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tv   Mornings With Maria Bartiromo  FOX Business  July 5, 2022 6:00am-9:00am EDT

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larry: we can restore life, liberty and the pursuit of happiness, traditional values, free market capitalism. we can do this just like the founders told us. i'm kudlow, thank you very much. cheryl: good morning, i'm cheryl casone, in for maria bartiromo. it is tuesday, july 5th. your top stories at 6:00 a.m. eastern time. futures are down following the long holiday weekend, as you can see, the dow lower by 143 in the premarket, s&p is down by 19 and nasdaq is down by 75. this after all three indices fell over one and a quarter percent last week. as for this week, all eyes are on the big june jobs report release, that will be friday, 8:30 a.m. eastern time.
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the 10 year treasury yield is higher by 0.08 basis points. oil prices are up this morning, brent and crude still sitting above $105, crude's at 112 and change and crude is over 108 right now. gas prices keep falling. triple a reporting the nationwide average is $4.80 a gallon this morning. as for european markets, as you can see right now they are red across the board, the ftse, cac and dax are in the red. markets in asia overnight are mixed. and by the way, we're following breaking news over the weekend, six killed, more than two dozen people sent to hospitals in chicago on monday. we're going to talk about that coming out of chicago. it was a horrific parade shooting. then this story is another one
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we'll be following. jeff bezos calling out president biden to a the misguided appeal to gas stations, saying it was their job to lower prices. bezos says biden has a basic misunderstanding of economics. two thirds of americans don't think biden should run for a second term, citing his age and mental fitness in addition to the fact that he simply is, quote, a bad president. and we have a live report ahead on the highland park shooting that i was telling you about, horrific details coming out about the parade incident in chicago. "mornings with maria" is live right now. let's get back to this biden versus bezos feud that we sawer result over the weekend -- saw erupt over the weekend. jeff bezos taking aim on the president after he called on
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companies running gas stations to lower prices. biden tweeted quote, bring down the price you're charging at the pump to reflect the cost you're paying at the product and do it now. jeff bezos responding with this, inflation is too important a problem for the white house to keep making statements like this, it's either misdirection or a deep misunderstanding of basic market dynamics. the united states oil and gas association jumping into all a of this, tweeting, quote, make sure the white house intern who posted this tweet registers for econ 101 come this fall. joining the conversation all morning long, we have michael lee strategy founder, michael lee, and defensive freedom institute for policy study spokesperson, angela morabito. good morning to both of you. michael, i'm going to start with you. your reaction to all of this, in particular jeff bezos saying that the president doesn't understand economics. >> well, jeff bezos knows
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there's a power shift coming this fall and so what he's trying to do is pretend as if he's not partially responsible for the situation we're in being that he owns the washington post which is his personal propaganda outfit, much of the climates nonsense, war on fossil fuels is played out on the pages of his own personal tabloid so it's -- at first it's nice to see someone powerful push back against this administration that wouldn't normally do it but he's trying to be elon and he's not elon. it's a guy who practices several predatory practices, putting small business owners out on the street doing whatever he can to steal whatever type of market share he can possibly get using whatever type of tactics he can get to just paint light on the fact that this administration has declared war on fossil fuels and one of the first things joe biden said when he was running for president in 2019 was i'm going to end the fossil fuel
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industry. well, this is playing out now and all joe biden wants to do and the biden administration wants to do is blame everyone else but themselves because it is crushing their popularity and, therefore, limiting their power. so if people were in favor of higher gas prices or it wasn't having the impact it was, you wouldn't hear any of this but now we need to vilify the small business owner and jeff bezos is right, this defies basic economics but in terms of jeff bezos virtual signaling about the biden administration talking nonsense, give me a break. you know, this is just as much his fault as it is theirs. cheryl: the wall street journal editorial board took it a step further and they say the president doesn't appear to know anything about how the private economy works and they say that this tweet portrayed a willful
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ignorance about the economy. >> they're absolutely right. the white house doesn't understand the fact that supply and demand remain undefeated and instead of making this country a leader and energy exporter, energy independent, they would rather have us depend on foreign powers for our energy and would rather say go buy a tesla rather than complain about prices at the pump. they don't understand economics, they don't understand the pain at the pump that everyday americans are feeling and michael is right when they can't blame republicans, they blame russia. when they can't blame republicans or russia they blame private industry and blame is what you do when you don't have a plan. cheryl: because of course, michael, it was the evil, greedy oil companies yet if you look at how gas stations actually operate in this country, look, large refiners on fewer than 5% of all these gas stations, these are -- 60% of the gas stations in the country are mom and pop businesses and they don't make money on gasoline. any profit they makes goes to
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the real estate they're paying, goes to the taxes they're paying, transportation and that simple fact, michael, seems to have evaded, again, all of those ivy league educated economists that i think work at the white house. >> well, cheryl, you know, they know this. right. they just think you're too stupid to know it and they want you to blame the little small business owner who is out there who makes the bulk of his profit comes from inside the shop. so when gas costs three times at much as it did a few years ago, people have less money to buy snacks which drives the profit for the small business owners. remember, if you're the everyday average american, not only do they look down on you, they pretty much hate you. cheryl: they think we're stupid and i think we're going to get into the polls later but the polls are showing the american people are not stupid and they've had it. well, we are just getting started this morning, everybody. coming up, a suspect is in
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custody this morning after gunfire erupts at an end persons -- independence day parade. we'll take you to the deadly scene in illinois later this hour. futures looking to start the shortened trading week on a down note, a little bit of pressure this morning. we'll talk about what's driving the markets coming up next. plus, a holiday flight mare for travelers, what's going so wrong at america's airports. we're on it all morning long. don't miss a moment of it. you're watching "mornings with maria" live on fox business. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist,
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♪♪ is this where your grandparents cut a rug, with a jitterbug? or returned from war, dreaming of the possibilities ahead. ♪♪ where your dad waited for his dad to come home from the factory. is this where they gathered on their front steps, with fats domino on the breeze... ancestry can guide you to family discoveries in the 1950 census. see what you can uncover at ancestry. cheryl: futures are down this morning after another volatile week last week, as you can see right now the dow is down 110 in the premarket, s&p down 14, nasdaq down 55. joining me now wealth consulting group ceo, jimmy lee. jimmy, good morning. >> good morning. cheryl: hey, let's talk about the second half of the year. we all want to forget the first half of 2022.
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i was looking at the second quarter at this point and i believe that stocks fell about i think 16.3%, the official full loss for q2. talk about q3. >> boy, it was an ugly first half of the year, wasn't it? q3 could be very volatile. i mean, i think earnings will probably maybe come down a little bit and consumer may show signs of slowing. but the good news is we go out a few more months, let's say after the fed potentially raises two more times which certainly the money's on it they will, if they signal some sort of pause or maybe even a reduction if we get bad economic data and inflation numbers come down, then i think stock investors have a reason to be bullish again and i think by the end of the year, fourth quarter, i think there could be some good news for stock investors. cheryl: you think the fourth quarter of this year we're going to start to see a turnaround. obviously we're getting ready for second quarter earnings. we're going to start getting
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those reports in a couple weeks, jimmy. do you think we're going to see disappointment? >> i think there's a chance. i think that a lot of analysts didn't adjust fast enough, especially in the tech sector. a lot of analysts last week were hurrying to lower their estimates. but, you know, i still think there's a lot of opportunity out there and a lot of these beaten up names in great companies so i think right now it's a good idea to have a barbell type strategy where you've got good cash flowing, great earnings type companies, blue chip type companies, value type stocks and the other end of the barbell some of the growthier names that maybe the mega cap names that have great earnings, not the high valuation ones, this year's a great year to remind all of us about just basics of good investing fundamentals like diversification and not chasing a return. a lot of investors really got hurt by chasing returns in different things like spacs, meme stocks, crypto.
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so i think back to the basics is good and q3 while it may be volatile i think the end of the year can set up well for stock investors. cheryl: i like the bullish tone. we need to hear that jimmy lee, let's bring in michael lee to the conversation. michael, the other piece of this obviously is whether we are indeed in a recession and the front end of it. larry kudlow said on the program already that he believes we're in the front end of a recession right now. >> yeah, that's my thought. i believe we're in a recession. i don't know how deep this is. i don't know how long this is going to last. but that's my thoughts for jimmy is where do you think we are in terms of recession and how much of that do you think is actually priced in, i mean, having a first half of the year where the markets' down over 20%, you've got to believe a lot of the bad news might already be reflected in a lot of these stocks. >> yeah. i agree, michael. good to see you. i think we could technically be
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in a recession right now. i think q2 could have a negative print and while i believe that like some other that's we could have a shallow recession and this is a technical one, i'm not expecting anything nasty or deep, i think we could have one and so a lot of -- i know a lot of investors are looking at if we have a bear market with a recession, then the stock market goes down a lot further, i really hope that doesn't happen, michael and even if we are in a technical recession, hopefully we climb out of it. the good news is, consumers making up more than two-thirds of the u.s. economy sitting on $2 trillion of cash and deposits. that's a big number. so we need to get conges her confidence -- consumer confidence back up to get consumers confident in spending again but there's a lot of cash on the sidelines. cheryl: they're spending this summer on travel. we've seen the story playing out across the nation. jimmy, real quick. investors are looking ahead to friday, we have the big jobs report coming out, how much of a
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market mover is that? >> if we get a huge surprise, i think that could be a big deal. i really don't see the trend for investors being more bullish until we start to see better data on inflation and the 10 year went down below 3%. i think bond investors are thinking that the fed after raising rates will reduce rates down the road or may pause. so i think bond investors are optimistic about the future for rate hikes. cheryl: yeah, i know that you're not looking at 75 basis points. i saw your notes. you're looking for 50. that would be nice, from the fed, not to see 75 but to see 50 in the next meeting jimmy lee, great to see you. thanks for joining us this morning. >> thank you. cheryl: coming up, the state of american energy, coal is making a comeback in a big way. pennsylvania congressman fretted keller explains how.
