connell: welcome back to the second hour of coast to coast. we are following breaking news. ftx founder sam bankman-fried, names liberties and athletes, well-known who promoted the

platform, his partially did including tom brady, shaq, stefan curry. kelly o'grady joins the with the latest on this, getting very interesting. >> the movie is writing itself here. the lawsuit just breaking, filed in florida, that's where the miami heat, after ftx, class-action suit brought against former founder sam bankman-fried, alleging these defendants are responsible for $11 billion in damages so you see on the screen you have the former founder and tom brady, giselle, stefan kerry, sheila kill o'neill, they were among many that promoted the crypto exchange. i want to share a quote that gets why these celebrities are being named what they are being accused.

although defendants disclosed their partnership with the ftx entities they never disclosed the nature, scope and amount of compensation they receive it in a change for the promotion, none performed any due diligence prior to marketing these products to the public. this is an example of one of the famous as with tom brady promoting ftx. another, it is not there. there's another one where he met admits he's not an expert but ftx is so easy to use that you don't need to be an expert to make money. there is precedent to bring a suit and win a suit against high profile folks for something like this which i want to remind everyone what happened with kim kardashian. she agreed to pay a fine to the sec to file civil charges after she had a different crypto asset on instagram but they charge kardashian with failure

to disclose that she was paid $250,000 to publisher instagram post, that goes back to the lawsuit, these celebrities did not disclose what they were paid in order to promote the brand. we reached out for comment but haven't heard back. there's a lot of developments. we will follow this closely, more coming for this founder facing a hearing before congress in december so lots of legal charges coming. dave: $50,000 for when instagram post. that is easy money. the story keeps growing. ftx is feeling the heat from its investors but every day americans are worried they won't feel the heat as well as energy prices keep rising across the country and fears of shortages increase. fox business correspondent madison allworth is live with more on this.

>> reporter: we've been spending the my with oil for less, in new york, they say their customers are struggling to meet higher prices paying double what they had to pay last year. when it comes to the winter, home heating costs, if it goes up you can't avoid it. you need to pay those prices. particularly home heating oil which has skyrocketed 68% year over year. oil for a less they work directly with their customers so they could afford the product. a partial phillips so their bill is less. that means more deliveries. the home here, they have one hundred gallons philip, it was just under $500, this is a 500 gallon tank so they did a small portion of their capabilities but the cost being close to 500 is different from last year which would be closer to $300. michael says because of these costs some people are putting off filling up.

>> they have the budget week to week 2 afford 50 gallons, where they take 200 gallons, without hot water and heat for a week because they haven't had the money to call me and say come on in. >> reporter: for the northeast where 80% of the home heating oil in the us is consumed, this is the first really cold week. people who were waiting, putting off getting the philip waiting for a good price, now they are paying on average one dollar more than they would have a month ago in that span but michael tells me for the northeast, $3 more. this put some perspective on what these people are dealing with and you have to heat your home because of pipes and the cold in this area so it is another difficulty these families are facing. dave: i had a pipe burst in massachusetts.

as americans grapple with rising prices president biden is requesting more than $9 billion in war funds for covert response after extending the public health emergency for 60 days. joining is reagan economists art laugher and national taxpayers exec vice president brandon arnold. thanks for being here. forgive me for being a skeptic but when it comes to government spending i'm always a skeptic. the word emergency, is that used as an excuse to spend more and grow the government more? >> that's pretty much it. i'm sure they have a lot of surplus funds in the build back better bill command extra funds they've not spent. i'm sure they could take some of those funds and use it but this is a way of getting additional funds and they like spending money and that's what they are doing. dave: what effect on the economy? >> is small but all bad,

government funds are a tax. you can't redistribute income from one group to another without hurting the economy at $9 billion is not the end all be all of this world but it is damaging to the economy and will hurt long-term economic growth, not sure it should be looked at in a cyclical way but the secular decline in the growth rate is a serious problem and this will add to that problem. dave: you are braver than us, you live inside the beltway which i did, i grew up there which is why i'm moved away from it but we have a few weeks left in lame-duck congress, once the final check is put in the republicans taking over leadership might democrats try to sneak more spending bills in before the dog rings in january? >> no doubt about it, the

