right. 1917. been reading a book about it. >> you're spot on. stuart: did he make a mess of being a czar? nicholas ii was the worst. let's look at the markets, we're down pretty much across the board. down 300 on the dow at this point. tepper, you still think we will go lower still? >> i do. something doesn't smell right when you had the win streak kick off the year, ark innovation up, meme stocks up 50, 60%. when last year's losers are leading the way makes me a bit skeptical. stuart: everybody one on the show pointed to a downturn. we didn't v a bull on the air. >> that is food point. got to be contrary can. >> my time is absolutely up. it is time for neil. three seconds are up. neil, it is yours. neil: thank you very much.

we're waiting for announcement on from the justice department on reining in crypto. what we dough know after impressive run up, bitcoin back under 21,000 a coin. ethereum under pressure, xrp under pressure. that entire universe is feeling fear of government regulation or maybe something worse. we simply do not know what justices up to here. we do know a lot of crypto investors are concerned. we're also getting concerned expressed in the market when slow news is not necessarily good news. we got some numbers out today that confirm inflation worry warts have less to worry about, but some recession worry warts taking their place, looking at today's data, one thing for prices, interest rates to cool a little bit. kind of another contemplate the reason why that is happening. we're down about 340 points on the dow. taking along the s&p 500 and the

nasdaq. madison has been following all of these developments, madison alworth, that is, and what might be leading to this. we got hit with a bunch of data all at once, typically data that would be supportive of markets that don't want the fed to keep raising rates but now we have other things to worry about? >> reporter: that's right, neil. reception nary fears strong with the new ren expected in decembe, 1.1%. that was not only the biggest monthly decline of 2022 it also shows consumers cut back at the height of the holiday season when spending should be super strong. it showed a decline in spending gift giving categories, electronics, clothing at online retailers like amazon. it is important to note that even though december is an important month for holiday shopping some retailers diddies count items as early as october. that did spread some of the spending. this is the second consecutive month of falling sales. it adds to signs that the

economy is slowing. let's get to the wholesale prices. reported today, consumer price index declined 0.5% for month of december, much more than dow jones estimate of 0.1% decrease. the decline was a biggest on a monthly basis since april of 2020. we have lots of records here. it could show even though inflation is very high it looks like it is easing. that is two sides of the story, easing inflation but a slowing economy. the biggest factor that helped bring down inflation, a sharp drop in energy prices. we can't jump for joy yet, neil. remain seated. a gallon of gas up 20 cents from this time last month. have to keep an eye on that. you know what else is up? mortgage applications. mortgage applications were up 28% up last week compared to the week before. that is because rates are at the lowest level since september. the average 30-year mortgage sits at 6.33% right now. we're expecting new rates out tomorrow. of course if you apply for a

mortgage you're hoping to wind up with a home and that still has its challenges. according to redfin new listings for homes for sale are down 22% year-over-year. neil. neil: thank you for that. madison i think we mistakenly showed you a number month-over-month, down half a percent year-over-year. downward trend would normally be greeted favorably. it is not greeted now because of some slowdown attached to that. we're separately watching this justice department corralling if you will of bitcoin and cryptocurrencies. we don't know the degree which they hope to rein them in. separately we're getting a report that the u.s. treasury has identified a virtual currency exchange. whether it rivals what we know in our own crypto exchange. it's a money laundering concern apparently related to russia, illicit finance. this might be separate what they're talking about there. a lot of questions, very little

time. andy otto joins us, tennessee republican congressman. congressman, you guys have taken over the house. these are kind of issues you do worry about. we don't know the details of rival crypto exchange or crypto in trouble. we do know a lot of colleagues how you feel about it some say it is the wild west. do you agree with that? i don't want to catch you on developments. there is government effort to rein this stuff in do you think it is justified. >> it is important for government to put up guardrails. the biggest problem, they go too far. think about reagan, scariest phrase in the world i'm here from the government and here to help. i have never seen a problem government can make worse. whatever we do, what happens next needs to be thoughtful in

