Skip to main content

tv   Mornings With Maria Bartiromo  FOX Business  October 18, 2021 6:00am-9:00am EDT

6:00 am
chanics of the hoover dam did to make all that possible. or, how much they'll continue to do to keep their corner of the country fully charged. but hey, that's their job. that's why they're here. and that is how america works. maria: good monday morning. thank you for joining us at. i met maria bartiromo and it's monday, october 18. 6:00 a.m. on east coast. the supply chain crisis to extend into 2022 with the biden administration admitting what you heard here first, the bottlenecks will extend into the new year end one trucking company warning vaccine mandates will make it worse. markets this morning aren't lower. futures indicating a decline at the start of training with dow jones
6:01 am
down 111, s&p lower by 16 and nasdaq down 66. stocks notched the biggest weekly gains in much-- months. the earnings report continues today and throughout the week with the dow industrials up one and half percent last week and s&p 500 higher by almost 2%. european markets this morning are edging lower. look at at the eurozone and it's really the asian markets leading the news cycle. dax index lower by 85 and in asia a mixed story because we had disappointing economic data out of china. the shanghai composite down a fraction, but economic growth in the third quarter slowing to a level of 4.9% as the come-- country placed problems with the supply chain. morning with maria's--
6:02 am
"mornings with maria" is live right now. ♪♪ maria: now some of the top stories this morning. fractured democrats headed back to the capital hill in this week to try to save president biden's spending agenda. democrats want to pass the three and a half trillion dollars spending bill and the bipartisan infrastructure bill before the president's upcoming trip to europe, but that's unlikely. by nancy pelosi's october 31 deadline, as there's still no agreement on what should be in the bill to listen to what california congressman ro khanna told me yesterday. i want to talk about that, but do you think you will have a vote on october 31, for this? >> we will get a vote before the end of the year end i'm hopeful it
6:03 am
will be by october 31. maria: senator joe manchin drawing a red line on the child tax credit provision telling the white house it must include a firm work requirement and a family income limit in the $60,000 range and also demanding they cut 150 billion-dollar program aimed at pushing utilities to draw more power from clean energy sources. all this as president biden doubles down on his agenda saying the cost if at all will be zero and no one making under $400,000 will see taxes go up. goldman sachs gaining full control of its local banking business in china regulators giving the company permission after it sought approval to increase to 51% stake it holds in december. the ceo saying it's a new chapter in the second teen-- team year venture. he did not disclose how much they will be paying for that. a haitian gang is
6:04 am
accused of kidnapping 17 missionaries and five children off from the u.s. and canada. ohio-based organization, christian ministries said the group was abducted after visiting an origin-- orphanage and the state department saying it's aware of the reports" the welfare and safety of u.s. citizens abroad is one of the highest priorities of the department of state. markets this morning are lower. a decline of about 100 points. this is a b-- big week ahead in terms of earnings as well as the supply chain crisis waiting on markets. we have the s&p 500 down 15 and nasdaq lower by 52 with a bottle neck issues and labor shortages that may be difficult for supply to keep up with the demand. high inflation rates impacting consumer spending. the price index up. "wall street journal" survey shows these issues will continue into the new year, which you heard first year
6:05 am
from-- watch. >> as we move forward towards 2022 we will see consumer demand or-- we are in peak season in this industry and what that means is high-volume holiday purchasing, so i think we will have a situation for the next few months and hopefully beginning next year it will taper. maria: joining me now is financial advisor jason reitman and also joining the conversation all morning long is it taking mcdowell-- dagan mcdowell. great to see everyone. thank you for being here. jason, welcome. you just heard marielle from the long beach port tell us weeks ago this is going to be an issue until at least the second quarter of 2022 in the "wall street journal" with more reporting and confirming our reporting there .
6:06 am
what is your thought in terms of the impact on markets? >> long beach is just a few minutes up the road from where i am in orange county so we see it front and center here there are several factors that are affecting this global supply chain issue, but of course localized to california as well relative to long beach a situation. the main thing is that more workers have quit the job, maria, in august since like the year 2000, so there's a constant factor causing this weather's extra stimulus, extra ppp, unemployment benefits continuing and then you have on the other side the christ-- price of crude oil that has gone up 30% price increase in global commodity prices in the last 60 days so you have inflationary factors. you up wages that have gone up to attract more people into the workforce and that's what's happening with the supply chain. that's not going away overnight so i agree
6:07 am
with the other gentlemen. maria: i think that this is an issue for the broad economy and when you have an issue that is going to impact economic growth, it may very well materialize through earnings. we have a big week of earnings this week. tesla comes out wednesday and more major names over the next couple of days, so we can get a good sense of how the third quarter looks, but it's the goddess in the fourth quarter and 2022 that will be important. what is your expectation for third-quarter hurting-- earnings and the guidance for the upcoming year? >> it's been established that testa is-- tesla is technically a unicorn. there are a unicorn many times over but also a unicorn in the more abstract sense in that they are just always providing these positive upsides to business. elon musk, the richest man on the planet. he's worth over 200 billion now and
6:08 am
that's for a reason as he continues to surprise the world with production deliveries establishing a footprint in china so tesla earnings should continue to be positive. bank earnings were incredible last week. netflix, not a huge fan of netflix. obviously it's a behemoth with the "squid games" or whatever it is, there earnings will probably bounce back from the prior quarter, but overall the valuation is still pretty high with so much competition for your i'm not a huge netflix for the long run. maria: well, look, let me ask about the broad story in terms of a macro earnings and macroeconomic growth. are we looking at china to sort of set the tone? we got news overnight third-quarter gdp in china up to 4.9%. that's the way down expectations, way down from what we have a scene out. how much of an issue is this going to be for the rest of the world as
6:09 am
china slows down? >> well, china is setting the tone is always a precarious thing to rely on because the music coming from china is never really that clear and it's always through the filter of the voice of the government in a sense and that's not a conspiracy, that's just a fact to your child has been a long time. maria: exactly. >> evergrande, 300 billion in debt, probably not the best thing in the world. cannot china with their kind of top-down governmental power totalitarian authority you could say kind of wife that clean with liquidity infusion? they could just like the u.s. did in 2009, so china won't really set that shown-- tone for the u.s. stock market is more going to be from united states perspective, interest rates, housing markets, inflation, oil. i just read option
6:10 am
traders are putting these wild that's that oil will go to 200. it's really not about china. it's about everything else we are talking about. maria: i think you make a great point and i'm totally with you in terms of the truth in terms of what the growth looks like at the end of the day we have no idea. the ccp will tell us what the ccp wants to tell us in terms of economic growth, but you make a good point with oil and $200 a barrel target, that has to be an issue for transportation companies for the overall economy. if you see oil keep going higher, do you look this-- this is an investment play, do you want to buy oil companies or do you look at it as an issue for the broad economic story because higher expenses that mean lower payout and lower investment from corporate america; right? >> i think the answer is both. you could have investments that profit from higher energy prices, number one and
6:11 am
that's the beauty of the free market. no one is forcing someone not to buy exxon mobil. of course the implications for the economy are not favorable, so both are correct. maria: jason, great to see you. thanks so much. as you can see oil is shy of $90 a barrel now. we are just getting started in coming up we talk with the ceo of bank of america brian moynihan will be here. i will also get his take on regulation. particularly the irs plan to monitor transactions over $600. vaccine mandates could weigh down the already strained a supply chain. plus, the threat from mexican cartel u.s. national troops in danger. border patrol council vice president is here weighing in. don't miss a moment of it. you are watching "mornings with maria" live on foxbusiness.
6:12 am
that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. it's sleep number's fall sale on the sleep number 360 smart bed. it's the most comfortable, dually-adjustable, foot-warming, temperature-balancing, proven quality night sleep we've ever made. save up to $800 on sleep number 360 smart beds. plus, 0% interest for 48 months on all smart beds. ends monday when you're driving a lincoln, stress seems to evaporate into thin air. which leaves us to wonder, where does it go? does it get tangled up in knots? or fall victim to gravity? or maybe it winds up somewhere over the bermuda triangle.
6:13 am
perhaps you'll come up with your own theory of where the stress goes. behind the wheel of a lincoln is a mighty fine place to start.
6:14 am
6:15 am
maria: welcome back. a divide and administration doubling down on the claim that democrats tax and spending spree will cost $0. at the white house treated as today the president's plan won't add to the national deficit and no one making over $400,000 a year will see taxes quote go up a penny and democrats continue to insist the bill is paid for. that's not what the committee for responsible budget reports and joining us now is the washington examiner editor in chief. good to see you and thank you for being here. i don't know how they get away with this as they continue to say it will cost zero and we are talking about three and half trillion dollars. $28 trillion in debt right now. your thoughts and what gets done? >> you know, maria, it's sort of show fighting
6:16 am
economics which says if you pay for something it doesn't cost anything. it makes no sense. if it didn't cost anything and there was no price, washington wouldn't be haggling over the price for the last couple of months. saying it doesn't cost anything treats the public in general, but also his own senators as if they are fools. why would it be joe manchin and kristin cinema are holding out because they think 3.5 trillion is too much if it would it really because that of course we know it's actually 5.5 billion-- trillion, so i don't think he will get anything like what he wants, the 3.5 or 5.5. i think joe manchin and kristin cinema will hold out and democrats will have to cut that. what they will have to cut back is a real price tag. this is not free. maria: what i spoke with one democrat over the weekend and he told me that there's a 30% chance in his mind that nothing gets done and i want to get your
6:17 am
take on that possibility because right now joe manchin is a saying remove all of the climate items out of this bill, it's too much and is also having a problem with the child tax credit and then you have alexandria ocasio-cortez saying no, the climate part is the centerpiece of the bill, so if she doesn't vote for it because of that and he doesn't vote for it because of that you are saying nothing gets done. do you think there is a chance this agenda goes up in smoke? >> yeah, i think there is a chance i think it's not as likely as the fact that they come to a compromise, but what you have now and what you have had for a long time , many, many weeks is that the maximum that the centrist democrats joe manchin kristin cinema will go to is less than the minimum radicals aoc and others are demanding and there's a gap between them and whether they-- they had enclosed that gap or even narrow the gap at all in the last
6:18 am
two months. it could be that they don't narrow it all and nothing happens to my guess is they will somehow get there, but that's an open question. maria: by the way before i move on to christopher steel, hugo, i did hear back from nancy pelosi's office. there was a rumor circulating out for months that once dancing gets the spending package through she's going to step down causing a special election in january. her office is as it's not true that she's not going to step down before the midterm, but of course-- of course there's no way of knowing what her plans are, but it isn't that interesting to look at some of the democrats who had their arms twisted to vote for this plan now hearing a rumor that perhaps she would cut and run. what are your thoughts on the possibility? >> that's a really interesting rumor. i think it's probably unlikely, i mean, if she wants to do it then it will be about putting
6:19 am
someone in place and kind of as it were walking out in triumph supposedly if she gets this done. my guess is she loves it too much and she will stay in it. maria: even if the democrats lose in november, 2022. that is what her office said that it's not true. let me ask you about british spy christopher steel speaking out for the first time since he published that dossier and created all of this false narrative of collusion. he continues to insist his claim michael cohen traveled to prague in 2016 for secret meetings with russian officials is a true. we know the fbi found no evidence of those meetings. watch this. >> do you think it hurts your credibility at all that you won't accept the findings of the fbi in this particular case? >> i'm prepared to accept that not everything in the dossier is one 100%
6:20 am
accurate. maria: hugo, that's really comical. since we know the fbi had meetings with the sub source of that dossier, the writer of the dossier and i believe january, 24th, 25th and 26th of at 2017 he told them that it was all embellished and we made a dove-- up over years. your reaction to christopher steel still pushing us? >> it's kind of ridiculous. robert mueller, the special counsel actually said the idea that michael cohen was provably untrue so it's not just that things might be mistaken, he's sticking by something which the special counsel with an investigative team of 20 lawyers mostly democrats found was provably untrue. washington is filled with people who make a handsome living out of selling their supposed expertise.
