good afternoon. i'm yamiche alcindor. back for another hour. and it's not been a good day for donald trump. after fighting it for years, his tax returns are out, and there's a lot to unpack. from the former president's federal tax payments, to the foreign bank accounts held, while he, that he held while in office, the lack of mandatory irs audits, our expert panel is here to comb through it all. and the january 6th committee just dropped another batch of witness transcripts, like yesterday, they contain a lot of familiar trump world names, we've got the biggest take-aways. and following major breaking news in idaho and the murder case there, a person has been

arrested in connection to the killings of four college students. law enforcement officials tell nbc news the 28-year-old was apprehended in pennsylvania. we've got the details and new year, new covid variants. medical experts are warning of a new infectious strain going through the north east right now. what you can do to protect yourself and others from the post-holiday surge. we begin with the pages upon pages of donald trump's tax returns. and growing questions about why the irs failed to fully audit him during his presidency. back with me is nbc news senior capitol hill correspondent garrett haake and joining me is the pulitzer prize winning "new york times" reporter and david jolly, political analyst. garrett, what stuck out to you in the new batch of transcripts that feel like we're getting every single day. what about this batch sticks out to you? >> in the tax documents, you mean? >> i think the two things that

are politically interesting to me is the charitable donations and david is on the panel and the master of following it up. and time and time again, instances of donald trump claiming tax deductions that do not end up actually, or charitable donations that do not end up having been given and in the batch, we're seeing in 2020, they stopped. we don't see any more of those donations. this is someone who had pledged to donate his salary as president and there is no evidence of that in 2020. the other thing i'm interested in is the foreign income, not the foreign bank accounts which are kind of interesting but don't necessarily tell us a lot but foreign income, $78 million in 2020, from countries like qatar, india, israel, turkey, big players on the international arena, that he was dealing with as president and still in a year that overall he took a loss, and paid nothing in taxes in 2020. what was going on with some of the foreign deals that the president was dealing with? even while the president, there is the future reporting here, and just this information, that we've only had a few hours to look over.

>> and there's a lot to take in. david, when i think about the fact that we've had this information, we're getting of course the public tax returns and we also have had the information, this drip of information, about his tax returns, when you think about the fact that "the new york times" has been on this, as well as other reporters, tell me a little bit about what sticks out to you today, as we learn about these tax returns. >> i'm coming to this from the perspective of somebody who spent years looking at trump's business while he was president. trying to figure out what was happening. was the president making history, fortunes worse, taking advantage of the presidency to make money on the side? and the striking thing here is how little trump's businesses, his many businesses, did for him during that period. instead, the thing that saved him, the best year that he had, while he was president, was due to his long dead father. the father whose money had launched trump into business, who had supported trump for a long time, and the best year he had, was when he finally sold off the last piece of his father's new york-based real

estate empire. so from all of the businesses trump had and all of the things he was doing as president to try to boost his businesses, his father, who had been dead for years at that point, is the one who really came through for him. that stuck out to me. >> that is something that definitely sticks out. david jolly, republicans have been very critical of this, they accused democrats of weaponizing this information, politicizing this information, what's your sense of whether or not republicans are going to have some sort of rep bution when it comes to these tax returns being made public? >> if republicans want to embrace greater transparency by releasing more tax returns of public officials, got bled them. i mean too bad, republicans. recall, the release of these, the or the turnover of these documents, to the congress, and with the result of a long court process where the ways and means committee was initially denied access to them and had to justify a legitimate legislative purpose. they clearly satisfied that legitimate length lative purpose, we now know, because -- length lative purpose, we now

know,s why was he not audited like the predecessors were. that is a legitimate question of the committee. and i will leave it to the tax credits to draw the thread even tighter but we know the manhattan prosecutor just garnered a successful prosecution of the trump organization, and in doing so, the cfo plead guilty to personal tax fraud as well. because he did not declare, the cfo did not declare all of benefits he received from the private trump organization. what is interesting about the trump documents is that we now have a glimpse to almost an analogous filing, did donald trump receive benefits from the trump organization that he properly declared to pay taxes on? or did he not? tax experts will have a lot of fun looking into that. >> and as you think about sort of all of the things that people are going to be looking into, david, i wonder if you're wondering whether any of this looks criminal, looks like something that might break the law, or at least looks like something that might end up in one of the ongoing

