tv Varney Company FOX Business December 21, 2022 10:00am-11:00am EST
♪ santa baby ♪ dave: this is my favorite christmas song of all time. i love this song. this is the best song. it is 10:00 eastern. i'm david asman. i'm in for stuart varney another couple days. the 10 year treasury as we look at the markets is down a little bit. that might have to do with the fact the markets are up, the nasdaq although we had some earnings report from nike and fedex, nike is still up 50%. if we can look at the oil price which is affecting drivers as we go into the driver season it is up to% to $77 a barrel but gas prices are down, that's good news for drivers. we will get into that a little later. bitcoin if we can look at that
is down a little bit just below the 17,000 mark, $16,774 a coin, taking a look at markets overall, the dow is holding onto its 300 point lead the nasdaq is up 67 points and we just got the latest read on consumer confidence. lauren: the december number stronger-than-expected, 108.3. energy prices have come down but not like that, we came over one week. neil: what about existing home sales? lauren: much worse down 7.7% in november 20th annual rate of 4.9 million units according to the national association of realtors. we've seen the biggest part of
the housing market, and 10 months in a row, the lowest level since may 2020 for sales, the price, 370,000, that number is not going down. neil: that number is still very high. he's looking forward to that. but it is not having a good consumer number. there is less than two weeks until republicans take control of the house but republicans claim senate republicans are wiping out there first year with this spending plan. ben domenech joining me now. what your former colleagues, molly hemingway, saying what is the best achievement of senate republicans over the past two years, hard to think of it,
isn't it? >> the most significant achievement, things that you have actual 51 control for the democrats, you didn't have the kind of powers they will have and that kind of thing. you can make the case for negative but the best thing they have been able to achieve, rolling back the vaccine mandate, for members of the military, and the kind of steps as it relates to china, senator josh hawlyer's attempt to remove tiktok from government phones. that's a situation -- dave: compare that to a $1.7 trillion spending package which is a great success.
he said that yesterday. a lot of republicans say this pulls the rug out from what republicans stand for. >> as much as midterms disappointed a lot of republicans. you also saw him heavy in norma's advantages, when it comes to millions of americans who voted republican in the past election. is this what they wanted, i sure don't. a lot of other people on capitol hill on the house i believe that is true. dave: they are going hole in on porkbarrel spending. senator shelby getting $600 million for these vanity projects taxpayers in places like new york and iowa are paying for. >> yes, and one of the things we need to keep in mind is shelby, like so many members, is headed for the exits.
he gave a comment are couple weeks ago how he needed to make sure he got enough in the final package for himself meaning things he wanted. dave: it's not his money. it is not his money. it is not right. that is what republicans used to stand for, you can't spend other people's money so casually as republicans are doing in the senate. i want to switch to volodymyr zelenskyy who will meet with the president and have an address to congress, clearly he's looking for more money even though $100 billion, that is how much he's getting this year. that is more than 10% of our entire military budget. it is an important cause. is it too much? >> the timing of this is really bad for a number of reasons. a lot of members are surprised by including senators, but it
was sprung on people by nancy pelosi. the other thing is americans are tired of the weird spending on this war. versus our european allies, this is in their neighborhood. they want to pay their fair share and while it is nice to see zelenskyy say we appreciate it, i also think this is poorly times and not something that reiterates we have the interest of the american consumer at heart which ought to be the priority from evers or congress. dave: great to talk to you, ben domenech. democrat senator joe manchin and republican bill haggerty with a new proposal that breaks the payment threshold. it was previously $600. why do they want to raise it? lauren: you need a receipt if you are paying one of those apps so this is for tax
reporting when you file form 1099 k. these senators, bipartisan have the reporting threshold to go to 10,000, somewhat of a compromise, used to be 20,000 and was brought down to 600 and legislation just passed. 600 create a massive headache for accountants and anyone using these apps so senators manchin and haggerty are proposing this as an amendment to the omnibus. dave: thank you very much. checking the markets, healthy rally on the dow, 362 points. it's looking really good, this does look like santa claus rally. let's bring in david stradusky. a big rally for what you are afraid for 2023, these market rallies right before christmas are often misleading. you have a lot of people on vacation. a few big trades to make a difference.
