maria: welcome back. 30 minutes before the opening bell sounds for a tuesday, markets are mixed right now. final thoughts want dow industrials further into record territory, john lonski. >> keep an eye on tomorrow's cpi. i think it's going to be a pretty good read for the market however, i am less than convinced that the inflation will continue to decelerate into 20225 the because of a -- 2025 the because of faster wage growth. maria: if ah, some skepticism here. cheryl? >> nicole malliotakis is going to be out on staten island are today holding a press conference to fight congestion pricing in this city. maria: good point. liz peek. >> personnel is policy, maria, and we're seeing some pretty good moves by the incoming administration. glad to see it. maria: yeah, good to see it as well. see you again soon, "varney & company" picks it up. stu, take it away. stuart: good morning, everyone. president-elect trump moving very fast to put his team in

place, and that team will reverse all of biden's policies. trump is putting marco rubio in charge of foreign policy as secretary of state, mike waltz heads up national security, or lee zeldin at the epa, custody nome, department of homeland security. -- kristi noem. add these names to tom homan and elise stefanik, and you have an administration that is exactly opposite everything we've seen during the biden years. and it is the having impact. look at this. bitcoin hit a new high of $89 ,000 earlier this morning, now it's $86,000 and change. trump is a crypto guy and is expected to unshackle the industry from current sec chair gary gensler. the impact is already apparent on the stock market. minor selling this morning after a series of record highs for stocks. the dow, though, likely to be the up another 70 points at the opening bell, a tiny gain for the nasdaq. the bond market reopens and rates inch higher. the yield on the 10-year

reaching 4.39%, and the 2-year, 4.34%. rates up this morning as bond market reopens. oil, below $70 a barrel, $68.72 at the moment. ing and gas, that keeps on edging lower, $3.07 is the average for regular, almost half the country, by the way, is paying under $3. and oklahoma has the cheapest gas with an average of $2.58. that's oklahoma. diesel, $3.54, down slightly. gold is in retreat. it's falling, just above $2600 an ounce. a couple of weeks ago it was almost at $2800. on the show today to, a big decision from a new york courtroom. judge merchant will decide whether to the allow out trump's hush money case. this could be the end of lawfare. why is manchester new hampshire the hottest housing market for 10 straight years? answer, there's no state income tack.

the town has a republican mayor. and why on earth has saks canceled the kris lights on fifth avenue? -- christmas lights? they're a huge tourist attraction. not this year. climb -- crime, migrants, the hits deepen to coming for new york city. -- keep on coming for new york city. it's tuesday, november 12th, the vibe has changed. "varney & company" is about to begin. ♪ ♪ i get by with a little help from my friends. ♪ get high with a little help from my friends ♪ [laughter] stuart: i just asked one of my colleagues to name the four beatles, and i'm afraid she could not do it. she's far too young. we'll get into that -- hey lauren it wasn't me. [laughter] >> calling me out. it's too early for this. stuart: it was you. [laughter]

here we go, sports fans. trump's administration is talk thing shape. so far he's tapped susan wiles as chief of staff, new york congresswoman e elise stefanik, tom homan forward border czar, lee zeldin, epa. florida congressman mike waltz to be his top national security adviser. he's expected to name florida senator marco rubio as his secretary of state and has reportedly tapped south governoa governor can kristi noem as his homeland security secretary. all represent points of view directly opposed to biden's policies. this is the real change, and it's happening very quickly. lauren: yep, fast. stuart: lauren, who are the trump insiders who have been influencing? lauren: elon musk, chief of staff the suzie -- susie wiles. howard hut lutnick is the head hunter, if you will. stephen miller is deputy cheep -- chief of staff, and

then there's steve witkoff, trump's golf partner. i mean, we're one week from the election and the team is moving fast to determine who will work alongside the president in january. stuart: it's current this time around. first -- different this time around. first in 2016 it took a long time to get people in place, and there was a lot of problems with it. this time, straightforward. lauren, thank you. listen to what congresswoman pramila jayapal has the say about the resistance to to trump. >> progressive power, despite everything that we are dealing with, is still growing. >> these are going to be the members that are the reins forments to -- reinforcements to protect our communities against a trump presidency, to lay out a vision of the future, to reduce the harm of chaotic republican members of congress. and to win us the kind of popular majorities across the country that we need to be able

