vineyard? there's your choices on the screen. we will start with ashley. what you got? ashley: i'll go with number four, maryland. stuart: susan? >> pennsylvania. lauren: pennsylvania. stuart: what's your name again? [laughter] i'm definitely going maryland. the answer is -- >> nice. stuart: it's located in the hudson river valley, races back its origins to the 1700s. >> apology accepted. [laughter] stuart: okay. hey, everybody, thank you very much, indeed. great performance today, all absolutely terrific. thank you, one and all. all right. quick check of the markets. we're up 157 percent dow jones industrial average. david asman in for neil today. david, see what i do for you? a modest rally, there you go. david: by the way, you know what i loved about that answer to the trivia question? it proves that stuart varney doesn't cheat. you don't look at the computer --

stuart: thank you. nice guy. david: have a wonderful weekend, stuart9. thank you very much. welcome to "cavuto coast to coast." have a wonderful friday and a weekend, but before that i'm david david asman in for neil cavuto, and there is a lot to get to. first up, job cuts surging in the month of october to levels not seen since february 2021. time could be up for the job surplus. we'll dig in. and existing home sales at the lowest pace since december 2011. we're going to get the read from redfin's ceo on where the housing market is heading as his company scales back. plus, landing a ticket to see taylor swift, well, maybe in your wildest dreams. the public sale is canceled, and fans are wondering why taylor swift is remaining quiet about it all. we're going to talk to the tennessee the the attorney general who is investigating it all. a busy two hours straight ahead, so let's get started. and our top story today, the collapse of ftx, a bombshell

emergency court filing claims sam bankman-fried transferred assets to the custody of the bahamian government after he filed for bankruptcy. kelly to grady joining us with all the latest, very interesting development between this guy and the bahamian government, isn't it? >> reporter: it really is, david. i mean, this is becoming messier and messier by the minute. that court filing was a bombshell that came out accusing the bahamas' regulators of ordering the transfer of funds prosecute exchange to the foreign -- from the explaining change to the foreign government. it verifies text messages prosecute former founders that confirmed they were instructed to do this after chapter 11 bankruptcy filing mt. u.s. it states, quote, the debtors thus have credible evidence that the became man government is responsible for directing unthosed access to the debtor systems for the purpose of obtaining digital assets of the

debtors that took place after the commencement of these cases. and, indeed, a press release from the bahamas' sec confirms they did order that transfer from ftx digital markets to a digital wallet for safekeeping. now, the unauthorized access part of that is raising eyebrows. has akin to a hack on ftx's system, and lawyers that i'm talking with are sharing with me that if it is considered a hack, this could be factored into any criminal charges that are being considered against bankman-fried. it also sheds light on a twitter direct message exchange with the fox reporter that it cited in this filing, bankman-fried saying everything would be 70% fixed if he had never filed for chapter 11 and he could fix if, quote, we can win a jurisdictional bat battle versus delaware. it's setting up a battle between the chapter 11 filed on behalf of the u.s. arming and chapter 15 filed on behalf of the bahamas arm that seeks to shield

the arm from creditors in the u.s. so this is basically important not only for who will get paid and in what order with what little money remains, but also where these cases will take place. there's one in delaware and one many new york. so, david, very come my candidated, and it's becoming as becoming an international incident, if you will. david: it sure is. the question is how it's going to spill over to the world economy. kelly, thank you very much. meanwhile, bye-bye, birdie. a wave of resignations hitting twitter elon musk gave his employees an ultimatum, you either commit to to working long hours at high intensity or you leave. fox business chief national correspondent connell mcshane on what we know. >> reporter: still trying to figure all that out, david. elon musk says he's not super worried, he says the best people are staying. but the fact is we still don't have numbers even at this hour about how many people still work work at the company and maybe how many people week took musk

up on his offer. it was pretty straight forward. essentially, he said if you're hard core, stick around. if you don't want to stick the around, that's fine, you can leave, and we'll give you three the months' severance. twitter office buildings including headquarters in san francisco are shut today, supposedly will reopen monday. someone projected messages onto this building putting up things like worthless billionaire, things like that. musk also quite active on twitter both last night and this morning. this is a logo, twitter logo on a grave as users on twitter were speculating about the death of the company. now, to that end musk says, quote, record numbers of users are logging in to see if twitter's dead and, ironically, that makes it more alive than ever. and this one as well, please note that a twitter will colots of dumb things -- do lots of dumb things in the coming months. we'll keep what works, cut what doesn't. now we just is all these an

