tv Mornings With Maria Bartiromo FOX Business April 6, 2021 6:00am-9:00am EDT
a wonderful guy. i understand nothing wrong with bike riding, nothing wrong with the greener deal i just happen to totally disagree with it butut he's not a road guy, he sought a car maria: good tuesday morning, everyone. thanks so much for joining us. i'm maria bartiromo. it is tuesday, april 6. your top stories right now, 6:0. the biden administration's push to raise taxes. janet yellen is calling for international cooperation to help pay for the $2.3 trillion spending plan. all the details coming up. markets this morning are lower, take a look at futures indicating a decline at the start of trading this morning, dow industrials down 40 points, s&p 500 lower by 8 and a quarter. investors eyeing the fallout from the archgos issue.
the dow and s&p 500 closed in record territory, the dow kicking the day off this morning at 33,527 after gaining 374 points yesterday, better than 1%. the nasdaq also higher by 1 and two thirds percent yesterday, up 225 points, the s&p 500 this morning beginning the day at 4,077. up 58 points. global markets are also of stronger, european indices pointing up with optimism over the global economy, the ft 100 up 85, dax higher by 140. hong kong and korea both indices higher but japan under pressure with a spike in covid-19 cases jolting investors the nikkei average down 1 and a third percent, as you can see fractional move in china. hunter biden's book tour continues, raising more questions about his conduct, what he said about his position
on burisma's board and the infamous laptop he left behind. "mornings with maria" is live right now. ♪ calling gloria. ♪ gloria. ♪ don't you're falling. ♪ if everybody wants you. maria: and now some of the top stories we're watching this morning. president biden's $2 trillion infrastructure spending spree losing support within his own party, democrat senator joe manchin slamming the administration's plan to raise the corporate tax rate to 28% to pay for the massive package, saying it could kill thousands and tens of thousands of american jobs. this as president biden says there is no evidence the tax increase would drive business out of the united states. treasury secretary janet yellen making the case for a global minimum tax rate on
multinational corporations. credit suisse says it took a $4.7 billion hit from last month's collapse of archigos capital, the investment risk chief will leave the bank. they will suspend share buybacks over the near term. last month they froze $10 million in investment funds related to greenfield capital. credit suisse is up a fraction despite the news. border agents arrest two suspects on the fbi's terrorist watch list. the two men were busted near the port of entry in california andn january and then in march, after trying to illegally enter the united states from mexico. this comes as new polls show more than half of americans disapprove of president biden's handling of the border issue and the crisis that has been created. major league baseball moving this year's all-star game to
denver's coors field. they will make the plans official today. on friday the mlb announced its decision to move the game out of atlanta in response to georgia's new voting law which it obviously did not read, a move which could cost the city millions in potential revenue. markets are lower, take a look at futures, indicating a decline at the start of trading after the dow and the s&p 500 hit record highs yesterday. in the first trading session of the holiday, after the holiday, as fiscal stimulus and vaccinations are now flooding the u.s. futures this morning are looking like a downer of a morning, down 34 points, the nasdaq down 28, s&p lower by 7 and-a-half. joining me right now is national securities corporation chief market strategist, art hogan. also joining the conversation all morning long this morning is fox business' jackie deangelis and chief investment officer, nancy tangler. thank you for being here. art, great to have you. let's talk about the first
quarter earnings that are about to come out as well as all of the spending. your thoughts on where we are this morning and what will be most important in terms of driving the direction over the near term for investors? >> i think that's a really good question. i think what's really been moving this market forward is the pace at which we've gotten vaccines out. vaccines have probably been the biggest surprise. we started this year and if we got 300,000 vaccines in a day, that was a big day. now we've got 3 million in a day, that looks to increase to 4 and 5 million. the fact that we likely get closer to herd immunity by the end of april and into may fulls forward a lot of economic activity. when you pull forward economic activity, you have you to factor that into earnings. to your point, we'll kick off earnings season next week with jp morgan and a lot of the big financials. i suspect that the earnings estimate for the rest of this year goes higher, not lower. and i think that with just that, with just taking the earnings
estimate for the s&p 500 from call it 186 to 192, the market can likely go higher without increasing the multiple whatsoever. so i think that's really what's driving it. i think it's the pace of the recovery and we're getting that much closer to normal economic activity. maria: so what about policy changes? you've got higher taxes on the way, corporate tax as well and then an infrastructure spending plan. this is being looked at skeptically because of all of the trillions of dollars thrown at the economy, many are worried about inflation at this point and the impact. the federal reserve potentially raising interest rates as well. this week -- last week, rather, i spoke with former national economic council director larry lindsey last week about yields. listen to what he says about the 10 year yield this year. >> you've seen interest rates move up to 1.7% on the 10 year. granted, this is not a high level, still talking about very low rates but the move with
which this has happened has been fast. >> it's been very fast. and we've got a lot further to go. by the end of the year, i would expect the 10-year to be very close to 3%. maria: 3% in 2021, art. what is that going to do for stocks and do you agree with that. >> i think you framed the question perfectly to larry when you said the pace at which we got there. if you go back six weeks, we went from 110 to 150 in a matter of six trading days and that was -- that's really parabolic in treasury yield terms. we've added 70 basis points this year. we hit a high of 177. we're currently at 172. what's happened now is that's calmed down a bit, the pace at which we're rising calmed down. by year end we'll be between 2 and 2 and a quarter percent. the markets get less disorderly when that happens in a fashion
that's much more gradual like we've seen over the last two weeks. i certainly think to your question on inflation, we're going to see inflation for sure. so we get the ppi this week, the year over of year ppi is likely to be close to 3% which will be a high for the cycle. the estimates are for 2.7%. at some point we'll see that in the cpi as well, likely in june or july, we'll likely see a core cpi above 3%. what's hard for investors to get their heads around, the fed knows they're okay for the time being with higher inflation. they're asymmetric on the inflation target. they say we're okay with temporary inflation flairing up in the summer, we think it will be temporary as we start to get a supply response. investors are going to have to get used to seeing higher inflation numbers but with the new fed framework, they're going to let inflation run a little hot for a short period of time until we get 9 or 10 million people back in the labor force.
maria: well, the labor numbers are certainly going in the right direction. nancy, jump in here. is there a level of rates that you find troubling for markets if we were to see what art is talking about, 2 and a quarter percent this year on the 10-year and even worse, 3% which is where larry lindsey is? >> thanks. yeah, maria, so we were at 2% at the start of the year and that seemed like an outlier. i do agree with art. i often agree with art. that the pace is really what matters. in 2018 we went to over 3% in the 10-year and art and i both remember the late '90s, early 2000s when the 10-year was at 6 and-a-half percent. so i'm less concerned about rates if they go up for the right reason but i'm curious what art thinks could possibly derail this market. i mean, we all understand that the economy and earnings are going to probably surprise to the upside but what do you worry about, art, at night? >> yeah, such a great question.
maria: let me add in -- let me just add in, art, the policies that we're talking about also include higher taxes. you've got janet yellen this morning out calling for a global minimum tax, looking for the rest of the world to come to a left where the u.s. stays competitive. >> yeah, i think i'm less concerned about tax policy changing dramatically because i just don't think you've got enough support on the center left, for major changes, regardless of what they are. some part of this infrastructure plan is going to get past but the pay forward is going to be difficult. that's why it was separated when we think about things that might upset the apple cart or tip over the apple cart in the near term, i think there's three things. what we've seen in the amount of spacs that have come to the marketplace, we've seen more spacs go public this year than we saw all of last year and we're only one quarter into this
year and last year was a record. i think there's too much of that floating around. i don't think there's 400 some odd great private companies that need to come public so that might -- that's supply might swamp the demand for that particular asset group. the second thing i'm concerned about is investors being able to get used to this new framework without freaking out in the near term about inflationary pressures. the fed has been consistent, saying we're not going to raise rates unless and until we've seen getting closer to full employment so i think we're going to see inflation run above target for a period of time. that's not something we've seen for a decade. the third thing, our expectations for economic growth, we expect an explosion of economic activity but there may be some hesitancy to doing that so even though we get the full sort of herd immunity in may and june, people may still be hesitant to get back out and sort of release that economic activity that they've been waiting to do for a year. maria: okay. we will leave it there. art, great to see you this
morning. thanks so much. >> thank you. maria: we'll see you soon, art hogan joining us there. we're just getted started. coming up, major league fallout t all-star game moving out of georgia as lawmakers tell the league to stay out of politics and don't take sides. we're on it all morning. next hour, florida congressman greg steube is here on president biden's new comments on the corporate tax rate. plus don peebles joins us to talk about the housing market and whether or not the big apple lathe is on the way back already. we'll look at it. is there a fourth wave of coronavirus on the horizon? hear what one doctor says, why he says no. don't miss a moment of it. you're watching "mornings with maria" live on fox business.
