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slow it down. unfortunately, the federal reserve believes that the way you fight inflation is by depressing the economy. jackie: that was forbes media ceo steve forbes. joining us last hour, and saying that the fed is tanking our economy, all while americans and their paychecks are trying to keep up with soaring inflation. edward lawrence is live at the white house with more for us. reporter: hey, jackie. yeah, you have to deal with this construction truck also, have to let you guys know that's what the sound is. now we're hearing data, we have data behind what we're all feeling in the u.s. here, is that our wages are not keeping up with inflation. the dallas federal reserve found that over the past year under the biden administration, we have seen wages drop 8.5% when you factor in inflation. now this represents a decline in real wages we have not seen in 25 years, according to the researchers. now we're seeing data going the wrong direction as we've heard the president's top economic advicers saying

they are asking americans to be patient. >> every forecast i've seen from market shops have inflation considerably lower, and the thing that i can tell you with great confidence is that if that prevails, part of that is going to be from supply side improvements, unsnarling of supply chains that if you get under the hood have really been quite dramatic. reporter: so this is basically what we've been hearing for the past year or more. listen to this. >> the second is to keep inflation low and stable, to meet those goals because it's going to require patience, skill , and independence. that's why today, i'm nominating jerome powell -- >> private sector forecasters in the market has been and remains and has been for months that inflation will ease overtime. that is the projections of the federal reserve. that is the projections of outside forecasters, and that it will ease next year. reporter: yeah, those about a year ago, so last friday,

president biden says wage growth has been strong, and he's never been more optimistic, but americans seeing wages arrive at 5% year-over-year but cpi inflation rising much more than wages. >> eliminating the inflation problem will require a recession and with the recession you will have a contraction of profits that will drive the equity market even lower. the worst is yet to come. reporter: and you did that interview with john lonski, now, no pivot from this administration and policies as of yet. jackie? jackie: edward lawrence, thank you so much. of course, inflation on the rise , so are fears of a recession. former treasury secretary larry summers had this to say. >> i think it's more likely than not that sometime in the next year or 18 months, we will have a recession. i think that's a consequence of the excesses that the economy has been through and historical

experience suggests that the kind of inflation we have rarely returns to normal levels, to target levels of around 2% without some kind of recession. jackie: let's get reaction from former white house omb director, always great to see you, russ. i think larry summers is making a good point. he's been very measured throughout this as its been playing out and saying we need to get a grip on it or we head into recession and now we seem to be at the tipping point. it seems to me that the fed has no other choice than to continue raising rates to try to do something, some are saying better late than never. others are saying we should have never been in this position for the first place. >> yeah, i agree, jackie. thanks for having me on. larry summers continues to be an interesting interview because he's saying the truth and it's somewhat inconvenient to the biden white house but the reality is we're either in a recession which i believe or

we're about to be heading into one particularly as the rates work itself through the economy, particularly as you have a lot of firms that are now adjusting to the fact that they are not getting incentives from the fed to go chase yields and have zombie firms loaded up with debt and those firms shed workers. those are the kinds of thins that we're not quite seeing yet with the labor force staying put but we're going to see that over the next weeks and months and i think that's what larry summers is projecting. jackie: i think you're absolutely right and i keep pointing to that. i made the point in the previous hour as well that essentially what happens is first, the companies start to report or drops in earnings. they are having problem with the profitability. the way they manage that is start to lay people off, so this 3.5 unemployment rate, it's not necessarily going to stay here and actually, jerome powell , if i recall, broadcasted that essentially when he was in jackson hole and he said, the unemployment rate will have to go up here. that means americans are going to lose their jobs.

