>> at a minimum, pending that members of the house can't use tiktok the, we need to ban it as a country. india has done that. we can't have a situation where hundreds of millions of americans can be influenced by

our greatest adversary. >> bitcoin is the cat with nine lives. it's like the terminator, you can't kill it. it seems to have stopped going down. i think it'sst a lottery ticket. i hi it's the most speculative investment you can be in, but if someone's willing to invest in it and potentially lose the money, it's worth maybe giving it a shot. >> the most prophesized market prediction ever, and a lot of it's factored into what we're going to see next year. >> they can raise rates until the cows come home, and they're still not going to be able to fix this because the government continues to spend. ♪ ooh, merry christmas, baby ♪ if pleasure. david: a little beach boys. you wouldn't with expect beach boys and christmas music, but you getting it all. it is 11 a.m. on monday, december 19th.. i'm daled asman in for stuart varney. kind of a flat day for the

markets although they took a slight tick downward. the dow is now in negative territory, but just slightly so. the nasdaq is over a percentage point in decline, down about 121 points right now. show me big tech the, let's see all of the losers and, unfortunately, they are all losers right now from alphabet, apple, amazon and meta. meta's taking a big jump to the down side, down about 2 the.8%. and the 10-year treasury's up, that's one of the reasons why tech the socks are getting particularly -- stocks are getting particularly hard hit. sam bankman-fried has arrived at the courthouse in the bahamas as democrats say they will not use my campaign doe nations from disgraced founder sam bankman-fried, but will they give that money up, and where has it all gone? steve moore joins me now. "wall street journal"'s kim strassel says it looks like sbf used stolen money to fuel

politics because it was all getting comingled into the same pile. shouldn't politicians give every cent of it back to the original investors? >> yeah. hi, david, merry christmas. david: merry christmas. >> the only thing i would disagree about is it didn't look like it, it's true. fact is that money from pt, and was used -- ftx was used in the millions of millions of dollars to influence the election. and these people that you're showing on your screen right now, every penny of that should be returned to the people who it was stolen from. you have investors, mom and pop investors, who have been ripped off of their money, sometimes their lifetime savings. i believe that all of it should be whether it's a path, whether it's an individual politician. david, it's very simple, if i stick the a gun to your head and take $1,000 from you and then i give that $1,000 to someone else, that person has to give

the money back. david: yeah, right, right. >> this is not comply dated. stuart: -- complicated. david: no, it's not. we're talking about politicianses spending other people's money. congressional democrats are working fever usually to pass a $1.7 trillion spending bill, another trillion dollar spending bill before republicans take over. but, and here's the kicker, it seems a lot of senate republicans are helping in the effort. what's up with that, steve? >> this is the craziest thing i've ever seen. first of all, it looks like we're going to have another, you know, fiscal last minute train wreck here. pleasure it is incon steve bl -- inconceivable that republicans would want to make a deal with nancy pelosi and chuck schumer three weeks before they're going to take the control of the house. almost everyone agrees, i wrote a clump on this last week, that the smart play for republicans and what voters who voted for republicans are demanding is that the they do two things.

number one, that they don't waive the budget rule is so we can do $130 billion cut right now, david. and that's nothing -- that's something that nancy pelosi or joe biden could stop. it's automatically mt. rules. as long as they don't waive the budget rules. but guess what, david? rand paul, who's the guy who's really pushing this, he only has 5 or 6 votes among the republicans to do that. david: yeah. >> i just think the economics is wrong and the politics is even worse here. toughed david well, and the incredible thing is you wonder who the senate republicans consider their best allies. california von hughes, who writes for "the wall street journal," quotes senator mcconnell, the leader of the republicans in the senate, saying good bye to democrat pat leahy because he's retiring, and he has said mcconnell told him our true opponent was never each other, it was the house. so he's coming right out and saying the house is the enemy.

