and our president tells us russia poses the biggest geopolitical threat to the united states. >> that's what mitt romney said and wasscorned by the national media. don't you wish we had a thomas jefferson in the white house. the hall of famers wrestled with the islamic extremist problem. in the end force, not just a display of force, but absolute force and a willingness to use it through a ground force brought us success. lou: your book remind us of vitality and principle.

>> obviously you read it and understand it. you also understand every word war mayor case in we tart off wrong and end up doing better. jefferson started off with the wrong strategy and he ended up with the right one. lou: i can't recommend to you enough thomas jefferson and the tripoli pirates. how is it doing? >> it's number two. lou: after tonight kilmeade's book will be number one. >> it's the dobbs' effect. lou: a little later we'll talk about a price. >> everything is dollars and sense. it's unbelievable. lou: good to have you here. we'll check you out in the morning.

in our online poll 80% said you with believe the federal government should give federal land to the states to be split among the citizens of each state. there it is. we can take care of that federal land. the federal government owns half the land out west. get it away from the government. win-win here. our special extended coverage of the turmoil in world markets. geopolitical unrest and lack of stability across the globe continues. all of this having a big effect on markets. stocks today were hammers because of fears over china and what happening to their economy and their markets. they are crashing. u.s. ambassadors lost a trillion dollars on wall street. it's the worst ever start to a

year in stocks. this wave of selling started in china this week. the markets are scwenged to open in half-hour. trading was suspended in china after opening for just 30 minutes. stocks plunging 7%. there is some hope for a by the at we continue to watch and as we will through theevening. tonight we are examining wait mean for you, your money, this economy and the markets. one of the main reasons for all of this turmoil and uncertainty, not just china. its chaos and next east in raising questions about why the federal reserve raised interest rates in the face of this kind

of environment. political leadership lack as well. the obama administration's foreign policy out of step. unable to deal with the middle east and around the world. what's going on is having an effect here at home as kevin cork now reports. reporter: analysts call it the perfect storm, falling oil prices, tensions in the middle east. a weakening chinese currency and security concerns over north korea. it ended up with a 7% drop. it would be the equivalent of the u.s. markets shedding 1,100 points. that happened in 30 minutes.

>> this was caused by chinese officials. >> the loses paint a gloomy picture for beijing. >> the communist party which has tried to base its legitimacy on prosperity has to look to something else as the economy erodes quickly. >> that something else could be showcasing china's military might in an effort to distract from its check woes. the china sea where u.s. aircraft have touched down. and one complicated by a teetering and increasingly volatile neighbor north korea. >> today in my conversation with the chinese i made it clear that has not worked and we cannot continue business as usual. reporter: an increasingly

recalcitrant pyongyang. >> they have to be able to insure that north korea does not do something reckless. reporter: but with the obama administration so focused on the middle east, and the crumbling assad regime in syria. some say the president's failures in one region led to problems elsewhere. >> we lost credibility around the world and that's being reflected in countries and regions who are not our friends. reporter: nancy pelosi says there would be strong support for sanctions against pyongyang. she says if it were brought to the floor it would enjoy strong support. lou: kevin cork at the white house.

joining me now, quincy crosby. and seaport securities president teddy wiseberg. let's start, if i may, ted, this is -- lot of people are scared. we have the worst beginning wall street history to this year. four days and$1.3 trillion wiped out of the markets. how are you feel big it right now? >> it's simply no place to hide. you know, they have an expression downtown when they raise the house of i will repute they even take the piano player. right now they are taking the piano player. there is no green on the screens. i just has to run its course. there are a lot of reasons for it. china being the primary reason. but the fact is people are going to the agents and there are no bids at moment. nobody wants to buy.

we can get into why. and why we have more volatility today than in the past. but we are dealing with a lot of unknowns and investors don't like that kind of environment. lou: your thoughts on where we are and what's happening. our prospects here. >> you know, the stock is the things for markets is uncertainty. it's one thing to have uncertainty with earnings which we have which is very important. but it's uncertainty in every corner. every where you look there is uncertainty. it's been montgomeryified by questions. not just in the stock market. they are building infrastructure. but the question is about the economy. the push towards devaluation even more than the market expected. is the economy there really falling apart or are the authorities telling the bang of china do this now.

