tv Your World With Neil Cavuto FOX News December 19, 2018 1:00pm-2:00pm PST
we were up 364. it looks like we're going to finish down more than 300. for the best in business, always turn to "your world" with neil cavuto and it begins now. >> neil: all right. thanks, shepard. at least it's over. the fed hikes, the dow dies as the federal reserve signals more rate hikes to come. welcome. i'm neil cavuto. this is "your world." the dow nearly 300 points surge evaporating as the news first hit the tape. as expected, the fed hiking interest rates. not expected, the details after that announcement that triggered more to come. not as few as people thought. if plans were billing with the fed chief talking and talking and that got investors worrying and worrying and got us thinking of this as a bear approaches a florida home. take a look.
>> bear, go away! bear, go away! go away. >> neil: bear go away indeed! that's a metaphor for the markets. you can see what we did there. it's easier said than done to chase a bear good-bye or tell a market bear not to visit at all. we're all over the bear implications because it was not the reaction most expected. with kristina partsinevelos on what has wall street worrying, deidra bolton on whether consumers should be freting and how the white house is responding. kristina? >> a perfect segue with the bears. you had the fed that alluded to a cautious approach. but not drastic enough. you saw drastic swings. more than 600 points on the dow alone. closed down 1.5%. the nasdaq also down over 2% and the s&p 500 over a percentage and a half.
so you have these swings that seem to be happening. if you look at the intraday and we'll bring that up, you have the fed already pretty much investors baking in the fact that there was going to be an interest rate hike. that was in the markets. we saw positive territory in the morning. then you hit 2:00 p.m. the fact that there's two more hikes in 2019, a further hike for 2020. that's where you started to see the downward trend. investors are parsing through the details and the q&a with jay powell. that's why the uptook went up. later on, you saw it close down. which sectors are we seeing weakness? you're seeing technology being hit the hardest, energy followed by financials. the stocks on your screen now, the biggest loser on the dow, nike, intel, apple, boeing. want to talk about winners, this would be g.e. 5.1%. there was a positive analyst report coming from vertical
research. well-respected analyst. he said although the company is risky, there's near term liquidity. there for he's rating g.e. as a buy. you'll searing a slight uptook with verizon. some green when we're seeing so much red. i want to go to micron. down 7.8% for the day. reason being disappointing guidance coming from the company. and then let's look at the ten year and the two-year spreads. we've been talking ant this. the flattening of the yield curve. 2.78%. we're not gaining as much. down .43 basis points. and the conflationary concerns, it's off the highs that that we
saw in september when it was above $75 a u.s. barrel, neil. >> neil: thanks, kristina. as kristina pointed out here, everything was okay. the markets expected this 1/4 point hike. what they did not expect, some of the things that jerome powell said afterwards in which he oftentimes poo-pooed whatever is going in the markets and he say by and large not word forward that he doesn't stress about the markets. gary kaltbaum saying maybe he should. quoting from gary, a good market read over the decades that i've known him, looking at trends the market should pay attention to. the markets tell the story. transports in a bear market are not telegraphing anything. russell 2000, a collection of small stocks not telegraphing anything. regional banks in a bear market not telegraphing anything. oil prices crashing, not telegraphing everything.
restaurants at a bear market, ten-year yield down to 2.77%. not telegraphing anything. you can see the trend that he's showing here. that markets are doing all of this in an environment that the fed chief chooses to ignore. we have no problem with the raising of rates, kaltbaum writes. we don't have a problem with them saying they're looking to raise more. the market will have a problem knowing that the fed has no clue of what they're telegraphing us a of this second. that is a worry. to deidra bolton on the fall out from this on a host of various things that you buy. >> yeah, neil, i'm going back to that image that you brought in with the bear. when the fed raises rates, the prime raise goes higher. banks set their lending rates on prime. it's a domino effect. let's go over the types of loans affects. so anything variable. so credit cards that is one way.
