points, nasdaq down almost four. we are waiting the jobs report tomorrow which could impact the fed decision on rates. we have edward lawrence sitting down with new york fed president john williams for an exclusive interview on that very topic. this could move markets, you want to stay with us, 30 minutes from now. apple ceo tim cook meeting with lawmakers today on smoothing things over. to take over the house come january. the white house claiming president biden has been to the border despite there being no record of any visit. we will talk to texas congressman dan crenshaw on what he makes of the crisis at the southern border and the doublespeak from the white house. we have a lot to get to this our. let's get started. first, our top story, the meeting between apple ceo tim cook and gop lawmakers.

hillary vaughan has the latest for us. >> reporter: we saw apple ceo tim cook meeting with congressman darrell issa and has a few other meetings lined up with republican lawmakers who will soon be in powerful oversight power over the company once republicans take majority in january. house majority chairman jim jordan and commerce committee chairwoman kathy mcmorris rodgers will meet with cook today but is meeting with congressman darrell isa who previewed what we he wants to talk about. >> pending trust legislation, with china, these are important issues but there will be a range of them, the biggest one being we want tech companies to get back to tech and get out of if you will the political activities we often see.

>> reporter: yesterday cook met with elon musk, and cleared the air tweeting good conversation among other things we resolved the misunderstanding about twitter potentially being removed from the apps store. tim was clear apple never considered doing so but as republicans apple tough questions whether they cooperated with the chinese communist government to limit airdrop access during 0 covid lockdown, the biden administration is not getting involved. >> in the business of telling private companies how to execute the initiative. cheryl: wise twitter getting one treatment and apple getting another. >> these are two circumstances, not aware there's been any conversations on this issue. it is a private company. as for twitter these are apples and oranges.

>> we got a chance to ask tim cook several questions his way and as he walked down this hallway, he did not answer any of them but our first question was do you support the right of the chinese people to protest and he had nothing to say. cheryl: thank you very much, interesting to see what comes out of these meetings, hillary vaughan live on capitol hill. let's get reaction from luke lloyd and macro trend advisor mitch rochelle. what do you think the fallout for apple is for the rest of big tech? when the gop takes over, but also apple has stepped in it with what is happening with china and the lockdowns disabling the bluetooth features only in china and that will come up today. >> national security interest for us. 20% of the revenue comes from

china and china is locked out right now and on top of that the majority of apple supply is made in china, has to be in good graces with china which isn't a good spot to be in if you are apple especially as the geopolitical realm continues to escalate. it could take 5 to 10 years for apple to move out of china, that's a big head when the going forward to try to get in good graces with congress but no doubt about it tim cook, he's playing good cop bad cop. conversations around the apps store going around for years, never seems to go anywhere but when you are going after elon musk and twitter getting a lot of attention at last thing apple needs are lawsuits for monopolistic practices for trying to ban twitter. apple hasn't seen recession since releasing the iphone which sparked the majority of growth. the world wasn't filled with iphones, don't care what anybody says, iphones are discretionary items and next year people won't look to buy the latest apple products in a

recession so apple is willing to go down 16% and hasn't gone down as much as other big tech names. if apple falls the whole market falls. >> they have a lot of market shower, but what is interesting about this position from tim cook and apple, let's go back to the george lloyd protests of 2,020, tim cook says apple is a company and it is about free speech, empowering those giving a voice to those who don't have a voice et cetera, he's not doing anything like that when it comes to china. i know is a crucial market for apple but still. >> a lot of corporations, disney, apple, the nba, nike, have a hard time getting in the middle of geopolitical issues as relates to china because china is so important to them from a customer perspective and a supply chain perspective but i've got to give tim cook credit for burying the hatchet

