jack: you looked at me, i'm into firewood. ben: penske otto group, there's been a lot of bad news about used cars but people sell new cars doing quite well, business models change, not so much about haggling but people trying to get what they want and this is dirt cheap, they trade 8.4 times earnings of a lower in the market itself. looks interesting. jack: automobiles, to read more check out this week's addition of barron.com, follow us online, barron online, join us next week on "barron's roundtable". ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend to all. welcome to the program that analyzes the week that was and helps position you for the week

ahead. i'm maria bartiromo. a surprise jump in wholesale inflation. former kansas city federal reserve president thomas hoenig on what the fed could do at next week's meeting and where the economy goes from here. then the growing threat of china. more u.s. states banning tiktok on government devices after tiktok is suspected of sharing data on millions of americans with the communist party of china. i'm asking the newly-appointed house chairman of the select committee on china, mike gallagher, about his push for wisconsin to join that growing list of states. he'll also tell us about his new proposal to stop u.s. public pension plans from investing billions of our taxpayer money into companies controlled by the communist party and his take on the new revelations from the twitter files. plus, dozens of public libraries denying growing pains star kirk cameron a slot to read his new faith-based book to children. kirk cameron is here to respond. but first, here's where markets

ended the week. after a higher than expected wholesale inflation report and ahead of next week's big fed meeting december 13th and 14th, wall street analysts and investors worry that continued rate hikes will drag the economy into recession. in fact, a conference board survey finds 98% of ceos are expecting a version in the next 12-18 month,. joining me right now is form former federal reserve president thomas hoenig. thomas, thank you. so much for being here. what about you, are you expecting a recession next year? >> well, first of all, maria, thank you for having me on. and to answer your question, i do think there is a high probability of a recession next year. i think the fed has to continue to raise rates. you saw the wholesale inflation numbers, and those are up. i think the numbers have come out this woman -- that come out this coming week will be above 7, and that's going to mean for

sure that the fed will raise at least 50 basis points at that meeting, and then the discussion will become what's the end point. how high should they go for how long. maria: let's talk about some of these numbers from the producer price index that we got out on friday morning. the pppi up 7.4% year-over-year, higher and hotter than the estimates. same on the month to month number which was up three-tenths of a percent. how does this play out to consumer inflation? we'll get the consumer price index out on tuesday. if producers are paying more for the product to get produced, do they pass it on to the consumer, and that sends the consumer price index up as well. you said it's going to be in the 7% range. >> i suspect the consumer price will be in the 7%. that's where it's been, and i think these wholesale numbers suggest that there will continue to be pleasure on the consumer prices. how much they can pass on, that depends on the supply and demand

factors that go into place. but certainly,st upward pressure for the consumer price index the as well, and i think the fed knows that and will have that in mind when they meet this coming week. maria: i think it was jamie dimon, ceo of jpmorgan, this past week who said there's about $1.5 trillion of savings right now and sometime within the new year consumers will be tapping into that, and it will -- they'll wipe it out. is that what you're seeing, that consumers right now are going into savings to pay for the 40-year-high inflation? >> yeah. i think they are going into savings. that's -- they're there, and it came to them during the pandemic, so now they're going to spend that. and i think that's why you've seen some of the demand, the christmas demand for the season has been stronger than some people thought it would be, and i think that's part of the reason, the savings that's available for spending and they're beginning to spend it if and will spend on through the

course of this year. but that will be depleted as that spending continues. and so then what's going to happen in terms of demand and especially in the face of higher prices. so that will be a factor for the federal reserve to take into account as they go forward as well. maria: so what about the conversation happening right now at the fed ahead of the tuesday-wednesday meeting? we know they're also trying to unwind the balance sheet, something we've spoken about so much. taking a trillion dollars out of liquidity is going to be a megafor the or markets. what is -- negative for the markets. what is the fed talking about today as it looks at this inflated inflation, elevated inflation, rather, and what to do about it? >> well, they have, they have a dilemma. they know that inflation is continuing to run a little hot, especially we'll see how the numbers come out when they -- this week if they come out ahead of expectations, that is well

above 7%, then they will be really put in a jam. but on the other side of that, they know that a raising rates so far has begun to influence the economy and the financial system. you may have seen where so-called unrealized losses mt. bank withs of securities portfolio -- banks of securities portfolio are down, around $680 billion. we know that other financial institutions behind them are also feeling the pressures of the higher interest rates on securities prices. they're cropping. so in that environment you have the banks pulling back, and hen their loan portfolios have to be coming under some pressure as companies having to deal with higher interest rates are seeing their earnings begin to be impacted by both the high inflation, the reduction in demand as we go forward. earnings come down, that means their loan portfolio will weaken, and they'll have to be

putting more into the reserves. that will also hurt the financial industry, and that's going to cause the fed to think about that. and remember that the pension funds are being bailed out. so there's a lot of pressure on the financial industry right now, and the fed doesn't want to have a financial crisis on their hands along with everything else. so that's going to be the part of their dilemma that they're going to discuss when they get together this week, and is we'll just have to see how that plays out in their own debates as they go forward from here. maria: wow. what important points that you make, the fragility of the financial system. and, of course, we don't need another crises on our hands and a situation where the financial system becomes even more fragile. thomas, we'll keep following all of that. we so appreciate your time, thank you so much. >> sure. uh-huh, good to be with you. maria: thomas hoenig joining us this weekend. u.s. taxpayers are unwittingly funding the chinese communist party's expansion.