>> dana: auto loans, sometimes auto dealers will make up for it, but brass tacks, it goes higher. adjustable rate mortgages go higher. also, if you're doing any work on your home, home equity lines, they go higher. so borrowing is more expensive for all of us as individuals, also gets more expensive for any kind of company that wants to borrow for my reason. president trump has spoken out as we know against rising rates. so love him or hate him, it's in part because of that dynamic. the fed's interest rate increases do act to slow the economy. i want to bring you back to the credit card rates. average credit card rates, 17.6%. that's why if you're a millenni millennial, your parents tell you to pay it off. for a $10,000 credit card balance is likely to add $2 a month to a minimum payment. doesn't sound like a lot.
over 12 months, it adds up. on the flip side with higher rates favors are rewarded. customers see noticeably higher saving rates. the only trick about that is, it takes time to make its way through the system. so this is of course what we've been talking about and what we're seeing. the point is that the fed, while it said it wasn't perhaps going to be as aggressive as previously thought, it was not really as dovish as investors thought. since 1960, there's been one fed chairman who has engineered a soft landing, that was greenspan in the 90s. it's just tough to get this balancing act exactly right. >> neil: and compounded by saying the markets don't bother me. now let's go to the president of
the united states. he's been hotly silent on these developments here. to blake burman with the very latest. blake? >> the seventh rate increase during the tenure of president trump. no reaction from the president who has vented his frustration against the federal reserve. traditionally you wouldn't expect a reaction from the president or from the white house. but as we know, the president has broken with this tradition. for example, in the last days, weeks and months leading into this, the president said the federal reserve had gone crazy. he said that jay powell, that he was not happy with the job that the fed chair was doing ahead of this interest rate increase just yesterday. the president warned the fed in a tweet that they shouldn't make another mistake as he put it. at his news conference, powell was asked about this, about many of the president's comments. he brushed aside the president's criticism. >> political considerations have to play no role whatsoever in our discussions or decisions
about monetary policy. we have the independence to do our job in a nonpolitical way. we at the fed are absolutely committed to that mission and nothing will deter us from doing what we think is the right thing to do. >> president trump has said in the past that he's a low interest rate person. this is the fourth interest rate that powell has overseen as the fed chair. as you know, neil it was president trump that nominated jay powell to lead the reserve. >> neil: i wonder if he's do it again. thanks. no word from the white house. if we hear anything from the president's tweet or otherwise, we'll go back to blake and the president. did the fed get it right this time or did the president -- remember, the president was highly critical of a move right now as black pointed out that inflation was very low, the dollar was very strong, no need to move. the fed moved and the markets were okay with that move. it was the words that the fed
chairman was speaking that telegraphed there's a slight change in forward policy. larry says the fed is on the right track. scott martin disagrees. scott what do you not like here? >> i don't like the market's reaction, neil. front and center is the reaction today. we saw one of the biggest slides in the s&p that we've seen in the whole sell off that started in october. here's what i don't get. late in november, fed chairman powell was talking about being close to neutral, having a dovish outlook. so going forward in november, he said we're going to watch the data, be careful. since then as gary kaltbaum wrote, sentiment has fallen off, the market is falling off, interest rates have gone down over that period telling the fed that they need to back up. but they hike it again today.
doesn't make sense. powell said he was going to get more dovish and didn't. >> neil: if i read or tried to read between the lines, you're better at it than i am, i'm still going to be hiking next year. maybe one less hike than was out there. i think people responded to that and saying really? what do you think? >> well, i think they responded a couple ways. the market responded by rate likes less than one. he reduced it from three to two. he's out of touch with reality. that shook up the markets. he gave a fair assessment that he's going to continue to hike. it's hard to say policy is tight right now when you have short rates still accommodative below the neutral rate and you have less than 4% unemployment. why in the world would you not continue to raise rates?
i understand people worry about yield curve. the fed looks at a three-month, ten year. they don't care about the 530, 210. that's still holding up. we're far away from a real inversion. inversion with rates where they are today is different than before. >> neil: thanks, gentlemen. sorry for truncating this. we're following this and other developments, including progress on a government shut down that won't happen for the time being. you heard larry talk about the yield inversion. what the worried them is when it switches around and the short term rates get higher than longer term rates. so that was fueling a lot of this as well. meantime, i told you how we might be avoiding a government shut down. i stress might because everyone has to go along. no word from the president whether he will. the democratic house majority leader steny hoyer is here to
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>> neil: all right. it looks like we might avoid a government shut down come friday night. that is because the president dropped his demands to make that $5 billion funding for a wall or another down payment on it a deal breaker. if democrats said no, he was going to shut down the government. it's not that simple. it's a quick extension that decides this issue sometime in february. let's get the read from democrat steny hoyer. congressman, very good to have you. you think this agreement will pass with the white house? have you heard that the president will accept it? >> i don't know whether the president will accept it. my assumption is he will. or mcconnell would not have offered it. mcconnell has offered it. as you just said, we're just punting the ball down the road a little bit. nothing is solved. we're delaying the decision.
