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tv   Cavuto Coast to Coast  FOX Business  July 20, 2022 12:00pm-2:00pm EDT

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ashley: that is a good question. that unfortunately you are wrong. i would have said emu too. it is the ostrich. ostrich eggs are edible. they have 2,000 calories. would take you 90 minutes to eat the egg. you make a omelette the size of a manhole cover. neil cavuto, take it over. neil: happy birthday, now you're legal. you could drink in the last century too. ashley: thank you. neil: have a great one. the market are supposed to be celebrating ashley's big birthday. the dow is up 90 points. we're going through earnings season, only 12 or 13% into it, seven out of 10 companies are beating estimates, not bad. wall street is pretty savvy with this. i don't want to overinterpret that. the fact a lot of these
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companies have gotten pretty shrewd, you ratchet down expectations the stock will surprise on the upside. i used to do that in school. i tell my parents, i will get all ds and fs but i get cs they think i'm a genius. we're see being a lot of people are very confident that the earnings trend will the market's friend. holding on to big gains has been a problem for this market. whether it gains traction or simply a bear market bounce, really hard to say at this point. you take two green you can see. meantime the president will be front and center with remarks that could move the markets. they call it a climate speech. not a climate emergency. be that as it may, it will be closely scrutinized. edward lawrence at white house what the president is up to, what we can expect? reporter: neil, the president took off on his way to massachusetts to make the address you are talking about.
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he will talk at a former closed down coal plant has been converted for making manufacturing cables for offshore wind turbines. the president will call climate change an emergency but will stop short but not make a emergency declaration. the president will act through executive orders he will say. his spokesperson john kirby said climate change is national security issue. listen. >> impact on our infrastructure, it has a impact on our readiness because, you're seeing it now even in the wildfires, so many national guardsmen are being called out and god love them for that. but those are important tasks and missions but it takes away from other tasks and missions when it comes to defending the united states. reporter: white house press secretary says the president will not stop climate push regardless of inflation americans are dealing with. republicans say the energy policy up to now led russia to invade ukraine, opened talks
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with venezuela and iran hopes putting more oil on the world stage. they also say it gave us the fist bump we've been talking about, small talk with a man president biden said he would make a pariah on the world stage, the prince of saudi arabia. listen to this? >> there is some strange obsession, on a religious like obsession with wind and solar only future. they believe these are the only thing that are clean and proper for americans to use as energy. meanwhile admitting fully that you need more oil production because they go beg the saudis to do it. reporter: so as the president moves forward with the climate at all costs again dashes the european union is rolling back regulations for pipeline projects to streamline those. the european union is making plans to cut production and use of natural gas by 15%. that is just in case russia doesn't turn the gas back on this winter. neil? neil: thank you my friend for
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that. edward lawrence at the white house. you know about the heat wave certainly gripping much of europe though it has gotten a lot better today. you have 44 million people in this country under pretty oppressive heat conditions, highs at least above 100 degrees. i'm told it is 100 million if you include those dealing with temperatures higher than 96 degrees. nevertheless big problems here, a big pain for utilities just to keep up with that demand. jeff flock with more on that from philadelphia. hey, jeff. reporter: oh, neil, i can tell you get relief if you come to the fountain. this is dilworth in philadelphia where young people get a chance to cool off. parents are not getting a break this year on electricity bills. take a look at latest numbers, june cpi numbers on energy. electricity was up 13% in one monday. nat-gas was up 8% which generates a lot of electricity. the average electricity bill
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this summer, $540. that is $90 more than it was this time last year. in individual places it is even worse. look at philadelphia. in philadelphia there is the ability for the gas utility to make a, what they call a weather normalization charge, when it is out of whack. when it is too hot gas bill $36 last bill, turned into $130 with a 93-dollar weather normalization charge. in florida, 100-dollar average electricity bill for a month is $120. that is includes 7-dollar charge natural gas increase prices. a lot of people can't pay for it. in the state of new york there are 1.2 million people, at least in q1 behind on their electricity payments. that totals $1.8 billion in unpaid electricity bills. yeah, you can get relief here in
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the water but you can get relief from the high bills. for electricity. neil: jeff, what is remarkable for a while, you have a tough time seeing this, almost if you're walking on water just shows what kind of a magical guy you are. then i realize, you are walking on water. all right, thank you, jeff, very much. heat gets to different people different way. jeff decides to walk on water. whatever works, whatever works, in an environment right now where a number of utilities across the country are giving out warnings, saying watch energy usage, there might be rolling brownouts and the like. they're trying to avoid the thing texas experienced a couple winters ago when entire grid, almost entire grid of texas shut down. they're avoiding that. some are giving messages like this con-ed alert, we're preparing for a heat wave in your area. suffice it to say you should be preparing as well.
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join us right now the former white house budget director russ vought. it will be taxing for a lot of people. it is already costing them a lot more. i'm wondering how bad do you think this gets? >> i think it will get bad. i think their policies are at odds with each other, they're focusing on climate, pushing electric vehicles and at the same time they're doing nothing to highlight the fact that coal and natural gas is disfavored. they're dig favoring with their policies. today they are highlighting a coal manufacturer moved to creating wind turbines. all of this it demand that they're creating in terms of their policies, electrical vehicle would be one that secretary buttigieg is mentioning recently, all of that demand needs to come from supply and that supply is in the midst of a really hot summer. i was in san antonio last week. i assure you they can't afford to have a electricity crisis right now. that is being faced across the
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country. so their policies are at odds with each other. i guess they know it. they don't want to come to the realization of that fact. neil: russ, yesterday, i had a chance to meet with aim amos hochstein, the president's energy advisor. coal and between natural gas and another administration taboo. you know, power half our utilities, account for half the energy we get from those utilities charging up a lot of those electric vehicles they're so fond of. i want you to react to this, this is from the president's energy advisor yesterday. take a look. >> i don't want to be making mistakes, repeating mistakes other countries to we get to bring back coal. neil: why would coal be a mistake, especially combined with natural gas. you're not a fan of that but those two energy sources alone account for more than half the power plants in this country. get rid of both of them you're in a pickle.
