tv Varney Company FOX Business December 2, 2022 9:00am-10:00am EST
138,000 in household survey, after 328,000 jobs in october as you mentioned dagen but issue on wages, gets me, i mean still talking about, wages going up, you just had 24% about to see 24% raise for rail workers overall wages up 5.1% the very issue federal reserve has been trying to move the needle on, by raising rates, wages, you still have wages rising you still have food prices rising, the two easier we are going to be zeroing in on inflation great conversation thank you so much julia joanie tom, charles payne steve moore dagen mcdowell chris markowski cheryl casone great reporting, have a good weekend everybody dow industrials down 378 thanks ashley: thank you very much, and good morning to you, maria. great show this morning. good morning, everybody. i'm ashley webster in for stuary
varney. so 263,000 jobs added last month the unemployment rate holding steady at 3.7% and guess what labor secretary marty walsh will join us to talk about the very latest numbers. meantime, as maria just showed you, futures falling on this report. a hot report that may force the fed to do more rate hikes, at least that's what some investors believe the dow off 402 points in the pre-market, the s&p and nasdaq down 1.5-2%. also big reaction in the fixed income area. the 10-year speaking, 10-year treasury yield speaking after the stronger-than-expected report although perhaps turning just a little lower now but up at 3.58% meanwhile take a look at bitcoin continuing to hold study right below $17,000, down just 59 bucks at 16, 892. now this. the ceo of apple, tim cook,
refusing to answer questions when asked why apple restricted air drop access to protesters in china. he did, however, meet with lawmakers abdomen -- and we're going to tell you how that went. meanwhile residents in los angeles county may soon have to mask up indoors again. officials say if covid infection s rise they will impose the mandate. we'll take that issue on as well about 8,000 active duty military personnel, by the way, have been discharged from the army, navy, air force, and marine corps since august of 2021. that's when defense secretary lloyd austin imposed the covid vaccine mandate. now, gop senators are threatening to delay a big defense bill if the mandate is not lifted. we're going to talk about that. as always we've got a jam packed lineup on the show today, congressman jim jordan, tammy bruce, steve hilton, pete hegseth, among many many more. well, yes, we've made it to the end of the week folks,
congratulations. it's friday, december 2, 2022. "varney" & company about to begin. ♪ ♪ ashley: work for the working man , it's bon jovi on this friday morning. take a look down sixth avenue in midtown, manhattan and let's get straight back to the jobs report. we know what the market thinks about it. it's too hot. good morning, lauren simonetti. you've been digging through the numbers. what stands out to you? lauren: the job market just hasn't cracked. it's strong. not only did we see that headline number stronger, if you look at wages, they keep rising, up .6% on the month and 5.1% year-over-year. that is higher than jay powell
wants and he wants that number to get down to around 3%. we are a long ways off and then i looked at the manufacturing. remember we got that weak manufacturing report yesterday? but guess what? we found out today in the jobs report that that sector added 14,000 manufacturing workers last month, so ash, noted a very easy translation on wall street. the fed keeps going higher for longer. you see stocks down, yields up. back to you, ashley. ashley: exactly right. lauren, thank you. let's check those futures for you, to lauren's point. oh, yeah, that's what investors think selling off the dow off 435 points now, s&p down 1.5 and nasdaq down 2%. really good time to bring in david bahnsen. david, good morning to you. okay, so the jobs report was stronger than expected. is this just a knee jerk reaction? are we going to kind of gather our nerves and say let's not get too excited because the initial reaction is sell. >> well, the market was up 750
points on wednesday, and it had been down 200, so it's actually up 950 and now its given less than half of that back. you mentioned that the 10 year yield went higher. it's up 6 basis points. well it's down 40 basis points in the last few days. it's down 75 basis points from its high of 5 whopping weeks ago , so i think this is traders. it has nothing to do with real expectations. it's people trying to front-run what is going to happen from other traders, and so this immediate volatility is totally irrelevant. there's two things that matter and i can tell you what's going to happen on both of them. the fed is going to raise rates by 50 basis points in two weeks, and the fed may or may not raise another 25-50 after that and then they are going to be done and i don't know when they start cutting but they will sit and let the implications of all of this play out. they've told us that, and this
whole idea that people having jobs causes inflation is ridiculous. it's untrue. the phillips curve trade-off has been wrong for 50 years, and there is nothing wrong with people making more money and jay powell doesn't have the ability to know what is necessary to do economic administration. ashley: david, you're on a role this morning. we've got 30 seconds left. you're our dividend guy. just want to get in your two picks today. >> all right, well we talked about walgreens, which is up about 30% from its recent lows, but still way off of highs yielding 4.5% and they are really turning things around at walgreens. it could require more patience, but they've been growing the dividend for 70 years and the other one is franklin resources. the ticker is ben, as in ben franklin. great asset manager and really a nice yield they're growing year-over-year. ashley: great stuff, david
