edward: millions of americans waiting to fly away either to their homes or holiday destination but it is not happening thanks to a meltdown at southwest airlines, passengers anger rubbing off on investors with the stock taking a dip today. let's get into this with fox business on the impact on wall street. >> reporter: we are seeing the cancellations from southwest are ongoing today leading thousands stranded, 63% of the airlines flight for today are canceled, that follows thousands of cancellations from yesterday and airlines will continue to operate a reduced schedule for days to come as they try to get back on track, and down 4. 5%. housing prices falling, the case shiller index shows prices

fell half of one% in october, the fourth month in a row we have declined but housing is in a slowdown but affordability has not returned for the homebuyer. homes are still expensive, up 8.6% since last year. inventory remains low plus mortgage rates pushed above 6% as the federal reserve moves interest rates higher. moving at tax, nasdaq is set to close out its worst year since 2008 but major tech stocks took a hit, ibm is finishing in the green up 6%. us tech companies that are valued at $50 billion or more, one of only two to generate positive returns along with the bm where. ibm continues to expand its business with smaller acquisitions and big cloud partnerships. as the tech sector remains

volatile, investors are betting on ibm at stable earnings, the company generated $752 million in free cash flow in the last quarter, they paid out one. $5 billion in dividends. getting some attention from investors here today. edward: my grandfather said invest in ibm. i guess it is back. markets mixed today finishing the year in the red as the fed tries to stabilize inflation. with me are capitalist pig hedge founder jonathan hoenig and david wagoner. we are getting close to the end of the year, david wagoner, how much longer will markets be on this downtrend? today it is up. >> this evolved with it. this could be more true heading into next year.

as many people continue to push the stock somewhere where they are more pro-wall street than pro main street. last year investors curbing their enthusiasm, this theme played out has we saw the antiquated portfolio, the worst year since 1937. i don't think we are done yet and that is why i mentioned our theme for 2023 is a market in constant sorrow. the next market will continue to witness the transition from inflation to growth frustration. not only that but i expect policy response to remain heightened to avoid the mistakes of the 1970s and more purchase on it, or hold mentality, keeping their policy and territory. >> you love talking about the federal reserve.

and what john williams says, take a listen. >> i expect to see a significant decline in inflation next year as supply-chain issues improve and we see the slowing economy bringing inflation down over the next few minutes. it could take a few years. >> couple years to get to 2%, inflation coming down, the fed predicting 2 to 3 more rate hikes. will that be enough to get interest rates in front of inflation? >> all the fed predictions, and inflation trying to bring it down, the federal government exacerbating, the federal government is spending more money. the federal reserve chairman or board member is right, this could take a few years. bank of america had an interesting one. once inflation is about 5%, takes 10 years to get back

under 2% but there are places to make money in the market. it won't be and that is low, microsoft, apples, it will be in emerging markets, value stocks, small stocks, if tech were the big leaders in this sense it is likely early 2000s, the major averages are dead money from 2001 to 2010. it was made in smaller areas of a market particularly foreign stocks. edward: will inflation be the number one issue in 2023? >> at the beginning of the year, it will still be on the fed bringing down inflation. a few reports that we had softer than expected, we need to focus on the second half and that is why i mentioned one of the big themes is we will be in a transition for inflation to growth frustration. all the aggravation in the

market comes from evaluation perspective. not the done nominator, the transition from inflation to frustration. edward: let's talk about the inversion, the yield curve inverted since july, what does it tell you about a recession? >> if you want a 100% indicator the yield curve is one, sounds like it is wonky but long-term interest rates, it is inverted, and accurate indicator for recession, not even that it is forthcoming. they haven't announced it in washington but the irony is often times once the recession is announced the market is already ultimately starting to recover. the average american, average business owner fueling the recession, inflation from 7 to 6, it still outpacing wages,

demonstrably in many cases, because of the recession whether or not washington wants to admit it or not. >> when does the switch happen for the markets and you will see them look forward to that inflation being manageable and the transition we are talking about. >> it will be in the second half of next year, looking at the second or third quarter earnings report, earnings, revenue have been very resilient. what people don't understand is earnings and revenue have been heightened because of inflation, if you get softening, that should equal lower earnings. in the first half of next year it will take them to flow through the growth aspect to income statements in the united states. edward: we will do that. let's see what happens.