$9 billion for covid is the tip of the iceberg. right behind that is $38 billion in additional funding for ukraine. behind that additional funding for disaster relief. bernie sanders is making a hail mary pass to raise the debt ceiling in this lame-duck period which could cost an additional trillions of dollars down the road. this could be one of the most expensive if not the most extensive lame-duck sessions of congress ever. dave: could the new congress undo what the lame-duck does? >> technically yes but we've never seen that take place. we are hoping for some bipartisan agreement because there will be republicans and democrats in power in january, but we hope there's some sort of bipartisan agreement to put a brake on spending, some sort of spending caps, check on

spending because the $6 trillion we push out the door due to the covid emergency has been backbreaking, it has driven inflation through the roof, making thanksgiving possibly the most expensive thanksgiving our nation has ever experienced and it has got to end. dave: americans get what they vote for, they have the current configuration or will have which means we are dealing with a democrat senate. it's not a completely divided government between executive and congress but it is close so how much damage could be terms and moving closer to socialism with just a senate democrat senate and democrat executive? >> your thing is people deserve the governments they get. that is what you want to say on that. the new congress, the house

ways and means committee is in charge of pursestrings so they may be able to hold back some of these by not providing funding that was carried out. don't know how far they can go with that but when you look at the skinny majority republicans will have in the house, probably enough republicans that like big time spending to make sure they can never fail to get the money they need for these programs. i would sit there and say this is not going to be a revolutionary period of controlling spending, that's not going to happen. he will see 2 years of unbridled spending and worsening of the us economy during this period but hope springs eternal and i hope brandon is right they will do a bipartisan agreement and put a ceiling on this spending but i doubt it very much. dave: it is unlikely the war on fossil fuels will change, the president is convinced that everything he has been doing is correct. he said so much after the election and continue to stop

all the drilling and leasing where we have had these do minimus measures taken towards progress and a whole wealth of new regulations to stop any kind of new drilling. looks like we will have shortages of fossil fuel. >> what biden said was the beatings will continue until morale improves so i think we will have higher energy prices for the foreseeable future, the glimmer of hope, i will try to be an optimist, the glimmer of hope is the promise they made to senator manchin to do permitting reform. that could accelerate not just getting energy out of the ground but transmission we sorely need to get energy from point eta point b. that's the one glimmer of hope, this administration has been anti-domestic energy and that could cost taxpayers at the pump and cost taxpayers when trying to heat their homes and

maintain their livelihoods. dave: may cost some people their lives if they used to death. we love your dark humor, thank you for being here, great to see you both, donald trump launching his third run for the white house but will he have the full support of republicans, and gop donors? we will get into that coming up next. ♪ ♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones

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tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. dave: we have breaking news from capitol hill. senate minority leader mitch mcconnell has been reelected as the republican leader beating senator rick scott for the next congress. scott announced a challenge to mcconnell on tuesday. senators met for 3 hours before finally electing macconnell. donald trump officially and announcing his bid for the white house in 2024. he may have less help this time from some mega donors trying to distance themselves from the former commander-in-chief. grady trimble in west palm beach with reaction.

