tv Cavuto Coast to Coast FOX Business June 23, 2022 12:00pm-2:00pm EDT
famous luckiest man on the earth speech. i was seeing that in england as a boy. i remember that very well. thanks, adam. >> always good to be here, stuart. stuart: don't forget to send in "friday feedback" questions, comments, critiques. we want it all. record the fan friday video. record your name and you're on tv. neil, i thought your interview with jared bernstein was groundbreaking, absolutely excellent. we used some of it on our show. neil: i don't know about that. you can't arrange numbers. you can go right, left, i probably got a little hot under my collar. but i am italian. stuart: you should see me every now and again. neil: i see it. but it is rare, it is rare but i wouldn't mess with you. stuart, thank you very much for
that. we're watching what you're watching, stuart, the whole thing with collapsing yield on a 10-year bond, barely over 3%, as you indicated a few trading days ago. touching 3 1/2%. seemed well on the way to 4%. recession peers gripping the markets right now, that can be a better feeling for the markets than inflation. when inflation looks like a big ol' problem that is a worry for the markets f it means it can produce slowdown, out right recession. that is not much of a worry. we'll delve into that. we have the big powwow with the energy ceos, top officials, meeting at energy department, not at the white house, at the energy department with the energy secretary. let's get the latest on all of that with lucas tomlinson at the white house. lucas. reporter: that's right, neil. good afternoon. very notable the meeting did not take place on the white house grounds about a mile from here at the energy department. president biden's energy
secretary. the president did not attend the the meet. fox business was there when the official party arrived. reporter: are you here for the meeting with secretary granholm? >> yes. reporter: what do you hope to get out of the meeting? >> constructive meet. reporter: u.s. refiners and producers saying they're operating at max misdemeanor capacity. when biden took office inflation was just 1.4%. it already climbed to 7.5% in january a month the before russia's invasion of ukraine. today it sits at 8.6% a four decade high. to lower the price of gasoline president biden calling on lawmakers to suspend the federal gas tax about 18 cents a gallon. president biden: to the companies running gas stations and setting those prices at the pump, this is a time of war, global peril, ukraine. these are not normal times. bring down the price you are
charging at the pump to reflect the cost you are paying for the product. do it now. reporter: president biden not getting much support on capitol hill for his proposed gas tax poll day not even from his own party, not even from his own administration as the price of gas has skyrocketed nationwide over the past few months his approval numbers have plummet plummeted, neil. neil: indead they have. lucas tomlinson following all of that. let's go to kelly grady in los angeles. they're feeling nation's highest gas prices. the back and forth who to blame comes down who cares whether we pay more. gas prices dipped a little bit, that has more to do with a feared slowdown in the economy than anything else. kelly o'grady out in l.a. kelly? reporter: good to see you, neil. as lucas shared the president is playing the blame game here. you have putin, oil companies,
his last sound you mentioned the president is blaming gas tastes. i want to dig into what that means here. roughly 150,000 gas retailers in the u.s., over 95% are mom-and-pop establishments. local station may say exxon or chevron but it is franchised. we talked to a gas station owner he makes two or three cents a gallon, sometimes a nickel. i want to break down what you actually pay. now taxes can vary. they're higher than 25% in california but on average are 15% what you pay at the pump. distribution, marketing refining under 20%. the majority of the cost does come from oil. that is out of the control of the gas station owner or oil companies for that matter. prices are set by global supply and demand. that is not stopping california dems to launch inquiry if oil companies are ripping off driver.
hearings in next few weeks going through november. they want to see if prices are high due to gouging. oil companies say the prices are green policies, costly to import. these policies are too fast too soon, will be far too costly for californians. the legislature and governor should urgently addressing policy matters whether holding press conference are calling for investigations that found time after time our industry is acting responsibly. sounds like what lucas mentioned will be happening today. interesting to see if solutions or more blame comes out of all the inquiries. neil. neil: thank you very much, kelly o'grady, following developments. go to wyoming republican senator cynthia lummis what she makes back and forth, senator, good to have you, thank you for the time. >> my pleasure. neil: thank you again. this idea of a federal gas tax holiday for up to three months would you support that? >> that is just a stupid idea.
18 cents off of a gallon of gas will not even gas prices back to their high in 2008 and 2009. this is rearranging the deck chairs on the toot tan nick. the biden administration caused this mess. it started on day one of the biden administration. my state is the largest net exporter of energy in the united states. what did he do? he took executive order that would prevent us from drilling for oil and gas on federal lands. he has stopped the quarterly lease sales on federal lands, including offshore. the lawsuits from the environmental community block permits to drill. it is an all-out attack on u.s. production of oil and gas. that's what was keeping the price down. that's what was keeping our economy going.