6:21 am
obviously is steel is one of them and he sticking by it because it's tedious to go back and retract and would rather keep on going. maria: i think it's more than that. let's not forget john durham is still working and john durham has already announced one indictment of michael sussman, so maybe christopher steel feels his best option is to just dig in as he waits the next move by the special counsel, john durham. hugo, we will continue to follow that story as we have for several years and it's great to see you this morning. thank you. >> thanks a lot. maria: quick break and then fired for being unvaccinated, a washington state patrol officers that he was asked to leave quote because i am dirty. hear his harsh words for the government when he comes back-- when we come back.
6:22 am
this isn't just freight. these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion, because it means everything to you. (sfx: video game vehicle noises, horns beeping,) (engines revving, cars hitting one another.) (sfx: continued vehicle calamity.) just think, he'll be driving for real soon. every new chevy equinox comes standard
6:23 am
with chevy safety assist, including automatic emergency braking. find new peace of mind. find new roads. chevrolet. wealth is breaking ground on your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it. principal. for all it's worth. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime.
6:24 am
it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.
6:25 am
maria: a fiery signoff on one of washington state's finest. >> this is my final signoff and after 22 years of serving the citizens of the state of washington i've been asked to leave because i'm dirty. i wish i could say more, but this is it, so this is the last time you will hear me in a state patrol car and j ensley can kiss my [bleep] maria: state trooper robert lemay quitting ahead of the vaccine mandate going into effect today as he's resigning after 22 years of service. dagan mcdowell, this is not the only resignation we are seeing. we are seeing them in nursing, trucking, border agents, troops across the board if they don't want to get that shot they have to fire-- they are fired or resigned. dagen: it remains to be seen how hard this is going to hit the supply of people we need on the
6:26 am
job each and every day whether it's in healthcare, in law enforcement, even in essay among airline pilots because again, as the year moves on and as more people fall out of the workforce you could begin to see a lot-- supply shortages of workers and critical industries across the country. with that said, this officer actually did get a religious exemption. he wasn't going to be forced to to get vaccinated. however, the state would not let him continue to work as a patrolman that they offered him other jobs that would require him to move his family to another part of the state this is based on an interview he did, so he was given a religious exemption and didn't have to get vaccinated, but you can't stay on the job if you aren't vaccinated. this is just taking place in real time, the impact on not just the
6:27 am
workforce, but all of us who rely on these people to do their job. maria: and i think you make a great point in terms of the economic impact here because, nancy, even before all of these mandates, even before joe biden's unconstitutional forcing of companies with 100 employees or more putting this mandate in place, we were having a lot of news reports of people unwilling to go back to work and companies having a hard time putting those workers into jobs to your. >> that's right, maria. first we paid them to stay home an extra bonus and now you have this policy. i went to walmart for my monthly pet food run and there were no cashiers in the scottsdale walmart, none so it's not pretty watching me try to check out myself, but they had no labor and then you look at the trucking crisis and you could leave at the ports open 36 hours a day and
6:28 am
there are-- there's no way to get the goods with the reduced amount of workers to get the goods where they need to go on the highway, so i think-- dagan mentioned the pilots. maria: that's a great point, all as we want to get back to normal. meanwhile, the mortar is up next and the cartels are getting more aggressive. we have cartel gunmen fire at u.s. national guard troops at the border of the weekend. national border patrol council vice president art del cueto is here to discuss how the thread is getting worse. stay with us
6:29 am
today, business is a balancing act. you want your data to be protected and secured. and your customers want seamless and easy. with ibm, you can do both. your company can monitor threats across your clouds, address all those regulations, and still create all new experiences. trustworthy ai powered security. that's why so many businesses work with ibm. ♪ ♪ you've never seen anything quite like it. we've never created anything quite like it.
6:30 am
the all-electric, all-mercedes eqs. ♪ ♪ traveling has always been our passion, even with his parkinson's. but then he started seeing things that weren't there and believing things that weren't true. that worried us. during the course of their disease, around 50% of people with parkinson's may experience hallucinations or delusions. and these symptoms can get worse over time. nuplazid is the only approved medicine prescribed to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm.
6:31 am
tell your doctor about any changes in medicines you're taking. the common side effects are swelling of the arms and legs and confusion. now this is something we want to see. don't wait. ask your healthcare provider about nuplazid. maria: welcome back. good monday morning and thank you for joining us. it is monday, october 18 we are looking at selling underway this
6:32 am
morning with a host of issues. we are at the beginning of the third quarter earnings reporting season. we had the banks last week and we have a big week this week as well. china reporting weak economic growth overnight, but it comes after the market in the u.s. notched the biggest weekly gain in the months of last week following the stronger than expected earnings report. doubt jones were up one and half percent, nasdaq 2% on the weekend s&p 500 by almost 2%. european markets this morning are fractionally lower pretty much across across the board. in asia overnight, a mixed story on the heels of the disappointing economic data out of china. economic growth in the third quarter slowed down to 4.9% in china. problems from supply chain issues to the power ordered-- outages.
6:33 am
in the u.s. gun violence continues to plague major cities across this country. lauren inseminated with the details a. lauren: good monday morning. at least 21 people were shot of a weekend in chicago with the youngest victim just 11 years old. fully say the boy was accidentally shot by an 8-year old. at two teenagers were sought, a 16-year old boy friday night in a 17-year old girl was shot while riding in a car. fortunately, both are expected to be okay. facebook is hiring in europe. does social media giant plans to add 10,000 jobs over the next five years to build up an online realm where users can engage with one another using augmented reality. facebook says it's a key component of its future and a major driver of new technology investment. ceo mark zuckerberg first laid out his vision this summer. e-commerce unit looking to go public with an ipo
6:34 am
slated for the first half of next year end he could value the company at $6 billion. it was valued at $2 billion in march. finally, "halloween kills" murder the box office with the latest installment of the michael myers saga making a killing bringing in over $50 million this weekend. taking the top spot from james bond, falling to number two in the second weekend at the box office, but that horror movie, maria, was released simultaneously and in theaters so it was a risky bet, but he came in number one. maria: that's interesting. the crisis at the border is getting worse, certainly more dangerous as we speak. cartel gunmen are now firing on our national guard troops here's texas governor greg abbott with me yesterday on sunday morning futures. >> there is something that's getting even worse and that's the
6:35 am
cartels are getting even more aggressive in the cartels on the mexican side of the border are beginning to open fire on the national guard. at the detectives are down on the border to secure the border. this is escalating into a firing war. maria: we did not think it could get any worse and joining me now is the national border patrol council vice president, the border patrol agent art del cueto. art, it's good to see you. thank you for being here appeared tell me what happened with the gunfire. >> you know, when you see something like this, what happens is you have the cartels emboldened themselves because you have an administration that's allowing this lawlessness. from january, till now agents have been moved from one area to another area of the border. you have seen large groups, caravans as people have said and it's distracted these
6:36 am
agents and then having to take care of those spots, process so what happens now is you have the cartels that are emboldened and think they can do whatever they want because you have an administration that's not doing anything against them. this is a prime example of what happens when you are inviting criminal elements into our country. now they think they control the border, which they have been to be honest, but when you see something like this, it's a dangerous and this administration has to at some point realize there's a problem all the while where is our borders are? maria: i don't know about that, but i will tell you last week this program was at the border and we took "mornings with maria" to the southern border to visit del rio, the third time for me i was at the border and i certainly have been able to watch this crisis get worse, first el paso and then mcallen, texas, and now del rio. tell me how you see this
6:37 am
expanded where it's moving now while your colleague brandon judd last week told us he made five arrests in a week in yuma arizona. >> now you see groups going to yuma. it was several weeks of 5000 arrests down in yuma, but what is important of those arrests how many of these people are actually getting sent back to their country and how many are getting released? from january till now, we are close to 2 million individuals released into the u.s. that's one 100% unacceptable. maria: that's incredible. we aren't getting any honesty on this in there from the administration. we want to know how many people were released into the country and where are they going. you saw pictures of me talking with migrants i met when they first crossed at the border and they told me they were going to boston and i'm like what's in boston and he said i have friends in boston so we don't know what cities they are going
6:38 am
to. sources tell me private jets are dropping people off that private airports as well. is that what you are hearing? >> you are seeing all kinds of different things going on right now and once again it falls on the hands of the administration because they have allowed that. they've had an open invitation from january till now to say come. they aren't really paying attention to what the cases are. they are just passing everything through waiting for them to see an immigration judge or a silent officer and that could take up to two years in which case they will never show up. this is a problem that will affect us for many, many years to come. maria: and you are talking about people who are apprehended. unfortunately, we spoke with a number of ranchers and farmers when we were there at the border last week and they are getting their home attacked, threatened, their land threatened, there cutting fences by the god of ways, the people
6:39 am
that just got away and unfortunately they are in the country with likely bad intentions because if they had good intentions they would want to be apprehended and in the middle of this president biden's pick to run customs and border protection tucson police chief faces his confirmation this week. immigration hawks are worried about his views calling his record downright dangerous. your thought on this new leadership coming in? >> i'm in tucson, arizona, i have friends that work with the tucson police department and they have kind of a smart when they said here is the new pick and , i mean, all i have heard was better you guys than us at this point or thank you for you know taking him over and that is sad to i haven't had any interaction with him other than being in tucson several years ago there was assistance that was needed on an escape and he was less
6:40 am
than helpful, i can tell you that. maria: are to come quick before you go, you are in tucson. to equities in tucson? do you see a lot of got a ways coming to tucson because when i was at the border back in mcallen we were told got a ways were being arrested in tucson, what you see in arizona so you can give us a picture on how this is moving from texas even into arizona now? >> i think the difference in arizona specifically in tucson you have different variables that you see throughout the country all in one sector and to some individuals don't realize that. even some of our own leadership doesn't realize that and if they fail to come to see what's going on so definitely the god ways are a big thing down here, but at the same time we need to understand the drug cartels are still controlling a lot of the border specifically out here. members of different cartels bringing in heroin, fentanyl and we see those numbers increasing as well. maria: what a shame it.
6:41 am
art, great to have you. thank you for weighing in. art del cueto joining us this morning in tucson. quick break and then vaccine mandates feeling the supply chain crisis. doctor marty mcgarry is here with more on that and why he says natural immunity should not be ignored don't forget to turn into foxbusiness prime tonight with a big programming coming up how america works beginning at 8:00 p.m. eastern followed by american belt with stuart varney at nine. you are watching "mornings with maria" live on foxbusiness. will be right back
6:42 am
♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work.
6:43 am
over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort. (vo) this is a place for ambition. a forge of progress. a unicorn in training. a corner to build a legacy. a vision for tomorrow. a fresh start. a blank canvas. a second act. a renewed company culture. a temple for ideas. and a place to make your mark. loopnet. the most popular place to find a space. maria: welcome back ticket
6:44 am
vaccine mandates and economic impact and how they could make the supply chain crisis even worse and why trusting natural immunity might help. we are back in two minutes time with dr. marty makary.