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>> neil i think we can agree most people don't want to resurgence coal. neil: they love their electric vehicles. coal is important to that natural gas is important, the energy behind those cool vehicles. >> let me give you one minute. i think we want to see oil and gas grow into in the united states. we want to counter shortages we have in those fuels to make sure the economy can go. nobody is disputing. neil: my problem with that, very amiable guy, don't get me wrong, he keeps saying americans don't want to return to coal. well they don't like what they're seeing with the utility bill. they don't like what they're seeing with energy prices in general and they don't like an environment that takes a way from them something that could make this keep this affordable. what do you make of it all? >> yeah. i think those are answers of the type you give when you are putting ideology first, climate ideology first instead of making the hard tradeoffs that are
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necessary to be able to insure the american people have the energy that it needs. you know, i've been trying to find an honest liberal answer as to what they do with this dilemma that they have where creating a delta between the demand and the supply intentionally on both sides, and they don't have an answer other than hope that renewable technology gets all the way. at best they will say, hey, we need to have some infrastructure in renewables. that is all they will tell you. that is kind of hey, socialism hasn't truly ever been tried answer. we know that that is going to leave the american people in a very difficult position, tenuous energy perspective because they are not going to have the energy that they need to live and our economy won't have the energy needed to grow. neil: you know, people forget, maybe europe was a reminder, where eu is now warning residents across the member countries of the european union to conserve energy to the point of 15% or more. now we're talking about natural
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gas. i get that but that is ahead of utility bills that could be quite high and they're trying to avoid that with likely declining supply, especially from russia. i'm just wondering if we're aware of that in this country, that is what is happening there could be here and fast? >> yeah. i think they're aware of it. as to whether they have come to grips is another matter. this administration official said you know, no one wants to go back to coal. i would like to meet that person if they're not a climate extremist. i would also like to meet the person that wants to contradict their energy use. i have yet to find them. i've yet to find a person having to conserve energy like we did decades ago growing up and the carter administration. no one wants that. families tell stories what that was like, it is not pretty. we don't want to return to that. neil: i think crazy times but to sort of abandon something that could keep those bills down for the time-being, whatever your
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clean air efforts, whatever your climate efforts, you don't throw the baby out with the proverbial bath water here. russ, food -- good seeing you again. we're getting news out of great britain where conditions have been pretty hot but a little cooler today but i cosay the same about the heated political environment there. conservatives whittled down to two candidates their choice for the next leader of the party. it will be decided among 150 conservative brits who will have a role in this and vote on this, by september 5th have a new prime minister as a result of this. surviving candidates right now from better than half a dozen to sunak, former chancellor of the exchequer. the former secretary i don't think duke it out, but finalists for leadership of the conservative party, the tories in britain. they go around the country to appeal to the 150,000 conservatives. since the tories are in power
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right now, whoever emerges as head of that party in that contest will be the next prime minister to succeed boris johnson who they want out of there by september 5th. looking at european heat wave right now dissipating a little bit while just building in the u.s. of a. stay with us. more after this. ♪. ♪ ♪ it's electric... made extraordinary. ingenuity... in motion.
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neil: another trump bump in maryland. the governor's race there, aishah hasnie following a lot of developments in maryland and elsewhere on a big primary day kind of setting the table, close to that for the november midterms. what can you tell us? reporter: hey there, good afternoon to you, neil. what a stunning victory here in maryland late last night. so it either proves former president trump's hold, his pull on the gop or it proves that democratic meddling can actually work in an election like this. so late last night dan cox would
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tell everyone that it was trump. he made sure to thank the former president. thankthank you, 45. we love you. his opponent hasn't conceded. before ap called the race she said not over by a long shot, pointing to mail in gal lots ballots bee gun in mayor land, won't be currents until thursday because after law here. dan cox could have gotten a big boost from democrats. in an apparent effort to meddle in the maryland race, democratic positives association paid something like a million dollars for a bunch of pro-cox ads, touting coxe as a pro-tum candidate. leftist group trying this for, seeing maga candidates he easier general election opponents. cox tried to push back on that, his opponent kelly schultz started this whole narrative.
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>> arguments of my opponent were replayed over and over again, smearing, at same time democrats came and purchased ad times on those same arguments at being me, calling me things like dangerous dan. this is foolishness. reporter: neil, just a couple moments ago we got word from a governor larry hogan spokesperson that he will not be voting for dan cox in november, no surprise there, considering all of the insults and barbs they have been trading with the trump campaign with, trump and of course dan cox's campaign. neil: that is the worry, right, ashiah, among some republicans, person ultimately nominated we'll be getting into the next segment but divides the republican vote and possibly paves the way -- reporter: yeah, there you go there you go. politics. neil: and a lot of it.
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sarah westwood, "washington examiner." that is the worry, sarah, we shouldn't be surprised larry hogan moderate maryland governor, not a fan of donald trump, donald trump not a fan of his isn't keen on the candidate donald trump wants to be the next governor who is republican. where is this going, plays out in other states, herschel walker with contest of the georgia senate seat. >> similar dynamic in john fetterman, doing pretty well. not on the campaign trail. i do think the midterms in general republicans race to lose. the environment almost could not be more favorable for them but it's a problem when in some of these primaries pubs nominate potentially weak candidates. maryland is unique case. larry hogan's election, re-election was a fluke in of itself because it's a blue state, a state joe biden carried by more than 30 points in 2020.
