dave: welcome to "cavuto coast to coast". a looming rail strike in time for the holiday season, as a fourth union votes down a tentative agreement we will dig into what it means. a whole new world, bob iger making changes, the stock is slipping again today, uncertainty about the future, some investors are beginning to weigh the risks. tiktok may be getting bipartisan pressure over security concerns, not stopping the social media company from

firing more employees, announcing a commitment of even more hires, thousands of them. telling you why they made that announcement coming up. a lot to get to. a possible rail strike ahead of the holidays. edward lawrence joining us with more on this. >> reporter: president biden is being briefed about what is happening in terms of where this rail strike could be, the contract could mean we have a strike in the future including the largest rail unions, ongoing talks to avoid strike about unions sent a clear message. >> reporter: always back in the carriers hands, and we go back into negotiations this afternoon, talks will begin.

i will be with 3 other unions that failed to have agreements but it is a difficult process and do our best to. >> reporter: the contract gave a 14% increase in wages. they will go up by 24% by 2024. the concern centers around time off and sick leave. the average salary for rail workers one hundred $27,000 a year. under the proposed contract, the average would move up to one hundred $60,000 a year. in perspective a construction worker makes $84,000 a year on average, manufacturing worker makes $83,000 a year. the press secretary gave no specifics but they are preparing for all outcomes. >> urged both sides to finish in good faith, even the front of a shut down as we have been saying, like we do for all other issues, the team is

preparing, preparing for all possible outcomes. >> one of the unions is such to strike that they, 3 that voted no, the other set to strike on december 9th so we could see the first date pushed to december 9th so a strike happens all at once. a lot of talking between now and then. this is tough to peel back. dave: as a rail strike hits the supply-chain, worse than inflation people are already dealing with record thanks giving prices and president biden's usda is blaming russia over these rising prices. joining us is fox contributor charlie hurt. so many stories, is this babylon be? it is a parody of itself. we could read twitter so i could see if it is or isn't. this time it isn't. they are serious about it.

let's talk about the strike. we were belittled, those who were skeptical about the resolution of this strike in the september, announced by biden himself and the transportation secretary. they were belittling that it wasn't locked up. they were wrong again. >> they have been wrong every step of away. remember what we were talking about a year ago with inflation, 6 months ago with inflation the administration insisting inflation didn't exist and was transitory, they've been wrong every step of the way and the alarming thing for democrats and this administration is if rail workers, the only reason we are talking about rail workers israel workers have tremendous power to cause enormous outsize pain on our economy. if rail workers making $124,000 a year are feeling inflation at

this level, imagine what the other workers are feeling who don't have the strength and power to cripple the economy. the fact, when you look at those numbers and look at 24% increase in pay over two years even that isn't enough to close the gap that has opened up between inflation, the result is deflation of salary compared to cost at the grocery store and everywhere else. if that, if even a 24% raise doesn't solve that problem for rail workers, we are in bigger trouble than we realize. dave: either way it will cause more inflation because it is an inflationary deal being worked out but if there is a strike, some are talking about a rise

of 4% and the inflation rate, 700,000 jobs lost, right before a recession as the fed is raising rates which makes recession more likely. this might force them to raise rates more. >> and we talk about this a lot. i don't get economics like you do but i understand politics. president biden clearly looks at the midterms and thinks he doesn't need to change anything, the only thing that was a surprise in the last election is people didn't check in quite the way we expected them to check in and a lot of that has to do with mounting frustration. often times with personal frustration going on at home politics fall to the back burner. when politics comes roaring back into your life, during a presidential year. if the administration isn't

going to learn any lessons and things aren't going to get better and things get worse, 2034 will be devastating for them. dave: of the sheer mismanagement of at all. you think of so many issues whether it is supply-chain issuer the train issue, the way, almost an insult the way they announced their new anti-inflation program which is so inflationary and now more ukraine spending, 4. $5 billion in spending on ukraine that came out with a big announcement, the department of the treasury today without any word how they are going to account for this money, there's no accounting for the money. it is pure mismanagement. >> reporter: all of these decisions lead to a problem. people feel when they are sitting around the kitchen table that you can draw a direct line from the agony

families are feeling about gas prices or the cost at the grocery store and you can draw a direct line to policies this administration put into place, that is where things get ugly politically and i get it. democrats feel they dodged a bullet in these midterms but that doesn't mean the pent-up frustration just disappeared. the pent up frustration is still there and it will come out at some point but it didn't come out as badly as we thought it would in the past midterms. dave: charlie hurt, already preparing for 2,024, exciting times over the next few years, we are witnesses to history. >> reporter: thank god the babylon be is back. dave: we need the dark humor. when things are darkest we need a kick from babylon bee to keep us going. markets getting a boost from the energy sector. jackie has a look at what is moving the markets.