that's what was keeping our tax structure strong. this is all a self-inflicted wound by the biden administration. neil: all right, now you know the back and forth on this senator. they blame much of this on vladmir putin. we know about half the increase came prior to the first russian boots getting even near ukraine. be that as it may we have that oil executive powwow with the energy secretary, not at the white house, i found that interesting, if this were such an urgent problem as the president clearly indicated it was and is, why isn't he meeting with them? why isn't it at the white house? >> well exactly right. i think it is because he does know that he is responsible for what is happened here. you know you can tweak it around the edges, you can try to blame putin. none of that is real. the american people know it. let me tell you something, neil, on my ranch in cheyenne, wyoming
we would be pulling into the hay fields right now in my entire 66 years of life we never missed a i hag season. i don't think we'll put up hay this year. the price of diesel and gasoline is so high. we're in a drought so the hay crop is so small that it is not worth pulling into the field at gas price this is high and diesel prices this high. we'll take our chances. we'll buy expensive hay this fall to take into the winter. this is unprecedented. it is affecting everyone in every industry. it is affecting tourism this is all a self-imposed one by the biden administration. neil: having said all of that, senator, art laffer you know very well, not exactly a liberal but he said you know, if he were advising the president given his list of choices to ease pain at the pump he would certainly be talking about more production but would go ahead with this gas tax holiday to give americans
some reprieve. what do you think of that? >> you know, i like you, think the world of art laffer. i disagree with him on this point. it's too little, it's too late and it will impose burdens on our highway trust fund is already heading for insolvency. it is just the wrong approach to take and its effect over all on our ability this summer to get around and afford things is just miniscule. neil: senator, while i have you on another topic, the bipartisan gun package they're working out of the senate it looks like they have go 14 republicans supporting it. it is a long way from done the devil as you often remind me is in the details, as you stand now, what you've seen now, would you support that measure? >> yeah the answer is no and i'm
just devastated for the parents in uvalde. i have cosponsored a bill with roger marshall that would help harden schools. i am supporting a bill by ted cruz and my fellow wyoming senator john barrasso would put more law enforcement out there but the bill that is, we're going to get to vote on, and by the way we can't even try to amend it, is one that will impose restrictions on gun rights and my home state of wyoming has a gun culture surrounding hunting and self-protection and this is not just something that wyoming people can support. neil: there is nothing in there that would limit gun sales as you know, senator. certainly tighten them up for you know, red flags cases all of that. does that not do it for you? is it that your fear it would lead to limiting guns?
>> the problem is ex-partee taking of guns without adequate due process. i get why the people who crafted this bill don't want to come with a national standard because there, oh, maybe 19 states that have red flag laws with different standards but the fact is the problem with some of those state standards is you can take a gun away from someone without a hearing, without adequate due process and that's just inconsistent with good quality second amendment rights. i applaud them for trying. i understand and appreciate their efforts but, the mental health components of this bill, if i could vote on those alone i would. in fact if i could have separated the mental health components of this bill from the rest of the bill i would have
voted for the mental health components of the bill. they won't allow us any amendments. this is take it or leave it vote, up or down. for that reason i'm a no. neil: all right. we'll watch it very, very closely. senator cynthia lummis, great catching up with you again. >> you as well, neil. thank you. neil: a couple things we're watching as well this slide in stocks here, but again it is the back and forth with the slide in interest rates. this time the interest rates slide has nothing to do with beating inflation. everything to do with maybe overbeating it with the interest rate hikes and the fact it will lead to a significant slow down, recession. we always talk talk about the solution are still higher prices because the more you get in that direction, more likely you are to bring those prices down in a higher rate environment. but it is always a give-and-take on this very, very subject. meantime here, you already know that if you fly anywhere, higher ticket prices. but a lot of people are still flying. word from at least a couple major airlines they're cutting
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♪. neil: all right. if you want to cut down on the flight cancellations and delays by the thousands over last few days maybe you limit place you go to, how many planes you have going to this em. a number of major airlines doing just that. it has not alleviated the problem even with the promise of that coming. let's get the latest from gerri willis following all of this. gerri, a traveler's nightmare sounds like. reporter: absolutely right, neil. the summer travel chaos as you are saying it is intensifying just ahead of the 4th of july weekend, united cutting black flights to newark 50 flights daily, 12% of schedule out of newark. the reason is simple. reduced delays caused by construction at the regional hub. airlines saying this in a memo obtained by fox, even though we have planes, pilots, crew, staff to support newark schedule, this
will allow us to relief 50 departures which should minimize delays, improve online performance not only for customers but everybody flying through newark. this news as airlines limit service to smaller cities on monday. american airlines after labor day will limit service for three cities, toledo, is lip new york, all because after regional pilot shortage. of course newark airport is not servicing a small cities. it is one of three big airports serving entire new york city region. none of other united six united hubs will be affected. meantime a thousand flights across the u.s. were axed yesterday as pilot association president calls on the faa to investigate, get this, pilot shortages. i send it back to you, neil, i will say, my vacation next thursday we're flying across the pond. fingers crossed. neil: but you always travel
private, right? you don't have to -- i was just asking. gerri, thank you very, very much. sure it will work out, gerri. fear not. ray wang, he travels the world, consolation research ceo. a good technology guy. i can't help but get your thoughts what is happening on the airline front. how these guys are just, going from bad to worse right now. it could be the pilot shortage. it could be the weather, a host of other things. all the customers know, hurry up and wait. how bad do you think this guests? >> it is pretty bad out there. when we think about it, this pilot shortage 7,080,000 pilots by end of the decade missing. we lost a lot of pilots due to early retirement because of vaccine requirements. we lost attendants down to vaccine requirements. even down to cleaning crews. i was on a red-eye from united. took 30 minutes delay to clean the plane.
