stuart: i wonder if they bred up there 67 miles up. good stuff, ash. ashley: they must have been pretty start telled. stuart: market is still telling off, down 400 on the dow look at nasdaq down even more. down 3%. jackie deangelis in for neil. it is yours. jackie: i'm jackie dee dee in for neil cavuto. this is "cavuto: coast to coast." we'll foal the market with every twist and turn. bitcoin losing almost half the value, is this buyer beware or buy the dip scenario? our experts are here to break it down. we expect to hear from the white house this hour as the

biden administration tries to fight off the inflation war and head off a potential war between russia and ukraine. straight to our top story. another rocky day on wall street. stocks seesawing once again. lydia hu joins us with all the latest. hi, lydia. reporter: jackie, we're coming out of a wild roller coaster of a day yesterday, with the dow down down 1100 points. the markets opened in negative ground but the steep losses we saw this morning, well they may be pulling back slightly. the dow @one point this morning was down more than 700 points. but as we take a look down 46. investors are evaluating the release of earnings report this is week. general electric reported today. it is dragging with a 7% loss after topping quarterly earnings expectations, but, missing revenue estimates. american express on the other hand was a top gainer on the

s&p 500. it beat earnings expectations, rising about 7.8%. but investors are also contending with record inflation running at a 40-year high. on going supply strain constraints and covid disruptions. today, of course, front and center is the federal reserve two-day meeting that kicks off. investors look for signs how much the central bank will raise interest rates this year. when those hikes will start. all eyes will be on chairman jerome powell who will speak at a press conference tomorrow. it is expected interest rate hikes will begin in march while the central bank also wrapses up the monthly asset purchase program, the same month, tightening monetary policy to fight inflation but with the recent volatility seen in the market some are wondering whether market reaction will get in the way of the fed's plans to raise interest rates. investors are also monitoring tensions as russia builds up its military presence at the ukrainian border and possibly

considering president biden's performance on managing these multiple crises. a recent "fox news poll" showing 58% of voters disapprove of his handling of the economy. 73% of voters rate the economy as only fair or poor. jackie, just like americans and all of us, wall street is trying to make sense of all of this, so it seems the volatility we've seen through the start of this new year will likely continue. jackie: lydia, it has been tough on a lot of people you check your 401(k) balance last few weeks it is tough on that. >> thank you. jackie: nearly half of voters say government policies are contributing to inflation but the white house says the big corporations are at fault. hillary vaughn is at the white house with more on how the administration plans to handle surging prices. hillary? reporter: jackie, people are seeing inflation everywhere from rising prices to gas and groceries. it has been sticking around for a while, with inflation now

lingering at 7%, president biden is not switching up his strategy to tackle it. he thinks the best way to drive prices down is to drive up competition. president biden: too many industries a handful of giant companies dominate, dominate the entire market. we see it in big ag. reporter: as far as the fix for it it is the same ol', same old at the white house. the president is dusting off an executive order he signed in july aiming antitrust laws cracking down on corporations they say unfairly dominating the market. the chamber of commerce is disputing that idea, telling fox brings this, inflation cannot be made on american businesses. the consolidation industries is driving the surge in prices is wrong. it is clear that they are trying to use prices to justify the

preagenda. it would likely constrain supply and push prices even higher. some business owners say when it comes to higher prices there is more to the story. it is reflective of another biden problem, a worker shortage. >> mcdonald's and taco bell and on their signs, sign-on bonuses that is tough to compete with. we never had to do that before. the rising costs are creating inflation for our restaurants and you know you have to pass it on. so you have to increase your pricing. reporter: jackie, at least yesterday the white house says they are really not worried or phase by what is happening in the stock market because they say that is not how they measure the health of an economy looking at wall street. instead they're looking at other things. jackie. jackie: yeah but many americans across the country as i mentioned do look at their 401(k) balances and they're starting to worry. hillary vaughn, thank you so much for that. meantime we're watching nasdaq because it is taking another big hit with big tech leading the

selloff. investors are waiting to hear from the fed which starts the two-day meeting today. here now constellation research ceo ray wang, market gauge group managing director michelle schneider. ray, i want to start with you, talk about inflation because that is one of the worries the market has right now. the administration, president biden passed buck to jerome powell. raise rates now, we don't care what happens to the stock market but as you can see it starts to worry investors. >> yeah, inflation playing a long-term hit, short-term hit. every investor trying to figure out what that means to the p-e ratios in terms of what every tech stock is going, how they are going to perform. there are ate is tech stocks that will do better than others. we see that in enterprise cloud plays. these are areas that will survive this. right now it is readjustment, we're in correction territory. everybody is worried what that might mean. will it be a 10% correction, 20%

correction, or where we are sitting at near 52-week lows? that is the calculus and refactoring everyone is dealing with now. jackie: michelle, you see the big swings, 1000 point intraday moves. we haven't seen that in a long time. that starts to spook the markets. the fear kind of builds, grows builds on top of each other. you think about the fed, the options it has, we'll pulltrigger, raise rates despite how the market reacts. they tried that under donald trump, jerome powell tried that, eventually he had to give in because the market was not taking it well. >> true, but i don't think that will happen necessarily this time because in 2018 we were in a very different place. it was before covid. it was before the labor issues. and it was before the fact that we had inflation running so hot. so right now the fed has to really play both sides of the fence. i think we will hear that the

rate rises are on the table, starting with march. however, we have to keep perspective. the market may not like it. that is because we've had cheap money. companies have had terrible balance sheets for years, were able to borrow at nothing, that is changing. but on the other hand, we, we, even if we go to a half a percent or 3/4 of a percent in terms of our rates by the end of this year, it is still so historically low, especially if you compare it to 40 years ago when inflation was running hot and rates were much, much higher. jackie: no, i hear you. i actually think back to the last scenario that we were just talking about. the fundamentals of the economy, ray, the fundamentals of the economy at the time as michelle points out pre-covid were so much stronger, you could make the case actually the market could handle half a point or even a full point of rate increases over the course of a few months. this time however, we have a little bit of different dynamic,

because of covid, the administration spending policies, that is really sent the inflation running real hot now. >> that's part of it but i actually once we get past it, what we will see in march is 50 basis hike. that is going to help. once that's done people will reset the expectation. they will come back, look at big tech, here is where the growth is, these are companies still proving it. we're waiting for the microsoft numbers to show, hopefully stablize where the nasdaq will be and people have an idea where the floor will be. there is still a lot of volatility. you're looking at vix in the mid 30s, we have not seen that for a while. jackie: no, we haven't. michelle, come back to you, this notion essentially big corporations across the company are price gouging, whether it be the grocers, whether it be big oil, whether it be meat producers, i mean it is difficult to make that argument because so many prices are essentially set by underlying commodity prices and it's not

the corporations that set the prices, it is market dynamics. >> if you go back to the history of how commodities trading got started, they were a hedge for farmers in the corn market and that is exactly what happened is, that over the last several years a lot of raw material prices got so cheap, food especially got so cheap. so what they did, they cut back production. so then you get a perfect storm like what we've just had with lots of stimulus, covid, demand going crazy with supply chain issues and voila, you have what is happening right now which is everybody was caught, really basically with their pants down in terms of how much supply there was to begin with and this is why commodities go through a cycle and we have to cycle through in order to be able to meet demand. we have to be able to get more goods out and these things just don't magically appear. you have to grow stuff. you have to mine stuff. so, yeah, you can blame whoever

you want but it really has been a perfect storm. jackie: great to see you both. we'll see you in a little bit. we will conquer some other topics. meantime i turn to russia because russia blaming the united states for growing tensions in ukraine. we have a live report from the pentagon after this. ♪. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.

