tv Mornings With Maria Bartiromo FOX Business November 8, 2021 6:00am-9:00am EST
so just be glad that the men and women of our aviation industry all through the night and come the morning, will still be hard at work on our behalf. because whether on the ground or in the sky, they are an indispensable addition to how america works. maria: good monday morning and thank you for joining us. it is monday, november 8. your top stories. rejection election, president biden's approval rating sinking to an all-time new low just 38% of americans approve of the job he has done in the 10 months since he has taken office. it's been on the decline , yet democrats are pushing through his past and spend agenda pulling off part one of the multi trillion dollar agenda friday.
at the one and a quarter trillion dollar infrastructure bill passed in the house. senator john brock tells me it's now costing up to $4 trillion. markets are higher. technology stocks are sinking in the premarket. dow industrials are higher with the dow jones ab 79 points, s&p 500 up by three and nasdaq lower by seven points. all three major indices and finished the week in the agreement last week. five straight weeks of gains. dow industrials were off 1.5% last week, nasdaq a better than 3% in s&p 500 higher by 2% on the week. european markets are mixed. eurozone, is higher by one point. dax index in france is lower by 21. in asia overnight, markets finished mostly lower. asian indices,
fractional moves across the board. "mornings with maria" is alive right now. ♪♪ maria: some of the top stories, gasoline prices have skyrocketed up 42% in a year, yet the biden administration is considering shutting down another american oil pipeline in the name of its climate agenda. line five in michigan as part of a network that moves crude oil and petroleum from western canada, transporting about 500-- 540,000 barrels a day. at the president's own energy secretary warning americans will face skyrocketing heating costs regardless of the administration decision on the pipeline.
sending prices higher. president biden once again flip-flopping on the decision to pay illegal immigrants separated at the border into the trap administration using american tax dollars. watch this. >> if in fact, because of the outrageous behavior of the last administration, you coming across the border whether legal or illegal and you lost your child, you deserve some kind of compensation no matter the circumstances. what that will be, i have no idea. i have no idea. maria: we know he has no idea. the administration saying it's up to the d.o.j. to determine who should get a payment and how much as we have been reporting payments could run as much as $450,000 a head, which means a million dollars per family, close to it. american jobs are safe for now after a federal appeals court to beverly blocked biden's vaccine mandate saturday. of the court said the new rules of range quote statutory and constitutional issues. this is a victory for
states and private companies who sued the administration over the vaccine mandate. at the white house that is prepared to defend its order and seems confident the rule will be upheld. markets this morning are showing a mix performance. we expect a mixed opening opening major indices close in record territory friday with dow industrials further into uncharted territory of 80 points, s&p 500 up by three and nasdaq is down six and three quarters right now. right now treasury yields are climbing as we look towards inflation data later this week. look at yields, at three and a half basis appoint putting a 10 year at 1.487%. friday's jobs report showed the u.s. economy added 531,000 jobs in the month of october meeting expectations for joining me now i see research director can only on and also joining the conversation foxbusiness dagen mcdowell and-- great to see everyone this morning.
happy monday. kicking things out with you, kenneth, went to get your current thoughts on the market. what you think is most striking? >> great to be here. we have gone through two months of the wall of worry which was october and then really into november, but news is still good. when you look at the market, we have had earnings over 80%. of the market still expected to see what the s&p 500 earnings 21% growth in the fourth quarter. then it begins to level off next year, but we really see from the leaders of the markets stress and this is what's driving the market is the large high-quality growth stocks, so we think there are still more aware room on the upside for the market. maria: yeah, talk about growth stocks. there isn't another one as grossly as tesla. tesla e ceo elon musk
blowing up twitter this weekend asking his followers if he should sell 10% of his tesla stock, 50% of the responders are in favor of him selling the stock and as a result the stock fell. down in the premarket. your thoughts on what's going on with tesla? of course, after that element in the democrats a spending plan when to do tax billionaires unrealized gains with the stock this morning down 5%. >> well, first, this comes off a great last week with the hertz announcement tesla has announced like this really am s&p 500 and the markets, so it's all about really delivery, and delivery of more vehicles. they did 241,000 in the most recent quarter. their goal is really to get up to an amazing 20 million vehicles by 2030. you had great visibility with new production in
texas coming up in berlin and that will all impact next year end the year after and anyone who has sat in a tesla and driven it can see that tesla with all the semi conductor chips they can get in the rest of the industry cannot, that it has plenty of room on runway to really continue to lead in the industry in the market. maria: yeah, you are looking at fundamentals. let me bring orion pain and because the poll was not about fundamentals, ryan. it was about elon musk sticking it to the lawmakers who wanted to tax him, which, of course, the billionaires tax is apparently out of the plan, but we don't know if it will go back and. >> we would love to see you on stick it to the man, but talk about fundamentals, kenneth and the stock traded 150 times earnings and if you think you are with the fed tapering in the bond market and rate starting to go higher that they may put cold
water on the growth trade because we have seen it happen before earlier this year? >> great question and with belt stocks especially those in the future, if they are hard at highly leveraged or can't delivery every quarter or you know with strong beats to expectations you are looking at the risk, but tesla doesn't have a funding issue and that's really where you get the major risks, when you talk about high valuation stock. so, we think tesla continues to be reliable , particularly for investors and analysts are delivering strong results. maria: let me ask you about the macro story here. we have building confidence, builder confidence in the single-family home construction market up four points in the month of october. in terms of cyclicals i know you are looking at homebuilding companies, but what is your take on the broad macro story and what you see in terms of slowdown? we look at the gdp numbers later this week. >> there's winners and
losers, maria, and it comes down those to those who can deliver on the topline revenues and earnings and for those companies still with strong demand and a training at low valuation its cyclical stock, homebuilders is a good example with others. so long as you can expand the bottom earnings the price will follow, but if you cannot do that, then stocks will be vulnerable at the major move in the market. maria: good to see if. thanks so much kenneth only on joining us this morning, cfr. morning movers bake or calling to check out the crypto currency now trading at $66,000 per bitcoin. as you can see the momentum is at stopping with the run-up in several other coins also bringing the total value of the crypto currency market now to $3 trillion. check out the price of bitcoin on our ticker right below here. we are just getting started this morning.
coming up, approval under water and sinking fast, more americans are losing faith in the job president biden is doing and we will get into his approval ratings when we come back. in the next hour i will have congressman jim jordan here outlining what's next for the biden spending agenda as former national intelligence secretary is here. in the eight a.m. hour federal reserve president james court is here laying out an economic week ahead with the impact of the supply chain crisis. don't miss that interview appeared contemplating crypto, the mayors of two major u.s. cities going head to head on who will become the crypto capital of the world. we are talking with the mayor of miami this morning don't miss a moment of it. you are watching "mornings with maria" live on foxbusiness. ♪♪ thanks for coming.
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maria: welcome back. a president biden's approval rating is sinking to new lows with a new "usa today" pull out showing just a 38% of americans say they approve on the job biden has done as president with a full 59% say they disapprove. about poll coming after democrats suffered a major blow in last week's elections. here is senator john baraka with me yesterday on sunday morning futures. >> they actually changed it right after this rejection election that occurred at tuesday. they have basically in your face saying we know -- this is it, nancy pelosi will be done as a speaker, the squad has come out and said we
know we will lose the majority in 2022. we don't care. at we are going to go as far as we can to the radical left until you get a chance in the election of 2022 to throw us out. these are the sorts of things they are proposing and moving forward, so they started bloating asaba from they were at 1.75 and now it's over $4 trillion. that happened at tuesday and they want to come back before thanksgiving and it try to cram at this through at least through the house and then it will have to come to the senate and we will do everything we can to stop it dead in its tracks. maria: interesting to hear the senator who is an senate leadership in the gop. dagan mcdowell, he was saying after the elections when we saw a huge red way the democrats went ahead and put things back in the social spending plan, putting any of the things that they stripped out two weeks ago putting it back in and now the plan is up to $4 trillion.
your reaction? >> it's not going to go anywhere in the senate. nancy pelosi and her ilk can shove anything they want to in it, but it's not going to move in the senate, not now. not with joe manchin, not with kyrsten sinema, but in terms of joe biden's approval rating, the american people don't like being lighted to over and over again. at this administration, biden and all of his policies have made the lives of americans more difficult to look no further than these skyrocketing prices of gasoline, heating oil, fossil fuels and-- in this country, when we were a net exporter when president trump was president. we were the swing producer in the world. we control the prices on the world stage. at this is one of the many things that biden did in terms of his policies, but then to have the audacity at every turn when he screws up, went ahead
administration screws up, when they are caught in a unintelligible position they'd lie whether it was about afghanistan, al qaeda is gone for them afghanistan, afghanistan was a success, the wide-open border, it's not a crisis, it's not chaos, it's a challenge and then just in the last week you had the secretary of energy jennifer granholm literally laughing when asked on bloomberg about skyrocketing prices. she said, prices are controlled on the global market and it's about opec. we had power over opec when president trump left office and where we now? she said it's hilarious, what's not hilarious is people having to make a decision about what they eat for dinner because they have to fill out their car the following morning. it is a disgrace with this administration has done to the american people. maria: yeah, i mean, that crackup by jennifer was over the
top. it was in your face mocking the rest of us, laughing about the price of oil, that there is a report circulating this morning, ryan, that nancy pelosi was spotted househunting in florida over the weekend. how interesting that she's househunting in florida where there are no income taxes, no mandates and freedom and liberty unlike what she is pushing in the northeast. >> she must like the more relaxed policies they have in florida for sure appeared. when i think people realize is when they print more money and add more trillions to the economy is actually a tax because it equates to more inflation and i think that is what the american people are starting to realize that all of these policies are inflationary. that is a tax if you like it or not. >> one more lie is the trillions of spending, it doesn't cost anything
maria: you forgot one, zero, because they have no regard for taxpayer money and we know that over and over again. to say it doesn't cost anything is completely blowing off the fact that it's actually $4 trillion and they expect us to pay for it and you forgot one other one and that is the voting laws in 18 states are jim crow laws, another lie. quick break and then congressman is here on house speaker nancy pelosi needs republicans to approve the infrastructure bill and she got it. she couldn't get her whole party on board so why are republicans bailing out biden and pelosi? then elon's big bet, selling shares possibly. it's a hot topic buzz of the morning and we'll be right back with it.