>> yeah, and that's the sad reality is these recessions are very painful and some of that pain has not materialized and to this point unless you're trying to find a home where your savings are depleted and we've seen the ongoing effect of all of the pandemic aid keeping balances and the households up, but that's going to change, and the white house has not changed their economic policies. they have just further made the feds job worse, to make it so that they have to take more action to deal with things like the student loan cancellation and so that's the reality. we all know it's coming. we all have lived over decades of seeing what happens in a recession, of the impact on american families and jobs. that's what's scary heading into the next year. jackie: russ let me ask you a question. i don't think that jerome powell is inept and unable t do this job. having said that the fed and the white house are supposed to be independent as possible when jerome powell said that he thought things were transitory, that the inflation was

transitory, that he didn't think the white house was going to push the gas so hard on spending >> well i've been very critical of jerome powell in the last several years, up until the moment where he really began to tackle inflation, and i do believe that they are trying hard to stay the course. i think they've looked at the 1970s lessons and they don't want to have this herky jerkey stop and go and make it their job a lot harder in the months ahead, but i think the fed was late to the game for some fundamental reasons and that is they had the policy makers consensus that inflation was never to be seen again, based on the reality of the money supply. that's been shown to be false, and that's why they were late, but i am thankful that they are hard at work and they don't seem to be yielding to those who would say that they don't have work ahead of them. i wish they be louder in criticizing the biden administration's economic policies that are making their

job worse. they should be out there on the student loans saying that's ridiculous. jackie: russ vougt, thank you so much good to see you. markets are down to start off the week. major earnings reports are coming up later on this week. i want to get the read from former investment banker carol roth and nicholas wealth management ceo david nicholas. great to see you both. carol let's go ahead and start with you. looking at the landscape the sound bites that we're playing from larry summers and mohammed el-erian, and the guests i've had on the show not setting the brightest landscape ahead of us. >> no, i just heard from jamie dimon as well, whose company is reporting later in the week. i have to tell you, jackie, even though it's a big earnings week in theory, i don't think it's going to give us that much information, because i don't think these companies can predict the most important part of what's ahead with the opec + announcement to cut production and we know that's going to impact inflation. we've seen how that has affected

companies in the past but also, it's creating an issue for the fed, because if the fed continues with their push and they want to continue to raise rates, with the elevated prices in oils and with the strong dollar, there could be a global currency crisis, there could be a liquidity crisis and the treasury market, there could be a collapse across risk assets and i don't think any of these companies have any idea what to forecast in terms of the scenarios so i just think until we get a handle on what the fed is going to actually do, that it's risk-off regardless of what any of these earnings tell us. jackie: that's a great point, steve forbes brought it up in the previous hour as well talking about the dollar and the trends that we've seen. david, i want to ask you if oil prices continue to rise, which we think they will, because we were anticipating the eu sanctions for russia to go into effect and that will be happening and at the same time, we're seeing opec + that includes russia bring that

supply down. the fed has basically no other choice than to go at this hard. >> yeah, and it's interesting, because when we look at earnings , energy is what is keeping the earnings for the s&p alive in the third quarter. if you just remove energy company earnings from the overall third quarter earnings story, earnings are negative for q 3 so its been disappointing but i do think energy is a play that we might be able to hide out in a little bit longer. that's really what we're seeing a lot of the profit top line and bottom line. coming from the companies that are reporting, its been disappointing. many of them are missing estimates but if we look at fourth quarter that's where we are already seeing analysts downgraded communication services being downgraded by 9%, financials, consumer discretionary, materials all being downgraded, so i think the fourth quarter will be challenging but look, we've got the holiday surge of shopping coming up. that may save us a little bit so we may not like, our guests said we may not know until first quarter next year how bad things will poly be. jackie: speaking of holiday

spending that is a time of year, carol, that we see consumers going out spending more but i reference that wall street journal article about macy's saying it was looking at the credit card data and macy's was actually very successful because they looked at this data and spending patterns of consumers spending more on essentials, lesson discretionary, and they realized they had to reshuffle and tighten some of the inventory and i'm wondering, number one, if other companies didn't miss that necessarily and we'll hear about it later and number two, what it will look like for the retailers as we go into the shopping season. >> yeah, i mean, i think it could get pretty ugly. i don't think there was enough anticipation and not only is there the switch from discretionary to essentials but on the discretionary front there's been a wholesale change from goods-to-services and experiences, because everybody really stocked up on all of those goods for a couple years when they were locked down during the pandemic. it didn't have the opportunity to spend on things like travel where we're seeing a huge bump

now, so that could portend a very ugly fourth quarter for us as well as the consumer particularly with the cost of energy going up, just thinking about what's going to happen to my electric bills and gas bills and those kinds of things and so i think that the consumer is not feeling super optimistic and that ends up being a self- fulfilling prophecy. jackie: not great. not great answers, not what i think the viewers necessarily want to see , especially for those folks who have been checking their 401 (k) and are having a rough time absorbing this and as we speak we're watching the dow down 233 points , near its session lows, so far today. coming up, crime in new york city continuing to sky rocket, we will get reaction from guardian angels founder curtis s liwa. ♪