the republicans in the house are the enemy. >> yeah. the senate has always been a club. i've been in town, in the swamp, for 35 years. the senate is a big club, and they all get together. and the other thing that's a big part of this puzzle is that that there are billions and billions of dollars of these pork barrel, earmark if projects, david, and the senators adopt want to give that up. they don't want to give up their slices of bacon which is the most -- by the way, david, you remember, right, the bridge to nowhere in alaska. david: of course. yeah, yeah. >> i mean, they're bringing all this sufficient back, and this is a retirement -- this stuff back, and this is a retirement gift to senator shelby of alabama. as i wrote in my column, this is the most expensive retirement going-away party in the history of man kind. i mean, billions and billions of dollars. why don't you just build him a statue? david: for those -- what pork means, essentially, is you get

federal taxpayers to pay for local projects, and in this case, a vanity project for shelby who i thought long ago was a conservative, but he sort of gave that up because he wants to see a statue of himself built by federal taxpayers. >> i mean, it is so infuriating. and i have to say if republicans go forward with this, i think heir going to just -- they're going to just infuriate their own voters who are becoming more and more demoralized. ed good editorial today in the "wall street journal" about how republicans since the election seem to be getting everything wrong. they seem to be learning, david, all the wrong lessons. the reason the republicans took the house is because americans want to get control of in this budget and this debt. david: well, they're not going to do it by spending another trillion dollars, that's for darn sure. steve moore, great to see you. thanks very much for being here. checking on the markets, and they are down right now, at least the indexes are. there's some winners. we'll talk about it later.

jason katz joins me now. how much more will we see inflation come down? if it seems like there's a balance now between growth or inflation, right? and are we going to see a drop in inflation at the cost of growth? if. >> first of all, as i said when i walked in, great to be on set -- david: great to meet you in earn person, yeah. >> really it's a debate and a race next year between what comes down quickest, growth or inflation. and i think growth will obviously come down, but i don't think as much as the market fears. at the same time, inflation is not going to go down as much as the market hopes for. so the fed is unapologetically hawkish right now, and they are hell bent with this appointment for 5 plus percent terminal rate. and i think that the the longer they remain there, the longer and the higher the project of recession risks. david: so, but do you think the

market -- i mean, powell's backbone is not terribly strong the. very often his rhetoric is stronger than what he actually ends up doing. do you think he's going to stick to his guns and just keep raising rates? >> well, that was the message of the market. nothing was said or done, for that matter, last week that really should have been a surprise. i think what the market's reaction finally is that he actually means what he says and is going to say what he means. so the credibility loss from the whole transitory the thing will have to be made up on the other side of this. it's not just about powell, it's the institution. if the fed loses its credibility as an institution the, we have a bigger problem -- david: the main thing that's keeping us from a full-out recession is the labor market. we have hose leftover jobs as a hangover, if you will, from the pandemic. is the job market going to be getting tighter no matter what? it already seems to be. >> it appears that way. i manage money for individual investors, a lot of business and thought leaders around the country, and they all

desperately are holding on to their employees because they don't want to have to scramble for them down the road. maybe the hours worked will be shorter, but the wages are going to have to stay up in order to keep them. look, the reason why manufacturing goods and commodity inflation is down is the reason why service inflation is up, and that's because we're not stuck at home -- david: that's a great point. >> -- buying stuff. we're getting out and doing things. and the catch 22 here is the more headline inflation comes down, the looser financial conditions get, the harder the fed's job is. [laughter] david: on the one hand, on the other hand -- jason, you're going to be with us for the hour. good to see you. >> i don't think so. david: all right. maybe we can chain you to the desk here. lauren, you have some movers? lauren: the stock going up to $230 because they're at the fore project of the transition to a.i. workloads. the stock's down today on on hose positive comments to $163. david: and paris solar. -- first

solar. lauren: they are a beneficiary of the inflation reduction act which onshores a lot of green energy. david: the warner music group. lauren: shares could jump 20 the % to $41 on a growing global music streaming market. its research predicts that music streaming subscriptions will grow 10% per year globally over the next decade. so 10% every year for 10 years. david: next one, lauren, dozens of people hurt onworld a flight -- lauren: yeah, 36 people injured, at least a dozen severely from turbulence that was described as a roller coaster. parts of the plane came crashing down on people, and luggage flew out of the overhead bins. at one point a plight attendant actually asked are there any trained doctors, nurses, firefighters onboard? twenty people were taken to the