moving to the southern border, title 42 set to expire. the white house insisting they are prepared and have a plan for the trump era border policy to come to a end. listen to this. >> i want to be clear, the fact is the removal of title 42 does not mean the border is open. anyone who suggests otherwise is doing the work of the smugglers who are spreading misinformation, which is very dangerous. edward: more than 16000 migrants made their way across the southern border for the christmas holiday, 14,000 of those released into the us. peter doocy joins me. what do you make of this. are they prepared? >> we will find out. if the supreme court does not intervene today, does not say something extending title

toward -- title 42, title 42 will end and the lack of information about what happens if title 42 ends has some republican lawmakers wondering what exactly this president wants to happen. >> the biden administration and most democrats don't see this as anything -- success at the border. every person does not see this as a problem. the president said there are other problems we have. >> officials at the white house are saying less about migrants arriving at the southern border than migrants being bussed to the naval observatory where vice president harris lives. the white house says governor abbott abandoned children on the side of the road in below freezing temperatures, without coordinating with any federal or local authorities. this was a cruel, dangerous and shameful stunt. since it has been more than a week since we were promised details what the white house wants to replace title 42,

those are details we are still waiting for. >> there has been a lot of rumors and speculation. i'm not going to go off of everything you are hearing quite yet but we have more to share tomorrow. these varying issues. >> the call you referenced, it is unlikely we will get any kind of a new commitment to new immigration policy in the next week or so because the president will be in st. croix, scheduled to head there this afternoon and come back next week. edward: you will be asking questions about this. joining me now, to react to title 42 expiring as soon as today. bill mcgurn, mr.

biden, mister biden's border difficulty isn't that you can't get his agenda through. what is his goal in allowing the situation and allowing it to continue? >> he is coming on the press corps, not to ask any embarrassing questions. title 42 embodies everything wrong with immigration. it is masquerading as immigration policy. it is a hodgepodge for an immigration system, with executive orders, they will not pass a real structure, and president biden has failed to leave here. his own borders are doesn't go to the border. not being asked awkward

questions, karine jean-pierre, will continue to say the border, when everyone can see it is including the would be migrants lined up on the mexican side and all the border patrol agents lined up on our side. edward: the vice president has been there once, the president has not been to the border even though he has been close a couple times. you alluded in your piece to the president having an opening year when republicans take over the house, could the border security, a wall become an easy bargaining chip for the president to get more of his agenda through congress? >> it should be. he considers himself against on the evidence a transformational president. the border security is something that eluded is republican and democratic predecessors and i think if he were serious he would come up

with a list of what his priorities are, for example, fixing the legal status of the dreamers, the kids who are brought here and then thinking what would he trade? real border security initiatives or else just virtue signaling. that is what we had with this president, a lot of virtue signaling and a lot of tragedy, political as well as humanitarian at the border. edward: something like 4.5 million illegal migrants crossing the border in the last two fiscal years into this year. was that then all politics and what happens to those people who are not citizens now that are in the country? >> they are in limbo and this is a problem with president biden, he spent two years ignoring the border and has an opportunity to lead, to figure out his priorities and give a national address.

he is giving no signs that he knows what a national address is 4. he uses it to swipe at his predecessor and characterize republicans who disagree with him about policies as morally inferior. i think we are in for more of the same. edward: great debate, good article, see you soon. quick look at apple stock, apple shares just hitting 1.5 year low down almost one. 3%. we will talk more big tech and more coming up. ♪ ♪ [acoustic soul music throughout] ♪

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i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music) edward: the flightmare continuing for southwest airlines and president biden tweeting this, our administration is working to ensure airlines are held accountable. steve harrigan has the latest reaction from hartsfield jackson international airport in atlanta. what are you hearing from travelers?

