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tv   The Claman Countdown  FOX Business  June 2, 2022 3:00pm-4:00pm EDT

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now, you're down here. you're being cool, you're being calm, you're being collected. listen, you understand, this is not an overnight thing. it's a journey. it's a long journey and it's not going to be fair and perfect but here is the beautiful thing. as long as you do the right thing and you're smart you could be in this market for the rest of your life and it will do right by you. liz claman knows what i'm talking about. liz: professor! i love it. charles thank you and you know what's amazing i think? even with a cloudy backdrop of microsoft's warning, and a wide miss in private jobs creation for may, sunny skies just got brighter. folks, we just hit a fresh session high moments ago for the dow and nasdaq, we have the s&p rather, the dow session high, a gain of 308 points we're off it right now but still, a strong move here. moments ago, we started to see all of this move but the fed heads have been fanning out all day and yesterday right here on this show to send a message. no jamie dimon-style economic hurricanes or surprises, at the
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next two interest rate setting meetings but like the jpmorgan ceo two of cryptos biggest cheerleaders also warning of a weather event and cutting jobs ahead of it. the billionaire winklevoss broth ers calling for a crypto winter we'll tell you how they are bat oning down the hatches at their crypto trading hub gemini trust. and doing the auto giant just announced thousands more jobs, what will that mean to inventory staved online dealerships? and we've got the ceo of online dealership on that, plus how the e-commerce company plans to navigate the rising interest rate speed bumps. and a "clayman countdown" exclusive, sa mixone biles says its chief impact officer is in the biggest fight of its life, now facing a federal probe into whether its therapists and doctors have been over-subscrib
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ing controlled substances. with his co-founder ousted, can the company's new ceo also under fire right the ship? cerebral's new leader, david moe joining us in a rare reveal of the start-ups plan and defense. but first let's begin with a fox market alert we are witnessing serious fortitude as we kickoff the final hour of trade. stocks opened by investors on their toes mimicking yesterday's price action by opening in one direction and then toggling back and forth in the first half of the session, but right now, we're in the forth part of back and forth. the nasdaq the percentage leader is up about 2%, we are followed by the russel there, another gain of just under 2%, look at the dow jones industrials up 247 , the s&p up 51 points for a gain of 1.25%, but the intraday charts tell the tentative trade story. that's what happened as the major indices were thrown an early curve ball. half an hour before the opening bell, microsoft surprised the markets by cutting its fourth quarter forecast for both
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profit and revenue, but check out microsoft after gapping down 3% at the open, it has battled back into positive territory. it's up just a fraction right now, but still, right? at its session low the stock had fallen to 261 bucks a share. we're at 272 right now, but this is what happened. the software giant warned that quarterly earnings are going to take a hit due to a stronger greenback. now over the last year, the dollar has gained about 14% climbing to multi-decade highs against trading partner currenc ies. a strong dollar, of course as you know hits u.s. companies with global footprints as their products become more expensive for overseas consumers. it's really just the latest company though, forced to downwardly revise expectations, as there appears to be no end in sight to soaring inflation. maybe these types of surprises were behind jpmorgan ceo jamie dimon's warning yesterday. let's listen. >> it's a hurricane. right now, it's kind of sunny, things are doing fine, everyone
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thinks the fed can handle this. that hurricane is right out there, down the road, coming our way. we just don't know if it's a minor one or superstorm sandy. liz: oh, but a rival banker, brian moynihan, the ceo of bank of america brushing off comments saying "we're based in north carolina, you've got hurricanes that come every year there" now keep in mind that both bac and j pm are down about 17% to 18% year-to-date, but you kind of keep with the weather theme, richmond fed president tom barkin told countdown here is what he sees on the horizon. >> you can't find a recession in the data and you can't tied it in the actions of executives, so i grew up in florida. i learned you always prepare for hurricanes, but a lot of them pass and don't hit you. liz: okay, you know, true. that was before though, microsoft which despite today's upside half a percent, well yeah , just under half a percent move, is 23% off recent
