♪ ashley: all right, earlier we asked france presented the statue of liberty on forty of july in with what year with, lauren? lauren: number 4. ashley: everyone in the studio said 1883, and the answer is -- lauren: we're right. ashley: boy, we're so smart is. the statue was presented in paris, it had to be disassembled and shipped to the u.s. where it was reconstructed before going up in new york city. taking a quick rook at the markets before we hand it off, we're down 457 points on the dow. it's been that a kind of session. "coast to coast" is next. ♪

david: cavuto coast to coast, the dow falling on pace for its worst day since march. we're going to have much, much more on that throughout the hour. also in our top story list, president biden hitting the ground just moments ago to try and sell bidenomics to the middle class, but some polling says the public just isn't is buying bidenomics. we're going to be breaking it down with oklahoma senator markwayne mullin. plus, mark zuckerberg launching his, quote, twitter-killer app, which burst out of the gate with 23 million sign-ups but reports of censorship already popping up. will this impact the the sub/musk -- zuck/musk rivalry? also a california company getting a green light from the faa to test its flying electric car. i'm going tock to be talking to the company's ceo, you won't want to miss that. i'm david as nan -- asman in for neil cavuto today.

taking a look at the markets, all three indices in a free paul due to strong numbers on jobs and worries about what the fed will do. by the way, there is one green in the dow 30, and that is microsoft. maybe that's why stu varney if isn't here today. let's get the read from quill intel see owe and chief strategist danielle dimartino booth. great to see you. >> thank you for having me. david: now, the read from the press is good news on the labor front is bad news for stocks, but we should remind folks that the news is not all good. there is a cooling down in the jobs market, right? >> you know, there is. and even if you rook at today's big, huge surprise upside many in adp, if you look at the last six months, it looks like the country's created about 450,000 jobs. if you look at the bureau of labor statistics ooh' official data, adp's up to about 460,000. they're just playing catch-up. and a big chunk of the gains

were in the mining sector. have we discovered copper in america? [laughter] at last count, there are fewer oil rigs running in my home tate of texas. so very strange aberrations in that data. we look more closely at the thurm of americans collecting unemployment benefits. david: do you think the numbers are being cooked? >> i think they're either having trouble with seasonality or they're being cooked, one or the other. there are too many aberrations that are separate from what we hear in the weekly jobless claims data which we also got out this morning. back in april there were 41 states that had rising jobless beneficiaries, people collecting unemployment benefits. as of may that number popped up to 44. as of june we're at 46 states where the number of individuals in 46 states, they're collecting more unemployment benefits year-over-year than they were before. that's 90% of the states. 93% of the population of the united states is living in a state where there are rising continuing claimants that's hard

data. they're not initial jobless claims where they're applying, they've been collecting actively. da. david: let's pull back from the specific numbers and just can about what the fed is going to be doing. federal reserve chair powell seems to be looking for worse numbers on the jobs front than what we have seen now. and that way he'd feel comfortable either keeping the rates the same or even lowering hem a little bit. why to do we need to have bad job numbers? can't we get out of the inflation hole by creating more goods? >> you would certainly seem to think that was the case, and if you with look at tre-flation, we looked to see how correlated that was with the headline cpi, 97% correlation. it looks like this 4% number, the headline, is going to be coming down quickly. we've seen all the supply chain disruption undies rut ared. that's what we're hearing from the factory sector throughout

the united states of america. we're not having trouble anymore getting our hands on supplies. david: but it does seem to be true that the fed if has this phillips curve culture meaning you have to limit growth to keep inflation down. and we have seen periods in our country like with ronald reagan and donald trump where there were these incredible growth spurts with low inflation. >> absolutely. david: you don't necessarily have to have a bad labor with market or slow growth to cut inflation. >> you are absolutely right, david. it almost seems as if jay powell wants to have a reason to keep raising interest rates. and what it's cutting off is investment. investment is the life blood of any economy, and that's really what's being curtailed. if you talk to companies, they're not able to access credit in order to grow good, solid companies. david: bottom line, we're looking at microsoft which, again, is the one dow stock out of thirty that's in the green today. would you -- where would -- what would you do with stocks right now? would you just stay out of hem