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shooting. fox news correspondent david lee miller joins me now with the latest. reporter: jackie, lee zeldin is back on the campaign trail. in fact he was marching today along with his two daughters in the columbus day parade in new york city. he did say earlier that what happened sunday outside his long island home was that crime was literally brought to his doorstep. a little after 2:00 in the afternoon, yesterday, while he and his wife were away campaigning and his two twin daughters were home alone, gun shots rang out. one of the bullets landed 30 feet from where the girls were sitting in the kitchen doing homework. they hid in the bathroom and called 911. outside the front door two 17- year-olds were wounded and treated for non-life threatening injuries. police say this was a drive-by shooting and that the two victims tried to hide in zeldin 's front yard. a third person was not struck. the shooter is still being sought. police believe zeldin and his family had no connection to the shooting other than the fact the

random location was close to where they lived. zeldin and his daughters, a short time ago, talked about the ordeal at today's parade. >> confused when we heard the screaming, we definitely knew it was gun shots. when i saw a person on our lawn, i didn't know if he was the shooter or if he was the one getting targeted, so i quickly described the land line and called 911. these girls were very strong. i'm very proud of how they acted it was a little bit of an extra emotional day yesterday, but they are strong girls. reporter: zeldin's opponent democratic governor kathy hochul who critics a accused of being soft on crime also marched in the columbus day parade and told reporters that what happened at zeldin's home is a reminder more has to be done to get guns off

the streets. jackie, back to you. jackie: david lee miller, thank you. let's bring in guardian angels founder and former new york city republican mayoral candidate curtis sliwa. always great to see you, sir, and this is bringing the crime crisis right to the front doorstep of lee zeldin running for governor. he's been very outspoken on crime, so it's not a shock or surprise to him but having said that, i think we're 29 days now to the mid-terms, and this is a huge issue in new york. >> oh, huge issue, not just in new york, but all over the country. now remember, lee zeldin, the gop candidate, looking to unseat governor hochul, has been a victim of crime now twice. remember a few months ago he was giving a speech in monroe county and someone came out of the crowd and tried to slit his throat. luckily he was able to deter that and the group surrounding him took the emotionally disturb ed person down, so lee zeldin and his family had felt this personally twice, but this

is happening all over our state, all over our country, and you know, crime wave kathy hochul can say oh, more should be done, but she's doing nothing the mayor of my city, the one i lost to, eric adams i call him the swagger man with no plan is doing nothing so they can't all of a sudden absolve themselves of responsibility and hopefully the people will remember that when they go to vote ink across country on november 8. jackie: right and i don't disagree with you. i was hoping eric adams as am to ker law enforcement official be able to do something about the crime crisis in this city, curtis, and we haven't seen anything yet. he does certainly know how to go to restaurants and clubs and rubble bows with certain types of people, but you know, we're still seeing problems on our streets. having said that former new york governor david patterson saying he's never felt less safe in new york city. listen to this. >> for the first time in my life, even in the late 80s and 90s when the crime rate was killing 2,000 people a year, i

never felt as unsafe as i do now , just walking around. jackie: i think that's a pretty powerful statement, so many of us have the recollection of new york city under mayor guiliani and bloomberg, and we're really not prepared for what we saw under bill deblasio and now eric adams during the pandemic and post-pandemic. >> oh, you would think that eric adams like you mentioned a swagger man with no plan who parties until the break of dawn would listen to the man whose supporting him. former governor patterson against me for mayor whose shaking them up and saying to both the governor now, hochul and eric adams. you've got to do something. it's worse than its ever been. now, it's happening internally amongst the democrats and that bodes very negatively towards the democrats and their attempt to get elected on november 8 both here in new york state and ink across country. if you notice this is happening all ink across country.

