tried to proclaim it on covid then tried to blame it on putin, and then they finally came across reality that inflation existed that is exactly what they will do here, 49% of small business owners say we are in a recession right now, they are feeling it. when you are talking about, the rising cost of food it is only getting worse farmers who i represent their paying 50% more for diesel, for wages, for the people working on their fascism going to get difficult. maria: all goes back to this failed energy policy for sure. market is up on better-than-expected numbers up 759 great conversation everybody cam jason smith john catsimatidis david beck averting david david lids pique cheryl casone thank you all we will see you again tomorrow stuart: short break? there's no short break, maria, good morning to you and good morning, everyone. are you ready for this?

a blockbuster news day about your money and your economy and rip your faceoff market rally. shall we start right there? yeah, why not look at this. half an hour ago the consumer price report, inflation up 7.1% in the last 12 months. that means a slowing in the rate of inflation. 7.7% october, 7.1% november. the market absolutely loves it. the dow industrials at this moment half hour before the start of trading up 760 points and look at that nasdaq, it's up 455 at the moment, 452 that is 3.8%. big tech doing very well this morning, that's why the nasdaq is up so much because interest rates are falling. if inflation is slowing, maybe the federal reserve will go a little easier on interest rates. that's what's fueling the rally. look at that the 10-year yield all the way down 3.47. all right, now the other blockbuster development. sam bankman-fried has been arrested in the bahamas.

that means he will not be testifying before congress today as had been scheduled. how convenient. republicans wanted to question him about the $40 million he gave to democrats. now, they can't. the sec says bankman-fried used customer's money like his own personal piggy bank to be revealed shortly, more charges are coming. separately, binance has paused stablecoin withdraws while they do a token swap. are you confused? do not be concerned. susan is here with a full explanation. she has to explain this one too. bitcoin is actually gaining ground this morning, 17, 900 despite the crypto turmoil. it will be explained. wait, there's more! new revelations from the twitter files turns out there was intense debate at twitter about banning president trump, even though as one staffer said, he didn't break any rules. the files show his banning was the work of a kabal of activists

who clearly suffered a bad case of trump derangement syndrome. we have a lot to go. hope you can stay with us throughout the show because it's going to be a very exciting day. tuesday, december 13, 2022. "varney" & company is about to begin. ♪ ready or not here i come, where you at, the night is young ♪ stuart: i like it, "ready or not" so i think that's suitable music on a day when inflation is clearly slowing down. okay that's the big news of the morning but lots of big news of course. the market is responding very well to the slowing in the rate of inflation. susan is here with details. >> year-over-year as you mentioned up 7.1% consumer prices, that's less than forecast and the biggest drop year-over-year over a 12-month

cycle since april 2020 you have to go back two years. month-over-month also cooler than anticipated, only up .1%. wall street was looking for something triple that in the month so if you want to strip out energy, strip out food , which some do apparently to check in on inflation cooling at 6% so that means the fed doesn't have to be as aggressive you have fed funds futures only and i say only pricing in at 25 basis point hike in february. they are going 50 this week but they are only going 25 in february. we could just peak at 5% and that's actually less of what some are priced in just about a week ago. stuart: that core rate, 6% even, that implies a slowing rate of inflation in the future. >> yes, correct and also shelter costs makes up a big majority of it. that means people are paying less in terms of rental gains, if that make sense. stuart: it does make sense. that makes a lot of sense, susan well done. wait until you get to sam bankman-fried and then you make a lot more sense then. >> yes. we'll open it up. stuart: look whose here to cover the market for us none other

than david nicholas with us on set in new york. futures rallying 800 points up for the dow industrials. does this rally last? >> stuart this is a big deal, right? inflation data came in much lower than expected. stuart: does it last? >> we have the fomc meeting this week. this meeting this week will set the tone for the markets going into next year but remember we had a much hotter-than-expected jobs report, 263,000 jobs, ppi data came out. stuart: i repeat the question, does it last? >> i think we could still see 75 basis point hike this week. stuart: does the stock market rally last? >> no it doesn't. it doesn't. the market is way too optimistic here, stuart. i think we haven't even begun to see earnings downgrades that could become i don't want to rain on this party but my fear for next year is not inflation. it's now credit quality for corporations and i think this is why it's so important to know which bonds you own in your portfolio. you'll want to be owning government bonds and not regular corporate bonds because i think we're going to see earnings downgrades next year, stuart.