investigations that are going on, surrounding are former president trump. >> it does seem likely. there are some transactions between trump and his adult children, john jr., eric and ivanka loans, paying back interest and there are questions whether it was a scheme to avoid income taxes. the thing that really stands out to me and we knew it already but greater detail now that basically the irs was overwhelmed by donald trump. his taxes were so complicated, and the irs is so underresourced, that yes, they did a bad job when he was president, they didn't do a good job, or the required audits as president but even before he was president, they were throwing up their hands and one revenue agent assigned to the incredibly complex taxpayer but there may have been illegal things but even the irs didn't have the resources to sort of figure it out. i think that's a sign of how weak the irs is in general, and how trump's spent years exploiting it. >> critical information, and david jolly, i want to play

something for you. i want to play a clip from former president trump's twitter account, it's from 2015, take a listen. >> as far as the salary is concerned, i won't take even one dollar. i am totally giving up my salary if i become president. >> so during the first three years in office, i want to read this to you to make sure it is clear. donald trump said he donated his salary, quarterly, but in 020, his last full year, as president, documents showed he reported zero dollars in charitable contributions. so i'm wondering, can you, are we thinking possibly, david jolly, that he will offer up some sort of explanation to clear up what is going on? >> it is part of the deep state, that's what donald trump will call you later today. look, of course, did he commit some type of misrepresentation upon the america people? i'm confident he certainly did. but i also think, contextually, around the fact, whether or not he gave up his salary for a few

quarters or not, look at all of the money he made, based on the assets that he acquired, before the presidency, during the presidency, that he was able to dispose of that his family made income off of, donald trump made a healthy profit by being president of the united states. whether he gave up a quarterly salary, i think, is just a little piece of that in the broader context. >> a big context for sure. thank you very much. i want to now bring in democratic congressman from virginia don beyer, he serves on the house ways and means committee. congressman, i want to read to you some of your statement that is from today. you said donald trump quote abused the power of his office to block basic transparency on his finances and conflicts of interest which no president since nixon has done. tell me a little bit about what you're hoping the american public takes away from this, what we're learning now, today, this week. >> thank you for the great

panel. and you just made the most eloquent case for why we should have released the tax returns. you know, back in the ways and means executive session ten days ago, the debate was were the reports enough, or did the american public really need to see the returns? i think once the returns were leaked this morning, we've seen, you know, great journalists around the country look deeply into what exactly happened. that's been very, very helpful. and all of the things that they just said, that first of all, that the irs audit process was broken, that they added eight years of barack obama's and one year of joe biden but somehow skipped the first two years of donald trump, and as near as we can tell, the first eight, we see, when they started on year three, it was the same day they got the letter from the chairman of the ways and means. >> congressman, i want to point out that as you're talking about sort of the importance of releasing them, there are republicans who have been critical of releasing them, saying that it is politicizing, and weaponizing, and this information, i wonder, what are

you thinking that republicans might do with this information? how concerned are you about what happens next? >> i'm not concerned at all, because i think their complaint is pretty silly. i can't imagine they're going to go after you, or me, or any of those panel efforts you just had. this was specifically to go after the most powerful person in the world who controls the largest budget in the world, enormous business interests, and trump was the first president since richard nixon not to release his returns voluntarily. and it turns out, he said he wasn't doing it because he was under audit when in fact he wasn't under audit. so this is a one-off case, you know, for a particular president and i don't expect it to be used for anything else. >> congressman, we were talking about audits, and there are of course, it is the issue of the irs allegedly failing to audit

former president trump and what to happen again, for another president not to be audited in the way that the laws say they should be. >> i think david fairnhold made that point really well that, the irs has been starved for the past ten years. we put about 80 billion into one of bills this past summer to bull particular up but that is going to take time. it was so sad they put exactly one agent on the huge tax return who confessed early on that he had to trust lawyer's accountants and lawyers because it was too much for him. with the conviction of that cfo, we know that just because they are accountants and lawyer, they don't always have to tell the truth. >> and when you think about this going forward, on what is next to you, as you were just talking about, i wonder what you say to critics who say that reforming the irs, changing the irs, in any way, that it shouldn't be political. is that possible in your eyes? and you are worried that it might be seen politically, even if it is not? >> well, things are often seen as political that aren't. it shouldn't be. we have put the irs commissioner

to serve, you know, five years or more, so beyond one administration to the next. certainly, when we interviewed charles redig, trump's irs commissioner, they were not political questions. we were trying to make sure that he was running the agency with integrity, and i expect they'll do the same with the irs commissioner appointed by joe biden. >> certainly. well, a lot of questions still to come. thank you so much for joining us, congressman don beyer. >> thanks. coming up, authorities are set to speak about the arrest made in connection with that murder mystery at the university of idaho. at the latest on today's developments in that case. plus, a check on the markets, and a look ahead to the economy in 2023. now that we're in the final hour of trading this year. but first, kevin mccarthy's battle to become house speaker. what is happening behind the scenes, next. a mystery! jessie loves playing detective. but the real mystery was her irritated skin.

