did astronaut alan shepard use to make that all famous of all golf shots on the moon? the 9 iron, 6 iron, 7 iron, sand edge? i don't know if you play golf, lauren -- lauren: no. i've tried it. i'm not very good at it. i'm going to go with the 7 iron. ashley: that's a good guess request. i'm going to go with the 9 -- it's either the sand wedge or the 9 iron. and the answer is, we're both wrong, it's the 6 iron. probably the hardest of them all to the hit, but i guess when you're on the moon, it doesn't take a lot. lauren: why would he pick that one? ashley: i don't know, maybe service the his favorite club. shepard who commanded, of course, the apollo 14 mission, hit the golf ball on his fourth swing, three whiffs in front of a t audience back -- a tv audience back home. the markets are moving higher on this friday, we are down on "varney & company." thanks for joining us. "coast to coast" starts now. ♪ ♪

neil: the highest court in the land blocks a president, but there is no blocking buyers. welcome, everybody, i'm neil cavuto on the final trading day of the month and the first half of the year, things are looking good at the corner of wall and broad. with the nasdaq's continued advances today, it is the up right now in excess of 32 for the first half of the year -- 32 the % -- that would be, if it holds, one of the best first half performances we've seen mt. better part of 40 years. gary kaltbaum knows the history well, joins us right now. gary, what do you make of this and the resilience of markets in the face of, well, a lot of concerns and a lot of political battles which we're going to get into? what do you think? >> neil, if you would have told me with who who months ago the fed was headed towards 6% fed funds, i would have said s&p 3200. but on may 25th, they had nvidia day. before that all you had to own

was ten big cap tech stocks. it opened up a lot of software names and other tech names, and june the end the market -- june 2nd the market decided the economy's not going into the sewer, in fact, it's accelerating, and since june 2nd the broad market's been rolling and names like carnival cruise lines are vertical to the upside. industrials, machinery and the like. and all i know is as we go into the second half, you've got momentum, and i think it continues until it decide not to. -- decides not to. neil: normally, you have a good first half, you do have a good second half. i don't know what happens the the half after that, but what do you see happening the rest of the year? >> you know, it's tough to come back and say, well, at the end of the year we're going to be here. all i can tell you is new yearly high list is expanding markedly. names like jpmorgan and visa break out to new yearly highs, that means the financials are starting to get going. and you see what's already happened in technology. and i've never seen a bad with

market if the financials get going and technology remains in gear. i will tell you valuations are in the trees, market couldn't give a you know who at this point in time, and we'll just ride the trend until it decides otherwise. and, again, i will tell you if i hadn't looked backwards, id be surprised where we are. neil: bitcoin, i didn't realize -- now, of course, it's such a volatile investment, my friend -- that's up in excess of 80% this year. pick a day at a time and it could be 10 or 20 the points from that percentage. but what do you make of bitcoin and crypto as investment possibilities? they've been all over the map certainly last year, but what do you think? >> well, i'm just jealous i didn't buy 15 years ago, i wouldn't be here right now. let me just say this, they brought with out 23,000 coins, most of them 0. leave no doubt can, bitcoin, etherium, maybe a few others are

here to stay. i think they're trading vehicles. they've going to go up, they're going to go down. i don't find the value in them, there's no earnings in sales behind them. all the talk that you're going to use it for currency, that went by the wayside. good for people, i hope it continues higher, the ones that own it and make more money. just not something for me. i need something backstopping what i own and, again, that is the growth of earnings and sales and great companies. neil: all right, gary, thank you for that update on the markets, my friend. we'll see how second half goes. the supreme court finishing its session, no more happening now as we get to the fall and october when they meet again. but concluding the session with the most highly anticipated of all the decisions, that is the president's $400 billion effort to forgive student loans. the court said, oh, no, not so fast. now, what is the president going to do the as a result of that? edward lawrence at the white house are more. hey, edward. >> reporter: this was a big deal, a big decision. 9 it came down 6-3, and the

decision really came down to who controls the power of money. in this decision chief justice john roberts writes this, he said, it would be odd to think that a separation of power concerns evaporate simply because the government is providing monetary benefits rather than imposing obligations. so, basically, congress controls the power of the purse. a source from the white house says they strongly disagree with the court and are prepared for this scenario. a source telling me we expect the president to talk later on today and to announce new actions to protect student loan borrowers. the president will make it clear republicans are responsible for denying relief, and you could see his mindset after he spoke yesterday, the president saying this -- >> reporter: does the congressional black caucus have the -- [inaudible] question its own legit massey, is this a rogue court? >> this is not a normal court. >> reporter: yeah. so that's where the president's coming from. other reaction to this much different.

