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♪ after sitting out here watching airplanes take off and fly away neil: all right, well, you know, you could have had hours to do just that at all of the nations airports today, watching airplanes, but not take off. they weren't going anywhere, for the better part of four hours actually, they were just sitting on the runway, because all systems were down. it was an faa computer issue. gets a little bit more involved and in the weeds but again, planes are flying again, but getting them flying after we had better than 7,000 delays and

flight cancellations, just making up for that ground is going to prove tough. all of the major airports are dealing with it here. let's get the latest from grady trimble. he's in chicago at o'hare with how things are looking there. grady? reporter: hey, neil. it is getting better here. that's the good news, because planes have been taking off for several hours now. the bad news is that it is not back to normal here at o'hare or really at any airport in the country right now. the problem now is that ripple effect that we see any time there are flight disruptions, so while it's not the outage itself , it's the fact that crews are out of position and planes are out of position, so if you look at the flight board here at o'hare, you see all of that orange. those are delayed flights. it's an improvement from, you know, a couple hours ago but still, quite a few delays more than 500 out of o'hare today. across the country, more than 7,500 flights have been delayed and more than 1,100 have been

canceled. we should point out this is the first time the faa has put in place a nationwide ground stop since 9/11. the passengers that i've spoken to here on top of just being frustrated and stressed out by the delays, they told me they are surprised the faa didn't have a backup to the backup, if this flight system is so critical. what do you think of the fact that one software system going down can ground flights all across the country? >> i mean, that's unbelievable. it's mind blowing, [laughter] yeah. quite stressful, and i just i don't know what to make of it. >> this is a nationwide thing? reporter: uh-huh. >> that's crazy. that's scary. that's even scarier, bro. reporter: even though this is the faa's fault, it's their system that went down. it's now up to the airlines to try to correct things. not just in terms of getting flights back on time but also, making sure that their customers

are satisfied and rebooked on new flights. we can confirm, neil, that all of the major airlines, delta, southwest, united and american, they're waving change fees and they are waving the fare difference if their passengers or their customers rather have to rebook on to a new flight because of this mess today. neil? neil: thank you, grady for that. we'll see how they sort through all of these delayed flights, cancellations, how they adjust to that because this could be an all-day maybe all-week affair anyway, peter doocy with the reaction at the white house and how they are dealing with all of this or at least trying to explain all of this. peter? reporter: neil, officials are saying they know what happened. they just don't know why it happened although at the highest levels of the government, even above the transportation secretary, to the president, they are saying they don't have any evidence right now that this was a cyber attack. >> somewhere overnight, there was an issue with irregularities in the messages that were going

out, that reflected a bigger systems issue, and this morning, as of about 7:00, there were still problems validating that the messages were going out, so for safety reasons to make sure that every aircraft that took off was doing so safely, faa implemented a ground stop lasting about an hour and a half reporter: pete buttigieg is the face of this and people who have been held up today know it. >> secretary pete buttigieg needs to get his act together. reporter: republicans on capitol hill tend to agree, accusing pete buttigieg of ignoring an antiquated faa computer system until it was too late to avoid a major disruption. >> chilling about this today, brian, is the fact that this is happening, its been going on. we've known about it apparently overnight and he has no idea what happened or how they are going to fix it and how long it's going to last. that is an enormous impact on our economy and travelers today.

reporter: so, there's still sort ing things out. we hope to hear from the president. he's been at walter reed medical center this morning and earlier this afternoon whose having a mo hs procedure on a skin lesion above her eye but we expect them back because it's an outpatient procedure. the press sebaceous is also expected to address this within the hour, neil? neil: look forward to that peter doocy at the white house, thank you very very much. sally yates lagoni joins us an aviation attorney, a pilot as well, sal, thank you for joining us. what happened here? >> pleasure to be with you. well, the natam system is notices to air missions as they are called now. they were called notices to air men and to be politically correct, the faa had changed that name but they didn't fix the system. i heard one of the senators says they knew about this overnight. they've known about this for years, that this system needs to be changed.