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plus, more bad polling for president biden, more americans say no thanks to a 2024 biden ticket. the shocking reasons why is today's hot topic buzz. that's ahead. ♪ come on and dance. ♪ come on and dance. ♪ let's make some romance. ♪ the night is -- ♪ and the music's calling
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cheryl: president biden is facing backlash over his tweet, pressing gas station companies to lower their prices at the pump. amazon founder jeff bezos calling it a, quote, deep misunderstanding of market forces while u.s. oil and gas association said the white house intern who wrote biden's tweet needs to take econ 101 this fall. let's bring in pennsylvania congressman fred keller. congressman, good morning. you wrote an op-ed for fox news last month, listing five reasons it's time for the biden administration to unleash oil and nat gas drilling in the u.s. tell me more. >> yeah. absolutely. and i think it couldn't be more right when they're talking about who wrote the tweet and what it means. if we're concerned about national security, if we're concerned about affordable energy, if we're concerned about the environment, we need
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american energy and i just had a roundtable with producers in williamsport in pennsylvania's 12th congressional district and i tell you what. they need certainity in their business they're doing and they need the administration to embrace american energy and stop really coming after them with policy. secretary granholm, we're supposed to have a plan for more leasing and that was supposed to be done by july 1st. has not been done yet. they need to get serious about american energy. cheryl: and you know what, look, now we're seeing, congressman, countries around the world, they're turning to colas natural gas and oil shortages drag on. how do you think that, first, pennsylvania can be a key player with this which has always been a strong coal state but also the fact that you've now got president biden who in this climate change push, this agenda that he has not let go of since he walked into office, the market dynamics are playing out
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to the opposite. no matter how much he wants to say we should all be using green energy, we have to keep the lights on and that as you know is coal. >> it's base load capacity so we can count on energy to be there when we need it and he's so wrong on this. when he was campaigning, saying he was going to work it out, we weren't going to have any more drilling, he needs to really understand what it takes to run an economy and it takes american energy and when you look at countries like germany, wanting to start opening up coal fired power plants, pennsylvania has a rich history of supplying energy. i mean, oil goes back to 1859 in titusville. take a look what's happened. pennsylvania can contribute very much to the energy needs of not just our nation, but the globe, and we can do it right here effectively, cleanly. we were meeting the paris
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climate accords not even in the agreement, just a few years ago, we weren't in the agreement and we're the only nation that was actually hitting those goals. so i think the president needs to embrace american energy if he's serious about making sure that we put america's families first, we have national security and our allies can rely on a stable, clean supply of energy. cheryl: that that means jobs, not just in pennsylvania when it comes to coal but we talked about trying to drill in the rest of the country, go back to drilling on our land and that also means jobs that have been lost under this president we should add. i want to move on to something else. a number of celebrities out there now are trying to cancel america's birthday. we saw this over the weekend. this is after that supreme court decision to overturn roe v wade. the house oversight reform committee is getting ready to hold a hearing on the impact of that decision. i do want to get your thoughts on that. >> well, i think that the supreme court rightly decided the roe v wade, overturning that this year and really they sent
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it back to the states and said the states need to take this over. we should protect every life, every life has value, and if somebody's not going to protect your life they're not going to protect anything else of yours. it starts with that. the celebrities trying to cancel the 4th of july, we're the greatest country on the face of the earth, we helped humanity more than any nation in history. i'm disappointed that people can't see what we've done and quite frankly people that benefited from the american citizens and how great our nation is. maria: i want to bring in -- cheryl: i want to bring in angela morabito. your thoughts on all of this as a well? >> congressman, i am so struck by this because you've got some of the people who benefited the most from american freedom, all of a sudden having no gratitude for it and having contempt for it. so you've got these wealthy, famous, loud voices who apparently never took a civics class saying this about america.
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but what are you hearing from your constituents. i don't hear these same things about america from my friends and people i know. it seems the people at the top are angriest. what do you think? >> well, i think you've got it right. the people -- what i'm hearing around pa-12 and i spent a great day in the heart of pennsylvania's 12th congressional district, in one of the communities celebrating the 250th anniversary in america. and looking at the people that are really proud of our nation and what a we do for people, what we do for one another. and because we're free and that's celebrated all across not just pennsylvania's 12th congressional district but our nation and the people that are benefiting from the hard work and the ingenuity of the people that get up to work every day, the thoughtful, hard working americans, you need to take a lesson from them and appreciate what we have, the freedoms we have in our great republic. cheryl: all those wealthy
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celebrities have plenty of money, they can move to countries, go live in europe. see ya. congressman fred keller. thank you for joining us. obviously you had a great independence day. we appreciate you joining us this morning. >> thank you. thank you to all of our veterans and active duty military that handed us the greatest nation on the face of the earth. cheryl: well said, sir. thank you very much. we have a lot more coming up, folks gunfire erupting along a parade route in illinois as they were celebrating the july 4th holiday. we'll take you to the scene with the latest developments there, coming up next. plugs, america's travel woes showing no signs of stopping, we've got if latest number on the weekend chaos coming up. ♪ who's on it with jardiance? we're managing type 2 diabetes and heart risk. we're hittin' the trails between meetings. and putting the brakes on fried foods. jardiance is a once-daily pill
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cheryl: six people are dead, more than a dozen injured after a gunman opens fire on a suburban illinois july 4th parade. grady tremble is live in
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highland park with more. we're learning the alleged shooter is in police custody. >> reporter: we are, cheryl. this is actually the station where police say they brought the suspect after an eight-hour manhunt came to an end yesterday. police say that suspect opened fire from the roof of a downtown business, using what they described as a high powered rifle, just after 10:00 yesterday morning at highland park's 4th of july parade. families including children and parents were sent scrambling, running for their lives and gunshots rang out. >> it was -- >> frightening. >> it was very frightening. >> we're okay. >> we're okay, right. i'm excited to be here. >> it went on for a minute or more. >> reporter: police say five adults died at the scene, one other person died at the hospital. the family of nicholas taledo says the grandfather who was
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visiting his family from mexico is among those killed. at least 30 other people were hurt, ranging in age from 8 years old to 85. president biden said he was shocked by the independence day celebration that turned to tragedy and vows to keep fighting to end gun violence in this country. >> each day we're reminded there's nothing guaranteed about our democracy. nothing guaranteed about our way of life. we have to fight for it. he defend it. and earn it by voting. >> reporter: police identified the gunman as robert primo the third, he grew up in the community of highland park a. he's in his early 20s and had previously posted disturbing and concerning videos and pictures on social media including one depicting the aftermath of what looked like a school shooting. police spotted him yesterday in his car about 15 minutes from the parade route, eight hours
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later, and took him into custody. they're questioning him here this morning and of course through the night last night. though they haven't filed charges just yet. police also, cheryl, haven't identified the five other people who were killed in yesterday's horrific attack. cheryl: all right. grady, we know the story's developing so please, we'll come back to you at is warrants throughout the morning. grady, thank you for the live report out of chicago. and some of the other headlines that we're following for you this morning, the travel turmoil continues, as airlines delay and cancel hundreds of flights across the nation this r morning. problems did ease over the last two days, only 300 flights were canceled sunday and 225 yesterday. that's actually down from 1200 cancellations on friday and saturday. airlines are having a hard time dealing with soaring demand while also grappling with a huge pilot shortage in the country. and families went bananas for
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the minions this 4th of july holiday weekend. >> ♪ >> take this back to the lair. i'll distract them. cheryl: it raked in an estimated $127.9 million in its debut, a new record for the holiday weekend and its overtook transformers, dark of the moon, which made $115 million back in 2011, the spinoff of the popular depickable me was delayed two years because of the pandemic. well, president biden is reportedly expected to roll back some u.s. tariffs on chinese imports as soon as this week. the decision has reportedly caused division in the white house as u.s. trade representative cattily tye and jake sullivan see the tariff as valuable leverage against the chinese. meanwhile, you've got treasury secretary janet yellen, she held a call yesterday with china's
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vice premier where she raised concerns over china's, quote, unfair nonmarket economic practices. i want to bring in senior fellow way fun jung. the tariffs have been an effective tool and strong piece of leverage against the chinese in their economic war to be clear here with the united states. do you think the biden administration should be lifting these tariffs now? >> i think it's actually -- thank you for having me. good morning to you, cheryl. i think it's good news that the president is considering lifting the tariffs because i think they should have been lifted long ago. i disagree with what you said in the sense that sometimes tariffs could be effective leverage but it hasn't been the case in this particular case of china because the major concern for the united states or u.s. policy makers is
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china's unfair trade practices. we have had four years of tariffs that have been hurting american consumers and businesses every single day for the last four years but it has not changed any of the chinese behavior that is of our concern so i think policy instruments that have in this case proven to be not effective and it should be -- should have been lifted long ago. cheryl: i disagree with that premise to be clear, he though, because we have seen it become effective, that economic pushback that the united states began under president trump, because of what we have seen play out in europe between russia and ukraine. the chinese have not come out in full support of vladimir putin. we know there's a relationship there. but i think the chinese have been very careful to stay out of that conflict because they don't want to have more of a problem with the united states and western countries than they already have. they're trying to protect their own. >> your point is well taken
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here, cheryl. but i think it would be a little harder to disen tangle all the china policies that washington has made under president trump toward china because there's all sorts of other policies with tougher stance on china that are still in effect including sanctions on a lot of chinese tech companies, export controls in particular. and i think those policies are very effective and maybe they are the reasons that drive china to be at least with some distance from russia or the russian invasion of ukraine. but the tariffs imposed on china, the stated goal was actually to change china's unfair trade practices including the lack of protection of intellectual property and the state subsidies of chinese domestic firms so on those two counts, however, i would say that the chinese behavior has been pretty much the same for the last four years. cheryl: we should be clear here, to push back on them