philadelphia, baltimore, chicago , st. louis, new orleans, los angeles, seattle, portland, oregon, atlanta. they aren't even talking about the senate race there. the main stories in atlanta's main stations are crime, crime, crime, and more crime. and the democrats are doing nothing and our president is certainly not leading the way along with the vice president, so i'm hoping for red tsunami come november 8 to shake things up so we can have safety, law, and order peace and tranquillity back in our streets not just in new york but all across america. jackie: but let me ask you this because governor hochul is doing nothing putting no pressure on the district attorney, alvin bragg here in new york city and some say he's a bigger problem than mayor eric adams is and if lee zeldin was elected governor he would literally remove him so he cannot allow these convicted criminals to continue to come back out on the streets and harm people over and over and over

again. >> that and district attorneys throughout new york state who like alvin bragg are refusing to enforce the law but understand this. the problem for democrats is the democrat socialists of america led by aoc, who i call all-out crazy. somebody is being stabbed, shot, don't call the police. never ever call 911, the police. now that leads to total anarchy and that means within the democratic party there's a large wing that supports the criminals and not the police so people have a clear choice on november 8. support the democrats and you're voiding aoc and those who say never call the police, don't call 911. destroy the police, defund the police. destroy the prisons defund the prisons. stuart: it's democrats like corey bush too after the rise in cream, and she keeps saying keep

defunding the police digging their heels in. curtis we'll have to leave it there. good to see you. >> my pleasure. jackie: kick starting the holiday shopping season in october former toys "r" us ceo on retailers offering earlier deals to help ease some of the pain of inflation. ♪ it's beginning to look a lot like christmas, everywhere you go ♪ ♪ ♪ ♪ ♪

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and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. jackie: welcome back. the city of st. louis looking to sue hyundai and kia over car thefts in the city. fox business ashley webster has this story for us. hey, ash. ashley: very interesting, hey, jackie. look, thefts of kias and hyundai s have sky rocketed in recent months boosted by a tik toc challenge using the #kia

boys and the social media trend basically dares people to steal certain models of kia and hyundai made between 2010 and 2021 that are not equipped with an electric anti- theft security device called an immobilizer. according to social media, the vehicles can be stolen with just a usb cable and a screw driver, remarkable. hyundai is kia's parent company but the two automakers operate independently, but both have acknowledged the theft problem. kia america telling fox news digital that the company " continues to work closely with local law enforcement infected areas to provide steering wheel lock devices at no cost to concerned owners" but that's simply not enough for some city leaders in st. louis, who are now threatening a lawsuit against the automakers for making the cars simply so easy to steal. auto thefts in st. louis have doubled this year, in july alone , the city averaged about 21 kia and hyundai theft

incidents everyday and that number increased to 23 thefts each day in august. city counselor shena hamilton wrote a letter demanding kia hyundai mitigate the conditions that are providing thieves, some as young as 13 years old with the means to "by which they are destroying property, endangering city drivers and themselves and in some cases committing violent felonies" and it's not just st. louis looking at legal action. in fact ohio is also looking at a potential lawsuit. california filed a class auction lawsuit last month as did illinois and minnesota. it is spreading. now we reached out to tik toc for comment about the car theft challenge on its site and they told us "tik toc did not condone this behavior which violates our policies and will be remove if found on our platform" but jackie, based on the continuing thefts of those kia's and hyundais, it seems to be too little too late. jackie: i was going to say it

feels like the cat is already out of the bag. ashley webster thank you so much for that. meantime retailers no longer waiting to clear out the halloween leftovers before they or start to rollback the black friday deals. amazon prime day deals, walmart rollbacks, they kickoff this week. advisors founder and ceo and former toys "r" us ceo gerald st orch joins us now. the holiday shopping season seem s to start earlier. this year people are saying it might be good for holiday cheer. we've all been through so much but having said that there's a little concern that the grinch might steal christmas with this thing called a recession. reporter: i think the retailers are clearly worried and some of these recent actions kind of reek of desperation. target'sad this week talks about black friday deals this week and why are they doing this? they had a really tough first half of the year. there are mounds of unsold