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it's not approved for use in children. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. serious side effects may include pancreatitis. taking trulicity with sulfonylurea or insulin raises low blood sugar risk. side effects include nausea, vomiting, and diarrhea, which can lead to dehydration, and may worsen kidney problems. show your world what's truly inside. ask your doctor about once-weekly trulicity. maria: welcome back. house speaker nancy pelosi getting the info structure bill across the finish line thanks
to 13 republicans. at the house passed the 1 trillion-dollar bill late friday night. democrats are moving forward with their larger spending and tax plan as well to your joining me now is in north carolina congressman financial services committee member ted buzz. congressman, good to see if your thank you for being here. you voted against the infrastructure bill, wire the colleagues-- her colleagues bailing out biden? >> there were certain payoffs for those in new jersey and new york and it was just tremendously unfortunate that 13 republicans would join nancy pelosi in this fake if a structure bill when you look at what president trump tried to do when he was trying to get infrastructure together, he wanted to spend a trillion or 2 trillion on real infrastructure. this is a 1.2 trillion dollars of a structure bill, but it is fake it. only $110 billion, so less than 10% of the total bill has anything to do with real infrastructure, so again , they are hitting a false narrative that they did infrastructure in the prior president
did it, but it's completely false. maria: let's show the 13 republicans who voted for it this morning because there wasn't a dime in there for border. we have a overflowing southern border and there's not a dime in it to build a wall or infrastructure there, not a dime in it for-- it's all as you say only 11% infrastructure and yet they voted for it. how significant was this to open up the moving forward of the larger tax and spend planned? >> it's essentially, this is a gateway drug to what we will look at next week and that is pushing back the dbp spending plan. again, totally inflationary and that dumping more money into the economy to chase goods that aren't there. imagine the border. i was there a few weeks ago and saw debris and instruction-- construction material and unused construction
equipment, millions and millions of dollars laying there that stopped production january 20, when biden was installed. it's tragic. went on tour with off-duty border patrol agents and they had to stop and go on duty to arrest cartel people coming across the border. maria: we were there a couple of times, three times i went to the border and we saw the same thing and it's another indication of how this white house does not have any regard for taxpayer money to leave $100 million on the ground in texas with the materials to build a wall and to leave $86 billion on the ground of weaponry in afghanistan and to pay illegal migrants who broke the law million dollars per family, no regard for our money and then they are canceling the pipelines left and right spending-- sending prices of gasoline surging and then they mock us. here's energy secretary jennifer grant hold on bloomberg which we were just talking about. >> sturgis michigan, it
is $2.89 a gallon. i guess that's better than in california. what is the plan to increase oil production in america? [laughter] >> that is hilarious, that i have the magic wand. as you know, of course, oil is a global market, it is controlled by a cartel. of the cartel is called opec and they made a decision yesterday that they were not going to increase beyond what they were already planning. maria: someone needs to school her here. we were energy independent before biden started shutting down pipelines and she admitted yesterday that the cost of heating homes this winter will be more expensive than last year. how is that funny, congressman? >> it's absolutely not funny at all, maria. president trump had the back of the forgotten american men and women out there, but this is about limiting liberals and socialists elite who
don't care. they don't even pump their own gas. it's absolutely tragic. we have gone to canceling the xl pipeline under biden and approving russian pipelines. they have it completely backwards and biden is trying to grind it down america when president trump was trying to make america great again. maria: i don't understand why though. is it that the progressives are running the country? i don't understand the motive. what is the motive obtain a migrant $450,000 after they broke the law? i don't get it. >> they one incentive to rush people in here, eventually flip them over through amnesty to be citizens and control them for the next generation through elections. that's what they want to do. this is about control. it's not about to get america better. it's about rushing the borders. it's about writing down the exceptionalism of our country. we are a great country, but if you keep doing things like biden, granholm and biden's administration you will grind us down to make as
not even average, but worse than average as a country. maria: really dangerous times, congressman tear good to have you on the program. thank you, sir. ted budd joining us. we will catch up soon. coming up the white house passes the buck on a illegal migrants and former acting as director is here to address the flip-flopping all week and then new york city runs again with the highlights from yesterday's 50th annual new york city marathon where our own cheryl did it. that's coming up.
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maria: welcome back this monday morning. thank you for joining us. it is monday, november 8. looking at markets, we are further in record territory even as technology comes under pressure with the dow industrials up 46, s&p 500 ab three and a quarter and nasdaq lower by two points. last week all three major indices finished in the green for the
week marking five straight weeks of gains. dow jones at 1.5% last week. nasdaq up better than 3% on the week and s&p 500 higher by 2% are european markets this morning are mixed up your eurozone has gains in london. higher by one point. dax index is lower by 18 very much in mixed story picnic story in asia as well although most of the markets there traded lower by fractional moves. back in the u.s., rapper travis scott and drake hit with lawsuits over the deadly incident at the extra world festival in houston. lauren has detail for mac eight people were killed and dozens injured during a crowd surge friday. at the ages of those who died range from 14 years old to 27. witnesses describing a complete security collapse. authorities have launched a criminal investigation into the
festival and reports that someone in the crowd may have been injecting people with drugs. travis scott and event organizers are facing at least two lawsuits over the incidents, one suit filed against scott and fellow rapper drake alleges that to incited the crowd. scott is expecting his second child with a girlfriend and kylie jenner and he said houston police have his total support. fedex says it's ready for the holiday season as long as they can hire enough people to handle the volume of packages. the ceo predicting a 100 million more shipments this year compared to pre-pandemic. smith says fedex is currently going through 90-- 90,000 applications for employment. of the company is also in the process of modernizing its fleet of planes so they emit less co2 and use less energy. people all over the world gathered for the 50th annual new york city marathon yesterday. though runners come
about. two kenyans were crowned the winners. she took gold at the tokyo olympics just about three months ago making history as the first olympic champion to win at the new york city marathon. each will take a 100,000-dollar price. our own cheryl is also a new york city marathon finisher running the race in a five hours and 55 minutes. a day or she is. it was her for the new york city marathon, 10th overall meeting her 2019 time by 15 minutes. go, cheryl, i'm happy to be filling in for you today so she can arrest her legs and everything else. 15 marathons, that staff imagine that. maria: she is so great i'm so happy for her. congrats, cheryl. lauren, thank you. meanwhile, the lighthouse passing the buck on pain migrant families.
