tv Cavuto Coast to Coast FOX Business January 13, 2023 12:00pm-1:00pm EST
>> okay, the capital of which country? ashley, you're first. ashley: i'm not sure, number one. stuart: laos? no. >> i'm going to go with four, honduras. stuart: again, wrong. dominica. not the dominican are republic, dominica. haiti, can't remember the other one, honduras. here we go. thanks to everybody. neil, it's yours. neil: you've been doing capitals of countries for days in a row now. yeah. and i noticed that you said something, and i was shocked
that you've not broken bread with people on the set, i guess more specifically ashley. stuart: yes. neil: that's kind of like johnny carson and ed mcmahon, remember that? everyone was surprised and thought, well, johnny was just not a very social or nice -- stuart: i'm not a sociable, i'm a nice guy, but i go to bed at 7:00 at night, and i get up at 2:30, 2:45. neil: well, i'm going to cancel our reservation right now, but i'm going to call ashley if he's available. all right, that's wild. i learn something new every day, stuart. thank you very much. stuart: see you later. of. neil: just digesting all of that. the dinner thing, the food thing. welcome, everybody, a lot of hot action today. the dow sprinting ahead about 9 points right now. it's been an incredible week though. we are, you know, this year is off to a good start. a lot of people buying that whole january effect thing and so far so good if we can maintain that.
of course, bank earnings are out. connell mcshane here, joining us at what we call the one touch. >> reporter: that's right. all touch at once -- neil: exactly. and then it breaks down -- >> reporter: and you never mow what's going to happen. better than expected bank earnings were kind of a theme of the morning, but setting aside more money to coffer hair loan losses. -- cover their loan losses. let's start with bank of america and go through the numbers. the profit topped estimates, revenue was strong. net interest income was up because bank of america and these other banks are raising -- making more money if the fed raises rates. the stock has been up and down throughout the day. right now we're catching some of them at a good moment, up by 25 cent, but earlier in the day it was the slower -- lower on the initial take on the news. the ceo, brian moynihan, said consumer spending growth is slowing, but then you look at the results, and the bank's consumer unit was actually a key driver of profit. trading also did well, the trading division, and it helped
to offset losses that we saw in investment banking really across the board. that was the theme today. jpmorgan, same deal. topping estimates with its profit last quarter, trading unit helped to drive this. you look at the revenue figure, it was below estimates, one of the things that people -- the revenue figure was above estimates, 35.6, one of the things people are looking at here as you go forward though is what's going to happen in the future. the stock initially traded lower on the news with concern about the outlook. the bank, after all, is setting aside $1.4 billion anticipating a recession. a mild one, but a recession nonetheless. but here early in the trading session the red turned to green, and jpmorgan having a pretty good day, up by 1.5%. now, jamie dimon was basically saying what he's been saying in a lot of interviews, the that consumers are still out there. they're spending their kind of excess cash, but he also had a whole there's of uncertainties that he went through, everything
from the war in ukraine to federal reserve. again, a mixed bag. outside of finance today, delta airlines with first quarter profit falls short of estimates largely because of the labor costs at delta and these other airlines. they really had to pay up, pay a lot more than they would like, i would think, to both attract and then retain pilots and crews. so that's hurting the bottom line. let's check the stock which has been down throughout the day and is still lower by 4%. neil? neil: all right, yeah. i think the average airline pilot increase has been around 30, 35%. >> reporter: they have to. neil: so that gets passed along to us, but we'll see. connell, thank you very much for that, connell mcshane following those developments. in the meantime, peter doocy and the documents. it sounds like the name of a band -- [laughter] but it's actually a crisis that's growing here and, peter, we don't know where this whole band is going, do we? i know the president's returning home to wilmington weekend. it's going to get a little more
scrutiny than it has in the past. >> reporter: going home this weekend, a potential federal crime scene would be part of his house there. he does plan to return though. and there is a lot that we don't know, but somebody on the biden team did know about multiple locations that classified information was being mishandled. and even though they know that -- knew that, they sent the president out on tuesday to talk about one location, one box here in washington d.c. we know that that happened because merrick garland and the date that he laid out basically told us. still, though, white house officials insist they're doing everything right. what is the white house trying to hide? >> nothing. >> reporter: someone gave the president a statement to read on tuesday that was the incomplete at best, misleading at worst. who? if. >> so i have realize out the president's statement -- read
out, i read it out yesterday and what he said. he said that he respects or he takes classified information and documents very seriously. >> reporter: the word from the president's lawyer now is we are confident that a thorough review will show that these documents were inadvertentlyd promptly upn discovery of this mistake. so they admit it was a mistake at best, but least one democrat in congress thinks that classified material may have been planted on the then-vice president. >> i'm suspicious of the timing of it. i'm also aware of the fact that things can be planted on people. places and things can be planted. things can be planted in places and then discovered conveniently. that may be what has occurred here. i'm not ruling that out. but i don't -- i'm open in terms of the investigation, needs to