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anyone republican even moderate as kelly schultz would have trouble replicating hogan's success. that is why hogan is not populist or trump type figure by any means. i think dan cox will have trouble there. but this favorable environment could carry other weaker candidates in over the finish line with states more purple like georgia and pennsylvania. neil: i do wonder, sarah, always about the economy. if it is awful enough, even dicey republicans in this environment could have a chance of getting in. it will probably, certainly help them in the house. the senate given the fact that more seats are republican up for grabs than democrat, that is a bit of a dicey call. how do you see it and people you talk to see it? >> i do think there's a little less optimism among the republicans that i talk to this is something republicans can pull off. remember, they only have to pick up one seat to take the majority. so it is not that much of a hurdle for them to overcome.
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while more republicans are in cycle this year in the senate, there are more vulnerable democrats who are defending their seats. you have maggie hassan in new hampshire. you have mark kelly in arizona. obviously there is an open seat in pennsylvania. so there is a lot of opportunities for republicans to pick off democrats, more so than, than democrats really have to pick off republicans. like i said there is not really any vulnerable republicans who are up facing re-election battle this year. neil: you know what? i talk to the administration officials, sarah, to a man or woman they're kind of saying the same thing. gas prices keep coming down, 36 days in a row. they're off substantially about 50 cents a gallon from what they were a little more than a month ago. you know, we've got underlying strength still in the jobs market and that will, will be more obvious, they say, by the
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november midterms that would be a relatively quick turnaround obviously, but what do you make of the argument that people are appreciating what is happening at the pump, not happening at grocery store, not happening when you try to pick up a new or used car, all of that? >> yeah. i think you know, the administration lost a lot of credibility when it comes to talking about the economy. there is no reason for voters trust what they're saying right now. the biden administration has been wrong on every major economic question that arisen while biden has been in office. the perception is baked in at this point for voters that biden is not well-quipped to handle the economy and democrats are not to be trusted righting the economic ship after cove trade because things have gone so badly. even if we were to see marginal improvement in the economy which is not at all certain i don't know if voters are necessarily going to give biden credit for that or the damage has been done in terms of voters perceptions
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of biden and democrats. neil: yeah. as you mentioned, covid spiked in cases here but particularly in europe where they tripled in the last few weeks. you hope that the severity of those cases remains you know, anything but, but that is another potential grenade that could explode on them. we'll see what happens sarah. great seeing you again, thank you. >> thank you. neil: netflix we're watching those shares very, very closely. as you know there was relief in the markets yesterday on news that it lost only about a million subscribers, most are anticipating it would lose up to two million that didn't happen. the shares shooting up on the fact that it will have advertiser supported service that will mean cheaper service which a lot of people have called for. it is confusing in the mechanics here. we'll give you the latest after this. ♪.
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new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit and get started today. ♪. neil: you know you think about it, netflix was among the first technology giants to say we're going to start laying off people. all of that was in response to slip-sliding subscribers. fewer slip-sliding this latest period. they were expecting two million, but only a million dropped the service. far less than thought. it will have ad supported
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network with lower prices for consumers. both expect to be boons for the company's business and helping the share price. kelly o'grady is following this closely in los angeles. kelly. reporter: neil, i characterize the earnings call as the beauty of low expectations. not long ago analysts were expecting netflix to add 20 million subscribers in a year. this is not as bad as expected. they were expected to lose two million but only lost 970,000. they lost 2 million subs across america, middle east, but asia-pacific was up by a million that distinction is important. netflix makes a lot more money the former there was concern that numbers were worse than q1. the bright spot they say is "stranger things" in q1. "stranger things" underscores the company to double down on
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franchises. studios deploy it with marvel, "star wars" but with that strategy come as major investment that means netflix cannot afford any misses. friday's release of the gray man is the biggest test. they're arguing a netflix effect, when we deliver shows members are talking about in large numbers, we influence pop culture, build passion and build a experience different to replicate. on the earnings calls netflix talked about plans to grow via the ad tier. the execution is a bit merck give at this point. and efforts to crack down on account sharing with a trial in latin america, they users woe pay $3 to add another home or account. what struck me emphasis on a metric other than subscribers. this time engagement. i argue subscribers don't tell the full picture of profitability and viewership this will be extremely important to advertisers. as more streamers report this
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earnings season we'll take note if other services follow suit on that metric. neil: great reporting. kelly grady in in los angeles. how does he respond to a service that might respond ads to woo more people like him to watch? many a people did leave, good news, jimmy, they were expecting double that to leave. where are you on this. >> it reminds me of my old gambling days, you were down about five grand, somehow you rally you're only down two grand. i still have a sell a few pints of blood to after a trip to the airport. but i don't have to be at the blood bank as long as i thought i would be. yes, that is the silver lining. let me talk programing for a second, neil. one of the reason they're losing some scribers in my opinion is there are too many programing options. a guys like me, married guy a kid i look after from time to time. we don't always pay attention.
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it if you look look at the repot card we're not on top of it as i should be. most people in my position log on to netflix. see 7,000 show options, spend 20 minutes reading options and log off without watching anything. i think it would be better to go with less is more approach. one of the "stranger things" is highlighted, it is unique to netflix. original programing. that is the thing to watch. to go there to watch the same garbage like everything else doesn't make the case for me. if they put me in charge of programing i think they have a shot. neil: that would be scary but instructive. that is funny, i notice in the makeup of netflix a lot of shows pop up under different categories. it might be a new release. you looked at this movie, you like this movie. it is under documentaries, it is under forerin films. it is repeated a lot. actually only has seven choices. i hate to break it to you. >> that's funny. neil: you're looking at the wrong stuff. it is funny too, do you think
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this is just not as much passion for this sort of thing as there was certainly during the pandemic where we were stuck at home and these were our options? >> you make a brilliant point. one is yes, people can finally leave the house again at least for the foreseeable future. you have to take advantage to strike while that iron is hot. there is so much more competition in the streaming space because everybody has a streaming service now. when this started they were going head-to-head with blockbuster. they had the digital on demand thing happening which made them on outlyer in movie consumption at home. now it is everywhere, that is the problem. i was on subway, he said do you have a dollar. i said no. so you could join my streaming service. neil: jimmy, thank you for the battle you wage with your family and son. the report card i know what you speak. >> you're the best, buddy, not
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the best the state of housing. we already see it in mortgage demand hit a better than 20-year low. prices are going up. interest rates are also going up. so it is not a good combination but are we missing something else here? are some buyers sneaking? and some sellers taking advantage, after this? ♪.