to get things back with on track. stuart: ah, reduce the harm from chaotic republicans. kaylee mcghee white joins me. congresswoman jayapal says the progressive movement is growing. really? is it? >> absolutely not. the collection was a major with setback. however, i say this as again zer, a generation that that really was ground zero for leftist ideology, do do not underestimate the progressives. they might not have teeth politically as a result of the election, but they still have teeth culturally and, in fact, that's always where they're real power has lie. it comes from their ability to bully normal people into remain manying silent on these cultural hot button the issues. i think of this week representative seth moulton came under fire from within his own campaign and team for saying, you know what? maybe i don't want my daughters to have to play against boys in their girls' sport. his staff the revolted. he's facing calls for resignation. that is the concern here, that

the left will still be able to bully and shame people into silence. that is the source of their power, and pit always has been. stuart: interesting point. i want you to to listen the what joe scarborough, here's what he he had to say about the progressive movement. >> we're very critical about a man who is a swimmer in the ivy league who transitioned and swam against women, and suddenly he went from 386th best swimmer against men to, like, the 1st against women. finish and i remember saying something about it at the time and people going, oh, my god, how dare you say that. why, you're a radical. i said, no, actually, there's a pew if poll out that says 8 a 5% of americans agree with me -- 85% of americans. suddenly they abandoned them and won't say a word because they're the afraid they're going to be canceled. it's insanity. stuart: we're not used to hearing this kind of thing from joe scarborough. what made him turn around? >> if he's looking for a mirror,

i am more than happy to send him one. just a couple of weeks ago he was calling everyone who attended the msg rally for donald trump nazis. stuart: yes. >> just last week after the election results he squared them a away by saying the reason minorities turned out for trump in greater numbers is because, actually, they're sexist and racist. so i don't think joe scarborough is actually learning any lessons here. and you can tell the reason why. you know, we don't want empty promise you're going to do better, what we want is an apology, and we have get to concern yet to get that from the leftist media with. they were wrong and they have not owned up to that. stuart: i hope i never cross you again. i wouldn't want to be put down by you. kaylee mcghee white, thank you very much. the other big story this morning, bitcoin. on your screens, to the left. $86,200. okay, it's down a little, but earlier this morning it hit $88,000, lauren? lauren: it was close to $90,000. well, the vibes are on bitcoin's

side, if you will. it's considered politically favored and considered safe. so trump has promised to make the u.s. the crypto capital of the planet and hold bitcoin is reserves. that's a national stockpile like gold but digital gold. that has other countries rushing to buy bitcoin now to compete. bitcoin has overtaken silver as the eighth largest asset by market cap, $1.7 trillion and growing. and the washington post is reporting that president-elect trump will fill his administration with pro-crypto aides at the sec, cftc, fdic, all of which oversee elements of the crypto industry including its relationship to the banking system and maybe even an executive order on that. stuart: okay. we need some analysis, we've got it from tom hayes who joins us here in new york. can bitcoin deepen to running? >> i think it's the new vix. the it's a sentiment indicator. what it's telling us right now is animal spirits are back.

it has momentum, it has trading momentum, and it probably goes to $100,000. based on what? i have no idea. [laughter] people are excited about it. the policy is pro-crypto from this new administration, and it's telling us that people believe in risker -- risk, people believe in the future and it's consistent with what we've seen since 19332 the in election years, the markets' risk assets tend to rally into the indiana -- inauguration. and the first six months of that next year as we, absorb policy -- stuart fourth not so much. >> not so good. stuart: you're talking about animal if spirits beginning to run riot again. okay. are the animal spirits running riot in the stock market? are you talking about a melt-up here? >> it could be, and here's the white swan that very few people are talking about. overnight there were some news outlets kind of calling the republican sweep. if that is confirmed, the corporate tax rate a goes from 2 11th to 15. -- 211 -- 21%.

which means the tax expense is reduced by 29%. earnings power of the s&p 500 could go with from 275 to 354. what does that mean many english can, stu? it means the multiple of the market comes down from 21.8 times down to 16.9 times which would imply the market is not expensive at 21.8. it could be reasonable at 16.9 if they push that through. stuart: but we've got to have a clean sweep with. the house has to stay republican. >> that's right. stuart: and that, at the moment, a has not been confirmed. >> that has not, but you had reuters overnight and a couple of other organizations saying it's all but a foregone conclusion. we're know more in the next 48 hours. if that happens, we are going to see strong economic growth over the next four years like we've never seen before. roaring 2000s continues. stuart: i like the sound of that. that's my mannerism, by the way.