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highs, and it warned. will more companies be doing the same and which path should investors take when picking stocks? that's where our floor show traders come in, all right, gentlemen, great to have you both, guys, if microsoft can't finesse hitting earnings and revenue targets, that has got to mean a host of other companies won't be able to either. the may adp jobs report that came out this morning was a big miss, private sector payrolls increased by just 128,000 it's the slowest of the recovery, so sarge, i'll start with you. is the slowdown here, and which stocks can still kind of find shelves in trouble, or the ones that you say can still float. >> all right, we know that the economies going to enter into a recession or come very close. we know that the entire s&p 500 is going to have the same negative fx impact that microsoft had. what i'm doing is i'm focusing on free cash flow and pricing power, which means i'm focusing on energy, all right? you'll want at least one big integrated name for me that's chevron. then you want to focus on u.s.-
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based producers and explorers for me that's apache, that's civitas, and let's go to the next one. liz: [laughter] >> i can't think. i've got it. it's pioneer. you also want an oil services firm, okay? i have schlumberger, i don't really love it and i'm looking at halliburton and now schlumberger is breaking out a little so i have to stick with it. liz: we have a rare agreement here, right, keith fitz-gerald, you like chevron. you had recommended it the last time you were on the show. its done incredibly well obviously down slightly today, but what else can you tell us about the energy story that sarge hasn't already, you know, expounded upon? >> well, this maybe the shortest interview ever, i'm just going to say ditto to the sarge. you have to go where stuff is working, you don't ever get off a winning horse particularly now if we got the economic hurricane , whatever you want to call it coming our way, you want to stick with companies that make the products the world can't live without that had the
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pricing power and importantly the ceo's that can execute. many of the companies are going to get hit in the next four, five, six weeks are companies like the robinhoods, like the g emini, those companies where you have a real split. liz: hold on, keith. microsoft is nowhere near the risk of those two names, and it just -- >> exactly, exactly my point though. they didn't warn because the business is failing. they warned because they failed to underestimate the exchange rate risk. 41% of the sale of the s&p 500 comes from overseas. that's not a business challenge. that's a currency challenge, that's a risk management issue. it doesn't impact the growth so as an investor if stuffs on sale i'm interested. so big tech for me right now is a primary focus, because longer term, that comes roaring out of the basement if inflation even is coming under control. liz: let me review something that tom barkin of the richmond fed said yesterday. he sees the higher-end consumer holding up very nicely.
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we've got lululemon after the bell. this is a company that is just doing a gang buster business and right now, lulu is powering higher at the moment we have a very strong picture ahead of this , so talk to me, sarge, about it's kind of broaching the rim of what you love, which is energy. i mean, look at lulu up $300 a share up 3.5% right now. anything in consumer discretionary or is that just a train wreck waiting to happen as you see it? >> the only name i'm playing right now and that space is costco. i had a nice runoff it recently, i've taken profits off the table but i'm maintaining a long in that name. i think they are the best-run name in the space. now that's not the high end names you're speaking about like l.ulu. they always hit the ball out of the park. it's such a well-run company but i'm not in touch with that level of consumer. i'm more the meat and potatoes guy. liz: i actually was a lulu fan, now i'm an alo yoga fan. they aren't public yet. >> look at you.
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>> there you go. liz: [laughter] exactly, and i don't do yoga. so how about that? great to see you both, thank you very much, check the dow up 276 points at the moment, fox business alert. well yes, it maybe officially hurricane season, two of bitcoin 's biggest fans are see ing winter take over cryptocurrencies, in a blog post out this morning, the winklevos s brothers claim cryptocurrency is in a contraction phase known as crypto winter. right now though, we have bitcoin blasting back above $30,000 a coin. it's up about let's see 30, 071 at the moment but the billionaire brothers say the industry has taken a hit from the current mark rosenstein economic and geopolitical turmoil forcing them to lay off 10% of their workforce, at gemin i, also facing a lawsuit from the commodities future trading commission and they allege the staff mislead the commission in 2017, when it
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was trying to launch what would have been a landmark bitcoin futures contract. let's get to pet retailer, and kind of related cousin to meme stocks, it be chewy right now up 22%, after beating analyst estimates for both revenue and earnings. of course chewy, which is founded by ryan cohen, is trend ing on investor-focused site stock twits and also trend ing is gamestop. that's the sort of, you know, meme of all meme stocks. gamestop, of course chairman is the founder of chewy. the video game retailer reported a loss per share for the quarter , but beat market expectations on revenue so we've got gamestop up 10% to $134 and change. blue apron showing some green here, tying up with walmart, sending shares of the meal kit company higher by 9.5% still a $ 3.36 a share stock, but you can now buy its selection of meal kits without a subscription.