>> we are a growing frustration, 48 hours, still trying to get home after a christmas weekend, there are mountains of bags piled up at different airports around the us, 4500 flights us and international canceled today alone and of those the majority, southwest airlines, more than 2500 southwest airlines flights canceled. we speak to people who say they don't have their luggage or clothes and worst of all, not getting clear information about what steps to take in order to get home. >> we literally spent half of christmas day at the airport finding another flight and we actually drove 6. 5 hours to atlanta just so that we could find another flight to get back to lax. >> i gave someone some money, it was terrible but, someone got $100 out of me. my flight leaves in an hour. got my two kids.

we are by ourselves. have no other choice. >> reporter: the chaos is getting government's attention. the department of transportation saying it is on except all how many flights southwest airlines is canceled, president biden tweeting a short time ago that airlines will be held accountable for the cancellations. rebooking those flights not likely to happen until after january 1st. edward: what a mess. . county communities seeing 5 feet of snow dropped over the weekend in new york along with below freezing temperatures. is the western new york area done with seeing snow? we go to the expert, fox weather has more on what we can expect. what do you think? >> reporter: we have a long stretch when it comes to the winter system as we will be expecting and years ahead. we are just starting off winter but this was a huge historic storm to talk about.

some of the snow reports, buffalo airport updating their totals. since friday 51 inches of snow has fallen at the buffalo airport site and other towns, watertown coming in at 41 inches, hamburger an additional 40 inches. just last month they had a historical snowfall rate as well. we look at the season thus far, we have surpassed our average coming in yearly we see 95. 5 inches of snow since november 13th. we already surpassed that at 101 inches of snow so far from buffalo alone. we are very early in the season, we can see a number of opportunities for snow to fall across the great lakes region. we have to consider our wind reports since december 22nd, we saw hurricane force wind 22, we saw hurricane force winds in these areas, ohio on that map, 74 mile-per-hour winds were reported out of ohio, buffalo, new york, 71 mile-per-hour

winds and areas like dunkirk to the south of buffalo 67 mile-per-hour winds, those are sustained winds. the good news is the winds are dying down, looking much better at this time, winds coming out of the west from buffalo at 8 miles per hour, sustained winds, the consistent wind that continues to flow through areas like buffalo. watertown at 5 miles per hour. what i will say is we do have that lake effect snow lingering across the area so south of buffalo a few opportunities for snow taking up the totals in hamburg out towards aurora into holland. i 90 could be slick as well as we head into the next couple hours but that lake effect snow should be coming to a end as we head into the afternoon and evening. 4:00 still a narrowband over buffalo so areas like downtown buffalo could add an additional 1 to 2 inches of snow. the same towards watertown and into the dinnertime hours finally winding down from the

system, seeing much calmer conditions, choir conditions into the start of wednesday. we take a look at this particular system that moved through parts of buffalo, it did make way into the top 10 snowiest december's, number 3 on the list now someone coming in at number one, 82.7 inches in 2021 but now we have to consider the latest storm that adds to that. we look at snow depth, areas south of buffalo several feet of sunoco on the ground. we have to consider that in the days ahead. a nice warm-up could lead to that. edward: you are talking five feet of snow. that's unbelievable. thank you very much. the latest round of twitter files, twitter files, says the biden and trump administration pushed the platform to moderate content during the pandemic, the kind of tweets they were concerned about coming up next.