let's look at 2023. what are you most afraid of going into next year? >> reporter: great to be with you. heading into 2,023 i have a lot of fears, there's a lot more that could go wrong than what i see going right right now. 2022 will go down on a pe evaluation, price and earnings and how we evaluate stocks, use our prices decline in stocks as a result of inflation and 41 years of fed policy change from accommodating to tightening in that structure. in my opinion 2023 will be a rough year. i'm calling this the federal reserve bubble. i believe there's a bubble in the stock market, a bubble in the bond market, specifically the job markets and real estate right now is the bubble we are watching from and this has devastating effects on the average consumer and devastating effects on our
economy and especially as we are looking at winter starting december 21st, everything is getting colder, we are running out of energy as a nation. it does not look great on the horizon though i hope the market goes up. dave: how much do you think it will drop in 2,023 before you start buying and again? >> that's the million-dollar question. i have no idea what will drop to. i think it depends on how the fed responds. it depends how congress steps in. january 3rd and ultimately what they are able to get accomplished but it seems we are in for a rough ride as we see unemployment rising by another couple million unemployed. this does not spell a great 2023, we are not very well
prepared for the american people for these challenges, we haven't been told how to budget. dave: they are making a mistake to take economic clues from the white house. good to talk to you. and dave: what about footlocker? lauren: it is up, under armour, almost 6. nike reported to best quarterly revenue growth in over a decade. and you can't get them in the colors you want to. . it is a good problem to have. dave: is $60, the fact that i call them sneakers. right aid, tell us about that. >> stock is down 15 points.
they are projecting a heavier loss for fiscal 2023 and they keep downgrading their assessment of next year. here's why. pharmacy margins, can't sell drugs for as much money, seasonal markdowns, people are stealing stuff from right aid and the stock is down 15%. we heard this at walmart and target, now with the drugstore. dave: starbucks. lauren: they cite recession risk stocks not moving well. earlier starbucks said we see the same-store sales growth next year, 7% to 9%. the economy might not be there. dave: the lowest average wage workers are willing to accept for new jobs just hit new lows. how much are workers demanding. lauren: don't look at the prompter. what do you think? dave: annual salary? i would say 60,000.
lauren: they are requesting $73,667. that is what it is going to cost if you want them to jump ship and come to the new york fed. workers are convinced they have the skill set. dave: 73,000 is about what you get in unemployment benefits. that's part of the problem. we are talking about that with mike mccallum at 11:00. it pays not to work, some americans could be earning more by staying at home. in some cases over one hundred thousand a year. we will tell you the insane amounts of money people are making from welfare programs alone. florida governor ron desantis taking aim at school boards. >> too long these school boards have not reflected the values of the communities they were
elected to serve. dave: we will tell you how governor is planning to shift the power from teachers unions to parents and already has a track record. republicans are slamming biden's $1.7 trillion spending bill. kevin mccarthy calling the legislation a, quote, monstrosity. byron donald's is on the show. i will be asking what he thinks next. ♪ ♪
as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. it's official, america. xfinity mobile ithe fastest mobile service. and gives you unmatched savings with the best price for two lines of unlimited. only $30 a line per month. that means you could save hundreds a year
over t-mobile, at&t and verizon. the fastest mobile service and major savings? can't argue with the facts. no wonder xfinity mobile is one of the fastest growing mobile services, now with over 5 million customers and counting. get in on the savings and switch today. dave: nancy pelosi is urging democrats to get on board with
a massive spending bill. what is she saying? lauren: it does so much for the good of the country, specifically citing nondefense discretionary funding, for nutrition, disaster relief, veterans healthcare and mental health services. dave: the irony is there are a lot of senate republicans including mitch mcconnell saying the same thing. republicans are slamming the massive $1.7 trillion spending bill, those in the house, not necessarily the senate, the minority leader called the legislation monstrosity but the publicans got a win after they got funding but wait until you hear how much that was. congressman byron donald's, republican from florida joins me now. i tell you what it amounted to, 0.3%, 275 million cut out of an
$80 billion bill for super sizing the irs, that comes to a 0.3% cut and they are bragging about it. is that anything to brag about? >> no, nothing to brag about. the defense, a lot of stuff there, but the rest of this bill it is a disaster. this happens when you have four people cutting a deal behind closed doors and nobody gets to see it until the eleventh hour. let me give you a couple other things in this bill. there is more money and ukraine for this bill than disaster relief for places like southwest florida that got hit by hurricane ian and other part of the country. how do you get rid of 87,000 eggs at the irs if you cut a spending bill that pays them? you don't. here is the biggest thing, this bill expressly prohibits money to be used by border patrol to
