stuart: ashley? >> i'm going 41,000. stuart: me too. actually, i think it's a big number, 41,000. [laughter] okay, reveal, please. yeah. 41,of 83. it's a huge, it's a continent. we need 41,000 zip codes. all right, everybody, susan, ashley, thanks for being on the show. great stuff. neil, it's yours. neil: all right, stuart, thank you very much. did not know that, something to write down for the next cocktail party that i won't be going to. we're down about 41 points here, a pretty good week, incredible month unless everything hits the you know what next week. it's going to be one of the strongest months we've seen post this covid world we've been looking at. of course, it's a battle between expected earnings and some unexpected surprises, particularly in the case of snap. of course, the parent of snap chat, that stock snapped to the tune of a huge hit today, off, i

believe, in excess of 77% year to date. it's t not helping all the tech members here. but we'll get into that. following up on the condition of the president of the united states. as you know, he tested positive for covid, but he seems on doing okay. edward lawrence, what have you got for us? >> reporter: yeah, he is on the covid front doing okay. they say he had a temperature of 99.3, just coming back down. they're treating it with tylenol is what they said here. on the economic front, white house economic advisers are now trying to change the definition of what do you wants a recession, now trying to -- what constitutes a recession, a decline in economic activity spread across the entire economy. their trying to -- they're trying to add nuanced data to a definition of the business cycle. now, the common definition of a recession, as you know, is two quarters of negative growth, contracting growth, and government data the shows that the first quarter contracted 1.6%. gd the p atlanta fed now says the second quarter, they're

estimating that is now also contracting by 1.6%. that's about the same amount as the first quarter. that's why we're hearing this definition conversion right now. >> so i think if you look at the strength of the current economy, if you look at the strength of the labor market, if you look at the strength of consumer spending, you would conclude that where we are right now remains solidly within expansion. >> reporter: so he also mentioned inflation is too high. inflation is the main reason republicans see the economy possibly in a version. the president expected to meet with economic advisers later this afternoon. he's going to talk about the lowering gas prices which is driving inflation. again, republicans blame the president for that too. >> when i filled up my tank of gas last week, it cost me a pair of basketball shoes. you saw joe biden's administration this week celebrate the highest gas prices in american history. it's great that they're dropping right now, they drop at a really slow rate, but they're still significantly higher today than

they were a year ago today. it's like celebrating a touchdown when you're still 50 yards behind. >> reporter: so the first estimate of the second quarter gdp comes out on thursday which is likely why you're going to hear more from this white house about how we are not in a recession. back to you, neil. neil: edward lawrence, thank you very much for that. well, the mea culpas are coming in not exactly fast and furious, but more economic exebb perts -- experts saying they botched it. the latest is "the new york times"' financial columnist paul krugman who says i was wrong on this notion of transitory inflation. it's a lesson in humility. but we're not seeing that out of everyone, certainly the administration. of janet yellen, the treasury secretary, admitted as much, and jerome powell indicating he, too, watched this. -- botched this. the president of the united states has yet to say anything like. that i had the new hampshire governor with us, chris sununu, with us yesterday, and he says whether they admit it or not,

the key players should do more than just apologize, they should go. this is from governor sununu. you said recently that treasury secretary janet yellen, you know, should be fired for inflation comments going back to her thinking that it was transitory. she had a lot of company. but do you still think she should go? >> oh, god, yes. are you kidding? look, there are few secretary positions in the principal government where someone's words have such power. when you're talking about the federal reserve or the secretary of the pressure i -- treasury, those words move wall street, banks when they do their policy. neil: what about the guy e who ran the federal reserve? he blew it too. >> yep. neil: do you think he should go? >> yeah. look, if they were in new hampshire, i'm governor, the buck stops here. you've got prore-- replace people with folks who are going to be transparent, look at the math and, by the way, this wasn't a hard math problem,

neil. you don't add 5 trillion and just think inflation is temporary. neil: and fair credit to governor sununu, he was one of the i but if governors, republican or democrat, when inflation was just coming along that warned it would not be transitory and said people who were saying that kind of thing were missing a wig problem concern big problem that was going to be even bigger. steve moore with us, steve the too was early on in this, be careful what's going on here. steve has a long history of not being a huge fan of big federal spending unless it's absolutely, absolutely necessary like when we were knee deep in the covid thing. steve kind enough to join us. i was thinking of governor sununu going one step further, these guys should be fired. i don't know whether that applies to paul krugman at "the new york times," that's a separate issue, but what do you say about that? >> neil, i have a confession to make, i've made bad predictions too. that's what economists do. but i think i've been right more

than i've been wrong. neil: i think you have too. [laughter] >> paul krugman's mea culpa is pretty amazing because he's been writing for 30 years, and he's been mostly wrong. i think this is a first, for him to the actually admit that he was wrong, and he was stunningly wrong. he called people like me who were worried about inflation fear mongers. whether these people should be fired, i don't know. would they be replaced urn joe biden -- under joe joe biden with anybody any better? i'm not so sure. i've been very disappointed with janet yellen's performance as treasury secretary. i thought she'd be kind of the wise voice in the room, but he she really hasn't been, and she was quite wrong on the inflation prognosis. the real issue is can they get the policies right going forward, and when i see joe biden give a press conference the other day saying we're going to double down on our green with energy agenda, i'm thinking maybe they still don't get the message. neil: great respect for janet yellen's smarts, knows what she's doing.