hospital, that's how bad the injuries were. david: thank you very much. now this, rapper drake reportedly lost a million dollars betting on the world cup even though he picked the winning team. we'll explain how that worked out. and as calls grow for more crypto regulation, the senate banking chairman says he's open to the possibility of a crypto ban. is that going too far? we're on it. right now sam bankman-fried, by the way, is in court in the bahamas. he is expected to agree to extradition this time and face the music here in the u.s. apparently, he didn't like those bahamanian jails. that's next. ♪ i keep working my way back to you, babe -- ♪ with a burning love inside. ♪ i'm working my way back to you, babe ♪

when you're through with powering through, it's time for theraflu hot liquid medicine.

powerful relief so you can restore and recover. theraflu hot beats cold.

hi, i'm lauren, i lost 67 pounds in 12 months on golo. golo and the release has been phenomenal in my life. it's all natural. it's not something that gives you the jitters. it makes you go through your days with energy, and you're not tired anymore, and your anxiety, everything is gone. it's definitely worth trying. it is an amazing product.

♪ david: well, apparently democrat campaign groups are setting aside funds to return donations they received from ftx. hillary vaughn joining me now live from the white house. hillary, how much are they i actually going to be sending back? >> reporter: good morning, david. about a million collars total, so at least some of the money will be going back at some point. but there's a lot more that was shelled out to democratic campaigns, about $45 million overall. so this $1 million is just a drop in the bucket of what is still out there. the democratic party's three top campaign groups say they are setting aside the campaign donations from sam bankman-fried saying, quote, given the allegations around potential campaign finance violations by bankman-fried, we are setting aside funds in order to return the $815,000 in contributions

since 2020. we will return as soon as we receive proper direction in the legal proceedings. "the new york times" reports that federal prosecutors in man 459 tan are also poring overman fried's political donations for possible clues. several lawmakers though who received cash have told me they're giving it to chair i, but that might be a -- charity, but that might be a problem. >> the department of justice has incredible strength when it comes to seizing money they identify as the fruit of fraud. so for those campaigns that think that they're going to donate to charity, that's not going to happen if they've been put on notice hat money is connected to sam bankman fried. >> reporter: and, david, the white house has continued to avoid commenting on the millions that sam bankman-fried has given to democratic causes saying it's a violation of the hatch act. david? david: a lot of trouble. hillary, thank you very much. well, sam bankman-fried has

arrived at the court in the bahamas. he is expected today to agree to be extradited to the united states. erin kaplan joins me now. you're in the business. how has ftx affected your business? >> it's it, it hasn't been negative because we are on the regulated side. our theory and thesis has always been that the federal securities laws were the best way to issue assets. and our subsidiary is actually registered as an ats with the sec and finra, and we're regulated under the securities laws. i think what happened with ftx and other potential virtual currency exchanges is they either jurisdiction shop ised or they basically chose a regulatory regime that best suited for their interests. in the united states, virtual currency exchanges are regulated

as money transmitters, and i don't think that's best suited to protect investors and insure fair and orderly markets. david: so what should regulators or what do you thinking regulators will do to try to avoid another ftx? >> implement the federal securities laws. they've always applied. it's a question of the sec continuing with its enforcement actions. again, the federal securities laws are meant to protect the investing public. they insure the segregation of customer funds and assets from that of the institution such that an event like ftx, hopefully, could be avoided, what happened with ftx and alameda. operating sort of offshore or in more relaxed jurisdictions, i think a lot of these virtual currency exchanges took advantage of regulatory regimes that worked to their benefit, but it was really at the expense of their customers as we've seen with the ftx debacle. david aired so if sbf agreed agrees to the extradition and we have a full blown trial, is that going to be good for cryptos?