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spying on u.s. citizens through tiktok and other measures. we know that cyber espionage is one of the chinese favorite tools. i want to bring in michael lee. mike, go ahead. >> so the stated goals may have been to change their unfair trade practices but china has a dual deficit, they have a fiscal deficit and current account deficit and that current account deficit is structural, the growing population, the economy becoming more first world, getting stronger over time. this current account deficit is a structural deficit and so the not so stated goal but the biggest goal of this was to stifle foreign invotement into china -- investment into china because that's the only way that china can move forward is with direct foreign investment. so while we may not have seen as much of trade practices changing
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and less stealing of intellectual property, we have gone through covid and we did see an administration change but when this is left out from the overall conversation that if you're going to invest in china to manufacture goods and ship it elsewhere in the world, if the largest consumption economy in the world by a wide, wide margin has massive tariffs on things they're producing there, you at least think twice about your direct foreign investment as well as if not scrapping it all together and that is the not so talked about point which i think is the key driver behind these tariffs that you're now really putting the screws to china in the long run if they don't change their practices and if we could just slap tariffs across the board, essentially crushing all their foreign investments, not all their foreign investment but making a huge dent, making it much harder for a country
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whose currency in the country's essentially monopoly money, it's useless elsewhere in the world, to further exacerbate that trade deficit. >> i think that's a really good point that you're raising. i would say the two concerns you raise, one is they are some aspects of trade with china that are less desirable. i would say that the use of forced labor in many of the goods that we may be buying from markets in the u.s. is a major concern on that front too. in other words, the investment into the united states from china and possibly the u.s. investment into china and there are certain aspects that are hurting our security as well, but i think there are more specific tools that are more effective in countering those problems. the uyghur forced labor pre laborprevention act is an import
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tool and there are policies the u.s. policy makers could leverage to screen investment into the u.s. from china that may be hurting our national security and the other way around a screening u.s. investment into china is also being discussed as well. i think overall more targeted tools like that are more effective in terms of reducing the impact of -- on our consumers and our u.s. companies here than tariffs more generally. cheryl: i'm glad you brought that up. companies are reportedly facing compliance challenges, trying to navigate that act. we are still importing a great amount of goods from the country. the restrictions seem to be easing but where are the chinese right now in that. >> i think the chinese government on the covid policy front has shown impressive consistency over the months, despite the chaotic lockdown or
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consequence of the chaotic lockdown of shanghai. my research analysis of chinese propaganda in the policy change index has shown that the chinese in terms of propaganda talking points on that have been surprisingly consistent. so i don't see it being changed any time soon, unfortunately. cheryl: it's amazing that you monitor that. i'm sure there's a lot you see in the reporting. thank you so much for that. we appreciate it. >> thanks for having me. cheryl: we've got a lot more coming up this morning. oil prices reversing course this morning, take a look at this. crude is now flat but look at this, we're above $108 a barrel right now on oil in this country, that's the wti. we're going to talk about that. and brent is higher. that's the global contract. still, americans aren't getting a lot of relief at the pump. plus, officially done with biden. why more voters say they do not want to see him on the 2024 ticket. that's the hot topic buzz,
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that's coming up next. you're watching "mornings with maria" live on fox business. ♪♪ ♪♪ you had me at allison® 10-speed transmission. ♪♪ features available on gmc sierra heavy duty. premium and capable.
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cheryl: time for the hot topic buzz. voters are bailing on biden. a new poll by harvard shows 71% of voters do not want biden to
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seek a second term. 45% of those voters say he should not run again because he's, quote, a bad president. and then 30% say he's too old. 60% of voters also have doubts about biden's mental fitness for office. angela, the american people are seeing what's happening in the white house. >> that's right. and when biden was running for president, conservatives were very concerned he was running for obamas' third term and reality he was running for carter's second. this has been the worst presidency than even the right wing anticipated and i think the conversation about age is actually cover for a larger conversation about competence. nobody would care about the president's age if he was able to project strength and confidence and american leadership. instead, he needs instructions in his hand about how to enter a room and sit down. this is not what the american public wants and not what the american public deserves. and the democrats know that this is a disaster.
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this is not news to them. but what they don't have is a viable alternative to the current president so they are stuck and in reality, so is this country for the remainder of the president's term. cheryl: mike lee, we're seeing in particular, i was looking at a piece about americans' habits now, this is affecting -- the mistakes the biden administration is making is not just affecting poll numbers and what we'll see happen in the midterms in november, it's also affecting american behavior. americans are starting to pull back and make difficult choices because of inflation, which is the biggest reason that the number are showing that no one wants to see president biden run again in 2024. they're like what am i going to pay for right now, gas or groceries. a lot of people in the lower income portion of the country are to make that choice and it's devastating. >> it's just shocking that we're at this moment. we just had $10 trillion of
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covid stimulus on the back of the best consumer and labor economy ever seen in the history of our country and now we are in a recession. this is leftistism run amuck and the problem biden was always going to run into was he never had a base. we had an election which was irregular to say the least. 56% of the people believe that 35% of democrats believe -- if things weren't going well, the bottom would always fall out for joe biden and to say things aren't going well is to be really kind. keep in mind, he has the lowest poll numbers amongst independence than richard nixon when he was getting on the helicopter to fly away. the strongly approve numbers among independence is 4 or 5% especially when it comes to the economy. i'll touch on what angela said.
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the problem for democrats is, is the only people that are less popular than biden in the democrat party are people like kamala harris who had to drop out of the democratic primary before a single vote was cast. we are in for a generational shift and red wave coming this october. cheryl: you know who knows that right now it seems to be i'll california governor gavin newsom. we'll talk about that later on in the show. guys, thank you. coming up, jeff bezos takes president biden to task over his tweet blaming gas stations for the rise in prices. phil flynn here to weigh in on that coming up next. ♪
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cheryl: oil prices, well, reversing course just a little bit this mean, i mean by 53 cents. brent right now is slightly higher. the national gas price average sitting this morning and changes every day 4.80 a barrel, let's bring price futures group and fox business contributor phil flynn. good morning. >> good morning. cheryl: i know americans have been under crush of gasoline prices and it's affects
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everything. do you think gas prices might retreat more? >> maybe a little bit but not a lot. this is the new world oil. this is what we are hearing from the white house. this is part of the plan to -- to bring on the new energy revolution. but the reality is, i think we are seeing a lot of signs out of the white house that they really have no clue on how gasoline prices actually work and that's bad news because the policies that help create this run-up in the price of oil and gasoline are the same policies that the biden administration refuses to back off from. so as long as we continue along that path, the inconsistency and amount of investment that it's going to take, it's not going the happen because they continue to get turned away from the biden administration and their policies. cheryl: president biden, you know what he's doing, he's heading to the middle east the middle of this month. he's going to the saudis. that's going to be an
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interesting conversation. obviously we will talk about it when it happens. what happened to climate change if you're going to saudis and asking for more oil. >> yeah, they are not the most cleanest producers of the world. president biden said he was going to make crown prince a pariah and meeting with him before the energy. this shows you how backwards this is. i don't know what president biden has against oil and gas producers. he has nothing to reach out to them. he's only maligned them, right, and now he's blame retail gasoline station owners that make their money selling candy and soda pop. it's either total jeff bezos said a misdirection or a sign that they want these prices to
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go higher and blame everybody else but their own policies. cheryl: it's ridiculous. citigroup was warning oil may collapse to 65 a barrel. jp morgan said it's going to rise to 380 a barrel, what do you say? >> it's probably somewhere in the middle. citigroup are the bearers in the market. they could be right. but on the other side of the equation what the other group is saying if we lose russian oil, there's no viable replacement and the prices can take off. before we hit the higher price level we will see a slowdown in demand. i don't think we will get that high. make no mistake about it, the global oil market is in a perilous situation. we need the u.s. energy producers to stand up -- stand
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up against the administration and do what they do best and get prices back under control. cheryl: phil, obviously, in particularly with gas price and inflation that we are seeing and attacks on the small gas stations across the country. the administration does seem really misguided and jeff bezos said it best when he said the president basically need to understand economics and he probably does not. great to have you on the show. all right, next hour of mornings with maria start right now. ♪ ♪ cheryl: good morning, i'm cheryl casone in for mariaesday july 5t 7:00 a.m. eastern time. futures are down following the long holiday weekend as you can see dow down 126, s&p down 16, nasdaq down 68 in premarket. this after all 3 indices fell over 1 and a half, one and a quarter percent excuse me last week. this week all eyes on the big
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june jobs report release, we get that on friday, you will have full coverage on this program. taking a look at senior treasury yield right now as you can see, yield at 2.916%, gain of two basis points. we also are going to get the fed minutes out tomorrow afternoon. the thinking behind the decision. we are looking for direction this morning. you have brent higher, crude is still lower but we are still at 1:08, $108 and change, guys. triple a reporting the nationwide average is 4.80 this morning, will it stay in this range? as far as european markets this morning, you can see there's pressure, ftse 100, cac 40 and dax in the red. in asia overnight, markets mostly higher there. they did have trading yesterday to be clear. kospi, hang seng lower.
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breaking news out of illinois. tragedy there, a 22-year-old in custody this morning after mass shooting at a july 4th parade. 6 people were killed. more than two dozen injured. we are following that story all morning long for you. mornings with maria is live right now. time for the word on wall street, top investors watching your money this morning and joining me now former garthman letter editor, denise garthman, payne capital management president, ryan payne and michael lee, founder strategy michael lee who has been with me all morning. michael, i want to start with you and talk about overall markets, futures under pressure, volatile week last week. everyone's asking themselves what is ahead, well, that's the job's report on friday. here are the expectations. 270,000 jobs added. the unemployment rate expected to hold steady at 3.6%.
