neil: the slipsliding away continues on the corner of wall and broad, the third straight day, 1300 points for the dow alone. what is driving this? lauren simonetti with more on that. lauren: investors are slammed with the reality that the fed is taking rates relentlessly. the economy is souring. the consumer is softening, case in point retail sales report, these are recession fears, all 3 major averages down sharply. if you look at the month of december this is raising worries the santa claus rally might not come. this month the s&p is up 6%, the nasdaq up 7%. if you look at the quarter is a little better, all 3 major averages hanging onto gains, it

has been a dismal year, that dismal year hit the ipo market, 71 companies have ipos this year, that down 82% from last year, 397. if you look at the amount raised $7.7 billion down 95% from last year. dealmaking is drying up and then this news. semaphore reporting goldman sachs, laying off 4,000 workers in january. it is 8% of staff, a large number. goldman sachs is reportedly doing this. who else is doing it? the managers at goldman were told to identify weak performers. when you hear this news leaked out right before christmas, you are worried. office happening as the fed commits to higher rates, the job market is finally beginning to feel the pinch. not just tech and media and

crypto layoffs, it is more downsizing that is widening and i end with this. the market might be believing what jay powell and the fed are selling, committed hiking rates and they are not convinced that inflation is rolling enough. neil: i am so glad you mentioned the percentage, 8% of the workforce, and microsoft, it was a pittance, this is getting to the bone. thank you very much. dan gail trudy is with us, what do you make of this, when investment firms lay off workers, they present the best view of the world, it is bad enough for them to start jettisoning workers. what do you make of that? >> when you measure what is

happening with the economy there's a couple places i look. what is going on in banking in retail, with shipping so if we look at banking and looking at goldman sachs, they are not doing deals, that's one piece of it and going forward, what is that loan pipeline going to look like? if businesses are not borrowing they are not looking at but expanding their operations. not a good sign and you talked about what is happening with retail. those numbers are down even though inflation is driving prices higher it means people are buying a lot less stuff and in shipping, fedex laying people off, looks like a trifecta for me. neil: we have been mentioning the people still going out to olive garden not just for the breadsticks but there's that

side of the economy. is that the last to give? how do you see it? >> unfortunately i do. i told you this a hundred times, that is the savings rates plunging, credit card usage skyrocketing and that is a 1-2 punch that shows the consumers are getting close to what i wouldn't call the end but trouble ahead. i am real worried. the market speaking loud and clear. the rally that started this week, we are back in the bear market and it is based on the fact the market is flushing out and you are seeing it in a lot of economic numbers and even in retail, trouble lies ahead and i don't think central bankers have any clue what's going on on the ground and they are determined to go to 5% plus even though the 10 year is back below 3. 5% indicating trouble with demand.

neil: one of the district presidents said we wanted to get the fed funds rate higher than the inflation rate. i am thinking to myself we have a ways to go. what do you think of that strategy here? fire all the torpedoes? >> it is a tall order that is going to bring on a lot of pain. before mark tepper was talking on your show and i thought it was a great point because he made reference to sticky inflation, related to wage inflation. wage inflation up 5%. that is a really tough number to get down because as people have begun to make more money it is hard to take that away. many states increasing minimum wage. when you have that built into the system businesses have no choice but to pass that along to the consumer to the greatest extent possible.

that makes it really hard to get inflation under control. the fed is going to keep at it with raising interest rates and it is going to be a very painful road. at what point do we get what we can get, inflation and rate under control, we have a long way to go here. neil: what about rail? mortgage rates going down. would that be a silver lining? >> the 10 year yield is down from 4.3%, under 4. 5%, the bad news is 14 months ago the 10 year was at 1%. it is higher than 14 months ago so i think it can provide a little tailwind but you still have the other problem and that is affordability. because of the easy money and printing money and keeping rates down for too long, affordability is in the trees, very tough to buy things.

