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neil: 10:00 eastern time. i see a lot of red ink. the dow industrials are now down 641 points and the nasdaq is down to 52, down for the nasdaq. the markets are set to close at the lowest level since november 9th. heavy selling today. the 10 year treasury yield coming down 3. 47%, big tech down across the board, significant losses. we have microsoft down 2.3% and on the bottom of the list meta is down 3.5%, significant losses. bitcoin around $17,000 a coin. now this. eric adams is the mayor of new york city, he is asking the biden team for $1 billion to cover the cost of migrants bused in from the border.

he made the request in october when there were 17,000 migrants in the city. $1 billion for 17,000 you see where i am going with this? the cost of the open border has become obvious and cost to you, the taxpayer. 500,000 people across the border since october. if the cost of supporting 17,000 is a billion, the cost of supporting 500,000 is 29 billion and the 4 million since biden took office, $235 billion. we don't know if new york will get the money, the application is being reviewed but if they do get it why should every city and state get a piece of the action too. next week title 42 ends. that means border patrol cannot push illegals back to mexico and that means a new surge. fox project 14,000 today. no plan has been announced for dealing with this.

the administration is doing everything it can to welcome them. xavier becerra, you will allow washington state to provide subsidized health insurance for illegals. did you see this? biden wants to halt the shipping container wall arizona is building to keep migrants out, the containers trespassed on federal land and must be removed, they are doing everything they can to prevent border law enforcement and biden is getting away with it. the media is not reporting it and the democrats suffered no political damage in the midterms. a new surge of migrants, surely that will change. second hour of varney just getting started. i want to pick up with ben domenech, with costs like this, 1 billion for 17,000 at a new surge, surely it will hurt the

president and the democrats. what do you say? >> i think democrats on capitol hill who are up for election next cycle are very concerned about this particularly those in border states but also those, it has its effect as you said in the previous segment, the fentanyl crisis is extending into communities across the country but democrats leadership in the form of president biden has been unwilling to go back on the policy approaches he has used throughout his career that have encouraged this type of lawlessness, disorder, chaos at the border and what we see are these flows driven by economic interests, job opportunities and the like and they are not fleeing the war, they are not fleeing a horrible authoritarian regime and of course the profit for all of this human trafficking is going to these cartels. it is a huge problem the biden administration continues to

ignore and the problem is the only real solutions they can consider are things that were applied under the prior administration which makes them off-limits from the perspective of the democratic party even though that would be the responsible course of action. stuart: do you think the open border is deliberate, allowing in millions of people which changes the ethnic balance of the country? are they deliberate the doing this? >> i think this is a choice. it is a deliberate choice and has been a choice since the beginning because this type of influx is something they believe benefits from politically i think, also helps encourage the dramatic expansion of taxpayer-funded welfare style programs including what you mentioned about washington state which is something they approve of, you need bureaucrats to take care of these people and they like to see people coming who are then dependent on these programs which ensure they continue to exist. all all these are policy choices, they are not things

that have to be this way but we have a white house and an administration completely unwilling to do their jobs particularly secretary mayorkas who i hope the republicans on the house side of congress take a hard look at in the coming months. stuart: i'm told they will take a really hard look. thanks very much for joining us, i wish you a merry christmas. >> merry christmas to you. you've got to look at the markets because some serious selling going on, the dow is down close to 700 points, but in 2%, the nasdaq is down 2.5% and the s&p down 2%, that is significant selling. come on in, gary, why all the selling? >> jay powell has been wrong one hundred% of the time, has his record intact. he created the inflation, stay

too easy for too long and now that the economy is heading south he is staying too tight too long and interest rates, the real market interest rates are coming down, he's raising rates and i think the market is going to suffer because of this. i have called for the removal of these people for very long time, i think the american people and the workers and the free markets can do the job by itself but amazingly somehow these people have no accountability or oversight, print $9 trillion, take rates to 0% which screwed savers for a very long time and now i am pretty sure we are headed for a little economic dislocation and they are raising rates not knowing what the market is telling them unfortunately. stuart: we got the news this morning the retail sales actually fell in november, we got the news that manufacturing activity, down in november, powell is still raising rates,