anecdotes pouring many of so many more jumping ship yesterday, but we don't have exact numbers yet. we've reached out through official channels, no response from the company yet. and, you know, when you try to also put this in a larger context, david, as we've been talking about now for days, we think about these workers that did choose to leave twitter maybe even this week, now they're out in a market looking for a tech job market that's taken some hits lately. meta, amazon, lyft, a number of tech companies have announced job cuts of their own. david: yeah, not a good time to be looking for a job particularly in the teching sector. connell, thank you very much. speaking of job cuts, more are apparently coming. amazon now warning layoffs will continue into next year. gerri willis has the details on that. >> reporter: hey there, david, that's right. this is concerning. one of the biggest positives, as you mow, of the post-covid economy has been the strength in the jobs market, right? well, until now. job cuts announced by u.s.-based

employers jumped 48% to 33,800 year-over-year in october. that's according to the outplacement firm challenger gray and christmas. the biggest job cuts coming in technology which was flush during the recession. listen. >> these companies were with investing in workers for some of the long-term projects. interest rates are much higher, those valuations is have dropped pretty dramatically. and as a result, the tech companies are having to cut back and really justify their labor force. >> reporter: here are some of the bigger cuts announced so far: amazon, as you say, carving up to 10,000 positions mostly from its retail and human resources and devices group. not good for alexa fans. and not to be outdone, facebook parent meta says it's cutting 13% of its work force or 11,000 workers. intel also expected to reduce head count, though the chipmaker has yet to release lease

details. now, bankers are culling their numbers too, morgan stanley and citigroup reacting to reduced deal making with layoffs. other companies mentioning they plan to right-size themselves in quarterly earnings announcements, that's code for getting rid of head count. look, it's no surprise that a new bank of america survey shows the consensus view on the economy next year, stagflation. that's a painful combination of sluggish growth and high inflation. david? david: old enough to remember back in the late '70 when it was the dominant theme. gerri, thank you very much. let's get to fox business' jackie deangelis and marco trends found ors advising partner mitch roschelle. i'd love to get to the ftx story because it's extraordinary, but i first want to talk about, mitch, about what's happened with the economy, particularly in the job sector. this has been one of the saviors of the economy over the past year with. we've worried about a recession. with two the down quarters, we had that job surplus.

is that now drying up? >> well, certainly not in the weekly jobless claims. i think it's more of some of these big stories in the tech sector that are laying off workers. i think you have to look at them individually though. there's an overarching theme where there are probably too many workers to justify the valuations. so these are publicly-traded companies, they have analysts, they're concerned about shareholder value, and they have to do something if their earnings are lagging behind -- david: but we aren't seeing it in other industries. we're looking at some of the companies that are cutting, we see it in the banking sector, johnson & johnson announced layoffs. so it does seem to be spreading into other industries. >> i think there's, you know, jack welsh famously would cut x percent of the work force every year because it was a disciplined thing to do. david: right. >> i think in this tight labor market it's been sort of politically incorrect with workers in the diaspora, you know, working from home to start cutting. but once one company does it,

they can the all get away with it. i'm sure there's fat many every organization, and that's worth cutting out. but the question is, if the economy starts to slow -- we had two quarters of megagrowth, one quarter of positive growth, gdp is saying 4% for the fourth quarter, but if we see a real slowdown beginning 023 as a lot of analysts predict, i think big cuts are going to follow. david: and now, jackie, in the midst of all this concern, you have ftx. sometimes that happens, where there's one blowout of a a particular company or industry. this might spill over to crypto in general as well. but reading "the wall street journal"'s story about what was going on in ftx and the lack of any kind of adult supervision in the room, what he were to doing was just extraordinary. i mean, a renegade operation like this that was able to bribe their way out of close scrutiny, which is essentially, let's face it, what was happening with all of the -- >> the donations, right. david: -- it's just awful the way this was done.