6:45 am
6:46 am
maria: have you been to the grocery store lately? americans across the country are facing empty shelves with the supply chain crisis escalating and it could get worse. a truck-- trucking company says president biden's vaccine mandate will only deepen the supply chain problems as we have been talking about. joining me now is john hopkins school of public health professor dr. marty makary who's also in that world health organization in fox news medical contributor. dr. marty makary, great to see you. connect the dots for us in terms of the vaccine mandate and the impact you are expecting. >> it's really tragic. it's primarily younger people who are extremely low risk, about half have natural immunity yet our government doctors have inexplicably denied them that this counts as immunity, different from europe and israel. health privacy is basically dead right now. you have got employees telling bosses that they are hoping to get pregnant or they have
6:47 am
family history of a blood clot to try to make their case to get an exemption. all of these things were avoidable if we had a more flexible national policy on vaccination, when accounted for natural immunity and allowed for different exemptions. maria: i don't understand this, dr. marty makary, i mean, we all know there have been a ton of studies that say the vaccine is not even as much immunity as the actual infection, that getting covid, having that infection gives you 26 times more immunity than actually the vaccine, that was the israelis study you are referred to. why is this administration not acknowledging the immunity wanted cats from having had that infection? >> well, i believe there's a lot of dishonesty going on because these doctors who are public officials know the durability of natural immunity from these studies, but they dug in early and the
6:48 am
political edicts came from on high which was vaccinated everything with 2 feet and anything that suggests otherwise right now is a seen as an anti- vaccination movement. we have modern-day mccarthyism with incredible pressure on experts to not talk about natural immunity, but the data is undeniable and i think they will have to be flexible or there will be consequences ultimately. maria: i totally agree. we are seeing the economy spiraled into a crisis on top of all of the other crisis. we will see if it's enough to move the administration's hand to start acknowledging the immunity one gets from this sickness. meanwhile dr. anthony fauci on the air yesterday, johnson & johnson, 19 vaccine should have been a two dose shot from the beginning after the fda says is recommending a booster shot for those who got the j&j vaccine. doctor, what are your thoughts? >> any vaccine can be given a second time. that's really a very basic principle and
6:49 am
there's a magic number where you really get lifelong immunity from measles, for hepatitis three, for the change in vaccine is probably going to be too if space appropriately and the longer the spacing the better. they recommended the second j&j dose, it's really not a booster, it's a second dose and adds-- that is six months. we still recommend the mrna pfizer and moderna three or four weeks apart, if we space them out through your six months apart we probably wouldn't be talking about boosters but our regulatory process is simply rubberstamping a clinical trial and it becomes the recommendation with no flexibility even when kids have myocarditis at a high rate after their second doubts and there's no flexibility to say one dose or accounted for natural immunity and that's a huge problem. maria: you make a great point and you have made that point before p or dr. marty makary, what you make of the flu shot right now, will he do anything in terms of protecting us in
6:50 am
getting us stronger in the face of what could be a cold winter and we don't know what will happen with covid? >> it will help and you know the flu shot is a bit of that unknown every year as we don't know the efficacy until the flu hits us and that's one of the sort of gambles we have. right now it doesn't appear we will have a big flu season in the southern hemisphere which critics what we will have in the north. we are in store for a bad seed flu season at some point because of the susceptibility since it's been quite cs and for so long, but it probably won't be that severe based on the models. maria: but you are feeling like as it relates to covid things have gotten better; correct? >> straight in the uk right now that's accounting or possibly accounting for a bump up in cases. we will not eradicate this. we need to keep hospitalizations down and the immunity process
6:51 am
of future variance and we can keep hospitalizations lower than we are in good shape, but i worry people are seeking eradication with some of these covid policies that are really designed on covid elimination. we are not going to get there and we have no exit criteria right now, for a lot of policies put in place albeit school masks where vaccination mandates. we have no exit criteria once the cases go down and that's a problem. we have to adjust policy accordingly. maria: well, maybe that will happen after the 2022 election coincidentally. doctor, good to see you. dr. marty makary joining us this morning on all of that, always a pleasure. coming up, a new pet fashion trend in the hot item you have to see to keep your furry friend in style and it's making a buzz this morning. we'll be right back. ♪♪
6:52 am
why choose proven quality sleep from sleep number? because quality sleep is scientifically proven to help improve your overall health and wellness. the sleep number 360 smart bed senses and automatically adjusts to keep you both effortlessly comfortable. the sleep number 360 smart bed is on sale now. angry intestines make you have interruption times? from science austria, zentestine! create hope for regular go and happiest pants. say no to consume zentestine if toilet lives far away. if no go for 96 hours, call doctor... translation is complex. transperfect makes it simple. our experts help your business succeed. in any market, any language, any industry. simplify global business with transperfect.
6:53 am
this halloween, xfinity rewards is offering up some spooky-good perks. in any market, any language, any industry. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards.
6:54 am
it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. like you, my hands are everything to me. but i was diagnosed with dupuytren's contracture. and it got to the point where things i took for granted got tougher to do. thought surgery was my only option. turns out i was wrong. so when a hand specialist told me about nonsurgical treatments, it was a total game changer. like you, my hands have a lot more to do.
6:55 am
learn more at factsonhand.com today. maria: time for the morning buzz. the fashion trend for your dog or cat breaking the internet. dogs in sandals that look like crocs flooding tiktok an instagram. at the shoes may look cute but the company that makes them say they aren't just for decoration-- they are for decoration only and should not be used for walking. dagan, can you see dale in these crocs? dagen: if you are putting these quote she was on your dog, you don't need a dog, you need barbie dolls because this makes zero sense that you are behind-- they are like little plastic shoes like barbie war you know penny, skipper, any of those dolls. this is absolutely ridiculous.
6:56 am
i wouldn't even go that far and i do own some dog sweaters. maria: i can say that i know they would not stay on dusty. she would not put them on and i don't think she would keep them on. dagen: charlie would eat them. maria: best that i can do is put little socks on her during the snow so she doesn't get snow in her paws. >> she is q, maria. yeah, i'm speechless. i think people need to go back to work and leave the dog decorating-- i mean, i love the woman who said he doesn't like to have his feet touched, her french bulldog, but she bought them anyway and then it took her 10 minutes to take the picture. i don't know what to say. i actually have a skipper doll, dagan. that was a timestamp. dagen: i have one to. i used it to shave them and paint them and try to turn my barbies into
6:57 am
g.i. james or joe's. [laughter] maria: quick break. we went to look at oil prices when we come back with the first bitcoin etf set to launch a been the rise in inflationary story. could be here to stay. we will break down everything you need to know and the word on wall street coming up. it all starts next hour. "mornings with maria" is life on foxbusiness. hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. . . . ♪♪
6:58 am
this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you.
6:59 am
this is mike. mike blew his entire life savings on a permanent perm shampoo invention, which actually attracted more cats than customers. now instead of wasting money, mike is looking to save it with amerisave's great rates. see how much you could save at amerisave.com. an official message from medicare what's up guys? mary and i just compared medicare plans. found one that's going to save us money all next year.
7:00 am
james, i told you it was open enrollment. yes you did. so we used the plan finder at medicare.gov. oh, i see what you mean. makes it easier to compare health and prescription plans. they sure can change year to year. compare plans now at medicare.gov. open enrollment ends dec. 7. hey honey, let's take a look. paid for by the u.s. department of health & human services maria: welcome back. good monday morning, everybody. thanks so much for joining us. i'm maria bartiromo. i'm is monday, october 18th. your top stories, you 7:00 a.m. on the button on the east coast. the october 31st vote on the spending package is unlikely amid ongoing in-fighting within the democratic party. democrats quarreling over the size and scope of president biden's spending agenda as he admits he will not get the $3.5 trillion price he's been touting, ro khanna moving back the goal post on sunday morning
7:01 am
futures yesterday. do you think you're going to get a vote on october 31 for this. >> we will get a vote before the end of the year, i'm hopeful by october 31st. maria: we are on it all morning long this morning but first take a look at markets under selling pressure this morning, dow industrials down 110, s&p down 15, nasdaq lower by 61 this morning. this after pretty big week last week, stocks notching the biggest weekly gains in months following the stronger than expected earnings reports, reporting season continues this week. dow industrials last week up 1 and-a-half percent, nasdaq picking up better than 2% and s&p 500 higher by almost 2% on the week. i'll talk the economy, earnings and the supply chain crisis coming up with the ceo of bank of america, brian moynihan, here at the top of the next hour, live to talk about the quarter and what's ahead. european markets this morning are also edging lower, take a look at the eurozone where the ft 100 right nows is down 20 points, the cac down 60 and dax
7:02 am
index lower by 97. in asia overnight more of a mixed story, there was economic data out, weaker than expected china's third quarter gdp slowing to 4.9%, the weakest expansion in a year ooh. "mornings with maria" is live right now. a new wall street journal survey of economists predicting supply chain battle necks and elevated inflation will last well into next year which you heard first from the port of long beach executive director on this program back in september. >> i think as we move forward towards second quarter 2022 we'll see a consumer demand or consumer purchasing tapering down. we're in in peak season in this industry and what that means is high volume holiday purchasing, so i think we're going to have this situation for the next few months, hopefully beginning next year it will taper. maria: almost half of those polled believe the bottlenecks
7:03 am
will be the biggest threat to growth in the next 12 to 18 months. the poll finding uncomfortably higher inflation will also be an issue in the new year, up significantly from july. meanwhile, goldman sachs gaining full ownership of its local banking business in china, regulators in china giving goldman permission after it sought approval to increase its 51% stake back in december. goldman's ceo david solomon says this is a new chapter in the company's 17-year joint venture in china. he didn't disclose how much the firm is paying to require the remaining 49% stake. a haitian gang is you accused of kidnapping 17 missionaries an five children from the united states and canada, the ohio based organization, christian aid ministries says that the group was abducted after visiting an orphanage. a spokesperson for the state department says it was aware of the reports and that, quote, the welfare and safety of u.s. citizens abroad is one of the highest priorities of the
7:04 am
department of state, unfortunately there are still thousands of people behind enemy lines in afghanistan. that the state department is aware of. time for the word on wall street, top investors watching your money. joining us now chief investment officer nancy tengler, chief strategist katherine rooney vera and michael lee. katherine, want to look at oil prices extending their run, both brent and west texas crude hitting multiyear highs, some traders are betting on brent hitting $200 a barrel by december 2022. your thoughts and the impact on this? >> certainly there's additional upside potential to offset the policy focus on decarbonization for prices at the pump to level off at some point in the future. what we're talking about is the massive rebound in travel and
7:05 am
demand, we're entering the winter the months in chicago and new york. there's going to be additional necessity for energy here. and with the shortage of gas and coal, that's adding fuel to the fire with oil prices up. what i'm looking at is the lack of investment and exploration and production not only from opec but from the shale component of the u.s. if we don't get additional investment not only with opec which is below production limit you due to the lack of investment in exploration and production, then we're going to see prices very high for an extended period of time. my investment bet here, maria, is to focus on energy and renewables. that's where i think not only the biden administration but a multigenerational policy focus is going to take hold over the course of the next 10 years even. so i'm telling my investors buy into green energy and renewables, that's where i think the policy focus and indeed
7:06 am
money is going to he flow over the course of the coming years. maria: so money flowing into oil securities, oil etfs, is that going to be impacting the price? and do higher oil prices, katherine, impact the broader economic growth story? >> well, of course, if you get -- we've already had prices at the pump doubling. if we continue to see that, then we're going to get some slowdown with regard to consumption and the like. it effectively a tax. if we have additional taxes coming from the government on other things combined with a doubling of the price at the pump that could curtail economic activity at a point where we don't want that to happen. we've had extraordinary growth this year because of low base effects. next year we're unlikely to see that type of growth. if we have oil prices remaining high and continuing to move higher that's going to have a -- it's going to be a headwind on
