>> good morning everyone i'm in today for stuart varney in the right to it president biden is returning from his trip to the middle east the weekend and the next few days without any public events and was arresting with the white house claims he's been very busy and will sorted a lot of the president has an event on his schedule today, he will travel to massachusetts coming to talk with the climate is all we have high energy prices and inflation at record levels in the economy could be sinking

into recession, is choosing to focus on the clie let's talk about that and congrt cortez, pretended to her invisible and gives after being and being arrested have an abortion rights protest on capitol hill, seriously, you cannot make this stuff up in a single look in the markets we have that nice big rally yesterday and can we keep going to enable the free-market says, said trombone no the dow's s&p up the only slightly by about one tenth of a percent, netflix lost nearly 1 million subscribers in the second quarter, would be closer to 2 million i guess what, is that the stop jumping today but not out of the woods yet and we will discuss and support have percent and i like big line of congress one senator marsha blackburn and martha - will begin senator rick scott among many others and it

is wednesday july the 20th, midweek of 2022, and varney & co. is about to begin. ♪ ♪♪ ♪ ♪♪ look down sixth avenue, central park, and into the '90s today the heat and the smells of new york city, and mid-july i guess we will smell it from here let's get look the markets right now we are bringing in her good friend eddie good morning to you and okay we had a nice rally yesterday with the question is, is it going to stick or was that just in your opinion, another bear market bounce and what you say. >> in my opinion this was nothing more than another bear market bounce very typical is

the fourth one we've had this year and this one really reminds me of the march found that we had was more violent and you saw them drop in everyone at that point in time, saying that we were at the bottom and let me be crystal clear, this is not involved not a buying opportunity for most this is more of a selling opportunity in our opinion because we think were going to more than likely go lower in the coming weeks and here's why, forget about this ballots and look at the headwinds that we have and we continue to be realistic about, the dollars extremely strong in our pain is going to get stronger as if it continues to raise the rates and the inversion of yield signaling recession we are going to a shallow recession which means that we have a lot more downside potential here in the smp as well as the much bigger spike in the consumer is hurting and they are spreading up there adding it to their credit card and that is not a healthy balance and not sustainable and must, we still

have a fed that is going to be tightening during this economic slowdown ends on the near term, we want will be selling the swelling and position herself to buy that later. ashley: it is interesting that i think there is more cash balance right now the highest cash balance and more than 20 years and maybe not surprising given the way these markets have gone there are those who say now, then maybe we have reached the bottom because all three indexes finished yesterday about the 50 day and average are this is something significant are clearing your mind . eddie: again this is just a bear bounce, every coming at these rallies and again this is the fourth one that we have had, and the comeback out and they say the same narrative and we have to see those four fundamental things change and go more positive that i just laid out to your viewports, before we can get bullish here and write the light in the days will be huge, just warnings and apple earnings and we have a fed meeting next week and of all of those things

are right, this more state and if not, will start selling off and i think august is when we very tough. ashley: eddie, try to get some optimism there but not in the short term apparently in any thank you so much for your feedback today we do appreciate it and it must move on the story have an update on twitter's lawsuit against elon musk good morning susan, when is the trial set to begin. >> so is beginning sometime between mid to late october no specific dates but is an expedited five day trial so that's an prevalent and must quantity mid february 2023 trial at any extension and delay would've actually benefited team musk because personal think about a discovery process and what he went without case and then prolonged trial means eddie chrissy slowing advertising revenue which could reduce the actual price twitter is silly of

musk a could come to but it would give me more time for discovery power and look under the hood and when and what and one professor in your area yesterday, could possibly see a federal - before the october trial and also by the way, it's some people say this still could make it possible by out for elon musk at a lower price is still possible as we rush into that october trial. ashley: when he comes to elon musk, anything is possible going to move on susan, it is not it is true next one for you, we know americans are facing inflation while at a 40 year hi, but when you look across the pond of the uk, not doing so great either. >> going to see in her be happier side of the sources said because we saw the inflation and june was 9.4 percent of those higher than expected that's even higher than u.s. senate 9.1 percent and 40 years height

already in the bank of england, the doing of the world is course kill inflation and i guess the markets are expecting the boe height interest 50 basis points the largest 30 years after five in the 25 aces point hikes in route saving here, going to hear from powell j powell, they're going to 75 again,. ashley: all right susan and thank you very much we find this story, the questioning of the white house, what president biden has been doing after returning from his trip from the middle east, watch this. >> i notice on the schedule last few days, no public events and easy resting after this international jet. >> he's been busy, he's been quite busy just because you don't see something necessarily the public schedule, disarming there is not a lot going on. >> what is he been doing. >> he was in meetings and i was

be with him today, in the oval office so he's been meeting with his senior staff and some he has just been very busy dealing with the issues of the american people. ashley: i can't help but to picture my mind, picture of president biden sleeping in an armchair summer the white house, his voice been very busy the meetings, and joining me now. >> he is sleeping and pondering and considering things and making deeper choices from on the part of the market people with his eyes closed and this is nothing that is just so clear about this white house, you have this report said come out about the president basically working less than five day work week and really is true, he has been asleep at the wheel. the american people have no yes and they understand it and it is something that seeped into into the consciousness as much of the white house has tried to hide it i look, this is unfortunately,

and presidency will we cannot afford to have a mentoring chief who is basically taking the summer off and catching up on his reading list, and spending a lot of time at the beach and riding around on his bicycle and you know coming in moments when the american people are really suffering and semi- different respects and so many different policy challenges this evident that are right in front of this administration and fourthly, this is the president we have and the approach that he is adopted. ashley: men, there's a part of me to feel sorry for him but i get the feeling that is been pushed into areas where he is really not comfortable as we seek going kind of bumbles and stumbles but then i get mad because this is the person misleading the he is leaving the most powerful country in the world. ben: he's on this throughout his entire career, not just i think that he accidentally fell into it, this is something he pursued very deliberately and at the end of the day, that is something that i think we can't is much as

i share your feelings, and feeling sorry for the fellow, enjoying his golden years and he chose to have this job this moment and is not living up to it. ashley: that's true and quickly on this one because is so ridiculous, congresswoman alexandria ocasio-cortez, squad arrested yesterday and abortion rights protest in washington, and pretended to be handcuffed and she's raising of his like that is clearly not restrained hundred arms back behind her back and what the heck is this bit about. ben: i think this them enjoying a return to the process of five action role-play which is something that is been increasingly popular over the last several years and you might see them dressing up and outfits and around central park and i think this is just being political equivalent of that as much as i would love to have the kind of image of being

handcuffed on the behalf of something, he also. susan: just kind of a neutered way that the democratic party at this moment, they don't have any answers or anything they can actually here so instead the reduced to this. ashley: one word, pathetic and been thank you so much for taking the time to stop by and chat with us, there is never a shortage of things to talk about for sure and thank you so much. and others the former mayor of new york city, the one and only bill de blasio is dropped out of the race for new york's congressional district become a comeback susan, we know but maybe changes my. susan: falling, people just don't seem to like him as a candidate in the race, nearly half of the respondents have more than 250 people in a small congressional area, so they would not vote for him, he felt leaving a 1 percent in the 2020, presidential primaries of the democratic nomination and effective you look at latest poll, de blasio has an even

lower capability writing bad donald trump in new york and de blasio is a democrats, and you also have to remember that when he left office he had 72 percent more than three quarters of the democratic electorate, as fair or poor as a new york mayor rating. ashley: i understand portable enough air but anyway okay susan thank you very much and is taking a quick look at the futures as to the brink here, we show that is needed after the big gains has down s&p and nasdaq is down about one tenth of a percent, and in the meantime congresswoman axing waters reelection campaign, shelling up around the funding, to her daughter will tell you how much this time and president biden apparently will hold up on climate emergency declaration today for the white house said everything is still on the table and listen to this. >> i would have landed a announcement this week on national climate emergency,

having had everything is on the table. ashley: what does that mean in the white house claims or policies are bringing prices down and at work lawrence is up next. [ "back to life" by soul ii soul ] what if you could change your surroundings with the touch of a finger? now you can. biometric id... inside the innovative, new c-class. ♪

if you shop at walmart, you get it. ♪ you save on what you need without skimping on the things you love. ♪ you know how to spend a little less to get a little more to make life a little better. ♪ ♪ i may be close to retirement, but i'm as busy as ever. careful now. - thanks. -you got it. and thanks to voya, i'm confident about my future. -oh dad, the twins are now... -vegan. i know. i got 'em some of those plant burgers. -nice. -yeah. voya provides guidance for the right investments, and helps me be prepared for unexpected events. they make me feel like i've got it all under control. [crowd cheers] because i do. okay, that was awesome. voya. be confident to and through retirement. [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]

this is xfinity rewards. our way of showing our appreciation.. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. (announcer) enough with the calorie counting, carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. release works with your body, not against it, so you can put dieting behind you and go live your life. head to golo.com now

to join the over 2 million people who have found the right way to lose weight and get healthier with golo. we're here today to set the record straight about dupuytren's contracture. surgery is not your only treatment option. people may think their contracture has to be severe to be treated, but it doesn't. visit findahandspecialist.com today to get started. ashley: president biden ishittih his green agenda, heading to massachusetts where he will deliver - on tackling the climate crisis and at the white house this morning's edward lawrence and what will be