the president, for the committee for responsible federal budget, maya macguineas, she says, quote: the plan was extensive, inflationary, poorly targeted and would have done nothing to improve the affordability of higher education. with today's supreme court decision, it's time to put these costly cancellation schemes behind us. it appears that's not what the white house has planned, we'll understand later on today exactly what the president has in store when he's going to announce for the american people. back to you, neil. neil: if he comes up with another presidential executive action or order, that's what got us into this he is in the first place, taken all the way to the supreme court, right? >> reporter: right. and i can tell you the advocacy groups already want him to find a work-around to this. yesterday when we saw the college ad missions ruling, the president offered a work-around, so we do expect something similar today. again, if it is an executive action, it will definitely be challenged many in court. neil: edward, thank you, my friend. edward lawrence at the white

house. want to go to roger severino, director of the office of civil rights in the trump administration, former civil rights attorney. he knows of what he speaks. roger, an honor to have you. you know, the confluence of these decisions, roger, you've heard a lot coming from the left and progressives in general that these are not friendly to minorities. and not friendly to those who want some help. i don't quite know where the supreme court thing on student debt figures into that, but the affirmative action move in particular. if anything, it probably shows the strength of the conservative majority, but what do you think? >> well, on the minority's point, minorities were the ones being hurt by the decision. asian-americans in the harvard case were artificially capped and being held down. their seat at the table wassing with taken away -- was being taken away by an unjust reregime9 that the biden administration wants to perpetuate. i was so disappointed by president biden's statement. he's engaged in a campaign of

massive resistance to the supreme court, he's saying they have to resist the dobbs decision on abortion and circumvent pro-life lives, he's saying we have to resist the color blind constitution the, you can't have racial preferences in higher education, and now he's saying that we've got to find a way around the student loan am mess i and bailout. -- amnesty. the supreme court smacked him down on all of those cases because the constitution doesn't support it. he thinks, like president obama did, that with a pen and a phone he can circumvent the law, and the supreme court is saying you do not have that authority. you're not a king. you have to go through the process, and you have to respect the constitution every single time. neil: well, i know this depends on the president in office, i don't remember too many presidents of either party in the past, you know, with blistering attacks on the court. the president yesterday saying it's not a normal court because it wasn't a decision that maybe he endorsed or to supported. he didn't say that when it came to this north carolina redistricting proposal that

liberals liked because it said, you know, those on the right were trying to force their hand. be that as it may without getting that into that case, that was a decision many on the left welcomed. but this picking and choosing what decisions you have, you know, and then arguing if they don't go your way, some democrats suggesting again to pack the court and do all that, it gets pretty predictable. but everyone's in their own silo, it seems. >> well, it's a coordinated attack from the left and the biden administration to try to discredit the supreme court because the supreme court is finally supporting the constitution as written and originally understood. so they're pulling every trick in the book. they're looking at travel logs of supreme court justices to see if they can pick something here and there while ignoring the travel expenses and free trips that the liberal justices have received. so this is a coordinated attack against with a majority of the court that is restoring the constitution to its proper place, and that means it puts the president in his proper place from.