be investigated. >> reporter: and for the record, nobody here at the white house is suggesting that these documents may have been planted. they admit that there was a mistake. the special counsel will determine what else may have or may have if not happened. the president is meeting with japanese prime minister in the oval office right now. there were some reporters shouting questions about, the president ignored them. neil in. neil: peter, on to the president, of course, he was very critical of donald trump and the whole document fiasco with him, so it does beg the question whether he was just unaware that he had this. i don't know that that's better or worse though, that he was unaware of these documents, but i just throw that out there. your thoughts. >> reporter: it's entirely possible. and again, to your point, is that better or worse? but we've heard some legal experts saying, well, it's going to be tough to charge biden if there was no bad intent. we just don't know who has talked to the president about this. so the counsel here at the white house says it was inadvertent and it was a mistake. did he tell the counsel that it
was inadvertent or a mistake? we just don't know where they are getting this. are they -- is it one of those things like you hear a criminal defense attorney you never ask your client if they actually did it? we don't know yet. but i would expect a lot more questions about this at the briefing today. like, probably all the questions, neil. [laughter] neil: probably all the questions is right. thank you, peter, very much. peter doocy at the white house. andrew mccarthy with us, national review institute senior fellow, so much more, a brilliant legal mind. andrew, maybe you can help me with, i know it gets to be the old nix if sewn january thing, but -- nixonian thing, but more disturbing could be did the president know anything, and if he didn't, then should that be the bigger concern here because it then brings the possibility of other folks who took advantage of either his name or his status is to secret documents out of the white house or the vice president's mansion,
wherever he got them from? your thoughts. >> yeah. well, the documents didn't walk into his personal spaces by themselves, right? they had to get there somehow. the common figure -- he's the common figure. and they're not accusing anyone at the moment, neil, of, you know, either planting them or being the one who moved them in a way that now makes it look like president biden did. what they've come out basically and said, this was an inadvertently misplaced. the problem i think they have, as peter just laid out what the white house is saying on behalf of the president, is that inadvertently misplaced is not a defense to a charge of mishandling classified information. unlike other crimes where you have to prove that a person willfully violated the law, the situation with classified information is different. people in the government who are trusted, who are authorized to have classified information, get
that privileged access only on the basis of making a commitment that they will safeguard the materials. so if hay fail to do that and the statute says if they're grossly negligent in doing that, they're liable even if they didn't intend to harm the country. so that's the problem he has. neil: i'm wondering too, you know, a lot of the prime ministers and vice presidents -- presidents and vice presidents will borrow documents for either their memoirs or a book with the understanding they'll return them. now -- >> right. neil: -- i don't know if in this case the national archives is the entity that that you check with to get these documents and promise to return. i know it clearly doesn't run like a library where you have an obligation to return the book. but something goes very wrong here because in none of these instances in the biden document case, the trump document case, i could go back to the petraeus document case and even in the, you know,. sandy berger, you know, hiding
some in his sock, i think, at the time, the national archives wasn't the one that discovered these missing documents. and they're the repository for all of this. that's what's disturbing. >> yeah, that's right, neil. and, you know, to the extent they're not the repository for categories of classified information, that's held by the intelligence agencies under very secure conditions. and even, you know, current presidents and top officials of the government, hair security -- their security clearances give them access to this information, but they're still to bligeed to hold it and safeguard it -- obliged to hold it and safeguard it in the man the law requires. even presidents they have a situation room in the white house because he was to have a secure place to discuss classified things. and other people who get to handle classified information in the government have to handle it in places that the government east is in charge of -- either is in charge of, you know,
actual government facilities, or they're places that the government has set up in someone's home that are secured for these purposes. you can't just, you know, walk around with them or even lock them in your corvette. neil: so just to understand, andrew, taking classified documents out of the white house all the way up to you being a president, you can't do. it's against the law, right? >> yeah. you have to main take the documents -- maintain the documents the way the law requires that they be maintained, and that's in an authorized place. what the statute talks about and what the attorney general talked about yesterday was that these places where these documents were located were unauthorized locations. neil: so i don't know what power a vice president has. remember, these are documents 2017, joe biden has already stepped out of office, so he has no power anymore even as a sitting vice president. i don't know if any power's afforded a sitting vice president. donald trump anticipates saying he was declassifying classified
materials because he could, because he was president. that that assumes that at the time he was taking them he was still president. we still don't know that. but the bottom line is you just can't do this stuff no matter whether you're a sitting president or not, right? >> yeah. neil, when the vice president is actually serving as vice president, he has authority to classify things, and he has the authority to declassify only those things which he has classified. only the president has the authority to declassify anything he chooses to no matter what agency it comes from. but a vice president who's out of office has no authority either to classify or declassify. neil: but to clarify here, a president out of office doesn't have that authority either. >> also correct, yes. neil: got it. all right. i think i summed up my vast legal series of questions, andrew, so thank you for that. but, man, oh, man, this is going to be a long ride, my friend.
