everyone's financial goals forward. pnc bank. stuart: which state is the world's shortest river? those are the four states to choose from. ashley, what have you got? >> the only one i live h lived in montana. it is beautiful, quirky enough, go with 2, montana. stuart: go with west virginia. you got it right. montana, the river is 201 feet long. crazy stuff. "friday feedback," send in your questions varneyviewers.com. time's up for me. "coast to coast" starts now. neil: there is something going on the debt ceiling, enough that both sides are expressing optimism. that could be a good sign or a bad sign. welcome, everybody, i'm

neil cavuto. janet yellen meeting with bankers to discuss what is at stake with obviously at the brink point for the united states. let's go to grady trimble where we stand right now. hey, grady. >> reporter: hi, neil. the treasury secretary has been calling bank and business executives for weeks underscoring the importance of raising the debt ceiling. today she will do the same thing, this time in person. secretary yellen is expected to stop by the bank policy institute's annual meeting, a greeterring of some of the most influential bank executives in the country. in the room today we can confirm jpmorgan's jamie dimon, citigroup's jane frazier, bank of america's brian moynihan. chuck schumer urged them to press gop lawmakers to reach a debt ceiling deal. we caught up with dimon after that meeting.

what would it do with the banking system? >> actual default would be a disaster. everyone, this has been consistently over and over. just repeating it. >> reporter: so are you optimistic about a deal? >> let them worry about that. >> reporter: we don't know exactly what secretary yellen is going to say today but sheer is what she told a roomful of bankers earlier in the week about the consequences of a default. >> council economic advisors has simulate the impact of a protracted default. it finds that it could lead to a downturn as severe as the great recession. >> reporter: we also expect the treasury secretary to bring up the recent bank failures, but with the clock ticking, the debt ceiling, figuring out a way to raise it is the top priority. so she and the white house is pulling out all the stops, neil, to try to pressure lawmakers into a deal. neil? neil: grady is jamie dimon always so warm and fuzzy or does

he save that for when he sees you? >> reporter: i have to -- neil: you were asking legitimately great questions, he was like away, pon away. >> reporter: he was not pleased to see the gaggle of reporters waiting for him. first thing he said to us don't you have something better to do? i reminded him, neil, our job to wait for people like him. neil: great job, grady. do not be disappointed. that exactly what you should be doing. jerry siegel joins us right now, penn wharton professor, talk about genius. maybe he makes sense what is going on. professor, everyone seems betting a deal could be had. if you don't mind, i don't want the opposite to be the case. if we don't get one, significantly delayed, that could have obviously enormous repercussions. what are your big worries on that front? >> first of all i absolutely

think a deal will be made but if a deal is not made, there is a strong possibility that they could prioritize payment of interest on the debt so there wouldn't be a default. they would take it from some other pot where you know, people wouldn't scream as loudly. so, and my feeling is that if worse comes to worse, a deal isn't made, they will find a way, well we'll pay the interest on the debt, we'll just defer some allocation to some government agency or payment one way or the other so that there wouldn't be a default. a default would be a total disaster but i absolutely do not think that will happen. neil: again the most likely default, the biggest worry when it comes to default, we talk about delayed payments, social security recipients, medicare recipients, et cetera, not making interest on a payment

that would do it? >> that would be the worst. the screams on social security and would be second loudest. medicare, well that mostly goes to the doctors. neil: true. >> those screams will come too. neil: screaming doctors, we'll see what happens. professor, let's step back. there is also a possibility we do get a deal but like, in 2011 there is hell to pay for that because our debt is downgraded all the same, what do you think of that? >> well, we did get downgraded. i criticized that. believe it or not afterwards it seems like the demand for government debt went up because interest rates went down. the government will always pay, always can pay. remember government debt only promises you to pay dollars. that is all the promise is. so many dollars. it doesn't promise you how of those dollars are going to be worth. so -- neil: well-put. >> we have banana republics that