exactly your from the president today. edward: will hear the climate changes national emergency is not going to actually declare it a national emergency and eat in about two hours, investment to messages and he is going to make a case of the congress will not act, he will through executive order it will make the case any former coal power plant that was turned into a cable manufacturing company and also went to turbine and the market enjoyments are due it supports transition even more regulation than the climate change will only further increase cost adding this number can producers are poised to meet this growing demand we need a comprehensive energy policy that is a foundation for long-term growth in the white house saying to the president joe biden will not stop, regardless of the pain at the u.s. economy feels listen. >> he will continue, he will launch a stop i have said that this is an important priority when it comes to getting to clean energy in dealing with climate crisis and it comes to

taking action the president will continue to make sure he is doing everything that he can do deal with the threats of climate change. >> the gas prices when biden took office, $2.39 a gallon for regular unleaded today it is for 47 a gallon and 87 percent increase, per gallon and it started when president biden - declared war the energy industry in the u.s. and started from basically the first day in office adding rules and restrictions and regulations and cancellations of pipelines on day one and back to you. ashley: yes he dad and edward thank you very much and congressman crenshaw republican from texas joins us now and good morning to you and your on the energy and commerce committee this just drives me crazy when you make of this mad -- to the green energy while at the same time, encouraging the saudis to pump more oil. >> well, they're very radical

environment, a small portion of the population but they believe it has power and democrat politics of that's political reason why they do it, the deeper than that even though there is some strangeness of section a must the religious like obsession with a wind and solar only future they believe these are the only things that are clean and proper for americans to use as energy and meanwhile admitting fully that you need more oil production because they beg the saudis to do it meanwhile make it very difficult for our producers to invest in it and its xmas was a unique about two or $5 million more of investment an upstream production if you'll meet our demand in the future and not even cost about and i think they've added 30 regulations and they cancel pipelines, they want to prove the leases, they speak out of both sides of mouth they say we need more oil production but we need to stop having oil and gas in this country over the next five - ten years so obviously this investment when you need to.

ashley: all right, going to get into this issue mayor of new york city eric adams was federal money to handle influx of asylum-seekers boston from texas and arizona and it looks like liberal city getting a taste of what the border towns are dealing with every day. >> yes, it is good to see the complaining about only a couple of thousand i think it was a similar story from the dc mayor was complaining about 2000 illegal immigrants who were just here to look for asylum and personal, she is no way of knowing that and think she is making that up but let's figure it is 2000 there is 4000 crossing so day at the jackson seven order and so, she gets half of that in the city over long period of time and that is winter southern border counties are dealing with daily except double and is really disingenuous there in the making it seem like no symptoms and enforce all the buses they go to some of the cities that have it

paid for, those were volunteers, they wanted to go to those cities whether abbott said that there probably were going to get there in a, they would end up there goes to show that there is national problem, every state is a border state but especially texas. ashley: former them time, speaking of the border comes on, quickly your introducing a bill understandably about the migrant minors and how does that work. dan: you go back in time, so the call the settlement that created a lot of these problems these waves of immigration caravans, and 2014, because this pretty quick part settlement said that you cannot hold family unit or not the company minored past 72 hours which is what causes catch and release and there's no way to hold somebody to adjudicate the claims and to figure out what is going on if they have a solemn or not, they have to let them go until they show up record to date and so you have this problem with the asylum

itself but you have to extend that sitting to our time to 120 days, that border patrol, it can that's important for the adjudication process and also require dna testing so that the adults cannot just traffic because across that are say that's my child have to take my word for it, so we have dna testing we also acknowledge effective vast majority of these minors crossing, are 16 and 17 -year-old males and so, gives a commission or authority to say look, if you're affiliated with a gang or transactional criminal organization, you get adjudicated as an adult by minor. ashley: very good congressman inc. is a much appreciated and best of luck with the militant you quick look at the futures as we head to the right, and guess what, the opening bell is next.

meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis.

nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank.

trelegy for copd. [coughing] ♪ birds flyin' high, you know how i feel. ♪ ♪ breeze driftin' on by... ♪ if you've been playing down your copd,... ♪ it's a new dawn, it's a new day,... ♪ ...it's time to make a stand. start a new day with trelegy. ♪...and i'm feelin' good. ♪ no once-daily copd medicine... has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler

for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy, and save at trelegy.com. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ashley: after yesterday's big rally, we checked the futures of the day and essentially is flat call it that the dow is slightly lower and joining us now this morning, charlotte you save the

market is so bearish that may be room to run for a rally and if that is the case, i guess how brave are you to jump man and where lots of questions and thereby the bottom line is, we turn the corner. >> i think so for the time being, how long the relic that we might see and how deeply my go, is yet to be determined it because we know where they had windows are in their certainly not going to disappear but a lot of folks remember a couple of weeks ago talking about the end of the first half and the worst performance of the s&p since 1970, nobody talks about what happened in the path of 90s and become of the market jumped to 35 percent the previous four years we saw terrible first half of the year, 62, 40 and 39 and 32 and the average gain in the second app was team percent summa hundred, so i click the rally because of the bearishness because it is been so much joy going on because of the fact

that as far as bank of america, global manager survey, recently also the basically this is the gloomiest they have that the managers evident in terms of profit and growth and that is contrary for short-term by, and there is just so much money on the sidelines and in talking about $5 trillion that money starting a man markets have a ways to go higher so we are buying here and we've been there the last couple weeks on these lows and a lot of great companies that have value prices right now. ashley: anything in particular you say the plenty of organs what do you like. >> copper, and to my favor snow coming into materials in the mining sector and backing into energy again and financials really good down here in the ranks somewhat makes my opinion but i think the financials have come down to whether a lot of great bank and banks on

southland think were going to continue to see growth in months and i think we will see higher net interest margin for makes is i do like the financials knows my two prospectors right now. ashley: very good and you know we've had some bearish comments but you make me feel just a little bit better and that is good news on this wednesday morning is going to see you and thank you very much for sharing your wisdom with us, the opening bell now, it is raining on wall street and everybody is happy. and across a big rally yesterday, of 2 percent across all of the indexes but maybe more muted start today investing of the doubt from the big board come i out of the chute, on the upside, annexes you can see in the bottom sigh, he mixed bag, the s&p, down about one tenth percent, three or four points at 3932 and take a look at the nasdaq on the big tech index as we like to say, we will call

that flat at 11713 and will also show you the big tech speaking of which, and again a mixed bag and apple is down and off a bit and microsoft but amazon is up fairly about one quarter of a percent ms platform is up 1 percent and let's take a look at some of the stocks individually beginning with netflix, will bring in suzanne, they lost 1 million prescribers and apparently that was okay. susan: those ashley greatest because they lost 970,000, but in the right side that is less than the 2 million that they invited fort also for the summertime netflix said they will add 1 million new subscribers at least that's the positive part but the support here early 2023, and the ceo on the call said that television, it will die so far - ten years, so there's bill is still

spinning $17 billion this year that still less than the 18 billion they possibly could have increased so la sarah trying to keep the cost and check another was a relief because on the entire industry, watching this closely last time around, netflix was at 35 percent in one single session, ever they said they lost for the first time in more than a decade, this is a relief relic of the roku's of the world, the top spot million dollar franchise and discovery and ceo reed hastings on the call, that he chose microsoft this was quite a surprise it he said microsoft incentive say google was better and better - is attack because they said that in conjunction with microsoft is the new pipe of an f platform of new advertising technology because in those giants and innovators are getting together and as always i guess a bit of a scare other technology players in the world. ashley: i would say yes very interesting development and let's take a look at tesla, the

company reports after the bell, what are we expecting from tesla. susan: exciting, elon musk if he gets on the earnings so he said that he is not going to do it each and every quarter last time betty did get on the earnings call, the record profits had order for tesla and the deliveries for the bottom line this summer and i think it is washable because we already know that it delivers has handed the spring because of the covid-19 walked out in and sales are forecasted to drop and result of profit expected to be down around 7 percent and out for the first decline in profits and within a year the world's largest electric car seller in the positive side, tesla said that jude was a record production month because berlin has come on in shanghai reopened in austin is ramping in the backpack should be positive and i also want to note that elon musk remember get about $7 million in stock last year, in november to cash it out for

his twitter. and so if he is to walk away from this deal by only paying $1 billion in the breakup be a billions of dollars in damages, if the court awards, he's going have some extra cash lying around the 100-dollar overhang tesla shares because of the twitter medicament i could be erased so this stock positive for tesla. ashley: only a billion-dollar breakup ability can afford that a pocket change, truths of relative. okay, casino stocks anywhere let's get on to the big gambling mecca, rolling back some of his covid-19 roles, what is this god well is that why we are seeing a lot of these socks move higher. susan: so they don't have a property, underperforming the las vegas sands come i thought was on the work of close to double digits, and cow is reopening this weekend and come