i always think it's very difficult to come from the fed chair job where you have to be the prague mat pick, not be overly political, and then to get into a very political job as the administration's treasury secretary. you're their economic spokesperson, so so to speak, so you have to carry the water, whether it's good or bad water. i feel that she is kind of trapped in that. i can't imagine she believes a lot of the stuff -- i'm not here to disparage her, i just think it's very, very tough. and you'll sometimes see that in administrations, and it'll come out later in a tell-all book. i don't know what her plans are, but that she's uncomfortable with some of the things she sees, but she's going to live and let live. >> well, it's a tough thing. i've worked in administrations, i did some work for donald trump. i didn't always agree with him on tariffs, and i'd say, no comment -- neil: no, steve, i don't want to just keep blowing smoke at you, but what i loved about you was, you know, you would just state your concerns. you wouldn't go off on some

disparaging rant, but you would -- >> yeah. neil: but, but, but i'm sure you presented those to the president. and every president needs to hear opposing points of view. >> right. neil: jfk would encourage it, bill clinton, ronald reagan would encourage it, and the debate would ensue. sometimes it would get heated and nasty, and then the president would make his decision -- >> and then you have to, yeah, you have to stand by, if you're going to work for the president, you have to stand by his policies even if you don't like them. neil: exactly. >> but when janet yellen was saying things like, oh, these high are levels of debt spending aren't going to cause inflation, i always felt like, you know, neil, she knows better than that. [laughter] she was the ped chairman. neil: right. >> look, there's a lot of blame going forward -- going around. look at jerome powell. he's been pretty wrong about the inflation story as well. neil: absolutely. >> i think, again, is question is are we going to see corrective policies, do things

that bring this inflation down. and when i see this $150 billion, you know, corporate welfare bill that both parties are embracing right now, i feel like a pox on both their houses. they don't get it. we've got to start bringing, neil, spending down, not up. neil: i think you're right. steve, good seeing you again, my friend. steve moore, calls it as he sees it. that's very rare in washington, in or out of power. michelle schneider's with us. michelle, whatever's going on on the inflation front, the market seems to weigh that with its impact -- impact on the economy and the recession. and we seem to be poised to be looking at a recession at least by the classic definition of two back-to-back, contracting quarters. the administration is widening that definition because already other definitions. i think the committee weighs in on this sort of thing, but others point to the strong backdrop of job growth and the rest that, at best, it would be a mild recession.

where are you on this? >> well, actually, i was applauding this comment because i've been sort of saying that all along. we have the textbook definition, and yet the reality is there are pockets of the economy that aren't doing too poorly, labor being one. although we do have that sort of conundrum between market participation or labor participation, jobs that are available to the tune of over 10 million and then the actual jobs rate. and, of course, lots of corporations starting to let people go. but also the housing market. even though people are calling for some sort of housing market crash, we certainly don't see that happening. there's been a softening, but inventory is still really, really low regionally throughout the united states. so, yeah, i think we're not going to go into the deep, deep recession. and i do believe that inflation is basically taking a pause and getting ready to rear its ugly head again. and so that puts us back in, neil, stagflation which is

really where i think we're going to be for a while. neil: i guess what you're saying, we have a much higher level from which to come down than we certainly did in the '70s. there was very little wiggle room there in terms of a strong labor market that would eventually peter out. jimmy carter did not enjoy an environment like that. president, for the time being, does. now, many trump loyalists will say it started with president trump, and this guy's taking credit for it. be that as it may, when you have 372,000 jobs added to the economy in the latest month, you've got a lot to work from and a lot to go down from. and i'm just wondering when that really accelerates, because that's the argument, that when things start to slow, they really start to pick up and slow, you know what i mean? and then everything hits the fan. are you in that camp? >> well, we saw jobless claims go up a little bit, but i don't know if i necessarily think we'll have any big, drastic changes because the whole psychology of the labor market

has changed. basically, the pandemic brought a lot of people working from home. people are quitting jobs in the face of higher prices which is baffling, but it's the trend to asker. -- to consider. and, yes, even though we're seeing some softening in terms of corporations hiring going forward and that could certainly be more of the case, i don't know about seeing, if i'm thinking really big numbers either way many terms of the jobs. i think the biggest thing for us to focus on right now is really what happens, and steve was talking about this a little bit, with fed policy going forward, the government spending going forward and how much disconnect there will be between those policies and the reality of the fact that we could still see oil prices explode. and right now what we i saw yesterday was a bottom in the gold market, and now gold is starting to rise, copper is starting to rise. so at what point does that really start to lose badly in terms of the whole equities market after this nice little

pop from the lows. neil but you still have concerns whatever we're going to call it will be a slowdown, right? the only argument here is just how much of one. >> stagnation. i mean, basically we don't have a big, big slowdown, but we certainly are not seeing any great growth, so that keeps us sort of flatlined for now. neil: michelle, thank you very much. michelle schneider, and again, the anecdotal evidence still suggests that it's a great time for workers. i talk to restaurant owners, store owners who are still having a devil of a time finding help even though they're offering top dollar for that help. restaurants offering to help kick in for a kid's college education, not enough to entice those workers. so the pendulum has yet to swing so swooferly that that just stops, but we'll keep an eye on it. in the meantime, more on this lee zeldin attack. a guy walks up to the stage, knife in hand, and if it could have been a lot different than it was, but it got me thinking

about the attack on former japanese prime minister abe and similar attacks from a studio audience member on dave chapelle and a host of others. we're seeing more of this stuff. i hate to connect these very different dots, but we're getting a lot more dots. after this. 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,

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neil: all right, this one was scary. by now you're familiar that there was an attack on lee zeldin, the republican gubernatorial candidate. we'll go to the guy who probably played key role in detentionfying a bad situation from turning into an even far more tragic one. joe to knellly will be with us in a second. in the moon time, david lee miller on the latest we're hearing. >> reporter: neil, the man who allegedly attacked congressman zeldin has been released without bail just as zeldin predicted. zeldin, who as you pointed out, is running for governor of missouri, was giving a speech near -- of new york. was giving a speech criticizing the state's bail reform laws when a man jumped on stage with a weapon that resembled brass

knuckles with two spikes. >> this is our last stand for new york -- [inaudible conversations] and there's only, there's only one option. >> reporter: the monroe county sheriff's office says the alleged attacker is a 43-year-old charged with second-degree attempted assault and was released on his own recognizance. he said he was an iraq war veteran, nothing about a motive for the alleged attack. zeldin tweeted out, quote: his words as he tried to stab me a but hours ago were, "you're done." several attendees including the candidate for i lieutenant the governor quickly jumped into action and tackled the guy. law enforcement on scene within minutes, the attacker will likely be instantly released under new york's laws. and moments ago while campaigning in upstate new york,

zeldin spoke out about the attack and the state's policy of cashless bail. >> -- criminal policies that are making our streets less safe. we need to be doing so much more to the unapologetically backing our men and women in blue and repealing cashless bail. >> reporter: zeldin's opponent, new york governor kathy hochul, tweeted a statement that said in part: i condemn this violent behavior in the strongest eternals possible. it has -- terms possible. it has no place in new york. surging crime is a major issue in the race for governor, and today the zeldin said, if elected, he would immediately remove the city's controversial district attorney alvin bragg who critics accuse of being soft on crime. one thing to note, neil, zeldin said today there is going to be increased security for the remainder of his campaign. neil? neil: understood when you think about it, david lee. that would be getting rid of

bragg as in new york city, but occurred upstate in rochester, new york, so it would not have affected that. it is scary. now, this could have been a very different scene yesterday if not for this next gentleman, joe tonelli, running for an assembly seat in new york. we reached out to his democratic incumbent opponent, have yet to hear back. but i'll tell you why this man deserves the kudos that he's getting regardless of politics, he was able to bring this attacker down. and he had a weapon on him. bottom line, you do not mess with joe tonelli, a marine corps combat veteran. i'm glad we're remote so i can ask him tough questions, and and he can't come after me. he's real deal. joe, very good to have you. and, man, you took a bad situation and we prevented it from getting a whole lot worse. explain what you saw, why you did what you did. your reactions were incredibly quick. >> thank you, neil.