pay their debt and depreciate their currency or hyper inflate. that is not going to happen in the u.s. but it isn't a default as long as dollars are paid. so we have the ability no matter what to pay in dollars. neil: interesting. you know, i'm wondering though, a lot of lenders have been tightening credit conditions, maybe post some of the problems that at these smaller regional banks. maybe it is the simple fact a lot of the big banks have to pay for that. they're going to bear the cost of more fdic insurance and the rest. what do you think of the state of banking right now? >> well i do think that you're having a tightening of lending standards at small, medium-sized banks i think it will hurt the small and medium-sized businesses, not the big businesses. if you have lending with jpmorgan or one of the big banks you're still going to get your

funds. i'm worry about the ma and pa stores use a community bank, use a small bank, i'm sorry, you don't pass through the standards. that's where i think you know the economy can be hurt down the road. neil: professor, if you bumped into jamie dimon, of jpmorgan chase, he doesn't like to talk to the press, certainly event outside, but what would you ask him? >> you know, i respect jamie dimon. he make as million pronouncements on macro. i sometimes roll my eyes, does he really know what he is saying about macro? yeah, look at, i do think his bank is sound and i think big banks are all sound and, i think the fed has just been so tight and inexcusable for not looking at what would happen to the small and medium size banks that did not insulate themselves, maybe they should have but there was no supervision as we saw in

the barr report. neil: you're right. >> they stress tested the assets of these banks to a 2% interest rate. well, fed has gone almost three times as much. this is, it is craziness about you know, what are the banks, seems like the fed wants to destroy the small and mid-sized bank and help the big bank. neil: yeah. >> yeah, maybe jamie dimon would like that. i mean the big banks have gotten deposits at the cost of the small banks. neil: wow. i thought, jamie dimon was dismissive with grady trimble because he asked legitimate question with you, he would be running away. you're terrific, jeremy. thank you very much. i appreciate it. neil: thank you, neil. neil: jeremy siegel on all of that. edward lawrence right now what the president is doing, half a world away in hiroshima, japan, for the big g7 summit. he is obviously aware what is going on back home. he is aware of what is going on with china, he close to china

right now. what's the latest, edward. >> reporter: good morning from hiroshima, japan. the latest we're expecting a new round of sanction package to be released against russia for the invasion of ukraine. i can tell you i've been told it will close loopholes, that the russians have been using to get around the current sanctions. president joe biden has already met face-to-face with the japanese prime minister kashida here in japan. the two talked about the u.s. japanese alliance going forward and the willingness to use the full deterrents of the united states measures to help japan. world leaders committed to boost the economic cooperation which includes japanese help on quantum computing and artificial intelligence. they also addressed the coercive behavior of china. republicans claim this president has not been effective in pushing back against bad actors. >> while i'm hopeful this turns out well he can try in some way not embarass us on the world side as he has done with the

afghan botched withdrawal. i'm not hopeful he will stand his ground being dominant force to hold our at versaris accountable such as china and rush that. >> reporter: nec spokesperson john kirby pushing back arguing that the president will push back against president xi. listen to this. >> he has not been shy one bit laying bare his concerns about crp activities, whether in the security realm or the economic realm. you will continue to hear him do that. >> why haven't we had the phone call since the balloon incident? >> he wants to keep the lines of communication open. we talked about this before we left d.c. there will be another discussion with president xi at the appropriate time. they will certainly be another meeting at the appropriate time with president xi. >> reporter: and kirby did tell me there is no movement as of yet for a phone call or a meeting. one more point, neil, the chinese embassy in japan released a very harsh statement saying they are gravely

concerned about the anti-china rhetoric coming out of the g7 going forward saying they need to stop hyping up, hyping, the china threat. back to you. neil: thank you, my friend. have a safe trip there, edward lawrence in hiroshima japan. rob spalding back with us, love having ron on, air force general, author of war rules for all. rob, good to have you. if you don't mind i want to look at china in a different light, in middle of all the bad-mouthing, the fevers it is being targeted at the g7 summit, it could pull a rabbit out of its hat in ukraine. a representative there trying to broker a peace deal, hypothetical, it might be, general, what if china succeeds. what if they do come up with something that ends the war, all bets would be off, wouldn't they? >> i don't think all bets would be off. i do think it would be a positive if we could prevent that war from continuing.