the fact is, neil, as you know, we have an agreement on 95, 96% of the seven remaining appropriation bills. we ought to pass that agreement and leave for later, if necessary, the big disagreement over the wall. i think mccain knows that he's not going to pass the wall through the senate and he's certainly not going to pass the wall through the house next year. we're for border security. we want to strengthen border security. we've done that in the homeland security bill. but it's not the wall from the president's standpoint. we're kicking the ball down the road and more doubt about whether the government will operate effectively in february. that's unfortunate from my standpoint. >> neil: to your point, it's a february item. i think you quoted, mitch mcconnell will take this to the president presumably, i would
think and has. this will be a february development. your party will be in control of the house at that time. and the question now becomes what will happen on this wall issue? is it your sense that you or your colleagues are dead set against that on its own? that without a joint effort for comprehensive immigration reform, which has been a goal for almost two decades now, we're not going to get there? >> i think that's right. i think that delaying it six weeks is not going to have the problem go away. it's unfortunate that we didn't do what we've overwhelmingly agreed to do over the last year in terms of agreement on the seven bills that are outstanding except for the wall. we ought to leave that if we can't decide that. that's what compromise is about. figure out what we agree on. we agreed on 95, 96%. we ought to pass that.
that we can't agree on, we see if we reach later on. we kicked the whole can down the road without a solution and delaying the fought until february. that's unfortunate. >> neil: i know you don't like to comment on the federal reserve, but there was a crazy market reaction to hike interest rates but still indicate the economy is strong enough to keep hiking rates, not at the pace it has been but at a good pace. do it concern you that they see a strong economy that many yourself and some of your colleagues have said isn't so strong? the federal reserve seems to differ. >> first of all, i'm a big supporter of the independence of the federal republican. there's democrats and republicans over the years that i've been here have tried to influence the fed to do what they thought was best. the strength of our system is that the federal reserve is
independent. can make independent judgments. some of them are not politically popular, which is why the politicians way in or say don't do it. >> neil: or right, they can be botching it. very few have orchestrated safe landings. >> exactly. now, as it relates to the economy, very frankly, the economy has been a growing economy now for 90 plus months as you know, which is phenomenal in many respects. both under obama and continued under president trump. but not withstanding that it was growing very rapidly and well, we did a 1.5 trillion stimulus, which i thought was ironic in a growing economy and we didn't pay for that stimulus. so i think it has the possibility of providing for an economy that won't be as steady -- >> neil: why is that stimulus the problem and not the trillions more in spending?
>> well, the trillions more in spending is mostly in defense, as you know, and the republicans have been very strong supporters of that spending. that's where we -- >> neil: not exclusively there. over the next ten years, it's going to add more as things are standing now than under barack obama, so obviously not having cast aspersions on democrats or republicans. but the problem is the spending. >> we have a spending problem but we have a greater paying for problem. >> neil: isn't the paying for problem because we're spending too much? >> if we can borrow and spend as we have been doing and that's what the tax bill did, it wasn't paid for, $1.5 trillion, some say $2 trillion was not paid for. so there was no constrained, no discipline in the system. that goes for tax cuts and it goes for spending.
you're corrected on that. >> neil: steny hoyer, hope you have a merry christmas. >> thank you. >> neil: and we have ronna mcdaniel coming up. more after this. not the lead dog, the scenery never changes. that's why this is the view for every other full-size pickup. and this year, it's déjà vu all over again. 'cuz only the ford f-150 gives you best-in-class torque, best-in-class payload . . . and you got it, baby . . . best-in-class towing. this is the big dog! this is the ford f-150. it doesn't just raise the bar, pal. it is the bar. and now, you can get a ford f-150 with zero percent financing for 72 months. only at your ford dealer. ♪ financing for 72 months. ♪
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>> neil: all right. we have still not heard from the president of the united states on the rate hike move by the chairman of the federal reserve and the chairman and the reaction he got when the markets tanked. we hope to get an idea from the president to intimate whether he would go with the shut down plan as we mentioned with steny hoyer that would extend this, keep the governments lights on. republican national committee chair woman ronna mcdaniel with us right now. we did reach out to tom perez,
her democratic counterpart. haven't heard back. hope springs eternal. ronna is here. on the government shut down, do you know whether the president will sign off on this? >> i don't. i haven't spoken with the president. i think congressman hoyer is correct, that mitch mcconnell wouldn't bring it to the floor if he didn't have some confidence this would pass. i know the president doesn't want to shut the government down but he also doesn't want to keep continually pushing forward this immigration problem that we have. asylum claims are up 1,700% in the past eight years. you have 90% more people trying to cross illegally over the border right now than you did a year ago. you have 12,000 kids that have come unaccompanied. this is a crisis. democrats were very reasonable in 2013 when they all agreed to pass the reasonable immigration reform and now they won't come to the table and the president is saying enough is enough.