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edward: welcome back to coast-to-coast. the latest in the files saga. shows the trump and biden and ministrations influence twitter's content during the pandemic. hillary vaughan. >> twitter ceo elon musk, tweeting part of the reason these files are being released is to show not just twitter but every social media site is engaged in censorship, sometimes addict solicit direction of the government. in the latest release, the internal file show under donald trump and president biden, both administrations try to insert politics into science and since are things that were not in

their favor and as results, doctors and scientists who had opposing views on covid were banned. independent journalist david zweig tweeting both the trump and biden administration is directly press twitter executives to moderate the platform's pandemic content according to their wishes. in my review of internal files i found countless instances of tweets labeled as misleading or taken down entirely sometimes triggering account suspensions because they feared from cbc guidance or differed from establishment views but the biden administration has flip-flopped on whether they were involved. jen psaki reported engagement of twitter but. >> we are regular touch with social media platforms and those engagements happen through members of the senior staff but also members of the covid 19 team. >> we were not involved.

>> sometimes censorship came from inside twitter for deputy general counsel james baker as seen in his company e-mail asking why a trump suite telling people not to be afraid of covid had not been taken down, baker asking by telling people not to be afraid wasn't a violation of twitter's covid 19 misinformation policy, twitter's former chief replying to baker that optimism is not the same thing as misinformation. edward: that's good. thank you. thanks for the report. let's bring back constellation research ceo ray wong. you said twitter's god complex got in the way here. what do you mean? >> at some point twitter figured out they can play god, drive the narrative and call the shots and i think users weren't expecting that a bit if anything differed from the government view they would

follow that and started to add their own political biases into their decision-making which users were not expecting and tweets were being flagged that shouldn't have been flagged and they stifled the scientific debate that is really important because in science, the argument, the debate over something new allows to form opinions, test hypotheses and science is dynamic and evolving over time and we squelched the debate, at times they were banned or shadow band or limited in their conversation points. edward: the fbi foreign influence task force was sending spreadsheets of tweets to be suppressed from people in maryland, kentucky and ohio. does it worry you the fbi is paying such close attention to us citizens and twitter seemed to be going along? >> it is important, if you are

using it for domestic terrorism, issues of national security, i think a public health crisis probably didn't qualify for national security in the same light especially involvement where the fbi is. this is important. people do believe we don't have that type of censorship in this country. when tweets are flagged like that, it is anti-american in all aspects. edward: i want to ask about something else. meta and google have been awfully quiet during these twitter file dumps, the same system was probably in place their too, right? >> it probably was. if it was just twitter we would be surprised, all social media players actually have a role here. what is worrisome here, i have a masters in public health from johns hopkins. it is a tragedy when you lose comfort in government, we set public health policy back a few decades.

edward: you talk about that debate. it seems there wasn't a debate about the issues. >> there wasn't. these folks claimed to follow the science, the science hadn't been created and hadn't been debated and when you drive that kind of conversation you take it away and you end up with bad policy decisions based on inaccurate data and that is what happened, political points overview got in the way of objectivity. edward: i want to ask about apple, we are seeing at anna one. 5 year low. what is going on with this stock? is a buying opportunity or is there something up here? >> i am able on big tech am it is a buying opportunity. apple is in the middle of the super cycle of refresh with their iphones and did a lot of the services side but there is a lot of worrying about china, a lot of overall demand and given the china represents 25% of the prophets, 19% of their

production capacity, that is the worrisome area and in this economy with inflation, people won't necessarily be buying the higher end iphones. we will see what happens. edward: they are trying to expand into india and here in the united states, where they too slow before that? >> don't know if they are too slow. that's not an easy thing to move the supply chain for an iphone, for at least 18 to 24 months to move especially to india or vietnam or indonesia. edward: your insight is amazing, thank you very much. pushes for peace, the top ukrainian official hopeful for a summit with russia in february but russia not so eager. ♪ it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading.