looks like he is determined to create a recession. >> look at chart of the savings rates of this country, it is plunging, look at the chart of credit card usage, it is skyrocketing. all the ingredients for trouble knowing forward are sitting there staring them straight in the face and the yield on the 10 year has dropped from 4. 3%, the real yield, the real markets, the big-money from 4.32 under 3.5 and he's raising rates, promising to go to 5%. the market is screaming at him the other way and they just don't listen. it is amazing to watch how wrong people can be for so long and guess who are the victims, the american people. stuart: you call the collapse of the crypto market you, crypto collapse, a year ago, bitcoin is at $17,000 a coin. how do you explain that?

>> it is way down but i think bitcoin and ethereum will stay around because they are owned by select people and i think they will stay around but they came out with 22,000 coins, 22,000 points people were coming out trying to make money, that is the definition of a bubble. it has popped, it has collapsed and i think these things go by the dodo bird overhung time and i'm not saying they don't rally them up first or whatever, just remember what bubbles are about and i tell people go read the book, extraordinary popular delusions, what you've seen, the short squeeze meme stocks and so many other things in the last couple years, bubbles that are caused by the easy money caused by central bankers around the globe. stuart: turning into a neat full-circle. back to the fed. thanks so much, see you again

later. looking at the movers i give you -- down 7.5%. lauren: netflix app cheaper ad supported tier is not doing well and as result because of the policies they have with some other advertisers they have to give some of those advertisers back for this report the money they paid because they are not guaranteeing viewership. stuart: that hurts, no wonder they are 7.5%, the new tiered nonworking -- lauren: snap is down with the rest of the market down 8.5%, same theme, weakness from digital advertising, jeffries downgrading the stock to hold, they don't see a catalyst. they called snap one of the most challenged names and the internet sector. a lot of people would agree it is tough to hear and that is why the stock is down so much. we want how about robhello x --

lauren: i will try to find your winner. average bookings failure of year from 7% to 9% and they blame the us dollar. stuart: some serious losses right there. thanks. a new poll, new 2,024 poll shows desantis leads trump among republican voters which we will go through that with bret baer. congresswoman nancy makes getting praise after exposing the left's hypocrisy over threats to democracy. >> you believe your rhetoric, threat to democracy, when you're calling to accost a branch of government, the supreme court? stuart: we have the full tape for you, that spells out entirely. russian schelling has knocked out power in kherson. a live report from ukraine next.

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stuart: a desperate situation. >> absolutely is. it is below freezing temperatures and also russia is warning the united states not to send ukraine the patron missile defense system saying it could lead to a predict will consequences. the schelling continues from the russian side. this is of kharkiv and kherson both coming under attack. the power grid in arizona is out, could clinton structure in

kharkiv being targeted by russians, two people were killed in kherson. it comes one day after this massive strike at the regional administrative building. today's attacks happened 100 yards from where you are looking in this attack from yesterday. this is a city the ukrainians have recently taken back. it was home to an american who has just been freed in a prisoner exchange, look at this next video. before russian forces arrested him in june as i was under suspicion of being a cia operative. he says he was tortured with electric shocks, given little food or water but he was released along with 64 ukrainian soldiers. it is unknown how many russians were freed as part of that deal. the next video, at an undisclosed location we met up with the commander of the

georgian legion a unit composed of foreign fighters mostly georgians, some americans, fighting, defending ukraine. his unit is making significant progress on the eastern front and he thinks that is why russia is targeting ukraine's power grid. >> mostly targeting infrastructure. critical infrastructure. it is because we are winning at the front lines. what terrorists do generally. >> reporter: that commander tells me in his experiences the level of training on the russian side that he's running into with russian soldiers has decreased throughout the war. he suspects the best soldiers for the russians regularly in the conflict and he is running

into more inexperienced russian soldiers. stuart: thanks very much indeed. the administration is planning to send more he could into ukraine vote would convert unguided bombs into smart bombs that can target the russian military very precisely. k p mcfarland is with us. do you have a problem giving the ukrainians smart bombs? putin is saying don't send them patriot missiles. i we escalating here? >> with the frozen conflict, winter is coming. it goes back and forth. initially the russians were winning and ukrainians took back territory and now nobody is moving anywhere, there is no significant change. a couple months ago the russians decided to change tactics, they knew they couldn't win on the ground, they couldn't win military in a second way so they started going in a different direction,