will that kind of weed out all the rubbish? >> regretfully, investors have been hurt, so that's the first part here. but i think it's a necessary process in order for crypto or the digital asset industry to move forward. in order to end the crypto winter, we need to show that there's significant enforcement actions that, essentially, people who steal customer funds and assets are punished severely and the that going forward federal security laws are implemented to insure fair and orderly markets and make sure there are intermediaries like custodians are properly regulated. tawfd david so punishment works. [laughter] if it's strong enough. david: yeah. well, do you think -- i mean, a lot of people are saying this is going to hit the crypto industry in general, but you saying what it might do is force those outliers, the people who have been doing things under the radar, to get them back in the radar specifically, right? >> in some component. what i would say is that we

focus on sort of the intermediaries in the spaces, the virtual currency exchanges, the hedge funds, the lenders. but that's not where the real innovation occurs. those are just sort of service providers in the i have. the real innovation occurs with the real token. so i think while there'll be sort of a period of washout on the intermediary side, intermediaries will be forced to register under the securities laws, under atzs exchanges or -- atss exchanges or special purpose broker-dealers. by the implementation of the federal security ises laws and the proper registration of intermediaries, it'll lead to the crypto spring and the next wave of institutional adoption. david: terry duffy from the chicago merc, he's been involved with one of major mercantile exchanges in the world, he saw that this guy was a phony when he looked at him, talked to him,

interview ised him. why didn't anybody inside washington? are they just total ignoramuses when it comes to financial information that they were getting from him? pleasure. >> i think it's a easy to blame lawmakers. lawmakers have to consider a plethora of issues, not just one sort of element of, you know, financial services or crypto or a component of economy. so, you know, they sort of get a pass for not being experts on it, but i think what we want, what we did sort of hear is we sort of deified someone we thought was really innovating when it was really a wolf in sheep's clothing. david: was it innovation or the money the politicians were getting? >> i think it was the potential for votes. [laughter] basically, everyone wants to rise up, be a ship on a rising tide, and now that the opposite has happened, everyone wants to skewer sbf in the seats. david: yeah. >> and i think lift part is -- difficult part is that the

average voter probably finds that hard to swallow. david: okay. i don't think the 45 million hurt at all either, in addition to the votes. aaron kaplan are, thank you very much for being here. the chairman of the senate banking committee is speaking out. lauren, what did he say? lauren: sherrod brown. he suggested that the9 ftc and the -- sec, and cftc should consider banning it -- david: going a little far. lauren: listen here. >> we want them to do what they need to do at the same time, maybe banning it although banning it is very difficult because it will go offshore, and who knows how that will work. this is a complicated, unregular dated -- unregulated pot of money in so many ways. but ftx is not the whole issue. that's what the focus started in our committee, but we really broadened it to discuss all the other, in every other nook and cranny in our economy where these people rear their heads. lauren: senators brown, warren,

they're anti-crypto. david: good to point that out. lauren: they see it as a threat to national security, and they're trying and trying and trying to set the hammer down on the industry, but nobody knows how to regulate it. so in the meantime, bitcoin is stuck between $16-17,000. david: unbelievable. yeah, it's surprising it hasn't gone below that. lauren: yeah. david: quick programming note. who new encodes of "american built "tonight. do episodes. roll it. >> it was a crazy idea. stuart: an impossible dream. >> that's a whole row of butt rests there, yeah. >> oh, it's incredibly computing. stuart: generations of classmen sharing a single goal. decades of hope -- >> please don't break down, please don't break down, please don't break down. [laughter] stuart: and one very bad day. >> things just started exploding. pop, pop, pop, pop, pop and then

boom. stuart: and they built and saved the washington martial cathedral. national. david: "american built" airing tonight on fox business prime, the national cathedral, at 9 p.m. eastern followed by "nashville" at 9:30. and now this, one of the biggest counties in california, san bernardino, could soon secede from the state of california. we're on it. and small businesses that received federal loans during the pandemic are now on the hook to pay them back, but many entrepreneurs say they just can't afford it. connell mcshane has that story right after this. ♪ help, i need somebody. ♪ help, not just anybody. ♪ help, you know, i need someone. ♪ help ♪

a must in your medicine cabinet! less sick days! cold coming on? zicam is the number one cold shortening brand! highly recommend it! zifans love zicam's unique zinc formula. it shortens colds! zicam. zinc that cold! (baby cooing) - [joe] sacrifice.