completely, or are there a up couple of winners like moth that you might want -- microsoft that you might want to go into? >> there are bellwether stocks where you can find protection, i always suggest you look for ones that pay nice dividends. but if we are going to see the debt ceiling law honored, then we will see on october the 1st quite a few americans begin to pay their student the loans what, almost four years. that's also going to be a crimp on the data. i think markets should be attuned to that as well. david: and by the way, a 2-year treasury is now you get a yield of over 5%. >> that's right. david: over 5%. that just happened yesterday. danielle, thanks very much. >> thank you. david: president biden is touching down in south carolina to try to convince voters that bidenomics is working. senate republicans are firing back on the white house message. here to sort it all out for us is grady trimble at the white house. grady. >> reporter: hey, david. bidenomics is a popular term around here. it seems like a tougher e sell

outside of the white house, but that's exactly what the president is looking to do today. touting new green energy manufacturing jobs at a facility in south carolina. here's a preview of what president biden will say to make the case for bidenomics. >> you look at the data, you look at the number, you look at the 13 if million jobs that's been created, again, the 800 to ,000 manufacturing jobs, you look at what the inflation reduction act has been able tattooed, the bipartisan infrastructure legislation has been able to do, all are important, key parts of the president's plan and what he's going to speak to tomorrow. >> reporter: our colleague edward lawrence likes to point out that most of the jobs the white house takes credit for creating are actually jobs that went away during the pandemic that have since been added back. and specifically looking at manufacturing, the latest jobs report actually shows sector lost 2,000 jobs in may. meanwhile, recent fox news

polling shows 60% of americans disapprove of the president's handling of the economy. >> what is he going to tout? is he going to tout high interest rates, high inflation, can't hire anybody, no supply chain? that's what he's going to tout. >> reporter: yeah, high inflation, high interest rates, those are the things republicans say are the hallmarks of bidenomics. the president, obviously, disagrees, david, and he are try to sell bidenomics in just about an hour's time. david? david: should see some live shots can coming up soon. grady, appreciate it. let's get reaction from republican oklahoma senator markwayne mullin. senator, thank you for being here. i just want to pull back and look at the big picture, because you had a real-world job before you became a politician. you were, at age 20 the, i believe, you took over your father's plumbing business. you worked on that for about a dozen years. i mean, that's real, a real job. what biden and the others are dealing with are these major

industrial policy plans dealing with mega-billion dollar companies. what is he doing for the smaller companies in america? >> well, he's not. you know, i look back when my wife and i got started when i was 20 years old, and we literally had nothing. we were fortunate enough to grow this company to the largest service company in the region and employed hundreds and hundreds of people. we were blessed many in that. but i don't think my kids could do that in today's economy. in biden economy that you're finding out right now, what you see is you see inflation at 16%, you see groceries up at 0, you see energy -- 20, energy costs up 36% and 72 of the american people are i saying that they're spending more than their paycheck is coming in. that's ridiculous when you think about that, david. and i'm not trying to be funny here, but in a sense i kind of am. when you have those cupid of number -- kind of numbers, there's no one in their right mind that could actually think that is something you want to go around the country and tout.

but then we find out over the weekend that there's cocaine in the west wing, so maybe that is where they're getting the idea that everything's just fine, because they're not living in reality because of what they're doing in the west wing. and i'm very serious about that. something doesn't make sense. david: the whole industrial policy idea has been tried many times throughout history over the past several hundred year, and it hasn't worked out well. it assumes that the government knows more about a investing money than the private sector does and, of course, it's not their money they're investing either. it's other people's money. >> right. david: it just doesn't seem to work out dependent for some very well -- except for some very well-connected, again, these billion dollar corporations who can with afford all the extra regulatory costs. >> that's right. that's right, david. i've said this multiple times, that the u.s. government shouldn't create jobs. when they're telling you that they're creating jobs and they're touting their economy, that means that they believe in big government. government's responsibility is not to create jobs, to create an

environment where entrepreneurs could create jobs. and as i said earlier, in this environment it is almost impossible to start a business because of the cost to just get moving down the road. trying to find people, trying to comply with the mountain of regulations that are there, it's actually working against you, and that's why you're seeing consolidation of large corporations all over the place, because the small guys -- which represent, by the way with, 75% of oklahoma's economy and over 50% of the u.s. economy -- they aren't able to do start-ups anymore. and then at the same time, you have janet yellen and you have secretary blinken going to japa, china, you're having secretary blinken and secretary yellen going to china to try to appease them because they're the second largest economy. i'm sorry, but appeasement community work with a communist dictator. that's why you need to have more stability. and underneath trump, we had stability around the world because he believed in peace through strength.