inventory sitting in their back rooms. they are worried about the weakening consumer and impact of inflation as you mentioned and we have this giant election at the most inopportune time for retailers. it's obviously very important if they are focused and kind of go bananas on the election both before and after, right in the middle of the shopping season, so they kind of think maybe we can get people to shop now, and we'll have it in the bag before christmas but history says that might be a good move for the retailer who goes first so they all try to go first but really it just sloshes the pool around and it doesn't increase overall sales during the shopping season. you don't buy, you know, mommy two different sweaters just because the christmas season starts earlier. you don't buy joey an extra toy because you had an extra week to shop. jackie: but what about the consumers, gerald, that have been hit so hard by inflation that are just, you know, struggling to put some of the essentials on the table. we talked about how we saw strong summer. people were still traveling and it felt like it was the last

pandemic hurrah if you will but come labor day people would tighten their belts and the concern is that would impact the retailers as we go into the holiday season as people try to pay off credit card debt as they try to save some money which has been really difficult to do right now, and some just struggle to get the day-to-day items. >> i absolutely believe that's happening already. you're absolutely right. consumers are finding that they need all the money they have just to buy necessities, with the double-digit increase in the price of food, for example, so the growth is all in these must-have types of categories, and very little in the nice-to- have products like clothing which is normally a huge christmas item. electronics has been suffering, toys, we're going to see it's going to be a big test for toys usually pretty recession-proof but there's no doubt we're going to very difficult times. i'm usually as positive as anyone if not more positive usually as i believe in the american consumer. they have money they will spend

it. jackie: right. >> the problem is whatever money they have left is being stretched too far and they are running out. jackie: and that can be troubl ing, jerry storch, always great to see you and as this plays out we'll talk to you more about it. we'll have to get more data and see how the retailers are absorb ing all of this. coming up, an all-out assault on ukraine, russia's reigning missiles on kyiv. we'll have a live update on the ground after this. this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.

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bombardment earlier today. russian troops carrying out new strikes across ukraine with rockets hitting kyiv for the first time since june. trey yingst is in kharkiv. trey, what's the latest? reporter: jackie, good afternoon we are getting new reaction to the widespread russia tack on ukraine earlier today. u.n. secretary general antonio g utierrez saying "it is another unacceptable escalation of the war. ukraine is bracing for additional strikes after more than 75 missiles targeted major population centers like kyiv, lviv and at least 11 people were killed and dozens more injured. black plumes of smoke were seen rising from the city center of the ukrainian capitol after the attack began. while the russians say they were targeting military infrastructure, images from the ground tell a different story. a pedestrian bridge, playground and main street were damaged in the strikes prompting the mayor of kyiv to say this. >> if the were against this ,

putin needs ukraine without ukrainians, and putin attack a couple weeks ago, months ago, a couple of months ago, and he was targeting russians. reporter: the u.s. state department also weighed in tweet ing, "our hearts are with the people of ukraine on this awful day, glory to ukraine " much of ukraine is without power as critical infrastructure was hit during the initial wave of strikes. russian president vladimir putin spoke today about the attacks, saying they were in response to a bridge explosion over the weekend that damaged the only connection between russia and crimea. now as the country prepares and braces for more strikes this evening, ukrainian president zelenskyy is once again calling for more air defense systems to be delivered to his country. jackie? jackie: trey, thank you for that please stay safe. joining me now for reaction is rogue state project president harry kasianis. harry good to see you. you see the video we bumped in

with of the young lady, live footage of what's happening on the ground. the concern, of course is that this just continues to escalate. that vladimir putin's been backed into a corner. his position is that he's losing this war to ukraine, at the same time the ukrainians can't finish it off quickly and so as that goes on, you get this back and forth. first it's the bridge connecting russia to crimea, then he feels he needs to retaliate and the big question is, well how far does this have to go before it's over? >> well, it could end a nuclear war and that's not an exaggeration that's the truth vladimir putin is very dangerous when he has 6,400 nuclear war heads the largest nuclear arsenal on the planet and he's backed into a corner. the challenge is no side can re claim its victory unless we're willing to give ukraine $100 billion plus in u.s. military aid there's no way they are going to be able to kick every russian soldier out of ukraine. that's just not reality. at the same time, the russians don't have the capability to