bahnsen. we've got it all in. i'll take a deep breath to your point. okay, we can move on now, david, thank you very much. the new york fed president sat down, by the way, with our very own edward lawrence to give us a forecast on interest rates and inflation, and what did he say, lauren? lauren: in a nutshel, get ready for higher for longer. >> it all depend on how the economy performs, how inflation performs next year but i definitely see us needing to get , we still have further work to do. we still have, you know, a ways to go beyond whatever we'll do in our upcoming meeting this month in order to get to that sufficiently restrictive stance. exactly what that number means will depend on the data. lauren: depending on the data, cpi, that comes, the last one of the year, it comes the day before the fed meets to determine what to do with rates. their last meeting of the month, do they go 50 as we seem to think or do they now go back to hiking for the fifth time in a row, 75? final point williams also said
high inflation is likely to stick around until 2025 and i've been hearing that word a lot especially from, i was interview ing a toymaker the other day and he said look inflation is bad. we see it throughout our supply chain and he also predicted 2025 ashley: yikes, 2025 oh, joy, all right, lauren, thank you very much. a new poll reveals growing support for florida's governor ron desantis, in 2024, while support for former president trump dropping a little bit. guess what? todd piro is here. great to see you, todd. todd: likewise, sir. ashley: want to get into this with you. look this is a clear split in the republican party. what do you make of it? todd: i think there's no doubt that desantis had a significant bump because of the mid-terms. that can not be discounted. the question becomes how long can that bump be sustained because we have to remember, ron desantis has a job. he's got to govern the state of florida and as a result there's going to be policies that every now and again may not necessarily jive with every single republican that's currently supporting him.
donald trump doesn't really have to govern anything right now. he can take time, go out there and campaign. he also has a tremendous war chest to sit on and switch those numbers around a bit, so i'd be very very interested to see what happens, if those poll numbers stay that way the end of this year, beginning of january and beginning of february. ashley: fascinating stuff and by the way, that poll also showed 67% of voters, they don't want president biden to run again, so i guess i'm asking, todd, do you think mr. biden will run again? todd: my guess is no, but simply because they have no bench. if we sit here and try to pontif icate on who is the one that will take over we be stumped because you have names that don't inspire any confidence. you have kamala harris whose star has dropped significantly since taking over as vice president. you also have pete buttigieg who hey, all of a sudden, we heard him on the day that the rail strike appeared to be averted.
where was he during the days leading up to that when you know the transportation secretary should possibly be handling those issues? so i think a big takeaway from this is can democrats sustain joe biden on the ticket in 2024 when their senate picture looks horrible. they have to defend a lot of seats. do they want biden dragging it down, unclear if they want that at this point but whose their bench, ashley? ashley: yeah, that's a very good point. one more for you, todd. governor desantis questioning, by the way, why republicans massively underperformed in the mid-terms. listen to this i'll get your thoughts. >> i don't think it's a question necessarily of being divided as a party. i think it's like okay, how do you run and win majorities and i think what we've done in florida is we've shown that we've exercised leadership, we've not cowtowed, we've been taking on big interest but producing results and that ends up attracting more people to want to be on your team so that is not something that was happening
throughout the rest of the country. ashley: i know -- todd quickly do you agree with the governor? todd: more than 100% right. conservatives want people who stick to their guns and implement policy and get it done ron desantis did that. a lot of republicans running had ideas and complained about a lot of stuff but had no real solutions. desantis did, desantis won. ashley: right. yeah, he was impressive for sure all right, todd, thank you and good news is, you're sticking around for the whole hour. i don't know whether they told you that but you are. now this. the senate has passed a bill to avoid the looming rail strike. give me the details lauren. lauren: all right so they voted 80-15 to give final passage to a bill that would force a labor agreement on the rail unions and head off it would have been a strike right before christmas, so getting this through congress created some strange alliances and disalliances. here is the first one. the pro-labor president biden had to fend off union critics and he was asked why he didn't push harder for additional sick
time for workers so the senate tried but failed to pass that particular measure. and here is the second one. aoc and marco rubio on the same page? the republican senator tweeted, in part, i will not vote to impose a deal that doesn't have the support of the rail workers so aoc retweeted that and she added, glad we're on the same page regarding the sick days. the white house, i'm sorry, the house just sent over what you asked for. the full tentative agreement deal with sick days as supported and demanded by our rail workers can they count on your yes vote for that? no answer from rubio's office but for now strike averted and in a way, back to square one. ashley: all right well that's the good news at least no rail strike in the short-term. lauren and todd thank you for your contributions in that segment for us. check the futures moving lower as you know, because wow, we had a really strong jobs report for november. the dow off 445 points in the
