day yesterday. we appreciate and show our love for our mothers and of course i spent the day with my mom who i love so much. monica how did you celebrate mother's day? >> well my sister and i had a great day with our extraordinary mom, pat, whose beautiful inside and out and we took her out for a nice meal in new york city and had a beautiful day. mothers make the world go round, maria, right? maria: y yeah, they sure do. chris? >> we had a wonderful time beautiful day in new york, long island and then spent it in the backyard and a nice dinner together. maria: awesome markets are off the highs of the morning. again we heard there was some common agreement from staff on the debt negotiations tomorrow. clawback on spent covid-19 money , energy permitting reform and caps on future discretionary spending we'll see about that. "varney" & company has it now. stu take it away. stuart: we do indeed.

good morning, maria, good morning, everyone. on a monday we like to start with money because you want to see what the new week brings so okay here we go. let's start with the stock market, dow industrials up a little, nasdaq up a little, s&p up about 6 points. look a bipartisan group in congress has what it calls a frame work to avoid default on the debt. the president and the speaker will meet tomorrow to talk debt. some investors think all these developments are a positive. that's why you've got a little bit of glean left-hand side of the screen. interest rates i'll start with the 10 year treasury still below 3.5% 3.48 to be precise, the two year yield is going down it's just below 4%, but i'm interested in this. the one month treasury. way above a 5% yield, 5.52 to be precise. that's why money funds are paying so much you get 5.25% or abby: r 5% on a missouri bill. bitcoin back to 27,000 bucks per coin.

oil not much action looking at $ 70 per barrel and gas, very little changed. regular average is 3.53 gail long and that's exactly where it was one week ago. all right, politics. the border chief mayorkas takes a victory lap on the grounds after the lifting of title 42 border crossings declined. the president says the border situation is much better-than-expected but he will not visit the border. he doesn't want any disruption. he delivered a highly contentious commencement speech at howard university, that is a historically traditionally black school. he said "why supremacy is the most dangerous terrorist threat to the united states" on the same day an afghan terror suspect was arrested on the mexico-california border. florida governor desantis gave a speech in iowa, took a few indirect swipes at donald trump, and then when trump's iowa rally was canceled because of bad weather, desantis ran over to speak to the disappointed trump crowd. that's politics.

monday, may 15, 2023. "varney" & company is about to begin. to get ready, so get ready ♪ stuart: oh, the temptations. i was about to dismiss that. i don't think that i should do that, no. lauren: i said it was the supremes. stuart: oh, you did? i say this every monday morning. look at new york. that's sixth avenue. lauren: i know. stuart: can you believe that? couple years ago you couldn't get up that street. lauren: it was more desserted than usual today on my drive in. even fewer cars than few on the road. stuart: that means it's getting better it is monday morning and it looks like we have movement on the debt talks where we are going to start this morning. all right, lauren, what's this about a bipartisan frame

work not exactly a deal, but an approach? lauren: i'm reading this as the democrats are negotiating. they said they would, and it seems to be they are. the president says he's optimistic. we have what, two weeks until the x date of june 1. they had behind the scenes meetings over the weekend and the president plans to sit down with congressional leaders tomorrow. then head to japan for the g-7 on wednesday, a trip he might have to call off. so it's all -- stuart: might have to call it off? lauren: if they don't have an agreement on the debt ceiling there is a chance he postpones that trip to japan, 100%. stuart: slim chance. lauren: you think he goes no matter what? stuart: i would have thought so, yes. lauren: there appears to be bipartisan movement on clawing back unused covid money, that's low hanging fruit. permitting reform be a big deal and those are the conditions the republicans are demanding in exchange for raising the debt limit so yes, we do see some form of negotiation and treasury over the weekend expressed hope of a deal so we are optimistic this morning. stuart: and i think that's why you've got green on the stock

market this morning. i've got to tell you a couple of hours ago pre-market the dow was up well over 100 points it come down a bit from there but some positive out of the debt deal maybe. all right, president biden delivered a commencement speech at howard university this weekend. listen to what he had to say. roll it. >> stand up against the poison of white supremacy as i did in my inaugural address to single out as the most dangerous threat to our terror threat to our homeland is why supremacy. >> [applause] >> and i'm not saying this because i'm at a black hpcu stuart: gianna coldwell joins us now. you're just outside chicago. in a moment i know you'll tell us about the new mayor taking office in chicago today but first, tell me what you think of the president saying that why supremacy is the biggest terrorist threat to america. >> well, i've got to tell you,