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♪. neil: all right, this is what happens when interest rates go
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up and home prices go up. interest in them goes down. that is exactly what we saw with mortgage demand dropping to a better than 20-year low. madison alworth here to pick it apart in westport, connect cut. madison? reporter: neil, the housing market is definitely slowing down. take for example, the five bedroom house behind me. it is listed for just under 2.5 million. it has been on the market for three weeks. the listing agent told me they have some interest, just no offers yet, a sign that things are changing. >> so a house like this which is in really beautiful condition, with a pool and everything, i would say a couple months ago i would have expected it to go within the first week. reporter: you know it is not just here. sales are slowing down across the u.s. existing home sales declined for the fifth straight month down 5.4% from may and over 14% from a year ago. mortgage applications have decreased to their lowest levels
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since the year 2,000. applications declined for the third week in a row with rising mortgage rates and inflation rates just crushing homebuyers. a current 30-year mortgage sits 5.5%. that is around 2 points above where it was a year ago. meanwhile housing prices they continue to climb. the new median price for an existing home is $416,000. the new record. that is 124th consecutive month of year-over-year increases. that is the longest streak on record. and that combo of rising interest rates and rising home prices, it is just forcing people out. there has been some adjustment in the market. 13% of homebuilders in the wells fargo housing market index survey say they are reducing home prices to bolster sales and limit cancellations but when it comes to listingses and sales like this, real estate agents like jane, sellers are holding firm on the price. they're willing to wait a little longer as long as they get the
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higher bid, which is creating a problem for a homebuyer who is waiting for something to come down. neil? neil: what is interesting, madison, you're in a pricey neck of the woods. westport is not a cheap area. highly desirable area on fire a little more than a year ago. not so much now, huh? reporter: no. definitely slowing down. just people are slower to move and there is slowly more inventory coming on the market which is good. but with the mortgage rates, price tags of these places it is not flying off as she said even just a couple months ago. neil: wild stuff, madison, thank you for that. what does this mean, ominous signs? let's ask katrina campins, luxury real estate specialist extraordinaire. katrina, what do you make of what is happening? a tony neck of the woods, desirable location. it might be considered palm beach of the north but less so now. what do you make of that?
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>> we've definitely seen, great to see you, neil. we've definitely seen a slowdown in the market as interest rates have risen. with that said this market is very driven by supply. we still have very low supply, specifically years ago builders did not build because they did not anticipate the millenials would actually end up purchasing and many of them have. with that said, as you all just discussed the market has slowed down. some buyers have -- out of the market and sellers are waiting for them to come back in. what we're beginning to see is even with the rise in interest rates some people are now turning to an arm or adjustable rate mortgage which is very different than we've seen in years. that is basically you get an arm for five to seven years. the rate doesn't change until that time and it will adjust after that. the reason for that, the old saying says, you marry the
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house, date the rate. if you still find a house in this market you love you can always refinance later on. we still have continue to see price appreciation, just not to the same degree. and it is important to know that there is a difference between a slowdown in price appreciation and a depreciation. we have yet to see price pressure shun. that is why a lot of people are a little bit surprised, prices continue to rise as interest rates rise. it will be interesting to happen. we're in the summer. summer tends to be a little bit slower. people are waiting for inflation as well. neil, some markets are doing better than others. others definitely seen a slow down, definitely seeing more inventory to the markets which is a good thing for buyers. we had such a low amount of supply in the market. if you compare this to past recessions, even in recessions it doesn't necessarily mean that it is going to be a housing crisis. we have seen prices fluctuate as
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a result. the only crisis we really did have as a result of a recession was the 2008 crisis which was really fueled by housing. so -- neil: i don't see anything like that. i don't see any of the giddiness we had prior to that, where people are flipping properties sight unseen. i don't see any of that. i do see some hot markets that could be tested. florida, palm beach comes to mind. certainly even in texas where there is a great deal of activity and a boom going on, not nearly as appreciable as we've seen or as pricey as florida but how do you see those markets going, particularly florida? >> i think florida market is very interesting because it is so different than the rest of country. florida, texas, are a little bit insulated. we're seeing a slow down in florida. we're not getting as many offers. people are a little bit cautious. with that said, you're getting offers with not the frenzy beforehand. days on the market are longer.
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i would say some price ranges doing better than others. less than two million is selling pretty quickly but the -- neil: you can help me with this, katrina, people putting down cash, use their stock portfolio as currency to buy a house or borrow against it. obvious only if their investments are hit the ability to buy the places outright. how much of a factor is that, what are you seeing in the year ahead? >> you bring up such a great point, neil, people are affected by the stock market. that has trickled down into the real estate market. some people argue the stock market is not doing well, they can invest in real estate but overall it has a psychological effect on cash buyers. sometimes the clients i can, selling i can still find a cash buyer but yes, they are affected by the stock market. affected by interest rates going up even if it is psychological. they may be as liquid because the portfolio is not doing as well. that is a very important point.
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the stock market is going to be an indicator of what happens in the real estate market in my opinion. i think the two are one in the same in some respects. neil: yeah. it is currency for a lot, at least the backdrop, whether you borrow against it or not. we'll watch it closely. katrina, great seeing you again. >> likewise. thanks, neil. neil: if you think of the brits, they brought us so much, think about it. you have the beatles, monty python, i put benny hill up there with that. now higher interest rates. all right, we've actually been moving at the same pace but they just hit a 40-year high and it is not letting up. we just hit a 40-year high and it's not letting up. it's what they're experiencing now that worries me about what could happen to us soon, after this. ♪
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♪. >> monty python and the holy grail. if you do not open this door we shall take this castle by force.