it may help a bit. i'm not sure much. as i said to you watch the job market like a hawk. with everything else going on if we start to see serious job loss and unemployment in the 4s and 5s we are talking deep recession and that's my real worry, that we are on the way there meaning we are already on that road and it will be tough to stop it. i hope i am completely wrong but i have seen this before. i have studied history and with the taking away of liquidity that provided so much from central banks, that provide serious headwinds going forward unfortunately. neil: you laid it out and i appreciate it from both of you. have a good day, good weekend, good christmas, good to see you again. madison madison alworth, there's another wrinkle here, you heard what is going on with politicians beating up on big

oil, the president himself. new york state senator is proposing a way to get in on the fund. madison alworth has more on this. >> reporter: we are seeing a push from the local level and states to make oil and gas companies liable for climate change. the latest being in new york city where state senator miley targeted the oil and gas companies. according to this bill that he's proposing it will allow residents to sue the companies if they create climate negligence, dangers to safety and health caused by certain fossil fuel related activities. the bill is sweeping in scope and companies that qualify for the climate negligence could be involved in extracting oil, storing, transporting and refining. you also have to have total revenue of $8 billion to be targeted. a legislative memo notes 63% of the carbon dioxide and methane

in the earth's atmosphere was generated by 90 entities including us based companies like exxon and chevron and foreign enterprise like saudi arabia. we will need fossil fuel as we transition to renewable energy and this bill doesn't benefit the users. it benefits high-priced class-action lawyers and not new yorkers who need affordable energy. >> a major market for the foreseeable future. these types of potential barriers to energy sources business and individuals need are more disruptive to users and providers. >> similar moves across the country. and, when governor gavin newsom unveil a plan to penalize oil company profits, a decision expert say could disparage energy producers to invest in

critical infrastructure. if you get the message you will be fined or have a problem, that investment is hard to argue for that. neil: thank you for that. my producer was kind enough to relay the fed member was talking about finding price stability and eventually to try to get rates to where inflation is to combat the higher inflation. mayor daley of the san francisco fed, not a voting member yet but something like that took the wind out of some people's sales thinking the fed was close to dealing with this, you have to get up to a higher number, 4.5% to 5%, likely looking at -- that scares people. oil prices beginning to come down a little bit on this notion here that we have a soaring economy but then we've got this news that the president wants to buy back oil and put back in the strategic

petroleum reserve. appears to be a wash, what do you make of it? >> it could be a game changer mainly because the united states has been one of the biggest sellers of oil in the world. 180 million barrels of oil out of its reserve. they've gone from the south side of the market to the buy side of the market. we did get a big bounce after this report, don't seem to counteract the downward move and pressure from the stock market but the reason it is probably not sustainable, it is relatively small, they will start buying 3 million barrels of oil for the reserve and do what is called a fuel swap. the reason they are doing that is the canadian pipeline, the keystone pipeline coming down with heavy oil we need to create heating fuels in this country was down for an extended period because of leak and we have a shortfall, the

biden administration will swipe she'll lawyer -- oil and that will, but the main thing is this is a big change mainly because we are no longer a seller or a buyer and that could provide a 4 for the price of oil. neil: how do you see oil and gas prices going? >> there seems to be a real disconnect between supply and demand versus the fear of what supply and demand might be later on. the market if you look at the data, oil prices should be higher than they are because they fear the federal reserve, don't want to fight the federal reserve, don't want to fight the ecb. if they keep saying they will raise rates to kill inflation and don't care if we push the globe into a recession, oil traders and investors pool back but i tell you the concern that i have, we are talking about

cold temperatures coming across the country and you and i know not only does this increase demand but it could definitely slow down production and if that happens you've got a perfect storm where prices could come roaring back. neil: thank you for that. good catching up with you. the dow down 503 points. 1300 points, looking at back to back negative weeks for the major market averages, first time you have seen that since back in september, stay with us. ♪

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develop or worsen. serious allergic reactions may occur. watch me. neil: they averted the government shutdown and extended things for a week or so but that does not mean the problems are over. chad program is following the drama. >> congress ever did a weekend

government shutdown late last night, a bill to fund the government through december 23rd. there's another deadline to avoid a shutdown before christmas eve. >> and they talk about that. >>'s tactic is it, whose tactic is it? they have done it much sooner. >> left like the senate rejected a plan by a west virginia democrat, joe manchin, would have expedited energy permits and approved a permit important a manchin. roger marshall blasted the amendment with manchin wanted tied to the defense bill. >> the final text of this amendment only saw the light of day week ago. the amendment has not been subject of any debate in committee.