stuart: you know, big tech at this point? it's through the roof this morning. microsoft is up more than 10 bucks for heaven sake. >> this is fantastic. stuart: will it come down again? >> here is the issue is we haven't seen the damage yet for earnings so we want to own companies that pay us dividends and income which is why we are owning bonds and treasuries that pay us interest to own stocks because i think that's going to win. we're at the earnings expectations for the s&p for next year, the average analyst number for the s&p for the end of 20234050 means it's going nowhere next year. stuart: so you think the bonds are a better deal at this point than stocks. >> i think they are a much better deal. this is why we actually created a bond fund for this very thing to own bonds in this environment that can pay you interest, stuart. >> i think oppenheimer called 12% up for the s&p by the end of 2023. that's pretty significant. >> i think from a couple weeks ago when the market was down. >> actually this morning they called 12% higher, because the fed might not have to be as

aggressive. >> well they are a voice in the wilderness because if you look at the average it's not promising for next year, stuart. stuart: you've rained on the parade. successfully destroyed the excitement i was trying to build but seriously if that's your perspective that's your perspective and i welcome it. thank you very much. now the other blockbuster here we go. we'll need you for this. sam bankman-fried, arrested last night in the bahamas. take me through the charges. >> so you have two separate filings here. we might even get a cftc filing later on today on charges against sam bankman-fried and ftx so we had the sec this morning filing charges along with the southern district of new york, the attorney general, sec chair gary gensler accusing bankman-fried of orchestrating a year-long fraud and moving ftx customer funds to personal hedge fund alameda while simultaneously defrauding investors and raising $1.8 billion. the southern district attorney general accusing sbf wire fraud, securities fraud, money laundering amongst the long list

there. stuart: isn't that an old picture? he's gained a little weight since then i believe. >> [laughter] regardless, sbf yeahs arrested last night by the authorities on charges filed here in the u.s. pending extradition to stand trial there. the bahamas wants $256 million in real estate back and i'll tell you this , because i was in the bahamas at the crypto bahamas ftx event and i actually sat next to the authorities that lured ftx and sam bankman-fried over to the bahamas and at that time, they were very proud of their crypto industry which they changed the laws to entice people like ftx and sbf to move to the bahamas there. i wonder what they probably change of heart now. stuart: but what about the timing of the arrest? because he was arrested late last night i believe. he was due to appear before congress, okay, virtually, early this morning, early today and now he can't appear. that's very convenient, isn't it >> don't you feel that we've kind of heard his whole side

over 20 interviews he's conduct ed since ftx collapse? stuart: i'd like to see republican congressman have a go at him and ask him the questions that they want answered. now they can't do it. >> they will get their chance when he's extradited here to stand trial on multiple fronts. stuart: if he is. >> i think that's likely to happen. stuart: it won't be republicans who ask him the questions will it? >> oh, interesting, okay. stuart: and he gave $40 million to the democrats in the last election cycle. they can't ask him about that now, can they? >> it depends on who i think the other side is. obviously he has his defense but i think it depends on whose prosecuting the case. stuart: very well. okay i'm moving on because we've got another blockbuster story it's a real good one. a new batch of twitter files reveals intense debate among employees about the company's approach to censorship. rob smith is here. all right, rob. welcome back. good to see you again. this batch reveals that twitter was looking for a way to ban trump. they couldn't agree on it but then the activists came along and banned him outright. how about that? >> you know, it's crazy and i

think that you look at this in the context of this wasn't just a bunch of woke employees sort of like trying to put blm flags on the cafeteria in the office. these were activists that had major positions in a company that is in control basically of the speech and the narrative in this country, and so we all knew a lot of conservatives that are on social media knew that these charges against trump were trump ed up to no pun intended but now we're seeing proof of this and i've got to tell you even though there was no collusion between this guy and the fbi or anybody connected to the biden campaign in this drop we know in the last drop when they revealed what happened with the new york post article and the censorship of that that he was interacting with not only fbi agents but also with people that were involved with the biden campaign at the time, so you can't really see this as anything other than activists that have in full traited twitter and also are working with people that have ties to the federal government in order to deplatform in the

