tv Maria Bartiromos Wall Street FOX Business March 21, 2021 9:00am-9:30am EDT
make loans to fossil fuel companies? what if they lose you? what did i do wrong? how can i change it? on kudlow, we'll see you tomorrow. ♪♪ >> from the fox studios in new york city this is "maria bartiromo's wall street." >> welcome to the program analyzing the week it was an help to position you for the weekend. i'm charles payne in for maria bartiromo. bracing for the biggest tax hike in nearly 30 years coming up mike braun sounds off on the price we could have to pay for biden's tax agenda agenda but former president donald trump warns there's something else going on that's going to get in hitting your wallet harder than taxes. we will explain with one marie later on the show. this this week so's record highs
for the dow jones industrial average buts big tech got clobbered as the treasury yields climbed to a 14 month high. so while period of wild swings but maybe the calm after the storm is here but investors know what they are doing without their. 40 years we are reminded yields can go higher and there will be surprises and tax policy. based on kenneth paul curry joins me now. i think investors can focus on fundamentals but you're not sure we are out of the woods yet. >> i don't think we are. i think this move from growth to value we will see that his yields continue to go higher. besides when it happened from 1.3 to 1.6 until the market got comfortable and then we started at 1.75. we you might have another couple of rough days and i suspect as we approached 2% is going to
become a cajole once again is the storied continues to change. >> goldman says lundy or 1.9% and if that's the case we are on an upward trajectory but not for the same velocity we have seen in the last five years. could the street learned to live with that? >> i actually think the market will be okay at 2% or 1.9% as long as we get there in an orderly fashion. if we continue to see the spikes the way we did yesterday and last week when it jumped up suddenly that's what causes the angst and anxiety in the market. if investors have time to adjust then prices will slowly adjust and the markets won't have those visceral reactions like we saw yesterday and we may see again but i think the market is okay and i honestly do considering where we project gdp to be an recovery to to be in where we projected global and u.s. economy to be.
charles: a pedestrian stroll is what we are looking for. a record amount continues into this market and i think the debate in you brought it up is what will be the big winners click sweet scene rotation re-rotation and re, re-rotation. when the dust settles what will be the biggest winner? >> i still think, i'm on the value side of the equation this year so i'm looking at financials and all parts of the tech industry because there are parts of the tech industry that there is value in. i think you'll find that in cybersecurity and you will find that -- it do think the high-profile names my continued to come under pressure but that doesn't mean you throw them out with the bathwater. you should always maintain a core position but overall for this year i'm going to go with
the consumer staples with energy and financials and inflation where i see is an opportunity and stability for your portfolio. charles: fair to sectors that have been in a nice rally industrials and materials. there could be an infrastructure plan but whether we get it or not it seems like those could be two sneakers under the radar of dig winners. how are you feeling about them? >> i think you throw those in the cyclical camp with the recovering global and u.s. economy industrials will certainly do well. i like caterpillar and ibm. it's yielding 5% in setting up nicely the charts but some of the industrials and materials will certainly do well if there's an improving economy whether there's an infrastructure project or not. it will still do well as individual states and countries start to do their own infrastructure projects whether
or not we get the huge one here in the states is irrelevant. those stocks will do well. charles: we reference these client kneels at the beginning of van der veen the big news of the week, one of the big news items as jay powell read-a-thon he had a good press conference although he left some answers, some questions unanswered. what do you think the fed has to do? the as he regained the trust of the street right dealt because i think when you talk about these wild swings in yields a lot of that comes back on whether or not wall street believes jay powell and company are feeling in charge. >> so listen i think jay powell has done a tremendous job of trying to tell his story. every opportunity he gets he repeats the story. he tells people he has got it under control and tells people he has plenty of tools in the toolbox of that's it repeating the same story. what we saw over the last couple
of days as we see yields spike. people are feeling something different. it's not necessarily they don't believe him. i think they want to believe them but when they are feeling something different there is beginning and yang. they have real life on the other side. i still have full faith and credit in jay powell. i'm just concerned because we have been in a place that none of us have ever been at so it's going to be a little bit nerve-racking as we try to come out. i'm on his team and i think it's great. charles: thank you kenneth polcari. we'll donald trump run again in 2024? the response to that on maria's one-on-one interview with the president coming up next biden's progressive agenda. i'll ask senator mike rock about what's called the biggest tax hike since 1993 and we are learning it will affect more people than the president says. how the white house is clarifying his remarks.