andrew mccarthy, national review institute senior fellow and fox news contributor. there are other things going on in this country. of course, we're watching what's happening on the corner of wall and broad, but tonight there is a big lottery, $1.35 billion. i checked with everyone on my staff. if anyone or all were to win tonight, they've assured me this would show up for work on monday. [laughter] i had the same reaction you are at home. more after this. ♪ if i was a rich girl -- ♪ see, have all the money in the world if i was a wealthy girl ♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this.
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neil: all right, it's a big one, $1.35 billion jackpot, and it's the all up for grabs tonight. they've had multiple chances for people to win this thing, and, of course, no one has. so every time there's a drawing and no one wins, it goes up and up and up. $1.35 billion on the line tonight, everyone's in on one. someone has got to win it, right? the odds are daunting, that's an understatement, but someone will win thing, maybe a lot of people. madison alworth is in new york city with more on how hair
getting ready for the big drawing. >> reporter: neil, you know, i'm sure we've seen tons of people come through is and buy lottery tickets, every one of them hoping they're going to be a billionaire after tonight's drawing. the odds are very slim that you win because so many buy tickets, that's helped to drive can up these numbers. another thing driving up the numbers is actually the fed. yeah, interestingly enough, they have an influence on the jackpot number. here are the two things that are considered when they build that jackpot number. the first is projected sales, how many people are going to be buying tickets. the second piece is the 30-year treasury rate which was highly influenced by the fed rate. as you see, the treasury rate is up over the past year, that's making the lottery up over the past year. a big reason why we look at that 30-year is because many people take the annuity payments so that they get the full prize amount. but here's the thing, we also spoke to a rep from the ohio lottery, they say, yes, that is part of the equation, but the real big part which determines
the number is how many people are buying tickets. two things are helping with that. first, we're coming off of the holidays. this jackpot has been growing over christmas, lots of people like to play during the holidays. and the second thing and if you remember back in november, we had the largest jackpot ever, over $2 billion, someone in california won that. so there's a lot of hype after that ticket. people are still very excited, now they're hoping to win the mega millions. i myself purchased -- i immediate to make sure i'm not showing the numbers -- i need to make sure. i know you're always talking about how such i'm a hard worker, but i will not be here on monday if this ticket works out for me, and i'm just going to put that out there right now. fingers crossed. neil: because i talked to my staff, and they told me to a man and woman, no, if we win this, neil, we are here bright and early monday morning to do the best show for you. makes you feel a little uncomfortable right now, i bet.