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maria: welcome back. baseball backlash, major league baseball will reportedly move the 2021 all-star game to denver and coors field after pulling it out of atlanta over the voting law. mitch mcconnell is warning ceos to, quote, stay out of politics amid the growing backlash from companies over the new law. joining me now is robbie swa vay. thank you for being here. one of the reasons mitch mcconnell said that is because clearly major league baseball has not read the law in georgia. it does not limit voting in any way and he said don't pick sides. your reaction to mitch mcconnell weighing in on this? >> well, i agree with him. first of all there, are other states with more restrictive provisions regarding voting than georgia, including in some respects colorado where the game is being moved.
i agree with senator mcconnell. maria: we're looking at the -- yeah, robbie, we're looking at a graphic here. in georgia, it's actually 17 17days of early voting versus colorado of 15 days of early voting so it's actually more. they both allow no excuse vote by mail, but they both -- georgia has a valid id required. all registered voters receive mail ballots in cholera he dough, absentee -- colorado. absentee ballots are set automatically. a ballot id is required to vote. it's pretty much the same exact rules, if not better in georgia. >> and there's so much misinformation out there about this, spread by no less an authority by joe biden himself, the washington post gave him four pinocchios or three or however many it is for spreading misinformation for when the cutoff for being in line is. back to your earlier question, sure, i agree with senator mcconnell. i think a lot of americans would
like there to be some thing that is not politicized. there has to be some escape from our constant political war fare and sports, baseball really historically is the great american past time, is supposed to fulfill had that role. so i don't blame people. i agree with them for wanting to have some form of entertainment that is not politicized and doesn't make us at each other's throats, wanting to rip our eyes out over political disagreements. the people in charge of major league baseball, they went a different way. they want us to fight about this too. just doesn't seem healthy for our society, for our country. maria: not at all. it's also the fact that the law doesn't restrict voting. i mean, clearly there were activists and lobbyists out threatening corporate america to come and make a statement and companies like delta as well as
others have rolled over and decided to come out against the voting law in georgia, despite the fact that it's not even true. and then you don't know who to trust. i mean, look at the media. cbs' 60 minutes is facing backlash over a report that florida governor ron de santis gave preferential treatment to grocery store chain publix for the covid-19 vaccine after they donated to his campaign. they blasted this report. de santis said her words were, quote, deceptively edited. palm beach county's mayor, also a democrat, came to de santis' defense calling the reporting intentionally false by cbs. you recently wrote an article on this, robbie. your reaction to what took place here? >> this 60 minutes hit piece was one of the most dishonest,
pathologically bad forms of reporting i've seen in a while. this was just a smear that was false, that publix donated to de santis' campaign and that's why they got the contract first. they they didn't get it first. cvs and walgreens were distributing vaccines in the state of florida and now publix is helping. publix has 800 stores in florida. it makes perfect sense. there was nothing crooked about it. the governor's office didn't make the decision, another office said this was the best thing to do and de santis calmly explained this to 60 minutes when they asked him. luckily there's a transcript of his full response, which is three minutes where he explains this is why publix is doing that which makes sense. 60 minutes dropped that. they only used brief lines that made it seem like de santis got angry when they questioned him about this. it makes the reporter looks like a brave truth teller, couldn't be further from the truth. this is almost an attack you like to be on the receiving end
of because it makes you look good and makes your opponents look desperate. maria: it's all so dishonest, from the commentary around the cbs story, so dishonest with the way they reported it and also dishonesty around how companies are talking about the georgia law. i mean, and president biden goes over there and pretty much gives it a blessing by praising the idea to take the game out of georgia. do you think that the president should come out and explain himself, correct the record? >> yeah, he absolutely should. he got it wrong repeatedly, referring to this, saying i think that they wouldn't be able to vote or get in line after 5:00 p.m. of course, you can be in line until 7:00 i believe under the new law. by the way, let's suspend the notion that the companies care about voting rights. there are no voting rights in china and there won't be a stand
against baseball streaming with ten cent in china. it's just beating up on americans who, again, want to not fight about this all the time. maria: total hypocrisy when it comes to china, you're right. good to see you. thank you, sir. robby swavay. stay with us. we'll be right back. dignity. this thing you can neither see nor measure... ...but that demands the return of small moments illness attempts to steal. ♪ dignity demands a rapid covid test, ♪ because we all need an answer to move forward. ♪ dignity demands your heart stays connected to your doctor, so you know it's beating as it should. ♪ it demands a better understanding of your glucose levels, so you can enjoy movie night. ♪ and knowing your baby is getting the nutrition he needs,
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maria: welcome back. incentives around infrastructure, the biden administration is proposing its $2.3 trillion spending plan was a way for the united states to show beijing they are in a position to compete with china economically. this is an attempt to incentivize members of congress to get on board with this plan. jackie deangelis, your reaction? jackie: my reaction to it, maria, is it's spin and maybe you will get some members to get
on board because they'll say we're being tough on china in this way. my view isn't that i look at china who overspends on a lot of infrastructure, essentially a house of cards. we know they cook the books, they want to put on a big show, they want to make it look like certain things are happening in the country that aren't necessarily happening. this isn't how we fight back with china. you can invest in infrastructure on a smaller scale in this country. we don't need the other social programs that are included in the bill. and i don't think this says much to china about what we're doing to compete. president trump took a very hard line with china and he showed them that we meant business in a real way with tariffs, for example. maria: it's funny to see joe biden think had that just because he says it, that's going to be the buzz word that gets congress on board here. in fact, he still has not told us the origins of the coronavirus. and we know that it was originating likely in a wuhan lab. no comment about that, no comment about the way china's
communist party cornered our market for productive equipment. the ppe as well. we're not hearing any of that. and yet he says that this is going to show we're competitive with beijing. i totally agree with you, it is all spin. nancy, this fight with china is playing out in the corporate sector as well. a lot of money to be made for companies that get the green light to operate in beijing. but there are real national security risks. do you think corporate america is going to recognize that or continue drilling down and digging in to china's potential 1.4 billion customer opportunity? nancy: yeah, maria, i think the latter. that companies are going to go where they can -- where they they have the biggest market. but you said something super interesting that i think is really more key than infrastructure, and that is drilling down. i mean, we were already improving our cost advantage with china in terms of the low cost of industrial energy here
in the u.s. and energy independence. i actually think that's a bigger threat to our competitiveness and that is the rising -- the war with traditional energy here in this company -- country, sorry. so i'm more concerned about that. but yes, i do think that companies are going to continue to seek markets where they have the biggest advantage in terms of numbers of customers and cost advantage. maria: i think this is such an important point that you make, nancy. spot-on. killing the xl pipeline is actually making us less competitive and that's a very important point to make. we'll take a break. when we come back, indirect nuclear talks, we're previewing today's meeting in vienna between the u.s. and iran, what's next on the table with jack keane coming up. streaming is king, why many americans are ready to consume more content than previously thought. it's all coming up. we'll take a look at the business. stay with us.
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maria: welcome back. good tuesday morning, everybody. thanks so much for joining us, i'm maria bartiromo. it is tuesday, april 6. a look at markets this half hour. we're expecting a lower opening for the broader averages, stocks are edging down since this morning, dow industrials down 52, nasdaq down 36, s&p 500 lower by 9 and three quarters as investors eye the fallout from the archegos meltdown, credit suisse says it will take a nearly $5 billion hit as a result of that unwind of the hedge fund. stocks yesterday ended near session highs, the dow and s&p 500 this morning begin in record territory at a level of 33,527 on the dow, up 374 points yesterday, the nasdaq was up 225 points, 1 and two thirds percent, big rally in tech. s&p 500 yesterday closing at an all-time high. global markets are higher, european indices pointing up with optimism over the the
global recovery, ft 100 is up 78, cac up 35, dax index higher by 148. in asia overnight, more of a mixed story, hong kong and korea higher, japan lower by 1 and a third percent. there is a spike in covid-19 cases jolting investors. as you can see, little moving in shanghai, down a fraction. china taking the first steps towards a digital currency, cheryl casone has details. cheryl: the digital version of the yuan has been tested several times and is expected to co-exist with paper currency. china's version will be controlled by the china central bank, allowing them to track spending. the digital currency won't have what bitcoin has, anonymity.
the minneapolis police chief testifying that former officer derek chauvin ignored his training when he put his neon george floyd's neck during that fatal arrest. >> was it your belief that this particular form of restraint violates departmental policy. >> i absolutely agree that violates our policy. that action is not deescalation. that action goes contrary to what we're taught. cheryl: also the er doctor who treated floyd revealing that floyd had no pulse when he arrived at the hospital. he said it was possible this was due to drugs in floyd's system but it was more likely due to suffocation. well, apple's ceo tim cook hopes that parler will return to the app store with moderation. speaking on the new york times podcast, sway, cook said he would like to see the app return but only after it, quote, puts in the moderation that's required to be on the store.
cook added that apple wants to keep apps on the store, not kick them up in general. apple and google both suspended the conservative social media platform after the january 6th capitol riot. in february parler announced they would relaunch. as pandemic restrictions are limited, americans plan to keep on streaming this year. according to ubs, americans will add 50 million new video subscriptions this year. disney plus and paramount plus, formerly the cbs app will gain more than 8 million new subscriptions each. analysts say it's due to more streaming services, more cord cutting and more studios choosing to release big hollywood films straight to you at your home. those are some of your headlines. back to you. maria: thank you so much. the united states and senior officials from parties pants in the iran nuclear deal are meeting today in vienna, an effort to revive the 2015
agreement which joe biden wants to do so. iran so far is ruling out direct talks with the united states. the two nations have not met face-to-face since 2017. that was months before the former trump administration withdrew from that iran nuclear deal. joining me now is fox news senior strategic analyst, general jack keane. general, always a pleasure to see you. thanks very much for being here. your reaction to what we might learn at this meeting today, talk to us about the united states potentially getting back into this deal. >> yeah, well, i don't have a lot of optimism here, maria. and for a couple of reasons. number one, what the iranians want is complete sanction relief, pretty much just for going back into negotiations, much less for coming back into full compliance with a nuclear deal because they have exceeded that compliance by increasing the uranium enrichment and number of advanced things they
have. the united states, my concern with the united states is gone from our public discourse a number of weeks ago was the biden administration's goal with the nuclear deal was to lengthen and strengthen it. their words, not mine. what that meant is increase the sunset clauses prohibiting nuclear weapons and number two, strengthen it by prohibiting ballistic missile development and also curving their maligned behavior in the region. now, those objectives are not being discussed. and i fear that the united states is going into this negotiation with the singular goal of returning to the original deal, which admittedly in our own country had bipartisan opposition to it. so much so that president obama at the time in 2015 did not send to the senate to get approved as a treaty because he knew senator
schumer, senator kardnini and senator menendez was opposed to it. that opposition would remain today if we just go back to a flawed original deal which unfortunately which i think it appears the path that we're on. maria: really fascinating inner workings here. what do you make of china's relation to all of this? we talked last week when we spoke about this partnership that china and iran have entered into. we know now that china's navy said yesterday that a carrier group is exercising near taiwan and similar drills will be conducted on a regular basis in the future. so once again you've got china muscling up, it follows taiwan's defense ministry reporting that new incursion by china's air force into the islands of taiwan, the islands' air defense
identification zone yesterday amid rising tensions. your reaction to what's taking place? you've got cozying, perhaps cozying back up to iran as iran as china are doing this deal and china has its military right near taiwan. does this concern you? >> yes. well, first of all, as pertains to the deal, there's no doubt that iran's hand has been strengthened by the 25-year deal between iran and china. i don't think there's going to be any infusion of cash which is what they desperately need right now. it will take some time for the economics of that deal to work out. so the sanctions are still a significant leverage that the united states has here and has got to use them as such. as pertains to what china is doing in the south china sea and near taiwan, they have significantly increased the confrontation in the area.