>> neil: he seemed to make it clear this would be his battleground. if it meant a government shut down, he would take the heat and the blame and happy to do that. what changed? >> he recognizes that the democrats are not willing to work with him. they'll push it forward to february when we have a you majority. let's let the democrats explain to the american people why they're not willing to deal with comprehensive immigration reform. when they take the leadership, they have to address this with their constituents. everybody is seeing these caravans continuing to grow. we know this is a crisis. neil, the other thing is, there's 800,000 cases pending right now in the courts for asylum claims. we don't have the judicial band width, we don't have the agent band width with our ice agents to continue to have this influx of people coming in. it has to be solved. why won't democrats work on this? because the president wants it. that's not good governance.
we'll see if continues. >> neil: to the president's base, this has been a very core popular issue. the president campaigned on it, he said he would deliver on it. can't do that all alone. i understand that. but that there's a risk here in abandoning this for now to keep the government on with a worthy goal. it's going to tick off people who feel let done again that this opportunity to do this wall or whatever you're calling it ain't going to happen. >> i think the base recognizes the president is adamant about this. you saw sarah sanders yesterday say they've gone to other agencies to see if they have room in their budgets to help build the wall. they have other options besides getting this through congress. the president recognizes the areas that we'd have walls, where we do have physical borders like yuma, san diego, el paso, crossings are down 90%. it works, this is something that the president is pushing forward
because we have a border problem. democrats recognize this. why won't they come to the table? because they don't like president trump is not what constituents want, this is a country that wants unity right now like with the prison reform bill. this is what americas wants. >> neil: and that did have bipartisan support. >> yeah. >> neil: let's go to the president's decision to pull troops out of syria. his closest confidants, marco and rubio are saying what's going on here? why are we giving this to the russians? you say? >> i have not talked to the president about his decision to pull the troops out. isis on the run and -- >> neil: are you sure? >> i don't get the briefings. i'm not getting the military briefings. the president does. he's saying this is a time and place -- >> neil: other advisers have said it's still enough of a
concern that we shouldn't be pulling out right now. obviously you're not involved in the international security issues. i understand this. but this sent mixed messages. senator corker was there. the white house getting a sense of where this decision or the genesis of this decision is and it's worrying folks. >> this is a president that supports our military. the president was decisive in his action with syria. they crossed the red line that obama set, that he's ignored and president trump acted. this isn't a president that backs down. if he feels a need to be there, he will be there. >> neil: he hasn't commented on the federal reserve's move to raise rates. he's been hounding on powell by raising the rates. the markets seem to agree. stanley druckenmiller agree with
the president on this. he's been quiet on this. i'm curious. >> i'm not going to advice the president. >> neil: go ahead. he doesn't watch the show. >> he does. >> neil: your base wants him to respond to this today. >> we don't want to slow down the economy. we'll see what happens. it's concerning. i'll tell you what, i was looking at buying a new home. when i see interest rates go up, it makes me unincentived to buy a new home. you see something in the housing market with that it's concerning. our economy is growing. wages are up 3% over the past two months. that's the highest it's been in a long time. obama didn't have that in six years of his presidency. we don't want to slow this economic recovery down. the president will be concerned about that i'm sure. >> neil: thanks very much, ronna. i misstated.