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>> oh. neil: you have to be of a certain age i guess to appreciate that. i know they brought us shakespeare. i know they brought us theatre-in-the-round. i know they eventually brought the beatles, benny hill but for my money monty python was the single biggest event to hit this country, when it hit this country. now they're bringing something else. everything starts in britain, it gets here. we're talking about inflation. that is not new to us. the fact they're running at a 40-year high with numbers released this morning is kind of like us running at a 40-year high. kind of what they're doing as a result. first sign major western power citizens are cutting back, demonstrably so. fewer brits heading to gas stations, petrol stations as they like to call them there. they're not filling up as much. their grocery bills are actually declining because they're not buying as much, even though what
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they're buying is more expensive. they're just simply not buying as much. if that comes here, that is the kind of thing which slowdowns and worse are made and if you include the entire european continent and hear that the european union is now considering telling its citizens, start conserving about 15 percent of your gas, natural gas usage i might point out because we're going to have a lot less of that stuff, so be prepared. what is happening as a result here? mitch roschelle joins us right now, founding partner, macro trends advisors. probably too young to remember monty python but purveyor of the arts as it were. mitch, you hear what is it going on there. inflation isn't new here, but what they're doing now could be very disturbing if it happens here. what do you think? >> it's too words, demand destruction. that is exactly what the fed tries to do, or the bank of england tries to do when they
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raise interest rates. they try to cool down the economy making it more expensive to buy things, get the consumer in our case, which drives our economy to stop consuming as. the other fix to create more supply but that takes longer. meantime, demand gets destroyed. that is what's happening. by the way for the record i do remind monty python and coming out, when you played revolution, talking about inflation for a second, i bought the beatles white album for $3.99 at corvettes, for all of new yorkers out there. neil: i can't believe you paid that much. >> that was a double album. i found it on amazon, it is $97.23 on amazon for the vinyl version. inflation is even hitting the beatles. neil: everything else seems like yesterday. see what i did? let me just get your sense of whether we avoid something really bad though? i know, the consensus or idea that the consumer slowed, maybe
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stopped after all the vacationing and traveling, getting it out of our post-covid symptoms here. we really tighten our belts. we don't do as much spending in the fall. it affects our holiday shopping, all the rest, and it takes hold, it grips us. do you buy that? >> i think it happens on the margin and i think, what happens is conspicuous consumption stops. i think incremental consumption stops, you know. when you're buying crayons for back to school, do you buy the 64 pack or the 48 pack? i think those are decisions everyday americans make. i think we're already seeing it here. perhaps it is more pronounced in the uk, they're more trans parent about it, talk to retailers here, i think they're seeing much, much more subdued consumer on everyday items. neil: yeah. i think that part is right but i don't see it trashing the
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economy. i don't see that '70s experience, at least not yet. we're coming from a higher jobs perch, but what do you think? >> well, i think, you're right, neil. i think it revolves around jobs. i think you see a lot of companies in their earnings reports signaling that they may try to cut back on expenses and with the service economy that means slowing down hiring. big companies talked about that but the big difference between now and then was we had runaway unemployment at the same time we had runaway inflation. here we have a very disruptive labor market where we have two times as many openings as we do jobs. will be interesting to see if the jolts report over time starts to show less job openings. that could be a signal. but i don't see it neil. i don't see the washout of our economy. neil: as month at this python would say, we'll have to wait. more after this. ♪
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neil: ashley: a song typifies the environment we are in. i am hip on music, it comes with my age. we could do gregorian chants to get through this tough time
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where a lot of blackout and brownouts, people in a bad mood and getting worse when they know the air conditioner is giving way if they are lucky enough to have air conditioning but it is a problem, $100 million under excessive heat, anything over 95 °, they are looking at highs over one hundred degrees. i asked what do you call that? 95 to 99 is excessive what do you call 100 °. the president is talking the climate today but not quite the climate climate but we are thinking about something altogether altogether, and what
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is going on. >> nothing about extreme heat over 95, over 100. he's focusing on the future of clean energy, because he things coal powered energy like the kind that used to be produced at the plant that used to sit on this location contributed to rising temperatures. an hour and 1/2 or so, a time he's struggling to keep street credit with progressives concerned about climate change, we are told will stop short of declaring a national emergency. >> that's not the announcement today. the making the case that climate change, moving forward over the coming weeks. >> you heard from the energy
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secretary climate change will be declared a national emergency and the wall street journal writes this is a greater abuse of power than repurchasing literary funds for the border wall. he criticized donald trump and warned a democratic president might declare climate emergency and here we aren't critics are questioning why is the president worried about going green at home days after he returned from a trip to the middle east open the top golf leaders including more fossil fuels. >> you can't explore, you can't drill in alaska or do fracking, and refinery capacity and let them put hat in hand and grovel to authoritarian regimes and beg for more oil. >> the backdrop, a coal powered
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plant that was leveled in a place that connects wind turbines to the power grid. this isn't something that will immediately lower the price of oil and gallonf gas t the hope is the plan that there are enough places like this, you don't need gas? ashley: the president will be speaking later on at a former coal-fired plant. with wind as the new technology. daniel turner with us, po e f eur fe edanthe he drop tbababa eopean n ngur cizitthe tightiartiarl by 1s aitenrrte gas usage, not gasoline per se but cars, that might not be far
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down the horizon. i wonder what you make of that and whether it could be a preview of coming attractions. >> exactly, it is a preview of what is to come, windows green energy work? went is this fly leave me alone and energy begin to work? look what germany has done, the last 20 years, they spent $500 billion going green. emissions of gone up, they face five times the price for electricity, they are in a terrible geopolitical fix because they are beholden to vladimir putin for natural gas, when do we see benefits of green energy, it is nothing but a failure and we need to double down, germany has 1/4 of our population of the united states the size of texas and $500 billion, and then it is a failure, here's president biden, gina mccarthy, his