that's creating more uncertify. lou: we do know this. china's markets crashed last years and it was one of the worst crashes we have seen in global markets. we know it's crashing now. no matter what the nonsense emanating from beijing. they have a market collapse on their hands of immense proportions. what do you see as the impact here in what should we expect in your view? >> the problem is that china was a huge customer of the world. they bailed us out when we had our problems. but who is going to bail china out? the reason the markets are reverberating. their government is trying to tell us they are growing between 6% to 7% a year. they are growing three times as fast as we are. but they feel they need to devalue their currency or cut

their interest rates? that's why the world is getting kind of off kilter and that's sending reverberations through the market. keep an eye on what they are going to do and what their policies are. we had the atlanta fed downgrade our gdp here, that willbeing that's significant if you have a weakening china. >> scott, quincy, ted, when you are describing all of this, we have a federal reserve thanked raised rates by 25 basis points. in the absence of inflation and growth we know there was great concern expressed in the last minute but they decided to make it a unanimous vote. we have a federal reserve i think can manage themselves very well over the course of the fast several years. i think this interest rate hike

and i said so before they did it, is idiotic, and it's going to have to be withdrawn. >> there is a huge disconnect. somebody is right here and somebody is wrong it, not great. you have u.s. fed going one direction and the rest of the world is moving in another direction. it doesn't make lot of sense because we are all connected supposedly. >> in addition to that, the market had been saying wait a minute. you have concerns about growth and the global economic backdrop. maybe only 2 rate hikes this year perhaps. however, stanley fisher the number 2 at the fed said, you know what, market, you have got it wrong. we are look at four or five. but we think you the market. that got market upset and said

what's going on, where's th whee disconnect. lou: scott, your thoughts? >> september 16, neither one of her options were good. she raises interest rates into an earnings recession, or she falls on the fence and doesn't do anything and loses 100% of her credibility. if anybody could tell me december 16 what was so good in the economy that wasn't there a year and a half earlier boggles the minds. but she chose to keep her credibility. zero is bad. she is in a quandary. and at the same time, it keeps melting down around them. they will get no help anywhere. lou: their credibility can only be measured upon performance, the consequences of the policies they choose to prowm gait and default. right now their credibility is zero.

it is zero because they did not account for the empirical data that was present then. what plans pyred to this point makes the feds look like a laughingstock. am i wrong? >> you are right. and i tell you what. if they are that independent, i could have made a great reason for you have to cut interest rates to a negative december 16 rather than raise them. but she put herself out there so many times. they talked tough for 29 days a month and on the 30th day they didn't do anything. >> i care less about her and the feds' credibility than the welfare and prosperity of americans across the country. we are going to be talking about scott later on the broadcast. how can the feds stick to its plan to gradually raise interest rates. and is the fed being honest about the health of this economy? we'll take that up here next and what you can next crude oil. crude oil at prices we haven't

seen in more than a decade just over 33 dollars a barrel. more inflation. run from those throw prices. did anybody say disinflation in raise interest rates? markets are open in japan and australia. the selling appears limited in the early moments. the main markets down less than 1%. stay with us. much more straight ahead. when a moment turns romantic why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all

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lou: chinese markets set to open in just moments after crashing at the open today, causing near panic across the globe. investors bracing for another potential drop. china is suspending its circuit breaker system that was at the center of the market turbulence. they had enough of selling in the thursday session because within 29 minutes they shut it down again. other markets trading in asia, the nikkei is down 3/4%. i think we can see that as an early victory on this new and final date trading week. joining us is city group's

mother america economist anthony chan. thank you for being here. we are seeing a limited reaction in the nikkei. is there anything in that you can take some has from or are we in for a wild ride no matter what happens in these early moments? >> it's encouraging. the circuit breakers are more restrict than anything we have in the united states. there were a lot of people in china knowing these circuit breaker were ready top take over and they were ready to sell. the regulators knew that and that's why they us anded it. -- that's why they u -- they sd it. lou: the government must count 5

percenters. this would be their great moment to suspend trading that lasted 29 minutes. >> i don't think it' asetback. i think over time they will resolve these issues and the markets will stabilize. lou: we were talking earlier. what is it that scares you here. we have people we know are voting with their emotions here. they are selling stocks and refusing to buy at almost any price. what's it going to take. what would scare you? >> regulators became entrenched and they did not alter the policies. any government that would not be willing to change as conditions change. but what you see in china is something that should never be lost in anyone's mind. the relationship between the equity market and the economy is very loose.