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ask your rheumatologist about cosentyx. ♪. jackie: welcome back. the u.s. weighing military action against russia, putting more than 8,000 troops on heightened alert. fox news national security correspondent jennifer griffin is live at the pentagon with the details for us. hi, jennifer. reporter: jackie, we're just getting the first images of the new u.s. weapons shipments landing at the airport in kiev. senior representatives of the u.s. embassy and ukraine defense industry spoke as the weapons pallets were being unloaded. important to note that the u.s. still does not have an ambassador in ukraine. these images are coming live from the kiev airport as the plane carrying assistance includes we're told, 300 javelin anti-tank missiles that we've been seeing loaded on to pallets in recent days on to u.s. transport planes, part of $200 million in new security

assistance president biden directed to ukraine. the pentagon has told u.s. troops and their families, about 8500 of them, to prepare to deploy in a matter of days in the event that a nato response force is ordered. such a force could include up to 40,000 nato allied troops. the pentagon was clear, these u.s. troops would not be going to ukraine. the pentagon could send u.s. troops unilaterally to bolster nato allies that border the of russia and ukraine. the spoke to his romanian counterpart yesterday. >> never ruled out the option of provided assistance in the advance of a potential invasion. reporter: nato will send a frigate to the baltic sea and four f-16 fighter jets to lithuania. fighter jets to bulgaria. france offered troops to the romania. netherlands is sending two f-35

aircraft to the baltics in april. which may be too late. they plan to send a 6 million-dollar field hospital. uss harry s. truman strike group went ahead with a long planned they will have long-range strike training. adding to the feeling, jackie, that we're in the midst of one of the biggest crises in europe since world ever world war ii, jakeky, thanks for updating that. a lot to keep track of. we have former lieutenant-general secretary of defense general jerry boykin. good to see you. jennifer set it up perfectly with you there. i sit back to look at the whole situation, i really wonder, as vladmir putin was amasses his troops on the ukraine border did this administration not see this coming? we had more time to prepare for this. once again it seems now like

we're in somewhat of a frenzy? >> i think you described the situation very well. there are lots of things which should have been doing. there are lots of things we should have thought about and now, what we are doing is trying to play catchup and i think personally we're as close to the brink with russia as we have been since the cuban missile crisis and this has the potential to be a very bad situation. jackie: you know the idea of very harsh economic sanctions is being floated. the president said at his press conference last week that was an option. that we were talking about sanctions unlike anything russia has ever seen before. your thoughts on how that kind of plan of action would work as opposed to a military option? >> first of all, i think that it will have more impact on the allies than it would on russia. for example, if the president was to go in now and reimpose

the sanctions on the nord stream pipeline, that may have an impact on some of the nato nations like germany who are becoming more and more dependent upon russia for their gas and oil and i think that sanctions are good. sanctions should be placed on them but donald trump had done just that and most of that has been relieved since joe biden came in to office. so at this point i don't think sanctions are going to stop him or the threat of sanctions are going to stop vladmir putin. jackie: you make such a good point about the nord stream 2 pipeline. when that decision was made by president biden to let it proceed where as here he was killing the xl project when we need pipelines as well to be able to move our oil around and be competitive. so many people said what is he thinking? >> what was he thinking? i mean, that was as far as i'm

concerned the pipeline in america and the pipeline in russia, he made the wrong decision on both of them and these decisions are now coming back to haunt us and when we cancel our own pipeline and reduce our own production of oil and then have to go to opec, particularly to the saudis to ask them to produce more, and then we wind up with 3 1/2 to 4-dollar gas at the pump, you have to ask yourself, what was he thinking when he did this and what did he think the ultimate outcome was going to be? jackie: yeah. you also sort of look back and try to put yourself in some ways strategically in vladmir putin's shoes, right? you think about in 2014 when he annexed crimea, and president obama was in charge and joe biden was vice president and then of course we had another president take the helm of the

country. somebody i think that was viewed very differently by foreign leaders than joe biden is right now. i mean, some of the decision-making, the policy making, the lack of foreign policy accomplishments of this administration and this president essentially has world leaders looking at him saying he's weak. >> yeah, you stop and think about when he first came in to the oval office, he came over to europe and spoke to our nato allies. and he looked them in the eye, he said pay up, pay your dues. america will no longer carry you, pay your dues. and everybody said, well, we've just lost our allies. we just lost nato. what we did, we sent a very strong message to vladmir putin. donald trump sent him a strong message as he stood there with the nato allies told them to get ready. pay up. jackie: he sent a lot of strong messages. >> that kind of strength, that

kind of resolve is what he needs to see now. i don't know if this administration can do that because they have lost so much ground associated with the abysmal pullout of afghanistan and a variety of other foreign policy failures. i'm not sure that it will be very convincing at this point. jackie: general, we're going to keep watching it very closely. we appreciate you coming on, sharing your insight. it's a tense situation. we obviously hope for the best. we'll see what happens. thank you. >> thank you. jackie: are we looking at a crypto winter? bitcoin is down 50% from record highs. is the bottom near? ♪. hi, my name is cherrie. i'm 76 and i live on the oregon coast.

