tv Maria Bartiromos Wall Street FOX Business November 19, 2021 8:00pm-8:30pm EST
♪ liberty. liberty. liberty. liberty. ♪ spider-man no way home in theaters december 17th >> save america kill the bill. by the way the federal reserve, stop printing money. i and kudlow maria: happy weekend to you all about them to the program that analyzes the week that was it helps to position you for the week ahead. i am maria bartiromo. the stocks showing a show of strength and retail giants and the threat of inflation still looms large. democrats push massive spending. the congressional budget
office says the multitrillion dollar social spending and tax bill will add $367 billion to the deficit. disputing the claim from democrats and the president that it will cost nothing. a group looking to pay $40 million out did by a private collector from one of america's most iconic documents. the details on this another record sales this week with a set of these chairman. all that coming up that first let's get some of the top newsmakers on mornings with maria. maria: there are challenges you are still finding grow stories quick. >> we see an absolute growth in silicon valley and the growth of the technology industry.
maria: you said the boxes are from afghanistan comes with consequences. >> why don't we just leave? we empower the taliban and there is a fundamental misunderstanding it is self-delusion on the part of the biden administration. >> are you saying prices are off is that a sellers market quick. >> it is. >> but it's also generic in some respects it could be the hardest market out there. maria: looking at where markets ended the we get was busy that record center hitting new record highs on the back of strong retail earnings and recovering labor market. there is still the big threat of rising inflation joining me to talk about that with managing partner in former raymond james vice chairman fred, it's great to see you
this weekend. thank you for being here. >> needs to be here. thank you. maria: a lot of signals on the macro story some are better than expected retail sales numbers better than expected retail earnings with inflation so how are you investing right now and is that the story? >> i don't think that there is a threat of inflation. it is present. the general population believes inflation over the next 12 months will run in excess of 5 percent. five.7 percent is what i saw economist are looking between three and 4 percent two years out and four or 5 percent in one month anything price discovery has gone out the window. that is the sign of inflation. i don't think we'll have it like argentina but we will have three or four or 5 percent the next couple of years. the song that says i see it i like it i wanted i got it.
that's a funny song. but in this case the consumer says i see it i like it i wanted i don't know if i can ever get a better buy it now i don't care the price. we have current prices up 10 percent used car prices are up 25 percent. the cost of gasoline is up 50 percent. heating fuel was at 59 percent. i have been warned by my supplier of course i don't spend the winter in my house in boston anyway thank god. biden told the heating fuel bill will be double the last year. so that would be a burden we will just have our house at 50 degrees. maria: does that cut into spending power? to all of these positive numbers and retail are pulling sales from 2022? because at some point is a 50 percent gain in gasoline
cut into disposable income and slow things down? >> i don't think there's any question also despite the wage increases, the inflation is now running hot enough so real spending power is down a little bit. it's down 1 percent so is much as i like to see wage increases and the sharing of the benefits shared by the employees not just the owner and i say that as an owner of a business i think that's a great thing but by the same token we have had this inflation eating into that. wages will stay high and inflation will cool off but we certainly are in a situation right now where wage increases are driving prices higher we are in a wage price spiral to the upside. maria: you want to be invested in stocks is the only game but what about valuations electric
vehicle market some of these companies they are higher than the traditional's like ford motor. >> i think it is the ultimate bubble. electric vehicles, basically, for one thing, this legislation that basically provides tax credits to people who buy electric vehicles, most of whom in my experience, i ask people all the time what kind of card you own? they will say i own a tesla. these people do not need tax credits. they are very upper income people. so the electric vehicle market, why are we doing this? if i want to buy a high-end electric car i will take them into job the tax credit i suppose.
but then you have to dispute the union labor with respect to the amount of the tax credit. mexico and canada will love that. they will sue the united states over free trade. maria: great to see you this weekend. joe biden multi- trillion dollar social spending bill adding $367 billion to the deficit and disputing the claim that it will cost nothing? nothing? we weigh in. for the gifts you won't forget. the mercedes-benz winter event. get a credit toward your first month's payment on select models. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant.
