it ended in september of 1783. >> had to give him one. >> before we close, forgive me i wanted to go back to this "titanic" thing. i said on my script that that raft scene is one of the great movie controversies of all time. why didn't rose make way for jack on the raft? do you really think that is one of the great movie, what was the word, movie big deals of history? >> controversies. stuart: controversyies. >> i would say no. i want to know what was in the briefcase on "pulp fiction." stuart: that was not a huge controversy, for heaven's sake. >> no it wasn't. people loved the movie, it didn't bother me. stuart: i didn't know why he dropped the beautiful diamond in

the ocean. that is wealth thrown away. you don't do that. neil, it is yours. neil: maybe she didn't like him. there is no room on this thing. that is not part of the debate. stuart, thank you very, very much. we have a downdraft at corner of wall and broad. travelers in goldman, key components in the dow accounting for half the losses, so they were a little more than a few minutes ago when i spoke to our local brainiac, charlie brady senior editor, all numbers editor. sort of like the zeus of data. the data at least from them, disappointing deemed to be a sign there are financial troubles down the road. really depends on your perspective because technology is doing comparatively very well. nasdaq was up when i looked. s&p barely moving on any of that. get a read from madison alworth following all the crosscurrents for us, has the latest. hey, madison.

>> reporter: neil, let's start with the dow jones pulled down by goldman sachs. the bank reported earnings today. it reported the largest earnings miss in a decade. goldman said profits plunged 66% from a year earlier. operating expenses jumped 11% from a year earlier. this could mean more cost cutting, layoffs at goldman. this is the thing, not all bad news for banks this morning. morgan stanley saw profits decrease, the bank still beat expectations sending the stock higher. revenue fell 12.5 billion from 14.5 billion a year ago, thanks to a slowdown in deal-making we're seeing across the board. again it was higher than the 12.6 billion expectations. beating expectation helping them today. something helped propped up the bank, net revenue of $6.3 billion, 3% higher than a year ago. overall we're seeing a slowdown

in deal making in the banks. it is playing out in the real world outside of wall street as well. mohawk industries, the world's largest company, plunging more than 5% after the company cut the fourth quarter profit forecast. the company has been battered by the slowdown in the housing market. we'll get a clear read on the housing market this week. it's a big week with reports of n hb homebuilder segment on wednesday. housing starts building permits on thursday. we'll get existing home sales on friday. let's take a look at those estimates. we're anticipating a decrease in housing starts month over month about 4.7%. building permits are expected to tick up 1.4% month-over-month. neil. neil: thank you for that, madison. meantime another preoccupation on markets what could happen on thursday, presumably up against the debt ceiling, we run out of cash, we're frozen. they have to look under house cushions, the difference between

federal government house cushions and yours, trillions of dollars. we have to start getting priorities together. hillary vaughn following developments on capitol hill where the president has not helped his cause by calling the republicans what did he say, fiscally demented. >> reporter: fiscally demented, neil. the republican's response they think it is fiscally demented to get to this place in the first place. they say it is out of control spending we're at the debt limit f we reach the debt limit on thursday, means no more for rowing, more money to pay our bills. it is not just spending adding to the tab. it is interest we're paying off, we're spending money that we don't have. the latest estimate from the congressional budget office says the u.s. will spend $400 billion in interest payments alone on this debt. that is about $3,000 for every american household. president biden says it is not a good idea to toy with the debt limit.

democrats in congress say there is no plan b. the debt limit must be raised with no questions asked. >> i know that kevin mccarthy after his 15th vote for speaker had agreed he would not raise the debt ceiling unless he extracts spending cuts but you know, if we don't raise the debt ceiling we go into default and only one default is enough to nuke the economy. we can't have 15 defaults mirroring the 15 speaker votes for him to do what's right. >> reporter: republicans you can't keep raising the limit on the credit card. when someone has a out of control spending problem they want to put washington on a budget. >> why not? at least tell the american people, we're going to borrow more money we don't have. here is at least how we prioritize the spending of that money. i do not get that. i don't get the idea, we can't negotiate, can't do anything university other than borrow more money, spend more money.

