philadelphia, no. 3. how did it begin? well, police started using the term in the 1950s as crowds of tourists would come to the city for holiday shopping and the popular army/navy football game and things got so chaotic that no cops were allowed to take the day off so there you go. we associate it with shopping now. very quickly, take a look at these markets as i get ready to hand it off to dave assmann and the dow up 74 and nasdaq down since the opening bell and s&p up very slightly, some buying going on on this shortened session on our black friday. i'm going to dive into my thanksgiving leftovers. david: good for you. have a wonderful turkey sandwich. i hope you appreciate it. thank you, ashley. thanks for the handoff. ashley: thank you, david. david: i'm david assmann in for

neil cavuto. the nasdaq closing out the week and following all the moves on wall street and oil prices edging lower. how the administration is now turning to venezuela for more oil even as they continue to knock u.s. producers with more regulations and fewer permits. plus, the black friday shopping rush is on with a record number of consumers expected this weekend. we're live as retailers offer big discounts to get shoppers spending on toys. we have all the details coming up on kansas city chiefs sue toe, "coast-to-coast". our top -- cavuto "cavuto coast-to-coast" but first, a rail strike looming as president biden said "he's not directly engaged in negotiations". lucas tomlinson is live in nantucket on the details of this and kind of a miscommunication between the white house press conference and what the press

secretary is saying. >> experts say this is a horrible time for the potential railway strike and throughout the country, he needs help from the freight trains to deliver the toys and president biden, when asked if he'd join into the negotiations, he didn't indicate he was ready to roll up his sleeves quite yet, david. >> talk about the holdup, mr. president? >> i can't because it's in the middle of negotiations. >> are you involved with those parties? >> my team has been in touch with all the parties and met with the parties, and i have -- i have not directly engaged and they're still talking. >> just a few days ago, biden's own press secretary said something very different. >> the president is indeed involved directly, but i don't want to get into details at this time, but he has been involved. we have said the president has

been directly involved. he's been in touch. this is the third time i'm saying he's been directly involved. >> now back in september, weeks before the med terms, the biden administration took credit for avoiding a rail strike and that deal is in danger and both sides have till december to come into an agreement and congressman mike walz possibly earlier. >> this deal is about to come off the rails where three of the 12 unions reject it had and what's interesting and convenient is before the midterm elections, he was taking credit for, you know, saving the country's economy. >> potential rail strike could cost up to $2 billion a day, david, and as you know it's not a good time of year for any rail strikes, having to get the toys delivered ahead of christmas.

david: those that santa done a lot take care of. for land delivery, we need the rails. >> and coal, to heat our homes. david: you got it, former senior economic adviser to president trump steve moore said if you think inflation is bad now, wait till there's a rail strike and he joins me now. steve, good to see you. thank you for being here. by the way, even if it is resolved, it means more inflation and they'll make it a very inflationary deal with the unions who have the upper hand here, what do you -- first of all, steve, the fact that the president is now saying he's not directly engaged when before the election, he claimed he was completely responsible for the resolution that didn't actually happen. >> david, i was just listening to your report and i was thinking as i was listening to that and all the contradictory statements that it's another term that the biden administration redefined and it means what the definition of directly engaged is. so this is serious business though. certainly with the christmas

season, you know, right upon us now and people out shopping and if you get this rail strike, david, you know, so much of the cargo that's taken off of those cargo ships are put directly on rail and shipped all over the country. so you're -- you could see, you know, some empty shelves this christmas season as goods and services are not able to get to the stores and don't forget, a lot of energies, our coal and oil and gas is transported by rail as well. we already have high gas prices and so this is -- this is a real fiasco by this administration having claimed victory two or three months ago and now on the precipice of another strike. david: glad you mentioned energy because remember all the shut downs of the pipelines and the president is shifting that to rail now. rail is not as safe as pipelines

but in this case, there's no even guarantee the oil will get there if we don't have the rails to get items dribbed. >> we need five or six pipelines to get those items distributed through the country and coal is a major source of energy in america today and most is shipped by rail as well and we get a lot of electric power from coal, david. david: talk about -- we can't talk about this whole thing without talking about the mismanagement in this administration. as much and you and i would like the government to get out of the economy because we think it's too far into the economy and draining too much from the private sector to be in the economy, you look at pete