surrendering your desires for the sake of someone else. sometimes sacrifice is tedious. sometimes it's rewarding. and sometimes it takes everything you've got. (man yelling) careful son. (rotors whirling) (beeping) - [joe] sacrifice. surrendering your desires for the sake of someone else. sometimes it's tedious - [father] you're doing so great son. - [joe] sometimes it's rewarding. sometimes it gives you back more than you could've ever imagined.

the sacrifice they made for our freedoms is priceless. will you please join me in making a small sacrifice for them by supporting disabled american veterans? call and give $19 a month, just 63 cents a day. to help a disabled veteran who sacrificed for you. there's never been a greater time to show your support for our nation's greatest heroes. get this memorial dav blanket when you call and give just $19 a month as a reminder of the sacrifice our nation's greatest heroes have made for you. your gift, no matter how small helps veterans and their families get the benefits they need and deserve. please, call or go online now. if operators are busy, call again. or give right away to helpdav.org your gift today honors their sacrifice forever.

♪ glory days, well, they'll pass you by ♪ david: susan asked me what song is that. it's "glory days." [laughter] susan: yes. david: how could you not know -- the first word that came out. another look by the way, of course, at america's statue of liberty. beautiful day but it is a little chilly in new york at 36 crees -- degrees. susan li, oh, by the way, the

markets for those on radio, nasdaq is down the most, it's over a percentage point down. the rest are not doing too bad, dow jones is almost positive. susan li now joins us with some market movers. susan: i thought you were going to mock me and say, oh, let's check in on twitter the first. [laughter] david: no. let's check in on disney. susan: selling off after a disappointing box office opening for avatar 2. apparently, it's 3 hours long. who has that kind of time these days even with kids? if $134 million box office weekend would be great for everybody else except whenst the sequel to the biggest movie of all time. analyst estimates were calling for something around $175 million and $134 was even below disney's enown forecast. now, avatar ls do -- also one of the rare blockbusters allowed on the big screen in china in the year. international receipts were pretty huge, $400 million over the opening weekend.

and this is also one of the most expensive movies of all times, so they need to make at least $2 billion to break even. david: whoa! susan: it's not a good sign of consumer trends when movie goers don't go back to the theaters like they used to. speaking of streamers, apple has a reportedly dropped the bidding for the nfl sunday ticket, and that a means meta could also be fined 10% of its annual revenues for monopolies in digital advertising over on the european side. and just broadly, the s&p 500 is on track for the worst year since the global financial crisis. you had one of the -- i always call him the wall street strategist of the year, morgan stanley's mike wilson. he's predicting that u.s. profits could drop to 2008, the levels we saw back in the global financial crisis. and if that means the s&p 500 could drop as low as 3,000. 32% down from here according to

mike wilson. so he's saying be safe, he's recommending health care, staples, queue tilts for 2023 -- utilities. david: susan, thank you very much. and now this, small businesses who received federal loans during covid are now being asked to pay hem back. connell mcshane is with me. connell, a lot of people hoping he were going to get a break. >> reporter: yeah. timing is really tough, david, because obviously all the things we report on all the time, inflation, other economic challenges, and we're talking about loans from the small business administration, not ppp. of so it was the sba loans. sba issued about $190 million to almost 4 million small business owners and nonprofits. the terms were really favorable, service a 30-year loan, and the interest rate was under 4 or even under 3 if you're a nonprofit organization. so it was kind of cheap money to small business owners. they would have told you that themselves. so many of hem around the country used it to help get through the tough times. but now here we are, and the

first payments are due. this month about a million of these loans, a million more next month and, guess what? times are tough again, and that's the difficult part for someone like tony wright who owns a marketing agency in texas. >> now that it's happening, we're seeing belt tightening. we're seeing clients cutting budgets like, you know, 30%, 40%, etc. so it's it's kind of like a slow death by many, by many, many pinpricks. and so, you know, and this loan payment seems like one of those pinpricks. >> reporter: things are actually worse for him now than during the pandemic because of inflation, supply chain issues and all the rest. he admits, when i was talking to him, he probably should have started to pay back the $150,000 loan when his online business was booming, but he put it off. and sba allowed the borrowers to defer the payments up to 30 months. so those who did defer, like