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what do you expect from this report? >> so, jobs number would be interesting. i would expect okay number. when times are going well and you're bullish and you point to the labor market, people say that's a lagging number and when you're bearish and the jobs numbers are good, you'll say it's a lagging number and so right now somewhat bearish on the economy and the markets and so i'll say even if we get a good jobs numbers that's a lagging number, the market market typically trails the overall economy so i would not expect anything gamebust e, i would also not expect something falling off the cliff but i do think that you're absolutely going to start to see deterioration in the labor market across the board. you're already starting to hear layoffs from some larger companies, small businesses are being squeezed left and right and i would say these traditional measures of employment and the weekly unemployment claims, there's a lot of people that were out of work and may not have been back
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to work with different companies for long enough to be able to register for unemployment claims because my key gage of the employment market pre-covid was the weekly jobless numbers because that's straight data in week in, week out and easier to discern, any errors of it are typically universal and the problem with monthly jobless claims numbers is it's going to get revised twice. it will get moved and down a couple of times and by the time we get the final number for what was june, we will be sometime -- you know, some time in september. so how useful is that actual data point. we will see where wage growth comes in. i would not expect to be major news event as as now but i do see the continue continue to go deteriorate. cheryl: i agree with you, ryan payne, i want you to jump on this topic in particular. we had a guest on the hour
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saying we had 2.3 trillion sitting with americans and americans have, and that will buffer the u.s. economy from recession and keep consumer spending but now we are seeing that people are starting to dip into that savings to get by because they are under the crush of inflation, your thoughts ryan? >> i guess, mike, i'm a little more optimistic. i think a lot has to do with summer travel as well. you have to remember there's a lot of pinned up demand. people were locked away for a very long time and i think we are seeing the explosion of spending of travel this summer and i think that will dial back. once you get the trip in and once you've done the road trip and spent that money, i think, you know, you will see that cool off. the savings that we have today, it's still like 4 trillion more than before the pandemic. you have to remember americans are wealthier today than they've ever been and if you look at the equity they have in their homes
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it's the best ever and locked in -- a locked in 4%, a lot of mortgages that refinanced in the last couple of years. so i think, look, you will hear a lot of recession, anticipated recession. google, highest level of searchings since march of 2020 which that was when the market bottomed in last recession. so i think the bottom line i'm more optimistic than everybody else and we will be surprised of how strong the consumer -- cheryl: i would love for you to be right, ryan. you said the fed should take on the order of 8 years to run the balance sheet back to normal levels, 8 years you think it's going to take them. >> given the fact that they said they will take $65 billion out of their assets over the course of next several years, 65 billion when you have a 9 trillion-dollar asset base
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means you have to have at least 6, 7, 8 years of decline and the fuel that funded the economy and the fuel that funded the stock market, the fuel that funded is being taken away by $65 billion a month. unless the fed wants to change its position and lose even more credibility, it has to continue to do so, so given years of taking $65 billion worth of fuel out of the economy, out of the stock market, i've been bearish for the stock market since january 5th of this year, i see in reason whatsoever to change my opinion. i'm not overtly manifestly recessionary at this point but i think we will see an economic slowdown and i think the market is anticipating it. >> slobbedly is a bad look, denise. u.s. stock funds lost in q2.
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that's everybody's 401k, everybody is seeing that. something else that we are seeing, ryan, back to you on this one is crypto. it's been painful. yet another crypto lender, this was packed by peter thiel and coin base, they suspended withdrawals, the market is plunging, what do you say? >> yeah, it's not pretty. i will use this quote back on the show like a year ago and when stupidity is repeated quite often it looks like wisdom after a while and i think that sums up the crypto market. if you look at lending practices, they were insane. you put your crypto on a platform, they give you 8%, you borrow at 8% and you get 20% on another platform. interest rates were ridiculous and lowest interest rate that is we've had historically so you knew that had to end bad and that's index caitiff of what we had in the market, buy more homes to buy more homes and
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you're starting to see the exact same thing in the crypto market which denise and i who is never slobbingly and always lacks sharp, said it was a disaster and it is a disaster and there's so much pain. cheryl: all the crypto bros remind me, all of us are the same age is the dot com bros from 2000. look how that ended up, right, guys? >> bitcoin is going a lot lower than where it is. once it takes to 18,000 there's nothing to support it underneath. ryan: agree, denise. cheryl: denise and ryan, thank you for joining us. mike lee, you will be with me during the rest of the show. less than 2 hours until 9:00 a.m. earn time and the biden administration still playing the blame game on the
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border crisis. here is what mayorkas said about the unprecedented crossings, you won't believe what he said. then coming up claudia tenney, she will be joining us on increasing mesh numbering as the american flails on getting that job done. then california governor gavin newsom has an interesting offer for floridans, we will tell you about that, that's coming up next. joining the conversation all morning long, we have michael lee. you are watching mornings with maria live on fox business. ♪ ♪ ♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪
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r it's independence day so let's talk about what's going on in america. freedom is under attack in your state. i urge all of you living in
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florida to join the fight, join us in california where we still believe in freedom. cheryl: okay, gavin newsom. let's talk about are you going to run for president in 2024. he spent over 100 grand on these adds slamming republicans actions in florida such as the 15-week abortion ban, the so-called don't say gay bill and recent voting law but florida's department of health spokesman fired back tweeting about california's ongoing homelessness problem, angela, i have to go to you on this one. look, at end of the day what is gavin newsom really doing here? >> he's not doing much, i have to tell you, cheryl, as a conservative i think the ad is
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brilliant. i think this is part of a larger trend of democrats being incredibly disconnected from the reality on the ground and that reality is that people are flooding out of places like california and into places like florida, texas and arizona. when you look at the laws on the books, they are living more free and prosperous lives. i think this shows governor newsom's desperation and i expect the ad will fall flat. cheryl: i can't believe he spent that much money. i have another theory why he had done it in a second. to your point californians are going to arizona, they are going to nevada, they are going to texas which texans aren't happy about and a lot of them have crossed the country to florida. i don't see them turning around and going right back to california, but, michael, again i will bring this back, i think this is political. i think that newsom is trying to put a stake in the ground because he knows that president biden and kamala harris are in trouble and if he thinks that ron desantis is going to be
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running for president, he wants to make sure that his name is in the mix. >> well, cheryl, he is right. california is a free state. i mean, if you want something, you can just go into a store and grab it and you don't have to pay for it. if you want to live somewhere and you want real estate, you can just pitch a tent and now that real estate is yours. like, you know, at one degree he's right at another degree up is down, left is right and black is white. nothing -- nothing could be further from the truth. you have seen has exodus from california for over a decade. it's the highest tax-state in the country, highest regulations and, you know, my dad used to live in laguna miguel and he would say to me, all the crazies just continue moving west and west and west but the problem is when you get the california, the only place further west than
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california is the pacific ocean so they are all stuck there. california is a beautiful state. it is a beautiful state, but gavin newsom has just absolutely run it into the ground. yeah, he was recalled and the recall wasn't successful but that's the only way, that's the only way they could get rid of covid restrictions. you remember as soon as -- as soon as the recall started gaining steam all the covid restrictions magically disappeared as if that was the science said at the moment in time. cheryl: i want to be clear, you're talking about the recall to go after newsom but then you have another one that i want to bring up now because you've got recall gakon, that's the new one and campaign, they have to submit the petition to get rid of da, disaster of an la da george gaskon. basically they have enough
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signatures to qualify for the ballot and 37 cities in la county, they issued vote of no confidence on gaskon. angela, get in here, is he in trouble because boudin in california was recalled successfully? >> i believe he is in trouble. this shows you the limits of what even the bluest cities in america will tolerate when it comes to soft on crime policies. la is one of five major cities in america that's already on track to break its 2021 homicide record. that is not a distinct that anybody wants. so it shows you that woke problem, the progressives like to go after, they are problems when the city is going great. not to mention it's prohibitively expensive for so many people.
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that's where the buck stops. i'm not surprised at all that they are just ready to get on the ballot. cheryl: so many victims of -- of these crimes that -- these criminals, he let them out and let them off the hook and they are victimizing law abiding citizens in la and they've had it. i think this recall has got gas for sure. we've got a lot coming up on the show, folks, bumming on biden the majority of people say they do not want the president to run in 2024. claudia tenney will weigh in. busiest travel weekend causing most headaches, coming up.