enhance border security. at the same time, at the same time this bill gives $410 million to jordan, lebanon, egypt, tunisia, and oman, for border security and the bill says $150 million will go to jordan. we care about border security and other countries around the world but we won't do it here while fentanyl is killing our citizens and we have more people rushing across the southern border which will put more pressure on all our localities. this is where senate republicans have taken us. i expect this from the democrats because they don't care about that stuff but republicans should not be voting -- dave: it is the leader in the senate saying this is a success, the stuff you mentioned and a lot of pork in there as well. one more question before we get to education. mcconnell says you pass the
omni bill or accept the shutdown. there's 1/3 option, passing a continuing resolution into the new year, only two weeks would there be a possibility for shutdown and then you have a republican congress to weigh in on the bill. why don't you do that? >> mitch mcconnell is giving us the false choice of someone who has been in the beltway too long. 's view is if we don't do the things that are necessary for american security that president biden and the democrats won't go along with it, newsflash, if president biden other democrats won't do something supple like securing the border, making sure fentanyl is not killing people in the streets and making sure we don't have an open border so young women are being trafficked by the drug cartels maybe the federal government should be shut down because if democrats don't understand that as being a critical piece of what the nation needs they should not be -- and mitch
mcconnell should not be, you can do a short-term cer in the next congress. dave: we have to do this ntis for school boards, watch the tape and get your reaction afterwards. >> the school board races in 2024 gives us an opportunity to flip more of these boards throughout the state of florida. we need to make sure we have good candidates ready to go in a lot of those races and we will work to illuminate the contrast in those races and you will see very positive results in 2024. dave: he has a track record from the midterm elections, did pretty well. >> he did very well. the governor is right once again. all this starts with local school boards and local elected officials. of schools are educating our children, preparing them to take the reins of our country
which we will need them to do considering what current leadership is doing, if you prepare them appropriately america will be fine but if you allow them to be centers where woke ideology is pervasive and children are being caught up in things about how economies work, our economy is not going to survive this was document governor desantis, i will be joining him in that. dave: great to see you, have a wonderful christmas, appreciate it. airbnb will no longer allow people to rent houses where enslaved people, talking a couple hundred years ago, worked. give us details. lauren: airbnb removed 30 listings, no longer list any property in an area like a plantation where a slave once lived or worked, this was an issue brought up in 2017-18, operating on a plantation that
was a slave house. critics slam airbnb for taking so long to fix this issue but the company says we are using project lighthouse to offer disparities and be more equitable. dave: existing home sales fell to 4.09 million, the 10th straight monthly drop, the most on record. are we in a slowdown? i will ask mitch rochelle. he's on the show he is on the show and with four days until christmas the clock is ticking to make sure you get all those gifts under the tree. and a winter storm could delay deliveries. how a dhl facility is preparing for the rush next. ♪ ♪
- [announcer] payroll takes too long. at least it used to. now, there's roll, the app that makes payroll as easy as sending a text. you. you're slinging tacos and you've got a minute between orders to handle payroll. what do you do? step one, type 'run payroll', respond to a couple questions, and that's it... done! and they're paid tomorrow, not four days from now. if you know how to send a text, you know how to use roll. go to getroll.com/tv and get your first three months free and unlimited payroll. dave: check the markets, they are riproaring today, the dow jones industrials up 435 points come in nasdaq up triple digits, 118, well over a percentage point. markets are doing well. we got the news from nike and
fedex better than people expected. we are looking at other movers. let's start with boeing. lauren: they are 3. 6% now, 9% this month. it has been a terrific end of the year for boeing. the research forecast, 25% growth in boeing and airbus, that is big travel demand staying with us. a to billion dollar contract to modernize the navy's fleet of a 18 super hornet fighters. dave: adaptive biotech. lauren: up 15%. medical device maker go to overweight here and the double the 14, they like their diagnostics business like detecting residual, i can't speak today, residual cells and certain blood cancer. dave: and cardio.