they had only two people cleaning the plane instead of tin. it is happening across the board inside of the airlines. neil: wow. stepping back, one thing to look at their stocks and thousand they're getting hit by all of this but it's a good inflection moment, that was the promising side of the economy, the comeback in air travel, after we were all locked down and everyone wanting to get out there, i'm wondering the more people hear and see this, the more they say, you know what? , i don't want any part of this. could it actually do more harm? >> i think we're still in revenge travel mode. people still want to take that vacation, see a relative they haven't seen, seen something, visit somewhere on the bucket list. have that going on. as we get out of summer season we may see declines. look at tsa turnstile numbers we're 5% below the peaks of 2019. we've caught up pretty much. we don't have the capacity. neil: you know, could i switch gears on to technology, your
real strength, you've been so good calling this selloff, saying that it could get overdone, maybe to a lot of peoples mind it has, but tesla is in focus today, no less than the boss there elon musk referring to all the tesla factories, tick largely those abroad that are essentially money furnaces. he knows that gets out. he knows his frustration is shared with the world. and it does make you wonder, what signal he is sending? >> you know, so the big issue here is the berlin factory, the austin factory, the shanghai factory were supposed to produce the batteries, next generation 486 batteries. bigger batteries, more capacity, next generation technology. he can't get the production in place. he also got tools for the 2170 battery sitting on the ports of china not able to come out here so they can manufacture that. that along with the fact that the plants are sitting there not producing the cars that they need. they were hoping for example, in
the austin plant getting 1000 cars a week. they're not even close. this is impacting nextgen model y production and nextgen model played production as well. that is what is hurting them. they took a lot of cuts especially services side, especially on retail side. what i heard from the tesla side, they cut senior folks, expensive folks been there for some time. there is outrage growing among the employee base. neil: i could see that. what about the ev sales. electric sales, they were benefiting under the huge gas run-up. i guess they are. these are not cheap vehicles, gap narrowed given supply chain issues with the regular automobiles, getting close to parody but they're not cheap. i'm wondering in an environment where we have things potentially slowing down because of rate hikes, inflation, do you think that this whole ev push sort of loses some steam? >> i think we'll see a lot about
it of loss in steam. part of the reason not just because the price differential is going on? also because we don't have the electrical capacity. if everybody were to move to electrical vehicles we would be short so many megawatts of power our electric call grid woe fall apart. gas prices i'm in california, it is 7.50 a gallon. that is ridiculous. that we're used to five dollars a gallon which seeps ridiculous in new jersey and new york. i think we'll get back to reasonable gas prices. that would eliminate or ameliorate actually the demand for electric vehicles. neil: we'll watch closely, my friend, thank you very much. watch you in in a it bit. ray wang, watching all the very muchments. technology stocks have come back from their lows. there is a ceiling you see on some of these stocks, now sort of triggered by how much of a slowdown we're looking at, how
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yesterday, that the federal reserve is on top of a inflation problem. might see a slowdown. doesn't see recession from any of this. get latest read from hillary vaughn on capitol hill. hillary, what are you hearing? reporter: neil, fed chair jerome powell told lawmakers that the path the u.s. economy is on right now is quote, unsustainable. he said the reason why debt is growing faster than the u.s. economy. he said we've been on that path for quite sometime but he was also asked how the fed managed to fumble the ball in its handling ever inflation from the get-go? >> underestimated actual inflation. what do you, what do you think you missed? >> well we did underestimate it. with the benefit of hindsight clearly we did. we had to decide whether that would be a lasting thing or whether it would kind of turn around quickly. we knew it could be wrong. i think when it started to look pretty wrong we pivoted.
reporter: powell also told lawmakers yesterday inflation has been a problem well before the war in ukraine, refuting president biden's claim it is putin who is to blame. this graphic shows prices began creeping up after biden took office. i went to ask powell if time for white house marketing of inflation as putin's price hike. chairman powell, should the president stop calling it putin's price hike? you told lawmakers yesterday that inflation started well before the war in ukraine, should he stop saying it is putin's price hike? has the president done everything he can to bring prices down for the american people? is there more than he could be doing? >> sorry he can't stop right now. reporter: neil, we didn't get a comment today, but we did hear the chairman whistling while we were asking our questions, to at least that is little more than we got yesterday.
neil? neil: that's progress. half of it i see when he walks by you, na, na, na. i always enjoy these moments because i'm so childish. great job as always. hillary vaughn following that. reporter: thanks. neil: to take away from hillary's exchange learning powell from the hearing acknowledged that we botched it. that we missed this. we did underestimate it, referring to inflation and that it would be transitory. if you think about it, that includes janet yellen, treasury secretary who said the same thing, not the president. i don't know at this stage whether that would really make a difference. it's no big deal to say i screwed up something, i didn't appreciate the magnitude of this around move on, very obvious that's the case so there is no harm done, no foul, if you say all right, we weren't on top ever it then but we're on top of it now but who am i to judge. fellow far more capable of doing just that, given her gravitas
and her background danielle dimartino booth, the federal, former dallas fed advisor. danielle, i admired the fact that i think for the third time in as many weeks jerome powell admitted to botching it, not appreciating the magnitude of the pricing pressures that were building even though folks like you did. but moving past that, you know, it is probably not profound but i just think it makes people feel better if at least you say your prior tack was wrong, you're on top of it now, much as janet yellen did. i don't see that certainly all the way up to the president? >> no and there's something that is very frustrating i think for your average u.s. working household for the administration to remain in this kind of abject denial state as opposed to saying you know what? this wasn't inflation that occurred prior to putin invading