so, we switched to tide pods free & gentle. it cleans better, and doesn't leave behind irritating residues. and it's gentle on her skin. case, closed! it's gotta be tide.

my a1c stayed here, it needed to be here. ray's a1c is down with rybelsus®. case, closed! i'm down with rybelsus®. my a1c is down with rybelsus®. in a clinical study, once-daily rybelsus® significantly lowered a1c better than a leading branded pill. in the same study, people taking rybelsus® lost more weight. rybelsus® isn't for people with type 1 diabetes. don't take rybelsus® if you or your family ever had medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2, or if allergic to it. stop rybelsus® and get medical help right away

if you get a lump or swelling in your neck, severe stomach pain, or an allergic reaction. serious side effects may include pancreatitis. gallbladder problems may occur. tell your provider about vision problems or changes. taking rybelsus® with a sulfonylurea or insulin increases low blood sugar risk. side effects like nausea, vomiting, and diarrhea may lead to dehydration, which may worsen kidney problems. need to get your a1c down? you may pay as little as $10 per prescription. millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line there are millions of happy campers out there. and this is the perfect time to join them... save hundreds a year over t-mobile, verizon, and at&t with xfinity mobile, and for a limited time get $400 off a new eligible 5g phone. switch today.

house democrats making use of the final hours in the majority today, before republicans take over the gavel on tuesday. the january 6th committee in likely one of its final acts releasing dozens more transcripts from its investigative interviews. republicans have already made clear they plan to launch several counter investigations after condemning the january 6th panel as a partisan-led effort. still, up in the air though, is who will lead the gop caucus in their effort. with speaker hopeful kevin mccarthy struggling to gather the support he needs to take the position. joining me now is former democratic congressman from maryland donna edwards and former staffer for house speakers paul ryan and john boehner, and tell me a little bit about what you make of the committee releasing these tran gypts in the final hours there, and about to disband, and what

message do you think they are trying to respond to the american people and republicans. >> i think they want the american people to digest fully the work they did over the course of the term of the january 6th committee, but for the american public to understand, even as we're moving into january 6th, 2023, what happened on that day, on the days leading up to january 6th, and the days following. and i think with each one of these transcripts, we are going to be pouring over them for, did poring over them for the days and weeks to come, to understand the differences in the various transcripts, to decipher ourselves whether people were credible or not, and to understand the full story and i think this is important, both as an historical moment, but also in anticipation that there might be some additional action by the department of justice. >> as donna is talking about additional action, i wonder what you make, and what you think republicans will do to push back

on all of this information, now that it is out there? >> well, there has been some rumbling that they may try to investigate this committee itself, go back and for some reason think that there was something foul that took place there. i think that will be a really bad idea. i don't think it is in the republicans best interest to dredge this back up. i think the best thing to do politically is move along. what they have said is they will investigate very aggressively the fbi, because they believe largely being driven by donald trump, that this is an agency that was being weaponized against republicans, and against the president, and i think again, this is politically silly and the kind of thing that makes the republican party look like an unserious place to be. but you have enough members who think that this is important, i imagine it will be a central focus of the oversight focus of the next republican congress. >> we're certainly gearing up to cover that. and congressman edwards, i want to ask you, there will be a lot

of information likely that will not be released by the january 6th committee, likely hundreds of interviews and transcripts and troves of information. do you think the committee should have been more proactive when it comes to sharing with the public the full scope of the investigation? >> i think you can hardly say that releasing a report that is over 800 pages is not really sharing with the american people. i mean there are plenty of footnotes and documentation and quotes from interviews in these transcripts that are enough for the american public to digest. if people only read the 150-plus page executive summary, i think that they will get, they will glean a lot of what the committee's work was, and then for all of us, you know, political nerds, we will read the details of all of the important transcripts released as well. >> an important point to make for sure, congresswoman. it seems as though kevin mccarthy is still, and we know