take off big enough chunks of ukraine to claim any sort of victory so we are essentially at a stalemate here and what i think is that these escalations will continue and will get desperate and use nuclear weapons. jackie: we had general jack keane on earlier and we were discussing whether or not, you know, putin was just making a threat or whether he would consider going that far and the general seemed to believe it was a threat. that he would never do it because he would become a pariah , essentially, within the rest of the world, but having said that if he becomes desperate enough, it's hard to look at someone like vladimir putin and think he's just putting something out there to make an idle threat. >> i'll be honest a lot of people didn't think he would invade ukraine either and here we are almost eight months later i think putin is deadly serious. i think if he starts to feel that a crew could be hatched around him there is always those rumors that he's sick with cancer, or parkinson's, those have been out for a long time. i mean, never ever underestimate somebody who has nothing to lose

especially if putin thinks his life is at risk, and he feels the only way to maybe get the west or nato to back off a little bit be either to demonstrate a tactical nuclear weapon in the field or maybe use one against a low priority target to say i'm willing to use a lot more of these, back away. jackie: and then of course there's this issue of funding, right? ukraine started off on its heels it didn't have all the tools that it needs. it didn't have the weaponry that it needed. we were able to send that over, the soldiers were able to get trained on that and that's when the ukrainians became more aggressive and successful but it seems like every time vladimir putin ratchets up the stakes, and destroys more on the ground there, the ukrainians turn to us and say well you have to keep it coming or we can't keep doing this , and many people are questioning how long the funding should continue. president said he will do it as long as it takes. >> well, i'll be honest with you, joe biden is lying because we're literally taking out of

our own stockpiles from the pentagon and giving these weapons to ukraine. it's not like we have lockheed martin building new javelins instantaneously. we're literally taking them out of our own war fighters hands giving them to ukraine and for the short-term that isn't the wrong thing to do. i think we should be doing that but over the long term what the biden administration needs to do is to tell the american people what's their strategy towards ukraine? i mean, we have just this very basic, well, ukraine is going to win the war and that's the strategy but what is victory for ukraine look like? nobody has any sort of idea. the american people need to nowhere is joe biden heading with this? because i don't think anybody can answer that question and that's the truth. jackie: harry kazianis, thank you so much, sir good to see. >> thanks for having me. jackie: coming up the blame game. california accusing big oil companies of price gouging. that story, after this. ♪ so it's going to be forever, or it's going to go down in flames , you can tell me if it's

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but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-217-3217. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. jackie: california governor

gavin newsom calling for a wind fall tax on big oil as national gas prices surge for the 16th day in a row. kelly o'grady joins me now with more on this. hi, kelly. reporter: good afternoon, to you , jackie. yeah, i mean, of course people ink across nation are feeling that pain at the pump but nowhere near as much as in california. you can see the price today is 6.49 a gallon for regular and that's why california's governor is calling for an investigation into price gouging. now, he tweeted, i'm calling for a special session to address the greed of oil companies, gas prices are too high. time to enact a windfall profits tax directly on oil companies that are ripping you off at the pump. the idea be to tax profits above a certain amount and re distribute that money back to drivers with a gas rebate. the average ink across state today, 6.33 and that's still over 60% higher than the national average. now that session would begin december 5, conveniently after

the mid-terms. it's never a popular thing to raise taxes but republicans are pushing back on that price goug ing accusation, instead cit ing california's high regulatory fees for why it's so expensive. for context every time you fill up at the pump in california over 20% of the price comes from taxes and environmental fees and many oil industry executives warn a wind fall profits tax on top of that be detrimental telling fox business governor newsom has the ability to quickly lower gas prices by suspending gas taxes and his regulatory program costs , but he's deliberately chosen to make another policy decision to further increase costs on consumers through yet another tax on fuel. oil company valero also hitting back on price gouging accusation s pointing to the fact that oil prices are determined by supply and demand, not one particular company. i do want to highlight there have been previous investigation s into price goug ing. they have been thrown out because they haven't found anything, but jackie, it's important to admit that these oil companies they aren't racing to invest more, drill more, because california has made it

very clear that green energy is the future, not fossil fuels. jackie: right and that when opec + cuts production by 2 million-barrels a day and brings the supply down globally that's when the price goes up. i'm just wondering did you talk to any consumers? what the are they saying about this? they choose to live in california. >> [laughter] i know, i'm one of those , right we've had people come back and forth today as we're at the gas station and they are saying you're reporting on gas prices? they're too high so you can just feel that frustration, jackie. jackie: yeah but i guess the good weather is still too much of a draw so they will pay over $6 at the pump, kelly. >> true. jackie: stocks falling to start the week, we're going to have more "coast to coast" after this ♪ whose going to save the world tonight? whose going to bring you back tonight ♪