ukraine. these were, these were seriously problematic price pressures well before that happened. you know what? we botched it and now we're on it. but they're not saying that. in fact if you look at their energy policy because they're trying to focus on the price of oil as opposed to price of gasoline which is constrained by refinery capacity you know, they're not going to do much to provide relief to americans. so not only are they in denial, neil, they're also, they're also not doing anything to address the inflation. neil: now you can parse the fed chairman's worse far better than i. i sometimes think they're not revealing that certainly there is a risk unemployment will move up. duh. that is a distinct possibility. challenge now we are tightening which should drive growth down, double duh. but is there anything he was saying here which tends to telegraph to you more trouble
than we're hearing? >> well, look, i think the fact that he is opened the door to their not being a soft landing is a very kind and political way of saying we could have a recession. and when we saw the data that came out this morning, whether talking about the kansas city fed, new orders absolutely collapsed, that is in the heartland, which wonder why es they are george dissented. maybe she sees the economy slowing. services manufacturing economywide, clearly we're veering into recession but it is jay powell's job not to expressly say that out loud but he has opened the door to possibility of a recession. that is why in part the stock market has been celebrating because they're saying okay, maybe he will not tightening as much going forward. neil: i wonder too, whether you know, all these rumors circulating the markets that the fed practical reserve at its next meeting, forget this 75
basis-point hike which would mimic what he just did, it could go as high as a full percentage point? that maybe they're laying groundwork for that. do you think that's possible? >> i think that if we get anymore surprises to the upside, he certainly used the word surprise quite a bit last two days, we know that housing inflation has really yet to peak out in the consumer price index which we all live by. we don't expect for that to happen until after labor day. so if we continue to see upward pressure anything is possible. when market participants and investors hear jay powell use the word nimble, they're hoping that means that it will be 50 basis points, not 75. certainly not the other direction. last i checked, neil, nimble could be either way. maybe he is whistling past the graveyard. maybe planning on full percentage point and maybe we'll read about it few days before in the media. neil: how would the media, forget the media, markets would
respond to that, even if you're laying groundwork for that, would be alarming, someone look at the alarming part of that? >> i don't think market was appreciate a full percentage point rate hike for a minute. and we're running quantitative tightening so to speak. the fed is pulling liquidity out of the system at the same time. that is a heck of a lot of tightening going on in conjunction so, no, the market would definitely not like a full percentage point. i think after we get through this period of flows that are propping up the stock market, if we start to see more evidence that inflation is not going to be subsiding, i think that investors could throw a brand knew fresh hissy fit, neil. neil: put it mildly. danielle, thank you very much. danielle dimartino booth. this quantitative tightening she is referring to is another wave of interest rate tightening, has the same effect. the treasury or federal reserve as you know throughout the entire meltdown, better than a
decade since was scarfing up treasury notes and bonds, corporate securities, mortgage bad securities, municipal bonds you name it. it is unwinding that, from the easing environment where it was forcibly keeping interest rate lows by buying everything, it is releasing a lot of that and selling a lot of that or just not renewing purchases of that, the idea being it will have the effect of raising interest rates because that is what happens when you buy less of this stuff the rates go up. that is what is happening right now. how far, how wide, how high, anyone's guess. we have a lot more coming up including some disturbing new developments on this whole baby formula issue, very disturbing. (vo) while you may not be closing on a business deal while taking your mother and daughter on a
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story, that just seems to get worse and worse. looking into the deaths of at least two babies that might be tied to the formula, abbott's formula in the first place. let's get more from lydia hu following this very, very closely. lydia, what is this about? reporter: neil, the fda investigating another infant death tied to possibly abbott's formula. this new death occurred in january. the fda was not notified about it until earlier this month. so the investigation is now getting started. abbott for its part says only limited information is available about the infant death. now it is too early to draw any conclusions about it but previously as you mentioned the fda was investigating two other infant deaths. there were four total illnesses among babies but the fda was not able to connect the illnesses to the plant. the plant remains now after severe weather from last week. all of this could add weeks to
getting formula back on the shelves. parents around the country continue to rely on facebook groups to find formula. one mom said she had to drive 80 miles over the weekend to find stock. >> the fact i had to start this group to help so many people, we couldn't go to the local store and find it, it's sad. it is so sad. >> you're always so worried where will i get my baby's formula next, you know? reporter: abbott stock hovers 23%. after nine operation fly formula missions have been completed. the white house secured commitments for enough formula to make 130 million bottles but really, neil that is just a drop in the bucket. analysts with iri, they tell "the wall street journal" u.s. consumers typically purchase enough powdered formula to make about 50 million bottles in a single week. so that commitment of 130 million bottles, that wouldn't even last three weeks.
>> we have such a shortage that the amount that can be imported really isn't practical. you can't, you can't do it. so, the real problem here is, having gotten the supply down so low in the first place. reporter: nowhere near all of that formula that has been committed, the 130 million bottles worth, has arrived in the united states. just this week under 23 million bottles worth of formula will be bought in experts predicted we'll be in crisis mode for at least another month, maybe two months, neil. neil: lydia, thank you very much for that. lydia hu on all those developments. we've been on supreme court watch here. a wave of decisions. i think they're down to nine more have to be officially released in the next week or so. the abortion decision, roe v. wade, whether they potentially overturn that, that did not come down today but a
landmark opinion was supportive of gun right owners in fact the most sweeping decision on the part of the supreme court in favor of gun rights owners, that widened gun rights for the first time in a decade, effectively overturning a law in new york that required a license to carry concealed weapons. that has been shot down. the new york governor not pleased about all of this. the guy who wants to be the next governor of new york, a republican, very pleased by all of this. we're all over it after this. you know liberty mutual customizes your car insurance, so you only pay for what you need? like how i customized this scarf? check out this backpack i made for marco. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do.