so about an hour into the rally, and i had been the master of ceremonies for the rally, so i had introduced the congressman, a gentleman came walking through, kind of stumbling lu up to the edge of the stage -- can through. i saw him, noted the that his staggering, but he stopped, thought nothing more of it. then i saw him jump up onto the edge of the stage and start making his way around this large hay bale on the stage. so i ran around the back of the stage and came up behind congressman zeldin. didn't know this man's intentions as he walked towards the congressman, thought maybe he was going to give him a hug. i've seen things like that before, maybe argue with him. but then he, very close to the congressman and as the congressman said, said "you're done," and i couldn't see his right hand up to that point. at that point he swung the hand up looking to aim for the

congressman's throat or face. with this weapon, the sharp-edged weapon. the congressman blocked his first strike, and then he reached back to do it again, and i was able to grab both his arms and bear hug him and slam him down to the ground where we were able to restrain him until law enforcement came. neil: so this weapon, obviously, had two sharp edges to it. obviously, if used it to plunge it into the congressman's neck or anything else, it could have done considerable damage, to put it mildly. but he just walked up there. now, how many people were there at this event, at campaign event listening to the congressman? >> sure. it was a beautiful night, we had great turnout, about 300 people were there many attendance, we were just in a parking lot with a nice stage up until that moment. nothing out of the odder their. ordinary. just a great event, a lot of energy, a lot of positive energy until that moment.

neil: a lot about guys like you, you always stay modest about it, but how people are caught off guard, they see something and they don't react. i'm remembering it in the attack the guy jumped out of the audience at dave chapelle's comedy show, and before you knew it, he was on the stage, and he could have done considerable harm to the comedian. and then i was thinking halfway around the world the attack on the former prime minister of japan, abe, who right behind him was this attacker who apparently his own security detail had not checked out, and they missed. they missed the chance to prevent what was preventable. but these things are popping up, joe. and at these events you saw something that looked suspicious to you. other people were there, might have seen the same and didn't react. i'm not disapparentlying them, but you still seem to have a casual attitude -- we still seem

to have a casual attitude about this stuff. maybe we shouldn't. >> no, i agree. i'll admit though up until that moment i never would have imagined something like that would have happened there last night. but being aware of your surroundings all the time is something that, you know, the marine corps taught me long ago, and it's stuck with me. but several people reacted very quickly, and without everyone's help, we wouldn't have been able to keep man restrained. he was a big guy, and at that moment certainly seemed determined to do some damage. neil: your senses picked up that something was amiss and something wasn't right about guy. about this guy. but you were a aware of it before you even tried to -- he even tried to ascend the stage. what was it about him that caught your attention? >> i can't really say, just something instinctive. really positive energy, a lot of excitement in there, something

about him the brief moment that, you know, he passed by just didn't seem to fit with where we were that night in mindset. neil: well, joe, very, very good to have you here. thank you very, very much. i'm sure the congressman feels the same way. the national director marine corps combat veteran by training and running for the new york sate assembly. we'll have much more, with the dow down about 108 points, we are keeping on top of how things are going on the whole covid front. the president's condition notwithstanding, we're seeing a serious spike in cases. now it's enveloping pretty much all of china. more on that after this.

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dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones neil: all right, day two two of the president dealing with this covid diagnosis. he seems to be doing okay, he's got a relatively mild case. a cough, that kind of stuff. but we're told at least from the

white house so far, so good. jacqui heinrich has the latest. >> reporter: hey there, neil. we just got a letter prosecute president's doctor about an -- from the president's are doctor about an hour ago, and the big headline is the condition is improving. he finished his paris day of paxlovid -- first full day, although the doctor says he had a low fever last night, but it apparently responded to tylenol. his cough this morning is describedded as loose, and he still has a runny nose, his voice is a little deeper this morning as well. the doctor's letter also referred to annal buyer the roll inhaler, but it didn't describe it as a new medication even though it doesn't show up in the president's most recent health summary from before his illness. the white house tweeted out a picture of the president working today, wearing a mask. and though we're told we will get daily updates written from the president's doctor, we won't be able to question him ourself.

out doing various interviews on tv morning talking a lot about how transparent the administration is, but he didn't come to the camera with a timely update for those interviews, last time he heard from the president was 10:00 last night. and if also yesterday the doctor and the press secretary gave a timeline of the president's symptom that conflicted with the letter from his doctor. >> i really think his symptoms, you could say either began late last night or early this morning. my understanding is those symptom developedded morning, and he had a test as part of his regular testing cadence. you'ring asking within minutes of when? -- i think late in the evening some amount of fatigue after a long day of travel, i don't know. >> reporter: now, i don't mean to suggest that perhaps president isn't doing as well as they say, that's not the case. but the timeline does matter because it causes questions about whether the president followed cdc guy dance to

isolate at the onset of symptom or if he should are have done that rather than just getting that test as part of a routine test in the morning and only then revealing symptom that had started the night before. so we've had some back and forth at the white house trying to get more clear answers to some of those questions, neil. but overall, the president's doing better. neil: so why haven't they made the president's personal physician available to answer these questions rather than hearing it secondhand? >> reporter: you know, i'd love to know. they haven't given us a reason. they've certainly pushed back on any assertion the press has made that they're not being as transparent as they say, making comparisons to the trump administration and saying they wholeheartedly disagree with any depiction aha they're not being up front about it, but they have not given us any reason why we have not been able to question dr. o'connor in person at the podium. neil: thank you very much. to robert redfield, former cdc