that's not what we have here, so we have volatility all through our economy. we don't have a good leader in the white house, to be quite frank. david: the interesting thing about yellen's trip is she's viewed as playing softball with china while they're playing hardball with us. not only are they spying on us from these balloons, etc., and having these spy centers throughout the united states, but they just had these restrictions on the materials, the minerals that we need for batteries. they're keeping them at home, and at the same time we are restricting development of those minerals here in the united states. >> you know, i was on the phone this weekend with a different -- with different investors, and we were having some long conversations about what we really need to do moving forward. now we have the strategic oil supply, but-off what chai -- of what china is doing, they control four of the largest lithium mineral mines out there, if we, if they're going to control that, we need to start looking at having truly a

lithium strategic supply inside the united states. what does that look like? how do you get your hands on that? and then how big of -- do we need to have 30 days, 90 days or a year? because if this biden dream of going with zero combustible molters especially in our own military -- motors, how are we going to be able to build batteries if we're dependent on china who's our largest adversary to receive the material from? we were energy-independent underneath trump. now we're more reliant on china and opec than we've ever been. yet he's going to go around the country and tout his biden great economy that's out there? i don't get it. david: well, so far the american public doesn't get it either, because he's not doing so well in the polling on economic matters. senator mullin, thank you very much. appreciate seeing you. >> david, thanks for having me on. david: coming up, could flying cars be on the his sentence we're going to be talking to one business owner who just got an airworthiness certificate from

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david: the biden administration expected to appeal a federal court ruling limiting administration officials' contact with social media companies. "wall street journal" editorial board member bill mcgurn joining me now to discuss this. hey, bill. you know, the july 4th recalling by this judge -- i don't think it's a coincidence he came out with it on a national holiday. [laughter] he didn't mind working on july 4th because this really doesn't come directly from if our constitution, our declaration of independence. you wrote about what this judge found, and i'm going to quote the from your editorial today. officials weren't merely flagging false statements, they were bullying companies to censor anything contradicting government guidance. i mean, that is government censorship per personified, right? >> yes. you have to read the whole opinion, because the judge gives many examples to to show it was

only one way. it wasn't just correcting misinformation. it was e trying to censor language and and comments that they didn't like for some reason. and i think most americans found it outrageous that some of our agencies like the fbi were involved in this. that's not what the fbi should be doing. david: but specifically, the government didn't like these comments because they went against government edicts during the power grabs that that we saw during the pandemic. i mean, that's what was going on. the government grabbed all this extra pour that they -- power that they never had before, and they were trying it out, testing the water, and they just loved it, and they went whole hog in trying to censor anything that contradicted what they were ordering. >> yeah, that's the nature of government. as the judge pointed out, it was all one way. you never had the government censoring a liberal point of view, it was always the conservative point of view.

and they got, as they got into it, they got more and more into it. for example, they were discouraging tweets about hunter's laptop, now we find out the fbi had validated the laptop at the beginning. so it's really unconscionable. what i find astounding that the possess rather than side -- the press rather than side with people who have had their first amendment rights squelched, seems to be okay with the government doing this. the biden administration is going to appeal, and it should just be more outrage than there is. also it's a district court judge, so it might be overrule or changed going forward. david: well, if it's not overruled and the supreme court backs up if it eventually goes all the way to the supreme court, if they back up this injunction, might the administration find some way to go around it? they suggested they're going to do the same with affirmative action, the student debt

decision, etc. >> yeah. i think it would be hard orer. i mean, the law -- harder. the law is not clear in this kind of censorship which is not direct, but indirect, getting private actors to do what you want as a government. one of the answers, i think, is transparency. david: yes. >> to make sure that we know what they're doing. i think americans at large -- i know i was -- were just shocked to find how many fbi agents were dedicated to this task and what they were doing. again -- david: by the way, just for those that don't know, bill 's father was an fbi agent, so you've got skin in that game. go ahead. >> yeah. and he spent his life going after bad guys, you know? and these guys just seem to be after views that they didn't find congenial. and it's really incredible. it's an important area for the potential of censorship, and i think we have to know a lot

