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tv   Cavuto Coast to Coast  FOX Business  May 16, 2022 12:00pm-2:00pm EDT

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different. ashley: by the way the lobsters have four pair of walking legs and the front two legs are antennae like, used to feel and smell their surrounding and tipped with grasping pinchers which have bands around them apparently. my time is up. david asman in for neil cavuto today. david: a lot more to lobsters. i'm david asman in for neil on "cavuto: coast to coast." biden's new regulations on fossil fuel production continues unabated. gas and diesel prices hitting new records with the national average for gas now at 4.48 per gallon. united refining company ceo john
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catsimatidis is here. why he is warning of possible rationing and gas lines like in the 1970s. plus the administration losing some key allies as they continue blaming the nation's producers for inflation. why amazon founder jeff bezos and former treasury secretary larry summers are taking aim at the biden administration for sky locketting prices. -- skyrocketing prices. start on capitol hill what democrats are pushing what they call price gouging bill. some democrats are slamming the idea. hillary vaughn on capitol hill with the latest. reporter: david, gas prices have been high for months as many americans know but the biden administration has been blaming oil companies from day one accusing them of ripping off the consumer and cashing in on my prices but so far the biden administration has not proven that price gouging is in indeed why gas prices are rising.
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>> what i can tell you from the administration perspective is there is guidance going out to crack down on price gouging where we see it. some companies have become ridiculous profitable, notably including oil companies. they're incredibly profitable right now. they're not complaining. they're not unhappy about the situation. the public is unhappy. reporter: speaker nancy pelosi says the house will vote on a bill this week that would punish people price gouging at the pump. the oil and gas industry is not thrilled with this push from pelosi. u.s. oil and gas association president tim stewart, telling fox business this. this is not price gouging bill. it's a price control bill. an attempt for the president to set the price of fuel while attempting to blame industry for biden failed administration policies. the ftc has never found any evidence of price collusion by industry on oil and gas prices. republicans say democrats are more focused on who is to blame than fixing the problem. >> it is typical in this administration. they want to blame somebody
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else. this is another long list of examples in the biden economy of products either people can't get or paying a lot more for. this is the inflationary issue that they have created and this shortage is another example i think of basic government competence. reporter: david, the former treasury secretary under president obama, and vice president biden, larry summers criticized this price gouging bill the house will take a vote on this week calling it dangerous, saying it could have the opposite effect that is intended. he said it could lead to shortages and could usurp efforts from the oil and gas industry to increase supply and increase production. david? david: why a lot of people say government competence is a ons h oxymoron. a contradiction in terms. if high gas prices are not worried enough, worries about the food supply chain stemming from problems overseas. jackie deangelis with details.
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it never ends. >> never ends, david. good to see you. we have supply chain issues plaguing the globe. united states and eu working on measures that will help food supply props. india is announcing it is resticting wheat exports in an effort to essentially protect itself. that has wheat prices surging to the highest level in two months. russia war with ukraine is exacerbating supply chains ukraine ability to export food vegetable oil and grain is limited and inability to plant for the future. the longer you see things go on, it is like this. india says, you know what? we'll not export wheat. we need to manage food security in our own country. indonesia banning palm oil exports as well. amid restrictions on exports that will raise commodity prices the united states and the eu are having talks in france through
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their joint trade and technological council, that is the ttc, looking for some practical solutions. meantime more bad news, covid lockdowns in china are starting to show their toll in real time. china's retail sales fell by 11.1% in april from the previous year t was almost double what analysts were expecting. the country's industrial production, david, fell by 2.9% last month when the analysts were looking for number to be flat or slightly higher than that of course the unemployment rate in china as well, in 31 largest cities hitting a new high, 6.7% in april. none of this is great news. shanghai said over the weekend that restaurants could gradually reopen but the target for the rest of the city to be up and running would be middle of june t has had an impact here. it i showing in the numbers. david: it will continue to do because they have this crazy zero covid policy doesn't work.
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we found that out, the rest of the world is. china is still laboring under the misapprehension whether they can wipe it out completely. jackie, thank you. >> thank you. david: new nbc news poll showing inflation and the economy are the two most important issues for americans ahead of the november elections. we have john john cast joins us. you know about foot and oil. start with oil f we have price controls, one thing clear in economics, price controls, always, always lead to shortages, right? >> david, let's start with washington. if washington stops, there should be a law against washington, the congress and the white house and senate lying to
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the american people. if we have, versus any other law, if, if they stop lying to the american people the world would be better off. inflation, it all starts with oil. when you double the price of oil everything filters down to food, it filters down to everything else. look at the manufacturing numbers this morning. they're dependent on diesel fuel. we're, our company, we're getting all our product from canada and it comes through the pipeline. we have no shortages but the colonial pipeline, that brings up from the gulf has shortages on diesel. the oil coming in from, we're expecting oil from russia, from saudi arabia. their production is down. venezuela, they hardly have any production. if we're depending on them. david: right. >> north america has all the oil
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we need except there's a war by washington on north american oil! why? the american people are saying why is there a war on north american oil by washington? if you stop the war against north american oil, the inflation will go away. the food prices will come down. the gasoline prices will come down. everything will open up. why is there a war? i mean when you cancel leases in alaska, we have two million barrel-a-day pipelines in alaska and we're only using 400,000 barrels. then what happens on friday? they cancel the leases in alaska. david: right. it is crazy. >> you can't, david, you can't make this stuff up. david: john, their reasons that they say they're for cutting back on oil, if they're honest enough to admit that, sometimes they continue to say they're encouraging oil production at
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the same time they're canceling all the pipelines and other things, they say it is for the good of the world because that cut back on global warming that will clean our air. in fact by going to places like venezuela, you're in the oil business, you know nobody makes oil in a dirtier way than the venezuelans do. why would we go to venezuela if you want to clean the air? that is exactly opposite what you want to do. we want to produce here, produce here, cleaner, burning oil, no? >> absolutely correct. we do the best job in north america. china does whatever they want! you know russia, does whatever they want! why are our hands tied? why are we prisoners of the world where we're letting everything else, the rest of the world slide? venezuela, russia, saudi arabia, i mean, we're so short of oil, even saudi production is down. we're so short of oil we're negotiating with the iranians
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through the russians to give us more oil! david: it is unbelievable. it is unbelievable. >> you can't make it up. david: on top of having supply problems right now, they're starting these price gouging hearings. there is no evidence of price gouging at all but they're doing that the suggestion by a lot of people inside of the beltway they're working towards price caps or price controls. as i said before, that always leaves, leads to shortages. we might not only have sky-high prices but also gas lines from the '70s, no? >> i think the common sense, the common sense democrats are finally going to come out to say enough is enough. there is a lot of common sense democrats, pardon me, that will not listen to that and you can't, you know, like i started a conversation with, there should be a rule against lying to the american people. david: yeah. >> open up north american energy
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and inflation goes away, prices of oil go down, gasoline prices go down and everything, and sun will shine for the rest of the century. david: john, let's talk specifically about food. we know that there are problems with regard to the high energy prices and those are passed along, the food we buy because obviously stuff has to be transported, et cetera. there are also problems with fertilizer around the world because a lot of fertilizer comes from natural gas. that is a main ingredient from fertilizer. are we facing a worldwide food shortage problem here in the united states? >> everything flows down here, fertilizer, a lot of it is made through oil products. there is a shortage of fertilizer. what happens when all the countries export wheat, whether they export any other product, they're saying let's take care of our country first.