with had no witnesses and no markups. no way to make major changes to complex laws. senator manchin's amendment does nothing to address the problem of never ending environment a litigation. >> manchin was discouraged that it failed as the senate approved the defense bill. >> i want to clarify back. i clarify my friend listening to the clarification because no sitting bill. and someone has not informed you. that doesn't come from what you said. >> reporter: manchin was promised a vote on his plan in exchange for supporting the inflation reduction act last summer. manchin went to the amendment attached to a spending bill in september. a coalition of environment of the concerns democrats teamed up to reject the amendment. republicans were mad at manchin

for supporting the ira. neil: thank you for that. neil: they will resolve this one way or another but the net will be dead burger, the deficits will be there, spending will go on and no matter who is in charge of the red ink will turn red. >> republicans are part of the problem and have not been part of the solution. this is when democrats controlled, and they still until january, control the house and senate but republicans cosigned $1.3 trillion in nondefense spending, in the past couple years. there were 17 republican senators including mitch mcconnell and mitt romney who signed onto the chips boondoggle, highly inflationary. 19 republican senators signed on to the infrastructure bill.

where are they in fiscal responsibility? and what is super embarrassing is the republicans who are trying to push through an omnibus spending bill before republicans take over the house of representatives in january where they would control the purse strings and cobble together a budget that would cut spending. you know who really benefits from any omnibus spending bill that would be pushed through before the new congress? the likes of retiring senator richard shelby. this omnibus spending bill is chock-full of earmarks and the man who benefits the most is richard shelby. he has got $656 million in earmarks. he's got the most earmarked funds for a seventh year in a row, $200 million for the alabama state port authority

and he admitted himself it is not clear whether retiring members project will end up in a final omnibus negotiated in a new congress. he says i will cut the grass and run errands for my wife so why do you have to walk out the door with an additional $650 million for the state of alabama. these republicans are shameful. neil: the fact of the matter, presidents going back to ronald reagan, it gets bigger and bigger, nothing ever changes. and a big show coming up on the 23rd, the bottom line with sean duffy, if you were to do a show, how would they go with it. >> i would start with that and sean would have to shut me up.

20 minutes, end of the show. how exciting is it to do a show with somebody who walked the halls of congress and a representative. i can run my mouth all i want, not all i want, stifle me certainly i hope but he knows how it works. neil: the whole sausage is made. i'm happy for you. working with you for many years, finally people are coming to see what i have seen and all of us have seen, you work and do your research, speak your mind. sometimes that bothers some people but it is clear where you are coming from and it could be a good plus. >> i hope people know that i would not have a job on

television if not for you. you gave me this job, you gave me this job. and give you a shot if you stink we will get rid of you. if you can figure it out you get to stay. i have been here 20 years this june. thank you. neil: it is so good to see, the 2 of you will be great together but this show can't come a moment too soon. how do you help people make sense of it, gone at 6:00 pm. lizzie with her great show. you got to help. something i loved about you, you never forgot where you came from and a lot of people who cover business news. neil: if you can tell that show.

>> we grow up in two different places. and he always are member where he came from. the people we grew up with and still are very close with families and those folks know better than the people in new york city and the people in washington dc. if you listen to them and express what they are thinking, they know better. may be the people in dc and new york have learned something from them. neil: that is very well put. a lot of people say do you have an answer? >> that is how i became a journalist. i called professors on the phone who had written textbooks and i would keep them on the phone for hours. there are no dumb questions

ever. neil: i spoke about a food order. i understand where you're coming from. i want to make sure they get it just right. so happy for you. great to see your success, no doubt would be a big big show. and and it moves to 5:00 pm. and we mean what we say. you do what you do first because in the end, a little more after this.