here's what we have on the show today. democrat chris murphy criticizing his own party for relying on elites and ignoring the working class. >> moving mar from people that have it -- power from people that have it to people that don't have it, that has to be the tent pole. we cannot win if we don't build a bigger tent. stuart: incoming border czar tom homan says they're focusing on fixing biden's border failures. watch this. >> this administration claimed they told i.c.e. you only want to deport those who commit the most serious crimes. however, the the removal of criminal aliens by this administration is about 74%. stuart: he did say that criminal migrants will be decan portedded first. lieutenant chris oliveraz on the latest on that after this. ♪ i remember when we were driving, driving in your car. ♪ speeds so is fast felt like i

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stuart: futures pointing to another new high for the dow industrials, likely, the up 40-odd points at the opening bell. minor losses for the s&p and nasdaq. trump has promised to get a handle on immigration, making deportations a day one priority. griff jenkins with us this morning. griff, democrats, for example, governor maura healey of massachusetts, promising to resist trump's deportation orders. how does the administration if get around that? >> reporter: good morning, stu. great question. tom homan says if jurisdictions won't cooperate, they had a better get out of the way because the crackdown is coming. man telling hannity this.

>> president trump has made it clear, we will prioritize public safety and national security threats first, and that's our focus. there's over 1.5 convicted criminal aliens in this country with final orders of removal that we're going to be looking for. there's thousands of garage members we're going to be looking for. >> reporter: health care oman began his career in california as a border patrol agent in 1985 a, then later acting i.c.e. director, and he said they are begin deporting the more than 700,000 criminal aliens already deemed formidable by a judge. alsos on this team, stu, stephen miller. he was the argument text of that remain in mexico policy under the first trump administration, widely responsible for reducing illegal processings and morale among agents couldn't be higher. one of them telling our colleague bill melugin things like this, ecstatic to go to work. morale is even higher than the

first time he won. and border patrol union vice president art del cueto had this to say -- >> the vast majority of the agents, you know, they're ecstatic that we have somebody in a leadership position, the president of the united states, the top of the leadership position that actually cares about the boots on the ground, cares about the agents. >> reporter: also on the team, multiple sources telling fox south dakota governor kristi noem will be mom that may noted to lead dhs -- nominated to lead dhs as secretary. stu? stuart: thanks, griff. listen the what the the incoming border czar had the say about deportations hawaii's the first thing on day one -- that's the first thing on day one, start deportations of known illegal migrant criminals? >> absolutely. this administration claimed, they told i.c.e. you only want to deport those with the most serious crimes, however, the removal of criminal aliens by this administration is down 74%.

stuart: lieutenant chris old chris oliver as joins me now. criminals will be out first, right? let's confirm that. they're out first. >> exactly. hard be the priority. that is the priority right now at least from what we know moving forward, to prioritize remove manying criminals that have violent criminal backgrounds that have orders of removal. those should be prioritized to be if removed before anything else. and, of course, those are the public safety and national security threats that tom homan just laid out. that should have been the priority with the current administration, to remove those threats. but unfortunately, as he mentioned also, we have seen just a very low number of removals as far as criminals in the past four years. is that's why we need this change. we need to remove those that the will pose or do pose a significant net to public safety and national security. so we are definitely,, you know, in support of that as far as here in,, and we're happy to see we're with binning to have some changes in leadership -- going

the some changes in leadership. stuart: do you know where they are? the criminal illegals? do you know where they are, and are you going to have to rely on i.c.e. to to go get 'em? >> exactly, stuart. it's not going to be an easy task, it's not going to happen from one day to the direction. a -- to the next. a lot of these criminals, it's going to take some time. it's going to be tedious. that's why it's important that a lot of these statements and cities cooperate with i.c.e., with the new administration especially when you take some of these individuals to jail and place detainers on them for i.c.e. it's a lot easier for i.c.e. to remove these individuals wince they're in jail -- once they're in jail. when they're not, it's a much more environment for i.c.e., it's more tedious to look for these individuals and have them removed. that's why we need this is cooperation where everyone. of course in texas, tom homan, the new administration will have a great ally with governor ab abbott. we are trying to locate some of these criminals and gangs, arrest them, place them in jail and place detain theres on them