>> we have an upside day, stocks are extending gains in this broad cyclical advance. for retail, it has been about upbeat earnings showing the consumer is alive and well, spending, does it last? different question but that's what we are seeing, better-than-expected earnings and outlook, dick's sporting-goods offering upbeat guidance, abercrombie and fitch, surprise profits drying sales, the news is good in those stocks. the markets are shrugging off covid concerns, china the ongoing issue of lockdowns impacting the supply-chain and demand, that is an issue lately, the nasdaq is higher overall, tech stocks were lagging but are bouncing back. i want to look at energy stocks which are higher across the board as oil prices are higher and oil is bouncing off of those september 30th lows after

opec was reiterated it is sticking to the production cuts. there were some rumbles in the market that thought cartel was changing its mind, doesn't appear to be the case. look at crypto as well, bitcoin in positive territory, but if you look at bitcoin's one year chart it is extremely ugly, as investors are continuing to digest and learn more about what went on at ftx and i want to check out the futures market, favoring 50 basis point fed rate hike in december, only 30% chance of the 75 basis points right now so that is good but having said that the yield curve inversion is the cheapest in 22 years. you are seeing some contrary indicators which tell me the volatility is likely to continue and we are watching over rail strikes and other stuff as well. dave: that could change mightily. treasury yields pulling back as

investors way recent comments regarding inflation and future rate hikes. let's get the read from dallas that advisor danielle booth. i want to start with the rates, looking at some treasury yields, first the 10 year which is trading at 3. 8% if we can put the 10 europe, 3. 77, but a 2-year is so much more than that, 4.52. never a good sign when long rates give smaller yield than the short rates. what is that telling you? >> thank you for having me. what it is telling you is the recession is not going to be short and shallow. if you look at something more remarkable when you're off the air the difference between the one year treasury and the 10 year treasury crossed-100 basis points. so we are in the soup, talking

dark humor earlier, my dark humor is whenever it appears the recession is going to be worse we got a recession celebration in the stock market and that is the case. we forget 50 basis points, half a percentage point december fourteenth would have been considered double what we were used to in terms of fed rate hikes and we are celebrating it's not 75 basis points. dave: that is if we don't have a rail strike. throw in our rail strike, housing problem, crypto crisis which we are having at the same time, that is a bad brew, isn't it? >> we are seeing manufacturers catching up with the order backlogs they had to to last year's supply chain disruption, but they need to get products shipped out to whoever has been waiting for it for a long time

and what you are starting to here is there have been cancellations of the machinery that had been on order because we are through the high demand period and going into a period of demand destruction which is what the federal reserve said it would do, create pain, destroy demand and you have the factory sector hit by this rail strike from two angles. dave: we are at session highs, the dow is up 300 points. have investors lost sight of the possibility of our rail strike? what's going on with investors? >> reporter: investors cling to any sort of it looks like this is a fed pivot. i remind all investors most of the people who are closest to jay powell, who are voting on the federal open committee, the vast majority of them are saying even though we will slow the rate hikes, we will keep

rates high through 2,023. i don't know what markets are celebrating, it seems perverse but we usually have a good thanksgiving week in the stock market. dave: do you think the fed is going too strong and too fast for the rate hikes right now? >> what we've seen in terms of retrenchment in the housing market is remarkable. we've never seen homebuilder sentiment at the pace it has fallen at. i think if their aim was to slow the economy given this is one of the biggest sectors, the biggest holding on balance sheets is their home, the fed should look back and say we've done enough damage, the problem is you see the speculators crawling out like you see today. that makes the fed want to stay vigilant in trying to tamp down the speculation that causes problems. dave: is there any sentiment in the fed at all for the idea

that supply-side boost, increasing incentives for more creation of goods and services by lowering taxes and lowering rates could cure our inflation problem? is that it out of the window by people with the green eye shades or focused on interest rates? >> the vast majority of the academics at the fed with the exception of jay powell who's a lawyer by training, the vast majority of academics don't see their way through to common sense approaches to reinvigorating the business sector. it's not part of their models, sad to say. dave: very sad to say, great to see you. have a wonderful thanksgiving, appreciate it. ftx making its mayor culprit in bankruptcy court as the debate over crypto regulation rages on, we will dig in to where things are standing and where they are heading next. ♪