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you can do it on walmart's website. right now, blue apron is offer ing four selections on, that can serve up to 12 people and it plans on expanding the available options within the next few months. walmart for its part is gaining about 1%. let's take a look at moderna at the moment. there's some red on the screen here down about 3% at this hour, after it agreed to pushback some covid-19 vaccine booster deliveries to the european union they're pushing them back until later this year possibly even at the start of 2023, the biotech says demand for its vaccine is lower right now, and nonetheless is still expected to ramp up in the winter. other vaccine makers, taking a bit of a hit, we've got pfizer down a quarter of a percent, bio ntech and johnson & johnson down under 1%. the sizzling hot startup back and promoted by simone biles feeling the heat cerebral doing backflips as it
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faces accusations of over- prescribing controlled substances. the mental telehealth company who saw its business soar during the lockdown now facing a federal probe which led to the o ust of its founder last month. in the first broadcast television interview, newly- appointed ceo david moe joins me in a fox business exclusive to give cerebral side of the story and how it plans to battle back. closing bell 48 minutes away, dow is up nearly 300 points we are coming right back on the "clayman countdown." don't move. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit for investors who can navigate this landscape,
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cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. liz: well, we've been talking about hiring at ford, and then job cuts elsewhere, you can add job cuts to a growing list of problems for red hot mental tele health company cerebral. the san francisco start-up with more than 200,000 patients has sent a memo to employees announcing job cuts are in the works this month. cerebral in case you haven't heard of it quickly became a unicorn with a $4.8 billion valuation during the pandemic lockdowns. the company offers online mental health services including therapy and care counseling,
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that now faces whistleblower lawsuits and a federal probe involving whether it over- prescribed controlled substances in an effort to grow revenues. the u.s. attorneys eastern district office of new york has issued a subpoena and is scrutinizing how aggressively cerebral prescribes popular medications including aderal, xanax and klonopin. last month kyle robertson was united statessed and announced its stopped issuing controlled substance prescriptions to new patients. how can the company backed by softbank, silver lake and others get back on track? joining us in a fox business exclusive is cerebral's new ceo dr. david moe, and you had been the chief medical officer welcome to the show. >> thank you, liz first of all thank you for having me here. liz: well, wait until you thank me because i've got some tough questions for you here. there is a lot to unpack, specifically i want to start with a very pressing issue and that is the federal probe which involves accusations that
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cerebral basically was way too aggressive in prescribing controlled substances that involved stimulants and things for anxiety such as as we said xanax, klonopin, that have potential for abuse and dependence. did that happen? >> liz, specifically for the case, i can't share details, but what i can share is that i am very very confident about the clinical quality of our programs, so just to give you a sense, i'm a psychiatrist. i chose this field because i have close friends and family members who suffer from mental illness, and they've been failed by the mental health system. typically patients end up waiting months for care. we can provide them care within days, and typically, the vast majority of mental health professionals don't measure any outcomes at all and cerebral specializes in measuring clinical outcomes, so i'm very confident that our quality system is very very good for depression, for anxiety and even serious mental illnesses. liz: what makes cerebral such an
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attention getter is that it is very much one of the hot unicorn start up stories, started two months before the official lockdowns in 2020, and that actually propelled its business because look, let's face it, so many people, many of our viewers, felt isolated, anxious, they couldn't sleep. they had mental illnesses, depression became absolutely huge, so since i couldn't go see doctors with the country locked down, you guys were able to see them virtually, and i think what was key here is that the government suspended that rule that in the past had prevented people from doctors, from actually prescribing these meds without first seeing patient in person. so here's the issue. the problem becomes that you guys, as the accusation goes, were over-prescribing to help profits come up. what drives profits at cerebral because i know you aren't going to talk about the actual case. >> so first of all i should say absolutely not. we take clinical quality really
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really importantly, and let me tell you how we do that. so take clinical guidelines from up-to-date. this is a resource that millions of doctors across the world use, the harvard hospitals use this , i used this during my training and we followed those clinical guidelines to the tee, and all we do is encourage our clinician s to follow those guidelines. there's no quota on what they have to write. there's no quota on what diagnosis they have to provide. all we care about is clinical outcomes and that's what we encourage and how we're able to produce the outcomes we've been able to publish. liz: well that all sounds great, and again, i want to point out, obviously, the board has great belief in you, they placed you in this position, you're a harvard medical school, harvard mba, under undergrad, she well-trained but the issue is one former employee, a vice president, his name is matthew t ruby said he was fired in retaliation for expressing concern, that the clinicians and