lauren: a los of $1.6 billion, still a loss. plus demand. it is up 80%. they are selling three of their major ships, investors are seeing that as prosecuted. dave: for governor desantis taking steps to help the average person afford a home. what he doing? lauren: revamping property insurance that is added to the mounting costs of living there and owning a home. here's a soundbite from the corporation the does a lot of business in florida. >> dumping has to be done for out-of-control insurance costs. desantis's move is focused on trying to help the average person be able to afford to live in their homes. fewer people will move to florida if they can't afford their homes or insurance. they don't step in, the taxpayers will have to pay for it in another way.
desantis's move was a smart move. lauren: people complain, i read of a man in orlando, at 1200's where foot home, last year my insurance on the home was $1700 in the company spiked it to 8,000. he shopped around, settle at 5,000. all these issues insurance companies base, because it is risky to do business in florida with the hurricanes etc. that makes the average insurance premium in the state $4200 on average three times -- dave: a lot of insurance copies of been going bankrupt. can't keep up with storms and all that litigation. thank you very much. we got the latest read on existing home sales. it went down to 4.09 million in november, we were expecting 4. 2. it missed expectations. mitch rochelle joining me now. it was a miss of expectations. do you think it was expected? did you expect it to be down
that much? >> reporter: it is slowing the pace of slowing. if you look at it, slowing on 6 million on an annualized basis, 2 million homes shy of that, i am not as worried about the housing market as i am the impact on the broader economy. if we sell 2 million less houses that still you less houses we are not buying stuff for and it is the personal consumption the goes into houses that has a bigger macroeconomic affect but this number going into november a lot of people want to see where mortgage rates land, for those people looking to buy houses they will be back in the market. dave: you bring up a great point, there are so many ripple effects on housing, it is such a key indicator. very often an indicator for recessional coming out of a recession. in this case, is it going to be, we may be having a
recession for a lot of reasons but it is that is housing going to be direct the affected but might that skate by on its own? >> housing could contribute to the recession, but the bigger thing is how will housing be hit? if we start seeing job losses which is the telltale stagflation scenario from when you and i remember this from the 70s, the fact of the matter is when we see job losses jobs are the key driver, if we see job losses all bets are off. dave: weren't you in the housing market looking for labor? labor, there's been a shortage all over the country but specifically when it came to construction, had you filled up the need for workers? you still have a ways to go. >> a lot of those are skilled jobs. that's the problem. many who had those skills went
elsewhere, picked up a new trade or whatever, don't want to work outside or work out also there is a skilled labor shortage in housing, the unskilled jobs are more expensive, the skilled ones, i live in florida, when there's a storm all skilled laborers go to the restoration projects because insurance companies are paying for it and it is a higher-paying job. a dearth of labor on the east coast, to do restoration. dave: best of luck to you, have a great 2023. meanwhile a christmas week loser could be a bomb cyclone. that has experts warning people to get their gifts out right now. lydia is at a dhl facility in new jersey. how much will the storm affect christmas delivery?