for i.c.e. stuart: it sounds like morale as has improved traumatically with turn's win. listen to this. >> morale is through the roof. we received hundreds of calls, texts, e-mails just saying how happy the agents are. there's a lot of agents that had originally said that they would retire if president trump did not win, and now those same agents are saying heir going to hold back on hair a retirement because they want to serve under this administration again because they knew -- they know exactly how it was during his first administration. they know this one's going to be even better. stuart: lieutenant, some people who resigned or retired from border patrol, we hear that they're coming back, they want to come back. is that accurate? >> you know, stuart, i mean, the border patrol right now, i mean, their morale is higher than it's ever been. now they have, actually, something to look forward to, actually have some type of fulfill ifment in what they do every single day. i'm out here this morning working with border patrol, and

i've talked to some of the agents, and heir excited to see what's going to happen in the next year. they do want to come back because they want to help the administration carry out and advance their objective so we can have a safer country. and all this is to secure our border. so it's a great day, it's a great, you know, time for border patrol. they've needed the support for a long time now and they haven't received it, so now they have something to look forward to going into the gnu year and actually the next four years. again, having that cooperation with border patrol and everyone else, it's going to make this job much easier for us to to to to do. stuart: lieutenant the oliverez, thanks for being with us this morning. thr was a key you are issue in the election, i got that. but, lauren, illegal border crossings at the northern border, are they sky iraqingsome. lauren: that's a good word. $19,385 -- 19,385 arrests, nearly triple the prior year and more than the prior 17 years combined. of those 19,000, 358 are on the

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stuart: just a few minutes away from the hoping bell. dow up 40, nasdaq down 13. but look at bitcoin, $86,000 per coin as we speak. that's down a little from where it was earlier. it i think it hit 88 or 889 ,000. david nicholas with us this miles an hour being. obvious question, do you think bitcoin will hit $100,000 and when? >> stuart, i think we have a very clear path to 100,000.

we could see it in the next week, but i think certainly by the end of this year. and if i'll tell you why. if you look at, our u.s. debt is absolutely surging. our government is devaluing our dollar, both of which are immoral. so i think you heard president trump on the campaign trail. he said he would like to see bitcoin as the next u.s. strategic reserve asset. i think this is a big win for bitcoin. i think you're going to get a lot of institutional support and other nations, sovereign nations, buying bitcoin for that very reason. it's a complete 180. i think we see $100,000 by the end of this year. it's not off the table we see $200,000 in 2025. stuart: okay. that's quite a forecast. now, let's suppose that the corporate tax rate under trump goes down to 15. what happens to corporate profits many. >> yeah, that's right. it's a big deal. i think you could see at least a 10% bump to earnings per share. but this is all about owning the right sectors, stuart. we've been telling our clients as -- at nicholas wealth, you've

got to own consumer discretionaries, you've got to own communication services, and you've got to overweight financials. those three sectors, i think, are going to win over the next 12 months, stuart. zero south okay. thanks very much for joining us chris concern i'm sorry, david. we'll get back to you at another time. that's for sure. the opening bell is about to ring. two factors in the background here. number one, rates on treasuries are rising. they're up this morning. number two, we've got a consumer price index report coming out tomorrow morning. we don't know what it's going to to show, but it might have a big impact on the federal reserve and on interest rates generally. that's a concern for some people. so that's something to have in the back of your mind. cpi out tomorrow. the bell's ringing. that means you've got 10 seconds until the opening of the markets, and we're expecting a little green for the dow industrials, a tiny bit of red for the s&p and the nasdaq. let's see what we get. the market's open and the dow is up 58, 700 points depending how many stocks are open. -- 70.

it's an even split. red and green, even split. but the dow is up 88 points. 4,380. -- 44,380. the s&p up .05%. i call that dead flat to slightly higher. the nasdaq composite is down 8 points, dead flat to slightly lower. big tech, where are they? all across the board, we've got meta, amazon, apple up. microsoft, alphabet down. now, let's start with djt. taylor's back with us. where is it today? >> it has been up 91% this year alone which is why you're falling a little bit back down to $31. and i think this will surprise people because people really thought if he won it could go up to $7 70 toa share. but cleary, this -- clearly, this is a volatile stock and huge gains this year given the company brings in barely any revenue. certainly astounding. stuart: bitcoin. i mow it's up today.

