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tv   Mornings With Maria Bartiromo  FOX Business  January 11, 2022 6:00am-9:00am EST

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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 tuesday morning, everyone. thanks so much for joining us. i'm maria bartiromo. it is tuesday, january 11th. your top stories, 6:00 a.m. on the east coast. taking the spin on the road, president biden and vice president harris set to speak in georgia today, scrambling to hang on to the last hope to stay in power, with a pivot. all this as senate democrats are pushing to change filibuster rules. mitch mcconnell has other
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plans. we're watching this all morning long. we're eyeing the federal reserve, jay powell will testify today on capitol hill as the senate looks to confirm him for another four-year term. i spoke with jp morgan chairman and ceo jamie dimon on what sees ahead for this year's planned interest rate increases go. .>> when interest rates go up, people will reprice assets. i expect you'll have volatility in the market this year and you'll probably have a strong economy which is important to most americans. maria: you will hear more of my interview this morning with jamie dimon all morning long. first, take a look at markets after a selloff yesterday. we're looking at a rebound, dow industrials right now up 78, s&p 500 up 16, and the nasdaq higher by 83. this after a mixed market yesterday, the dow and s&p 500 down on the session but the nasdaq at the end of the day managing to eek out a victory after falling nearly 3% early in
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the session. when all was said and done, the buying set the dow industrials down 162. it had been down about 400. nasdaq was up on the session by 7 and the s&p 500 lower by 7 points. this was a big victory after a big volatile session throughout the session. european markets are also higher, take a look at the eurozone, the ft 100 is up 46, cac is up 89, dax higher by 177. in asia overnight markets finished mostly lower. japan was down 1% on the session, the others fractionally moving. "mornings with maria" is live right now. ♪ maria: and your morning movers this morning, check out intel, up this morning in the premarket by about 1 and three quarters percent. the company naming former my
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micron. a letter was sent to suppliers and they received backlash from china. last month intel called on partners to you avoid sourcing from xinjiang where the chinese communist party has slave labor going on. china is conducting human rights abuses against the uyghur muslims. tesla is up 2% in the premarket, selling nearly 71,000 china made vehicles in december, sales three times higher last month than in december 2020. it is signing the first u.s. nickel supply deal with t a alon metals in an effort to make battery production more environmentally friendly. the u.s. reaching another grim milestone as it sets the new global record for reported covid cases in a single day.
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1.35 million cases reported in one day. it shatters the previous record which was set last week. it comes as the biden administration announces private health insurers will be required to cover the cost of 8 at home covid tests per month beginning on saturday. pfizer's ceo claims two doses of the company's vaccine might not be enough to protect against the omicron variant. the company is hoping to have an omicron specific shot ready by march. it is expected to jen tens -- generate tens of billions of dollars in the coming years from vaccines. pfizer shares are up 1%. mitch mcconnell fighting to stop democrats from changing senate rules with a message for democrats who want to do away with the filibuster. if the 60 vote threshold rule is changed in any way, he says he will force tough votes on gop sponsored bills including bills on vaccine mandates and fracking bans.
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mcconnell telling the wall street journal, quote, since senator schumer is hell-bent on trying to break the senate, republicans will show how the wreckless action would have immediate consequences. this as senator schumer threatens a vote to change the filibuster if republicans don't go along with his two federal election bills, the voting bills, which would do away with voter id and take voting decisions away from the states. president biden takes the fight to georgia today, hoping to pressure lawmakers to get on board with breaking the senate filibuster rules and pushing through those voting bills. federal reserve vice chairman richard klarita is set to resign with two wakes to go in his term, he is facing questions regarding financial transaction as he made, trading at the onset of the pandemic as a sitting federal reserve official. the announcement coming just before fed chairman jay pow of s senate confirmation hearing
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today. lael brainard will testify this week on thursday. nervousness on wall street, stocks selling off yesterday as investors reprice equities ahead of the fed's transition from easy money policies to tightening policies. there's questions about the impact of omicron and inflation on earnings. i interviewed jp morgan chairman and ceo jamie dimon yesterday and a got his views on the backdrop and what's ahead for the year. >> i think the way to really look at it, look at the economy and then the markets. the economy, the consumer's in great shape. there's some folks suffering out there but there's a lot of money, they spent 25% more than they did precovid. balance sheet is in great shape. debt service ratio is better than 50 years. businesses are doing well, there's plenty of money and confidence. the economy is growing. the numbers -- numbers are herky
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jerky. the economy's strong. i think the expectation should be we need a strong economy to justify asset prices and obviously when interest rates go up, people are going to reprice assets a little bit. so i would expect you'll have a lot of volatility in the market this year but you're going to probably have a pretty strong economy you which is maybe more important for most americans. maria: i'm glad you mentioned the macro story. you have an incredible vantage point on the consumer, looking at your credit card statistics. we saw 199,000 jobs created in the month of december, about half of what people were expecting. the conversation is about inflation right now. the federal reserve expected to raise interest rates. how do assess the economy playing out in 2022 and beyond, given all of that? >> i think people are over-focused on monthly numbers which is distorted by a million different things and that i think that the table is set for a very strong economy.
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that consumer has a lot of money and business versus a lot of money. they're spending. confidence is going up. jobs are plentiful. wages are going up. it's pretty strong. it will be one of the strongest economies we've ever seen in 2021 and 2022 will probably be good too. the fly in the ointment is inflation. no one knows exactly how it's going to turn out. i always thought it wasn't just transitory, at least people wouldn't feel it was transitory by the end of the year. some people think it's embedded in the market. look, if we're lucky the fed will raise rates, facing the strong economy and employment coming down, there's always a chance we have to do it faster than people think and we just don't exactly know. no one knows the future and if you look at anyone's forecast, i mean, they almost never get the inflection points right. but i also go back to -- you look at in march of 2020, we were on the way to 15% unemployment.
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it could have been 20% unemployment. covid was killing a lot of people. you remember being in new york city, how terrible it was and we didn't have a vaccine. let's count our blessings still. we're still getting through this thing and hope any omicron -- we don't know about the future vair yarns either. -- variants either. hopefully omicron will be the final one that makes iten demick -- makes it endemic. maria: in 2007 we were looking at an uncertain market. you saw the crisis coming before many. you started reducing areas with the most risk. tell me about the risk around the federal reserve. jpm and so many other financials benefited greatly from all of this liquidity. do you see this as this liquidity about to go away, i mean, what happens now when the fed raises rates and begins this balance sheet runoff? >> so it's very, very different '07. in '07 the world was massively
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over leveraged. hedge funds, private equities, syndicated loanses banks globally, this is completely different. the world is not over-leveraged. you could say the government is. the government has different powers than individual companies do and consumers were over leveraged back then. now they're under leveraged. it's wholly different. keeping rates low is terrible for banks. the recovery is obviously very good for banks in all of that and very good for everybody. and so i look -- there was 12 trillion of global liquidity, some of which will have to be removed. no one should be surprised that rates are going to go up and that monetary and fiscal stimulus which is extraordinary, multiples of what the world has ever seen before and it will be hard to figure out what it means when it gets removed. in the meantime, jobs are plentiful, wages are going up. consumers and companies are
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healthy. the market will be volatile. they won't be able to figure it out. we'll have live through it. maria: i was reading somewhere earlier that the stimulus was 25% of gdp. jamie, how many rate hikes are you expecting? >> i don't know. i mean, look, i rely on my economists. they're very, very smart. they would probably say three or four this year. i would probably say a little bit more. maria, i want to put in perspective. paul volcker raised rates 200 points on a saturday. if it goes up 1% this year, i don't think that in and of itself has enormous economic effect. i think the borrowers can handle that, particularly in a strong economy. you can go to almost any company, higher sales is more important than slightly higher interest rates. that's true for most things. and housing would be slowed down just a little bit by that but housing is booming.