congress has asked them to change it, and upgrade it and have a backup system to it, because what gets transpired from that system to pilots and to air operations is all of the important safety information we need to get from one place to another. the faa tells us we have to know everything about that trip, under section 91-103, but we have to know everything about that trip because we get the information from the faa here, my phones been ringing off the hook today, from pilots and flight operations are saying are we even allowed to fly with this thing broken down? neil: so how does it work, sal. that alerts the pilots to where they're going, what the route is like, i get that. if it's down, could they fly anyway or is the better part to say all right, well, i wish i had this information. i don't have this information, but i'm going to fly anyway. >> and that's the big question and the question i've been asked all day. there really is no clear answer

for it, because there's a catch- all in the federal regulations. the regulations say you will know everything about your destination, your departure, your en route and your anything in between. you will know that, but it doesn't tell you how and of course the system that we use is the notam system. we get these on a computer, tablet typically for most pilots these days we call an electronic flight bag and that information we have to sift through to make sure nothing interferes with our flight. if a runway is closed, my trip to orlando tomorrow, what am i going to do? i have to pick something else up , but the notam's are how i'd find that out not by calling airport of anything like that. neil: you know, i wouldn't be giving you any thoughts to say that people are fed up with flying in this country. this doesn't help matters any. i mean, they remembered the southwest experience and thousands of flights, they are still trying to work their way out of that.

i'm told because of an antiquated system they never upgraded. we heard frontier before them, we heard virtually all of the major carriers having a whole bevy of problems in the summer. what's going on, sal? >> i know, between weather and pilot shortages and southwest issue and all of that, and now, computer glitch that takes the whole system down and the ground stop was ordered the faa and that's a smart thing to do if we don't know all of the information we need, let's put them on the ground where they are safe and not get them in the air, but more has to be done. the transportation secretary has to be on top of this. this has to become a priority in the united states. neil: now, is any of the infrastructure spending, it's a lot of money. a lot of it we're told going the air industry's way. will it make a difference here? >> we're not seeing it. that's for sure. again, we've known about this for a few years. typically now, we carry our cell

phones or tablets which is how we get this information, and all that we had this morning up until about 11:15 was that we can't refresh the information, which is useless. if something happens an hour after i take off, i need to know about it, so we need to have not only a system that works, but you need to have a backup to the system. pilots have backups for everything, but the federal aviation administration needs to have backups for everything as well. neil: there's a concept, sal. thank you very very much great seeing you my friend, sal lagonia, the aviation attorney and also a pilot he knows of what he speaks you know the mess at the border. you know we know what's going on at the border. pretty much because of one man, at literally on, bill melugin was the only guy covering it. he's here because now, he's no longer the only guy covering it, but we still have lots of questions as to whether anyone cares about it. bill melugin, next.

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and more speed you need as your family keeps growing. check in on your current speed through the xfinity app or upgrade to the speed that's right for you today. neil: all right, you might have heard a thing or two about the surge at the border here right now, but they're hopeful that help is on the way to deal with a lot of the human smuggl ing and all of that. let's get the greatest from griff jenkins in texas.

griff? griff: we're outside of the sheriff's office in kenny county because just miles from the border where you normally see me in eagle pass they have seen a triple in the increase in the human smuggling cases. take a look at this video shot from saturday. this is texas dps here pursuing a white van. they pulled them over, rescued six migrants being smuggled. the driver was from houston. he admitted to the deputies that he was being paid $2,000 for this particular smuggling case and the sheriff here, brad coe says he's seeing not only an increase in cases but he's seeing smugglers that are armed. he says that he used to be back in the day about one smuggler a month had a gun. now, he's seeing two-to-three cases a week. that's why when we asked him what he thought about that meeting between president biden

and obrador he was disappointed there wasn't more of an emphasis or any plans with regards to what's going to be done to cut down on the cartels and the human smuggling and human trafficking. now, we spoke to a former mexican legislator named rosa maria de la garza, and she says cases in mexico are increasing as well. here is what she had to say. >> we have 26,000 children missing in my country. to hear the families of these girls and boys are missing, it's something that it's a nightmare. >> griff: neil, we also were able to speak with a sex traffic king victim. you see here, her name is carla. rosa rescued her when she was 16 after she had been held captive for four years. here is what she had to say to the american people. >> there's no words to describe the pain that one feels as a

