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tv   Cavuto Coast to Coast  FOX Business  December 30, 2022 1:00pm-2:00pm EST

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>> trying to jumpstart
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something as we get started on the last trading day of the year. all 3 indices in the red investors are eager to close up there on a turbulent 2,022. to get into a 2,023 rally, let's get this started right and get into it with our market watchers, aaron debs and dan guilt rude. this was a terrible year for stocks. what are you seeing for 2023? >> a couple positives here, one, because it has been such a bad year, valuations and all those expensive stocks have come down so there is potentially a lot less routed to fall because it is coming outta more normalized price for stocks. another piece of news is generally, it is rare for the s&p to be down this much, and 20%, it will be one of the fifth worst years of the s&p
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since they started, 75% of the time after a down year the market is up the following year with average return of 20% up. if we follow by statistics which never happens, it should be a very good year for next year and it is very rare, for the s&p to have multiple years of losses. edward: the federal reserve led markets in 2022, they are broadcasting more rate hikes. are we going back to the earnings? >> i think the fed will have a significant impact. over the past year meeting in 2022, the fed hikes rates 7 times, we were at a 40 year hyperinflation. we are seeing inflation start
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to recede, they talk about backing off, backing off a little bit related to interest rate hikes. we have congress on the other hand, are we going to end up in a situation where foot on the gas from congress, put on the break from the fed and by doing that, we get nowhere. the fed comes first and after that it goes back to earnings. edward: are you keeping up sidelines for that, what signs are you looking for at the bottom? >> when you are looking at next year and forecasting much like
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dan was talking about, for the first half of the year we expect earnings to contract, to be less than the prior year and to ramp up in the second half of the year. very moderated. a lot of hesitancy, they pick up and have a more positive outlook in the second half. if we are going to get that turnaround, it could be quite big, prices are pretty cheap already. it will be in the second or third quarter, we have a lot of negative news to pull-through but ready to turn at any moment. edward: what sectors do you see in may or june? >> i don't believe in trying to time the market. no one can do it effectively, sometimes you get lucky but i look at the market this way. right now you have a lot of
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good purchases out there, the value in big tech has come down significantly. if you liked big tech before you are going to get it at a super discount. why not take advantage of that? it's about the long-term view. if you liked the company before they keep buying it. as far as what i see as a real positive in 2023 i like what is going on in the energy sector and utilities as well. they had a tremendous year in 2,022 in both sectors and i anticipate that will continue through 2023. edward: we have 15 seconds. what is your market resolution for 2023? >> for me it is about picking the right industries. i'm looking at entertainment, resorts, airlines. people are still willing to spend even if inflation is hitting them.
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edward: dan, what is your market resolution for 2023? >> first resolution, lose weight. second resolution, i want to be where the dividends are. edward: you kept at 15 seconds, appreciate the conversation. hopefully we can make some money in the next year. president biden will enjoy a few more days in the sun before heading back to washington and a divided congress. republicans take control of the house on tuesday and are wasting no time lining up several investigations. jackie heinrich is in st. croix with how the white house is responding to the gop. >> reporter: the way the white house sees it, republicans have no real oversight authority until they officially take the majority. any demands they made in the last congress will have to start over, in the way the white house counsel sees it,
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congress did not delegate individual members of congress who are not the chairman with any oversight authority. a spokesman for the white house is telling fox they intend to work in good faith with republicans in congress but, quote, unfortunately, political stunts like subpoena threats from the minority suggest house publicans might be spending more time about how to get booked on hannity than working together to help the american people. that is what the white house says. republicans see it a very different way. >> we are trying to do our jobs in the biden admin a station sent a signal loud and clear we will do everything in our ability to prevent and block your. >> reporter: white house -- the house judiciary committee is claiming the white house leaked this story to political and afterward notified numbers of congress requesting this
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information all the while claiming they are working in good faith. we had a soundbite but i guess it is not popping up. the white house does appear to be poised to fulfill these requests eventually, but it looks like they are not going to be making it easy on anybody in the process. edward: what is your resolution for 2023? >> reporter: more sleep. edward: i think we can all relate to that. i appreciate it, you travel a lot. let's ring in the new year, carol, have voters given the democrats a pass here? polls say people are upset about the direction of the country, the economy and inflation yet democrats have voted back into office to keep the senate so what is going on
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here? >> reporter: republicans should see it as a sort of a win, they did when the house back, i don't think that's nothing. many problems happened during the election including candidate quality, funding the wrong candidates, supporting the wrong candidates all across the board. republicans had some bright spot in this last election and they should proceed as if they had one, which they did, the house, and have some hearings absolutely. edward: how short our voters memories? do democrats have a chance now to turn some of these poll numbers around? what is going to happen in 2023 and beyond? >> democrats have a great opportunity to turn pullovers around but president biden vacationing in st. croix as so many americans continue to hurt continue to suffer with inflation numbers being what they aren't having issues like not being able to find baby formula and the president not addressing that