7:07 am
economic activity. that's why i think we need to look at alternative energy sources and put our money to work there. maria: yeah, and some alternatives people are sort of pushing out the risk curve, the first bitcoin futures etf, mike, will begin trading this week. now you've got bitcoin futures etf, cryptocurrency hovering just under $61,000 this morning. look at where we are, 61,161 on bitcoin, it reached almost 63 you thousand over the weekend -- 63,000 over the weekend. the sceptics have to be hitting themselves now because this continues to move higher. what do you think the etf means for the crypto market, mike? >> its legitimacy and it's an easy way for people that can't figure out how to open a coin based account or gemini account or use a different broke correct, once they can start buying it in traditional brokerage accounts easier, using vehicles like etfs, widespread
7:08 am
adoption is going -- it's going to continue to grow. and then with this etf and these etfs coming through, the idea that there's most likely going to be more from some larger players in the market and i can't imagine it will be too long before some of the larger investment houses are saying, hey, why don't you put 1% or 2% or 3% of your overall portfolio, some of your rickey assets into -- risky assets into a cryptocurrency type etf and it's look out. it's on the back of the fed growing its balance sheet to over 8 trillion now. who knows how high it will get. the supply chains will eventually fix themselves, doesn't look like there's any end in sight and with what katherine was saying, that there's a lot of upside to the price of oil of, it looks like higher inflation is here for the time being and if you see the price action in bitcoin versus the price action in gold, one
7:09 am
has to wonder if that historic hedge for inflation is being taken over of by the cryptocurrency story now. so i definitely think bitcoin's best days are far in front of it. this etf getting approved is a key chapter for the asset class and it look like there will be much more to come. maria: i want to know more about money in this financial services industry. we're going to talk with bank of america ceo brian moynihan. they've really invested in the digital story and he'll give us a good sense of where he sees things going as well. great analysis there, mike. nancy, let's talk supply chain. this crisis is weighing on the markets ahead of the holiday season. we know that bottleneck issues, labor shortages making it hard to keep up supply and have that keep up with demand as inflation rates are impacting consumer spending, we're expecting this issue to run into next year. nancy, i was surprised that you didn't have more of an impact on
7:10 am
consumer spending, the demand is there but it's a lot more expensive for everything right now. >> exactly, maria. i think that's what's in the numbers is the inflationary aspect of prices paid. if you look at cpi minus ppi, that gives you a sense of where margins are going and it will have a negative impact he potentially of 5 percentage points. so we're at peak economic growth, peak earnings growth, peak margins last quarter, peak monetary accommodation this quarter and so i think you will expect to see stocks continue to be volatile. that's good news for purchasing. focus on high quality because we always get a correction mid-cycle. you want to own high quality stocks and i you actually think that includes technology. we've talked a lot about how technology stocks actually do well in rising interest rates environments. use this as an opportunity to add the holding and i agree with
7:11 am
you, the supply chain is going to be a problem for a long time. maria: so nancy, what do you see as high quality? how are you investing right now? are you talking about bit catch, consistent earnings growth? what are your most important metrics if you will to identify quality? >> so we are looking at sort of secular narratives that are mia infrastruc,ture, eveheveemis, is2 week2 eklead time on semis at will get fixed at some t.in you want too also focusnusnrehee umerumerts digalnd so in those -- in that aspect, we've in recenintin weeks we'll we'lll inue to to do so. tbut that's whe wre w w,ed, because weusee think the correcs earoingoi to comeom aend go butu want to benvesnvteesd for the nt thre five years. maria: yeah.eah. that makes aes lot of sense.en kath roo v michael to see you b please come could bkkk soon. nancy, we're happy you're
7:12 am
staying with us all morning long. thank you so much. great word on wall street. coming up, i will be speaking with the ceo of bank of america, brian moynihan is here, chairman and ceo of the bank to give us a sense of where things go with regard to growth. he he had a great quarter last week. we'll get into it from the economy to earnings and the supply chain and more. plus, president biden admitting his $3.5 trillion spending bill is a pipedream. ohio congressman brad wenstrup will weigh in. plus, the supply chain crisis could stretch into next year, something you heard first right here on this program. the president of gristidi's grocery chain is here, he'll tell us about how significant the price hikes are. joining the conversation all morning long this morning, dagen mcdowell and nancy tengler. we'll get back to the fantastic panel when we come right back. you're watching "mornings with maria" live on fox business.
7:13 am
when you're driving a lincoln, stress seems to evaporate into thin air. which leaves us to wonder, where does it go? does it get tangled up in knots? or fall victim to gravity? or maybe it winds up somewhere over the bermuda triangle. perhaps you'll come up with your own theory of where the stress goes. behind the wheel of a lincoln is a mighty fine place to start.
7:14 am
it's sleep number's fall sale on the sleep number 360 smart bed. it helps keep you effortlessly comfortable by sensing your movements and automatically responding to both of you. and, it's temperature balancing to help you stay comfortable all night. it even tracks your circadian rhythm, so you know when you're at your best. in other words, it's the most energy-building, wellness-boosting, parent-powering, proven quality night's sleep we've ever made. don't miss our weekend special. save up to $800 on sleep number 360 smart beds. plus, 0% interest for 48 months on all smart beds. ends monday.
7:15 am
this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards.
7:16 am
maria: welcome back. democrats returning to capitol hill this week, they are facing a looming october 31st deadline to come up with an agreement on their spending bills, it is unlikely we will see a vote on the 31st. they want to pass the buy part a san infrastructure package and the reconciliation before biden's upcoming trip to europe at the end of the month. i spoke with congressman ro khanna yesterday and he pretty much moved the goal posts on when that vote might take place. do you think you're going to get a vote on october 31 for this? >> we will get a vote before the end of the year. i'm hopeful it will be by october 31st. maria: joining me right now is ohio congressman, house intelligence and ways and means committee member, brad wenstrup.
7:17 am
thank you so much for being here. your thoughts on where we stand with this spending package. i know democrats are trying to convince senators manchin and sinema to go along with the package. how do you see things? >> well, no matter how you slice it, what they're proposing is -- it's not a build back better plan, i can tell you that. it's a build back broke plan. even if they cut the spending which i think would appease senator manchin, you're still going to have taxes in there, you're still going to have programs in there that sound good and are supposedly going to end in a more quick time than we would expect but as ronald reagan said, these last forever. they never get rid of them. these will be a long-term program. does this make americans more free and will the next generations say thank you? i don't think we're seeing that here. we'll be contending with inflation, unemployment, we've got products sitting in ports
7:18 am
and the taxes make us less competitive. you've talked about supply chain. we cannot begin to resolve our supply chain problem if we are not competing globally which we did with the tax cuts and jobs act. since that time we had no inversions. they put these programs in place that sound good but in many cases they do more harm than good and they never go away and you just look at right now with this tax credit for children. i had a guy, a union guy, a lineman for rural electric company, he said i don't want the tax credit. i want to be able to afford things at the store, i want to be able to fill my car with gas, i would like to treat my family to a steak once in a while. this administration owns all of this and where they're headed is just going to be more and will compound the problems that we currently face. it will not solve them and we've seen that a. there's been too much spending, it's time to reel it in. maria: congressman, it's pretty extraordinary to me that the
7:19 am
issues we talk about every day, the supply chain issues, inflation is a problem, and most importantly i think the fact that people don't want to go back to work. i mean, hotels -- i was at a hotel last week. the manager said to me we can't get the people on the job to come back because they feel like they were making more money from the checks they were getting from government and now we're going to throw more checks at them. how is it possible that the democrats can can get away with this when we're already seeing evidence that it's having this unintended consequence? >> you know, i don't know if they really believe what they're doing is right or what their purpose is. you know, i know that maxine waters even said at one point, you mean to tell me americans are staying home because they get more to stay at home and the answer is yes, that is what they are doing. americans aren't stupid. when you ask them to put in 40 hours rather than sit at home and get a check, it's pretty tough to compete with that. maria: or by the way, maybe
7:20 am
they just have a second gig, right? they could have a side gig and say, you know, make more money that way. not necessarily that they want to stay home but they don't want to go back to the job that they had because they can make more money else where. i've got to more on to china. you've been so good on this issue. we have reports that china tested a nuclear capable missile in august, it caught u.s. intelligence apparently by surprise, the pentagon not commenting directly on this report so far but a spokesperson, john kirby, said we have made clear our concerns about the military capabilities china continues to pursue. capability that not only increase tensions in the region and beyond. congressman, your thoughts on the nuclear capabilities and this nuclear missile test that we are reportedly hearing about? >> yeah, i mean, hyper sonics for those that are following all this, hypersonics has been the space race of this generation,
7:21 am
compared to when we competed with russia to get to the moon. it's not a new concept. and to me, it's not a huge surprise. i would guess as people are reporting that happened sooner than expected, but the bottom line is this. america, he can say we've made it clear to china. does he really think they care? i mean, after what the world just witnessed from this administration in afghanistan, do you think they feel threatened by some kind of verbal attack from this administration or a letter from this administration? they don't. the only way we're going to have peace in this world is to be able to deter through dominance and that's the united states deterring through dominance. peace through strength as ronald reagan said. i think it all started really when we stopped the shuttle. when that shuttle used to go up, whenever we felt like it, that showed the world something about america's strength and then when we quit even being able to go to
7:22 am
the space lab without the russians, we set the tone unfortunately and that happened under the obama administration and yet for the democrats today, they think the biggest threat to america is climate change. well, if it is, guess who is the biggest polluter or one of the biggest polluters is china. china is threatening taiwan. we know what they did in hong kong. we've got to help he taiwan. we've got to he show our strength and we need to be resolute about it and let the world see what we are doing. we need to dominate for the sake of peace. maria: yeah, we can't even get joe biden to ask xi jinping about the origins of covid-19. so i mean, you know, that's where we are in terms of joe biden pushback on china's you aggressiveness and of course the ccp has become more you aggressive than ever before and continuing to steal intellectual property as well. congressman, good to see you. thanks very much. we know you're on it for sure. we will talk soon. brad wenstrup joining us this morning. thank you, sir. quick break and then superman
7:23 am
going super woke, really, how dean cain predicted a change to the man of steel's famous mott he toe. we're on it -- motto. we're on it when we come back. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ traveling has always been our passion, even with his parkinson's. but then he started seeing things that weren't there and believing things that weren't true. that worried us. during the course of their disease, around 50% of people with parkinson's
7:24 am
may experience hallucinations or delusions. and these symptoms can get worse over time. nuplazid is the only approved medicine prescribed to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the common side effects are swelling of the arms and legs and confusion. now this is something we want to see. don't wait. askmichael: this is thevider story of two brothers.
7:25 am
david: my grandfather, pinchas. michael: my great-great- grandfather, rachmaiel. gigi: pinky and rocky. simi: there was an uprising in poland. david: and then the family broke apart. michael: they scattered around in different places. gigi: they worked hard. simi: and built new lives. michael: but rocky and pinky's families didn't see each other again... all: ...until now. david: more than 100 years later, ancestry helped connect us to our ancestors and each other. ♪ limu emu & doug ♪ ancestry helped connect us to our ancestors got a couple of bogeys on your six, limu. they need customized car insurance from liberty mutual so they only pay for what they need. what do you say we see what this bird can do? woooooooooooooo...