my concern as i stated before is that putin gets pushed into a corner. in which case he could potentially use nuclear weapons. i don't think it's bad thing that the chinese are involved. i also don't think the chinese will continue what they're doing. intel, tmsc, samsung meeting ahead of the g7 indicates there are other issues going on with the u.s. china relationship. neil: when it comes to china, as far as i could see, general, they seem to be, the country seems to be the only entity that could get russia to do something. the question what would china like to see russia do? >> well i think what they're trying to do prevent this situation. i think they're as concerned about it as i am stating and that is they don't want it, they don't want to put putin in a place where he thinks he has to be backed into a corner to potentially use nuclear weapons. i think they see an incentive

ratcheting down tensions. i don't think there is a resolution here in the long term because putin is not going to leave ukraine and the ukrainians are not going to be happy the fact he is still there. we'll have basically north korea, south korea situation going on between ukraine and russia. now if china's a part of you know allowing us to get to armistice, sees cease-fire, great, that is exactly what we need. it doesn't change the fact at some point they are going to invade taiwan. not like everything is going to go away. i think it's overall good thing if they can get to an armistice or cease-fire. neil: when you're making money with other countries the last thing you want to do is spoil that or ruin that. i always held, economic numbers nerd here in the back of my mind that would give china pause. sees how russia would be alienated. why would it be so bellicose, now is not the time to be

bellicose unless, unless, they're fully confident they can live with without the rest of the world and their business and go gung-ho becoming a military superpower. your thoughts? >> if you read ambassador morgantheau memoirs, he was ambassador to turkey during the first world war and the german ambassador came to him and told him, hey, right prior to the start of the war we met with bankers and all the generals, and the kaiser decided basically to go to war at that point. within two weeks bankers liquidated all positions in the western markets. china has been doing that already. they have already been working with the belt and road initiatives. they bought in bankers last year to begin to unwind themselves so sanctions won't be -- they have been doing essentially ambassador morganthau was doing prior to the start of world war i. this is happening now. we just are distracted, don't really understand that history

is replaying itself. neil: that's wild. that is an interesting perspective. hope in that case you're wrong, that history is not repeating itself here but we'll watch closely. rob spalding, very good seeing you again, thank you. >> thank you. neil: all right the big money show folks will look at this issue of debt and how it affects not only what we're doing in this country, what is happening across a lot of countries. a lot of folks are in debt, serious debt. we have a trillion dollars of it among american consumers. they're eggexploring that. america in debt coming up after the show. they have a studio audience and mike rowe with them. that is one thank that unites the world, we are all big-time owing. stay with us. ♪.

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creating jobs, fighting for justice. neil: like me no more in the state of montana. tiktok is gone. the governor deciding on first one in this country. others could be followed. tiktok can be banned. can't use it, see it, better not try to load it. wyoming senator joins us right now, cynthia lummis joins us on the significance of this. senator, great to have you. where are you on the whole tiktok thing, ban them, punish them, ratchet them down to size, what? >> as you know i'm a big advocate of states rights. i want to compliment governor giantforte of montana for working with his legislature to be among the first states to ban tiktok. i had previously taken a wait-and-see attitude but as you know, neil, there has been a lawsuit filed in san francisco this week by a former executive that says that the chinese communist party has a place at