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they're taking care of their countries and we'll be short on product and, that leads to the problem. and there's no problem, right now baby food, if you follow the chain of events on baby food is, we've shut down a few baby food production facilities because of so-called bacteria but if you check into it and people are checking into it, it shouldn't have happened. it had nothing to do with the original problem with bacteria. so we're creating, washington is creating our own banana peel. david: now you say, by the way, john -- >> i said that many times. david: you say there are dems as we push back against the administration, as we saw last week they continue anti-fossil fuel regulations, you there regulations alone, they don't
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have to go through a lot of measures that hurt oil production but may hurt production of food products. they are after meat producers and a lot of people in the food production industry. >> david, you said it right. they don't have to go through congress. a common sense democrats, a lot in congress, a lot in the senate, but if the white house makes a decision and they don't check with anybody, we're going to take this country downhill. if we don't bring down inflation through opening up the energy prices and we force the fed to raise the interest rates you know what is going happen? we'll wipe out the real estate industry besides! david: yeah. it is tough times all over. it is tough times. it really begins with energy. >> we're creating our own banana peel, david. david: i think the banana peel is the gas production, the oil production, the refusal of this administration to go where we have to go for that. john catsimatidis, good to see you, my friend.
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thanks very much for being here. coming up, musk taking aim at twitter as his deal remains on hold. here what the billionaire says about the social media company and what that means for his takeover plans. that's coming next. ♪. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit and get started today. only two things are forever: love and liberty mutual
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david: elon musk twitter bid remains on hold but that hasn't stopped him from speaking out about the issues he is taking up with the firm. kelly o'grady joins me. all this news is hurting the stocks price. today it has been below 40 bucks. reporter: yeah, his offer is $54.20. that is quite below that. david, this weekend the algorithm was front and center. one of his biggest issue with twitter it should be made public. musk warned users in a tweet, quote you are being manipulated by the algorithm in ways you don't realize. he said how to set your timeline to be chronologically driven. the algorithm only shows you what it thinks you want to see. that will reinforce biases. the bigger investigation whether the bots investigation will kill the deal. musk doesn't believe the platform has 5% less. he says it could be 90% of monetizable users that would
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make the revenue target extremely difficult to execute. twitter is not happy with the billionaire's latest tweets. musk, twitter legal called to complain i violated their nda revealing the bot sample size is actually 100. this actually happened. the deal will go through but musk may be attempting to renegotiate a lower purchase price as you pointed out with twitter trading under $40 or $15 billion below the 44 billion-dollar deal value but the acquisition is garnering a lot of doubt. one of the doubters seem to be former president trump. musk said he would reintate his account. musk weighed in about the hold. >> i don't think he will buy twitter. you have so many fake accounts, the bots, all the different things. i think it will be very interesting. he has problems because he bought a lot of stock he shouldn't have bought. he has a lot of problems with twitter. reporter: musk looking to walk, will face one billion dollar break up feed and potentially billions in suits to damage to
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twitter he waived right to but if they info that would give him rights to walk. david: what does elon musk want? i was told you're here. >> we can speculate. you listened to elon musk. you reset the algorithm on your twitter feed. david: it has changed my twitter feed. >> more calendar. it goes by chronologically instead of what the algorithm thinks you want. david: even if he doesn't buy he has changed twitter. >> absolutely. david: he really changed the culture at least around the edges anyway. the heart of it is another matter. that would think i take a complete takeover. >> stock price? probably not. i seen all the gains since he announced his 9% stake on april the 1st. that evaporated now. we are sub$39. there is lot of thinking on
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wall street whether he wants to buy twitter. look at spread of offer price of $54 and 38 bucks? that is the widest spread between the offer price and what it is trading right now. people think if he has to pay the billion dollar breakup fee. he might not have to if he proves fraud in this case. that they misrepresented number of daily active users. david: is there enough evidence for that? is he getting evidence of that? >> the sec does not have history of being able to levy huge fines, to get the money when they do find individuals and companies. if he does pay a billion dollar breakup fee, that is still in question, what's the problem if he gets it for $10 billion cheaper? wouldn't that be better for him? especially pledging 10% of his own wealth of tesla stock for takeover? david: you see what he has done with the companies he has taken over. the stock price maybe takes a hit initially. but then it goes right back up again. these are different times. the markets are under tremendous
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strain right now. it may take a lot longer. for the price to come back up. >> because tesla stock is down 40% from recent records, right? the fact he has to put up, pledge some of this, $21 billion in tesla stock, i think there has been a rethink, amongst his financiers, like larry ellison, are we over paying at 54 when there is no second bidder? social media stocks have taken a 20% hit after the selloff started. david: donald trump has his own reasons for saying elon will not buy twitter that the deal will not go through. >> he is the latest this morning even if donald trump is reinstated on twitter he will post first on truth social. there is motivation financially he has a big stake with dwac. david: is he onto something? do you think in the end twitter will not be bought by elon musk as donald trump says? >> that is a great question because he says he is still committed to this deal.
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now, does he get cold feet and walk away? we know, look in the past i think historically town squares, once you lose your legitimacy people will move elsewhere. look at myspace? there is some doubt about whether or not he actually wants to go through with this. depends whether he has to pay the billion dollar break-up fee i think. david: by the way, before we went on air, elon has not tweeted anything. i haven't seen any tweets by elon. is he busy or realize this is sensitive time, maybe i should pull back a little bit? >> i will see that he does tweet during non-trading hours, right, more so on the weekends and on friday night. when he actually gets a rest from running a trillion dollar electric car company and 100 billion-dollar space company. david: this is one of the best business stories i think of my lifetime what he is trying to do with twitter. when you think of the importance of twitter as a social media empire. >> i think there are tesla issues.
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look at spread between the 250 calls and 1620 calls? widest on wall street. david: a tough time. very interesting one for us as journalists. thank you very much, susan. appreciate it. coming up, jeff bezos blasting the white house. what the amazon founder is saying about sky-high inflation and the biden administration handling of the economy. that's next. ♪. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions,
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♪. david: well amazon's jeff bezos is calling out the biden administration after the president tweeted that making sure corporations pay their fair share is a way to tame inflation. edward lawrence, joining me now with more. it's all about everybody else. that's what biden has been doing. reporter: that's the blame game.
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the white house has been playing, you know what? some democratic supporters are moving distancing themselves from the president as his poll numbers are starting to fall. owner of "washington post," as you mentioned jeff bezos, the paper routinely attacks republicans. bezos is concerned. this is why. this tweet what the president tweeted, if you want to bring down inflation make sure the wealthiest corporations pay their fair share, that led to response from bezos. newly created disinformation board should review the tweet or form a new non-second wit ture board. taming inflation is critical to discuss, mushing them together is just misdirection. on sunday bezos followed with this tweet. in fact the administration tried hard to inject even more stimulus into an already overheated inflationary economy and only manchin saved them from themselves. inflation is a regressive tax that hurts least affluent.