in 2008, the equity market dropped by 26%. the equity market was up 109% and the economy was growing%. so there is not a real strong relationship and data point,the equity market is young in the tube and we don't have a real connection between the equity market and the economy. lou: the chinese markets crashed last year and they are crashing again, correcting if you prefer. what would scare you? >> if the u.s. consumer internalizes what's going on globally. lou: you mean get scared out of the market. >> get scared of consuming. retail sales were strong in

october. consumers are actually somewhat confident. of course, there is always queaziness about thing. lou: what would care you? >> that if these markets were to decline, but i think the federal reserve, but believe it or not, the federal reserve will react and slow down the pace of interest rate hikes. they did tonight august, that's why they don't move in september and i think they will do it again. lou: i think yellen knows they made a big mistake on the 16th of december. they spit into the wind. and things -- these are consequences i think in part as a result of that. not all of it, but part of it.

thanks for being here. let's hope neither of you get scared of it. up next, the market plunges. fears over china to blame in the minds of most. but should we be worried about this economy and what you should do with your 401k? here next. [ music and whistling ] when you go the extra mile to help business owners save on commercial auto insurance, you tend to draw a following. [ brakes screech ] flo: unh... [ tires squeal, brakes screech, horn honks ] ooh, ooh! [ back-up beeping, honking ] a truckload of discounts for your business -- now, that's progressive. i'm mary ellen, and i quit smoking with chantix. i have smoked for thirty years and by taking chantix,

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lou: joining me now the host of risks and reward *, when need to figure out what going on here. let's start with what seems to be played as the obvious. chain today is the culprit. the causal center of what is happening. i don't think it's entirely wrong.

but we are trying to figure out what's going to happen. when you watch those markets crash, and the rest of the world follow, it create more questions than answers. dierdre: it does. i have been watching your show with all your guests who have been weighing in with insightful comments. but at the end of the day, two times in four sessions the chinese government said stop. we cannot let trading continue. for us here, as far as the dow goes, the s & p500 goes, this is the worst start to any trading year we have had in our history. lou: it make you thankful we are on four days into it. but you worry it augurs poorly for the rest of the year. where the hell are the regulators? you haven't heard a peep from

treasury. jack lewis is in a witness protection program. the fcc, you are not hearing from deregulators and the only thing the feds have done is raise interest rates by 25 basis points. dierdre: you are right. we have not heard anything from the fed. we get an all-important jobs report which is the first one since the fed did tweet. so there is a lot of focus on that. tomorrow you could have a lot of investors say if we stay at the 500 unemployment. they could say we are not so bad if you look at the rest of the world. we are the cleanest dirty shirt in the clothes. maybe this is a safe haven. you saw it with gold today.

stocks sold off. oil sold off. copper sold off. lou: a strong positive in it early moments. we are looking at a strong indication for higher prices. >> it's possible after all this selling -- and you know how her curial markets can be -- you know who her curial investors can be. that's modest but better than the free-fall of china. lou: on that 25 basis points by the feds, yellen and her fellow members on the federal open market committee, if we get a strong number, lower unemployment rate and a significant improvement in unemployment, we could -- that would validate the yellen test.

dierdre: it would mean wore close to quote-unquote full employment. you remember the old joke maybe the fed doesn't drive cars or pete food. the same way you and i would monitor food and gasoline, it may go to something like a dollar per gallon when you fill up. lou: you wonder where that dividend for the consumer has gone. he and she doing something i think is smart. i'm not supposed to say this to consumers. all consumers be careful with what i said. you are supposed to do what the corporations are doing. steward your resources. hold your capital. when they start investing and you start buying, i don't think you should be doing it this way. dierdre: if you happen to be a believer, if you look at a stock that is so beaten down.

i will pick apple baits many the most widely held it's under $100 a share for the first time. you left the door open and got a foot in there. if you think these products, under $100, that is down. there are people who say take some cash and put it in mattress as my grandma probably would have said. lou: i'm one to say be cautious. if you love apple or any stock, you got it. dierdre: that's one example. lou require's a metaphor of buying a stock. deirdre bolton, you can catch her on "risk and reward" every day on the fox business network. gop presidential candidates

weigh in on the markets. here is donald trump in vermont. >> some bad mumbers coming out. some really bad things and you better be careful. be careful. be conservative baits could be rough out there. and who can fix things better than me? that's what i do, i fix things. that's what i do. that's what i do. lou: a little bubble. we'll tell you what else he's saying and what wall street is doing.