>> reporter: donald trump has recently attacked potential 2,024 primary challenges but stayed away from that last night instead taking aim at president biden blaming him for the inflation and high energy costs that characterized biden's first two years in office, trump tower the one% to 2% inflation during his term, tax cuts, tariffs on china and other policies he says led to a strong economy. >> for the first time in memory china was reeling back on its heels, never seen that before because the united states was out doing them outdoing them on every single front and china was paying billions and billions of dollars in taxes and tariffs. >> reporter: senator lindsey graham praised the former president saying if donald trump continues this tone and delivers this message on a consistent basis he will be hard to beat but not everyone

feels that way. >> i believe we will have better choices come 2,024. i don't think -- >> better choices than donald trump? >> i have a since the american people want a new style of leadership. >> some gop mega donors are pulling back from trump as well. it started with citadel founder ken griffin who said the republican party will have a better choice for 2024. blackstone ceo steven schwartzman says he won't support the former president in the primaries calling for, quote, a new generation of leaders. need a donor has especially stated who they are picks will be but griffin who just moved to florida earlier this year made a strong case for rhonda santos. dave: republican governors from across the country are in florida talking about the future of their party in 2,024.

mark meredith is live in orlando with the latest on that. >> reporter: good afternoon. as you mentioned the governors are here in hot and humid orlando to talk about a number of issues impacting their states but given the news of the past 24 hours, they have to talk about what the future of the republican party will look like for the next two years. fox has heard from multiple governors from across the republican party who say they do not believe the announcement will have an impact on the short-term of the republican party. we also caught up with the newly elected governor of georgia brian kemp. >> is this a distraction? is a distraction? >> i don't feel like it is unless people worry about that. keeping their eye on the ball the next 21/2 weeks for this runoff.

>> the senate contest underway in georgia, florida governor ron desantis addressed the same conference, chose not to mention trump by name and brushed off attacks from trump and trump advisors, they are eager to see where things land, not looking to make any presidential endorsement yet. >> i have no plans to run for president, don't have plans to endorse anyone either. >> when the election is over with, talking about the next one, shouldn't surprise us but for me at least it is too early. >> much too early. we had a number of governors say they want to talk about issues like the economy. governor kemp saying more people should pay attention to the price of diesel land where things stand with inflation, issues that impact all of the country. dave: mark meredith, good to see you.

a lot to get into with massachusetts senator and ambassador to new zealand scott brown, good to see you, thanks for being here, what did you think? >> he will do what he's going to do. i thought it was less energetic than we are used to, wasn't taking a shot that everybody. dave: maybe that's a good thing. >> it is important, something he should have done a while ago but this primary is wide open, i will have my no backyard barbecues, 16 candidates to other venues in new hampshire. and it was great and we will do that again and it is wide open and you mentioned desantis, he's on a roll but has two years and is at a high right now and has to maintain that high and has some challenges, never really taken any national punches but this thing is wide

open and we have to have a good message which is a forward leaning message, what are we going to do? what should we offer the american people? make no mistake president biden, 40% approval, son of an out of 10 in the wrong direction and didn't do what everyone said we were going to do so we have to do some soul-searching. dave: competition is good in the economy and politics, it sharpens everybody's senses, right? >> absolutely, no doubt about it, we need competition and donald trump did great things on the economy with regulations, lower taxes, secure border, secure world but we have some real challenges. we have to -- i don't disagree with the new generation. a lot of our leaders are getting older and there's an opportunity for younger people to step up and make their mark. we will see what is happening. competition is good, not only

in the high-tech sector, the online choice online active they are trying to ram through right now is going to do away with your amazon prime deliveries, the safety and security of all our platforms for internet providers, open a backdoor to china to pop the quarks and starts operating they are going to take over the us and technology and that is not who we are, we have to start leaning and moving forward in this world. dave: let me ask about the red wave which did happen in the state of florida, clear red wave in florida despite the bear win the desantis had four years, and overwhelming win, long coattails, brought congresspeople with him. is he now a stronger candidate than donald trump? >> he's a strong candidate but donald trump has a role in this party and is flexing his