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dave: tuesday ceo dog agar - bob agar signed up and stocks flipping over uncertainty about the future though it hasn't slipped enough to take away yesterday's gains. charlie gasparino, latest on changes going on. charles: it slipped a lot of last year, it was down as of yesterday, down 56%, pretty amazing, the down the s&p, the s&p is 20% so it has been a huge problem and that was among the problems bob chapek faced including not being able to handle politics with ron desantis, the don't say gay bill which is not with the bill said. mill you are not supposed to teach sex education to 6-year-olds or something along those lines. we have eiger, what will he do different? what i hear from people that know him pretty well there will

be a tonal difference out of disney. eiger institutionalized woke at disney, he knew how -- he is smart enough to know it doesn't sell that well, he's not going to go to war with the most powerful governor in the union, ron desantis, maybe the next president. he will clamp down on the woken us, maybe we will see that in programming. there' s a whole infrastructure at disney. is not going to dismantle that but he will deal with that and the other thing is try to repair the stock price due to the low hanging fruit, tearing down the balance sheet and looking for stuff to sell. what would be, what is a low hanging fruit? if you talk talked to dan loeb, he will tell you what is

espn and probably a lot of bidders on the espn, this is where it gets interesting. disney's market is down, one hundred 50 billion. it is a big deal, it is a big thing to swallow but apple could swallow that. they could buy it, they could do a cash stock deal, $50 billion cash on the balance sheet. dave: the market is $170 billion. charles: as of today. after that they run up a little bit. that is a deal apple could do but does apple want to run theme parks? they probably don't want to run theme parks but they would like to build out stuff like amazon is like espn might be in play and apple could be a buyer so

that is going on. a lot of machinations in the banking world. eiger has held 72, 73, is he going to run it forever, a 2-year deal? i think we look for some corporate finance moves by him and managing woke, it is not a great business strategy to on neu and anger 60% of the country by going that far. dave: any chance michael eisner has to do with the changes? charles: to be honest i think chapek, no love lost between chapek and bob eiger, he never really retired, probably on the phone with board members, attacking this guy every which way. he never had a shot. dave: great reporting. ftx executives appearing in

bankruptcy court, our next guest says regulatory scrutiny, customer scrutiny will be intense for all the crypto market. former uber chief business officer emile michael joins us, tough time for crypto but it is going to be 10 times worse than it was in terms of scrutiny when we see how little scrutiny ftx spent. >> i read there will be a million creditors in the bankruptcy case with ftx talking about really massive pain across many people. so scrutiny is coming and coming fast. it will come hard and you will see a flight to quality the next couple months. dave: because you asked a great

question, you said is the crypto industry and industry at all? what is the crypto industry? >> great question. a lot of people are going to question, is this industry viable and if it is, what is it? first we thought about crypto as a hedge to inflation. that didn't pan out because it trades like equities. right now it is stored value. you worry who is storing the value, the bottom line, who is storing the value, there are credible players who might be winners here but we have to know where this industry will go. dave: the key, will customers rely on exchanges at all? maybe something needs to be invented that doesn't exist, using block chain technology, the idea of crypto currency having another placeholder for those coins. >> it might be.

i think coin base and bynow, reserving your deposits, with insurance or bank accounts, you will need something like that to restore confidence for people that accounts for trading platforms to make sure they know, they are not stolen from basically. dave: finally i have to think the answer is not going to come from regulators or politicians but the geniuses in the industry. >> that is where it starts. has to come from industry players who attempt to self regulate and if they do that they build confidence and regulators make sure they put their stamp of approval on it but it starts with innovators and entrepreneurs because their businesses will suffer. dave: the market will force discipline. good to see you.

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that's decision tech. only from fidelity. dave: funny to see a line and a christmasy mode, twitter taking headlines as elon musk reportedly stopped firing employees and is looking to move toward his vision for the social media apps. susan: it is festive when you stop firing and maybe do some hiring. twitter's original 75 staff, musk pulled an all hands

meeting monday, i'm done with the layoffs, he fired more sales staff over the weekend so that take the count of workers to 2700 and musk surprised everybody saying i am hiring, recruiting and engineering and sales and even encouraging remaining staff to refer some candidates to the team and the company so i checked linkedin, didn't find any job listings. maybe it takes a while for those -- it is about recruiting so you have musk saying to her usage has never been higher, up one. 6 million in the past week in daily active users but that's less than half of one% of their daily active user account, they have 238 million daily users much less on facebook which has 2 billion around the world visiting the platform,