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stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. hi, my name's steve. i lost 138 pounds on golo duckduckgo: and i kept it off. so with other diets, you just feel like you're muscling your way through it. the reason why i like golo is plain and simple, it was easy. i didn't have to grit my teeth and do a diet. golo's a lifestyle change and you make the change and it stays off. golo's changed my life in so many ways. i sleep better, i eat better. took my shirt off for the first time in 25 years. it's golo. it's all golo. it's smarter, it's better, it will change your life forever. cheryl: president biden facing backlash for his tweet demanding that gas stations lower prices at the pump. amazon founder jeff bezos calling it a misdirection or, quote, misunderstanding of basic market dynamics. the u.s. oil and gas and gas association also slamming biden
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saying the white house in turn who wrote the tweet needs to, quote, take e-con 101. i want to bring in house foreign affair member claudia tenne, good morning, those retail are gasoline owners, 60% of retail gas stations are owned by mom and pop businesses or families and they are scratching their heads on this new biden directive. what do you say? >> it's economically illiterate, most of the gas stations don't make money on the gas. the price is with commodity. many of them don't produce anything but they have to create snacks and other things they sell in the convenient in order to make any kind of profit at all just because in many cases they are not making money particularly with this, you know, with the price of gas not being part of their stream. so same thing with farmers. they don't get to determine the price of milk. it's determined by the federal
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government or determined by another entity. to think that the businesses shouldn't be allowed to make profit even though it's small in order to pay employees to cover the costs of regulations especially in states like new york and california and the taxes are really high, so it's economically illiteratey again from president biden. cheryl: look, what they are paying for and this is what congresswoman is talking about freight, labor, credit card fees, angela, they are getting hit with that. >> that's right. it's not just economics but how gas stations work. i question how they actually think it operates. there's like owners get up and decide how greedy they want to
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pay. the biden administration has painted into a corner to suspend federal gas tax and if they suspend gas tax now do you think in their world view that they would be enabling the so-called greed that they think is out there in the world? >> this is a problem. this is a temporary measure and, of course, they are doing this in new york state and we will lift the gas tax. it didn't change much. the price of gas is over $5, now 4.90 in the region where i am. we don't have a lot of public transportation up here in beautiful upstate new york where we are the bread basket of new york and that's where the farmers are and this is where we are not getting natural gas, the price of fertilizer is high even though we have access to these things. they are all being cut off and when you do cosmetic fix like temporarily change the gas tax, you're only encouraging higher gas prices and you're only making it harder and harder for
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consumers and also not only the small businesses but farmers as well to survive. this is what they don't understand. it's the basic principals of shutting off our energy independence and shutting off our ability to produce and ability to drive down price. when you have more competition and you have more abundant supply you will have the price down and you will have better quality. they just don't look at this from an economic viewpoint like small business owners have to and must in order to survive. cheryl: that's showing up in the polls, you have harris poll that 71% of americans don't believe that biden should run for reelection and 35% said he's a bad president and you've said before he's out of touch. >> yeah, absolutely. i think this president is just showing he's ignorant, elitist and also corrupt. i think it's not a matter of
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age, i met a 100-year-old at amazing parade and this guy was incredible walking around handing out candy in a parade. this is a 100-year-old veteran. it's amazing. it's not his age, illiteracy and no democrat is looking to joe biden with these cratering poll numbers to prop up campaign contrast with president trump. people are lacking for his president trump in order the win primaries and in order to gain an edge over their competition. this isn't happening with president biden because people see it, you can't hide in plain view the problems that everyday americans are seeing regardless of party. this guy is a disaster and the biggest problem that the democrats have not only are they focusing on wrong policies, they don't have a bench. they don't have someone who can take the place of joe biden, kamala harris is a disaster, they forced bernie sanders, a self-proclaimed communist out. where are they going to go?
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they are in a real pickle. cheryl: real quick before you go, we don't have a lot of time, i have to ask you what's happening with governor hochul, she just signed a new gun control bill after supreme court ruling. look, our state and i live here too, we have some of the toughest gun laws or we had some of the toughest gun laws in the country and we still have skyrocketing crime in our city and in our state, your reaction? >> yeah, incredible. this bill -- this case actually, the case that justice thomas, the brewing case originated in new york from people trying to get a concealed carry permit to try to keep and bear arms as emphasized by justice thomas. kathy hochul is just taking rights away. this is a hypocritical politician who ran in a republican seat and had an a rating from nra and now has an f and now is just looking for the knee-jerk reaction to take lawful gun owners' rights away when the problem is why don't we crack on unlawful crack down on
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people bringing guns into the community. they are not being prosecuted. that he aren't prosecuting on anyone in new york. that's why you're dealing with major crime wave. they are attacking the lawful gun owners and i think that her new gun laws actually violate the supreme court's rule and there could be injunctive relief and possibility of upholding that supreme court decision to protect lawful gun owners across new york. cheryl: it'll be interesting. we will keep an eye out for that. thank you for that claudia tenney, good to see you this morning. well, we have a lot coming up, folks, the border blame game, dhs secretary alejandro mayorkas calling the crisis a regional challenge. former acting ice director is going to weigh in on that one plus take care on tiktok, the explosive new report on who can access your data that's ahead.
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cheryl: welcome back, i'm cheryl casone, i'm in for maria bartiromo. it's tuesday, july 5th, look at markets this half an hour. here we go a shortened trading week. 163 to the downside, s&p is down 22, nasdaq down 90 and change. taking a look at the ten-year right now, we are following this morning as we await fed minutes coming out tomorrow. yield 2.9%. oil a big story this morning as we are following the global contract that's brent, slightly higher. wti which is the main contract we follow in this country, that one is $108 a barrel. still strong even though it's down 42 cents right now.
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all right, we continue to follow what is happening at the southern border because obviously there's a lot to talk about here. the white house once again blaming everything but its own policies for the unprecedented crises facing the nation including the disaster at the southern border. here is what dhs secretary alejandro mayorkas said about how the administration is fairing. >> i think that we are doing a good job. the migration that is occurring throughout the hemisphere is reflective of the economic downturn, increase in violence throughout the region, the -- the result of the covid-19 pandemic, the results of climate change. cheryl: joining me now former u.s. former border patrol chief and former acting ice director ronald, good morning to you. the secretary also called the crisis a, quote, regional challenge. what do you say?
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>> well, he also said he's doing a good job. i'm wondering what planet he's on and what is he seeing. this administration regularly puts people on television in the context and says you're doing a good job and don't believe your eyes, 6 to 8,000 people trying to cross the border illegally every 24 hours. they are not doing a good job, they instituted the largest surge in the history of the border. i don't know what planet they are living on but the border is in total chaos. nobody is winning here. the cartels are -- are enriching themselves based on the flow -- the flow of humanity that's coming to the border every 24 hours. they're not helping us, they are putting us all at risk. we have that kind of chaos in the border, it hurts the local communities. think about the workforce, the men and women of dhs and their families, how stretched out they are because they have this unbelievable workload with no end in sight.
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cheryl: i keep thinking about the migrants that died in that truck last week, that was devastating what happened but that is what's happening every week. these farmers and particularly down along the texas border are finding dead migrants. i mean, it is a humanitarian crisis but oh, no, according to mayorkas they are doing a good job and it's a regional problem and i want to stay with this because you have new study out that labels crossing between the u.s. and the mexico border the deadliest land route in the world. the missing migrants project released 1,032 deaths during migration just in 2021, more than 700 on the border alone. now you've got 3 counties in texas, they are expected to declare border emergency today over the record amount of crossings. ron, your thoughts on all of that? >> well, especially this time of year it's dangerous to cross the border, right, we want to warn people about that. i think the government does some
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information down range to tell people how dangerous it is but when you encourage this kind of chaos, your policy is an effectively open border you will have increase misery across the board. you will have human trafficking and people picked up in the pipeline and you will put money in the pockets of corrupt government and corrupt government officials. it's really hot out there. there's not a lot of water sources in the middle of nowhere and that's why the smuggler wills drive them out in the middle of nowhere and leave them behind but when you add this kind of volume, you will get more deaths, more misery homeland. cheryl: it is the smugglers winning the war down at the border and it is a war, angela, to be clear. >> that's exactly right and it's
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a war the biden administration unfortunately has very little interest in fighting. so my concern is what does the future of the border look like. right now it is wide open but years from now what could be done and what could be done to reverse the title wave of drugs and crime that is coming into this country because it is more than a border crisis. it is also a drug crisis and open border is bad for everyone. at this point, every state in the country is a border state and it's thanks to this administration's failed policies. cheryl: ron, last question to you? >> i agree, we are all at risk because of the open-border policy of this administration and it has to be fixed. they have to get the incentives right. people cannot continue to come to the united states and be released by authorities on their own recognizances and we are putting everyone at risk including the migrants themselves. cheryl: again, we keep saying the stories over and over and
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heartbreaking tractor trailer full of migrants, more than 50 dead, abandoned. the driver was on meth and he's driving those migrants and they suffocated. mayorkas doesn't want to acknowledge that, they don't want to talk about it and act like it's not happening and it is. ronald, thank you very much for being here this morning. we appreciate it. >> thank you. cheryl: all right, we have a lot more coming up. how safe do you feel while scrolling on tiktok? wait until you hear just who has access to all of your data. we will talk about it next. plus america's absolute flight mayor, flights are taking off the board as more airlines are paying out to compensate passengers, you're watching mornings with maria live on fox business. ♪ ♪ ♪
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every search you make, every click you take, every move you make, every step you take, i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. cheryl: tiktok threat on americans data. tiktok confirming employees and beijing have had access for users data for months.