directer. very different than president trump's covid diagnosis was handles and -- handled. what do you make of this and not hearing at least directly from president biden's own physician in -- >> well, neil, thanks for having me. neil: thank you. >> i remember when, of course, president trump was infected, sean connolly, his doctor, was on, you know, available to everyone. i don't know why the decision, why they don't have him. i think it would be in their interest to put the physician out there and let him answer questions. so i, i don't really understand the rationale behind it. neil: yeah. you never know, and the lack or void like this, doctor, obviously people, their minds race. so maybe we're overstating it here or i am, but it is curious. this case now involving probably the most powerful human being on the planet has served as a reminder for a lot of folks if he can get it, what does it

matter if i get vaccinated or get a booster shot or any of that. it's actually while there's been a big spike in people trying to check whether they had so coyed -- covid, not so much a big spike in getting treat ared for it. what do you make of that? >> well, i think, first, the use of -- to use the president as an example for the rest of the american public. you know, he did get initial vaccine series, he did get boosted, boostedded a second time. and i think those four immunizations really have a lot to do with the fact that his symptom right now are relatively mild. the american public right now, while many of us stepped up and got the primary first two shots, very but have gotten the booster, and very few have gotten the second booster, marley those over the age of -- particularly those over the age of 50. if any if message that i would have on this show that you give

me the opportunity, is to strongly encourage the american public, particularly those of us over 50. you remember, neil, you were quite sick. i remember i was praying for you when you were sick from covid. reality is omicron's less able to make you sick largely because the virus is substantially changed from the delta virus and before the u.k. and wuhan, that virus replicate mt. lower -- in the lower lung. turns out omicron doesn't like to replicate in the lower lung, it rep wily candidates in the upper respiratory track. i remind people we're still having 270-300 deaths every day in the united states. neil: that's a very good point. >> the president is an example of getting vaccinated, getting boosted, not getting lulled into the idea that only -- omicron 5 is not such a bad virus. as i say, just look at the data. we're still losing 270 people a day. neil: that's an excellent point and, doctor, i did always

appreciate your kindness when i was sick. i didn't forget that. i was a unique case, i guess. full disclosure, i have ms, some cardiac issues in the past, so i was fair game. but i'm always saddened when people say, all right, neil, given what you had, that whole vaccine thing was a waste of time and the booster shot because whatever your views on it, i mean, i just hi it might lead to -- think it might lead to a whole population view, the thing's a waste. i remember distinct at this point -- distinctly cover the virus before you guys were able to speed along these vaccines because people who were going into the hospital, a good many of them were not leaving the hospital. unless they were toe first. it was that tragic and that many dying. >> that's true. neil: now we have a spike in hospitalizations, i get that, but i don't believe they're nearly as serious as they would be if we didn't have any of this. i guess this is your opportunity, doctor, to reach9 out to people who are now

hearing -- i think there are about 20 percent of americans who have yet to be vaccinated. some for good reasons are, others because this has built up their cynicism. what do you tell them? >> yeah, i think it's really important to -- the i've always said that vaccination is one of the most important gifts of science and modern medicine, and for covid it's no exception. with the novavax being recently approved the other day or for those individuals that have been reticent to take the mrna vaccines and haven't been vaccinated, i strongly encourage them as the novavax vaccines becomes available to get vaccinated. more importantly, the majority of us that have been vaccinated, we just haven't maintained our vaccination status. one of the things that i think is important a lot of people think a vaccine is you do it once and you're done. we need to think of of the covid vaccine more like a medicine that you have to keep -- you've got to keep that medicine in your system if you're going to get the --

neil: how often, doctor? we've heard the flu analogy. i didn't want to jump in, but this notion of treating it as such but, you know, a flu shot you get, what, once a year. what do we have to expect with this? >> yeah, i think, unfortunately, we're now in the area of every 3-4 months. if you get naturally infected with covid, only omicron, you're pretty much at risk for reinfection within 12 months -- 12 weeks. when the wuhan strain came, you got infected or vaccinated, you were protected for 8-12 months. the u.k. strain was 6-8 months, delta was 5-6 months. when omicron came, it was 4-5 months. omicron 2 now is 3-4 months. it's not that the vaccine doesn't work, it's just that this virus has learned how to escape the immunity whether from natural infection or from the

vaccine such the amount of the immune response you need to be protected is literally 10, 50, 100 times more. so i personally get vaccinated every 3-4 months. that's what i do for my wife. she has a history of bad asthma. to try to maintain my immunity. now eventually i think we're going to get vaccines that are more durable and maybe the novavax vaccine will be the beginning of that process. but i do the think it's important that people stay vigilant about maintaining hair effective -- their effective immunity and start to think of the vaccine more like i suggested. think of it more like a medicine that you have to keep taking if you want the medicine to work rather than how we traditionally think about a vaccine where, hey, i took the vaccine, i'm done. these vaccines do work. and the last thing i wanted to say is that this fall's going to be rough because we're going to probably have one of the worst flu seasons that we've had in years.

if you look at what's going on in australia right now, they're having a terrible flu season. and we get flu along with covid, say it's still omicron 5 -- who knows, we may get another variant, but say if we do get another variant it could be more infectious -- the ability of those two viruses to take the vulnerable and put hem in the hospital is that much greater. so i just can't encourage the american public any more than i can to, please, get your covid vaccine up to date. get your booster and then, you know, work with your physician to determine when your condition is for the next booster. but for me, i'm getting my third booster in september, and hopefully that will carry me through the fall season. neil: good for you. and, dr. redfield, one of the things i always admired about you in the drama and the shouting back and forth on all sides, you were very calm and steady and kept your cool being

of atool january -- italian-american descent myself, doctor, that would have been very, very hard to pull off. thank you very much. >> yeah. thank you. god bless, neil. neil: dr. redfield. one point that got a lot of people, oh, neil, you're making a speech. i have a modicum of knowledge on this particular thing. i look at numbers. and before we had these vaccines, we were losing close to 4,000 people every day. ever day. every single day. we're now down to less than 300. every death is bad, but what do you think the big difference is? before vaccines, after vaccines. i hope we don't politicize life and death. we'll have more after this.