he is bound by the constitution just like all of us are, and he has trouble accepting that fact. neil: you know, i just wonder where it goes from here, if this is the sort of tilt to the court, so many of these decisions were 6-3 decisions where the conservative majority sort of was voting in unison. not in all cases, i should point out, but enough that it does sort of telegraph what kind of decisions will come up and from this court. i just want to get your thoughts on what the fallout of that will be. we've touch on what the administration might be considering to counter this move today, but i can see in the future decisions not going a certain president's way with, they'll come up with an executive order, and it could be delay, delay, delay. what do you think? >> well, let's take the harvard case. the supreme court said that it violated title vi to have race preferences if you receive federal funds. title vi is enforced by the department of justice and the civil rights division where i had the honor of working in. president biden, he's announced that he's not going to own force it at all and is going to help

universities to find a way to bypass it. this is rather unprecedented. we should -- we've seen this before, let me take that back. there was a time of massive resistance during the civil rights struggle, so this is a bit of a rehash of that, and this time it's the president himself who's trying to oppose the constitution as the supreme court has rightly lab rated it. i commend people to read the actual decisions. don't just listen to what much of the corporate media says. read the decision for yourself, and it is the explained right there why the constitution supports, for example, equal protection, why there's no authority for the president to invent a loan cancellation program, etc., etc. so the words are there. if it gets out, then i think it'll diminish a lot of the controversy that's really a fabrication of folks on the left. neil: we'll watch closely, roger severino. thank you very much for -- on that. what means for 26 the million borrowers who applied for this student loan forgiveness is that

they're going to have to pay those loans as hay stand right now. they stand right now. so many who were going to see up to $20,000 in student debt forgiven, that's not going to happen right now. so what are they planning to do? many of them were spending money that had not come in and had no guarantees of coming in. the fallout from that after this. muck school's out -- ♪ school's out for summer. ♪ school's out forever ♪

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that's an economic issue, but i want to look at the fallout with preston cooper, with the foundation for equal opportunity. ing the student loan forgiveness program itself was unnecessary, so you must welcome this decision. >> yeah. well, i think the court really reached the right decision in this case. the president simply does not have the authority to cancel $430 billion worth of student loans. but i think just because forgiveness is unnecessary, it doesn't mean we should conothing. i do think we can raise awareness about other options that borrowers have to repay their lopes if they're struggling -- loans, for instance, getting into repayment programs. the biden administration really needs to pivot its focus not to spending more taxpayer money, but to helping students take advantage of the safety net programs we already have right now, because we really don't need forgiveness if we can help students get an affordable payment as it currently exists mt. policy. neil: and the way with i see it, preston, if you look at the pure

numbers behind rocketing tuition costs, for the better part of, what, 35 years now, maybe longer, they've been running at twice, sometimes three times the the inflation rate. that's simply unsustainable and it has kids behind a rock and a hard place. i know we get into the with argument about forgiving one person's debt versus not someone who buys a tractor or equipment for a non-college career, but something's got to be done with this because it is out of hand. no matter what relief they get, invarian by the tuition at these schools go up -- invariably -- and the schools, i would assume, know that. >> yeah, that's really the 800-pound elephant in the room. you know, the federal government is slated to make over drsh 1 trillion in new student loans over the coming decade. the forgiveness plan would have done nothing about that, and that $1 trillion is probably going to fuel a lot of tuition increases at colleges. out will allow colleges to offes to the offer degree and certificate programs that simply aren't worth the money.

if we're going to fix this problem long term, we have to take a hard look at that $1 trillion in new student loans that are going to go out the door, and the federal government has to say to colleges if your students don't have a good track rounder of repaying their loans, we're not going to give you more money. this is not something the taxpayers should be funding. and if you have them taking a hard look at colleges like that, heir going to realize, hey, we're not going to have a blank check to raise tuition forever and ever. neil: i want to get your thoughts on this move on some, not all, sort of target student loans and granting them to those who will be in professions that will allow those students to pay them back. in other words, going into business or finance or, you know, medical type training. sadly, not into things like journalism where you have a good shot of maybe not making that. so what do you think of the government potentially in the role of picking and choosing the majors that you're going to get a return on your buck because the people getting the bucks

will be able to pay 'em back? >> that's a great question. well, i don't think we necessarily have to pick and choose majors, but we should pick and choose based on track record. so just like a private bank would do, if you are sending students to a program where most graduates are not able to pay back their loans and so the taxpayers have to eat the cost of the unpaid loans, maybe that's not a program that we should be funding anymore. we don't necessarily have to pick and choose say, okay, engineering programs get funding, journalism programs don't, but at the very least we should be taking a look at the track records that are funded by taxpayers and and say, you know what? maybe we shouldn't be funding that anymore. neil: my plummer and electrician, they have concern plumber and electrician, they had people who come to my house, and the plumber or electrician will appear later like moses to the say i'm here now, and that dude is doing okay.