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so hopefully the fed can navigate these things and -- but you're going to have to deal with higher rates and people get their heads wrapped around that. they've been artificially low for years. just a normal would be 3 and-a-half percent in the 10 year bond 2% in fed funds. just a normal thing. we're going to return to normality one day. maria: yeah. yeah. that makes sense. jamie, let's talk jpm for a moment. you had another great year last year. the investment bank on fire with all of the m&a, spacs, all of the trading profits. but over the last year we were questioning loan growth. it was not where many expected it to be. go through the consumer and the commercial business and how does loan growth look and what do you expect for 2022? >> yeah. so i'm not -- i'm the opposite of -- a i don't think loan growth by itself is a good thing. loan growth is an outcome of decisions you make. let me separate the consumer from companies for a second. on the consumer side there's
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plenty of loan growth in mortgages and a lot of payoffs in credit cards. that's because individuals were strong. usually when loan growth goes down or negative, that's because people are over-leveraged. it's the opposite here. loan growth was low because people had a lot of money and were able to pay off, i think it was $155 billion of credit card debt, et cetera and also a lot of the loan growth on the mortgage side was refinancing whichs is better for customers. on the business side, it's completely based upon their needs and their needs are based upon growth. and think of inventories, receivables, cap ex and as we return to normal growth needs are starting to go up. you're going to see banks reporting loan growth numbers and they'll be better now than they were a quarter ago. that's the outcome of a growing economy. you may very well, if you have good growth next year, loan growth in the business side will probably return to normal. on the consumer side, it will return to normal, it just may take another six to nine months.
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maria: another six or nine months. we've got more of my interview with jp morgan chairman and ceo jamie dimon coming up at a 7:00 a.m., our panelists reaction on that coming up next. stay with us. we'll be right back. whether you've enjoyed the legendary terrain in telluride, the unparalleled landscape of park city or the famed peaks of whistler, you face the hassle of lugging your gear through the airport. with ship skis, you're just a few clicks away from having your skis, snowboard and luggage shipped from your doorstep to your destination. with unrivaled pricing, real time tracking, ship skis delivers hassle-free. ship ahead and go catch those first tracks on fresh snow.
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maria: welcome back. we just heard part one of my better view with jp morgan chairman and ceo, jamie dimon. he gave us his outlook on the markets this year ahead of three planned rate hikes from the federal research joining the conversation all morning long is fox business' dagen mcdowell and former home depot ceo and former chrysler ceo, bob nardelli. good morning. bob, your reaction? i was struck by the fact that he's talking about loan growth coming back on the commercial side but that loan growth is going to take a little longer to come back on the consumer side, despite the fact that he's talking about wages up and opportunities up and a strong backdrop in the economy. >> well, first of all, jamie's
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unbelievably intelligent and articulate and has a full command of what's happening there begin his position and years there. one of the things he talked about is growth. i think we have to be careful when we talk about growth. is it real or is it a function of demand based upon scarcity of product? so for example, people will go out, rates are low now, jamie did mention a 1 point raise which would mean four raises if it's 25% each quarter but i think we have to be careful about, is this real growth or is it demand growth due to shortage of supply. we always come back to supply chain. for example, somebody wants to buy a new car, a friend of mine. he went to the dealership. they said it's 6 to 8 months. he got a loan, put down his down payment and a now he sits for six to eight months. people are taking advantage of the low rate. they're scared about supply chain. i think that's fueling growth and working capital, commercial is going out and borrowing money
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because they want to increase their inventory. general motors stopped ordering chips so now they're going to over-shoot by massive reordering to try to get back into sync. we have to be really careful when we talk about real growth versus growth in the environment, we're working it today, maria. maria: the federal reserve moves are a complete unknown. that's why you're seeing the repricing in the markets and volatility going from an easing stance to a tightening stance. let's hope they get it right. dagen: right. that was kind of the message from jamie dimon, that this is going to be unprecedented in terms of not just raising interest rates, but the reduction of the balance sheet. the federal reserve balance sheet right now is close to $9 trillion. before the financial crisis in 2008 it was less than $800 billion. you start reef moving that, -- removing that, his quote was it's going to be hard to figure that out, talking about
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shrinking the $12 trillion in global liquidity, quote, we're going to have to just live with it was his message. well, the living with it is the big question. what does that look like? i'll point out, bitcoin prices from november, when the federal reserve first signaled what it was going to do and stopping the bond buying program and potentially raising rates, it's down 38%. there have been untold number of individuals who quit their jobs just to trade bitcoin and crypto, just sitting at home, trading it. and so i don't think that you really -- and that's just one little sliver or teaspoon or soup's on of the asset bubbles that we see. so to quote jamie dimon, we're going to have to live with it. we'll see how it goes. maria: it's a great point, dagen. we got into other issues including policies and some of the name nations of president biden and -- nominations of
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president biden and i'm asking about bidens' plan to put bank surveillance in place. wait until you hear about that plan, the bank surveillance. stay with us, more to come from the chairman and ceo of
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maria: welcome back. president biden is hitting the road today, trying to sell his
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plan to overhaul our election system, he's taking the fight to georgia, hoping to pressure lawmakers to get on board with breaking the filibuster in the senate rules, democrats want to change the 60 vote threshold rule so they can push through their federal election voting bills which would do away with voter id, take voting decisions away from the states. senate minority leader mitch mcconnell is warning if the us filibuster rule is changed he will force democrats to vote on contentious issues and force republicans to take the votes to the floor. house minority leader kevin mccarthy weighed in on this with me. >> the democrats are in the majority. coming up this month will be the one year, one year anniversary of one party rule. and what do we have? we have covid spiking, closed schools and a crippled economy and the democrats' number one focus is still exactly where
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they've always been, hr-1. to change the election laws, to rig an election to give them an ability to win when they should not. to put a speech czar to tell us what to say, to use campaign finance to fund these elections. maria: joining me right now is the federalist senior editor and right forge.com chief communications officer, christopher bedford. chris, great to see you this morning. thanks so much. your reaction to what you just heard ahead of president biden's trip today to georgia to take that spin on the road. >> well, good morning. i think a lot of what president joe biden and kamala harris are going to be doing today in georgia is election-eering, but campaigning essentially, trying to make the democrats' case for why they should remain in power, it's a tough case to make, for the midterm elections. they don't have anywhere near 60 votes needed for a federal
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election take over which is something they're taking on. they're going to go to the church that martin luther king preached at and he'll try to tie it to civil rights, to the 15th amendment that gave the right to former slaves, he will try to make it a partisan issue. the they threatened to get rid of the filibuster if they don't t get their way with the slim majority they have. both senator manchin and sinema have said they're not willing to do that. all i can see from this right now is another chance for them to call republicans racist for trying to resist a democratic takeover of state elections. maria: yeah. speaking of racism, can you believe that the biden administration is now putting race as a priority, about who gets treated for covid? >> this is absolutely disgusting behavior from this administration. i've seen it in new york and loss an a less, trying to turn -- los angeles, trying to turn
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covid which is a disease that affects all people, trying to turn it into a racial hunger games is not something you expected to see in -- i can't imagine seeing that 100 years ago. it seems absolutely wild for the federal government to be pushing that and for voters to not look at that, seeing that they're trying to pit people against each other based on the color of their skin is maddening. maria: intel is erasing any references to the xinjiang region, from a letter sent to suppliers last month. intel initially called on partners and said avoid sourcing from this region, where china conducts human rights abuses against uyghur muslims. obviously they heard from somebody from the ccp, because now they're issuing an apology for the letter, saying it was written to comply with u.s. law and didn't represent the company's position on xinjiang. are they serious? i mean, it's all dollar signs from these companies as it relates to the ccp.