scrambling for votes, trying to get to that magic number to become house speaker. what's your sense of what he is doing in these final days, and hours, as this vote is going to happen, and i wonder what you make of the sort of different factions in the republican party, that are acting and demanding things, in order to get a vote and to support kevin mccarthy? >> the time is running short and i think kevin mccarthy is doing everything he can to avoid an historic failure on the floor. we haven't had a speaker vote fail in 100 years in this country. and as of right now, there are enough people saying they could block him. and create that situation where they may have to go to multiple ballots. he is trying to avoid. that he is trying to make deals with mostly members of the house freedom caucus, who are insisting on changes to the rules. i think there's a handful of these folks who will never vote for kevin mccarthy but there are some that could be gettable and talking about how many amendments to have a voice on the floor, their representation of a particular committee, but

ultimately this goes down to the motion to vacate, it is how the members can remove the speaker from office, in the middle of the congress, and so there's a tool that was used against my previous boss, john boehner and hung over our heads through the paul ryan speakership and republicans want to go back to a way that makes it much easier for them, or some do, to make it much easier for them to use this against the speaker and remove him. i think it would be terrible for the institution. it would peak weaken the speaker. that is ultimately what this is going to come down to. >> it will also come down, to donna, i should say congressman edwards, this is also going to come down to speaker, hopefully speaker mccarthy, if he ends up getting that, it is going to come down to him needing every single vote in order to do this, and george santos, of course, that republican congressman-elect who is facing all sorts of allegations that he embellished his res na -- resume, he said he did that, i wonder about the risk of george santos, and supporting kevin mccarthy and still staying in

congress. >> well, i mean look, i think he's going to be seated on tuesday. the question is, was his fate be that he will be gone that day? i think the challenge for kevin mccarthy is that in order to secure the votes that he needs, every single hour that he works to try to secure those votes, until tuesday, it means that he gets weaker and weaker by the hour. so whether or not he is seeing some of these rules changes are affect the, it will affect the entire tenancy of his speakership because he will sob weakened and held auj frankly by the members who either didn't support him or who demanded so many things of the incoming speaker. so i think it is going to be a challenge, whether george santos is seated or not. >> definitely a story we will keep watching. thank you very much for both of you, former congresswoman donna edwards, and brenden buck, thank

you. >> happy new year. moments away from a major press conference, after an arrest in connection with the murders of four university of idaho students. what we know about the break in the case. plus, as the winter holidays wrap up, we're already seeing signs of a possible covid surge on the way. what we're learning about the new variant that is taking hold. next. y'all wayfair has just what you need for your home. is that glitter? this table is on its last leg. y'all need this. you're kelly clarkson! a whole new look for a whole lot less. ahhh! -you're kelly clarkson! i am... and you need this. i love it! are we in a wayfair commercial? maybe. personal sauna. ok i need that. ahhhhh! ♪ wayfair, you've got just what i need ♪ one prilosec otc each morning blocks heartburn all day and all night. prilosec otc reduces excess acid for 24 hours,

blocking heartburn before it starts. one pill a day. 24 hours. zero heartburn. ♪ ♪ blocking heartburn before it starts. ♪ ♪ you've done the hard part. you quit smoking. now do the easy part and get scanned for lung cancer. if you smoked, you may still be at risk, but early detection could save your life. talk to your doctor and learn more at savedbythescan.org ♪ what will you do? ♪ what will you change? ♪ will you make something better? ♪ will you create something entirely new? ♪ our dell technologies advisors provide you with the tools and expertise you need to do incredible things.

because we believe there's an innovator in all of us. i was injured in a car crash. i had no idea how much my case was worth. i called the barnes firm. when a truck hit my son, i had so many questions about his case. i called the barnes firm. it was the best call i could've made. your case is often worth more than insuran call the barnes firm to find out i could've made. what your case could be worth. we will help get you the best result possible. ♪ the barnes firm, injury attorneys ♪ call one eight hundred,est resul eight million ♪

[ sneezing ] are you okay? ♪ the barnes firm, injury attorneys oh, it's just a cold. if you have high blood pressure, a cold is not just a cold. coricidin is the #1 doctor recommended cold and flu brand. specially designed for people with high blood pressure. be there for life's best moments. trust coricidin. there's always a fresh deal on the subway app. like this one! 50% off?! that deal's so good we don't even need an eight-time all-star to tell you about it. wait what? get it before it's gone on the subway app!