the table at the parent company of tiktok. that they are harvesting information from u.s. tiktok users. i think this is really dangerous. the ccp is a propaganda machine and tear growing influence around the world makes sitting we need to take a pause on. so i support governor giantforte's actions. neil: all right. talking about the chinese communist party. you're right. there is a lot of thoughts that the chinese government is sort of pulling strings, at least the parent company is through the chinese government. we'll see if other states follow through on that. if i could pivot a little bit, senator, get your thoughts on the debt negotiations, how you think they're going? >> well it seems like they're going at a snail's pace. i assume that is because once a deal is arrived at, we will be up against a hard stop on the debt ceiling and whatever

agreement that the president and speaker come to will have to be jammed through congress very quickly. i'm hopeful that they will keep the rains act on the table which is something that prevents very high dollar executive branch decrees from taking effect without congressional oversight. i'm also hoping that they will keep some of the egregious permitting obstacles around the country on the table. definitely, i want them to keep the 2022 spending levels as part of this discussion. neil, seven out of the last 10 debt ceiling deals have included some reforms. this one needs to as well. neil: all right. so we'll see what happens on that front. we're also learning that a lot is going on in your party, the presidential contest, preparing for 2024. we're told that ron desantis as soon as next week could announce his presidential run.

you're quite the supporter of is. is that still the case? >> although i'm not going to endorse in this race. neil: okay. >> i'm very much look, in the primary. i'm very much, looking forward to seeing ron desantis enter the race because he brings executive experience. he brings the experience of working with one of our largest states and its legislature to address issues that the american people care about. freedom during covid, parental rights in education, and because he is just so laser-focused on issues that matter to the american people. i think his involvement in this race is going to be significant. he and i were friends in the u.s. house before he became governor. we continue to be friends. i'm, i think he is just going to bring so much to the table in this republican primary. neil: donald trump doesn't seem to flip over him.

has a nickname for him, ron desanctimonious, i don't know what that means. it will be nasty. what do you think of that? >> yes. well, ron desantis is not sanctimonious. he is just a dedicated, solid leader. one of the things that people have said about ron he is not very flashy. donald trump is. neil: donald trump says so far he need a personality transplant. as far as i know that is impossible to get. i've been looking for one myself, but your thoughts? >> everybody next to donald trump looks pretty dull and boring. i think we're ready for a dose of dull, boring responsible, careful, considered leadership. and so i'm ready for boring. neil: all right. i built a career on it, senator so we'll see what happens. always good chatting with you. i was ping-ponging there, i want to talk a lot about major news

making developments. cynthia whom miss, wyoming, republican senator there, ahead of what could be pronouncement we have a new entrant in the presidential race. probably biggest heavy hitter challenger to donald trump. could be ron desantis, could be next week. we don't know. meantime a lot of big, big banks seem to be the place you go for your your money, but right now they have a lot of real estate loans in their portfolio, especially corporate leases, the like, that are underwater, seriously underwater. that is a serious problem for them. and maybe for all of us, after this. ♪. ♪ ♪

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neil: we talk about iffy times for real estate. when it comes to commercial real estate, office buildings, what have you a lot of them are seriously under water and office spaces are empty as people grudgingly go back to work, not nearly what we had pre-covid. here is the thing you might want to be concerned about that, whether you're involved in this commercial space drama or not. your friendly neighborhood big bank has a lot of it on its books. a lot of that as i said is underwater. sheila bair former fdic chair. sheila was a big mero during the last go round because she was one of the lasted a duties. sheila, i'm interested getting your preview, updated thoughts, preview to another, not meltdown, a problem for big banks that have a lot of this commercial real estate on their portfolios and right now it under water? >> yeah, they presumably have a lot of exposure. there is not a lot of detail on

the disclosures. commercial real estate is a big group. that includes multifamily housing too which is doing fine but as you say urban office and urban retail is really under distress, primarily because of the outcomes of covid, transition to remote work, people living, more outside of the cities now. so yeah, my gut tells me the large banks have significant exposure. i don't think it is huge, in terms of a percentage of total assets. nonetheless, one that is going to be a challenge for them to manage. in fairness i would say the small banks as a lot of serious exposure as well. especially -- neil: what do you make of that? i apologize, sheila. treatment of these regional banks, who is disaddressed today, lately last few trading days they have all been kind of keeping their act together, we hope that continues. whether they're exposed to this sort of stuff, we have too many regional, smaller banks, is it a worry for you?