"varney", so glad to be on with you, but white supremacy is is that a problem? sure but is it the biggest threat many folks are facing especially when you think about the fact that i'm outside of chicago where people on the south and west side of chicago and all over the city are dying at alarming rates, how violence has increased over 40% since last year, how there's inflation, how there's terrorists coming across the border? i would think that those are more legitimate threats to our society than what he's calling white supremacy. i don't know or am aware of what white supremacy is doing in these particular communities. i think the president is using these moments to channel the white people that racism is their biggest issue, when i don't believe that to be the biggest issue for black people. we have a lot of folks who are starving and dying at the hands of our own people. there's other considerations for us and we see this time and time again with democrats in these politics using racism as

their only message and them being the only to black people and i just don't buy it. i reject that from joe biden and some people may even consider him to be a perveyor of white supremacy if you want to use that kind of language based on the policies he's pushed. stuart: all right, we've got your opinion let's move on. listen to what the governor of florida, ron desantis, had to say about the election 2024. roll tape, please. we must reject the culture of losing that has infected our party in recent years. if we do that, if we make 2024 election a referendum on joe biden and his failures, and if we provide a positive alternative for future of this country, republicans will win across-the-board. if we do not do that, if we get distracted, if we focus the election on the past, or on other side issues, then i think the democrats are going to beat us again. stuart: gianno, that sounds like

an indirect swipe at donald trump. what do you say? >> i would disagree, stuart. that was a direct swipe at donald trump. ron desantis is unafraid to attack donald trump and we've seen that when he's referenced his covid policies and the decisions in which he's made which donald trump may not have made. him talking about he would have fired dr. fauci if he was the president, and let's be clear. i live in the state of florida. florida has been ran very well. i live in miami and i'm very very happy to be there and ron desantis and my personal view is the best governor in the united states of america. the question is can he legitimately beat trump? i don't know if the answer is yes to that, stuart. i don't know. i just don't know. stuart: well you are, right now, you're just outside of chicago and you have a close relationship to the city of chicago. mayor-elect brandon johnson is going to be sworn in today

replacing lori lightfoot as you know. at this moment i think you're in naperville just outside chicago. >> that's right. stuart: what are the people saying about the new mayor of chicago? >> well, stuart, i've gotta tell you. we're in naperville, right outside of chicago but there's a lot of chicagoans in the room today, people who travel from chicago that come to the diner to support our veterans who i would encourage anyone watching, come to this diner if you're ever in naperville and they support the veterans open by a veteran at the age of 76 a purple heart recipient. people in chicago that i spoke to in the diner are really concerned with brandon johnson's rhetoric on defunding the police in the past. they are concerned about his comments after the team takeover where hundreds to over a thousand teens came in to the downtown area and they rioted and some folks even got shot. people are concerned about what he's going to do with these major issues that impact the city of chicago. inflation, the pension issue,

crime being the number one issue in the most recent mayoral election in 21 years. this is the number one issue in 21 years. there's a lot of concerns, i know people have said give him a chance to see what he's going to do but the truth of the matter is we're hearing what you're going to do based on your rhetoric as mayor-elect so i'm concerned after my brother was murdered in the city of chicago about the violence issue. so many other families that are losing their lives day in and day out, and having a strong resilient voice on these issues is so important and i just don't see brandon johnson as being that particular voice at this time. so we'll wait and see but it doesn't look too good right now, stuart. i've got to be honest. it doesn't look good at all but we'll wait and see. stuart: we like your honesty, so you come back and see us again real soon. >> thank you, stuart appreciate you. stuart: see you later. now let's put the market in some context. we've got some green this morning. talk of a framework deal on the debt is encouraging the market but i want to talk about the retailers because they

are going to be reporting this week. the big retailers this week. jeff sica joining us today. jeff, first question. why do you think that walmart is going to look good and target is not going to look good? >> well, stewart, first let me say a lot of times in the previous quarters, i didn't care about retail earnings as much as i do now, because now , you have the backdrop of these earnings are the consumer and the consumer has been annihilated. moreso than in the past 40 years , so now, you have the two titans, walmart, target, and what this really is, this is not a battle against walmart and target per se. it's a battle against consumer's wants and consumers needs, and walmart is much more of a retailer geared towards meeting the necessities of consumers, so food, what people need to survive day-to-day, whereas target is much more of the discretionary spending, the