preston, great having you. preston cooper. >> thank you. neil: one of my favorite guests over the years has been austan goolsbee. i knew him when and now he's this big chicago fed president, his thoughts on what could be next out of he and his fed buddies after this. ♪ everybody's working for the weekend. ♪ everybody wants a new reto monos -- romance ♪ td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back.

neil: all right, i want to take a peek at the markets if we can right now. this is just how we're faringed today but, guys, are we able to show where we stand sort of year to date? they have all these fancy gizmos, they just press a buston to the. it's remarkable, because all the major averages with up appreciably. the dow is the laggard at just under a 4% gain. take a look at the s&p 500 for

the first half up almost 16%. sometimes i look at this and say, well, what does the fed think if the market is on fire? does it worry it's on fire too much? austan goolsbee's here to maybe separate what the thinking is, he is the chicago fed if president, of course, former top economic adviser to barack obama. he knows of what he speaks. good to have you. >> neil, i thought you were going to say -- i thought you were going to date it to january 9th when i took over chicago fed, and i was going to say, oh -- neil: you know, i could do that. i could absolutely do that, i wouldn't be surprised. i have great respect for you, but the one thing i don't understand and i get different stories from different fed folks over the years, democrat, republican administration, republican-appointed fedheads, democrat-appointed fedheads, how closely they watch the market. to a man or woman, i i think say, oh, really not that much, we don't obsess over them. but something tells me you look at hem -- maybe not you in particular, but you look at them more than we know.

what can you tell us or share is be us? -- share with us? >> well, i can share, as you know, the law gives the fed two jobs, maximize employment, minimize, stabilize prices, and that dual mandate, for me, that's what we should be looking at. there's nothing in the mandate that says make sure the stock market stays high or goes up, make sure nobody loses money -- neil: but do you worry -- >> you know me, i'm paranoid, i like watching all the data. neil: i hear ya. during the meltdown, the bushed administration was obviously watching it closely because with that was the currency for a lot of the banks, they were losing that currency. so honestly, you can't not pay attention to it. but when it's going up a lot and you have the fed chairman and people like yourself saying we're going to remain vigilant about inflation and these price pressures, i almost get the sense like you're trying to not rain on a wall street parade,

but make them think, you know, sober hi about where this is going. -- think soberly about where this is going. >> look, i hope that the markets remain sober. we should all remain sober. i guess kind of the example that i give is if you look at silicon valley bank's failure, i couldn't understand why they wouldn't be hedging the interest rate given that they knew what situation they were in. and if you read the report, he were hedging the interest rate -- they were hedging the interest rate, and then they got rid of the hedges because they were looking at what happened fed -- what the fed said the interest rate was going to do and comparing it to the what the market said, and they took a bet that the market thought that the fed wouldn't keep the interest rate high. and so they got rid of the hedges. but that was a terribled idea. terrible idea to bet against the fed and just believe what's in the market. so like i say, i'm an old-fashioned data dog, i definitely watch the market and all other types of data.

but i think we make a mistake as central bankers if we put too much weight on how the market reacts to our decisions. we've got to be able to see through the waggles. if it's up, it's down, you don't take credit, you don't take blame because that's really the job of fed. neil: well, i always take the credit and shift on the blame -- [laughter] >> i know you to do, neil. neil: yeah. is so let me ask you a little bit about that thinking, because i tend to look at economic data like you do, not nearly as closely or professionally, and the confluence is really good. i mean, very good. i know there are a lot of people who say we're going to the hell in a hand basket, i know hsbc sees it happening by the end of the year. i just don't see it myself. inflation, the lowest level since april 2021, that's a key index that you guys at the fed follow. consumer sentiments is now at its highest level since january.