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♪. jackie: bitcoin feeling the heat falling 50% from record highs leaving investors to ask, is the worst yet to come. susan li here with all the latest on crypto. susan? reporter: we had some recovery here at the bottoms, $1.3 trillion in crypto value was wiped out when you have bitcoin down more than $600 billion, it hit 33,000 bucks, yes, a 50% plus decline in the cryptocurrency but it is interesting, during that reversal bitcoin went positive first. then the russell 2000 small cap index which led the broader indices back on monday, historical turn around, biggest since 2008 for the s&p and nasdaq. everyone is us abouting around the tight trading correlation with crypto, bid coin, trading in lockstep with the broader markets. that means when stock markets go up typically you see crypto go up as well. that is the highest correlation

we've seen in a decade according to one analysis. also some interesting observations from founder of one of the world's richest millionaire, bitcoin doesn't trade like inflation hedge bitcoin trading down despite the factual street are betting on several interest rate hikes this year because of higher inflation. now in 2021 there has been more adoption of cryptocurrency, especially with the boom in crypto arts or nft collectibles that jumped over 2,000 percent over the past year. youtube making news, allow video creators to to make their own nfts. meta, facebook as previously called, have ways for users to mint, sell, display nfts. it's a younger person's asset class, you must admit this, you have tongue in economic reference, this involved golden arches, mcdonald's.

there is trending joke, if crypto investing doesn't work out you can always work at mcdonald's. the el salvador president who has been buying bitcoin on the dip, getting in on this. crypto references has trend of golden arches, how are you doing people that run crypto twitter accounts? there are calls for mcdonald's to start accepting cryptocurrency like for instance, dogecoin and the doge father himself, most influential al man in the crypto markets, elon musk, said he would eat a happy meal on tv if mcdonald's accepts dogecoin. on my twitter page a lot of feedback has been does he really want to eid mcdonald's for them to accept dogecoin? i think there is more adoption, obviously prices do go up. if the doge father gets involved that is a big deal. jackie: i don't think he wants to eat it, susan, but i'm i guess he would be ubiquitous to be accepted by mcdonald's. good for him.

investors worrying about a tough crypto winter if you will. let's take it up with our panel, ray wang, michelle schneider back with us. ray, start with you. susan laid it out nicely there trying to say investors look at crypto all different ways. we don't really know how it is trading right now. sometimes it trades in lockstep with stocks, like a risk asset. sometimes an inflation hedge. sometimes they're trading like a currency. it is tough to sort of understand what the underlying thesis is? >> yeah it is. people thought it was an inflation hedge. the way to look at this there are a couple type of crypto investors. there are crypto whales, they are holding this thing out. they will wait it out. they believe it will outdo the u.s. dollar, it will outdo gold and platinum. they're holding out for the long haul. there is small range of crypto left trading volatilely. those are hedge funds and jumping into it that is what

prices are being affected of. if you look in the long run, it will be 65, 66,000 by the end of the year. it will probably recover. in the short run, people run scared. these are asset classes, worried about inflation, which one will win out in the end. bitcoin will be there. the other ones depend on developer interest. who is building exchanges. who are building the cryptocurrencies used in smart contracts. that is what people are looking for. it will be powering what is in the metaverse economy. jackie: longevity of crypto is. looks like here to stay, michelle. i want to ask you about crypto as an inflation hedge. many investors used it that way. susan said it wouldn't be down because wall street doesn't think inflation is here to stay, at least it will be prolonged for quite some time. i agree with, by the same token maybe they're agreeing with the fed, the fed will pull the trigger, start to raise rates and tame inflation in. that could be why bitcoin is moving lower. i don't know, your thoughts?

>> i'm sort of suspicious on that last point and obviously ray and susan both made great points. just to add to it, eight months ago there was the big debate about gold being dead and bitcoin being the ultimate inflation hedge. now we're seeing a little bit of a flip. i think the lesson in that is that every instrument, a, cycles, and b, has its definite usages. of course the speculation of that changes a lot along the way. so right now the big great decoupling that was supposed to happen this week when the market started to crash and bitcoin was supposed to go up didn't happen because of the worries you all mentioned, regulations, the fed, et cetera, and gold is starting to outperform. long term to pick up what ray said, it will implementation of some of the technology that i think will be the future here, like for example, with the metaverse. not so much the monetizing of the metaverse. companies like nvidia,

microsoft, opening up the platforms for the public to be able to use. that is where i think ethereum can still be extremely exciting going forward. we'll see the relationships among the different coins shift as a result of that. jackie: right. yeah, no, to the last point that susan made in her report, we're joking about mcdonald's accepting dogecoin or seeing cryptocurrency being used in more of a real way, it is like every day you open up the newspaper, ray, you sort of see maybe an example of that. cities are starting to adopt it. people want to be paid in crypto. and so you get the sense that you know, if this continues to happen, this is here to stay. >> it is definitely here to stay. look, eric adams is getting his salary in crypto. miami opened up paying cities there. the adoption increases. you will see more usage. that is going to be increasing value over time but also not just that. it is the metaverse where we'll see different kinds of coins emerge, tokenization of and

crypto coins will play a role in terms of creating new types of wealth, new types of monetary, new type of currency will emerge. i remember seeing a bitcoin atm in south florida four years ago. jackie: fascinating to be watching it and to being talking about it, having these conversations as it is an industry starting to develop. it is great to see you both. thanks for your insight, ray, and michelle. we'll have you back again soon. coming up president biden showing his frustration with reporters but what about the people's frustration with the president? more after this. ♪. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,

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♪. jackie: welcome back. president biden's frustration with the media once again on full display, this time with our own peter doocy.

jacqui heinrich is live from the white house with the latest own that. jacqui, you had your own dust-up with the president last week. reporter: yeah, i sure did. seems like we've heard this all before. the president said he didn't want to take any questions on ukraine, so our colleague here at white house, peter doocy tried to ask a on topic question about inflation but the president did not take kindly to that either. reporter: you think inflation is political liability ahead of the midterms. >> great asset. more inflation. what a stupid son of a [bleep] reporter: the second time in as many weeks the president shared his apparent real thoughts on a hot mic. last week he didn't seem to like my question about taking some proactive measures to deter russia from invading ukraine. reporter: why are you waiting on putin to make the first move, sir? >> [inaudible]. jackie: reporter: the president has been

increasing briskly with reporters after rocky first year. suggest the phil wegmann from "realclearpolitics" didn't know how to read after he asked biden about the controversial voting rights speech suggesting segragationists. a recent fox news poll put inflation at top of the list. 85% of voters were extremely or very concerned. 7% put political divisions as a top issue. 62% livessed the russia ukraine situation top of mind. an usual tone after president who placed a high premium on respect here at the white house. president biden: i'm not joking when i say this, if you ever working with me and i hear you treat another colleague with disrespect, talk down to someone, i promise you i will fire you on the spot, on the spot. no, ifs, ands, or buts. reporter: the president apologized to our peter doocy, rather gave him a call to clear the air, telling him it is

nothing personal pal. peter said it was a nice conversation and he appreciated the.call, jackie. jackie: rules for thee, not for me. so interesting, obviously the questions you are asking are getting under his skin that is the reaction comes from. kudos for you guys asking the tough questions. they are questions many americans wanted answers to and find very important. thank you for that. reporter: thank you. jackie: let's get reaction from fox news political analyst giano caldwell. putting aside lashing out at reporters, gianno, the president is refusing to answer questions that are very important and he is cursing and, suggesting that they're insignificant. obviously he doesn't want to answer the questions because they don't make him look good but as she points out, as jacqui heinrich points out he talks about unity, respect, where is that when he is at the podium? >> that is an excellent question. i got to tell you this feels a bit personal for me.