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yeah... ♪ kardia mobile card is available for just $99. get yours at kardia.com or amazon. jackie: welcome back. quick market check here 69 the dow actually turning positive now up 44 points while we're still watching the s&p 500 and the nasdaq indicating lower, trading lower, 37 points on the

nasdaq and six points on the s&p 500. we hit a session low on the dow during this show. it managed to claw its way back to turn into positive territory. we'll continue to keep an eye on that. meanwhile there is still a talk about potential role back on u.s. sanctions in venezuela allowing chevron to pump oil. joining me asymmetric ceo, former ambassador to the venezuela vanessa neumann. question here, oil supply, people say this is clearly what was intended by opec plus, keep the supply low, keep the price high. not necessarily anything personal against the united states. this is business, they want higher oil prices. others are saying it was kind of an intentional blow and bidens hands are tied behind his back and he is turning to venezuela. many people say you don't need

to do that. you can open the spigots here in the united states? >> well, what the issue is, thanks so much for having me on. jackie: sure. >> the issue is, colombia across the border always been a u.s. ally, looks at this, says why don't you deal with me? we have oil. you can buy more of our oil. that would be helpful. really the biden decision trying to negotiate directly with the maduro regime, indicted narcoterrorists regime to put it away from russia. looking like they're doing partnership with the summer of americas which is try to do business more in the western hemisphere in terms of supply chains and energy security which i'm all for, by the way because the western hemisphere is a secure region you don't have big threats of terrorism or the complexity of the middle east, however, basically political --

[inaudible]. look like he is doing something on the oil crisis, trying to pull venezuela away from the russian regime. this last has to do with the war in ukraine. to use that basically buy off of maduro because the regime change under trump, now under biden with juan guaido has failed basically. jackie: that actually is a very interesting point that you're making. i see the correlation there. it makes a lot of sense but some people will argue it is really difficult even in the midst of the chaos happening overseas right now to partner in some ways with venezuela especially this administration is pushing a green energy agenda. this is some of the dirtiest oil in the world perhaps? >> yes, it is the dirtyist oil but also remarkably easy to get. the problem you need tremendous amount of infrastructure and the chevron license doesn't give all of that. the chevron license gives them the ability to maintain their infrastructure and maintain their presence.

they will need another license and another procedure that will be collaterally bad, you know, which is under discussion to basically see if we can get, some other of those partners to build out the infrastructure. you need ports, services, lines and electricity. those are possibilities. but then you would alleviating the suffering of the venezuelan people but doing so by dealing with a human rights abuseing terrorist supporting regime. jackie: right. it comes -- >> really no good choices here. jackie: comes at very great cost to this country making that deal though i will say this, president biden has not committed to it, just in 15 seconds your thoughts when he might do so? >> well i don't know, i don't, i think you he will have to do so possibly after the midterms. jackie: i think so. >> big changes before the midterms will be hard. jackie: a great point, vanessa

neumann, thank you for calling in on the phone actually. see you soon. we're looking at the markets. it has been interesting, a wild ride on the dow. pretty much flat as we're seeing it here. we'll toss it over to our good friend charles payne to take us through the next hour to see what we get. still watching the nasdaq, s&p 500 trading lower. charles? charles: it's a struggle. thank you, jackie. i'm charles payne this is "making money." a shaky start starting to turn ugly. the fear and doom band wagon is filling up big time as people are losing confidence in the folks who are in charge of putting out this fire. adjustments for inflation and recession have wall street estimates in fry fall but many wonder are they still too high? gary kaltbaum, shah ghailani coming up on that. the fed will probably have to change course sooner than advertised. what will that mean for the dollar and stocks, commodities?

lynn