the classroom, because one bad apple is spoiling the barrel. we want to give local teachers and principals that authority instead of having it be something that is driven by the biden administration with their forthcoming discipline rules we expect any day now. elizabeth: so is the teachers union working with you guys yet? final word. [laughter] >> not yet, but we are awaiting their call. elizabeth: nicole mealy, hope you have a good thanksgiving. have a good weekend. it's good to see you. i'm elizabeth mac donald, you've been watching "the evening e edit." that does it for us. we hope you have a good weekend and a happy thanksgiving coming up. ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend to all. welcome to the program that analyzes the week that was and

helps position you for the week ahead. i'm maria bartiromo. gop flip. republicans in control of the house once again. house judiciary committee ranking member jim jordan on the priorities on day one. then, big headlines from retailers this week. target sounding the alarm on a gloomy holiday season to come and some hawkish fed comments moving markets. john castle on where to put your money now. plus, it's being called another lehman brothers moment, bigger than enron's implosion and bernie madoff's ponzi scheme. we're talking about big fraud in crypto with the wolf of wall street, jordan belfort, will weigh in. but first, republicans taking control of the house for the first time in four years. >> we need to work together because you are right, we are the only republican entity that can stop this disastrous biden agenda. think for one moment. it is official. one-party democrat rule in washington is finished.

maria: and joining me right now with insights on the party's new leadership and its immediate priorities is house judiciary ranking member, soon to be the chairman of the judiciary committee and a member of the house oversight committee as well, jim jordan is here. congressman, it's good to see you. thanks so much for being here this weekend. >> you bet. good to be with you. maria: we just heard kevin mccarthy. some questions about whether or not he'll make it over the finish line with andy biggs telling fox that he doesn't have the votes. who will be the speaker of the house, and what are your expectations for the leadership coming up in the house? >> well, yeah, i think it'll be kevin mccarthy. look, i said all along that the guy who gets you to the super bowl gets to coach the game, and understand over the last two cycles republicans have picked up seats in the house and, of course, now we're in the majority, and we will get to chair the committees, we will get to do the work that the american people have elected us to do. i do think it's interesting too, remember just a couple years

ago, maria, when democrats were saying that they were going to turn texas blue? well, texas is red are, florida's really red, ohio is red and, frankly, it looks like new york and california are getting a lot less blue because those are the states that actually where we elected new people that a put us in the majority. i think that's concern no one seems to focus on that because we didn't quite do what we thought we were going to do overall in the election, but we still won the house. and let's come together and realize that whatever differences exist between the more moderate members in the house and conservative folks like you and i, they pale in comparison to the differences between republicans and the radical left which now runs the democrat party which has given us the chaos and the craziness that we've seen over the last 21 months. maria: yeah, it's at lot of fires to put out, that's for sure. so you've talked act your priorities, you and james comer on thursday about the investigation into the biden family and influence peddling.

tell me about that and tell me what you're looking to get to. >> well, we're looking to get to the truth and the pacts. and i think probably -- the facts. and i think probably what happened week was the first time the washington press corps heard the facts, the they actually had to report the facts and probably the first time that they actually realized this wasn't a russian disinformation operation, this was all true clear back in october of 2020 the when the story the first broke about the laptop. but for me, the overarching concern is the justice department that is political. and there's not a question about that i now. we know that is the case. they're a political operation, we've learned that from whistleblowers. and the connection between the political nature of the justice department and this hunter biden story, i think, is a real concern because we know the fbi was involved in going to facebook in october of to -- of 2020 and telling facebook to be on the lookout for russian