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♪. neil: all right. they call these supreme court watch days when some of the cases that the supreme court was looking at in this term, those decisions are released to the public. sometimes in waves on the hour, half hour, depending on the court and the day. the big one obviously a lot of people are waiting on is that roe v. wade possible overturning of that 1973 law which legalized abortions in this country. we didn't get that today, but we got a couple other biggies. let's get latest from david spunt on all of that. david? reporter: neil, this is a big win for second amendment
enthusiasts today. this is overturning a law on the books from 1913. it deals with carrying guns in public in new york. president biden is outraged. governor hochul is outraged. the majority opinion writen by justice clarence thomas lays out a argument that the new york law violated the 14th amendment to the constitution. to be clear, neil, this does not mean if someone lives in new york, they can run out and buy a gun carry it in public with no questions asked. it comes as lawmakers on capitol hill move closer to voting on a gun control measure following the uvalde, texas, massacre a week ago that vote could come today. new york governor kathy hochul spoke moments after the supreme court decision came down. >> shocking. absolutely shocking. that they have taken away our right to have reasonable restrictions. we can have restrictions on speech, you can't yell fire in a crowded theater but somehow
there is no restrictions allude on the second amendment? reporter: neil, another my profile case about separation of church and state, specifically joe kennedy a former high school football coach in washington state who went to the supreme court for his job back after he claims he was fired for praying on the field at the end of football games. the biggie, the blockbuster of this season, neil, no question the future of abortion access in this country. we wait for that one. the justices heard a mississippi law would ought how aborings after 15 weeks. the justice may overturn roe v. wade the law of the land which permits abortions up to 24 week period f roe is overturned it would be up to the state. many states have trigger laws that would outlaw abortions immediately. this is based on a leaked decision from february, but as you know the with the supreme
court things can always change. we'll get more opinions tomorrow morning. neil? neil: great job, thank you very much, david spunt following all of that. we're watching today, speaking of washington developments the fifth public hearing of the january 6th committee. this one will have a interesting guest list. let's go to chad pergram what is at stake here. charred? reporter: neil, the committee is focusing on efforts to subvert the doj in order to swing the election to the former president. there were plans to install jeffrey clark as attorney general would help the president make claims of voter fraud. it would give vice president pence ammo to reject some electoral votes. >> very clear from the evidence alone that the president you know, did wake up on january 6th feeling that the vice president could hand him the presidency. that was not only unconstitutional but illegal. and so you know, that's incredibly troubling but the evidence bears that out.
reporter: the panel hears today from former acting attorney general jeffrey rosen, his deputy richard donahue, and former assistant attorney general steve engle. this cospark interest over which lawmakers requested pardons. the committee contends gop pennsylvania representative scott perry asked for a pardon. perry denies it. mr. trump says he is disappointed in the decision of house minority leader kevin mccarthy to pull gop members from the committee. the former president says there is no one there to defend him. >> how do you respond to former president trump who complained in an interview over the weekend there are no republicans who are defending him against the january 6 committee. >> one thing i would tell i talked to the president yesterday, he is excited mayra that the democrats held for more than 100 years. reporter: today mccarthy says he does not regret having representation on the committee. this may be the last time we hear from the 1/6 committee
until mid-july. the committee is sorting through information to filmmaker alex holder. he had deep access to trump's universe after the election. holder spoke to the committee behind closed doors, today, neil. neil: thank you very much. bob cues cac "the hill" editor-in-chief. when you and i were talking these might not move the needle, that trump lovers will love him and trump haters will still hate him but i wonder whether some of this is spilling over polls in battleground states and others that show the president having a fight on his hands with the governor desantis of florida? is there any connection? >> you know, neil, i think there is a connection. i think these hearings have certainly hurt the former president. the fact that the former president is complaining that kevin mccarthy doesn't have allies on that panel is an indication i think he knows it
is hurting him. then of course the big question for the january 6th committee, are they going to recommend criminal charges for department of justice. then the question is, will the department of justice actually follow through with that? there is a lot of baggage there. desantis and trump for the most part have the same policies. a fair amount of conservatives as you have, neil, across the country, they like president trump. they really like desantis. politics is not where you been but where are you going and desantis has a fair amount of momentum right now. neil: you know, much has been made, i guess of this notion that desantis hasn't sought donald trump's backing or support for re-election as governor of the state of florida. many read into that that he doesn't need it or want it or thinks it would do him any good having it. what do you think? >> i think desantis wants to win this all by himself. he does not want to eke out a victory. he is expected to win.
he needs to have that margin be as big as possible to exceed expectations. so having a comfortable win which is expected would help desantis and there is certainly growing tension between desantis and trump because in all likelihood, what i think is that both men are going to run for president. they're going to have company too. neil: yeah. looking like. bob, thank you very much. sorry for the limited time, my friend. we have breaking news. including news out of netflix saying it will initiate a second round of layoffs. 300 positions will be cut. they will be across multiple business functions of the company. the bulk of them coming in the united states. no surprise, other technology companies were favors during the middle of the lockdowns are now getting rid of a lot of people. we'll have more after this.
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it was very hard. kimberly came to clearchoice with a bunch of missing teeth, struggling with pain, with dental disease. clearchoice dental implants solved her dental issues. [ kimberly ] i feel so much better. i feel energized to go outside and play with my daughter. i can ate anything. like, i don't have to worry. clearchoice changed my life. neil: the love of music going back to groups that predate them on the planet. under pressure as they were playing up as os and these other songs, these are groups
that were popular in the 1970s when i was in college and i remember this aspect of that period not only that i took my studies very seriously and was a nerd but we had hyperinflation and 18% rates on pds and dollar rest and a lot of people are afraid that is where we are headed back. i could take the music again, the problems we had, not so much. let's get a review of where we stand. with higher prices, jerome powell on capitol hill talking up his hope to get this under control to avoid worse problems with the economy it is a big issue and a big issue going forward for folks like you and me and where we go on a trip, if we go on a trip. lauren, where are we on this? lauren: jay powell is under