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the doctors were over-prescrib ing. he specifically pointed the finger at you, david, and saying that you said in a meeting and here is the quote " the goal was to prescribe stimulants to 100% of adhd patients coming to the site." what is your response to that? did you ever say that? put it in a text, or somehow was interpreted to say that? >> absolutely not. those accusations are false and so we follow, again, these very specific treatment algorithms that are research-based and we stand by them. when we urge clinicians to follow those guidelines, if they say look, i'm not going to follow that guideline because there's an exception here, we accept that. we don't pressure them to continue to prescribe that medication. now very importantly, this is critical. we have efforts within our clinical quality system that go above and beyond what typical in -clinic systems have, so for example, we found that research shows that if you give phone calls to suicidal patients in between visits, not during
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visits but in between visits that actually decreases the chance that they would actually havasu it side attempt. we actually pay our clinicians to do that and incentivize them to do that. we do that across-the-board and figure out what really helps the patient and incentivize our clinicians to do that. liz: okay but no more prescriptions of stimulants, correct? when is that expected to be lifted? >> so right now, we're not prescribing controlled substances due to the regulatory changes that are happening. again, we really felt confident in how we prescribed that previously, and the good news here is that it's really a minority of what we do. we're a comprehensive mental health system. we treat depression, we treat anxiety, we treat bipolar disorder, adhd, ptsd. liz: but can you diagnose that over a virtual screen? >> yeah, great question. so, the research would show that in specifically for mental health, telehealth is just as good as in-person care and
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most studies demonstrate that so we're able to do that but the most important thing here is this. two-thirds of our patients never had the privilege to seek mental healthcare before us. the average salary of our patient is below the national average, right? you live in new york, i live in boston, we're privileged with doctors around. for some of these people they have to drive two hours to see a therapist they don't have the privilege to take an afternoon off to do that so we are democratizing access to high-quality care and that's the big picture here, the real issue we're solving. liz: we're running out of time but david, in a year, where is cerebral going to be and i ask that knowing that you have softbank behind you, still i would imagine, silver lake? >> absolutely. yeah. liz: where will you be in a year >> so we are going to double down and triple down on quality. we really believe that healthcare in general should be paid based on quality instead of volume and we want to move towards value-based care as much as possible. that's the most critical thing for us going forward. liz: david mou of cerebral we'll
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be following the story. come back as your restructuring continues. >> thank you, liz. liz: and certainly the probe. we'll keep our viewers up-to-date as well. thank you so much. the wholesale price of gasoline hitting another new record, r bob gasoline up three and one-third, $4.21 is wholesale this as americans are paying fresh record prices at the gas pump that are way-above that but will a white knight in the form of opec plus save the day? we're going to take you live to a gas station in the golden state where relief cannot come soon enough. that's next. closing bell 36 minutes away. got the dow jones industrials moving on up. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both.
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liz: well, crude oil back above $117 a barrel, in the after market after an energy information administration report showed oil and fuel stock piles fell last week, supply goes down, price goes up.
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black gold had initially lost ground earlier today, but opec plus and here's this news, has now agreed to boost crude output faster than expected to makeup for the loss in russian oil supply which was calculated at about a million barrels a day. now they aren't adding that much , but at least opec is stepping up. how long will it take for those output boosts to trickle down to prices at the pump and to your gas tank? kelly o'grady live at a chevron gas station. you know what? i saw west la i was like i know where this is going, how much and what do you know? reporter: very expensive. you know the question that you just asked, liz, when is this going to trickle down that's a question that every driver is asking when they pull up to the pump that announcement today from opec did send crude prices, you know, down a little bit, i offered a glimmer of hope but they spiked backup as analysts are questioning whether opec can fulfill those commitments. now the coalition will increase the size of its oil supply hikes
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by about 50%. ministers agreeing the group should add about 200,000 extra barrels a day in july and august now it's driven biopeck leaders saudi arabia it's a stark turn given their close relationship with the kremlin thus far but that may not help with rights at the pump. you mentioned this decision comes that eu will cutoff russian say employ of oil by 90% by the end of the year so the move won't increase supply from where we were but instead plug that hole from the russian oil ban. that's a problem because we're setting record highs each day in time for summer travel and growing expectation to return to the office. the national average sits at $ 4.71, a 55% jump from where we were last year. gasbuddy predicting we could see $5 a gallon by mid-june, and eight states already passing that threshold leading the way at $6.21 california is suffering the most being an energy island here, and drivers, you know, they are at their breaking point , liz.