>> it's pretty amazing to me, and i think there are the different components that we have to looked at. on one side you've got the donations to the democrats. obviously, sam bankman-fried thought if he was making hose donations, he would face less scrutiny -- david: and it seems to be true. >> right? and everyone's still wondering right now why this is moving so slowly, investigation that is apparently ongoing. why is he in the bahamas? the other piece of this is it really doesn't have much to do with crypto. yes, he created that token, and they assigned a value to it, but he was doing other things that were just regular, nefarious activities. the first thing was taking customer funds as, you know, they were an exchange, and people had money in their accounts, and they were using them to to make various bets or fund parts of the business. where was the sec when that was the happening? the other thing was he was allegedly cooking the books and making it seem like assets were not moving around when they were, and so now he's bringing in more invest orer money with investors thinking that this

company is something that it's clearly not on paper. so there are a lot of infractions that have to be dug into. part of it has to do with where we move forward with crypto, but part of it is just where the sec is regulating and looking at companies that are doing regular businesses as -- business as an exchange. david: itch mitch, we haven't seen anything quite like this, a trust that people have in the crypto industry. people are really beginning to realize the importance of trust and the whole idea of leaving so much of your money in the hands of companies that are so unregulated. >> when crypto first washed up on the scene, it did so for two reasons are. one was there wasn't confidence in central banks, that's why we found ourselves with crypto in the first place, and the other thing people talked about, it was the modern version of gold, okay? at least gold you have a physical, tangible asset that you can stick in the safe and touch it. i don't know what you have with crypto.

it's the most intangible thing ever. so i think that a this is a blow to cryptocurrencies, it's a blow to that norm of financial -- form of financial technology, and it's happening at a time when we have instability in markets in general and we have fear of, global peer about a lot of things -- global fear about a lot of thing things. i feel bad for the million credit ors here, but it's probably a good thing because how long ago was bitcoin, like, $60,000 -- david: yeah. not long ago at all. the point is it's been kicked down once, and this is the second kick. when you get kicked when you're down like this, it could lead to the end. i'm not predicting an end of crypto. however, it's going to be very hard for other crypto firms and people involved in this industry to regain that trust that has been lost. >> and i agree with you. i'm not predicting the demise either, but this is an injection of reality, rights -- right,

where people are looking at this and really starting to say where does the i have go from here. number one, you could see the larger players like bitcoin become the areas that everybody flocks to. the other thing is i'm just surprised by how the market overall is looking at this really saying, oh, it's contained, thissen isn't really a problem. i'm not so sure about that. because if all of a sudden people start going for redemptions in other places and there were other activities that were going on, they all seem to be in some ways interconnected. you could have a bigger problem. so i'm not convinced that there is or is not contagion. i need to know more. david: and you hit the key, redemption. it was like madoff -- >> it's exactly like madoff. david: the funds weren't there. they weren't there, and it leads you to wonder how many other companies wouldn't redeem -- >> and that's what happens when markets are volatile, right? that's exactly what happened during the financial crisis, same sort of scenario here. people feel uneasy, and then they want their money. david: great stuff. jackie, mitch, thank you very

much. well, hurdles for the housing industry are rising as sales and prices are falling. i'm going to be talking to redfin ceo glenn dellman, get his take on how to sur vie the real estate woes -- survive the real estate woes. that's next. ♪ i'm going home but to a place where i belong. ♪ where love has always been enough for me ♪

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david: home sales are falling for the ninth straight month many october as higher mortgage rates scare off potential buyers. joining me now is redfin ceo glenn dell mafnlt glenn, good to see you, thank you for coming in. hi. it's been a tough time for you guys, i know a very tough time, particularly after the boom era that we just came out of with very low interest rates for so many years. i know that you had layoffs in june, you had about 6% of your staff and then you just announced more heavy ares. are these primarily the loan officers? because those are the folks who are really taking it on the chin, aren't they? >> no, it's been across the board. the loan officers have it the

worst, but we've also had to let go of real estate agents who work for us, the software engineers who build our web site. we just need to batten down the hatches for a wild ride over the next year or two. david: ooh, you say two years potential. how long before we, how long are you suspecting before we get inflation down to the point where perhaps rates can come down and make home buying much more advisable? >> well, i think inflation could come down fairly quickly, but mortgage rates may stay high. we just have to be really careful as a business because hope isn't a strategy even if the most likely outcome is that the housing market gets better in 2023 than it is right now, that is still upside for us because we just want to honor the commitment we have to the remaining employees. so we cut deep to avoid having to do it again. david: you know, that phrase, i can't tell you how often i hear that these days, hope is not a