pre-market. all right coming up, the white house communications team, well, seems to control who president biden takes questions from. listen to this. >> okay, whose the next question? got my list here. my turn to call on someone? ashley: not exactly smooth isn't it? we're going to get into that. also apple has been under fire for its air drop feature update that made it harder for protesters in china to share videos. republican congressman jim jordan says it raises grave concerns and jordan just met with the ceo tim cook. he's going to give us an update, next. ♪ ♪
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ashley: there is growing concern over reports that tiktok accounts run by the chinese government are being used to influence political opinions right here in the united states. hillary vaughn is on the story today, and hillary? is this adding more fuel to the push to ban tiktok? reporter: ashley, it is, and forbes reports that these tiktok accounts are being run by the propaganda arm for the chinese government. these accounts have gained millions of followers and tens of millions of views so china is getting what they want. a captive audience to push videos that attack u.s. politicians to drive divisiveness, without clearly disclosing that the people pushing the videos are affiliated with the chinese government. tiktok says they're working on a policy that would fix this problem. a tiktok spokesperson telling us
, "we plan to introduce our state-controlled media policy and corresponding labels global ly next year as part of our continued focus on media literacy, as we previously confirmed the global rollout will include china state media." but tiktok is not the only one in the hot seat over coziness with china. apple ceo tim cook was on capitol hill yesterday meeting with lawmakers, many who voiced their concerns about the ongoing zero-covid protests in the country and reports that apple coordinated with the chinese government to limit air drop access, a key tool for protesters so we tried to get some answers. do you support the chinese people's right to protest? do you have any reaction to the factory workers that were beaten and detained for protesting covid lockdowns? do you regret restricting air drop access that protesters used to evade surveillance from the
chinese government? do you think it's problematic to do business with the communist chinese party when they suppress human rights? reporter: so, ashley, not a lot of answers from tim cook yesterday, ashley. ashley: [laughter] but bravo, hillary, for continuing on down that hallway. he even tried to crossover to avoid you. that's great stuff, and unfortunately, you got nothing out of him but brave effort. hillary, thank you. congressman jim jordan republican from ohio joins me now. congressman, look. you actually had a meeting with apple ceo tim cook. i'm hoping he answered your questions. he certainly wouldn't respond to hillary vaughn. what was his take on china? he does seem to be very cozy with the chinese government. >> well, yeah, ashley. we had a good conversation, but like you and i think so many americans i have real concerns
about chinese influence on corporate, the corporate world. i mean, it's apple. it's nike. it's tiktok, as you pointed out. it's the nba. not to mention, you know, i always remember this too that it wasn't just dr. fauci who gave us all kinds of misinformation about covid. china was the original lier when it came to covid. at's where the thing started for goodness sake so this is something we'll have to get after and get some kind of answers from folks where china has this kind of influence, this kind of control particularly when it comes to tiktok. ashley: did you bring up the fact that it appears apple disabled at least in part its air drop feature which would allow the chinese protesters to exchange, you know, video and everything without varicella zoster answer from the chinese government. did you bring that up to him because that seems to me to be a clear indication he's working with the chinese government. >> yeah, we did talk about that we talked about a number of things. we talked about the app store issue he and elon musk had
talked about. we talked about what looks like a drop in advertising at twitter he indicated that he thinks that's coming back up so again, i thought it was a productive conversation, but this overall concern -- and here is the biggest concern that i have about china. so china is influencing tiktok working with tiktok to get certain information to people in the united states. well our government did the same thing. our government was telling you had the fbi go tell facebook hey , keep the hunter biden story away from the american people. it's russian disinformation literally just days and weeks before the most important election we have, the election for president of the united states, so that is a big concern for me, and this is in my mind how this all kind of connects and why we have to do the investigative work, the oversight work, that we're required to do under our constitutional duty. ashley: all right, we'll get into this issue too, congressman. when the new congress begins, you take over as chair of the