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(judith) at fisher investments, we do things differently and other money managers don't understand why. (money manager) because our way works great for us! (judith) but not for your clients. that's why we're a fiduciary, obligated to put clients first. (money manager) so, what do you provide? cookie cutter portfolios? (judith) nope, we tailor portfolios to our client's needs. (money manager) but you do sell investments that earn you high commissions, right? (judith) we don't have those. (money manager) so what's in it for you? (judith) our fees are structured so we do better when our clients do better. at fisher investments we're clearly different. charles: president biden sang only those individuals making more than 400,000 would see a federal tax hike or it turns out is going to affect many more people than that. >> he said on taxes anybody making more than 40,000 will pay an insignificant tax increase to
declare fight did he mean individuals or households because it wasn't very clear. >> families. charles: that's a big big difference. joining me indiana senator mike braun sits on the summit budget and appropriations committee. senator first let's begin with another humdinger. turns out they can't cut their own taxes if they want to keep the rescue plan money. there's a big uproar now. >> well the "wall street journal" and my staff and i bet bill that would take that part out of the rescue tax and sadly charles it penalizes red states that have been bringing taxes down. it has a good business climate in the benefits of blue states especially when they reconfigured the package based on you have more to higher your unemployment rate was which is
again totally a disincentive for states to run the government like most businesses do. indiana would be one of those and that's probably unconstitutional as well. i wrestled with it with joe manchin on the floor i think it was on wednesday or thursday and you have to watch it the coast it was his amendment that chuck schumer had him put in their and it was hard for him to justify it especially when his own governor is wanting to lower income taxes. charles: yeah the states that have the worst response the pandemic were rewarded and those that had the best not so and it's just amazing. and want to ask about the consequences now that we are learning these changes in that 40,000-dollar threshold and what other surprises could be in store? >> it's a very simple here. when you say all of us understood as individuals making
less than 400,000 you wouldn't have a tax increase but of course and i guess the bureaucrats don't know this, most spouses filed jointly so it would have almost doubled the impact of what they said would not happen. theoretically to spouses each make $200,000, now they are tax rate is going to go up because of that family consideration. that's just one of many things he will find him wrestling with. as a small business owner that was lucky to have a national company overtime almost all of us are organized as llc's and corp.'s. you can't change back and forthwith the grace period in their the grace. mcnamara but in a way when it comes to pass through which ron johnson fought hard to get that qualified income tax deduction they are not talking about that. i think that will be on the
chopping block to even though it's due to sunset in 2025. >> devastating to small business. charles: let's switch our attention to another big item this week. the cdc saying schools could actually operate with 3 feet of social distance down from 6 feet in the administration is not advocating for reopening schools and instead they are going to hold a summit. you said on the education committee each day that goes by our children falling further behind? why this is going to take for this administration to say the urgency is there, let's reopen the schools? >> you know what they are doing basically an outfit you have that data, rand paul and i were talking did dr. fauci about some of that stuff. when are you going to ever start clarifying in a way to give some certainty to business owners and individuals on what's going to
be the deal down the road but schools especially in places like california, chicago that have been shut down for over a year and now it's 3 feet versus 6 feet, that's why they should have aired on the side of being more enterprising out of the gate a cause look at the economic cost that has occurred and shutdowns states like new york and california can't score any better results really than places like florida which had the most susceptible population. when bureaucrats take over your going to get a lot of that and they will back pedal just like when i ousted when do we get to the point where we don't need vaccines and they had no clear answer on that. charles: we do know one thing it's harmed families and its hard-working families particularly women and it's harmed the educational achievement. senator mike ron thank you very much. we appreciate it.