>> this is why would. we were really hoping for that $90,000 mark. we haven't quite gotten it, but a lot of this, as you you know, is profit taking. s the up 32% since the election alone, in a week. micro strategy, which is sort of a way that you can play bitcoin, added $2 billion worth to their balance sheet sometime in the fist 10 days of november, so you're certainly starting to see people add bitcoin. the open interest as well is increasing in the future. that really indicates institutional players are really getting involved. stuart: got it. we've got to look at tesla. they've had a lot of momentum recently but they're down 2 today. why? >> a little bit of profit taking. because in the last are week since the election tesla has added $300 billion in market cap. that is the more than the combined market cap of gm, ford and stellantis. so all of this massive rally -- the. [laughter] deutsche bank is saying they thought this trump victory would be good for tesla.

they didn't think it would be this good. it's been incredible. [laughter] stuart: good lord. it takes your breath away. >> i know. stuart: we had some earnings reports before the the bell. home depot, it's up. >> yeah. so they are seeing there is still a little bit of macro uncertainty but really seeing good engagement for seasonal trends and getting a boost from some of the hurricanes as people hope to rebuild. stuart: novavax? >> the sales forecast is declining based on slowing covid trends. some of these vaccine makers fall. stuart: i'm not surprised at slowing covid trends. when who gets a vaccine these days? shopify, put them back on, please. whoa, they did well. >> surging. this solidifies the trend of people continuing to go online. they're also a signing with big box retailers like toys r us, so trying to do volume instead of the mom and pop seller. stuart source how about tyson foods? >> chicken is doing better as

consumers continue to trade down from beef. chicken is the second largest source of revenue for the company, so it's doing well for them. stuart toort another one that's up nicely. live nation, i know they posted their earns after the summer concert season. they did okay. >> they said this was their strongest concert season ever, and it's only going to get bigger in 2025 because you have shakira and coldplay coming, get excited. stuart: coldplay is an exciting band, i believe? [laughter] >> to some. stuart: the prices they ask is astronomical. >> it is. but people are willing to spend. remember, people want services, right? they don't want to just sit at home. this is still the story of that revenge spender or. i'm going to spend $2,000 for taylor swift, and it's my matter. i can cry if i want to. stuart: and they'll pay money for experiences. >> yep. stuart: okta, they got a

downgrade, down .6%. >> deutsche bank downgraded them. they said recent customer feedback has been mixed, and it's growing slower than hay expect, so they're downgrading it the a hold from a buy. stuart: got it. that about does it for you, taylor. thanks for being with us. see you again tomorrow. check, the big board with, please. a gain of 80-odd points, 44,374 is your level. dow winners. top of that list we have, look to my right, there you go. honey if welshing up $13. walmart, nvidia up again. nike. home depot is up half a percentage point. s&p 500, here's a chance to to look at your stocks. tyson foods up 7%. honeywell,s live nation, monolithic power and meta platforms. that's up as well. nasdaq winners headed by honeywell, workday, zscaler, meta and diamondback energy. the 101-year treasury bond, oh, watch out, that yield is 4.38%.

the price of gold, in retreat, it's at only $2,600 an ounce right now. bitcoin, the chart says it's down in price, but look at the level. it's hit $85,000 per coin. the price of oil, well below $70, $68.96. nat gas, that is going up -- no if, do dead flat. no change. the average price for a gallon of regular keeps on inching lower. you're down to $34.07 for regular light now -- 3.007. california, $4.50 a gallon. coming up, liberals in the media coulding -- calling hispanic voters racist for picking trump. ♪ ♪ >> -- with hispanics. they don't want a black woman. maybe they were voting on economic issues, but at the end of the day voting against their own self-interests. stuart: that's called false consciousness in the old language. brian kilmeade takes a look at a in this in the 10:00 hour. saks fifth avenue will not

be decking the halls this christmas, their iconic music and light show scrapped for the first time in decades. our resident theologian, jonathan morris, considers christmas in new york. judge merchan will didn't whether to uphold trump's hush money verdict or dismiss it. if if he does, does it get -- does trump get off or does the judge uphold the verdict? that's the question i'm looking for. former federal prosecutor andrew cherkasky's coming up behind me, he's coming onto the set. he will approach from my to other side and be with us shortly. andrew, how you doing? good to see you. ♪ ♪