when you look at 2020, it was the highest year of military incursions in taiwan's air space. and they also marauding in the south china sea. there are somewhere in the neighborhood of 250 maritime militia, blocking international fishing zones. they are sitting on them and harassing firstermen. china is upping their game. when it comes to taiwan, i don't think invasion or of military action is eminent, the likelihood of it happening is increasing because the level of activity is significantly increasing and we know president xi after crushing hong kong's democracy fully intends to absorb taiwan at some point and i do believe it will become a major flash point for this administration to deal with and
the military commanders in the he region have admitted they're out-gunned in the region and they need to get capability in there quickly and they need approval of the defense budget at the levels they're requesting so that capability can move into the region in an urgent manner. maria: yeah. real quick, we've got to jump. we talked last week that the u.s. navy is worried that china will soon invade taiwan. the question becomes will the u.s. support and protect taiwan in that instance if we were to see china invade? what do you think? >> if we did not support taiwan, the only democracy, chinese democracy in the area, a country that we have been providing military assistance to, a country that we have worked with our allies to shore up, the chinese would have one of the number one high tech platforms in the world in taiwan.
they would use it as a military base to encroach on our allies in the region and the united states would have lost its regional influence as a result of it. it would be an absolute disaster. what the united states has to do is create a deer tear republicans now so -- deterrance now. maria: this is a monumental question, monumental unknown. what happens if china invades taiwan? what does the united states do? should that occur. massive disruption. general, we'll keep watching this, of course, this is a key question for 2021 we'll keep coming back to. general jack keane, always a pleasure. thank you. >> great talking to you. maria: coming up, pushing back on taxes, 13 attorneys general are now suing the biden administration over the stimulus tax rule. we're going to get on it when we talk with one of those ags, next.
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maria: welcome back. they are the last line of defense against the radical agenda, states are standing up to biden, a coalition of 13 attorneys general filing suit over a costly stimulus bill provision. one that bans states from using $195 billion of federal aid to plug revenue shortfalls due to tax cuts. jackie, your thoughts on this fine print in the stimulus that basically bars counties and
states from cutting taxes. jackie: i'm really glad that you are pointing this out, maria because this is a typical situation where you have certain states that are managing their budge etcetera better than others are. then you have states with a shortfall. what they're saying is we want the federal government, we want all americans to help us plug the holes in our budget. now, they can do it that way. that's one way to do it. the other way is to do what they're doing here in new york, what governor cuomo wants to do. you can raise taxes to the hilt but then everybody is going to leave your state. so it's a tough situation to be in and there's really no solution to it except that the states, the blue states really need to sort of hone in and get a better grip on these budgets so that they can find a balance. you look at a state like florida, they're not charging a state income tax. that's why people are flocking there. somehow they manage to pay their costs, run the state efficiently and people want to live there. they're not asking for government help.
maria: yeah. and the point that i make all the time is that money is mobile. and it will move where it is treated best. you're talking about taxes going higher on the federal level. you're also talking about the high tax states like new york raising taxes even more. the tax there, nancy, going from 8.8 to 10.3% if you watch governor cuomo's proposals. i want you to listen to larry lindsey who joined me last week, the former chairman of the economic council under president bush and he makes an important point about president biden's tax increases that they're not paid for. he says that they're going to be paid for over 15 years of higher taxes. i don't know where he's expecting to be there in 15 years. listen to larry lindsey. watch. >> one thing that struck me is you put out an eight-year spending program that you say is paid for over 15 years by a tax
increase. by any conventional rules, that is not being paid for. so we're back to spend now, maybe, just maybe collect taxes later. maria: this is exactly what i've been saying to you, larry. how is it possible that you're saying the spending is over eight years but you're expecting that these tax increases are going to bring you revenue over 15 years? >> exactly. exactly. you know, repeating the same mistakes. maria: nancy, your thoughts on that? i know markets have not really reacted to the debt of $28 trillion but sometimes markets react and then it's too late. your thoughts? nancy: well, i love that segment, maria, because many years ago the great governor of california, gray davis, before he was recalled, said it's not we have a spending problem, it's that we have a revenue problem. so only politicians can spend money over an eight-year period
and pay for it over 15 years. so i agree with your original point and that is that money is mobile. and the great irony in all of this is that most states, in fact, on average state revenue -- state coffers are back to where they were pre-pandemic. the notion that the federal government has to bail them out in the first place is problematic, then to have the long arm of the federal government and i would point out that the democratic party was originally the anti-federalist party, so there's very rich irony spread throughout this whole story and i think that -- i totally agree with jackie that the state's attorney generals have done the right thing and will be the last defense against some of this beyond the pale kind of legislation. maria: yeah, and these policies matter. policies certainly impact american people and move markets as well. we'll keep talking about it. we'll take a break. when we come back, a condiment
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heinz wasn't prepared for the increased use, leading to a supply shortage. some places give out ketchup when you request it, others are completely out. jackie: the wall street journal is calling it a ketchup conundrum. the dine-in restaurants doing all the take-out, they throw tons of ketchup packets at the bottom of the bag. my question is do people use them or do they throw them out? i happen to throw them out. sales of ketchup were up 15% from 2019 to 2020. and the price of those packets went up 13% since last january. so it gives you a sense of where the -- how this demand trend really impacted the pricing. i wonder if it's a trend that's here to stay as the restaurants have changed their models. maria: wow. all right. we've got to stop throwing them out. i throw them out too. how about this? netflix's hit series bridgerton fueled a craze, searches for
corsets increased. many spring collections are featuring corset like items with the assumption consumers are ready to get out of the house and get dressed again, nancy. nancy: i'm all for that. but a corset? i mean, they're claiming that the corset is the new belt. i'm without words. i mean, i was just getting accustomed to spanks. maria: you're not buying it. nancy: not going back to a corset. i will tell you, a few months ago when i was on with you we had the nike step-in shoe. that's what this reminds me of, another bad fashion idea that has come out of covid. so i'm going to take a hard pass on the corset. maria: all right. let's take a break. when we come back, futures are pulling back this morning, credit suisse taking a big hit on the unwind of that archegos hedge fund. we're going to look at the bond market and where rates are going with the word on wall street, top investors talking about big money with the word on wall street coming up, it all starts next hour. "mornings with maria" is live on fox business. we'll be right back.
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maria: welcome back. good tuesday morning, everybody. thanks so much for joining us, i'm maria bartiromo. it is tuesday, april 6. your top stories, 7:00 a.m. on the east coast. the biden administration's push to raise taxes, treasury secretary janet yellen is now calling for international cooperation to help pay for the $2.3 trillion spending plan. we have all the details coming up. markets are lower this morning, take a look. investors are eyeing the fallout from the archegos meltdown, dow industrials down 39, nasdaq down 32, s&p lower by 8 and a quarter. credit swiz will take a nearly 5 $5 billion hit as a result of
the unwind. stocks finished near session highs, another record setter, the dow and s&p 500 closed in record territory, beginning the day this morning at 33,527 on the dow, up 374 points yesterday. the nasdaq was up 225 points, that was 1 and two thirds percent, big rally in tech. the s&p 500 this morning at 4,077, after 5 # point rally -- 58 point rally yesterday. global markets with a positive tone, european indices higher across the board. ft 100 up 82, cac is up 37, dax higher by 166 right now. a mixed story overnight in asia. hong kong and korea were higher as you can see but japan was under selling pressure. nikkei average down 1 and a third percent as hong kong was up almost 2%. in japan we're seeing a spike in covid-19 cases. meanwhile, hunter biden's book tour continues. it is raising more questions about his conduct. what he says about his position on the board of burisma and the
infamous laptop he left behind. florida congressman greg steube is here. "mornings with maria" is live right now. now some of the top stories we're watching this morning. president biden's $2 trillion spending spree losing support within his own party. democrat senator joe manchin slamming the administration's plans to raise the corporate tax rate to 28% to pay for the massive package of spending. he said it will kill tens of thousands of american jobs. this as president biden says there is no evidence the tax increase would drive business out of the united states. actually, we do have evidence of it because it happened under president obama. treasury secretary janet yellen meanwhile is now making the case for a global minimum tax rate on multinational corporations, she wants support across the world. border agents arrest two suspects on the fbi's terrorist watch list. the two men were busted near a
port of entry in california in january and in march after trying to illegally enter the united states from mention he co. this comes as new polls show more than half of americans right now do not approve of president biden's handling of the crisis at the border. major league baseball moving this year all-star game to coors field. they will make the plans for the mid summer classic official today. on friday the mlb announced the decision to move the game out of atlanta in response to georgia's new voting law, a move that could cost the city millions in potential revenue. they should have read the bill and the law before coming out against it. time for the word on wall street, top investors watching your morning. joining me now is chief investment officer, nancy tangler, investment fund chairman dennis gartman and payne capital management president, ryan payne. thank you for being here.