house judiciary committee. are you going to subpoena the former dhs disinformation chief nina jankowicz, and if so, why. >> yeah, we will. i mean, look i don't want to get into it but we have an investigative plan that we think is important to get after. this whole attack on the first amendment, this whole idea that government is telling, you know, private media, telling social media companies what they can and can't put on their network. we think that is wrong, we think that's an attack on the first amendment, and the idea that you had the government setting up a disinformation governance board when in fact the biggest pervero y of disinformation, misinformation,malinformation whatever you want to call it is usually the government. i always point to the covid example. i mean, they told us that it wasn't a lab where it started but it sure looks like it was. it wasn't gain of function research, it sure looks like it was. it wasn't our tax money, the vaccinated couldn't get it or transmit it. yes, on and on and on it went. they were wrong about just everything they told us and yet
they will tell us what's misinformation and disinformation. ashley: so much to talk about. so little time, but we've got a lot in there. congressman jim jordan, thank you so much, sir, for joining us on this friday. >> you bet. ashley: we appreciate it. thank you. let's take a look at these futures, thank you. the markets are reacting to a gong jobs report and that's how it's reacting down more than 1% across-the-board on the major exchanges. guess what? the opening bell, coming up, next. ♪
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is, we got about a dozen of these tech companies now that have done five to 10% workforce reductions. i think you'll see more companies do this , especially, ashley, the covid winners, the companies that had this big surge in demand because it turns out they probably over extrapolated the demand and as we head into softer economic times, you've got kind of this double whammy on their workforce so i think we're going to unfortunately see more of these layoffs. that to me was the big news that doordash this week had to lay off six to 7% and it follows with meta had to do other companies had over built, amazon and google is going to have to lay off people too. ashley: you say uber is still your top pick for rideshare companies. why? what makes them stand out? >> yeah, so now i want to go the other way and i want to, you know, i do want to focus on the companies that have right sized their cost structure. unfortunately, uber had to do this very early on in the covid crisis and so did all of the travel companies so two of my top picks here, you know, you
want defensible business models that have already taken cost out booking did that, bkng and uber, uber, those are the ticker s and uber is the leading mobility play. i think that's a sticky service and not consumer discretionary spend. people need uber to commute, to get to the airport for those friday might restaurant annual outings and so those will, i'm sure, at some level be cut back in a significant recession next year, but mobility as a whole is sort of a stickier, it's not extreme consumer discretionary so they already reached a free cash flow inflection point and it'll start growing. you want to find assets that have already taken costs out and have got some recession resilience. uber falls into that category and inexpensive. >> [opening bell ringing] ashley: we got it in, doordash and uber, mark mahaney thank you very much. we're off and running now last trading day of the week, december 2, and off we run and
it's just red across-the-board. the dow off 354 points right out of the gate, down 1% and as you can see , intel, nike at the bottom but it doesn't matter, they are all selling off at this point. let's take a look at the s&p why don't we and see where that exchange is standing right at the open and there you go down 1 % same story as the dow, the s&p at 4,031. take a look at the nasdaq. this is going to be hit hard. a hot jobs report the theory goes that the fed will continue to be aggressive with rate hikes based on-the-jobs report. that hits growth stocks, a lot of growth stocks in the nasdaq and so on. the nasdaq down one and one- third percent down 158 points and talking of big tech there you have it. down across-the-board. amazon, alphabet, meta, apple and microsoft. microsoft down 1.5%. all right now we've got some companies that reported today believe it or not, before the bell. good morning, susan li. >> good morning to you. ashley: let's start, good morning, let's start with marvel
technology. >> yeah, and as you mentioned, the stronger than expected jobs report, this is when good news is bad and hence i think magnifying a lot of these declines that we saw after some disappointing results so let's start with the chipmaker marvel, missing, but not only missing on earnings, but then they said business isn't going as well as anticipated this year , never a good sign. inventory reductions they say by customers hurting their results, also complaining about the supply chain challenges which means they aren't making and shipping enough of their chips. we have z-scaler by the way second cybersecurity company to issue conservative guidance two days in a row after crowdstrike yesterday. also taking longer they say to close deals in this type of slowing growth environment, four months longer than usual. better in the summer, sure but sales growth not as impressive for the full year, and then finally, a work management aggregation, was started by facebook co-founder, weaker than expected sales forecast in the year and they are blaming of course slowing growth around the