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day, not so much cryptocurrencies, particularly bitcoin. now over $23,000 a coin and doing pretty well. the binance ceo, huge player in this arena, kind enough to join us. good to have you back. is this rally for real? what do you think? >> nobody knows. nobody can predict, or i cannot predict markets. markets go up and down, but the number of applications, number of users coming into this industry is increasing. neil: so bitcoin holdings have had a lot of people running. pretty smart guy, a bit controversial, if he's retreating from, should we be retreating from? from this? >> he's a smart guy, but it doesn't mean he knows every smart asset in the world. just because he buys and sells bitcoin doesn't mean that, you know, you shouldn't buy, it's

going to get worse. the fundamentals are there. finish the user numbers, the fundamental property didn't change because one guy bought or sold. and nobody knows what are the reasons he bought or sold. maybe he needed cash for tesla or trying to buy twitter, i don't know. it doesn't really mean much. knead. neil: now, if the fed continues tightening as it's expected to another three-quarters of a point next week, could even be higher, you always hear that's bad news for crypto investments period. if that keeps going, then what? >> look, i think that's just one factor that's impacting the economy overall, not just cryptocurrencies. every time there's a policy change, it will have some impact on different economic sectors. but bitcoin just because of that change in interest rate, so

bitcoin exists for many fundamental reasons. you know, global commerce, it's a new technology for money. the fundamentalsen didn't change. so just -- fundamentals didn't change. so the interest rate will have an impact, but it doesn't really change fundamentals why bitcoin is good. neil: so when you look at it, you were an early, you know, enthusiast for this. i don't know, do you still have all your bitcoin possession -- positions? you know, crypto positions? have you sold any? what have you done? >> i very much pretty much all of the original ones. i've spent a little bit along the way, but like it's a very minority, it's a very -- single percentage, i suspect. and for me, no, bitcoin is the most, most global reserve currency, and it has a bunch of other properties. it's easy to transact, easy to carry -- neil: no, i get all that. but i guess when you said you sold a little bit, you would --

you're a billionaire or darn close, so are you still a billionaire or darn close? pleasure. >> i'm actually not sure. when i look at my wallet, i'm not a billionaire. but i didn't sell bitcoin, i just spend them. there's a difference, minor difference there. yeah, so would i want to to, you know, pay for a hotel simes, you know, i use bitcoin to pay directly for it. neil: interest, interesting. love to have you back, changpension zhao, an early, early enthusiast on technology and investments alternative that very few people were buying. he was and, apparently, is still buying it. we have a lot more coming up, the dow down about 80. stay with us. research shows that people remember ads with young people having a good time. so to help you remember that liberty mutual customizes your home insurance, here's a pool party.

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neil: all right, vladimir putin is back in russia right now after going all the way to iran to meet with the iranian leader and, of course, the turkish leader. a lot of people thought that that's showing some confidence in his own sense of security here, that he would leave the country and there wouldn't be an attempted coup because of the controversy of the war many ukraine. that says a great deal, or does it? peter brooks with it us right

now, heritage foundation senior research fellow. peter, good to have you. what do we read into that, that a he was confident enough that he could leave russia and return without someone else many charge of russia? -- in charge of russia? [laughter] >> well, neil, we both mow he's a former kgb colonel, and he thinks about these things before he leaves the country. i also think he's coup-proofed, if that's a word or a phrase -- [laughter] his administration. his regime. i think he has his finger on pulse of the security services. obviously, he has a lot of background there. as well as the military. and i think there is a whole number of spies or informers within these organizations that report back to putin through a number, a number of means. so i think he did feel safe to leave the country. and, of course, we -- russia isn't a country that's had a lot of coups. i think the last one was 1991 if i'm not mistaken, of course, the payments one in 1917.

but ill also add, neil, that he's a danger abroad. i wrote an article last week percent daily signal, heritage's publication, about how he's buying hundreds of armed combat drones from iran -- neil: that's right. >> and they've also talked about their relationship, and they'll be working together to evade sanctions that are put on them because of their international behavior. so, yeah, i think he felt comfortable. but putin's dangerous whether he's in the country or out of the country, is my bottom line. neil: yeah, i think you're right. i apologize for the truncated time. we're following other developments including, as we just mentioned, vladimir putin that russia and ukraine have apparently signed on to this deal to unlock some, some gas and other exports. we don't know all the details there, but it's largely a food deal mostly that would allow some grains to get out of the country. it's a little too early to sort of pick it apart, but a sign -- peter, thank you very much. we'll have more after this.

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people are experiencing the equivalent, the real temperature feel, of 100 °. not the actual temperature, i think it is 95 across half the country or most of the country but if you throw in what does it really feel like, i don't know if i like that or don't like that when meteorologists do that, it's 95 ° but feels like 96 degrees, fine, but that is where we stand and you have temperatures rocketing but this week you've got stocks rocketing, that's the tune of these hot markets, equating the heat in the world with very hot markets. kelly o'grady is picking apart what we can look forward to because it might get more so, a bunch of big names reporting next week particularly tech names. >> it will be a bigger earnings week next week, after abysmal first half of the year july has

been a strong month for the market. today a bit of a mixed bag after 3-day rally, nasdaq and s&p all down slightly, american express is up on the report that spending remains robust. we will pay rising balances. snap down 40% after a tough earnings report yesterday and twitter joined the earnings party this morning with the musk trial pending, the social media company says it is built to succeed no matter what, beyond 17% yearly growth in users the results didn't reflect that, twitter missed revenue coming in at $1.18 billion, that number down one% from last year, the comedy blaming inflation head wents, the advertising industry and uncertainty caused by elon musk's speculation, the billionaire responding to those accusations on twitter with, quote, i am rubber, they are glue. a number of big tech names

reporting all signs point to a cool quarter, these companies are dealing with high inflation, recession years, supply chain french and tough foreign-exchange rates and looming regulation in many cases, specifically up about and meta are facing major advertising industry head wents after what happened with snap and twitter this week, some analysts warning apple and amazon could miss on earnings though the latter is showing strong signs of expanding its footprint, with one medical activision and its most successful prime day ever recently, we are starting to see a trend of low expectations, netflix benefiting from that this weekend tesla so we could be looking at a comeback story given how bad the street is expecting tech earnings to be. neil: you have people doing slightly better than the worst you are on fire and people love it so these are the times, i built a career on it. thanks.