they're allowing to continue to reopen and thanks a drop in covid-19 cases, and genomic out is a world is gaining on place now so they reckoned four times more gaming revenue than the entire las vegas trip and this is positive after mccown's casinos and all of them were forced to shut down for at least one week i think it is almost ten days now and counting. ashley: let's switch topics here, robin hood we have no talk about robin hood for a while and are they tied to brookshire phantom tried. susan: and also i would love to show you a shark is still worth six figures and if you have a few billion there you can afford some of those shares and brookshire stocks of people trying to figure out why there's so much interest in volume and benefits conglomerate last year and brookshire is pretty boring stock and very few spikes to buy or sell but apparently it's all robin hood's fault, the 22 million and their offering fractional shares and so nowadays you can buy a sliver of

the stockings of the whole thing and and brookshire case, is so expensive it, if you can afford one tear or $100,000 plus, so i apparently here's because she's not robin hood was not repentant properly reporting those, one of the regulatory body scare said that because of their numerals, that means there fractional trading on robin hood's phone was not accurately reported or recorded according to the wall street journal study. ashley: all right i think i've got it and let's talk about oil. the ongoing issue is with russian how the affecting the other big oil companies. susan: you saw what happened with oil prices and we are set up 100 so i think it's a relief after the energy agreement with russia on gas as a means there are more lenient when it comes russian oil, the future, and a peck of course there committed to having more supply on the market and also investor relief, you have the best day on the

market the s&p 500 and one month and does that extend maybe an sme that we are not at a commodity pricing on the baker hughes come the oil services company, this morning missing on top of the bottom lines blaming inflation and also the ceo said he sees less demand believe it or not from some of his clientele and that's interesting and we are looking at the highest oil prices since 2008, you would think that there would be a tight interest in oil services and drilling. ashley: while the energy sector certainly one of the losing sectors today and susan thank you very much is great stuff and lots of information is always and coming up the secretary of transportation his case to go all electric and listen to this. >> from the more paint they were experiencing from the high prices of gas the more benefit there is for those who access electric vehicles. ashley: but the question is, how can the everyday american afford and i've technical with inflation source they're not cheap you know and former

governor mike huckabee will get into that issue of more than there is this congresswoman - are being mocked for pretending to be handcuffed and it is so silly we have the latest.

ashley: now this, and energy watchdog group is suing the biden administration, back in here susan. susan: energy research institute accusing the federal energy regulatory commission of - nonexempt information from record requests, and order to protect the chairman, who president biden has just

nominated for a second term as loss of suggest that the group and they say that the information actually reveal that he lied under oath during cy hearing when asked if he gets out of the white house about a high-profile national gas policy change earlier this year and and partly cover that because of the reductions, they do not feel there getting the answers and information revealed that it might be on purpose to cloud their case. ashley: all right got that one of the next one is climate - himself john kerry being accused of hypocrisy over carbon emissions and what is that about. susan: so we saw this private jet and yes, he trying to save the world of the climate going to meetings on board your private jet and this is a lot of emissions were talking about a gulfstream, g4 sp, any designated now more than 300 metric tons of carbon dioxide since 2021 come according to a new reported his mate 40 trips, blessing more than 60 hours, and

an estimated 750,000 pounds, or three to 25 metric tons of carbon dioxide since biden entered the white house and 2021, this is according to data obtained through the flight tracker flight aware so if you're trying to save a claim of a date yet you're lying on your private jet, i think the message gets clouded. ashley: i think it is, hypocrisy will call that and susan thank you very much and by the way your today president biden is going to announce the u.s. to combat climate change but apparently he's wanted stop short of declaring a climate emergency a listen to this. >> i would not plan a announcement this week i national climate emergency, have again everything is on the table and is just not going to be this week on that decision. ashley: all right, good friend marsha blackburn from the great state of tennessee, republican

joining me on good morning to you senator and it just bugs me that he is calling a recall and climate emergency and he's pushing the green agenda buddy just come back from the middle east where he is asking the saudi's dupont more oil and one of the heck is going on. marsha: well what you have is there contradicting themselves every time they open their mouths and you cannot reduce or drill or explore for oil and gas here and you cannot drill in alaska or offshore review fracking and you can't add refinery capacity but let them put their hats in their hands in the brothel to authoritarian regime add bag or more oil they know they are upside down but they are the be doing is declaring an economic emergency, and emergency over inflation and

he have to be saying, let's have ever been in operation warp speed on energy because the cost of a gallon of gas has double actually that is the reason that we are seeing this inflation rate so high believe you and me, but i am out across some of these wonderful tennessee counties, they you know so well, you hear the people talk about inflation in 15 or 20 percent for the goods and services they buy and it is not 9 percent. ashley: know, another one for you senator, different subject of russia's vladimir putin traveling in ronnie, the president of turkey and he met and supporting russia's war in ukraine, what is the significance of this and are we paying enough attention. marsha: we should be paying a lot of attention to this russia china around north korea and how they are working together in china was to be globally

dominant, by the time we get into 2050, and so you have and oligarchs who are out here and they are trying to work with russia and they are trying to expand the sphere of influence for the axis of evil you look at what they have done in afghanistan can we look at putin's visit with eran and harry ron is standing with russia in this war against ukraine, and you look at how russia is going to i ran and there picking of the game because basically, when it comes to the equipment and weaponry supply and that is why this did not come to pass and why this is a war that is continuing on and the resolve the ukrainian people has been inspirational.

ashley: let's leave it there but it's going to speak to you, senator marsha blackburn from tennessee, thank you in the white house by the way, morning about russia's next steps in ukraine and susan one of the morning. susan: will they are warning the rush is coming up towards two laid the groundwork for possibly annex parts of ukraine and making more than just these in parts and so they could be human with standing through the territory and is concerning to the state department because this is the same place they met back in 2014 when the kremlin attics ukrainian peninsula will be right down by the backseats of the u.s. trying to provide more security is a billion dollars has been fellow glover's in the war began in late february, he does include 202.2 billion in the past two months for the red territory could see and expand. ashley: will keep an eye on that

and thank you susan and coming up, are you a big event, come on and you and you want to study harry styles you may be like if you attend texas state university and i could do, we will dive into the cause and the 11:00 a.m. hour plus there is this, is pushing for more spending despite warnings that it will increase our already ballooning national debt and hillary has i report next. how do we show strength and stability? (eagle call) a mountain? a tree weathering a storm? (thunder) lions? nope. (lion rumbles) we do it with our people. it■s hard eating healthy. unless

you happen to be a dog. we hit the bike trails every weekend shinges doesn't care. i grow all my own vegetables shingles doesn't care. we've still got the best moves you've ever seen good for you, but shingles doesn't care. because 1 in 3 people will get shingles, you need protection. but, no matter how healthy you feel, your immune system declines as you age increasing your risk for getting shingles. so, what can protect you? shingrix protects. you can protect yourself from shingles with a vaccine proven to be over 90% effective. shingrix is a vaccine used to prevent shingles in adults 50 years and older. shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. an increased risk of guillain-barré syndrome was observed after getting shingrix. fainting can also happen. the most common side effects are pain, redness, and swelling at the injection site, muscle pain, tiredness, headache, shivering,

fever, and upset stomach. ask your pharmacist or doctor about shingrix. shingles doesn't care. but you should. to finally lose 80 pounds and keep it off with golo is amazing. i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music) millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network,

with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today.

ashley: the democrats are ramping up their spending push despite new debt warnings and hillary born on capitol hill this morning what with the build back better it didn't due to our nations debt. hillary: it would really only address on think of lowering the cost of prescription drugs and making that for several more years, solvent, several are setting the alarm of the of rising debt especially with the interest rates rise paying off the debt is just getting more expensive it but even though, sooner joe manchin sort of put a

stop to a truly dollars pretty deficit reduction package, a good signal is going to work on some things to address prescription drug costs making medicare solvent while paying down some of the debt but surprisingly, the committee federal budget present, my mcginnis is actually saying pushing forward without 1 trillion-dollar bill, would've benefited the data and some ice because the large chunk of it would be paid off and saying this, the lawmaker should not abandon the 1 trillion-dollar offset invited 500 billion deficit reduction from the previous framework in the reduction with healthy inflation which is perhaps the most important thing the congress can do to reduce the risk of recession how things really fell apart in negotiations between senator joe manchin, and majority leader chuck schumer over claimant provisions that were expensive it is senator manchin just did not think needed to that was money that needed to be spent right now.