human being. i would tell the citizens of the united states that we're also human. griff: and neil, coincidentally today is human trafficking awareness day. you're already hearing from some lawmakers. we were talking with senator marsha blackburn a day ago. she was wanting some emphasis on it so a bit of a disappointment from local leaders and some in washington that there's not more of an emphasis on the human smuggling part of this border crisis. neil we'll send it back to you. neil: and its gotten to be a bigger part of it griff jenkins thank you very very much. meanwhile, look who the wind blew in. guess whose here, bill melugin. i think you know this guy. just never seen him indoors anywhere, but he's here now. fox news correspondent extraordinaire. he was on this story, remains on this story certainly before anyone else and i was saying and not just to throw wind at you,

that if not for you this story would not be in the national discourse. simply would not. how has it changed over the years? >> the way its changed, i mean, when i first started covering this back in may 2021 i thought a group of 50 or 100 migrants was big, you know? neil: right. >> fast forward to where we are now we look and see a group of 500, 600 crossing and it's business as you'll down there especially in eagle pass where griff jenkins has been reporting "the situation" has gotten significantly worse and you can see in this video we've gone out with border patrol and texas dps that live shot was one of the craziest in my life. that was the del rio situation with the haitians on the boat as thousands were coming across that's eagle pass, long lines of those groups of several hundred migrants coming in so it's just gotten so different too. you see how orderly it is, neil. a lot of people have no fear they are going to be deported. they feel if they can get to the united states and step foot here they are released with a court date and the system is backlog

ged those court dates are several years down the road and they are in the u.s.. neil: you and i had many memorable exchanges as you're doing this and the one thing that struck me, bill, is the no fear part of those trying to get in. they know your cameras are running and you're attempting talk to them. they are uneffected by it. they don't care. you know? that's pretty ballsy. >> well it is and the administration has been using a policy of mass catch and release. look, as you look at the video of the haitians in del rio what did mayorkas say during your press conference? don't come, stop coming and he later told bret baier we released 12,000 haitians into the country. neil: right and even recently as a couple days ago the border is not open. when you hear that what do you think? >> kind of makes me and my crew bang our heads against the wall because we ask in their opinion, what's an unsecure border then, right? neil: yeah, yeah, yeah. >> how bad would it have to get by any stretch of any category you look at the border is not secure.

you have record illegal cross ings, record migrant deaths , record fentanyl seizures the most gotaways ever recorded. the last few months in a row we had more than 70,000 gotaways. prince president biden took office, more than 1.1 million. neil: wow what do you think of the president's visit to el paso >> it left a lot to be desired. he didn't see any migrants or talk to any migrants. neil: what happened to those by the way? >> we're wondering the same thing. he went to a migrant assistant center run by el paso county and they say we average three to 500 migrants a day sometimes a thousand a day but when the president was there, there was not a single migrant there. how does that happen? he goes to the cbp port of entry the action isn't happening at the port of entry or the bridge it's happening under the bridges and between the ports of entry in the river right? we show the video all day long people walking through the river by the hundreds sometimes by the thousands. that's where the action is. he could have gone down there by

the rivers engine el paso where the texas national guard had to show up and put humvees all over the place, he could have gone to parts of the border wall where runners are cutting holes in it running across traffic and disappearing. neil: who cleaned things up for him then? no one takes ownership of it. >> border patrol did sweeps in downtown el paso and cleared out a lot of those camps and then local reports from local el paso media that city officials were also out there cleaning up the camps but that didn't end up even mattering because the president didn't go down to those camps. he didn't go to the downtown el paso area. neil: so what's come of his visit and this agreement to beef up those who have asylum cases from countries like venezuela, cuba, where is that going to go? >> it's not going to change a lot because what he's essentially doing is expanding what he's already doing with venezuela so remember back in october he announced we're going to start applying title 42 to venezuela. you'll be expelled we're only letting a certain amount in. well now he's expanding that to

haiti and cuba. well, 30,000 is just literally a drop in the bucket when you have more than 200,000 coming across the border every single month and what it's going to do is it's going to create more gotaways. not all these migrants have the means to do an app and fly into the u.s. or a lot of them are -- neil: do you think mexico makes good on its commitment? yeah, we'll deal with some of these. >> i think they will but again 30,000 people in a month really is a drop in the bucket when you look at the current numbers and what it's going to do is increase the amount of people trying to evade because now the people know if they don't qualify for this new program, why would i go turn myself in if they are kicking me back to mexico? now i'm going to dress in camouflage and try to get in elsewhere because i don't want to be expelled and it remains to be seen what's going to happen with that policy but remember that policy is title 42 and title 42 is kind of up in the air right now, right? we have to wait to see what happens with the supreme court. neil: finally and a more personal question, bill, but when you were first doing this , everyone said oh, fox is fixated