strategy. you just, it's come to the point where you can't hope anymore, you have to actually start taking action. now, you're on every end of real estate. you're in the buy, you're in the sell, you're in the rental. which is getting hit the hardest? is it the sellers that are a really having the toughest time right now? >> it is. i don't think many homeowners are in a forced situation. that's what ripped the bottom out of the market in 2008. there were so many people who were short on their mortgage, just had to sell the house even though it was a terrible market. we have many customers withdrawing hair listings for the market. that's not atypical for time of the year. but what is unusual is when we say, well, we'll see you in january or february to relist the home, they say, no, actually, i'm going to sit this one out. i don't have to sell, there are trillions of dollars of equity in the market, i've got a 2.5% mortgage, i'm going to get somebody else to pay the rent. so increasingly we're seeing where american homeowners are

turning boo landlords. david: for so long we had a problem with inventories due to supply chain issues, labor shortages, etc. but it's now building up even more, i would imagine, as a result of people taking their homes off the market. >> well, it's a a tale of two markets. so the builders have so much inventory that they're desperate to sell, they're masking the real magnitude of price drops by giving away mercedes benzs, refrigerators and all sorts of other things to agents and home buyers who come onto the lot. but other homeowners who have fixed rate loans, they're the ones who are sitting this out. normally, we would expect to see inventories shoot through the roof, but that hasn't really happened. it's still at historic lows. so it's a standoff between sellers and buyers. one is looking forward six months expecting a really great deal, one is looking backward thinking if only i'd listed in march or april. david: yeah. now, i imagine buyers with cash are sitting pretty.

because if you have cash, you don't have to wore about -- worry about the interest rates. i really have a lot of sympathy for those first-time home buyers, particularly young folks, young families that are trying to buy in. and the expenses are just enormous now, the monthly expenses are, like, 75% more than what they were about a year ago, right? >> that's right. actually, two years. david: wow. >> but we try to convince people to date the rate and marry the house. you don't have to go lu a bidding war now -- through a bidding war now. prices have come down, so you can refinance that mortgage. for some people that's going to make sense, for others it won't, and we totally understand that. i think where the cash buyers have been especially active is on the florida coast just in the wake of hurricane ian. where everyone else was running for cover, in the middle of the storm we were getting requests for virtual tours that we would have had to host by boat in neighborhoods that were closed by the national guard. regular home buyers who are

getting a home mow it won't appraise -- know it won't amaze, but the cash rushers -- cash buyers rushed in and got a really good deal. and that's been heartbreaking to see. i grew up in a working class part of florida, and i think those days are gone. many of the properties are going to be owned by investors. david: that's fascinating. with we have to run, but do you think we're going to go into a bad recession in 2023? >> hard to say. war in ukraine, crazy inflation, political discord, i wouldn't bet against it. [laughter] david: a lot of factors moving in that direction, i know. glenn kelman, we wish you the very best. you're in the for the long haul. >> thank you. david: thank you very much for being here. well, taylor swift just releasing a statement on this whole ticketmaster saga. we're going to bring it to you right after the break. ♪ i'll be living in a big old city. ♪ and all you're ever gonna be

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♪ 'cuz now we got bad blood. ♪ you know, we used to be mad love. ♪ so take a look at what you've done -- david: well, there's certainly bad blood over ticketmaster canceling general ticket sales for taylor swift's eras tour leaving many angry. swifties calling on her to speak out, and actually she did just speak out. ashley webster with exactly what she is saying about all this. ashley. ashley: yeah. hey, david. don't mess with the swiftieses. taylor swift has finally responded to the controversy surrounding her disastrous concert ticket sales. moments ago the pop star saying in part that, this: there is a multitude of reasons why people

had such a hard time getting to tickets, and i'm trying to figure out how this situation can be improved moving forward. i'm not going to make excuses for anyone, because we asked them multiple times if they could handle this type of demand, and we were sure they could. it is truly amazing that 2 the.4 million people got tickets, but it really pisses me off, says the singer, that a lot of them peel like they went several bear attacks to get them. the controversy started tuesday when ticketmaster's presale for verified fans couldn't keep up with the intense demand with literally millions shut out from getting a chance to buy tickets. ticketmaster then canceled today's public sale blaming extraordinarily high demands on ticketing systems and insufficient remaining ticket inventory to meet that demand. the secondary market though certainly reaping the rewards. the most expensive tickets of presale were $500, the cheapest tickets now in the nosebleeds