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>> it is all dollar signs and it's a real threat to the united states. we're seeing it in the chip shortage now. we're going to potentially see it in the military where chinese are putting over $100 billion of subsidies into getting their chips market, their processing market to be the global leaders on the planet and we have companies like intel which are lobbying for the united states to give them $50 billion in order to make them competitive with china and bring the chips market back to the united states. right now, we manufacture exactly zero percent. and the problem we're running into them with them, like the problem we're running into with multiple companies, we can give them all the money we want to try to be patriotic american companies and trying to give back to the country that made them who they are, but they make 26% of their profits in china, the biggest share of their profits are coming from china so wedded to that market much more than to the united states, the consumers or liberties and because of that they're willing to bow to our enemies.
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maria: before you go, i know that joe biden and kamala harris are trying to sell this voting bill, two voting bills. can republicans do anything to stop it? >> right now they're going to need that 60 vote threshold. without that, without republican commitment, they're not going to get that through. maria: all right. christopher bedford, always a pleasure. thank you, sir. we'll be right back. stay with us. ♪ ♪ ♪ ♪ ♪ ♪ deposit, plan and pay with easy tools from chase. simplicity feels good. chase. make more of what's yours.
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maria: welcome back. good tuesday morning, everybody. thanks so much for joining us, i'm maria bartiromo. it is tuesday, january 11th. a look at markets this half hour where few churs are bouncing -- futures are bouncing this morning after volatility yesterday. the s&p 500 up 16, pass dabbingr by 71. after all was said and down yesterday, it was a mixed day, the dow and s&p 500 were lower, the nasdaq eeked out a win after falling nearly 407 points early
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in the session, a drop of 3%, when all was said and done, the nasdaq was up 6, dow industrials well off of the lows of the day, finishing down 162, and the s&p 500 down 6 and three quarters. european markets this morning are higher as well. take a look at the eurozone, the ft 100 right now higher by 45, the cac is up 88, the dax higher by 171. in asia overnight, markets finished mostly lower, japan was the worst performer, down about 1%. the others moving fractionally. back in the u.s., facebook's parent company now requiring booster shots for employees returning to the office. cheryl casone with the details now. cheryl. cheryl: that's right, maria. meta is one of the first big companies to require the booster, after delaying employees' returns to u.s. offices to march 28th. after that employees have to get a deferral to keep working remotely. taking a look at meta, the stock is up more than half a percent.
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chicago students finally returning to class tomorrow, the teachers union suspending the strike last night after a bitter blowout with city leaders over covid protocol. the mayor said it was setting a metric for how many infections trigger a school shutdown. robert durst has died. he was the subject of an hbo documentary in which he was heard off camera apparently confessing to murder. he died at the age of 78. well, a new lawsuit accusing 16 elite schools including yale, georgetown and many more of sharing formulas used to calculate a student's financial aid needs, a practice that is illegal and leads to price fixing. more than 170,000 former students going back 18 years may be eligible to join the suit. finally, florida governor ron de santis selling t-shirts that
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read escape to florida, after democrats were seen maskless and enjoying their freedoms in florida. aoc has tested positive for covid. those are your headlines. maria: all right, thank you so much, cheryl. the united states and russia remain at a standstill this morning after the first day of negotiations had this week over russia's military buildup at the border of ukraine. the two sides remain at odds over moscow's demands that ukraine be barred from joining nato. u.s. deputy secretary of state wendy sherman calling the security guarantee a nonstarter. russia's deputy foreign minister has putin has no intentions to attack ukraine and the west should not father any -- should not fear any escalation. joining us now, general jack keane. thank you for being here. there's a meeting in brussels tomorrow.
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are you expecting any progress what are your thoughts on what we're hearing from the russians? >> well, certainly i think we are where we thought we would be, at an impasse. obviously mr. putin here has gotten something he's wanted for the 22 years he's been in power and that is he's having discussions with the united states and as you indicated with the nato leaders on wednesday of reconstructing the european security texture and -- architecture and moving that in a direction to his favor. that's what's on the table here, certainly. the impasse over ukraine becoming a member of nato is at the heart of this. you know, when you think about it, putin's policy, he came into crimea and eastern ukraine because the people of ukraine threw out his stooge who was running the government and as a result of that, putin believed that that would galvanize the
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people to move towards russia, that indeed because of the historic and cultural ties that they would turn from moving towards the west but they would move towards russia and the exact opposite has happened, maria. the ukrainians are moving away from russia in terms of what they want. they want economic integration with the west and security integration as well. and that's at the heart of his frustration here. but he may be successful in this. while the united states and nato will never make a public statement that ukraine is going to be barred from nato or nato is not going to expand any further, that's just not going to be on the table for the united states or nato. de facto, he may accomplish just that because the united states and european nations, they have no intention of bringing ukraine into nato in the near term. that's just a fact. and it may literally be off the table for years to come. maria: so do you believe the
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russians when they say there's no reason to believe that russia will attack ukraine? >> i believe there's every reason to believe that russia will invade ukraine. the evidence is there. 110,000 troops and he's increasing those troops as we speak. certainly, if he gets the concessions he thinks he may be able to get because of the weakness of the european leaders and what he believes is the weakness of the biden administration, then, yes, he doesn't have to use those troops. he's using them as a demonstration, as leverage to get those kind of concessions. i think the upcoming meetings with the nato leaders is really crucial because germany and france both have been soft on russia. and he has talked to both of those leaders, putin, that is, last week. and we'll see if their spine is as stiff as it needs to be along with the united states being on the same page and not 2308ding
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to these pleasures -- folding to these pressures. that's what putin wants. he wants to see division here so he can get some concessions and i suspect he's already got the germans and french moving in his direction somewhat. we'll see. the meeting on wednesday will be crucial. maria: of course, with the nord stream pipeline and the partnership there in terms of their need for energy. what do you make of china inserting itself? the chinese foreign minister offered kazhakstan law enforcement, special operations forces, as that country deals with the violent anti-government protests and russia sent troops to help. of course, russia deployed force toss to the country as well. china's new offer now could place the troops from russia and the ccp in kazhakstan at the same time, general, where they've both been competing for influence. your thoughts on the chess game here? >> well, first of all, the
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russian troops are there for the same reason that we have issues with ukraine. the people are resenting the government as a soviet style government tied to putin that is not giving them the quality or life experience they want. they have no trust or confidence in it. the same thing happened in ukraine. the same thing happened in belarus. that's why the russian troops are there to put down the unrest for the people because he doesn't want the government overthrown. the fact that china has raised the flag and is willing to intervene is a big deal. they haven't done anything like this in decades and that is -- it's shows you how much interest they have in central asia, particularly -- there's one particular country, given their belt and road initiative. they have natural resources there, lots of oil, lofts uranium, a lot of programs that china has going and also this. there's over 1,000-mile border of kazhakstan and xinjiang province, the province that the
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uyghurs are in and where in china's mind there's muslim unrest there that needs to be put down. yeah, china sees a security issue here to protect their economic interest as well. and it is major shift in their foreign policy to offer up those troops. maria: also not too far from afghanistan. what about the fact that china named a top internal security forces officer who helped lead beijing's crackdown on xinjiang? they're naming him as the new chief of the army post in hong kong, general. okay. this move coming as beijing is tightening its control over hong kong. we know they're crushing dissent, hong kong's constitution says the army forces stationed in the region should not interfere with local affairs. general, come on. they will not stop crushing dissent in hong kong and they're making it clear who is in charge. >> oh, no doubt about it.