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joining me now competitive enterprise director center for technology and innovations jessica melugin, jessica, good morning, this is something that maria bartiromo has been reporting on for months. they are spying on us, they are using tiktok, your thoughts? >> yeah, i think this is certainly a red flag for users in the u.s. now that tiktok has confirmed that this access can be accessed in beijing, that brings up a very legitimate access. how much access does the chinese government have on the information, that's location data, lots of things that you take an aggregate, you know, could be sensitive if used incorrectly and the best example i think so far is that the u.s. military has already asked service members to not run tiktok app on government-issued phones. so that's an indicator that there's at least cause for concern. cheryl: there has been for
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years. maria has talked about it and we talked about it extensively on the show. i want to go from tiktok to snapchat, there's safety concerns there now. their litters update allows to access each other's physical addresses because they have a feature called snap map and it shows how long of a drive someone has ahead of them. fine, but i can use google maps for that. this seems a little bit of an overreach in my opinion. >> right,ic there's good uses and good reasons and there could be safety benefits to the real-time safety data. what do you want knowing where you are, sometimes you do and sometimes you don't. i think this really puts it on the onus of apps to go into your app of your phone, access that app under the settings and look into what permissions you've allowed. you need to go through all your jobs not just the one that is we
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are talking about today and say what information i'm giving them about where i am and access to my e-mail and access to my camera and we are relatively new and we all need to do a privacy safety audit on our phone. cheryl: it's a digital detox. i want to bring in angela. a lot of people are letting snapchat, for example, show the location. that can be dangerous for a host of reasons, stalkers, ex-boyfriends, whatever. i don't think a lot of folks that's that's available data out there. >> that's right. considering that your typical snapchat user is pretty young and users are predominantly female my concern here is for gender-based violence and information falling into the hands of bad actors, see
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somebody's addresses and decide to do something devastatingly harmful and jessica, what should we be telling users about how the protect themselves beyond just going into their apps and changing the permissions. is there a way they can use the app that protects themselves from this terrible thing from happening? >> that's where your risk is. and you can go in there like we said you can change your privacy settings and allow those -- that app needs to run and function correctly and it will let you know as you're using it if you have turned off too much. just air on the side of caution and ask yourself too in a larger sense, do you need all of the apps on your phone. maybe there are some that you think you will use. go ahead and get rid of them. just kind of clean out your phone like that and i think you're in a better position to
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keep more of -- be in control of more of your data. tiktok -- there you go. cheryl: i just did that last week because all of the apps not only are they using the juice on your phone, power issue but also, again, it's just more of your data that's out there. i am almost at a time. chrome hack attacks that this is going to target windows, android users, you know, that use google chrome, what do you say? >> well, i think this is an interesting -- again, this is a little bit of user responsibility. thankfully google has a lot of incentives to keep users of their products safe. so this is where we are so still working this out. these apps are taking our information and we are uncomfortable with some of that but also the big tech also have lots of incentives to protect us. it's google that caught the threat. google will have the best information on how to protect
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yourself if you look that up, google it, it'll have on what you can do practically but, you know, it's a little bit like, you know, we want a safe environment but also it's a good idea to lock your door when you leave the house, right. so this is the same thing in terms of safety net for yourself. you to make your own odds here. cheryl: great advice, it really is. you lock your front door, look at your phone. jessica melugin, good to see you. all right, coming up. the golden state's offer to the sunshine state. governor gavin newsom goes after florida's leadership in a new ad campaign. we are following that story this morning. plus we are following this, airlines are trying to make nice with passenger who is keep getting booted from oversold flights. we will have all the numbers, the hot top buzz next.
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. cheryl: time more than 21,000 flights delayed in nearly 2000 canceled over the holiday weekend. delta you go offering 10,000
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dollars to get off of an over booked flight, this year's he cancellations have topped last year's total mike lee, delta -- airlines losing money losing money and making people angry. >> cheryl, a lot of factors here, one the transportation in this country has been a total complete train wreck despite mayor pete blaming everyone except himself similar with this administration, then on top of that, you add skyrocketing fuel prices, what i have heard that there is airlines are going to cancel flights that aren't completely full or over booked without them almost not capacity not provable due to cost of fuel and then, you know a lot of people in this industry, were affected by vaccine mandates decided not to work so of this done
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everything to blow up this industry you're kind of entire administration, problem after problem kind of like that guy's fault never ownership any blame taken on their shoulders. cheryl: the industry i was talking to one of my persons yesterday about this the industry was expecting a u-shaped recovery they got a v-shaped recover did not expect travel to look this summer, pilot shortage big piece of information i learned didn't think about this until yesterday the fact you can put a new pilot in place hire them but there are so many that took buyout packages during covid, those are all retirements, they have -- to find pilots takes six months o to get pilot in place changing airplanes if one wants to upgrade a junior pilot to senior position, that is another airplane, that is --
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three months, so, they can't catch up not going to end rest of the summer he was telling me going to look like this. >> -- we are experiencing now actually a direct result of government spending gone awry. during covid the federal government gave the airlines 54 billion dollars, in taxpayer funded relief with intention they would keep people on payroll so this covert crisis would not happen instead they did opposite buy out packages early retirement made this worse, so the federal government is never going to acknowledge its own role in this crisis, exactly right about secretary buttigieg but rest should be aware of this cautionary tale when government tries to make things go one direction can make things so much worse. >> i am telling you, it is -- i traveled as well five hour delays, you know for me
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yesterday cancellations across the board playing out this revenge travel story i think they didn't expect flight cruels timing out if you think there is a reserve pilot reserve flight attendant going to show up to that airplane, they are not coming because they don't have reserve crews on standby anymore, they are not capacity there is no one else, so pack your patience i guess stay with me next hour "mornings with maria" starts right now. . . and good morning. i'm cheryl casone in for maria bartiromo, tuesday, july you will 5 top stories at 8:00 a.m. eastern time. futures are down, this morning, following the long holiday weekend, markets closed yesterday. right now the dow is actually starting to loss steam. looks like traders have woken up after their july 4, dow
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down 24 the s&p down 34 nasdaq down 132 all three did fall over one and a quarter percent last week those are numbers from last week we saw pretty brutal, this week we will see what happens, you got all eyes on big june jobs' report this friday, we are having full coverage on this show, we are going to cover that as well, take a look at 10 year right now following this, yield on 10-year looking at yield falling just a little bit fractional moves to the downside on ten 10-year yield affect everything credit cards mortgages, we are getting the fed minutes out tomorrow afternoon, that can change the market could dynamic store tomorrow, oil prices interesting to follow this, morning, because seeing brent kind of hold on to gains that is the global contract, that one is a little bit higher but crude oil in this country even though down 15 cents, still above 108 dollars per
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barrel gas prices keep falling aaa reports nationwide average 4.80 a gallon this morning doesn't seem much relief a small one european markets, by the way, look at those numbers trading down all morning still are the ftse cac 40 dax lower, and asia overnight, markets mostly hire, asia trade yesterday as you can see, hang seng, nikkei higher. >> then there is this, jeff bezos calling president biden for misguided appeal to gas stations telling them their you are job to lower gas prices, bezos saying biden has misunderstanding of basic market dynamics, plus, new harvard follow finds over two-thirds americans don't think president biden should run for a second term high inflation, gas prices. citing age, mental health the presidents in addition to the fact that he is a quote bad president, meanwhile, tragedy,
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in illinois, a 22-year-old in custody this morning after mass shooting at july 4th parade, six people killed more than two dozen injured a live report coming up, "mornings with maria" is live right now. . . >> should a only magazine calling president biden a visionary, just like our founding fathers. salon.com writer rosa says biden has great ideas, but can't implement them due to political stalemates like washington and jefferson had one point nation's history okay here is what he writes if joe biden presidency continues on its currents track he may be remembered as policy visionary ahead of his time, and ignored by peers, joining the conversation all morning long michael lee and angela morabito i am going to start with you is joe biden a visionary? >> absolutely not, this president ran on "build back
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better," supporters can't name anything that has been built back or better for that matter, so there is a lot of biden remorse out there for voters now thinking what have we done to this country, i looked at headline from salon honestly did a double take thinking it might have been from the -- this president, is not, on rushmore i do believe taking a mount rushmore quality leader to get us out of mess he created. cheryl: are a i do agree with you on that one, you know something else michael lee in the article, is that he says that you know, basically jefferson was -- wasn't able to realize economic vision but joe biden he can. . >> on twitter, tweeted at the writer says far-left salon writers read federalist xaipz before making a fool of helms exacerbating biden to
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jefferson and washington. >> total complete insanity, one of the many things writer got wrong joe biden has implemented a lot of his agenda, just to put in perspective, despite 10 trillion dollars of stimulus, almost 50% gdp being injected in the economy, through direct, government perhaps expansion we are in recession -- if we weren't here in this moment, somebody told me this would happen i wouldn't have believed it i would say never in a million years could something like this happen what is happening right now much of it has to do with visionary economics that this writer is talking about, vis-a-vis climate change this climate this war on fossil fuel, in my opinion, the key driver of inflation it is what is crushing our economy. keep in mind over the last 100
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years, the temperatures increased one degree cell celsius if you believe direct result from carbon emissions from fossil fuel this is most existential threat of our time even though that same frame the number of people dying on annual basis from climate disasters down 98% due to technology only available through fossil fuels without energy by fossil fuel, scalability the size of it, the east the cost without these things, our country wouldn't be what it is today. and you have an administration, waging war on this, they are blowing up our country's economy for their far-leftist vision how things should be yes joe biden is a visionary unfortunately his vision is absolute unmitigated disaster for everyday americans. >> we are going to run i got to tell you i consider mark zuckerberg jamie dimon elon musk visionaries even larry
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summers say this is in a recession that is the visionary team we need to listen to joe biden seems not listening at all futures on decline to start shortened trading week we are taking a look at the third quarter outlook we've got banks going to report in a couple weeks, jeff bezos back at president biden misunderstanding over gas prices greg steube going to weigh in the state of real estate, that is 30-year fixed rate falls for the very first time in weeks, but rents keep on rising, what you need to know before you sign that paperwork, that is coming up. stay with us you are watching "mornings with maria," live . . ♪♪ . . .