are going for over $700. and, let's face it, fans are not happy. listen. >> -- what has happened here with these tickets and the fans that want to go to this show and it means a lot to them and whatever is so absurd and disgusting that, like, i don't understand how ticketmaster is still? business. i don't understand how this company runs at all. how are they -- they're under investigation now, just now? ashley: yep. she's not happy, clearly. not just one investigation, by the way, but multiple. a handful of states have announced their plans to investigate what's going on. other lawmakers, meantime, calling for the break-up of livenation and ticketmaster's parent company, by the way, which they a say has a stranglehold on ticket sales to top events. the the white house also saying they're watching the situation closely. livenation has responded to the criticism, by the way and, interestingly, blaming swift's popularity. only 1.5 million verified fans

were expected on the site tuesday, but instead that site received over 14 million. never underestimate the power of taylor swift. david. david: extraordinary power that she and her fans have. thank you very much, ash. well, our next guest is taking a closer look into ticketmaster's ticketing practices. tennessee's attorney general joining me now with more on this. now, what do you suspect that ticketmaster's been doing wrong here? >> well, i don't want to speculate. we've seen a lot of negative effects here in these sales where people just aren't able to get a decent, quality opportunity to buy tickets. all that comes in the context of a market that is dominated by ticket master, and anytime you have a market player with that much power, you have to be really careful that consumer welfare is preserved. if it's not, the government needs to step in and correct the market. david: let me just throw

something out there, and you can say it's just full of it or there may be something there, the fact that a some people are suggesting that ticketmaster's playing around just to push up these secondary ticket prices in order to get those tickets where it's going for $11,000 a ticket. is there any chance of that going on? >> if there is, there'll be severe consequences for it. i mean, it is curious that it looks like scalpers are able to get large volumes of these tickets without too much trouble, and there's some legislation that requires everybody involved in the ticket selling process to make good faith efforts to stop that sort of thing. so if there's any of that going on, we're going to look very, very hard at it. david: have you ever been successful at stopping that from happening before? >> well, i've only been attorney general for about two months, s- [laughter] i have not. i think the community has been affected in the past in going after near monopolies and making sure that where there are market distortions like this you either have companies that are looking

out for consumers, or you make sure that there's opportunity for more competition. david: there is, you know, there are abilities to manipulate markets, obviously, that's why we have these antitrust laws. but you mow what happens. very often the government gets in and makes things worse. do you think there's a danger of that happening here? >> there's always a danger of that happening. we have to be very careful not to rye to pick winners -- try to pick winners in the market, not to try to tell entities what to do or keep companies from innovating. we want to make sure there's a healthy opportunity for people to offer good services to consumers and then let consumers decide. and where you have a situation like where 70 plus percent of the market is one company and there have been complaints about the quality of that company's product going back decades, that a merits significant scrutiny, and we may have to intervene there not to tell a company what to do, but to make sure that consumers are well served. david: well, you know there are politicians i now who are saying you've got to wreak up that union -- break up that union

between ticketmaster and livenation. do you think that's possible? >> well, i mean, everything is on the table here, but i certainly don't want to jump to any conclusions about what might be appropriate yet. we have to build the evidence to decide what the best next steps are, and we have a lot of people who are very enthusiastically offering that evidence. not just taylor swift fans, but bts fans, harry styles' fans, all sorts of aggrieved people there from years past. i don't want to rule mig out yet, but i also don't want to say we're leaning in any particular direction. david: attorney general, we wish you the best of luck. we appreciate you coming on, sir. thank you. >> thank you, david. david: all right. coming up, fox business talks to the king of crypto exchanges on the ftx fiasco and how to save the crypto market. that's next. ♪ ♪

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get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. david: well, the chief of binance, the largest exchange in the cryptosphere, isn't holding back, calling the ftx's founder, quote, a i psychopath. he spoke with fox business. susan li is here with his comments, and i assume a correct pronunciation of his name. susan: we call him cz, he's worth about $16 billion or so, and michael lewis has called the battle between ftx's sam bank bankman-fried and cz as king kong versus godzilla. we know that a cz started the bank run on ftx and really this cascade into bankruptcy for sam bankman-fried and ftx. cz held about $2 billion in