let's go to gary, high expectations, he is brilliant, great market historian so high pressure. i go back at his record and say something but there is nothing but trust me i will find it. good to have you. something very profound, these expectations are really deciding how we react. if you assume the worst from these companies, so many have ratcheted down expectations, one of them says we don't have as much they will buy the stock like crazy so we are 60% through this, two of three companies are beating lower expectations and buyers rates are in. what do you make of that? >> the problem is that can only last so long. what happened recently when target announced horrible numbers and lowered two or

three weeks later, all the analysts for every industry took numbers down at you see a bunch of beats, if there's anything i can teach viewers, the reason it is up over the long-term, growing earnings, the stronger the better, the longer the better, the more consistent the better and we are seeing companies rise right now on down earnings. goldman sachs is a good run in the last week or so, earnings were down, revenues down, and american express earnings down 8% so this can only last so long, the big issue is if you have a recession, that put a cap on earnings. if you have inflation put the cap on earnings, higher rates, on earnings and that is what we are dealing with right now and you see the administration trying to redefine, they know we will come with a down number for the second quarter, we need to do better with the economy

and get going again. right now it is a rough go. stuart: american express, whatever the downdraft to your point but very optimistic guidance about the strength of the consumer, a lot of vacations and other things flies in the face of the doom and gloom, but let me give you a sense of technology, given the biggest technology names are cut in half anything that hints of a comeback, in some cases 10% from their lows but into bear market territory the markets take that and run with it so what do you think is going on on the tech front? is this a sign at least the worst for that group, the most battered, is a welcome development? >> i think a lot of names have probably seen their bear market low in technology software land but only because 70, 80%,

netflix was almost down 80% from their highs, that could be going on but i worry going forward, i say that because i worry about the cannibalization buying the heck out of pcs and smart phones. i can tell you i mentioned this a couple months ago the top 3 pcmakers their inventory went up 40% very quickly, which means demand fell off the ledge. i worry about that and we will know more when they report next week on a better understanding. it is very much she right here if that's the word i can use and i don't know how big money you can make off of on right now but we need a better backdrop for the economy and more certainty on where oil prices are going, interest rates but i will say as i always say 10 years from now

there's going to be some fine baggers, 10 baggers, i'm very focused on growing earnings, 200% the year because demand is so strong, people are lining up like bruce springsteen concert to buy the product and we will try to find them. stuart: the boss is coming to florida, your neck of the woods. that is progress and you are in orlando they are printing the money, disney, great seeing you again. let's go to madison allworth to talk about lumber, there are breaks in that. lumber might be one of the key developments. >> lumber prices finally coming off of their highs, take this precut in march, this would have cost you $11, today it cost $6.50.

you would think this great news builders must be jumping on this but the reality is we are only seeing remodelers jump on these low prices, homebuilders hitting the button, looking at the past month we actually saw them slow down by 8.1%, 982,000 units in june, that is for single-family house, the first time dipping below the one million mark in two years with inflation at decades high and mortgage rates climbing concerns around consumer sentiment are keeping builders at bay. >> some builders have told me they were taking on more remodeling projects to keep the machine moving and they were ready for lower prices as well but mostly it stands the uncertainty of today. >> add in the concern around

lumber prices picking up again and homebuilders who made a lot with soaring home prices, and homebuilders sentiment at the lowest level in two years and the reality is it could continue that way. even though lumber prices, we are above pre-pandemic. i ran through the prices of the board back in 2018, this would have cost $3.30. half of what we are paying today. neil: let's go to the us oil and gas association president, not only lumber prices, 38 days running, paying less each day for a gallon of gas high from where it was a year ago. and what do you make of what is happening here, it is interesting this picked up pace, some say it is short-lived but it could go on

a wild. >> lumber and other commodities coming down and from production exploration side, and 800 rigs in the air across the country, to our credit, what producers and refiners, the demand decreases because of inflationary prices but we are in a better situation than we were 60 days ago. neil: that you guys aren't gouging people anymore. and that has changed. >> the president doesn't have a lot of credit cards disquiet --

to swipe anymore. and he has to turn to different producers and has to work a little more closely with us and take a hard look at the production, and they have risen to the location, we have to get the federal component of that portfolio up where it could be and relief coming forward in the next few months given where inflation is and everything else. neil: i logo -- welcome the lower gas prices lumber prices but also fret over what might be creating that. people holding back, not filling up as much, certainly the housing industry they are not buying as much and homebuilders are saying a lot of people are cutting out of deals and realizing we don't want in on fat and normally

when demand wants to subside, a lot of it builds on the economy headed toward a recession. >> crude has come down, and natural gas is very high, storage capacity is low, delivering gas to our european allies about that inflationary price, to the industrial manufacturing base still. to declare climate emergency, that's with the ministry she was talking about this week. neil: to break bread and get together again. >> i think we are. we have had some good entrées with the political administration and looking forward to the next few weeks. neil: stay tuned.

good seeing it. we are looking at covid, interesting developed in new jersey, focusing on cdc wreck amending people in 18 new jersey counties mask up republican door spaces, the covid 19 wave driven by the ba 5 variant brought big upticks in transmission and hospitalization, so far no debts, no serious cases but those who are considered critical or in intensive care but enough for the cdc to say in 18 new jersey counties the level was high enough to warrant, a mask recommendation, they are leaving it up to states to determine whether they want to order such mask recommendations so far from new jersey we've gotten nowhere where they are required, just that it is highly recommended. my experience tells me in new jersey in particular, i need