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environmental czar, we follow germany's example, it is an absolute failure so i want to know when does green energy begin to work and how much more do you have to pay, ask these questions you are told you that i climate change or misinformation, these are honest questions the american people deserve to know. a terrible disaster of coal plants. wind turbines are failure. congratulations what you've done to the people of massachusetts. ashley: even the germans, they are out of their ways, boosting coal production to get over this energy hump and beyond to deal with natural gas supply cut from russia and beyond. it harkens to what the country experienced in the 1970s not
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with natural gas but gasoline on art and even days, long lines at gas stations, are we getting sucked into these lower gas prices for now, so we are facing something like that and soon. >> americans don't have to think far to 2019 when our very robust fossil fuel economy brought low gas prices at the pump. with utility prices and economic indicators that were incredibly in 2019, we had the largest year ever in retail, restaurants, hotels, travel, people with surplus cash spent and lived and powered the economy and that was only three years ago, we had a formula, a robust economy, very robust fossil fuel economy and we lowered emissions more than germany was doing at the same time. everything the green movement
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claims to care about, the concerned citizens want which is a robust economic livelihood all of that we have a winning formula, we know how to do it, why are we beholden to green ideals, path of failure germany has done, even the state of texas, texas brags about its wind power, running at 10%, 15% capacity, billions of dollars to create these sculptures on the fields of texas, people bought into the myth that wind power works, it doesn't. neil: the one thing we learn, in the 70s, you weren't even born but i remember, something about reminding you back then, we didn't have all this energy production that made us the number one oil producer on the planet at the mercy of opec and
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foreign players. one thing that hasn't changed is here we are again. ashley: good points all. thank you, good seeing you, the power of a future and ceo daniel turner. hillary vaughan, dealing with this inflationary threat but not everyone and not the way you think. >> deficit hawks, as interest rates paying off that debt is just getting more expensive, senator joe manchin through cold water on any knows necessary spending that would be part of this conversion of build back better with inflation. >> inflation is the number one damaging thing in our economy affecting everybody, people criticizing my colleagues i understand their aspirations.
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>> the president is taking executive action to make some of those progressive aspirations but some progressives say that's not enough. >> it is unfortunate that one man can kill legislation that will save our planet, it is important for the president to take executive action, that won't be enough. you only have one person on our side who is killing all that legislation. >> reporter: even though manchin has concerns over new spending, the original version of build back better was to have half of the revenue from tax likes to go to pay off the debt, for a federal budget says, the president says lawmakers should not abandon one trillion dollars offset and the $500 billion of deficit reduction from the previous framework, deficit reduction would check inflation which is
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perhaps the most important thing congress can do to reduce recession. and new spending may be off the table and don't want to take deficit off of the table. neil: amy: — ashley: i assume you're not for the initiatives democrats are pushing for but what do you think can or even should happen congresswise before the midterms? >> if you want to reduce emissions, there is an intersection between climate, energy, the economy of a country and of our family as well as national security. i don't know what they are planning but if we leave fossil fuel in the ground that means germany burns more coal, and there is more global greenhouse gas emissions and russia is china -- is stronger and the
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family louisiana across the nation is worse off, this administration needs strategy more than a talking point and the strategy that incorporates those four things. ashley: this inflation we are seeing and the fear is going on where they are suggesting conserve natural gas, harken back to the country where we are rationing gas in the 70s, when you were able to fill up. are we headed there? >> we could be. jamie dimon talking about $300 a barrel, incredibly high. russians are talking about shutting down nor dostream one. we are vulnerable to decisions by those in other countries. our strategy should be to make us less vulnerable, we should
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encourage canadian oil production coming to the united states for refining to help the economy of our neighbors and our economy and the rest of the developed world. we need a strategy like that. ashley: are talked to the energy advisor and we brought up his desire to say is dead, don't use it, not going to bring it up, and we don't want to follow that. call makes up 28% of the power sources and utilities we are using to plug in all these electric vehicles. many are fond of them. you do away with that, what happens to all those evs. it is a case for call, i'm a believer natural gas, we can lower emissions as a country and absolute amounts, less than
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it was in 2004 and going further back but on the other hand, one advantage of coal, it is on site, if you have a wind drought like they are having in north texas and somebody, the great freeze a winter or two ago where natural gas is not available but call, i don't think there should be a dominant role for call but there's a real role for:terms of energy resilience, cyber attacks, and other things, we need a comprehensive strategy, not focused on, a talking point the coal is no longer with us. ashley: a lot of your fellow republicans are assessing where you stand, retaking the house, 50/50 but what happens to the senate but disturbed when it comes to larry hogan who won the republican contest for his job saying dan cox, donald
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trump backed candidate is too far right, too out of the mainstream to be considered and won't vote for him. these candidates, herschel walker in a tight fight for the georgia senate seat, could jeopardize republicans gaining the senate. >> every state has a political personality, maryland is a purple state. if it is going to be a republican, a more moderate republican like larry hogan or charlie baker, the republican governor, and someone who's out of sync, that person will lose, my state's conservative. i'm a conservative, i do well in my state and we have a bunch of conservatives for louisiana brand, for the primaries coming up. what hogan is pointing out is the personality of his state might be different. i don't know him but i presume that is the case.