with elon musk, which neither company needs but he is going to congress and being proactive talking to republicans. what never got a lot of press in the 4 years of the trump administration was how frequently tim cook went to the oval office and met with donald trump. donald trump was doing a lot with trade practices as relates to china with intellect all property theft in china. those are issues tim cook on behalf of his shareholders had a big interest in and tim cook wanted to meet in the middle of that conversation being the dog and not the tail, got to give him credit for getting ahead of things and that is what prudent ceos do, get ahead of issues. cheryl: when it comes to tim cook he speaks from experience, operates out of experience. one thing that seems to be a bipartisan issue over the last several years was fracking -- cracking down on big tech, certainly not what he wants to

do, i'm sure he thinks it's a waste of time but he has to defend the company. >> one thing you said was operating in regards to tim cook. tim cook is an operator, not an innovator or a visionary, he is different from what steve jobs was, steve jobs was the innovator and visionary of apple, when you think of it that way apple has to make something a lot better after this recession we are going to be in next year. you can't just add another gigabyte to a new iphone every year and expected to go well. tim cook is going around these regulators to make sure they are in good graces but when it comes down to it, you've got google and apple, that's all it is, a duopoly. not saying they will crackdown on it for sure but it is something that needs to be taken a look at. i'm for free-market capitalism, we need to make sure free markets work properly for consumers, that makes life better for consumers in general.

cheryl: i want to stay with china. you've got these antilock down protesters in china, now they are turning to twitter to share information and videos about demonstrations against covid restrictions but twitter has been banned in china since 2009.w are protesters getting around this ban, about the airdrop. susan: you have virtual private networks which i will get to, vpn use and searches on the internet being clamped down on a bit that you've definitely seen a softening on 0 covid policies from beijing. southern china, barricades coming down here, people returning to work for the first time in weeks, back in restaurants and shopping malls after lifting citywide lockdown so that the contrast to these

confrontational videos we saw 24 hours earlier between riot police and protesters. in the chinese capital in beijing, you have a heavy police presence, to ensure they don't gather once again but there has been a placating of the chinese government, the chinese covid czar admitting the chinese pandemic containment faces a new stage and mission meaning citywide lockdowns and massive cities have now been lifted, less testing, less home quarantine, home quarantine is allowed. one of the most markable features of this movement has been the ability of chinese citizens to get around the chinese internet firewall and surveillance, despite being banned in china you have twitter as a stage for protesters to post images of discontent. china's internet watchdog is clamping down, beijing ordered

the large internet giants like tiktok's owner, intensive earnings to keep protest content off the internet, how have they been able to get around the firewall, using virtual private networks to get around china's centers. that's another search term beijing is clamping down on telling the internet giants to watch out for. cheryl: thank you for that live report. we appreciate it. my next guest says the white house response to the protests in china is pure cowardice. want to bring in republican congressman dan crenshaw. i want to ask about this. it doesn't seem the biden administration has the back of the chinese people who are fighting for their freedom, fighting for their voice, the military in china seems bent on doing some true damage to these people.

>> the cowardice comes from lack of action. this is a trend for the biden administration, he said nothing. what are the chances human protesters would do this, they never heard anything from him, same with venezuela and the iranians, he's not a fighter for freedom. is not showing or leading america to the best of ourselves, the shining city on the hill, where people look to us for moral certitude, inspiration, freedom, their fight. they are not asking much, just some recognition and moral support. you can't do that with china, our major adversary. this administration undermined the speaker of the house when she went to taiwan. the administration said we don't think that's a good idea. don't know why they have a soft spot for china but this has something to hold accountable when we retake the majority. cheryl: that was my question. why is the biden administration

so weak when it comes to china policy? we know xi jinping is a brutal dictator, it's clear what the strategy is going to be. we've heard that, i want to move to this country now and talk about the border and this misspeak from the president and karine jean-pierre, makes it sound the president has been to the border, we have no record that president biden has been to the border. what do you make of that? >> she is is a liar, an absolute liar, kamala harris has been to the border once. she may be referring to 1-time biden drove by el paso when campaigning for obama in 2,008, that's the latest record we have of biden coming close to the border. it's worth noting many republicans invited biden to the border, to understand the problem for yourself, doesn't care, facilitating this entire thing. it is worth noting since we are