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misdirect doesn't help the country. republicans say the president's policies are causing economic hardship and cannot over come shocks like baby food shortage. >> this is another long list of examples in the biden economy of products that people either can't get or paying a lot more for. this is the inflationary issue that they have created and, this shortage is another example, i think of basic government competence. reporter: even prominent democrats are starting to break and criticize current policies. listen. >> what i think that washington could focus on is of course fiscal responsibility, monetary policy, in addition to that i would like to see them drop some of the tariffs which add an additional inflationary pressure for consumer products across the country. reporter: so far the white house staying the course. thank you, david. david: not just the white house. edward, thank you very much. house speaker nancy pelosi is also running out of targets for the cause of inflation.
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now she is actually blaming jobs an wage hikes for inflation is the cause. listen. >> what causes inflation? one is when unemployment goes down, inflation goes up. that is not anything to accept. when wages go up, inflation goes up. that is one. when supply goes down, costs go up. supply is affected by covid and supply chain problems that we have because of covid and it also because of the war in ukraine. i don't -- there is a putin price hike at the pump. not all of it to him but a large part of it. david: of course none of it is the government spending more money. joining me now "new york post" columnist, fox news contributor michael good win. michael, i think it is extraordinary, now the president, speaker of the house is blaming workers first for inflation. more workers are a problem and workers getting higher wages is
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what is causing inflation? that's ridiculous. >> well, it's sounds, to me, david, that nancy pelosi went to the aoc school of economics where everything is upside down and there's, there is just a quality of doublespeak and confusion there that makes no sense. there is no science behind that. it is just made up politically, just as joe biden does with all of his claims about somebody else's fault. i thought it was very interesting the bezos reaction to this, calling, calling bs on the white house and it's, i think it is a sign that people are beginning to see through this blame game, these illogical incoherent arguments. everything but what we did is to blame. and of course the government spending, the federal reserve. david: right. david: i want to talk about bezos in just a second but the fact is under donald trump we
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had lower unemployment and higher wages without inflation. of course this was before the pandemic, but right up until december 2019, lower unemployment, higher wages did not mean higher inflation. so i mean she's wrong on the facts but politically speaking, does it make any sense right before the big mid terms to come out and blame workers for the problem? >> well, look, i think democrats are inoculated by media. if republicans said something so stupid, it would be front page for days. would have to walk it back. democrats do it, it falls into a black hole, it doesn't fit the narrative. she will find no consequences about that i regret to say. david: talk about bezos is saying, what "the washington post," he claims they're editorially independent but we know how when the owner
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is interested in something very often the newspapers he owns kind of mirror that impression. look at this, biden's magical thinking on inflation continues. that is from "the washington post" on may 11th. you're seeing more and mosh headlines like that in "the washington post." can any democrat sustain office without "the washington post" behind them? >> well, certainly "the washington post," "new york times," cnn, they all travel in a herd, msnbc, so you lose one you could lose them all. look i think one of the things that is happening nbc over the weekend, another one of the camp followers had emphasized chuck todd, that the polls showing 70% of country think america is on the wrong track. that has been going on for months now. that is the inherent problem for these media organizations. are you telling us that the country is wrong? that the country, somehow
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disapproves of these policies is wrong and white house is right? well of course they can't go down that road. so now they're beginning to find ways around that, short of coming out and telling the absolute clear truth but nonetheless they're all beginning to waiver. it is an unsustainable claim that the white house has nothing to do with the inflation. david: michael, what is going to pop the bubble within which the white house and nancy pelosi and other leaders in the democratic party are living? so far, as we just heard from pelosi yesterday and as we're continuing to hear from the biden administration, they don't get it. they're just pointing fingers, not admitting they're making any mistakes? >> look, i think elections are the only cure for this. that is why we have them. to hold people accountable, to in effect ratify or reject the opinion of public officials and their statements and actions. and the democrats, it is, amazes
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me, david, it has for months, that joe biden has not changed course. i mean these numbers having him like 25, 30% approval on the economy, people blaming inflation on him, some huge number, even cnn reporting some very, very high number of people think that the government is not doing enough to fight inflation and he does nothing about it. he goes and tries to change the subject, make it about january 6, saying maga, maga, over and over and over, just code word for donald trump. so i think they're trying to distract and divert attention away from the problems that they caused. david: it is six long months before the election. so that means we'll have a long hot summer in terms of inflation. michael, thank you very much. appreciate you coming in today. coming up russia with a dire warning for poland. you're next. that's what they're saying. polish ambassador to the united states will be joining us with
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♪. david: a significant expansion of nato. finland is set to apply to join the military alliance and sweden is expected to follow suit. this is all likely to inflame tensions between putin and the west. polish ambassador to the united states. marek magierowski joins me now. ambassador, thanks so much for being here, we appreciate it. we just had this threat by, almost about to say the soviets because it harkens back to the soviet-era where essentially the putin folks are talking about, they have to denazi-fy all of eastern europe. they pointed their finger at poland. what do you make of these threats? >> i consider these threats as ludicrous and bizarre. we already heard many intimidating words on the part
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of kremlin political elite. especially looking what is going on the ground in ukraine, that has been all along a huge embarassment and very remarkable humiliation for the russian army. so i can't imagine russian forces invading poland, lithuania or finland for that matter in the foreseeable future. david: we have this phrase, and i may be mispronouncing it, which i think is translated as russian peace. >> russian peace. david: or the russian world. it harkens back to what hitler was saying about the sue sudatan land, what those areas historically owned by germany and russia. you think after the battle defeats in ukraine that he has the power to reorganize the old soviet union? >> he overestimated russia's
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military might before they began to the invasion of ukraine. now they tend to underestimate it when we see what happened in ukraine. russia in my view has not unleashed its whole potential. they can still for example, flood ukraine with freshman power and with fresh cannon power. i would not be so optimistic about the rate of the russian military nowadays. on the other hand as you rightly noted poland has had a very complicated history with russia to put it mildly. we've been attacked by the forest russia and soviets so many times in the past and we have survived. by the way the decision of the swedish government this morning and by the finnish government a few days ago to apply for nato membership is excellent news. another thing for sweden, finland and their society, for poland and the whole atlantic community. i believe that poland, for
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example, has focused so much on the importance of the baltic sea, not only in terms of our collective military security but in terms of our energy policy in europe and the non dimension of nato has always been somewhat neglected. i hope it will change. i hope the process will be swift and resistance and opposition by some nato member countries but i think common sense will prevail. we will welcome sweden, finland into our organization. david: as you suggested not all members welcome it. particular turkey and erdogan. what do you make of his sort of resistance to having finland and perhaps sweden join nato? >> there will be some bargaining. i believe turkey which has always been a steadfast partner of poland, not only of other nato members will try to get some concessions during the
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accession process. i'm sure after the summer in madrid, nato summit, we will have, we will continue with an open door policy which applies also to ukraine of course. david: are you at all concerned that in a desperate mood, if putin is still in control that he may realize that the troops alone aren't going to do it and he has to use a weapon of mass destruction? >> i don't believe so. i believe it's a bluff. it would be suicidal not only for president putin but closest circle of his aides, his advisors. so i hope he will not cross this red line and he also realizes, as for example, the french foreign minister said a few weeks ago, a phrase repeated by some british firsts, we are also nuclear superpower. nato, there are several countries within this
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organization which have nuclear missiles and nuclear warheads at their disposal. david: yes. >> this scenario is really frightening but i believe it is implausible. david: ambassador, i'm getting a wrap. i have to ask you quickly have you heard anything about the health or ill health of putin? >> well everybody has. but i would like to go into detail. nobody actually knows what the actual state of health of russian president is. so i would end here. david: all right. ambassador, thank you so much for being here. really appreciate it. >> my pleasure. david: coming up special perks to fill open positions. what companies are doing to attract new talent and overcome the labor shortage. that's next. ♪. ! everybody ready? alexa, ask buick to start my enclave. starting your buick enclave.