pressure. is he the next volcker? there's the question and he took questions again from house lawmakers, he reiterated his commitment to tame inflation. that is unconditional. he acknowledged the risk that higher interest rate is higher unemployment. however so far so good. the latest jobless claims this morning, in the latest week, 229,000 americans filed for first-time unemployment benefits, still historically low number and jobless claims are one of the lowest indicators weakness in the job market but we have seen several companies real estate to tech to crypto announcing layoffs. netflix being the latest, they laid off 300 workers according to variety. look out the market is interpreting everything i just said. it is a very choppy trading session, the dow is down half
of 1%, 64 points and the red but in the red but the nasdaq barely in the green. choppy trading as worries about recession rise. you saw earlier today the big oil refiners meet with the energy secretary at the department of energy. they are being told refine more, demand is big, supply is low but they are running at 94% capacity and you have oil prices at 103, down 2%, energy is the worst performing sector today as well. this is all recession fears that the global economy will cool, slow enough at not need as much oil and those recession fears are hitting treasuries. if you look at the yield on on the 10 year down 13 basis points at a 2 week low so if you look from last weekend the high, the 10 year is down 40 basis points. trying to get to 4% and barely above 3%. it is a whipsawed market that is really uncertain what the
future holds. 's there's going to be a recession? when is he going to hit if we are not in it and how bad is it going to be? lauren: neil: you summed it up nicely, for some but he wasn't even alive in the 1970s. that is the only thing i want to see return, music was great but other stuff. lauren: what about bellbottoms? lauren: no. but that is a different situation. what about -- great job. aishah hasnie wasn't around in the 70s alreadys. it is a dicey kind of gambit. we talk about the effect of slowing economy and a lot of businesses are holding off on big projects including
governments holding back on big infrastructure. this is getting serious. >> reporter: it is complicated for congressional democrats ahead of the midterms because think about it. hard to go to your home state and talk up this huge infrastructure law you help to get across the finish line last year when so many states are having to delay big infrastructure projects because it is getting so expensive to get them done and it goes back to inflation. runaway inflation is raising the price of everything, materials like water pipes and asphalt and steel and that is diminishing the value of that trillion dollar bipartisan infrastructure package. it was signed into law 7 months ago, a big deal. for example in wyoming, the lowest bid on a construction project for a new intersection bridge came in at $35 million, that was well above the state's
estimates. officials have to say no thanks, put it on ice. some democrats suggested congress should come back and appropriate more money to make up for the loss but republicans say no way. >> don't see that happening. the last thing we need is more government spending. it is what got us into this problem in the first place. >> reporter: all of this comes as president biden is calling on congress for the gas tax holiday but that would further cut infrastructure funding and that has senate democrats doubtful about biden's ask. >> i am not convinced as someone who spent literally years building bipartisan support to the infrastructure bill taking away one of the major supports for that legislation. >> reporter: they spent so much time to get this done and they
have to go back and explain to their constituents why some of these projects can't get up to speed. inflation hurts. neil: damned if you do, damned if you don't to. you heard from jerome powell speaking on the house side of the capital, he goes like that saying we are on top of this, don't think we will head into something deeper and worse but depending on the equity trader not so convinced, the 10 year barely holding onto 3%. it is a matter of time before we hit 4%, that might happen but worries over the economy slowing down or going into something worse are taking front of the line alternative to what has been happening to inflation and fears the prices will get worse. eddie ghabour joins us, luke
lloyd of strategic wealth partners. let me begin with what jerome powell was saying and whether an investor like you has confidence in what we were saying that unemployment might pick up a little bit, but we will get through it. >> i am not confident at all. they don't have a handle on anything but i am glad powell admitted a soft landing is very challenging rather than giving false hope to mainstreet like he has the past year. here's a summary of how i see it, the fed is trying to fix the policy errors from congress that were made for the past two years but the fed was very wrong and didn't do a good job and now congress is going to blame the fed as we enter a recession so it goes round full-circle. there is a policy error after policy error after policy error and it is a huge blame game right now. it is a direct reflection of
what government intervention looks like in a free market system. government intervention rarely is beneficial. we are entering a government made recession. the government is trying to fix the issues they caused, it will create more issues. this isn't the end of the world. we will get through this but when we come out of this pain we will have some bruises and scars and we all will have some gray hair. neil: we already do but that is a worry for some. let me get your thoughts. i look at what is happening on the jobs front. it is not dire but we are seeing worrisome signals that netflix will have a second round of layoffs, 200 more workers could be affected. we have seen this at coin base, at twitter, even taking back jobs to college graduates who are scrambling, you've got others saying they are cautious about future hiring clients,
you have meta, uber, jpmorgan chase getting rid of or repositioning one thousand people in its mortgage unit. there is something going on here. >> we have been saying for two months we are heading into a recession. it's not a technical definition but understand the labor markets. everyone saying the unemployment rate is still strong, the labor market is the last a crack. what we are seeing is profit margins coming in, consumers getting hammered because of inflation. look at the capital cost of business. some of these high-yields at 4%, now it is more than double that. the cost of capital for businesses are going through the roof. he will you will see more layoffs as this goes on in the biggest thing, going with these rate hikes, the economy is
slowing down, i would argue this is the fastest slow down in history from rate of change. fourth-quarter, 7% gdp and 0 or negative in the second quarter. going into that environment, i don't think there is any way we have a soft landing. it is a lot worse before they get better. neil: do you agree with that? >> it is about wall street and main street. everyone talks about the consumer saving no money and the impact inflation has on then but not many talk about the business side. small-cap stock seeing cost of doing business 16%. upwards of 20% or above.
we passed the cost to the consumer with price increases or you send up your business and get rid of some of your costs a.k.a. employees, businesses outside large corporations have been in survival mode since the pandemic, first there are lockdowns and small businesses try to get back, large corporations, i talk with a lot of small business owners who are struggling to survive. instead of a trickle-down effect, trickle-down economics you see trickle up economics where small business will be the first to rollover, the large corporations, that is where layoffs will rise and you will see that the next 6 months. neil: i want to thank you again. a great promise of things to come, we will see how it sorts out. in the meantime seeing how the ukrainian war sorts out. we are getting reports that vladimir putin is feeling very cocky these days with the ruble
at a 7-year high versus the dollar and thing starting to go his way in the war but more disturbing are his generals getting killed or getting purged. what is that about after this. ♪♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq this isn't just freight.