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at all, children's medicine supplies, the president is away on a tropical island, it does seem he doesn't care about what is happening with the average american. democrats have an opportunity to care about americans, not so sure they are heading in that direction in 2023. edward: the president signed into law spending 5. $8 trillion over his presidency so far, the green new deal package was $7 trillion. all democrats see is break up the spending they wanted, they got it passed, they succeeded in their agenda. >> yes, so many republicans the joint them should be held responsible alongside them because this spending plan is a boondoggle. it will hurt the average american and continue to inflate our inflation numbers and make everything more expensive for everybody. the idea of the biden administration is handing out cash to their supporters throughout this administration
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is a real problem and i hope the republicans hold them accountable. i hope republicans act on so many things they promised to act on and hope they take advantage of the fact they have the house and fights and battles now. edward: we heard about this utopia once the green new deal had passed, got most of the spending past, are you seeing the green utopia in the next year, 2023? >> i don't think president biden paddled over to st. croix, he flew on a private plane. the green new deal is just a scam, honestly, to get more money to their supporters, has nothing to do with the environment or helping the environment. you see the biggest environmentalists are still living are very lavish environmentally unfriendly lifestyle. until that changes, consider all their policies to be mostly a joke. edward: the cofounder of home
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depot said i'm worried about capitalism. capitalism is the basis of home depot and millions have earned this success and have success, manufacturers, distributors, people who work for us, able to enrich themselves by the journey of home depot, that is the success, that is capitalism. nobody works, nobody gives a damn, give it to me, send me money, i'm too lazy, too fat, too stupid, his words, not mine, but what do you think about that? >> what he has done is incredible. capitalism is in danger. we don't appreciate how amazing the system is. not a day goes by, not proud to be an american, not grateful to be an american and part of that is the american dream based in capitalism and we should be honest about that and not pretend it is not about
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capitalism, it is. i think we should pass that on, to fight for that system. something we should let fly because college students decided symbolism is in, we should fight florida. edward: are you staying in florida for 2,023? >> yes, staying in florida indefinitely. edward: vladimir putin and xi jinping, their cozy relationship makes gordon chang concerned and he tells you why everyone needs to pay attention. i'd like to thank our sponsor liberty mutual. they customize your car insurance,
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"barron's roundtable" ukraine being hit by overnight drone attacks after yesterday's bombardment. nate foy joins us from kiev, ukraine. this seems to be unrelenting. >> it certainly is. just hours after yesterday's mass missile strike, the eighth since october, in the early morning hours ukraine says
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russia launched 16 drones including 7 at the capital in kyiv. look at this video, ukraine says it shot down everything a one of those drones in this follow-up attack, thankfully nobody was hurt. unlike yesterday's deadly missile strike that killed four people and knocked out power for millions, 69 cruise missiles involved in that attack yesterday. president vladimir putin met virtually with chinese president xi jinping. neither of them mentioned ukraine directly but president xi described the global situation as, quote, difficult. the two agreed to build up strategic cooperation between the two countries moving forward but putin said this. >> translator: a special pl. in russian and chinese cooperation in our relations taken by military cooperation. the importance of the russian chinese strategic strategy is a factor that is growing.
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>> reporter: as we lost nate foy in kiev, ukraine. we hope you are okay and get the shot back but let's move on, vladimir putin says he expects china, xi jinping to visit in the spring and boost military cooperation, something nate alluded to, coming collapse of china and the us tech war, great us china tech war arthur gordon chang joined me now. why should we be concerned about the meeting today in a face-to-face meeting and this continued relationship? >> over the course of 3 decades we've seen china and russia move so close together and they are working hand in glove, there are military exercises, they are practicing interoperability which means they fight together but in the broader sense there is a new
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axis between china and russia at its core, it has iran, north korea and this means the world is dividing into two. looks like a new version of the cold war. on the other side, both china and russia are close to each other. going to moscow in the spring, that will be their 40th in person chat. edward: nate foy is okay, it was a technical issue with the satellites. china is union card, moved into russia to help transactions with recent -- mastercard pulled out. when will president biden stand up to china and say cut it out? >> reporter: i would like to think he would have done that a long time ago which he should have but he hasn't. because of that china will continue to effectively finance russia's war effort. the chinese are making their
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financial system available to russian institutions that have been sanctions. chinese diplomats have been put in service at the kremlin. as important from beijing's perspective, chinese central government and chinese party propaganda outlets have gone full in on disseminating russian disinformation. china has supplied military information and assistance to russia and president biden has given a lot of warnings but hasn't done anything. the united states is feeble and not going to step in. edward: do you think to end the invasion of ukraine the united states puts more pressure on china? >> absolutely. we have a lot of reasons to do that. the ukraine war is only one of them. when the president of the united states issues a warning, he has to back it up. this is not just russia and china and ukraine, this is everywhere and biden has failed to do that in a number of instances. bad guys think they can do what they want with impunity.