>> right now is number one damaging effect in our economy so people that are criticizing this, i understand it. .hillary: so interestingly if they had move forward with the plan to have the spending and half deficit reduction, some are saying that would've been more beneficial within for their moving forward with now which would not bring or pay off $500 billion on the date which was the plan of the slimmer version of the build back better package ashley. ashley: all right hillary, capitol hill, thank you and now were talking a member's taking a look at the market up yesterday, a big rally well not so much today the dow is up about one quarter of the percent of the s&p is no solid of the nasdaq is in the green and about one third of the percent this morning and take a look at the ten year treasury yield in the second i

have this to provide some clues as well is what the equities will do and the ten year treasuries down under 3 percent under 2.0 presented quickly taking a look at gold them up nearly dollars since 1724, and announced of this take a look at the bitcoin if we can, point is up 155 bucks an hour approaching $24000, the oil is down a dollar $4102 almost $103 a barrel, take a look at the big subject in europe is russia may be shutting off the gas supply and that continent and they are two and one third .7.43 this a quick run through some of the main lines on the markets this morning and still ahead, mike huckabee it's always good to talk to him and doctor mark spiegel and senator rick scott and 10:00 a.m. hour of varney & co. is next.

to the nasdaq-100 innovations, like real time cgi. .. become an agent of innovation with invesco qqq ♪ if you shop at walmart, you get it. ♪ you know how to spend a little less to get a little more to make life a little better. ♪

do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find

out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. ♪♪ neil: we look at the empire state building, mid 90s or thereabouts, good morning, every one, it is 10:00 eastern. i'm ashley webster in 3 stuart varney. let's get to your money, the markets up after yesterday's

big rally trending water a little bit, the dow off by one hundred 20 points, the s&p down a quarter 12:45% but the nasdaq hanging in as investors digest the earnings reports that have come and so far, 10 year treasury yield starting to drop 5. 4 basis points at 2.49%, oil is down above one hundred dollars a barrel, oil coming down $1.29 but still around 103 and bitcoin starting to recover a little more, bitcoin up $160 to 23,820. we just got the latest on existing home sales, 5.12 million in june, that was down 5. 4%, a lot of cooling off of the housing market, raising rates not helping, mortgage applications dropping to a 20

year low and existing home sales dropping 5.4% and homebuilders across the board going lower this morning, as we check this morning. great to see you, i mentioned earlier, all the major indexes above, there are those who say we may have hit bottom. what say you? >> i love that advice, that is exactly right. my advice is not to worry about where the bottom is. they are not going to get it unless you get lucky. the fact is people nita portfolio aligned with the timing of their enrollment. if it is a longer-term goal they can have a longer-term

portfolio and short-term matters less but i don't think people like coming and heavily and having it drop another 15% after they do, they want to ease and with new money, it is prudent to do in this market environment. >> let's talk netflix in particular, a loss of 2 million subscribers. they were overstating their potential losses, you are right on the money. >> when they are deep discounts, they are 70% down, a deep discount. they don't meet my criteria, they don't return cash to shareholders but for people who want these types of growth plays they set this up epically

saying we will lose 2 million. microsoft deal intrigues me going to an advertising base model could make up for the revenue they are losing, everyone is sharing their password, that's the problem at netflix. we wouldn't buy into that, doesn't mean it's not a bribe. neil: -- ashley: what do you have for us today? >> i want to bling up black stone. we constantly -- when i recommended it, 400% ago, the reality is they are relaxing earnings tomorrow and it is down a bit in the last few months, more cyclical stock investing into the economy buying real estate, private equity, things like that, the things people forget, blackstone pays big dividends, they are not buying stuff with their own money but managing on behalf of investors. we like blackstone is a

dividend grower, 3m, hard to come things down a lot. 3m is down, they have grown the dividend for 90 years. ashley: that's a good track record. are you more bullish than bearish? >> i did not want to buy the index. you can call me bearish about the market and selective opportunities where there is good value and good valuation. ashley: you are here for the whole hour. a new survey commissioned by the teachers union shows voters trust republicans over democrats to handle education. if only by one%, i'm surprised it is not more.

let's bring in mike huckabee who joins us. this is randi weingarten's own polling, does this destroy the teacher union narrative a little bit? >> it really does. a pretty big deal, the numbers show republicans are edging democrats on education. that is big. it is even bigger, but it reminds us a lot of american parents are frustrated, to keep it closed. on-site learning, republican said let's open that. we saw that in virginia, glenn youngerkin is governor of virginia because parents were told drop your kids off like laundry, pick them up, we get

the wrinkles out, it is our business, not yours and parents are saying no, they are our children and we demand to know what is going on. democrats when they are in trouble in education they are in trouble everywhere. ashley: seems that way, next subject, transportation secretary pete buttigieg sparring with republicans on the hill over the president's electric vehicle goals. >> to force americans into electric vehicles. >> the more pain we are experiencing, they access electric vehicles. >> is that the buttigieg let them eat cake moment? >> we know how that turned out for the queen. it did not end well.

i think this shows, but politicians dread having, that moment of unexpected honesty. and to afford elected cars, they can buy them whether it is practical. and they purchase an electric car, don't have the capacity to charge it, don't have the infrastructure to support it. we have a real test on our grid system. he acknowledged that, we will sparkle fairy dust on all the electric cars in america, it is not okay. it is an absolute fantasy to think we will all be driving electric cars in a few years, we simply don't have the infrastructure and technology to make that work but these

guys don't care, they are pushing the green agenda and don't seem to have any sympathy to the americans who are struggling to put gas in their cars, clothes on kids back. ashley: while it is playing out in the us we have a president go goes to saudi arabia and says pump more. they are on the same planet so where is the green agenda? >> he came back with a 5 gallon can of gas from the service station and said look what i got for my fist bump, maybe we should say let's go, brendan, well done. ashley: that is where we will leave it. really appreciate your time today. senator joe manchin speaking out about democrats spending bill. >> don't understand inflation

is number one, critical factor that we have hurting every family and hurting the economy, inflation. i'm very much concerned, whatever change my position, can't we make sure what we do does not add fuel to the fire, that is it. ashley: he was asked about switching parties, let's move on, now this. telling fox news digital they see a red wave coming in november, they argue democrats use handouts and rhetoric to appease minorities. a first-generation cuban said this, democrats really lost working-class people. these people have lost their minds, there's no way we can vote for them especially when republicans have been more focused on the issues that matter. data shows democrats are

statistically tied with republicans in congressional ballots when it comes to the hispanic vote. compare that to 2018 when democrats held a 47 point advantage with hispanics but no longer. still ahead, members of the squad being handcuffed while escorted from a pro-abortion protest outside the supreme court. aoc is handcuffed but lifts a hand so she wasn't, martha maccallum on the show will deal with this political theater and so much more in the next hour. parents taking legal action after a school board president says students must wear masks or don't bother coming to class. plus covid cases are on the rise with many getting the infection for second and third time. is this the new normal, doctor siegel will take that on next. ♪♪

♪♪ trelegy for copd. ♪ birds flyin' high ♪ ♪ you know how i feel ♪ (coughing) ♪ breeze driftin' on by ♪ ♪ you know how i feel ♪ copd may have gotten you here, but you decide what's next. start a new day with trelegy. ♪ ...feelin' good ♪ no once-daily copd medicine

has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy. and save at trelegy.com. [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] about two years ago i realized that jade was overweight. i wish i would have introduced the fresh food a lot sooner. after farmer's dog she's a much healthier weight. she's a lot more active. and she's able to join us on our adventures. get started at longlivedogs.com your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire psst. girl. you can do better. matching yok. wow.description. i'm right here. and you can do better, too. at least with your big name wireless carrier. with xfinity mobile, you can get unlimited for $30 per month

on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill, over t-mobile, at&t and verizon. wow. i can do better. yes, you can. i can do better, too. break free from the big three and switch to xfinity mobile.

ashley: you are looking at cape may, new jersey. sunny, 83 °. if you love the music we play on the show follow us on spotify, scan the qr code on your screen right now. i'm speaking slowly. check the markets.

after yesterday's big rally we are sputtering along, the nasdaq on the upside by of one%, mixed bag, s&p down 0.1%. look at the cruz lines, they are moving higher after the cdc ended its covid program for the industry, cruise lines are free to create their own requirements for vaccination, testing and quarantine. the cdc will provide guidance on handling new cases and plans to spread the slow of the virus, they are all up handily today, royal caribbean up 4% and more. covid cases are beginning to rise again. doctor marc siegel joins us, people are getting covid again and again. is this the new normal. >> it is more positive than that.

we are blanketing society with oma connery infections building up some immunity and the real headline is with all those rapid home tests you are doing it is probably a million cases a day, not 180,000 or 150,000 and they are mild, they are not coming to my attention am not coming to doctors attention or if they are, i am worrying something else if you are getting over it, hospitalization rate if you count all of these tests we don't count is actually not going operate, the death rate is up 400 in the united states. that's the new normal but as we see more immunity and get better vaccines we will end up with something more or less seasonal. we are not there yet, but all the fear and all the threats and governmental warnings have a big downside.

ashley: you expect another spike in the fall and are we doomed, i said doomed, should we be taking boosters after boosters like we get the blue shot every year? >> we might see a spike in the fall but we are seeing it now and the booster thing is another thing i want to unpack, what's the purpose of a booster? a booster is something you give to somebody who's already vaccinated to get them revved up in case the virus is coming soon. we already laid a foundation of immunity from the prior vaccine or if you had covid. all the immunity helps you. we are not going to see booster after booster after booster because vaccines are in development, exciting was the target more than the spike protein and will give you coverage against more than one sub variant that will last longer. might unita yearly shot with your flu shot? might be something you inhale or put on your shoulder, that is the future here, that is

biotechnology and what we should applaud. we will not end up stuck in the 2-year-old vaccine forever. ashley: that is good news. i want to move on to this, one third of the country under heat advisories. one doctor says one way to survive the heat is to drink more beer. what do you say to that? >> where you come from that's probably the answer. it is a joke, but i like a good beer too to cool me down but it dehydrates you and the answer isn't beer, sorry to tell you, it is electrolytes or fluids, to stay in air-conditioning if you can, go out early in the morning and late in the evening, be aware of what your body temperature is and seek out shade. say that beer for when the temperature cools down. we will have a guinness after 10:00 tonight but during the

day stick to water. ashley: you are speaking my leg which, nice cool ganesh -- we are seeing a huge heat wave in this country and in europe and the uk. just a word of advice, by the time you really feel stress in the heat that is too late. >> yeah, that is especially a warning for the very old and the very young who don't have insulation, don't have as much body padding which absorbs the heat and i want everyone to know, look at the temperature before you go out, don't leave your children or cars or pets in cars ever, ever. take them with you and be aware your young children absorb heat and get hot faster than you do. if you feel fatigued that's the first sign to get out of the heat. ashley: the first round is on me. take that to the bank. >> i am there, good to see you.