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it's further testimony how serious they are on the crackdown in hong kong and taking away the rule of law and democracy. they're promoting someone who has been participating, whose got blood on his hands in terms of committing genocide in xinjiang province against did uyghur, this is an international criminal as far as i'm concerned and should be sanctioned for it. it underscores how strongly china believes about hong kong and how they're going to keep the lid on that and they're not going to be put up with protest demonstrations, any pushback whatsoever now. it's going to -- what's going to take place in hong kong is what takes place routinely in mainland china. and that is simply they're going to put down any opposition whatsoever. maria: yeah. and you know it leads me to the question, is taiwan next? is tibet next? there you go. we're seeing exactly who the ccp is. general, a question for another day. we so appreciate your time this
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morning. thank you, sir. >> yeah, great talking to you, maria. maria: and to you, general jack keane. quick break and then jp morgan chairman and ceo jamie die upon is with us this morning -- dimon is with us this morning. he tells us about his outlook for the consumer. listen to this. >> for the first time, there's this huge pressure on wages and people, but maria, again, i want to tell our viewers, i think that's good. maria: for the first time in his life, huge pressure on wages. more of my interview next hour as we watch bitcoin tumble to the lowest level in months. we will get into it when we talk crypto coming up. stay with us. superpowers from a spider bite? i could use some help showing the world how liberty mutual customizes their car insurance. ow! i'm ok! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ only in theaters december 17th. your record label is taking off. but so is your sound engineer.
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welcome back. now to crypto, bitcoin is trading higher this morning following another volatile day of trading yesterday, the cryptocurrency briefly fell below $40,000 yesterday, that would be the lowest level since december. this comes as investors rotate to cyclical and value stocks and the 10 year treasury yield rises. joining me now is personal finance expert and the author of the new book, baby steps millionaires, dave ramsey. dave, it's great to see you. thank you for being here. i know you warned against
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crypto, you call it a get rich quick investment. are you telling us we should not have any exposure to crypto? >> no, i mean, as long as the exposure is money that you can afford to lose. whatever you want to do on that. but certainly we don't want to say -- we've got people mortgaging their homes, we've got people taking their retirement out of their 401-ks and dumping it into crypto as if it's a proven process to build wealth and it's just not a proven process. it's a commodity. and is it going to be around? sure, it's going to be around. i think it's kind of fun. i enjoy watching the whole thing and all that but it's an anominally on the side. it shouldn't be a big part of a personal financial plan to build wealth. it can be a small part for entertainment. maria: i got you. dave, i'm with bob nardelli this morning. bob, jump in. bob: hey, dave. good morning. congratulations on yet another what will be a best seller. i read -- i look forward to reading it and it's 30 years of
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experience condensed into that book. your no-nonsense approach to becoming a millionaire is one that i certainly subscribe to, always talk to my teams about tell me how to versus why not, the negativity that's out there allows people to kind of justify why they don't take your steps. of the steps you talk about, the 401-k, the emergency fund, no debt, what would be the number one first baby step you would recommend for our audience out there? what's the first thing they should do of the various steps you talk about in your new book? >> well, bob, i've been a big fan of yours and your common sense for a long time, so thank you for your kind words. i think it is -- the number one most powerful wealth-building tool that the typical person has is their income. and when that's all tied up in car payments and student loan debt and mastercard and sally may's been around so long she had has her own bedroom, you've got to break the back of the
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personal debt. the average family is paying 1200 bucks a month in non-mortgage debt. you free that up, and put that in your 401-k, that turns into a million dollars in just a few years and so that's what we found with the millionaires that we studied. we did the largest study of millionaires ever done in north america, over 10,000 of them, the research was air-tight and we found very simple things for the first 1 to $5 million of net worth. they fully funded their 401-k, took advantage of the match and roth, went into individual roth and good mutual funds, kind of boring and they paid off their house and they look off and they're 46 years old or 36 years old or sometimes 56 years old and they've got a million dollars in their retirement, a half million dollar paid for house and that's their first million dollars of worth. there's 15 million of those in america. maria: you know what? that's exactly right. and that's what i did, dave. okay. i became a millionaire because of my 401-k. and i'm so happy we're talking about this right now because it
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is the best and most simple advice. i told my niece when she got her first job, make sure you put all of -- as much as you can in that 401-k, max it out. it's free money. because i knew what happened to me. so it's great rad vice. give us another -- advice. give us another tip to becoming a millionaire. >> i think living on a plan. no one wins at anything, your marriage, your kids, your life, your business, without aiming at something. it's an active intentionality. no one accidentally wins a football game. what happened? no, there's a whole series of actions that you engage in, intentionally. and personal finance, that's called a budget. telling your money what to do. when you're running a business like bob has or my business, much smaller than one he ran but we all do budgets. we have tell our money what to do, we have to have a desired future for the profit and loss for the quarter and we're aiming at things and have strategic moves to do that. that's what business does. personal life, it's the same thing, i'm going to work my way
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out of debt, build an emergency fund, fund my 401-k. it works, every time. maria: yeah. i love it. dave, do me a favor. send a few of your books over to washington because we've got $30 trillion in debt right now and i think joe biden and company need to read the book. it's great to see you, dave. thanks very much. dave ramsey joining us. pick up this book on your way to becoming a millionaire. lwe b'l rigeigeek. bk. ugho hhois t ionalti d unanreblse infofoo can nagate thteteds lpe, vengra gold, rac rac stblaiaiasset.e
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maria: welcome back. time for the hot topic buzz. so the republican national committee is now suing new york city mayor eric adams after adams declined to block a bill which allows 800,000 noncitizens to vote in local elections. this as california governor newsom is promising free health care for all illegal immigrants in his state as part of proposed budget. dagen mcdowell, your thoughts? dagen: more incentive for people to try to come to the country illegally when biden and company have the border wide open leading to a surge in fentanyl poisonings in this country. leading cause of death among younger americans.