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neil: russian soldiers have a devil of a time taking over the eastern part of ukraine and exerting heavy damage and horrific consequences for those attacks but in the middle of all this ukraine is getting an offer that it is not likely to refuse, automatic membership in the european union, the latest on all of this from steve harrigan in ukraine. >> reporter: a morale booster for ukraine, to make ukraine giving them candidate status for membership in the european union. to change the military situation the whole process could take a decade but it is a clear sign that while ukraine
is locked in a war with russia other european nations are saying you, ukraine, are part of europe. >> it is a signal to moscow that the idea that ukraine and other countries of the former soviet union cannot be long to the russian sphere of influence those. >> fighting in east continues, it is a scorched-earth policy destroying cities relying on heavy artillery. it is a race to get those western armaments in position, multiple rocket launchers to get them into place, get troops trained on them to slow the gradual russian gain in the east or take back territory.
neil: steve harrigan with the latest on this, general keith kellogg's thoughts on this, you but he did membership, what will that mean for ukraine? >> solidarity with the western part of europe, excluded for some time not just nato but the buddy deb as well and they need that because russia thought that sanctions would hurt them, punish them and it hasn't. ruble has gained 30% on the dollar and gained 150% since the invasion and russia, economically self-sufficient, or worry about the military side of the house, ensuring we give them enough weaponry to
push back and the only thing putin understands is force and we have to make them pay a heavy price in the military and that is the only thing that will get him to change his mind, it won't be economics. neil: they are getting killed in battle. there purged by putin and gone, no one knows what happens, no one puts out a press release. i know it is russia but it has been startling. what do you make of it? >> i am not surprised by that. they've not been engaged in military operations. they've gone back to the soviet way of fighting, stage set when they've done it before so their quality isn't good. it is based in junior
leadership, the senior guy they put in had a drinking problem which is not surprising and wasn't qualified to lead and a lot of senior officers, putin sees that, he was told things that are not true. thought it was a better military than it was, such a top organization they don't have junior leadership at the middle officer level like we do noncommissioned officer corps, the sergeants like we do, they rely on a lot of senior officers and when their senior officers fail the military starts to fall apart. they revert to what is truly traditional russia which is heavy use of artillery, they did that in chechnya, have done that since world war ii so relying on something they always rely on, brute strength and not leadership.
we helped train them, the importance of leadership, to the senior officers, it is a real problem with the russians. neil: there were generals and commanders trying to telegraph to putin, problems with this. >> he relieved, to give the intelligence on this. sitting in prison, because he voiced concerns about it. with senior leaders to include the chief of secret service and intelligence service, everybody looked petrified when talking to putin.
and relieve the general rules. >> at the long table, alice in wonderland, the general on the other side, scary to watch and credible rate service to this country people forget that. general keith kellogg, bring your attention to something in north carolina with community college where they are going virtual not because of covid, not because of crime. make gasoline prices after this.
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put the refrigerator in and the economy slows down as a result of the fed's actions. that is what they are trying to do. it will work to slow inflation. the bad news is you get a series of reports from the labor department and retail sales worse than the month before. people don't like to hear that either but once you put the fed in that position, and adela slowing economy and run the risks they slow to the point of going negative. that is where we are. ibly20 that is well explained. the domino effect you see from one price going up and the chilling spillover. very well done. i protect my job zealously so don't get any ideas. douglas holtz eakin, former cbo director, and the spillover effect.
jackie deangelis is looking at the spillover effect when we have plenty at home of the very stuff that could alleviate pressures at the pump. what are you finding out? >> with the average gas price near $5 a gallon and calls from republicans to reverse course and energy policy many americans are so nervous about record inflation and looming recession we had the opportunity to sit down with former governor chris christie to talk about how nuclear is achieved and pipelines are so important to this country, nuclear is 19% of our energy supply but could be much more. >> my state of new jersey 42% of our electricity is created by nuclear today with three different nuclear reactors around the state that have operated safely. we should look at nuclear as a better option. we need power that is reliable, solar and wind is not reliable,
it is 10% of our energy so we need to be smart about this and use natural gas as a reliable and cleaner option. we need to make sure call is used in places it makes sense to use it. these are the things we need to do, bringing oil to the ground to have it refined so gasoline prices go down. >> reporter: he emphasized how energy independence is so essential for national security saying we have given away energy independence and going on bended knee to places like venezuela to help us when we have resources in the united states. he called it maddening. neil: great job. appreciate that. we are learning the senate has cleared a key procedural vote on this bipartisan gun legislation package that has
the support of at least 14 republican setting stage in the general senate that is expected to pass. it could be an uphill climb in the house where democrats think they have to police the number of guns out there but a procedural vote 65 to 34 shows there is enough bipartisan support to get a bipartisan compromise on guns through at least that body but what about the house? after this. ♪♪ for the longest time ♪♪ 000 ♪♪ for the longest time ♪♪ ♪♪ if you said goodbye to me tonight
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seem to be following is not to get knee-deep in this controversy at all. charles: there is a small cottage industry of conservative activist groups that follow woke corporateism, pushing left-wing agendas this came out after the 2020 george floyd protest after the georgia voting law with major companies attacking the voting law, embracing black lives matters come moving far to the left. we are talking to the same activist groups and it is a 180, this vote on overturning roe looms. from the activists that follow this stuff, corporations appear to be heating public demands that they stay out of politics, you got a lot of stuff on twitter from radicals on the left, mainly the left but also
the right but the radical middle kind of wants to watch baseball without a dose of politics and that is what we are getting and corporations have been uncharacteristically since 2020 silent on this issue, that doesn't mean we won't come out with something tomorrow, something bland. they are offering services to people who want to get abortions if it gets overturned which most people think it will and could come any day now but silence is golden. we are not hearing the posturing we heard since 2,020 on major left-wing issues and it is an indication you go woke you might go broke. delta airlines really want to just sell tickets to 1/10 of the population, small fraction that embraces far left leanings. that's what we are getting.