talking about china and the border there's another connection, the chinese, the chinese are sending chemical components to mexico, processed by cartels in mexico and shipped across the border here, poisoning our people. 80,000 americans a year are dying because of what china is doing through the mexican cartels. why i've been focused on this issue with the cartels. cheryl: what are your discussions with kevin mccarthy? he went to the border, strong show of support, said they want to bring in the us military down to the border, maybe that is an answer you served our country, thank you for your service, what do you make of these plans coming together under leader mccarthy? >> declaring war on the cartels act, the name says a lot and that would increase penalties, authorities and tools for us to

go after all aspects of the cartel. to include sanctioning officials that aid and abet them which is a lot of them. we need to leverage the mexican government. to refuse to come to biden's a bit of the americas, he think biden is weak because biden keeps acting week, biden keeps acting like he doesn't care about our security and doesn't care about the freedom of people around the world and says america is back, americans, we are leaving again. you know what he means by that? holding a lobster dinner for the french president, that is what he means, his actions are very different, this isn't that hard, stand up for america, stand up for freedom around the world and get some things done. cheryl: the house controls the purse strings, more funding, there is the answer. >> we will be heading a lot of what border patrol needs and the joint interagency task

force, targeting the cartels directly, more authorities to do so and that includes the military, that's the conversation we need to have. cheryl: you would support that. it is great to have you here, things happening around the world, thank you. let's switch gears, it is up to the senate to avoid a national rail strike. the president of the brotherhood of signalman, michael baldwin had this to say about expecting the deal from congress. listen. >> we had initially indicated we want them to stay out of the process and allow us to complete the process of the labor act. at the same time we understand congress has an opportunity to protect the economy. we don't necessarily agree with it. cheryl: brotherhood of maintenance president tony cardwell joins me now. what do you think of congress

intervening in a potential strike? >> congress passed legislation, sitting in the senate right now, the ship has sailed and it is time for the senate to act and vote on the issues the working class need, for years of borrowing. and it's important to finish and stand with blue collar workers and give us sick leave -- cheryl: in contracts past, union leaders in charge of these negotiations but they had given up the additional paid sick days for the salary, the bonuses negotiated in the september deal.

the extra paid sick days, can you give us your position on this and help us understand the fight over these sick days? >> those are just talking points from the railroads and simply not true. we have done research going back for many years. we can find nowhere where there was an exchange of sick days for higher wages and it is starting to show that. they are putting what i would call bald-faced lies out to try to convince congress to not -- what every american particularly the hard-working essential working americans we represent should get and that -- it is not outlandish or crazy or extraordinarily expensive. it's the adequate and

appropriate thing for members of the railroads have all kinds of antics to keep us from getting to the point that members can get sick leave. you cannot call in the sick if you work on the railroad. without the railroad taking note of it putting it on your personal record and discipline you. i represent some of the hardest working people in the industry who swing the hammers and get out with shovels and do the hard work, change ties and rails and all the work that has to be done and the supply chain afloat and the supply chain afloat during the pandemic, no reason they don't deserve sick leave. cheryl: it's very difficult job, tough job and the benefits and pay and everything should be involved in the table. my question, don't you think members should be angry at union leadership? that is how we've gotten to this point. shouldn't the union have better messaging on behalf of its

members who are saying we work hard, we are tired, we kept this country going, we deserve this, isn't there some fault to go over here? >> i can only speak for the last 24 years i've been on the railroad. prior to that i argue the railroads have been vicious during bargaining and the problem this time is they have the government bureaucrats to back them up and stop our strikes, they won't give us what we request and bargain for because they will use congress as a backstop to screw the members out what they deserve. on many locations we haven't accomplished the things we want to because of government intervention. they are crucial to the economy, they won't let us on strike for a single hour, so crucial that it would cost $2 billion of damage for the supply-chain. so crucial, so important but we

can't get sick leave days and by the way, these high-paying jobs that continue to say we make 106 $2000 a year, our membership on average makes $31 an hour. 5500 hours a year. cheryl: they are hard-working americans. we are up against a hard break, thanks for being here. glad we got you on the program. we've got a lot more coming up. sam bank superman-fried is talking about fraud that he didn't comes, we will talk about it after the break. (woman 1) i just switched to verizon business unlimited. it's just right for my little business.