the approach. neil: i wonder too, congressman, backdrop, i'm sure you're away, we're down 360 points in the dow, that can change in a heartbeat as you know, concerns for inflationary pressures in eyes of some of the data to ease, but maybe people are saying it is easing too much. maybe the slowdown is much more pronounced than we thought. retail sales data weak, factory data weak, now it is like five, six fold from what we thought, what do you make of it? >> this is an ununusual environment, unusual recessionary period. caused by the government putting too much money into the marketplace. this is unprecedented when you look at the size of the amount of money spent by the government. so it is not surprising that we have unusual indicators as we move forward. we're in inflationary period. we're in recessionary period. we are going to have a recession. the only question, how big, how

severe. quite frankly we need the government to stop spending, hold the line on spending. there is the path to grow out of this. we have to let the free market do what it does best, grow on its own. neil: you know the fear seems to be we're coming to a brink that maybe the markets are not anticipating and that is, we get a government shutdown over this debt limit thing on thursday. it is unknown where that kind of thing goes. we do know to past experience, congressman, it drags on a while and that uncertainty is not helping the situation. do you agree? do you think that government shutdown would be a bad idea? >> well i don't think we have a choice as we move forward. you know, any debt ceiling increase has to include cuts. so the whole idea that the sky is fallling is kind of an empty threat by yellen and others. look, the united states is the engine of the global economy.

our currency is the global standard. so look, we have revenue coming in. we can afford to pay our bond holders. we move methodically, we move carefully but you know we're not going to be -- if they want to play a game of chicken we'll play a game of chicken. we'll do what is necessary to right the ship for the american people. for too long government spending has been out of control. we must hold the line as we move forward. neil: let me ask you where we go with this, sir? i'm wondering, one thing now at this point to spot where we r likely now to hit up against the limit. quite another to talk about the government having to shut down. you have a number of months, some say as many as six months to sort of work things out, prioritize what bills you want to pay. i'm curious where republicans would put their preferences right now? obviously you want to pay social security recipients, you want to pay medicare recipients, all that, pay interest to bondholders on the debt.

what do republicans plan to do just in case? >> well, i think that is to be determined there is ongoing talks right now. obviously we'll get into the weeds of that next week when we're back in session. look, we have to protect our seniors. we have to protect our military personnel and our bondholders. look, spending has been out of control. the $1.7 trillion omnibus bill crammed down the throats of the american people didn't help. so look it is econ 101. when the government puts too much money into the economy the back side of that is going to be inflation and when you have trillions of dollars being spent two, 2 1/2 year period, the fact we have inflation, the fact we're steaming toward recession should be surprise to know one and now to ring the alarm bell is disingenuous. we have a tough road ahead of us. part of that road includes cuts to our budget. neil: so as things stand now you're going to use, you know the threat of a shutdown to extract concessions from democrats. i'm sure you heard congressman

from the president on down, chuck schumer, et.al., no, just raise the debt limit, don't attach anything to it, you're not going anywhere with that. it just seems the inevitable is a shutdown but do you worry about a default? >> well, look, you know, i think what you're seeing is, so if we have to, you know, quote, unquote, shut down the government, which really isn't a true statement. we hold the line on spending, when you start talking about prioritizing payments a lot of that falls to the white house. so what you have an administration doesn't want this responsibility. look he ran for president. he got the job, whether you like it or not but it is his job to do. so as we move forward we've got to cut spending and look, folks, trillions and trillions of dollars have been spent over the last few years. that is unsustainable. look, my wife and i we have three children. they would love to have an allowance with no end. they would love to have a credit

card with no top line, right? this is what the government has been doing. enough is enough. we'll have to come up with a budget. when you look at the rules package, i was one of the 20 that held out, we created a process that if you want to do a continuing resolution that's fine but it includes automatic budget cuts. why? we know that is the path forward. neil: the way it stands now, i want to be superclear on this, we get the word out midnight tonight, thursday, at midnight we're up against you know that limit. are you saying then that your plans or republican plans to prioritize certain things, what would they be to prioritize? i guess that is what i'm trying to get out of you? >> well you know, again, to be determined. neil: right. >> we have enough revenues and cash on hand to pay our obligations. so as we move forward, you look at the markets, again you know, you've got to, you know, pay your bondholders the treasury,