dennis, kicking it off with you. we're expecting a lower opening for the broader averages this morning. we had another record setter yesterday. the dow and s&p 500 finished at record highs in the first trading session after the holiday. fiscal stimulus, vaccinations flooding the u.s., obviously pushing stocks higher. where are you allocating capital? what sectors do you want to focus on here? >> first of all, ts elliott said april is the cruelest month. he was wrong when it comes to stocks because april is always the strongest month. we have a fed that continues to be expansionary along with monetary authorities around the world of consequence. i think stock prices are extremely high, overextended. fading the trend, taking the fed to task for what they've been doing has been a mug's game. i continue to want to own simple things, goodyear tire which is up 50% for the year-to-date, timkin roller bearing, up 75% for the year-to-date. simple things that do well in growing economic activity. i was out -- my wife and i were
out to dinner the past couple nights. all restaurants, the major concerns that we were hearing is a lack of help, lack of the -- the inability to find workers. so wage rates will go higher later this year. for right now, the trend still seems to be from the lower left to the upper right. i think stock prices are extremely high but fading that trend has been a fool's errand. every time i try to do it it's wrong. buy puts to protect yourselves. the trend is still from the lower left to the upper right. it's still a bull market. april is not the cruelest month. april is the best month for stock prices. maria: what happens next? i moon, if we're looking at all a these tax increases coming to the corporate sector, how does that change the earnings picture? i mean, nancy, you've got a lot of spending, spending looming as well. many are worried about inflation, the federal reserve potentially raising interest rates. i spoke with larry lindsey on this program last week and he
thinks treasury yields are going higher. watch this. >> you've seen the interest rates move up to 1.7% on the 10-year. granted, this is not a high level. we're talking about low rates. but the move with which this has happened has been fast. >> it's been very fast. we've got a lot further to go. by the end of the year i would expect the 10-year to be very close to 3%. maria: 3%, nancy. does that change your outlook on stocks? >> well, it should. if the rate of change continues at the pace it's at. we've been arguing that bonds were much riskier than stocks at the end of last year. if you owned the tlt, which is the 20-year etf you're down 12.5% year-to-date. if you own an intermediate bond etf you're down over 4%. stocks are up 6. to dennis' earlier point, i do
think there is no alternative for many investors. we've been moving our clients into converts. we also have puts on the sby and we bought calls against the vix last week as a hedge. but the bond market is busy doing the fed's work. i don't think there's many people that are talking about that. they steepened the curve, the bond vigilantes. and i wouldn't be surprised to see the 10-year above 2% by the end of the year which was our prediction at the beginning of this year and it was pretty aggressive. we'll see. there aren't a lot of places to go except for commodities and things like converts where you get some yield and some equity participation. maria: yeah. no, it's a good point. there are no alternatives. then there's the archegos meltdown, ryan. it's going to cost credit suisse almost $5 billion. they've announced this. the swiss bank's chief risk officer is stepping down today and the investment banking head
will leave the firm later this month. all a result of the impact and of course to shore up capital, the bank is also suspending a share buyback program, paying a reduced dividend. canceling executive bonuses. ryan, this is a serious hit. is it just credit suisse or do you think the archegos fallout happens throughout the banking sector? >> i think it's a good reminder that leverage is like a weapon of mass financial destruction and a lot of investors right now are using a lot of leverage on their portfolio and this isn't the first time that we've seen this, maria. back when gamestop was hot, back in january, you had another hedge fund blow up as well. so i think it's a reminder of the fact that leverage is dangerous. the other reminder i think it is, if you think about wall street, you think about hedge fund managers, it's ordinary people thinking they can do extraordinary things and they can't. so if you look at hedge funds relative to what the market's
done for the last decade, they dramatically underperformed. i suspect a lot of that has to do with regulation. they used to trade on inside information. they can't do that anymore. so i think where this is indicative of the whole market is you have to be very, very careful of leverage and the other thing is, own the indexes. we own indexes in my firm because a lot of the professional managers that take lots of risk end up not doing very well at all and let's face it. if you can listen at 7:00 a.m. every tuesday to dennis gartman, ryan payne, sage wisdom, you can quote ts elliott, that's where you want to get information from, not leverage strategies that never end up well. maria: all right. i like that. that's for sure. thank you so much. ryan, dennis, nancy, great to see you all. thank you so much. nancy you're sticking around all morning long. thank you for that. gentlemen, have a great day. coming up, florida congressman greg steube is here on president biden's new comments on his corporate tax plan and his tax increases that are coming.
then peeblc corporation ceo donn peebles is here. and mark zande talks about markets and janet yellen's proposal as of a global minimum tax rate. is there a fourth wave of coronavirus on the horizon, here what one doctor says. he's joining us coming up. joining the conversation all morning long, jackie deangelis and nancy tangler. we'll get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. ♪ [announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business,
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in a new interview to promote his memoir, beautiful thing, hunter biden said he wasn't keeping tabs on his possessions and can't recall what happened to his laptop at the center of the scandal last year. hunter said if he had to do it all over again, he would not take a position with burisma, the ukraine company that had him on the board making tens of thousands of dollars a month. joining me right now is florida congressman, house judiciary committee member, greg steube. thank you for joining us. pretty revealing what we heard from hunter biden this past week as he does a book tour. your reaction? what struck you most? >> i think it's ridiculous that he's going to contend that's not his laptop and it's russian information or i don't remember what happened to it or i wasn't keeping tabs with my possessions. most americans know that's what it is, it's disinformation of his own, trying to distract from what is actually his laptop and what's on the laptop. look, what's really sad, being a
member of the judiciary committee, we had all these investigations before trump came out of office related to hunter biden. you're not hearing anything about that right now. what's going on with these investigations, members of congress aren't being told anything. i think the american people certainly want to know that justice is going to be served if there is crimes committed in these investigations. maria: yeah, but justice is not being served over and over of again. i mean, you mention your role on the judiciary committee. that's exactly right. you and your colleagues had a chance to make sure to have accountability of wrongdoing, like the russia hoax. that was a total lie. it was made up by hillary clinton and policy advisors. yet, they tried to take donald trump down based on a lie and no problem. there's no accountability. you say most americans know about hunter biden. well, maybe they don't because remember during the election big tech decided to censor it and twitter blocked the new york
post from twister so the new york post couldn't report on breaking news about hunter biden's relationships and business dealings with companies overseas. now we're at a very serious situation. we have u.s./china policy unknown. we don't know how joe biden is going to change policy. is the entire family compromised by china? i certainly remember the e-mail that was found on hunter biden's laptop where it says this is what everybody gets from this partnership with a chinese company, 10%, 20% here, 10% held by h for the big guy. is joe biden the big guy? was he going to get 10% of that chinese company's partnership? and will there be any accountability? >> well, i sure hope there will be. we've been hearing bouts this john durham investigation for over a year, while trump was still in office, that it was
coming, that it was coming last summer, it was coming, it was come. we've never gotten any resolve from any of that. i hope the biden administration is not going to should that down because of what's going to come of that. obviously, the biden administration, biden himself and his family is compromised. his son got a billion dollars from the chinese communist party. if any family member got a billion dollars from a government source, which i think it should be illegal, if it's not illegal already, you're certainly compromised in your policies. he will undo all of the great things the trump administration and the america first agenda did related to going guess the chinese communist party. he's going to try to unwind and undo all of that. maria: let's hope he doesn't create another crisis, the way he created a crisis at the border. there's worry that we're going to have an economic crisis. the senate's parliamentarian is ruling in favor of the democrat efforts to pass this massive
spending and tax program through reconciliation, opening the door for president biden's spending bill to be passed with just 50 votes. what do you know about this? president biden says there's no evidence that raising the corporate tax rate would drive business outs of the united states. but in fact, there is evidence. all you have to do is go back to the obama administration and under the obama administration when the corporate tax prate wa- tax rate was at 35% and the corporate rate in ireland was at 9% you saw a string of companies acquire other companies from ireland and move their headquarters to ireland so they can enjoy a 9% corporate rate versus a 35% rate. so to actually say there's no evidence that companies will be driven out of america because they're paying a higher taxis either uninformed or a lie. your reaction to this tax increase plan and whether or not it's going to get through like everything else. no unity whatsoever. just jam it through reconciliation. >> yeah, you're going to see
companies leave the united states and the other facts and evidence that's exhibit a to economic policy is the tax and jobs cut act that the republican led congress pushed through during trump's first two years in office and right before the pandemic you saw some of the best economic numbers in the history of our country. some of the lowest unemployment numbers for minorities and african-americans in the history of our country. so there's facts and evidence to show that cutting taxes on businesses encourages growth, encourages jobs, creates jobs because businesses are able to hire and expand and hire more people. so there's tons of facts and evidence to show if they do pass this corporate tax rate which i think you're right, i think they're going to try to use reconciliation to jam it through the process. i've been shocked at how few moderate -- so-called moderate democrats in the house refused to vote against some of these bills, they passed by three or four votes in the house. they go through the nat and
shove it -- through the senate and shove it through. that's not unity. that doesn't bring people together. it's forcing horrible policy on america. maria: you're sitting there in florida, just to prove my point in terms of money is mobile. what have you seen in terms of your own state of people coming in, moving to florida from places like new york, connecticut, california, where the taxes are so much higher? >> people are flooding to the state of florida. our unemployment rate is 4.8%. the national average is 6.3%. you heard jetblue talking about moving headquarters to florida. you have companies from all over the country, from democratic run states who are sick and tired of mandates and businesses being shut down, flocking to florida, opening businesses, starting their companies again, moving their companies here. i have lived here my entire life. my family has been here for generations. i've never seen the growth in businesses and people moving to florida like you're seeing right now. maria: so what does new york do
in response? they plan to raise taxes again. in new york. it's unbelievable. congressman, good to see you this morning. thanks very much. congressman greg steube. stay with us. we're going to get into real estate in new york when we come back. ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ (vo) ideas exist inside you, electrify you. they grow from our imagination, but they can't be held back. they want to be set free.