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edward: millions are without power in ukraine following relents russian attacks. ukraine's energy mr. morning new year's eve could see maximum damage to the energy system. nate foy joins us from kyiv, ukraine. what is going on? >> reporter: russia and ukraine's for ministers explain what would take to negotiate a peace deal to end this war, and they are very very far apart. russia wants 1/5 of ukraine's territory, complete to militarization of ukraine's army whereas ukraine maintains every russian soldier will have to leave its territory and that includes crimea. this comes as russian shelling continues in the east and south. look at this video where residents have been subjected to a bombardment since may. this has been a subject of the russian offensive. ukraine's foreign minister says this is proof that russia has

no interest in a peace deal. despite that, ukraine is hoping for a un peace summit in february moderated by the un secretary-general. listen to this. >> we are aiming at the end of february for negotiations which is in october. the battlefield proves the opposite. they are not seeking peace. >> reporter: this comes one day after russia claims to have shot down are ukrainian drone targeting an airbase deep inside russian territory. database has been targeted twice this month and has been used in previous attacks on ukraine's critical infrastructure. ukraine has not publicly taken credit for the strike but did say they will be ready to operate the patriot missile defense system within 6 months and that usually takes a year. listen to this. >> to meet ukraine's needs, the

us administration, a special course, to make our operators ready in a much shorter period of time. without any damage to the use of this weapon. >> reporter: we are just learning from regional authorities in kherson that russia fired on a maternity ward of a hospital today, two children were born today, there were five women there when it happened but nobody was injured. back to you. edward: that is good news. we are coming up on a year into this invasion. stay safe. let's get reaction from former state department official christian whiten. it is clear vladimir putin is using cold temperatures to take out the energy infrastructure. is he trying to change the will of the people or soften the country for spring offensive?

>> right now probably the first one. those are not mutually exclusive, he could be doing both, but raising the cost in terms of the misery the ukrainian people have to live through and perhaps to subtract the support that zelenskyy and his government have had, it is also an indication that putin and the russians view this as a war of attrition or frozen conflicts, something that could be going on. it has been going on for a year and could go through next winter where europe will be in a worse position as far as the energy markets go. edward: what do you make of the discussion of possible talks where they seem to be as far apart as the grand canyon? >> i will say something no one wants to here, no one in kyiv or washington which is i think the united states at some point has to negotiate directly with russia. it is something we had to do in

the vietnam war to not exclude the south vietnamese from the paris peace talks but to arrange a deal directly with the north vietnamese. the outcome was not great but to end this more does look like the two sides are too far apart. the idea of taking crimea, was part of ukraine from 1991, until 2014, but was part of russia from 1783 until 1991, was just shifted out by khrushchev. these things are unrealistic. we can say all day the russians aren't willing to negotiate but seems the ukrainians aren't either. edward: let's talk about china, the us criticizing china's military drills near taiwan with the president calling the actions provocative. should we be concerned about stability in this region? >> we should. the chinese are sitting there like what will this provoke? we haven't provoked anything. secretary of state blinken has

been planning a trip over there, the state department and nsc saying we want to put a floor under our relations with china which if you are chinese we can do everything and the americans will want to talk, climate change or a huge deficit, got a bunch of dollars and they have a bunch of stuff to manufacture and nothing ever changes. it is one thing for the administration to complain but all of their actions starting with lack of a china policy imply beijing can get away with this. edward: china has connected issues as a policy course. the communist party seeing weakness with president biden over china's help with russia propping up the russian economy. is this china showing they may be willing to get closer to move on taiwan as a whole of government approach for them? >> that is a real risk and they are good at what we used to be

good at, the whole of government, understanding the full-spectrum of statecraft from kinetic war to political more work culture war, they are waging against us, not only taiwan, they are making greater ties with russia which gives them a lot of comfort, things they don't have to worry about and energy supplies that used to come from the middle east, coming over from siberia in the form of a new gas pipeline to supplement the ones that are there. no one can read xi xinping's mind. i think he realizes it could be too risky doing an airborne and seaborne invasion of taiwan that would be more complicated than dj, probably beyond his means but we are attempting it, so distracted elsewhere. every year, every administration we have fewer forces in the pacific, we keep saying china is the threat. if you look at the air force and navy, what we have out there is not as significant as it used to be. edward: this is something we will be following.