electronics. the things that people don't necessarily need, so we're going to determine whether people are putting off those purchases in favor of just survival. stuart: the call is the all- important thing isn't it what walmart says on the wall, looking forward as opposed to the earnings looking past. you think that walmart's looking forward will be positive and target not so much? >> yes. one thing walmart is doing very very well is they are executing on their online platform extremely well. people are going to walmart to find better prices that they're not necessarily getting at other places on the internet so i think they are going to deliver good earnings. i think they are going to also show that when walmart has good earnings, they're one of these stocks that i look to, to be invested in when the economy is not doing well as opposed to the stocks that do better when the economy is doing well. stuart: interesting. got it.

jeff, thanks very much for coming in so early on a monday morning. always appreciate it, sir, thank you very much. now listen to this one. an engaged couple have 30 hotel rooms booked for their wedding in orange county, new york. the hotel abruptly canceled them all. they need to make room for illegal immigrants from new york city. what a story and we've got it. president biden said the situation said border is going "much better than everyone expected." watch this. >> how do you think things are going at the border, sir? >> much better than you all expected. stuart: well texas congressman chip roy is really fired up about the president's response. chip roy is next.

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stuart: all right take a look at this video. it shows severe overcrowding inside a border patrol facility on friday. we're talking border here. matt finn right now is in el paso, texas and joins us. these facilities are packed. we can see that, matt. are all those folks packed in there, they're going to be released into america, real soon reporter: a large number of them will be or probably already have been, stu, because the city of el paso this morning reports it has released -- for this calendar year and right now behind me you could see some migrants sleeping on the ground here. they have been for the past couple of days. also sheltering in a dirty allie way, and i've been communicating with these migrants and they tell me they have plans to get to other states including colorado, florida, and new york, and this comes as some overwhelmed

cities like chicago have already declared an emergency over the migrants arriving there. here in texas, governor greg abbott spent another bus load of migrants from this state to the naval observatory in washington d.c. yesterday not far from the vice president's home. governor abbott will continue sending migrants to cities like d.c., chicago and new york and last week before title 42 ended we saw a record 10,000-plus migrants per-day on monday, tuesday, and wednesday but now as we enter a fresh week after title 42 expired, border patrol sources tell fox news that migrant encounters have drastically plunged. the homeland security secretary mayorkas says the numbers have dropped 50% and while migrant encounters might have dropped there are still tens of thousands if not hundreds of thousands of migrants who just crossed and are now basically in limbo. we're talking to some of them and there overwhelming resources in border towns like el paso and when i talk to them, they tell me they are starving, they don't have a dollar to get to their next location in the united

states. president biden who visited the border only one-time while in office criticized the media yesterday and says he does not plan to come back. >> how do you think things are going at the border, sir? >> better better than you all expected. [laughter] >> do you have any plans to visit the border? >> no. pardon me? >> do you have any plans to visit the border? >> not in the near term, no, it would just be disruptive. not anything else. reporter: and i want to briefly show you this court document here for a migrant i spoke to. she was asked to appear in june of 2026. three years from now. i talked with that migrant here on the streets in el paso. she showed her release documents and she's asked to appear in newark, new jersey and i have asked how she plans to get all the way across the country and she plans on using a humanitarian flight and she will remain in this country for the next three years before she stands in front of a judge.

stuart: got it matt flynn thank you very much indeed. i want to bring in texas congressman chip roy. congressman, the president says "the situation" is better-than-expected. mayorkas says just about the same thing. what do you say? >> well the president and the secretary are lying as they always do and doing so at direct negative consequences for the american people and texans in particular. the only reason you don't have complete chaos at the border is because texas is standing in the gap. texas dps are the ones silting at the border are razor wire turning people away from those parts of the border and that's causing folks to go to the ports of entry so you have some amount of management and control at the border but what you actually have happening right now is they are managing the crisis. they aren't stopping it. they are managing the flow. they aren't ending it. they are ignoring the law and in fact we have a federal judge in florida thinks the strong work of governor desantis and the a. g. in florida a federal judge said you can't release people under parole yet that's exactly what the administration is doing and by the way on the