why? 2016 up to 2020 i could get calls and text messages from my friends and family talking about something trump said or something he did. when you get it on the other foot whereas joe biden who is calling us one of a son of a you know what, people are silent, whether my friends and family or democrats or the media. so that begs the question, was any of this really a serious conversation to begin with what they said about republicans, what they said about donald trump when they give their guy an applause for saying something like this? this is unacceptable in every way. this is unpresidential. i think you can only get worse and that's the real issue here. with a president who says he was going to bring the country together, he would be the uniter in chief, he said he was going to bring civility back to the country. he said he would renew the u.s. standing on the world stage. he said that he was going to stop covid. he said he would bring the country back on track. he said he would help

african-americans. all of those things were lies and they continue to be today. now we have a president who says, if you want to even challenge me on any of the things that i promised i would do and i have not done, you're an s.o.b. that is -- jackie: it really backfires. my jaw dropped when i saw the tape yesterday, because this is the commander-in-chief. you can say whatever you want to say about president trump but i don't think he was caught cursing at reporters on an open mic. you look at this president and say, you know, inflation is a real problem and you don't want to talk about it because it makes you look really bad with respect to your policies. you can blame this on the fed. you can blame it whoever, on corporations that they're greedy. it really comes down to your spending and that is the question he doesn't want to answer. >> no. and that is so true and peter doocy, his question, i think was a great one. why? every time when the white house especially with the press secretary is brought to bear,

remember it is something that joe biden said they always dodge and go in a totally different direction ignore the fact that these things are real. the american people can tell that they're paying more for gas. i used to pay 30, $40 for gas. now i'm paying 70. these things are having great impact on many, many americans, especially those they say they care most about. i'm talking about african-americans, hispanics, poor people, generally speaking, whether they white or indifferent, these folks, the democratic party, joe biden especially said they care about these policies he created which allow for greater inflation, hyperinflation which is where we're going into now, negatively impacted those folks. it will certainly impact democrats in the midterms coming up soon. jackie: sure will. all the polls we do, all the polls the other media outlets do indicate what the top issues are, the economy, inflation and when you get the sentiment, the

zeitgeist. under president trump we're optimistic things are getting better. under this president we don't think we're on the right track. we don't think the future looks so bright. they will have to answer to that in the midterms. thank you, gianno. >> absolutely. great to be with you. jackie: coming up covid-19 vaccine requirement will prevent unvaccinated truck drivers from delivering goods across the u.s. border. reaction from american trucking associates president and ceo chris speer when we return. ♪. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

jackie: "fox business alert." pfizer is beginning a study testing a omicron vaccine in people. gerri willis with the latest. hi, gerri. reporter: hi, jackie, that's right. pfizer and biontech today announcing the start of a clinical study to evaulate the safety of a omicron focused vaccine. they're testing healthy adults age 18 to 556789 they -- 55. they expect the initial results of the study to be completed in the first half of the year.

if successful they could ask u.s. regulators for authorization and begin distribution in march a critical date. the company says they could manufacture four billion doses of the shot this year. original doses of the vaccine were less effective providing protection against omicron than previous strains. now the biontech ceo saying this in a statement, vaccines continue to offer strong protection against severe disease caused by omicron yet emerging data indicate vaccine induced protection against infection in mild to moderate disease waneses more rapidly than was observed with prior strains. that is the problem in a nutshell. the companies will test the immune response generated by on con based vaccine in three shot regiment and unvaccinated people and a booster for folks who already received two doses of the original vaccine. here is the important point. the timeline outlined here by the companies raises questions about whether the vaccine can come to market quickly enough to

have an impact on this omicron strain raging through the country. new cases averaging 668,000 per day in the u.s. and currently the white house chief medical advisor, dr. anthony fauci saying this weekend that the peak of omicron cases will likely occur in mid-february. so it is possible this vaccine could come a little late. meanwhile as i send it back to you, jackie, i will say the world health organization, w.h.o., is monitoring a new covid variant ba.2. not area of concern. the strain has been detected in 40 countries and is a descendants of omicron. jackie: interesting development, gerri. you wonder after the boosters, people reluctant to take those if they would be open a even trying to get their head around another kind of shot. as you mentioned other variants could come out. it is a lot to take. we'll see what happens with it. thank you so much for that. reporter: absolutely. jackie: well, as the trucking

industry faces supply chain issues and shortages, truckers crossing the u.s. canadian border have to be fully vaccinated. we have american trucking president and ceo chris spear. it is great to see you. we know this is an industry has been impacted by mandates. we're talking about new types of vaccines and more booster shots and things that many americans don't want to continue to do as we move forward into the third year of the pandemic. your thoughts on where we are now and how this is all impacted, not just trucking but then the trickle-down effect to american consumers? >> well, it is significant and you really have to blend good public health policy with the economics and that's where they're failing at the white house, not listening to the economic advisors. really public health officials that continue to prevail with the mandate theme. we just bounced a 100 employee

or more mandate out of the supreme court 6-3 decision couple weeks ago. we warned them that was going to happen. they exceeded their jurisdiction but more importantly with respect to our industry and industries like it, mandating your way out of this is not a healthy balance between economic policy. it is going to have severe steep consequences on the supply chain. it is not just things that were moving on the border with canada, our largest trade partner, which includes things like auto parts, food, energy. it is also the vaccine itself, test kits, masks. these are things that our industry is instrumentally moving in the effort to combat covid. so when the public health advisors don't listen to the economic advisors you will not get the balance and blend that is needed for good policy and cutting the shortage significantly in our ability at attract talent into the industry. it's a severe strain. jackie: you bring up so many good points, difficult for me

not to mention the word border. u.s. canadian border transporting some goods back and forth. you look at the u.s. southern border, you know you see there is no accountability on the part of this administration that it hasn't closed off the border, allowing people in without necessarily being tested into the country. they could be bringing covid or covid variants with them. yet when it comes to our industry we're trying to impose these kind of mandates. it is frustrating for so many people. >> it is. canada is our largest trade partner and if the white house is listening to the supply chain team, and not just the public health advisors they would understand our industry, our drivers are very eyes lated. okay, they're moving 76% of the trade between canada and the united states. so it is not just, you know auto parts, food, and energy, it is really the ability to combat covid. we're moving moving that by tru. you need the drivers.

