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>> welcome to the program that analyzes the week that was in position you for the week ahead, i am jackie deangelis and for maria bartiromo, a messy house with contentious and continuous votes for house speaker this week, how will all of this affect the republican agenda going forward i am asking senator bill hagerty how his side of the chamber is dealing with this. will get his take on president biden facing the crisis at our southern border. first hand visiting el paso this weekend. then a strong jobs report into december what it means for the economy and your investments with their traps report founder larry mcdonald and after a massive surge in china's public cases, the ccp is threatening retaliation against the u.s. over travel restrictions now in effect, kt mcfarland on what we can expect, first joining me foreign relations oregon, bill hagerty, a part of me will illegal immigration before i get to the border what's unfolded

this week on the house for, went to union fellow said republicans and the impact is going to have on your agenda, also some concerns about national security and no one able to meet unimportant issues in the house, your take. >> my take is very simple and very transparent process in the house i support all of my house representative colleagues in the conference and i have every confidence that this is good to turn out to be very therapeutic in the end. it is a process and what's wrong with a lot of things were talking about, were talking about more time to read the bills rather than having a passage and find out what's in it, were talking about going back to regular order and the function as they should i think this is going to wind up in the wrong run for the therapeutic process it's interesting to see the way the media is covering the radicalism in the way the process has unfolded look at the senate what do you think that happened in the last senate when chuck schumer took control two

years ago. there were serious negotiations that took place, it did not happen in the open entrance. manor how do you think we want to put the situation with bernie sanders and a devout socialist as head of the senate committee tell me there wasn't a lot of negotiation that took place what we want without result, the mega public is seen on the republican side is more transparent process, i think it would be therapeutic and will strengthen us in the end. jackie: president biden is taking advantage of the gop in fighting to announce implants to finally visit the border while pointing fingers at republicans, listen. >> i will visit the border myself this sunday in el paso clearly immigration is a political issue and republicans are always going to run on we need more resources to secure the border, yet again extremely public and have said no i'm left with only one choice to act on my own.

>> the action that he announced expanding efforts to expel migrants from cuba, nicaragua, haiti and venezuela who come here illegally but he says it will allow up to 30000 of them a month that qualify for a new online vetting process, senator i want to get your take on all this but also to the statement directly the president keeps pointing the finger at republicans and saying there is no funding there was funding in the omnibus bill but the using interprocess people not to secure the border. >> exactly the omnibus bill prohibiting any enforcement or border security it was only organized wordprocessing people were rapidly, what joe biden has said for the past two years about the crisis he precipitated, when you think about this which president trump was in office the protocols were working in the most secure southern border that we've ever seen and fully securing in the process, biden comes in ways millions upon millions of taxpayer dollars and lisa border unintended, jobs the construction of the border wall and creates massive chaos at the southern border, it is interesting we let over

5 million people into the country illegally at least that's what we know about under joe biden's watch, for two years joe biden said there's no crisis at the southern border. now conveniently after the midterm election cnn and other newscast organizations are actually looking at the border, talking about the crisis, what it has is a media and optics problem, that is what yesterday was designed to deal with this is media and optics, from my viewpoint and national security problem but joe biden he used his own words, a political problem that's what he's trying to address, what is going to do if you dig deeper into what he saying this is a process to accelerate the processing of people and make it more efficient at the border because he wants to do away with the embarrassing images of people coming across the river, that's what this is all about. >> many people are saying the visit two years into his presidency is basically, as you pointed out after the midterms also to check a box to get the media to stop saying you have a been there and we saw gavin newsom go down there as well

rather than talking about her change her work to secure the border he really went with the focus of processing which it sounds like you think this president is going to do the same. it's obvious from yesterday obviously what they talked about with the new app to help people scheduled illegal entry into the country you can imagine what the press conference is going to be saying when you wanted to get to enter illegally we have an out for that this is what joe biden's policy boils down to exhilarating people with 0 deterrence, it's going to increase the coyotes ability to market access to america, working to see more illegal immigration as a result, he's going to make the chaos even worse what he's trying to do is address the optics of all of this. >> just to clarify the portion of people who are trying to come across who legally qualify for asylum is very, very small compared to the amount people they gotten into the country illegally that we allow to essentially during open border as you imagine 5 million people

in the last two years or so alone, there is no steps being made that we need to reform the process, we need to do things legally and we need to work on the system together rather than even the border open, as you said putting a nap in place for an easier processing. >> jackie, let me tell you what this is a pretext for what's to come what you get a here provided the democrats and even the media is comprehensive, a term called comprehensive immigration reform, comprehensive as the democrats codeword for basically mass amnesty this is their codeword for a pathway to citizenship. it's their codeword to transform america, it's not going to work it's going to accelerate and make the crisis even greater look at my home state of tennessee, deaths by fentanyl accelerating each month before the month before it, mass chaos, mass havoc this is a get in trouble joe biden's voters and