>> no, it is a risk, it's manageable risk. the thing about commercial real estate, we had problems with commercial real estate during the great financial crisis as well when i was chair of the fdic. you have more sophisticated business on the other side holding the debt, so generally you can, if you can do a workout strategy, not a matter of foreclosures and massive amounts property going into the market. the good news as well is that commercial real estate values have been inflated with easy monetary policy for so long, the loan-to-value ratios are pretty low. on average the loan to the value of the property might be between 50 and0%. so that is going to give the lender and borrower incentive to do some type of a workout because you have that much he can get in your property, you don't want to just hand the keys back to the bank. some of that will happen. i think more often than now there will be workout strategies that will be painful, more of a

slow burn over the next couple years. neil: could this be like the s&ls, in '80s, a lot will go out of business? we don't need that many thousands of small banks, do we need that money? >> there will be some consolidation. that is not necessarily a bad thing. regional world worried about concentration with biggest banks, allowing sensible consolidation among the regionals to put them in better, stronger competitive position is not a bad thing and it could be stablizing absolutely. so we'll see more of that activity going on. i hope it is done on open basis. i hope it doesn't be forced by the fdic taking over a failed bank. yes, there will be some consoledation that is not a bad thing, as long as we remain vibrancy with regional and local banks. we have 4500, so we can have some pretty robust competition. neil: as former fdic share, your

thoughts increasing protection from 250,000 individual, half a million, a couple limitless, we're guarantying deposits no matter how high they go? >> i don't agree with that. i think, what they call universal deposit insurance will create all sorts of distortions. risky banks will pay very high rates to bring a lot of money, do reckless things. you are taking money out of the short term treasury market, historic money flows as well. i don't support that. i think for transaction accounts, business accounts, accounts used by businesses, non-profits, local governments, to pay their bills, bring the revenues in, to pay their expenses those are almost always above the insured deposit limits. they are very important accounts to functioning of the real economy. we temporarily guaranteed them during the great financial crisis. i think fdic should be empowered to do that again. that is one category where i would increase the limits,

beyond that, no. we want mark discipline. we want large sophisticated depositors keeping an eye on the bank. we'll lose that, end up a lot of gaming at the universal deposit coverage if we went that route. i think it is a very bad idea. neil: got it, sheila bair, great catching up with you, former fdic chair. sad news to pass along. sam zell used millions to by distressed properties. the pathetic properties he bought, no one else wanted, you are turned them around at a huge profit. he became a multibillionaire, at the time he died, this morning at 81. he had a fortune estimated worth more than $4 billion. i had the pleasure speaking to sam zell quite a few times over the last decades as he was rising to fame and prominence. always the same guy. seeing trends particularly a lot

of people did not, including this gem from a few months when a lot of people were saying the fed is about to wrap it up on the rate hikes. he was not so sure. take a look. next week the federal reserve will likely hike rates, i think the bet is another half-point. where do you think this goes, sam? >> well, i think the bet is, you know, the fed is trying desperately to make up for the fact it was very behind, behind the curve. i think the fed has a lot of work yet to go to get things under control. i don't think they're under control now. i wouldn't make too many, you know, assumptions about interest rates going down because i think they have to go up and stay up for a while. neil: sam zell, he had enormously prescient view of the world, of real estate. he was really, think about it,

the father of the modern day real estate investment trust or reit as it is better known. he found great value others did not. many journalists recall buying tribune company, selling that off that it went bankrupt, that was blemish of a stellar career. you can say he made money off of that as well. it proved preview, dramatic cutbacks in the media industry that continues to this day. sam zell saw that like he saw a lot of other things. he had a weight with money. he was, i didn't say cheap, very careful how he spent his money. he would quickly note, we all should be sam zell, gone at 81.