rising crime hitting local businesses even during snow armageddon, more brazen robberies in buffalo when we come back. ♪ acoustic soul music throughout ♪ ♪ acoustic soul music throughout ♪ ♪ acoustic soul music throughout ♪

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the problem of rampant shoplifting means everyday products are now kept under lock and key. manhattan walgreens has resorted to locking up candy, ice cream, and even coffee creamer. a company spokesperson tells fox business retail crime is one of the top challenges facing the industry. a major grocery store chain says some products are targeted for their high-priced point and value on the black market, items from stakes to energy drinks and detergent are frequent shoplifted. this is a near $100 billion problem for the retail industry. according to the national retail federation losses in inventory amount to 1.4% of retail value in 2021. retailer survey said that covid 19 is worse than the risk of crime, partly because labor shortages have made it difficult to fully staff stores. others blame soft on crime policies. grand larceny, theft of items

more than $1000 is up 27% in new york city, this year over last. theft of items under $1000 also up, 34% in the big apple. and now this problem is affecting the bottom line. target's ceo some profit losses could reach $600 million by the end of its fiscal year because they are losing so much inventory. walmart's ceo said stores could be closed if the rise in shoplifting is not curtailed. walgreens also adding earlier this year that it is losing 50% more money than it did prior to the pandemic. what this means for us as shoppers, possibly high prices, and fewer places to shop. edward: not good news, appreciate it. to a man who knows about the problem in new york city, red apple group chairman and ceo, and united refining company

chairman and ceo, john ca castimatedes. what does this do to a company that is trying to survive? >> it is a real mess right now especially in new york city because nobody has arrested anyone. in the old days, a person stall one hundred dollars of meat, $200 worth of meat, got arrested. it was a crime. now, nobody is arresting anybody and crimes are going on all time. a lot of chain stores, i understand the number in new york city was 764 chainstore stores, in new york city in the last year or so. it has become the law of the jungle. we don't want to live by the law of the jungle. edward: i heard the argument

the company has insurance and they will get the money back for that but that comes with increased rates. >> what insurance company will ensure you for theft? if somebody comes in and holds you up for $20,000, maybe you can buy insurance for that, but somebody comes in and steals 20 pints of heloise or 30 or 40 pints, $300, nobody will show you for that. the joke i tell about it is heloise --haafgen dazs going t small convenience stores, they call some of them bodegas. the thieves would sell it to them. it was getting out of control.

edward: criminals taking advantage of deadly storms in buffalo by looting stores as police and fire or elsewhere, trying to manage the storm, is this another horrible system of new york's lacks laws and bail? >> absolutely it is. the criminals are not scared of getting arrested. if they get caught, they are given a parking ticket, i call it. there is no penalty for stealing, especially if you are stealing, california is less than one thousand dollars, i don't know if that law applies here. if you still there is no penalty for it. worst comes to worst, you get a parking ticket. edward: how do you manage this? when you don't know how much

loss you will have from blatant theft. how do you manage that as a ceo? >> we have good employees, they have been around for 20 years, 30 years, 40 years. they care about their store. the criminals know the employees care about their stores, they go elsewhere. the drugstores, rite aid, cvs, rite aid is closing their stores in new york, cvs, rite aid, guess what? they've got corporate employees, they don't know how to live by the law of the jungle. it is horrible to say that. edward: this is an issue that is not going to be going away. thank you very much, appreciate it. >> thank you for having me on. edward: we will be right back on coast-to-coast. ♪

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edward: markets well off their highs right now. we managed to kill the rally that has been going on here. we're going to charles payne. i feel like when we go to charles payne, i usually come into something about the federal reserve when that's tracking. charles, maybe "the cp effect" can commodity here and fix this rally we turned around. charles, give you the, cheryl is in now