7:26 am
we are not getting you a helicopter. looks like we're walking, kid. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ >> i promise you that superman, i wouldn't today be allowed to say truth, justice and the american way. maria: welcome back. thats was actor dean cain on fox and friends over one year ago predicting the future. he got it right. dc comics announced over the weekend it is changing superman's famous slogan from truth, justice and the american way, to truth, justice, and a better tomorrow. this change coming after the comic publisher announced last week that superman's son, john kent, will now be and come out as bisexual. dagen, your thoughts? dagen: i always hated dc comics. i thought they were real
7:27 am
stinkers compared to marvel. i'll lead with that. this is maybe to make superman palletable to the communist party of china, that is in their interest to be able to sell superman around the globe. they have pushed the envelope in terms of social change. the first female comic wasn't wonder woman, it was fantima in 1940. that was an outrage back then. maria: i don't know why you would change the motto of superman, truth, justice and the american way, nancy. what way should we have? the communist china way? should we have the taliban way? i mean, what's better than the american way? freedom and liberty. i mean, this is outrageous. leave superman alone, can we? nancy: amen. why call him superman, isn't that sexist? the whole thing is ridiculous. [laughter] nancy: i think americans are done with this, just let us enjoy, not make everything political. i mean, they stripped sports
7:28 am
from us. i'm going to call him superman and i'm going to say the american way and merry christmas. maria: exactly. thank you. me too. quick break and then the white house admitting that the supply chain crisis will stretch into next year. it's something you heard here first on this program a month ago. we'll get into it with john catsimatidis, we'll find out what he is seeing at the cash register in terms of inflation as well. then apple's two years of work on the mac book you apparently paying off. what you need to know about the new device from apple coming up. back in a minute. ♪ retirement income is complicated. as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee.
7:29 am
and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. hearing is important to living life to the fullest. that's why inside every miracle-ear store, you'll find a better life. it all starts with the most innovative technology. like the new miracle-earmini, available exclusively at miracle-ear. so small that no one will see it, but you'll notice the difference. and now, miracle-ear is offering a thirty-day risk-free trial. you can experience better hearing with no obligation. call 1-800-miracle right now and experience a better life.
7:30 am
7:31 am
i've spent centuries evolving with the world. you can experience better hearing with no obligation. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. maria: welcome back. good monday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is monday, october 18th.
7:32 am
we are looking at some selling pressure underway, futures indicating a decline at the start of trading this morning. we're off of the worst levels of the morning, dow industrials down 86, s&p down 9 points and nasdaq right now lower by 22. this after a big week last week, stocks notching the biggest weekly gains in months last week following stronger than expected earnings reports, particularly from the major banks. the dow industrials were up 1 and-a-half percent, nasdaq was up better than 2% and s&p 500 higher by almost 2%. this morning european markets are also edging down, fractional moves here really a mixed story. ft 100 down 20, cac down 51 and dax index lower by 77 right now. here too off of the lows of the morning. in asia overnight a mixed story on the heels of disappointing data out of china, economic growth in china for the third quarter he slowing to 4.9% as the country faced problems from the supply chain issues to power shortages on top of beijing's crackdown on technology, real estate and education. also oil prices are up again
7:33 am
today, that is one of the issues for markets as well. stock prices lower, oil prices higher. now four people are recovering this morning after gunmen opened fire inside a pennsylvania mall. lauren simonetti with the details right now. .>> the gunfire sent mall shoppers fleeing for cover yesterday. >> oh, my god! oh, my god! [bleep] oh, my god schappe. !>> police say a suspect opened fire after a fight. four people were injured by the gunfire. two were injured while fleeing it. the victims are expected to survive. several people are reportedly in police custody but it's unclear if that includes the gunman. 353 people are being processed if qatar after being evacuated from kabul, among them are u.s. citizens. we do not know how many of, as well as students and staff from the american university of afghanistan.
7:34 am
the state department looking to he resume regular evacuation flights. they're working on you arrangements. apple is expected to announce the redesign of the mac book pro later today. the new laptop would run on their m1 chip, it's faster and provides longer battery life than intel chips. the new mac book he pros are expected to include more ports including space for an hdmi cable to connect to other monitors and a magnetic charger. well, black friday starts early at best buy. the retailer is kicking off the holiday season with a four-day sale that starts tomorrow followed by the traditional black friday which starts on friday. november 19th. and even though i said traditional, maria, that's actually a full week earlier than usual. best buy is one of the first retailers to announce its holiday plans. sam's club, they doubled down on their savings events. amazon already started some deals. we know the shipping and the
7:35 am
supply issues so people are starting earlier than ever, maria. maria: yeah. all right. lauren, thank you so of much. the white house is admitting the supply chain crisis will last into next year but transportation secretary pete buttigieg is now saying that the crisis is because of president biden's success. watch. >> well, certainly a lot of the challenges that we've been experiencing this year will continue into next year. if you think about those images of ships, for example, waiting at anchor on the west coast, every one of those ships is full of record amounts of goods that americans are buying because demand is up, because income is up, because the president has successfully guided this economy of out of the teeth of a terrifying recession. maria: well, that was serious spin. this as economists surveyed by the wall street journal say that the supply chain problems and inflation will persist into next
7:36 am
year. you heard that here first last month from the head of the port in long beach. watch. >> i think as we move forward towards second quarter 2022, we'll see consumer demand or consumer purchasing tapering down. keep in mind, we're in peak season in this industry and what that means is high volume holiday purchasing. so i think we're going to have this situation for the next few months. hopefully beginning next year, it will taper. maria: joining he me right now is the united refining company chairman and ceo, john catsimatidis. he is also the president, chairman and ceo of gristedes grocery and the red apple group. john, it's great to see you. thanks very much for being ear. you are wonderful to join me, to talk a little about these issues because we're talking about the disruptions in the supply chains and inflation being real issues. what are you seeing from your standpoint in regards to both of
7:37 am
those issues? >> you know, maria, we're both in the oil business and we're in the food business. so i see all ends of the chain. and with almost $84 oil this morning, it's not -- we're going to see $100 oil it looks like. there's no sign of it stopping. and you know how ceos are on wall street. they live quarter by quarter. if they're off by a penny in earnings, wall street is not forgiving. what are the ceos doing? they're raising prices. they want to be ahead of the curve. so whatever is going on, i see food prices going up tremendously. they want to be ahead of of the curve and the way they're doing it is, they're dropping all promotions. they are dropping low-moving items. in other words, if you have ten different types of muffins,
7:38 am
they're only going to sell the top three. the same with nabisco and pepsi and coke. they're not going to carry cherry pepsi maybe or anything like that. they're going to drop all promotions. they're going to have their main products and prices are going up. they're going up faster than anybody expected. it's a little bit out of control because nobody wants to be -- how do they say it? behind the curve. and i'm concerned. people are paying more. maria: yeah. i mean, i've got some graphics here that show double digit moves in certainly oil and fuel for sure. but also chicken, eggs, meat. what kind of increases at the cash register are you seeing for groceries that impact all of us, john? and do you think this is going into 2022? i mean, this is not going to he
7:39 am
reverse course any time soon, right? >> it's not going to reverse any time soon. i see over 10% in the next 60 days. and it's going to happen. and nobody -- none of the ceos -- you know, people say we're going to raise the taxes only on corporations. i mean, that is dumber than dog doo doo. corporations are just going to pass it onto the consumer. maria: yeah, yeah. no, i know. i mean, a number of congressmen have already said to me, look, they've already breached their promise that they're not going to impact anybody $400,000 in income because they have to pay for this plan and they don't have the offsets. i want to get back to something you said about oil because the average price for a gallon of gasoline at $3.33 today, president biden is scrambling to say that he wants the price lowered. he's looking for opec to do something and the frackers to do
7:40 am
something. even after day one when he stepped into the white house, he can killed the xl pipeline. on october 28th you've got big oil ceos, six oil ceos testifying on capitol hill and i spoke with ro khanna this weekend, congressman from california, it's his committee. he said he wants to know the truth. he wants to know if the oil ceos are not giving us the truth when it comes to fossil fuels. was are your thoughts on the price of oil, where this goes and what we might hear from ceos of oil companies? >> i don't think it's up to any particular ceo. i think it's up -- what's happening, it starred with president biden -- started with president biden killing the keystone pipeline and started barreling down the road. opec, russia, opec, they're making more money than ever before. we went from 13 and-a-half million barrels a day in the united states down to 11
7:41 am
and-a-half. now we're buying 840,000 barrels a day from russia, not at $40 a barrel. at $84 a barrel. i mean, putin is laughing all the way to the bank at the white house. maria: yeah. >> opec's making more money than they can count. maria: yeah. real quick, john, before you go. when you look at store shelves, when you look at the supply, are you struggling to keep the products on the shelves as we see that complete ship show underway in the pacific with the lineup of 60 ships? >> well, there are struggles in a lot of products like procter & gamble is having a lot of problems keeping charmin and bounty on the shelves, especially in the suburbs and inner city. like i said, promotions are down to zero. why give away something when you don't have to give it away and
7:42 am
you make more margin. i predict that these companies are going to have record profits in the third quarter. maria: all right, john. great to talk with you this morning. thanks so much for weighing in on all of that, johns catsimatidis, we'll talk soon. thank you, sir. >> thank you, maria. maria: quick break and then the state of the housing market can, prices spiking over the course of fobbing. pandemic. we'll talk to the ceo of century 21 to give us the state of real estate today. and then don't miss my interview with bank of america chairman and ceo brian moynihan at the top of the hour, 8:00 a.m. eastern ooh, we'll look at the growth story, the irs's plan to snoop on your bank accounts as well. "mornings with maria" is live on fox business. ♪ beverly hills, that's where i want to be. ♪ living in beverly hills. ♪
7:43 am
you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
7:44 am
(sfx: video game vehicle noises, horns beeping,) (engines revving, cars hitting one another.) (sfx: continued vehicle calamity.) just think, he'll be driving for real soon. every new chevy equinox comes standard with chevy safety assist, including automatic emergency braking. find new peace of mind. find new roads. chevrolet. black rock silver is bringing new life to a historic silver district, the second largest in the silver state of nevada with multiple recent high grade discoveries, black rock is well underway on the largest silver exploration program in america. black rock, silver. ♪ ♪ traveling has always been our passion, even with his parkinson's. but then he started seeing things
7:45 am
that weren't there and believing things that weren't true. that worried us. during the course of their disease, around 50% of people with parkinson's may experience hallucinations or delusions. and these symptoms can get worse over time. nuplazid is the only approved medicine prescribed to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the common side effects are swelling of the arms and legs and confusion. now this is something we want to see. don't wait. ask your healthcare provider about nuplazid. why choose proven quality sleep from sleep number? because staying healthy isn't always easy. don't wait.
7:46 am
but quality sleep is scientifically proven to help improve your overall health and wellness. and it couldn't be easier! the sleep number 360 smart bed helps you fall asleep faster by gently warming your feet. and it helps keep you asleep by sensing your movement and automatically adjusts to keep you both effortlessly comfortable. the sleep number 360 smart bed is on sale now. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. maria: welcome back. from existing home sales to building permits and housing starts, the state of the housing market will be in focus this week of. joining me right now is the president and ceo of century 21 real estate, mike miedler. mike, it's great to have you this morning. thanks so much. i want to start off with assessing the market for us. where are we in terms of
7:47 am
commercial and residential real estate from your standpoint and i recognize it differs across the country but what can you tell us? >> yeah, good morning, maria. thanks for having he me. well, i mean, people continue to rethink what they want out of their home and keep pouring into the residential real estate space. last week, contract signings were up 4.2% compared to the previous four weeks. you also have median price up 12% plus from previous four weeks. the good news is take that inventory is headed in the right direction. we can't get enough inventory in the space right now, that was up 1 and-a-half percent. folks continue to come in, whether it's their personal home or an investment property, a second home, real estate continues to be a place where people are putting their money and their investments. maria: where are the strongest areas of real estate in the country right now? >> i mean, i think it's really a across the board. if you look in august, the south literally held about 46 or 48%
7:48 am
of the deals so you see this kind of trend, maria, where folks are moving to obviously better tax destinations and better weather destinations, whether that's this work-from-home phenomenon and they want better weather and better tax or whether they're moving there because they want a second home or a larger piece of property. you see a lot of folks heading to the south from even right here in the northeast where i live. maria: so mike, is there any reason to believe that this is bubble territory and we could see things burst sooner rather than later? what's your take on pricing and whether or not we're going to continue to see pricing move higher? >> yeah, maria, i mean, you literally had the median price in this country move higher for 114 straight months in a row. i don't know if we can actually sustain that. i don't think it's actually a good thing.