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bit more. more or less saying things are going fine with us. parting company with the likes of target, home depot, different sort. they are worried about customers that are sort of pivoting to less expensive items but at walmart that's their bread and butter. for them that is a big development. luke lloyd what he makes of the consumer, what walmart is telling us. this is a theme we see playing out again and again, right? >> when we were rockin' and rolling live on set with each other a few months back that is when walmart reported last quarter's earning. same exact story, higher income, six figure earners are shopping at walmart. shop down effect is real. walmart is benefiting. people are buying groceries, much lower margin business, less profitable for walmart. walmart has done a great job people with egos buying at walmart. shopping at walmart has some stigma to it. i don't necessarily think it does, but some people do.

walmart has delivery service to your house because of the footprint in people's homes. if you don't want to step into walmart, get cost savings ordering on the app or online, keep the ego in check. that is the attractive keeping walmart rocking, and gaining market share. we owned walmart, where people are spending money, shopping down from places like target. neil: they're brilliant at it. they have the whole section "as seen on tv." i always when i go buy it, wait a minute i saw this on "as seen on tv." >> no one has cable anymore. they don't see that. neil: exactly. but the fact is they're very savvy at this, sort of pivoting to new reality here. do you think that can continue? obviously people still have to buy things. if they have the selection of better priced things they will do just that? >> well i think in this environment they will. keep stocks like walmart afloat, companies like walmart afloat. people keep buying groceries which they have to, right? stocks like walmart should do

just fine. economically speaking things are looking pretty rough. many wall street analysts maybe wouldn't agree with my but the majority of middle class america would agree with me. honestly certain aspects are scary, couple which keep me up at night. middle america is in double-whammy. banks are tightening out buckles, not giving out many loans which has tighten impact. wall street was pricing in 5% chance of another rate hike. that chance is now 40%. we could very well get another rate hike, the cost of borrowing could go up. the biggest thing that keeps me up, amount of debt obligations, home loans, car loans, credit card debt continues to happen at 3.4% unemployment. imagine having credit card debt and living paycheck to paycheck, and losing your job? that is pretty scary. neil: i was doing pretty good before this segment. thank you, luke, for that. >> my job, neil to keep you in

check. neil: absolutely. we need to keep that in check. jeff flock in check with a reality of retailers and crime. it is getting to be a bigger expense, isn't it jeff? >> walmart said as part of earnings, what they call shrink, people ripping them off is huge. walmart can deal with it. people like vincent emanuel, can't deal with it. he has a single 7-eleven franchise in philadelphia. it is rough. >> every day is rough. you say a heal mary before you come to work. crime is a big part of our operations. >> reporter: you're losing as a franchise, you're losing $30,000 a franchise? >> $30,000. it was half a percent. now percentage is much higher. we sell stuff like red bull, almost like 50% of it gets stolen. >> reporter: 50% of the red bull gets stolen? >> yes. it is easy to sell it outside to

bars and other places. >> reporter: criminals are awake i guess. put this memo up, neil. this is older memo. this is the way it is in philadelphia. the district attorney here says when he took office he told people to charge and dispose of retail theft cases summary offense unless it is $500 or defendant has a long history of theft. they are not prosecuting people. >> absolutely. they're feeling it is okay. it is a small crime. it is not. >> reporter: not for you. >> those days somebody stealing a candy bar is not there anymore. they take 24 cangs of red bull, 15 cans of monster, they grab and run. it is impossible to operate business in philadelphia. >> reporter: this man, neil, has been in business for 43 years. came to the u.s. from india. two of his daughters are doctors. one is an mba. he is the american dream but you didn't start out american. >> all of sudden that dream is