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. cheryl: we are seeing futures really start to escalate this morning, we are now down 309, futures and you can see subpoena falling as well, down 41 points nasdaq down 156. shorterned trading week markets closed yesterday for july 4th, this could be another volatile week bring in u.s. bank wlt management chief investment officer er arriving friedman configuration off i would like to kind of if you could do a quick comment if you don't mind what we're seeing if futures markets right now, as we are going into they shorter week. >> good morning, it is -- one of those environments unfortunately liquid a technical phrase basically means amount of capital flowing around the system is shallower less of it certainly after three-day holiday, when you start things out keep kind of position square if you will
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we do think there is new news this morning, there is a a little bit of negative news yesterday but bottom line we think probably liquidity gap between now and open, i won't go toor far position squaring as we circularity the shortened week. cheryl: mike lee same question to you, we have been together all morning but futures really start to push lower. >> yeah look, i people are starting to wake up, and -- it is -- it is now getting into active trading any weeks like being this like today you don't have a lot of people manning station, so what you can see, you can see exacerbated moves on lock of liquidity, generally, it is going to be hard to see buyers step in, if we get an accelerated sell-off simply because most decision makers
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manning desks buy dot firms banks not working as hard as they can today very much a holiday week. cheryl: you are making the point, that because of the he er shortened week we might see lower volume that could have volatility in there, we do have a jobs' report this week, that comes friday, that is june jobs' report, expectation here 270,000 jobs swro, unemployment rate steady 3.6%. what are you expecting, how much of a market mover could this be? >> we think a big market mover, and really the reason is this, we think that as you get into the deeper part of the summer, we have people really moving away from having stock piled savings inflation even though starting to ease a little bit at margin, you are still seeing vulnerabilities with consumers our hope hope is not a strategy but we are hopeful going to see next couple months if more people return back into the workforce because we do have concerns
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about just how much stockpiling savings actually exists amongst marginal consumer not expecting a massive rebound in jobs again similar participation, particularly more consumer sensitive sectors would be positive for us we are half empty than full right now we think jobs numbers will be very important i think for investors. >> saying you say we might start to see a shift in the labor market that you know you may see people start to lose jobs because companies can't afford what having to pay to keep people on job we've seen wages rise we get that in that report also brought this up but, true americans aren't tapping into pandemic savings because you've got inflation out, you have jpmorgan there saying they think oil, is going to go to 3.80 that is their call, then citigroup other said think going to be you know, in 60 dollar range, what do you say? >> so we think bias probable higher not only 300 plus,
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level but we think bias hair, the reason behind that isn't so much demand story it is just a supply story, it is very, very difficult, to actual pull energy whether natural gas crude, out of the out of the ground. and, part of that is because of just shareholders saying to companies look, in the past you haven't done a great job timing, if you will, the ramp up in supply ramp up in drilling what you are sealing right now a lag, between very high prices, and what the markets responding to, so, again we think that 60, 65 dollars would signify a significant demand destruction we're not seeing that we think bias probably in low 100s, you know probably 10, 15% upside risk i think what our competitor is focused on, really, extreme scenario, would be, begin we think it is
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worth considering but we think probably not likely the next six, 12 months, bias is price probably head higher not lower. cheryl: how do we protect ourselves? this year 2022 is already going down as the year not just demand destruction high nation but also markets you look at second squatter stock down more than 16% in q2, so, if anything at this point we are trying to o save ourselves not trying to make a big return, for the year but really hoping to make something, even three and four percent, what do you tell people in that camp for this year? how do they at least get something, out of 2022? >> generic long-term perspective focus on long term goals that is obviously, important but here and now, we think really retaining sense of bias makes sense what does that mean practicable for investors number one don't run
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for hills we think there are opportunities particularly shorter deregulation for taxable investors individual we think the municipal bonds are interesting if fed raises interest rates they would with say if out of bonds we think being involved in shorter duration maturity funds as well as municipal bonds, without taking a lot of directional price risk things like oil and natural gas already have massive runs infrastructure, and part of that reopening trade that we think will be i he the persist. >> i hope you are muni bonds nothing exciting or sexy in the market if it saved your portfolio i am with you on that eric friedman thank you very much good to have you here. >> pleasure, thanks so much. >> to morning mover nvidia,
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down in premarket right now have, 2 will become 2 1/4% software company pulling back on hiring aexpected crypto mining video game slowdown, consumer shipments expected to retreat 8.2% this year, as inflation is soaring and pandemic era boom so much investors -- starting to slow down stock down 51% year-to-date, tesla down almost 2% premarket we are watching this one this morning look at that, almost 2% now, electric vehicle maker missing estimates on number of vehicles delivered in second quarter, down 17.9% from the first quarter covid lockdowns in china, are slowing production the stock, by the way, is down nearly 35% this year. elon musk maybe not watching tesla trying to apply twitter for 44-billion-dollar, not conversation.
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all right, coming up, california governor gavin newsom has an offer for floridians. >> no fear even when stuffing is -- hot dog eating champ takes carry of business mid competition that is the big buzz you can see it we will talk about it. . . 2 . 2 .
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every search you make, every click you take, every move you make, every step you take, i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo:
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privacy, simplified. . president biden facing backlash for tweet demanding that gas stations lower their prices ought pump, amazon founder jeff bezos calling mitts direction or deep misunderstanding of basic market dynamics, this as new day he harvard expect a harris poll found stunning 71% americans do not believe biden should run for reelection. joining me now, florida congressman house judiciary committee member greg steube this question to you -- journal writing the president doesn't appear to know anything about how he private economy works. >> well absolutely doesn't, an indication of what are economies going gas prices record-high inflation although due to policies of this white house, in democratic led congress and whose could be changes right now, joe biden
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could say we're going to open the domestic production of oil and gas going to remove regulations loi for drilling if different places in our country, yet refuses to do that, and prefers to go in venezuela or east dictators, deal with iranians saudi arabiaance to try to get more oil into country not going to change demand on that product in our country he can change it right now, with the stroke of a pen he refuses to do it because run by progressive left side of his party either are. cheryl: i hear you on that, and, you know, also you've got this. california democratic governor gavin newsom i got to ask you about this launched 105,000 $ad campaign in florida. independence day talk about what is going on in america. freedom, under attack in your state i urge all of you living in florida join the fight, join us in california. we still believe in freedom.
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cheryl: okay congressman, gavin newsom says that your state is misguided what do you say? >> yeah, well people are flocking to florida because we have freedom here it is a sad day in america for california governor that he is trying to do as in florida to try o get californians to move back to california challenge for cause of horrible policies that he has in his state, high taxes, really sad going to use, the murder of unborn children as reason as to why you should move back to california, people are flocking here everyday, because freedom government out of your way a beautiful place to live, people are going to continue to move here. cheryl: they will. i got to say quick, my theory i am wondering if newsom isn't trying to put his hat in the ring for 2024 because we know biden is weak, we talked about that. and probably thinks desantis is going to make a run what do you say? >> yeah he is using california
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taxpayer dollars as adto put his state on tv in florida testing waters nationwide, and using florida as a place to do it amongst democrats here in florida, absolutely using government taxpayer dollars to get name and face out here in florida air eaves. >> you have introduced the copy right, restoration act the would strip disney of copyright protects talk to me about this state of florida disney have been in a war of words, that is will also taking away tax exempt status in your state. >> a so, most companies only have 28 years on copy rite disney through lobbyists officials over years able to get that to 120 years, 28 years rest of companies out
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there why should disney get special privilege against entertainment companies i don't think right i don't think government should pick winners and losers this bill would change it the way it was intended to be it should be equal across the board for all entertainment companies not a special exempts for disney. >> your thoughts on all of this as well? >> what is that. >> congressman i am very interested -- to get your take on what this should it go forward disney used to be the epitome of wholesome entertainment in america, now it is pushing political indoctrination gender ideology on young people, parents bill in home state of florida arguing teachers should be allowed to discuss sex life with very young students stripping away special privilege from disney do you believe would get them to compete more in have marketplace drop politics from context change their tune.