in just about 30 minutes we expect law enforcement officials in idaho to hold a press conference following an arrest in connection with the killing of idaho students last month. 28-year-old bryan kohberger was arrested at a home in chestnut hill township, pennsylvania, on a warrant for first-degree murder. pennsylvania state police say they assisted idaho law enforcement as well as the fbi in the arrest. and a judge has ordered his extra dition back to idaho. joining me now is nbc news correspondent gadi schwartz and jim carve gnaw, retired special agent in charge and msnbc contributor. gadi, you have the latest on this case. what more do we know about this arrest? >> we understand that bryan

kohberger was taken into custody by a special team of police and fbi agents on an interesting felony warrant for murder. the arrest seems to have happened a little south of mount pocono, thousands of miles away from his home in pullman, washington, which is about ten miles away from that horrific crime scene. we also know that a white hyundai elantra that matched the description of the one that police was looking for was found at the home where he was arrested. so far, police have not said what led them to this arrest, we're expecting to hear more details at the press conference, in about a half an hour. and the big questions will be whether this may have been the car or possibly a dna match from genetic genealogy, or possibly one of the 20,000 or so tips that have come in about this case that really broke this case. and we've been looking into the background of the suspect here, it looks like he was a ph.d. student at washington state university, studying criminology. again, that school is about 15 minutes, a drive from the university of idaho where this

horrific murder happened, and so word if this man has any direct ties to everyone the victims or this house, and we should know more in about a half hour. >> and certainly we will be watching that press conference. jim, the law enforcement has been really quiet about the case. what do you make of that fact, given the fact that now that we're seeing these developments in the arrest? >> well, it's a great sign, you know, they made an arrest here, and a really great sign. yes, they held everything close to the vest. they were running out of the leads and while you're commanding a case like, this the critical thing is to match a couple of different things, great reporting by gadi, all along throughout this case, but when we come back and we see maybe the car is picked up as a lead, and then, you know, maybe a cell phone hit, of putting the occupant of that car in the neighborhood, something like that, it would make the investigators center right on a guy like that, of course, then you look at for what gadi described, a dna match, some foreign ins, you know, basic

criminology we have a thing called a period of transfer, where the assailant leaves some items at the scene and takes some with them. this will be blood, hair, bodily fluids. and of course, there's a lot of blood on the scene, so the shoes would have blood, maybe his clothes would have blood, he certainly kept a car, this is the killer, and there may be blood in the car, it may not even be visible, but forensic technicians can pick that blood up. and if there is blood of the victims in that car, or if he kept the murder weapon which sometimes the killer might do. and there could be some dna match, forensic match, at the time, that is tied directly to the scene. and i have had killers in cases like this, bombers and killers that will drive a long distance and sometimes toss out critical evidence like the knife or a gun, you know, over a bridge, when they're close to the river, it is quite a long drive from idaho to pennsylvania, and so there's a lot of opportunities to get rid of important physical evidence like a knife. and although he may not keep that, he won't be able to get rid of all of the forensic

evidence since he did keep the car. he may have his boots, clothes, there may be digital tracking, and don't discount that, he may have had prior contact with some of the victims, there could be text messages, emails, and they may have known him, it's possible, and there could be some primary evidence there as well. >> definitely some details we will be looking to definitely hear from in this press conference. i want to also ask you this, bryan kohberger, he was arrested in pennsylvania and it is my understanding that he will be extradited to idaho. how long possibly could that process take? >> it is going to depend if he fights the extradition. sometimes the lawyers for the suspect will say look, this is fruitless for to you fight, this and it doesn't going to help anything, why don't you just waive your rights for extradition, go out there and fight your case. other suspects want to fight the case. and i've had this in many case, we call the federal service of removal hearing before the united states magistrate judge, but he is going to have to make a case, usually they try to make

a case it's not me, i'm not the killer, they don't have any evidence. and then in pennsylvania, they have to have stom some hearings to establish probable cause, is is strong, what does the state of idaho have that really says this is the killer, and they may have to look at that. but often, their attorneys advised them, look, that is a waste of time and effort and money, and we can better prepare your defense if you waive it. so it will be important to see, and the reporters will let us know, and this case is going to be like so many cases, big cases, lake we've had, like the snipers -- like we've had, like the snipers and unabombers and you catch the guy and make the forensic matches and make the digital matches, it gets to be a pretty strong case and the task force took their time, and took their time, yet still it is a fast arrest and they have solid arrest or the d.a.s in idaho wouldn't be going with. it it still doesn't bring back