protect our seniors. so the things that we know that we have to do but what that does it gives the opportunity to go into this budget and start cutting. look, we can't cut our way out of this recession. we can't cut our way out of this recessionary period, this inflationary period into balance the budget. we'll have to grow out of it. part of the job of this congress get government out of the way of business, so business can grow on its own. so again, there is no magic solution here. it will be death by a thousand cuts. when i say death, death to this troubled waters that we're in now but look, you know, it is going to be bumpy for the next year or two and that's okay. because that is how we fix it but we have to have resolve, both republicans and democrats do the right thing. quite frankly this wokeness that swept our country, that invading institutions, that is invading our military, those are monies right there need to come right off the top.

let's invest in our military personnel, not a woke agenda,. neil: thank you, congressman. i threw a lot at you there flawlessly. i appreciate that. for those looking at the lower right-hand portion of your screen. we have a selloff. what is fascinating this selloff, it is not built on inflationary news that is bad. just the opposite. in fact no inflationary threat at all. wholesale inflation with the wholesale picture dropping 1.1%. prices dropping 1.1%. they were expected to drop a lot less than that. maybe .8 of a percent. ex-autos down a little more as well. that is about double the decline we had expected. year-over-year we see inflation on the wholesale level running at 6.2% rate. a lot of people thought it would be running at close to a 7% rate. month-over-month down half a percent. we had been expecting something like .1 of a percent.

you can see the theme of this, what's happening here and how it is alarming some people, add that to industrial production which was pretty awful, down .7 of a percent. charlie brady our stocks editor was reminding me kind of echoed the new york fed regional report, showed manufacturing activity declined 33%. we'll soon get the philadelphia fed reading on all of that. that and factory out put no longer putting out as much, you have this sense that maybe recession should be the worry and all these tech companies that have are starting to lay off from microsoft to intel to amazon. in low percentage numbers i stress but thousands of individuals just the same. david nicholas follows this very, very closely of nicholas wealthment there. david, i'm curious what you think of the sudden shift in thinking away from the inflationary threat easing to

the recession threat apparently in some peoples eyes growing? >> it is certainly real. neil, not all recessions are equal. we look at this data pretty closely. the reason why i'm not as concerned, employment is still at 50 year lows. you don't have the type of severe, deep recessions we saw in 2000, 2001. 08, 09 while employment at these levels. the economy is not growing to the degree any of us would like but the silver lining i think this is sideways year for the economy. for the markets we'll not see growth like we saw in prior years, neil. neil: you're, federal reserve we just learned, jerome powell is dealing with covid. we don't know how that will affect when he has to do, we hope he has a mild case. you know the drill. he is meeting in a couple weeks. the expectation they will raise rates at least one more time another quarter point, could be more. but maybe in this environment not. what are you predicting?

>> you know i think really comes in, where is inflation going to end up? obviously we're seeing inflation come down but i think the fed has been pretty clear. i just laugh when i see this talk about rates being cut by the end of this year. neil, we're not going to see, we'll not be in a rate-cutting environment in my opinion in 2023. i think rates will be stable. i still think we'll end up around 5 1/2% for the fed funds rate. there is still some juice left in rate hikes we're slowing. we're not seeing 75 basis points. probably not see 50 basis points. we'll probably see 25 basis point hikes next few meetings. we're level off, what the market is not pricing in we'll stay at five, 5 1/2% level six to nine months or even 12 months and beyond. that is where i think the market is getting it wrong. they're seeing the yield curve drop at later part of this year. i don't think we see it, neil. obviously that puts pressure on lending, credit, it will slow

growth continuing into next year. the market is getting a little bit ahead of itself from the rate standpoint. i think fed will maintain a hawkish policy much longer than the market expects. neil: if you're right on that, the run-up we had in the first half of january, had some people say if you believe in the january effect or january indicator, well for rest of the year not every day can be a buy day but how do you see this year sorting out? again armed with this latest data and your opinion, you've been very accurate on the fed, so i'm just curious, if they maintain the position you said, that that's going to be some headwinds for people who thought the headwind days were over? >> that's right and this about alternatives, as investors when we're advising our clients we're looking at all asset classing looking at risk/reward, right? when you look at equities what is the risk/reward? you take a lot of risk what will probably be a lower reward this year. why we see bonds a much more promising asset class.