tony, now have accrued interest, and they have to start paying the money back. and they're doing it in extremely challenging times. when you think about small business, there's a lot of people like tony out there. it may not be the end of the world for hem, but it could be difficult to pay it back right now. david: these guys are heroic. everything they've been through from crime now to the pandemic itself and now to inflation. connell, thank you very much. well, let's bring in david mcintosh. just as small businesses are getting squeezed in the loan paybacks, biden's labor department, as if that wasn't enough, is proposing more regulations that could kill incentives to grow more and create more jobs, right? >> totally. it's like an extra hit in the gig economy, and the labor department has proposed this new rule that'll dramatically cut back job opportunities for people who want to work part time. it's, when you count inflation that's hitting families, the prediction that we're going into a recession by 98% of the ceos

and now this biden labor department gig rule, that's a triple threat that's aimed squarely at the american family. david: david, aye, unfortunately, been through a number of recessions in my life, but the only recessions that we come out with okay is when you have presidents, executives who realize that you have to incentivize the private sector by lowering regulations, lowering tax rates in order to give them more incentives to grow and recreate those jobs we've lost. looks like they're going in the opposite direction this time. >> i think you're right, david. sadly, heir putting more penalties on employers, putting more penalties on workers, adding more spending that creates even more pressure for inflation. and when you have more inflation, the federal reserve will have to keep raising interest rates. all of their policies they compound to make it worse rather than better. and you're right, the history of getting out of recessions is that you 1234eu6ize the private

economy to produce more, employ people more, pay people more and earn more. david: yeah. >> but we don't see any of that coming out of the biden administration. david: well, specifically, let's just mention two administrations. ronald reagan came in at one of the worst roadway sessions of my concern recessions of my lifetime, 1980. the fed raised rates a lot, but he lored regulations, lowered taxes. we had an average growth rate of, i think, 3.5%. obama, average growth rate of 1.6% as a result of doing exactly the opposite. >> you're exactly right. that's the difference. and we need that 3% growth rate to get the american economy back with on track. we're an incredibly productive country. people want to work, they want to invent new things, hay want to create new jobs, but the government keeps putting a heavy hand on them. and biden, for some reason, makes it even worse. david: yeah. tough time to be a small business other than. david mcintosh, thank you for your work.

happy holidays. >> great to be with you. david: lebron james getting mocked online for tweeting during the world cup final. we're going to tell you what he said and why fans are calling it a big foul. well, look down, your shoes could be your next big investment. the sneak orer resale market -- yes, there is one -- projected to reach $30 billion by the end of the decade. we're going to show you some kicks worth tens of thousands of dollars right now, right after this. ♪ ♪ short on money but long on time ♪ what if there was a community of like minded people ready to support you when you need it most? christian health care ministries is an organization

with over 40 years of trusted care who understands the importance of family. a group that sees you for who you are, regardless of your health history, offering values based affordable health care cost solutions. learn more today at yourchm.org about health care that puts you in control. ♪ what will you do? ♪ what will you change? ♪ will you make something better? ♪ will you create something entirely new? ♪ our dell technologies advisors provide you with the tools and expertise you need to do incredible things. because we believe there's an innovator in all of us.

♪ ♪ if -- david: you are taking a look at doha, qatar. that's where it all happened yesterday. wow, was that -- i'm not a big soccer fan, but i gotta tell yo-

lauren: you watched. david: lauren did too, unlike stuart varney who, of course, will watch any game -- lauren: he ruined it for me, because i had to leave halfway lu, and i had to tape the end -- david: i just can't, knowing that it's also and -- it's old. we're playing that song in particular because we're talking about drake. now, drake reportedly he's the music singer, reportedly lost a million bucks betting on argentina. how did he lose a million bucks by betting on the team that actually won? drake lost because his bet on argentina was if they won the game within the 90-minute time period, argentina was tied, as you know if you saw the game, at the end of regulation. they won in extra time. if they had won during regulation, he would have walked away 2.75 million. all right, staying on the world