his donors on martha's vineyard this is hurting people in tennessee he's going to hurt more migrants as well because these coyotes are going to market the new messages and try to get the vulnerable people to give them the life savings, put their children and loved ones on a dangerous journey inward to see more and more carnage at the border and more and more deaths from drug overdoses as a result. >> you make an excellent point not only the drugs coming across the border but those in the terrorist watchlist as well in illegal migrants are fitting onto the country and you see it happening at all different states complaining the fact that they need funds to be able to house them to educate them and offer them healthcare, to feed them this really is a national crisis, bill hagerty, we appreciate your time you think you. >> thank you very much. >> is stronger than expected jobs report for december but more companies warning of layoffs this year, larry -what's he doing? -he's cleaning the trash cans. oh, boy. meeting a new young homeowner for the first time is a unique challenge. -so you think you can help? -i can try.

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jackie: here's a look at where markets ended after dysfunctional weekend in washington and the strong consumer jobs report, 2022 marked the second strongest year for job creation on record but were hearing more companies announcing layoffs, here with me now the bear traps report founder and editor larry mcdonald, always great to see you. your take on where we are what we had to 2232 schools of thought and it's going to be a bumpy year, tough year with the fed raising rates and job losses to come in the other saying the fed has engineered to soft landing, everything's going to be okay, your thoughts. >> when you do 450 basis points of rate hikes inside of nine months very few human beings on the planet earth no what that is going to do to the economy 6 - 9 months later. anybody that pretends it they know is not that truthful, the

fed doesn't know it if you look at autos and companies that face mortgages, lending tree all these capital one anybody that faces the bottom 60% of consumers, prime lending, anything like that, even commercial real estate there's just the pockets of real credit weakness that the deterioration speed is as bad as 2008 although the jobs have been strong and i think it's fantastic but under the surface the deterioration on the bottom 60% of u.s. consumers is 2008 like. >> let's talk about inflation is running extremely hot the fed is probably going to have to continue to raise rates to try to tamp it down 7.1% the fed needs to get to 2% jerome powell has a long way to go, having said that you're looking at a consumer is very strange right now as you mentioned immersing

people shift, they've gone through savings, now they're going to put purchases on plastic and taking on debt, that kind of thing, the consumer represents two thirds of the u.s. economy if the consumer pulls back were in for some trouble. >> what we see money shifting out of u.s. stocks into global equities so when you go from a long-term ten year during 20 your disinflation where inflation is coming down year by year by year and when you go from that to inflationary regime, a whole new ecosystem develops in the market instead of wanting to own growth stocks they want to own value because you can no longer trust growth multiples. it is inflationary regime people are willing to pay 40 times sales for company because the growth aspect of the economy is

strong and you can look at maybe 70 times sales next year so you companies in the last six or seven years going from ten or 20 times sales to 30 times sales and stocks are going up. now in an inflationary regime like 1960 - 81 investors are looking for value stocks, that's where companies like intel, that's where the outperformance is really going to be in 2023. >> let me ask about republican 70 some majority of the house the hope on wall street at least i'll be able to block any future spending, spending is what got us into the trouble with inflation in the first place, having said that you think that's exactly what we'll see in you think they have any power to make an economic reform? >> in the waning days of the bush administration, the national debt was about eight and a half trillion, maybe

$9 trillion. this year in 2023, this year alone we have about eight and half trillion dollars of treasuries that are rolling over the have to be refunded, think about the breath of what i just said, the problem is we have so much debt we just did an omnibus bill in december so the gop is really powerless to rein in the spending this year they can next year. >> larry mcdonald, thank you so much, good to see you. >> of pleasure, thank you. covid testing restrictions in effect for all travelers coming from china, the peach retelling for singling them out, what can we expect i'm asking kt mcfarland, remember when biden tried to retaliate against saudi arabia for cutting oil production in october, that is not happening anymore about the reason behind the pivot and the message that it sends.

>> this could be consequences for what they've done with russia. >> what kind of consequences, menendez says suspend all arms sales, is that something you would consider. only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership. after advil. let's dive in. but, what about your back? it's fine. before advil. advil, dual action bites, pain, two ways. advil targets pain at the source. acetaminophen blocks, pain signals, advil, dual action.

jackie: cracking down on the spread of covid coming from china new rules in effect requiring a negative covid test from all passengers coming hear from china several other countries have implemented similar travel restrictions as well, beijing has drawn to retaliate against us calling the mu political here with me former deputy national security advisor, american conservative union board member and revolution author kt mcfarland, great to see you and welcome, what should we make of china's threat at this point.