we've got oil heading down for the fourth straight quarter. i could go on about the technology sector, the strong retail sales minus, you know, now and then a wall greens and some -- walgreens and some of these others, but by and large, packed planes, packed restaurants, packed theaters. so i look at that in the aggregate and think you guys are going to be busy tightening more than just once or twice this year. what do you say? >> there are definitely strong parts of the data, and the strongest is the labor market. we didn't talk as much about the labor market -- neil: no, you're right. one of the biggest examples of all, yeah. >> yeah. and the worst part of the economy is the inflation part and, yes, it's coming down, but it's still well above where we want it to be, and it's the proved stickier than we thought. there are critics who look at and say about central banks even

in the u.s. and even everywhere else in the world they've almost never been able to get inflation down significantly without causing a recession. neil: right. >> but that's exactly what we're trying to do right now, and i am hopeful that a we can pull it off do -- that we can pull it off because the pandemic was a weird business cycle. it wasn't -- the normal rules don't have to apply. and if we do, that would be a priism. that kind of landing that we get inflation back to something like a target without having a recession is and we maintain full employment, that would be great. that's the north star we want. and i'm heartened that there's still strength in various sectors, but we've got to have balance. i mean, we can't -- if the labor market is too hot, we will have a hard time getting the inflation down where we need it to be. neil: but you're still hoping to get it down to 2, right?

and you're not there. >> we're not there. look, it's still -- there have been cooling, and you emphasized that, and the thing that's interesting i thought in the price data that came out today and was reflected in cpi is for all the talk about services, the thing that's been different and why inflation's been more persistent than we thought is that goods inflation hasn't come down as quickly as we wanted it to. so that's the thing that everybody should put their eye on in the immediate term, is are goods prices, inflation, is it too high for one-off reasons like used cars were especially high but that's going to go away? or is there something more persistent? that's key. neil: do you ever worry that you risk overdoing it? what's the harm in just waiting out as you did with the pause earlier this month and seeing how things go? or do you feel the pressure, it

seems like every central bank the world over is hiking, i think with the exception of china, and that almost makes you fidgety that they're all hiking -- >> yeah, it makes you fidgety. look, neil, you're on the central conundrum, is it a puzzle, is it what? that's the central case of judgment, is that you've got to figure that out, when is the transition happening. and you mow that there's a lag impact when you make these interest rate decisions. so over the last year, we literally raised the rates almost as fast as they've ever been raised, 500 basis points in one year -- neil: incredible. >> and you know that that's going to have an impact, but it's not going to be immediate. so that's what we're trying to figure out, have we done enough already? do we still have substantially more to do, modest amount more to do? and we get inflation down without recession. so that's why i've been -- i haven't made up my mind what i'm

going to do. i don't speak for any of my buddies on the fomc. i haven't made up my humid. we're going to get a lot of data over the several weeks before the next meeting, so i just think we gotta watch that and think it through. neil: got it. austan, have a great weekend, austan goolsbee, chicago fed president. we have a lot more coming up including shannon bream wrapping up the court's major decisions, a big one today. what i marvel at with han non, our "fox news sunday" host and chief legal correspondent, is how quickly she can assimilate information that's coming in bits in pieces from the court. it really is something to watch. it's hike a pay-per-view moment, but you can get it for free. right after this. ♪ ♪ what do we always say, son? liberty mutual customizes your car insurance... so you only pay for what you need.

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neil: you know, have you ever watched shannon bream covering these supreme court decisions? she writes all these books about holiest of people, the bible, women of the bible, she is ruthless outside that court getting this information before anyone, and better still, getting it right. these are complicated things. joins us right now, our fox news chief legal correspondent, host of "fox news sunday." this decision went as most thought, but i was thinking stepping back, shannon, a lot of these decisions are 6-3 decisions where that conservative majority really shows its clout, doesn't it? >> yeah. and, neil, don't think i don't mix those things, i say a little prayer before we get these opinions because we do get them as quickly as possible for poem to have clarity. yeah, it was very clear decision today on the student loans. 6-3. let me read a little bit from the chief justice's opinion where he said this: the education secretary asserts that

the heroes about act grants him the authority to cancel $430 billion of student loan principal. it does not. the act allows the secretary to waive or modify existing statutory regulatory provisions that apply, but not to rewrite the statute from the ground up. that had been the argument all along, that this was a huge use of executive branch power and that at least 6-3 the court by a majority found that that was not a power the the secretary had. the dissent argues otherwise, but he came down on the fact that he can't just out of whole cloth do something the supreme court suggests would be better left to congress. so those loans are not going to happen, that forgiveness. neil: so let me get your sense, we're waiting to hear what the president might or might not do on this decision. i'm not sure i got it right, but one of the things, shannon, i heard is that it might be, you know, an executive action, order. but isn't that what got us into this pickle that took it all the way up to the supreme court in the first places? >> yeah.