ftx's own coin, and when he got word the books weren't right, he started selling, and that's when everybody else rushed to get their money out of ftx and, of course, we found out they didn't have the money for those trades. we do have a congressional hearing takes praise in washington, d.c. next month -- place, and i asked cz today in that exclusive fox business interview whether or not he was heading to washington d.c. listen. what about that house financial services committee? because they are holding a hearing on the ftx collapse. they have invited you to speak. will you go to d.c.? >> i i personally won't, but of we have teams in the u.s -- >> reporter: why not? why not go and answer the questions yourself and represent the company that you founded? >> first of all, i'm busy building things outside of the u.s. bidance does not service users in the u.s., and we focus on other parts of the world. >> reporter: u.s. is binance's u.s. trading arm, he says the

u.s. respective will be there. now, i also asked him let's clear the air here because, obviously, in cryptocurrency there's a lot of distrust taking place, and there has been this pervasiveness that maybe cz has some beijing backing. i said tell me if you do have any links to the chinese government. listen to this. >> we have zero ties to the chinese government. i've not been a chinese citizen for 33 years. i've been a canadian for 33 years. my company, we were kicked out of china, we were banned in china. we're not involved in politics, we're not involved with china. there is the a very strong narrative that was pushed by sam bankman-fried that binance is a chinese company, and many people still have this in their head just because by misty i'm chinese. most of my parents are chinese, i look chinese, i have black hair, but binance is not a chinese company. >> reporter: you can see there's been this ongoing battle --

david: a nasty battle. >> reporter: and you even heard cz say he caught wind that ftx was actually bad mouthing him to d.c. regulators, and that's also when he started to sell that toke then as well. they'd e david what a world. we're getting to see the underside very cheerily. it's about time. >> reporter: look, he also said is sbf might be going to jail and is a liar. david a david yeah. well, it certainly seems there was a lot of untruths there. susan, thank you very much. terrific interview. let's get the read from a company that focuses on detecting manipulation across cryptocurrency trading platforms, the cofounder. hen, good to see you, thank you for being here. did you see any of this coming with ftx or? pleasure. >> well, thank you for having me, david, and thank you for pronouncing my name so well. really appreciate it. to your question, look, i think there's no question that everyone in the industry was

pretty much shocked. some might have. anticipated it more, some less, but at the end of the day, it threw shock waves throughout the industry. so, you know, i try to, when it comes to centralized crypto trade thing through, you know, platforms like ftx and and obviously some of them are regulated and publicly traded, i try to follow reagan's point of trusting and verifying, and, you know, so i can't say that i pulley anticipated it, but, i mean, i try to always -- we should all be very vigilant in terms of what we do with our money whether it's in drip toe concern. david: forgive me for interrupting, but you lack at the details of the really disgraceful accounting that company had, and you can't even call it accounting. i mean, the current head of ftx is trying to clean up the mess, says he's never seen anything worse, on par or even worse than enron. i mean, shouldn't there have been some way to discover that

this company was just not doing due diligence at all? >> so, you know, there's no question that this is a crypto story, and the crypto part here is big. but before it's a crypto story, to me, it's reminiscent missent of stories like we judgework or enron -- wework, theranos, even madoff. so there are ways to decide what companies you work with. it's true for traditional banks and with crypto that's a new industry, the risks are even higher. there are also ways of doing it. look for proof of reserves which, of course, is a term we're hearing more if more. proofs of liability. and for people like me who believe that crypto is playing an important role in making finance better and society better, you know, this is a very disappointing setback. david: well, you know, trust has always been the biggest bugaboo for the crypto world. how do you establish that trust. and just as some people were

thinking that maybe cryptos were getting back on their feet after it came down in value so much over past year, you get this kick in the teeth, and it's the right in the mouth of the the idea of trust. how do you reestablish that trust after what happened with ftx? quickly. >> it's a great question. there's a lot of retrospection happening in crypto. at the end of the day, bitcoin was created as a response to what happened in where the idea was we don't depend on government or banks. i is have to say we work with compliance risk legal teams that are sometimes larger in the crypto space than in traditional finance. of you know, this is a setback, but there are really great companies, some of them i mentioned public arely traded and others, and you need to look for of proofs of reserves, you need to look at where are they regulated. clearly, this is a great opportunity to also engage with crypto and learn more about the ways to engage with crypto that do not depend on centralized

entities. also mitigate the risks to enable their potential. david: all right. well, it's going to be a tough haul after this, a real tough haul, but we'll see about it. you've got your job cut out for you. chenarad, thank you so much for being here. >> thank you. we're here for the long run to make work for everyone. david: thank you very much. i appreciate it. >> thank you. david: coming up. is the congressman poised to beman city pelosi's successor -- nancy pelosi's success successor already at odds with the squad? we're going to walk you through the saga on capitol hill coming next. ♪ hello from the other side. ♪ i must have called a thousand times -- ♪ to tell you i'm sorry for everything that i've done. ♪ but when i call, you never seem to be home ♪ so you only pay for what you need. contestants ready?