maria: welcome back. major league baseball reportedly moving this year's all-star game from georgia to colorado, as senate republican leader mitch mcconnell is speaking out, saying ceos should stay out of politics. >> i found it completely discouraging to find a bunch of corporate ceos getting in the middle of politics. my advice to the corporate ceos of america is to stay out of politics, don't pick sides in
these big fights. maria: well, nonetheless, corporate america seems to be letting down citizens. jackie, what do you think about big companies and ceos reacting to georgia's new voting laws? some of them obviously have not read the law, jackie. because if you look at georgia versus colorado, actually georgia has more in-person days, voting days than colorado does. it's 15 days of early voting in colorado, versus 17 days of early voting and both states require id to vote as one would want, jackie. jackie: i come back to this idea that there's been a lot of spin when it comes to the law and you pointed out at the top of the show, read the actual law and you'll see it's not as outrageous as the left has been spinning it to b the way i look at this, when i'm not here i am an american citizen. i am a consumer. i don't want to hear from sports teams, sports players, or big ceos or corporations about what
their politics are but that's the world that we live in and i imagine that they've sort of gamed the system and they realize they'll get more support from taking a stand in one way or another, versus the people that they'll alien ate by doing this. there are a small subset of people out there who just kind of feel like they don't want to hear it. they don't want to hear that a company that's selling consumer products is on one side or the other side. they just want to buy the product. maria: yeah. especially since they got the law wrong. i mean, at a minimum, know what you're talking about. the governor of georgia says -- kemp, governor kemp, who was on and will be on with us this week, he said basically georgia's facing criticism because it was one of the first states to act on changing its election laws. and he said this. obviously you've got stacy abrams and her groups that are including the president lying to the american people and our citizens and obviously to a lot of these corporations, they're
trying to cancel, for their financial well-being. we've all seen it. we all felt it. it's the mobs and activeists threatening companies, unless they come out against the law they will get boycotted. many of the ceos went with the talking points and didn't read the law. so much so, nancy, texas governor greg abbott is refusing to throw the first pitch at the ranger's home opener last night, in an effort to stand up to the false narrative about georgia's new voting law. did he make the right move? nancy: i think he did. i think americans are tired of this and jackie is spot-on. i think it's a bigger portion of the american population that would like to be entertained and not have to be entertained in a political fashion. so i admire him. i suspect he was also a little concerned that he probably couldn't get it across home plate as well as you did. but -- maria: there's that, yeah.
[laughter] nancy: we'll see how this plays out. i think we're all exhausted and it's time to get back to just sports for sports' sake. maria: i mean, come on. you're right. all right, quick break and then questions for amazon, the new allegations about amazon's work environment, we've got those details coming up. and then is the real estate market red hot again? where we stand with new york's housing recovery, we'll get into it with don peebles. stay with us. i had saved up some money and then found the home of my dreams. but, my home of my dreams needed some work. sofi was the first lender that even offered a personal loan, and i didn't even know that was an option. the personal loan let us renovate our single family house into a multi-unit home. ♪ and i get to live in this beautiful house, with this beautiful kitchen, and it's all thanks to sofi. ♪
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lately, it's been hard to think about the future. but thinking about the future, is human nature. at edward jones, our 19,000 financial advisors create personalized investment strategies to help you get back to your future. edward jones. maria: welcome back. good tuesday morning, everybody. thanks so much for joining us, i'm maria bartiromo. it is tuesday, april 6th. a look at markets this half hour. we are expecting a decline at the start of trading this morning as indices pull back from record highs, dow industrials down 37, nasdaq down 36, s&p 500 lower by 7 and-a-half. yesterday it was a rocking day with the major indices nearing session highs at the close, the dow and s&p 500 closing in
record territory, new record high of the dow, 33,527, s&p 500 now at 4,077. yesterday at 4:00 on wall street. global markets are higher, take a look at european indices optimism over the glow gal recovery, the cac is up 37, dax higher by 175. more of a mixed story in asia, the hang seng and kospi index both higher. japan was lower, nikkei down 1 and a third percent as a spike in new covid-19 cases is jolting investors. china was flat. meanwhile, this. lawyers for disgraced movie mogul harvey weinstein requesting a new trial. cheryl casone with details there. cheryl: that is right. this comes more than a year after weinstein was convicted on two felony sex crimes. this lawyers claim the judge who oversaw the new york trial neglected the right to a fair trial, they say the judge allowed four women to testify
about allegations that didn't lead to charges, they also question why a juror who wrote a book on predatory older men wasn't moved. harvey weinstein is serving a 23 year sentence. one of the nine women accusing andrew cuomo of sexual misconduct meeting with investigators looking into the claims. an attorney confirming she completed the interview yesterday with investigators appointed by new york's attorney general. she says that cuomo grabbed her face and kissed her on the cheek while surveying flood damage in 2017. amazon facing questions over its work environment yet again. the national labor relations board ruling amazon improperly fired to workers for being critical of the company regarding working conditions at the retailers. the two parties are working on a settlement after that ruling. amazon denies any wrong doing. they maintain the firings were justified. there's amazon in the premarket, stock down a quarter of a percent. and finally, what a finish.
march madness ending with a major upset, baylor university spoiling the gonzaga bulldogs fairytale perfect season. congratulations to the bears. it was their first national title in school history. so good them. maria: awesome. good for them. all right, cheryl, thank you so much. we want to look at the state of real estate this morning. housing sales in new york city picking up amid pandemic reopenings and with some big discounts as well. new homes in new york city are coming to the market at lower prices and including bonuses like free common charges and free parking. joining me now is peebles corporation founder, don peebles. thank you very much for being here. i want you to assess where new york city stands. you see both sides of the spectrum. you see what happened in new york when people started leaving
in droves. you also are a big developer in florida so you saw where they were going and sort of the strength in florida as well. how would you assess new york city real estate today? >> i think new york real estate, residential real estate is struggling right now. we are entering typically the best part of the year for luxury sales in new york city. residents are coming out of the winter, going into spring looking to buy so they can make their plans for relocating and so what we're seeing right now is that stip call -- typical activity that's taking place, pent-up demand and significant discounts and incentives including paying property taxes for new buyers as well. developers are offering all kinds of incentives. so the market looks like it's more active, but i believe it will be short-lived and then you'll see further price reductions. maria: yeah, because you came on with me a couple of months ago and you said, look, these
things don't turn around quickly. we could be in this process for a 10-year period where new york doesn't come back, doesn't reach the peaks that it was. you're seeing home sales up 24% year over year because of the incentives and you're seeing much lower pricing, is that what you see going on in new york right now. >> yes, and also a considerable amount of pent-up demand. think of how inactive the market was previously. the market's catching up a little bit. i don't see it as being long-term. i you see it as being short-term unless we see more significant price reductions. all you have to do is look at the commercial office market and you see vacancies at historic highs, for example. retail you see vacancies at historic highs. so i don't think there's reason to be optimistic. maria: yeah. and you mentioned to me a couple months ago that you thought when you have a retail store that the
store is dead because people are going to continue doing online shopping. add on to all of that higher taxes, don, and let's talk about the impact because new york state is closing in on a budget agreement that would raise corporate and income taxes, the plan raises income tax rates to 9.65% for single filers, earning more than $1 million. it introduces two new brackets. top earners would pay the highest income taxes in the country, they would go above 110% in taxes, up -- 10% in taxes, up from 8.3%. does the tax increase like the one we're talking about in new york lead to even more of an exodus of people out of new york in your view? >> yes, i do. i think that it is ill-founded for anyone to be raising taxes after a historic federal payment has been approved to come to new york city, a after a million job losses in new york state due to
the pandemic, after 400 people leaving and moving out of new york city alone per day. that is telling you that we've got to do things to attract businesses and attract residents and raising taxes. and by the way, when you add new york city taxes, a top bracket becomes 15% so people are you now going to be working 15% of their lives each year to pay taxes to live in new york city and state and that is going to be challenging and wealthy people are mobile and everyone who has made the adjustments to working virtually now learns they can work anywhere in the world and you're already seeing people making adjustments. i mean, i have been texted and e-mailed and called by many people over the last week as this tax policy and this tax increase has been firming up, saying they're done. they're leaving new york. that's unfortunate. because what's the greatest thing about new york, if you
make it here, you can make it anywhere and that's putting a whole new meaning to it. have you to work a lot harder to make it here now. maria: it's unbelievable, don. i mean, think about what we're saying here. 15% in new york, put that on top of the increases that joe biden wants to take the highest all the way up to close to 40% again. you're talking about almost 60% of your income going to government. if you're living in new york and a high earner. >> yes, it does. and that is going to be a disincentive and it's going to make businesses and residents especially high tax paying residents and businesses begin to look to shop based on what's the most tax and business friendly because you have to add on all of these other aspects of how it would drive cost of doing business in new york city and make it further unattractive. i don't understand why this is being done because the state
does not need a tax increase. there's no need for it right now. the governor's already said that it's telling you something also, that new york is becoming far less hospitable to businesses and high income earners. maria: why would anyone stay there? you're talking about millions and millions and millions of dollars in taxes by living in new york city. if you are able to move out of new york city, it's obvious that you would want to and you just mentioned such an important point. new york has gotten money from the last, quote, unquote, covid package which wasn't a covid package, only 10% covid. it was tens of billions of dollars to states. and despite that, governor cuomo and six other democrat governors have sent a letter to president biden asking for an end to the state and local tax deduction cap placed in 2017 under former president trump's tax cut plan. the letter says this.
in part. capping salt or state and local tax deductions was based on politics, not logic or good government. this assault disproportionately targeted democrat run states. don, you've got those other states saying, well, we're not going to subsidize these tax increases. so it's all connected, don. your reaction to what cuomo is now saying about salt? >> well, i understand the governor's point, certainly, to soften the blow of these massive tax increases the ability to deduct them would soften that blow. unfortunately, that is not going to happen. you have nine states in the united states that have no income tax. and as a result, they are not going to support a change in policy to make them less competitive and four of the states, personsly two key -- especially two key ones, nevada and washington state have two democratic senators and they are not going to vote to make their
states less competitive. if they do, it's political suicide. and all the democrats have to lose is one for that to not happen. and then you've got the senator from west virginia as well, so i don't think it's a realistic goal to eliminate the caps and they were done not for politics but to level the playing field if you will for those states that were perceived to manage themselves more effectively. new york city is one of the greatest cities on the planet. so it has a lot of attraction and people have always been willing to pay more to be in new york city as have businesses because of the great talent that you find in new york city. and now by raising tax as we still are coming out of a global pandemic with a million plus job losses, it's going to really test that desire to be in new york city, in new york state under any circumstances and i think that it is very poor policy. maria: yeah. especially since a lot of those
reasons are not existing today. broadway is closed. restaurants are closed. now, that's temporary. but still, i think all of these points are really important. rich people do not have to keep paying up. don, it's good to see you this morning. thanks very much. we will keep watching this story. don peebles joining us from peebles corporation. stay with us. we'll be right back.