one app causing migrants to be able to come in and essentially just be released into the country. it's enter and release as my friend mark morgan coined it. the fact is they are purposely processing people. you saw the forms that were just presented right there with court dates in 2027 and 2028 which is absurd and they are releasing people into the united states with no notice to appear at all. they are encouraging the chaos. they are encouraging more flow. the fact that you are still at 6,000 a day. remember jeh johnson said a thousand a week was a crisis. they are ignoring it. they don't care. these are impeachable offenses, by the secretary of homeland security and by the president of the united states, and that house judiciary committee should impeach mayorkas and we should move immediately to do it. stuart: congressman, look. i'm sorry i'm keeping this short but it's a huge story and i've got a couple all angles on it but we really appreciate you getting up so early in the morning to be with us today. congressman chip roy from texas. thank you, sir appreciate it.

>> thanks, stuart. stuart: yes, sir. aaron rogers now he's a football , a quarterback. he's calling out senator dianne feinstein over her stock trade. i find that interesting. a football guy takes issue with a senator over washington stock trades. what's it all about? lauren: well the senators net worth is $200 million, and i think that just doesn't sit well with a lot of people including football players, so unusual has broke down some of her trades and they found that she bought millions of meyers biotech before the company was awarded a government contract and sold alogene therapeutics right before the pandemic crashed so aaron rogers best friend and former teammate david batierres, another football player says on twitter, how are we cool with this , people? this is cheating in broad daylight. look, dianne feinstein was clear ed. her late husband was cleared in these trades. there was an investigation.

they say investment advisors made all the trades, and they disclosed them. stuart: there's nothing illegal? lauren: nothing illegal. stuart: but the future, it may be illegal. lauren: correct. and it just smells fishy to a lot of people. stuart: it does indeed. look at the screen a little bit of green on the left-hand side. the market opens in six and a half minutes and we're going to take you there. the opening bell is next. ♪ the chase ink business premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder -

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stuart: let me say this. i think it's a modest rally at the opening bell this monday morning on wall street. i'll leave it at that dow is up about 20. keith fitz-gerald is with us this morning. all right, keith, like everybody else you're watching the retailers this week. they report. who do you think is going to emerge this week as the retailer with the best future. walmart, target, home depot. who you got? >> definitely walmart and here is why. i think that the composition and this is what i'm looking to the numbers for , stuart. if the composition shows that consumers are beginning to shift

back from the essentials to the discretionary items then walmart is naturally going to blossom particularly as they go online, compete head-to-head against amazon. that's good tort stock. stuart: you're spending more on food because you've got food price inflation, so you spend more at walmart rather than target or home depot. is it as simple as that? >> it is, because even the wealthy, stuart, have found it easier to go down-market than to go across-market so we're substitute, so that's why we've seen the growth in name brands, house brands, doesn't matter whether we're talking walmart, safeway, kroger, any of the big grocery chains. the consumer buying behavior is the same and it's important and valuable. stuart: so if we're looking at an economic slowdown in the future, and a lot of people predict that, walmart, would that be a good stock to own to carry you through this period? >> i believe it would, particularly if you parity with another one of my favorites that we've talked about, costco, which i have full disclosure, i do own. stuart: costco. now what's so special about costco other than i love it and

shop there frequently. >> me too, but same thing here is the consumer dynamic. everybody in this country, for the world for that matter, has got to make every dollar go farther. both of those stores mirror that particularly as the supply chain fixing itself as the economy moves forward, that's not going to change recession or not. stuart: one little side bar here i've got the one month treasury bill paying 5.74% this morning. anything wrong with that? >> no, other than the fact that the fed is messed up, yet again, and already caused the next three crisis. we're probably pretty good at five-something percent. i think they are done raising for the year and i think it's going to be tough to go from here. the data is beginning to show inflation is moderating. stuart: okay i'm sorry about that i've got the yield wrong it's 5.5% on the one month. still pretty good i would say. keith? >> yes it is. stuart: we'll be watching walmart. see you later. thanks a lot. >> [opening bell ringing] stuart: the market is now open. we're expecting a little bit of green on the big board. the market is open.

