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connell: thanks for hanging out with us on cavuto "coast to coast." i'm connell mcshane in for neil cavuto. here is charles payne. charles: thanks, connell. i'm charles payne. this is "making money." we have another dispointing economic report. howard schultz closing profitable starbucks. the coffee guy ant has had enough about urban decay. steve schultz has been warning us about this. here. everyone is talking about profit margins. the street is settling in.