world & companies cutting back on their spending because of possible recession in the next 12 months or so. ashley: right let's check out tesla now. they just delivered their very first electric semi truck. what are people saying? >> no matter what you think of elon musk i have to say the guy is a showman. he gets so much attention and headlines in everything is an event now at tesla, so first tesla semi delivered. three years late, production was supposed to start in 2019. also, supposed to cost $180,000, goes 500 miles on per charge and say a electric motor there. pepsi the first customer, and tesla says it'll produce around 100 of these tesla semis over the next year. plenty of skeptics out there as you can imagine. 500 miles isn't much, especially when you're hauling freight ink across country and looking at 5,000 miles to get it there. also, is it really going to cost $180,000 as we know that model 3 doesn't cost the promised
$30,000. you also have ford this morning just a few minutes ago announcing that they finally made and delivered 2,000 of those electric lightning f-150 pickups so that was positive news but i'll tell you this is that most tesla investors are waiting for some sort of buyback at some point of five to $10 billion. ashley: interesting. susan, thank you very much. want to get back to the jobs report now. the u.s. added 263,000 jobs in november. labor secretary marty walsh joins me now and thank you for doing that, mr. secretary. look, this job report was stronger than expected, but is it enough to counter the layoffs and the hiring freezes that we've seen? >> yeah, i think it is. we're seeing job reports that are being strong every month. we're seeing people going back to work. we're seeing industries fully recovering, manufacturing is more than fully recovered, as that actually added about 750,000 jobs above what was pre-
covid, so we just need to continue to do our job here and continue to set people up with jobs. we are seeing certain sectors slowing down a little bit and hiring, but other sectors are picking up so we saw great in hospitality and retail this month. we saw great gains in that. we saw great gains in education as well. we saw some gains in healthcare. those areas that we haven't seen quite getting gains consistently and it was good to see it in this months report. ashley: we still always have to talk about the participation rate coming in at 62.1%. 10.3 million job openings, about 6 million people unemployed, too many people are just not participating. how do you address that? >> you know, what we have to do is continue to create opportunities for getting people into jobs. there's different reasons why people aren't participating in the workforce, and what we want to do is make sure as they come back into the workforce, if they are looking for better opportunities for themself, and also partnering with businesses in america, what businesses
needs are, we're doing it through workforce development, duing it through spending time talking to companies in america as well to see what they need and making sure that we're doing everything we can to partner businesses up with workers in this country. ashley: we hear a lot about a lack of skilled workers and a call to really clean-up immigration reform. is that an area that you think we should be concentrating on? >> yeah, i think on the skilled area, we definitely have to continue to make the investments in job training, workforce development. everyone agrees on that and i think that that's in partnership with businesses in america to get people skilled up for what the needs of businesses are, and allow people to get into good paying jobs but at the end of the day, and i've said this , i think the biggest threat to our economy is that we don't have a good strong immigration policy. we're so focused, some people are so focused on the southern border and that's really not the issue. the issue of immigration is how do we make sure that companies
and businesses have the opportunity to employ people we've seen a lack of immigration in our country over the last five years and it's something that has to be addressed and hopefully, the next congress will take a good, have a good conversation and address that issue. every business leader in america i speak to, every single one, says to me, it's really important for them, for us, to figure out the immigration issue ashley: last question to you, mr. secretary. it seems we're in an odd situation. the fed is trying to call off the economy, raising the rates, which makes things harder for companies, which makes hiring freezes and job layoffs, you know, part of reality, but we're still seeing wages rise. they are still behind inflation, so in other words, the fed is trying to knock down the labor market in order to get us back on track so to speak. it's a strange world we live in right now. are you concerned going into next year that all of these numbers are going to start to slide because what the fed is
doing? >> no, you know, i feel good as we head into next year. i think that there's an opportunity for us here. we're starting to see signs of a little bit of inflation coming down in some ways. obviously, the president has been focused on that in what he has done in his actions he's taken and what we've done as an administration. i think there's an opportunity for us to bring down, have the interest rates to continue to come down, see wages continue to rise as they have, you know, incrementally, but also, have a good strong jobs economy. i think it's really important for us as we, you know, we're in a very different, this is a very different economic time than past. in the past downturns we've had recessions. there's been a whole host of different reasons and this particular case pretty strong stock market. very strong job growth. you have wages going up, so we have to be very creative here in how we do our other side of the aisle. the fed does their policy and we have our actions on our side. ashley: fascinating stuff.