7:49 am
i think prices have to level off but that's only going to happen with a little bit more inventory. the big kind of problem that i see is when you look at where we are from a country stand., literally the macroeconomics in this whole thing is you've got 90 million millennials, largest generation in u.s. history, storming the marketplace and really looking for that dream of home ownership to start building wealth through owning their own property of. behind they that, you have gen z, the next largest generation coming up behind them and they're looking for the piece of the american dream. on top of that, you've got big issues with what we've been building over the last decade. so you've got literally the slowest pace of buildings since 1995. we've underbuilt for a decade. in fact, i think the statistic is through 2012 through 2021, there were 12 million new household formations but we only built 7 million homes. we would have to double the pace of our development in order to
7:50 am
keep the supply that we need for the big generations coming into the market. maria: wow. well, i mean, big generations but then again you're talking about millennials, gen z, they haven't been working all that long. do they had have the money to pay up for some of these homes? so there's that question. and also there's a report out this morning, mike, that zillow is going to stop buying homes directly for the rest of the year. it purchased nearly 4,000 homes in the second quarter. they say they're stopping because of the backlog. your thoughts? >> yeah, so a couple things there. from the millennial front, they won't hit the median age for first time home buyer for another four years. they're paying down debt. there's been tremendous savings in that category as well. we're at a place where interest rates are putting affordability in people's pockets. folks don't recognize that, even with the prices where they are today, they're still more you yu affordable than they were in the last decade if you really look at it as a percentage of median
7:51 am
household income. so prices are affordable. it's really getting the inventory that the millennials and gen zers want and need to get into it. a lot of them are moving out of the urban core centers. we used to see new york city, boston, la, usually being the hub of where millennials were flooding because that's where the jobs were. this work-from-home fell on non, they -- phenomenon, they can go anywhere. it's interesting and they want the piece of the american dream. on the glial row comment, t -- zillow comment, it is interesting. they talk about buying online. really, folks don't recognize. there's 180 steps from the time that you actually make an offer, when you see a property online, to when you close. and that's why i think you always have to have a real estate expert, a real estate professional who knows the market inside and out and will help you navigate that process. in the largest usually economic decision that you're going to make. maria: yeah, i totally get that. but look, zillow's comment that
7:52 am
it's going to pause on the home buying has the stock down 6%. people are watching this and it's obviously the perception is going to impact earnings, so we'll be watching it as well. mike, thanks very much for weighing in on all of this. please come back soon. we want to keep checking on real estate with you. mike miedler joining us this morning, century 21. thank, sir. coming up, a real coffee union of, watch this guy get trapped in his home by a cup of joe. it is making a buzz this morning.
7:53 am
it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one.
7:54 am
move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.
7:55 am
maria: welcome back. time for the morning buzz. a doordash delivery gone wrong when a driver traps a man inside his own home with coffee. the driver placed a full cup of
7:56 am
iced coffee outside the door, not leaving room for it to open. the customer turned to tiktok on advice for how to retrieve his beverage and get out of the house. no word on if he got the coffee without tipping it over. dagen: was the house a coffin that he didn't have windows you could crawl out of? come on, use your imagination. i'm sure there's more than one door to your home. unless you live in an apartment like me and still i'd figure out a way. you have to call your neighbor and tell him to come over and get it. maria: nancy? nancy: i love the fact that he had to respond to criticism as to why he was having a cup of coffee delivered. i'm with dagen. you figure it out. and -- but you know, we're talking about it so i think he got what he needed. dagen: people have mcdonald's delivered to my building and it's two blocks away. they're so hung over they can't
7:57 am
walk to mickey ds? what an embarrassment. maria: we're going to take a break and when we come back we will talk with chairman and ceo of bank of america this morning, ceo brian moynihan is here to talk earnings, the economy, the regulation as well. we're going to ask him about the irs's plan to surveil your bank account. it all starts next hour right here. "mornings with maria" is live on fox business.
7:58 am
opportunities... are all about timing.
7:59 am
so now that medicare annual enrollment is here, it's time for a plan that gives you more for your medicare dollar: an aarp medicare advantage plan from unitedhealthcare. call unitedhealthcare today to get $0 copays for primary care doctor visits, $0 copays on preventive dental, and $0 copays and deductibles on tier 1 and mail-order tier 2 prescriptions. last year, our plan members saved an average of over $9,000. you'll even get free yearly eye exams, and designer frames. now's the time to get more from your medicare plan. don't miss your shot. the opportunity comes once a year. enrollment ends december 7th, so call unitedhealthcare and learn about our choice of plans, including ppo options. catching a good opportunity is all about timing. so, call today, before the moment slips away. take advantage now.
8:00 am
maria: welcome back good monday morning. thanks for joining us. i'm maria bartiromo. it is monday, october 18 your top stories right now 8:00 a.m. on the button on the east coast, the is my chain crisis to extend into 2022. the biden administration, now admitting what you heard here first the bottlenecks extend well into new year one tracking company warning
8:01 am
vacuum vaccine mountains make things worse a decline triple digits for dow industrials oil prices rise, mask the bikes weekly gain last week stronger than expected earnings particularly from major banks dow industrials were up 12 1/2 nasdaq up better than 2% s&p 500 higher almost 2%, despite this morning's declines, european markets edging down as well here we are off worst of morning cac quarante down 63, the dax lower by 108 in asia overnight, mixed story on the heels of disappointing economic data out of china, economic growth in china third quarter slowed to 4.9% country faced problems from supply chain power shortages, on top of beijing's crackdown on several industries including technology and real estate, "mornings with maria" is live right now.
8:02 am
. . >> third-quarter earnings season into high year, last week bank of america posting much better-than-expected results, sending stock higher earnings per share 85 cents on revenue of 22.87 billion dollars, of the company saw growth cross its business lines, joining me right now is the chairman ceo of bank of america, brian moynihan great to have you this morning thanks so much for being here. >> high maria great to be with you, actually you can see a wonderful view behind your studio here. maria: yes thank you so much for being here, while traveling, brian it was a great quarter all lines of business showing growth tell me what drove the quarter what you took away to do most important driver of that growth. >> well, we grew revenue, year-over-year third quarter last year third quarter this
8:03 am
year by 12% kept expenses flat 14.4 billion dollars, so, obviously, a nice ride in earnings, what drove that more loans deposits strong investment banking revenue strong wealth management revenue across the board good trading revenue all things we do across the board good operating leverage a normalization economy continuing to drive by bank of america to win market no excuses. maria: yeah, you are winning the market brian let me ask you about loan demand we have been waiting to see loan demand pick up as indicator what is going on out there you saw a it, is this a turn you do you feel things the finally begun to change with regard to loan demand? >> if you think from last year third quarter this year third quarter relatively flat core businesses, but ging in the first three-quarters of last year you had surge in borrowing around the pandemic
8:04 am
and issues related to pay downs came ppp came in now forgiven what we've seen from first quarter second quarter third quarter this year consecutive quarters loans stabilized first quarter, and capitalized growth third quarter grew almost a double-digit core growth rate loans annualized third quarter strong what does that mean customers borrowing more economy reopening continues to grow, all that is good news for to america and for the world. maria: yeah, but also, your leadership one of the key things you've been able to do not just over this pandemic, but over time, that you have taken over for ceo position, days rerisk this bank after acquisitions under your predecessor, you put safety above all else after that
8:05 am
tumultuous couple years around financial crisis. tell me about sense tooist at bank are you able to take on more risk has motion changeded in terms of where things go from here with regard to risk. >> we take a lot of risk every day, we have a -- trillion -- 900 billion dollars now plus 700 balance sheet, trading team market every day, so we take a lot of risk in operational risks to run a great franchise take care of all customers we think about it, when pandemic hit k everybody had to hunker down great news because of all the work the team has done great capital, great liquidity, and we are able not only serve our customers provide what society needs from us -- furloughs on loan payments surge the borrowing corporate sector driving people he into capital
8:06 am
markets for loerj he corporate sector keeping customers to understand the market all happened, we -- the pandemic like all viewers, too but whooped we basically turned all under writing back on, latter partly last year first quarter this year went back to pre-pandemic we could see that we had gotten through the risk what that enabled us to do is for 25 billion dollars year-to-date provide great returns 10 million dollars 12 million dollars capital shareholders so well capitalized taking risk drive risk yes things happen every day on the other hand producing earnings for shareholders not only see stock price get up repurchase a lot of of stock continue to share benefits with with our communities shareholders and teammates. maria: so is this a priority for you now? i mean, has been a priority already, but going forward in terms of returning money to
8:07 am
shareholders via buybacks, and dividends increases? >> yep has been a priority. continuously, my 48th quarter as ceo we said same thing, since beginning basically more capital, and we needed to serve clients all the rules changes all adjustments came in none of us got -- just -- in terms of capital he level stress as we had 2010, 11, 12 rules titer managed it well we want to spend capital growing business means clients growing request it double-digit loan growth this quarterier overier 12% revenue growth excess capital return to shareholders get being out before, better to use capital to grow company deposits over 300 billion
8:08 am
dollars loans double-digit euphemismed third quarter versus second quarter doing what you need to take care of clients just a lot of capital left over. maria: incredible stock up 50% over the last year. brian i want to get your take on pretty much the positioning forward because i know you take on risk you have to take on risk, but i guess a few months ago you announced changes in terms of management team appeared 25 of top middle management team changes some analysts are looking at that, as perhaps representing a change in the operating philosophy now taking on more risk now putting that sort of safety, aside, whereas that is where you were for so long, after the financial crisis, and really de-risking the bank after all acquisitions from your predecessor. >> the we made financial changes due to fact people retired so, new vice chairman,
8:09 am
retire at the end of the year tom going to require a phase working on they want to retire from day to day activities bank of america smith going to retire, a series of elevations changes putting in place management team for next 10-year run what i said to people we have to be prepared to drive hard, competition is fierce we have to have a team a long view drive shareholder value a long are periodical period of time we put people on team getting ready for the day we few because people personal decisions in life going to change, and then we had to adjust to it we are all done with that new team is in place we are off and running, and we will still drive like always teammates the same did all work tom an, and i others
8:10 am
administration they do all the work driven the company done it successfully matthew in investment bank corporate investment banking, trading business, andy katie, wlt financial business across the hall commercial businesses just great team of people grown up in a company the last decade really doing good business the right way generating great returns for our shareholders. maria: you have done a great job brian, i want to get your take on macro story supply chain issues weighing on markets ahead of headline season bottleneck issues labor shortages making it will hard for supply to keep up with demand even as inflation is becoming a real issue, we've got a "the wall street journal" survey this morning showing economists are expecting issues to continue. well into new year, what is your take on how that flows down the consumers a great vantage point, reported, terrific consumer spending what is your take on what is ahead given these issues? >> a well, i think, start out
8:11 am