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edward: we saw a chinese military jet can within 18 feet, china continues to steal technology from the us, why does the president refused to take a hard line when it comes to china? >> he wants china's cooperation on issues that are more important like climate change. because biden has stuck in the engagement mentality that has governed us/china relations for a long time and biden, has failed to pivot away from it even though it is clear it hasn't been working. people talk about hunter biden, but there are a lot, whatever the reason is, biden is staying with policies that have not worked and have caused disastrous results for the united states for decades and therefore we are in trouble because we are not defending ourselves from chinese malicious actions.
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edward: does china need russia as much as russia needs china? >> yes it does. even though china looks to be the stronger state, china is in real trouble now. it needs russia to destabilize the international community because that gives biden an incentive to go to china to try to get china's cooperation and china drives concessions. the chinese did this for decades on north korea until trump stopped doing that. clearly the chinese just said okay, we will stop doing that but we will do it on ukraine. we are just not learning. edward: appreciate it always. insightful when you come in and we will have you back, appreciate it. pete buttigieg under fire and met the southwest airlines meltdown even with some democrats calling out the transportation secretary, we will have more after this. ♪
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♪ ♪ acoustic soul music throughout ♪ ♪ acoustic soul music throughout ♪ ♪ acoustic soul music throughout ♪
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edward: it has been a week since the start of the southwest airlines mess. some travelers are still stranded with no access to their luggage. >> reporte e heard some curious stories about travelers, sometimes passengers were not able to reach their final destinations, or other times their bags ended up in cities the passengers had no plans to travel to so now continues the process, southwest returning to a full schedule, trying to reunite travelers with that missing luggage.
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department of that transportation said that locating luggage one of the top priorities but they require compensation of $3,800 and there seems to be a there. the department is also promising there will be fines if the fails to reimburse travelers for meals and ground transportation or offer refunds for canceled flights. secretary pete buttigieg of the department of transportation writing, quote, no amount of financial compensation can fully make up for passengers who missed moments with their families but they can never get back and continuing, that is why it is so could offer southwest to begin by reimbursing passengers, those costs in dollars and cents. there are lawmakers, that were criticizing pete buttigieg for his response including ro k khanna who said bernie sanders
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and i called for buttigieg to implement fines on airlines are canceling flights. this mess with southwest could have been avoided. southwest says it has resumed full operations, showing 41 cancellations, 43 cancellations at the moment, drastic improvement for 2500 cancellations, executives promised to include airline operations but that will likely take years. in the short-term what we are looking at, those are expected to take a hit. executive's wouldn't venture a guess as to how much of a hit the third quarter might take but last time southwest had a mass of cancellations in october 2021 they canceled 1800 flights in one weekend.
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that cost the airline $75 million. this time, closer to 15,000 flights, 8 times, we will see how much this costs southwest. edward: the fourth quarter will really take a hit. we will be following this until it is sorted out. the left is calling out pete buttigieg over the southwest airlines fiasco as southwest says normal services are returning today. joining the is the washington examiner editor-in-chief hugo ge gerdin, what kind of hit is this to pete buttigieg? it took him several days to get in front of this? >> this will be in a normative hit to buttigieg. he was a presidential candidate. there's been a string of incidents in which he has proven himself incompetent.
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remember he took two months of paternity leave at the height of the supply chain problems and went awol. he's an ineffective transportation secretary, very ineffective presidential candidate, ineffective mayor before that. i think this southwest problem, the transportation problem and the airline problem of the last week or more is something that has been experienced by so many people flying or expecting relatives, pete buttigieg is incompetent, is not widely known, this does enormous damage to his hopes of national office. edward: we had a flight issue in july, it was a nightmare for travelers and staffing shortages and it, september 8th the transportation secretary did an interview that everything will be fine for the holiday.