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>> you've proven that, hasn't hurt political standing but has many colleagues so they valid for that. do you think that will hurt the party on longer term if donald trump were to be the presidential nominee you're quite the opposite. >> in the near-term voters make the decisions based on the border, and inflation. those will be the three issues that dominate this coming november. this coming election, it's going to be those three things and those three things suffered democratic mismanagement. ashley: we will watch closely. we are keeping the pekin tesla stock, elon musk will be front and center after the closing bell today, with the latest corley numbers, could be buffeted by shutdown of the shanghai factor here, that
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neil: tesla earnings after the bell, closely scrutinized stock. with all the news on elon musk in the plant shutdown in shanghai that will no doubt mean consequential and sequential back-to-back hits on carb production. the constellation ceo with us now. how closely do you look at tesla period? >> very closely. looking at what they are it is a barometer for the setting and it is one of those stocks that everybody has for esgs and tech and innovation. neil: may be not so much but with the emergence of so many
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players, it isn't as beautiful. >> tech stocks in general have taken a massive beating with other stocks, they are trading 6% to 10% above the 52 week lows, tesla has done better despite the gyrations going on. this quarter is interesting because there is a hit, 450 million on bitcoin charges because it is also interesting to see what is happening with numbers in terms of what they reproduce. estimates are $1 billion in profits, but it is on less deliveries. ashley: neil: a good time to look at technology stocks in general, don't want to lump tesla into that, but netflix comes to mind and obviously the big upside
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surprise on the less than what we thought downside would see on new subscribers, they lost million of them looking at 2 million and they have a cheaper service, supported, all the things people have been screaming for and investors are rejoicing. >> we had peak streaming, saturation, and of so many subscribers they sent their best that they can add. let's do that in ads and recovery, so if we get to, 3 million passwords, that's a good number for them as well, one thing they've not explored that they should explore is about licensing, maybe go to squid games ride, but something like that, we don't do that or take advantage of the rights and things and that is something they should be looking at with and based that
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you are talking about. neil: only one way and that could be a problem marketingwise, the tech field in general is off its lows. the nasdaq up 9% from those lows, might be off a little on that but are we through the worst of it for technology stocks or do we ounce around a bit? >> we felt the stability, we are trying to reach 12,000 at the next technical support level, interest rates, probably going to hold to 75 to 100 basis points, the market price everything in -- ashley: talking about nasdaq as an aggregate. now we are waiting to see if there are any external forces, lockdown another inventory.
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we can't tell but it looks like we hit bottom. bottom has been hit. neil: thank you very much. the event we are talking about, covid cases, the potential issue with various strains, and what is going on and vladimir putin meeting in iran and concerns that tensions are escalating globally. always the wild part, black swan events for which we are never prepared but well telegraphed. stay with us. ♪♪ you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence...
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ashley: vladimir putin is in no rush to leave iran.
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another day of meetings with the leaders of iran and turkey. >> reporter: a second day of talks with leadership from russia and turkey. conversations are sent to focus on syria and the complex relationships on the ground. other updates are coming and about the war in ukraine, when report discussed ongoing negotiations with turkish president erdogn. an agreement will be signed to exit the black sea. they tried to blame ukraine for lack of humanitarian agreements around the invasion he launched. >> on the willingness of the contracting party to implement. the powers and key of have no such desire.
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>> the russian leader stoked fears he may cut all russian gas supplies to europe this winter, a move that could send some countries into recession was on the issue of iran's nuclear deal putin met with the uranian president and other top officials including the ayatollah khomeini. the supreme leader reiterated the cooperation between iran and russia as putin spoke about his support for keeping the un supported nuclear deal, irani leadership, they have the technical means to build the nuclear bomb raising questions what this will do to regional tension and if israel could execute plans to strike uranian nuclear facilities. neil: the former deputy secretary of defense, and they will find you. good to have you remotely, good
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to see you. it has been a while, more than coincidental after president biden wrapped up meetings in saudi arabia. what do you think of the timing of this? >> he has a propaganda angle to this but also practical matters to deal with and i don't think it is insignificant it came on the heels of a visit by the american president. ashley: it is unusual for him to leave his country in the middle of this war so he must since he has job security there. what do you make of that? >> this is his second trip out during the war. he was out a few weeks ago but i think what he is trying to do
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is show the rest of the world he has allies and friends and ever since of the shah fell in 19709 he has been trying to develop long-standing close relationships with the uranian's for a variety of reasons not the least of which is they secure his southern border if you look at it geographically. that said i think he also wants their military material, there drones in particular and he wants a lasting economic partnership with them both of them are part of the two most sanctions countries in the world right now. he wents a relationship with them where it will benefit his country economically. ashley: getting word out of the russians, they want to move forward to the next part of the
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country they have already conquered. there foreign minister is on the wires talking about aims beyond the donbas region. where is this going? >> this will go for a while. as i think you even have acknowledged early on in the conflict, this is going to go on for a while, won't be over soon. i think this is the immovable force against the irresistible object and i am not sure either vladimir putin or zelenskyy are willing to compromise. it will take an international arbitration to bring this kind of thing. and the focus is on the
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ukraine, and major media, and other things going on in the world and our own countries, there's arbitration of some kind and i'm not sure, and at this point neither side is willing to give any ground. ashley: a long, drawn out, protracted, no wind insight. and -- >> my publisher, plug my book and a new book coming out today called heroic faith which is about persecution of religious groups. ashley: added to -- your prolific. i want to read that and get you to talk about it. all right? >> i would be happy to. neil: but not in person, we are safer like this. that is a fascinating subject.
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thank you for serving honorably and bravely, a lot more after this including remembering the state 53 years ago. where were you? neil armstrong walked on the surface of the moon, the first human being to do so. and it was on this day, 53 years ago. >> that is one small step for a man, one giant leap for mankind.
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and it's the first and only s1p receptor modulator approved for uc. don't take zeposia if you've had a heart attack, chest pain, stroke or mini-stroke, heart failure in the last 6 months, irregular or abnormal heartbeat not corrected by a pacemaker, if you have untreated severe breathing problems during your sleep, or if you take medicines called maois. zeposia may cause serious side effects including infections that can be life-threatening and cause death, slow heart rate, liver or breathing problems, increased blood pressure, macular edema, and swelling and narrowing of the brain's blood vessels. though unlikely, a risk of pml--a rare, serious, potentially fatal brain infection--cannot be ruled out. tell your doctor about all your medical conditions, medications, or if you are or plan to become pregnant. if you can become pregnant, use birth control during treatment and for 3 months after you stop taking zeposia. don't let uc stop you from doing you. ask your doctor about once-daily zeposia.