>> reporter: the folks here say if you are still placing your order for the holiday you might not get it in time. these are some of the 40,000 packages the team has processed. for them the holiday rush is largely over and that is because they needed packages here by monday to ensure delivery by christmas. for dhl the focus is getting those packages to their final destination as this severe weather will be hitting the country. they have the ability to shift from distribution centers that are affected by the severe weather to ones that are not to navigate. they haven't had to do that yet but they stand ready. >> it has come to this point, you might want to have a gift just in case. >> reporter: here are some important dates for everyone to keep in mind if you're planning to send something by mail,
christmas gift, you want to make sure fedex has your package today if you're going to you second day for 8. the cutoff date for the postal service is friday for delivery by priority mail and ups need your package today to deliver by christmas eve with its second day air services but also keep in mind that ups is warning that severe weather across the midwest is impacting service, north dakota, south dakota, nebraska could have service interruptions and fedex adding just this morning that the forecasted weather that could impact memphis and indianapolis could have systemwide implications so sounds like delays are possible. if you are still placing your orders you might get plan b in place. santa will hit a little turbulence. dave: i don't like the phrase backup gift. i don't have many backup gift, thank you very much.
>> reporter: shop local. dave: u.s. postal service joining the ev push, electric cars, electric trucks. what are they doing? lauren: going on in ongoing green even though they are seeing red. the usps using $3 billion from the inflation reduction act to purchase 66,000 evs, 9.6%. but they lost $473 million in the past fiscal year. dave: thank you very much. more children are asking for digital currency over cash for christmas about how safe is it for kids to spend virtual money? we get into a downward spiral on that. many americans on track to wake up to a white christmas. role it.
dave: it is already happening, florida could see its coldest christmas in three decades. how cold will it get? lauren: remember 1983 when the citrus crop froze and pipes burst? it won't be that cold but it will be pretty cold, the worst is christmas eve. many floridians will wake up on saturday will wake up to temperatures in the 20s. you are looking at how cold it
will be, the arctic blast hitting much of the country. dave: it could kill a lot of the citrus. the threat of winter storms looming across the country could spell trouble for americans traveling home this holiday season. gerri willis at newark international airport has more. how will this affect travel? >> reporter: i have to tell you already the major airlines are issuing waivers so that tells you something. the weather reports going from bad to worst. first it was just snowfall in the blizzard, now it is blizzard, intense winds, freezing temperatures, maybe a bomb cyclone. at newark international airport very few cancellations and delays, the situation is similar across the country, delays of 1400 so far, cancellations of 260 but that will change. the airlines already preparing
for the 113 million americans traveling this holiday weekend 7.2 million will travel by air. at at the port authority they expect 2% more than they had in 2019. the airlines, all the majors, united, delta, american, jetblue, issuing waivers so people can be made whole on those flights. remember the busiest travel days, thursday, friday, and next tuesday. people at aaa are saying you better plan ahead. >> if you have a ticket for thursday, friday or saturday, the time to be preparing is now. you don't want to wait until the last minute when your flight is canceled or delayed to figure out plan b. >> reporter: you want to hit your airline's website or their apps to find out if you're eligible for a waiver, that means any fees would be waived.
if you decide to cancel your trip and get a refund, if they offer you a voucher be sure to read the fine print, the devil is in the details. remember, a lot of waivers issued out there and a lot of cancellations. you can see blue out your window and still have your flight canceled. keep checking it. dave: thank you very much. that is the bad news, the weather. the good news is the markets, looks like a santa claus rally. 531 points to the plus side on the dow, 166 points on the nasdaq. a good day. delta air lines is rolling out free wi-fi. tell us when it happens. lauren: the plane will become your office, you get free fast wi-fi. i love taking united now because they give you free wi-fi if you have the apps for entertainment and it makes the experience go by more pleasantly. going a little further.