more. and if there's any legislative fix, i'd like to see it err on the side of transparency city. david: right, right. >> but i think the judge is right to limit contact with these social media agencies to try to get them to censor what you want to censor. david: yeah. we've got to run, but the the good news is that the news is out, and exposure is the best way to handle all of this stuff. >> right. david: at least people are beginning to become aware of what the government was actually the up up to. bill mcgurn, thank you very much for being here. >> thanks, david. david: meanwhile, mark zuckerberg's twitter competitor is up and running, and already we're hearing reports of censorship. kelly o'grady is on the site with the very latest. >> reporter: that's right, meta is really taking a run at twitter here. we're already seeing this new app, threads, gain traction. 30 million sign-ups as of this morning. i tried it out. the app is primarily text-based for for now, but it links to

your instagram account so i was able to follow the same folks with just one click and that's why analysts are calling this a potential twitter killer, because it'll leverage meta's existing user base. ceo mark zuckerberg said that threads is a, quote, open and friendly space for public conversation, but that does beg the question who's deciding what's open and friendly? some users are reporting when they try to follow certain accounts, they're getting this prompt asking if they're sure that they want to follow them as well as a warning that that account has repeatedly posted false information. and twitter files journalist michael shellenberger took it one step further, he's accusing the platform of withholding transparency and said, quote, mark zuckerberg has promised us a better experience than twitter, but he's censoring users and offering no avenue for appeal. now, that experience is in stark contrast to the free speech that elon musk is working towards. the threads launch is seeking tn

echo chamber. david: right. competition is good. i'll -- we'll see what happens, but i'm encouraged there is that competitionful kelly, thank you very much. well, top golf officials expected to skip a senate hearing on the pga/liv merger. former georgia congressman doug collins weighs in on what lawmakers are hoping to get out of all this, that's next. ♪ it's a day out in the sun or the run or wind or cold ♪ ♪

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david: and now more on that story of the cocaine found in the west wing of the white house. an official close to the investigation reported by politico saying that the culprit is unlikely to be determined because the drugs were found in a highly-visited area, so-called. former republican georgia congressman doug collins joins me now. congressman, i've been to the west wing, i'm sure you have. it's not like tour groups are constantly parading in and out of there. you have very tight security getting in there. don't they keep track of where everybody is and who comes in? >> yes.

[laughter] that's the easiest one of the day right there, come on. here's my problem, if secret service says they can't figure out at least down to two or three people, let's just give them that much credit, about who left the cocaine, then congress next week needs to take up a bill immediately to bring the secret service forward and say what do you need to actually protect the most valuable house in this country. all the cameras, all the logbooks, all the security measures are keeping you from finding out who was in a room at a certain point. in time? under this administration it's become more and more of a joke. it seems like they're trying to hide stuff and not be transparent with the american people, and it seems like the secret service has gotten drug into it. david: when i was there a couple of times, i saw surveillance -- it looked as though there wasn't a square inof of -- inch of that area that didn't have some kind of surveillance. >> and that's what's disturbing. again, if that's not true --

which i've been there as well. yes, there's video footage, a lot of people standing around, a lot of security standing around. again, to not see this and make the american people believe, oh, this is just something we can't figure out, i mean, with everything about hunter biden, the non-transparency, it just doesn't add up and this is, again, a degradation of trust from the american people about this administration. david: and this is more than just embarrassment. i mean, there are national security concerns. what if this had been anthrax? we've got to get to the bottom of it. >> yes. yeah, and here's the thing that concerns me, and god forbid that it was something bad like that. but i would almost guarantee you that within 10 -- within an hour they would have known who it was, when it happened, how it got there. and now you're telling me since it's cocaine we can't figure it out? if that is true, then we have a security problem at the white house that needs to be fixed. david: i agree. congressman, stay right there, i want you to react to this next story. two two pga tour officials are expected to testify next week as