bombing the infrastructure. civilian infrastructure, electric grid, power plants, probably schools and hospitals, they want to destroy ukraine, force everybody out of ukraine and put pressure on ukrainian allies who are supporting ukraine in europe taking refugees are giving military assistance, economic assistance and that is how they plan to win this conflict. it is not fair. it's horrible but at the end of the day the russians will probably prevail. stuart: there's got to be a lot of pressure for peace talks. this more is almost 1-year-old, ukraine's economy has been beaten up badly, winter has set in, russians have suffered enormous losses. surely there is some momentum towards peace talks at the moment, isn't there? >> world war i, i have lost so much and got to keep going, can't admit defeat. i would hope the united states whatever aid we are giving ukraine, we've got to have a

heart-to-heart with zelenskyy and safe you are not going to win this war at the end of the day the russians will destroy ukraine. winter is coming. even if electricity is cut off they have to keep heat on to keep pipes from freezing. with in a month's time some cities in ukraine won't have electricity, heat or water. the only way ukraine wins this is by winning the peace. once the fighting stops and once there is a cease-fire, i will come back in a couple years and take ukraine then. it won't be able to because companies and countries will russian to rebuild ukraine. they will need $1 trillion to go rebuild ukraine but ukraine is resource rich, has great agricultural resources and is an information technology center so the west within a couple years time could fully integrate ukraine into the western economy at which point pruden wouldn't dare take on all of europe so that is how ukraine wins the peace.

stuart: wishful thinking. i can't see pruden agreeing to a piece which he would eventually lose, it is wishful thinking. >> so is wishful thinking that pruden is going to be toppled by his own people. if pruden gets toppled a nice guy doesn't come into replace him. demeanor guy comes in. stuart: well said, thanks for joining us, merry christmas. we have to check the market even though you won't like what you see. dow is down 630 points and the nasdaq is down 250. we will explain it all in a moment. coming up. social media influencers accused of $100 million pump and dump stock scheme. we will tell you who is charged. house minority leader kevin mccarthy, tough road ahead to become speaker, the republican party is he only have a slim majority but if it is not mccarthy, who is it? i will ask jason chafe its after this.

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stuart: another round of heavy selling this thursday morning with negative news on retail sales, down in november, manufacturing activity back down in november plus the federal reserve raising interest rates. we combine that and what have you got? downside market the dow is down 669, nearly 2% and the nasdaq composite down 2.2%. lauren is starting with tv. lauren: between france and morocco many food bo --funo tv customers said they were the target of a criminal cyber attack and they are in the early stages of investigation. stuart: soccer fans gamble watching the some finals.

they don't want any interruptions. lauren: you would think the stock would be down more than 2%. %. blue when delta, what are they got? lauren: we are downgrading you, price target cut by $10 to 40 because they say the guidance delta gave of 15% to 20% % in terms of revenue next year they don't see it. stuart: charles river, are they something to do with -- lauren: laboratories. they are number one on the s&p 500. cambodia is the leading supplier of monkeys exported to the united states. stuart: medical experiments. lauren: laboratories fermentation. apartment of justice probe into the treatment but they say they will supply the us the monkeys. stuart: thanks very much. congresswoman cori bush spent thousands on private security despite calling to defend the police. how much money are we talking about? ashley: dripping with irony the story, more than half $1

million in private security detail expenses. more than $38,000 were spent in a 5 week period in october and november, despite all that spending on protection the missouri congresswoman remains one of the most vocal politicians pushing to defend the police. when she was asked if she was being hypocritical she responded by saying you would rather me die? the politician claims she had security because she had attempts on her life and security is great if you can afford it but the rest of us rely on the police, the police she wants to defund. stuart: dripping with irony, good expression, well used. republicans face a difficult leadership contest in the house. kevin mccarthy wants the job but the party is divided and republicans have very slim majority. jason chafe its --cheffe with

me now. the majority of the incoming majority want kevin mccarthy but when your margin is only 4 and only have four announce they will ever vote for kevin mccarthy exit difficult. also exacerbating the situation is the people that have concerns aren't necessarily united in expressing those concerns and it begs the obvious question if not mccarthy, who would it be and there are people out there but who can get the majority of the majority, all right, unanimous decision, that a difficult equation. of the one who ever wins the speaker position is going to be extremely difficult to get anything done. majority of only 4 and you've got some members of your party who don't like you and your office, what can you expect to get done?