buttigieg, the secretary of transportation and marty walls has done a slightly better job at administrating this but good lord, where is pete buttigieg? i haven't seen him at all in this, have you? >> maybe he's on parental leave. that's a little joke. david: he was during the supply chain crisis for two months. go ahead. >> yeah, he was the one who was really directly involved and responsible for dealing with the supply chain problems and sure doesn't look to me like they're going away. look, the main point though for -- a couple of quick points. one is i still think the odds of a rail strike that lasts more than a few days is very small because, you know, there was a decades old law that allows congress to intervene when there's a national emergency with respect to rails. this could be congress that

takes this bull by the horns and fixes the problem and even if you get a temporary rail strike, that'll race prices even higher and there's a shortage of goods and when there's a shortage of goods, david, what happens to price. they go up. this comes at the worst time for the american consumer. david: sure does and we have worse times ahead unfortunately. we have to talk very quickly, i want to end on this, the recession, the looming recession. i think it's fair to call it that because just about every economist you talk to says it's comes in 2023. we have two examples in ways of which you deal with the recession and ways to get out of it. we have president obama rather than increasing insevenths and rather in the depths of insevenths of 2008, 2 2009, he increased taxes and regulation and look what we ended up with,

eight year period with 1.6% average growth and president reagan did exactly the opposite and came in in a very bad recession. we lowered tax rates and eight years of average growth twice what it was under president obama. we have a clear example of what doesn't work and what does work; right? >> there's a positive effect on the economy and incentives matter and look, i still think there's a chance we could avert a recession in 2023, but you have to wonder where is the growth going to come from? we need to cut taxes and reduce regulations and reduce government spending and our bowed i did larry kudlow says turning on spigots.

david: you think there's a chance we could avoid a recession? i'm surprised to hear you say that. >> i do. with the new congress coming in, republicans can hopefully, even with very narrow majorities, they can make change the direction of the bad policies come out of biden in the first two years. we'll see. david: let's leave on that sliver of hope we do have for 2023. steve, thank you so much for being here. i hope you had a great thanksgiving and hope you have a wonderful holiday season. thanks a million. thank you very much. black friday is in 28 swing with millions of -- full swing with millions of americans hitting the stores today. grady trimble joining us from michigan avenue in chicago. grady, what's the latest? reporter: hi, david, 166 million people expected to shop this weekend according to the national retail federation and would make this weekend the biggest shopping event of the year and of all time and inflation is weighing on people

this year, and it's changing the way people shop. the report shopper spending $50 from black friday through cyber monday and spending more but buying less. we're buying seven fewer gifts this weekend compared to the same weekend in 2021. they also found more shoppers this year are relying on creditt cards and buy now, pay later programs. the folks we talked to on the mag mile say they're looking more closely for discounts, scouring all the stores here, and sometimes unfortunately striking out. >> i don't know that the deals are better this year. but prices are higher. >> i've seen some 40%, i like to

see 50%s out there personally and maybe. sometimes and sometimes not. reporter: adobe analytics said it's up 5% from a year ago and even with inflation, david, we're still spend and i go have to say, i think cyber monday is more my scene because you can shop from the couch in the pajamas and don't have to leave the house. david: you can but you lucked out with the weather. it'll be in the 50s and sunny for the next couple of days in chicago. that's good for retailers. grady, good stuff, thank you very much for being here. appreciate it. national retail federation ceo matt shea is here now to give us an idea of what's happening. great to see you, matt. happy holidays. how is it looking in general for the retail sector for the holiday season? >> well, david, it's good to see you too, happy thanksgiving. we've had 31 consecutive months

of increased retail sales on month over month basis going back to the beginning of the pandemic. sales continue, the october numbers with strong 8% growth over 2021 and it's showing up in the way that consumers are forecasted with a 60% growth this year on top of last year's growth and there's a lot of energy in the consumer sector and consumers are still finding ways to spend and retailers are delivering great deals and opportunities especially on a weekend like this one. david: matt, i don't want to rain on your parade but on the other hand i have to point out facts and the biggest thing looping is the worry about a recession. a lot of people are worried about it and it does seem to be holding some re-consumers backa bit and people like jeff bezos