[laughter] not really. >> reporter: no, no, i feel very confident. yeah, i feel good. neil: very good. madison on maybe her final appearance on this show. [laughter] from new york city. kidding, of course. art laffer, he's another guy i could see getting over $1.3 billion and go to work the next day and and talk about how outrageous the taxes are and how he's only getting half that. [laughter] he joins us to talk about that. you know, we forget, don't we, that, you know, uncle sam does okay with these lotteries, doesn't he? >> he does, he does. he does very well. neil: so i'm just wondering now, you know, a lot of revenue's coming into washington, but we're seeing now with these latest deficit figures on the month that we're still spending more. the republican congress wants to slow or stop that process. are we going to see more of this? more, you know, problems with the debt limit and getting that raised, tying it to this spendingsome more of a mess, in
other words -- spending? >> well, leapt me just say that every one of your people on your staff is, neil, have told me that when they got the job with you, they hit the jackpot. so, you know, i don't think -- neil: well played, my friend. well played. >> thank you. how did i do that? didn't i do that nicely? neil: you most certainly did. >> when you look at -- [laughter] the budget numbers, yeah. i think this new congress, at least so far, i'm much more optimistic than i was a while ago on them controlling spending. the deficit numbers are still there, the national debt is rising as we speak, and all of that is still a problem. but i think the election that went through and took 15 rounds before mccarthy got the head with the people making the concessions to the res of it so it's the people's house, you can vote the way you feel rather than having some dictatorial monster telling you how to vote, i think that will inure very much to our benefit going forward. and i'm mildly optimistic about this congress with the mccarthy and the republicans in control. that debt is rising, and we've got to stop -- we've got to
bring that spending down. neil: okay, i'm sorry. i jumped on you there. janet yellen sent a letter, apparently, to the congressional leadership on the debt limit saying that once the statutory limit is reached, treasury will immediate to start taking extraordinary -- need to start taking extraordinary measures to prevent the u.s. from defaulting. it's unlikely they'll be with exhausted before early june. in other words, once this happens and it seems like the target the date is january 19th, if we don't do something soon at or around that time, kablooey. what do we do? >> is i think the ca kablooey is a little bit of an exaggeration, but it is a very serious issue that we're talking about here. what i think the -- one i think the administration should negotiate very seriously with the house on what things can be brought under control in exchange for raising the debt limit. this is a matter of governance by both parties, and they should
sit there and do a give and take. how long do you want to have that debt limit increase done, all of that should be on the table, and i think the house should make it very clear we want to bring down spending. and especially that number on the 87,000 new ir are s agents -- irs agents. that's just unwarranted. that's a huge incursion into the economy, and it makes no sense. it's anti-growth, anti-everything. and i think it's politically very good for the house to do that. i hope they can make a list of things they want to except from the administration, and the administration does the same thing in return and they negotiate in good feint and get -- in good faith. neil: you know democrats say more than half of that's attrition, and they're not all irs agents. be that as it may, i apple curious what you make of -- am curious what you make of this issue on behalf of the new congress to attach the possibility and the negotiating factor of a government shutdown to get their way on spending and to deal with this in debt limit
talks. do you think that's a good idea? >> yeah. yeah, i do. but, you know, there's so many variables in here too, neil. for example, how long you're going to raise the debt the ceiling for, will it be for five years by a huge amount or for six months, you know, how many times can you are go back and get a bite out of this apple. this is a negotiating issue. it is a very serious thing that the house has to, to raise that the debt ceiling limit, and i think it's very serious for the added managers. and i think the scare -- administration. and i think the scare tactic i, remember with john f. kennedy, douglas dillon thought the debt obligations would pall -- fall to him personally, and he said, mr. president, i could hold back the scourge for about three minutes. he was a very well wealthy man. it should be a give and take the, a negotiation, and this is one thing the house does have authority over. neil: yeah, he was a wealthy man, but i think john f. kennedy was wealthier. maybe they thought between the
two of them -- >> yeah, but the liability didn't fall on kennedy. neil: you're exactly right. >> as i remember the story. i don't know if it's really true, or but it's sort of cool. these have great stories. i've never seen the, it's never happened. neil: right. >> the threats have always been there, and i think the threats are the real problem much more than negotiating and getting a good debt ceiling limit raised and do it correctly and look at the priorities of both groups. neil: yeah. and keep our reputation as as a good financial bet in the world. always good with seeing you, my friend, art laffer -- >> if i worked for you, i'd show up tomorrow even if i won twice as much. neil: you know, i could see you doing that, you know, you're that loyal. >> i could -- it would be fun to win. neil: yeah. that is an understatement. yeah, someone's going to win this one. >> yeah, it is. neil: someone will win it. i know the odds are daunting, and you know them better than i, but someone's going to win it. in the meantime, at the corner of wall and broad, the
dow up about 33 points. we are looking at an up week, an up january right now. so if you're a deliver in the so-called january effect, whatever you want to call it, that, that is a good sign of things to come. we'll see. more after this. good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back.
