joined by john lonski, moody's chief economist. jack hough of "barron's." michael good win of "new york post." a fox news contributor. you can't beat that i have to pay the bills. pay the bills. are you kidding me? they have conservatively $55 million. probably 200 million. >> right. melissa: i will let you go first, michael. >> net worth of the family is primarily because of these speeches, books everything else they have been doing. this idea he has just got to keep doing this? he doesn't want to face the fact although he has in the past there is inherent conflict of interest here with his wife running for president former secretary of state. a lot of these contributions from foreign sources came while she was secretary of state and lobbying foreign governments. melissa: no doubt. >> something is unholy about all of this. melissa: definitely. you love of the response. i love this. even when he said, clintons they are just like us. because they say $500000 for a speech. i work hard on this. i spent a couple of hours just doing the reserve. that is worth $5

tom sullivan john lonski from moody's. nicole, give me the trade on the floor first. >> when you see oil, don't forget it pulled back recently. now it is popping back up. we're watching 10-year bond ad six-month highs. that is 2.27%. the big picture when you talk to traders to ask them about the rally that we've seen year after year and even this year we're not too far off the highs, someone like ted weisberg says it is okay to put a couple toes in water. people feel like they missed it but poised to go higher. melissa: let's talk about oil, john lonski. goldman sachs is saying basically that oil popped above 60. that rally basically inspired suppliers to get back into the market to continue to drill. that is what will cause it to go down because there will be more supply as a result of the pop. a little bit counterintuitive. do you agree with what goldman sachs is saying, john? >> i think their reason something very correct. nevertheless i think for the time-being you will probably have oil prices move higher. it will tak

john lonski from moody's steve moore from the heritage foundation. he is also a fox news contributor. john, synthesize all of that for us. most economists think the raise could happen in september. based on what we heard from the fed minutes, do you think they're right. >> that is a guess on the part of the economists because the fed funds future market doesn't expect a rate hike until decent until the earliest. perhaps the fed funds finishes the year no higher than one-half of a percentage point. we simply don't have convincing evidence on hand strung enough to put the fed into hiking rates at september meeting. melissa: okay. steve moore we were looking at markets. the dow is down 12. that is bounce back from where we were meaning traders are betting what we heard from the fed minutes a few seconds ago is pushing off a hike even further. do you agree with them? >> probably. look, i listened to that analysis of what the fed is going to do and the more you listen to this stuff the more it reminds you of the wiz ard of oz behind the curtains pushing th

gerri: my favorite economist john lonski. thanks for coming on the show. good to see you. >> thank you. gerri: still more to come this hour including a ruling by the wto saying we don't have the right to know where our meat comes from. hmmm. >>> and next, hillary clinton speaking out about the email scandal plaguing her campaign. >> i want emails out with all of you. gerri: sure, she does. now the court is telling the state department what to do. our political panel weighs in next. ♪ new york state is reinventing how we do business by leading the way on tax cuts. we cut the rates on personal income taxes. we enacted the lowest corporate tax rate since 1968. we eliminated the income tax on manufacturers altogether. with startup-ny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. all to grow our economy and create jobs. see how new york can give your business the opportunity to grow at ny.gov/business automotive innovation starts... right here. with a control pad that can read your handwriting, a wide-screen m

chief economist john lonski and dan. welcome to you both. john i start with you.o one fan, certainly of today's job report the market -- the stock markets. big gain. about 2%. nearly 300 points on the dow industrials. take a look at these numbers. 233,000 is the addition in april. march revised lower to 85,000. what do you make of these numbers? >> the equity market liked the same thing that the treasury bond market liked. that was the report indicated only a modest increase by wage and salary income. the average hourly wage was up by a measly one tenth of 1% from the prior month. only 2.2% year to year. that tells me that the broadest (?) total of wage and salary income in the month of april grew by just north of 4%. inflation risks are well-contained. therefore you're only going to see a modest rise by interest rates at worst. and the equity market, of course. >> okay. let's break that down. you covered a lot of ground there john. dan, i told you in the hallway before the show. larry summers saying that we're in secular stagnation. certainly, you've got to say i

with us moody's economist john lonski. always good to have you here.efore we get started i want you to hear what steve wynn said. >> the idea of america is in grips of a great recovery is pure fiction. it's a lie. >> really? >> jobless recovery because recoveries are marked about the amount of real employment. and if you count the people that left the workforce real unemployment is 15 to 20%. gerri: john, you have to give him this. this has been a jobless recovery. how much of that do you agree with? >> in tone very much so. this is the dullest economic recovery since the second world war. you know, we're getting some troubling news on economic activity for the second quarter already. we probably contracted in the first quarter. that means it is highly unlikely that the economy will grow by 3% this year. 10 straight years under 3%, no precedent. average annual rate of growth 1.5%. that is miserable. no wonder, we, we have the worst recovery again since the second world war. gerri: i think number you always pull out is so interesting. we're on track for