muscles, dropping the line in the sand saying let's go. you want to take me on, let's go, anyone else who is ready let's go. that is who he is. he likes that conflict, that ability to mess with people's minds a little bit. i'm not sure where i will head but i'm excited about the opportunity moving forward but we have a race in georgia and i encourage everyone, let's have that 50/50, let kamala harris earn her pay and do something and show up at the senate. with mitch mcconnell who i know and respect, master tactician will make sure the votes that matter matter and we are going to take back the house. i was right on the house. it is a check and balance that is badly badly needed. dave: donald trump had to deal with the most relentless attacks many of which were totally unfounded and involved the fbi, very politicized fbi trying to get him out of office, misuse of the fbi, he

has a lot of baggage of his own as well. how do voters balance out those two things as they think of who would be the best candidate? >> everything is fully transparent with the multimedia sources and media you referenced, he will be measured like everybody else which all those things are out there. there's donald trump, they will make their case and one thing about the american voters they are knowledgeable especially in new hampshire, the joke is you will vote for mitt romney, he will come to my house 4 or 5 times and that is a reality and we will have the first in the nation again and they will be weighed and measured and we will send a good candidate who will take back the presidency. dave: we are a republican for a reason, it works. appreciate it. days after the collapse of the world's third-largest crypto currency exchange we get an

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dave: legal fallout starting over the ftx collapse with class-action lawsuit with several celebrities, fox business's charlie gasparino on this from the beginning to impact the latest. charles: we will connect a lot of dots. don't think we could come to any conclusions how this unfolded. we could make some assertions based on details i will give you. i will give exclusive details and bounce around a little bit. sources tell the fox business network private equity firm apollo asked blankman for a about his financing when just after ftx up he said give me

money please. give me detailed finance, either he didn't provided or they saw something nasty. could there have been two sets of books? a post blowup book? people who did business with blankman-fried, he bailed out, they believe they were misled about the books. dave: where did the money come from? charles: they saw some dealings. blankman-fried had a hedge fund that was taking money from customer accounts over here to support his native coin ftt which was blowing up, blowing up his hedge fund and net worth. that sort of co-mingled.

got bail out money and investing money, had no clue. that's what they say. there will be legal action from what i understand. people who are planning legal action against him. blankman-fried into bankruptcy, the stock of skybridge and the exchange, the protagonist -- that will be incredible difficult. legal issues are coming. this is an ongoing story, it follows, i am trying to be charitable because no one is charged criminally but looks like the bernie madoff situation, taking from peter to

pay paul, using it to prop up your native currency which is imploding after the ceo began to sell it and the interconnections and it is just -- on top of it, what people are going to look at is all along sam blankman-fried was making investments, i have been corrected on that 200 times in the last 6 days. was he using money from those allegedly segregated customer accounts to fund other investments? that's where this gets complicated, tricky and problematic for him. dave: where was the sec? he had a personal relationship with gary gansler? at least pick up the phone. charles: i wouldn't go that far. i went to be fair. there was a meeting between gary gansler, sam

bankman-fried, his people, both bankman-fried, pitching the crypto fund and they met for 45 minutes. a lot of people talking about a head start on the notion that the sec will anoint someone as a fund. i could tell you gansler is very skeptical about all this stuff but he did pick up the phone. the sec staff was meeting with ftx while all the stuff was going down and you got to ask is bankman-fried's statute to open the door, that is legitimate question, you can't say that gansler was showering him with love because he's not that type of guy. dave: he does work for the public inside the beltway, that

person gets a call from the senators. charles: bankman-fried gave money to biden. dave: another crypto exchange has been watching the fallout very closely, chief legal officer marco santorini joins us. could the meltdown happen at any crypto exchange? >> thank you for having me. it has been quite a week. custodians have moral hazards. there are moral hazards to take peoples fund that don't belong to you, to dedicate entire business lines to playing shell games with them. that's always the case for anybody who has control of somebody else's money. in the us we have laws that not only prohibit, not only the criminalize that kind of activity but in the us we have