>> reporter: neil, treasury secretary janet yellen they will put in place extraordinary measures to cover our bills in the meantime. she says that will only last probably until june. really republicans are looking at this spring to try to force democrats to work with them to trim some of the fat from washington spending. neil? neil: good luck with that. hillary vaughn, thank you very much, hillary. meantime here, as hillary intimated here, janet yellen, treasury secretary saying we have enough to get us by for a few months. in june you're looking at possible default. what would involve default, possibly not paying social security recipients, medicare recipients, worse, heaven forbid, those invested in treasury notes and bonds, not making interest payments on them that would get peoples attention. mitch roschelle is here. we always cross this issue, mitch, right? it is always solved but it's a bumpy ride. but i get a feeling that, it is also risky saying this time is different but there is a

different kind of a vibe, certainly in the house. it won't be the same. >> as hillary was talking about, there is a spread, very narrow majority in the house, right? it is five seats. neil: right. >> if george santos is gone, it is four seats. neil: that's right. >> there were 20 rogue republicans who basically formed a coalition almost like a parliamentary type move where they want mccarthy to stand firm on this. neil: he did sign on to it. >> he signed on to it, and president in his whisper, whatever he said in his whisper i couldn't figure out anyway, he will veto any bill that hits his desk that has tax cuts. there is a standoff. you said other day a mexican standoff. i don't know what a mexican standoff but it is in washington. >> it's a standoff in mexico and now is here. >> the numbers are terrible. $31.5 trillion.

over 100% of our gdp the debt actually held by the public is 100% of our gdp. overall debt-to-gdp ratio is 128. neil: amazing. >> like a third world country. >> the other number is 50% of the federal budget is spent on entitlement programs, right? those are third rails. you can't cut social security benefits. can't cut medicare benefits. you can't cut obamacare. where they cut how they cut, the clock is ticking, mccarthy has a lot of work to do figure out a way, i will say all the omnibus bills, the republicans seemed to trade away everything, put more entitlements on the books just to get defense spending. so -- neil: that is kind of what happened. they agreed cuts back in 2011 when palm obama was president. they realized, wait a minute we're cutting defense as well. they soon abdicated that. that whole back and forth, it avoid ad prolonged shutdown, s&p still downgraded our debt from

aaa because of the circus leading up to this. could that happen again? >> i think it could definitely happen again. i don't know if s&p. maybe it is moody's this time. neil: right. >> the other thing to remember the short term borrowing costs of the united states was zero. treasury bills, 13 week treasury bills, what were they 13 basis points. that is over .1 of 1%. right now we're at 4%. so the weighted average coupon of that $31 trillion of debt is rising. what are we doing? we're borrowing money to pay debt service. we are borrowing it at a price that is four, five, six times what it was just a year ago. so i think from a fiscal perspective, i think it is all demented quite honestly. i think 435 or 434 santos is gone members about the house should come together trying to find a way for our kids, grandkids, not to be paying this bill. neil: depends if you like your

kids and grandkids. i wonder how far republicans push it. sometimes they find common ground to freeze spending or slow spending. whether you're going way, way back to gramm-rudman, stick towing very harsh spending limits they break it like a bad diet and that is the history here. so i suspect even if a deal is made on spending, that might be a leap, it will be short-lived. i just wonder stepping back from all of this, mitch, how the markets respond to all of this? >> i think the market is used to this kind of chaos because it has happened so many times. neil: i think you're right. >> as you said earlier, once we get past thursday and if we're now on extreme measures by the treasury department and we get closer and closer to some june drop-dead date and and you start hearing noise on the street. lord knows what happens. lord knows on earnings season reports on inflation and gdp,