details of a new bill to defund the cc cp. and tiktok the accused of collecting american user data for chinese that - ♪ ♪ ♪ voltaren. the joy of movement. ♪

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once he's all on his own? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ maria: welcome back. well, for years u.s. public pension plans have been investing billions of taxpayer dollars into chinese companies controlled by the communist party of china. joining me now is house intelligence committee member, wisconsin congressman mike gallagher. congressman, thanks very much for being here. you've just been named by speaker-elect kevin mccarthy to be the chairman of the select committee on china. tell me about your priorities and about your new bill that you have proposed, the ditch act. >> well, i think what speaker-elect mccarthy wants to accomplish with this select committee on china is to elevate the importance of the issue and make sure that we are injecting

a sense of urgency into our competition with china. and, by the way, we'd like to make this a bipartisan effort. we tried to get democrats to the participate in the task force that mike mccall head are. they refused, so we're hoping they're going to step up to the table, because defending the country from chinese communist party aggression should be bipartisan. how do we do that? if well, a key part of that strategy has to be reducing our economic dependency on china and making sure that u.s. dollars aren't financing china's military modernization or financing genocide in xinjiang province. i introduced the dump investments and troublesome communist -- act to divest from chinese companies or lose tax-exempt status. they can choose. so that's one of many things i

think we can coto start taking this competition seriously, and all of it requires us to understand the nature of the regime that we're facing in the chinese communist party. maria: right. and explain the ramifications here, because what we're doing -- and it's not just pension plans, you've got the msi intex, the msci ingex -- index, you've got the thrift fund, okay? the 401(k) for government employees having a wide open window to invest in these companies. explain the ramifications, because if the ccp is controlling these companies, they could at any time turn around and go against america, go invade taiwan, whatever it is. and u.s. investors are funding this? >> well, i think there's really two things at stake, one -- and we discovered this because ant three years ago the trump administration discovered that the tsb funds, military retirement funds, were being invested in chinese defense companies. you have the retirement money

for military service members being invested in chinese companies that are building weapons designed to kill americans in the future war. so that is one risk, right, that we subsidize their rise and their attempt to displace us as the world leader. the other thing is it just creates a dependency, right? if millions of americans have the health of their retirement dependent upon the health of the chinese communist party and the companies it controls, well, then they're going to be less willing to have a strong, aggressive foreign policy that defends our interests because they don't want something that's going on to jeopardize their bottom line. so the whole situation is perverse. we have to pursue smart, selective economic and financial decoupling before it's too late. maria: then there's tiktok. the state of indiana suing the chinese-owned social media app over china's access to user data. now several other states are banning tiktok from government devices. you're pushing wisconsin

governor tony evers to do the same. will he do it? >> well, i have yet to hear back from the governor. i'm urging him to take this seriously, but if he doesn't do it, senator marco rubio and i have a bill to ban tiktok at the federal level. it will be a bipartisan bill in the house. reluctantly, i'm starting to hear some democrats get onboard. the risk is a few fold here. one, the fact is that tiktok is own by bytedance, bytedance is controlled by the chinese communist party. so it's as if we would allow pravda and the kgb to buy the new york "the new york times," "the washington post," abc and nbc all at once. this is on the cusp of becoming the most dominant media company in america. that's unacceptable. they can track your location, your key strokes, they're compiling dossiers on people. and increasingly because so many young americans in particular get their news from tiktok, they can censor the news, right? they can suppress anything that would cast the ccp in a negative

light. that's bad for business all around, it's a national security threat. so with a combination of state and federal pressure, i'm hoping that we can ban tiktok. maria: all of this all the more alarming knowing that the chinese communist party is following our political debates and piling on on things like twitter and just having all of this hate out there. we've got more shocking details released in the twitter files this week, this time exposing leadership at twitter lied about shadow banning content. they shadow banned and banned content from conservative commentators, activists, doctors even during the pandemic. your reaction. >> it's the unbelievable -- it's unbelievable, and i salute twitter's new owner for putting this out will. you know, one thing that elon musk could do, to connect it to our earlier topic that he could just do at the snap of his fingers, he could kick all of the chinese communist party so-called wolf warrior diplomats who are all over the platform

attacking america, calling america an evil, systemically racist country. and, of course, chinese citizens aren't allowed access to this platform because the ccp prevents it. just kick them off. any country that's so afraid of their own citizens that they don't allow them access to twitter, their diplomats shouldn't be allowed to attack america. so that's one thing i actually asked jack dorsey to do when he was the head of twitter. he predictably ig ignored me on that, but elon has an opportunity to lead on that issue. maria: wow, that is incredible. so you already asked jack dorsey to do it. and what did you get in response? >> i got a 15-page response from one of his underlings that said nothing, that was full of jargon and really communicated the fact that they didn't want to anger the ccp. maria: there you go, more of the same. congressman, thanks very much for your leadership on this topic. we're going to continue to check in with you. wisconsin congressman mike gallagher. good to see you this weekend.