warning consumers maybe now is not the right time for big ticket items and wait till the dust clears from what looks like a recession coming up in 2023. how do you push back against that pessimism? >> not just a pushback but an observation and again, i mentioned the consecutive months of growth. but if you think about how consumers are making this happen and we talked about this before, the trillions of stimulus into the economy is still there and still a trillion and a half dollars in savings that we all have now in household punts that he we didn't have in 2019 and that's letting households, especially at the lower income levels make up the difference between what their monthly earnings are and what their monthly expenses are and they've had to pay more for housing, rent, food, energy prices, they're making up the difference with savings and take on

additional credit. david: forgive me, matt, that's not making up the difference but borrowing from peter to pay paul. you're digging into savings and lot of people are worried about that. particularly this overhang of 60% of americans living from paycheck to paycheck. >> that's pun we didn't have and default rates are low and they're very good and we're going to continue to power ahead and one of the threats to the economy and you talked in the earl already segment, the rail strike is a threat to our economy and we rely on that as shippers, retailers, consumers. i spoke to secretary walsh, the labor secretary a couple days ago about this, he understands the sensorineural varity of this and he's working hard to try and the labor unions need to come to an agreement with the carriers

and have a great deal and huge raise and 25% pay increases and they ought to go along with the president's board of recommendations make an agreement and avoid throwing the entire economy into a tail spin. david: they're giving me a wrap and i have to end on turning lemons into lemonade and one lemonade is more toy stores have more than they know what to do with murrieta means super -- with, but that means more savings and yo you need toys, you're going to find super savings. >> you are. that's part of the way consumers are behaving this year. waiting till later in the holiday season. not 2020 or 2021 and shortages and people had to get things earlier and go out this weekend and between now and the end of the holiday season, you'll find a lot of great deals. david: bring your kid along or a kid along to show you the way. matt shea, great to see you and -- matt shay, great to see

you and have a wonderful holiday weekend. the u.s. looking to venezuela for oil and gas issues but why look abroad when we have all the oil and gas we need right here in the united states? we'll get into that next. ♪

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david: the bind administration is planning to grant chevron a license to pump oil in venezuela. the overtures to venezuela come amid slowing energy production here at home. joining me now is c3 solutions of public policy nick lores and phil flynn. we're encouraging dirty oil and they produce in a dirty fashion and burns in a dirty fashion and we're asking for more dirty oil and talking about clamping down on production in the u.s. gulf

of mexico. does that make any sense? >> it doesn't make sense and it's all about the biden administration green energy agenda and it's like they believe if they sweep off the energy production to another country they're making the world a cleaner place but in reality it's a dirtier place and gulf of mexico is the cleanest in the world and this sadly i think, david, it's more about politics and money, you know, faking money f taking money and slush funds and it's about politics and not about saving the environment because this does exactly the opposite. david: even people at the forefront of the green energy and mckenzie and company.

they came out with a report saying the gulf of mexico could supply one to two million barrels a day of new oil supply with important implications for the u.s. economy and global emissions. why it's important for global emissions is as phil pointed out, the oil we get from the gulf of mexico burns cleaner than just about any oil in the world. why aren't we doing more here to mother and father oil? manufacture oil? >> good for the jobs and economy and environment. phil mentioned we do it the best here in america and the reality is that venezuela's climate emissions profile from an oil standpoint is 50% higher than the oil production here in the united states and the gulf of mexico has been emblematic of what it could mean for emergency production, tourism and conservation in the revenues they get from the production going into a number of

conservation efforts in the gulf coast and across america. this is what we could be doing more of here in the united states and the biden administration has sent mixed signals to put it generously to the american energy industry. david: phil, i hate to accuse somebody of lying particularly if it's the president of the united states, but the administration is flat out lying when they say they're increasing leasing. i mean, it's quite clear that the leasing on federal lands during the biden administration is slower than we have ever seen it in terms of acreage than ever before. as "the wall street journal" says, they showed a graph showing that it really has slowed to a tric trickle and thy claim they're increasing leasing and so forth but it isn't true. >> it suspect true and it's -- isn't true and it's costing americans more money. we had low energy prices for the last decade or so is because of the u.s. energy producer in the shell revolution. but what we're seeing is because