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neil: 7-11, that means 880, that is how many corporate employees, 711, plans to lay off a sign of slowing business and some say more to come as more companies start announcing, it has been a busy couple of weeks for that, microsoft getting rid of some workers out of tech names, considering doing the same but you are getting drips of this thing picking up steam but not everywhere. it is anything but a bad situation. has already added close to 300,000 jobs in the past year. the pace is not slowing much. grady trimble has more. >> reporter: it is not slowing. that is the right word on a day when the highs 101 ° in dallas-fort worth, the warmer weather is a reason people are moving here but the reason a

lot of people and businesses have been flocking to the lone star state in droves, lower taxes and less regulation. you mentioned a big headline number about how many jobs dallas-fort worth added in the last year. 295,000 of them, and in terms of big cities, dallas-fort worth ranked third in the nation for job growth behind las vegas and atlantic city. the unemployment rate here is 3.3% below the national average and below the national unemployment rate and it is well below big cities and blue states, new york, chicago and los angeles have unemployment rates above 4%. those cities and states struggled to rebound from the pandemic and texas is the beneficiary in a big way. the company's we talked about a lot that recently decided to relocate or expand their headquarters in the lone star

state. we are in a big business development 25 miles, 25 minutes north of dallas, it is a combination of shops, restaurants, apartments and corporate offices and they have seen massive growth in this area. >> i've been in the area for over a decade, we've seen how many people have lived here, quite honestly incredible. >> from 2019, we drew past covid numbers. >> some cities are seeing salaries go up as a result of this in certain industries which brings up the cost of living, want to end with a note

from research firm, they found texas added more jobs than the bottom 25 states combined. you set up the top of our report no signs from the people we talked to that this will slow down ash any great rate anytime soon. neil: you travel a lot, any two days in one place, the energy of youth. >> i told them to send me to texas in the summer time so -- neil: i volunteered for you. thank you, we have a lot more coming up. the heat is a big issue across the country. we told you about the heat index and the real feel thing. very wise for weatherman to report when it is 95 ° with a lot of humidity. i'm not arguing with you but i

find it a huge leap to say because of that the 95 ° temperature feels like 97. it is hot and end of story. i hate to remind folks it is summer, just throwing it out there.

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sofi. get your money right. neil: there is heat and then there is political heat, she must have the longest sort of tease for job that might never come to her. charlie gasparino has been keeping track of it. what the over and under? charles: it may be in an unconventional way, there was a nomination process about how the white house essentially is

trying to get her confirmed by the senate. it is a handful of wavering democrats worried she's too far left, fraternal order of police is opposing her and these are democrat in tightly contested races. here's what you know, a new game plan for her confirmation involves pushing her senate confirmation vote until after the midterms. in a lame-duck session that would essentially give two wavering democrats, mark kelly of arizona and catherine cortez masto in tight races, they don't have to vote on it now, the vote will not be used against them in a contested race following the midterms and they can vote before or after the midterms are over, they have 6 more years.

pretty controversial way of doing this and that is the way they are doing it. if they go this way, a tremendous -- tremendously controversial, rarely do we do lame-duck votes, when mitch mcconnell did one for supreme court, still talking about it. this is one of the ways from what i understand how this vote could go down. neil: i know you are big athlete. >> >> they are yesterday. iran yesterday and the day before, they are 89 °, try to get out there and 9:00, 10:00 at the latest, done before

noon. that's my body. this is a public service announcement, make sure you hydrate. when you do this you are playing with fire, got to know your body. you don't know your body, don't do it. neil: i hope it doesn't affect your appetite. charles: like yesterday i was in such a great mood, i didn't even hate you when i came on. it brings in all seriousness, columns you down, it is the best antidepressant in the world working out hard in the heat, getting through it, making sure you know how to get through it, everything comes down, just wonderful. neil: the same effect for me.

to each his own, to each his own. i want to know, and exercise machine. patrick morrisy, the west virginia attorney general not too pleased with the securities and exchange commission, what they are doing regarding climate change and what corporations are providing. that is the just of it. good to have you back, patrick morrisy. what is your beef with what the sec wants to do? >> thank you for having me back. this is a really big issue that has not received the attention it deserves. everyone knows when president biden took over the he went to many federal agencies and said we want you to be engaged with climate change whether you are hhs or the securities exchange

commission or the epa or a variety of agencies, to transform your mission from what you do in the sec's case, from being a securities enforcement arm into an environmental regulator, because the sec, involved in this space putting pressures on companies in order to establish their own climate plan and this is something that the sec is so far afield, that we think it would fall under major questions task we won, if you take an agency that never operated in this space and ask them to drive an environmental agenda when they are not the epr department of energy, that represents serious legal problems, and it is a real threat to the private market, the free market of the country.

when you start to put all the government pressure on the corporate boards and have them produce reams of material only to allow the trial bar to follow suit. we take issue with our 24 state coalition and this is a classic case of government overreach. neil: i don't believe there are laws and requirements that dictate companies to do anything for climate change, might be a good idea for some but this idea that you take it to the next level and want to see what you are doing there is no legal premise for it, is there? >> there isn't and they are asking publicly traded companies to come up with direct emissions and the carbon value and asking to trace a lot of relationships with vendors to determine what the total carbon output is and a lot of

that will be virtually impossible, a joint venture, two companies that track carbon emissions differently and how do you square that information up? the sec rule along with others is an example, what the administration is doing, can't get the congressional majorities behind their policies so they are trying to resort the rags but as we southwest virginia, i don't think the court will like that happen when there is a big question of the day that needs to be resolved. neil: it is one thing if there is a law in place to demand this and another that there is nothing in place but we will demand proof that you are doing something about something that is not enforceable. keep us up-to-date on that. 7 months into this ukraine war, it goes on and on but a

positive develop and, so positive, could you rephrase that for me? ruth ukraine is russia both agree, they agreed to open of grain exports, in the middle of a war against each other and cement to cooperation opening the black see enough, out of the neck of the woods. what is that telegraphing? we are on it after this. ♪♪ 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...

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the trouble with that breadbasket is it hasn't been able to leave ukraine but there was a joint declaration by russians and ukrainians to open up the black see enough so the valuable food supplies can get out of ukraine and by extension russia. and maybe it might be something to ease food prices. might be a leak. lucas tomlinson in kyiv with more. >> reporter: the breadbasket accounts for 10% of the world's grain. 22 million tons being shipped out since the war started but landmark agreement in istanbul, neither side talking to one another, in a deal brokered by turkey and the united nations, here is the un secretary-general. >> global food prices at record

levels, a nightmare for developing countries. >> representing the russian side, it is notable putin sent the head of his military to sign the agreement, not sergey lavrov, his top double that, the basic outline of this agreement is ukraine will reopen its black seaports including the largest in odessa to export those 22 million tons of grain to turkey to be offloaded and shipped to ports around the world and russia exports grain fertilizer. russia is wary of this because they think they could use this deal to smuggle weapons into their country. ukrainians are concerned about russian warships that have been blockading ukraine and remain at sea today preventing any trade by ukrainian violence of this war. the black sea near odessa is heavily mined by both sides,

odessa was just hit by 7 russian cruise missiles in recent days and russian artillery outnumbers ukraine 321 and russian forces with inca mental gains in the east, dozens of people including little children have been killed in recent days but russia's gains come at a high cost, the cia director said 15,000 russian soldiers have been killed, 45,000 wounded since the invasion started in february, the head of mi 6 says russia can't keep up this pace. >> they are about to run out of steam. our assessment is the russians will increasingly find it difficult to supply manpower, material over the next few weeks, they will have to pause in some way and that will give the ukrainians opportunities to strike back. >> the state department is applauding this agreement but is very wary and wants to make sure it is a permitted correct the, none of those will be heading to see for a number of weeks, this is good news.