the victims, it is pain and agony, but it is a big step and i hope we get the answer, from the trip from idaho to pennsylvania, or any time even prior, did he kill anyone else, because this someone of the most vul cigar and vicious attacks we've seen in recent attacks in recent history in america, a very personal attack with a brutal knife, a big knife, a k-bar knife, did this guy kill before or others on the trip, and all of these things are possible and we don't have those answers. maybe these are the only murders he did. we'll have to wait and see. >> big questions, gadi will be jumping into it and i'm sure jim we will be having you back for your analysis. thank you very much. and as americans finalize those new years eve plans, health experts are warning of another spike in covid cases. driven by a new dangerous variant, hospitals are already stretched to the limit by the so-called triple-demic, the mix of covid, flu, and respiratory

illnesses, and now, with students heading back to school, after holiday gatherings, doctors are bracing themselves for things to get even worse. which is really tough to think about. joining us now is msnbc medical contributor, and former policy director, and the obama white house, dr. patel, thank you very much for being here. what are you looking toward, looking at in january, what are you concerned about as we enter this new phase? >> yes, let me set what is troubling all of us. we're seeing a spike in cases in the northeast of a specific variant that represents something that we haven't seen before in the virus up until now which is a fusion of two versions of the virus, creating kind of a much more fit version of the covid vice called xbb.1.5, lots of letters and numbers, all of it adding up to a large percentage, almost 40% of u.s. cases and single handedly driving up the northeast surge in cases and

including hospitalizations, especially for people over the age of 70. of note, that is the population which is also low boosted. everybody in the country has a low boost rate. but it is really troubling above the age of 65, where only one in three seniors have had an updated booster some of the we're expecting more hospitalizations, and that variant to continue to proliferate and increase in number, and that means more infections, more hospitalizations, and unfortunately more deaths and all while you mentioned, the triple-demic, parts of the country still dealing with the flu, rsv peaking and decreasing in other parts of the country, but due want to have a situation where all three of these are in effect, which is what is happening now. >> and doctor patel, as you're talking about the triple-demic, i'm also focusing, we're focused on nbc news about the new variant, xbb 1.5, this is where we've gotten to now, in the pandemic, and are the boosters going to be working for the people who are vaccinated? how concerned are you also about the treatment that patients might get, if they get this new variant?

>> yes, all great questions. so number one, we don't know exactly how our updated boosters work against this specific variant that's going on in lab experiments and real world settings right now, but all signs point to having the booster is better than not having one. that's probably the best way to say it. and what we also know about this xbb variant is that it is common ground. i think some of this might follow on with the conversation, is this coming from china, other country, and we are doing a pretty good job of keeping everyone working on it and producing the new vaccines and we are having a problem here and it is continuing to proliferate as you mentioned with holiday gatherings and i'm sure you see it, i see it with my family when i'm traveling, nobody is wearing masks and nobody is really doing anything anymore, but i would urge people to make sure that they have the booster and make sure they bring nose masks on all of the -- those masks on the trip home and all of the cramped airports waiting for the airlines, that is the time to

put the mask on. it can make a difference. >> really important information and it can make a difference. dr. patel, thank you very much. >> thank you. and still ahead, illinois was set to become the first state in the country to totally get rid of cash bail. but now, a last-minute legal challenge has put those plans on hold. but first, we're just minutes out from the closing bell on the final trading day of 2022. we've got a check on the markets and what to expect next year after the break. eak. i tried everything to remove fabric odors, but my clothes still smelled. until i finally found new downy rinse and refresh! it doesn't just cover odors, it helps remove them up to 3 times better than detergent alone! find new downy rinse & refresh in the fabric softener aisle.

(classical piano music)

find new downy rinse & refresh - [reporter] one of the deadliest mass shootings in us history at pulse nightclub in orlando. - [barbara] walking into the building for the first time after the shooting, it was crippling, but it had to be preserved. if you are an ally of this community, speak out. there are more of us together than apart. it is the power of love in its rawest form. (classical piano music) on the final trading day of the year, take a look at the dow right now, down this afternoon. 2022 had been a rough ride for wall street, on track for its worst year since 2008. here is the s&p 500, down about 20% this year. as consumers and investors wrestle with the historic inflation and soaring interest rates. joining us now is cnbc

contributor and chief economic correspondent ben white. ben, first put 2022 and the markets in perspective for us. >> it was painful, i mean this was not a good year for wall street, or any investors, as you see, the nasdaq, took it the hardest, i think we'll close down the year about 30% down and we see a lot of the tech high flyers, meta and alphabet, google, you know, come down-to-earth, so i mean we had the crypto explosion, so the nasdaq really took it hard. but anyone that relied on borrowed money which is a lot of startups and tech firms did poorly as the fed raised interest rates and that hurt markets and overall everyone is worried about interest rates leading us into recession and that fear is still out there significantly, that we could get that in 2023. so there are a lot of weights on the marth. it is interesting when we think about this year, it was actually a pretty decent year for order near workers, a lot of jobs out there, wage gains, the cuts were