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so this is just more of the same problem. there is no upside to this for law abiding americans who are here legally. maria: yeah, it's wide open and they are giving them more inceptive to continue the flow, bob. bob: yeah, i couldn't agree more on that point. on the election issue, maria, yeah, i recently read mollie hemingway's book about rigged and you know very well, you and dagen, for me to get into an office building in new york i have to show an id and now my shop cart. there's nothing more important than making sure that all of us understand the legitimacy of an election in this country. that's what we were founded on and i hope that we aren't compromising going forward. we have the president and vice president coming here today and georgia was a very controversial
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election the last time. maria: yeah. it's what i always say. it's what our young and women go to foreign lines to fight for and put their lives on the line and i'm wearing the tags. dagen and bob stay right there. the next hour of mornings with maria begins right now. ♪ ♪ maria: and good tuesday morning, everyone. thank you so much for joining us. i'm maria bartiromo and it is tuesday january 11th, your top stories right now 7:00 a.m. on the east coast. another grim day of recorded covid cases in the country. topping new global record of 1.35 million cases in a day. the biden administration now forcing private insurance companies to cover the cost of rapid covid tests for americans, eight tests a month. what you need to know coming up. plus rethinking the working world. j.p. morgan chase and ceo jamie
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dimon telling me about the future of the office and what work best in a post pandemic world. >> it does not need to be a judgment. as you can figure out with jobs make sense at home and when jobs don't make sense, tools and stuff so people have more flexibility, more hybrid. maria: more of my interview with jamie dimon all morning long this morning. first take a look at markets where we are looking at a bounce on the heels of massive volatile day yesterday. s&p up 15 and 3 quarters and nasdaq higher by 75. it was quite a different story yesterday but when all was said and done the dow and the s&p 500 finished lower well off of the lows of the day but the nasdaq actually reversed course altogether after falling 407 points, nearly 3%. nasdaq finished 7 points and dow industrials were down 162 and s&p lower by 6 and 3 quarters.
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european markets this morning also with firmer tone. take a look at euro zone, gain as cross the board. ftse 100 up 51, cac up 95 and dax index higher by 171. in asia overnight, markets finished mostly lower, worst performer was japan, nikkei average down almost 1%. mornings with maria is live right now. jp morgan ceo jamie dimon tells me for the first time in his life he's seeing huge pressure on wages and competition for talent. it is day two of j.p. morgan chase annual conference and second year in a row things have gone virtual. we discussed the labor shortage across business and jp morgan strategy in a post pandemic world. >> yeah, i don't think we've changed our strategy at all and, of course, you should react that omicron is worse or delta is worse. the value to being in the office is very high. we have been? a. ing people to get back, not
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forcing it. we want people to be vaccinated. the trading floors are fully to occupied. i'm saying 95 or 95% occupied. okay, first weeks of january, you know, the goal is the same. return to the office. obviously be flexibility based on local laws and requirements. certain buildings will go all vaxxed and some can't. we have clients to serve. we are not being consistent and as you go back to work, of course, they'll be more hybrid and flexibility. i want to remind workers, everyone is working from home. there are 160 million people or 155 million who have jobs, 150 million have been going to work the whole time, police, firemen, military, sanitation workers, some school workers, agricultural, manufacturing, ups, fedex, logistics, amazon,
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bank branch, cvs, walgreens. it's not right. it's the other 40 million who had the luxury of working from home and part of that could become permanent, some 100% some 50. i think people they are rushing. it does not need to be a judgment. as you can figure out with jobs make sense at hem and what jobs don't make sense and what you need to come to colab and people have more flexibility and more hybrid. no one will ever convince me that face to face interaction. i come to silicon valley where i am today, i meet a lot of people. i am so much smarter about using technology on what we are doing and competitors are doing. i can't do it by zoom. i'm tired by zoom to tell you the truth. i may make this my last zoom public appearance. [laughter] maria: well, you're right and ii
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know you're right. technology is changing the industry. what do you think of eric adams of 3-day workweek. >> i think he's been exceptionalment i like what he says, safe streets and probusiness and jobs and he understands he has to make the city welcoming the people and the cities have to compete and i just love it. so having said that, it's not -- you can't say 3 days. bank branches have 75,000 people. their jobs which is zero. it's the job. so like i said for all those in the jobs, manufacturing, agriculture, supply, they have to go to work. certain sales jobs, certain service jobs you can do hybrid or 100% at home or something like that. when we can set up, we will work it through. it has to work for the company and has to work for the clients.
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you can't run a business that way. maria: yeah, you make a lot of sense. are you feeling this tight labor market, jamie at jpm because we are seeing stories of obviously supply shortages, all of those ships backed up in the pacific, truck drivers not wanting to go back, restaurants needing employees, are you seeing the tight labor market at jpm? >> here is the amazing thing. the supply chain in omicron, we are having all the growth with supply chain problems and that's how i look at it and not the other way around. it's slowing down the growth and the recovery. we still have a recovery underneath. huge pressure, wages and people, but, maria, again, i want to tell our viewers i think this is good. part of capitalism is human freedom, human capitalism. you get to work where you want. people compete for your services
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and before they complain it's much worse to complain about 50% unemployment to complain about wages going up too fast. we have to complain with people and jp morgan will be competitive and best pay for best performance if we can and so, yeah, this competition and particularly certain areas like technology and a barge of other areas and so we have to compete. i think the american citizens who have jobs and wages are going up, that's fine too. we have to deal with that. i tell people my whole life i used to be in board of yum brands and people complain about the price of mozzarella went up and i walked in, you never say the price of mozzarella went down and labor is going up. it's okay. we are business people and that's life. like i said, good for labor. maria: jamie, let me ask you about policy, you wrote in your annual report about infrastructure and i thought it
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was really thoughtful what you wrote, you said if we throw a lot of money at infrastructure without fixing the regulations that cripple it, it won't work. tell me what you think is good policy with all of the spending going on now the national debt blowing $30 trillion, jamie? >> the execution of policy. so whether it's work skills or immigration, just how -- infrastructure, i'm thrilled that we had a bipartisan congress and i want to remind your viewers and all the other viewers, when somebody is 100% partisan and gets passed, 100% partisan, we won't have to fight for in 20 years. democracy is compromised by its nature. you have the compromise and bipartisan means it's settled. you don't have to fight in the next 20 years. that's where the democracy is. you can't have a democracy without compromise and so i'm
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thrilled it was bipartisan. but in the infrastructure bill, i think two things were good, in the infrastructure bill were some things about streamlining regulations and what i wrote about specifically, takes 15 years to get wind power off to shore america and two years in norway. 10 years to get bridge permits here and all because of regulation and in the because of cement or steel. so we need to be honest about what we are not good at and so some things to fix that but they may not be enough. i love the fact that they put andrew in the infrastructure and it can be a democrat and republican who does a policy, they should have said, i just got infrastructure bill. they say i'm going to build for you 40,000 miles in this time period at so much price per mile. i'm going to put more money into schools and i'm going to graduate 85% of the kids at $65,000 a year.