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neil: it was always superexpensive. staples are up 24%, average folks are feeling it too. grady trimble, what are we looking at? >> we got an entire breakfast spread to illustrate how much individual breakfast staple has gone up over the past year. you are shelling out a lot, and a staple for me, early starts on -- you've got to have toast with your eggs, to dip into the

runny yolk. a pound of white bread for the toast will cost more dough too up 19% from a year ago. whole milk not a favorite for me but a staple for a lot of people, a gallon of that is up 15%, one food item has gone down in price for a year ago. and and breakfast is the most port meal of the day, and bringing home the bacon to afford a breakfast and since his lunchtime in new york. and we picked up lunchmeat as well, up 18%, you want to throw white bread on a sandwich and lunchmeat will cost you more. neil: that particular breakfast

was not made today. >> this is been in the building since 6:15. neil: it looks delicious, thank you very much and open your eyes to what is happening. i know he's looking at what is happening with the economy. a former toys "r quote us ceo, the greatest retail mind in the country. what are you seeing on the economic front, the american propensity to spend not only on breakfast which is pretty taxing but spending. >> consumer is slowing down and true for some months but retail sales report that came out

yesterday underscores it, with the inflation adjustment, and consumers spending heavily on food with great inflation. inflation so high in necessities with money left over for optional purchase or discretionary things, so we see declining sales, department store sales down 3% year over year, grocery sales up 8.6% so it is just massive. neil: when interest rates go up in the cost of borrowing money go up, what -- is a broad swath of people, to toys "r quote us, how are they impacted? >> most consumers have debt, credit card balances start to rise, the lincoln sees rise and they have to pay more for

interest. big-ticket items, auto sale starting to slow, other big ticket items and things like that starting to slow. even housing goes up in price when interest rates go up so we see consumers have to pay for necessities. they don't have money for big ticket items and trying to get by. the only bright news, consumer spending more at restaurants. you have to eat no matter what. we are seeing is that, none of these reports include surfaces, hotels are up and that is all true, part of the reopening paradigm and inflation is dramatic. they are pulling back, trying to solve a problem created by a myriad of issues, labor force is not growing, trying to solve

it by tightening interest rates. in the end, already can do is drive a stake through the heart of the american consumer and that is what is happening. neil: the consumer, not pleased to put it mildly. all the major averages to charles's point feeling that pinch as well, average investors feeling that as well. new revelations on tiktok that go beyond what china is trying to gather on us but what it wants to get on the people using the service after this. ♪ ♪ as an independent financial advisor,

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neil: politicians like b1 matter but when it comes to young people they like tiktok but might not like what china is trying to do to them. hillary vaughan has more on that story. >> reporter: some parents might be shocked what their teens might be seeing on tiktok. researchers for the center countering digital hate set up a new tiktok accountants at the age to 13 years old. researchers paused briefly on videos about body image and mental health and researchers say what tiktok's algorithm showed them is disturbing saying within 2.6 minutes tiktok recommended suicide content. tiktok served content related to eating disorders every 39 seconds, tiktok were committed videos, and mental health teams.

tiktok says the study does not reflect what they will see, and and the resulting experience does not reflect genuine behavior and viewing experiences and people we regularly help to remove violations of policies. some state started banning the apps, and others in congress pushing for an all-out ban for everybody. >> we can institute a broader ban. and so many young americans get their news from tiktok, we have to ask do we want to allow the chinese communist party the ability to basically determine what news we get. i would submit that's very dangerous which is why we need a broader tiktok band. >> the senate passed a bill banning tiktok on government

devices, the house needs to vote on it but the white house is not taking sides of the president wants to sign the ban into law but says tiktok is not allowed on federal government work devices. the white house has engaged with tiktok influencers, created content with some of them at the white house. we asked the white house if they will keep engaging with tiktok creators, creating this type of content but haven't been able to give us a definitive yes or no answer. neil: more questions about what we are finding out as we go through the weeds at twitter. susan is keeping up with this, joins us with more. susan: with no notice, almost a dozen journalists from mainstream outlets, some are independent and were found with access to their twitter account, and all they have in