they're going to have to be very careful about that because the court has said what you tried to do through executive branch was not done in the right way, and remember, it was just a few weeks ago that both the house and senate voted down this forgiveness plan that he came up with. i mean, there were a couple of democrats who joined over in the senate with the republicans. the house clearly had the votes, and they said no. he's not going to be able to get it done legislatively, but the court's been clear about this executive action. how they try to rethread that needle is going to be tricky but, yeah, i think we will probably hear from the president on this decision today. he's talked about what the education department might do on the front of getting rid of race as a factor in higher ed admissions. he's going to give out a lot of homework, i have a feeling, this summer. neil: shannon, you were pointing it out in your excellent coverage as yesterday where the minority feels compelled to make a statement and to go out of their way to read it in the court can, what have you. and we've seen that in a number of these 6-3 decisions. and i almost get the sense -- i

know it's a divided court in that sense, and the losing side isn't going to be happy about what the winning side produced. but it seems particularly sharp-edged now. >> it really does. i mean, so we had a number of people read from the bench, which is not often done. you also get the dissenters reading. you also had a concurrence read from the bench yesterday by justice thomas, is so all these different opinions and they all took time, most of them who authored these opinions, to speak them from the bench. that takes time. it isn't something that happens every day, but clearly, when they're very passionate on either side, hey going to want that make their case again in these oral statements. you have seen the affirmative action case yesterday and the student loan forgiveness today, they clearly see these things very differently. toughest decisions come down to this final week of june, and i always say they're probably very happy to see their summer break from each other -- [laughter] to cool off. i thought it was interesting at

the end of the decision today, the chief justice the added this paragraph saying, listen, you're going to hear a lot of things about questioning the integrity of the caught. don't listen to that stuff because it actually hurts the institution. and interesting brushback from if him there in that decision. neil: i wonder how they racket when you hear the president -- the react when they hear the president of the united states say it's not a normal court. >> and he also said this is not over yesterday about the affirmative action -- it sort of is over. the the supreme court is the decision the maker on this particular case involving harvard and unc. what he's going to cook up here, i don't know, but he wants the education department to review a number of admissions policies. he referenced legacy admissions, people who have family members, parents who have gone to those schools. how in the world would the education department get involved with regulating something like that? i don't know, but he's going to give his agencies a lot of work to do to see if they can possibly work around these decisions and still be in compliance with them.

neil: it's great watching your coverage, shannon. i write notes on my arms and my hands, but you were just winging it all. >> happy to do it. neil: shannon bream, good to see you, my friend. taylor riggs following the markets closely here as we end the the half, the quarter, the whole she bang. what a way to end it, right, taylor? taylor: and the week and the month. the best start to the nasdaq ever if you think about how far we've come so far in the first half of this year. neil, outside those the markets also all over this supreme court decision. mark smith, a constitutional attorney the, set to join us as well as will heil to help break down the consumer, some of backlash we've seen with esg and all around that. all of that coming up at 1 p.m., but first, more "coast to coast" after this. ♪ vacation, all i everren wanted. ♪ vacation, had to get away ♪

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midwest and chicago, did a u-ie and is now coming back to the east coast. one off of three -- one out of three americans are in the path of all this smoke. obviously, doesn't help with planes trying to take off. a lot of them using an abundance of caution, as they should, but between that and the weather and all this other stuff, you've got delays and problems at nation's airports where this busiest july 4th weekend, we're told, ever. haley burton joins us, what do you think, what are we looking at here in terms of, obviously, people are ready and willing and have been well warned about what's happening. how bad is it? >> right now we're seeing about 30% of flights delayed on departure, and the average cancellation rate is still relatively low, about 2% of flights. but the last two days we've seen that number spike on an individual day basis close to 9%. we're expecting a lot of travelers to be impacted especially today and yesterday