of biden administration policies, the drilling is going down. every major reporting agency, dave, is now lowering their expectations for u.s. energy production, you know, report after report. they're spending a signal to the u.s. energy industry that we don't want you to do business in the united states. do business in china and india because we're not open for business for fossil fuels. we're trying to shut you down. if you don't believe me, look at pipeline approval rate. they are also at the lowest level we've seen in years. pipeline projects are costing double what they were a few years ago because of regulations by this administration. you know, they're trying to stone wall the american people about the green energy stuff but at the end of the day, it's costing americans more money and it'll cost you more at the pump and more to heat your home and we're bearing the brunt of the biden administration. david: something else the

administration has to be called out on saying there's no relationship between the cutting back on pipelines and energy productions and so forth. i'm throwing this to nick, this question, the point is there are pipelines that are not being used for permian base sin gas and some -- basen gas and they're having to burn it off and they can't use it because there's no pipelines for it now. >> yeah, that's exactly right and the problem there is again, the lack of infrastructure driven by long burdensome permitting process. we could have a gas infrastructure taking pipelines up throughout the northeast as well to displace home heating oil. natural gas burns cleaner and it's cheer. we could have -- cheaper. we could have more gas being used for economic purposes rather than being flaired and all of the things make no sense from a economic standpoint and

environmental standpoint, and the regulations are hurting the green energy projects they proport to support whether it's nuclear policy, transmission policies or renewables and they're all ham strung by the long permitting processes. david: we'll have plenty of dirty venezuela -- that's another discussion because they don't even have the oil. great to see you gentlemen, have a great thanksgiving weekend. appreciate you being here. coming up, sensorship behind the scenes. elon musk teasing the idea of releasing internal twitter discussions about hunter biden's laptop story. wouldn't you love to see that? ♪

david: more big changes coming to twitter and elon musk announcing he's going to restore for banned twitter accounts and he's hinting he may release the discussions behind twitter's

decision to sensor the hunter biden laptop story before the 2020 election. remember that? bring in kaylee mcgee-white from the examer and he's tweaking the whole woke cancel culture, isn't he? >> he is and says it's part of his effort to restore public trust in the platform and certainly this would be an important way to do that. the suppression of the hunter biden laptop story was really egregious and i think people forget how far it went and users usersthat shared this story onle were kicked off the platform and it wasn't just twitter. we know facebook was involved as well and it really was pretty far reaching and the question is: did that have an outcome on the 2020 election? a lot of the voters today think it had some sort of outcome and that's an important question to wrestle with on this.

david: i would, you know, the old education presentation to be a -- old ex-presentation of being a fly -- expression of being the fly on the wall in this and he could be the fly on the wall that tells us what happened and we'll be hearing about the underhanded attempts by the sensors to do things in a very -- in a banned way of like banning people weed tomorrows they dis-a-- with editorials they disagreed with. that's interesting as well. >> yeah, and in regards to the hunter biden laptop story, there's two scenarios and could have been entirely internal decision made by twitter executives. that won't really come to a shock to anyone knowing the previous ceo. the second option is that outsiders, whether in the government or in the incoming biden administration actually had something to do with this and were in communication with twitter about suppressing this

story. if it's the latter option, elon musk needs to name na names and those people need to be held accountable and that's a deliberate attempt to interfere with the 2020 election. david: i agree 100% and the interesting thing is who wins. granted, he doesn't care, doesn't seem to be much about what the overall establishment thinks of what he's doing. but they are after him and the mediacoms out with story after -- media comes out with story after story and washington post had one that was really revealing and sometimes the editorial can reveal a lot about the writer or publications. musk's free speech and free speak in quotation marks and musk free speech agenda dismantles safety marks at twitter. first of all, if you have to put free speech in quote, you don't really understand what free speech is about. it either is or isn't.