>> it easier to be in the minority, because you could go to the floor and vote no. i know when i came into congress we were in the minority and it was no every time. governing is difficult and if this is the audition for 2024 in a presidential election republicans better get their act together. this is a blockade on the biden agenda but they have to be united. stuart: incoming house minority leader akeem jeffries has a tough decision. he's got to choose a new leader to take the party in the 24 election but the only two candidates running nobody likes either of them. that is a problem, isn't it? >> these are average bland members of congress. the democrats have become this coastal elite party. akeem jeffries from new york city, the number 2 person from massachusetts, other leadership of california.

you see nothing in the south, nothing in middle america, nobody that's going to excite people, these people have to go out and raise money, attract candidates and if they show up and try to find somebody in texas to run for a race, who's going to come to that meeting, nobody even knows their names and they are not excited about it. i think the overall story on the presidential side in the house and the senate is democrat don't have much of a bench, they don't have it in the house and senate and don't have it in the presidency. we went maybe we will return to the political doldrums, that would be nice after all these years. stuart: it will never happen. a to burst your bubble but france is going to win on saturday and somebody is always doing something stupid somewhere. stuart: how did you bring the world cup into this? but you did. >> i know you love and i'm will love it too. stuart: i want to see argentina.

>> i am so sorry, really sorry. we will be talking on monday about that, sorry. stuart: you are all right. i think you are all right, see you later. the chance of congress getting a tax package done by the end of the year slipping away. tell me more about that. stuart: ashley: republics want to extend their 2017 tax cuts, a writer for corporate debt cost, broad tax break for research expenses and a tax break that would allow companies to conduct their capital expenditures in one year but democrats say they are demanding any deal had to include restoring the more generous child tax credit that was part of biden's pandemic stimulus plan. some key lawmakers say negotiations are at a standstill, republican senator john cornyn of texas as talks are, quote, on life support, doesn't sound good. come january publicans control the house, democrats the senate

which means likely gridlock on any tax policy. stuart: thanks. the rail unions on the verge of a strike, transportation secretary pete buttigieg was nowhere to be found. he was on vacation in portugal. fox news projects when title 42 ends next week border crossings will reach 14,000 today. the border report after this. if your business kept on employees through the pandemic, getrefunds.com can see if it may qualify for a payroll tax refund of up to $26,000 per employee, even if it received ppp, and all it takes is eight minutes to get started.

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nevada gold exploration is at record levels, and getchell gold has just released its first resource estimate. with major discoveries in nevada and results still coming in, they're set for unprecedented growth. getchell gold. stuart: title 42 ends next week and thousands of migrants are ready to enter the united states. in your past, texas is the border patrol prepared for this new surge?

>> reporter: border patrol agents will tell you know no, they are not and the surge has already started even with title 42 in place, case in point look at this footage from last night in el paso, brand-new fox video showing a thousand migrants who have crossed illegally into the united states and are waiting to be led into el paso in front of a chain-link fence, they want to be let in for border patrol processing, chilly out there, low 30s. many of them started campfires to stay warm. most of these people from nicaragua and el paso sector getting hammered in recent days, 2000 illegal crossings per day on average. in eagle pass, take a look at this video our drone team shot another significant group of migrants who crossed illegally all at the same time, several hundred as usual, all of them single adults primarily from countries not subject to title 42. this del rio sector has already seen over one hundred 7,000 illegal crossings over the last 2 months, those numbers up 55%