disinformation. and they did that at the same time that these 51 former intel officials released that letter that said the hunter biden story has all the earmarks of russian misinformation. so that linkage between the political nature of the fbi to this story and suppressing that and using that to throttle back that story so the american people couldn't get information, i think that is a big concern because it fits in with this broader concern i have which is a justice department that is not treating people equally under the law and operating in a political fashion. maria: well, this is a really important point that you make, and you've cone so much work in terms of investigating why they were going after soccer moms, why they were attacking ordinary citizens to basically call them insurrectionists and extremists just because parents wanted to know more about what their kids were learning; that is, about crt. all the way to january 6th. you know, that hearing this past week with christopher wray, i was struck by the fact that he could not answer the question

about whether or not the fbi had confidential human sources dressed up as a trump supporters on january 6th at the capitol. >> yeah. i don't -- i think he probably could have answered the question, i think he just refused to answer the question. and, you know, for whatever reason. we have heard from numerous whistleblowers who have said the problems are at the highest level of the fbi, specifically the washington field office. one whistleblower told us, in fact, at that level it was rotten at its core. think about this, coming to us as a whistleblower about the agency he works for, it's that bad. but there was an individual, timothy think bolt, a different whistleblower went to senator grassley and said is he was the guy who was involved in suppressing the hunter biden story in the fall of 2020. and then we've had other whistleblowers come tell us that it was this same man who was pressuring agents to classify,

as you talked about, classify all these cases as domestic violent extremism cases to fit this broad narrative that joe biden and the democrats have about how half the country are extremists. so that is, when i talk about the political nature that just pervades the justice department now, it is there. because we have heard from -- i have never in my time from congress seen so many agents come to us as whistleblowers. it's unprecedented what we have seen. and they did it while we're in the minority knowing that we didn't really have the power to do much other than begin to tell their story, but now we can find out just how bad it is because that is always the first step in stopping it, to expose it and relate the country see -- let the country see exactly what's been going on. maria: well, it's very sad and disturbing what has taken place at the hardship of the fbi and the doj to see this kind of politicizing of really, arguably, our most important law enforcement agency. but let's zero in here on the

biden family business and this influence peddling investigation that you and james comer will be continuing, because my worry is the fact that the communist party of china is inside the gates of america, and they have infiltrated this country in so many ways from, you know, honey pots to people like eric swalwell and other lawmakers in california to, you know, putting entrapment schemes in place. congressman, what are you going to do to connect the dots that taking money from if officials of adversarial countries is a national security threat? >> well, the first thing we need is actually access to the suspicious activity reports. these are reports that banks and financial institutions send to the treasury department when they see suspicious activity. the committee has only been able to see 2. we know there are 150, so we'd like to see the other 148. so i think that is step one. and it should tell us manager

that the biden administration has changed the policy. it used to be in previous administrations, with bush, obama, with president trump committees could have access to suspicious activity reports, but now for the first time the biden administration has said, no, no, no, timeout. so, first of all, hay won't comply with any requests we have for information that mr. comber has sent to the white house or to the folks involved in this, they won't comply with that which is sort of kind of the knowledge, i guess, from many white houses as they're reluctant to comply with the opposing party. but then they changed the suspicious activity report process and protocols. that's never happened before. and now we learn they've set up a special group, the democrats have, to go after people who are investigating this issue. so i think that's kind of sending a signal in and of itself that maybe there is something there. and we try to point out a number of these facts at the press conference earlier this week. maria: we appreciate your time and your leadership on all of that. thank you, sir.

>> thank you, maria, take care. maria: jim jordan joining us. target sounding the alarm about the holiday season. the big box retailer expecting stress ised consumers, quote-unquote, and weak sales in december. john castle on what it means for the economy and your money, next. this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ ♪3, 4♪ ♪ ♪hey♪ ♪ ♪are you ready for me♪ ♪are you ready♪ ♪are you ready♪ in a recent clinical study,