the whole idea of safety, you know, creating these safety zones is reminiscent of the college woke mentality. i think that's exactly what elon musk is trying to get rid of. >> right. the reason why the left is having a total meltdown over elon musk and policies he's rolling out is because twitter was one of the tools that they used to control the narrative. now they don't have it anymore. it's very difficult for them to control the discussion and to control who's able to participate in it with elon musk in control. and they can't stand that. they can't stand the idea of not being the ones in control. david: kaylee mcghee white from the examer, thank you for being here. joining me now is war on small business author and former

investment banker karol roth. you are a twitter super star in your own right and most of it is by the way nonpolitical at and you have questions like what is your favorite movie to cry to and that sort of thing. what do you think of this transition that elon musk is in the middle of with regard to twitter? >> i think overall it's very positive. he obviously has a very different style than other leaders where he kind of throws stuff out there, tests it, gets realtime feedback and change it is around. i can see for some people it feels a little bit bumpier and the funniest part about it are the people who are melting down, not because of the change in the user experience but because they can no longer control the narrative and control what other people are saying. you can control your own experience and block accounts and decide who you follow, but it's very clear they want to control what is being said and

who can say it. so to see that there's that shodden fraud part of me that loves seeing that. david: we too. i've always been a fan of small business and they have to go through so much every day it seems over the past few years they have to re-invent themselves depending on what's happening with the pandemic or crime story or regulations in government taxes and how are they doing in general? is small -- small business was under assault during the pandemic and came out of it and had to deal with a new slew of regulations and taxation in the biden administration. how are they doing? >> yeah, and had long tail impacts of policy decisions and labor shortage and inflation and supply chain issues and alignable, which has been following small businesses. they have a small business platform and survey their users so they've been putting out really great data. they just did their november

small business survey, 41% of the more than 6,000 businesses surveyed said they cannot pay their november rent in full, david. this is a huge crisis and like you said, it's been multiple years of just one thing after another for small businesses. the backbone of the economy. this isn't a small group of people, it's half the gdp and half the jobs in the country. david: yeah, i heard it was more than half of the jobs but the bottom line is it is the life blood of america and the embodyment of the american -- emdream and you have to work 24/7 and it's easier to work that hard if you're working for yourself; right? >> it is and it remits de-central -- represents de-centralization and

means32.6 million businesses creating different opportunities and goods and services for the customer, additional labor opportunities and like you said, that opportunity for economic freedom, which is the goal of many people despite all of those issues that you said. the other half of the economy is concentrated in the hands of about 20,000+ big businesses so if you want to lesson the power structure, you want to support small businesses and you can do that and that's the great thing about small business saturday and every single day, there's a opportunity to vote with your dollars and create a win win situation and not enough people are being thoughtful about that. david: exactly. vote with your dollars and feet and go to local establishment and don't do everything through -- i don't want to say -- i don't want to knock anybody because there's a lot of great competition out there, but really make an effort to visit and buy from your local establishments whenever possible.

carol roth, great to see you and have a wonderful thanksgiving weekend. i appreciate you coming in to see us. >> thanks, david, seeup -- you on twitter. david: see you on twitter, that's right. rallying voters ahead of highly contested december runoff less than two weeks away. a look at high-profile support hitting the campaign trails. ♪ on that midnight train to georgia. i'm on a midnight train. she's going back to -- ♪

david: early voting in georgia's heated senate race starts tomorrow with democrat senator raphael warnock and republican herschel walker. people going to the peach state rallying for support. joining me is congressman doug

colins. you get the democrats sending obama and republicans sending their heavy hitters including by the way the governor, who's extraordinarily popular. just had a blowout win in georgia. how much of a difference are these supporters going to make? >> well, i think they're making a difference as far as getting out the vote. that's the key now. persuasion is really over. the persuadeability of voting against warnock or walker or vote for walker, those kind of things, it's to the point now where there's just a saturation point and now it's interesting for a sitting senator of an incumbent and outspending walker by a lot of money. warnock is struggling to get voters to the poll. the democrats are not responding like you would have expected them to around a sitting senator. walker is pulling the republicans along. i think brian kemp is coming along and cutting an ad appearing with walker, which

they had not done before the general election will make a difference. republicans understand the real issue down here. david: yeah, and the republicans in georgia, i know the republicans elsewhere in the nation didn't have this enthusiasm that republicans were hoping for, but in georgia they certainly did and in florida they did. there were pockets where it made a difference. now, the big question is a lot of people say what difference will this particular race make in the senate because no matter what happens, you know, the democrats can always use now because the split even if the republican wins in georgia, you'd still have a divided senate that -- the tie of which could be broken by the vice president, which would make it a democratic victory. what difference does it make? >> well, it's a huge difference. we need to elect herschel walker to keep the democrats from having a complete majority in the senate. if they get that 51st vote,

