>> Dana: SPEAKING OF $5 A
GALLON GAS, 20 STATES ARE
HITTING THAT THRESHOLD AS WELL
AS WASHINGTON, D.C.
THE PRICE OF FILLING YOUR TANK
UP NEARLY $2 FROM A YEAR AGO.
LET’S BRING IN MARIA BARTIROMO
AND WHAT DO YOU THINK THE
PRACTICAL EFFECT OF THAT IS
ACROSS THE COUNTRY AS IT
RIPPLES ACROSS.
>> GOOD MORNING.
IT IS MAKING AMERICAN FAMILIES
POORER IS REALLY THE BOTTOM
LINE HERE BECAUSE IT IS CUTTING
INTO OUR PAYCHECKS TO PAY MORE
FOR GAS.
PEOPLE HAVE A BUDGET.
THEY GO TO THE GAS STATION AND
SAY I PAY $80 FOR THE FILL-UP
OF MY TANK.
THEY GET THERE IT’S $120.
THEY AREN’T FILLING IT ALL THE
WAY.
THEY ARE DOING HALF A TANK.
THEY ARE BUSTING THE BUDGET AS
A RESULT.
IT HAS DONE WONDERS FOR OIL
STOCKS IF YOU ARE AN INVESTOR
IN THE STOCK MARKET.
EXXONMOBILE HIT A RECORD FOR
THE FIRST TIME IN EIGHT YEARS,
STOCK UP.
CONTRARY TO WHAT YOU SEE IF
YOU’VE INVESTED IN TECHNOLOGY
STOCK.
NASDAQ DOWN 22%.
CUTTING INTO WAGES AND BUDGETS
BECAUSE WE’RE PAYING MORE FOR
GASOLINE.
WORSE IS DIESEL.
DIESEL IS ALSO AT A RECORD HIGH
AND WE NEED -- DIESEL IS THE
FUEL THAT GOES INTO THE SHIPS
AND TRUCKS THAT TRANSPORT ALL
OF THE OTHER ITEMS THAT WE BUY.
THAT’S WHY INFLATION IS AT A
40-YEAR HIGH RIGHT NOW.
>> Dana: ONE OF THE WAYS TO
VISUALIZE FOR EVERYONE IS PUT
UP GRAPHIC 2.
AAA, THEY FIELDED 50,787 OUT OF
GAS CALLS IN APRIL.
A 32% JUMP FROM THE SAME MONTH
LAST YEAR.
TO YOUR POINT PEOPLE ARE MAYBE
NOT FILLING UP ALL THE WAY AND
FINDING THEMSELVES IN A BAD
SITUATION AND NEEDING HELP AS
THEY ARE OUT OF GAS.
LAST NIGHT PRESIDENT BIDEN WENT
ON JIMMIE KIMMEL FOR A PRETTY
TOUGH INTERVIEW I SUPPOSE YOU
WOULD CALL IT.
HE TALKED ABOUT INFLATION AND
THIS IS WHAT HE SAID.
I WANT TO GET YOUR REACTION TO
THIS.
>> President Biden: AND SO
WE’RE THE STRONGEST ECONOMY.
THAT HAS ALLOWED US TO STAY ON
TOP OF AND A LITTLE BIT AHEAD
OF WHAT’S HAPPENING AROUND THE
WORLD.
SECOND THING IS, LOOK,
INFLATION IS THE -- IS THE --
IS THE BAIN OF OUR EXISTENCE.
INFLATION IS MOSTLY ON FOOD AND
GASOLINE AT THE PUMP.
>> Dana: IT’S THE BAIN OF OUR
EXISTENCE.
WHERE DO YOU TRACE THE PROBLEM
BACK TO THEN, SIR, WOULD BE THE
FOLLOW UP QUESTION I WOULD HAVE
HAD.
>> THAT’S RIGHT, DANA.
THAT’S THE FOLLOW-UP QUESTION.
THIS ADMINISTRATION WON’T ADMIT
WHEN JOE BIDEN WENT INTO OVAL
OFFICE, HE SIGNED THE COVID
RELIEF PACKAGE IN MARCH BRING,
THEN TRIED TO PUSH A $5
TRILLION SPENDING PLAN.
IT WAS FULL OF GIMMICKS.
THAT DIDN’T PASS.
THEY PASSED ANOTHER $1 TRILLION
INFRASTRUCTURE PLAN AND UKRAINE
GOT INVADED BY RUSSIA AND NOW
WE TALK ABOUT INFLATION AT 8.3%.
LOOK, WE’RE GETTING THE LATEST
CONSUMER PRICE INDEX REPORT OUT
TOMORROW MORNING.
IT IS EXPECTED TO STAY ELEVATED
AT 8.3%.
ONE OF THE ISSUES THE PRESIDENT
IS NOT BEING HONEST WITH THE
AMERICAN PEOPLE.
HE MS SAID WE’RE THE FASTEST
GROWING ECONOMY IN THE WORLD
THREE TIMES.
THAT’S NOT TRUE AT ALL.
IN THE FIRST QUARTER WE HAD A
SHRINK ACKNOWLEDGE OF THE
ECONOMY, A CONTRACTION OF 1.5%.
MANY PEOPLE BELIEVE IT’S THE
BEGINNING OF A RECESSION AND
WE’RE SEEING A HOST OF LAYOFFS
BEGINS.
IT WHAT HAPPENS IN RECESSION
TIMES.
YOU GO FROM STRONG WAGES AND
STRONG JOBS TO LAYOFFS.
RIGHT NOW THE TECH SECTOR IS
EXPERIENCING THE BIGGEST
LAY-OFF STRING SINCE 2020
TALKING ABOUT COMPANIES LIKE
NETFLIX AND OTHER META, OTHER
TECH COMPANIES ANNOUNCING
LAYOFFS BECAUSE THEY RECOGNIZE
THINGS ARE GETTING TIGHT.
THIS MORNING THE EUROPEAN
CENTRAL BANK MET AND THE
OUTLOOK IS COMPLETELY
DETERIORATING.
SHE COULDN’T GIVE AN OUTLOOK
BUT THEY’LL START RAISING
INTERESTS RATES AS WELL.
THE NEXT FED MEETING WE EXPECT
A 50 BASES POINT HIKE.
THAT’S WHAT THEY SAID.
ON TOP OF ALL THAT INFLATION
EGGS UP 22%, PRICE OF AN
AIRLINE TICKET UP 33%, YOU GET
THE CAPITAL MOVING HIGHER,
THAT’S LOANS.
JAMIE DIMON SAID A HURRICANE IS
COMING AND THEY’LL BE MUCH MORE
CONSERVATIVE.
YOU MAY NOT BE ABLE TO GET THE
LOAN YOU THOUGHT YOU WOULD GET.
THIS MORNING ON "MORNINGS WITH
MARIA" I HAD A PORTFOLIO
MANAGER ON SAID WE’RE WAITING
FOR A LEHMAN BROTHERS MOMENT.
NOT EVERYBODY FEELS THAT WAY,
DANA, BUT CERTAINLY THERE IS A
FEELING THAT THINGS ARE
WORSENING RIGHT NOW CONTRARY TO
WHAT THE PRESIDENT SAID LAST
NIGHT ON JIMMIE KIMMEL.