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what's the outcome and that's what you become at america, making sure the money -- you can be a democrat or a republican, they all question the efficiency of government. government shouldn't put more pressure to deliver. even if you don't agree with what they are doing, at least they are doing it effectively. maria: yeah, but, jamie, what about policy in your own industry? we will hearings of powell and brainard and you have sarah as chairman of bank supervision, this would be the person who has complete oversight into the banking industry. what should we watch for? >> yeah, you know, first of all, whoever -- whoever is doing the job i'm going to deal with them and try to do best i can for the country, my company, navigate, they have legitimate complaints, we want to fix things like that.
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but i wished -- i do want there would be more collaborative words between business and government. business is not the enemy, you know. businesses are hard to do and navigate. and working together, you solve a lot more of the country's problems, we will see how the things turn out. i hear so many things about all of the folks. i have to deal with what that is and j.p. morgan chase will be fine and if they call me if there's a complaint or issue, if it's legitimate, we should fix it. regulators are given their authorities by legislation and so it is true that legislate by regulation and that's not proper in america. legitimate complaints about what are the authority's regulators. maria: well, what about this idea of bank surveillance. president biden wants to higher 87,000 irs agents. he wants to idea of surveillance and reporting people's
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transactions. it was supposed to be in the build back better bill that failed but now i see venmo and paypal will start reporting transactions to the irs specific transactions like what the president wanted, is that what jp morgan is doing? >> so we -- so we operate under the laws in 100 countries, you have to remember that. i think people should pay their taxes, so i just want to be clear, i think people should pay their taxes and tax break that is you read about. the proposal was that you wouldn't report transactions, you should report cash in and cash out and that type of thing so the irs has something to look at and taxes you declared are dramatically went through in your checking account. there's a big uproar account. i do not see venmo and paypal
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doing it voluntarily. it has to be by legislation for a whole bunch of different reasons and it's part of their legitimate that gets people to pay taxes, it'll be fine. if they overdo it it would be terrible. if i was a regulator of the government, how can i get more people paying their taxes but don't be overburdening both companies, individuals with worthless type of reporting. maria: all right, we have a lot more from my interview with jp morgan, chairman and ceo jamie dimon at 8:00 a.m., we will get our panelists reaction next, dagen mcdowell and bob nardelli.
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maria: welcome back. we just heard part two of my interview with jp morgan chairman and ceo jamie dimon. he spoke about the pandemic's impact on the labor market and the value of doing business face to face. dagen, i was struck by the fact that jamie said for the first time in his life he is seeing
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huge pressure on wages and competition for talent and people. dagen: especially in a high-skilled industry like banking and financial services. i wanted to hearsay more about the incoming mayor eric adams, well, not incoming, the new mayor in new york city because early days but as one example my chase bank branch is closed because of the vaccine mandate put in place by the previous mayor that's frank and there's no vax or test option, it's vaccine only. they can't open the branch because they don't have enough people who are willing to get vaccinated and i'm sure my branch in my neighborhood is not the only case but it's these kinds of localized extreme mandates and new york city is unusual but this is going to throw a bigger wrench into
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employment here in particular in new york. dagen: i know that branch that you're referring to and, you know, i was under the impression -- honestly, i was under the impression that they were closing some access to some of the branches because of crime, dagen. i went to an atm machine recently and there was a person working there and i never seen that before in the atm area where usually there's no one there. there was a guard standing there and so i'm wondering if because of the crime that's also playing into closing branches or not having access 24/7. he was complementary of the new mayor, but we need to take a wait and see. maria: yeah, bob, what struck you about that part? bob: well, let me say the thing that really struck me, maria, on the infrastructure bill. i couldn't agree more with jamie
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about how pleased he was that there was a bipartisan support for it. god knows that we need it, we are crumbling, our infrastructure is crumbling. the real point is people were slapping each other on the passing of the bill in business, you know, it's not about -- what i call that as a launch in lead. the execution of this is important, it's critical. in business execution has accountability and consequences so the people responsible for the execution of this infrastructure should be held accountable back in congress to report out exactly what he was talking about. here is the money that you gave to me and here is the result i'm returning. it's like business, return on investment capital. they approve bills and they launch and go to the next thing. they aren't doing the kind of follow-up that business people have to do in today's environment, maria. it's critical.
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maria: okay. okay. fine, but you know what i have to say about that, the infrastructure bill had zero dollars in it at the border. i want to see execution of a wall at the border and i want to see these open -- wide-open borders closed because it's not right in terms of the drugs flowing in. so that's one issue i have with the infrastructure package. we are going the take a break, when we come back, one of your favorite stocks may well be the most overvalued. we will tell you about it next.
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maria: welcome back, time for the word on wall street. top invest it's watching your money with the market this morning that is trading up. joining me right now sit investment associate senior vice president and senior portfolio manager bryce dotty, university of acron and denise garthman and ryan payne, gentlemen, great to see you all. thank you very much for being here. denise, kicking things off with you. we've been showing my interview with j.p. morgan chase, chairman and ceo jamie dimon this morning, he talked about a range of topics with me from the nomination hearings of fed chair jay powell and vice chair nominee lyle brainard to the impact of covid, on the labor force, denise, your reaction, what struck you from the interview so far? >> the thing that struck me most the fact that he agrees with me that we will have four increases
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in the overnight fed fund next year and overnight fed funds rate up 100 basis points, actually higher than that. i'm well beyond what the average estimate has, the average estimate has and especially with three increases. i think they'll be four. but i agree with mr. diamond that the economy is doing quite well no matter where you go we are seeing shortages of employees an employment, we are seeing a strong economy, we are seeing consumers having extraordinarily strong balance sheets and companies with extremely strong balance sheets. we have an economy that's doing quite well and likely to continue. given that, the fed has no choice to tighten policy. maria: you're talking about four rate hikes in 2022? >> in 2022 at least four but maybe more.