could biden's agenda derail the american economic recovery quick story a sits down with former president trump and what he says will hit the economy harder than biden's tax hikes. that's next. how great is it that we get to tell everybody how liberty mutual customizes your car insurance so you only pay for what you need? i mean it... uh-oh, sorry... oh... what? i'm an emu! no, buddy! only pay for what you need. ♪ liberty, liberty, liberty, liberty. ♪ (vo) ideas exist inside you, electrify you. they grow from our imagination,
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little time to sit back and think about all of this. i want to get your take on president biden's agenda including the border but also the stimulus package, the idea that we are on the doorstep of much higher taxes. what will be the impact in your view? the economy is just beginning to recover. >> will it was recovering under my administration twice and they got it to a level that the world has never seen before. we were the envy of the world and then when we got hit as i call it at the china virus covid obviously it went down along with every other economy and we were the first to get it back up. and we actually the stock market where i left was higher, slightly higher than it was prior to covid so it was incredible what we were able to do. if you look at the jobs numbers we have the all-time highest number at 160 million people
working. we were never close to that. everything we had, african-american, asian-american , hispanic american everyone was setting records, women, it didn't matter any group was setting records and now when i look at what's happening we were energy independence and we will no longer be energy independent. gas prices are going up at a far more rapid rate than anyone has seen in a long time. we had gas prices very low and we had more energy jobs and we have ever happened when you see gas prices going up and they'll be going up to 1 dollar, $2, $3 if you look at that, and a tax increase to the consumer you get a dollar increase in gasoline that is bigger than a tax hike and a big tax hike. it's a terrible thing that's happening and let's talk about tax hikes. they will be raising taxes at the highest number we have ever seen.
it will be the biggest tax increase in the history of our country to pay for everything and it's a very devastating thing. it's a very sad thing to watch. fortunately in my administration and through what i did frankly and others but what i did with the fda as i force them to move quickly and we got the vaccine done in nine months instead of five years. i don't think he would have ever been done frankly because according to their rules and regulations we would have never had it but we got it back seen done in nine months unfortunately it's not only going to save our country but it's going to save the world. maria: i'm glad you brought this up mr. president because we heard from president biden on thursday he gave his first primetime speech as you know and he said when the coronavirus for showed up and that was in the beginning of 2020 minute we had a 3.5% unemployment rate as you just noted that he said when the coronavirus first arrived it was met with silence for days and weeks and then months.
there was no word of your warp speed program. how are you feeling tonight about the fact that you aren't getting any credit for any of this by the biden administration and when it comes to the order nancy pelosi this weekend said the biden administration inherited the border issues from the trump administration. >> when you go to the covid issue we did a great job. we get very little credit for it. i closed the country far earlier. doctors fauci and hertz and all these people that frankly made nothing but mistakes, they didn't want to do it and they didn't want to close it to china. i closed the border to china and they close the border to europe italy and all those countries that were having tremendous problems long before they wanted me to do it and if you look at biden he didn't want to do it month after and ultimately he admitted he made a mistake in saying that. if i didn't do that we would
have had hundreds of thousands more lives gone but the big thing is and i've always felt it was the most important was the vaccine. the key was always going to be the vaccine. maria: mr. president i know you receive the vaccine. would you recommend to our audience that they get the vaccine then? >> i would recommend it. i would recommend it to a lot of people that don't want to get it and a lot of those people voted for me frankly. again we have our freedoms and we have to live by that and i agree with that also but it's a great vaccine. it's a great vaccine and it's something the works. we have been working around-the-clock and what i got the f. d.a. to do, this would have happened in many many years from now if i didn't get involved. maria: will you run again mr. president? are you considering 2024? >> face on every poll they want
me to run again but we will take a look and see. we have to see what we can do at the house but i think we have a very good chance of taking back the house. you know you will lose from 15 to 25 seats last time that i got involved and i worked very hard. i made tremendous amounts of meetings, speeches and teleconferences and everything else for 56 of them. i had 56 asic teleconferences with thousands of people on the line on each one and what happened is we had that teen seats instead of losing potentially 25 seats and it almost cost nancy pelosi her job but i think we have the chance of taking back the house and i think we have a chance to do better in the senate. we need leadership in the senate which frankly we don't have. we need better leadership in the senate. you have a good chance to take back the senate and frankly we will make her decision after that.
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charles: welcome back. we have another show in the works for next week. go to wall street every friday at 9:00 p.m. and catch maria sunday morning on the "fox news" channel for sunday morning features are just that exclusive interviews with former acting director of national intelligence rick canal and white house adviser stephen miller jeff van drew and senator ron johnson. watch my show "making money with
charles payne" on "fox business" weekdays at 2:00 p.m. eastern time. that will do it for us but thank you very much for watching and we will see you next time. spin welcome to the "wall street journal" at large. have you spent your biden books yet? that's what the grateful and excited meteor calling them. $1400 to the accounts of millions of americans just a small piece of the largest the federal government splashing out his so-called american rescue plan. now you may recall before this bill was passed in a closely divided senate democratic sponso