were the two busiest days for those fourth of july trips to start. so we're expecting millions to be impacted but hoping that given the extra long weekend, many people taking off monday and tuesday, we may be able to spread out only -- some of the impact, and some people may fit their vacations in even if they are disrupted. neil: you know what's surprising about all of it, the fact of the matter is ticket prices are a lot higher than a year ago, demand is a lot higher. that kind of explains one with with the other, but they're putting up up with the headaches as well and paying top dollar for the privilege. what to do you make of it? >> we've seen time and time again american travelers are resilient. they want to go on these vacations. take europe, for example. europe's the number one destination for summer trips right now, about a third of international trips are going to to be to a country in europe. fares are over $12 the 00 per ticket -- 12 the 00, the highest we've seen in at least seven

years. about $250 more per ticket, yet many of those flights are sold out. we're seeing travel spread into the early fall season, september, october because there's so much demand. so what we've seen so far is that despite disruption, high prices, travelers are resilient, and they really do want to get on some of these vacations. neil: all right. thank you for that, haley. hopefully people will calmly get to their destinations, delayed but not denied. we have a lot more coming up on this rally that is going on, certainly looks like it could be sustained through the end of the trading day as we wrap things up for the week and the month and the first half of the year. but as we've been pointing out, an incredibly first half for stocks. just what happens now after this with luke lloyd. ♪ ♪ is

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neil: slapped down by the supreme court and promising this effort to block the student loan relief program does not mean he's done and it is disappointing and wrong, but he's looking to find other ways to deliver relief.

we don't know what those other ways are, toward executive action or order. the investment strategist, could be more spending down the road and a way to turn this into something more omnibus. what do you think? >> that is all they do, they spend our money. the biggest disconnect in history between the upper class and everybody else when it comes to economic status. that's what student loan forgiveness will do. they will spend us into oblivion. we are backstopping everything, the federal government and federal reserve, we are living in the most socialistic system we have ever lived in history and need to get away from that and that's not good.

stuart: capitalism is on dramatic display, it's a very strong week and month, the first half or so, the nasdaq, the first half ever, released in 40 years, what do you make of it? >> have of this year's rally came from the hype rally. ever since nvidia reported earnings, the question to ask is whether this rally would have gone this far without factoring in ai and technology because ai isn't going to impact earnings. what's very interesting from a market perspective is we have multiple expansion while the fund rate is going 4% compared to 5% now, possibly heading to 6% by the end of the year but technology carries the indices like the s&p and the tech heavy. we have been pounding the

table, interest rates remain high for a long time and heading into the second half of 2023, some excess multiple expansion, rotating to smaller names outside technology. it is possible the s&p and the nasdaq are lower while others do better in the second half. neil: your reservations about things that are going on our kind of narrower with the chicago fed president austen goolsby saying there's nothing about stock prices. they don't obsess over these things but i don't know how true that is but i will saying there's a concern that he seemed to relay, i heard from other governors and district presidents and jerome powell himself, the market gets ahead of itself and over interprets the move or statement from a

governor or in this case the chicago fed president and that is the danger. do you think markets are getting ahead of themselves? >> we are living in a top-heavy disconnect market. a top-heavy market. the top names are driving the s&p and the nasdaq and the top earners and top spenders are driving the economy while the bottom spenders are spending on debt which clocked up a lot of the economic data continues to be inflicted. we see the biggest wealth divide in american history and economically, investing terms, no longer just investing, but earnings and valuations, also against the fed president and fed chairs, investing in government intervention in the government backs up everything between fiscal spending, monetary policy and the backstop can be strong but can't last forever. if and when things hit the fan

you need to think about what's going to happen with taxes, the fed balance sheet, fiscal stimulus, bailouts, you've already seen limited fcic insurance. the key that all politicians are forgetting is less policy is good policy for long-term r to make growth, truth truly get the country back on track for the stable economic, we need to let the free markets do it they do best and back to what made america great in the first place, competition and capitals and, not fed intervention. neil: we will see how that works out in the second half, usually they say the first half a strong the second half as well. luke lloyd. >> sometimes history is in perfect. neil: we will see. i leave you close to 300 points. i don't want taylor coming back with a lousy market. it is up to you. taylor: it is up another