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>> a lot of people look at you and see bernie madoff. >> i don't think that is who i am at all but i understand why they are saying that. people lost money and people last a lot of money. at the end of the day there's the question of what happened and why and who did what, what caused the meltdown and i think that reads differently. when you look at classic bernie madoff their is no real

business, the whole thing as i understand it was just one big ponzi scheme. cheryl: sam bank superman-fried speaking out on good morning america. the legal case building against him. charlie gasparino joins me now. charles: someone who has covered bernie madoff back in the day. he's right, this is not quite bernie madoff. here's what i'm hearing from people who watched his performance, some of my sources -- they think, if there is not a real innocent explanation and they give low odds that it is,

what we are dealing with is someone who is mentally challenged, the synapses are not working because here is the thing. you could have a good business as a crypto exchange and if you take money out of that exchange and use it for gambling purposes it is hard to rationalize that as anything but illegal even if there is something in the user document, if you read hypothecate that money, or short-term cash that other stuff, if you use that money, someone else's money, and take it to gamble on your own it is called theft. that is where he is headed. my guess is a year from now this guy will be on trial for fraud, probably heading for

jail because here's the other thing. all this stuff, yesterday, he actually said he didn't have any controls. didn't have a point person for risk management between the proposition trading fund that was gambling alameda and ftx. that needs to be sorted out. the us version is okay and needs to be sorted out. half of the stuff he said has been wrong. think about this. if you set upper trading firm and don't have one basic part of risk management, that could be a sign of fraud. it is like saying you have a

television station and don't have any cameras, you know what i am saying? got to have both, no cameras, no tv. charles: cheryl: i'm glad you on this story. charles: will you abandon me? cheryl: absolutely. thank you. coming up, we have an exclusive interview, john williams after the break. ♪ ♪

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hi, i'm susan, i've lost 84 pounds on golo and i've kept it off for a year. i had spent so much money on other products that when i saw the commercial for golo, the price was so much cheaper and i thought, "boy, this might not work but why not try it?" it is amazing and it works really well. cheryl: markets falling despite the pace of inflation easing, the job number is just right

tomorrow, they don't want to see signs of a recession. edward lawrence with exclusive interview at federal reserve bank of new york president john williams. take it away. >> reporter: joining me is special guest we talked about, john williams, president of the new york federal reserve. you said earlier this week inflation would take a long time, how long are we talking? >> great to be with you. inflation is the number one problem we are facing, it's too high to show the inflation rate we are focused on and we want it to be 2%. we need to get from 6 to 2. this will take a couple years. my hope is we will be at 2%

inflation goal, i expect to see a significant decline in inflation next year. as conditions improve and we see slowing economy, getting better, bringing inflation down. it will take a couple years. >> reporter: the federal reserve chairman said with all the tightening the federal reserve has done, surprised the inflation rate hasn't come down more, it moved sideways, is it entrenched and how entrenched is it? >> i don't think it is entrenched. we have a wide wrote variety of factors. at one point, high inflation is true, in europe, the americas, around the world, factors that have driven inflation up, part of it had to do with the