>> neil: did mark zuckerberg per jury himself in front of according? he said there was no sharing of personal data without user's own permission. now we get revelations after a study that says that is exactly what is going on. it might have involved a lot of other players getting their hands on that information, including amazon and netflix, host of others. let's get the read from emily compagano. how big is this? >> is really big. the attorney general just charges against facebook. this says that facebook not only failed to protect users but engaged in active deception.
furthermore, the a.g. is not only asking for an injunction but restitution and costs and penalties and it can be amended. the fact that nobody's data was protected outside offer that permission including hardware companies like blackberry, facebook is facing a dark hole. know that this is the first effort by regulators to penalize them, this is where it becomes real. >> neil: so when zuckerberg was on the hill testifying about a number of congressmen raised this back and forth, are you doing this, no, no, no, and i know netflix and spotify and amazon and microsoft have said that we were not part of this or
whatever, i do remember zuckerberg was denying this. could he have been ignorant about this or is he holding something back? >> he can argue ignorance. there's a whole host of other charges and allegations that can surface that are not criminal. that has to do with investor fraud, mismanagement, has to do with faith in terms of a director and operation of a business. so he could be facing, if he was ignorant, an argument that he should have known, right? that's letting investors and consumers down as well. and also the other argument, these companies were extensions of facebook. >> i'm just wondering, obviously we're not seeing this from facebook by users, better than a
billion worldwide, but it is giving those in congress pause and it's the one thing that is uniting republicans and democrats not only to initiate hearings but to watch this company closely. it's having a chilling effect as well on others with whom facebook does business. is all of this justified? >> i think in the interest of protecting consumers, it's justified. we have seen what happened when facebook didn't comply with the policies set forth. as a lawmaker said today, we don't want to have to regulate you but we will if we're finding out which we did that tens of millions of user's data was preached and access without consent and disseminated for profit. that is something that is inexcusable and why there's three different agencies investigating them right now and again in addition to this lawsuit, which other a.g.s can
join. going forward, if facebook doesn't comply, regulation is needed. >> neil: we talked about this many months ago. you told me then, emily, neil, this isn't over. i thought you were crazy. but it's not over. it's not over. emily, thank you. >> i'm not crazy. i promise. >> neil: you're not. maybe me but not you. emily compagno on this. and despite the spending, what's going on with the investigations, take a look at those boxes whipping by jeff flock. and still going for my best, even though i live with a higher risk of stroke due to afib not caused by a heart valve problem. so if there's a better treatment than warfarin... i want that too. eliquis. eliquis is proven
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to prove his point. hi, buddy. >> lots of boxes in this place, neil. i don't know. i think they got hundreds of millions or -- i don't know how many boxes here. as you can see perhaps in the background, things are moving so fall, our signal is getting funky. they're letting me throw boxes on. i have jerome griffith, the ceo of lands end and this is going to be a good christmas. >> yes. >> what are seeing right now? >> certain things that we thought would sell well have performed well and we have good stock levels. >> before i get away, the fed raising interest rates again. is that good news or bad news for your business? >> i don't think it's bad news. i can tell you, we're here concentrating on the business fundamentals and what happens in areas i can't control i don't worry about. >> one of the most laid back ceos and best dressed ceos in
the retail world. jerome doesn't talk to many people but he talked to us here on the fox news channel. >> neil: who would not talk to you, jeff? thanks very much, jeff flock. paul ryan wanted to sort of settle some issues before leaving capitol hill. it's what he said and what he acknowledged that had people saying profound for a 48-year-old guy.
>> what continues to playing us is a mandatory spending system that is out of balance and unsustainable. solving this problem will require a greater degree of political will that exists today and i regret that. when the time comes to do this and it will because it must, the path ahead will be based on the
frame work that we laid out to solve this problem. >> neil: paul ryan in his final words as speaker. he's 48 now. one of the youngest speakers we've had in american history. certainly one of the youngest to retire from congress. what does the future hold from him? says something about the times that we live in that after we covered that on fox business live, people say good ridens. a cruel world out there. we have kat timph and mattie is here, too. he knew when he took this jobs that he begat and he acknowledged that, the most crucial team dealing with our debt and spending out of control. >> the criticism of speaker ryan is fully undue.
if you recall, when speaker ryan became speaker, he did so as an act of public service. he didn't want the job. >> yeah. >> it's a thankless job. you get no credit for what you do. he was the head of a conference that was diverse and wanted a lot of different things from him. the conversation of entitlements and spending and debt would be different without speaker ryan. he was able to offer leadership on issues. we went have the lexicon to talk about tackling these problems if we didn't have his leadership. for too often, we look at full scale big picture reform without looking at what we need to get done. >> neil: and he started it. give him credit. i remember distinctly when he was trying to reign in the growth of medicare. forget about cutting. just the growth. and the famous ads that he was
trying to push granny off the cliff. the guy pushing her off was supposed to be paul ryan. that's where you get trying to control the growth of something. >> his legacy will be the tax bill. the biggest tax legislation in 20 years. so we have to give him credit for that. >> you give him credit for that. >> i give him credit for unifying his party and having that past. yeah, he did somebody that somebody else couldn't have pulled off. he unified the party. from what i heard on the ground, everybody likes him in congress. the democrats might not admit it but he's a likable guy. >> neil: a good human being. some of the stuff he's talking about as much as you hope the two parties can get together, mail will get -- maybe there's hints of it. what do you through? >> i suppose there's hints of it but they want to look.