the white house says the justice department will decide on the compensation if it goes ahead with pain migrant families separated at the border. president biden defending the payments saturday after he initially called the reports of the payout quote garbage. let's watch the flip-flop here. >> because of the outrageous behavior of the last administration, you coming across the border whether it was legal or illegal and you lost your child, you lost your child, gone, you deserve some kind of conversation no matter what the circumstance. what that will be i have no idea. maria: joining me right now is former former i.c.e. director tom homan. tom, thank you for being here and here you are a reaction to the theatrics out of joe biden? >> lost their child, gone? i don't know what he means. they were separated because they were prosecuted for entering
the country illegally, which is a crime, a violation of federal law to enter the cut-- it was a crime, they were prosecuted, thousands of u.s. citizen families get separated every day when a parent is arrested and they should not have a different set of rules. if he wants to talk about gone, lost your child, i could talk about thousands of moms and dads who lost their children, buried them because their children were killed by illegal aliens in the country. how much compensation do they get? how much compensation will the d.o.j. give over 90,000 parents in this country who have lost their child to opioid overdoses because biden has opened the border up and we have historic amounts of opioids smothered across the border because half of the border patrol is no longer on the line to deal with the biter border crisis? how much do those families get? it's ridiculous and i will state again, the only outrageous behavior i have seen is when he came into office as the president of the united states and unsecured the
most secure border this nation has ever had, which resulted in record number illegal immigration, record number smuggled into the country, a record number of migrant deaths, record number of women sexually assaulted by the cartel and a record number of billions of dollars made by the criminal cartels a day in mexico. maria: i think you make a good point. i wonder if we are going to say parents who lost their children to overdoses sued this administration asking for money, i mean, after all we had 93,000 overdoses in the country over the last year largely due to fentanyl and we know it's fentanyl come across the border for the ports of entry and the lax policies have enabled that, so we will look on that see if we see lawsuits from those families, i mean,-- maria: one other thing that is important. maria: you are paying someone who broke the law. imagine if you are i was driving a car 100 miles an hour and we got into an accident and people
in the car died, do we get money because we broke the law driving 100 miles an hour? i mean, we going to get money? >> that's the point. moms and dads were breaking any laws, the parents of the children that died over fentanyl were breaking laws in it said they deserve a myth because the crimes committed against the migrants. let me make something different to the director the aclu, the only crime committed was by your client who you are trying to make millionaires because you wanted different set of rules for illegal aliens maria: unbelievable. we were showing video when i went to the border the last time, the third time and now, we understand from the office of florida governor ron desantis that he told the washington examiner that the biden administration has landed dozens of those secret nighttime flights of migrants in florida. the report says 75 landed in jacksonville since the summer with 36
pastors on each flight on average we know they have taken secret private jets and landed them in the private airport in westchester and we know they did the same thing in tennessee. taxpayers are paying for this year they are doing in the middle of the night so we won't notice, but of course we do have pictures of it from the "new york post". >> first of all, i find it incredible that you been to the border three times in the president of the united states has never been to the border. that's ridiculous. will,. maria: then the he lied about it. >> they are aligned to the american people. they are hiding the truth the same way the secretary-- every time i get in front of congress and says the border is closed, border security and says haitians you will be deported, however 15,000 in the united states,. when chris wallace interviewed him, well, they were really released with a not, yeah, but then when you drill down on that they were in immigration
proceedings and were released which is as you are not in immigration proceedings secured this administration has been line of on day one and moving children in the middle of the night is the way they had the roots from the american people. maria: yeah, and where is our borders are kamala harris? oh, right, she flew to paris. >> kamala harris is the worst choice-- you could not get a worse choice, maybe aoc would be a worst choice after they picked her for a reason. they know she would not be successful tear they don't want to fix this. it's open border its mismanagement. they picked her because they knew she would not do anything about it. maria: well, it would be funny, it would if it weren't so dangerous. tom, thank you for weighing anchor good to see if you're tom homan joining us this morning. we will see you soon. quick break and then we are zeroing in on innovation and healthcare, introducing you to a millennial alien air that created a
gel that stops the bleeding in seconds and now he's funded the project coming up and then as being-- then stuart varney hosts american belt at nine. don't miss a moment of it. you are watching "mornings with maria" live on foxbusiness. ♪♪ maria: this may a "mornings with maria", tomorrow china's nuclear stockpile growing nationally. hr mcmaster will join me wednesday, congresswoman on why the president is listening to accidents over residents. thursday charlie monger
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maria: welcome back. seventeen years old joe created a gel that could stop life-threatening bleeding in a seconds. now 11 years later he turned the idea into a company with 50 employees and this year it's raised in nearly $40 million in venture capital funding. the product is only approved for animal use at the moment, but the hope is to want to use it on humans to save lives and joining us right now is the ceo. joe, great to have you. a congratulations. tell me how it works. >> thank you very much, maria for having me. it's created a game changing product with stop bleeding on contact without the need to apply pressure and our team here in new york has solved at the riddle of being able to stop traumatic bleeds quickly and efficiently. we are the standard of care and it takes minutes to sometimes more allowing us to have the technology that could potentially game
changing a life saving and we have launched the technology successfully into the animal health market already wear over a-- 3 million pets per year are treated for bleeding in this parallels the opportunity in the human markets where we are prepping to submit for fda approval by the end of the year. maria: wow, so what is the timing on that? do you think you could get the fda to look at this by year end and perhaps approve it? >> right now our team is busy putting together the application and we are hoping next year we will be able to actually see our first use of this. maria: i see. tell us about the process of raising the money you needed to start the company. how did you do it? >> we were very lucky in the beginning to get quite a bit of attention around the technology we were developing especially since we started this as such a young age and the amount of financing we have raised to date is really a testament to the
belief that our investor base, which is mainly private individuals that found us through groupings like social media and the technology compelling about into the mission lives and it really again is a testament to their belief in this technology and what it can do to save lives. maria: so, how much money did you start with? what was your initial race and how did you get going? >> my partner isaac miller and i started with the money we had in our bank account as college students, so we bootstrapped this up to a point and then once we got into a position where we could actually start raising seed capital and improve-- see that we could stop the bleeds we said we would we started by raising $300,000 seed rounds and not snowballed with the same investors reinvesting and over five rounds of private financing and today we have raised over $65 million. maria: wow, that's terrific.
ryan? >> congratulations on your success and wondering post pandemic here in new york you have a factory in brooklyn manufacturing. that's amazing. how do you find the environment in new york post covid running your business? >> so, i'm a lifelong new yorker. i'm incredibly bullish on a new york ticket this is something where we have been excited to bring these jobs here into new york city and we were able to find really great partners that were willing to invest in a new york, build with us in new york and we found actually a number of employees we contracted to these asides have been displaced from biotech and format jobs in new york previously so it's great to retain those jobs here and continue building. maria: joe, we will be watching the story. thanks very much for joining us this morning. thank you. >> thank you. maria: elon musk taking a risk with the tesla chief putting up
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if he should sell 10% of his tesla stock. at 58% said sell it and musk said he would abide by the results of the poll which either way it goes to what happens this morning, ryan pain, the stock trades down on these expectations that may be hilly will sell a big chunk of stock if he's about to get taxed on it if the democrats have their way. your thoughts? >> to things, the financial planner i never recommend taking a poll when you make decisions about what you do with your financial life. don't do it. what's remarkable is $15 billion-- first 320 billion so let's not feel too sorry for him, but 54% in taxes you can see why he's moving out of california with 13% of that california state tax and you can see why nancy pelosi wants to go to florida. makes sense now why he's going to austin,. maria: dagan, he's already moved his business to texas.
can you imagine if the democrats get their way i and are able to tax unrealized gains to yeah, that's not going to happen, i don't think. i think that's a reach too far on behalf of the democrats and what it's probably unconstitutional. if elon musk sells a stock now it might not be a bad idea because with a capital gains tax rate as low as they are, it's 23.8% now and the democrats could easily raise that, so you are paying a lower capital gains tax right now, but there have been reports on why would he want to sell stock. he apparently has 815 billion-dollar tax bill coming due related to an auction's grant he got i think about nine years ago, so there's always a method to his madness and what sometimes seems like off-the-cuff knee-jerk
wacko commentary on it twitter, it's often not. i think if he's going to sell stock, it might have actual real financial reasons behind it. maria: all really good points. to take a short break and then we are looking at inflation and the word on wall street with the crypto market topping $3 trillion and more on elon musk's big bet with top investors breaking down on what you need to know on the other side of the brake. it all starts next hour right here. "mornings with maria" is alive right here on foxbusiness. ♪♪
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on the east coast. your top stories right now. rejection election. president biden's approval rating sinking to new all-time low this morning. just 38% of americans say they approve of the job biden has done in the ten months he's been in office. it has been on the decline, of course, for the past several months and the democrats are still pushing through tax and spend agenda pulling off part 1 of multitrillion dollar agenda. the one and a quarter infrastructure bill passed in the house and pelosi is fattening up the social spending plan which john barrasso tells me cost $4 trillion, up from the $1.5 trillion. take a look, unchartered territory. dow industrials up 70 points. s&p up 3 and a half and the nasdaq turned positive. it is up 1 and a quarter. all three major indices finished the green last week marking 5 straight weeks of gain. take a look. the nasdaq was the big winner
with better than 3% gain on the week but dow industrials 4 and a half percent and s&p by 2%, we begin today trading session at record levels. european markets are mixed. take a look at euro zone where the ftse 100 is fractionally moving. cac is higher by 14 but the ftse 100 is down 8 points. dax index lower by 35. in asia overnight, markets finished mostly lower as well. fractional moves pretty much across the board. hong kong worst performer. mornings with maria live right now. now top stories we are following this morning. today u.s. is easing restrictions from international travel from canada and mexico. rule ends ban on travel from several nations after more than 1 months but placing burden on
airlines to vic nation requirement or face a fine. line 5 in michigan is part of network that moves crude oil from western canada. transport 540 barrels a day. secretary warning that the americans will face skyrocketing heating costs this winter. house ended up passing infrastructure bill on friday thanks to 13 republican who is broke rank and voted in favor of the infrastructure package. congress will be back on capitol hill in a week to try to push through the roughly $2 trillion in additional social spending. i spoke with john barrasso from wyoming about the mass bill on sunday morning futures and he said it's much, muff expensive
than that. >> they are basically saying in your face, nancy pelosi is done as speaker. the squad has come out and said, we know we will lose the majority in 2022, we don't care, we will go as far as we can to the radical left until you get a chance at the election 2022 to throw us out. these are sorts of things they are proposing and they started bloating this up 1.75 and now over $4 trillion, that happened tuesday and they are going to come back before thanksgiving and try to cram this through at least through the house it will then have to come to the senate and we are going to do everything that we can to stop it dead in its tracks. maria: voters keep rejecting. president biden's poll anyplace
are plummeting under water reaching new low. 38% approve of the job he's doing and the majority disapprove. american jobs are safe for now after federal appeals court temporarily block vaccine mandate on saturday. the new rules raise, quote, statutory and constitutional issues to force companies to force the jab. this is a win for states and private companies that sued over the mandate. the white house said it's prepared to defend the order and say it is rule will be upheld. time for the word on wall street right now. top investors are watching your money and let's get into it with payne capital management ryan payne and katherine vera and michael lee. katherine kicking it off with you. record territory once again even though technologies is moving
between gains and losses, we start the new day in unchartered territory with all three indices closes high in better than expected job's report. 531,000 jobs last month beating expectations and now we are waiting on inflation readings. october producer price index and consumer price index later in week, katherine. what are you expecting to be the market movers this week? >> record high, how can they not be, maria? let's make no mistake about it, the fed is buying fewer bonds but not for expansion mode. fiscal spending is incredible, maria, now we are talking about we spent $3 trillion in the past 12 months with a thing called covid. that's never going to be retrace and convert today social spending and the congressman said another $4 trillion on the pipeline for special sending plus infrastructure and inflation is being stoked here. economic growth is being stoked, equities are being stoked. this is risk on for a person
period of time. watch for inflation. this is the biggest threat,ish nation is the biggest threat and we are seeing it going into 2022. it's not just that the fed attributed to issue of bottlenecks. this is a issue of tight labor market despite what the fed says. wages are soaring, you've got strong economic growth. you've got physical spickets on. we are talking materials and industrials which for sure today after infrastructure today will continue going higher. green energy has been up 30% in the past month. we have been talking about that and you want to be in banks because rates will have to jump. the fed is choosing between high inflation and stoking equities and stoking employment and stoking economic growth or going into the vein of being responsible with regard to
inflation and potentially curving economic growth. they've chosen the former. inflation is here to stay. it is not all persistent and we need to protect our portfolios, maria. maria: katherine, does anything change for you, should the massive spending plan get passed. social package up to $4 trillion which has the highest tax increase that is we have seen in decades? does that take you back at all from this bullish stance? >> well, it's bullish for the next six months like i say it's combination of inflationary forces. that's just going to convert it to social spending. we are talking 4 trillion, 15% fiscal deficit versus gdp. that's not going to be coming down any time soon. it's covid. 3 or 4% deficit. what could change the story the
fed force today jack up equities, it's going to hurt portfolio. that i think can happen towards the end of next year if, in fact, inflation proves to be persistent and not transitory and not attributable to scarties as the fed has concluded. protect the portfolio. we could be in for a rocky road at the end of next year into the following. maria: all right, well, meanwhile, ryan, the low rates even that they are higher this morning has people going off the risk curve particularly crypto. let's talk about the overall market, crypto currencies hitting $3 trillion. take a look at bitcoin this morning. up 4,500 up to $6,000, ryan, you thoughts, would you buy it here? ryan: it's insanity and katherine said it's risk on right now. you said $3 trillion for the entire crypto market.