pandemic or russia's war in ukraine. a lot of factors affected that. inflation expectations based on market measures and other things seem to be well anchored so our job is supply and demand and bring inflation back so it doesn't do that. >> reporter: talked about the pce number, has inflation peaked? >> the inflation number, don't know if it peaked but fossil prices like food and energy affected by global developments, i think we see inflation measures moving in the right direction, commodity prices, finally seeing used car prices, some other indicators on rents, seeing forward-looking indicators, hard to predict the future but

we are moving now into next year with lower inflationary trend. >> reporter: the labor market causing inflation, this is the great labor market in that sense, too great in away because it is going to be added to inflation. are we seeing a wage price spiral starting? >> were not seeing the wage price spiral but we are seeing signs of strong excess demand for labor so we are seeing job openings, people quitting jobs in high wage growth, to me those are indicators that demand exceeds supply, we need to get demand and supply back in equilibrium. to be consistent, not seeing a spiral so much as a lot of signs of the labor market. demand is greater.

>> reporter: is pushing labor. >> demand for goods and services, demand for labor is connected. these are all driving the broad-based high inflation. we get the economy better in balance, monetary policy is part of that. we will see inflation come down. >> reporter: what about headwind government spending, increasing current dollar personal income in october primarily reflect increases in compensation and government social benefits. much of the head wind is government spending to what you are trying to do. >> government spending is not a big part of the inflation in order for the support for households and businesses, a big part of going through the pandemic, a big part of the economic picture. i don't see that as the primary issue, the issues the global factor influencing commodity

prices and demand and supply-chain issues, demand is exceeding supply. we know how to deal with that. >> reporter: the bipartisan infrastructure plan come with location reduction in that will continue to come. working against what you are trying to do. >> other things are in the background, our job is just to focus on the economic outlook, and the inflation outlook. what we need to do to get monetary policy, sufficiently restrictive stance to bring inflation to 2%. that is what we have been doing this year and continue to do to bring inflation under control and bring it back down. >> reporter: we talked about moderation so 50 basis points in december or 25.

>> we have been doing 75 increases which by historic standards are large increases. with monetary policy, moving quickly towards restrictive -- slowing that pace, it's taking a step down in that pace. we have a ways to go in terms of where the target is and where we need to get it to next year in order to get sufficiently restrictive stance. in the near term slowing the pace, down one step. >> reporter: where is the neutral rate? where does it need to be? >> in terms of inflation, the federal funds rate, you have to think in the context of what is happening with inflation. we need to get the federal funds rate above the inflation rate and sufficiently above the inflation rate, downward pressure.

it will depend how the economy performs or inflation performs, we see us needing to have further work to do. >> reporter: one last question. do you believe we are getting a step down in december so at the end of january rate hike or february, march, april? >> looking at the projections in september, the dataflow we have seen we still have a ways to go, for the stance. it will depend on the data. we are data dependent, how to be get to that 2% inflation goal. >> reporter: a step down in december. back to you, a lot of things to chew on back there.

cheryl: 25, fifty, seventy five, great question. thank you very much. a quick market check as we head to break. the dow is in negative territory and we are talking about it with john williams, pc price index report that came out today, a lot to go on and the core number is the one that the fed, john williams and his colleagues watch as it becomes more important as we are dealing with high inflation overall, dow down 264. we will take a quick break and be right back.

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no corporate boats. each boat is an independent small business. this is just politics basically. >> lobster and slamming whole foods banning lobsters due to environmental concerns saying the only thing they hurt is there livelihood. the white house is getting set for a ritzy state dinner for french president emmanuel macron where 200 main lobsters are on the menu. president biden isn't doing enough to help them. i want to bring in fox news contributor joe conge. contributor joe conga. democratic lawmaker saying you're regulating these hard-working men and women out of business and then serve 200 lobsters at a dinner at the white house? >> that is what representative