shutdown of a sitting president it's outrageous and i want to make one more point as well so iran's ayatollah tweeted this and this is an absolutely awful statement and i'll pull this up. he said that, "israel is a malignant cancerous tumor in the west asian region that has to be removed and eradicated. this is awful. twitter did not delete that tweet nor did they ban the ayatollah" and this is something that came out in this drop so now we see how disproportion at the ban on trump was compared to other people that had even more hateful speech. stuart: well you've been following this. >> yes. stuart: do you approve of what elon musk is doing at twitter? >> you know, i do approve of what he's doing at twitter but i've got to say something as well. it is great that elon has taken over twitter and opened up this debated. i've seen my personal twitter following at rob smith explode since elon has taken over. stuart: is that right? >> it really has. i tell you, stuart, i think i've

gotten 50,000 followers in the past six weeks. okay? so something is happening with the suppression of conservatives what i will say is this. i think that these tech companies are too big. what we're learning from twitter right now, do you think that facebook, google, youtube, are not doing these exact same things? and i don't want free speech advocates to depend too much on elon musk to keep things free and open because who knows whether, you know, he will be controlled by one side or the other in the future so i really do think these companies need to be broken up for the good of the country. stuart: interesting. rob smith, great stuff. thank you very much indeed, sir. >> thanks. stuart: look at futures why don't you? it looks good dow is up about 780, nasdaq up 460. on this show later, fox obtained footage showing a caravan of more than a thousand migrants crossing into el paso, texas sunday night. this maybe the start of a new surge. title 42 ends next week. mayorkas goes to the border

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just look at the futures, i mean just look at them. the dow is up about 830 points. that's pre-market opening. the nasdaq is up close to 500 points, that's a gain of over 4% extraordinary stuff. the 10-year treasury yield all the way down to 3.44%. that implies maybe mortgage rates will ease up a little. the two-year treasury, that yield there, 4.12% that's on track to end the day at the lowest level since early october as we said, big tech leading this rally, will you look at this? apple is up 3.7%, amazon nearly 5%, meta 6%, alphabet 4%, microsoft 4%, $10 higher. bitcoin gaining ground as well. you're looking at 17, 900 bucks very close to 18 grand as of right now. and now this. parents struggling to find common antibiotics as flu season enters full swing. okay, susan do we have any idea

when the shortages end? >> no idea, but it's not just the antibiotics think about ader all as well blaming manufacturing disruptions, labor issues, ingredient shortages that will continue to reduce availability. now the u.s. is a major developer of new medications but actually they are very dependent on other countries to make the drugs themselves, so think of china and india and we know that china's zero covid policy has impacted production for everybody, so if you look at the active drug list, 260 shortages at the end of september that's down slightly from what we saw in the second quarter but still, we're hovering near that all-time high of drug shortages in the second quarter of last year of 282. pardon me that was in the second quarter of 2019 where we saw the highest level of drug shortages, but also there's a triple threat right now impacting the u.s.. covid, rsv, and the flu. stuart: the tridemic as it's called thanks, susan. take a look at this. baby formula and kid medicine

shortages show america and the president need to put our children first. carl karol markowicz wrote this and whose to blame for all of this? >> so it's interesting because we don't really know whose to blame. the companies producing the medication blame the stores, the stores blame the companies, and it might just be an issue of too much demand, not enough supply but i kind of think that the issue of who to blame is not even relevant here because we have solutions to how to fix this and we're not doing them. the biden administration is where the buck stops, and if the kids ink across country are not getting formula and they don't have access to asthma medication , our president should do something and he's doing a lot of other things that are not for the children, so perhaps he should focus on them for once. stuart: so what do you think the president should do? what's the first thing the president should do to address this? >> yeah, so one thing is when the formula crisis first began, they were doing flights from europe to get the formula to the

u.s. and the white house was very proud of this. they said look at all these flights we did with this formula , done. well we're not done. this formula crisis continues, so continue the flights. what are we doing? there is no greater issue than a child not being able to eat in america. i don't even know like the idea that the white house is focusing on anything but this is baffling to me. stuart: now you famously fled new york for the sunshine state of florida. and you have children. are you experiencing shortages of these in florida? >> so the thing is i'm not. my kids are 12, 9 and 7. the issue with something like am oxicillan is you might have a child allergic to other antibiotics so they need it so this is not an issue that effect s me and yet my heart just breaks for the parents who must be feeling such desperation and concern when their child is allergic to certain medications can't get the one they need.

