neil: that song for a while -- suggesting -- it is back. it is cold outside. 200 million americans are experiencing freezing or below freezing temperatures, some below 0.

it is not going to freeze entirely. it is on basic cable. is one p.m. on the east coast of the united states. the snow coming down and delays and nightmares everywhere. in the case of the dow to stabilize somewhat, it is early going and following what is moving at how much it is moving. lydia joins us in new york. >> reporter: we see some movement in the markets. looking at them now, the dow and s&p up ' as investors are weighing the new inflation data that was issued today. chevron, mcdonald's and travelers companies, they are accounting for half of the dow's gain. the dow is on pace to snap a 2-week losing streak. if it doesn't fall more than one hundred 7 points by the end of trading, oil prices spiking

today also. they are up no more than 3% because an arctic blast is expected to bring record low christmas temperatures across the united states. your last minute christmas delivery could be in jeopardy. fedex and ups reporting disruptions to service due to the inclement weather. fedex saying the disruptions were significant at their memphis and indianapolis hubs. the warnings come during one of the busiest times for package delivery but not just package delivery, airlines experiencing massive delays and cancellations during this travel season the carriers are trying to make contingency plans, waving change fees for 50 airports but that is if travelers -- many are trying to get to their holiday plans to see their families. neil: some scheming husband could say i got your presents but it is on the plane.

>> reporter: oh gosh, yes, who would do such a thing? not you. neil: i don't know. gary is coming up. great reporting as always. have a wonderful christmas. want to go to madison alworth at liberty international airport. it is a nasty mess for a lot of folks finding their flights delayed or canceled. how is it looking? >> reporter: luckily at newark we are seeing minimal delays especially looking at the nation as a whole. looking at the board, i see a couple up there but across the country we are dealing with thousands of delays and cancellations the day before christmas eve. not a good position for americans to be in. i want to bring up the current tracker. that is the first time we have seen delays and cancellations which is are markable, they were so high so early, they knew there would be problems so

terms of delays, looking at 4,600. cancellations over 4200. why those cancellations are so high so early is because we have seen runways shut down. for some time seattle international airport showed its runways until further notice and one runway there is open but one runway for an entire airport will take a long time to get those back log of flights in the air. alaska airlines canceled their flights out of seattle and portland until noon pacific time. look at this misery map. all this weather is leaving flyers stranded in the worst hit areas. even for those who do get out, traveling this christmas, it is anything but pleasant. take a listen. >> i flew in from minneapolis yesterday and everything was fine, once you pushback from the gate there was a 90 minute

delay, 30 below, they couldn't get water on the plane which meant no running water in the bathrooms and no coffee at 7 a.m. . sitting on the ground for 90 minutes in the freezing cold with no coffee was not how i wanted to start my morning. >> reporter: he was one of the lucky ones, he knew that to at least get on a plane, many are dealing with cancellations and we talked many travelers, aaa says 113 million americans, otherwise known as one third of the us population is expected to travel at least 50 miles between the christmas season and new years. much of that is happening now, whether is in the air or on the roads with these conditions, aaa says you've got to be safe, if you get a canceled flight and decide to drive it doesn't mean you will be in better condition so got to be safe and cautious as you do that this christmas season. neil: patients patients patients. when we are in the middle is cold and nasty weather, half

the country is freezing or below temperatures i always figure where can we put a media journalist, where is the coldest part of the country where we can have a reporter? she is so agreeable and friendly. we are testing her today in minneapolis, what is it like out there? >> this bomb cyclone is not playing fair. it made a grand entrance we can all feel across the country. 68 million americans experiencing subzero temperatures and across the country, half the country experiencing below freezing temperatures. in minneapolis it is negative 6 degrees. factor in the windchill it feels like-33 °. as of that news in this area we won't see 0 degrees today. we will be lucky if we get that. there are several winter weather advisories across the region.

the national weather service urging people to stay home and not get outside on these roads. the most concerning advisories at this moment is the blizzard advisory and the windchill advisory. when we are talking a wind chill advisory we mean if you walk outside it can take minutes to get frostbite. the best thing to do is to stay inside but there is sunlight at the end of the tunnel, christmas eve might be a high of 4 degrees. cousins day it might be a high of 7 degrees. we are talking temperatures right now, that is a pretty good christmas gift. neil: we will have you stay there then. great reporting. gary kaltbaum is back with us, we talk about the weather and the problems, delays getting packages out, getting out to shop.