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muck i remember you -- ♪ i remember you, your voice -- neil: one of those tragedies that hits home for a lot of people, especially those who are elvis presley fans. his only child, lisa marie presley, dead at 54 of cardiac arrest. william la jeunesse has more on the fallout from all of this and the reaction to all of this. huge global reaction, at that. he's in los angeles. william. >> reporter: well, neil, for all the success of elvis presley, his daughter lisa marie, she really struggled in
life. she suffered through the suicide of a son, four failed marriages, drug addiction and a recording career that never approached that of her father. so tuesday she celebrated the movie "elvis" on the red carpet at the golden globes, and and two days prior what would have been her father's 88th birthday at graceland. >> can you imagine lisa marie being the daughter, the child -- maybe the second most famous man in the history of the world next to christ himself. >> reporter: so elvis died when lisa marie was 9 years old, but later she sang alongside his old recordings in a duet. thursday a housekeeperrer found presley unconscious. pararah meldics noted signs of life after cpr, but she died hours later. so presley married young, at age 20. she had two children, but that relationship ended after six years. twenty days later, she married michael jackson.
her next marriage to actor mick e -- nicolas cage lasts just six months. later she had two the daughters, but that marriage also ended. selling her father's catalog of music, friends say her son's suicide at age 27 devastated lisa marie who wrote in people magazine, quote: grief does not stop or go away in any sense. grief is something you'll have to carry with you for the rest of your life. celebrity, neil, paid tribute yesterday. singer latoya jackson saying, we miss you, lisa. you will forever be in our hearts. i will never forget how much you shared the love you had for my brother and me. in many ways she seemed to have everything, fame, family, wealth, but happiness was elusive. she is survived by three children and her mother, prus scylla, who called -- priscilla who called her the most strong, passionate and loving woman i
have ever known. neil: so sad. lisa marie presley was only 54 years old. meanwhile, looking at the unfairness or cruelty of life, these incredible storms, more than 30 tornadoes in the deep south in a weather system the like of which that participant of the country has not seen for a while. nicole valdes is in selma, alabama, with more. how are things looking now? >> reporter: actually, the worst severe storm outbreak in the month of january since the year 2000. and as you can see behind me, it is it's not looking good for the historic city of selma, alabama, a place where history changed for america 50 years ago, and today history changing for the those who call this place home. this is crosspoint christian daycare, a place where more than 70 children -- some just weeks old, we're talking babies -- were inside this building as that roof came down, those brick walls caved in as the strength of those winds from that twister
blew everything to pieces here. staffers of this this daycare literally using their bodies to shield those children from the debris flying all over and miraculously, everyone who was in this building survived. those stories of strength, of terror we've been hearing all morning long here, and the devastation goes on block after block after block. homes, businesses, in some cases potentially even historical monuments may have been ruined in this twister, something that took so many people here by shock despite several warnings all throughout the day. this twister ripping lu this community -- through this community in broad daylight. but, again, it's the amount of people we know have been hurt. unfortunately, seven people confirmed dead in the state of alabama alone, but we expect to learn a lot more about the strength of this storm as the national weather service plans to come out and really take a good look at the devastation like this to get a better idea of just how strong this twister
was. i'll tell you this, most people say these brick buildings are the safest place you can be during a tornado. to see one with damaged to this level, neil, gives a pretty good indication this may have been a devastating tornado. neil: absolutely. nicole, thank you for that. nicole value d.c. following all of that in alabama. meanwhile, the latest forecast not only for that renal, but a good -- region, but a good chunk of the country, meteorologist amy freeze has more. >> reporter: the cooler temperatures half come in behind this storm system, you saw the damage there, but significant really on the map here, it was a line about a 400-mile-long line that came through the southeast. these are all the reports from yesterday. we know about three dozen tornadoes happened in four different states, but the significance wasn't just the intensity of the particular storms like the one that you saw in selma, but also the widespread amount of storm damage. that puts us in the top ten
list, 317 reports will be number seven on the list for january, severe weather outbreaks. now, the temperatures have father-in-law as much as 20-25 degrees behind the storm system which has now exited out to the east coast. behind it it was even cold enough for snow in portions of the ohio and tennessee river valley. back here to the west coast which is where that severe storm system actually the originated, it's all connected, right? another storm system is coming on the west coast right now. this is not as intense as previously with the atmospheric rivers, but it's the same pattern. in this' important to note because from the bay area note we'll see rain up to the pacific northwest. that's today. but over the weekend, here comes another atmospheric river, and the faucet is full blast by early next week, more storms lining up for the west coast keeping it very active. there's a flood watch through monday night. we do have very vulnerable areas here in the valleys, coastlines and into the mountains.