on this problem that doesn't exist. i'm sure you were dealing with grief from other journalists saying what are you doing? even though you would have the drone stuff that came later a little bit but you had all of the evidence to show this isn't made up. we're not staging this. eventually the world caught up with you but that had to be a tough beginning when the world wasn't with you. >> i mean, to this day, we still get people who will send me tweets or messages and accuse us of staging our live shots or how do you guys happen to know to be there with the camera when this group of 500 comes across? we know because we've been cover ing it for two years and developed sources and contacts and the human smugglers push people across at the same time and same location every single day, and you're right. the rest of the media is starting to cover the border a little bit more. especially within the last month or so, but think about what it took to get to that place. neil: absolutely. >> we were down in del rio for days when all the haitians were showing up before any other media started showing up, so look, i consider it the more the marrier when it comes to the

border coverage. i'm glad to see the rest of the media down there they have been in el paso and it's a big story, regardless of what angle you want to look at it border security, humanitarian, fentanyl , there are so many different things coming out of the border crisis it effects people across the country in numerous different ways, and look, when we do our live shots we leave the politics out of it. we're just trying to hold it up. neil: absolutely the way it should be. >> and show people here is what's happening at the border take that information an run with it and do with it as you will. neil: my favorite part is when you put up with the god awful heat and sweat and i just say, i don't want to be with him. >> enjoying the air-conditioned studio, yeah, yeah. neil: don't get too comfortable. bill, you do great work. >> thank you. neil: at a time when it was very tough you were alone. >> i appreciate it it's such a pleasure to meet you in person by the way. we talk to each other in our ears for hundreds of live shots. neil: it's very good to see you. you have a lot of fans. >> thank you. neil: bill melugin. we're going to get back at the border real fast to see the whole sweating thing all over again, but man does he do

great work. as bill and i were wrapping up i want to pass along news out of ftx. of course you're well-aware of co-founder sam bankman-fried and all that. well they just discovered i don't know how you discover oh, look we found $5 billion, but they found $5 billion worth of liquid assets we're told that includes cash and digital assets that will go to a lot of people who lost a lot of money. you might recall that bankman-fried had said we had nothing left. that's about $10,000 or whatever. well someone must have been looking under some couch cushions because they found $5 billion. low and behold. stay with us you're watching fox business. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this.

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neil: all right, here is the good news, planes are flying again. here is the bad news. yours probably isn't, or it's going to take a while to get to you. that's the dilemma right now as thousands of flights remain delayed over this multi-hour shutdown that began this morning the first of its type since i

believe 9/11 so that's why a lot of people were mildly anxious this morning to put it mildly. steve harrigan at atlanta's international airport, hartsfield, to get a gauge of how things look there. hey, steve. reporter: flying again but really airports are trying to catch up. you cited those numbers almost 8,000 delays more than 1,000 cancellations, not only are fliers fed up with the delays. lawmakers are also demanding answers as to how this could have happened. >> it's not a cyber attack, well if that's the case, how could a stable platform like that suddenly go down? were there no backups? why do we not have a backup system or a manual system so there's a lot of questions congress needs to ask of the faa. reporter: that full ground stop lasted for more than 90 minutes. it's a notam system basically a security system that informs the

crew about conditions at the airport before taking off. it's not clear what caused it according to the biden administration officials but they do say that at this point, there's no evidence of a cyber attack. neil back to you. neil: thank you for that, steve. that's at least refreshing news, or good news. in the meantime some good news for those who might have lost a lot of money at ftx, the old exchange that is no longer existing, but apparently, they dug up some money and not just a poultry amount. connell mcshane has more. connell: 5 billion apparently came out of a bankruptcy court this morning. their lawyer says yeah, we found 5 billion but we don't know how much is owed, and you know, we'll see. they're trying to put this whole thing back together and the other court filing that was interesting that came out yesterday was like 60-some pages long and it kind of told us how much of a stake some of these celebrities had and the names that had invested in ftx to begin with. most of the names i was going through the court filing name-by -name. most of it is wall street-type