>> reporter: every canceled flight is soft on the economy, down the food chain. the good news is they call this the cyclone bomb, it will pass and we will get to more normal weather and then the real story going forward is a bunch of economic numbers coming out and might be the most important part of the equation is the job market. if it stays strong will be okay and if we lose that, the consumer spent here, plunging the savings rate and the gargantuan move in credit card usage to a record level and that is a 1-two punch. stuart: you are talking about us. it is interesting because you look at this and say normally in the event of hurricanes or natural disasters you rob peter to pay paul, the sales that are

stocked, you can push down the road to make up for that. with something like this it is different, not like christmas or the holidays come again until next year so sales stop, a sale that you won't see. >> exactly right. when you miss a haircut, next week -- i have never had that. if you look at the types of dollars that are being spent on travel, are people going to travel after the holidays? probably not. going after restaurants, that money is lost. some people say the gift didn't arrive in time. neil: i had that. >> reporter: got lost somewhere. neil: i always think there is a dichotomy. i understand what you are

saying, markets have room to get hit more. seeing these solid restaurants, talking about disney, they keep reading prices and people paying them. to your point, they will tap themselves out. it is distinct from the carter stagflation era, losing hundreds of thousands month in and month out and inflation at a double digit clip. i am i'm wondering if that backdrop is better than we think. >> it is better than back then and inflation is coming down. what is weird is you wake up one morning and the philadelphia fed index comes out and it is depression era, not recessionary in the next morning the job market number comes out and looks pretty good. neil: what keeps the job market so strong? >> usually the job market is the last thing to go when things start to tip over

because companies are loath to lose people. neil: seeing job gain. >> that is why the economy still in shape and not getting in trouble bit i look at the inverted yield curve which has 100% record of presaging a recession. neil: shorter-term yields are higher than longer and that presses things. >> all along the curve and as i said other things to watch, manufacturing numbers not that great and we are seeing job losses. in crypto, mortgage normal, technology, wall street, i am wondering if other shoes are going to drop and i think the first quarter will tell us a lot and i hope i am wrong. of things worse and i hope i am wrong but a lot of things showing up right now, the markets telling you something

also, that things will get in trouble here as the consumer, 70% of the economy though they are out in restaurants. i was there last week, it was crazy. neil: as we get into the new year help me. >> i tell people hold on tight, it will be a rough ride. this battle between the federal reserve and congress, between spending and tightening, how is that going to play out? that is one of the keys to what we are going to see in this economy. the other thing to look at in the coming year, what happens in the banking industry? we see goldman sachs laying the pilaf, no deals are happening. at the same time banks are not lending which is how they make their money because businesses aren't expanding. when you look at those things, that is concerning. with the amount of demand still

out there in so many industries, there is still some hope that 23 could be a turnaround year and let's hope that it is. . 20 do you think it is? >> if the fed, i hate bringing them up, just too much of them. if they keep raising rates while the real market rates, the 10 year yield stays down telling them to slow up if they keep raising rates, they put us into -- neil: the goal is to% inflation. >> we are a long way off from that. of the 20 it would take rates to do that. >> they went gargantuan, too far on the easy side. we will see-2% or 3% gdp going forward. they have the rains. i wish we had free markets doing their job but you have accountability and oversight and they do what they do, you

sit and watch. with the fed, easing up a little bit and only going 50 basis points instead of 75 i looked at that and say their target is 2%, how long will it take to get there. if you are committed. neil: on the 5 days. >> it is taking a wait and see approach, wait and see what exactly? if you are committed, saying 2%, then let's get there sooner rather than later and that will be a lot of pain but we will have a lot of pain getting at 2% if we are only moving at a quarter of a point or half a point at a time. neil: what about jay powell? >> i would do nothing, leave it alone and see how things go over a few months and take it from there but they love being active. the 20 i want to thank you both. have a wonderful holiday and a

sense of what is possible and on top of these developed and they speak english. a lot of people come appendages all acronyms all the time. i don't know what an acronym is. the dow, 113 points. some good news to tell you. from the irs good news irs, put those words together after this. ho ho ho! not again... oh no...

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neil: potentially good news from the irs. good news from the irs. hillary vaughan, tell us what is going on? >> reporter: it is rare you get good news from the irs but in this case just before the 2,023 tax filing season, taxpayers can breathe a little easier. a reporting requirement the congress passed as part of the american rescue plan that would require sites and apps like ebay to tell the irs, they are making $600 on their platforms, is going to be delayed. it is not going to apply to this tax season. this reporting requirement impact anyone making extra cash on these apps vote could be considered income. the irs now saying they are holding off on enforcing this