neil, this will put us asleep, we talk about bonds yielding 4 1/2% but in an environment we'll probably not see any move higher for the market this year, rather own 4 1/2% in treasury or sit in growth stocks that probably aren't going anywhere? i think a lot of investors are making same decision reallocating more to fixed income. i think that puts another set of pressures on the market this year, that stocks will have to prove themselves. this is the year for public companies, proving why investors should own their stocks over more dividend-paying or fixed income securities, neil. so the market, it has challenges ahead of it. but we also see that the silver lining is these other asset classes like bonds are think will shine in a year like this neil. neil: we shall see. david, thank you very, very much i had you scheduled for other things but you flawlessly handled late-breaking developments as well. always appreciate it, david. we're adding more, concern as

russian entityity connected to with a russian concern, u.s. regulatory, big cheeses from the justice department, cftc, host of others cracking down on this. concerns founding majority owner of this cryptocurrency exchange, bitzlato. was arrested last night in miami for an alleged operation involving transmitting funds illegally, money laundering. he is a 40-year-old russian national. he is from the peoples republic or living presently in the peoples republic of china. he set up this sort of shell crypto investing firm that was all a sham. and the feds cracked down on it. and had a spillover into existing cryptocurrencies in this country. even though they had nothing to do with it. so most of those are rebounding from their earlier losses but still under pressure. this on the same day we got some

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neil: told you about some rival crypto dark markets. edward lawrence gets into details in a second. i find it interesting popular bitcoin investments, ethereum, xrp a host of others are down now, they were down about double that. bitcoin, for example, was flirting with the 20,000-dollar a coin level, now just under $21,000. i guess there was relief it wasn't involving those guys. as soon as investors hear the government is coming in, a big announcement, a crackdown, it's a cryptocurrency thing. cryptocurrencies are popular, well-known like these and fear, now off their worst levels. edward lawrence understands this far better than i. he was monitoring this, what justices saying. edward tell us a little bit who they are going after here? >> reporter: bitzlato is what it is called. it's a hong kong-based exchange

for cryptocurrency. what the department of justice is outlying they have taken a major partner off the dark web that facilitated that dark web transactions to go back and forth. they arrested anatoly lakatamov, a russian national resign shenzhen, china. he resides in miami. he goes back and forth a lot there. they found $700 million through the hydro market, which is the dark web through bitzlato through regular exchanges. hydro market is known for narcotics, fraudulent information, money laundering systems. in fact the justice department specified 15 million-dollar payment from ransomware that went through this company. they're saying calling this a big victory to get some of that dark money off of the web. this russian national is charged with conducting an unlicensed

money transmitting business and could face up to five years in prison but this was a global investigation that involved authorities from france, cyprus, spain, as well as the european union block, interpol was working on this too. the department of justice as you see announcing now they have gotten a big player in the dark web market that facilitated ransomware issues, ransomware payments has now come off of, off the board so to speak. neil? neil: you know it is interesting too, because we've often heard that the one thing that regulators want to do when it comes to the crypto arena itself they're always afraid of this dark market exists for crime, illegal activities. >> reporter: right. neil: here it is not that generic or general. there are individual players. they're chasing after alleged individual players but it is not, you know, casting a spell on the entire you know, crypto arena. that is an important distinction. >> reporter: right.

this is getting those bad actors out of this. neil: exactly. >> reporter: the department of justice said this company did not follow proper procedures who identified people who were signing you ever or getting accounts. no i.d.s needed. no picture of themselves, no license, no passport. so literally they believe it was criminals using this market to move money back and forth, basically launder it. neil: probably didn't help their cause to have a name like bitzlato. that was probably the first problem they had. >> reporter: i don't know who their marketing people were [laughter] neil: exactly. need something a little more consumer friendly. great job explaining that to me and the world, edward. i appreciate that. all right, we are at session lows of the dow, down 424 points. i hasten to add, we had a blitzkrieg of economic news today. the good news was inflationary pressures are easing. the bad news is they're easing for all the wrong reasons, or at least that is how the market is interpreting it because from retail sales to consumer certainty meant surveys, to

industrial production and factory output data all of that is slowing down which is why inflation worries go down. this time for some, well not so good reasons. the dow off 418. stay with us. you are watching fox business. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones

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♪. neil: all right, session lows for the dow, take a look at the 10-year note. a food good proxy how the markets bracing akin to outright recession than just slowing in activity a lot of economic data we got today including a tame wholesale inflation report, so tame some people called it outright collapse year-over-year, running at rate 1.1% on wholesale front. some call that a early sign how prices will be when they get to our level, retail level, so-called cpi, consumer price index, they tend to dovetail

another. i never know who leads whom here. consensus indicative of a slow down. the 10-year note which had got enunder 3.4%, now 3.43%. i think you know the drill, price goes up, yield goes down. the yield is down but not as much as it was. we're following that the selloff there, following how a lot of cities and states are dealing with these crazy financial times. some who can ill-afford to do it, looking at things that might not seem timely in this environment, including in san francisco where they're weighing a five million dollar reparation program payments made to those who are owed that, largely african-americans and, this in the middle of a crime wave, certainly there in other cities seem to bespeak of more urgent needs for the time-being. william la jeunesse has been following this very closely in california. what is this all about, william. >> reporter: neil, supporters say reparations are payments for

decades of discrimination, rooted in slavery but perpetuated by government. why should today's whites latinos, asians pay for the sins of slave owners? their reply, generations profited from the legacy of slavery. >> i'm offering no apologies. this is for black evanston residents. >> reporter: a handful of liberal cities growing support for reparations for african-americans. >> reparations is charity, not a gift. something that is owed. it's a debt, it's a debt for 400 years of slavery. >> reporter: how much money who pays is unresolved but in san francisco some task force members want to give black residents descended from slavery or affected by the war on drugs up to five million dollars each. >> this is not black trying to get something from white people in terms of begging, borrowing. >> reporter: the group says reparations address a racial wealth gap perpetrated by city policy. >> locally this is not about

slavery at all. it is all about discrimination, housing, other forms of discrimination around labor, jobs. >> this is massive distraction from the failure of democrats who run this town for over 60 years. >> reporter: democrats also run the state. >> reparations was something promised and something owed. >> reporter: owed only to descendants of blacks in the country before 1900, intended to level the playing field. >> white male, you benefit on the backs of not only african-american women but minorities. >> reporter: how reparations are paid are up to lawmakers and governor newsom. how much? it won't be cheap. could total up to $500 billion. >> california reparations will the starting point, they will take a blueprint start with that, to determine what national reparations will be. >> reporter: this controversy will grow more contentious when the california task force puts a

price tag on reparations in july and lawmakers debate how to pay for it, neil. polls show 80% of blacks support the idea. 80% of whites do not. neil: all right, william la jeunesse, janna caldwell what do you think of this, five million dollars? it adds up to billions? >> of course. the black residents should take that and run with it to move out of california because that is where things are really despicable now with the crime that is going on there. i tell you the reparations conversation has not been a real one and i've seen this decade after decade. i think in congress hr 40 which was introduced in 1989 by john conyers, it has never happened. democrats often times would use this conversation as a stick and carrot to get black support when it comes to election time. it is awful that they continue to do this because if they were sear us about the topic they could have passed it many, many

times before but they're not and you continue to grudge up the pain that many african-americans have felt, whether it be those still alive during jim crow, whether be those who passed down story of a story what happened slavery. this is not okay, neil. we continue to hear this kind of talk, especially around political times. neil: normally as you and i discussed in the past, what happens in california doesn't stay in california, become as blueprint, close to a blueprint, what other cities, states might try. you heard from a few guests in william's piece, what washington might try. where do you see this going? if someone has to pay for that. then there is the issue of who gets it. >> okay if you want to use an example in that package they talked about evanston. evanston has reparations on the books but it is not really reparations. you had to be a resident in

evanston 1969 or before. it was about housing discrimination. so individuals in which may have suffered, not necessarily had to but there was apparently a lot of housing discrimination during that time, they're getting $25,000, not direct cash but for paydown on a mortgage, school, that kind of thing and only 120 people were able to apply because the individuals who qualified were in 70s, or 80s. some died waiting to receive these payments. again you can't count, you can't give a real true number. we're talking about trillions of dollars some have estimated. it is not going to be something i think they can really truly nail down if they were serious about it, again i don't take this as a really serious conversation. it has never been a serious conversation in my opinion. it is only been to create more black pain around slavery and racism throughout our country to win elections.