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quarter of the voters think it will help their family that most think it will hurt the economy. joining me now is florida congressman teefifteen. i know that you voted no for the plan for so give me a sense what americans need to be aware of quick. >> the first thing is that the democrats always like to accuse republicans of giving out tax cuts for the rich but they have done is given a large tax cut for frankly millionaires and billionaires in blue states in american history. that is the centerpiece of the bill. the other thing that it does is it massively expands social welfare spending when small business owners are struggling to get people to go to work. you give direct cash incentives to people while small business owners have to give out $500, $1000, 1500-dollar bonuses just to work at 711 or mcdonald's. this is the economic tragedy joe biden is unleashing upon
the american people there is so much more in this bill that is awful for our country. maria: why? why is he releasing this on to the american people knowing that we are already choking on high inflation? to many dollars chasing too few goods. >> is concerned to be the new fdr and lbj concerned about what working families need what middle-class families are looking for what small business owners in the country need to thrive and survive. we don't need more government spending we don't need more government programs more taxes and fees in this bill we are doing things on electric vehicles we have never seen. but maria all the electric vehicle money will go to the chinese because they mind lithium and rare earth and
they make that batteries so who is he trying to help america or china? maria: this is a great point because joe biden continues to tip around president xi and get a phone call the issue of the origins of covid-19 never came up. >> first of all he scared of president xi and it's sad to see an american president that is more concerned about the chinese leader of the communist party when small business owners in our country. i have read the class referred —- classified reports on covid origins the chinese refused to cooperate with any further investigations which only leads you to the logical conclusion that it was leaked out of the lab. but it is bigger than that the chinese are trying to be the dominant military and economic power on the globe in the
current president of the united states does not appear to want to actually fight for america with our superiority on the world stage. maria: it is extraordinary because the ccp has made no secret of the fact he wants to overtake the united states as the number one superpower but yet we don't hold them to account at all whether intellectual property theft or invading other countries, bullying the neighbor in the south china sea and we are supposed to make believe we're all celebrating for the beijing olympics? here's what happened to that on this week. >> what about the beijing on? >> is something we are considering. >> it diplomatic boycott of the olympics? so what after meeting with the president earlier this week biden now says he's considering a diplomatic boycott? congressman, what does that mean? what does that do? >> it does nothing. i will believe it when i see
it the number one thing we should be doing right now is making sure we are manufacturing in the united states with energy production. we should be unleashing our businesses and corporations not taxing are putting burdens on never making it harder for them to get back in the workforce we are doing everything wrong. not also putting in the green new deal which will only increase china's influence on the world with respect to energy and economics. he's doing all the wrong things and who cares if you don't show up? maria: the matter how we times voters reject these policies from china to spending to the green new deal nancy pelosi and company keep pushing it through and ignoring what the voters are saying. they almost lost new jersey but that was not a wake-up call. >> they almost lost new jersey they will lose rank-and-file democrats in the midterms.
nancy pelosi is always concerned about the agenda. she is willing to sacrifice numbers in her party to election defeat as long as it accomplishes the agenda. go back to 2009 when scott brown one in massachusetts and chris christie became governor did they stop with obama care? know. nancy pelosi pushed a dreadful speed she's always concerned about increasing the democratic agenda in our country which unfortunately is a socialist and marxist agenda. they do not care about the polls or the election they want to accomplish their design first, second, third matter what the american people think. maria: it is very dangerous times to think that marxism is running things right now. will be watching the developments and your leadership thank you serve. shattering records major headlines not just for the works themselves but who bought them and sell them?
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maria: investors flocking to art it was a banner week for teethree the most valuable auction ever shattering the record for latin american earlier this week. headlines of a copy of the constitution went for more than $43 million nearly outbidding a cryptogroup. joining hours chairman and worldwide head of art sales it is great to have you. so tell me about the week where we are in the art world right now.
>> it was unprecedented nothing short in the last two weeks there were $2 billion of art so that auction houses and this was a milestone week for us and our company history and we sold more this week than in any marquee sales we can ever before passing one.2 $5 billion mark candidly on thursday. it really is a milestone for us in the market. there is tremendous demand. maria: tell me what is behind this increase of demand? >> there is speculation of the flight to assets with the economic climate them at the end of the day on the phone with individuals who are collecting cherished specific works that speak to a narrative and there are collection that is important to them in a variety of ways. so what is so amazing to feel
the intense appreciation and love for art and and then to share that with the world. so while of course there were incredible prices this week, behind those individuals were collecting works of art that they cherished and the door. maria: some of these are a beautiful that we are looking at. so the average lot value stand that what? 12million? or did you eclipse that? >> since we have the sale it started higher so now we're over $9 million for the average lot value for the week which is incredible. the average lot value was higher than before 90 percent of the works by thursday had sold that is astonishing.
we had multiple white glove auctions starting on monday night and then we have new categories which we inaugurated on thursday night dedicated to artist of the 21st century so really the interest and the appreciation span 150 years from a variety of regions and every price point. maria: tell me about the tax implication and whether or not this is related to people thinking it's better to own art then something more liquid like stocks? you have one report from senator romney that says that the leaders tax in the spending plan will push the wealthy instead of stocks.
your thoughts. >> that may be true but it is by the art market over the last decade or several decades. and the consistent return that art delivers because of appreciation continues to grow in the art market continues to diversify this week we got participation from over 48 countries is truly a global market and that is what encourages people not only to buy and appreciate and love by invest in are and they are confident it is a secure investment. maria: one of my favorite stories is the first printing of the united states constitution dating back to 1787. i know contemporary and modern art was the focus but tell me
about the constitution with a group of cryptobuyers that they were outbid. >> first of all we made a deliberate choice to offer the constitution in between the two contemporary auctions and really situated as a matter of contemporary interest it is relevant to us today with the current political climate than it ever has been before and that clearly is part of what drove interest in the document in addition to its incredible rarity and i was very excited this is the first time engaging with the community with a decentralized organization and having been in sales it wasn't meaningful and exciting development.
it was the largest crowd find that they are aware of i let them be the expert and they broke records for money crowd funded in 72 hours. it is really compelling that people came together to symbolically did on this very important document and it shows how relevant our history is today. maria: absolutely. will we see more cryptobuyers? >> i certainly think we will. maria: congratulations what a week. we are wall street right after this.ho
right here. i will see you on fox news for "sunday morning futures" live at 10:00 a.m. eastern i have exclusive interviews with senator marsha blackburn doctor atlas and wyoming congressional candidate who is running for liz cheney's seat in wyoming. we hope you will start your day with us weekdays on foxbusiness "mornings with maria". we will do that this weekend thank you for having wonderful rest of the weekend we will see you next time. >> this week on "wsj at large with gerry baker" the democrats barely passed their plan even as the cbo calculates it will add significantly to the deficit contradicting the president's claim the cost is zero.