it is great for their higher end. dave: the office goes with you everywhere now. the university of oklahoma is banding tiktok on campus after security concerns, will universities follow suit. we are on it and the rnc is demanding the election commission reopen an investigation into twitter censorship of the hunter biden story before the 2020 election. will the president intervene? i will ask fox news legal analyst greg jarrett next. ♪
before... & bath fitter. before.. & bath fitter. if you have a "before" bath, now's the time to call bath fitter to get a beautiful "after." with our unique tub over tub process, there's no mess or stress. spend smart on a beautiful new bath done right, backed by a lifetime warranty. join over 2 million happy customers who know: it just fits. bath fitter visit bathfitter.com to book your free consultation. ♪ ♪
i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist dave: the ftc is deepening its probe into privacy and security practices at twitter. hillary vaughan is at the white house with more on this. >> reporter: the federal trade commission is continuing its investigation into twitter. the ftc is declining to comment to us but bloomberg report the ftc investigation into privacy and data experiences at the
tech platform i deepening. ftc lawyers are questioning two former executives at twitter asking if the company has complied with the agency's 2011 consent order since elon musk took over. the ftc has not been shy about keeping an eye on elon musk since he took over the company saying in november we are tracking recent developed with the deep concern. no ceo or company is above the law and they must follow consent decrees. can send order gives us new tools to ensure compliance and we are prepared to use them and it looks like they are using that, the result of whatever this investigation may be could result in millions of dollars in fines for elon musk, not just applied to whatever regulations came out of this or rules not just apply to twitter but all of elon musk's companies and still be in place whether or not elon musk is ceo and twitter. dave: the question is whether
they are targeting companies are specifically targeting him. a lot of people are worried about it. the rnc is demanding the ftc reopen an investigation into twitter censorship of the hunter biden stories. greg jarrett joining me now with his reaction to that. a lot more information is coming in about all of this including the fact that the fbi was paying twitter employees to help in their efforts to censor the story. is that a direct violation of the first amendment? >> it is. they call it reimbursement for your time. that is simply a charade. i interviewed yesterday michael shoenberger who explains why the fbi ran this psychological
operation on twitter is essentially trying to brainwash them into thinking the hunter biden laptop was russian disinformation, violation of the hack policies. these emails show twitter executives knew that was a lie. there was no evidence of russian involvement. there is no hacking of the laptop and yet they went along with fbi demands to censor the hunter biden laptop story and we are seeing a operation run by centcom and the pentagon with twitter. it is insidious. dave: i wonder who would have cause to sue the government for violation of the first amendment? it seems more people should be concerned about that even with their excuse they were not directly calling for censorship
but they did so in an obscure manner. when you get paid by the fbi and they are suggest you censor something that is actually true, something has to be done beyond a congressional investigation. >> reporter: i think so. the department of justice needs to get involved. they are compromise, merrick garland has been running a protection racket for president biden, but there is evidence that twitter executives lied to the federal election commission, that they lied to congress when they denied that all of this was done to unduly influence the 2020 presidential election, twitter files show that was a deception. a lie. lying to congress, lying to the commission are felonies. there needs to be an investigation. i don't think merrick garland will do it but congress will investigate.
they will quickly -- dave: we heard from hillary vaughan the ftc is investigating elon musk. janet yellen may look into twitter and elon musk's relationship with foreign investors. is this a target on elon musk? or are they seriously interested in investigating? >> they are serious, investigating whether twitter lied, engaged in covert propaganda with fake accounts. all kinds of devious stuff that twitter long denied not just publicly but under oath in sworn affidavits. those are crimes if they can be proven. dave: but shouldn't use regulatory power to go after a single individual you don't like. some of that is going on with investigations into elon. thanks for being here. florida senator rick scott,