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how come there was no pro action and we see this reaction? >> it was -- it is true, six airlines were find a small amount of money, $7 million though they were ordered to pay $600 million of reimbursement but only one was a domestic carrier. i think it was frontier. department of transportation tried to look like it is making things better by these kinds of action but not doing what makes things better but i want to stress that the left, bernie sanders had just written, they suggest and want people to think government can simply fix this by imposing fines and that sort of thing. southwest completely screwed up, they receive $7 billion
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with $1 billion bailout. the truth is americans purchase airline tickets for the price. what all these people stranded all over the country in the last several days have been doing, they are paying for the fact that everybody buys cheap, they don't by convenient or easy reimbursement, airlines operating on very narrow margins despite everybody thinking prices are high, margins are very narrow. to some extent, what we got is the price of that. edward: have we learned a lesson here? >> we probably learned a lesson. i think the airline southwest is ready for the scrapheap. others will make sure their computer systems are better
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than this but we've not learned to the extent that we will change a whole culture from airline travel almost like bus travel, we do it all the time and inexpensively. i don't think this will change. there will be more screwups. edward: thank you, have a good 2023. home sales fall for the 10th straight month but can lower prices lure buyers back in the new year, the top househunting tips coming up next. ♪ ♪ i see your true colors shining through ♪ i see you are true colors ♪ don't be afraid to let them show
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edward: america seeing their 401(k) balances plunge because we are coast to coast.
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finance professor at the university of san diego joins the now. my wife graduated from that school. is this -- it's not a good time to retire, is it? >> i think she was in one of my classes and -- i can say it. thanks for having me. your dream of that early exit may be delayed thanks to the stock market and bond markets this year, 23% down on average, a lot of workers are rethinking their retirement plans. edward: you saw 401(k)s plunge, what do you tell people counting on those investments right now? >> you will work longer. the message here is if you are planning to bail now or next year, if you're close to retirement chances are that retirement dream has been delayed at least a little bit.
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the first thing is be realistic and understand, the markets give, the markets take and this year they talk largely because of the fed action. you're going to be delayed and you've got to revise your plan, bump your 401(k) contributions next year, got to get back on track. edward: market experts tell us the first half of 2023 will see this marked decline. you alluded to this but starting today, how should people prepare for next year with their 401(k)? >> great question. if you are a younger worker, throw money into risk assets, into your stock assets. if you've got 20, 30 years to go, a long time to go, pile onto those risk assets. you won't remember what happened in the next 3 months no matter how good or bad it may be. if you're closer to retirement, you will delay that retirement and key action is to boost that
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you can, your contributions into your 401(k). don't abandon stocks completely. review the portfolio and make sure it is working for you, relatively safely, as you approach hopefully retirement. edward: people look at the market down 287 points shouldn't be concerned because you are taking a long-term view? >> if you are a younger worker, forget what is happening today. investors think in terms of decades, traders have the attention span of gnats. you want to think in terms of years and decades especially younger workers, you older workers, lesson learned, never take on too much risk in your portfolio. edward: for those getting their first job or a few years into it, stocks are lower now, you do recommend putting a little bit more if they have the room forward into a 401(k)? >> absolutely. it is likely after christmas
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sale at macy's, pile in, 25-year-old worker starting your career absolutely, load up on those risk assets now, assume you are not going to touch that money for several decades. neil: edward: how would you advise people to balance budgets with higher inflation and declining investments continuing to see the market go down to midyear? >> that's the key. the price of slurpys is gone up dramatically, it needs a couple things. you've got to redo your budget, look at things like subscriptions, the average consumer spends $220 a month on subscriptions. do you need 15 streaming services? probably not. let's comb through the budget nancy what room we can make. as i said, we delay retirement, maybe a phased retirement which i'm a big fan of where you don't pull the plug at once but easier way into it so there are several strategies older workers can do today to help ensure their tomorrow.