instagram has 1.5, tiktok a billion and twitter has less than snap which some say is becoming irrelevant. skg the launch of the blue checkmark program. he will restart on november 29th and hold off on that. until there is confidence of stopping the impersonation and use different color check for organizations and individuals so when he launched the blue check mark program, pretending to be volkswagen, general motors and other corporate accounts, gm is actually seeing this. there's going to be checks and balances to make sure the right accounts go with the right organization. dave: it is a dilemma. there are a lot of dilemmas doing what he's trying to do, feeling his way. susan: we should applaud elon musk for this, talking about this report that proved false

but meta's ceo is stepping down, mark zuckerberg has super voting rights, he owns 50% of the company, 50% voting rights, elon musk, when sheriff 1-vote, full transfer and say, power to the people, stakeholders and the board which you have to applaud him on. not many people do that. dave: thank you very much. let's get reaction from ray wong, constellation research and ceo of -- otter of everybody wants to rule the world, what do you think? >> it is important for elon to rip the band-aid on, get rid of folks who don't belong and make the cut as soon as you can. use our failures when they didn't do that at yahoo and every tech company where you do the slow roll and it doesn't work. i'm excited to see what twitter looks like. dave: what about the possibility of him actually hiring more people particularly, there's a lot of talk about how he will focus on the $8 program for the checks and pull back a little bit, but

there is such a natural advertising venue from twitter i would think he would want to capitalize on it as much as he could. >> he's looking at sales folks, looking for folks in corporate sales and the ad sale market and folks that understand how to build membership organizations and revamping their team, finally got to 200 lawyers, imagine how many they had before. dave: let's talk about tiktok. other companies are firing people, tiktok is hiring, they are hiring 4,000 people worldwide, they put out a notice about how they are hiring people. some folks continue to be worried about security issues involving tiktok. one of them is john radcliffe, former director of national intelligence, here is what he told larry kudlow.

>> tiktok is a natural security threat, when information is going over a chinese server which is one hundred% owned by a company in china that by law under china's military fusion law is required to share information with the chinese, distorted they want for national security reasons. dave: sounds pretty serious to me. >> it is. when you think of information that can be collected whether it is preferences or networks, your location data, that needs to be protected. there needs to be a plan how it is protected or there need to be rules how foreign countries acting in the us collect data and use their data. neither of those are in place at the moment which makes it dangerous but tiktok is hiring folks. i went to the office 10 minutes ago and you can see they are picking up ex-engineers from meta, twitter and others as well.

dave: it is impossible to straighten things out because the ccp controls it and they are determined to use it as a spying mechanism so we have to get rid of it in the united states. is that conceivable? >> it's possible, 3 countries have gotten rid of tiktok, indonesia, indonesia got rid of it because of security concerns because they are not sure who is manipulating or influencing communications. we can do that as well, we can take a different approach by making sure information is collected by adversaries or countries that might be enough various. that can be done on the software level. dave: thank you, appreciate it. law enforcement issuing a blend message to drivers, police cracking down on smoking and getting behind the wheel. we have details about combining marijuana, how they are trying to stop it next.

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dave: the number of rsv cases continues to rise, with staff strikes and service cuts, hospitals are overwhelmed, beds are very high in bed. jeff flock has more on this. i was just getting over it myself. >> reporter: for a lot of people it is just like a cold but if you are a young person particularly a very young person if you have other conditions it could be deadly. this is one of the hospitals you are talking about, st. christopher's hospital for children, with cases of rsp. what is rsv?

it stands for respiratory special virus. what are the symptoms? you probably know, runny nose, cough, fever, breathing problems, the sound like a cold and for a lot of people it is a cold but if you are very young or compromised in some way it can be deadly. requires hospitalization and treatment and right now they are overwhelmed. as you point out, here's what a letter to president biden said from emergency room doctors, er departments are overwhelmed and gridlocked with patients, it's virtually impossible to function. they sent president biden a letter asking to declare a health emergency, patients with nowhere else to go are held for days, weeks, and months, putting patients lives at risk and the head of the department tells the fox business network they need that declaration from

the president. >> would be a great idea. would love to see emergency funding, for travel respiratory therapists, that's part of the shortage people don't care about as much and nowhere to be found, they left the profession during covid. >> reporter: covid did drive a lot of healthcare professionals out of the profession and it could get worse. a study of nurses across the nation, found 1/3 of them plan to leave their profession fairly soon, by 2,025, could be down 25% of the nurses they received in this country just as we approach the season of flu and looming covid still out there. hope you are getting over it. dave: a lingering cough but 3 days of 102 was no fun. it is a nasty bug. i have a lot of sympathy for anyone who gets it particularly

those in the hospital. luckily i didn't. i was glad to see with a mask on. don't want to be without a mask in the hospital. >> reporter: not if you are in the hospital, exactly. dave: as americans hit the road for the holidays, police and state officials are warning the deadly consequences of driving while you are high. madison allworth has more on this story. >> reporter: this time of year, thanksgiving, police officers across the us on high alert for drinking and driving and with the spreading legalization of marijuana, drivers, police officer lookout for drivers under the influence of marijuana. we are driving along with sergeant shane temple looking at what is going on in the street, he will focus on running a red light. i want to start with that danger of driving while high. how does it compare to driving under the influence about the whole?