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♪. david: companies including walmart and goldman sachs are looking for creative ways to incentivize workers as the nationwide labor shortage continues. gerri willis joining me now with more. i'm laughing because when you came on, getting back to the old-fashioned ways, right? >> absolutely. this is capitalism 101, you can't get workers, pay them more, better perks.
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that is exactly what is happening. they are boosting pay and perks. take a look at this. participants go through comprehensive at walmart, classroom training, hands on experience and one-on-one mentoring with company leaders as we learns ins and outs of walmart to learn to be a salaried member of management at a local store. walmart wooing college grads to a store manager fast track program called college to career. that is what they said in their statement i read to you right there. what is interesting, david, when you look at this in detail, a individual walmart store is a multimillion-dollar business. you forget about that. you need somebody with good experience. if they make it through the program, the first jobs will be 65,000 bucks a year. david: starting salary of 65,000? >> that's right. if you become store manager, the average right now, $210,000. david: holy cow. >> that is the average at
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walmart. workers worked for years he h they will get the them in the positions in as little as two years. they are boosting pay to truckers as much as 110,000. goldman taking a different tack, offering workers unlimited vacation only if senior staff. perks go to partners, mds, managing directors, allowed to take time off without a fixed vacation day. junior employees, sorry, you get two extra days of vacation a year. starting in 2023, all goldman employees will take three weeks off each year. junior analysts at goldman sachs were complaining they were working too hard. we were talk at the break, if we have recession, all bets are off. all the people hired may be let go. that is hard cycling goes on in investment banking. david: i must say, i know people who would say if i got unlimited
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vacation i would be off 52 weeks a year. not me particularly. but i do know people who would say that. >> you would be there every day. david: i would. gerri, thank you very much. i appreciate it. markets starting the week off in the red again following last week's selloff. warren buffett meanwhile using the slump as opportunity as he always does. "wall street journal" writing, berkshire hathaway loads up on energy stocks as inflation soars. surevest ceo rob luna joins me now. rob, great to see you, thank you very much. first of all he is in his element. warren buffett loves it when everybody is panicking. that is when he keeps his head about him and buys or loans companies with a down spell but are sturdy companies. he is focusing on one company in particular, occidental. that stock is up five, almost 6% today, 5.7% i believe it is on the daily trade. is making a right bet there?
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>> look, warren buffett is notorious buy when blood is on the street, be greedy when others are fearful. a little bit interesting with oxy, energy, david, last year, coming into this year has been the best performing. when you look at that on go forward basis not quite as cheap but he is also dipping his toes into names he likes like apple which is beat up a lot more here. as an investor you have to take a look at your portfolio. in my view probably not the time to start adding to winners that are up 30, 40, 50%. i would rather be looking at stocks that have gotten beaten up, a lot of names down 40, 50%. you're probably better off putting your money there. david: i want to stick to energy for a second here. we said earlier in the program, there are politicians calling for price controls on oil. of course that would hurt earnings terribly and really could be tremendous damage for oil production. we've already had a lot of damage. but my guess is that buffett is thinking, you see these
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democrats turning against that policy right now? it is not going to get through. therefore the oil stocks will do just fine. i think he is making a political bet here as well. don't you? >> i wouldougr dityit tely i i i ioreorf a paal vha talonua vua be nftiillile a b a b rsistentnt iue i froba proyro so fsom fm momtummersp pti inkthine bayng tng teonge ay.ok rhte h bhte tyesll a looxpen iveur .i d:, rck t statart takinhen. c wh u cash cd to no y h a techtartsothe startups would you tell them now, get rid of them? >> absolutely not, david. back to the point, some names are down 60, 70%. this reminds me of a lot of 2,000.
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amazon from 1999 to 2001, down 90%. that was an opportunity. if you need opportunity next six to 12 months i wouldn't buy into names. but if you have longer view, three to five years that is exactly where the fire is. that is where you want to put money right now. david: is there anything you would be dumping right now? >> i would be actually lightening up on consumer staples. some pepsis, proctor & gambles, and some energy stocks here that held up really well. david: rob luna, thanks for being here, my friend. appreciate it. coming up inflation weighing heavily on voters minds. how rising prices are taking center stage on this year's midterms. that's next. ♪
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♪ david: that's a good song. welcome back to casuit o "coast to coast" i'm david asman in for neil cavuto, and we have a busy second hour ahead, including team coverage of all of the stories hitting your wallet, we have grady trimble in glennview, illinois looking at the skyrocketing diesel prices and the impact that has on businesses, lydia hu is in new york city on the ongoing baby formula shortage that just keeps getting worse, where we stand on a fix to that issue and connell mcshane with how these events
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are influencing voters ahead of primaries. we're also going to be hearing shortly from republican north carolina congressman ted bud on what he is hearing from voters on these issues while he's out on the campaign trail, but let's start first with grady trimble in glennview, illinois on the record diesel prices. grady? reporter: david, yesterday was a brand new record, 5.56 for a gallon of diesel and yes that's impacting transportation companies. any company that drives trucks which is one of the ones we're at, it's called apt electronics. they deliver a lot of appliances i think 2,000 deliveries a day or so, and john apt is one of the co-presidents. your fuel costs are just through the roof because of high diesel prices. >> it's pretty crazy times right now as far as fuel goes that's for sure. reporter: what is it 70% up from last year this time? >> it's about 70% up, and it doesn't seem like there's an end in sight but i guess we'll see. reporter: you have your own fuel depot here because you have so
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many trucks out on the road. you're known in the chicago area for free delivery. can you keep that up with these prices? >> we're going to try. its been 86 years and we've always done free delivery so we don't expect that to end anytime soon. reporter: i guess the problem is it just starts to eat into the profit at some point right? and that's probably happening now. >> it does but it's the cost of doing business. reporter: and lastly since you have so many trucks, you used to do futures contracts. the company stopped doing that because prices just kept climbing and they wanted to take advantage of that? >> it's certainly a risky proposition for them so they've ended doing that with us. reporter: all right so i guess you're at the whims of the market just like everybody else, and david, i mentioned the record prices. they just seem to keep climbing and it's not just high prices that is a concern right now. it's also the possibility of diesel fuel shortages. we reached out to love's and pilot, flying j.