if you know kids they get ear infections, strep throat, and they need these allergy, asthma medications and they can't find it and i'm sure these parents are freaking out and i feel for them. we need to do something about this for those parents. stuart: yes indeed. thanks for being here. always appreciate it. thank you very much indeed. >> thank you, stu. stuart: i want to go back to the market because frankly it is just so exciting. we've got a settlement here in the opioid case. whose paying how much? >> talking about $10.7 billion so cvs and walgreens here combined close to 5 billion for cvs and walgreens is shell ing out close to 5 billion plus $750 million in extra fees for the attorneys and costs. we know that opioid deaths triple from 2011 to 2020. walmart only paid out $2 billion so slightly half of the settlements we're seeing from cvs and walgreens. stuart: and stocks are up because now you got the number. >> correct and it's done, closed, we're moving on. stuart: let's get back to the

market overall. it's looking real good folks. this is exciting stuff, up 800 points for the dow. that puts it back well-above 35,000. the s&p is well-above 4,100 and look at that nasdaq go. it's up 500 points, that is 4.16 %. how about that? the opening bell on wall street can't wait. it's next. ♪ ♪

stuart: oh, you're going to love this check futures dow is up 800 , nasdaq is up 470, michael lee is here. all right, michael. is this the start of a new bull run? >> you know, stuart, it may be. i don't think it is though. i think there's a lot of economic pain that's coming, that i don't necessarily believe is priced into the market. you know, markets may defy all reasonable and hang in there but i think we've got some rocky waters ahead. stuart: you see a recession coming early next year? >> yeah, you know, the bond

markets priced in about a 44% probability. i think that should be near 100. when you have leading economic indicators like housing and manufacturing collapse the way they have, the chicago pmi i think we're going back a week and a half ago but it's coming in at covid-low numbers. these are typically lead the overall economy that's why they are the leading economic indicators for appropriate which is what the fed is looking at and a lot of people point to is economic strength is a lagging economic indicator, and go ahead stuart: i'm sorry. i just picked up on your use of the word "collapse." you say that housing and manufacturing are collapsing. that seems awfully strong. >> yeah, well look. if you look at the homebuilder sentiment we went from the mid- 80s to the mid-30s in the course of 11 months in this year. the last time we saw something like that was 2008. obviously there was a lot more leverage behind the system and

so while i think of this recession is a 2001-type recession minus the 9/11 which really took us much deeper into a recession but look. the slowing is there. it's intentional from the fed, and some policy mishaps in this administration in terms of energy, but i'd say it's unavoidable particularly because we have not seen most of what the fed has done in the underlying economy. stuart: okay, last one. is there any group of stocks that you would buy today? >> yeah, look. i be buying consumer staples, utilities, healthcare. i'd expect those stocks to under perform on a rally today. i be lightening up on tech and financials in your cyclicals. i'd be taking some money and putting it into the defense today so xlp, xlu, xlv, and then also tlt which is the 30-year treasury the long bond. i think its had a horrible year this year but a spectacular year next year. stuart: okay you used to be the super bowl, obviously you're no longer the super bull but

you're welcome on the show mike lee thanks for being here see you again real soon. all right, the opening bell is going to ring in about 40 seconds and it's going to be quite a day today. i keep pointing to futures. earlier this morning, 8:30 eastern time one hour ago we got the report from the consumer price index. inflation up 7.1% in the last 12 months that represents a slowing in the rate of inflation. investors just love it. they are dancing up and down, as you can see right there. that's the nasdaq stock market on the right hand side. >> [opening bell ringing] stuart: and we're expecting a very solid, i'll put it like that, a solid gain at the opening bell, which is all of six or seven seconds away. this is exciting stuff. we have not had a rip roaring rip your faceoff rally like this for sometime and i'm here to enjoy it. one of our analysts yesterday said watch out, could get a rip your faceoff rally. >> face rip eras we call it. stuart: jason katz said it.

would you describe this , look at that. >> when you're up 4% for the nasdaq? at the open? that is a face ripper. stuart: we'll take it. >> yes, absolutely. stuart: on the big board, 28 of the dow 30 are up. look at the s&p 500 up 2.5% very solid gain, 103 points and the nasdaq, the star performer up 3.5% as we speak. the dow by the way is at its highest level since april, just 34.7. >> let's get into some of the fed funds futures because that's pretty much what is rally ing the stock. stuart: wait a minute you want to get into fed funds futures when we're looking at the nasdaq composite? >> why do you think it's up? because wall street expects the fed to be less aggressive so i think we need to get through the expectations for where interest rates will be at the end of next year. stuart: well hold on a second. put up big tech again please because i want to see how microsoft is doing at this moment in time. i know it's doing well. meta 5%, amazon 5%, alphabet 4.8