names, tiger global and third point, but i think two individual names also stand out, the most in terms of equity investors. these two, tom and giselle. tom brady with more than 1.1 million shares and that stake forbes estimates was once worth $45 million, each-wife giselle by that same forbes estimation had about $25 million in the company at one point but now all that seems to have been erased. the two of them as you might remember appeared in this ftx commercial where they were urging people to invest in crypto and all that kind of thing. they did receive equity stakes as part of their compensation for being ambassadors. since then tom and giselle among those named in a class action lawsuit filed on behalf of customers who lost money in the bankruptcy. udones haslem was mentioned as a shareholder played for about 20 years for the miami heat in the nba. a team that recently played in what they called ftx arena. we have word just in today that names going away. no surprise. the federal bankruptcy judge has now terminated the naming rights deal between miami-dade county

and ftx. now the other major development is what we mentioned at the top also coming from bankruptcy court. this was this morning. a lawyer claims that ftx has been able to recover more than $5 billion in liquid assets. the problem is the total amount that's owed to creditors is still unclear and the problem for the likes of tom brady and other shareholders in sam bankman-fried's company the law is not necessarily on their side other credit doors will be in line ahead of them. debt comes before equity in these bankruptcy proceedings. u.s. attorney's office here in new york does have this task force they have setup trying to trace and recover as much as they did and in assets but it's quite possible, even with this 5 billion many of these shareholders and certainly many customers of ftx will not recover any of their money, because as you know, the creditors line up first, the debtholders in the bankruptcy court. neil: but there's some money there. connell: that was the idea. what's interesting, i know, i was looking at it and it was

interesting the way the lawyer phrased it. they just went back and he says the company didn't keep very good records. no surprise. ftx they just went back and he says constructed the whole thing from the bottom up and that's how they are figuring out how much money is actually left and apparently that's where they came up with this 5 billion today. neil: we shall see. all right connell thank you very much for that. in the meantime we are following developments in the new congress the 118th congress of their committing themselves to what they said they would do but some of the stuff they want to do has even some moderate republicans worried. we're on that, with larry kudlow after this. for expedia members, travel doesn't end at booking.

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neil: all right, the 118th congress is off and running and my friend larry kudlow and i were talking that last week at this time we weren't quite sure it be off and running, but it is , and they're making good on all of the promises they have whether you like or dislike

them they are keeping their word and let's see how far that goes. larry kudlow the host of kudlow on this fine network 4:00 p.m. eastern time a runaway hit. larry: thank you, neil. neil: so far it's very early in the process. they want to do a lot of things that might bump into issues later with the debt and all that but what you've seen thus far what do you think? larry: i like it and i think its worked out with greater unit y inside the republican conference. it wasn't easy to get there. you know the best things in life are never easy to get to. neil: of course. larry: but i really like the policies that i'm looking at none of us know everything there is to know about it, but i will say this. the era of big government spending is going to come to a halt. there's no question in my mind that the house, with the power of the purse, is going to curtail spending, probably rollback some spending. the era of the omnibus bill is at least going to be put on pause for quite sometime because of what the house is going to do , and i think these are positive things, less spending

and borrowing is going to make the fed's job a little easier around the edges also, in terms of the fight against inflation. neil: if they can do that, right larry: yeah, i mean, i think it will be inevitable that deals will be made and that people are going to have to compromise, but rest assured, they're not going to run to raise the debt ceiling unless they get a certain amount of budget cuts, particularly on discretionary spending, and that's where the damage has been done and they're looking at dropping out $250 billion of discretionary spending in the next year or two which i think is a terrific idea and long overdue. neil: but they are also talking about freezing next year's budget at this years level with population growth and inflation be cuts and some of more moderate members of the first that say don't include defense in that. there's a lot of back and fourth about that that if the aggregate number is the same it better not come out of again some

republicans out of defense but i talked to a number of those members who say well, there's room for cutting there. larry: yeah, there is. there absolutely is. here is a key point. regular order. i don't want to go into the weeds. we have not seen regular order. what does that mean? that means the house budget committee sets a budget resolution which has spending caps and revenue floors. then it is given to the appropriations committee whose 12 subcommittees will come up with bills. it will be transparent. there will be hearings. there will be expert witnesses on both sides of the aisle, so i wouldn't rush right now to say well, defense is going to be killed. no it won't. that's not the intention. that's, you know, one of these conclusions that's way premature there's going to be great emphasis on rolling back domestic spending, putting work requirements back into a bunch of mandatory programs. neil: but you're open to looking