>> it's a nifty threat, china is actually requiring exactly the same thing the united states is now implementing, they require covid test, negative covid test for anybody inbound into china, this is about something else this is about the chinese government trying to get the attention of the people away from their own domestic problems and to be of a foreign enemy did see united states again, what's happening in china right now they've a public health crisis, covid is ripping to the population they have an economic crisis because of all the lockdowns they have had for three years, the economy is slowing economic growth is slowing. finally they have a lot of political protest particularly among the elite who say xi jinping you bungled this whole thing, we'll have an effective vaccine, we have no herd immunity in our rich and poor alike are having trouble getting medical care if they have covid. jackie: china has not been very transparent this administration it has not held xi jinping

accountable about the origins of covid and there have been reports that new variance are spreading trout the chinese population and that is a concern that they could spread throughout the world and many people are saying we have to implement the testing roles because china has never been transparent, why would you expect them to be transparent now? >> it's worth going back and remembering what they did in january 2020 they realize however, the origin of covid happen they realize when they got into the population in wuhan, china was highly transmittable and also lethal, what did they do they lockdown travel within china but they demanded that the chinese and other countries around the world taken inbound chinese citizens, what they were doing they knew they had a problem they lockdown china but then they sent the same people potentially infected all around the world, what happened with kobe crisis after covid crisis because of the decision that they made in

january of 2020 the doing the same thing again there same to other countries don't you dare that are people not coming to our country don't you dare give them a test and as you point out we don't know about the origins of covid we don't know about the genetic makeup of covid for all we know they have a lethal variant that they're trying to spread around the world, you know what do you say me once shame on you, fully twice shame on me i really admire the body to administration, you better put those tested. >> countless deaths and widespread economic damage that's what occurred the first time around let's hope that does not occur once again, kt while i have you i wanted pivot to the white house and the plans to retaliate against saudi arabia of cutting oil production after biden asked them not to back in october biden has bad specific repercussions in the did back then but that seems to have fallen by the wayside using tensions between the two countries has come from core needed efforts against iran at this point, what you make of all

this? >> abiding to administration, like the bite under biden administration has explicable love affair and they were at the expense of saudi arabia and other countries for a traditional ally of ours in the region, what is happened they try to embracing again, they wanted iran nuclear deal even a flawed iran nuclear deal and the iranian said go pound sand, as a result i ran is supplying weapons to the russians to use in ukraine so goodbye to administration is finally waking up saying maybe iran is not her best friend anymore and now they're going back to saudi arabia and israel and saying maybe we should have some kind of security situation and a little more cooperation because iran does present a threat in the region. >> you bring up great points, course were watching protesters up there over the treatment of citizens that protest what is

happening, you see this on a global stage but you think about how iran is acting i think there watching carefully how this president is handling foreign policy with russia and how is handling foreign policy with china as well and i ran to a certain extent realizes that it's got a runway because president biden isn't taking the hardest line certainly that he could be. >> you bring up a really important point, the foreign policy, if you see that your adversary has weakened or won't stand up for himself that's when you go in and try to take advantage to exploit the situation that's why you see the north koreans make a lot of trouble with missiles of nuclear test in the chinese were muscling their way around the world and that's why you see the russians invaded ukraine and now you see iran and russia together and maybe iran, russia and china together it all stems from weakness in the administration and i back and look at that afghanistan withdraw and say

that was the example that the rest of the world that the adversaries around the world looked at that and said this is our moment let's go take advantage of the united states. jackie: many people are wondering how president china is looking at this as well and thinking about taiwan this year but that's another conversation, great to see you. thank you for your insight. have one important thing that you need to know ahead, coming up next ♪ my relationship with my credit cards wasn't good. i got into debt in college and, no matter how much i paid, it followed me everywhere. between the high interest, the fees... i felt trapped. debt, debt, debt. so i broke up with my credit card debt and consolidated it into a low-rate personal loan from sofi. i finally feel like a grown-up.

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jackie: one thing you need to know ahead of next week red velvet private jet belonging to elvis is going up for auction this weekend, he bought the plane for $840,000 back in december of 1976 according to malcolm auctions it seats nine and features a kenmore microwave, tv with vcr and a cassette player, the highest bidder will get a copy of the aircraft security agreement signed by elvis in the bill of sale documents. also happening on sunday maria will see you at 10:00 a.m. on the fox news channel for "sunday morning futures", exclusive interviews with governor greg abbott, congressman elect byron donalds michael waltz and former gubernatorial candidate kari lake thank you so much for watching, we will see you next time.