we're up what 28, 29, 30 points that's it. we've got more than half of the dow 30 on the upside leading the buying them so it's more than half up, less than half down. i'm getting my tongue tied on a monday morning. the s&p 500 is up just a fraction. the nasdaq composite is also up just a fraction. that's all you've got there, and let me show you big tech. all of them doing well except microsoft and alphabet which are down fractionally. alphabet is down just a buck so far. now, i believe there is news on meta and google and fortunately, susan is here to cover them. >> i'll tell you why alphabets down because you have an interesting counter trade being recommended this morning by loop capital so they are upgrading meta to a buy, downgrading alphabet, google to a hold. so they say that meta could rally another 35% from here. remember it's almost double up 100% so far this year in five months but loop says that meta is worth 320 in their view

because of the cost cutting and recovery along with the short form videos on instagram called reels driving usage and meta will benefit from ai tools to advertise more on the platform. now they downgraded google parent alphabet worth 125 in their view because it's over- hyping over-selling artificial intelligence. they say the risk to google's search dominance isn't just microsoft but really all ai chat bots in general which will help users search the internet better without having to go through google but do you think it's in reaction to stu "varney" picking up google on friday? maybe they thought oh! that's an inflection point right there. stuart: that's exactly right. "varney" has bought it let's sell it. >> google is up 30% this year the highest since august. stuart: i bought it when it was up 30% but let's not dwell on the negatives here. elon musk, now i know he's meeting in france with president macron. what's this all about? unionization? >> i think it's about electric

battery, the electric battery push because you know macron wants to make france a battery production hub and also related battery materials so maybe some lithium on there. i doubt it but musk, he's also busy meeting with samsung, did you see that picture circulating on social media? so he was meeting with samsung on automated self-driving car technology in the future. i thought that was an interesting point. he has more time on his hands as you know to focus on tesla, finding a new twitter ceo last week. tesla is up almost 50% this year and over the weekend you heard billionaire george soros is now sold out of his tesla stake and cut his rivian holdings by 75% but he only bought these options last year. also big news general motors recalling over 1 million cars mostly suv's on exploding airbag concerns from the years 2014- 2017. stuart: when you use the word

exploding airbags is kind of dramatic isn't it? shake shack i believe an activist investor forgive the pun is shaking things up. >> did you write that? stuart: no i did not. >> well you delivered it well. the investor owns around 6.6% in the $2.8 billion burger chain and they want three board seats, cost cutting and more drive-thru s to increase sales and a change to the super-voting rights which give founders like danny meyer voting control despite the fact that they don't own more than 50% of the shares, and shake shack, look you're down 50% from 2021 highs and activism i will tell you very popular this year especially with interest rates high so it's hard to find capital in order to fend off these activists and you've had a depressing 2022 stock market and when prices are low it makes it easier to shake out changes. stuart: i know that amazon wants to get packages delivered faster what's the plan? >> so artificial intelligence. stuart: of course. >> yeah, so more robots coming in will get your stuff delivered

faster according to the new process changes at amazon so the biggest e-commerce giant in the u.s. uses artificial intelligence, but what they are going to do is help analyze data , and patterns in order to predict what products will be in demand and where so if a product is closer to customers amazon will be able to make the same day or next day deliveries. do you understand? so if it's closer to stu "varney", you need that toasty, it'll recommend that to you and and and deliver it faster and the stock is up about 30% this year up on this possible new ai news because once you mention ai everything goes up but cloud is a big concern since you know that it could dip below 11%, 10% growth rates and we've been accustomed to 30-40% with a ws lead. stuart: okay i believe there are two huge deals gold and pipeline >> let's start with pipeline this is one of the largest if not the biggest natural gas pipeline deal in america so one

okay is purchasing magellan for $14 bill ion and there's a premium in that stock price also what does it say about natural resources right? with these higher gas prices and oil prices? and the second one is a gold deal and we knew that newmont was buying newcrest for $17.5 billion so that's confirmed. stuart: newcrest is an australian company, that's right? >> that's right. global commodities. stuart: see you in a couple hours. check that big board in business for all of five and a half minutes and we're down about 70 points as we speak. are there any winners on the dow list of the 30 stocks? let's have a look. yeah, there are some of course. salesforce, american express, apple, intel, chevron, all on the upside. the s&p 500, winners western digital, charles schwab, nrg, tapestry is on there that was the coach people, democratic luxury. >> that's fashion.