laws that stop it to begin with. ftx, offshore exchange, not subject to those. in the us even the most basic level of regulation would have prevented what happened offshore. dave: but you saw sam bankman-fried was in touch from time to time with the sec, so he had great political contacts, i don't think coincidentally to the fact that he was contributing $40 million to mostly democrat so he had the right folks to make phone calls. >> i do know what you mean but everybody in financial services has to have open dialogue with regulators. i can't fault sam bankman-fried for that or their policy team. facts are scarce commodities

right now. we've got one bankruptcy filing that seems to hold anybody connected to alameda or ftx or sam bankman-fried or ftx or alameda. the lawyers speaking as one, we tend to put everybody on the capture page and that the courts figure it out. we are seeing that with the us ftx entity which for all we know is fully solvent and well-capitalized, we don't know, we have no indication if anybody is missing from the us and that may be the dividing line. even the most basic us regulation applied to a us entities that kept him out of insolvency. dave: any of the people who lost money as a result get it back? >> there's a lesson here. a long time ago, twee 8 years,

for 5 generations in crypto time, 8 years ago, mountain geo x went into it, magic the gathering exchange, one of the first and largest, insolvency in japan and reemerging from that insolvency. it was multimillionaires, it skyrocketed since then. dave: did you have any sense there was a problem? >> they were spending heavily, spending heavily here in dc in washington, mostly focused, industry events, throwing the most wild parties attracting

the longest, the biggest crowds and longest lines, not something crack and has ever played with her that we have ever done on the scale of crypto companies. actually relatively conservative and on the straight and narrow. you can't say any crypto companies a conservative place or conservative place to work. there is a line between those who file suspicious activity reports, and americans get caught up. dave: thank you for that, appreciate it. coming up the war on ukraine spilling into poland with the deadly missile strike telling two people. how it happened and how world leaders are responding next.

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contradict president duda's assessment of this explosion was the result of ukrainian air defense missile foot unfortunately landed in poland and whatever the final s may be, the world knows that russia bears ultimate responsibility for this incident. dave: the pentagon is backing poland's assessment of the missile strike that killed two polish citizens saying the missiles likely came from ukrainian air defense but adding russia bears ultimate responsibility. joining me now is edward lawrence in indonesia where many of the world's leaders are gathered, what is the talk of the town there? >> reporter: good morning from bali. the g7 leaders and nato leaders held their first meeting together at the g 20, they are talking what response they

should have to the russian missile attack inside ukraine that hit resident buildings, the g 20 dinner was in place, you heard the defense secretary, adrian watson echo those comments saying they see what it came from, the ukrainian defense system, the president says this is russia's fault. >> president biden: the moment world leaders in bali are seeking that world peace, putin is striking civilian targets, children and women. in my words, not yours, it is barbaric. >> reporter: on the g 20 a senior administration official tells me president biden achieved his goals of rallying the world against russia and helping low income countries with the fallout. the us pledged hundreds of millions of additional taxpayer money to give other countries and help the transition away from fossil fuels. some experts believe that's a

bad investment. >> a lot of people are telling me solar and wind are cheaper than the alternative. if that was true everybody would just be doing it, everybody would be switching over. the reason you need to pay people trillions of dollars is this is actually more expensive. that's white electricity prices go up typically when you try to get more and more renewables into your energy system because they are not reliable. >> reporter: senior administration officials tell me they point to a tangible return on the investment has the us would get for the money it announced and shelled out only that eventually they will have potential customers in the future, it gets up and running. dave: joining me is former deputy national security adviser to donald trump, good to see you in person.