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neil: don't want to alarm you about covid, the cases we've seen, 3 million in the last few weeks, and no admissions into their equivalent of intensive care, the cases are treatable but these strains are on the rise, could be on the rise, 30 states are experiencing a pop in such cases. >> reporter: ba 5 is driving up infections but america is building more ammunition, american adults are expected to have 1/4 vaccine option by the middle of the month. rochelle has endorsed recommendation of a panel of independent vaccine advisors to approve shots from nova, offered as a two dose
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vaccination series for adults 18 and older. unlike the leading covid vaccines which use mrna to manufacture proteins that cause an immune response, it includes the proteins in its vaccine. it's a more traditional approach that has been in wide use in the us for 30 years, how our flu vaccines work so the cdc advisors are hoping that will reassure some covid vaccine hold outs who have been skeptical of the newer technology. >> primary target population will be the 10% to 13% of those who are unvaccinated, that's the only indication right now. understand we really need to focus on that population. >> reporter: health officials are urging all americans over 50 who have not received a primary covid shot or booster sometime in the year 2,022 to
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get one now to reduce chances of hospitalization from the look on sub variant ba 5 which is responsible for four of every five active us cases. pfizer and motor and are developing booster shots the target homework on variants with several health officials say getting a conventional covid shot will not preclude you from getting in a look on specific booster in the fall so they are urging everyone who is not currently up to date on their vaccines to get their shots without further delay. neil: a quick peek, the dow, 46 points, the height of the day, number close to lows of the last month, we are not near the end of july, with major averages up from 3 to 6% if you are looking at the nasdaq so they want to keep that going,
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ashley: neil: cryptos having a good day indicating a bitcoin rebound from when it was swooning, $8000 less than where it is now. charlie gasparino is following that. charles: democrats conceivably have a lot of time left in the majority particularly in the house but if you listen to brad sherman of the house financial services committee interviewed by my producer, ramping up more regulations, that there will be more crypto regulation, talking about the landmark case we bring up, the ripple issuing the -- declared an unregistered
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illegal crypto, the platform, the chairman told ellie he wants to get the sec to crypto exchanges that traded, unregistered security ask rp that will take this to a new level. this is a landmark case. if the sec wins it could regulate other cryptos. ethereum is an unregistered security. it is going to start later in the summer or early fall. the chairman is calling for more massive regulation and expansion of that case. whether that will happen or not i can't tell you. climate control agendas, disclosures, gary gansler,
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tells us before the house financial services committee again, the progress report on where all this is including crypto. the next couple months could be interesting with crypto. neil: i am curious, what happens if republicans take over the house and senate, does any of this change, 180s all over? >> not quite 180s. the pressure on the sec, there is oversight from house financial services committee, to reverse the agenda that was started. if you start doing stuff in the next 6 months, it is hard for congress to tell the sec to do a one hundred 80 on stuff like that.
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gansler will be on the hot seat. an open question whether he can were verse his agenda, the more problematic thing for him is legal challenges, esg disclosure mandates, the epa versus west virginia rule and agencies shouldn't do that. that is a bigger danger to the sec and its agenda. neil: keeping a close eye on technology stocks in the backdrop that republicans and democrats are trying to work on bipartisan legislation, would shore up the semiconductor and more support, at the mercy of countries like that. how important is this legislation to you?
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>> how important it is, the semi conductor industry for the economy and economic security and not having access to some conductors. 50%, generated in the united states, that is a good thing, 12% is manufactured in the us down from 30% in the 1990s. it is hugely important. the players doing semiconductor manufacturing, the key to creating that. neil: a lot of these guys make money hand over fist if they have operations, rick scott
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said in places like china, proctored them to change or alter that? >> this is a priority, created co-investments for the right economics. for the us to be globally competitive it has to create the same conditions, not about rich companies or poor companies upgrading global and competitive capability for the manufacturing in the us. manufacturers on three continents, singapore, united states, europe, and the capacity in those areas, not just putting it on where they need it. neil: we are talking generally an industry that has been buffeted by crosscurrents and supply chain problems that go
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back to chips and availability, would legislation change that and how soon? >> i think it would change it. just to think what it takes to put new capacity on, when you build a factory and put a shovel in the ground you don't get any output to 18 months, most likely 12 months so that is the why the sooner the better. when it comes to the dynamic of the supply chain, the better to part of two decades this industry focused on efficiency and cost, too many single points of failure, by the nature of geographical footprint, continuing to build and free confidence, we have that supply chain.
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neil: let me ask about the technology environment, we are talking about the selloff in technology stocks. the nasdaq 100 concentrates in the biggest most prominent players and has come back 8% or 9% from its lows. individual market, a lot of people sense a comeback that the worst is behind us. you are not looking at this from a stock perspective but it is crucial from an investment perspective. how is that going? >> over the long haul, markets are fair, rational and efficient, that is the way the world works. how do we run our business and what do we believe? this is an industry that doubled in the next 8 to 12 years, we need to position our company for that type of
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opportunity and our responsibility and we will play our hand in a more strategic fashion. we see it softening here and there in pockets but more demand than we can -- neil: see if that happens and get better. thank you very much. the dow down one hundred 13 points, nasdaq up 118, more after this.
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neil: you know a lot is going on in the market and heat and all that other stuff but the good news it is national hot dog day. and all sorts of hot dog sellers are offering all these deals. nathans is the one to beat. they're giving away hotdogs here to about a nickel, what they were in 1916 when the place was founded. there is a catch. you have to buy at least one regular hot dog at the regular price. i could take full advantage. anyway. charles payne. >> neil i wanted to ask you real quick, the market was getting a head of steam. italy government on cusp of collapse, parties refuse to back draghi. what is going on? neil: working assumption italian-american i would be well steeped in these issues. italians can't come together on these things. they like to argue. right now they don't agree on this. it is going to be another collapse. it will be the 24th failed government since world war ii.
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