ashley: the broadway league says despite the recent uptick in covid cases all 41 broadway theaters will keep mask optional policy in place through august. theaters had lifted their mask mandate at the beginning of this month but it is optional as it stands. in san diego masks are returning to the classroom. the school board president is telling students they feel uncomfortable about wearing a mask, tough, they should simply not come to school. parents are pushing back on the rules and taking legal action against the san diego school board. >> covid is becoming less severe, the transmission parents are worried about our mask mandates coming back. the outrage, hearing but the san diego board president said, they are exiling unmasked students to zoom school which is a proven failure.

neil: you are a father, you founded a school in newport beach, what would you say to the school board president? >> i don't normally say things for shock value but i will say this, it is child abuse. it is so anti-scientific, antisocial, anti-development and it is wrong, there is no reason for it, they are stifling kids ability to interact with one another, this entire covid thing is over, people will still get colds, still have symptoms, can stay home but this thing of wearing a mask in school is absolutely unbelievable. that we are still dealing with this. it infuriates me. ashley: no holding back and i hear what you are saying. it is so ridiculous it defies explanation. thank you very much. look at the big board, trying to build on the momentum of

last session where all the major indexes, the dow off 88 points, let's take a look at dow winners, salesforce.com up 3%, same for disney, nike up 1%, microsoft up half of one% and 3m up marginally 0.2%, look at the s&p 500 winners, we mention the travel companies, cruise lines, royal caribbean, carnival moving higher this morning, salesforce. the s&p 500, the nasdaq winners up 6%, netflix under a million subscribers, netflix up 3.5%. still ahead, homebuilder confidence plummeted to the lowest level since may 2020 as one economist says the housing market is on the verge of a melt down.

we will get into it. one hundred million people, a third of the country now under heat warnings or advisories. the extreme heat pushing the high energy bills even higher. how long will it last? how long will the big bills becoming through the mail? jeff flock has the full report after this. ♪♪

ashley: welcome back. a quick check of the markets up 57 points, the s&p up 1/4 of 1%, nasdaq up 1/4 of 1%. a record-breaking heat wave will last across the us hitting consumers with some higher utility bills. jeff flock covering it in philadelphia. how much higher are these energy bills going? >> how much higher convey go. they were already up and it is

even worse. downtown philadelphia, how are you doing, this is where philadelphia comes to cool off and there is no getting away from high energy prices, look at the numbers, florida, 2021 compared to 2022, $101, $126 now, that includes an extra charge for gas, natural gas is through the roof up 38% on the june cpi, new york, customers, look at these numbers, people running out of money to pay the bill, 1.2 million customers behind on their electricity bill in the state of new york, $1.8 billion is how much they are behind. the june electricity numbers 13. 7% up, natural gas up 38%.

couldn't come at a worse time, they missed the water up and a limited suit that i would contemplate once the sun gets out from under the shadows and contemplate that. ashley: jeff flock in philadelphia. we have to see you jumping in and out of those fountains pretty soon. looking very dapper today as always. john, let's get back to inflation. have we hit peak inflation. >> we will stay at a 9% annual rate of cpi through the rest of the summer, might not get real relief on the inflation front until later this year. i expect the annual rate of cpi

inflation will outrun wage growth until summer of 2023 and that is where problems enter into the economy. real consumer spending will suffer noticeably come the final quarter of this year from this long-lived situation where inflation is outrunning wages. ashley: it certainly is. i want to get into the housing market downturn is significant, one economist morning the housing market is on the meltdown at homebuilders are in denial about the drop in demand, not sure homebuilder sentiment readings are higher but do you think the housing market is on the verge of a meltdown? >> it is thinking. meltdown is too strong a word. for the month of june existing home sales down from the previous month, down 14% from a year ago and the first time in

a long while we had a year over year increase in the number of homes for sale, inventories of unsold existing homes so no longer can you use the excuse there is not enough supply, the lack of supply explains the drop in existing home sales. fed tightening, the effect on the us economy, lowering the upside, treasury bond yields. ashley: consumers are putting more expenses on their credit card and debt levels are going up. how much of a concern is that? >> that is a concern, no longer can consumers bundle spending from all the benefit payments they got during the covid period, benefits from the jump

in personal savings we had in 2020 or 2021 quickly disappearing and might be gone by the start of next year and that is when you brace for an outright recession. ashley: will it be a shallow or deep recession? >> my sense is it will be relatively shallow, don't think will be a repeat of the great recession, it will be more comparable to 9191, 2001. ashley: hope you are right, great information is always a thank you for joining us. talking housing, don't miss mention global, 8 p.m. pm eastern followed by american dream home at 9 p.m. eastern on fox business prime, some cool houses. the top enforcement attorney of

the sec's warning about digital engagement practices used by brokerages that encourage more by and often referred to as the gameificyat ion of inflation. do we need to crack down on this? >> i have two takes. i don't care about the regulation side because i want people to be responsible for themselves, one of the ways to keep people from touching a hot stove is for them to touch a hot stove, they usually won't do what a second time but this is not a game. that is investing. it's not a videogame. it is real money, creating an entertainment culture where they are talking robin hood. that is who regulators are talking about and it is totally reckless. do i need regulators to fix it? may be not but we should not be

treating investing with real money as if it is a game, take it pretty seriously. ashley: thank you very much. amazon filed a lawsuit against the administrators of facebook groups. they use these groups, with amazon products, the us, uk, germany, france, italy, spain, very far ranging. law and order crewmember gunned down in broad daylight, the details on that horrific murder. shoplifting on the rise in new york city, it has gotten so bad grocery stores are forced to hire their own private security to keep shelves stocked. that report next. ♪♪

♪♪

ashley: take a look at the markets, nasdaq doing fine by half of 1% and the dow flat, maybe we are turning this around. now this story, a crewmember for the tv show law and order shot dead in their set in new york city early tuesday morning, the 30 when-year-old victim was, and the shooter opened the door, it is still unclear. a while video showing, on horseback. the shoplifter bolts down the

street and caught up with it, it is an extra bucket of parents. shoplifting is on the rise, supermarket owners are shelling out cash for increased security. lydia is at a grocery store in new york city, who was he blaming? >> he is blaming manhattan soft on crime policies. since the district attorney, prosecutors dropped prosecution of some misdemeanor cases like theft. watch here. >> the police still come to the store but then they have to release.

if you don't stop it and put anybody in jail or hold them up for a few days it is going to continue? >> reporter: grocery operators saying these are organized theft rings targeting the grocery store, and if they are taking high-priced items like detergent or ice cream and reselling them on the black market, and increase by 30% to 40% this year compared to the same period last year and tracking that increase. crime has picked up. larceny, theft under $1000 is up 42% year to date. other supermarkets tell us they are not forced to hire their own off-duty police officers,

dieter crime and keep staff safe. in the last month the district attorney has announced a new policy where the city will pursue prosecution against repeat shoplifters but requires grocery cooperators to track the theft and the thief. the operator says that is a tall order and difficult to do and in the past month, he's not noticed much of a difference at all, not seeing the theft decrease yet. ashley: clearly not working. let's bring back david. things have gotten so bad that grocery stores are bringing in their own security force. >> this is a market story that gets priced into the market. when owners of stores and

businesses suffer losses from vandalism, theft and all these things, those stats are terrible, but san francisco up into gets worse, this is not acceptable and it comes from the same place, lack of regard for law and order from those who are supposed to be keeping us safe. stores are supposed to track their own thieves, they don't have computers. this is unbelievable. ashley: it is. desperate times create desperate measures but it is criminals not fearing the consequences of their actions. >> exactly right. ashley: it makes me so mad and ruins the experience of people in new york city, makes people afraid, hurts tourism and so on and so on and so on because we have people in charge who are soft on crime. thank you for taking the time and joining us for the entire hour. all right.

now this. a new survey shows a decline in the number of military veterans and spouses who would recommend serving in the armed forces. congressman mike walsh is a combat decorated veteran. i will ask what this means for the future of the military in the next hour. more than 300 seattle police officers have retired or resigned since 2020, the department has the fewest offices in 30 years so why's it so hard to recruit police in seattle. jason rantz has an idea and he's here next. ♪♪ ♪♪ who is going to bring it back to life ♪♪ ♪♪

she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. dad, when is the future? um, oh wow. um, the future is, uh, what's ahead of us. i don't get it. yeah. maybe this will help. so now we're in the present. and now... we're in the future. the all-electric chevy bolt euv with available super cruise™ for hands-free driving. - dad. - yeah? do fish get thirsty? eh. find new answers. find new roads. chevrolet.