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designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. maria: welcome back. actor and author kirk cameron is out with a new faith-based children's book called "as you grow," but he says over 50 public libraries have denied his request for a story hour reading slot. kirk cameron joins me right now. kirk, congrats on the book. it is just lovely. we're looking at the cover and some of the animations inside. tell me what you're up against in terms of these 50 libraries.

>> well, as you know, story hour at public libraries is very popular these days, and so i thought that i would counteract some of the remuscle of the bible and books that are teaching kids great values and replacing them with toxic and dangerous ideas by writing my own book for children. of so this one's called "as you grow," and it's about biblical wisdom through the seasons of your life and growing the fruit of the spirit. love, joy, peace, patience, kindness, goodness, gentleness and self-control. and i was asking a public library, in fact, many of them to do a book reading at their facility, and over 50 woke libraries rejected me. and these are libraries that have hosted drag queen story the hours. and when i asked them what's the problem, they said, well, one of them in alameda county had said that they didn't want to read my

book, but they're hosting a gender name change clinic. another public library in rye said that their -- in rhode island said their messaging just didn't align with mine, and when i asked if i could submit a form, they said i could, but we're not going to run your book. maria: wow. that is just stunning, kirk. this is why secretary mike pompeo calls randi weingarten the most dangerous person in the world. what is going on in our school systems and libraries to account for this? >> well,ing i think we fundamentally removed the kind of value system that used to characterize even public education. early in america most education was led by parents, it was supported by families and communities of faith. and everyone knows that whoever controls the text thebooks controls the future -- can textbooks controls the future either for the good or for the bad. and children's morality is

formed by about 10 years old or so. and so if you can get to the kids, you've got the future. and when we replace values like truth and justice and loving god and loving your neighbor and values like self-control and kindness and we replace that with victim hood mentality and transgenderrism and critical race theory and other types of things, we're seeing an attempt to fundamentally transform and take over this free republic that we have. and so we as parents have to recognize we've let this happen on our watch, our kids were given to us to raise, not to the government to raise. we can't complain about it. what we need to do is get off the a defense, engage for the battle of hearts and minds and souls of our children. maria: yeah. >> and i'm trying to do my part. maria: that is just wonderful, kirk. all of this is so disturbing. walk us through the book.

tell us about "as you grow" and what kids will be learning about reading this book. >> well, it's a beautiful story about animals on freedom island. and it's actually part of a whole series of books. there's a book of the month club which is just awesome. if you get this, you get a new book delivered to your house every month with a pro-god, pro-america value like courage, like patience, like compassion. even books on the constitution and fake news and border control. there's -- books that have activities at the end for your whole family to engage in, and there's stickers and maps and all kinds of fun stuff. it's all at bravebooks.com. and i think one of the most encouraging things about all of this is that parents and librarians not only see what's going on in the public library, they're getting involved, and they're asking for this book so that they can host their own brave book story hour.

maria: i love it. kirk, that is so wonderful. >> -- action is simple. grab your own favorite children's storybook, call your local library that's hosted a drag queen story hour and ask them if you could have the chance the read your book to the children. maria: okay. [laughter] that's a great idea. kirk, it's good to see you. congrats on the book and thanks very much for putting a spotlight on this very important issue. kirk cameron joining us this weekend. >> thank you. maria: thank you, sir. i've got an important thing you need to know about ahead of next what if “just an idea” could become a family tradition? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ good news! a new clinical study showed that centrum silver supports cognitive health in older adults. it's one more step towards taking charge of your health. so every day, you can say...

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♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq maria: welcome back. an important thing that you need to know before next week, we are just days from two potentially market-moving event, the november consumer price index on tuesday and then the fed's last rate hike decision of the year, tuesday and wednesday. we're expecting the cpi to be up 733% year-over-year -- 7.33%,

down slightly from october, and we're expecting the fed to hike rates 50 basis points. anything that deviates from all of that and stocks respond accordingly, we're expecting dramatically. we're going to be all over this on "mornings with maria," every weekday morning, 6-9 a.m. eastern on fox business, and on fox news sunday morning, "sunday morning futures" live at 10 a.m. eastern. interviews with congressman ro khanna, retired general jack keane, former texas governor and energy secretary rick perry and john ratcliffe. a lot to talk about this sunday at 10 a.m.. that'll do it for us for now here on maria bartiromo's "wall street." thanks for watching, and see you again next time. ♪ ♪ ♪ gerry: hello. this week on "the "wal