they're independent-minded people. we surveyed 37% of those drivers unvaccinated would get up to leave the industry. that might be a little inflated. say 3.7% of that 37% would leave. that would have a catastrophic impact on our ability to combat covid and serve consumers in both countries so this is very measurable. the white house has got to wake up to start blending good economic policy alongside the public health policy if we're going to climb out of this rut faster. jackie: just last 20 seconds i have with you, you make a great point. it is not like these drivers are going to an office environment interacting closely with people. they are driving their trucks. they're generally isolated. i mean you have to consider the danger and the risk associated with what you're doing as well, right? >> got to respect their decision to vax or not vax but you have to respect what they do every day. they are out there getting the job done and this administration has got to respect and public

health advisors just aren't. so this is something we'll continue to be loud about, jackie. i really appreciate you having me on to make these points. jackie: chris, thank you so much we'll talk to you soon. as tensions escalate on russia-ukraine border, gordon chang said it would be up wise to for the u.s. to take its eyes off of china. stay tuned for c that l now. nice! you got it. and thanks to voya, i'm confident about my future. oh dad, the twins are now... ...vegan. i know, i got 'em some of those plant burgers. - nice! - yeah. voya provides guidance for the right investments and helps me be prepared for unexpected events. they make me feel like i've got it all under control. [crowd] yeah! because i do. ok, that was awesome. voya. be confident to and through retirement. municipal bonds don't usually get the media coverage voya. be confident to the stock market does. in fact, most people don't find them all that exciting.

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♪ ♪. jackie: wall street headed for another wild day of trading in surging prices in surging tension in eastern europe wayne on investors for the second straight day the s&p debated correction territory for the second straight day the nasdaq falling further into correction territory. we will have much more on the market selloff throughout the next hour but first the white house press secretary jen psaki just briefing oppressive or worries about inflation in russia tension. hillary vaughn at the white house. >> white house press circuitry jen psaki saying they are still focused on deterring through diplomacy with putin the white house defended the decision to urge americans to leave ukraine even though ukraine's president has criticized the move as premature, the white house says the buildup at russian troops at

the ukraine border is a dangerous situation and jen psaki says the white house is working to make sure european allies have a backup supply of energy if there is a disruption to the natural gas supply that they get from russia. >> european allies to coordinate response planning including how to deploy their existing energy stockpile, that is part of it, we've also been working to identify additional volumes of non-russian gas from north africa and the middle east, asia and the united states. natural gas markets are very regional by nature given constraints on how much could be exported with any reduction of natural gas to europe would have a minimal impact on u.s. prices. >> but rising prices jen psaki was asked about the executive order in july by cracking data corporation that he takes his dominating markets and regular

prices and she was asked when american settlers seen sticker shock today can expect some relief and for the president to deliver tangible results. >> tangible things are been able to buy hearing aid over-the-counter and take your products to get them repaired anywhere you want without worrying about that been a challenge. making sure that we are taking steps to address lack of competition out there in a range of interest rates where prices are going up. every agency is writing different plans. >> a little tbd when americans are going to the grocery store every week see the grocery bill go up when that is going to see any type of deliverables from the president on this inflation issue that is now been going on for half a year at least. jackie: people are feeling the pain of not looking forward to this for another year or so which experts say it could. thank you so much for that.

president biden continuing to brush off inflation concerns but it is not really getting him anywhere in the polls joining me now former bush economic advisor in the price of prosperity author tom buckle it's great to see you, good afternoon let's start with what jen psaki said with natural gas prices and oil prices. if you take a look at wail on the tensions overseas oil prices are up 2% off of already a high base, $85 and the experts they were going over 100, we have a problem with russia and ukraine then we certainly are. >> there is no doubt that tensions that are being sparked by russia are driving up energy prices. but the fact that the biden administration as a paradoxical is the kind of word approvers policy i would say that is more accurate george energy essentially the biden administration has been telling

producers of natural gas and oil and coal in the u.s. to stop and shutdown. they have been telling canada the stop, don't export your natural gas to a new pipeline to the u.s. but the administration understands that the u.s. needs energy so what did they do they turn to russia and they turn to arabia and they say please pump more oil and natural gas and burn more coal. we are trying, as in the administration to shut down energy production to the u.s. but big others to make up for. it is a ridiculous policy that is punishing the american people and setting back one of the great achievements of the u.s. economy over the last 20 years that is the energy independence that we have achieved not just during republican administration but even during the obama administration. jackie: it was remarkable to see what we've done in this country i never thought there would be a

day where the united states pumps more oil than russia. the united states pumps more oil than saudi arabia and now there was about a 3 million-barrel per day advantage and with given that back and we are asking them to help us out but ultimately, when it comes down to it it's a u.s. consumer, the average american that is paying the price of that. that is not just paying more at the pump, that is the tax. >> that is right it is on top of significantly higher food prices, significantly higher housing and rental prices. for 40 years, republicans have been using the name jimmy carter as a way to be done democrats and claim the democrats are terrible at economic policy. during the carter years of the 70s high energy prices and inflation and so one. i have a feeling the biggest

beneficiary of the biden white house will be jimmy carter's reputation because jimmy carter is not going to look so bad in retrospect compared to what were going through at this moment. jackie: how much longer do you think americans can sustained us. we see the last year essentially census president came into office and triggered this inflation problem we've been paid more for our groceries and paying more for services because there is a labor shortage. we've been paid more for gas and energy costs. at a certain point this is disposable income no longer going to be different families it will have a real chilling affect on our economy and how we feel about her lives in the future. >> yes, i do think it is going to have a negative impact, depressing impact as family sit around the table. i do want to be fair, the inflation problem should not entirely be put on joe biden's

desk. the federal reserve board under jerome powell has made a terrible mistake in misjudging inflationary pressures. jerome powell and the federal reserve kept talking about transitory problems and supply chain and yes there are deep supply chain issues but the fact is, the fed pumped too much money into the economy. at the same time congress and the white house pumped too much money into the economy. there is blame to go around all through washington, d.c. not just on pitt savanna avenue but also constitution avenue where the federal reserve board sit. jackie: i would say the spending certainly did not help that much. now everybody is looking at jerome powell to fix this and he might not be able to buy tightening and raising rates he might not be able to do it on his own. >> the other thing that is disturbing is what larry

summers, the treasury secretary under bill clinton, former advisor to barack obama called science denial at the white house when it comes to inflation. instead of admitting the problem is too much spending and too much money the biden administration is blaming corporate america they're blaming american employees. they're claiming a high meat places and poultry places because of the conspiracy. during thanksgiving time. elizabeth warren claimed it was some kind of collusion and higher prices. you might as well blame john smith and pocahontas and the pilgrims. that is not the cause, that is a symptom of the general rise in prices otherwise known as inflation. it is not because of conspiracy among america corporation. that is just blaming people and blaming companies and blaming workers in a way they should not

be blamed. jackie: thank you so much we will leave it there. we will talk to you soon. the u.s. putting 8500 troops on heightened alert for possible deployment to eastern europe as a potential russian invasion looms. foxy state department corresponded benjamin hall has the latest. what is the latest? >> over the last couple days we've seen a real increase, diplomatic activity to prevent a war in a real increase in military activity as well on both sides of this with russia and the west. the big news russian invasion grown is that eight and a half thousand u.s. troops have been heightened deployment to eastern europe. most of these trips will be part of a nato response force, the rest will be part of a specific unilateral u.s. response. >> we are not ruling it off the table any unilateral u.s. troops. also, inside europe or even going to europe to bolster our allies and reassure them.