the senate seeks answers on that merger with liv professional golf. chad pergram has more on all this, what are they up to? >> reporter: lawmakers are upset about the saudis' role in golf. there are concerns about human rights, and lawmakers worry about one group controlling major golf tournaments. nancy mace leads the golf caucus. >> certain standards that they abide by when it is a huge merger or a large acquisition in a specific industry, and if they decide they feel they need to review it because there's a a monopoly, they should have the freedom to do that. david: liv founder greg norman would not testify the, there are concerns about the saudis' human rights record pro. however, the top gop member on the committee holding a hearing on liv next week is not worried. >> if you use oil, you're basically supporting the saudi

regime as well. that's just the the reality of the world. and that oil wealth then gives them all kinds of dollars to invest all over the place, and in general i guess with i'd rather have the saudis invest their dollars in the u.s. rather than into russia or china. >> reporter: johnson says there is not enough money to wash away the killing of journalist jamal khashoggi by the saudis. 9/11 families united commissioned a massive billboard in the times square to protest the deal. the accord caught the families by surprise especially after the pga spoke out about liv golf. >> it was a pit -- it was a gut punch. finish and your heart disease breaks, you know? -- heart breaks, you feel it internally, that type of betrayal. and that's exactly what it is. >> reporter: under the deal the pga would still control most of the new organization. the pga would not comment for this story. david?

david: all right. chad, thank you very much. let's bring back former georgia congressman doug collins on this. congressman, usually you have probes when americans are being harmed or at risk, and because liv and pga have figured out, you know, a way to get along with each other, to provide more games, more tournaments for people, the question is who ises the aggrieved party here on the basises of this this merger? -- basis of this merger? obviously, people who had relatives or people that are concerned about the safety of nation when the saudis are involved in everything have is a decent concern, but as chad said, you know, if you buy -- the senator said if you buy oil, you're helping the saudis. >> exactly. look, i have a lot of respect for my former colleagues in the house and in the senate, but come on, really? with the appropriations bills having to come up, with the national defense authorization act, the farm bill, this is what you're going to spend time on? look, my heart goes out to the 9/11 families, and i agree, but,

okay, if we're going to start down this road, why don't we bring in the formula one team, the tennis association, the golf, other golf, leagues that go to people who perform in saudi arabia? this is just an issue, look, i want saudi arabia held responsible for their human rights violations, but for congress to spend time worrying about this deal, really let's just be frank the here, this is about time on camera talking about how bad they don't like the saudis. that's all this is. it's a 5-minute clip time for comms directors all over the hill. david: remember when the tiktok guy us on a down -- guy was on a couple of months ago, and, you know, there are serious concerns about tiktok, but it was just grandstanding. you had one grandstanding

statement after another from democrats and republicans. and, again can, there's a beef against what tiktoking is and whether it's a security threat, but with we don't need grandstanding. that's not what we pay our congressmen to do, right? >> right. here's my point right here, what are they going to do? congress can either have hearings and talk about it or put legislation to fix it. david: yes. >> there's no legislation to fix this. so that says all this is is a hearing to have a hearing. if this was a true antitrust concern as was mentioned earlier, than the -- then the ftc and others. mine, come on. look -- [laughter] i love to death, get to work on the problems that we need working on, deal with this is and met the markets -- the market's already dealt with it. saudi is saudi. if you want to completely move anything, then you've got to have hearings on most everything we're doing. david: doug collins, thank you very much for being here. appreciate it. >> take care. david: the president just landing in south carolina to push his green energy progress

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♪ i'm gonna love you forever ♪ to have and to hold from this day forward. ♪ you don't... ♪ c'mon, bear. ♪ you don't have to worry... ♪ ♪ be by your side.. ♪ ♪ i'll be there.. ♪ ♪ with my arms wrapped around... ♪ david: well, all stocks are down today, and as you can see ford is down about 2.5%, but there's some good news. ford's u.s. sales jumping 9.9% on big gains for its f series trucks. the stock is still taking a hit today. and, of course, the automaker continues to lose billions of dollars on its electric division. strategic wealth partners investment strategist luke lloyd joins me now. hi, luke. david: -- hey, david.