stuart: net ease baidu micron jd , amazon on the list of nasdaq winners. all right more markets to check for you. the 10 year treasury yield right at 3.5%. the price of gold just over 2,000 bucks an ounce, 2,022. bitcoin right there at $27,000 a coin and oil, $70.63 is where we're at. natural gas went up this morning 4% nice gain. i don't know why. the average price for a gallon of regular is 3.53 exactly where it was one week ago. california, you lucky people you're paying 4.79 and coming up , there's a new public school trend picking up steam. it includes four day weeks, no homework, and no more letter grading. that's all in the name of equity a former, this is a great one. a former aid to aoc is now heading the new york state communist party, but the aid's father is a cuban american who

escaped communism. you know that expression? you can't make this up? well you really cannot make this up, now, can you? ♪ (psst psst) ahhhh...

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lithium producer for the growing electric vehicle market. nevada's lithium is the key to america's green future. century lithium stuart: president biden meets with gop leaders tomorrow for debt talks. edward lawrence at the white house for us. now, we're talking, we are hear ing talk about a bipartisan framework deal on the debt. what have you got on that? reporter: right and so far we're seeing some constructive mood, out of the white house, saying that things are moving forward. in fact white house economic advisors are calling meetings over the weekend constructive. very constructive, and serious. >> so our expectation is that

congress will do whatever is necessary even as we continue to have parallel discussions on the budget which is a normal thing that congress needs to do every year. reporter: so, the white house is trying to say it's negotiating not over the debt ceiling, rather over the budget but clearly "the talks" are happening at the same time so as the government is about two weeks away from possibly hitting the debt ceiling the president opened the door to clawing back unused covid funding in his speech last week. there also might be agreement on limiting the growth of spending going forward and for the president though, the red line is touching anything related to the inflation reduction act. he wants to make sure all the climate change proposals as well as the expansion of the irs does happen. republicans say though there's a little bit extra money that could be clawed back. listen. >> the unspent covid funds should be a no-brainer. the covid finally even this administration has admitted that it's over so those funds should come back. one of the things i would have

hoped to see on the table be the unspent and unallocated debt relief funds if you will. the student loan debt relief that biden has provided that is unconstitutional. reporter: so staff is meeting again today. they are going to meet tomorrow. the president we're tracking a meeting between the president and congressional leadership set for tuesday before the president leaves for the g-7. the president has said over the weekend he has a desire to have an agreement and he believes it will happen. stu? stuart: got it. edward, thank you very much indeed. stephen moore is with me now. all right, steve. bear with me. call me crazy if you wish but i'm going to sort with something a little unusual. a former aid to congresswoman alexandria ocasio-cortez now heads up the new york state communist party. this aid tweeted "the path to communism will be unkind to those who block progress." i thought this was right up your street, steve. i just thought this was something that you'd like to talk about today.

so what do you got? >> well, first of all, stuart, good to be with you. who calls themselves a communist anymore? stuart: right? >> that's so mid-20th century isn't it? when i go around the country and give lectures on college campuses it's so interesting. i talk about benefits and the virtues of our free enterprise system, and the dangers of moving towards socialism, communism, bidenism, whatever you want to call them they are all the same, and it's so interesting to me, stuart, that the people come up to me afterward. the kids who come up to me are the people who immigrated from former communist countries who say you know, what's with you americans? i came to this country to getaway from communism and now you've got communists here in the united states. it is a dangerous trend in america, to the left by the democratic party, and probably going got an alliance between the democratic and communist party. stuart: same thing to me. i'm a refugee from the socialism of great britain in the 1970s.

you have to get out. it was just an awful system. anyway, i digress. >> stuart, you know what? i've got a solution to this and i always say this. look, if these folks like aoc and her aids and others think that communism is so great why don't we provide them a one way ticket to venezuela or havana or north korea, spend a couple weeks there and see how they like it. stuart: or give them the book " animal form" by george or well , and i also gave my kids the road to surfdom. you give them those books and you can sort things out. >> don't forget milton friedman's capital ism and freedom written in the 50s but it could have been written today. stuart: yes. i'm using a lot of time up here so bear with me, steve. you've got this op-ed and it reads "the green movement is a jobs killer, are unions finally figuring this out"? and i guess the answer is yes,