>> meanwhile another $200 million in security assistance from the u.s. arrived in ukraine with suggestions and more significant equipment the stuff that ukraine has asked for could follow soon the second shipment in as many days the u.s. is in one of five countries to draw down from the embassy in ukraine including russia who did the same but the ukrainian president said the moves were premature and there is no need to panic like this ukrainian defense minister adding no indication at the moment of an immediate invasion but yesterday 140 russian warships and 10000 personnel left in the baltics with a long-distance voyage, they do not specify whether heading but it's too the ukrainian coast, the state department the white house are denied the last couple of days daylight between them and the european allies. germany continues to insist it will not be sending weapons to ukraine and france say that you

should be needing a diplomatic push not nato and today francis hosting the russians and ukrainians to see if they can fit down and come down to around resolution. jackie: benjamin hall, thank you so much for that. we are watching these tensions very closely at the escalate as a russian ukraine border republicans don't want the white house to take his eyes off of china either. the spring and senior fellow at the gate stone institute and author of the coming collapse of china and the great u.s. china collapse were. predictably a great important point that were distracted by so many issues in our tension is on the situation with russia and ukraine. it is not a wise idea to take her eyes off of china at this moment in time. >> we certainly shouldn't, over the weekend we saw the massive chinese incursion into taiwan's air defense identification zone, 39 planes. it is not just taiwan it is also japan and the philippines and

india, china is threatening all of its neighbors and it really looks like it wants to break them apart sometime soon. jackie: do you think, china wants to get to the olympics which will be started in early february 1, the chances of any action or imminent threat is probably not likely. however, having said that once is through the hurdle the thing is refocusing on the situation with russia and ukraine china seizes the opportunity if you will the possible chaos and confusion that could be caused as a result of that to try to further his own agenda. >> most certainly this is been the chinese communist playbook for decades, they invaded india in 1962 during the cuban missile crisis. in st. john which is causing jong during the korean war they do this all the time and then they brag about it. this is something that they

think it out and xi jinping has been taking a lot of the malice ideas about military advances from the writings from china's founder the founder of the people's republic. this is clearly something that xi jinping is thinking about. jackie: the relationship between xi jinping and vladimir putin they have one thing in common they are not friends of the united states. you sit and watch the two world leaders figuring out what their next test move is going to be and you have to think there is an alliance there. >> they talk about themselves as closer than allies which is perplexing but it does give you a sense of how warm relations are. they have been coordinating their foreign policies for a decade and they have been exercising the militaries together since 2005 and in august we saw the russian troops using chinese weapons which tells us that they are working

towards interoperability. clearly we face not just one but two adversaries, one adversary working very closely we know the chinese will take advantage of what the russians do and vice versa. jackie: it is scary stuff, great to see you as always. next at general motors looking to lead in the electric car market by 2025 and spending some big bucks to do it. we will talk to general motors president after the break. ♪

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♪ ♪. jackie: spending green to go green general motors announcing a 7 billion-dollar investment in growing their electric vehicle production. i had a chance to speak with general motors president mark royce earlier today about the investment. >> thank you for joining us. i want to talk to you about gm's targets, all electric by 2035.

you made an announcement about the investment that's going to take you there, tell us about it. >> thank you jackie, good morning and happy new year. i am joining you from lansing we were announcing $7 billion in investment here in michigan which is the biggest investment that gm wrinkly has ever announced. talking about the investment itself we are going to spend $4 billion on orient assembly plan to convert that to a capacity eyes are silverado and sierra which will be about 360,000 units in that facility and were also capacity icing and building a new cell plan and lansing for $2.6 billion and that will be about 2.8 million square feet that we will put in and lansing. the job piece of it and by the way another $510 million and lansing grand river and delta township plants which maker

crossovers and cars. a lot of investment going in and the state of michigan. the job creation goes along with that. we have about 4000 new jobs with about a thousand retained at our facilities. a total of 5000 jobs in these facilities alongside these investments. it's a very exciting day for us. it's really great. jackie: it sure is. congratulations. 70 people are looking to the future and they know electric vehicles is where that will be. but currently we are struggling right now and what were seen across the country are supply-chain shortages and were thinking about water supply chains look like. companies like gm are saying it's really important to manufacture electric vehicles here on u.s. soil. talk to me about how that's going to work. we have worker in labor shortages right now. you're creating jobs and you have to fill the jobs. the goal is very important but how will we get there?

>> that's a great question if you look at the supply chain the first part of that supply chain that piece of it as you see with the chip shortages been very difficult. as we locate ourselves plans in ohio, the second one in springhill tennessee, the third one were announcing and lansing. these cell plans will be enough acidity around our final assembly plant which is very important. the battery cell creation, the pack creation and the supply into the plans will be right here in the midwest and the capacity they should will be over 1 million units by 2025. as you bring these online the job piece is extremely important, the job creation with great paying jobs is something that we know how to do that and frankly employment right now is a tight market. but we know how to do it this company has done it for a long time and we know how to do it

and were very excited about it. there is a challenge. as you said we have a pandemic that is relentless in the pandemic piece of it is difficult but we see over the horizon and we see the opportunity and we will make it happen but yes it is very challenging to your point. jackie: something that i'm hearing from the conversation that you are having in the research that i've done in general is the cell plans. a big piece of the industry going forward is being able to mass-produce these batteries making sure were not getting them from china and making sure the battery life is longer so the electric vehicles become were sustainable and easier for people to use a more practical if you will, talk to me about the technology and the development there. >> three years ago general motors decided we will go all electric and all in and vertically integrate the chemistry of the batteries are tech center campus in michigan we can produce the trial cells

and experiment with chemistry into it very quickly invalidated. we could do that quicker than most other oems and companies that's a big competitive advantage. the cell is not static we have a very good plan to roll out. the increase of the energy density for instance. it decreases the cost so we can offer ev's for everyone at every price point he saw the equinox at $30000 that the biggest segment in the world. we will start that up next year we will have every price point and high-volume in those segments and to be able to do that again those chemistries are very much part of our proprietary vertically integrated plan for r&d and manufacturing. jackie: final question really quick i'd be remiss if i didn't ask about the competition yet tesla first mover advantage, how does gm compete with the company to put the footprint out there. >> i think it is scale and a

supportability and that's our chemistry and we know how to produce. i can tell you are scale in our manufacturing expertise is a competitive advantage. we had our marks, when we say we will produce 100 by the end of last year we did it. when we said we will produce the larry ott, and the silverado in the next year we will do it. we had our marks and manufacturing plans, we do what we say were going to do and we do it with vehicles that are excellent and beautiful and we do it with very high quality. that is our competitive advantage we know where customers and brands and we know how to do it. jackie: mark reuss it's great to see you, thanks so much for your time. congratulations. >> thank you for having me. coming up school mask wars come to virginia why some students were opting out of wearing masks and also opting out of class. the details will be returned.