%, microsoft 3.7%, apple 3.4% , so what's fed funds futures got to do with this? >> well what do you think about interest rates at 4.88% instead of 5 by may of next year that's better-than-expected less than anticipated, which is positive for most people that need to borrow in the markets so when you have less money taken out of the economy, that means stocks rally, which is why we're seeing this face ripper of a rally today. stuart: that's a good explanation, but i want to get to this one. united airlines just placed the biggest commercial jetliner order in american history and they are buying boeing. >> so at list prices it's $43 billion, obviously they aren't going to pay that so we're talking about 100 wide body dreamliner 787 options to buy another 100. they will be delivered between 2024-2032. now, we have no idea in terms of how much they actually pay, but united actually in this release and this announcement said they are spending between nine to $11 billion on planes which i

think is very positive for boeing which as you know had a hard time during covid when no one was traveling but also the 737 max grounding and the tragedies in those two crashes. stuart: boeing has been going up for several sessions recently. >> value plays. stuart: it was getting out there and the gain of three bucks today, that adds 40 points to the dow industrials. >> just for airlines they say they are back at pre-covid level s so business is booming for them and business travel is slower to come back but at least it's coming back. stuart: got it. how about oracle? i know they had a strong report this morning and they are up 4.5 %. the cloud is it? >> i wouldn't necessarily call it strong. i would just say better-than-expected how about that? stuart: oh, the expectation. >> it's a cloud game as you know so oracle is bidding the top and bottom line so yes but they are still way behind when it comes to cloud. they are trying to transition quickly into that space, but behind your beloved microsoft, amazon web services and google still, but they did win part of that $9 billion pentagon contract. stuart: they did.

they came out of nowhere to get a piece of that contract too >> i think it's a larry ellison influence there. stuart: probably, moderna up 15% the vaccine company? >> wow, yeah. stuart: they are going to have a cancer vaccine. >> that's right so the experimental melanoma vaccine they are developing with merck's keytruda cut the risk of skin cancer reoccurrence by 44% and you know that so we know that moderna is trying to look for their next winner with the slowdown in booster shots and possibly going to make you and i pay for them but no one is getting their fourth booster. i only saw statistics only 15-20 % of the population so far so gotten that fourth shot so they need to find another revenue generation. stuart: a skin cancer vaccine will be a very good thing. now, we've got to put tesla up on the screen. i've got a question about spacex which is elon musk's one of his other companies. what's the news? >> both of these companies feel neglected with all of the time he's spending right now on twitter, so tesla's value we know has been cut in half, since elon musk took over twitter. now, some would say even at half

, you're still going to see more downside, especially with china and we know their demand issues there with shifts being cut hires being delayed meantime spacex here is a positive is that it was valued at $140 billion in the private rounds so they are offering shares in spacex now for $77 a piece according to bloomberg and that's up from the $127 billion valuation for spacex in july. stuart: so they are taking a ton of money and that raises the value of the overall company >> and also elon musk's personal wealth as well, since we know the majority of his wealth is in tesla, but still spacex if you're looking at $140 billion and he owns roughly maybe 20% of that, that's significant. stuart: so he can afford to mess around with twitter. >> i'm not sure he wanted to pay $44 billion with all these headaches. stuart: all right let's check the big board we're in business now for five minutes and the dow is up 550 points right now. that is 1.6%. the dow winners, let's have a look at the list, please.