then i think the market will get more and more nervous, that the thing that, world economy banks on, which is the u.s. dollar being reserve currency if that is in trouble because u.s. treasurys, held by so many foreign central banks, u.s. treasurys run the risk of not making a debt service payment, then i think you have a global calamity. so, they're on borrowed time. maybe thursday is not that big of a date, they can play chicken. neil: playing chicken for a while. as you pointed out here at the outset, debt held by the public. you're talking about 128% of gdp. >> yeah. neil: there is "the financial times" story, i believe today, worldwide debt, combining governments and individuals, we're into the hundreds of trillions. it's inconceivable, how you ever pay that back. i guess you don't. you can't. >> i remember you and i talking about this years ago when there were, like $18 trillion worth of global debt around the world,

that had negative yield. it is a positive number. it is huge. if it falters, that is new currency, not trying to sound alarm. >> i know what you're saying. >> what democrats republicans are up against. find a way to trim some spending, not just to appease republicans not to appease the 20 members of freedom caucus but to be responsible on behalf of the future of our nation. neil: i always remember it was robin williams who said we owe all of this money to ourselves? well i'm not paying. i am not paying. i owe it to myself. i'm not paying. mitch, always great seeing you my friend. meantime we're still down 343 points on the dow, financial

issues, reverb ageses likes of goldman sachs and investors, arena, uncertainty about the classified documents from joe biden what was at his garage, what wasn't, how far republicans pushed the investigation. we have a lot of committees itching to get going, launching an investigation, we have special counsels doing the exact same thing. it is getting crowded and it is getting scary for one joe biden after this. ♪ ♪

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but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works. ♪. neil: all right, so many committees and investigations, presumably so little time. maybe there is lots of time here. ashiah hasnie on the round-robin push on the part of key republican committees to own investigations into the biden document mess, even as a special counsel is looking into the exact same thing. ashiah is in washington with more. hey, ashiah. >> reporter: hey, neil. republicans have a lot of questions. first of all there are even some in gop leadership right now who are not even buying the white house line there were never any visitor logs. watch. >> they said it. you just don't take their word for it. we're talking about classified documents. we're talking about when the justice department clearly had the knowledge of this prior to

the election and sat on it. there are a lot of questions that are still out there that haven't been answered. >> reporter: but if there are any visitor logs as the white house maintains representative mike johnson who will sit on the judiciary committee tells fox house republicans are willing to go after president biden's family members and even family guests to get around the lack of those logs. so does that mean formal subpoenas or for who? jones son said they don't know yet. what we do know, neil, republicans have a ton of questions and they're ready to use this new judiciary subcommittee on the weaponization of government to get those answers and we'll soon find out who sits on the pale nell because speaker kevin mccarthy has been meeting with top house republicans all morning long to finish assigning committees. he came out to talk to some reporters about the situation. when we might see public hearings? representative byron donalds told fox, be patient. >> we're not going to get ahead

of ourselves. we'll do the work the investigating as oppose to being salacious where my colleagues on the other side of the aisle like to be. we'll take our time and do it right. >> reporter: said they will do it right. they expect to finish assigning committees tomorrow. that might tell us how tense, you how many fireworks in the hearings when they might happen. neil: i suspect quite a few. ashiah hasnie in washington. i want to go to peter flaherty, i want to focus on one part of this story, china, particularly donations, investments and donations it was making to the university of pennsylvania biden center. we don't have a firm figure on total monies allocated or whether they are coins coincidental. we know it's a piece of this rather unusual puzzle, what do you make of it?

>> when we discovered the situation in 2020, we tabulated more than $60 million from china, 22 million of dollars which remains anonymous. there was a single 14 million-dollar gift made in 2018 to the university of pennsylvania from a source in china's anonymous. so we believe there are unanswered questions. we believe that this money fueled a corrupt series of relationships. president biden had a professorship at upenn. he did not teach any classes. amy guttman, the president of upenn was appointed ambassador to germany. the chairman of the board of trusted tease, david cohen was appointed ambassador to germany, rather, to canada. it was a series of cushy dealings and we believe that the house committees and a special counsel should look into this. we believe that the biden center should have registered as a foreign agent along with upenn.