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they tell us that they're monitoring the possibility of shortages especially in the northeast although they haven't capped fuel purchases in those areas just yet, but it's something they're looking at and if shortages do happen, david, you know what that means. even higher prices. david: yup, absolutely no that colonial pipeline is having some real problems getting all that diesel through. grady thank you very much for that report appreciate it. well meanwhile, americans are still scrambling to find baby formula, with some parents driving hours to get their hands-on some. lydia hu joining us now with the latest on this. it's not getting much better, is it? reporter: no, david. in fact we checked at this target where we are in lower manhattan, they are completely out of stock of baby formula. this comes as the white house says today that they've made and stayed in touch in communications with major retailers including target about baby formula supplies since they had an initial meeting with the retailers on thursday, but still, the workers here at this
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target say they don't know when they're going to get baby formula back in stock. as you can imagine, parental frustration and desperation is growing, but now, we see more finger pointing from the administration. >> this is a capitalist country. the government does not make baby formula nor should it. companies make formula, and one of those companies, a company which by the way seem to have 40 % market share, messed up, and is unable to confirm that a plant, a major plant, is safe and free of contamination. reporter: now, secretary buttigieg is referencing abbott nutrition. they had to temporarily shutter its michigan plant after a voluntary recall but on friday, the company pushed back on claims by the white house that abbott's formula was the source of bacteria that sickened and killed two infants. abbott tweeting, a comprehensive investigation found no evidence that our formulas caused infant illness, and of course, david, that raises questions as to why
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the michigan plant remains closed. abbott says it could restart operations as soon as the fda gives approval and the up and running within two weeks but instead the fda said friday that the administration remains focused on ramping up production with other companies and increasing imports of baby formula from abroad and according to the fda commissioner, we do expect to have more details on exactly what imports and how that would work later today, but in the meantime, the administration is assuring the public that with these efforts, that we should see better supply within a matter of a couple of weeks. still, david, the ceo of another baby formula manufacturer, perigo, is telling reuters that he expects to see shortages on baby formula for the rest of the year. david: oh, my goodness. we have a lot of months to go before that. lidia, thank you very much. well, it's not just food for your baby. wheat prices already going up as
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india bans wheat exports. food inflation is not getting any better. connell mcshane is back from north carolina where he talked to farmers ahead of the primary there, and this is just another one on top. i mean it's the perfect storm. connell: exactly right. it's a global story you mentioned india i saw headlines out of the eu today but you want to talk about the united states and how it's going to impact even the political scene, go to some of these states holding primaries and elections. north carolina as you know farming is a big business there, a couple farmers to introduce you to and you'll see , it just really is something that's really hitting their business. these are brothers the patterson brothers doug and randall and a couple of ways, as doug talked about here, one of the ways wherein population is hitting is obviously on wages, where they have to pay their workers. take a listen. >> in january of this year the mexican workers got a raise their minimum wage is 71 pesos a day. that's $8.50. so the minimum wage in mexico is $8.50 a day. our minimum wage is $14.17 an
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hour. connell: so those numbers are obviously ridiculous and always something they have been challenged by but what's making it worse now is it's not just that. it's that everything is going up in cost, as his brother randall talks about. >> i've got a price on my fertilizer for $880 early in february, but i didn't buy it until about april and it was $ 1,380 a ton. connell: you just normally wouldn't buy it? >> i usually don't buy my fertilizer early and usually say that we pre-buy other stuff but not fertilizer, and couldn't believe the cost of that, and then our diesel has gone up 100% , and our gas has gone up 100% and all our petroleum products have gone up, between 40% and 100%. connell: they aren't sure they can pass all of that along, they might raise prices but 40 to 100 % is a lot and both the
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brothers and other farmers we talked to think this will have a big impact, maybe not necessarily in the primaries tomorrow but the general election. david: i was just counting the problems they have to deal with. diesel for their tractors and everything that's way up, double in price. fertilizer is double in price, and the price of labor here compared to what it is in mexico where it's like $9 a day here it's $15 an hour. i just don't see how you can make a profit, do some of them worry they may go bankrupt? connell: very close to the edge this year and it's always that up and down business that you have the great years that makeup for the years in which you struggle, but this is a situation where they say it's going to be very very close because it depends. they are in strawberry farming business, tomatoes so it depends how much they can charge and they aren't sure yet how much they are able to pass along this year, but that line between profit and loss is going to be difficult. david: the farmers aren't sure whether they can sell at a profit and consumers aren't sure they are able to afford it. it's the perfect storm on both ends of the food chain.
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connell: now doubt having an impact on politics. david: republican north carolina congressman ted budd has been on the campaign trail hearing from voters on all of these issues, the congressman joins us right now. congressman, i don't know if you heard the comments by our transportation secretary buttigieg about baby formula but he's putting all the blame on this one company, abbott nutrition while they say that charge is not fair and the wall street journal says what's causing the food, the baby formula shortage are tariffs, government labeling rules, and state welfare monopolies playing major roles. who are you going to believe the wall street journal or mr. buttigieg? >> i think overtime we've known to trust not the biden administration and his appointees but definitely the wall street journal. so what we're seeing is intense regulation that has accumulated over the years which has forced
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consolidation. its prevented expansion of different companies, its prevented risk taking, and when there's a shutdown or there's a problem in the supply chain, oftentimes it ripples down, it creates a panic buying. yes, there's shortages which tends to get worse because it becomes a self-fulfilling prophecy when parents are very concerned of young children and they hear about these shortages, well they go out and try even harder, they drive even further as we're hearing to buy baby formula. i'm all around north carolina we just finished all 100 counties last week and boy was it a great education and talking to so many young families that are looking for baby formula that are trying to put gas in their car, trying to afford life and what we're seeing right now is and i just listened to the farmers a few minutes ago. a know a lot of those farmers you had on your show. the price of the inputs and we think things are expensive now if joe biden's policies continue it's worse in the fall after harvest time because the input
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prices are so high that they're going to have to raise prices in order to stay afloat, and that goes right to the consumer's pocketbooks. david: congressman i'm sure voters are asking you what your solutions are. president biden says yes, we have problems, things haven't been working out, of course they put the blame on others usually but they say republicans have zero ideas of how to solve all this , to which you say what? >> well let's go back to what we were doing under president trump, and the years that i was able to work with him which is an absolute honor. the lowest quartile of earners was the fastest-growing wave sector. the lowest unemployment were women, minorities, people of color, hispanics, and those were the people that were winning all americans were winning. it was things like the reigns and which was rolling back the regulation leading to problems like these shortages now. it was making us a net exporter of fuel, which was driving down the cost of fertilizers, driving