ashley: let's look at the markets. we started slightly lower but things turned around, the dow up 38 points half of one%.

the nasdaq up 1.5%, and netflix moving higher even though they lost 1 million subscribers better-than-expected. investors mulling over earnings reports, and overall not bad. and beating expectations, we are seeing more green today. the cdc reporting 92,000 overdose deaths in 2020, that is up 30% from the year before. there was a bigger increase among minorities, deaths among african-americans was up 44% and 39% for native americans. the latest was the illicitly produced fentanyl, becoming a massive crisis. this headline says fentanyl,

democrat policies are the problem, jason rantz wrote that and he joins me now. the now. my question to you is how do you explain democrat policies contributing to the crisis. >> democrats in power started decriminalizing the use of drugs and that happened in 2018, and charging personal possession. as a result of that approach we've seen a huge surge in overdose deaths, county public health system, and effectively hands out the tools that it needs to do drugs, safer than the other way such as sharing needles but if fentanyl has come into the country because

love the porous border, we have fentanyl deaths skyrocketing rather than tackling the issue and putting money into addiction services and getting people clean, we can't stigmatize addiction because they won't ask for help. we keep saying when they already they will come forward while giving them tips to be addicted to whatever drug of choice they are and it happens to be fentanyl that is going through the roof. we hit 272 fatal overdoses, we are on track to beat last year's record high 396. ashley: seattle is experiencing a shortage and police officers. why has recruiting become so difficult? >> no one wants to work for a city that has a counsel that calls the murderers, we have a state vote passed a number of police bills that make it

difficult to be police officers and engage in normal work, you are not allowed for example to pursue vehicles unless you have probable cause that a violent crime occurred and you get permission from your supervisor, that is almost impossible so what we have seen is a huge surge of catalytic converter thefts, smash and grabs. if you go in and out and get this over and done with, the cops won't show up with it, literally if they are driving from the scene of a crime as an officer pools up they cannot pursue, officers are saying i became a cop to protect my community. not only are you demonizing them but saying they can't do their jobs and for so many of them particularly in seattle, lost 450 cops they are saying you can't do it anymore.

ashley: surely that leaves the situation even more unsafe because there are not enough officers out there to patrol the streets. >> we are seeing this crime surge particularly in violent crime, likely to exceed last year's homicide rate. the year before was a historic high, nothing trending right now in the right direction and seattle, not necessarily use to waking up to a story of shooting, kid getting shot and killed, stabbing and almost every single day we are getting those stories, shooting, stabbings, murders, becoming untenable and i am glad the mayor is saying something and trying to recruit but they are not going to the underlying cause of the issue. ashley: such a beautiful city, such a rotten bunch of people running it, too bad. thanks for keeping us up to speed on everything going on in seattle.

still ahead, florida congressman mike walt's, florida senator rick scott, the 11:00 am on "varney and company" coming up next. ♪♪ ♪ limu emu ♪ and doug. [power-drill noises] alright, limu, give me a socket wrench, pliers, and a phone open to libertymutual.com they customize your car insurance, so you only pay for what you need... and you could even save $652 when you switch.

ok, i need a crowbar. and a blowtorch. [teddy bear squeaks] [doug sighs] limu, call a mechanic. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ this is remington. he's a member of the family, for sure. we always fed him kibble it just seemed like the thing to do. but he was getting picky, and we started noticing some allergy symptoms. we heard about the farmer's dog and it was a complete transformation. his allergies were going away and he just had amazing energy. it's a no-brainer that remi should have the best nutritious and delicious food possible. i'm investing in my dog's health and happiness. ♪♪ get started at longlivedogs.com (dad) we have to tell everyone that we just switched to verizon's new ♪♪ welcome unlimited plan, for just $30. (daughter) i've already told everyone! (nurse) wait... did you say verizon for just $30? (mom) it's their best unlimited price ever. (cool guy) $30...that's awesome. (dad) yeah, and it's from the most reliable 5g network in america.

(woman) for $30 a line, i'm switching now! (mom) yeah, it's easy, you can keep your phone, and verizon helps you with the costs to switch. (geek) wow... i've got to let my buddies know. (geek friend) we're already here! (vo) the network you want. the price you love. only from verizon.

>> he has been asleep at the wheel, can't have a commander-in-chief taking the summer off and catching up on his reading list. >> declaring an economic emergency, and emergency over inflation and he out to be saying let's have an operation warp speed on energy. >> they don't care if americans hurt when pushing your green agenda and don't seem to have any sympathy at all. >> it is a bear bounce. the next 10 days will be huge

and the fed meeting. are just will be very tough. >> so much money on the sidelines. by my measure, $5 trillion, markets have a way to go higher. ♪♪ ashley: how great were the bee gees? can't think of that without thinking saturday night fever. good morning, everybody. 52 years ago today neil armstrong and buzz aldrin walked on the moon, i know that because they stole my thunder at my eighth birthday party. everyone was watching the tv, time for my presents but i digress. i'm ashley webster in first stuart varney. we are down at the beginning,

it has turned green, it is up one. 5%. look at oil, down slightly but well above $100 a barrel, one hundred $2.35 for a barrel of crude and looking at the 10 year treasury yield always a signal, up 3%, down slightly but the yield at the 10 year treasury yield. look at who is here, mark tepper. i was reading through, no way around it to fight inflation you have to have a recession. >> look at yesterday's rally, every rally over the last few

months, i could make an argument is weakened of the surface because technicals didn't support it. yesterday was different, all the technicals were very solid and this could be the makings of a bear market rally. i do not think we are entering a new bull market, most of the ingredients you need for the recipe of a bear market bottom are not there yet. it is up 6%, the blowout at 500 now, typically over a thousand so all the metrics we would look at we haven't seen yet. we could have a multiweek rally but i think the market over the next several months is lower. ashley: everyone says the markets already baked in what the fed is going to do but are they too nonchalant?

could the fed get more aggressive? >> they baked in what the fed will do which is hike rate until we get to 3.5%. they are pricing in rate cuts next year so we get to 3. 5% for a second meeting of 2023 and two cuts, and no way in heck that happens. no way. if you go to 1970, the fed has not stopped hiking rates until the fed funds rate is above the inflation rate. as they hike the 9.1% inflation rate will come down, it is higher than 3.5%, the market and investors setting themselves up, a big disappointment through q2 of this year.

>> at what point, very selectively. >> a lot of them are inconsiderable, you can't pick the bottom but it puts on the work at 3600 on the s&p. i hope you should put all your cash right now. i don't think i am wrong so you hedge your bets both ways. ashley: you see a shallow recession on the other side. >> that is where i like to get the recession data from.

they see their volume dropping, you see the backlog drying up and not coming to fruition and almost every single one of them, a longer deeper recession than most people believe. ashley: on that happy note your here for the hour and some optimism as well, stay right there, thank you for that. now this. alexandria ocasio cortez and elana omar pretended to be handcuffed after their arrest at the supreme court abortion protest. martha mccallum is here. what do you make of this? the cops are playing along with them as well, just make-believe. >> so embarrassing. it is like a high school thing. just pretending, suppress her smile a little bit, tosses her hair because she can't use her

hands because they are tied behind her back and there are these reports the police wanted selfys with them. what it says to me is the grassroots organic protest movement against what happened with rovio wade is not turning out to be what people expected it to be. what you've got are these sort of phony expressions we saw here with the fake handcuffs and everything, not to say it's not a deeply held issue for a lot of people in the country, or laugh it up as an serious, they are pretending to be handcuffs, this is not the kind of thing that even oaks memory of civil rights protests where there was a risk of what was done in those moments, personal

risk, that's not what we are seeing. ashley: david -- david copperfield to one minute handcuffed and the next their arm in the air. completely fake. the white house insists biden has been busy the past few days despite having 0 public events on his schedule monday and tuesday. i will get your comments. >> the president's schedule the last few days, and a large international trips. >> the president has been quite busy. you see something not necessarily on the public schedule doesn't mean there's not a lot of work going on. >> what has he been doing? >> he has been in meetings. i was scheduled to meet with him today in the oval office. he's been meeting with his senior staff. he has been very busy dealing

with the issues of the american people. ashley: every time i hear that, i feel there should be a cutaway shot of the president in his cardigan sleeping in an armchair. what do you say? ashley: he has a lighter schedule. people would get that but supersensitive to the age issue, getting talked about on jimmy fallon, everybody is turning on this issue. and the press secretary said i was scheduled, and and and they are not going to declare a national emergency over climate.

and the inner workings, where they would declare public emergency with regard to abortion rights in the country stepping back from that, walking up to the line of action and stepping back, whether or not they should or shouldn't do these things, they are talking a lot or producing a lot, they are glad they are not taking action on those. ashley: aiko:comfortable watching him and feel sorry for him, stumbling, shaking thin air but at the same time makes me mad because he's the leader of the most powerful country in the world and it is not a good optic at all. and more than half his age in

his late 30s. you realize this is not time to take a backseat, not a real forceful nature in terms of here is what i say, don't care what advisors talk about. that is unnerving on a number of levels as you point out. ashley: martha mccallum, thanks for stopping by and we will be watching you on the story as we do at 3:00 pm eastern only on fox. do not miss that. you can switch from fox business to fox news. now this, the senate just advanced $50 billion plus bill to boost chip production, senator rick scott says it is a waste of your tax dollars, senator scott will be on the show to talk about it. a chinese food manufacturer about 400 acres of land in

north dakota 20 miles from an airport space. congressman mike waltz is sounding the alarm calling it an economic war. one million people under heat warnings this week, climbing temperatures could lead to black outs. we leave you with a look at dallas where it will be 108 ° today. ♪♪