that is all this has been in my view. neil: gianno, we'll see what happens. giano caldwell, following these developments. we have the dow down about 382 points. we have interest rates stablizing, i stress stablizing from what looked like a freefall in yields coming back a little bit right now. again on this notion the economy is looking dicey again. you always talk about that goldilocks environment, right where prices run up not too fast, activity slows, but not too much. that went out of kilter today. the price component, at least on the wholesale level was falling too fast. the economic activity was falling even faster. not goldilocks, but good if you own gold, after this. and leon... the first of them all. three generations, who all bank differently with chase. leon's saving up for his first set of wheels... nice try. really? this leon's paying for his paint job on the spot... and this leon, as a chase private client,

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that everything i need is right there on my phone. (female announcer) dexcom g6 is the #1 recommended cgm system by doctors and patients. call now to get started. (bright music) - whoa! what are you doing here? - think of me as like your hairy godfather. i'm here to help you get your hair back. (whispering) let's go. i use ext, extreme hair therapy. it regrows your hair and it slows down future hair loss. - and xtrands+, a non-surgical option that provides you with natural looking hair - and you want to know the best part? feeling more confident than you've ever felt. hair club. the real you is up to you. neil: all right. i think i misspoke i told you about gold being up. i was referring to the fact it climbed up over $1900 the ounce. it had fallen on weak reports on inflation and everything else.

in other words, that would be a good proxy, now down about, four bucks at around the 1905 level here. gold so far had a pretty good year though. so we'll keep an eye on that as it had in the last month of last year. also wanted you to take a peek at airline stocks right now under some pressure. i don't know if this has anything to do with it, reports of two jetblue flights bumping into one another at new york's john f. kennedy airport and quantas flight had to return because of engine failure. everyone is all right. this is only days after that other incident at jfk, that could have been horrific, they did come close within 1000 feet of running into each other. in this context, people are worried about flight safety right now. kyle daily, aviation former analyst and faa safety representative. kyle, i don't want to piece all of these together we have a

dangerous trend here but they are noteworthy and i wonder what you make of them? >> i mean pretty much this is coincidence as you know, things happen in three. aviation is no different. neil: right. >> what happened this morning was fairly minor. this happens throughout the u.s. at both large and small airports alike. it is very common. typically it makes the news maybe one or two times a year but for your viewers watching, you know, it's, you know, the airplane will be taken out of service, both of them that were involved. they will be inspected, probably millions of dollars worth of damage i would assume, even for the lightest contact that was made, that was reported earlier. neil: you know, is it a failure or is there a problem that maybe a bit different when planes you know, bump into each other or there is one has to land because of some mechanical issues but it is a faa problem? there is concern that maybe faa

workers are over taxed, they're missing things? i don't know what's there. i do know more funding was in the recent legislative package to help our infrastructure and the rest including for airports. i'm wondering whether that shows the need for that? >> no. this morning you know, if i had to guess, again, investigation will play out but, we all see those wing walkers as the airplane is taxiing out. neil: right. >> you have a guy driving the tug on the front, two wing walkers holding yellow wands. if i had to guess, i would assume there was a failure at some point between communication among those three individuals because they're responsible for that airplane when it is backing up. the captain has the ultimate responsibility for the aircraft, so it will fall upon him but i think the breakdown here is among those groundworkers. now friday's incident at kennedy where we had the aborted takeoff

of the delta air cast, that is a different story. neil: right. >> they will have to review those tapes precisely and cameras and everything. that very well could have been an error by any numerous individuals. neil: you know, the backdrop for this is a time when americans have been flying a lot more, jets are packed, airports are packed, tensions are high as thousands of flights are either canceled or delayed. that was a popular theme certainly around the holidays. so a lot of americans are just wondering, you know, what is it going to be like this year? what is it going to be like this year? >> you know, well you know, the aviation industry is just like all the other industries. there are shortages of employees threw various sectors and the aviation industry is not immune to that. this morning could fatigue played out? it certainly could. a lot of these guys working double shifts to get a lot of-off time.