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edward: we are seeing consumers make decisions about do i need these streaming services, do i need who burritos so much? professor, thank you, appreciate it, thank you for your time. >> thanks for having me. edward: for the tenth consecutive month home sales are taking a dip. what will get homebuyers back into the buying mood? founder and president suzanne miller is here. we are seeing home sales fall. i'm still hearing stories of sellers who want to keep the prices higher because they are holding onto the pre-pandemic level. kind of at a stalemate here where the buyers are waiting until sellers get the message, right? >> exactly, nice to be here, you' re exactly right, we are in a stalemate but it will level off and the sellers are going to adjust to the new reality. edward: our producer, tom, is looking for a new home and he's younger than me. what would you be advising
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people like him about thinking about buying a home right now? >> this is a good time to jump in because if you want to live where you have your best investment, residential real estate is something that over the years whatever you purchase over the last 50 years will have done well. edward: if the price falls into that comfortable range where a buyer wants to jump in they are looking at the rising cost of borrowing money. freddie mac says the average for a 30 year fixed mortgage is 6.42%. should that be a deterrent as the federal reserve is forecasting more rate hikes or should they jump in and look to refinance 2,024 so they shouldn't be scared away. >> if you look at freddie mac over the next 50 years, it was 7. 8%. i don't think it is the mortgage rates affecting homebuyers, particularly the first homebuyers. it is the uncertainty in the market so that is why people have been renting, they've been
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renting going to fixable homes like temporary homes, short-term housing has done fantastical rentals on the rise and we are going to see with inflation's carving and the interest rates pretty much leveling out, buyers will jump back in. neil: edward: in the second quarter. could that push it to your point, is that going to push people to make that jump into a home who might not have done it otherwise. >> it is about certainty and it is because we see the hybrid work model is staying, people need to be where they were, people, they pay these kind of rents. in new york city the average 1-bedroom is $95,000, people say i might as well by.
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edward: in many other parts of the country, this is a long-term gain when you buy a home. >> also watching closely the dollar, trending down. what happens is that international buyers will jump back into the market and we are getting calls at state properties from our international buyers, they want to know if it is a good time to jump in. second quarter, it picked me back up. edward: i appreciate your help, thank you for coming in and laying this out for us. coming up, gas prices are higher for third straight day. what will 2003 look like? we will tell you. a must in your medicine cabinet! less sick days!
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tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. edward: between the war in ukraine, oil has been a volatile year. what is in store next year?
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where are oil prices going in 2023? >> looking for oil prices to go up. nearly a lock -- edward: wow. what does that do to the price of gas? >> that would push the price of gas around the third or dollar, a dollar to $1.40 per country. we've taken 200 million barrels out of the strategic petroleum reserve. we've got to refill that. chinese demand, 2 million barrels a day and when you lay on the fact that russia's supplies will drop next year because of what is happening with their production, assuming opec doesn't get involved, they will support higher prices. this is a recipe for oil price
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to go up in q1 and q2 of 2023. edward: they are getting out of the market so naturally we might see the price of gas inch backup as the artificial supply is coming off the market. >> us consumers competing with the federal government, they plan to purchase 2 million barrels, that will put a floor under oil and the macro story of worrying about demand, oil will decouple from that and it is a supply problem, growth in the economy not being shut down but it will make it and wobble in the us and european economy. edward: gas prices are what spiked inflation in the first
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place back when president biden came to office. are you concerned about the ripple effect to inflation? >> what the fed is trying to do is even harder. i don't think the economy can take more. frankly, take more rise in interest rate. we are headed for higher oil prices in 2,023 the, the fed and interest rates reactor that. edward: at what point does the administration encourage investment in fossil fuels and change some of the regulations or has that ship sailed and no matter what happens in the market there's going to be no change in this administration? >> if you are waiting for that we could be waiting a long time and more for the 2024 question. the administration is putting out policies that are green friendly and against the fossil fuel industry, if we can't
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invest in infrastructure, if we can't for act on federal land, if they ban the offshore lease sales, all these are recipes that make energy harder to come by and make middle-class consumers have to pay more. the price of oil is 40% of the costs of your plane ticket. 5% of the cost of what you buy from amazon, the transportation cost, it affects everybody in the biden administration talks about supply and they ask saudi arabia and venezuela, to texas. it's a head scratcher. edward: in our last 30 seconds, the keystone pipeline if you look at the timeline would have been finished now or very shortly. what would that have done with the situation? >> would've lowered her invitation costs, we could get
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more supply from canada and would have brought prices down. the biden administration makes oil policy, they put the consumer last and drag energy costs up for the average american, it is not good for the economy. edward: a quick market check, home depot, disney, microsoft and gm dragging down the dow on this last trading day of the year. we have more coast-to-coast after this. ♪
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2022 and i want to take a moment to thank the crew and the producers working extremely hard and this week with me neil filling in -- filling in for neil and director dave following me through this today and natalie, tom, jenna, zack, kevin, cara, e he'll meal la, sophie -- amelia, cara, sofia and they'll get through the next creek. now we get to lauren simonetti. what's your resolution? lauren: i never makem


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