labor secretary marty walsh, mr. secretary, thank you for joining us this morning, do appreciate it. >> thank you for having me. ashley: thank you. los angeles county could soon mandate indoor masks, but will residents comply and, well, go backwards? we'll get into that. then there's this. christmas is supposed to be the most wonderful time of the year, but gen z parents are trying to take the magical spirit of santa anita way. we'll bring you the in joyous details next. santa tell me if you're really there ♪
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instead of returns for investors gerri willis is on this story today. gerri good morning to you. how are states cracking down on the so-called woke capitalism? gerri: well they are pulling their money back, ash. this backlash to woketopian investing is building florida, announcing plans to divest 2 billion bucks in funds over seen by that financial giant blackrock over environment, social and governance issues that's what esg is called. it's the biggest-such divestment to date. florida is just the latest state to make the decision to buck blackrock, putting the total divestments at over $4 billion. florida cfo jimmy patrona is saying he lost confidence in blackrocks ability to generate returns for his state. watch. >> at the end of the day i need a business partner. i need somebody looking out for the bottom line of the citizens of the state of florida. somebody wants to influence policy they should go run for office, go give money, their money to those charities to influence it, but not use the
taxpayers of floor's money to do this. i need a good return for the next generation of floridians. gerri: we all need a good return , right? but even so, that florida money, a drop in the bucket for blackrock, which manages $8 trillion for that firm, returns on behalf of florida, they say, have been strong. here is a tweet they just put out, fiduciary should always value performance over politics. typically, its been interpreted to mean and by that i mean the fiduciary role, to mean managers chase the best- performing assets regardless of sector, but esg puts social policies first getting to the heart of the debate. is esg a good investment? well, if you look at the numbers it might not be. using an esg strategy, avoided because of climate concerns. had you done that this year though you would have missed out on the only positive performing sector in the s&p 500. guess what? up 63% compared to the s&p which
was down 15%. guys? ashley: very interesting. gerri thank you very much. gerri: you're welcome. ashley: you missed out big time on that oil, no doubt, gerri, thank you. want to get to this issue now. well, the newly-reinstalled ceo of disney, bob iger, says he's aiming to quiet things down on the political front for the company. basically, he wants neutrality in the culture war. seth dillon joins me now. he's the ceo of the babylon bee. seth, i guess, can iger successfully unwoke disney? >> i don't know if it's the goal to unwoke disney. i think the goal here is probably to make changes that aren't maybe so dramatic and in your face and noticeable that everybody is going to object and get really loud about it and create a bunch of controversy he has to deal with publicly so i think the left which drives companies like disney and media
and culture is not retreating. i think they are noticing that people are just objecting so strongly they have to scale it back a little bit. make more incremental changes that might go unnoticed or un detected. ashley: yeah, but i think it did some damage. there was a lot of outrage over their fight with the state of florida over the so-called don't say gay bill. people are saying they were going to boycott the park and so on, but i always come back to the fact that disney is a powerhouse and i would imagine that was just a small blip, correct? >> they make such great content , most of the time, i think that they are going to continue to be very successful, obviously. but they do, you know, bob was saying that they want to stay out of politics and that this isn't political what they are doing. they opposed desantis' bill that he passed. desantis is trying to fight woke ness and disney got involved in that fight and objected to that bill publicly, so they did step into politics a little bit. now i think they regret it
because they did get backlash from that, but you know, politic s is downstream of culture and they are trying to effect the culture with their content. they are pushing an agenda with their content. they have every right to do that and people have every right to object to it when it's too in your face and they find it objectionable, so they are going to have to be a little bit more careful about how they do it. maybe they will be a little bit more strategic. i think this gradualism, this kind of incremental change is something that they are going to go to, not just abandoning wokeness altogether. i don't see them abandoning woke ness. ashley: interesting stuff to follow, for sure. seth, thank you so much for joining us. do appreciate it. talking about disney and woke ness. all right, the next story -- >> thank you. ashley: this one is for todd. some members of gen z are now old enough to be parents, believe it or not, and they have a new approach to christmas what are they doing? todd: first of all it's wrong. some gen z parents are canceling santa because of the trauma, the jolly guy in the red suit causes and by jolly guy in red suit no i'm not talking about charles payne.