he talked about civility and talked about tribal identity politics and how politics nowadays seems to be about hating something. or hating the enemy -- >> neil: what do you mean by that? >> neil: rather common problems. the criminal just if is reform bill was part of that. those examples are few and far between. there's more venom in politics. >> neil: and we've always been down there. go to washington and realize these guys that scream and yell at each other right at the microphones are slapping each other's backs and joking with each other. they don't loathe each other. it goes back to that notion a lot of this is just for theater and effect. >> and kat raise as good point. paul ryan has always been for something. he's not the guy that you point to when you look to be against something. he's always for something. he's for building a future that lasts. that have why he took on entitlement spending as his issue. >> neil: but republicans
abandoned him on that. >> republicans are politicians like democrats. both parties are victims to the difficulties of the bias against reform in washington. the first transformational piece of tax reform -- >> neil: that was a one-party effort. the healthcare thing was a one-party effort. we're going to be doing legislation by one party? >> what is interesting with the legacy, you just read about it and some people say oh, this is great. the tax bill is wonderful. this is his legacy. then you have the democrats saying it's awful, it's not going to work, this is the worst piece of legislation we've seen in so long -- >> neil: need not be that way. you think we can get our act together? >> i don't think so. not any time soon. i think that he really tried. he was someone that came in and started talking about the deficit, started talking about the debt. during his time as speaker it went up $350 billion. so he will be remembered as somebody that tried but couldn't
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>> neil: fox news can confirm the president is seriously considering withdrawing all of our troops from syria. "wall street journal" first report of the president was thinking about it. a retired three-star general joins me, former greenbrae commander. in general, you don't think this is a good idea. the president said isis is gone, defeated. this is a good time to do it. use a question mark >> number one, what does your intelligence community say? do they agree isis is decimated and i would be the proper time to pull out? the second question i would ask is what are you planning for the kurds? what are you planning for the christians in that area? you cannot leave them
vulnerable. i am afraid the president may be on dangerous ground. i want him to succeed because he has been so good with our military, allowing them to fight to win. but i don't want to see it blown now. we do a lot of people say the russians would be delighted by this, the iranians would be delighted by this. those are a lot of nefarious elements that would be happy. >> i am concerned about leaving russia there to essentially control syria, along with their allies, the iranians. the other thing is you still have a lot of other terrorist groups that are not isis, but they are still syrian terrorist groups in there. what are they going to do once they don't have a u.s. presence there? who are they going after? it's not just bashar al-assad and his government. some could go after the kurds in
the christians. >> neil: they morphed into something else. without we had al qaeda on the run, boko haram on the run. they morphed into other elements. do you think isis is destroyed? >> isis is then at least 34 other countries. it's misleading to say they are destroyed. what the president said was they've been destroyed in syria. that may be true. i sort of doubt that they are destroyed. i think there are still remnants of isis there. they are still in 34 other countries, and their ideology is very much alive. we are to be very careful. i think it's dangerous ground, neil. >> neil: general, thank you very much. regardless, i hope you have america's best, sir. thank you as well for your service to this country. general boykin. a peek at the dow. we had a better than 800-point swing the markets. happy the federal reserve was only going to hike interest rates a quarter-point. not happy that it is still by a large going to stick to its plan
to keep hiking rates next year. maybe one less hike but still hikes. the federal reserve chairman who has essentially ignored the markets, telling him, you know what, we are panicking. will they still panic tomorrow? we'll see. "the five" is now. ♪ >> hello i'm pete hegseth with jedediah bila jedediah bila, dana perino, greg gutfeld. it's 5:00 in new york city and this is "the five." a flurry of activity coming out of washington, d.c. senate majority leader mitch mcconnell putting together a plan to avert a government shutdown after democrats refused to budge on funding a border wall. also president trump scoring a big win over the senate overwhelmingly passes a criminal justice reform bill. he's ready to sign it int