for this tax filing season saying the additional time will help reduce confusion during the coming 2,023 tax filing season and prepare more time for taxpayers to prepare and understand the new reporting requirements. these are technically not new taxes but under these reporting requirements you could end up paying more in taxes than you have in the past. if you were not reporting this extra cash as income to the irs, this change is a new rule that was passed as part of the american rescue plan that changed the reporting requirement from $20,000 in gross income that they were tracking from these apps to $600. if you aren't running your business office applications it is likely were already reporting the income to the irs but if you weren't, you were using it to make cash on the side, you may be surprised to realize you owe taxes on that. neil: the gig could be up. have a merry christmas, good to

see you. we will see how this good news goes if it is interpreted as such. charlie gasparino is here. charles: i love the irs, the greatest people in the world. neil: we would follow them. charles: i love them so much. i want them to know, i will keep saying nice things about them. as long as they stay away from me. neil: that will hurt my follow-up comment. what is going on? he was released on $150 million bond so why have it? how does the bond thing work? charles: it is such a charade when you think of so many people in jail without bail, those january 6th guys, not saying i am condoning january 6th. some were just sitting there in the middle of where they shouldn't be but got no bail.

this guy literally if you believe the indictment committed the greatest financial fraud since bernie madoff, maybe -- neil: bernie madoff also -- he didn't have to hang out. charles: that is what i am saying. this is where it gets funky for me. they wanted him to be talking to you. he admitted to everything unlike sam bankman-fried. to show where the bodies are buried, to claw the money back, the deal, making something whole and the bernie madoff victims, a lot of them were made whole in terms of initial investment and bankruptcy, half the size of the ponzi scheme like it was $50 billion ponzi scheme, something like $25 billion back so people were able to become mostly whole on

their initial investment and they did a bike lying back people who took out the gains like the former owner of the mets got gains like 10% a year or whatever it was. he had to give a lot of that back, hundreds of millions of dollars. they were involved. you would want the guy helping with that. i don't know why they need sam bankman-fried. 's girlfriend his girlfriend, his ex, carolyn, who was running of the alameda fund, the side hustle to the exchange that took the money. not that important right now but it baffles me. neil: others are saying the justice department, he is saying now is the time to strike but can he strike a deal? charles: they have him dead to rights. at the least he committed willful negligence.

he owns a hedge fund, has this thing going on, doesn't know what they are doing, he's negligent in not knowing it. it is willful negligence. why didn't you know? you should know. why not set up basic controls, he's going to jail no matter what. don't understand why they need him. 250 is such a fake 250. it is like houses. neil: why have these eye-popping figures? 10% or 1% you put up, based on his parents -- charles: he didn't go to chico's bail bonds for the money. he has his mother, father, parents and there's a mystery. neil: weren't they looking at their activities? charles: that is -- i wonder if they are involved in the fraud. i don't think they would put up their house. neil: between carolyn ellison and the founder of ftx along with them. he is cornered.

charles: i think he is toast but he was before he was indicted. i told you he would get indicted before the end of the year. my sources said they had a solid, unbeatable case. the us attorneys case doesn't really lose. these types of indictments. one thing we should throw out. if you look at the bail thing, parents money, there is a mystery donor. and unnamed party who put up their house or whatever, bond or something, that mystery donor, given the parents ties to the richest democrats in the country. it would be nice to know this was a political person they tapped into. sam bankman-fried's mother, missus fried, mister bankman is the old man is a huge democrat fundraiser with ties. neil: we don't know who that

is. charles: i don't think it is out of the ordinary to sort of let's see who it is. could it be that? neil: this will go to trial? charles: he is toast. he has got to be crazy. neil: if you don't score a deal -- charles: he throws himself on the mercy of the court. this guy is so done. i don't take any sort of -- doesn't make me feel good to see someone go to jail. charles: the food is horrible and he is a vegan and they don't serve a lot of vegan specialties at these places. neil: interesting that you knew that. before he said it. neil: you know about the cuisine in jail. neil: they will do religious stuff. charles: they do religious stuff. i heard -- i heard the spaghetti and meatballs is horrible. they are having at italians

that went to jail. neil: i saw the irishman. do your best, look forward to another year. in the meantime, economic numbers out of the markets, but is the biggest economic number of them all having to do with the economy, what is going on right now is across the teas on a $1.7 trillion spending, if you are the federal reserve this is what was going to motivate you. we will ask plane after this. ♪

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neil: get the spending out of control and then the federal reserve come you don't worry about interest rates going nuts and one. $75 trillion package that looks like it will go through the house and become reality. former acting council of economic advisers, good to have you.