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maria: welcome back. the supreme court sided with google in a multi billion dollar copyright. the ruling overturned a federal circuit decision favoring oracle. joining me now is disruptive tech research founder and analyst lou basenese. tell us how the court came to the decision and the importance of this ruling. >> look, the irony here is priceless because back in the early -- in the '90s oracle and sun who invented java argued against copyright protection for software code. now you have oracle upset about the ruling. the keep here is fair use and there's four of fair use. we're talking about 12,000 lines of code out of 12 to 15 million in the android software. so not heavily reliant on it. it's important so there's
interoperability. the other is effect, how much effect did this have on java's business. look at oracle's market cap, $213 billion. i don't think you could argue there's a material effect on that business. kudos to the supreme court for overturning the previous decisions and getting it right. this would have been a huge log jam for tech innovation if they didn't rule in favor of google here. maria: i think the broader issue is the pressure on big tech and how things change. i mean, look at justice clarence thomas weighing in yesterday on the potential big tech regulation that could be coming. thomas bring writing a 12 page opinion which reads in part this, today's digital plat forms provide avenues for unprecedented amount of speech. also unprecedented is the concentrated control of so much speech in the hands of a few
private parties. we will soon have no choice but to address how legal doctrines apply to highly concentrated privately owned infrastructure such as digital platforms. lou, this to me sounds like justice clarence thomas is in favor of taking away those protections that big tech enjoys, the liability protection they can't get sued because clearly they have not been a middle partner. they've chosen a side in politics. they have censored people like the hunter biden story, like a former president, president trump's not allowed on these social media platforms. your reaction? what do you think the supreme court does? >> kudos. i can't applaud this even more. we've been doing this tap dance with big tech and congress for two plus years. every time they pa a raid them in front of congress, make
excuses and nothing changes. good for clarence thomas coming out and high lighting the key point here. there's a massive concentration of power that google started back in 2004 when they came public with a dual class share structure that gives the c-suite ten times the voting power. mark zuckerberg followed that up in 2012 with facebook. they're basically immune to scrutiny from the board and public shareholders. i think it's right. i think they've grown in scale and they think it's easier to ban than police. clarence thomas saying i think big tech should wake up to this. this is serious. the supreme court saying we might have to do something, we might have to step in to really break up this control unless you police yourself. big tech has proven they won't do it. look at the privacy issues at facebook. look at the bans on and off again at twitter. it's just -- it's untenable at this point and something's got to change and i don't think congress is going to do anything. maria: yeah. clearly, this is -- there's dominance here.
you would think this is an anti-trust issue but if the anti-trust regulators and the congress won't do anything, sounds like the supreme court would take this up. we'll see. they've obviously taken a side and become more powerful than anyone expected. lou basenese, thanks very much. we'll be watching. we'll see you soon. quick break and then bad dog, watch as this brave pooch steals a reporter's microphone on the air. the hilarious video makes a buzz this morning and we'll tell you all about it. stay with us. ♪ hungry eyes. ♪ one look at you and i can't disguise. ♪ i've got --
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time for the morning buzz. first up, starbucks joining the crypto craze, customers can now reload their starbucks cards with bitcoin. it's all done through the app backed which converts the cryptocurrency as well as frequent flier miles and points from other loyalty programs into dollars to be used at the coffee chain. nancy, do you expect to see more places accepting bitcoin for payment? interesting. nancy: well, yes. and given the fact, full disclosure, starbucks is one of our largest holdings. given the fact they've raised prices materially, this may be part of the motivation. let's not for get the gentleman in florida who paid 10,000 built coins for two papa john's pizzas in 2010. the 2,000 bit coins today would be worth something like just under $600 million. so buyer beware. i'd hang onto my bitcoin if you're a believer and find another way to pay for your
latte. maria: how about this one. check this out. jackie, a real news hound. yes, hound. a weather reporter in moscow had her live shot and her microphone stolen by a dog, live on the air. this is -- i just love this dog. the reporter chased down the scene stealing golden retriever. a few months later she was back on air with her mic and her new palmar continue, the dog. -- new pal martin, the dog. you don't know what will happen with a dog around. jackie: you never know if someone will start dancing behind you or make a fool out of you while you're talking because you're in that zone. under this circumstance, which i never could have seen coming, i would let the dog have the microphone too. looks like they had a good time and it went viral. .[laughter] maria: look at the dog running away with the mic. it's so great. that is really funny. all right. i don't know. was there bacon on that mic or
maria: welcome back. good tuesday morning thanks for joining us. i'm maria bartiromo. tuesday, april 6th top stories 8:00 a.m. on the button on the east coast, the biden administration push to raise taxes, treasure secretary janet yellen calling for international cooperation to help pay for that 2.3 trillion-dollar in spending, we've got details, markets are lower this morning futures a decline start of trading dow industrials down 34, the nasdaq well off the lows of the morning, it is down just 6 points now, s&p 500 down 5,
stocks yesterday ended near session highs dow and s&p 500, closing in record territory once again. dow industrials up 374 points yesterday. just 33,527, all-time high nasdaq up 225 points one and two-thirds% the s&p 500, now at all time he high of 4077 gained 58 points at 4:00 on wall street yesterday global markets picking upping wall street left off in regular session, all pointing up, ft 100 up 58, the cac quarante up 33. and dax higher by 170, in ebb asia overnight more than mixed story hong kong and korea both higher japan was down, as a spike in covid-19 cases, is jolting investors, as you can see, mixed story overnight major league baseball bowing this pressure moving all-star game to colorado in response to georgia's voting law even though georgia's laws are more open to voting than colorado.
"mornings with maria" is live right now. maria: markets edging lower, as you can see, dow industrials down 37, this after the wrou and s&p 500, hit record highs many worried about the inflation of story and federal reserve o potentially raising interest rates i spoke with former national economic counsel director larry lindsey last wrooek treasury yields as soon as he move up to 1.7% 10-year very low rates but move with which this happened has been fast. >> it has been very fast we've got a lot further to go, by the end of the year, i would expect 10-year to be, very close to 3%. maria: joining me right now talk you can to today about that moody's analytic chief economist mark zandi, all morning jackie deangelis nancy
tengler thank you for being here mark your reaction to what you just heard from from lawrence lindsey from lindsey group. >> you think rates are going up 2% by the end of the year sounds aggressive i think probably closer to rather than 3, i think the right in rates is symptomatic improving economy the health more likely rates are going to move higher. in the long run may well functions economy should be around 3 1/2 to 4% i think where we are headed 3% by the end of the year sounds a bit aggressive to me you know forecasting interest rates is pretty intrepid affair. >> i think it is a really important point to make, that ye we are seeing rates move higher built for a very good reason the economy is strengthening, how much of a damper will hi talking be on economy just getting its sea
legs back, i mean look at new york they are getting tens of plans of dollars in new money, from the government programs like the 1.9 trillion-dollar spending program, the covid package, now this two trillion-dollar, .25 trillion-dollar package, the states getting money yet he new york is still raising taxes. mark this push to raise corporate taxes is moving higher as well, now you've got treasury the secretary will unlock the board and all members will proceed to vote yellen calling for interim cooperation, on a global minimum tax, a group of senate democrats, are want their own framework they are focusing on the global intangible low tax income rate or this is reevaluating a minimum tax on foreign profits on country by prun basis the bottom line is taxes are going higher, mark, how much does that cut into economic growth story just getting started or continuing. >> -- yeah taxes are going up we do have large budget
deficits, big needs, you know infrastructure is crumbpling climate change issues, many social to address tax rates are going up you know all equal higher tax rates are negative for the economy you know not all taxes are made equal, i do think raising corporate tax rates growing back some tax cuts corporations got several years ago will only have a modest negative impact on economy the benefits that have are quite -- are that revenue, goes to things like infrastructure, are positive, so the next benefit of that is clearly, on the positive side, but, you know, higher rates are likely -- >> -- yeah, i gus pardon me mark i guess one question do we really need all of this spending right now. >> i mean you've got a package, that goes well beyond infrastructure. here. you are talking about the
"green new deal," and people say it is mislabeled again, the way covid was mislabeled why spend all this now. >> we do need it from your spending had fallen sharply this year nation gdp over past -- really past 40, 50 years the back in 50s, 60s built out interstate highway system public infrastructure system was 5, 6% of gdp maria less than 2% now a record low, i think we can all agree our roads, our bridges, seaports airports are you know broadband, power infrastructure -- >> i would agree if the all infrastructure mark i would agree if all infrastructure but it it's not object, as you know. >> there are parts that are not, the home care piece of the proposal is not enough -- public infrastructure but the rest of it is, you know it is -- more as r and d, on all kinds of things that we need, to compete with chinese and
other competitors things like 5g, i mean you know take if you take a close look at it that vast, vast majority of public infrastructure you make a good point the home care piece of that, is not -- is not infrastructure, and would more likely be part of the next package social infrastructure package, 2.6 trillion spending tabs credits, i well over two trillion of it is i think in classic sense public infrastructure. maria: i think, i think a lot of people would disagree with you on that point, mark. certainly it is not what you would think of in terms of roads and bridges. the majority of it. but yeah, i know making a case for there to be you know human infrastructure, nancy jump in here your thoughts. >> well, i just want to ask mark, you know, at 25% or 28% we are going to be among the top taxed corporation rates o
global, not very good grammar i think you understand where i am going i worn what that does for competitiveness what your view is on that, mark. >> very little, i mean the effect is tax rates, so if you actually see what corporations pay and compare that to their profits, that is the effective tax rate. that is lowest ever been in history very low compared to many cubs across the global many will tax preferences tax breaks corporations take advantage of many don't pay any taxes at all have not paid taxes in quite sometime. so, the top margin rate statutory rate over states the -- the impact on he competitiveness, now i think having said that doesn't mean we shouldn't be working to improve our competitiveness in regarded to taxes and making it more efficient system but i don't think going from 21 to 25 or 21 to 28 is going to have any meaningful impact on