at it just like any other program. larry: right and defense there is ways, there's a lot of non- military/military spending and defense. jim jordan came on our show the other night and said by the way, the ratio of, i'm not knocking any officer of our great military, but the ratio of generals to the enlisted man is like sky high. there's been a lot of inflation. neil: so you heard steve scalise say we will not touch defense. already the heat is evident there. where do you think it's going? larry: where did steve scalise say that? neil: yesterday or the day before. larry: because i have him coming on today and i'll ask him that question. neil: he was saying that is not on the table. larry: but i think actually it be a mistake. neil: he's the house majority leader. larry: indeed the number two man and a solid citizen but i think it be a mistake to exempt all of defense. i mean, the key weapon systems absolutely, but we have to grow

the economy, neil. i've got a stat for you. for almost 50 years after world war ii, the u.s. economy grew at 3.5% per-year after inflation, 50 years, okay? since 2000 which is now over two decades, we have slumped to only 1.7%. why is that? if you ask me, government is too big and spends too much. it's also over-regulated. its had periods where that wasn't the case but on the whole we've got to beef up investment. we've got to beef up productivity and get growth back to 3% and then, we will have the resources to cover all the bases in the budget, even though it should be some budget cuts. growth is essential. i can't begin to tell you that. people aren't happy. there's not enough prosperity and these are one of the things, you know, my hope is that the republicans in the house really think about being steward

s of a new prosperity cycle. it's a long term strategy. neil: there isn't a lot of wiggle room right? they have a 10-vote lead there. mick mulvaney was saying that's what they run into that narrow margin, and then of course a republican senate, right? and i'm sorry democratic senate and president. larry: they need to interview nancy pelosi with yellow legal pads and take notes on how she did it because she had almost the exact same thing and i happen to like personally ms. pe losi quite a bit. i don't agree with her politics whatsoever be she sure knew how to run the house and my guess is kevin mccarthy and steve scalise and the others will learn pretty fast. neil: so you aren't in that camp that says that kevin mccarthy has been neutered with this deal larry: no, no. in fact the rules package got through easily. neil: it did. larry: that was a very good leading indicator. no, no, i think he will have strong support. i saw one of the reports even matt goetz, who was his mortal enemy said we're not going to

overthrow him. look, watch for unified gop. neil: it's returning the policies they had pre-nancy pelosi. larry: well you know what it is? it's good common sense conservative policies. i think you're going to see that across-the-board and i'm all for it. look, the era of massive spending is coming to an end. you had three democratic houses. they went wild the last two years. did a lot of damage to inflation neil: so did your old boss too, right? and i'm talking even pre-covid but there is a tendency that politicians once in office do like to spend. larry: well but remember, trump had massive deregulation. neil: absolutely. larry: trump had very successful corporate tax cuts. trump wasn't as tough on spending as mick mulvaney as i wanted him to be but compared to what's gone on the last couple years, nothing trump wanted and you'll see the house republicans fight for work fair, work requirements, okay? a lot of the covid welfare

programs were stripped of their work requirements which went back to bill clinton and newt gingrich 25 years ago. there will be great efforts to restore that -- neil: it worked every time they did that. larry: i have a hunch there's a bipartisan coalition with some senators, democratic senators who would go for that so that's going to be a major form. neil: really? larry: donald trump spent more than i wanted to spend he was very strong on work. neil: super quickly the federal reserve will with all eyes on what it's going to do next month when it wraps up that two day meeting everyone seems to be betting on a quarter point hike, but where are you on this? larry: i'll go with a quarter point hike. neil: do you fear they are over doing it or they could? larry: stay with the 2% target the inflation rate has come down the fed has done good. they haven't had any help from fiscal policy, but no supplied side policies but they have done well. i want to give jay powell the regulator of the year award

for his talk in stockholm, sweden. that's in sweden, right? neil: on climate change. larry: without google, he said without pulling up a google map, because he said the federal reserve is not going off into a climate change tangent. they don't have that kind of authority and he said we will stick to our knitting, quote unquote. first of all, that's a terrific thing for him to say because it's true. second of all what he's really saying is political pressures notwithstanding, we're going for price stability at a 2% inflation target. they made good progress, neil, but they aren't there yet. there's a lot of leading indicators that suggest inflation will come down some more and that there's a slump coming this year, but i think the fed should just stick to its knitting, so late to the party, grew some hair on his chest, sounding more and more like paul volcker who i worked for many many many decades ago. i kind of like what jay powell is saying right now.

