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tv   Maria Bartiromos Wall Street  FOX Business  October 24, 2021 10:30am-11:00am EDT

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and it's gone down a little bit. if they can beat the expectation, there's a good chance that could rise. >> doing nothing over the last 10 years. maybe now is a time. to read more check out this week's barron. don't forget to follow us on tw just chill the bill. ♪♪ >> from the fox studios in new york city, this is maria bartiromo wall street. maria: happy weekend, everyone. thank you for being here. welcome to the program that analyze the week that was an helps position you for the week ahead. i am maria bartiromo. president biden's ratings are tanking. the impact of the supply chain crisis and the inflation threat on americans. former national economic director larry lindsey is here with his take coming up. plus a record number of cargo
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ships still hovering off the coast of california waiting to drop off their containers. the president ordering 247 operations at one of the nation's busiest ports. how long will american consumers and businesses feel the pain? i am getting an update from the american director of the port of long beach california. we have brand-new exclusive video this weekend showing migrants flown from texas to new york or in the dead of night. getting on buses, at the new york post breaking the story on asking post- calmness. where these people were set and what the white house is response has been to her reporting. let's take a look back at some of the top news makers and mornings with maria on this week's editions of the week talkers. >> are you done being in the safe corner? are you ready to take on more risk? >> yes, we are taking rest. yes, we are driving risk. on the other hand we are
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producing the time of earnings and returns not only to the stock price, but also repurchase a lot of stock. maria: you know president biden is pushing for the surveillance of the irs of our bank accounts. >> i've seen estimates that i think are reasonable. as much as 400 million accounts that would be monitored under this rule. maria: saying it is earlier than you would like to take a flight. 3:00 o'clock in the morning. it is a dead of night. >> if they were not concerned about the objects and they were not concerned about the legality of what they were doing, they would just work the local officials and say we have a flight coming in at 2:00 o'clock this afternoon. you have to greet them. we can have a nice welcoming for them. no, it is doing the exact opposite. >> here's a look at the way market ended the week. third quarter earnings season rolls on. joining me right now is the president and ceo of the lindsay group, larry lindsey is here. wait to see you. thank you for being here with me
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this weekend. >> my pleasure, maria. maria: i want to get your take on the broad macro story. importantly, looking at the inflation threat, the supply shortages and the disruptions that we are talking about, as well as the labor market where companies are having a hard time getting workers back to work. how do you see things? >> well, i think they are all coming together as well some rather foolish mistakes down here and washington that are making things worse. so, i would be very worried about the economy. as you know, we were quite low in our estimate for real gdp. lower than anybody else for this year. it looks like we will probably be right. that is reassuring. maria: the atlanta federal reserve finally joining your camp and cutting its expectation for growth or the quarter way down. they were all the way up at 6% a
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couple months ago and now they are up 1.5% in terms of growth. what are your expectations now for year-end and what is 2022 looking like? >> i think that we will see something maybe a little bit higher than half a percent in the fourth quarter. not much. that will bring growth for the year down to the mid to high theories. which makes sense. the economy is supply constraints. it was supply constrained up as start of the year. somehow our folks that make policy down here never recognized it. maria: well, that is a thing, larry, right now as we speak, there are continued negotiations on another massive trillion dollar, multitrillion dollar package. i mean, the definition of inflation is too many dollars chasing too few goods. why are we talking about more dollars facing too few goods so
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that we can see price spikes happen again? we are already talking double-digit increases in things like chicken, certainly gasoline , oil, eggs. >> yes, well, we started off by sending every individual in america $2000. $4000 for a family of four. that family median income is 70,000. we chopped everyone's income by 11%. no surprise that there was more spending. more next year, though, we face withdrawal symptoms. that will be that that $8000 is not going to be there. and, the individuals bank accounts are being eroded by inflation. they have not calibrated this right. it was too much, too soon and not enough follow-through. the programs they are talking about here in washington will not do any good at all for 2022. it takes a while for them to get
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implemented. the tax increases, if they pass, will go into effect january 1. i think 2022 has a lot of risk to it. we have the same supply constraints, and they are even a little tighter than they were at the beginning of the year. particularly, in the labor market. you hit that bad supply situation with what is likely to be a deteriorating demand situation and the forecast for next year probably is not going to be that pretty. maria: you know, it is really unfortunate because this administration came into office with a very strong economy before covid. in fact because of president trumps tax-cut plan, you actually saw the lowest earners see the biggest increases in wages that has completely changed around because of policy and you layer on top of that the price of oil, larry, and that is
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also policy related because on the day one joe biden walked into office and canceled the pipeline. no wonder his approval ratings are tanking. >> it is not hard to draw a line between our energy policy and what is happening at the pump. it is also not hard to see why we are having more trouble in the labor market which is one of the main causes for the bottlenecks. you know, the federal reserve book just came out and said the covid mandates was a vaccine mandate being one of the contributors to problems in the labor market. well, if that is what your concern is, why are you adding another bottleneck on top of it at this point in time? we make larry, it's great to have you this weekend. thank you so much to be met my pleasure. take care. maria: we will see you soon. larry lindsey. higher prices for record number of cargo ships sitting idle off the coast of california waiting to enter the port of long beach.