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jackie: see you in court, seven virginia school districts are suing governor youngkin over them making mask optional in school fox news correspondent alexandra hoff has the latest from virginia. >> according to loudoun county school district district wide 200 student showed up to school yesterday without a mask. that is a small number considering the total number of 82000. one high school student said they did not want to put a mask on a were confined to the auditorium through virtual learning and the principal release this. >> the administration will be made aware of any situation that

may arise in students who continue to be noncompliant and do not wear masks will be sent home. >> the loudoun county school board is among the seven suing to keep mask requirements in schools they argue that glenn youngkin's day one order to let parents decide violates the law of the general assembly last year. the district abiding by the order making a choice. >> i want to keep my kids safer so were opting to have them wear masks. i wish they would still have kids wear masks. >> i'm not sentimental to the school with masks because my littlest she spent a part of her life in a mask and i don't think that's fair to her upbringing. >> governor youngkin did make an attempt to soothe attention including an extreme case out of page county where a woman has been charged for threatening to bring a loaded gun and for school continues to mandate

masks. >> may not be exactly what you want to hear today but keep your kid in school it is really important in the legal process will sort this out. >> governor youngkin saint to listen to principles while they figure out the legal situation. the loudoun county school board is holding a meeting in a few hours while masks are not officially on the agenda tonight they've opened up an area off to the side where parents can demonstrate some concerns. jackie: alexandria hoff, thank you so much for that and so much to discuss former u.s. attorney guy lewis. just start with a simple question, do parents have legal recourse here? >> i think they do have legal recourse. look at the supreme court, you can see how the pendulum is starting to swing. we saw a couple of decisions out of the supreme court regarding whether or not osha, the occupational safety health and safety administration could enforce or require vaccination.

we see where employers of 100 or more the supreme court is no longer supporting those mandates. as we get more and more into this. the government and the courts deference to the government is going to be less and less speed what i think you're right. we've been having conversation and differences between mask mandates and vaccine mandates. with the vaccine, there becomes question with the boosters another developing new vaccines to target variance. you have to ask yourself at a certain point when does this all end? >> that is the best question. i am uncomfortable i think parents should have a role in this process and when school boards began making require them to themselves and making

mandates you got that pitted against the governor who is also duly elected and certainly has a role in the say on this. unfortunately the kids seem to be caught in the middle. surely the goodness there has to be a way to sort through this resolve this problem based on the fact and common sense and not be drug into court every time there is a dispute between parents and school boards. jackie: you bring up a really excellent point. glenn youngkin was elected because of change and people were tired of the status quo they were dealing with. he listened to the report to parents one. saint i do want my child to be in a mask, she's been in the mask of too much of her life already. that parent can make the choice then you have another parent who said i feel safer if my kid does wear a mask. why can't the parents decide in different parents can go different ways on this. >> absolutely. anything whether it's in law or

life there always has to be reasonable accommodation. if i had an issue with the school or anything else, the school generally has to reasonably accommodate my belief or disability so long it's nothing extreme. i think that's appropriate. we are now required to show cards to walk into a restaurant and we can say in certain places and can sit in others. there is extremes on this and those are the worst kind of cases that are catching these kids in the middle. jackie: that we switch gears, the supreme court is set to review challenges for race-based u.s. college admission at harvard and the university of north carolina at chapel hill. your thought on where that will go? >> boy oh boy, i think the race-based decisions, i think

they are short-lived. i just don't see this conservative supreme court coming in and saying it is okay like they've done in the past. they held this in the past. it is okay to make decisions based on race or ethnicity or gender. i think those kind of decisions are short-lived. i went back and looked at the case that sandra day o'connor wrote 25 years ago in 0 three saying these kind of decisions in 25 years will not be necessary anymore. i think the supreme court may be willing to strike these decisions. jackie: we will be watching, we appreciate your time, great to see you. coming up, money for nothing why a new program for monthly payouts in california is causing more controversy read will talk about it when we come back.

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jackie: los angeles kicking off a new initiative that will provide $1000 a month to over 3000 residents, no strings attached. that has some economists worried that it could compound the ongoing labor shortage. kelli o'grady is in los angeles with more on that story. >> good to see you los angeles is set to become the largest city to launch a basic income program. this comes no strings attached no restrictions on how they can use that money in the program is aimed at adjusting the rampant poverty issue. one in five struggle with poverty and we have over 40000 homelessness in our city limits. the universal basic income goes beyond l.a. as many as 33 cities

have similar programs in the u.s. including sacramento, pittsburgh and chicago under mayor lightfoot's budget proposal many of these programs are successful experiments but a small sample size and temporary nature with the benchmarks could be flushed one is guaranteeing a degree will shrink the labor force. a smaller labor force can slow economic output and tax revenues and especially down in los angeles the fear of expensive experiments don't address long-term equality but they motivate individuals from seeking employment. the handouts will be in addition to. welfare programs some economists worry the influx of cash will make inflation work. >> they do create disincentives to work because if you make a little bit more you might lose welfare benefits. it would be expensive to give everyone income. were also seem potentially inflationary we did give everyone checks last year end were seeing the impact of that. if you give everyone a thousand dollars what does a thousand

dollars mean. >> los angeles is expected to announce the recipients later this month. the program funded by taxpayers as well as lapd budget cuts but the big question we are asking here will it summa inequality further when it could disincentive eyes people from taking those jobs in learning the new skills. jackie: that is a big question is 70 people argue this is not the way to go. thank you so much for that report in the meantime in new york city and eric adams laying out a plan to combat crime across the big apple, alexis mcadams joins us now with the details. >> within the mayor's first month in office, five nypd officers have been shot and one killed. the mayor rolling out a new crime-fighting strategy. this week the mayor announcing the blueprint to end gun violence in the next three weeks the mayor says there will be more officers in the streets of new york and also calling for