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and a snowglobe. oh, i wished i lived in there. you know i can't believe you lost another kevin. it's a holiday tradition! that it is! earn big time with chase freedom unlimited. ♪ maria: welcome back. take a look at where markets ended the week after federal reserve president james bullard said the fed may have to keep hiking interest rates aggressively. we've heard a lot from various fed presidents and governors over the last 48 hours about the fed continuing on its move to raise rates aggressively despite comments from others within the market who have pushed markets up. we also got warnings from target about a weak holiday season predicting stress thed consumers will be spending less. joining me now is john castle. john also served as the

president and ceo as donaldson, love kin and -- back in the day. john, it's good to see you. thanks very much for joining us this week. what kind of a year end and 2023 are you expecting from markets and the macro story, john? >> well, maria, as you know, many of the fang stocks and so forth, the amazons and the facebooks and the teslas and so forth which were ridiculously high priced a year ago have collapsed. and they're down various amounts, 50% and 70%, 80% and so forth in the case of facebook. and because of those collapses, market has been very select ty. it's killed -- selective. st killed hose markets whereas the dow stocks are only down 6%, and we know there are a few examples such as walmart that the stock is actually up 6% during the last year. so i think as the fed continues to tighten, as they continue to

raise interest rates and so forth, ultimately a recession is going to transpire, and that recession is going to adversely affect the more mature companies in the market and so forth. and as a result, we may find that the things like in the dow or the more conservative parts of the s&p may start to collapse in the future. maria: and what have you seen from your own portfolio companies when you look at private equity? what has higher rates done? what has been the impact on your business? >> well, generally speaking, it has been very modest. i know that, maria, you're of a view that we probably had a recession early in the year with. i suspect we really didn't. the who down quarters that we had, the first and second quarter, were quite unique in that the consumer continued to do fine, the capital goods business segment continued to do

fine. the part that got off course was the foreign trade segment. maria: yeah. >> we had a lot of imports relative to exports. maria: inflation is off of the peak, but what does that mean for 2023 and the holiday season? do you think the consumer is going to be strong this holiday, and what kind of a macro story are you expecting for the year ahead, real quick? >> there's no question inflation is extremely high. and even if it's declining somewhat, it's going to be a year, 18 months, maybe even two years before we get through it. i mean, assuming that the fed is successful in hair program -- in their program, that hay reduce, constrain the economy and reduce inflation, this isn't going to stop in just a few weeks or a few days. maria: right. >> it'll be 18 months under any circumstances before this, before this inflation run is stopped. maria: all right. we will leave it there.

john, it's great to get your take on all of that, thanks very much for joining us. john castle joining us this weekend. we will take a break. a lot of angry investors and a lot of unanswered questions. how did the fraud at ftx go unnoticed in the wolf of wall street, jordan belfort, is here with his analysis. stay with us. the first-ever all-electric chevy blazer ev.

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maria: welcome back. well, the epic collapse of ftx is being compared to the fall of enron and bernie madoff's ponzi scheme. a class action lawsuit has now been filed against founder sam bankman-fried, and a slew of a-list celebrities who shilled for the crypto exchange after at least a billion dollars of customer funds has vanished. john ray, the new ceo,

previously oversaw the restructuring of enron. he said this: never in my career have i seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. joining me right now is the wolf of wall street, jordan belfort, to weigh in. jordan, it's great to see you again. thanks very much for being here. how do you see the ftx collapse? >> well, first of all, i think this is a misconception here about ftx. people are referring to it as an exchange, but it's not an exchange. it's, like, a brokerage firm or a bank that was holding customers' monies, and they were basically siphoning it off, he was using it as his own personal piggybank, sam bankman-fried. so people deposit their money in ftx because they want to trade. it'd be the equivalent of going to jpmorgan, right, and you deposit your money in your chase bank account, and then you find

out that, actually, jamie dimon has been taking your money personally and going to las vegas and gambling on the weekends because, you know, your money, his money, what's the difference? that's what was really happening. he was using all of these funds that people were depositing in the brokerage firm, ptx, and then -- ftx, and then using it as his own piggybank. he bought congos -- congo does, leveraging to the hilt and badly. and it was definitely a fraud prosecute start. maria: that's unbelievable. that's a great analogy also. what happens now, jordan? where did the money go? i know that firm started in hong kong and then they moved to the bahamas. so there's also investors, chinese investors that lead me to the chinese communist party as well, so there's that element. but where does this story go, and will the investors ever get their money back? >> i strongly doubt that there's a lot of money here to be gotten