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♪♪ maria: welcome back. one of america's busiest ports still struggling among a record number of cargo ships waiting to unload. the president ordering the port and others to work around the clock. the administration is warning it may not be cleared up until sometime next year. i spoke with the executive director of the port of long beach california about how serious the situation has become. >> as i indicated before, we have a national crisis in the supply chain. what i can tell you is the collaborative spirit of the supply chain has reached a very high level. i am very comfortable in the fact that we are talking with major companies who are interested in moving their cargo more particularly in those types of ships that have not been used earlier going back to the
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24/seven framework. there are challenges, but on the other hand, again, prices brings opportunity. i am very pleased with the collaborative spirit that we have been engaged in with the parties. maria: i love to hear you say that, sir. it is the optimism that we need. take us back, tell us relate how this all started. for those of our viewers who may not have been following this from day one, why do we have such a backup? >> well, number one, i think the root of the problem with the covid-19 pandemic that, you know, was presented to the world in early 2020 and again, this industry is not immune from any other industry in terms of what occurred. the shutdowns, the lack of labor. all of that was involved in this very, very tragic health pandemic that we have had. the supply chain has been
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fragile all along. as you know, many of us here have been advocating for investment and infrastructure. not just in roads and bridges, but a maritime infrastructure. part of this really highlights the operation. there are many factors including one of the things we are seeing in china, now they are back in manufacturing because of their electrical demands on the grid. i mean, this can handle the power that is required. there are a factor of things involved here. they are recognizing how sensitive the supply chain is. maria: this is such a great point that you are making. we don't hear a lot about that. we have lawmakers in washington negotiating a reconciliation package, also talking about the infrastructure package. where is the investment in our maritime businesses and the crucial situation that we have
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ourselves in today. then there is a truck driver shortage as well. during the town hall last night, president biden said that he would consider sending the national guard in their to help with the supply chain issues. maybe have the national guard drive trucks. the white house is already walking that back saying no, no, no, we are not considering the national guard taking on truck driving. what are your thoughts in terms of what is needed right now? >> i think going forward, what needs to be had as a full court press in terms of how we attract that labor force. one of the good news is i think you are starting to see more and more people enter the job market. in terms of the trucking component, that is been a real problematic issue for some years. maria: have us your expectation. when would you see things begin to loosen up should we actually get the help you would like it how long will this go on? >> this will be an issue that will be long-term to another
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year in terms of that getting to the sense of normality that we are accustomed to. on the other hand, i think again there is light at the end of the tunnel in terms of the bottlenecks we are seeing right now. i am more optimistic, but, again, it is unpredictable. maria: my thanks. up next, brand new exclusive video of migrants from our southern border deplaning this week in new york in the middle of the night. loading up on buses. i will be asking miranda devine where these buses were headed and what the white house has to and what the white house has to say about
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flown from texas and the border to westchester, new york. getting on buses at the airport in the middle of the night, re- again. the new york post wrote the story earlier this week. i enjoyed by fox contributor, miranda devine. it's great to have you here this weekend. thanks for being here. walk us through what this administration is doing as we look at some of this exclusive video that you are able to capture and watching migrants actually getting on buses, getting off planes from the texas border. >> thank you for having me, maria. this is just a glimpse into this vast secret operation that the biden administration is running all around the country. these migrant flights are coming from the border towns, from el paso, up from yuma, arizona, from houston where they loaded these migrant spirit the reason
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that they are doing it so secretly is because they want to avoid the bad optics. i think joe biden talked about optics last night of having overcrowded cages at the border yard that is what was happening. if you remember, there was some smuggled out video, even though the administration was trying to keep a lid on that. they decided just to get very efficient at releasing, processing and releasing, and they just bust them at our expense, the american taxpayer expense, they bus them and fly them all over the country. we have not quite found old circled hubs where they are dropped off, what we know plains is a hub. we spent three nights last week and white plains in the dead of night looking for these flights. one night there was nothing, two nights we were lucky and there were two flights that came in. the airport is shrouded in darkness.