cup, lebron james is getting mocked online for tweeting about the final match. come in, lauren, what did lebron said? lauren: not what he said, it's when he said it. let's show you the controversial tweet. let's go, two of the greatest ever, and he has a picture of lionel messi but also right under that, they're the greats of both teams, but he tweeted this 65 minutes into the game, so people on twitter were saying, hey, lebron, wake up. are you even watching this? at that point argentina was -- david: that's right. but they came back. it was a really exciting game. lauren, thank you very much. well, now this: you may want to think twice before agreeing to buy your kids a pair of new sneakers for christmas. some designs could be worth more than your car, believe it or not. lydia hu joining me now fromnew jersey. i'm told you've got a pair of sneakers worth 40 grand, is that right? >> reporter: yeah.

david, multiple pairs, actually, worth 40 grand or more. check out these freddy krueger nikes. the sicker price around $40,000 -- sticker price. they were just acquired by impossible kicks. a company that bought a million dollar collection of private kicks. pretty amazing. you have the ceo here to tell us more about this. john, the sneaker resale market is just exploding. how does impossible kicks fit into all of this? >> we're the largest brick and mortar retailer in the country, 17 full locations, we're going to do more than $50 million in sales s and we were so excited to get this collection to be able to bring it to all of our customers. >> reporter: so people are actually paying tens of thousands of dollars for some sneakers, but are they buying them to wear them? >> a sneaker like this, someone would wear, a $10-12,000. a sneaker like that's gore finish $30-90,000, it's an asset class like a piece of art. >> reporter: why are some of the speakers so expensive?

>> you know what? it's something that's a limited are release. nike couldn't get the licensing from warner brothers, so they had to all be destroyed. there's some surviving pairs, and we actually had one of -- have one of them. >> reporter: david, john's been telling me they have something for literally everybody on your holiday list. check out these little baby kicks. i've got my eyes on these for my little baby that i just had. very cute. [laughter] john, thank you so much. david, back to you. david: by the way, lydia, congratulations, by the way. it's a wonderful moment of joy for you and your family. god bless you. great new christmas edition to -- addition to your family. >> reporter: thank you. david: show me the dow 30 stocks to get a sense of the market. the dow is down 65 points. we're about evenly divided between green and red there. meanwhile, a real estate developer is betting biggen on san francisco. he's investing a billion dollars to renovate the iconic

transamerica pyramid, but he seemed concerns about the soaring crime and homeless crisis. you'll be surprised at his answers, coming next. ♪ oh, won't you save me, san francisco ♪ get refunds.com powered by innovation refunds can help your business get a payroll tax refund, even if you got ppp and it only takes eight minutes to qualify. i went on their website, uploaded everything, and i was blown away by what they could do. getrefunds.com has helped businesses get over a billion dollars and we can help your business too. qualify your business for a big refund in eight minutes. go to getrefunds.com to get started. powered by innovation refunds. if you used shipgo this whole thing wouldn't be a thing.

yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel.

punch up your portfolio with benzinga and world renowned trader chris capre. learn the lucrative options market and how to effectively trade in a bear market, starting at just 99 cents. benzinga, take control today at bzoptions.com

david: so the historic embarcadero in san francisco could soon ban cars, believe it or not. advocates are pushing the plan which they say will help increase tourism near the oakland bay bridge, but critics say it would hurt businesses and create grid lock in the city. meanwhile, staying on san francisco, the city lost 6% of its population, nearly 55,000 people, between july of 2020 and june 2021. of course, that was the pandemic. it was the highest population decrease though of any major city during that time period. most of people who left were young adults 20-34 years old. despite all that, real estate developer michael -- is confident san francisco is making a comeback, and michael joins me now. well, you put your with money where your mouth is. you invested a billion dollars