how close to the world come toward between russia and nato? >> this was a creek a wake-up call. i agree with secretary austin. this is russia's responsibility. if they fire 90 rockets against civilian targets tuesday, the x300 wouldn't have been activated. regardless of whether it was or was not, this is vladimir putin's fault, he is the aggressor and bringing us to the brink of a broader conflict. dave: do you think he cares if there's an actual shooting war between nato and russia? >> i think he doesn't that is why it hasn't broken out over the first 10 months of this war. i don't think he is looking for it but i also don't think he's taking the precautions the united states or civilized nations were taken is kind of conflict to prevent an accident or any kind of inadvertent escalation. dave: behind-the-scenes negotiations making any progress? >> i don't know. deeply disappointing thing about that in the washington

post, should not be reading about the actions of the cia director ever in the news so i'm a little concerned they are using that has a pr stunt. i have limited trusting russian authorities negotiating. i think the president would be best served, he wants ukraine to win this war, we want to bring it to a conclusion so you and i aren't having the same interview in 5 years time, the we bring it to a end, russia knows they lost and terms are favorable. dave: a few moments ago we were talking about russia and whether or not for all the crimes committed and i believe they are war crimes, they are targeting civilians, no question, time and again. russians have taken a lot of casualties that lead to problems for the old soviet union by what happened in afghanistan, the pullout from afghanistan.

is the news of the casualties russia is taking being heard by the russian people? >> that has to be a top priority as well as getting information into russia as much as we can. it is not just the casualties though they are significant. it's the battlefield losses, losses of the quintan the things putin has weapon eyes to which is unprecedented in the modern age. food, energy, even children, he subducting ukrainian children, forcibly repatriating and issuing russian passports. it is really ghoulish in a way. making sure that sticks to him and by extension to his enablers into iran is critical important. dave: a sensitive issue but got to mention, president biden, we saw him in bali, doing okay but still had some moments if you know what i mean. do you feel nervous about our current commander-in-chief?

>> i will expand that problem. i'm nervous about the entire administration. i'm concerned about reports of internal frictions over ukraine policy. they need to speak with one voice with confidence and especially if you have weakness with the commander-in-chief it is likely important they are on the same page and doesn't look like they are and that results in the nervousness in congress. you have broad bipartisan support for ukraine, they earned it but concerns in congress over the administration's approach. dave: thanks for being here. target cutting its outlook for the fourth quarter after sales slumps. how markets are reacting, that is next.

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dave: retail driving stocks down, target plunging on disappointing sales outlook. rob luna, thanks for being here, the market had a great run for the last month. i wonder if this will take wind out of the sails. >> the bigger issue for the market is up against that 200 day moving average, tried to get above it yesterday,

couldn't get through. it will take good news and a catalyst for the market to move to the next level. when you see numbers and what is going on with target, that's not going to give the market a lot of confidence to move higher. dave: i love your twitter account. i get these nice bits of advice and want to stop chasing the fast buck. what do you mean by that? >> the fast buck, if you look at the recent crypto scandal we are trying to tell people i spent a lot of time educating younger investors who just got into this market in the last few years and only seen the bull market, throw a dart at anything you made money and crypto, stocks, that is starting to change and we are telling people if you've got to do due diligence reminds me when i got in the market in the 90s you throw a dart and everything everything went up and we saw what happened so it is time for investors to get a game plan, going back to the basics and we had a decline in the stock market, we are not seeing that in the real economy so there is good high quality companies people can buy

instead of trying a dumpster diet for the stuff. dave: how did the election change your strategy? >> it didn't change much. if you look 6 months out of the midterm market, has always done very well. looks like we will have the same situation in congress. what is interesting, everyone wants to talk politics and the economy being two separate things. look at retail sales from target. they said retail crime caused a $400 million loss so when you look at the politics in places like california, defunding the police, that's coming home to roost and that is what people were hoping we would see more of a change in this midterm election, didn't happen like a lot of people wanted. the market is wrestling with that. if we saw something different markets will be higher but we are trying to digest that information that has come out from a few states.

dave: good to see you. we will be right back.

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david: we mentioned target is having real trouble in terms of financings. they are down 12%. 400 million-dollar loss due to shoplifting. huge story thereunderneath the markets. that does it for us on "coast to coast." charles payne is up right now. charles: thank you, david. we'll cover target