home depot right at the top there, salesforce, intel, microsoft, apple, big gains all around. the s&p 500 winners if there's any that i don't know -- >> moderna right there. stuart: there you go, moderna, match group -- >> oh, you know what that does? stuart: dating system. caesars entertainment is gaming, macau is looking good because china is relaxing covid rules. >> caesars doesn't necessarily operate in macau but i think it's all the high tide lifts all boats. stuart: okay, now the nasdaq winners. on the screen. moderna right up there, lucid in there, match group again, docusign is in there. >> a lot more of the saas companies, software as a service companies, data dog and we know that docusign both have been outperforming this week. stuart: have a look at the 10- year treasury yield please because it's coming way down this morning. back to 3.46%. that really helped big tech. the price of gold coming up 1,829 per ounce that's your price, bitcoin moving up real

close to $18,000 a coin, 17, 800 to be precise. the price of oil moving up $74 per barrel. nat gas i believe it's moving up because there's a cold snap all over the place. seven per million british thermal units. >> excellent. stuart: now the price of gasoline is down $0.02 overnight and the average is 3.24 keeps on going down and for a gallon of diesel also down $0.02 overnight, 4.89 is your diesel quote in the morning. coming up before his arrest, sbf , as in sam bankman-fried, was planning on attending the hearing in d.c. but only virtually, because you know, he was quite busy. roll tape. >> i'm quite overbooked and was not planning to be testifying until like very recently. it's very difficult for me to move right now and travel because just like the paparazzi effect is quite large. stuart: it's like the paparazzi, it's like this. i'd say he's quite busy this

morning. more on that later. pete buttigieg has flown 18 times on taxpayer-funded private jets since taking office but what about his calls to curb carbon emissions. the new york times just released their list of the most stylish people and incoming pennsylvania senator john fetterman made the list. we're not joking. more on that later. ♪ ♪ you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs?

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it was 7.7% in october. it's 7.1% in november. slowing down. larry kudlow with us this morning on a very important day. larry, wall street obviously loves this inflation report, but main street still has to deal with 7% inflation. are we getting ahead of ourselves with this market rally larry: well, yes, and no. i mean, you're right about main street because prices are still up 7% and even excluding food and energy and food prices are still strong, but look, wall street has a macro view of what the fed is going to do and this came in, you know, this report came in light. no question about it. it's a little quirky because of medical healthcare insurance falling what almost 5% for the second straight month, so 4% for the second straight month, but it is what it is. i think we've seen peak inflation. i think the fed will go 50 basis points tomorrow and then the

question is, will the fed pause? i think wall street is betting on a fed pause. i think, you know, if these trends continue, we need another month or two to see but maybe the fed will pause. maybe wall street is right, so you got a split story here, okay wall street likes it better for stocks. main street still has to struggle with higher prices. stuart: okay, a lot about people on the show have been saying look there's a near certainty of a recession next year. is there going to be a recession early next year? larry: well, i think the probability is yes, there will be a recession. i mean, you've got the leading indicators in the conference board have been plunging, the m 2 money supply has been plunging , the yield curve is very deeply inverted. i was looking today. the 10-year is down to 3.44, stu the three-month treasury bill is 4.35 so that's a pretty deep

inversion, and you know, those are all recessionary signals. nothings a sure thing but yeah, i think the odds favor recession we haven't seen it, by the way, just as a point. we have not yet seen it and the fourth quarter could come in two or 3% growth, so you know what? if you get a recession next year it could be a double dip because i think we had a recession in the first half of this year and the economy came back a little bit so it might be a double dip. that's very odd. it's a historical anomaly but it is what it is. stuart: you get back to the inflation numbers and i would expect the president at some point today to come out and take credit. you expect that too? >> i think he'll do his first presidential cartwheel. have we ever seen that? it could be a scary thing. stuart: he's speaking at 10:00 this morning by the way. 15 minutes from now. larry: he might have some assistance but i think it'll be

the first presidential cartwheel , like one of those pro -football safeties who intercepts the pass. one thing that i want to say, stu, one thing i want to say is the dollars going down. this is interesting. the last month or so, the dollars fallen 10% and the price of gold is shooting up quite a bit. now, those are market signals that inflation may not be over forever. i'd keep an eye on the falling dollar and the rise in gold price. beware of that caveat so the fed should not stop too soon but today's numbers are positive. let's face it. they are good numbers and we probably in all likelihood have seen peak inflation. stuart: yeah, we'll end it right there. larry we'll be watching you this afternoon, 4:00 p.m. eastern right here on fox business. thanks as always for being on the show this morning. thank you, larry, see you later. larry: pleasure. stuart: the amount of money that we pay out in interest on our $31 trillion worth of national debt, well that, the amount that