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down the price of gasoline. gasoline was under $2 a gallon and now you can't find it under $4 a gallon now. all of this is attributable to joe biden's policies, so there's the old proverbs, if you find yourself in a hole, stop digging just get back to what president trump was doing. david: the problem is that one thing he was doing which you mentioned cutting regulations, cutting the red tape, and that allowed companies to produce more, it allowed us to become energy independent, but that's in control of president biden. that's in the executive office. i mean even if you win spicata spectacularly well in the mid-terms you still have the executive office held by a guy using regulations to clog up the energy sector tremendously, because he says he's out to kill fossil fuels. >> well one of the underlying challenges there sounds like a constitutional problem and that is we need less power in the president's administration and more under the house and the sebaceous senate. we need to restrengthen article
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i and reduce power under article ii, and that allows elected officials distributed all around our great country in 435 districts which we think is in the majority next year, we need them to make more decisions , hold back on the regulations and stabilize our economy so that companies can make investments without these regulatory things they've seen over the last several days. david: let me just stop you there. you think that the victory of the republicans and the mid-term s maybe substantial enough so you could apply these new regulatory handcuffs, if you will, on the executive office, with a veto-proof majority. do you think that's possible? >> i think what we could do is stop a lot of the bad ideas. i'm on financial services right now, unfortunately my chairwoman is maxine waters so what we do as republicans unfortunately in the minority is we stop the left. i have three out of four of the squad on the financial services committee. we are stopping bad ideas but
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highlighting just how harmful they are to the american consumer. expect that we can do that in the house and the senate, and then in 2024, we have to win a republican presidency and then that way, we can use the administration to begin handing off powers back to congress, the house and senate restrengthening article i. david: final question, we have seen pushback over the past couple weeks not only in congress against some of these that come from the white house. the white house is committed to those policies as we saw last week with new regulations on fossil fuel production but do you think that you could find allies among democrats that would support your moves to pullback on the regulatory power of the executive? >> well you know it's harder and harder to find blue dog democrats anymore. most democrats that i talk to out in north carolina, they're voting republican this year. they realize that their party has become radicalized and has long since left them. that's why after tomorrow, on
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wednesday, after this primary, when it's on to november we reach out to regulatory republicans unaffiliated and tell them why the policies i support can win for all americans so that's what we work on but unlike anything i've seen, we're seeing some democrats now acting as america- first democrats, claiming the trump policies as their own, trying to runaway from joe biden. i'm even seeing a very radical sherry beezley who will likely be my opponent after tomorrow trying to runaway from joe biden and kamala harris' radical policies. david: congressman ted bud thank you very much. straight ahead, america get ready for a recession. well the warning is coming from goldman sachs senior chairman. we'll tell you details, right after this. ♪
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(announcer) enough with the calorie counting, carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. release works with your body, not against it, so you can put dieting behind you and go live your life. head to now to join the over 2 million people who have found the right way to lose weight and get healthier with golo. >> it's certainly a very very high risk factor, and but there's a path. it's a narrow path, but i think the fed has very powerful tools. it's hard to finally tune them and hard to see the effects of
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them quickly enough. it's definitely a risk, if i were running a big company i'd be very prepared for it if i was a consumer i'd be prepared but it's not baked in the cake. david: wow goldman sachs senior chairman lloyd blankfein sound ing the alarm for a potential recession. fox news contributor jonathan hoenig joining me now. he's one of those guys when he speaks i do listen, because he's had a lot of experience, he guided goldman sachs through some very tumultuous years, very successfully. the fed does have powerful tools , jonathan, but it's not using them, is it, to kill inflation. >> well, david, the fed caused the inflation, the fed and government caused the inflation, how effectively they can solve it hasn't been present just yet and lloyd blankfein as you said very smart guy, very astute guy and joining a chorus of people on wall street and off wall street, david not just anticipating a recession but almost count on it. i mean, goldman sachs their investment managing firm they see a 35% chance of inflation,
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deutsche bank sees a major recession coming and everyday americans, david, consumer confidence we saw slump between 11 year low last week so everyday americans, you don't have to be an expert on wall street to see that inflation is not just imminent in terms of a recession. the recession might already be here. david: well jonathan if the fed wakes up tomorrow and really gets serious about inflation putting interest rates above the rate of inflation, which is what would have to be done, wouldn't that assure us of having a recession? >> well, you know, david, we have to take our medicine. there's no such thing as a free lunch, everyday americans are already paying for all this inflation, and the question of recession is almost an afterthought. everyday households, david, are paying about $4,000 extra per year. that's real money just to compensate for the inflation of government cost so the federal reserve could do something but i tell you if biden really wants to address the inflation if the democrats do they should take a page from jimmy carter. jimmy carter actually not only
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cut some taxes but he deregulated. david: he did. >> biden's not only increasing taxes but he's talking about price controls, as you alluded to. david: price controls and more regulations. we just saw last week, he cutoff more of those potentials for finding and exploiting new sources of energy along our coastlines. i don't know if you heard our last guest a congressman who said if the republicans do take control of the house and the senate, there are going to be measures to pullback on the power of the executive to regulate industry's like energy. do you think that's a possibility? is that something that could work? >> well, we'd love to see that, david. if you really wanted to see a seismic shift in the economy back towards production and growth and wealth creation not just for the so-called rich but for everyone you need to see more private enterprise and more private wealth creation. david, it's no question that the most successful countries, the most wealthy are always the most capitalist and most
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free, so any indication that the power of the government is being pulled back from the regulation, everyday regulation, not just of oil companies but of hair dressers, financial service companies, this country is over-regulated so take a page from carter in a sense, move us towards de regulating and watch the economy. david: very quickly, jonathan i'm getting a wrap but the good news if there's any good news it shows how disastrous these progressive policies are, doesn't it? the public doesn't believe these explanations from the biden administration on inflation any more, even the washington post as we've been saying has bailed on biden and his inflation policies, so we really see that the progressive ideas don't work in practice. >> they don't work but david, unfortunately, so many voters it seems they don't learn the history so they will repeat it. we used to talk about the cost of all of monkey business of funding these green energy initiatives yet biden is doing the exact same thing again and the same results will follow. massive wealth destruction for
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everyday americans. david: but the polls show that the public doesn't like it this time. we've had a clear example of what works and what doesn't work jonathan great to see you thank you very much appreciate it. coming up, nato maybe gaining two new countries and putin already is making threats against those countries. former wall street journal moscow bureau chief claudia rose tte joining us next.