that equals the money supply of the uk. the only difference that you can buy with british pounds. so i think we can go higher in short-term here. pure risk on. it doesn't matter, it's all asset melt-up. i've been telling that for the last couple of months that i don't think we will get a correction. this is looking like the late 90's, my podcast this week i will be talking about late 90's fever because if you go back to late 90's, the internet companies at the time, they were board $450 billion which seems like nothing compared to $3 trillion today for crypto currencies. they lost collective $6 billion a year and most ended being worthless. i do think when the party does stop and it is going to stop most the crypto currencies are going to be worthless. probably the greatest bubble that it's ever form and when it pops, it's not going to be pretty. maria: no. it's not going to be pretty. michael, we are talking about
spending and tax proposals. tesla ceo is pushing back. elon musk polled twitter users over the weekend. should he sell 10% of tesla stock given the fact that they want to tax billionaires for unrealized gains. 58% of them voted selling and musk said he will abide by the poll as he faces 15 billion-dollar bill on tax. maybe he should sell regardless of the spending plan because we are talking about valuation that is have gotten up there and he's got tax bills coming at him. >> well, tesla stock for some time has never really been tethered so any realistic valuation. the stock is what i like to call the original mean stock that you have a very concentrated ownership based and long-term
almost fanatical that are long-term holders making hard to short to stock and has a very small float relative to overall market cap, basically forcing this astronomical valuation. so when we get to elon, he's a stock option package that are grants that will expire next year, typically taxes are paid at the time of exercise in the form of additional sales, so that tax bill, that will depend on how much the stock he wants to own but he is most likely able to replace a lot of the shares that he's selling which is probably why he's able to make -- why he's even entertaining the idea of liquidating some stock right now. tesla -- elon musk, a lot of people have questioned whether or not basically plays a market for a fool and he's full of you know what, but the fact of the matter is he puts his money where his mouth is.
in terms of his network, all his chips are on red and in company stock and bet large on it and he's become the richest man in the world. i think the only reason he's selling because of political pressure, hey, he came out against the world bank, yeah, i will fund all your food if you tell me where all of the money is going to go. i think he's calling everyone's bluff right here and so look, if he ends up making the sale, i don't know if it's much of a much, but it really plays right into the hands of this unrealized capital gains. we will see where it goes from here. but i dent see a meaningful correction in tesla for some time. maria: wow, look, he's pushing back on them because they want him to pay for all of this spending plan. by the way cornerstone macro this morning points out it's a busy 48 hours for fed speeches as 5 fed speeches today from federal reserve officials and four tomorrow. we will be watching all that. katherine rooney vera and michael lee, ryan payne you're
staying with us. when we come back 13 house republicans breaking rank and coming to nancy pelosi's rescue to pass democrats' infrastructure bill. ohio congressman jim jordan is here on that and what is joe biden's spending bill. he wants crypto taught in schools. the details later this hour. joining the conversation all morning listening, dagen mcdowell and ryan payne, we will get back to the this fantastic panel when we come right back. you're watching mornings with maria live on fox business. ♪ ♪ ♪
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outrageous behavior of the last administration you coming across the border whether legally or illegally, you lost your child you deserve some type of compensation, what that would be i have no idea, i have no idea. maria: i'd like to see how many people actually lost their children. the white house now says it is up to the department of justice to determine who should get a payment and how much as we have been reporting. payments could run as much as $450,000 per person. that's a million dollars per family. it's another indication, dagen mcdowell, that this administration does not have any regard for taxpayer money whether it'd be this plan or leaving $85 billion of weaponry on the ground in afghanistan, $101 million of materials to build the wall in texas or this tax plan where they want to put in the highest tax rates we have seen in a long time.
dagen: oh, he gets oh so mad doesn't he? what about the record unaccompanied minors this year under the biden administration because they open the border, roll back all of the trump administration policies, what about those children technically separated from their families, what about the, 45,000 children biden administration has lost track of. by the way the parents were separated from their children because immigration enforcement officials couldn't prove that those children were actually the kids of the adult who is brought them into the country but i digress. over and over again that man and people in his administration stand out in front of the american people and lie about what's going on at the border but one thing every american knows, they have layed the foundation for people to profit
from human suffering or misery, whether it is human trafficking or drug trafficking and the tens of thousands of people who are dying every year because of opioid overdoses, but why do they keep lying because nobody would -- nobody agrees with this policy. the policy of president biden stood in front of the american people and lied about border patrol agents on horseback, whipping immigrants, it was a lie. these are people who are struggling to do their jobs and enforce the laws of this country and this president among the many lies has the audacity to vilify these hard-working men. that is who is running the nation, as miranda divine writes to, if it was good policy biden would in the feel the need to lie when asked about it. maria: that's exactly right. it's the mexican cartels deciding who gets into america and who doesn't.
what about the other failed policy on crime or the nonexistent policy there? if you can't stop crime, should you just tolerate it. the controversial question prompting swift backlash against san francisco newspaper this morning. wait till you hear what they propose. we will talk about it this hour, don't miss it. ♪ ♪ ♪
maria: welcome back approval under water and sinking fast. president biden's approval rating reaching a new all-time low this weekend as just 38% of americans say he's doing a good job. 59% are against and disapprove as the democrats narrowly pass 1 and a quarter trillion dollar infrastructure bill thanks to 13 republican who is broke rank and voted for it. also 6 members of the squad defied the democrats. they voted no on the bill. joining me right now is ohio congressman member of the house judiciary and oversight committees, jim jordan. congressman, great to see you,
congratulations on the new book author of do what you said you would do which can be preordered right now. congressman, thank you very much for being here. can you give us an update on the spending blitz, obviously your colleagues in the gop bailed out biden on friday night. congressman: yeah, that's unfortunate. i wish they had not voted that way because six of the hard left voted against it. we could have stopped the legislation and as we know now for months they are actually linked. the big spending or the bigger spending, crazy spend asking coming here soon. we are hoping that senator manchin and senator sinema don't pass it because it's going to create more harm for the country and more inflation, i mean, maria, think about the democrats' economic plan, basically lock down the economy, spend like crazy, pay people not the work and everyone who has been working, they're getting ready to raise your taxes and pay $450,000 to people who
illegally crossed our border and entered our country. such a deal for the taxpayer but that's what's coming and let's hope that senator manchin and senator sinema hold strong and they don't pass it. maria: well, it's all very extraordinary, congressman. we are looking at a list on what's in the infrastructure package and we are told it's 9 or 10% infrastructure. i don't know what your colleagues were thinking. you also have -- >> i don't either. maria: you have the situation of nancy pelosi, you know, fattening up the social spending plan despite what we saw last week. you had a red wave everywhere from parts of new york, to new jersey to obviously virginia, seattle, minneapolis. they struck down the defund the police. is nancy pelosi not seeing what the voters are telling her? congressman: one thing about democrats, they just keep going no matter what the voters say. they keep doing their crazy radical agenda and it's why joe biden is at 38% approval rating because everything they've touched has been a mess.