airlines are short-staffed. fatigue could have played with this morning's incident. with the fact this morning, it was, the sun comes up around 6:00, 6:30, wasn't dark out. could they have misjudged something in that was another factor. this will be investigated in depth by the faa or actually the ntsb. they will do full investigation. we'll find out answers very quickly i would suspect. neil: are you confident in our air travel system? >> i'm very confident. if you look at the statistics, neil, airplane travel is the safest mode of transportation. if i pose to you a question, you don't have to answer this, when was the last time a major u.s. airline passenger plane crashed on u.s. soil here in the u.s.? we had the colgate crash years ago, that was smaller airplane. neil: the one in buffalo? >> the kogan was buffalo, a large plane american airlines back in around shortly after

september 11th was the last large cabin passenger here on u.s. soil. very safe to answer your question. neil: a week or two after 9/11 to your point. wild. >> yeah, yep. neil: good reminders my friend. put it in perspective. kyle bailey aviation analyst extraordinaire. want to keep you abreast of the documents case going on with president biden. we're hearing now the justice department was involved and did to bo to the president's residence in delaware when they were getting that classified material. we don't know whether they deferred to the president's legal team, was already there, including the president's top legal advisor, richard sauber. he was there along with other legal types. he had top security clearance. we're not clear for that matter whether these others did as well. but the president does have a

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♪. neil: all right, the document situation with president biden continues right now. a lot of republicans want answers as to who was at the president's home in delaware. there is no log the president insists of those visitors. republicans say someone must have an accounting, either secret service who was there and when. the back and forth goes on and on amid news that the justice department did indeed go to the president's residence there. this was at the time to get location of classified material and then retrieve it. they were not leading that investigation. they were with one of the president's lawyers, his top lawyer who did have top security clearance but again it is very, very confusing. john garamendi joins us right now, california congressman kind enough to put this in perspective. always good see you. happy new year, congressman. >> and to you, neil. neil: where do you think this is going? >> it is going to go into an

investigation. the justice department, special counsel is investigating it. clearly it is a distraction, at least for the news and for the republicans but the reality is the president is doing his john. he is going to be in california tomorrow dealing with the flooding we have in the state. he was down in georgia, working on the martin luther king holiday. he is doing his work. and frankly the house of representatives ought to get about doing its work. these investigations are clearly the benghazi all over again and that if you recall led to nothing other than two years of flailing by the committee. so we'll see. we got work to do. but you could say the same of your colleagues when you were going after donald trump maybe for perfectly valid reasons. but it is what it is. that is how politics is played. i am curious though, even many in your own party relieved to hear a special counsel looking into this. they do question the timing and accuracy of a lot of comments

the president indeed the white house has made, inconsistent comments at that do you think he has handled this poorly? >> well, it was a very rapidly evolving situation and in that situation he was unable to say nothing because the news and the reporters were all over him as were some members of congress. so he had to come up with some explanation of where and what was going on at that time. it was evolving. it evolved first from the office in washington, d.c., and then maybe we ought to look what is going on at the house, and two houses and as it evolved over a period of time the explanation became more full and that is where we are right now. the just tis department -- neil: you don't think this will be any big crisis or or embarrassment or scandal for the president. >> certainly embarassment?

is it a big one or lasting? i don't think so. the president has done precisely what should be done, that is, be open, be transparent to the justice department. as the press is involved, you can never feed the press enough. neil: all right. >> i understand that. i've been at this many, many decades. so that, is it embarassment? yes. is it a major problem, i don't believe it will be, but justice department special counsel doing their investigation. i would hope that it is quickly resolved one way or the other. i suspect the resolution will be, yeah, he had these documents. he shouldn't have had them. >> we'll see. process just begun. whether it is short or long anyone's guess. congressman, always good to see you. the dow down 421 points right now. stay with us

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