neil: the us welcomes this agreement, stay safe in kyiv. in the meantime keeping you up-to-date on nancy pelosi and the trip she wants to take to taiwan, the chinese are not keen on that but president biden is not keen on it either. mark meredith, what's the latest? >> reporter: this is interesting because as you mentioned house speaker nancy pelosi appears to be getting ready to go to taiwan in a matter of weeks but the strip looks to be in the planning stages, has generated not only from the chinese government but as you mentioned from somewhere in the biden administration, the speaker is not confirming the details of when she's going to go or where she's going to go but those plans are kept quiet because it could create security issues but in a news conference the speaker made clear she's eager to show taiwan where the us stands. >> it is important to show support for taiwan and none of

us ever said it was for independence when it comes to taiwan, that is up to taiwan to decide. >> china is furious with the messaging, it claims taiwan as its own, furious with the us even over the potential for the trip. a spokesman for the foreign ministry is quoted as saying should the us side insist on making the visit china will ask strongly to respond to it and take countermeasures. we mean what we say, president biden before he had covid when he came back from massachusetts through coldwater on the idea of nancy pelosi visiting taiwan. >> is a good idea to travel to taiwan? >> the military thinks it's not a good idea, i don't know what the status of it is.

>> she may have been referring to any potential risks to her safety if she was to make the trip but the speaker's office is not confirming it for when, but they are getting ready to make the trip, a pentagon officials those the defense secretary has not been in contact with the speaker's office and they are not going to comment on this, and this will come up again, if he speaks to the chinese president which we are expecting, a lot of attention focused on the potential trip. be 20 the dow down 210 points, technology driving the selling off with abandon. snap, the best 30% right now, bring its losses close to 80% year to date, the parent of snapchat expected to grow and a lot of people abandoning the service, had a spillover effect

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neil: doings in the sunshine state, a visit from donald trump, ron desantis, different events, different locations but the same theme, conservative weekend in florida. phil keating with the latest. >> phil keating is on the bill too. turning point usa, a conservator grassroots organization targeting high school kids and college young adults trying to get them politically involved and motivated to become eventually political leaders nationwide but this year's conference features essentially a who's who list of possible 2,024 presidential candidates and they will be here all weekend long starting later this

afternoon when this 3 day event kicks off. >> lives will be changed, amazed to think how many senators and congress people are walking through the doors. >> tonight's headline speakers florida republican governor ron desantis, a possible and widely speculated to be presidential candidate, the man widely credited with getting him elected, donald trump, the headliner tomorrow night. he has not said whether he will run not for reelection. in arizona, campaign for gubernatorial candidate gary lake, newscaster who has embraced trump's election lies. at the same time in a brazen split from a man to whom he was loyal as vice president mike pence also a 2024 possibility

campaigning in phoenix, karen taylor robson, arizona's gubernatorial primary which is on august 2nd. the leading republican politicians and influencers in tampa the next three days include senator ted cruz, rick scott, josh hawley, central florida dominated the national stage in the past couple weeks. they were dueling rallies, conservative activist group, florida state democratic summer gala and on monday president biden was supposed to be in tampa and orlando, he now has covid, those events are canceled as he stays in lockdown at the white house residence. neil: i know phil keating is involved. phil keating in tampa.

above former washington dc democratic chairman, i was noticing, michelle obama, the light we carry, i don't want to be these jaded political types but you hear all book releases before a presidential run. am i taking the leap too far? she doesn't need the book's money, but the great success, what is going on here? >> it is totally coincidental. and ironically the book is about overcoming challenges in challenging times, the precursor to the promotion of it, especially with women, independent and republican but

mostly democratic women but the democratic party would love to see her run, and biden is saying he is going to run. if i'm biden i got to say that to attack or become a lame-duck democratic party president but coincidental for now, she would be a very attractive candidate. it's a winnable race but does she win against kamala harris or pete buttigieg? how does that layout? it is an open race, on the democratic side and open race on the republican side. neil: someone who think that is coincidental, you raised a compelling argument for her to at least put her name out there. you always hear stories and polls and depending on the survey two of three democrats don't think president biden should run again. are others just saying i am here? california governor newsom

taking shots at ron desantis or behind the scenes actions by hillary clinton, nothing is done accidentally, is it? >> not at all. the polling as we get closer or past 2,022 as we run up to 2024 the names that start to show in republican polls and democratic polling, who are the possible candidates regardless what president biden says, 70% of the party doesn't want him to run again, hard numbers to run away from so whoever, whatever names show up in this polling are not showing up by accident. they are doing something behind the scenes to see even if their own polling to see what they need to do, what their messaging is, whether it is wait and see who else is in the race. it's a guessing game but i don't see president biden running if those poll numbers

don't change, democrats and black voters want to him to run, democrats being dissatisfied with his performance whether it is perception or reality. my mother said perception is reality and it is the precursor to the truth. think of that in political terms and biden has challenges heading into 2024. neil: you are gifted with a great sense of humor. i will follow the coincidence thing for now. we will see. the washington dc democratic party chairman, very well connected to the principal players the guys sitting in the white house, maybe not, more after this. to be strong. to overcome anything. ♪ ♪ to be... unstoppable.

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(fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. >> neil: all right. still a down day, but so far pretty good week. it would take a lot to dislodge that right now. we will see. a very good month. let's go to charles payne right now. charles? >> charles: thank very much, my friend. we will try to keep it going. i'm charles payne. this is making money. breaking right now, the tension is in the air; right? between the bulls and the bears are duking it out. there's a tug-of-war. institutional investors are panic buying. retail just never went away. but it does seem like everyone agrees about one thing, and that's the powell pivot is getting closer. bob doll will give us his take on if the fed can avoid steering this economy off a cliff when it might already be halfway there anyway. it seems like ery