we went from a secure border to chaos to energy independence to the president begging opec to increase production. safe streets to crime going up in every major urban area, stable pricing to record inflation, so it's all a mess, but they don't care. that's -- they are the hard left and they just keep going in the direction they are. the voters spoke up loud and clear and god bless them on tuesday. turns out the american people don't really like defunding the police and don't like government saying that they are smarter than parents. tuesday night was a big win for america but the democrats in congress, they will continue their crazy left agenda and as i said before, unless senator sinema and senator manchin hold strong and we don't get the ridiculous energy spending and ridiculous tax increases that are contained in the next bill. maria: yeah, they ignore serious crime which, of course, john durham is focused on with an indictment last week. we are expecting more indictments from special
counsel. charged with lying to the fbi over the information he gave christopher steele to create that garbage dossier. listen to what former national director of intelligence john ratcliffe told me on sunday morning futures on what he gave durham. >> i give john durham over a thousand documents that have not yet been declassified that i know include intelligence that goes specifically to this criminal activity that would be the basis for further indictments and, you know, again, what happened with the steele dossier a grand jury is saying was criminal in nature and i expect that all of the folks that are involved with creating it and peddling it fallsly would be in jeopardy. maria: you did a good job in terms of exposing the truth.
do you expect further indictments from john durham? >> let's hope so. what we got from this indictment is it goes right to the clintons. part of the source for christopher steele. the other key takeaway, they accused president trump for working with the russians which was bologna. go to page 11 of the indictment, russian sub-source was telling people that if clinton won he was going to get a job in the state department of a clinton administration. i mean, this is -- you can't make this stuff up. page 12 of the indictment. i always point out too, the two indictments that mr. durham has done, both of them are not about lies that these guys gave to durham and his investigator o teams, these are about the lies that started the whole process back in 2016 and 2017. durham is going right to the source and the source is the clinton campaign manufacturing the false information and
getting it to the fbi and the fbi took it to go after presidential campaign to spy on president trump and campaign. it's as wrong as wrong can be. i hope mr. durham is going to keep digging and hold more people accountable. maria: what i'm wondering, though, if those people being held accountable are going to be big fish at the fbi because congressman because we know based on john brennan, former cia director john brennan's notes, handwritten notes from august of 2016, okay, before the election, way before the inauguration, august of 2016 he writes down that he has learned that hillary clinton has devised a plan to entangle donald trump in a russia scandal. he briefs president obama. the fbi knew it. they all knew it before dan chenko admitted that he lied a few days after the inauguration. why did they keep getting fisa warrants to spy on trump?
congressman: exactly. go to indictment a few months ago. he cut out all of the middleman. he department go to christopher steele and didn't work through fuzion. he went straight to the fbi. not just anyone at the fbi, jim baker, the chief counsel, walked right in and handed him false information. the false information was used as part of the basis to spy on president trump's campaign. i would like to believe that the fbi had to know this was all garbage and all made up. maria: yeah, we have to see and we are waiting for further indictments from john durham. good to see you, congressman, thank you so much. congressman jim jordan, great leadership there. we will see you soon. quick break and we break down the border crisis with texas attorney general ken paxton. he's coming up at 8:20 a.m.
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hour, we will open in another record high this morning. dow industrials up 65. s&p 500 up 3 and a half and the nasdaq higher by 6 points further into record territory. all three major indices finished the week in the green marking 5 straight weeks of gain. take a look at the week that was, dow industrials up 1 and a half percent. nasdaq up better than 3% and s&p 500 higher than 2%. this morning european markets are flat, take a look, fractional moves pretty much across the board in the euro zone with the ftse 100 lower by 5 and and the index lower by 27. in asia overnight, markets mostly lower there. fractional moves there. shanghai composite only major at the green at the close. back in the u.s. gun violence showing no signs of slowing down in chicago. lauren simonetti with those details right now. lauren. lauren: maria over the weekend at least 9 people were killed and more than 40 others injured in shootings across chicago. one man killed in a shooting over fight in parking space.
four of the shooting victims were minors including a 4-year-old boy. he said to be in gad condition at a local hospital. chicago has been plagued by gun violence for months and last weekend 6 people were shot. 3 and a half billion dollar loss, the japanese conglomerate first quarterly loss, china strict regulations on technology companies, e-commerce giant alibaba. shares fall 35% in the quarter alone and finally, let's do some football on the grid iron. the los angeles rams had no answers for the tennessee titans at home, titans defense picking matthew stafford on win. the cleveland browns trounce bengals in afc north showdown, connecting with donovan for
60-yard touchdown in the blowout and look at them celebrate. and the kansas city chiefs hold onto to beat the green bay packers in arrow head and quarterback aaron rogers was out because he has covid-19. jacksonville jaguars pull off 9 to 6 upset and the new york giants pull an upset of their own defeating the las vegas raiders 23 to 16, maria, that's football. big sunday, back to you. maria: thank you so much, lauren. meanwhile the crypto craze getting hotter headed to the classroom potentially. eric adams wants schools to start teaching crypto currency after vowing to take 3 paychecks in bitcoin. my next guest start it all off also saying he wants to accept
his paycheck in bitcoin and he's the first elected official in the united states to do so. joining me right now is the mayor of miami francis suárez. mr. mayor, thank you very much for being here. >> great to see you, maria, pleasure to be with you. maria: yes, in the last few weeks not only did you say you wanted to accept your entire salary in bitcoin but you said you want to be able to pay city employees in bitcoin as well. why? >> well, we've already done it, our cio was the guinea pig, the first employee that took portion of the salary in bitcoin. i will be taking 100% of my salary in bitcoin. the reason why is because bitcoin is appreciated significantly since i started talking about this, but with government continuing to spend rapidly and inflation to continue, you know, to affect this economy, we want our employees to be able to be in an asset that will appreciate and that will hedge against inflation and so for them, we
believe in bitcoin, we think that as a city we want to be in the forefront of innovation and technology and we want to be the bitcoin capital of the world. we know that we are creating competition with new york and other cities, mayor of tampa has agree today take percentage of salary in bitcoin. this is healthy competition for cities that want to be innovative and want to be in the forefront of the innovation economy which is our future. maria: the miami coin has already generated incredible amount of revenue making the city what, how many millions so far, is it $7 million so far? tell me about the revenue that you're expecting and why using bitcoin is such a game-changer in terms of your own budget issues? >> sure, miami coin has generated over $20 million in just over 3 months. so that would be annualized and, of course, annualized anything with 3-month trend, $80 million.
we generate 4 to $500 million in tax revenue. it's possible that if we grow the utilization that they could pay the entire tax revenue of the city of miami. the other thing that we are exploring is actually giving back, converting the miami coin into bitcoin and giving back a percentage of that directly to our residents as a dividend so we have explored this technology, it has grown tremendously. can you imagine government actually giving money back to the people of its -- to its own citizen because of its innovation? maria: yeah, i mean, you've said that you want to create the world's crypto currency innovation hub and that that would be the outcome of creating a metropolis free from taxes. i don't understand. how does that happen? >> the revenue that's generated from coin, 30% is actually put in a digital wallet for the city of miami and so so far that
digital wallet has accumulated $20 million, annualized is $80 million. the entire touched revenue of the city of miami is 500 million. if basically the mining revenue grows from 80 million to 500 million, there could theoretically be a moment where our citizens are actually not having to pay taxes in the city of miami. it could be the first tax-free city in america. the other thing that we are considering doing is getting back in the form of bitcoin. using it as a dividend. we can -- what you call state that money, which means we can remove it at any time so that other people can use it mind and that percentage is like a dividend and we may give dividend directly to resident. half a million to a million dollars a quarter, maybe even more that we are passing directly onto our residents without affecting the corporates, without affecting the full amount. maria: it's interesting story.
we will be watching it because, of course, people want to know what happens if bitcoin goes down. what happens if crypto start losing value? >> like any asset it can go up and it can go down. the reason that we feel like it's going to continue to go up it has to do with the fact that there's a limited finite amount of currency and the fact that people are moving away from dollar because of the inflation policy. maria: all right, real quick, mr. mayor, i have to ask you about what else is happening in florida. ron desantis announced on friday for the first time in history florida republicans have overtaken democrats in voter restrictions, mayor suárez i want to get your take on that and also we know that the biden administration has been dumping illegal migrants in different parts of the country. we understand they've also been dropped in florida, your thoughts on the policies out of this administration and why suddenly florida has more registered voters? >> well, i think a lot of the
people once they saw miami, for example, creating this innovation economy and people fleeing away from high-taxed states like new york and california they were worried. they were worried that florida was going to change and what we have seen, the people that must be fleeing the areas must be republicans or changing to be republicans because we are seeing the republican numbers shoot through the roof and the first time in i don't know how many decades that republicans will outnumber democrats in the state of florida. for sure the people that are moving from new york or california are republicans or switching to be republicans because they understand that a high-tax, high-crime city or state is not something productive for the future. you were mentioning chicago which is a tremendous tragedy. we want to see reducing crimes or homicide as one of the big cities in america. we are increasing funding for police and not decreasing it. maria: yeah, that's terrific news.