we're paying out has gone up dramatically in the last two months, how much money we talking about? >> we're talking about $103 billion for the past two months. stuart: interest? >> in interest so that's up 87% in october and november from last year. interest rates we know are up 4% already this year, one of the steepest yearly gains since the 1980s in borrowing costs and when you're looking at $30 trillion in debt for the u.s. government another $200 billion this year is a lot of interest that you have to pay and famed short seller this year , and this is really shocking to those young individuals, right? he said that interest payments on u.s. debt will eat all of social security by 2049. stuart: that's a long way from now, but -- >> what about the younger generation then? can we depend on the government in that case? probably not. stuart: yeah, but to spend, to shell out $103 billion in interest, in just two months, that's extraordinary, because a lot of that interest goes

overseas. >> guess how much we spend on social security it's about $1 trillion so saying that all interest payments will swamp, will be over $1 trillion by 2049 stuart: tough on youngsters like you. >> incredible. stuart: all right here is what's coming up, folks. here we go. coming up, the author of harry potter, laughing off the haters who try to cancel her. we'll tell you what's happening there. and then there's this. it's time to deck the halls. roll tape. >> when everybody asks who has the most spectacular lights in all of greater whoville, they are going to cry out, ms. better lou who. >> isn't this the command a here from the dining room? stuart: okay that's decking the halls, well a psychologist says when you choose to decorate says a lot about your personality. details on that in our next hour ♪

(fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different.

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only $30 a line per month. that means you could save hundreds a year over t-mobile, at&t and verizon. the fastest mobile service and major savings? can't argue with the facts. no wonder xfinity mobile is one of the fastest growing mobile services, now with over 5 million customers and counting. get in on the savings and switch today. first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. 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. stuart: you're going to love

this. the market is strong today. the dow is up 500, the nasdaq is up 390 points. i'm going to show you some of the areas of the market that are doing particularly well this morning. consumer discretionary stocks, that's what they are called like caesars, mohawk industries, d. r. horton, i should say what else have we got to show you, leading industry? we don't have anything else okay i'm moving on. >> consumer discretionary. stuart: i often wonder what stocks are consumer discretionary. >> now you know. stuart: what you want to spend your money on i guess. millions are bracing for a massive winter storm and it could make travel a lot more difficult for the holidays and look whose here. fox weather, brita merwin is with me so first question whose going to get hit the hardest? >> really the planes but you have to look at this storm as a whole. this is a massive storm we have blizzards happening in the

dakotas and then we have been tracking confirmed tornado es moving through the metroplex of fort worth and dallas. look at this imagery out of south dakota. this makes a blizzard really, you know, take shape. stuart: but it is south dakota. >> it is. you have a point, but i will say , once you have a blizzard warning that's the game changer, stuart. that means winds gusting over 5t conditions, we mean travel just isn't going to happen and that's what we're sew and the blizzard conditions across south dakota, we've also had icing concerns. sioux falls, south dakota are literally living through an ice skating rink. look at these freeze warning reports that have been coming in and the images literally does look like an ice rink, so that means that travel especially for holiday travel, it is not going to be happening today and with power outages possible, it's going to take sometime to get the power back on. meanwhile you heard me mention the severe weather down south we had a confirmed tornado on the

ground heading towards fort worth just a little while ago. this line of severe storms is blasting its way through the metroplex, and we have active tornado warnings across north texas and this is just the beginning. as we work our way through the next 24 hours, not only does the blizzard continue up north, but also, the severe weather is going to continue. in fact we have a high chance of tornadoes today not only in east texas, as this line continues to push out towards the east but across louisiana as well. >> so it's pushing eastward shall we say? >> correct. stuart: is it going to arrive in the northeast new york area? >> i was waiting for that, stuart so yes you are correct. so, for all the kids that are hoping for a snow day, i think a lot of parents are going to pick-up their kids after school and their kids say is it going to happen friday morning? i'm saying there's a chance. it might be happening friday morning so in the northeast this massive storm that we're tracking right now across the planes and also the south will be moving through and that means we have the poteia coastal storm developing thursday night into friday

morning with significant snow possible for the northeast. stuart: oh, don't tell me that. okay, thank you very much indeed >> you're welcome. stuart: a good report, just didn't like the ending message there. >> just the messenger. stuart: you can, of course, download the free fox weather app for the latest or watch live on your favorite connected tv device. fox weather. still ahead, jimmy faler, former labor secretary elaine chow, sean duffy and vivek ramaswamy. the 10:00 hour of "varney" & company is next. ♪

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