david: stick around, let me ask a specific question about ford. despite the fact that they're losing money hand over the u.s. on electric sales, is it worth buying the company itself right now? >> no. we are living, apparently, what we call the american dream right now which could turn into an american nightmare, a debt nightmare. we love our debt here in america including 10% of outstanding debt here in america being auto loans, around $750 a month is the average car payment right now. an all-tame high. that's almost 20% of the average personal income here in america. 9 it used to be crude use 20 president of your income for a house, now it's your car. we are also at a record high level of people with over $1,000 a month car payments, $1,000 a month for a car. one of the scariest trends is that americans are also extending the length of debt. back in the 1980s, a 4-year auto loan was the normal, now

it's 6 years, and that's rising even further with 8-year loans being taken out. we're taking how out more debt, extending the length of dead, and people are continuing to buy new cars with car prices up 20%. as long as the the job market remains strong, this debt cycle will get bigger. the debt cycle will burst if and when the job market takes a turn which is why, generally, we are staying away from i auto manufacturers. david: by the way, it's bursting already for a lot of people that have maxed out their credit cards on loans in order to just pay the bills. but specifically with regard to evs, i mean, ford is expected to lose about $3 billion a year, this year on auto -- they say eventually on the ev sales, they say eventually by 2025 the they'll be profitable, but that's a long time coming. why is it that tesla, it's pretty much the same with gm, why is it that only tesla seems to have figured out the ev market. >> that's a great question. one of the reasons being they were the first mover if.

they've done more for the ev sector or evs in general and the technology in making it more mainstream than anybody else including the government. just a few weeks ago ford received $9.32 billion loans from the government to build an ev battery plant. they've been with around for a very long time, right? so the government is using our tax dollars for this $9 92 billion loan to push many vehicles that many of us don't want yet, we don't want another thing to worry about when finding the nearest charging station, so evs probably are the future. i just want the american people to to decide when it's ready, and elon musk and tesla didn't seem subsidies from the government until seven years after they were created. that's why tesla's ahead. david: and we love our gas pickups, no question about that. luke, we will see you in a few minutes to talk about the markets, generally speaking. good to see you with, my friend.

meanwhile, president biden is in south carolina today. he is actually the, we've seen pictures, he's on the ground. he's being given a tour of a electronics firm called flex ltd. representative jim clyburn is with him. we may see pictures of that. we'll run them while i'm talking to my next guest because republican senators are raising alarms on the u.s. power grid's reliability just as biden is making the the green push the centerpiece of his bidenomics plan. price futures group senior analyst phil flynn joins me now to talk about whether we have the power grids to power all those electrical vehicles that the president is hoping to sell. that's the answer, phil? >> dave, i hate to end the suspension with a one-word answer, but the answer is, no, absolutely not. you know, in fact, i'm really concerned about this push forwards green energy and and the -- towards green energy and its impact on the poor in this country and the reliability of the grid.

because we're pushing so much money towards green energy, dave, the u.s. energy grid is in the worst shape it's ever been in the history of this country. and i view that by the the view of what we call sustainable power which is things like oil, natural gas, nuclear versus the renewable that's trying to to replace those energy sources. and because of the lack of investment in those traditional energy sources, the recent reports show the reliability of the grid is that those old-fashioned sources are down 8.a 5% of the time. 8.a 5% of the time. that's a record high number, and it's very disturbing because we are going to depend on the grid not only to power all these electric cars that president biden wants, but to drive the economy, and that's going to be a disaster as we move forward. david: and, by the way, we're also depending on china because china is producing the metals

that we're not allowed to produce here because of our epa in their infinite wisdom have decided we can't mine those materials and minerals ourselves, so we have to rely on china even though now they're restricting. there are all kinds of things mitigating against this, but we have these mandates from the federal government and from various states like california saying you have to buy the electric cars even if you don't want 'em. >> president biden, of course, is touting these green energy jobs, right, and cheap electric cars and all that stuff. but for every job create in the united states for green energy, the biden administration is producing four jobs in china, right in. david: yeah. >> so we're subsidizing china, and we're make our energy grid lessfective. the kilowatt hour in this country is going to be the higher than in other place. for years the reason why the u.s. economy has really had an edge up is we've had cheap natural gas to power our manufacturing sector. as we pull away from that and