mr. mayor, come back soon, love having you, thank you, sir. >> any time, maria. maria: a big bird is facing backlash. sesame street stirs up controversy after posting provaccine tweet. do not forget to tune to fox business prime, followed by stuart varney at 9. you're watching mornings with maria live fox business.
maria: welcome back, san francisco residents now are forced to higher private security to patrol their neighborhoods after a spike in crime and the city is leaving many unsafe and i first met alan bayard in 2020, he was charged to patrol the marina district. he took me around the city to show me the realities of san francisco since the pandemic started his number of clients more than doubled. the san francisco patrol special police officer association president and he joins me right now. alan, great to see you again, thanks so much for being with us. wow, things seemed to have changed quite a bit since you and i walked the streets of san francisco two years ago. tell us how things have changed. >> well, thank you for having me back again. our crime rate has gone way up,
way up especially during the pandemic, burglaries, car break-ins, assaults, everything has gone way up. it's starting to level off a little bit but residents are scared. they see what happens on tv. they see it in real life. they -- they just don't feel safe anymore. maria: why not, alan, something has got to give here? what is behind the spike in crime in your view? >> well, it's two propositions that the voters in california voted for. you've got the governor of the state that released thousands of criminals on to the street and we have a district attorney that has a very low prosecution rate. couple those altogether and people see what's going on and they don't like it. maria: how unfortunate.
the san francisco chronical now is being ripped for what many social media users thought was satire but was actually true. so the paper asking readers if residents and city leaders should just tolerate burglaries as part of city living and focus on barricading homes instead. alan this is unbelievable that the san francisco chronical is asking, oh, well, we should not arrest people that break into our homes, your reaction? >> apparently they can't fix the problem or what you're doing now and they want you to live with what it is. i know at least now of ten of my clients that have moved out of the state. they don't feel safe here. it's not a good place to raise their kids and let's face it, anybody that has a family, they just want them to feel safe.
maria: well, alan, i know that this is nancy pelosi's district. her constituents are in san francisco. have you seen her? has she visited? have you had any commentary from the speaker of the house about what's going on in her backyard because largely because of democrat policies? >> haven't seen her and as far as i'm concerned, she doesn't care. she spends most of her time in washington or when she's out here her house is well guarded, so she doesn't have to worry about break-ins at her place and, you know, she has armed people around her all of the time. so why should she care? maria: and you're getting lots of people calling you to take on the role of protecting them because they have nowhere else to go. they need the service, right? >> that is exactly correct. they don't feel safe.
maria: yeah. >> they put up cameras, they've put up lights, they've got double-locking doors. that's all well and fine but, you know, when something happens, you call 9-1-1 and sometimes it takes a while for the regular officers to get there. it depends on how busy it is and how many officers are on duty. maria: alan, thanks so much for your service and leadership, alan byard. stay with us, we will be right back.
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vaccine today. my wing is feeling a little soar but it'll give my body an extra protective boost. ted cruz responded to the tweet calling, quote, government propaganda for your 5-year-old. dagen, what do you make of sesame street characters getting in on this? dagen: as carol said on fox news i think friday night, she writes for foxnews.com and the new york post. she said that big bird -- i'm paraphrasing, had to go get the vaccine real quick to avoid getting canceled and elmo, you better step up or you're next. i think this was a ploy by cnn to get people to actually watch the network, that they have to bring in the sesame street characters because their coverage is usually so sour and as my beloved deceased mother would say, why does everybody in the network always look like
they are smelling something. at least the fluffy characters brought sun of joy for those people so folks can hang around and keep watching it. maria: i don't know if it did anything for ratings with sunjay gupta. ryan: i like the conspiracy, dagen. i don't know if the vaccine works on birds and puppets, there's no evidence that it will work on a big bird or elmo. we don't know if that's scientifically true. i hate to see beloved characters from your youth used for political agendas. it's just wrong. maria: yeah, that's true. all right, quick break and then playing the blame game. president biden pointing the finger at the media for approval ratings plummeting. all start next hour mornings with maria live on fox business. stay with us. ♪ ♪
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maria: welcome back. good monday morning thank you so much for joining us. i'm maria bartiromo. it is monday, november 8 top stories just before 8:00 a.m. on east rejection election president biden approval rating sinking further, now at a new all-time low, just 38% americans say they approve of the job he has done in 10 mins since he has taken office it has been on decline for several months now, democrats still pushing through tax and spend agenda, multitrillion dollar spending agenda on friday one and one-quarter trillion-dollar infrastructure bill passed in the house now, he is stand sending up social spending senator john barrasso tells me upwards of four
trillion dollars markets higher in further record territory, right now, and will open all-time highs, take a look, the dow industrials up 65 s&p 500 up 2, nasdaq lower by 9 1/4 all three major indices in green marking five straight weeks of gains for stocks, dow industrials on the we can up 1 1/2% nasdaq up better than 3%, s&p 500 higher by 2%, european markets this morning take a look at eurozone it is fractional moving across the board, this morning, as you can see, there, biggest in germany dax down 29 points in asia overnight market lower there as well one winner in china shanghai composite, sweeping out a quarter percent move higher "mornings with maria" is live right now. . maria: now top stories that we are following this morning, are gasoline prices skyrocketing up 42%, year-over-year but biden administration is now still
considering shutting down another american oil you pipeline in name of climate agenda line five in michigan part of a network that moves crude oil petroleum from western canada transports 540,000 barrel a day, the president own energy secretary also warning americans will face skyrocketing heating costs this winter. says regardless of what the administration does, on the pipeline. president biden meanwhile, once again flip-flopping lying on decision to pay illegal immigrants at border using american tax dollars to so, so. >> if in fact because of the outrageous behavior of the last administration you come across the border there legally -- you lost your child deserve some kind of compensation no matter what circumstances that that will be i have no idea i have no idea. maria: trying to muddy the
story blurring lines has a fault the cries is administration says up to dodge to dwerm who o who sheet get a payment payments could run as high as 460,000 per person almost a million dollars for family who broke law breached our border, american jobs are safe for now, after appeals court temporarily blocked biden vaccine mandate that happened saturday the court said new rules raised quote, constitutions issues a win for states and private companies to sue administration over mandate white house says it is prepared to defend order confident the rule will be upheld. >> markets higher this morning, we are looking at mixed opening, largely, record territory, after all three major indices rallied to record highs friday following better-than-expected october jobs' report right now up 74 s&p up 2 1/2 nasdaq down 8 1/4 we've got fresh nation data
out later in the week when we get producer price index for october along with consumer price index set for release tomorrow and wednesday joining me right now, chief investment officer antone, also joining the conversation all morning dagen mcdowell, ryan payne, great to see you antone thanks for joining the conversation. >> likewise. >> tell me about this drivers that you see most important in terms of driving your decisions how to allocate capital we know you are a long time bank mid-cap bank investor, what are you looking at in terms of major drivers in coming weeks through year-end. >> economy flush with liquidity, i think the bond market keeps getting it wrong, obviously, what we have on friday was a pretty strong number a lot of inflation, i think people just caught, in
positioning unld, i plea rates already higher inflation real at the end of the day margins for banking very strong, and we need to -- through through cash government punching more cash more inflation at the end of the day, companies need to use that spending it hiring people we need to get people back into the workforce, that is the best thing we can do for economy, we've got to get them back in the workforce. >> wonder what we're going to hear this week busy for federal reserve, officials speaking we've got five speeches today. >> jay powell to speak heads of boston federal reserve philadelphia federal reserve chicago fed i will spending a with president of st. louis federal reserve james bullard
here, wu know fed announcing going to begin tapering this month what do you think highlights are going to be from fed speeches today and tomorrow. >> it will be inflation. you know that word transitory, i don't think exists clearly we got people back to work want more money, record number of people left their jobs, to go seek new jobs o i think, that is not transitory, people want more in the way of wages, compensation. so trying to put genie back in bottle inflation a highlight i think the market would like paul to have a seat i think signs invaitdz to washington visit with senators i think he gets his seat market does fine if he doesn't get a seat a lot of disruption there. >> a political sideshow whether or not proves are going to win put in somebody else at federal reserve, how
do you think markets would react, should jay powell not get reappointed? >> o. >> i think would react quite poorly, i think you guys give him a lot of credit for responding to the pandemic, creating all liquidity in the first place, amazing the comeback that we were able to engineer from the depths of the crisis he gets a lot of credit for that, and i think it is important to -- have continuity here he worked well with janet yellen i think also, approval. >> how do you allocate expect a right now let's talk about investing into year-end 2022 what a do you want to own? >> well, i mean i think at the end of the day, the one thing my portfolio i looked at reamal banks far the too much capital, tons and tons of deposits, really benefit from long growth i said many times
on your show states that are tax disadvantaged tennessee florida, texas -- those banks are going to benefit the most, from people moving in, businesses moving in, and using all that cash on balance sheets to lend. so banks want to lend, and, you know, companies need to want to borrow you see from lines of of credit corporates customers not borrowing they are so flush with cautious want to respond to shortage of applies, but can't open manufacturing lines people coming back to work i think a critical thing in expansion, but banks will really benefit from that, start to borrow again i think economy will sustain a couple years very good growth i don't need rates to rise i think we will get rates rising will happen a
perfect storm, far too low for 22 and 23 in banking. >> ten year 1.846% up 3 nd a third, we bring in rain payne go ahead. >> -- labor this morning seems bain of the economy, labor participation lousy, a lot of baby boomers retiring seems more jobs than people can fill i wonder next year and bond market, could rates be 2% 2 1/2% that is very bad for the bond market tech, where do you see it going the fact laij is going feedback a huge problem for a long time nie think tough to predict but they will be higher, i think you can see, a move you know towards the upper by year-end if it approves inflation not transitory we can see that --
look at history rates where he were crazy -- economy done really well times 5, 6% interest rates to try to think of cap 2, 2 1/2 on rates is you know, on history, u.s. economy has done very, very well with higher rates i think the fed is going to put on -- for a while not going to cause companies to stop spending and consumers to stop spending. maria: great point quick before you go anything else you want to own, away from financials right now? >> well, look, i think that banks, and fintechs are converging, as long as banks have optionality enabled to provide services, for the customers, like silver -- don't get downgraded important to crypto chain i think
regulated entities are critical fintech will see more regulation conversion is important there. >> great point, thanks so much. >> my pleasure. maria: a all right anthone joining us quick break much more ahead coming up inflation not going away we are talking with st. louis federal reserve president talking state of economy as we await more inflation data out in week later in the week find out the fed's plans, then, biden's blame game says the media is to blame for fueling the supply chain crisis we are getting into it when we come back plus fighting back against he the biden vaccine mandate, texas attorney general ken paxton here calls it a breathtaking abuse of power you are watching "mornings with maria" live on fox business. . but we need something better. that's easily adjustable has no penalties or advisory fee.