over the same time last year and last year's at the sector's all-time record. to the rio grande valley, look at these images, border patrol stopping the truck with a trailer attached, their infrared scan shows there were 15 illegal immigrants hidden in that trailer being smuggled in a short time later they stop a piece of heavy construction equipment, a road paver, take a metal plate off of it at the same checkpoint and found four illegal immigrants crammed inside of that being smuggled as well, then these images, exact same border patrol checkpoint down there, one of the biggest liquid meth busts in history. agency history. 3000 pounds of liquid meth found by agents hidden in clorox models disguised as bleach with a street value of nearly one hundred million dollars. out here live, that shows the different tactics these cartels

and smugglers are using to disguise the products they are trying to sneak into our country oftentimes with deadly consequences. back to you. stuart: thanks very much. bret baer with me now. title 42 set to expire next week, a new migrant surge is coming. when is this going to start hurting the president and the democrats politically? so far it doesn't appear to have hurt them at all. >> great question. this is, they are going to feel it when this influx starts coming. what we have seen so far has been astronomical but what you are going to see is much bigger and they are worried what the cartels are going to do with that getting fentanyl, i talked to a border patrol agent who said it is like dealing with a water balloon, even one side of it and the cartels pop up in another side and they are worried about using this moment to get some very bad people and

bad things into the country. stuart: did you see mayor eric adams asking the feds for $1 billion in order to take care of 17,000 migrants coming into the city, 1 billion to 17,000. the same cost structure for the 4 million that came in since mister biden took office, looking at $230 billion. of the cost been factored into this? >> talk to el paso. maybe they could use a few billion because they are dealing with this influx directly. the administration requesting $4 billion to set up tent camps and get more processors to the border but the real problem is walking -- locking down the border and border security is not feasible in the current environment which i talked to the homeland security secretary a few months ago and asked what is the goal? he said the peaceful transfer,

safe transfer of people into the country who are seeking asylum. that is not preventing people from getting into the us, that's not the goal. it is going to start adding up, it didn't affect the midterms is much as we thought would. stuart: let's get up your politics, that is your wheelhouse. governor of florida ron desantis leads donald trump in a new poll of possible 2,024 republican candidates by a wide margin. are the republicans beginning to walk away from donald trump? >> there is some of that. it depends on the paul and it depends on the questions asked. we always put those caveats in. you see more of these polls, usa today, suffolk, a number of others that suggest that there are trump supporters even who believe the time has come for someone else to take control,

the trump policies, but be a fresh face. the head to head against president biden, we have so long to go and the former president is not somebody who lays down to a fight so expect this to be a battle but i do think among trump supporters and in the republican party you are starting to see a shift. stuart: donald trump is teasing a big announcement on social media. what could that be? do you think that he could run as an independent? >> i don't know. i've asked that question in debate, didn't go too well. i think he's probably going to announce the lawsuit he has filed against media organizations and to his point there has been a lot of revelations through twitter files and other things that have clearly shown the deck was stacked against him. stuart: best political show on american television at 6:00 pm

eastern, special report, we watch it religiously. merry christmas to you. stuart: congresswoman nancy makes confronted a transgender activist over her threatening rhetoric on social media. take me through what happened. ashley: republican mace of south carolina accused transgender activist of harvard law school of inciting violence against supreme court justices on social media. listen to this exchange. >> do you believe your records a threat to democracy when you are calling to accost a branch of government, the supreme court? >> i don't believe that is a correct characterization of my statement. >> did you not tweet that you thought the supreme court justices should be accosted? >> that is not -- characterization of my statements.

ashley: really? because one of the tweets which you can see in the background said this, the 6 justices who overturn roe should never no peace again. is our civic duty to accost them every time they are in public, they are pariahs since women don't have those rights, these justices should never have a peaceful moment in public again. but the activist still maintains those comments are being mischaracterized, not sure how. the testimony took place during the house oversight committee hearing which was entitled confronting white supremacy, the threat of domestic terrorism. stuart: i've got to move right along real fast but thanks. we know twitter censored conservatives but what about facebook? what about youtube? congressman james comeer is going to be on the show later. some democrats comparing new york city mayor eric adams to