james jerrod goldman of maine said, quote, running for president biden pledged i will protect the livelihood and safety of the fishing community in reference to lobster and, has yet to take a single action to make good on at pledge. always judge their actions, not their words, that is true for president biden, he talks about being a champion for the little guy but spend every weekend of his presidency at his multimillion dollar homes in maine. when he is not vacationing at the homes of billionaires in nantucket and members of the administration keep telling the american people to buy an electric car if you want to avoid high gas prices we helped create with our own policies without realizing the average other for car costs $65,000 and most can't afford it but what if trump did a game, what if trump was in office and inflation was 7%, wages not keeping up with inflation,

interest rates sky high, gas prices above $3 and trump and the first lady, one of the most expensive meals for 200 people, what do you think media coverage would look like, the fainting couch store would run out of fainting couches. cheryl: looking at life pictures of president biden and nemmanuel macro, no headlines, no news, but to your point, the mainstream media is going to cover this tonight. there will be pictures, red carpets, celebrities and all this and americans, sky high inflation and the lobster been being put out of business. >> in places like maine people are choosing because inflation is so high and heating costs so high they are choosing between eating and heating or trying to balance that. another tone deaf move by the

administration, and their treatment of whales as a result of the traps that are there, it should be good enough for whole foods. cheryl: i agree with you 1000%, thank you for being here, good to see you. >> that was one of the better ones. cheryl: calgon, take me away. see you in the morning. incomes are up according to the latest consumer data. one big reason, government benefits, doling out more cash, we will deal with that coming up. ♪ [christmas music] ♪ ♪ ♪ weathertech gift cards have the power

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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. cheryl: breaking news, we are monitoring comments from the white house, french president emmanuel macron and president biden, reportedly, macron slammed the biden administration's green agenda and made those comments before these meetings started so he called it in an earlier interview our energy policy is super aggressive not in line with french. president biden just addressed

that saying there are glitches in clean energy law, saying there are tweakss we can make to satisfy unhappy allies. i want to bring in the vice president of public policy, interesting back and forth today. part of me thinking macron was trying to appease the french back home who are upset about what is going on in france but at the same time the fact that biden would say there are mistakes in his energy policy is a surprise to me. your thoughts. >> reporter: it is a surprise so early after its passage but macron is right there are glitches with this policy and the concern from the french and our allies is this is a lot of protectionism and green protectionism and that's not good for consumers, people are the planet. if we are trying to lower the cost of clean energy technologies we don't want to

cut off market supplies but open them up and inflation reduction act does a lot to restrict consumer choice. that will not lower the cost of things like electric vehicles and clean energy the administration purports to support. cheryl: it is better than buying solar panels from china. let's have green energy manufactured in this country. that is american jobs. >> we can do a lot to promote mining and production and bringing those jobs to the united states. we don't want to be buying solar panels from leaguer slave labor but have good free-trade with our allies, to bring jobs back home we need to fix a lot of regulatory obstacles that pushed a lot of that production overseas. we can produce clean energy in the united states whether it's

renewables, nuclear or ev manufacturing without subsidies or protectionist policies. we need to work with our allies rather than create a green trade war. cheryl: how long before the worker laid off by keystone pipeline will get a solar job? >> that's part of a problem. with oil and gas we will need that well into the future, we can produce that more cleanly at home than other places around the world and the more we restrict access to those resources not only does that cost american jobs but raises energy prices for american families and businesses but doesn't help the planet, trying to think we can shift those jobs is not how economics works or the labor market works. cheryl: thank you for being here, we appreciate it. more coast-to-coast right after this.

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humana sales agent. if you're eligible, they can even help enroll you over the phone in a humana medicare advantage dual-eligible special needs plan. so, call now. better care begins with listening. humana. a more human way to healthcare. cheryl: right now the dow is on pace to snap a go day winning streak. fed member john williams telling edward lawrence inflation is too high. take a couple of years to meet that foal. i'm not sure the markets want to hear that. charles: i'm not sure i know what the markets want to hear these days, cheryl. we'll go into that. thanks a lot. good afternoon, folks.m charles. this is "making money." breaking right now, investors returning the early christmas gift from jerome powell