over the next seven days, colors on the map indicate 3-5 inches. that is for the areas in orange, but 5-8 inches of moisture for the higher elevations and loads of snow for the sierra nevada. it is squaw-dropping, to -- ya -- jaw-dropping. when we go back to these areas in bright pink, they've seen 24 inches of precipitation. that really is incredible. when does the pattern break? after jumping -- dumping more than 4 feet over the weekend of snow in the sierra nevada, we finally see a shift that'll change things up. high pressure starts to protect the west coast. but, neil, i think the cig miff cannes here we have to remember the moisture eventually makes its way eastward. neil: and you know what's wild, or amy, we had a major weather system of some sort every week for at least the past five weeks.
it seems like a very busy season. >> reporter: very active and very expensive. we ended 20 2022 with 18 billion dollar disasters, we've already got one under our belt with just two weeks in. neil: amy freeze, fox weather meteorologist following this for us. in the meantime, here is the bad muse on housing -- bad news, right now it's looking like it's cooling and cooling fast. now, here is the good news on housing, it's cooling and cooling fast. why that means opportunities for potential home buyers, after this. ♪ ♪ and i said, romeo, take me somewhere we can be alone. ♪ i'll be waiting, all that's left to do is run. ♪ you'll be the prince and i'll be the britain e access --ions ♪ it's a love story ♪ if h i paid, it followed me everywhere. between the high interest, the fees... i felt trapped. debt, debt, debt. so i broke up with my credit card debt and consolidated it
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to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-763-2763. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763. neil: all right, maybe these spending battles on capitol hill are going to happen a little sooner than we thought, the u.s.
government stands to reach its so-called debt can ceiling to keep the government going next thursday. this is coming from janet yellen, the treasury secretary. that that means on the 19th it will force, she says, the treasury to take, quote, extraordinary measures to prevent a day default. this comes at a time when part of the agreements of the new house, the 118th congress on car linking with the -- spending with the debt ceiling and the threat of a government shutdown. that is a negotiating tool that they are using to say we're not going to willy-nilly raise this unless there are spending constraints. chuck schumer has said there can't be any constraints, this is spending that that's already committed to, can't do that. i think this is ringing a bell to a a lot of you. when we have gone to the brink, very rarely do we go over the
brink, but that's the worry. january 19th it gets close to the drama. keeping an eye on what's going on, meanwhile, on the housing front where things have been cooling. i think we've had ten months in a row row of sort of slowing existing home sales and now signs that the market is cooling whether you're buying new or existing. gerri willis following that and what could be a problem, i guess, for sellers might be an opportunity for buyers. >> reporter: oh, you bet. and it's all about the basics of the market, right? supply and demand, mostly supply in this report. 2023 shaping up to be a better environment for folks who want to buy their own american dream can home. new numbers from realtor.com showing one of the most difficult problems for the market, and that's inventory, a lack of it, that push prices higher. that may be resolving. in fact, the number of active listings for existing homes in december were 54.7% higher than a year ago. if moreover, homes are lingering on the market longer, 11 days
longer, reducing seller power and enabling buyers. serious price declines could be on the horizon. moody's sees 49 markets posting price declines while morgan stanley is forecasting price drops of 10% through 2024. some folks see more than that even. here's how fast though things are changing. builder kb homes says its buyer cancellation rate in the fourth quarter of 2022 the spiked 68%. if that's up from 13% in the same period in 2021. that. alan ratner, a home building analyst, which called the last housing bust now says prices for new construction may ease later this year. listen. >> you already see a lot of supply being wilt up -- built up in the pipeline, speculative inventory that builders have built up over the last handful of months.
we think in order to actually sell through it they're going to have to get way more aggressive in terms of incentivizing, december counting and ultimately reducing prices -- discounting. >> reporter: and more good news, mortgage rates are starting to moderate after hitting a high of 7% last october, rates continuing to ease. freddie mac saying rates eased last weak slightly to 6.3%. and price hikes easing, that's going to encourage the fed to slow down interest rate hikes, fingers crossed. that's all good news for buyers. neil: yeah. not so much for sellers. >> reporter: you know, if you had 40% gains in your home price, did you really think you were going to keep all that? neil: depends on when you got it and how long you've had it. gerri willis falling -- following all of that. meanwhile, the push to push out george santos from congress, after this.