really at the higher end, tech firms and then seeing all of these tech companies blow up. that may change in 2023, but the fact that it hasn't happened quite so much this year. >> and talking about last year, or should say that the year we're currently in for a couple more days, when you look at 2023, what are you expecting? and how worried, frankly, should people be about their 401(k)s, and investments and frankly for my mom who is watching but tell me a little bit about how worried people should be next year. >> my mom is watching now, too, i think, so as t-is for her as well, i wouldn't be terribly worried, it is frustrating for all of us, the retirement plans that are lucky enough to have them or retirement accounts, plenty of people don't but it is frustrating to look the at statements and see how much you lost particularly if you recently got into the market, a lot of losses and longer term prospect is much better. what i'm hoping for is 2023 to see an end to the fed rate hikes, sometime relatively early

in the year, and if they don't overdo it to the point where they create a recession that spikes joblessness, and hits markets even harder. i think there is a chance they pull that off. it is hard to do. so there is a solid possibility of at least a mild recession next year that gives us more unemployment. and we have one more kind of sideways year in the markets before we get rolling higher again. but there's still some scary stuff out there for 2023, but also a good case, if the economy survives okay. >> and a quick question of 2022, do you see positive economic developments and anything you want to highlight as the year comes to an end? >> we did get a lot of fiscal stimulus in the system. we did get the stimulus bill and it helps with the chips bill and domestic chip manufacturing and a lot of long plays there that came through congress in the last year that should be beneficial to improving the productive capacity of the economy, which means higher wages and less inflation.

so there are positive things that happened in 2022 and we didn't go into a recession despite all of the dooms-saying among wall street firms and that hasn't happened some of the that's a good thing, too. and so there is a couple of good things, and some things to worry about in 2023, but also a possibility that they pull it off perfectly, and we have a decent economy in 2023, and your mom and my mom don't have to worry too much when they open the statements. >> important information for americans overall, but certainly for our moms. so thank you so much. >> always good to be with you. and it was set to be a major progressive overhaul of the state's criminal justice system, a new law in illinois set to go into effect on january 1st. it would end cash bail for everyone accused of crimes. but a last-minute ruling by a judge has put that new law on hold, at least some parts, at least in some parts of the state. nbc's shaquille brewster is in chicago with the details. so tell us what is supposed to

be happening here, and when if anything, when will it go in effect? >> well, the judge's ruling really put this law into question, and some of the more conservative areas of the state that were connected to that lawsuit. but if you look at the more populated areas, like chicago's cook county, officials here say they are going to plow ahead with an elimination of cash bail. folks here are ready to expect a new reality. >> as crime-focused ads flooded television air waves this fall -- >> it will soon be the law statewide. >> a sweeping through law in illinois took center stage in conservative messaging. >> didn't illinois pass some new law? >> illinois attempting to become the first state in the country to abolish cash bail. if the law survives legal challenges those accused of crimes will no longer need to pay a dollar amount to be released. instead, judges will determine detention. based on if the person poses a

threat. eliminating the wealth-based advantage. >> in 35 years that i've been a prosecutor, this is probably the biggest change in the criminal justice system that i have ever seen. >> dupaige county state's attorney robert berlin was using the ads attacking the law -- >> violent criminals out on the streets. >> he and other states attorneys secured changes signed into law this month. >> i was a vocal critic back then, but with this amendment, that's changed everything. judges have the tools with violent criminals, to detain defendants who are likely to commit other offenses that put the community at risk. >> chicago's chief public defender has been opposed to the existing bill system for years. >> we're moving to a system that is more serious. a system that is more informed. and a system that is more fair and just. >> a federal government report shows that more than 60% of defendants are detained pre-trial because they can't afford to post bail.