we filed a complaint later on in 2020 to that effect. the justice department didn't do anything but we'll be providing the same material to the special counsel. in january 2020 the biden center cosponsored a symposium on china, that was keynoted by the general counsel of china. this was the same month that covid was escaping from the lab and ravaging the rest of the world. >> what is the timing. i understand, peter, you know far more than i, that the chinese were investing in waves. if it goes back to the time that joe biden left government as vice president and the center i know didn't formally start then this goes back even further than that, but that is when that is the time the real money started

coming in. what is interesting about that, he looked on paper as finishing politician. he served as vice president. that was the same time hillary clinton failed to win the presidency herself battling donald trump. so he did look like a former top ranking official, highest he got being vice president, yet the chinese were still investing here. the cynic could look at that, could there be a quid pro quo down there, could they see something down the road maybe others did not, what do you make of that? >> i think they were clearly buying influence. the biden center is a part of the university of pennsylvania. it was established in 2017. upenn received a lot of money from the chinese, the saudis, other foreign countries throughout the years. once the biden center was established the floodgates became open. it became an administration in waiting. taupe any blinken was managing director. paid him $800,000. steve risch ty one of

president's closest advisors was there. amy guttman of u pen was overcompensated. highest paid ivy league president, making more than $4 million t was a nice deal for everybody. that is for sure. neil: that is wild. peter keep us posted on this. this is a part of the story that the a lot of people don't know anything about, but the dollars, the figures, the timing of those dollars is fascinating to unpack. peter flaherty unpacking all of that. do you remember a few years ago, elon musk going back to 2018 was talking about the possibility of taking twitter private before he had any interest in buying the company outright. that turned out was going nowhere. lawsuits ensued, a trial was on, now we have some explaining to do. after this. ♪

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neil: you know there is a certain irony following the controversy of elon musk and his tweets, his tesla tweets in particular. that this was long before the debate over twitter and all of that stuff and you have to wonder, how it is that life goes full circle here? because the big trial is on questioning those tweets and how far he went and whether he was fooling people. kelly o'grady in los angeles with more. kelly. >> reporter: hi, neil, yeah. another day we're always talking about elon musk's tweets. that is because today kicks off a 10-day trial. they're right now in the jury selection process as we speak. elon musk, he is facing a class-action suit in a

securities fraud case over those tweets dating back to 2018. so as a refresher on august 7 of that year, musk tweeted he was quote, considering taking tesla private at $420 a share and that funding had been secured. he followed that up with another tweet, shareholders could sell at 420, hold their shares around go private. naturally investors got excited. that brought up the stock on his messaging and the price closed up 11% that day, but the gains were quickly wiped out and then some when the funding came into question. in court filings, interviews since then, musk argued he was being truthful and he did believe he had the support of saudi arabia's sovereign wealth fund to do that deal. plaintiffs contend, he was aware of a 72 billion-dollar deal at the time would never go through. in a recent brief, they claimed investors lot millions of

dollars with muck's fraught lend statements these were never have again lost to investors. he requested to move the trial from san francisco since he feels everyone there is biased against him with everything going on with twitter. a judge did deny that. and then more interestingly the judge has already ruled these tweets and statements were false and moving made them recklessly. the jury will have the context during the deliberations. i also want to highlight on top of that, musk paid 20 million to the sec over these same tweets already, which could be seen by the jury as admission of guilt. i spoke to number of securities lawyers. the odds don't look good for musk. it is a question how much he will pay. neil: kelly, keep us up on this one. we have the counsel of george mason university, professor ever internet law.

carl, he wants to has a history of looking at potential enterprises, to make them private, twitter before, now this case. i wonder a legal issue he is raising that as a possibility because didn't he caution or hasten to add, particularly in the tesla case, like one thing he was just throwing out. you don't have to take me seriously out there. obviously people pounced on that, bet that was inevitable. but he didn't say it was going to happen. how do you distinguish this? >> you know, thanks for having me back. the main issue here is it gets to the duty to shareholders question. elon musk has a duty to the shareholders. now the mavs here have to prove that he violated that duty. that he never intended to take tesla private which he claims he did. it is a he said/she said question. it also gets to the issue are there any real damages here? let's look at the facts. tesla was a failing company before elon took over.