one mother commented, i don't want to scare my children into thinking they have to behave a certain way or that they were more naughty or nice than another child, based on christmas gifts. many gen z parents said they don't want to instill the fear of santa as an all-knowing judging figure that will punish you. they would rather choose what's becoming more popular known as gentle parenting. this is when parents try and raise kids by promoting kindness and respect rather than by threats. two comments here, ashley. one, you're 24 years old. you don't have all the answers. lauren simonetti and i have been in the trenches and grown up with life experiences. don't tell us how you're changing the game. we're allowed to do that. we're gen x and millennial i think? it's our turn. lauren: x. todd: second, i don't know how you grew up. i grew up in an italian house local. there was nothing called gentle parenting. there was something called a wooden spoon. lauren: or soap in the mouth. ashley: i mean, come on. don't touch santa.
we've been told we have to go but you made your points very good, todd. you two have been in the trenches. great stuff. coming up, don't forget to send in your friday feedback. that's important. you can e-mail your questions, comments and critiques to "varney"firstname.lastname@example.org. questions remain over how the disgraced crypto cover boy sam bankman-fried got the money to fund his personal thiefdom. we're looking into the questions over whether corporate cash, where it went and could it be confiscated? where is it? right after this. ♪ ♪
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even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. ashley: major questions remain over how sam bankman-fried got the money to fund his personal thiefdom. kelly o'grady has been digging into this story all week, and kelly, are we confident the investigators will be able to kind of piece together where every single dollar was spent? reporter: well, ashley, we aren't, and there are a number of reasons why. so imagine being asked to put together a jigsaw puzzle with
some piece missing, and you don't even have a picture of what you're building. that's exactly what investigator s are having to do right now. they are attempting reconstruct what assets were originally there, and what's missing now. so we know from court filings there was little-to-no record keeping so that makes this process extremely complicated, made even moreso by the nature of crypto. then they will follow the money. so i talked to the lead forensic accounting witness in the madoff 5 case and he shared investigators will use phone record, text messages, the blockchain ledger, you name it to determine what assets went where and who moved them so sam bankman-fried is accused of fraud, lending customer assets to alameda research, a simple e-mail or a signed document could incriminate him and he actually spoke at a twitter spaces event last night and he indicated that there were numerous communications exchanged with carolyn ellison during the days things were falling apart so certainly investigators will go after that. now this process will also reveal where he got the money to finance what lawyers call his "
personal thiefdom" and you can see a number of questionable purchases there 38 million in mid-term donations, 300 million in real estate. sbf is claiming a number of the expenses were for company use or funded by "profits" and if investigators can prove company profits were used, everything can be seized. >> but if you follow the dollars in, whether they come into the company and then go out to sam bankman-fried personally or some of his employees, all of that money will be deemed, in most circumstances, to be corporate money, and will be brought back in bankruptcy. if money was used to make political contributions. reporter: they clawed back everything in the madoff case both european homes and that took years, ashley so we could be waiting a long time. ashley: i think we could. great stuff, kelly. thank you very much. i also want to thank todd piro for hanging out with us for the hour. todd: my pleasure. ashley: still ahead on the show tammy bruce, georgia congressman
buddy carter, arizona congressman andy biggs, and the great pete hegseth. the 10 a.m. hour of "varney" & company is next. ♪ .. what if there was a community of like minded people ready to support you when you need it most? christian health care ministries is an organization with over 40 years of trusted care who understands the importance of family. a group that sees you for who you are,