they are figuring it out. tell me more, steve. >> some of them are. there was a big story that you guys reported on fox business last week which inspired me to write this piece about how the united auto workers are withholding their endorsement of joe biden. why? because this green energy push is causing loss of union jobs, and i want to, because i know you've got a lot of union workers who watch this show and i want to warn them that, you know, this radical green agenda is an agenda to de-industrialize america so how could people for example, who are pipeline members of a pipeline union vote democratic or how could coal miners or other miners vote for democrats or same thing with auto workers so the point is this green agenda really is anti-union, it's anti-jobs, and it will lead to a lot of people losing their jobs, so hooray to some of the unions for finally

recognizing that the green new deal is coming after blue collar union jobs. stuart: got it. glad we got it all in. steve thanks very much for joining us. almost called you steve forbes. stephen moore, thanks for being with us. >> steve forbes my best friend so that's a complement. stuart: he's on the show later so that's all good. thanks, steve. we're less than two weeks from the official start of summer. lauren is back. any trends in summer travel you can see now? lauren: shorter trips, cheaper trips so bank rate.com says 63% of includes is more than last year will travel this summer, and since we are still dealing with inflation, we've made some adjustments to the itinerary. 26% say we're going to drive over fly up 10 points from last year and we're looking for cheaper lodging and for shorter stays, just to save money, to get by. the other thing to note and i've noticed this big time. if want to use your airline miles or hotel points inflation hit them too. you need so many more to cover

your itinerary. it's nearly impossible for a family to fly somewhere on miles stuart: you're right. lauren thanks. check out this headline. here we go. the greatest wealth transfer in history is here. we're familiar and in parenthesis, "rich" winners. that's in the new york times. the bible of the left laying the groundwork for the seizure of your money. that's my take and it's coming up top "next hour. congress inching closer toward the regulation of artificial intelligence but what exactly would these new rules look like? a report on that next. ♪

stuart: congress is taking what's being called a critical first step towards artificial intelligence regulation. grady trimble on capitol hill. do we have any idea what form any new rules might take? reporter: not yet, stu. lawmakers have been trying to

get up to speed on artificial intelligence and tomorrow's congressional hearing will be an important as you said first step in that process. for the first time ever, sam alt man will be here testifying before congress. he, of course, is the ceo of open.ai, behind chatgpt. lawmakers on the senate judiciary subcommittee on privacy, technology, and the law will question him along with an ibm executive and nyu professor gary marcus. notably one of the people who signed that letter calling for a six-month pause on some ai development. businesses are bracing for the rise of ai and looking to see what congress might do to regulate it, because they think this technology will be absolutely transformative. >> the reason we talk about these huge technological trends is every once in a while, once every generation or so, there is a revolution and technology changes everything and that is artificial intelligence. it'll be as profound as the

internet. maybe significantly greater. it's going to affect everything. reporter: the chair of the subcommittee senator richard blumenthal says ai " urgently needs rules and safeguards to address its promise and pitfalls" while the top republican senator josh hawley isn't calling so directly for regulations. he says artificial intelligence will be transformative in ways we can't even imagine for implications for americans elections, jobs and security. this hearing marks a critical first step towards understanding what congress should do and while we wait for congress to do something, stu, we do know that our adversaries like china are working fast, full speed ahead on not just regulation of ai but also developing it. stu? stuart: it looks like baby steps all right, thanks very much grady. still on just on this show steve forbes on the deep, deep trouble that new york city finds itself in. orange county executive stephen newhouse, how will be keep

migrants out of his county. kt mcfarland on the upcoming spring offensive in ukraine. could they win? but first, may is asian-american native hawaiian and pacific islander heritage month and today we're taking a look at ann amae wong, considered the first chinese american movie star. roll tape. >> annamae wong was the first asian-american movie star appearing in classics like the thief of baghdad and shanghai express. born in los angeles in 1905 wong grew up working at her family laundromat and began acting at 14 and in 1922 landed her first lead role in a sigh landfill am "the toll of the sea " and went on to become the first asian american to lead a u.s. tv show. wong, whose family was from china, also raised money for

chinese refugees during world war ii. she died in 1961. wong continues to be honored for breaking barriers in film. in 2022 she became the first asian-american on u.s. currency. this month she's being honored by mattel with her very own annamae wong barbie. america together celebrating annamae wong. . . this small thing is the next big thing. the all new dexcom g7

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