we could say it is a good thing. i like baseball and football without politics. neil: we might be back in that direction regardless of people's views on abortion, hot button issues. the judicial crisis network president, former clerk, for justice clarence thomas. the old hurry up and wait, this is the big decision, not the second amendment one, for gun owners, what is significant, this is the one they are waiting for. is there a strategy to how these decisions are released? >> any other term this would be decision day but the biggest ones are normally at the end of the term and it has to do with the fact that it takes time to hammer out the details and they pay attention. the majority opinion like the
draft we saw leaked had been circulated months ago but people have comments to make to the author, those who have to be incorporated, they might respond to or government and the distant response to arguments made in response to the arguments. you could do that recursively, only the end of the term forces them to say you can't keep making more arguments. they have to do that now because either tomorrow or monday, the only days on the calendar, they could extend a few days next week but we will hereby the end of next week. neil: you know the justices better than i, certainly clarence thomas better than i, given these demonstrations, even the light threat on justice kavanaugh does that factor into their thinking we
make this decision it will be all hell breaking loose in my neighborhood? >> all hell is breaking loose already. that is why they would be wise to hand it down quickly, this allowed the left more time to organize, they want physical protests. this from the same group that is firebombing pro-life clinics. they mean business. allowing that extra time we've only seen protests build and get more vulgar and threatening so at this point, today, tomorrow, the next day, it will be a lot of violence, i hope they are up to continuing to protect our justices, the court but the only way to get past that is have people recognize these death threats against the
justices isn't going to change the outcome and once it is finalized, that's the only time it will cool down. neil: they are technically illegal. the attorney general could make them stop but he has not done that as we look at states that might ban abortion if we get a decision that reverses at least part of roe versus wade. another argument, the technical language in the law on this issue is you can't the protesting at a justice's home in hopes of influencing a decision. i am probably oversimplifying it. of the decision is already made our all bets are off? >> of the decisions are made the federal law saying we can't intimidate judges to influence the decision is not an application anymore but many places like justices live in virginia and maryland have similar laws where you are not
allowed to protests at judges's homes anyway. it is on top of noise ordinances blocking the streets and you won't have anything further that violates basic criminal law like attempted assassination on brett kavanaugh. neil: hope you are right on all of the above. digital crisis network president, we hope for the decision that could come tomorrow and maybe early next week. no way of knowing. big bucks from saudi arabia, to support golf and the arrival of the pga getting a lot of attention and controversy. how far does this go with jim gray after this? ♪♪ it is a day out in the sun ♪♪ it is gone ♪♪ another game
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international in the case of united airlines and others scaling back and places they go like ithaca, new york and other places. a lot of this is born of frustration, people waiting around and now some canceling flights. consumer complaints against airlines have soared 320% over pre-pandemic levels, the most recent month going back to april. reuters reporting jetblue, spirit, frontier have the lowest on-time arrival rate while delta, united and wyatt air have the best performance, nothing about canceled flights in all that. the industry is trying to be on top of that but on-time arrivals in april did fall 76% below pre-pandemic levels. what do we have next?
we will take a break. we hope to have jim gray with us to talk about the new saudi golf league that is trying to steal a lot of pga pro-plaps and they have a response to make it much more difficult, stay with us. another crazy day? of course—you're a cio in 2022. but you're ready. 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. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ i'm so glad we did this.
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sportscasters there ever was, ever will be. on the heels of great book, "talking to goats." moments you remember. let me ask you how real a threat this league is to the pga right now? obviously the saudis are paying oodles of money. money talks, i get that, but it must be hurting the pga to the point they're do everything they can to stop this bloodletting. what is going on? >> it is a major threat. it is about the money pga added tournaments. they are are guys leaving. mickelson, brooks koepka. the saudi look league is not a competition, it's a money grab by these guys to play a bunch of exhibitions. they don't count on the world
tour ranks. it is exhibition to if shot gun starts. they say they are growing the game. they are not going the game. this is very divisive. it will make players who stay more money. with that aspect for the game itself it has been very divisive neil: jim, there is a bit of a hypocrisy in pga stance on this. it has a good relationship with china, maybe it at least has, maybe not promising as it once was, that country not a standard of human rights. i'm just wondering how divisive is this? is it more the pga is concerned that money indeed does talk? they have got to sort of up the ante here? >> what the saudis are trying to do is take over the entire institution, take over all of golf and not be in cooperation with in harmony with the pga. they're trying to wipe them out. they have billions and billions of dollars and the ability to do
it. none of this, you're in business, none of this will create any kind of a return. it is just going to upend golf as we know it. what this has done pitted players against players. they have taken a number of named players. they have taken i believe now three of the top 20 but nobody in the top 10. and the pga tour has been an institution. the records matter. the history matters. if you go from the lineage from bobby jones, ben hogan, jack nicklaus, tiger woods, so forth. that is what these guys have been playing for. they have created millions and millions of dollars for themselves and tremendous charitable work. so the saudi league right now isn't any of that. it is just money. neil: in the end that is what is talking, right? >> well, yeah. i mean you know. you talk about china. you talk about saudi arabia. yes, there are a bunch of conflicting issues here and that's the conflict right now.
neil: got it, my friend. thank you very, very much. jim gray following all of this very, very closely. we're following what is happening corner of wall and broad. dow down 78 1/2 points. a little over an hour away from another january 6 committee hearing. that will be the fifth. that is not necessarily a market moving event but with a day so much going on in washington people will pay attention as they always do with charles who is up now. charles: hey, neil, would you take the money if you were of that stature would you leave the pga? neil: i'm thinking about all the link-ups pga has with china and other countries not exactly with choir boys, where do you draw the line, right? i don't like the way these guys betrayed as greedy s.o.b.s or whatever. you know, it depends who you are flirting. charles: i was a good old-fashioned capitalist