back. i think that, you know, when you're leveraging the way they were, it's the really easy to take these huge losses. i don't think they were very good traders, by the way. what happened was the whole thing started when in the early days of crypto there was a certain trade where you could buy bitcoin, i think it was the korea trade, you buy it in one part of the world, and it was selling at a premium in korea, so they had this arbitrage, so to speak, where you could buy it for x and sell it for x plus 7%. very easy in 2017. then the professionals get in, and they close that gap, and suddenly it's not so easy to make money anymore. so ftx/alameda, right, the sr. company, was built on that one -- the sister company, was built on that trade. hay had no edge, and they started losing money in their trades more and more, and sam bank bankman-fried hatched this plan. hey, we need more money, let's start a brokerage firm/exchange

and convince people to deposit money so they give them great trading rates, amazing trades, but we'll take all the money ourselves and trade with it. that's really what happened. so ftx was formed to fund alameda, and they were terrible traders. and i watched the interviewses, it's shocking -- here's what's also shocking. e sequoia, to say that they did their due diligence? if really? they should hire me to do due diligence. you could see through this thing. anyone that went down there and kicked the tires and saw this group of kids sitting around in one penthouse somewhere all having sex with each other, just speak to them, it's plainly obvious that they knew very little about what they were doing. and everyone was just giving them their money, giving them more money. you know, it's always obvious in retrospect, but this one, i believe, if anyone had looked closely, they would have seen it easily. maria: so how did he hoodwink all those people, i mean, shaq

and giselle and tom brady all went and did commercials for the firm, and what was it, jordan, two -- that actually was the straw that broke the camel's back that there was nowhere to run, the money was gone? >> so here's the thing, you really can't fault tom brady and gisele and shaq. i mean, they're not sophisticated enough to have known this. they're relying on people, their agents and their managers. so to them, you know, they really -- he should, i guess they've got to pay the money back, you know, on top of that, but it's not their fault. they could not have known. and they get presented with lots of opportunities, it appeared to be legitimate, their name is on the stadium, so that's -- i think they deserve a pass. in terms of other people though, the advisers to those people and the big vc firms that got involved and funded them, they -- something's got to happen there because, to hem, like sequoia, honestly, they

lose 100, 200 million, it's like, speeding ticket. next. they lose so much money on all the other ones, but on luna, most of these big firms got out, and it was the small investor that got caught holding the bag. they get in early, it's the its own version of a pump and dump, so to speaks on an institutional level. in this case it's really, really bad that everyone ruses, even the -- loses, even the big guys. generally, they win. the big guys get out and it's the average investor that gets caught. maria: yeah. isn't that always the case? jordan, it's great to talk with you again. thanks so much for being here. >> my pleasure, maria. maria: quick break and then i've got one important thing you need the know ahead of next week. that's coming up. en co and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ when you're through with powering through,

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the price of turkey up 21% from a year ago. stuffing up nearly 70%. pie crusts, whipped cream up better than 25%. one analyst says that it will be cheaper to dine out on thanksgiving this year. we'll be all over this on "mornings with maria" next week. i hope you'll join me. i will see you also this weekend at 10 a.m. on "sunday morning futures," the pox muse channel for exclusive -- fox news channel with exclusive interviews with kevin mccarthy, james comer, senator john barrasso and congresswoman-elect monika de la cruz all with me sunday, live, 10 a.m. eastern on fox fox news. that'll do it for us here on fox business. thanks very much for watching. have a beautiful thanksgiving, and i'll see you again next time. ♪ ♪ gerry: hello. this w