it is up 400% over five years. if you were to come out to tell me i could give you a four to one return on investment, that is a heck of a deal. showing harm here is a laughably high bar for these plaintiffs but nonetheless i think the expectations are correct that he will likely settle on this, due to the fact that he is bringing this before a set of jurors who are already somewhat prejudiced against him because of his actions on twitter and takeover of twitter. likely the statements from the judge. but the bigger deal before us here is not so much the issue before musk or twitter or tesla. it is not really going to impact them that much in the scheme of things. the big issue the precedent this sets for all ceos. we start to see activist investors bringing up actions against ceos, not over what they do in the boardroom but what they do in the courtroom. and that is a real opportunity and thread matrix ceos will have to face. publicly-traded companies coming

up, an investor could say when you put profits over green then you were harming my shareholders, you're harming shareholders. likewise you could see coming from the other directions, you put green energy above bottom line prices you could see shareholders bringing suit against that. this will give a big green light to plaintiffs attorneys and investors who are eager to sue. neil: you know it could also, you know, force a lot of ceos to just shut up, to not tweet about anything. to not throw something out there like in musk's case back in 2018. i would think about taking tesla private. now the stock already quadrupled in span of couple years, even back then. you touched on this. this made it soar all the more so these investors caught in that grip, you know, lost a lot of money on paper. so, i'm just wondering how this would affect future ceos or present ceos who might muse online or in response to a reporter's question?

if someone says would you ever take this company private? he or she better watch what they say, right? >> absolute lid. i mean we've of course get the quarterly reports and annual reports from publicly-traded companies and if you're a ceo you do have to be careful what you say but i also worry simultaneously that this would kind of decrease the tans paren sy that we want from our ceos. if there is something that they are going to be doing or something thinking about, we want that information in real-time basis. that seems to what elon musk is getting raked over the coals for doing. it will really chill that type of activity. neil: he said he was looking into it. a lot of these tweets, i read a good many of them, didn't say he was going to do it. i'm just wondering when that would be, you know, singled out, whether just the comment in general teased that happening? that was good enough to hoodwink investors who are now, well here in the courthouse suing, right?

>> yeah. i mean one of the challenges for him is kind of a damned if you do, damned if you don't. because if he had made tesla private, and investors lost money, oh, he is just thinking about it, they would likely bring a suit as well. that is kind of the problem with the overarching system we have in our justice which is not what the rest of the world has. which is a loser pays model, if you sue me and you lose, you cover all my legal fees, we actually have the exact opposite where if you sue me, and you lose, i'm out my attorneys fees but simultaneously, but if you sue me, you win, i have to pay all your attorneys fees. we have fundamental issue of tort reform we should address simultaneously what is going on with tesla and how it plays out. neil: a lot at stake, carl szabo, thank you very much. corner of wall and broad a major selloff. we have charlie gasparino here.

the charlie, the chunk of this whole goldman sachs news, travelers concerned there may be more layoffs. what do you think. i'm hearing layoffs in 2023 at big banks. you saw goldman sachs not great earnings. morgan stanley took a charge for cutting job cuts, if you have to go into the bowels of the, the guts of the earnings to see that. but i mean, listen, this is what i'm hearing from ceo level. they're planning more belt-tightening, more cuts. maybe not as drastic as goldman. goldman really ramped up hiring during the boom, spac boom, investment banking boom began in 2021. it ended when the fed started to raise rates. goldman the most dramatic. others are doing the same. it could last through 2023 into next year. neil: no matter how well the market does, if this continues today not with standing? >> i think the fed raising rates clearly put a damper on

deal-making. neil: that is goldman's. >> jpmorgan does mortgages. higher rates hurt mortgage creation. you can see how it filters through the system. when you staff up, you try not to staff up, but goldman staffed up because they had a ton of deals and people working overtime. neil: parcel out with the bonus, that will get people to quit. >> where are you going to go? morgan stanley is not offering great bonus when there are no deals. this happens all the time on wall street. neil: it does. >> we're on the down cycle. we're on a fed raising rates. it is not the worst thing in the world. this is not the great recession and it is certainly not the implosion that we've seen in the past. neil: did goldman hire more than some of the others? >> yeah that was the whole thing. they are the preeminent deal firm. so when the spac boom occurred in 2021 all those deals based on 0% interest rates. remember the fed was printing money. neil: that's right. >> you had a boom in everything, including meme stocks. people were trading crypto