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comcast business. powering possibilities. first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. 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. ♪ david: president biden spending the day meeting with labor unions trying to battle back against complaints of inflation and pain but little economic gain. meanwhile, on capitol hill a progressive new york congressman getting set to take the reins of his party. fox news senior congressional correspondent chad pergram here

to tell us all about it. hey, chad. >> reporter: david, good afternoon. the new boss won't be the same as the old boss. house democratic caucus chairman hakeem jeffries was coy about his plans yesterday, but today he officially jumped into the race. colleagues hoped that jeffries would fill the void. >> i think the next leader should be hakim jeffreys. i think the person's got talent and would be the appropriate person at this time would be hakeem jeffries. >> reporter: republicans are ready to help introduce jeffries to the public. >> he's even further to the left than nancy pelosi, and that's the problem with the democrat party. that's why the democrat party in kentucky is almost monoexistent now. their leaders get further and further to the left. that's why the labor unions are are now coming to the republican party. >> reporter: but political

observers aren't buying the gop assessment of jeffries. he's had squabbles with the squad. >> hakeem jeffries, like nancy pelosi, is much more of an establishment democrat. i think progressives view jeffries as kind of a wall street guy, kind of a corporate democrat, to use their terminology. and i don't think he's particularly well trusted. >> reporter: now, nancy pelosi just gave the green light to jeff's. katherine clark for whip and pete aguilar as caucus chair. senate majority lead leader schumer is back next year, with schumer and jeffries, that means the top democrats in congress are both from brooklyn. david: okay. brooklyn's a good place. joining me now is "wall street journal" congressional reporter natalie anders. natalie, thanks for being here. we've got about a month and a half to go before the republicans take the majority in congress.

i'm just wondering to what exe extent -- extent are we going to have this mad rush of bills, kind of the quick and dirty sort of bills the that you do in a hurry before the republicans take over? >> we are watching a but things. i talked to joe manchin this week. he thinks, he still thinks he can get permitting reform over the finish line which would be emergency. the senate does plan to take up and pass gay marriage as soon as they get back, codifying same-sex marriage. but we'll see. they need to do a lot of things, they need to pass the defense authorization act, and they need to keep the government funded. whether or not they can get into anything else is going to be difficult. as you know, congress doesn't work very quickly, and they're going to be up against a really intense spending deadline on december 16th. david: yeah. well, you know, what you need and what you want are two different things. i've learned that in my life. and what they really want is more spending. i mean, frankly, i don't think

senator manchin is going to be their top priority. we already had senator schumer talking about everything he wants to do, broadening the agenda for a lame duck session. i hear senator schumer say that, and i hear ka-ching. he wants to spend more government money. >> yeah. house speaker nancy pelosi said that she's still open to reconciliation. they'd like to do something. however, i talked to steny hoyer yesterday, and he thought that it is going to be hard with the senate's schedule. i mean, the senate would have to have a voterama, then they'd have to come up with a deal, and then they'd have to do it again. and, i mean, we saw that it took the democrats almost an entire year to pass their inflation reduction act. and so i don't see hem being able to pull that -- them being able to pull that together in just a but weeks. dave:ed very quick final question on what the gop might do. one thing they say they wanted to do that may be small, but it's to get rid of the supersizing of the irs when they

take over. is it possible that they could pull that out of what's already been passed in that bill? >> i've interviewed kevin mccarthy about that, he says that will be the first thing that the house republicans vote on when they take the majority. however, it doesn't have a chance of really passing the senate. and, i mean, joe biden would veto it if it did. david: but, again, they just want to put it out there so that the democrats have to talk about, have to put their position on that in writing in big form. is it likely that they're going to be able to do that? >> it'll be interesting to see what house republicans can pass given their majority is going to be a lot narrower, but they are very united around objections to the democrats' spending package that they passed in august. so-called inflation reduction act. so it seems like that could be a thing that they are able to unite over and get over the hurdle. david: natalie, great to see you. thank you for your reporting as always, appreciate it.

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