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monarch mining is fully funded and poised to become canada's next great gold producer, with four high grade projects close to their 100% owned, 750 tonnes per day capacity mill. monarch mining. david: well the golden arches are leaving russia. mcdonald's has announced it will be exiting the country after three decades of business and closing its over 800 restaurants in march the company temporarily closed all locations due to the invasion of ukraine, but the company now is saying that russia's invasion was "not consistent" with mcdonald's values. the 62000 employees in the country will continue to be
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paid until the transaction closes, and may have future employment with any potential buyer. meantime, finland and sweden planning next steps in their bids to join nato. the move would end decades of neutrality amid the ongoing war in ukraine. the ambassador of poland to the u.s. joined us last hour and had this to say about putin's latest threats. listen. >> essentially the putin folks are talking about they have to do all of eastern europe and they pointed their finger at poland what do you make of these threats? >> i consider those threats as ludacris and bizarre. they already had many of those intimidating words on the part of the kremlin political elite. so i can't imagine russian forces invading poland, lithuania orphin land for that matter in the foreseeable future david: let's get reaction from former wall street journal moscow bureau chief claudia rose tte. good to see you thanks for being here. so you heard the ambassador
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there. the polls have a nice way of underplaying things, but i think what he said is absolutely right right now, after russia's losses in ukraine, various losses, yes, they're still there, yes they may try to refresh the troops, but one wonders if they can follow through on any of their threats. can we get her mic working? oh, claudia if you can hear me, your mic might be muted there. can you push -- >> i've got it. david: there you go, okay go ahead. >> sorry. okay, yeah, let's say, i still worry about putin's designs on odesa on that coastal, whole coastal strip of ukraine, but yes, he's run into real problems , and it's a very good thing that this has provoked finland and sweden to want to join nato. i think that's an unexpected outcome on many fronts but it's a good one. david: you know, some people were pointing to hitler's
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speeches in the late 30s about s udatan land which led to his invasion of places like poland, czechoslovakia, et cetera, but russia in the year 2022 is not germany in the year 1938. the army has been shown to be, if not a paper tiger at least a lot less than what we feared it be. putin himself is beginning to have serious problems in terms of his hold on power in russia. i mean, it just ain't the same, plus nato in pre-war europe, there wasn't an institution like nato. now it's stronger than ever and you might have new members like finland and sweden. >> yes, although a couple of warnings here. one is theres still this huge card of china, i call it a wildcard but i think it's actually more predictable than that, and russia does still have this partnership with them, and as you mentioned mcdonald's is leaving russia. we're heading into a rather grim new era in which china is likely
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to make some kinetic military move that will be a huge distraction for the u.s. from nato, from the whole scene in europe. there's that factor, and then there's also putin's specialty, remember, is stirring up trouble and as nato enlarges, it's a good thing the fins are, they have a very capable military, they have long experience dealing with russia, all these things are to the good but as you get a bigger and bigger alliance there's more and more room for stirring up trouble within. i would look for subversion, undermining trouble and we're already seeing turkey, a nato member, saying they don't want finland to join. germany i remain skeptical that the current resolve will last so i expect a lot of trouble. i think putin will resort to trouble within nato as far as he can. david: let me just pushback
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about china because president xi right now is a terrible problem with his own economy because of these lockdowns et cetera. i'm just wondering if he's worried that he may have rather than an allie in russia, an alb atros in russia that may weigh him down and he might want to cut that cord. >> i don't think so. i think russia represents options for him. russia has had us greatly distracted. it is tying up our shipments of armaments, all sorts of efforts that we're making. i think that's useful for him. he's also getting a really great chance to see how we operate in this kind of situation. the parallels to taiwan are not exact, but fairly clear, you know, how long does it take the u.s. to react? what will we do? i remain concerned about president biden's repeated statements that we will not fight the troops of a major nuclear power because if you transpose that to taiwan, that's a very, i'm sorry it's a stupid
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thing. that is the word. it's a stupid and dangerous and wreckless thing to have said. david: yeah, absolutely, claudia good to see you my friend, thank you very much nor coming in, appreciate it. well crypto prices continuing their fall as bitcoin dips below $30,000 once again. charlie gasparino joining us after the break with what he is hearing from investors. that's next. ♪ (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned.
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david: well, some good news to report. the dow and s&p 500 at session highs right now, nasdaq is still negative. of course they are looking to recover some of last week's major sell-off, but they're way from far doing that as i said nasdaq is still in red following six weeks of losses. well another week and investors continue to dump crypto. charlie gasparino joining me now and there's a real dark side to
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this. charlie: yeah, listen. i hesitate to report this. i was hesitant to report similar speculation during 2008-2009 that actually came out true, but there are unconfirmed reports that amid these massive losses and some of it is bigger than just the decline in bitcoin. if you look at terra stablecoin lost 99% of its value, this was heavily involved with retail, we're not talking about pension funds and big hedge funds these are average people and there are unconfirmed reports of people taking their own lives in the last couple days. we haven't been able to confirm that, we should put up the suicide prevention hot line number on here but i will say this. last time there was something along these lines was during the 2008-2009 right after the financial crisis. again, stuff did happen. people were very dispondent. they took their own lives and i would say this , that obviously,
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markets go up and down. this is not the end of the world you know, your life is much more than whether you lost a lot of money in bitcoin and you can make it up in the future. what you can't get back is your life if you take it and this is a time where people if you know somebody that is really dispondent here and usually when there's this much chatter there's got to be some truth to it, you say something. david: by the way you and i have known a lot of millionaires in our lives it's the nature of our business, almost to a man or a woman they will say they learn more from their disasters than they did from their successes, so if you have the fortitude to hang in there and deal through this , if you're on the losing side of this of these trades, you have to do it and realize this is going to set you up for a learning curve that is irreplaceable in your lifetime. charlie: i know someone that lost all his money after lehman blew up, he was a senior executive who had most of his money in stocks, he told me, he goes back then i hated you, carlie because you were bringing
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the bad news about lehman, when i worked for brand x covering the financial crisis day in day outbreaking stories, he said but i realized you were right. your reporting was accurate and not only that, i made it back and i learned something from that. i learned, you know, there's a consequence to risk and when you get that, when you understand that consequence to risk, it makes you a better investor, and i think that's the thing to takeaway. don't take your life. takeaway the lesson, get through it, talk to somebody. please put the suicide prevention hotline number on there, i know i asked for that earlier or someone could tell you. david: there it is. charlie: okay, thank you. just something to keep an eye on we'll keep following this story. we do have a call out to them to find out what's going on but again usually where there's smoke there's fire and it's something to bring attention to and if you know someone that is saying something -- david: very important. charlie: step in. david: charlie thank you i
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appreciate it. switching gears here, despite the shortage at home, more oil from u.s. strategic petroleum reserves is heading to europe. joining me now is power of the future founder and ceo dan turner. dan, this is outrageous. i mean it's nothing short of outrageous. we paid for this oil. u.s. taxpayers paid for it at a bargain rate. it was probably a lot of it was bought at $40 a barrel, now we're, you know, biden is always talking about price gouging by the oil companies. he's essentially doing the same but with our money. he bought it cheap and now he's selling it expensively to the europeans and we're getting nothing for it, u.s. consumers are still in need of that oil and we paid for it and it's going to europe. >> yeah, remember just a few weeks ago all the fanfare when biden announced he was releasing the strategic oil reserves to lower prices. prices have done nothing but gone up since then. david: absolutely. >> and now to make it worse that any surplus that we could