>> 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. >> man: looks great. >> tech: that's service on your time. schedule now. >> singers: ♪ safelite repair, safelite replace. ♪ dad, when is the future? um, oh wow. um, the future is, uh, what's ahead of us. i don't get it. yeah. maybe this will help. so now we're in the present. and now... we're in the future. the all-electric chevy bolt euv with available super cruise™ for hands-free driving. - dad. - yeah? do fish get thirsty? eh. find new answers. find new roads. chevrolet. ♪ if you shop at walmart, you get it. ♪ you know how to spend a little less to get a little more to make life a little better. ♪

this is xfinity rewards. our way of showing to ma our appreciation.etter. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them.

get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. ashley: it is july, 100 million people across the country under extreme heat warnings.

concerns growing for the recurring blackouts. let's bring in mark tepper. are you from ohio? are these the things that happen in ohio? i am sure it is hot. >> most people think it snows all the time in ohio, it gets hot in the summer time. we have a rolling blackout in ohio maybe 3 or 4 weeks ago. we had a power outage this past weekend. it happens everywhere even when you think it is called all the time, it does happen. one of the things i've got to tell you is this really beats home the point, you might want to own a generator. you might want to consider owning a generator. ashley: that was my next question. >> i talked with stuart a month ago and to shift gears to the

financials, that is a stock that does incredibly well, has its ups and downs but when you see these heat waves, rolling blackouts and power outages, it is something worth holding right now. ashley: i am in florida and we keep an eye on the tropics this time of year and any when you speaks to has a backup plan for the power because it goes out here even in regular thunderstorms so if a hurricane comes have you seen your bills go up? >> my wife pays the bills. she tells me have the bills have gone up. i am the financial guy who doesn't pay my own family's bills. everything has gone up substantially. we are experiencing inflation whether it is energy, gas, groceries, it is all there.

ashley: you name it. i admire your honesty. let's move on which a chinese food company has purchased 300 acres of farmland in north dakota for a corn mill. it is 20 miles from air force base, should that worry you. congressman michael waltz joins me now. i would say that is a worry. i don't want to be xena phobic but it seems too close for comfort, does it not? >> the proximity of the farmland next to one of our air force bases, the chinese have done the same thing in texas and bought hundreds of thousands of acres and there is also a broader issue, the chinese have been investing heavily, pouring money into buying up our farmland, food

supply, the largest pork manufacturers and chicken processing plants on top of the massive technology we've seen left, right and center, we need to raise a red flag, i certainly am, the chinese are buying up america, and they are doing it for 2 reasons to create dependencies on china from food to technology, computer chips and the lithium that goes into the new green economy that progressives want, and all the technology they are taking, the newest types of genetically modified crops handing over to the military and what they call the fusion program, the question, the administration putting a stop to it. this absolutely cannot happen. companies aren't mad, chinese people aren't mad but the chinese government if they step

in, they do what they say. ashley: serious questions about the future of all volunteer military force, 63% of military veterans and spouses, serving in the military, that's down from 74%. you've got to be concerned, could we see a military draft in the us with this trend? >> the trend lines are bad. only about 25% of military age males and females can meet the basic qualifications, they are too out of shape, obese, have criminal records or drug records so the pool keeps shrinking, on top of that you have a leadership in the pentagon that keeps telling the nation that the military is

overrun with white supremacy and we have an inherently racist constitution, our founding fathers and the flag isn't worth defending and on top of that is supertight labor market so our military leaders need to be out there in universities, in the cities saying we do need you to step up and serve, the flag is worth defending at we have a merit-based inclusive united states military that has been a pathway out of poverty and that presents all types of skills and we are not seeing that leadership and all the services missing their recruiting goals this year, trend lines not going in the right direction, china and russia with massive military buildup. ashley: thank you for your service and talking to us today.

democrat congresswoman congressman create an amendment tucked into the house defense bill, could require the navy to serve vague and meet where livestock based, costly to obtain or store, the pilot program what offer beyond meet in guam, the navy support facility and naval base there in japan. interesting in the middle of that, impossible me. restaurant reviews on the website yelp are soaring. diners are writing feedback sounding off on shrinkflation, paying more and getting less. bring back mark tepper. are you noticing a difference in portion size? >> we are going back to the airport and sit down in newark and order these meatballs.

i ordered the meatballs, yesterday i had chicken caesar salad and they forgot to put half the romaine lettuce and doing a road trip, driving back from michigan stopped at olive garden and by endless salad ended pretty quickly. there was not a lot of salad in that bowl so i'm not a fan of being duped when it comes to shrinkflation. i would rather get charged more and give me what i expect and if i can't afford it i will order something else but shrinkflation doesn't go well with a lot of people. ashley: don't mess with mark tepper's portions. thank you very much. now this, 2 weeks after announcing his resignation, boris johnson is saying goodbye to parliament and didn't miss a chance to put on a show. listen to this. >> mission largely accomplished.

i want to thank you and all the wonderful staff and friends and colleagues and my honorable friend opposite mr. speaker, everybody here and hostile of easter baby, thank you. hasta la vista, baby. johnson used his speech to stay close to the united states and don't pay attention to twitter. a true character. mission largely accomplished. 1 billion hours seasons of stranger think season 4. the second largest flow in history, can those help new subscribers. that's what we are getting into. twitter's lawsuit against elon musk will go to trial in october, accusing the

billionaire of sabotaging his deal to buy the company. that story next. ♪♪ ♪♪ you'll always remember buying your first car. 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. we believe that your investments should work harder for the future you imagine.

and that's where our strategic investing approach can help. t. rowe price. invest with confidence. if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way (lighthearted music) to travel. - "best thing i've ever done." that's what freddie told me. - a person like me needed to get a reverse mortgage to change my life. it was the best thing i've ever done. - really? - yes, without doubt! - [tom selleck] joanne said just about the same thing. - it absolutely is the best thing i ever did. - jack put it a different way. to him, it was about having his grandkids over.

- you want to have the kids over, you want to have the grandkids over. - yeah. - you want to have the family over. you want to say, "this is my place." - great people, different people. that's for sure. and all of them had different reasons for getting a reverse mortgage. but you know what? they all felt the same about two things. they all loved their home, and they all wanted to stay in that home. - [announcer] if you are 62 or older and own your home, find out how you could access your home's equity to give you cash now. and when you need it in the future. a reverse mortgage could put more money in your pocket by eliminating your monthly mortgage payments. it could also pay off higher interest credit cards, medical costs, and give you some extra cash to help your retirement lifestyle. - i don't have any anxiety about money anymore. - it allowed me to live in my home and not have to make payments. - a whole lot of families have gotten tax free cash from a reverse mortgage loan for a better retirement. - i don't have to worry

about a mortgage payment every month. - it's a good thing. - [announcer] call right now to receive your free, no obligation info kit. the kit will show you how you may get the cash you need using your home's equity as a reverse mortgage from aag. - call the number on your screen. - look, why don't you call aag and find out what a reverse mortgage can mean for you? - [announcer] call aag, the country's number one reverse mortgage lender. - call the number on your screen.

ashley: looking at san marcos, texas. we are playing that music be has texas university will soon offer a class about harry styles. the course will look at the activism and fandom surrounding the sinker, i believe a number of young ladies are thinking about going back to college. check the markets if we can. we started off lower, not exactly carrying on a rally of yesterday but things turned around, the dow up 0. one% but the biggest gain, one. 5% and the s&p up half of one person. let's look at twitter, an early victory in that legal fight against elon musk. a judge setting a court date for october trial.