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stuart: 10, 11 minutes into the session, i see some green. the dow's up nearly 900, nasdaq's up -- 90, nasdaq's up 26 points. manhattan judge juan merchan

will decide whether to uphold trump's trial verdict or dismiss it. lydia hu has the story. what do we know so far? >> reporter: good morning, stuart. we are waiting for this decision from the judge, but we know this is all about immunity and whether this new york criminal case must be dismissed since the u.s. supreme court decided that presidents are immune from prosecution for their official acts. stuart, right now the attention is laser focused on the judge in this case, juan merchan. he's expected to issue that written opinion sometime today. and in terms of timing, merchan delayed the sentencing until after the election, so today to's deadline for this decision is self-imposed by him. at hand is trump's conviction on those 34 counts of falsifying business records. you'll remember stormy daniels and michael cohen testified about the 130,000 in payments to allegedly buy stormy daniels' silence. now, trump's lawyers say it was wrong to admit into trial evidence from his time as president, evidence like

conversations from white house aides and their observations to prove circumstances relating the before trump's time in office. prosecutor prosecutors, on the other hand, argue even if it was wrong to admit that evidence, it was harmless error to. they say they have so much ore evidence, the jury would have convicted him anyway. it's unclear how merchan will decide this issue s and some do not expect him to dismiss the case given his reputation for being so hard on the trump defense team. if he does dismiss the way -- the case, game over, it's done. in he -- if he doesn't, in just two weeks time, we approach sentencing. expect appeals and also expect trump's lawyers will ask for a delay in the sentencing, so more to come. stuart: lydia, thanks very much, indeed. we're bringing in former federal prosecutor andrew cherkasky. welcome back to the show. if the judge does not throw out the case, then trump's going to

be sentenced november 26th. that's how things stand? >> i think that judge merchan has to kiss miss the case. whether -- dismiss the case. whether he actually has the judicial humility to do so, i doubt it he has been notoriously harsh on donald trump. but the supreme court laid this out quite well. they said not only can you not prosecute a sitting president for official acts for that actual crime, but you can't even use evidence of that the for acts that are unofficial. so you can't mix the two. and that's what happened at at the new york tile -- trial, is that they used testimony from individuals like hope hicks. and then the prosecutors in their closing argument said that was critical information in the course of the trial. and so what judge merchan has to do at this point if he's paying attention to what the supreme court is saying -- and, remember, the supreme court, they have the news. before they wrote this decision, they saw what happened in missouri. and so while they -- in new york. they were at least trying to put out some signals as to how case

should play out. so i think that if judge merchan is really reading what the supreme court is saying, he's got to dismiss if it, and that would be without prejudice. technically, the case could be brought back but not until trump leaves office in four years. stuart stuart may i express the opinion this was a political prosecution, and it leaves the new york judiciary many low standing in terms of its reputation. that's what i'm saying. i don't know whether you agree with me or not. >> you have to look at what the american public must think of this at this point. how much more patience do they have for a single sitting judge in a criminal court in new york city,9 and the district attorney in new york city pushing this case and creating a lot of chaos in our country, creating a difficulty in president trump being able to actually transition into the office. all of these are executive functions, and congress that we should have individual counties in our country interfering with that office. that's a big problem. and i don't think there's much patience for it in our country.

stuart: there are three other criminal cases against trump. are hay going to be settled,or are hay just going to drag on for years? if. >> they're not going to drag on much during the actual administration. they might try. we know letitia james has come out and said she's going to continue to battle and continue to bring her firepower as much as possible -- stuart: that's the bookkeeping case, isn't it? >> that's the bookkeeping -- upon appeal right now. we know that the appellate court seems very unfavorable to letitia james when they heard that oral argument several weeks ago. so they're likely to send that back. stuart: that was political too. >> deeply, obviously. i think it's very clear that there's so many political points to all of this. but nothing is going to move forward sub substantively while trump is in office. and i don't think anyone anything should be moving forward while he's transitioning because that is also a necessary part of the executive, to have the your team ready so that on january 20th as he takes office a, he's ready to run the country.