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everybody think it's 25 basis points at a time. i've been at this for 45 years now, the only thing i learn about the fed when they start to move, they move dramatically, far greater distance than anybody anticipate. four at least and instead of 25 basis points, one of them may be 50. maria: yeah, bryce, that's why you are seeing uncertainty in the market, investors are repricing assets right now because we are all wondering if the federal reserve is going to get this right moving from easing position to tightening position. the agency pushing for transparency for lack of oversight of private fundraising which helped build them up and considering tightening qualifications for investors to have access to private markets, your take on what the sec is doing. >> well, the sec has been greatly increasing level of regulation ever since the financial crisis of '08. too much regulation is creating some of these problems, not the
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opposite. it reminds me of the line from the song hold on loosely, if you squeeze too tightly, you lose control and that's exactly what is happening. you're seeing that in fin tech, exploding in the banking sector, regulatory issues that traditional banks have to deal with and companies that are seeing private longer have to because they need so many resources to be able to comply with the reporting and regulatory issues that you need to when you become a public company. the answer is to hold on loosely to relax some of those regulations so it's easier for smaller companies to come to market, maybe two-tier system where initially you can do the traditional reporting requirements before '08 and as you get big you do that. until then, the problem is going to get worse and the sec upping reporting requirements for those companies is the exact opposite of what they should be doing. >> yeah, from private companies to crypto currency, the sec is
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certainly ramping up the rule-making right now. ryan, let's talk about this market because this uncertainty about whether or not the federal reserve is going to get it right, this transition from easing to tightening has crushed growth, crushed big tech. you are looking at tesla and you say that tesla might be the most overvalued stock out there, tell me about it. [laughter] >> well, i said that last year too and i have to admit i was wrong. i was actually wrong. you know, it actually went up 50% last year, but i mean, the valuation to me it's the still old store, it trades at 120 times earnings and the theme that we are talking about this morning the fed is taking away the punch bowl. to denise's point they are behind the 8 ball and they have to move aggressively and we see four rate hikes, that would have significant impact for long-duration assets. trade 120 times earnings has to
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come under pressure. when you're looking right now at investing, looking at your portfolio, you to be careful here where you're putting the money because if you look at it and put it in perspective and you look at toyota which is the largest car maker in the world, first time that it actually -- it actually exceeded gm which for the 9 years was the number one car maker in the world. if you take the price of tesla down by 70%, it's still worth more than toyota which makes literally, you know, toyota makes ten times as many cars a year than tesla does, so tesla is going to perform a miracle here to actually produce the kind of cars that the largest car maker in the world makes which is toyota. so, yeah, i think the punch bowl is going away. inflation is real and these lounge duration assets, you have a lot of risk there and if you buy the s&p 500 blindly, you're really just buying tech because you're getting facebook, apple,
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microsoft, google, you're getting tesla, nvidia and this is the time to reallocate your portfolio. maria: a lot of people said the same thing to amazon all the way up and up and up and then they said the same thing about apple and now we are talking about a 3 trillion-dollar market value on apple, ryan. >> it's true, maria, but if you go back to the tech bubble way back in 2000, amazon went down 90% in the tech bubble burst. >> good point. >> buyer be ware here. maria: bubblelicuos, great word.
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maria: welcome back, now republican lawmakers are demanding a hearing on the biden administration's broken promises and misinformation around the pandemic.
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cheryl casone with the details right now, cheryl. cheryl: that is is right, maria, steve scalise and james comer calling the president's action a dereliction of duty, he fail today supply at-home covid tests and abandoned the national pandemic response and undermined science. lawmakers are looking to probe some of the top including anthony fauci and hhs secretary javier becerra. officials say the fire was turned by space heater and didn't spread far. malfunctioning fire door allowed smoke to travel throughout the buildings. the folks died from smoke inhalation, 50 people remain in critical condition this morning. the death toll from 19 to 17. little bit of good news in all of this. surveillance video capturing a group of robbers armed with
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sledge hammers stealing a hundred thousand dollars worth of jewelry, san jose, california, the group used the sledge hammers to smash and grab necklaces and other pieces of jewelry, so far no arrests have been made. and finally people getting comfy in crocs, revenue surged 67% in 2021. crocs is projecting a billion dollar increase in revenue compared to 2020. other company shoe makers like ugg and deckers have seen surge in the pandemic. we have to be comfortable. crocs up 1 and a half percent. cheryl: i'm still in my boots. i graduated from flip flops. maria: i'm all in on all of them. thank you so much, cheryl casone. president biden ready to ask congress for even more money, covid relief money now even
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though they have approved nearly $6 trillion since the pandemic began. more money chasing too few goods with the u.s. still facing testing shortages and teachers refusing to go back to classrooms, questions are being raised of where this money is going and where has this federal funding been going. joining me right now missouri congressman, he's the ranking member of the house budget committee, jason smith is here. congressman smith, great to see you. thanks very much for being here. i want to talk about this letter that you wrote to the administration. you're asking where is this taxpayer money going and where did it go, what was the response? congressman: crickets. we have sent 35 letters to the administration asking for accounting of the roughly $6 trillion of covid money that's been spent and it's been crickets but what we have discovered is not any good. the $2 trillion that was spent back in march, the package that they said that was for covid
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relief, 91% to crazy items, $2 million to plant trees in syracuse or $4 million for a parking lot in south carolina, $1,400 to japanese citizens in japan. checks to prisoners, $16 million for a golf course in palm beach. it's ridiculous, but what biden did do out of $2 billion that was appropriated that was supposed to go towards covid testing and to replenish the strategic stockpile, he sent that to the border to house illegal immigrants. it's absolutely reckless what this administration is doing, maria. maria: that sounds reckless to me when we need so much money at the border to actually tighten things up there because you have an enormous amount of narcotics
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coming in and human trafficking coming in and yet there's no money toward that just to make the illegal migrants feel more comfortable. let me ask you about the teachers union, how much have schools gotten, jason and why is it that they still refuse to go back to the classroom? >> you know, it's unacceptable that the teachers unions are trying to keep the schools shut down. this is -- this is hard on the students as you've seen across the nation where schools stay open, kids do better. in south dakota you had governor christie noman how well her students are doing because they never closed down the classrooms and the other 49 states can learn from her leadership from that instance. maria: well, look, in addition to all of this, you've got the democrats continuing to push through more money that they
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want spent and now they are pivoting to the voting bills. i know that this has been their priority from day one but president biden and vice president whatever are heading to georgia, they want to sell this plan to federalize system and push lawmakers to get on board with breaking the filibuster, congressman, how do you see this playing out, democrats want to change the 60 vote threshold so they can push through federal election bills. you heard what kevin mccarthy told me on sunday that this is all an effort to do away with voter id and take decision asway from the states so that they can stay in power, here is house minority leader kevin mccarthy on sunday morning futures. watch this. >> the democrats are in the majority, you think about this coming up this month, one year anniversary of one party rule. what do we have? we have covid spiking, closed schools, and a crippled economy and the democrats number 1 focus
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is still exactly where they've always been, hr1. to change the election laws, to rig an application, to give them an ability to win when they should not, to put a speech to tsarto tell us what to say. maria: congressman, explain how bills rig the election? congressman: leader mccarthy is exactly right. there's a huge leadership crisis within the democrat party. maria, think about this. joe biden is going to be in atlanta to talk about the voting rights bill but the leader in georgia, stacey abrams who is the leading candidate for governor who is running for governor is too busy to show up because joe biden is going to be there. that's how toxic it is to be around joe biden. but the items that they are trying to do in this piece of legislation is try to put in the
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federal statute exactly the items that they did in the past election, mail-in balloting for everyone. it's bogus. if you like what happened in new york and california, this is what they are trying to do for all 50 states and they are trying to take that away from the states. it's the state's rights to control their elections unfortunately kevin is exactly right. they are trying to -- trying to rig the elections for themes so that they can be in power for a long time. this one party one rule has been a disaster for our country. maria: something is going on in the democrat side with all of the retirements and not seeking election. you have colorado ed pearlman, the 26th democrat to say he's not going to seek reelection this year and mccarthy warned some democrats will lose committee seats if the gop takes the house. watch this. >> if eric swawell cannot a
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security clearance in the private sector, there's no reason why he should be given one to be on intel and homeland security. he will not be serving them. >> ilhan omar should not be serving and adam schiff on intel when he used a fake dossier. maria: we know what adam schiff did for years telling us that collusion between russia and trump was, quote, in plain sight. kevin mccarthy is making some certify your predictions here. what do you know in terms of committee assignments should the gop take the majority next year? congressman: i will say, maria, that's real leadership of leader mccarthy to make the bold statements and that shows he will be great speaker of the house whenever republicans win in the next election. there are numerous, numerous democrats that are in committees that should be removed whether it's omar on the foreign affairs
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committee, whether it's schiff, whether it's eric swawell. i mean, eric swawell had a very significant relationship with a chinese spy and he's on the intel. that should concern all americans. there needs to be a house cleaning over on the democrat side because speaker pelosi sure isn't cleaning anything. maria: well, why isn't it, congressman. dianne feinstein had a driver who was a chinese spy. how is the ccp infiltrating the democrat party and why isn't anybody saying anything about that? congressman: it blows my mind. you would think that at least a reasonable democrat would -- would stand up to their party leadership and say this should not be allowed. we should not stand for this but unfortunately every democrat is just remaining silent and they are standing by letting the situations only get worse. maria: sounds like it's all about money to me. jason smith, we will keep a spotlight on it. it's good to talk with you this morning. thank you so much, sir.