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talk about hoik going to jail. are all of these things playing into this for investors and for the country? >> before 2008 we saw early on the dwreasks that campaign was -- we saw what that campaign was going to look at. mitt romney was not a viable threat to barack obama's candidacy. we just don't know. and they are scared. lou: are you scared, brad? >> i am. most dangerous time for our country is the next year. we have a president who is the lamest of ducks. our enemies know what they have but they don't know what's coming. when you know what you have you will act out in a way you think

you can get away with. 2015 will not only be a volatile name america. it will and volatile time my prediction is all over the world. lou: we have a president who comes out and talks about gun control when the whole world is focused on terrorism and the conflicts in the middle east. the threats of the chinese with it's the south china sea. and the president comes out and starts talking about a gun control ask fiat and signs an executive action. this is deeply troubling to many people. >> for me it was better than talking about the environment and the global climate. so you are saying progress. yeah, i mean president obama is showing us time and time again he will not have his agenda be dictated by the compelling interest of the general public. >> do you agree?

>> i think this president seize the world as want it to be seen. that's the problem whether it's climate change or gun control. his priorities are this issues but are not priorities of america or the global community. the global community has has it up to its eyeballs. our enemies thumb their nose at the united states and the president in particular. lou: if you told me a year ago we would see a billionaire, donald trump, and hillary who looked like she was going to be core night but who was also just as likely in the minds of many to ends up indicted, would be the frontrunners not parties for the presidential nomination, i probably would have taken your bet on that. >> we called unfour seeable in the -- we call it unforeseeable.

it is minds boggling. to me she is running unopposed. bernie sanders, a socialist, you have got to be kidding me, right? she is still battered and bruised as a candidate. >> it's reality television even talking about donald trump being the front runner in the republican race. but yet donald trump is like the canary in the coal mine. he's been spot on on so many issues including china. lou: it's got to drive people crazy in your party. he's -- we are going to leave it there. brad blakeman, that's the nicest thing i ever heard you say about donald trump. that little quiet -- >> zinger.

lou: the plunging price of oil. oil prices down 70% the last year and a half. that's a great boon for consumers. where did all that money go? why aren't they spending it? crude oil prices could go lower. so far stocks are moving higher there. up just about 2%. what will that mean for u.s. stocks, wall street and american investors tomorrow? stay with us. we'll have all of that.

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do not take stelara® if you are allergic to stelara® or any of its ingredients. alert your doctor of new or worsening problems including headaches, seizures, confusion and vision problems. these may be signs of a rare, potentially fatal brain condition. serious allergic reactions can occur. tell your doctor if you or anyone in your house needs or has recently received a vaccine. in a medical study, most stelara® patients saw at least 75% clearer skin and the majority were rated as cleared or minimal at 12 weeks. stelara® helps keep my skin clearer. ask your doctor about stelara®. lou: joining us is andy lirks pow. on the screen you see in front of you, that's a representation of trading on the csi300 index. you see where it briefly plummets then flat lines. that was yesterday's trading in

which we saw the market close because of a 7% decline. what you see on the right side of that under january 8 is a blip-up and a slight easing. that's a 2% increase just under 3% in prices at the open on the csi 300. so things are better so we'll learn more about china and the futures index that republic and running in early hours. strong open indicated right now. as is frequently the case. however, early does not correlate to later numbers as we approach the open on the futures. but right now that shows a solid as you see stronger higher open for futures on wall street. so cross your fingers and we'll

see how it works out. joining us now, the lipow associates president andy lipow. the consumer, the investors, the beneficiary of low gasoline prices, the consumer. this should be driving, one would think higher prices, more demand, and we were just watching a collapse as we indicated over the last year and a half. what do you see in prospect now? >> well, the low oil prices are due to this oversupply situation we have from a higher production near the u.s. and opec opening the taps wide open. the consumer is definitely benefiting with gasoline prices at multi year lows. diesel prices, that's off 80 cents a gallon from this time last year.

the consumer is driving more and gasoline demand is up substantially. >> they are spending a little of that money with greater use. with suvs and pickups, they use up more gasoline. >> the consumer is enjoying this and we are seeing it in the demand figures. and we are seeing jet fuel prices come off and airline tickets are reflecting these lower costs to the consumer as well. lou: i want to go back to the graphic. what we are looking at is -- could we have that -- we are going -- i'm assured we are going to get the graphic. the point being we are seeing a higher level of correlation between diesel prices and gasoline that i have seen in years. usually just astronomically

higher have diesel prices been. what is that attributable to? >> the higher price in dicele is driven by the worldwide economy growing rapidly and diesel use is far more common in europe as well as driven by the construction in china. we saw diesel prices go higher than gasoline. this is completely different than what we saw in the markets where gasoline really was the leading in the transportation fuel. so now believe it or not we are looking at a summertime situation where gasoline prices are higher than diesel prices in the futures market. lou: that's quite an aberration over the past decade. two questions i want to get to. we are over time. but i want to get to it quickly. saudi arabia, driving oil production and supplies.