if you are the federal reserve and your hearing about this spending plan you are concerned and that is putting it mildly. right? >> yeah. seems like elections should have consequences, but not consequences for what governments do in terms of fiscal policy. the house voted to restrain the spending monster and we see a horse trade with other people's money which is republicans get 10% in increased defense and democrats get 6% in other discretionary spending. it is a problem because spending is the problem regardless of how you finance it. inflation which, the inflation tax or taxes tomorrow, interest payments on the debt and interest payments, servicing the debt is not growing

exponentially. neil: you are saying congress is making things worse. you know the stuff inside and out. if i could get the big picture, the federal reserve is trying to mop up the money that is all over the place, here comes congress throwing out $1.7 trillion out there. they are at cross purposes. >> we don't really know what is in this bill in terms of deficit spending and the cbo doesn't know because it hasn't been scored in terms of deficit spending. how much does the government have to borrow in the question is will the fed monetize that debt which seems less likely now than during covid obviously or not. either way, you have monstrous cost of servicing the growing debt at growing interest rates which is $800 billion and increasing exponentially and that is going forward. neil: thank you very much. very good read on this.

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tuesday trying to steal what they can get their hands on. it is ridiculous. there they are, scaring shoppers. >> me and my wife during the last minute christmas shopping and all of a sudden we heard loud banging noise and turned around and saw a group of men smashing the glasses. >> reporter: the good news, these thieves did not get far. these geniuses didn't scope out the area or didn't care to because they didn't seem to realize they were breaking into a store located next to a military recruiting office which has brave men and women who protect and serve. when marine staff sergeant cfergoso and sam elliott heard it, they jumped into action, this brave takedown. >> semper fi! put it down!

for america! >> reporter: i love what he says that, put it down for america. they got two of the four suspect in place until police arrived and took suspects into custody. a witness described them as juveniles who did not get away this time. >> the marine corps stepped up, the recruits, two got away, two got tackled down and they stepped it up. >> reporter: the sergeant was trying to do the right thing and be a good steward of his community. neil: good for him. we needed to hear some good news like that. hope you have a merry christmas. you help on our show, all of our shows. meanwhile we go to the border crisis, border crisis, many say there is no crisis. the daily caller, to say i'm going to prove what we've been

hearing going on is going on, oversimplifying it but kind enough to join us. good to see you, my friend. explain a little bit about what you did and what you continue to do. >> we are seeing a massive wave of migrants, hundreds, thousands crashing the border because they thought title 42 would be lifted on december 23rd. on the ground, december 21st, on the ground what we are seeing is cartels and human smugglers bringing massive waves of migrants in the middle of the night, the human smuggling operation in yuma, we tracked down the human smuggling group and what makes this interesting is during my experience covering the border, you always reach the boundary line of mexico and the us but never step on american soil, they are walking all the way on american soil taking payments on camera and hundreds of migrants from all over the world, migrants from afghanistan, russia, whose

pakistan, india, peru, women and children smuggled in the middle of the night and on the american side border patrol officials overwhelmed. yesterday morning on the ground at 6:00 in the morning there were 300 migrants waiting to be apprehended but because those agents were assisting other locations at hotspots no agents were there to apprehend these people, a total humanitarian crisis we are seeing yuma. neil: i wonder what if anything changes when title 42 eventually goes away. we've got a couple days to report this other stuff. it stands to only get worse. >> that is what we are hearing and expecting. for right now in el paso they are averaging 2,000 crossings per day, it could jump to 4500. in yuma we are reporting the past several days they are seeing a thousand crossings, 1500 crossings per day, expecting that to double but the situation continues to get

worse and the cartels exploit these migrants crushing the border, actually a yuma border hospital, $20 million in unpaid services, and officials expect this to get worse. after this if title 42 is lifted we expect numbers to double. it isn't a solution but border patrol agents feel this is the last mechanism they have to serve as any type of deterrence with this administration that refuses to enforce immigration laws. neil: thank you very much. the ventura of the daily caller monitoring this closely. and has the proof, it stands to get worse. we have more coming up including this massive storm. jeff flock is in the beloved in milwaukee, he is next. ♪ ♪ i'll be home for christmas

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neil: more than 200 million americans in the path of a monster storm that is going

pretty much across all of the continental united states particularly from the midwest to east coast of the country where it gets colder and worse and more people get stranded, jeff flock in milwaukee with the latest. >> reporter: getting too old for this. this is a good time and it is headed toward you. may not be as intense when it gets there but this cold weather, you get blown by this wind sometimes you can't tell what it looks like. there is a flag up there. maybe you see this is how the wind is blowing. that's causing incredible wind chills all across the upper midwest. we are talking-40 or so in milwaukee. what is the last thing? the last thing-22 from last week. that is where the regular temperature may be-7 or so.