cavuto/kudlow play book, price stability breeds growth. he actually said that, neil. neil: he's actually following up larry: regulator of the year which is better than turning off your gas burners. neil: don't even get me into that one. you can't do italian sausage. larry: that's right and you can't order out pizza and warm it up. neil: no it's impossible. larry kudlow 4:00 p.m. eastern time on this fine network, makes you think he has connections, i mean, like nobody's business. in the meantime we're talking about nobody's business we have a rally continuing here so this year is looking better certainly than the last year optimism about that inflation picture that larry alluded to, we are expected or at least the hope is or the markets might be getting ahead of themselves if not that we'll see more signs that at least run-away inflation is kind of maybe walking just fast right now. there is a difference. the dow up 180 points stay with

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to receive 50% off installation of your kohler walk-in bath. and take advantage of our special low monthly payment financing. neil: you know, busy show here we've been telling you about all these flight delays and everything else trying to get back to normal. i have congressman andrew clyde, republican of georgia he's going to kill me for saying that but he is one of these whose going to look very closely, no doubt, at these delays and the problem

here and the issues with the faa , so if you don't mind, sir, i'd like to get into that first with you, because this is going to require some oversight. it's going to require some new questions, how we got in this position. what do you know now and what do you want to see? >> well, neil, thanks for being on or having me on. i'll tell you, we are concerned as to the real cause of what's happened here with the faa and the flight delays. you know, is this a cyber attack is it not? if it is, we really need to look at our defenses here, and then what's the white house know in the transportation secretary as well and what are they not telling us? i think that's really important here but the number one thing though is to get the airplanes backup in the air. i think that's happening. neil: you know, i hear on this issue, congressman, that we're just not technologically

or i guess by extension technically up to speed that we have many antiquated systems. now i know in that infrastructure package there was money allocated to the faa and the airline industry itself to sort of get up to speed but we know in the case of southwest airlines that hasn't happened. still early and i know all of the checks haven't been cashed and the money spent or committed but it is worrisome. >> i agree. it certainly is worrisome. we need to have a very safe, not am system that ensures that aircraft are flying across the country as they should be and the passengers are safely getting from their origin to their destination, and it's not acceptable what happened today but we're going to figure out what the issue is through the oversight committee and we're going to try and make sure this never happens again. neil: now, in the meantime, speaking of oversight, a lot of people want to investigate these classified documents found at

joe biden's university, what was his sort of home for these documents not thought to be classified, but they, the white house, is insisting this is nothing like the donald trump mar-a-lago document situation. what do you think? >> well i'll agree. it's nothing like the donald trump situation because president biden wasn't president at this time. he was vice president. he did not have the authority to declassify documents as donald trump had as president, and you have to wonder, this pen biden center opened in 2018 and how long have these documents been there? these are classified dobermans that were found in the closet of at the time vice president biden 's private office, so we've got a real issue here. i think that the national archives is going to have to provide information as to what's been going on between the current biden administration and them regarding these documents.

what did they know? when did they know it? when did the president know it and did the president know these documents were there which i think he would have to know it's his personal office and his closet. neil: where does this go? i mean, you think this requires hearings? how do you want to handle it? >> oh, i think it does require hearings. it certainly requires investigation, but you also have to look at number one, not only the double standard but you have to look at the possibility of the president being compromised. the pen biden center receives significant donations over $15 million anonymous donations from china, so you have to wonder what did they get for those donations? what kind of influence are they leveraging on president biden. those are all things that the oversight committee needs to look into. neil: got it, congressman you have your hands full. congratulations again, we'll see how things go in this busy new year for you. andrew clyde of georgia. we've got the dow up about 153 points right now, where we go from here anyone's guess another

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♪. neil: all right, you almost get the feeling the markets are sensing a good inflation number tomorrow. i don't know if that will be the case. i do right now know we're still remaining with an up year. here is charles payne. >> neil, forget about the cpi. this is all about the "cp effect," my man. neil: there you go, the old payne thing. charles: i will take credit where i can. neil: there you go