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>> you be putting an investment for something else rather than investing it for a business or putting it towards school, education, it's wasted on gas. >> probably with travel definitely less. >> with the prices of gas now, it's hard to get around and a lot of people can't even afford it. reporter: and liz, you can see the sign behind me. it's 6.85 for a gallon of regular. if you fill up even just standard sedan that's $96 and i did that yesterday. i couldn't believe my eyes. wasn't even for a gas guzzler, liz. liz: over your left shoulder the $7.17 is that diesel? reporter: that's diesel, imagine if you have a truck. it's just nuts. liz: oh, my goodness. well in california there's some places topping $8 a gallon but they did vote to have boutique fuels to keep the smog down, and listen, there's no more smog, certainly. growing up, ashley webster and i talk about this growing up we were coughing constantly.
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he didn't grow up there but he worked there. thank you, kelly. as high fuel prices dampen americans for driving, will that have high interest rates douse demand for cars? who better to answer that than the ceo of he's up next. closing bell 29 minutes away. we've just hit a fresh session high for the dow jones industrials but keep in mind we're slightly off it right now but still up about 288 points, s&p up 58, the nasdaq up 2.25% right now. (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you give back. so you can live your life.
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demand is so strong, ford says, it's now in the position to add 6,200 new union jobs. so as ford ramps up production those vehicles and others likely will hit e-commerce site cars .com hopefully soon, right? the digital marketplace connects car buyers with sellers for a frictionless experience. joining us now in a fox business exclusive is ceo alex v etter. you have been grappling with low inventory all through the pandemic. how does a ceo like yourself take the ford news? >> well, look, it's exciting to see automakers invest again for growth and bring new product to market. i know oems as a collective are announcing over 30 new models already this year, largely driven by the surge in ev interest, and we're excited to see that inventory come on to the market in the second half of this year. liz: yeah, i mean, the car production issue has not just been hit by, i don't know, supply chain issues, et cetera, but specifically, the chip
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shortage and our viewers are so used to hearing about the chip shortage impacting cars. i know that some bmw's have hundreds of chips in them, so is that fixed now? >> no, not at at all, but it's feast and famine scenario. we're seeing some oem's like mercedes, volkswagen, audi come back with much stronger returns to inventory but broadly, new car inventories down almost 42% across the country, which is leading to a spike in pricing. new car prices are up almost 25% and so not only is consumer demand strong, but you're dealing with limited supply, which is what's keeping this market moving. liz: and here's another stumbl ing block at least potentially like you guys need yet another one, but the federal reserve, obviously very seriously on track, at least to raise rates at the next two meetings, june, july, 50 basis points apiece, bringing, obviously, the short-term fed
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funds futures or fed funds rate above 1%, its been a while, certainly since we've seen that, but that may make car loans pricier, and there's an edmonds .com report. according to them, the average monthly payment for a new car is about $650, i believe per month, and that's for 70 months, and for a used car it's 544. where do you see that pricing going in the macroeconomic environment? >> well, look, you've got two challenges, rising interest rates and soaring prices on actual cars, so new car prices up almost 25%, used car prices up nearly 20%, largely due to the lack of inventory. now on the interest rate side, as we all know, new car buyers tend to be more affluent so we don't see that necessarily impacting the used car market, but it absolutely could present a little bit of a headwind to the used car sales if the fed doesn't reign in interest rates in some way, shape, or form. liz: yeah, and the headwind
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certainly doesn't help the picture for your investors, because i mean, at the moment you have had a struggle year-to-date for the stock, and year-over-year. when cars are so expensive, why isn't that translating to your numbers, your bottom line or certainly your share price? can you kind of give us clarification? >> i think we're in a situation where a lot of investors threw the baby out with the bath water not reacting to the more macro news but if you look at our underlying fundamentals, they're strong. our revenue grew in the first quarter, we've added close to 700 dealers to our platform, and dealers and oem's are investing more in tech not less. the whole industry is shifting towards digital sales, which is our bread and butter. i think when you look back to the 2008-2009 recession i was proud to steer the company through that period as well and we grew our revenues 4% at that time and part of it's because cars have proven to be essential during the last recession, consumers are more willing to
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pay off their car loan than they were their credit card debt and i think covid has helped remind people that the cars an extension of our home, it's not going away, we're seeing persistent strong demand on new and used despite limited supply and increased prices. liz: and i do have to ask, because we just came out of kelly's report about how high gasoline prices are. what kind of jump have you seen in interest for electric vehicles on your site? >> sure. a ton of interest, and we're leading the way with ev product coverage and knowledge about what to buy and where to buy it. we saw a spike of over 200% on and ev share, now it's still relatively low. ev search and sales volumes remain around 3% nationally. you'll see it slightly higher in markets like los angeles that you just saw with record high gas prices, but again, oem's are bringing, like ford, bringing tons of new ev product to the market in the second half of the year and that's an exciting opportunity for us to capitalize on as well. liz: the race is on.