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unfortunate. . what i am going to try to do explain to american people as best i can, by the way, you all write for a living i don't see anyone explaining supply chain very well i am not being critical i am deadly earnest when your editor says explain supply chain okay lots of luck in senior years my folks used to say. president biden saturday essentially selling reporters they haven't explained what the supply chain issue is why the american supply chain is facing severe disruptions, pretty clear that we had a covid pandemic and manufacturing factors shut down hints average american
may not understand inflation why the crisis is happening dagen i don't follow this what is he talking about? dagen: he doesn't know himself, when in doubt, again, when caught in a untenable situation, joe biden, kamala harris really everyone in his administration, if the standing in front of a microphone when they can't answer simple questions they lie. again, remember i think it was jen psaki said that there had been a task force in place on the supply chain since the beginning of this administration. so why -- what did that task force then do? i suggest you go to this administration they should turn on fox news the coverage and fox business network the coverage that we've been doing about the supply chain crisis explains crystal-clear what is happening at every leg of the supply chain. and -- the fact that where you
know pete buttigieg disappeared -- you know, good for him, that he was out on paternity leave there is non no one else in department transportation onboard capable of handling this problem. >> american people understand perfectly weg exactly what is going on you pump trillions of dollars into economy federal reserve you pumps trillions into economy you are going to get inflation why they don't lie just push to send trillions spend trillions more only going to make the problem worse. maria: i am glad you mentioned pete buttigieg it is really not okay he is a cabinet member, and the secretary of you know the secretary of transportation, deciding that he is just going to take off for two months during the most severe supply chain crisis that this country has seen, in decades, there is no excuse for that.
and ryan it is simple what has happened with supply chain because of the covid shutdown. i don't know why joe biden is having such a problem with this. saying what caused the crisis another border right kamala harris is still looking for the root causes i can tell you right now what it is joe biden came in and day one in office and reversed the trump policies. that caused a crisis at the border very simple stuff. >> supply chain what has to do with enhanced budgets, lo and behold a labor shortage, right that is another big part of it don't have truck drivers to move goods across the country bottom line we're consumers we are all in business we know in our own businesses what issues are with supply chain part of our job is dealing with supply chain, so it is outrageous. and to your the point like an
outright i mean exactly, supply chain out right lie deflect a question like that. >> james bullard is here we will talk with mr. bullard live on economic implications of biden's runway fiscal spending what he thinks of the macro story blocking biden vaccine mandate texas attorney general ken paxton here what he is doing to stop the administration unconstitutional overreach. . your record label is taking off. but so is your sound engineer. 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
maria: we'llh big news over weekend unvaccinated workers jobs safe for now a federal appeals court temporarily blocked president biden vaccine mandate for private employers after texas attorney general ken paxton and others sued over these new rules, the white house says not giving up defending the mandate over the
weekend even saying that it will not rule out expanding to small bids right now businesses with 100 employees or more they want to expend to small businesses texas he attorney general ken paxton joins me ag paxton great to see you thanks very much for being here what you can us through what you did in terms of suing this administration, and you are seeing this as a victory; correct? >> absolutely, a huge vukt lots of states involved in in our lawsuit scouting carolina utah mississippi, states, businesses understands unconstitutional he decided to go forward with this we are going to continue to fight this reality is if the president can do this to people, what can't he impose on people? . maria: yeah i think that is why some say look i would rather have freedom and liberty than being forced to
take this jab, some saying look i had covid, and i feel like immunity is better from infection than actually getting the vaccine tell me about impact this has had because you are seeing so many resignations call it the big resignation first responders leaving jobs. >> i mean this is dram attic impact people all over xhee that are crucial absence we see economy struggling to get workers back intoing in opposite direction of that clearly, and then ep the impact on individual lives i tukz hundreds if thought thousands afraid what is going to happen if they don't get vaccine making personal choice as to what is best for health they don't think the president of the united states understands their health better a serious issue for americans we are hopefully, we can being protect americans protect freedom of choice.
>> ken, also a very serious issue, is the wide-open border you and your colleagues texas have been trying to police and certainly trying to protect texans americans president biden flip-flopped this weekend on his decision the doj decision to pay illegal immigrants separated at the border this is paid for by americans tax dollars listen to this this is this weekend, watch. >> if in fact a, because of the outrageous behavior last administration you come across the border whether legally or illegally you lost your child you deserve some kind of compensation no matter what the circumstance what that will be i have no idea, i have no idea. maria: what is he talking about losing your child the white house now says up to the department of justice to determine who should get a payment by how much as we have been reporting could run as high as 450,000 dollars per head a million dollars per
couple, for illegals cho crossed the border and broke american law, what are you going to do about this? >> you know crazy, hard to he belief given biden joe biden said it was garbage when peter doocy asked about this it turned out true aclu very involved negotiating this is hard to believe going to incentivize illegal immigration by paying people my kids extended in-laws in military not making this money for defensivelying the nation risking lives here we have administration, incentivizing people with hundreds of thousands if not a million dollars, to break our laws, and come to the united states, we are going to pay you? >> you think one -- one idea that he has to try to muddy the situation to try to make people believe that this crisis at the border was because of trump? >> i mean is that the point here? >> i think it has to be the point do i think also, is they do want more people in the
country i think clear from every action they've taken from day one, they have made it very clear they want as many illegals here no matter background criminal related to cartelsed doesn't matter if terrorists they want them in this country made that clear by everything they have done what more can you do but you offer hundreds of you thousands of dollars to come to this country illegally. >> extraordinary you have sued this administration how many times at this point ag? >> i think we are at 7 on immigration, in 20 lawsuits with them overly mere 10 1/2 months. >> unbelievable ag paxton we will be watching thanks for being here and for your leadership ag paxton in texas thank you tier. >> nation continues to spike st. louis federal president james bullard with his outlook on the macro story and
. maria: welcome back. good monday morning. thanks for joining us will i am maria bartiromo. it is monday, november 8 a look at market this half an o hour ahead of the opening bell where we are looking at stocks further into record territory, this morning, we will open in uncharted territory. >> dow industrials up 112 s&p 3500 up five and a quarter nasdaq in positive territory with a gain of one point as major indices closed all-time highs on friday. check european markets this morning where a more flat situation, fdown 5 cac quarante up 17 dax lower by 26 in asia overnight lower china shanghai composite higher by a fraction, back in u.s. rappers travis scott drake with lawsuits over incident at astroworld festival in you houston lauren simonetti. lauren: good morning, 8 people killed dozens injured
during a massive crowd surge on friday ages from 14 to 27 years old witnesses described complete security collapse at that venue, authorities have launched a criminal investigation into the confess rally reports that o someone in the crowd injecting people with drugs scott and on the grounders facing at least two lawsuits one suit ginned scott, rapper, alleged they insides crowd scott expecting second child girlfriend, saying police have total support. >> chinese military building missile target resempling u.s. aircraft carriers in a remote deficit images show full scale outline of u.s. carrier at least two missile destroyers u.s. naval tult reports, for ballistic missile testing
china focused on iept caper capabilities on u.s. navy war ships high tensions between wash torn and beijing, 71 million dollars in debut weekend to take top spot at the box office the fourth highest opening of the pandemic, despite film let's call them less a than tellar reviews -- follows strong october could be a good sign for struggling theatres as we head into important holiday move season maria i haven't seen it but two hours and 37 minutes long. that truly tests one's bladder back to you. >> yes, it does, thank you so much, we are expecting a higher opening for stocks this morning, after all three major indices closed record territory dow industrials up 111 points right now, treasury yields also climbing as we look toward inflation data in the week, we he will get
october producer price index consumer price index tomorrow and wednesday ten-year yield 1.84% up 3 and a third basis points big week last week for federal reserve more details on tapering quantitative easing. >> president bullard great to see you had thanks for being here this morning. >> thanks for having me maria. >> i would like to start on macro story your take where we are assess in terms of of macro growth, for the economy, right now. >> you know the growth rate slows down third quarter, of -- third quarter completed but we expect that growth will return here in fourth quarter, all the way through 2022. i would have growth marked as
higher than 4%. for all of 2022. and so i think we are looking at a very rapidly expanding economy, the level of gdp is above the pre-pandemic levels so we have already fully recovered in that sense, from the pandemic. and pandemic isn't over yet. so i think we are in pretty good shape for economic growth. maria: and we saw that in jobs numbers certainly friday's jobs' report indicating that the economy added 531,000 jobs in month of october. give your take on where the growth is coming from, james, at this point? when you look at the various sectors i know you speak with is about people get a sense where growth is, where do you identify growth right now? >> yeah, the anecdotal reports from 8th district across the country overwhelmingly that it is very hard to hire workers, in this environment, so