everyone is saying, and so is the united states, without saudi arabia we would lose that production. how is it in their interest to continue it? >> it's really a geopolitical calculation. you have the saudis, the kuwaitis and the united arab emirates not talking to iran and not willing to cede market share as iran returns to the markets as sanctions are eads. the crude oil blood will continue. saudi arabia is on one side of the equation and the russians are on the other side of the equation. it's not in the saudi's interest to ease production because the russians benefit. lou: do we continue with these low prices? >> i think we'll throughout most of 2016. we'll see production decline in the u.s. more than the market expects.

world oil demand will be increasing as long as the economies hold up. but it's here for the next 3 to 6 months. lou: always good to talk with you, appreciate it. and happy new year. up next, what role will china play if any in pressuring north korea. we'll tell you why china' stocks are rising at the open. stay with us. we are coming right back. you're down with crestor. alright! now there's a way you can get crestor for $3. adding crestor, along with diet, lowers bad cholesterol. crestor is not for people with liver disease, or women who are nursing,pregnant, or may become pregnant. tell your doctor all medicines you take. call your doctor if you have muscle pain

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done chang, and scott, that trading jacket, i can barely speak. teddy, let's start with you as we wrap it up. your outlook on the day, the damage and the prospects. >> obviously a difficult day. i don't think we are out of the wood yet. it's expensive and pain new trying to catch a falling night. we have the whole year ahead of us. it will be an interesting year baits' an elect year. i think it will be fine. we'll just have a rough patch. >> the duration, the extent of the damage. this much damage, it takes a little while to heal. >> absolutely. unfortunately it's all about the unthose. the unthose today are the same as we had at the end of last year and we had 6 months ago.

for whatever reason it' a perfect storm at the moment. but the unknowns are known. and the market has been dealing with that remarkably well all thing considered. i think we'll be okay. lou: i have got to give you credit. it was a pretty good prediction of do and rumsfeld. >> what we are seeing this morning is the government going in and buying shares. they call it the national team. they are state entities, big broker ands. they did this before starting in july. but the problem is the economy in china is slogan money is coming out of the economy. they can't beat the market long term. lou: and neither can investors anywhere in the world. i want to update where we are with the index, the csi 300.

i'm told it's up a third of a point. it had been down -- we are seeing as gordon is suggesting, saying outright, the national team is moving in and moving a lot of those reserves they have on hand to prop up the market. which is not -- you know, not the way we do it. >> at least they have got a market. >> it doesn't make them pure communists. what do you expect tomorrow in the markets around the world. >> we have a big number tomorrow. the non-farm payroll number comes out. if that unemployment number is bad, that will be a hurt for the market. china ruled out that plunge protection team. that we call it on the floor. but they can't buy forever. the data will have to turn around. most economists will say the

u.s. is okay growing at 2%. that's not my america. our up ins are bad and we need to see something good soon. lou: you make a good point. what is with this, you know, this marketplace, what is with this economy? we are continuing to flag job creation. we are not seeing investment in households. there is expectations greater and the new normal, if i may, i'll agree with you and say this new normal. gordon, do you expect to see the chinese actually move in and move further toward the state command and control economy and society they have or do you expect to see some reformation.

>> exreformation. he has been trying to move the foreigners out of the country, it takes us back to the maoist era. >> if you are patient and have long-term horizons there will be some pretty good opportunities here, i suspect. lou: thanks for being with us. we freshate your insight. and let's look for stable markets and happy times tomorrow. and the weeks and months ahead. thanks for being with us. for now, good night from new york. turns romantic

why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis and a $200 savings card. bleeding gums? you may think it's a result of brushing too hard.

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>> the heyday of hollywood. >> it was exciting. bette davis, marilyn monroe, joan crawford. >> a star-struck teen bit by the bug. >> before there were paparazzi, there was jack kuster. >> this autograph hound takes names like no other... >> elvis and, oh my gosh, robert redford. >> you name it, all of them. >> it's probably the best collection in the world. >> ...and leaves his stunned heir a lot to sort out. >> what, in your wildest dreams, is this collection worth? [ theme music plays ] ♪ i'm jamie colby, and today i'm