from the broadest point macro view, research team focus union states growth that is going to help drive whole world success research team the best in the business under kandiss browning's team the hi-fis, between 5 1/26% gdp for 21 for 22 been 5 and a half.2, after 23 to growth. >> economy as big as it was in 19 before pandemic, expected -- twice to three times the rate next couple years a, so that is that is a pretty good place to be i want to -- ee all the things you were going through quickly maria, all things on the table. what do we. >> consumer bank of america today? true -- end of september they were spending, 10, 1% faster
8:12 am
growth rates than in 20, buying 20 was pandemic but 20 was bigger than '19, over 20% over '19 spending bigger faster rate the first couple weeks october seeing the same thing the consumers in game of spending, the customers have in bank accounts especially in two to 5,000 dollar range average deposit balances, to people i maintain balance on cost base three times more money in accounts than before pandemic. lots of dry powder in customers's accounts, the question is, will delays in shipping, in shipping not only ships everyone talked about but also the trucks you mentioned earlier other means of logistics slowdown spending the reality is you are seeing people spend on experiences, and able to shift around we will see what happens all that could get in the way right now you are seeing wage growth strong spending growth strong,
8:13 am
economy strong the key is to make sure that inflation stays under control i think the fed has made it clear they are going to start moving -- on bottlenecks, to help free flow of goods, those goods coming out of china other places, in u.s. by biggest most powerful economy most consumer led economy are important frankly europe growing 3%, this year next year also good because that means, that the consumer economy can also -- that is good for the world so i think all those bottlenecks have to get straightened out i think the american consumer is pretty good with what they do when is spend money you are seeing shift more to expansion, travel days prices up driving more miles good news for the economy but we have to be careful elements you talked about don't get in the way. maria: yeah, that europe story obviously, great for merrill lynch, wealth management bigs you stand out
8:14 am
digital capabilities a priority investing in digital, mobile economy am i right 4 % consumer loans came from digital channel versus 7% the analysts were very impressed with your smile chart, that -- things are moving up again, tell me about the charts as it relates to digital what kind of capabilities do you want to see over the next five years at bofa. >> we have been -- iphone came out we've been embedded in as app way back seen digital yiers grow well over 40, almost 41 million with users active digital users using activity we've seen digital sales get to 40 -- 44% all sales, importantly rising, to a million tell us sales a quarter now, so becoming significant part of, sale if terms of number this past quarter half sales all
8:15 am
consumer loan and o deposit products, you see merrill edge, the hundreds of thousands of accounts also a the way customers interface we had 2.6 billion digital interfaces between customers and us what happened in paebt you have sealing acceleration of usage cross cohorts the basics strong down to 15% checks deposited at bank of america by people handing to it tell aer all the rest going through atm or phone those are important things for us to become more and more efficient frankly spend more time helping customers with day-to-day financial lines the things they need to do as opposed to depositing a change because they can do that on our chen part fun stuff five million users life plan, four million active last quarter, dell growing fast already a
8:16 am
major way of people pay people, in enterprise we have erica -- a virtual digitalism tens of millions use would you feel things you have to get basics right branches serving customers every day o doing good job great financial viruses in merrill great private, likewise commercial banks high touch high-tech we have been very encouraged, a lot of work done a great job, of doing it. >> a and technology, is attracting new customers i am sure a great growth story brian let me move to regulation, and the changes that we may see, because, we know that the biden administration, is pushing to pass legislation that will require banks to report every 600 dollar bank transaction of
8:17 am
every customer causing real privacy issues facing bub pac even treasury secretary janet yellen defending this proposal what is your take on this proposal what are you going to do when if this law takes effect? >> well -- regulatory institution larger in united states if congress passed law this is a matter of policy congress can decide what to do, we will have to follow all bank industry as you look at basis the industry, and other our clients, chamber of commerce others made positions clear but end of, we have to follow law, so a policy decision of congress. maria: yeah, we will see what that means for the industry i know that your trying to protect people's privacy but at the same time, not going to be much if in fact that does take place. also, banking groups are united in terms of pushed back
8:18 am
against some of this nominates for key regulatory post what senator toomey recent said about nominee for occ comptroller he said i have never seen more rarelied regulatory nominee in our thoughts whether or not we are going to see a banking sector face much tougher regulatory backdrop brian. we know elizabeth warren is out there saying she wants to break up the banks. >> look. our company has been around since 1784 gone through a number of changes in banking a charter in ham hamilton days we will be doing it tomorrow our job to manage all those, and the pendulum swings back-and-forth i think but i think the at the end of the day the banking system is great for america one of the
8:19 am
reasons our economy can be so big, the capabilities, one of the industries where we have best participants world widest basis the key competitors compete with united states worldwide leaders in this industry if we want to have a big economy the successful economy capitalism strong, you are going to have to have you need a strong banking system i think we approved that last year our banking system was able to capital liquidity capability to have to step up do 70 billion dollars alone almost overnight half a million ppp loans, customer assistance programs, 200 thousand people families, people taking care of pandemic, our online did same thing industry strong has done great work the reason america can be a strong economy so i think any idea that con i strained that is probably not best for the long-term success of america.
8:20 am
>> i would have to agree with that for sure, quick before you go we are seek a competitors -- surge into china, as much as they can, i know that 8 years ago, as part of your de-risking process, bofa sold -- many china construction bank do you see bofa reentering china market through partial or majority ownership of the market in that market brian. >> no. look. we are in china today with team that does corporate banking market in hong kong and mainland china we are helping the largest companies in the country, do things we are helping american companies europe the rest of the world do things in china our business model anywhere outside united states china construction bank investment was great investment for us but a he strategic relationship we helped as campaign went public helped them develop policies procedures facebook out o how
8:21 am
to become a huge bank they are they are a very successful company our goal in china will be around those types of activities so we have the he charters we have how we do it, do to day activist but it is large companies, markets in china, by the way, the same in europe, by the way, same in africa same in latin america we do this consistently outside united states, inside united states opportunity for consumer banking small business banking wealth administration so huge we don't need to try to a find manager outside the country we have you in grew examine deposited a hundred billion dollars, we have 1.4 drldz in consumer wlt management deposits alone in united states market share only -- 13, 14%, consumer we can grow that significantly, so outside in china it will be a focused strategy we think produces great results for us and our clients. >> well sounds like long runway thanks very much for
8:22 am
sharing the story with us it is good to see you this morning. >> good to see you maria, thank you have a good day. >> and to you, brian moynihan chairman ceo of bank of america we've got breaking news as we have been talking we put it on the screen, that former secretary of state colin powell has gone died. complications from covid-19. mr. powell's family posting the news on facebook, and noting that he was fully vaccinated. he was the first black u.s. secretary of state under president george w. bush, he help shape american foreign policy powell was 84 years old we will bring more information, as we get it. very sad story this morning to report former secretary of state powell dead from complications of covid-19. we'll be right back. .
8:23 am
it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.
8:24 am
visit indeed.com/hire it's sleep number's fall sale on the sleep number 360 smart bed. it helps keep you effortlessly comfortable by sensing your movements and matching your job description. automatically responding to both of you. and, it's temperature balancing to help you stay comfortable all night. it even tracks your circadian rhythm, so you know when you're at your best. in other words, it's the most energy-building, wellness-boosting, parent-powering, proven quality night's sleep we've ever made. don't miss our weekend special. save up to $800 on sleep number 360 smart beds. plus, 0% interest for 48 months on all smart beds. ends monday. an official message from medicare. did you try it yet? comparing plans? oh yeah. they sure can change year to year. i found lower premiums and lower prescription costs. that'll save you money. so uh, mark? on medicare.gov now. open enrollment ends december 7th use the plan finder at medicare.gov to compare medicare health and prescription plans. comparing plans really pays. paid for by the
8:25 am
u.s. department of health & human services maria: welcome back, after
8:26 am
records a moment ago stormer secretary of state colin powell died complications from covid-19 the family posted on facebook we brought it to you a few minutes ago they noted he was fully vaccinated was america's first african american secretary of state powell was 84 years old, the news now, going wider dagen mcdowell your reaction. dagen: colin powell dead indicates his life to serving this country. admirably served a combat duty in vietnam he was the first youngest chairman of the joint chiefs of staff the first black chairman of the joint chiefs of staff overseeing operations in the first gulf war, and, of course, he was the first black secretary of state. he just celebrated 59th wedding judiciary with wife alma leaves a large family but he will be remembered for his
8:27 am
service to this country with dignity and distinction. >> he will his family posted on facebook saying we want to thank the medical staff, at walter reed national medical center for carrier and treatment we have loss at remarkable loving husband father grandfather and great american and that he was nancy. nancy: so sad, and tragic that is man called himself -- warrior, served in wartime, and oversaw as we just discussed, invasion in kuwait shock and awe strategy that followed, yet here we are, covid takes another great man from us, it is a sad day, i -- long admired him. >> not clear specific complyings his family posted
8:28 am
complications from covid-19 we don't know how long colin powell had been in the hospital prior to his death, but we are learning, this morning, that he died today, as a result of complications i am going to bring in k.t. mcfarland joining us with more on this, obviously, working in the state department in trump administration, k.t. have you met colin powell? >> yes maria i worked very closely with him in the reagan administration, i was the secretary of defense speechwriter and he was the military assistant, so i was in and out, offices several times a day during reagan administration, just i think his life is a great tragedy in a lot of ways he had in an teg gritty, the thing hardest for
8:29 am
him i talked to him after wards, he was very skeptical about going into iraq after afghanistan skeptical about weapons of mass destruction claim yet made case to united nations that iran had weaponize of destruction why united states and world needed to intervene tufrnd out not the case we know that iran was in shambles to this day i think colin powell regretdz that he got -- what he told me what i was thinking about it don't let them do that to you they will take your integrity try to make it political when done with you throw you away. so i think such a great tragedy to see that is how the legacy of a great man will be remembered, i wish remembered for other things. >> i think you make a good point i have interviewed colin
8:30 am
powell in the past he was very unnerved uncomfortable with politicking of government agencies wanted military to be known and work for readiness. and ensure that u.s. was ready and had proper readiness to face off against adversaries and did not want the military to be part of any politicization. >> i think that is one of the tragedies of today is that our military has become very politicized, senior military leadership even in uniform have become political, and woke and politicize correct to detriment of military i think detracts from able ability to take on adversaries something gets -- when you spend all time worrying about political correctness and woke. maria: secretary of state
8:31 am
former jointly chiefs of staff 84 years old passing away this morning k.t. thanks for weighing in here we appreciate your time, we will take a break and come back, and continue our special coverage, stay with us. . the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity.
8:32 am
this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you.