if we come back live, we didn't get a lot of snow although when you look at the streets, ice and snow doesn't get melted by salt very efficiently when it is this cold. thank god we didn't get a lot of snow. we would still be here. lastly i want to talk about power outages, they stretch not so bad in wisconsin all the way from texas to maine all the way to new england and those power outages, over a million people and it is windy, when it is icy, brings the powerlines down. merry christmas, merry christmas. if you are out in this maybe it is not so mary. neil: you could do a very white -- are you feeling all right? >> reporter: might be a future

for me. this whole tv thing doesn't work out. great time to have a cold, standing out in a blizzard. neil: take care of your self, try to have a merry christmas and get back home. jeff flock goes right to it. looking for a warm diner. that is the difference. doctor frank joins us now. some advice for folks who have to deal with this, great having you. a lot of people are dealing with this at the same time they are dealing with covid cases that are spiking, flu cases and other issues that are spiking. what a mess. what do we do? >> reporter: nice to be with you. it is a mess. it is a tough situation. we all want to be with our families. we've been through so much over the past 3 years and it seems one thing after another, if it

is not covid, it is the flu, rsv, the weather. time to take a step back and take stock of the most important things in our lives. if you are trying to be with friends and family we have to do a risk stratification. i flew from florida to new york. i was lucky to get through it and get here and i was thinking about it because there were sick people on the plane, people coughing and i said i am young and healthy and if i get sick when going to visit the family, i will deal with it. it is worth it because i want to visit with relatives but if you are older and sicker and have health issues then maybe you take more precautions but we have to take a step back and say is it worth going to see friends and family and for a lot of us it is. neil: why are you looking at the camera, looking at me saying that? i'm feeling very uncomfortable. what you are saying is you got to use some common sense.

>> reporter: i was looking at the audience, not specifically -- i wasn't singling you out. that has been my message for a while in the approach to how we deal with covid and all the illnesses that are circulating. you have to get back to a pre-covid mentality if you are low risk but for the higher risk people, it makes perfect sense to take precautions. we have to get through this period and let's just get together with friends and family. neil: i keep following these covid cases, not severe but combined with other instances, particularly what is going on in china where they are looking at 5000 covid deaths a week, i don't know what is reliable coming out of there in the first place, but it is obviously still a problem there but it is a problem everywhere. >> here is the thing.

you never know what to believe with data coming out of china but isn't it interesting that china took this severe 0-tolerance approach to covid and now that they dropped that, they are having a hard time because maybe they're heard immunity is not where ours is because over the past year or so depending what part of the country you live in, we have been opening up little by little and in places where they have been open for a while most people who have had covid, many people more than once and the case is icy now, there are lots of cases of covid out there. we are seeing a lot of it, by and large very mild cases, clinically people are sicker with the flu. it is ironic and interesting that china tried to keep a lid on this thing and nail people into their apartment buildings to try to control covid but now they are having a harder time.

we 20 back to the weather and the nastiness, it is one thing to have a cold but we've got 1/4 of the country dealing with below freezing temperatures and 1/5 of the country below 0. that is a big difference between cold and really really cold and really really dangerous. what you have to be aware of when it is that cold. >> of course. when talking about extreme cold, below 0 and especially with wind, exposed skin you have to worry about and the temperatures in the midwest, just 10 minutes or less can lead to frostbite, which is damage to the tissue, when the water inside your cells actually freezes and forms ice crystals. as we all know, ice expands, water expands when it freezes, the ice crystals cause tissue

damage and tissue death. it is really protected. you are going to be out in it, it is protecting all exposed skin and limiting the time and hopefully people can get to warming centers in places that are warmer if they don't have shelter. neil: always enjoy seeing you. have a merry christmas. >> merry christmas to you. neil: you seen the market. it is inching along, interesting developments in amazon right now. price increases slowing from this year to possibly next year. they are below the inflation rate. at 6% this year, by and large, a litany of things sold, it will likely behalf that next year so 3% and to those following amazon, getting to negative, prices coming down again in 2024. i only relay this because a lot

of people talking about stocks that are hammered like amazon, microsoft, google, now back to their covid lows, down 60% or more. this could be the earliest sign the one thing walloping from might be less of a problem going forward. the glass half-full after this. ♪ ♪ td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®.

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neil: we've got bumpy trading and nasty weather combined with the notion that it is going to hit the economy of people can't get to where they are going. here's charles payne. charles: i'm where i need to be. merry christmas to you and good afternoon. this is making money and breaking now, the last session before christmas and all through the market not a lot of movement nor any big breakouts, major indices holding but slight is a threat and hope that the new your won't be another of losses and dread. i'm here to help you formulate a game plan for 2023, get ready, i've got scott martin on deck to help out.