they'll control the committees and there's no power vote here and it makes it harder for democrats to bring out legislation to get appointments and judges through and it adds time and weeks to get legislation passed and it is crucially important from a republican standpoint to keep the power share agreement and now we've taken the house and can stop a lot of stuff from the biden administration, i think it's critical to keep the power sharing agreement. republicans, if you're out there sitting on your hands and saying i don't know if i should go vote, get up and go vote for herschel walker if you're wanting to keep that power sharing agreement. which again make it is harder for schumm tore do whatever he -- schumer to do whatever he wants in the senate. david: great point. setting up for 2024 and 2024 democrats will have a very tough battle because they have to defend 21 seats to republicans only having to defend ten seats so it could really set the stage for 2024; right?

last word. >> oh, exactly. if we set this up in that way, you're always looking to that next election cycle, but it also sets it up to where people can understand that governorring is around the corner and we can take the senate, keep the house and hopefully gain the president seizure disorders and back to putting -- presidency and back to putting conservative governments in place. david: doug colins, have a wonderful, wonder -- collins, have a wonderful holiday weekend. >> thank you, take care. david: coming up, china expanding lockdowns how covid cases spike there and how the public is pushing back.y ♪ mu

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david: china bringing back strict lockdowns as a record number of covid cases hit the country. fox news correspondent kevin cork joining us live from dc with the latest. they can't get off this ridiculous zero covid policy. >> it's ridiculous and impacting their economy and the world crisis. a health crisis in china that could have availability on on coupler goods here over the holiday season including apple products like the iphones. authorities in beijing locking

down more areas thanks to a major covid outbring including central parts o -- outbreak including central parts of the city with a regard number of cases. their numbers o staggering and north of 31,000 local covid cases according to china's national health commission. now, perhaps not coincidentally, this is all happening right where apple's main iphone factory is located and where workers rioted following a pay dispute and you pointed out, david, that's on top of china's zero covid policy and increased wait times for the iphones heading into the holiday shopping season and apple had a statement saying we're operating at a significantly reduced capacity, we're prioritizing the health and safety of workers in our supply chain and saying listen, it may take awhile to get the products you want. for those of you in the apple ecosystem, which i am with your

electronics, we're talking shipping times extending beyond christmas if looking for latest iphone 14 or 14 pro max. it's a real bummer for folks out there, david. david: yeah, a real bummer to be living in china under that government. ken, thank you so much. appreciate it. is the socialist experiment here in america running out of money? new york city mayor eric adams looking to tighten the city's budget as he warns of a "economic tsunami on the way". andy putzner is here with us. i live in new york and don't want it to go bust but part of me is saying well, of course, you jerks. if you send your wealthiest revenue stream down to florida because your taxes are too high and have crime and filthy streets and bloated bureaucracy, you'll run out of money. it ain't rocket science, is it? >> no, it's not rocket science at all but it's a very common occurrence with social cyists ad

social economies and when the economy enters an absolute phase and the leaders controlling politics in the country or in this case a city, they're wanting to give up power. they don't want to give up power no matter how much damage state isdone to ordinary people and lk at venezuela, it was one of the richest countries and today it's a disaster. david: it's power and money and we have examples of states and cities going in opposite direction of new york. florida and texas have zero income tax and both of them have these surpluses florida histor plus of 21.8 billion and texas has a surplus of 25 billion. you can do just fine with no income tax; right? going exactly the opposite direction, that's the solution. >> that absolutely is here in the state of tennessee with zero

state income tax and one of the most secured in the country, our state pension fund. you absolutely can run a state or city economically soundly and prudent policies or socialist poll thpolicies that advance nog and drive people away. david: andy, in bad times when the socialists have their upper hand, you can have would be companies being formed and in 1970s and it's right here look at companies start in the in the '70s. home depot, apple, starbucks and american entrepreneurs who are the real heros get it done. >> yeah, they really never get the credit they deserve and american entrepreneurs have advanced the standard of living across the globe. they've done it in good times and done it in bad times and keep trying to do it no matter what kind of re resistance or

roadblocks they face from the government, federal or state and they continue on and deserve a lot of credit for where they are for the good th things in our lives. david: you deserve the credit too, you entrepreneurial hero you. have a good weekend. appreciate it, andy. we'll be right back. markets are just about to close. ♪ ..

dave: welcom