businesses are scrambling, you are hearing that on this show all the time. i think, i know the only way to describe it is -- it is one of the hottest labor markets that we've seen in the u.s. in postwar era. unemployment vacancies ratio at all-time low. if you look at unemployment, it is 4.6% according to the jobs' report. you know. it has been going down at about 2/10 per report. so, i would say sometime in the first quarter at this pace we will be looking at unemployment rate in the 3 handle, so that seems to suggest that we've got exceptionally strong labor market here. maria: yeah, that is great, that we would expect you would expect a three panel, we are 4.6% what does it take to get people back in jobs in your view we've been taking so much about participation rate at
61.6% having hung around this level now for upwards of a year, of course, we've got policy earlier in the pandemic of checks going to people, perhaps causing them to make a decision not to go back to the office, what is it going to take to loosen up this labor shortage get people on job like truck drivers where we're seeing a serious shortage in workers? >> well, american businesses very innovative doing all kinds of things to try to recruit works. giving signing bonuses, retention bonuses outright increases in wages, so, changing working conditions, so i think there are a lot of things that can be done and are being done to attract workers. but on that labor force participation, you know, that -- is partly reflecting a lot of retirements that occurred during the pandemic you've got people close to
retirement, they looked at the situation, they were at more risk from covid their house was worth as much as it has ever been, or higher, and equity market was all-time high. they made a decision to retire sounds like pretty good decision to me given those parameters. we think that might be as high as three million workers, so -- i really don't think you should expect them to come back into the labor market, in this situation. so i am not really looking for a lot of improvement on labor force participation going forward so instead i think we are going to see downward pressure on unemployment rate continue to see very hot jobs market with compensation rising. . >> a fascinating james let me ask you about what we learned from the federal reserve, in the last two weeks, that the tapering of quantitative
easing will begin as fed cutting back on bonds purchases by 15 billion dollars per month if pace is right i in terms of what was announced june 2022 seems like the time of the last month of net fed bond purchases for qe purchases would makes sense then to see rates go higher, after june of 2022? >> yeah, i mean, as you know, i -- i moved thy right hikes into 2022 last summer, and now i've got two rate hikes in 2022. so, by conventional wisdoms we have to complete taper before we start with the -- normalization of the policy rate. . you know. i don't know exactly how this is going to play out it is data dependent. you get into the second quarter, there, we wouldn't be having very many purchases and
kind of questionable what kind of impact they would be having anyway if we had to could end taper somewhat sooner. as you know, your viewers may know i have been advocating getting the done by the end of the first quarter. but i think you know depending o how data come in, it is if inflation more persistent than we're saying right now, then we may have to take a little sooner action in order to keep inflation under control. maria: and perhaps we see three to four interest rate hikes in 2022 then? >> uh that -- is not my base case right now. i think we're you know i think we've done a good job i think the chair has done a good job moving this taper sooner faster than six months ago a
lot to move policy hawkish direction we can do more but that will be data dependent we have to see how that comes in, the story that inflation is going to be transitory i guess people not likeing that word so quit using it that inflation is going to moderate significantly as we go forward here you know we've got to watch data see if that happens we've got quite a bit nation, here as your guests i am sure have been talking about, you know, you are talking about over 4% probably on core pc inflation by the time we get to end of this year. and we definitely want to see that come down closer to our inflation target. . maria: when would you expect the supply chain crisis to get he alleviated companies scrambling ahead of the holiday season i think is
going on quite a while probably through 2022 one thing about pandemic, coming under better control in u.s., going to be slower to come under control across the world, and so you still have places making key components or have logistical issues because of the pandemic so i think that is actually going on quite a while here. with this long tail in the pandemic o globally. maria: a yeah, you are dealing with inflation, the supply chain, the beginning of the quantitative easing pullback we are talking about whether or not federal reserve chairman jay powell will get reappointed you've got a couple of open slots that we could see, as his term expires in february should he not get remind about would change are you expecting him to get reappointed by president biden? >> so a i don't know what white house itself going to do
i i would caution everybody u.s. senate as you know perfectly evenly divided so it has to be something that the senate is going to go for and so i think that makes it difficult proposition for white house, i will say this, that fomc is a large committee we have a lot of experienced players on the committee. and we've excellent staff across the federal reserve system so i expect a lot of continuity in policy no matter how appointment process works out neither months ahead. maria: so much for. dagen: this monday, we will see you again very soon.
>> great. thank you. dagen: coming up why video sharing platform segup shop in the sunshine state we get into it with company ceo next, don't forget tune into fox business prime tonight, how america works with mike rowe followed by american built with stuart varney at 9:00 you are watching "mornings with maria" live on fox business. . (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?
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dagen: maria: w we'll, booing big so sunshine state video platform rumble announcing new u.s. headquarters in long boat key florida investing upwards 50 million dollars into the state next few years the company joins growing none of business head to florida business-friendly climate joining is right now ceo, chris, thanks very much for being here i want to hear all about rumble why the move the florida? >> maria thanks for having me on we have been in toronto last years last few years seeing incredible growth, and lookings a at growth started to notice coming from all areas of the united states. and one of the things i wanted to do looking at miami, looking at new york, at all different places to go, i wanted to go to a place where you know a lot of our communities are, sarasota county was one of the places that popped up, and felt like
right place to be, the climate was really good for the business. and it is one of those places where a lot of our communities are we wanted to go to a place where community is support a place users are, and real give back to the community that really gives back to rumble. maria: a i am sure no taxes on income as well as the freedom and liberty also helping you move there as well not a bad reason. >> absolutely. the tax climate in florida, big tech technology in general, are very favorable there is a lot of different reasons why florida is a great place to go we are excited to head down there. >> chris looking at notable rumble users right now how is company doing tell me whether or not your gaining market share, i get emails all the
time about youtube, pretty much censoring, i am wondering if that a -- they definitely are, the what we've seen last year all companies 10 years ago, rumble google fact, then last year or two years maybe three or four, we started seeing all companies take a -- rumble stayed in center neutral we are what we're seeing everybody in the middle all that white space coming to rumble the reason winning because staying neutral not picking a side not -- we're not voicing our opinion not doing editorial control on content all we're doing a platform providing a service for shows like yours everyone else to bring and -- hold
content on rumble would you go to getting involved in it you without us editorially strolling it. >> you are not censoring content do you need to acquire or bet bigger to have scale to compete with big guys like a youtube. >> last week we announced merge with company based on out of florida as well, so we merged with them, a superexpediting moment for us allows us to tick rumble a step further in terms of not being cans celable, now acquiring local we allowed to have more independence own data own users, and make revenue off the subscriptions
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of maria: welcome back. stocks rallying after my interview with president of the st. louis federal reserve james bullard told me the taper of quantitative easing could be over before june of 2022. and that he is expecting two rate increases next year on unemployment front bullard told me the jobless rate is going to be falling below 4%, with a 3 handle first quarter next year on supply chain crisis bullard told me seeing it expending past 2022. perhaps see continuing into 2023. as future of federal reserve did not say anything whether jay powell will be renominated
as chairman, but did say there would be a continuity of policy no matter who is the head of the central bank did say that inflation is going to be with us for sometime. as despite all that market rallying at highs of the morning after that interview dow industrials right now up 146 we'll be right back. stay with us. . you're a one-man stitchwork master. but your staffing plan needs to go up a size. 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 matching your job description. ♪ ♪ ♪ visit indeed.com/hire ♪ ♪ ♪
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maria: welcome back, time forthm strangers through the finish line. collapsed with less than 200 meters left in the new york city marathon, what happened, strangers came to his rescue. they helped him finish the race, cross the finish line exactly what you want to see from great new yorkers. dagen, your thoughts? >> the best of human nature right there on display. really incredible. a tearful moment for everybody who watched it.
maria: it is true ryan? >> below the, rotary iran cross-country, runners are the best. maria: a big congratulation for cheryl casone for running a marathon. she is amazing and she will tell us all about it when she comes back. good to see you dagen dowell, ryan payne and have a great monday to all of you, we'll see you back here monday morning, same time, same place. "varney & company" begins right now. stuart: good morning maria and good morning, everyone. there he goes again elon musk makes a big headline saturday and his stock pays the price this monday morning. in premarket trading tesla is down about four and a half - 5%. here is a story elon musk asked twitter users whether he should sell 10% of his stock this is his response to the billionaires tax. 58 - 48 said go ahead and