through the ga-zoo. it was insane time. it lasted through even the initial stages of the fed tightening. that bloom is off the road. now comes tightening. we'll see tightening through this year from what i understand. the fed will raise rates. we're at 6 1/2% of cpi right now, something like that? 6.1. neil: it will get up to that. >> but their target is two, okay? neil: right. >> that is lot more tightening because of that, you will see layoffs. every major firm, if you work on wall street, this is what you face. layoffs through 2023. maybe through 2024. neil: no more free coffee. >> my producer lydia broke the news, david saloman is on the cross-hairs of, he has got other issues. he has a little bit of an uprising going on there i written about this, i reported on think, i remember. >> here is one thing you should know about goldman sachs, it was the "game of thrones" before there was game of thrones. depends who control the balance sheet. when traders control the balance

sheet and bankers are running the show because we have now, david salomon is a banker they want to flip it. when bankers are running show, when traders running the show, bankers control balance sheet, when hank paulson took out john corzine. that is what david salomon is facing. he is a little bit of an outsider. most of his career at bear stearns. not the blue-blood goldman type. if there is one guy, listen he still has support of the board i understand, give me one ceo you could see leaving on wall street, i mean, just based on the crazy nature of that place i could see david leaving you know at some point in 2023. not a prediction. not saying definitely will happen. not saying he deserves it. he was handed a tough hand by lloyd blankfein including the marcus consumer bank which is not his invention. it's, it was blankfein's to make

them go into consumer banking and it blew up. so again, you know, sometimes you're a victim of your circumstance. neil: indeed. such is life, my friend. >> i want to say one thing, it was a fascinating discussion about elon musk. let's be real clear. elon musk point blank put out a false statement. we have a deal. neil: did he say it outright? >> he said it outright. the sec slammed him for that. remember if you're ceo of public company -- neil: i thought he came very, very close to the edge. >> funding secured. it was not secured. if you do that as a ceo, if you do that as a cfo, you are automatically violating securities laws, if you don't have funding secured. either, whether it is a mistake a slip of the tongue, you can't do that. that's why they don't tweet that much because -- neil: i don't -- what is the difference between that i don't want to belabor, he never said if we go through? >> he said funding secured.

neil: okay. >> if he did have funding secured that would be different but remember he didn't. he paid, there was a settlement on this whole thing where he actually settled with the sec. you're going to do that, the stock goes down. the stock, here's the problem with the lawsuit. neil: real quick. >> the stock went up dramatically. it went down -- neil: was going up a hell of a lot. you're right, timing is everything. that is interesting, i didn't know it was that blatant. >> pretty black and white. crazy, no one ever heard of ceos doing that. neil: you are the "game of thrones" here. >> thank you. neil: i'm looking at him. meantime, news out of china got some people disturbed. they're happy the economy is coming back. not coming back as much. they have the covid problem. it's a serious problem after this.

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>> putting a lot of pressure on

china to be more transparent in sharing their covid-19 data and so far it does appear tock be working. china reports nearly 60,000 people, mostly 65 years and older died from covid-19 since it lifted the zero covid policy back in december. that of course is the big leap from five or fewer deaths health officials had been reporting. despite long lines being seen at funeral homes and body bags being taken out of hospitals which contributed to a host of communities, countries, rather, including the u.s. putting travel restrictions in place for folks flying from china into other countries n a tweet the director general of the world health organization said, quote he appreciated the release of detailed information which we requests they continue to share. he says he requested that the sharing of further sequences and cooperation on understanding the virus origins. epidemiologists say they are watching to see what happens

with china because when new infections go up, so do the chances of virus mutations. take a listen. >> and of course the concern we have is with so much covid spreading could the virus mutate to create a new variant that could potentially evade the protection of our current vaccines? if that's the case we would have to create a new vaccine and start all over again. >> reporter: yeah, there are concerns that china could see a further spike in cases as millions are expected to travel around the country for the 2023 lunar new year. "coast to coast" back after this