try to move towards these alternative sources, we're going to be outsourcing manufacturing jobs to other countries because it's going to be a lot cheaper to run a factory in a place where energy is cheap. david: yeah. >> so we're giving away one of our big advantages. david: and meanwhile, we're still producing less oil in the united states than we were in december 2019, right before the pandemic when things kind of shut down for a while. we should be producing much more than that. mackenzie and company came out with a the study saying just in one area alone, the gulf region, we could be producing 2 million barrels a day more from just the gulf and doing it in a way that would not be as polluting as they do it in saudi arabia. >> yeah. people that support, are worried about climate change should be outraged because we know the world needs fossil fuels. i why aren't we producing it in the cleanest place in the world? here? we're not. we're trying to discourage that, we're making the world dirtier. and and is we have this false the perception that if we start

throwing billions of dollars at inefficient technologies, it's going to make the world clearance. so far the evidence is the opposite. the world's getting dirtier, and we're getting more poor here in this country. david: well, and the green energy plants are based on hope, not reality, and the reality of the situation has to match up with hope if you're going to have something succeed. phil, thank you very much is. good to see you. time to check in with jackie deangelis and "the big money show" and see what they have coming up. jackie: david, the data out there is not matching how people feel. where is the disconnect and what are the markets going to do about it? this as the president is pushing more bidenomics. plus, meta launching threads, we're taking a look at that. and janet yellen's trip to china, we've got el bridge colby to break it down, but first,ing more "coast to to coast "afterthis. good luck [coughs] good to go. yeah, i think i'll get a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion.

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the all clear from the faa to test its flying electric car. joining me now is jim duchovny, ceo and cofounder. jim, thanks for being here. i just want to quickly get to the two major concerns whenever i mention this to somebody, safety and reliability. first question is how do you have a pleat of electric car -- fleet of electric flying cars over a city without one or two of them falling down and causing a mess on the ground? >> thanks for hosting me. yeah, that's a valid concern. so faa and nasa working on something called highway in the sky. it's not there yet, but that's actually -- so you mentioned the lanes you have on the ground, and there are specific lanes which you have in the air. those planes can contract and expand and also it can go in a wide direction, and there's a lot of flexibility. so, yes, the government is actually working on those connections. if it will be very, way more

order than on the ground. david: the other question i hear most often is what happens if the battery failses? because i know the lifetime of a charge is not very long with these things. what happens if a battery fails the when you're up in the air? >> tharst of all, you'll always

have some kind of a backup in battery power. even if anything goes wrong, we have -- we are very lightweight car and very lightweight aircraft, so we have ballistic power chutes which can definitely help you with this and a lot of redundancy, a lot of backup systems.

we're trying to make it safer than any helicopter, any airplane -- david and it is very appealing to a lot of people. you've got a lot of preorders. are they coming from individuals or fleet owners? >> both. so it's both. like, majority of it comes are from individuals. majority probably coming from the science fiction generation which loved the idea. but also we've got some preorders which is great because we're using the traditional business model and people seem to be buying it, pun intended. david: we have to go, but i know elon musk's one of the pre-backers. any plans to go public? very quickly. >> so elon is not a pre-backer -- david: oh, he's not? >> jim draper. yeah. so tim draper who's one of the first investors in spacex is. so, yes, we can definitely place orders, you can actually invest, and we welcome everybody.

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dave: markets taking a hit with the dow on paid for the worst day since march. luke lloyd is with us. how does this end? >> reporter: i don't know what is scarier, the recession or

the economy remaining so strong they have to go over the fed funds rate. i think it is the fed going over 6% and causing a recession. look at the jobs data, last thing the federal reserve wanted to see and with regards to what the federal reserve wants to do. it will stay, the higher the federal reserve has to go. if we go higher, i am scared something else will break before we get a recession that could put us into recession. a lot of this was built on debt as we talked about 15 minutes ago. when you saw a system forming in the banking sector use our credit risk rise, that has cooled off. with rates going higher that will put a stalemate on the market. dave: you said a lot in 30 seconds. that does it for us. jackie deangelis and "the big money show" are here to take you through the next hour. taylor: i'm taylor riggs. brian: i'm brian brenberg. jackie: and i'm jackie deangelis. welcome to "the big money