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alex, thank you very much. alex vetter of >> thank you. liz: treasury secretary janet yellen in the hot seat after she admitted on cnn the other night, yeah, she made a mistake. she was wrong on inflation, and did not anticipate that it be as serious as its become. up next, charlie gasparino reports on the person who maybe in line for yellen's job. hint, they're already in biden's cabinet, and i spoke with another leader in technology this week on my podcast joined by ancestry president and ceo deb who shared her story of overcoming total introverted behavior as a child of chinese immigrants to becoming a top executive at facebook and then, to lead the geneology industry at as the new ceo. you have to hear her story everyone talks to liz it's mine brand new podcast just dropped get it anywhere, apple, google, spotify, you name it, it's there
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away. she was leading that charge as well as jay powell. she is out there and the treasury secretary and now the biden administration has to concede this problem, that president biden wrote, well, his name appeared on the top of an op-ed in the wall street journal the other day about inflation, how it's the number one priority, he's laser focused , and for people who are talking about it in washington is that janet yellen, this could be, this could be it for her when the mid-terms are over and the administration is definitely going to go through a reset and her name is one of the names that we hear will be reset and out of treasury, so whose on the short list, if that does happen? and again, these are pretty smart people in washington. these are people in government who are saying this and the white house we should point out is not pushing back. we've got plenty of calls, my tweet on this went i wouldn't say viral but it's out there pretty significantly. the names we hear is gina romand o, the commerce secretary, and as you know, gary
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gensler, the sec chair is a big, friends with and close with elizabeth warren, the senator from massachusetts, who does have a say on economic policy matters. he be , i would say a runner up to that but gina romando is considered a rising star and the messaging of inflation is very interesting. it is de-emphasizing yellen and you could see that. you could see that on our air about five minutes ago when the guy that's kind of leading the charge on inflation messaging, brian dees, the director of national economic counsel, again a huge agency in the government, it coordinates the economic policy across the cabinet including treasury. nominated it alley the treasury secretary on this counsel reports to dees just so you know the only person that doesn't report to this council is joe biden, he's i think the chair. this is important. he's leading the economic
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messaging. he was, i just on martha maccallum's show on fox news and martha asked him about our reporting and what he said was interesting, like one of these non-denial denials, but it was mainly that we're all working together, you know, janet yellen he didn't quite say janet yellen is still running the show, but we're all working together. he also confirmed what i had earlier, when i reported earlier on cavuto's show, that brian dee se played a major role in writing the op-ed that joe biden's name appeared on in the wall street journal and he said they all played a role in that meaning him and presumably others, but from what my sources are telling me, he played probably the major role and you could see his language throughout that op-ed and this is where it kind of gets scary on inflation. brian desantis december deese pushed esg policies at blackrock
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he took those , some of that same i guess advocacies and policies and brought it to the white house and essentially implemented it in fiscal policy. liz: what does that have to do with inflation? charlie: well think about that. if you are telling oil companies they can't drill, if you're making it more difficult for them to drill which is what esg is about, reducing your carbon footprint, if you're chevron, guess what happens? they don't drill and i think that's the sort of -- liz: we already saw supply go down week-over-week. charlie: that is the irony on brian deese, say what you want about yellen, she obviously didn't do a good job but that's the weird thing about brian deese. why he's leading this effort when he's a progressive that really believes in this esg stuff is one of the reasons why we have inflation is beyond me, but you know, i don't work for the white house. i can just tell you that the president has poll numbers that are at times on the economy below 40%, and it's probably not
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just janet yellen's fault for that. liz: look at this market, folks up 303 points for the nasdaq, at session highs for the dow jones industrials just looking at the leaders on the dow, boeing, salesforce, which came out with great numbers, nike, consumer discretionary, visa, home depot. charlie: maybe we're not going into a recession. liz: could be a tiny microburst versus a hurricane. across the pond, uk markets are closed for queen elizabeth's platinum jubilee but we're open for business and with just a few minutes left to go our countdown closer joins us next with the investing picks that he says will put a golden crown on your portfolio. closing bell eight minutes away. we're coming right back and the dow is up 347 points now. 50, 41, 40.
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