the competitiveness of american companies. >> even though it is not just a large companies, that are going to get hit with this mark it is smaller companies as well. and those companies will be forced to i know change the way they spend. that could mean, slowing down hiring, and certainly pulling back on spending, because, you know you've got corporate rates, as corporate rate that is going to hit all corporations not just large businesses multinational bids that you are referring to, that pay no tax. >> m small businesses snow small businesses when i started 30 years ago was s corporation or partnerships that has grown, that is based on the tax rates there are based on personal tax code not on corporate tax. maria: right those rates are likely going higher as well we just haven't heard details of that plan waiting for that in the next two weeks but
personal indices income taxes going up as well we expect that will hit small business. >> we will see, we will see exactly how structured, but the corporate tax rate, which is what is being used to finance the infrastructure program, you know, that is our that is generally large the companies i am sure there are some small companies that are c corps as well generally not so with this package -- yeah, the other thing i point out go back to the tax cuts back in 2018, there is no evidence, at least no diskrernble evidence 20 years from now can look no discernible impact on gdp not in data, i mean -- maria: we have -- we could look at january, february of 2020 when we had lowest unemployment rate in history, 3 1/2% so you could look at economic metrics to see what happened to the economy post president trump's tax cuts,
and certainly did move the needle and when you also include the deregulatory part moved needle a lot on economic growth and on -- go ahead final word mark. >> just going to say maria you are right there is a lot of moving parts there but not the tax cuts, i mean the way tax cuts in proponents of the tax cuts said would raise business investment, therefore improve productivity, gdp there is no -- no discernible evidence you can't see that -- >> except the 3 1/2 percent unemployment rate beginning of 2020 economic story that actually showed real growth those are -- those are the signs. >> link those back to the corporate tax cuts is pretty intrepid. >> i make it back one hundred percent deregulatory actions and tax cuts moved needle on economic growth, there is evidence of it we saw it in the beginning of 2020. we will certainly keep
maria: welcome back sending a message to the chinese communist party. a new article from "the wall street journal," details how president biden spending plan furthers america's ongoing competition with china notes the biden administration, sees aspects of the multitrillion-dollar plan as a move to better position the united states, to compete against china economically and major infrastructure projects joining me right now the organization founder author the of china's vision of victory jonathan word great to see a you thanks for joining us we are waiting on details of u.s.-china policy from this administration. what do you believe is the
appropriate policy now against the ccp? >> a hi mar great to be back i think there is on -- infrastructure package, are there is an important need to invest in united states, going to include, spending on u.s., r and d include measures to improve u.s. -- new office for department of commerce to bring supply chains back to united states from china a massive cash indpoougs for chip industry at center of what is going on in pacific, so the other side is it is not going to be enough to invest in the united states, i mean this is what many people are saying that we have to run faster in order to compete with them, when unless we are also, enacting economic containment measures on china, then we are simply improving our own capabilities allowing adsar yoos to pick our pockets, very important to start going after, chinese companies, that have done it
-- intellectual properties, he innovation r and d companies to come back to u.s. side compete against corporations globally maintaining deterrence in pacific at the end of the day if we allow them to out produce us out spend us could all of that, our -- will fail, in asia so we are going to have to one hand invest in ourselves, also, begin, economic containment policies on china. maria: a i want to ask you about those economic containment policies, this is a really important point that you bring up. i will get back to the technology advansment what policies are you referring to do you see any shot of that being created right now. >> i think one key thing could be export controls this is a very important measure that,
multilateral with partners worldwide to ensure that technology into china is restricted many others, right now, china's growth is very hot on wall street everybody puts money into china at this point we have to start restrikeing that can't be -- our adversary, strategic industries converted into military power surveillance at hole let's not forget both state departments trump administration and biden administration -- what china is doing in xinjiang as genocide people still invest in china, under most connections make sure that we're not a money -- into this country he our strategy -- >> yeah, this is a really important critical point you are raising, because companies individuals need to understand they are funding, the ccp
expansion. when investing in companies that are tied to their military, now, china has been investing in quantum computing artificial intelligence now acquitting digital currency yuan will give ccp new ways to monitor stis economy unlike other cryptocurrencies digital yuan is trackable your thoughts on chinese digital currency with debar to its impact on america. >> i was going to get -- significant insooilt into their own economy as one basic strategy now is offset u.s. sanctions, creating economy tightening supply chains in china in global economy so it will give them the -- that they want to have in terms of watching their own economy as
it grows becomes more consumer open economy, one of the objects here the other objective gives ability to move around u.s. sanctions, i mean that is one of our most powerful tools authority to place sanctions on others done to it russians iran north korea, limited ways to china but the more international -- r and d create their own sort of digital, those -- to that -- quick before you go, the chinese navy officials are saying that a carry groups is conducting exercises near taiwan they will do similar drills, regularly, comes amid a major spike in chinese might activist near taiwan recent months. the u.s. navy is expecting according to reports, that china will invaded taiwan. at some point perhaps this year, your thoughts. >> a well, admiral and rent testimony to congress keep --
alluding to -- you know -- taiwan thought next years or so i think you have a massive ideological zeier to unify with taiwan building capabilities to do that if they sea window of opportunity remember they got away with -- clashes at indian borrowed came out of pandemic growing surpassing in terms of foreign direct investments [inaudible], and, for them emboldened wouldn't be sprig hopeful won't come soon. >> great to have you this morning thanks very much we will keep watching very important story that you have been out front ahead of so many ways jonathan ward. stay with us. we'll be right back. eft. ♪♪ you can spend your life in boxing or any other business,
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maria: welcome back president biden is defending his plan to raise taxes, saying that corporate tax increases will not drive business out of the united states, as we have seen in the past. politicians if both parties questioning, a proposed 28% tax rate for corporations, conservative democrat senator joe manchin opposed the raise saying republicans and democrats have been irresponsible in financial . >> seeing blowout massive spending just not is to go. >> i know i am just puzzled why returning to policies that failed policies that carter regime i was puzzled by mark zandi comments we know lower taxes incent companies to move back to the united statesee know because there were 294 on
shoring/reshoring decisions, in process in 2020. companies are -- mindful of tax rate and tax rate, but, this -- this to me is just backwards. it can and may dampen the economic growth and bull market that i actually believe we restarted last year. >> jackie some people are saying that this quote/unquote infrastructure package is about 20% infrastructure. mark zandi telling us mostly infrastructure we've got many people saying that that is absolutely not true. you know. i mean look everyone, i think can agree on new roads, bridges, et cetera, traditional infrastructure this plan is not. >> this is more a greene deal than anything else. >> it is not you certainly could sit there argue a lot of points, as you said, you have republicans and democrats for portion of the infrastructure spending are okay, but they don't want to see the extra
spending combined in this bill don't necessarily want to see corporate tabs rate go up to 28%, joe manchin from west virginia one of them saying we can find a compromise here doesn't have to go up that much we need to bring larger number of the bill down i will tell you something to your conversation with mark zandi, also to nancy's point number one you will see corporations moving to other countries, to take advantage of incentives there but also you are going to see, companies start cutting jobs, under president trump we saw 350 year unemployment rate low, that was a record as i mentioned we saw wage growth, that is not going to happen. and you will see a chilling effect on this economy. maria: that is exactly right, you are going to see if taxes go up, something has got to give either prices go up ceos institute price increases to get money that way or cut back on spending means job losses, and that means investment losses. because they are not investing
what they thought so it certainly does have a direct impact on an economy and on the fortunes of the people at these companies and their customers. there is no the doubt about it, by the way, to say that it is not going to impact companies leaving the u.s. is also wrong, because we saw it happen under the obama administration, we saw ireland of a 9% corporate tax while u.s. had 35%, and that is the reason you had so many acquisitions inversions pane companies acquired irish companies moved headquarters to ireland i said this a multitude of times we can't believe it is any different this time we will take a break when we come back being sky-high problems spirit airlines under fire this morning for kiebing a two-year-old off a flight, for not masking up yes a two-year-old he more on provide coming up mlb fallout moving out of georgia lawmakers tell league stay out
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maria: welcome back, good tuesday morning, everybody thanks for joining us. i am maria bartiromo. tuesday, april 6 markets this half an hour ahead of the opening bell we are expecting a decline start of trading this morning although we are well of the lows of the morning check it out dow industrials down 38, nasdaq is now positive, it is up 6 3/4 points s&p 500 down 3 3/4 this after another record-setting day yesterday dow s&p 500 closed record territory yesterday with a nice strong rally across the board, we do begin today's trading session in unchartered territory, global markets are higher take a look at european indices this morning optimism there over the global recovery, with ft 100 up 68 cac quarante up 32, dax higher by 164. in asia overnight he more
microsofted stor hong kong, korea up japan down, as a spike in covid-19 cases weighs on investors, meanwhile, to look at supreme court, siding with google in multibillion-dollar copy battle with oracle cheryl casone with details now cheryl good morning. cheryl: that is right. good morning again high court ruled google did not commit copyright infringement when it corporated sections of oracle programming language to build out android operating system the decision throwing out a ruling by lower court that was in favor of oracle, instead called google copying an example of fairious look at stocks premarket parent google alphabet higher oracle shares down almost 1% right now. critic crypto more than 2 trillion dollars for the first timever driven by spike in second largest digital coin