not burdened by these legal issues. stuart: lawfare if, the use of the law to to go after the political opponent, a total failure. is it? >> i think it's been a catastrophic failure for them. they tried to set this up like it was some grand organization to take down the single -- [inaudible] i think they've got to have trump derangement sun dream, all of them, and they -- syndrome, and they created a sophisticated plan to try to do something, and it was a complete failure. donald trump said it was going to be a failure all along. jack smith's rile is wrapping u. he's likely heading back to the hague to continue continue to tying courses in -- stuart: really? that's where he's going, back to the a hague? >> that's where he was before. perhaps that's the best place for him to return the to. he has failed so catastrophically -- stuart: and they put trump through hell. >> oh, herbal. i mean, can you imagine -- terrible. can you imagine somebody who served in the role of president

being taken on that journey for four years? i think it's a terrible disgrace to the american justice system. stuart: i think trump was very restrained throughout it all. great stuff. andrew cherkasky, always a pleasure. appreciate it. >> thank you. stuart: coming up president-elect trump moving very quickly to establish his administration. it's going to be the one huge policy reversal. what biden and harris sood for is rapidly being swept aside. trump's doing exactly what he said he would do, and that's why he won. that's my take that, top of the hour. trump's victory reshaping energy policy. a journalist has more on what trump has planned. he joins us next. muck but i think it's gonna be a long, long time -- ♪ til touchdown brings me around again to find -- ♪ i'm not the man they think i am at all mush muck oh, no, no, no ♪ harlem has everything.

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stuart: earlier this year the administration if placed regulations on fossil fuel energy plants. it was part of biden's green energy push. youing me now, thomas, what were these new rules, and are they going to be killed by trump?

>> well, thank you, institute, for having me. yes, these new rules were finalized in april this year, and the administration decided to do something pretty surprising that wasn't expected which is they finalized these rules that applied to existing and future coal plants and future natural gas plants. so, essentially, they punted on regulating existing gas plants. and as you to know, existing gas plants represent the, by far the majority or the largest power source in the country. about 43 of our electricity -- 43, is generated by these existing natural gas plants. and so what that does is it opens up the potential for the trump administration to come in in january and through the epa to halt that the rulemaking. it doesn't even require, you know, a new rulemaking process to be initiated. they just can choose not to finalize these rules. and what that will do is protect and insulate a huge source of

power that impacts consumers, that impacts manufacturing, that impacts businesses and could really help save consumers a lot of money. it's part of the trump campaign and now incoming trump administration's plan to really target inflation. stuart: here's another one for you. trump, mr. trump has promised to to i claw back unspent cash from the inflation reduction act. i think you're talking hundreds of billions of dollars. can he get that done? >> yeah. this is a topic of intense debate right now on capitol hill. and there are a few measures that he could do, a few different actions. one of them is called impoundment, and it is, essentially, an executive action he could take that he took in his previous administration that he's promised to take in his future administration which is analyzing through, you know, the elon musk department of government efficiency, analyzing where there is money that maybe

is wasteful that hasn't been spent yet and to halt that money from going out the door and to save taxpayers money. now, of course, all of this is the going to be subject to litigation. there's going to be lawsuits from environmental groups, civil liberties groups. it's going to be really across the board, and and so -- to your point, it is hundreds of billions of dollars, and only a fraction of it has been spent, so there's really a lot for the trump administration to do on this topic. but one thing i want to note for you is the pick of lee zeldin for epa add manufacturer really -- administrator, really signals that this administration understands there's going to be a lot of lawsuits, a lot of litigation around a especially environmental and energy agenda. lee zeldin doesn't have a huge track the record with environmental issues, but he is a lawyer, and he knows how to fight these things and lawyer are up his agency to to protect it from all of these incoming lawsuits as the administration claws back green can energy funding, as it targets many

environmental justice programs, it targets the, you know, solar subsidies and really everything above. stuart: hope springs terrible. i'll leave it right there. thomas, or thank you very much for joining us. see you again real soon. here's what's still ahead, jason chaffetz will react to blue state democrats saying their party is out of touch. judge her if chan will rule on the fate of trump's new york hush money case, brian kilmeade on that. shelley luther, jailed for defying covid lockdowns, she's just been elected to the state legislature. what's her goal now? and sing ernie coal scherr sinker facing backlash for a make jesus first again hat. theologian jonathan morris will join us later. the 10:00 hour is next. ♪ i feel it in my bones -- ♪ enough to make my system blow. ♪ welcome to the new age, to the new age. ♪ welcome to the new age, to the new age ♪

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