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stuart: the new ceo of ftx is john iran has a big payday overseeing this. how much is making? plus expenses. his teamwork has independent contractors which means they get paid a sap. the people who foot the bill are ftx customers which adds insult to injury, doesn't look like they will be compensated for their losses and raises the question where this money comes from. stuart: if you ever hired a high end lawyer, it one thousand dollars an hour an hour is not unusual in 1300 -- lauren: he's got the experience. of the one it is 10:51. that means brian kilmeade is here.

sam bankman-fried gave $40 million to democrat campaigns, put on screen the groups benefited from his money. should they return the money? brian: the only thing that could make them do it is if they put up shakeel o'neil, kevin o'leary but everyday people. you need money to invest in crypto, not homeless shelters but middle-class, lower middle-class people, this is an opportunity and they put 100,000, or somebody upper-middle-class put $1 million and said i will take that risk, tom brady says it is good, stefan curry says it is great so i will go do it and those people, let them tell their story and how they were duped, maybe they to do their due diligence but if you are a politician that actually wants to get votes in the future and sit on an ethics board you go ahead and do it, the problem is a lot of these cases the money is gone so they spent it.

it is gone and there's 6 or 7 republicans that took money too. b1 that is true but the money seems to be gone. why you can't trace it i don't know but it looks like it is gone. a judge in manhattan says he's not going to stop mayor adams's plan to stop mentally ill homeless people off the street and into treatment. is this plan going to work in new york city? brian: when mayor adams came out with that i said great. the problem is get who found out? the nypd. they said how do you expect us to do that? mayor bill deblasio got rid of the homeless unit. they knew the names of almost all the homeless, the health issues they were dealing with, but the hotels where they can stay, bill deblasio says i'm pro homeless, i will diminish the nypd. that department is done so what do we have? a lot of homeless freezing to death many of which are dangerous, how many people are

flying out of the tracks, they need to mental health, a lot of them, that makes the city straight. the problem is he didn't have a plan. i love that the judge came forward and said how is it bad for the city that people who are emotionally disturbed and possible addictions are off the street into some shelter, how is that bad groups had nothing to say. my hope is mayor adams, gets a chief of staff that wants to come in with his handpicked commissioner and they get program together and maybe a special homeless unit because nothing is worse for los angeles, this is getting really bad. stuart: in new york it is getting pretty bad. let's talk about the world cup. argentina versus france sunday morning and it is going to be on fox. i'm with argentina. how about you? brian: i thought the english had the better player. i thought they would win because they were better team but they don't miss opportunities, they go back to back, externally tough but i

love the messy story, the argentina story. they were on the losing end of the biggest upset in world cup history in this world cup to saudi arabia, they turned around, they are dynamic team who love their superstar, this guy has become a great supporting player while still being able to score when he has do. i love that storyline. i would love to see him walk away with the championship. enter miami and stuart varney and brian kilmeade take a trip to miami and going to the stands and watch the game with 24,999 of our best friends. can you see that happening? stuart: yes, wear masks. seriously, this has been a terrific world cup. all this talk about bribery to get qatar, it did happen but it hasn't spoiled the quality of play in the export neri upsets the keep on happening. it is the best world cup i can remember. last word to you?

brian: i try to watch as much is possible, regretted watching it. i felt good about it because so many games you watch you watch these players at the highest level, missed a penalty kick, miss a lot of consider and how could you have a high school could doing the same thing with a division, two college players doing the same thing, to see the best in the world for example the second goal argentina scored, you take the ball straight ahead like a running back in the nfl and actually scored in a way you usually see 8-year-olds with the big kid up top no one can stop changing at halftime, all of a sudden you watch the 23-year-old do the same thing. i think it's all became well to the non-soccer fans, you and i are, we converted a lot of people with this world cup. stuart: france and argentina on fox sunday morning which i will watch and so will you, see you again later. just ahead, congress and barry loudermilk, rachel campos duffy and neil sean.

because i have a british accent i am often asked about harry and megan. i used my "my take" to opine after this. ♪ the refrigerator is greg's happy place. my kids eat. but i finally figured it out. we can get all that we need and then a little bit more at walmart.

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>> there's one thing i've learned in politics the polls get it wrong all of the time. it is