betweened nonfungible token crazy, bitcoin biggest currency accounting for more than 50% overall market bitcoin, is up, as you can see, right now, and, finally, it was fight and spotlight spirit airlines dputh disputing claims video shows toddler in mother's lap eating when ordered to exit the airline saying the parents not wearing masks correctly the family did eventual travel on schedule flight only after speaking with airline supervisor you can't see in video i just showed you but special needs son was sitting in the middle seat agency well. that is what we've become maria, back to you. maria: a backlash everywhere you go thank you so much,
meanwhile, the facebook backlash is getting loude major league baseball will reportedly move 2021 all-star game to denver's coors field pulling out of atlanta over upset over georgia voting law obviously, they did not read now senate republican leader mitch mcconnell warning ceos stay out of politics, watch. >> i found it completely discouraging to find a bunch of -- corporate ceos getting in the middle of politics, my advice to corporate ceos of america is to stay out of politics. don't pick sides. >> a good idea joining me washington examiner achieve political correspondent fox news contributor byron york thanks so much for joining me this morning your reaction to all that played out you look at the colorado voting law, it is actually not as good as georgia, because georgia is
offering 17 days in-person prevoting, and colorado's is 15 days, for early voting. both states have a requirement of an id to vote by mail, and in person. so, i mean just it is a head scratcher. your reaction. >> well, this was totally predictable when major league baseball took all-star game out of georgia, because of this law which you are absolutely right must not have read, then wherever they took it people would look at those states, and compare the law, to georgia's and say well is that okay. there are several issues here, one, which is that there is a major league baseball team in the georgia the atlanta braves they play in georgia, other teams from around the country come and play in atlanta the is that okay with major league
baseball, by the way, there is one other thing, there is a for golf fans this is masters week a huge week in governmental tournament played in georgia, and the commissioner of major league baseball, rob mandel happens to be a member of augusta national golf club there is just all these issues raised by this one decision to move the all-star game out of atlanta. maria: that was incredible you are referring to rob manfred, the chairman mlbiden, marco rubio came out this weekend byron you probably saw said look give up membership to augusta, it is georgia, i mean so what do you think is going on i -- i mean these guys ceos, and now they are not dumb right? i mean they certainly have gotten to their heights of companies, chairman and ceo level, by being smart. we think. so did they not read georgia
law just bullied by progressives activists the mobs all over social media? bullying them that they rolled over? what went on here. >> i think an epidemic of fear among number of ceos and look a lot of business operates on the fear a very darwinian world competitors always trying to take your place. there are always new threats, so i think that a lot of this is based on fear and in this case you have president of the united states mischaracterizing be nice say you mischaracterizing georgia law repeatedly, coming out in favor of major league baseball moving the all-star game on account of the law, and now you've led to just weird things like, united airlines raelz a statement yesterday of position on voting, voting rights, said, by the way, that its mission was to unite the
world didn't know that. but they feel like necessary to release position on voting rights there is something weird going on, in corporate leadership at this very moment. maria: i am really glad you mentioned president biden coming out with the way that he did, pretty aggressively against the georgia law. that is important because obviously, that colored people's expectations, and, you know, assessments of the law. i am wondering if he is going to correct the record. come out mr. president correct the record. make sure people understand, what the law is, because clearly the ceos major league baseball don't let me ask you about interview promoting hunter biden memoir beautiful things is hunter biden's memoir claims no memorial of dropping off a laptop at delaware repair shop. >> did you leave a laptop with a repair man -- >> -- not that i remember.
>> not that you remember. >> not -- no, whether or not, um, somebody has my laptop whether or not, it was -- mine was hacked whether or not, there -- exists a laptop at all i truly don't know. >> are you missing a laptop. >> not that i know of. maria: not that i know of. go ahead byron why are we playing word games here go ahead. >> well those are carefully lawyered statement can't recall anything, he can't you nobody can say he is lying about it, but look, the evidence the laptop that was dropped off, by hunter biden in, delaware, is his, there is just no doubt about it. and most of the time, he doesn't even dispute that will say i was hacked. or the laptop was stolen, in other words, it actually could
exist in that cbss interview raise issue issue whether laptop existed at all. but the fact is it is there. it is real. the "new york post" story based on it were valid, he has just taken the position has not been pressed very much in media interviews that laptop may or may not even exist. >> hmm. well the whole issue points to whether or not hunter biden is compromised by chinese communist party is he compromised by burisma ukraine, that is the worry, because we are right now in a situation, where china is rising, and ccp wants to overtake america as number one superpower and they will do it in whatever means they can do it, whether it means, you know, putting -- attractive welcome around potential future candidates like with eric swalwell through intellectual property thst
this is a bigger much more important issue. how do we deal with it? >> yeah. well in terms of the hunter biden situation, you are absolutely right i mean there is a lot of -- of sleazy elements to the story a drug addict sex involved he doesn't remember fathering one of his children but the bigger issue having is about his financial dealings ukraine perhaps in russia, in china, and most importantly, did any of them touch on his father did his father have any role in this he has said hunter biden is as said in these interviews this is father never got nothing, no benefit or joe biden from the hunter biden's business dealing right now we don't really know that that is the case. maria: right. which is why the laptop becomes that much more important, and that e-mail
from laptop when says very clearly, when talking about ownership of the chinese company 10%, held by h, for the big guy. >> good to see you this morning thanks very much we will certainly keep spotlighting all the above, byron york joining us. >> coronavirus one year later many worried about potential fourth wave one doctor says it is not going to happen we are going to talk with them when we come right back. you are watching "mornings with maria" live on fox business. whoo! yeah! oh, hi i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be circuit design engineer to help push progress forward can i hold the chip? become an agent of innovation with invesco qqq
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maria: welcome back number of covid-19 cases is now rising across the country once again leading to concerns about a fourth wave. of this pandemic. meanwhile, u.s. vaccinations are socially gaining ground nearly 19% population now fully vaccinated joining me right now john hopkins school of public health professor fox news medical contributor dr. makary you say we won't see a true fourth wave, why. >> that is right. good morningma good to see you not going to see a true fourth wave the applyings based immunity is high we don't have to gus look at u.s. israel ahead of us you see there when about 50% adults in the population get vaccinated, the numbers of hospitalizations deaths drop lining a o rock
like a rock seeing that herd immunity alaska no deaths last 11 days north dakota no the covid deaths 11 las at that point starting to see significant improvements we need to distinguish the fact that we've got a pandemic of older people that were winning in pandemic of young people where virus is circulating most of those cases are asymptomatic or mild. >> very good this is good news, look at this shot of the texas rangers and crowd in the game last night, 38,000 fans during yesterday's home opener, against toronto blue jays, feels like old times when you look at stadium game mashing one of the first full capacity supporting events since pandemic began rangers only major league baseball team allowing full capacity seating inside the ballpark meanwhile, in states like california, businesses remain closed, people are advised
stay home, what happy medium would for being for states to allow more large scale events to row assume what do you think when you see a crowd like that. >> one of the reasons i think we are seeing the virus circulating young people that is the public health officials have lost the credibility with young people they are talking about you can't travel they are talking about you can't do all these things you can't be outdoors in public setting i though i, public health officials lost credibility going to feel good to be back out there i reminded young people virus is circulating be careful our messaging needs to be simple if you got vaccine live your normal life give it a month for vaccine to kick in get people immune doings stuff no reason to protect them. >> people can still get it even when you are vaccinated, you can still get it. tell me why there around the more treatment i know someone mo who got it two or three weeks ago, she still so sick
tired on the couch every day, no treatment, i mean unless you go and get the beginning of the diagnosis the monoclonal antibodies that infusing what do you do let it move through your system? >> that yeah look i've got thousands of calls over the last year, what do i do the answer is really, very simple i -- i mean there is not much you can do take vitamin b, rest stay hydrated once to point might be concerned about breeting when you go to hospital mono clonal antibodies are promising by small might the molecules like rimming away and merck shown to clear virus five days impressive, phase two eventually results are coming out we are going to see more antiviral agents comes to market soon in the fall. maria: i hope so dr. makary great thank you, sir, the realities of covid, coming up market under pressure this
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major sports franchise to offer cryptocurrency as toppings staff and players jackie would you consider getting paid in bitcoin. >> i think it is interesting from investment perspective i wouldn't say give me whole paycheck in bitcoin but a piece of it, you know to containing chance on it not a huge cryptocurrency fan but does seem to be more of pervasive i wouldn't mind a bit bit or two see what happens in sometime. maria: yeah, that makes sense, nancy what about you? >> well, i guess i would point out not all that different from taking some portion of your salary stock options, so i just we have to be mind full that bitcoin has gone straight up recent months it is a pretty volatile instrument and one of the things that defines a currency is stable value so there is downside i am with jackie i think a portion -- a good middle ground take a
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maria: welcome back. a morning mover, the special acquisition company or spac taking the sports collectible company public topping $1.3 billion and it will be listed under the symbol top tiered topsails last last year up 23% compared to 2019 and stock is up this morning by seven and a half percent. a final thoughts, jackie jackie: i think the market may pull back a bit, but we have to see where the policies go in how they will impact people and businesses.
maria: absolutely. nancy? >> much in the nasdaq, a thousand points above the low in march and we are still 400 points below the historical high. software, infrastructure , and the structure will drive the productivity as long as we don't get too high of a corporate tax rate. maria: may be we have some runway. thank you. that will do it for us and "varney & co." begins right now. ashley webster reinforced her at this morning. ashley: good morning. i am ashley webster, but stuart will join us in a few moments, so he will be here soon, not quite back to normal, but we are headed in the right direction at least in republican run states. 38000 fans attending the texas rangers opening game against a the blue jays.