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>> i hope they start getting away from politics in boardroom and a pushing transgenderism woke ideologies on children we in have our family don't have disney plus nairm anymore we don't want that ideology taught to my child my son, and there is more and more parents out there doing it recent, release of their new bud light-year isn't near expectations, because, they are not the going with majority of americans in first family friendly type atmosphere let that go not following that anymore they are following the left ideology. >> my apologies on that we have so many questions for you we are so happy to have you here so much is going on, in your state. your in washington fighting off if your state to be commended congressman greg steube please come back soon. any time. >> a lot more coming up a
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suspect, is in custody this morning, after gunfire erupts at independence day parade live to deadly scene in illinois coming up next, plus president biden could be rolling back, some trump-era tariffs to ease inflation, we are going to talk about that coming up next. . . [ marcia ] my dental health was not good. i had periodontal disease, and i just didn't feel well. but then i found clearchoice. [ forde ] replacing marcia's teeth with dental implants at clearchoice was going to afford her that permanent solution. [ marcia ] clearchoice dental implants gave me the ability to take on the world. i feel so much better, and i think that that is the key. (woman vo) sailing a great river
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six people dead more than a dozen injured after a gubernatorialman opens fire on illinois july 4th parade, grady trimble is live in highland park with more this morning grady that alleged shooter we do know is in police custody what else do we know? >> cheryl we now know the names of two of the six people killed in yesterday's horrific
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attack i want to show you a picture of jackie, she was preschool teacher, at local synagogue in highland park synagogue confirmed her death on web site, the family of nicholas paledo identified the grandfather visiting from mexico, as a victim at least 30 other people were hurt, the victims in have age from 885 opened fire after 10:00 yesterday at highland park 4th of july parade he climbed unsecured ladder attaches to the building witnesses described running for their lives as gunshots ran out. >> started shooting again ran behind building i put son in dumpster, and i went back to look for the family left with some -- horrible i went back,
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two people shot on the ground. >> after the attack a massive have anhunt ensued with help local and federal law enforcement agencies offer with north chicago police department spotted suspect in his car a few miles from the parade route, they took him in custody in the middle of the road around 6:30 yesterday evening. police have identified the suspect was robert prino iii grew up in highland park in this early 20s posted disturbing pictures videos on social media, including one depicking aftermath of what looked like a school shooting, as the day went on yesterday, in the hours following that shooting, cheryl, still media companies started to remove disturbing posts, that obviously, would have been a red flag, if police had known about them, before yesterday's massacre. >> hopefully will help police
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figure out the motive, in all of this story grady thank you very much for that live report we appreciate it. >> some other headlines following this morning, there is a manhunt underway after two philadelphia police officers were shot during a 4th of july concert fireworks show attend by thousands one officer struck in the shoulder other a grazed wound to the headed both out of hospital over 1,000 shootings so far this year in philadelphia, over 230 deaths. well natural gas hottest commodity in the world right now the price surged from 700% in europe since start of last year, pushing continent to brink of recession, countries turned to nat gas as port of transition to cleaner energy a burger king staffer in las vegas never missed day of work
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27 years went viral after video shows managers beginning of him only a movie ticket starbucks cup candy as reward for service, kevin ford a single dad works as cook and cashier in the las vegas mccarran international airport location daughters set up gofundme page get this so far raised over 350,000 dollars in donations looking for a couple hundred dollars, great story, all right, well, president biden, is reportedly expected to roll back some u.s. tariffs on chinese imports as soon as this week. that decision caused division in the white house kathryn nie national security advisory sullivan see it as leverage against china treasure secretary yellen held a call with china's is very premier
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raised concerns over unfair economic practices former deputy assistant treasury secretary, senior fellow kristine mcdaniel great a tough here these tariffs instituted under former president trump, many say they were not effective, i would argue that they have been effective, in deterring china aggression against this country do you agree with white house that they should be rolling these back right now. >> well, it is in terms of the economics, you know wouldn't hurt to roll them back, estimates are taking off a almost all tariffs could shave between .2 and 1.8 percentage points of nation, so that is not going to be a panacea not going to solve the inflation crisis, but it wouldn't hurt either. the question is beyond china
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as you say, trump left biden administration leverage what have they done with that? so far we haven't really seen publicly -- of much progress, but not really, clear that -- not like tariffs are going to change china's mind, and you know move from totalitarian regime to market-based regime either are, so it is it is limited in scope. what they can do. cheryl: well, i will say this, to push back a little bit as far as tariffs go remember, that the long-term goal of china is to take over the united states as a world top economy. and unless we get more aggressive with china, just -- first off the economy, second, it is human rights abuses, uyghur muslims, american
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corporations saying they've had enough not to buy products from companies manufacturing in china based on slave labor a bigger story we shall see you mention inflation maybe tariffs, easing tariffs could help americans finding out getting into their savings accounts, because of sky-high inflation. let's talk about second half of the year, do you think we are in a recession, because mark zuckerberg, jamie dimon elon musk larry summers, say that we are in recession in white house needs to pay attention what do you say? >> look, official call on inflation national bureau economic research that will come out, comes out later, whether recession till after the fact officially, but i know, recession wouldn't be so bad i mean looking for a soft landing, they have very few --
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only hard choices right now, biden administration, five trillion dollars into 20 trillion-dollar economy, well they continue, and you know, of course, inflation, fed waited too long to act, we've got -- there is a lot of money floating around so you want people getting into saves turning through all extra dollars out there, and, you know, it i is going to be people has to happen, all this talk about price controls, and trying to break up, alleged you know, cartels ocean a carry meat packaging or whatever all i would say opportunitistic not going to solve the problem. you know biden needs to let fed do it job the fed, waited too long hopefully it is not too late for a soft landing. but recession, you know even
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10% unemployment rate would be better than severe inflation, because, you know we have because then getting back to what many people probably don't remember the volcker days they had to increase interest rates, very, very high, to put brakes on nobody wants to see that again. cheryl: even paul provocative kerr warning about state of u.s. economy i bring in mike lee this conversation you've got a different take mike on fact americans are dipping into savings. >> well savings rate is at lowest level now, since you know poflt financial crisis hasn't been this low since pre2008, credit card debt all-time high real declining month-over-month lowest consumer confidence reading in the history of the survey, it just posted a 50 -- and reading in february 2020
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pre-covid was 101. i would say if not in recession, you know, but smells like a duck quacks like a duck walks like a duck it is probably a duck at this point it is semantics my question on tariffs, if tariffs are so ineffective have not worked not good leverage why not why not the day that the biden administration came in, over 18 months ago what is impetusto do it now seems if it ain't broke don't fix it. >> they reason bringing this up they wanted to address inflation to be seen as proactive on inflation, one thing that they have -- [no audio] or, no -- maybe a little bit, so, you know, i think that is part the reason, but you know, not going to -- you know not going to solve
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the inflation issue at all. cheryl: a we shall see i know what you are saying we don't have official read on recession yet but i think the duck is quacking, we will wait for the official world, good tough on the show you the. >> this you cheryl. cheryl: mortgage rates falling for the first time in weeks, but rents on the rides we are taking a look at real estate landscape next you are watching "mornings with maria" live on fox business. . ♪♪ ♪ you want me ♪♪ . . with multimatic shocks, rugged 33-inch tires, and front and rear electronic locking differentials. dude, this is awesome... but we should get back to work. ♪ ♪
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cheryl: new data from freddie mac shows critical 30-year fixed rate mortgage most popular in this country paused recent decline falling to 5.7% week ending june 30 the first time it has fallen over the last month, i want to bring in carol founder ceo patrick carol great to have you here kind of goes to the argument you made you have been on show before that all about the sunbelt right now, where the opportunity is where people should be looking. >> i have been acquiring
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properties in sunbelt states, since 2004, since 2011 over 20 billion transactions, i like to consider myself expert in this space, what we saw early on was basically this is a lower cost, you know business-friendly higher lifestyle, type of living, you know. so first, we saw companies starting to move dallas, texas, austin, texas tampa, florida south florida, with jobs, obviously, the people come then following covid, everybody moved out of the big cities wanted space wanted better weather so it has brought a lot -- >> mortgage rates, we're talking 500 dollar difference on a mortgage. somebody that moved to florida, bought or bought in texas now saying their mortgages jump wages may not be jumping that is the problem also pushingout new homebuyers getting kicked out of the
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market we are going to see a low slowdown i this i my point. >> i think so so i think people will rent longer rental housing is viable permanently allows to be in areas not locked in by buying yeah, a positive for our business. cheryl: rent story is changing talk about that, because the company has been raising rents but you were telling me before we came on air by 30% get ready for hate mail what in terms of renter retention he sentiment in the market, also happening in northeast cities as well like here. >> day supply and demand people not thrilled to see rent increases i think one of the important things before now our costs are going up as our costs go up of interest, of renovations, employees, we need to push increases along to rent increases, how long
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sustainable i am not quite sure but, it has been something whether we've been able to retain, occupations all-time high we haven't seen slowdown yet. cheryl: are you seeing not just your company but a regular he homeowner renting out their home because they see business opportunity right now because people that can't buy, are revising they have to rent. >> absolutely, i mean that is how i started in 04 buying single-family homes renting out i am getting ready to launch a part of bits single family for rent almost full circle between airbnb, and applying homes to rent out a great way for people to get into the real estate business. cheryl: interesting that is why you did it he labor supply costs as far as construction homebuilders trying to catch up would love to build more we have low inventory across the country but inflation costs,
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obviously, are a factor what are you seeing out there. >> the supply chain is kept construction down, costs going up, you know make construction a little bit less viable, so we are seeing a supply demand imbalance, there is not as much affordable housing, for people that won't to live in these areas home builders can't keep up can't make numbers work now lack of admirers caution of mortgage rates this is kind of perfect storm for the multifamily business, i know that we've been in since 2011. >> i got to ask you i get asked all the time, where do you think mortgage rates are going to be by the end of the year every forecast in january has been completely wrong. >> okay. i will put out a wrong one too going to be higher i think fed will get a lit too aggressive on rates have to pull back by the end of the year i think they will be higher. cheryl: are can we go 6 1/2? >> 6 1/2 on 0 year.
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>> 6 1/2%, on 30-year better than what other people have been saying 8% my parents paid 14% in early '80s we don't want to get there. >> hope not good for rental but yeah. cheryl: your business, in studio thank you. >> great to be on. cheryl: thanks for coming in make sure to tune into fox bucs tomorrow second seen "american dream home" every wednesday night 9 pm eastern time when chestnut attacks, true story hot dog eating champ joey chestnut takes down a protester mid competition incredible video making a big buzz that is this morning's coming up next. . . ♪♪ got to love the connection ♪♪ the keeps turning, no
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>> cheryl: time for the big buzz of the morning. joey chestnut winning his 15th nathan's famous hot dog eating contest, donning 63 hot dogs but that's not all he took down. a protester stormed the stage in the middle of the contest. chestnut grabbed the man and helped pull him to the ground while still eating hot dogs. chestnut also suffering from a ruptured tendon in his right leg and hob eling around on crutches before the competition. mike lee, he's eating hot dogs
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and taking down people. >> yeah, i had my own hot dog eating contest this weekend. i get to two, so, you know, 63 is more amazing and disgusting, so joey chestnut an icon but hopefully, you don't die an early death from a ridiculous amount of hot dog, god bless. >> cheryl: angela they also had hot dog flavored ice cream. >> i be ordering a scoop of that, i can't say, but i love how aggressively american this story is it cements joey chestnuts status as a legend and i really aspire to his level of unbothered. there was nothing throwing him off his game at being the best at what he does so congrats joey chestnut that's the kind of energy i want to take into this week. >> cheryl: mike, real quick, it's such a huge event here in new york. we love the hot dog eating contest. would you ever enter? >> no.
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no, like after i have two, i'm full. that's enough. >> cheryl: angela? >> it's big because of joey chestnut. >> cheryl: angela you could try it, i'm just saying. >> i don't even know if i could get two. mike you might have me beat as well. >> cheryl: guys it was a great three hours with both of you thank you so much for having me have a great morning but stay there, everybody, "varney" & company is up right now. stuart: here we go, good morning , cheryl. good morning, everyone. you know, whenever you come off a long weekend first thing you want to know is how is your money doing. sorry folks this tuesday morning it's not looking that good. the dow is poised for a 400 point loss. that be in percentage terms about just over 1% same with the s&p, same with the nasdaq. plenty of red ink this tuesday morning. bitcoin back below $20,000. 19, 295 to be precise. interest rates still way down, as money keeps flying into treasury bonds, and source of

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