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get in on the savings and switch today. neil: all right, want to take you to capitol hill where we find irish that ofny -- aishah hasnie and the push to push out george santos. where does that that stand right now? >> reporter: hey, neil, good afternoon to you. look, the drama not going anywhere anytime soon. there is growing discontent on capitol hill amongst
republicans, especially after speaker kevin mccarthy came out and basically said, look, george santos is here to stay, he will continue to serve his term. so now we have six house republicans who say he's gotta go, and that includes representatives december can poe if see toe, lawler, williams and now add representative nancy mace to that list. other members also want santos to, at the very least, stay off committees. now, this is in direct opposition to speaker kevin mccarthy's wishes who doubled down yesterday saying that this is in the hands of new york voters and the 2024 ballot box. mccarthy is also gown to allow santos to -- going to allow santos to sit on those committees, and i pushed him on that yesterday. watch. these aren't just allegations, these are things that he admitted to lying to. why put him on committees? >> well, what i find is the voters or have elected george
santos. if there is a concern, he will go through ethics. if wills something that is fount is found, he will be dealt with in that manner. >> reporter: on a podcast thursday, santos said he's not going anywhere unless those 142,000 people who elected him, quotes, tell me hay don't want me. we'll find out in two years. but some voters, neil, don't want to wait two years, very long time for the them. so today protesters in new york's 3rd congressional district called on congress to expel him, saying that they don't rust anything he says. trust anything he says. >> how dare he. how dare he put the burden on the people that he lied to. >> he's lied about everything else, why should we assume that his statement that he'll resign when he gets that number of votes, why should anybody put any stock in that? >> reporter: and, neil, sources that i've been talking to say it's very unlikely hat gop would bring this up for a vote to expel him, so looks like
we're just going to have to see if there's going to be an ethics committee investigation. neil? neil: here we go. aishah hasnie on capitol hill. anna receive fan with us -- inez. if he goes or is forced out, it's possible that a democrat replaces him because he's many a largely democratic district account and all this, dem democratic governor. i don't know how the process goes, but republicans might want to be careful what they wish for, right? >> yeah. i think it's kind of deserving that both parties have ended up with this guy, george santos, sorrily. [laughter] no, i think it's very indicative of both of these parties the way that he got through. initially, i thought it was a partisan story, you know, not very important because serial fablist in the u.s. housesome. [laughter] oh, my. actually, it says so much about both parties. so he got through vetting, and he got true opposition --
through opposition research from both parties on totally different bases. neil: did any of this come out during the campaign? i know there was one long island paper that was monitoring some of his statements, but it didn't hit the point of voter awareness, to the best of my knowledge. >> no. and it's opposition's job to do that, right? instead, the democratic party which their files showed he had been evicted a couple of times, a couple of easy to check lies, but they decided to go with the message about trump and january 6th because they're so deranged on those topics. and on the other hand, when the are red flags started to get raised, elise stefanik called him a rising star, why? because he checked so many identity politics boxes, and the right was so thirsty for them, the first openly gay member elected to congress, jewish -- neil: i forgot about that. he is arguing let the people decide it, if my constituents
want me out, but i think he was thinking for re-election in two years. >> yeah. i don't see why the gop should push him out. look, a congressman for many years, this is hardly the first sort of scandal of a house member. there may be ethics concerns. i think the only thing in all of in that has the potential for teeth is, of course, campaign finance mismanagement. now, if he's actually, you know, convicted of breaking the law, that may -- neil: or using that money for parties on his election night. but, you know, his argument has always been that that mys represented some things -- misrepresented some things, i was elected anyway. the argument against him is you were elected on a false premise. >> yeah. but, i mean, by best standards there's a lot of politicians in office today who are elected on the basis of lies. it's very difficult to police lies in politics -- neil: or who judges, right. he who is without sin be the
first to cast the first ballot out of there. inez, thank you very much. we've got the dow up all of 16 points, the nasdaq just going up a wee bit. we've got a good week going, a good market going so far early this year. ♪ it's friday, friday, gotta get down on friday. ♪ everybody's looking forward to the weekend ♪ dad, we got this. we got this. .. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones if you have diabetes, then getting on the dexcom g6
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