the report finding stark racial and gender disparities, with young black men over 50% more likely to be detained pre-trial than white defendants. >> if you look at the jail population, it's much more reflective of who has access to money as opposed to who has been determined to be a risk of flight or risk of public safety. >> during the height of the pandemic, in 2020, tray dozer spend three months in the chicago jail when he couldn't post bond. >> the anxiety and the fear of just knowing, with every passing day when i'm in jail, the rest of my life is basically falling apart. it is in freefall. because of the situation in which i was seen as just a misunderstanding to be sorted out. >> after his partner's tiktok post about their experience went viral -- >> he had dementia from his diabetes. and he was obviously confused and accidentally opened a lady's

passenger car door. and police on the street assumed that he was stealing the car. >> the bail project stepped in to help pay the $10,000 required to secure his release. >> the new model will give somebody the opportunity to actually look at the real true circumstances of my stipulation, of my arrest. >> do you think without the financial assistance from the bail project, you would still be in jail right now? >> yes, i do. >> and the safety act does include more measures. it is not just about the elimination of cash bail. there are a slew of police accountability and reform measures in that law. things like bans on chokeholds and neck restraints and new training standards statewide. those measures measures weren't in the lawsuit, so expect those to be enacted statewide on january 1st. yamiche? >> certainly a story that is worth following. i'm sure you'll be all over it because it is something so many

people talk about. thank you so much. >> absolutely. next, wring out the old and ring in the new. we're live in times square after the break.

[ sneezing ] are you okay? oh, it's just a cold. if you have high blood pressure, a cold is not just a cold. coricidin is the #1 doctor recommended cold and flu brand. specially designed for people with high blood pressure. be there for life's best moments. trust coricidin.

tomorrow night, a times square new year's eve celebration like we haven't seen since before the pandemic. officials say the event will be at full capacity this year with an estimated million people expected to line nearby streets. organizers did a test run of the ball drop earlier this amp, and the nypd security preparations are well under way. nbc's kathy park is with us from times square. you're at the greatest place on whernt it comes to new year's eve. tell us what the preparations are and what are the rules for people? >> reporter: happy new yearia, -- yamiche. full capacity. you said it, a million people are expected to be in this area, so officials are gearing up now. you can probably see all the metal barricades surrounding me right now. we were told earlier today there would be plenty of road

closures. there are no credible threats to the celebrations. however, there will be heavy screening. so if you do plan on coming to the area to take in the celebrations, a couple things to remind you of. back lightly. actually, try to bring yourself if possible because no large bags are allowed, no backpacks, also no umbrellas, and that's -- you know, it will be tough because rain is in the forecast. however, the good news is that a temperature is expected to be mild. so earlier today we had a chance to speak with some visitors from out of state who plan on coming back here tomorrow night. take a listen. >> we have jackets and comfortable shows. >> reporter: no public bathrooms around either. >> i heard that. we have to wear diapers. >> reporter: all right. so to each their own. you heard it there. there will be no public bathroom. that's part of the security measures in place. we're told trash cans in the

area will be removed as well. a couple of fun facts to throw your way, yamiche. we are told that 3,000 pounds of confetti will be scattered once that ball drops. and also this year there's a theme every year for the new year's eve celebration and this year it is the gift of love. so when you take a very close look at the waterford crystal triangles, there are intricate designs of hearts so that is kind of going along with the theme of the gift of love, which is very appropriate considering the past two years things looked very different here in times square. back in 2020, you might remember some of the pictures of the streets practically empty and only a select few frontline workers were invited to take in the festivities. >> certainly news you can use. it sounds like ponchos and sneakers are the best way to do this. kathy park, thank you so much. that wraps two very busy hours on msnbc. i'm yamiche alcindor.

why give your family just ordinary eggs when they can enjoy the best? eggland's best. the only eggs with more fresh and delicious taste. plus, superior nutrition. which is now more important than ever. ♪♪ because the way we care... is anything but ordinary. only eggland's best. ♪♪ are you tired of clean clothes that just don't smell clean? what if your clothes could stay fresh for weeks? now they can. downy unstopables in-wash scent boosters keep your laundry smelling fresh waaaay longer than detergent alone. pour a cap of downy unstopables into your washing machine before each load. and enjoy fresher smelling laundry.

if you want laundry to smell fresh for weeks make sure you have downy unstopables in-wash scent boosters. shop for downy unstopables online, including our lighter scent. it's nice to unwind after a long week of telling people how liberty mutual customizes your car insurance so you only pay for what you need! (limu squawks) he's a natural. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ ♪ what will you do? ♪ what will you change? ♪ will you make something better? ♪ will you create something entirely new? ♪ our dell technologies advisors provide you with the tools and expertise you need to do incredible things. because we believe there's an innovator in all of us. as a business owner, your bottom line is always top of mind.

so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. well, we fell in love through gaming. but now the internet lags and it throws the whole thing off. when did you first discover this lag? i signed us up for t-mobile home internet. ugh! but, we found other interests. i guess we have. [both] finch! let's go! oh yeah! it's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. and i don't know what the heck you're talking about.