>> there's common sense that it is not as serious but it is. it does similar things to what alcohol does, you are not able to multitask, not able to focus on more than one thing at a time. driving requires your attention to be divided among multiple tasks to be safe. why add something, some element that will take away from your attention in an already distracted world? it is just as dangerous as driving under the influence of alcohol. >> reporter: when it comes to policing these things, alcohol have a standard test and standard limit, breathalyzer 0. 08. marijuana you don't have the same thing. how does that make policing driving while high more challenging and what do you do when someone is under the influence of marijuana? >> it is more challenging, no easy answer to a breathalyzer that says you are point away and over the limit or under arrest kind of thing. we have systems in place. the prearrest screening a similar. on the side of the road they

want a standard field sobriety test. when you fail those who are brought inside and when they recognize it's not alcohol impairing you they will call in an expert and i have a 12-step standardized process which allows me to determine what you are under the influence of. >> reporter: a little more challenging in terms of steps, not as simple as this blow. you have that 12-step but that is what police department across the us are doing, huge warnings to be safe. anyone who would think of doing this, police department are able to identify this. dave: as if they didn't have enough on their plate, important report. oil prices rising as saudi arabia denying output increase is being discussed. the latest on what is really going on, where did the rumor start? phil flynn coming to talk about that next. ♪

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with no line activation fees or term contracts. saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. dave: breaking news about oil. western allies reportedly aiming to agree on russian oil

price as soon as tomorrow. senior analyst and fox news contributor phil flynn, good to see you. a particular deal, but a price from $60-$70 on russian oil. they have price controls on oil, do they ever work? >> they never haven't they never will. you and i both know this and european leaders don't know this as well. there's been some disagreement at the last minute to get this thing done. they raised the price of the price gap before what russian oil trades at so it might not have impact in the short term but i can tell you that we heard from russia. russian oil minister said you put on a price we will not sell any oil to any country that puts on a price so

one side you have a price and the other side a shortage. dave: price or price controls always leave shortages. whether it is political or market oriented where the price controls make it possible for producers to make money they will stop producing. >> absolutely and we see that happen time and again. it happened in california with price caps on electricity, and shortages. we see them in other parts of the world and we have also seen the flipside where companies will stop investing because they will say if you the price, we want to make money so they will pull back on investments. always a bad idea, bad economic. dave: the russians will find a way to sell it to china. the deal between china and russia is clear that china get a discount on oil so they benefit and russia will sell as

much as they want to. let me talk about the story we talked about yesterday, this rumor put out there that the saudi's perhaps because of the deal with the crown prince, not to allow him to get sovereign immunity, they were going to produce an extra 500,000 barrels a day, they are pouring cold water on the story. i wonder where the story came from. >> from what we can see it came from a high level opec - the wall street journal is standing behind the story that this delegate said there are conversations in place that raise production but opec has come back out in a strong way saying it is not true. maybe the opposite is true. they could be talking a production cut and they categorically deny the story but something is going on behind-the-scenes. a lot of times we see these

stories leak out, usually a trial to see how markets react and if it doesn't act the way they wanted to, they back off the story and that could be what happened here. dave: we are not getting any word, in a real serious way, and yet mckinsey and company had an interesting report we could increase by 2 million barrels a day on gulf oil, vote oil we get from the gulf which is much cleaner than the oil we get from anywhere else but we are not going to do it. >> the biden administration is pushing away from more oil production in the gulf of mexico, killing pipelines and this is shooting our economy in the foot. you want to look at inflation, look at energy, look at the lack of investment, look at what this administration has done. we are getting reports, the biden administration drained the strategic petroleum reserve, now we are going to

buy it back if it gets into the 70s. not a good trend. dave: great to see you, we will be right back, stay tuned. mily? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. . . . the air port. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel.

david: we're looking a lot of green across the screen. 1% on both the dow anas dak. so that is a great time to turn it over to my friend, charles payne. giving you a good market, charles. charles: i appreciate it, david. thank you so much. good afternoon, everyone, i'm charles payne. this is "making money." breaking right now, it could be a coiled spring. a rare dull moment for the market could be harbinger of a