to. renovate really iconic transamerica pyramid. but how do you fight that trend? is that trend about to overturn? what's your thinking about that? >> so paris if hinge, you were mentioning the 6% drop in population or the move out of san francisco. it's actually the same percentage as manhattan, if you notice that. and we're sitting here in the city, the city's booming. the restaurants and hotels are booming, and we're seeing office vacancy go down and occupancy go up. we're in a moment in time, as i see it right now, where we're in the transition period. this is the post-covid era, we're seeing a lot of issues with tech companies, and we can address that later. and as we stand here today, i believe san francisco's going through a massive transformation. we were first concerned about the tech the companies and the layoffs, right? but we also have to remember that 10 out of the 13 companies that announced the layoffs have, after the layoffs, head counts

that are much hire than they were in 020. meta has 45% more employees today than they had in 2020. david: did they hire during the pandemic? >> correct. and it was this whole idea through the pandemic that that's going to, this hypergrowth that we saw in san francisco was a big benefactor of that hypergrowth. so things are getting back to normal. i think that we're going to see some, obviously, there's some pain on the way. but when we're investing in reality, buildings like the pyramid, and we specialize in super-prime real estate, it's a general rational hold. we're going to own this building for the next 50 years. i'm not concerned about the next 24 months, i'm concerned over the next 24 years. david: it is the most beautiful city, i think, in the united states of america. flying over it, it's incredible. but when you get down on the ground and you see the homeless problem, you see -- i mean, we are, you're right, new york is coming back, but you still have a immediate to clean house. -- need to clean house.

crime is terrible, people are living in fear. i've lived here 40 years. it's one of those bad periods. of we do come out of it, but you have to address those issues, don't you? >> you have to address the issue. i think the most important thing we've seen recently is the new d.a. in san francisco, jenkins, who was just appointed. you know, a week after that announcement, a friend of mine sends me a text, another big real estate developer, it's time to invest many san francisco. david: oh, that's interesting. >> you know, the crime and the homelessness is a big issue. and it's an issue that the city must address, and it ises addressing it. if you look -- david: well, you threw out the radical d.a. concern. >> correct. well, i didn't, but the city the threw out the radical d.a.. [laughter] david: right, right. >> but even if you look at arrests, since the new d.a. came into place, there's 20% more arrests in san francisco. there will be a clean-up because there is no choice. i met with the mayor a couple of weeks back, and she's extremely committed to cleaning up the city. it's not that easy.

david: yeah. >> but with this new d.a. and with the support of the police force which i know the police is very, extremely supportive of the new d.a., i think we're going to see that transition which is why now is the time to be in san francisco and not after the fact. david: well, michael, you are a visionary and, again, you're putting your money where your mouth is. these cities do come back with, they will come back. we wish you the very best of luck. >> thank you. hope to see you in san francisco. david: i'll come at the drop of a hat, i love that town. michael shvo, thank you very much. one of the biggest counties in california could secede. voters in san bernardino approving a bat ott -- ballot measure that will hook into the legal realitieses of forming a new state. the people who live there are fed up with crime, homelessness and high faxes -- taxes. there are have been 220 attempts to break up california since the state was formed in 1850. now it's time for the monday trivia question. as of 2019, what percent of

americans celebrated christmas? 81, 85, 89 or 93%? the answer right after this. ♪ ♪ chevy silverado factory-lifted trucks. where will they take you? ♪ ♪ (dog barks) ♪

silverado zr2, trail boss, and custom trail boss. because adventure is everywhere. . .

david: so earlier we asked, as of 2019, what percent of americans celebrated christmas? lauren, they're all pretty high. >> i thought the same thing. i will go on the low end. 81%. david: 81. i to on the high-end, 93%.e num?

>> what? 93% of americans celebrate >> you say you celebrate christmas. david: good news. it is such a happy, happy occasion. >> driving around looking at christmas lights means you celebrate christmas? david: not that much merry christmas on the dow right now, down 80 points. nasdaq is down full percentage point. hopefully markets get into the spirit of things. come on, folks, let's do it. gerry baker in for neil cavuto. we'll see what happens. gerry: thank you very much for all of that. welcome to cavuto "coast to coast" i'm gerry baker from "the wall street journal."