getting tarnished, i go to work. i'm 71 years old. i still go to work every day. it is hard to deal with this stuff, like you said. going to work before was a pleasure. but as it turned out like you're scared to death going to work every day. >> reporter: that is the way it is, as cronkite used to say, the way it is out here on on the stt in philadelphia. neil: that is sad he is doing his darnedest to live the american dream, we keep throwing things in his way like this kind of stuff. appreciate it, my friend, jeff flock. meantime "the big money show" is coming up in 13 minutes. they're exploring the props of debt out of control with a big town hall. what do you coming up, brian? >> big show at 1:00 p.m. the consumer is forced to go into debt to buy everyday essentials. mike rowe is with us with a studio audience. at the top of the hour. more "coast to coast" after for

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>> paparazzi just coming out of nowhere just started taking pictures, planning. give me location where they were going. the security guard told me circle back. as we're circling back you see the paparazzis car following my

car. prince harry and his wife the other lady, they were nervous and they looked scared. neil: that was harry and meghan's taxi driver the other night in new york where they say the paparazzi were in a high-speed chase that went on better part of two hours. mayor adams finds the high speed part of that to be a little bit incredible here. he is aware the begin happened, no arrests have been made. i was curious to get reaction out of london right now whether the palace has had any comments on this now. a royal expert joins us extraordinaire y jonathan, have you heard anything? this comes at backdrop of streamlining royal family, security at high cost, any reaction at all? >> i don't think there will be a reaction. i don't see any reason why they should comment on this. harry and meghan didn't want to be part of working royal family.

decided they didn't want to live in the united kingdom. i don't think this is an issue that should affect the royal family. if they stayed in the uk, working royals, this sort of thing would never happen to them. you don't see this happening to working royals. you don't sigh them pursued by the paparazzi like that. don't see press turning up in force with the royal is involved, that they complained about. press organized to share footage. only those who are able to fully broadcast or information to the other broadcasters in the area makes it a bit less chaotic situation for them. i think, you know what? this is not something the royal family should be commenting on. i do say this, i feel sorry for meghan and harry, imagine you're discuss going out to a casual ballroom, dressed in a gold dress one evening to accept an award and -- being, photos of you. at least she didn't look bad in her sweats or something, her gym

pants. at least she was looking her best. it is not the sort of thing any of us would want when we're out there. neil: real quick, jonathan, do they take care of their own security if anything, that no longer the palace covers that? >> yeah they do take care of their own security. their security took them out of the secure blacked out suv, that put them in a yellow taxi. that is not something they ever had in the uk, being protected by the british police because that is not how it works. neil: interesting. jonathan, thank you very much. on that the royal expert. meantime, i don't know how many of you are inclined to want to travel abroad to a place like london, maybe pop in to see king charles. a lot of people are inclined to travel period. in fact this could be a record memorial day weekend. at least the biggest amount of traveling we've seen in quite some time after this. lanned. -surprise! -they lead to goals. -for you, mama.

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go to getrefunds.com to get started. powered by innovation refunds. adam: aaa expects 32 million americans will travel 50 miles or more in the memorial day weekend. the lead economist, that shows a lot of consumer strength. what do you make of it? >> despite inflation concerns, travelers feel their budgets are stretched further this year, we see strong demand for travel.

this memorial day weekend we expect to million more passengers to depart from us airports over five days. fares are up international, travelers who are headed abroad are paying more than they paid in the last 5 to 7. neil: you could haul this post covid i want to get out and have fun but it has to be more than that. >> some of the distal pent-up demand from the international front. 33% of users are still taking trips or going to events prevented by the pandemic so there is a little bit of pent-up demand happening but more than that, millennial and gins the spending on experiences and travel as they come into their own. we are seeing them focus on spending on travel even when budgets are title. neil: the federal reserve looks

at this, and -- >> i don't know about that. and there are more deals, even though they are spending this money they do it by checking prices 50% more, booking the cheapest days of the week, and the spend continues. stuart: i never heard the fed referred to as a sign for that. >> whatever it takes. and i will