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the flights that we actually caught where 10 and 11:00 p.m. they were not there really late once. we know from flight logs, especially in august, these flights were coming in, 1:00 a.m., 2:00 a.m., 3:00 a.m., 4:00 a.m. the airport has a curfew of midnight. that in itself was drawing attention from neighbors, some of whom we had a reporter door knock the area. there was a woman there with a small child. she said he is awake. waking up because of these planes at two and 3:00 o'clock in the morning. it certainly raised some hackles in the area. the local county authorities are complacent. the aviation of this private airfield, they have obviously had to get a waiver to allow these big jets, these 737 and mcdonald douglas lanes to fly
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again. they are only supposed to have small planes. it is a coordinated operation between the biden administration , the various agencies, it is costing a lot of money. we are estimating conservatively that each of these flights is $150,000 just for chartering the flight at 12-$15,000 an hour. and then they are buying vast quantities of gas, of course. 10,000 gallons at $5.60 a gallon $56,000 of flight. and then the charter buses. two or three charter buses meet every plane. they drive like maniacs, the two that we followed. they speed. one of them, one of the buses we saw drop off migrants at a sort of migrant youth residential area, a nonprofit in long island, but another one, they just drop them off at the new jersey turnpike at a rest area.
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people just came and picked up these people in cars. no one checked their ids. they are supposed to be unaccompanied minors. it did not look like it to me. if anything, maybe mid to late teens. a lot of them looked to be in their 20s. you cannot check their ids because they do not have any. maria: right. there is no id so there is no way to know who is coming into the country. you made a good point, taxpayer dollars. taxpayers are paying for this. make no mistake, that is who is footing the bill. we don't even know what they are doing. listen to how joe biden evades the question this week when he was on a cnn town hall. listen to this. got to get your reaction. >> i have been there before, i mean, i know it well, i guess i should go down. the whole point of it is i have not had a whole hell of a lot of time to get down. my wife jill has been down.
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she has been on both sides of the river. she has seen the circumstances they are. maria: i do not remember jill biden ever going to the border. i do not know joe biden ever going to the border. there was never any evidence that i can find and yet he said he knows all about it, although he does not have the time to secure the country, miranda. >> it sounds like another joe biden fantasy. not the point anyway. the point is secure the border. his very first day in office joe biden side a bunch of executive orders to dismantle the trump era. hard border protection measures. we know what happens. it happens all over the world. happened in europe, happened in australia. as soon as you dismantle your border protection, people from all over the world are going to copy it they will come because a criminal people smuggle
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networks, the cartels, the coyotes, they know they are back in business and they prey upon the most vulnerable in the poorest people in the world who are just doing what we all would do. look for a better life. when you now dismantle the border, all you are doing is you are now complacent and that people smuggling rings and the exploitations of the most vulnerable people. it is not compassionate. it is the opposite of compassion. it is terrible for the people in america. terrible for these people that are lured from, you know, a life, at least they life somewhere, they are not destitute, they have jobs. a lot of these people are haitian. they had jobs, they had work rights, they had homes. they left that existed for the hope of something better. you cannot have a country without a border. >> it is just incredible.
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so sad this trek that these migrants take. these young girls getting abused by these coyotes and mexican cartel are the ones that are deciding who comes into america and to does not. charging $10,000 at least for a head. just coming back from the border for the third time. we still have not seen our leadership go there. miranda, excellent reporting. thank you for joining us this weekend. great breaking news from you. thank you so much. we will see you soon. we will see you soon. >> thank you so ♪ i see trees of green ♪ ♪ red roses too ♪ ♪ i see them bloom ♪ ♪ for me and you ♪ ♪ and i think to myself ♪ ♪ what a wonderful world ♪ a rich life is about more than just money. that's why at vanguard, you're more than just an investor, you're an owner so you can build a future for those you love.
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maria: welcome back. we have another big program in the works for next weekend. make sure you tune into wall street every friday night 8:00 p.m. eastern will see you s sunday morning for sunday morning futures on the fox news channel. exclusive interviews with florida governor, senator bill haggerty, congressman devon
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nunez and acting director of intelligence. join us for that exclusive on sunday at 10:00 a.m. plus right here on foxbusiness start smart every weekday. six-nine eastern live mornings with maria on foxbusiness. we hope you will start your day with us. thank you for joining me. hope you have aesesesesesesesesf the weekend. i will see you next time. ♪♪ gerry: this week on the wall street journal at large, build back better becomes build back smaller. joe biden's massive spending bill is cut in half. a key democratic spender says no for the tax that was supposed to fund it. we look what is left for the plans. running for the exits. more democratic house members no

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