8:33 am
bogeys on your six, limu. they need customized car insurance
8:34 am
from liberty mutual so they only pay for what they need. woooooooooooooo... we are not getting you a helicopter. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ . maria: welcome back. good monday morning. thanks for joining us. i'm maria bartiromo. it is monday october 18 look at market half an hour ahead of opening bell dow industrials up lows of the morning futures indicating a decline closed 150 points out of the gate this morning ahead of big week for earnings third quarter subpoena 500 down 17 nasdaq lower by 46 european markets also lower take a look at eurozone ft 100 cac quarante, down double digits ff down 35, dax in germany lower by 124 in asia overnight, the session began,
8:35 am
with weak economic data mixed story in air base after economic growth showed down 4.9% in china supply chain power shortages crackdown on several industries including technology real estate education, the shanghai composite down a fraction. even with all of that, back in u.s. americans hit by inflation dealing with empty shelves higher prices no end in sight for the time being, the rate of inflation, for all items in september was 5.4%. joining me right now former chairman ceo of the ey global mark weinberger a board member johnson & johnson meted police saudi aramco wonderful to see you once again thanks very much for joining me you are live from milken conference we appreciate you being here, first, business you have been at conference speaking later today about role of the ceo. have you been able to speak with colleagues there to get a sense of business today, and
8:36 am
the overall economic backdrop? >> yeah maria great if you were here to be with us so good to be back in person again with so many friends and colleagues, government officials here from both sides of the aisle, lots of different people, finance world, of course, business generally we are struggling through a host of issues world very different today sleth accelerating, being to navigate is you indicated from massive government policy shifts in united states energy shortages, in china, to supply chain issues that we learned a lot easier to close down economy quickly than to open up quickly dealing with that changing workforce, and how o to deal with generation x , and y, how the world is becoming more remote, a lot of topics we are covering maria. >> i know you are speaking at
8:37 am
conference later today, and you say that the pandemic has changed, the way people approach work it changed the workforce model what are your thoughts on one hundred percent work from home for employees how do you think things will change? >> it is so hard maria to predict everyone thinks they have answer in middle of a hurricane you don't know which direction to go i am not a believer in this one hundred percent of work from home model at all, i think there is absolutely an availability for people to have great jobs because of technology abilities proven through pandemic to work at home do things remotely doesn't make a career it makes a job if you want a career you you got the build relationshipsfying out how to come up with new ideas you got to figure out where how you want to go work from everywhere not just work from home i think we have to be much more -- i would say focused on how we are going to continue to build culture bull
8:38 am
leadership, how we are going to develop products if we really think we are going to work much more remotely, it is hybrid model over used term, but going to take time for leaders to figure out, lead differently in that environment there is no right answer yet i don't think anybody has it figured out. maria: and that is why the milken conference continuing to build relationships tech jobs with colleagues potential business partners, tell me what you are hearing i know you are talking about the role of the ceo, and the approach to work and how things are changing. how are people feeling there today about the macro story mark? because we are talking about lots of issues, like the supply chain disruptions the inflation that we're looking at costing us more money for virtually everything today. >> you are right, on inflation, as i said, we are seeing opening up after
8:39 am
shutdown like this, is really hard, i mean seeing major shortages, the energy problem from china caused production issues, but that is a piece of the electronic supply chain, shipping workforce issue as we know when we go around seeing difficulty, even in restaurants, and hotels we're at because of workforce back to work vaishth of reasons even with vaccine people scared to come back to work the vaccine mandate affect workforce a lot of people changing the way where they want to work with as a result of this i think one of the things, we are realizing we have to navigating outside the company think more understand more what are global trends, you know you mentioned supply chain. clearly the idea of efficiency supply chain is different now more resiliency, going to have to have more parel operating supply chains not just low cost talking to each other,
8:40 am
with government some proposals on the table five trillion dollars plus, new government programs that could get out, massive tax changes, what does that mean to the company, how do you plan for it how do you prepare in this the uncertainty taxes i call when it some things uncertain slows down addition making this helped to hear what government thinks how businesses are doing a lot is focused on, as you know, maria. maria: yeah you make such a good point this uncertainty can slow down pace of growth what 2022 are you looking for? mark? i mean we know that these supply of drufksz are going to be with us well into new year do you have any sense what we're looking at for the macro story in the new year? >> a. >> well hard to predict quarter to quarter obviously, even year-to-year good news there is a tremendous amount of demand a tremendous amount
8:41 am
of dry powder cash sitting on sidelines waiting to be invested low interest rate, inflation clearly is a problem, but we don't know how transitory seems longer because of disruptions that is not good depends on government spending how much will monetary policy is going to remain, open, or become more restrictive levers to pull we are seeing large number of companies very positive earnings, know how to operate productively we have to get people back to work, are and same that issues existed before the pandemic are still here we still have income equality ability to upscale to understand technology in workforce issues going bee a big effective all that said you deal economy moving up, and this is lots of opportunities out there for growth, with m&a, last year --
8:42 am
no businesses -- feel that way. maria: i wonder if we see more m&a given the stock market still pretty close to all-time highs, companies can use their stock as currency to continue driving up m&a a hot spot for major banks last are quarterly earnings season. >> absolutely, i think buybacks continue to come back, even though high today they think evaluation higher tomorrow i think buybacks keeping the stock market up quite a bit too frankly. >> mark great to catch up please come back soon i love to see you, mark, thank you, sir. . >> wish you were here look forward to seeing you in person. maria: next time i will be there we almost came but schedules got messed up mark good to see you, joining us, former chairman ceo of ey global, the biden administration forced to reinstate president trump's
8:43 am
remain in mexico policy, meanwhile, after cutting that corridor on day one how it stands to help the growing crisis at the border that is next. you are watching "mornings with maria" live on fox business. . ♪ ♪ ♪ ♪
8:44 am
it's sleep number's fall sale on the sleep number 360 smart bed. it's the most comfortable, dually-adjustable, foot-warming, temperature-balancing, proven quality night sleep we've ever made. save up to $800 on sleep number 360 smart beds. plus, 0% interest for 48 months on all smart beds. ends monday
8:45 am
8:46 am
carl lost his gig as a hand model during a bizarre hitchhiking incident. [ thud ] aah! it's over. but with amerisave's great rates, he can save money while he looks for foot-modeling gigs. and that's something he can give a big thumbs-up to. see how much you could save at amerisave.com. . maria: welcome back the biden administration, preparing to resume trump-era remain in membering policy next month why not tomorrow? it allows the u.s. to return migrants to mexico while
8:47 am
asylum requests are considered president biden called policy dangerous and inhumane ending on first day in office, the administration resume to it comply with principal court order "wall street journal" editorial board rights the reversal tacit admission the policy has failed joining me matt whitaker great to have you this morning thanks very much for being here let me say sources on the ground at the border are still questioning whether or not this administration is going to reinstate remain in mexico because they blew it off for so long continue to blow to have law what are your thoughts will they reinstate remain in mekz. >> my thoughts this administration, continues to undo all of the policies that we had in place, that were working at the border, and them saying that they are
8:48 am
going to eventually rehe intimate remain in members not believable they continued to thought follow outside regards policy we have completely under control now it is utter chaos thodz illegal immigrants coming into southern border it is in sustainable destabilizing, quite frankly. >> there are reports, that, you know, millions of people, have been dispersed into united states we don't know where they want if ever showing up for a court at a time if this is new people in this country because there is no the -- o enforcement whatsoever at border we are just there last-week averageing 200,000 people apprehended at the border every month the september official numbers we will get shortly that doesn't include got ways right, 400,000 got ways, year-to-date we don't know intentions could be creating havoc in our major
8:49 am
cities. >> yeah, that is true i think they have been focusing on number of apprehensions 200,000 number we have no idea how many made it through without you border patrol at the end of the day we have to get border under control re implement the -- if first mace crackdown on the crickets around u.s. attorney general merrick garland facing backlash for his behavior, recent memory instructs fbi take lead on task force to address threats against school officials because parents want to be involved in kids' learning facing first testimony oversight hearing before the house judiciary committee this week what do you want to hear? the curriculum decisions involved toxic racist ideology
8:50 am
known as critical race theory, and we learned his son-in-law is among those pushing this, and selling producing extremely expensive surveys about critical race theory. should he recuse himselfsts from? step down with conflicts with son-in-law to wife in terms of involvement on some of the things he is pushing. >> i think fbi is, obviously, the premier law enforcement agency in the united states, they have important priorities whether violent crime international terrorism, human trafficking all kind of things that they have to deal with, and the suggestion that somehow now they are going to peel off resources, to focus on school board protests by parents, who disagree with what local school board is doing, is knelt asinine they need to focus on law
8:51 am
enforcement the department of justice has no place in this uprising that we are seeing of parents that are concerned about what is happening in local schools, now political violence involves generally never acceptable, but that is not what we're talking about we're talking about intimidation tactics threats by law enforcement so parents back down from being involved. >> did you see that ridiculous disgusting interview been stephanopoulos and christopher steele ignored the facts that we know about russia collusion hoax the evidence we have that it was made up. >> they started believing their own false narrative, so you know the fact that exactly exist as receipts to russian collusion hoax don't matter again, the left-wing media wants to continue narrative what have they hoped happened instead of what actual did happen. maria: that is right spot-on,
8:52 am
nice to see you this morning thanks very muchh very much matt whitaker in los angeles, we'll be right back. . . new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. ♪ ♪ remember when no dream was too big? ♪ ♪ and you could fearlessly face the unknown. (kids playing) you still can. ♪ ♪ (blowing dust) when you have a rock you can depend on for life, you'll be unstoppable. that's why over 5,500 companies rely on prudential's retirement and workplace benefits. who's your rock?
8:53 am
this halloween, xfinity rewards is offering up some spooky-good perks. and workplace benefits. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards.
8:54 am
8:55 am
maria: welcome back. we have breaking news this morning as we have been reporting former secretary of state colin powell died of economics from covid-19 powell's naem making announcement on facebook a while ago, pointing out that he was fully vaccinated, powell the nation's first black secretary of state under president george w. bush chairman of the joint chiefs of staff under george h. w. bush he was 84 years old died this morning joining me right now retired l.t. general former vice president pence
8:56 am
national security advisory keith kel locale thanks very much for being here this morning your thoughts on colin powell passing. >> maria thank for having me colin powell was american icon honest patriotic -- calm in crisis, i never worked directly for him but in a lot of ways probably one more interesting story when i was commander invasion of panama, during, operation just cause he was chairman joint chiefs of staff during ininvasion of a lot of taking town target takedowns i got a call from commander of forces, powell is coming down invasion
8:57 am
explaining what we're doing on taking targets down, here is staff intelligence officer started questioning how we did the charges put arm around the guy said, powell looked at me said trust your, he took probably three or four minutes talking about my family and what we have done and then we went into it, i thought at the time he did not have to do that it was absolutely incredible the personal leadership and then leader after i left i became the chief the authority chief operating officer in panama and the secretary of state and i was talking with him in baghdad back and forth and he started laughing and he said you and i are magnets for trouble and he
8:58 am
started laughing and we got back to a time and pnm all and talked about my family and had a great memory and he remembers that and how he establishes the personal human being and being able to relate to people. you can see why people love the guy and i love the guy and i had several interactions with him over the course of my career and afterwards and every time i used to think he is truly an american icon this is exactly what america is about greed we are going to miss him, we really are. maria: i appreciate that story, taken for that, you are right it's not just the leadership as the commander that he was but also his assess ability the fact that you felt that he could understand your life and things that were important to you that would resonate with him as well. it is great to get your insight
8:59 am
and we appreciate you joining us today. >> thank you maria. maria: keith kellogg joining us this morning on colin powell. your morning members zillow the story earlier the real estate company sliding better than 7% right now now it's down 8.5% this is the lower of the morning, bloomberg report that the company has paused the homebuying services due to high demand, obviously investors are proceeding that will cut into earnings and the stock is plummeting. albertsons entire a number we market the grocery share stock better than 5% after reporting a double earnings beat were watching as a third-quarter reporting season is on and off to the races with better-than-expected numbers last week from the major banks that will certainly be challenging for the markets for
9:00 am
the next three weeks. that will do it for us for this morning, thank you for being with me. i would think dagen mcdowell indian cetane work, great to see you both, have a great day and thank you so much. mark is down 180 points the dow industrial average on the price of oil and seven years, that would be one of the issues for this market and the macro for this economy have a great day everybody i will see you tomorrow. stuart, take it away. stuart: good morning, everyone if you are out and about this weekend you saw inflation in your wallet felt it. the headlines are screaming about inflation according to the economist survey to the wall street journal we are in for the longest stretch of rising prices in 30 years. they also say the supply chain backlog will stretch well into next year, inflation today, the price of oil has moved up again it's now the highest in seven years and climbing as we speak $83 per barrel, gas has moved up to 333 per

80 Views

info Stream Only

Uploaded by TV Archive on