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have derived from this , which would have brought down prices is being sent overseas, very similar to sending our baby formula to illegal aliens. i don't understand why this administration seems to prioritize other people and other nations over the very real needs of the american people, and when it comes to oil & gas this administration has made it a priority, it seems, to inflict as much pain as possible because of their non-stop war on fossil fuels. david: well i could give you a quick answer. i mean, the answer is to why they're doing it is because they get to pocket the money and use it for their bigger government. the money that is being made from the sale to the europeans of our strategic oil preserves, which by the way are supposed to be used for emergencies here in the united states, not in europe , but that money is being used to fund the government, and of course their whole campaign is on bigger government. >> yeah, and it's not supposed to be used as a hedge for fluctuations in the oil & gas market, as you said it's
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supposed to be used for emergency purposes and we are facing an emergency when it comes to oil & gas but it's solvable and the way you solve it is to allow the oil & gas industry to do what it does best to allow them to produce as we've done in the past. look your last segment, you mentioned, david, how investors have said they've learned the most from their hardships and their struggles. we can learn about what has done , what we've done wrong, to look at the carter administration, right? we know what we've done wrong and when it comes to this industry, why don't we learn from these mistakes ever and stop repeating them. david: well we have a very recent example. we don't have to go back to the carter years we've seen it over the past year and a half what happens with bad policy, it leads to higher inflation, shortages, et cetera. it's a hard lesson to learn, but we're learning it right now. dan turner good to see you, thank you, appreciate it. >> thank you. david: well illegal migrant crossings surging ahead of title 42's expected repeal in fears that it is all about to get a lot worse. a live report from the border,
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david: an increasing number of migrants trying to cross our southern border before a ruling on the fate of title 42, bill melugin joining us from eagle pass, texas. i imagine, bill, if, in fact, 42 goes away, we're going to see a surge on the border like we've never seen before. reporter: oh, you can count on it 100% but even with title 42 still in place we're seeing an explosion of activity. take a look at this video we just shot just about an hour ago this is a single enormous group of migrants that just crossed illegally into eagle pass right where we are probably 200-plus in this group. its been predominantly cubans, venezuelans in this location but we've seen this now six days in a row. everyday around 11 a.m. we get a massive group like this. first we'll see a smuggler or scout on the other side of the river and a few minutes later these big groups will rush
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up and start crossing over and it certainly isn't the only one we've seen today. take a look at this video we shot earlier this morning. same thing, although it was a smaller group of several dozen, once again, multiple people, multiple groups crossing the river here in eagle pass and this one specific spot. they cross here into private property and just to give you an idea of how common this has become, national guard soldier tells us in the last eight days in this specific spot align, there have been over 2,000 illegal crossings so you can imagine the kind of toll that's having on border patrol manpower in the area. also want to show you this video , over the weekend same location this private property we saw illegal immigrants scaling the fence with barbed wire and just jumping over right in front of the texas national guard, in front of border patrol. the guard has laid out razor wire along the river so migrants weren't sure where to enter the property so they just jumped over the fence. some of them with little children and last thing we want to show you take a look at the video our drone team shot border
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patrol started building a brand new tent compound in eagle pass. you can see the size already it looks like it's going to expand, they are building this ahead of the planned dropping of title 42 next week. it's meant to increase holding capacity and also increase the speeds of processing but border patrol sources are telling us that they are asking agents to come in from all over the sector. they are pulling agents from different stations across the sector to get ready to man this , and they have concerns about manpower once that happens so back out here live you're exactly correct. title 42 is planned to drop one week from today; however that could change, because the federal judge is expected to make a ruling anyday now on whether he will allow the biden administration to get rid of title 42 next monday. david: critical times. bill melugin, thank you very much. appreciate it. let's bring in former acting u.s. attorney general matt whitaker with us. matt, we all know what's been happening at the border the past year and a half but it's nothing compared to what dhs, our
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department of homeland security says could happen if we get rid of 42. they say we could have 18,000 migrants a day, which amounts to 6.5 million a year. this is totally uncontrollable. will that be taken into account by this federal judge that's looking at getting rid of 42? >> yeah, the judge just had a hearing for the preliminary in junction on friday, and could rule any day on whether or not the biden administration can withdraw that title 42 power, and remember, it's about the only piece of tool that our border patrol agents have to enforce the laws on the southern border. with that gone, not only will you see the surge but there's going to be an inability to really do much other than to hopefully, you know, catch as many of these folks and get them into the system and create a file for this , but you know, those kind of numbers, 18,000 a day, which equates to
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just enormous numbers that is not equipped and quite frankly is putting a tremendous burden on the state of texas and other states that are trying to aid in the enforcement at the border but it's right now, it appears to be a losing battle and it's only going to get worse. david: i don't think polls come into play in a judge's decision like this , but it's worth putting up the fox news poll that shows that 63% of americans are against getting rid of title 42, only 27% are in favor of ending them. i mean, should the concerns of the american people mean anything to this decision? >> well, obviously, the judge shouldn't be influenced by that but it points to a broader issue and that is that the american people by and large want border security. they want a border that is under control like we had in the trajectory when we had remain in mexico, safe third country, public charge doctrine,
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all the things that we put in place to organize and control the border. you know, we are the most generous country in the world, david. we admit over a million people a year to lawful permanent status but this unregulated, unrestricted just rush at the border is going to not only destabilize the united states of america but ultimately make all of our committees less safe and we're going to have a hard time keeping track of who our fellow citizens are. david: there's another problem, matt, and that is this administration has a nasty habit of breaking the law. look what's happening with these protests that are illegal in front of the justices house, these abortion protests. there is a federal statute that prohibits those demonstrations from taking place and yet, from the pulpit of the press secretary, you have encouragement to go out and do more of what is illegal. that's the problem. >> that is the problem, david, and the american people are tired of this two tiered system of justice where the left gets
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to apply certain rules and the right gets different rules and this is a prime example where only conservative judges are being protested against. they are revealing where they live and then showing up day after day, trying to influence the outcome of a case, and that is exactly the purpose of that law is to keep these types of protests away from judges and their families to try to prevent people from trying to undo influence these judges. it's a shameful act of desperation, you know, that really ultimately has no place in our republic. david: matt quickly there's another issue where the administration is flouting the law that jim jordan says he has evidence that the a.g., merit garland, actually was administering sort of if not penalties at least observations of parents who were upset with the crt laws in their schools, and under oath, he said that that wasn't happening. jim jordan says he has evidence it was happening. should he resign if that
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evidence is worthwhile, is believable? >> yeah, it's extraordinary if parents that were speaking out at their school boards were designated domestic terrorists in the fbi case tracking system. that is inconsistent with what merit garland said and if you go to congress and you lie, you should be held accountable and that appears to be exactly what merit garland did. i've been very critical of him for prioritizing airplane passengers and parents at school boards instead of real threats to our country and the challenge s we face like violent crime in our major cities. david: matt whitaker, we have to leave it there. thank you very much for being here we'll be right back. stay with us. i have moderate to severe ulcerative colitis. so i'm taking zeposia, a once-daily pill.
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david: you know we started all red. now there is only one index in the red, that's the nasdaq. it's still down half a percentage point. but the dow and s&p are up. that is good way to hand it to charles payne. take it away. >> i certainly appreciate it, david, thank you very much. thank you, good afternoon, everyone, i'm charles payne. this is "making money." market feeling for direction as wall street establishment calls for the individual investor suffer even more. the secular bear market is still intact. face it, you're not ready to throw in the towel. how do you navigate the tricky market when the experts are trying to get to you give up? fed powell among other fed fed pr


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