elon musk responded in the midst of this legal fight, he doesn't seem bothered is this a big distraction? >> he doesn't have a care in the world. i wish i knew what that felt like, you have a stressful situation and he's party on a yacht. this entire situation is a distraction for him and a distraction for the shareholders of tesla stock. we have within our business a very small and mandate division, we do deals like this, not $44 billion deals by any means, warranty section, that makes sure both parties are forthright and honest and if you are cagey about the number of accounts you have that is material

misrepresentation that could potentially be fraud and when things like that happen deals either blowup or get renegotiated, what is happening right now, isn't it funny they didn't want elon to buy the company. we have this many shares, we can't buy the company and force them to buy it. kind of strange. ashley: very strange, a day in the life of elon musk. let's look at netflix, they lost nearly a million subscribers last quarter, better than expected. kelly o'grady, what could this mean for the rest of the streamers this earnings season, do we get any clues? >> netflix leads the way, it was better than expected, a number of headwinds such as

inflation, and consumers are still looking for great content and an escape. that doesn't mean they will post great earnings. many rely on advertising and recession fears. additionally disney plus lost out on key rights that could threaten tens of millions of those in india going forward. 2 million were expected. not great, not as bad as it could have been. season 4 of stranger things that would have turned out, the recent price hikes and stranger things underscores the strategy to double down on franchises. many studios employed with marvel, star wars, harry potter and with that strategy comes major investment in netflix can't miss, and the most expensive movie, a big test. beyond content netflix is emphasizing their recently announced at will not only capture those that would turn out but entice new members to

the platform, all toast has setting a new payment plan around $3 a month in latin america to stifle account sharing it at important as the account sharing needs to be shored up to feel comfortable, their ads are reaching the right people. we can't expect growth in q3, versus the expected to, the headline is netflix, the kate bush song, the streaming war is far from over and likely expect a bumpy road with inflation. ashley: good analysis. let's get to the markets. the market watcher, going to have to face facts, a recession is coming. same question to you, when does it come and how long? look into your crystal ball. >> reporter: we could be in one right now. we heard the term technical

recession, certainly on your network, two consecutive negative quarters of gdp, we find out on the 20 eighth of that is the case. it doesn't mean it will be unofficial recession. the national bureau of economic research, the official declarer of recessions, unemployment, those are two big factors for declaring recessions and clearly we have low unemployment rate and consumption has been good. we have a real one probably very soon, likely in the middle of next year. we are in the recession camp. ashley: we have seen cash on the sideline where it should stay now. >> you have to have a good grasp on your time perspective, the next 3 to 6 months, we have

big liquidity event and need to write a big check for your daughter's wedding, i say hold on to the cash but if your outlook is 12, 24, 36 plus months, and 20%, take another spike down here. you know what you want to buy and you got it out and stick your toe in and put some money to work. depends on your time horizon but longer-term, global economy is going to continue to grow, the best way to participate is owning stock. that's the thesis we are working off of longer-term. ashley: to try to get a sense of that do you keep an eye on the energy prices? >> asked a lot from clients, we had capitulation, doesn't seem

like it to us, total capitulation, meaningful capitulation on that particular issue, and take another spike down but as you look ahead, with brighter skies on the horizon. ashley: i like the brighter skies, great information. china is warning house speaker nancy pelosi not to visit taiwan, beijing says they will bear all consequences. senator rick scott will take that on. comedians no longer have the freedom to be funny, that's the message from john cleese who says wokeness is ruining comedy. that and more next. ♪♪ make them laugh ♪♪ make them laugh

♪♪ make them laugh ♪♪ make them laugh ♪♪ don't you know ♪♪ everyone wants to laugh riders! let your queries be known. yeah, hi. instead of letting passengers wrap their arms around us, could we put little handles on our jackets? -denied. -can you imagine? i want a new nickname. can you guys start calling me snake? no, bryan. -denied. -how about we all get quotes to see if we can save with america's number one motorcycle insurer? approved. cool! hey, if bryan's not gonna be snake, can i be snake? -all: no. this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each, with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you.

♪♪ who let the dogs out ♪♪ ashley: you are looking at coney island. a lot of that. national hot dog day, launching a sale, to buy one hot dog and get one for $0.05. john cleese something off on wokeness and the effect it has on comedy today. >> a lot of comedians are sitting there and they think can i get away with it? that is the death of creativity. if you are worried about offending people and constantly thinking of that you are not going to be very creative.

it has a disastrous effect. ashley: it is the can cell culture. adam corolla, comedian, jointly to talk about this. do you think john cleese is right? >> one hundred%. i don't think people think about the ramifications of things. i have always said people being canceled is bad but the real insidious part of this is comedians canceling themselves before they tell the joke, they get up in their head and it is the death of creativity whether you are painting or creating a joke or writing a script where you go i don't think i should say, than it is over, that is the end of creativity. reminds you of school closures. i am from los angeles. let's shut the school's for a year and a half because of covid. what could go wrong? now we see what is going on and cancel the comedians. what could go wrong?

you see what is going on. you have taken these freethinkers and have them up in their head and they are scared and it stifles creativity. ashley: i want your thoughts on that one. it makes me laugh. congressman alexandria ocasio cortez and élan omar, members of the squad pretending to be handcuffed after their arrest at an abortion-rights protest, magically able to lift their arms with a fist and magically go back, it is a copperfield trick, do you have a pair of invisible handcuffs as well? >> only wonder woman has those, she has an invisible lasso and invisible plane, it is insane how women among the most privileged people in the united states, but in the planet and on the planet have to turn

themselves into martyrs and constantly talking about the threats, they are attacked and essentially making themselves martyrs when it doesn't exist in the country. it is despicable but also horrible people to do this, really immature thought as well. i live in the greatest country in the world, i am in a great position and i'm going to constantly count myself among the oppressed. ashley: last one. a new book out called everything reminds me of something. advice, answers, no apologies. give me your 30-second pitch. >> my books are funny first, hopefully thought-provoking, second or third. this particular book, i said i

would take questions, take questions from listeners and i will answer those questions. making me think in a way i never thought before, usually when you write a book you think of the question and give the answer. this is somebody else asking the question and you give answers you never pondered before. ashley: it is hard to have a civil conversation these days because if you don't get with the other person's point of view they try to shut you down or it can get pretty nasty. >> no apologies is right in the title. i say everything i want to say and everyone can kiss my butt otherwise. ashley: very well said. thank you for taking the time to chat with us today. invisible handcuffs and all. the senate just announcer chips bill to boost semiconductor production, supposed to help us compete with china but senator

rick scott calls a huge waste of money. the senator makes his case next. ♪♪ pack at your pace. store your things until you're ready. then we deliver to your new home - across town or across the country. pods, your personal moving and storage team.

and it's easier than ever to get your projects done right. with angi, you can connect with and see ratings and reviews. and when you book and pay throug you're covered by our happiness check out angi.com today. angi... and done. [sfx: ding] [message] hey babe, meet us at the bottom of the trail. oh, man. hey! open up!

the redesigned chevy silverado. with a sophisticated, high-tech interior... open the door! it's easy to forget it's a truck. ♪♪ - thanks. - nice truck! it was. find new style. find new roads.

ashley: beijing calling nancy pelosi to cancel her trip to taiwan. it will have severe negative impact on us china relations. senator rick scott republican from florida joins me. why is this visit so important do you know what she's going to do their? >> got back from taiwan a couple weeks ago. and we are going to stand with them. let taiwan know they are going to defend their freedom. communist china is not our friends. they ran sorties, speaker pelosi is going, more elected officials go over there. ashley: do you think china is

more emboldened with regard to taiwan-based on what the us and its response to russia and ukraine? >> started with afghanistan. both russia and china saw a week president biden. america has shown up, and to defend the weapon system from ukraine. we need to stand against china. this does not do anything to hurt china. this is a massive, we have $30 trillion of debt, 9% inflation and run deficits. people can't stop spending money.

if you are a company like intel, intel made $20 billion, and tax deduction for building a plant and tax credit for building a plant and they can keep doing business in china and if china invades taiwan, they do what they are doing now in china. seems like a pro china bill, not anti-china bill, it will cause more inflation. there is no accountability, doesn't make sense. ashley: the same reaction, help for the chip industry, not letting us get into the same situation, don't want the reliance of overseas chips. how do we make sure the supply chain issue with computer chips doesn't happen again.

>> i agree with that but i am a business guy, i'm going to pay for results and make sure i get a return on that money so i would get a return, get over a thousand economic developed projects, you say i will give you money and get a return on those dollars to pay for this. if you are saying you don't want it done in china, i'm not going to let you do any business in china and up american ships, we are only going to buy products made in america that are made in china. ashley: you are saying this is a waste of taxpayer money to provide these subsidies. >> it's not anti-china. we are not going to get a return. if we don't want to buy things made in china just say that, we are not buying anything made in china. that is pretty simple.

it doesn't cost a lot of money. you can give money to companies and get a return. i'm an investor. you invest in things and get a return, $30 trillion of debt will lead to inflation, and add to the deficit, that's all this will do, no return. ashley: your point has been made clear, thank you as always, we appreciate your time. time now for the trivia question. an interesting one. scramble your brains a little bit, which animal lays the largest egg, the emu, swan, chicken, or ostrich? see if mark tepper knows the answer, don't google it. some like strategic diversification. some like a little comfort, to balance out the risk. others want immediate gratification...

and long-term gratification,too. they have their own interests, but at the end of the day there's nothing like being... a gold-owner. visit invest.gold to see why gold is everyone's asset. . .

♪. they say it's your birthday ♪ ashley: yes, it is my birthday. no expense there. thank you very much, sir out there on fox plaza. another day older, another day wiser. i wouldn't say that look at that hat perched on top of that hair. thank you very much. before the break, we asked this question, and the beatles as well, we asked this question, which animal lays the largest egg. mark tepper take a guess. >> happy birthday, buddy.

i will go with the emu. ashley: that is a good question. that unfortunately you are wrong. i would have said emu too. it is the ostrich. ostrich eggs are edible. they have 2,000 calories. would take you 90 minutes to eat the egg. you make a omelette the size of a manhole cover. neil cavuto, take it over. neil: happy birthday, now you're legal. you could drink in the last century too. ashley: thank you. neil: have a great one. the market are supposed to be celebrating ashley's big birthday. the dow is up 90 points. we're going through earnings season, only 12 or 13% into it, seven out of 10 companies are beating estimates, not bad. wall street is pretty savvy with this. i don't want to overinterpret that. the fact a lot of these