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neil: all right. what if washington, d.c. came up with a plan to soften punishments and penalties for major crimes like burglaries break-s in what could possibly go wrong? mark meredith from d.c. on the fallout from all of that? >> reporter: d.c. city council voted 12-1 to override veto from the mayor to make major changes to the criminal code. some say it. city council members approved, which means by 2025 under the

criminal code people would be charged with misdemeanors also allowed to demand a jury trial. some fear this could prolong criminal proceedings. this measure would eliminate all manadatory minimum sentences except for first-degree murder. let's people behind bars for variety of different crimes more easily apply for early release if they served 20 years in prison. d.c. recently reelected mayor muriel bowser vetoed the proposal because the changes go too far and make the city less safe. crime already a major concern for d.c. residents, carjackings homicides, car theft a problem throughout the district. we're only 17 days in the new year, the district seen a 100% increase in mom sides compared to the same time in 2022. "washington post" is against the reforms. maximum sentences are seldom pursued under the status quo if ever, limiting them will dress

click prosecutors further discretion. some say the changes are long overdue. neil, even though they were approved by the city council, they will not go into effect until 2025 at earliest. there is kicker all of this, congress will get its say because it oversees the district. we'll see what lawmakers up on capitol hill say next. neil: right in your neck of the woods mark meredith. wonder what ted williams thinks about all of this? i imagine he is not too enthusiastic. former defense attorney. police detective. we've seen this play out in los angeles, san francisco, new york city, without great results. what do you make of what is going on here? >> well, neil, it is good being with you, my old friend. neil: same here. >> listen, i am as the chief of police and the mayor are in the corner of reformation but neil, you don't throw the baby out with the bath water and this is

what the city council has done in overriding the mayor's veto here. crime is up in the city. neil, one of the heartstrings of any city are the businesses and i can tell you, with crime rampant, with the city council overriding the mayor's veto here, reducing certain crimes sort of like the sentences for burglaries, for carjacking, for robberies, it is only going to hurt in the long run and i think you're going to find, and i predict, that businesses are going to move outside of the district of columbia because they're going to be deeply concerned about their employees and the rampant crime that this is going to continue to have an uptick in. neil: you know, it is one thing if you're stealing goods from a

store but armed burglary, armed robberies and this other, being lighter on those guys, that sends a very different message. one is obnoxious. the other is dangerous. >> it's terribly dangerous. you know, my law office is in d.c. and i can unequivocally tell you when i listen to what is going on here i am deeply concerned about my employees. i'm deeply concerned about myself driving into the district of columbia and i'm deeply concerned for the citizens of the district of columbia. neil, we're always, always, looking out for the criminal. what about the law-abiding citizens who just want to go and make a living, raise their families in the district of columbia? they're being put under this deep, deep pressure. look, they also, neil, they didn't mention it, are saying that for misdemeanors they want jury trials. neil, you cannot, we have

felonies and you can't get people to serve on juries in the district of columbia now. so what the hell are we doing with, most misdemeanors having jury trials when it will stretch the criminal justice system? i can tell you, the judges are not on board with this. neil: even the mayor is not on board. as you know the council overruled here here, i'm just wondering where it goes. they used to be in sync. even the mayor is saving this is getting ridiculous. >> it is getting ridiculous. and again what about law-abiding citizens? the criminals are looking at this, believe me, they're laughing, because now they know that they don't have a minimum sentence for if they rob somebody. if they burglarize somebody, if they carjack somebody. this is, this is terrible. this is embarrassing. neil: wild stuff, tedd. thank you, my friend.

always good having you on. ted williams, former d.c. homicide detective, defense attorney, knows what he speaks especially in his neck of the woods. we have more coming up, especially a big selloff here. it is concentrated in one area. we'll explain that after this. ♪. ..

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