state and local leaders to address ongoing problems with repeat offenders in the justice system. listen. >> we must also adjust bail reform in our pretrial detention system. first we must allow judges into account, new york is only state in the country that does not allow a judge to detain a defendant who poses an immediate threat to the community. >> 22-year-old nypd officer jason rivera was killed. his partner will bear more was critically injured and still in the hospital this afternoon. the pair was her while responding to an call the gunman was on probation at the time of the shooting near adams calling on state and local leaders to change bail reform policy as the district attorney alvin bragg we've been talking about pre-he's been soft on crime since day one now he's back in the mayor's plan. bracco instructed his staff did

not prosecute some low-level drug and robbery crimes he says gun possession cases are a key part of keeping new york city safe saying in a statement in part people walking the streets of guns will be prosecuted and held accountable. also gun possession cases as an opportunity to trace the sources of illegal guns and build cases against drug traffickers. the public defender released a statement today saying they do not support the mayor's calls the rollbacks to bail reform. jackie: a lot under a adams plate. thank you so much for that. let's do a quick market check before we go to break. wall street fear gauge is rising seeing a consecutive gain in 15 months. he could see it there 30.27 more convivial "coast to coast" when we return. ♪ i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. (vo) verizon is going ultra! and so is manny!

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jackie: new signs that the blighted administration may be gearing up for a big tech crackdown. charlie gasparino has more on that. jackie: they signaled they wanted crackdown from big tech to an antitrust standpoint everything from big tech and meet producers joe biden believes a spike in inflation has to do with antitrust issues among the producers, it is kind of laughable with everything else we know about the economy

right now. he is threatening that and now we have pretty good evidence that is going in this direction. sources are telling the fox business network that we've been able to confirm that the dod is lawyering up to find experience known as first chair and second-tier trial attorneys. the first is a guy or gal who leads the case this is an important person the trial attorney in the second chair is who works right behind him or her, this is pretty big from what i understand and you found some of the announcements we should put one announcement up an interesting graphic of this. this job pays between 130 and $150,000 a year, across the country d.c., san francisco, new york, it is a position to be a trial attorney, that i believe is a graphic. my 60-year-old eyes aren't

working very well these days. but anyway they are lawyering up when they are nonspecific of these announcements about what they're looking for but they clearly want more bodies in there to try cases involving antitrust, fraud, criminal and civil, this is a crackdown with joe biden has been promising and i don't think there is any problem i don't think there is a coincidence with the 2022 midterms are upon us. it could be an interesting issue during the midterm. jackie: i agree with you the department of justice never wants to bring a case that is going to lose it is lawyering up and wants to lawyer up with strong attorneys that can lead these cases and when i what may be to come. spivak people track these things

that's what we get the calls uptick in activity of want ads for these lawyers has grown exponentially in the last couple of months according to the people who i know who are tracking these ads. jackie: thank you so much, good to see you. a tough two days for your 401k, last week was pretty tough wall street volatility show with no signs of stopping this is the average 401k more than $7000 during the market plunge, could we see the selloff get worse there is a lot of red on the screen let's ask capital founder george, what do you think people do check their 401k even though you always tell them they're not supposed to their paying more for goods and services and they see their money evaporating, sometimes they start to panic when they see that. >> this is really investing 101 if you have decades left you should not be looking at it, that is exactly right resist the urge to look at your statement, this is healthy for the market, it was overvalued in this

correction may get us to a point where we continue to move up, the economy and the market are pretty healthy and a correction is a good thing, it plunges the people who need to take gains and move on in the next leg up. if you're over 65 and you got too much money in the stock market maybe this is a wake-up call. unless you're at retirement or near retirement were far into retirement, time is on your side. if you look at the big jobs in the market over the years as you all know if you look at it over 100 years is a little squiggle instead of a big plunge. the market goes up over time. jackie: i've seen it myself and watch it go down a couple of times, it does go back, don't panic as you said your investment horizon is longer you certainly should not panic there are those who are nearing retirement now seen a significant chunk of operate or trying to consider how they're going to live on a fixed income.

it could be challenging within the next year or two. >> that is exactly by interest rates have not come back in there is really no good sources of income for retirees right now until interest rates get higher. it is a good.check for investors to decide how much of their money should they have in the stock market. it's not worth losing sleep over or getting concerned about whether you have enough money to pay for the utility bill and your groceries when things go down, it's a good.check for people. jackie: what about asset allocation. if you are that person nearing retirement age should you be pulling a chunk of your money out of the stock market as we see volatile at times some people are looking to real estate as an inflation hedge. your thoughts on how people should look at the overall portfolio. >> that is the right question if you've got gobs of money you have most of it and the stock market or more aggressive

investments you can afford to take a big hit if you got just enough save for retirement in your 65, 75 years old you probably should have more than half of your money in the stock market you probably ought to have 30, 40, 50% in the same stuff that you could get to when you need it really is all depend on personal circumstances. it's a really important thing to get right and i feel like people don't like talking about money and they like to avoid the subject and it's really important to be. jackie: obviously were waiting for a crucial fed decision that could impact what we see in the market the fed can say is ready to go when pull the trigger potentially, start raising rates as soon as march. if that happens, do you think the stock market has more of a violent reaction. i think the market expects three and maybe four rate increases this year, quite friendly for the economy and what were seen for inflation right now in

retirees and interest rates with a fixed income and other income sorts of investments i think the rate increases are very healthy and long-overdue. i'm glad they're doing it. i think the markets are already moving as we watched. >> the market isn't just signaling to the fed that we will have a good reaction, you are saying this is it. >> they are pressing it in right now is an anticipatory mechanism in the market is really good at getting the right levels right. we might even get a rally when the rate increases start, we may price a lot of the damage now. jackie: always good to see you and get your insight, about a question in uncertainty plaguing the market. we appreciate it, thank you. a quick housing of art, home prices jumping 80% year-over-year november slowing slightly from october space. more cavuto "coast to coast" when we returned. ♪

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jackie: markets well off the lows today. the dow struggling to get through the flat line to turn positive. nasdaq is struggling a little bit more. dow and nasdaq were down a

little more than 2.3%. look at the intraday chart, volatility continues as well. oil prices up for the first time in four-days as tensions escalate at the russia ukraine border. that is helping the energy stocks today. one of the only sectors in the green as we see another wild day on wall street. thanks so much for watching. now we'll send it over to charles payne to take you through the next hour. charles? charles: thank you so much. good afternoon, everyone, i'm charles payne this, is "making money." breaking right now, top thriller dragster, superman escapes from krypton, red force, until the last 24 hours those were the the greatest roller coaster rides in america. this stock market has taken over. i know the ride is not fun. if you panic it will make you sick for years to come. what you need to know to keep a level head to turn the topsy turf very market to your advantage. i'm talking to a former trump