common, they cover musk, with links to the suspended elon jet, musk is adamant criticizing me all day long is fine but do asking my real-time location, musk said there was an incident in la where a stocker jumped on top of a car carrying his youngest child and tweeting a video the alleged stocker, and the elon jet account has been around a few years, it was started by university of central florida college student using publicly available data that even i can access online. musk did confront some of those band journalist accounts. >> somebody's location is inappropriate and everyone might not like that. there is no distinction between

journalists and regular people. >> elon launches, when he is going to on suspend the accounts, majorities say yes, 59% or so. barry wise who is interested with twitter files said i don't need to dwell on how mesmerizing it is to watch journalists who defend or celebrated twitter's bands under the old regime under the guise of safety and call it censorship and it infringes on freedom of expression. and in the past hour, a un spokesperson saying they were disturbed by the arbitrary suspension of journalists and the suspended journalist accounts, the audio component, has been suspended on the platform.

>> you entertain them, if he was not libertarian or more conservative, in the days when many on the left liked him and all the rest, would he be getting this, not only at twitter but how up and up he has been, taking a look at space x and 140 billion, he has control of it. there's a lot more snooping around than there used to be. i wonder if any of that is tied to his opinions that have come out. susan: do you feel he has been more vocal in the past few years, buying twitter at $44 billion which allowed people say was ill-advised. neil: that was a game changer. whether those views made such a difference if you espouse

something to the left, you wouldn't be getting this kind of grief. now you are. susan: it is a polarized country, despite the fact you have elon musk, tesla, far and away the biggest electric car seller, 60% of the market for electric, you have people say i am embarrassed to buy a tesla, embarrassed to driver tesla and gary black, one of the investors being vocal, elon musk needs to think about what it means for brand destruction and a company that makes up the majority of his wealth. a polarized world, very tribal and there's the fabrication, and what side he is on. neil: we will see how that sorts out. always spoke his mind.

and the same company bashing it, they were ordering him to make good on his promise to buy the company and a lot of stuff is not adding up. have a great weekend. and and imagine running a charitable foundation in an environment like this. scary times. after this.

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neil: at the beginning of this week, and people are pulling back when it comes to christmas shopping, and it is one thing if you are buying gifts, if you're buying food and trying to help the poor and those who might need that help this could be a dangerous development.

feeding america president and coo, good to have you. >> thanks for having me on the show. neil: what are you noticing? are people pulling back? was a just inflation for food in general and a host of other things? >> to put it in perspective, in 2,020 one, 53 million people in this country access the charitable food system and since that time, we've only seen in the feeding america network demand consistently increase and in the most recent survey of feed america food banks, 80% said demand is increased or remaining at elevated levels. what this means is there is no doubt these increased food prices is driving more demand to america's charitable food system. neil: what do you do?

you have to deal with those dynamics. >> it is a real challenge because the same food prices are impacting the ability to respond. food banks rely on donated food and people have been incredible generous. companies and folks in communities all over the country but having to purchase additional food to meet high demand. 70% of food banks told us they plan to purchase more food this year than last year. it's not a core part of our business model. 43% of the feeding america food banks will be operating in a budget deficit. what we are doing is talking to folks all over the country just like we are doing today to encourage people to give to their local food bank, give to feedingamerica.org and food companies and others who have the ability to leverage supply

chain and we are for sure making sure congress on the omnibus spending bill, for childhood hunger which they have the opportunity to do right now and additional funding for storage and distribution which is so desperately needed in the emergency food assistance program. neil: very grateful there are people like you trying to do that sort of thing. you heard what she outlined, you can help by donating to your local food bank but this gets beyond this. we all need basics. coming up after this.

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neil: you know, if you had to say we're looking after you, charles payne embodies it. i hope you had a chance to catch his small business special, his town hall yesterday. he means that concern. he breathes that concern, and man oh, man, you get the real skinny on that. he will take you through the next hour. charles: neil, thank you so much i appreciate the compliment. thank you and good afternoon, everyone. i'm charles payne this is " making money" breaking right now, s