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congressman of missouri, we will be right back. thank you.
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with your internet. it's wireless so good, it keeps one-upping itself. take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. maria: welcome back, jp morgan's 40th healthcare conference dwell
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delving into treatment of mental illness. joining me lisa rashardi, thank you very much for being with us. tell us what you have in the pipeline and where you see promise in this area. >> good morning, maria. thank you for having me, giving me a chance to talk about our work at cognition. the background of diseases are often one that people say why aren't there more drugs, why so many things failed. what i will tell you we see this as a time of tremendous optimism. there are a number of new approaches, ours is one of them. advances in diagnostics and biomarkers, in our programs what we are studying patients with early disease. you have a chance to get to patients sooner, the she sis is you preserve more of their function. we are also studying demention
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with bodies, this is the biggest the biggestdementia and there ao treatments for the patients. we received 30 million-dollar grant. we are kicking off that study eminently and we are thrilled to think that we can make an advance for that population. maria: yeah, you make so many great points and lisa one point that i always make is i remember 20 years ago being on the front lines watching what was taking place in terms of getting ahead of wellness. we mapped the entire genome and after mapping the genome we understood more about our bodies, how our behavior dictates things, eating poorly, no exercise leading to heart disease and smoking causing cancer. we did not have the same level of understanding of the brain, so what have you learned about
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mental disease, tell me about that because it's been 20 years and now perhaps we are on the doorstep of actually cracking this. >> well said, maria, i think that -- one thing that i can tell you with regard to the neurodegenerative disease there's no single target. it's one particular area of oncology, you're going after something specific. these are complicated diseases and what we are learning is there are a variety of factors that lead into it. our approach is focused on means modulating receptor. there are many findings coming together now that tell us the story about alzheimer's and what we affect. our company was based on science looking at learning and memory and how we can target a particular receptor. we bind to this receptor and we
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have demonstrated that we can kick out of the brain the most toxic portion and aren't able to bind to those cells in the brain. that's part of the learning that's driving the insights around alzheimer's disease at this time. we have seen patients' cognitive abilities with biomarkers and tell us how the disease is progressing as well and changes and if you have a degenerative condition, you will see the process accelerate and we have been able to show in small studies a mitigation to that effect. maria: lisa, i love what you're saying, how many years are you expecting before we actually see some serious help here for
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dementia patients? >> there are a lot of drugs in the pipeline that are coming behind biogen from big companies. in our case we are working very closely on our phase 2 programs. many drugs in phase 2 and at the end of that, we will be on the doorstep of phase 3 and hopefully bringing new medication to the market. so many things have happened, maria, this is a time on optimistic about treatments for patients and their caregivers in any of these cns disorders, alzheimer's, dementia, parkinson's, a lot of progress. maria: we are at such an important point not just for patients but also investment opportunities, to get behind the potential really game changers. lisa, thank you very much for cognitive. we will be right back.
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. >> talk about winter, illness and death, tests not available until spring so what you are -- free tests not going to be ready until after omicron surge. >> i think i guyu gave update peerl we will he will start to have tested come out the door
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very soon. >> the "hot topic buzz" morning white house press secretary jen psaki clammed for lock of covid testing ahead of what biden calls a winter of severe death and illness remember that quote winter of severe new orleans and death for unvaccinated dagen: all talk, no walk, a lot of jab, jabbing out offing his mouth out of their you you mouths no action i will read part of the tweet set of of testing still isn't fixed testing sometime isn't fixed we are a richest country on earth testing -- white house chief of staff from back in middle of 2020. they knew was a problem then didn't fix it because government sucks. maria: wow dagen bob stay right there next hour of "mornings with maria" begins right now. .
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good tuesday morning. thanks for being here. i am maria bartiromo tuesday, january 11, top stories right now at 8:00 a.m. east taking the spin on the road, president biden and vice president harris set to speak in georgia today as they focus on their voting rights bills, bills likely keep them in power, senate democrats push to change the filibuster rules. smart minority leader mitch mcconnell has other plans we are on it all morning long this morning, talking tech with jpmorgan chairman ceo jamie dimon, told me he is on the lookout for more deals in fintech. >> the main driver, and you wouldn't have neutral without, main the cost of services down dramatically digital alerts only you get, free trading that is how you compete in the
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world. maria: so what does it mean for jpmorgan and their acquisition hear more of my interview with jamie dimon this morning built configuration take a look at markets bouncing the morning after yesterday's volatility, futures up off best levels of the morning ahead of the opening bell, jay powell will testify on expect a hill senate banking committee will hold confirmation hearing at he 10:00 a.m. to potentially confirm him for another four-year term, it was mixed market yesterday all said and done after, wild swings dow and s&p 500 finished lower but off lows of the nasdaq closing with a win after failing better than 100 points at worst drop of nearly 3% "mornings with maria" is live right now. jpmorgan chase chairman ceo jamie dimon told me consumer
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strong balance sheets are strong expecting commercial growth up this year if consumer loan growth lags six to nine months of roll earnings this friday the only bank with a branches all 48 lower states it has also launched a digital only bank in uk, i spoke with ceo jamie dimon about this, and his other international plans. >> well -- we are -- 48 states in america a digital, branches, et cetera, the dental world change -- physical retail branches digital changed that started, didn't know about it for a while bun other around, by the way, this is the chance to maybe build a great, doing great, the team exceptional job aspiration more than uk more than simple banking over
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time, many countries we are taking a long-term view of this that is long-term term global international bank before 40% maybe on the way to one hundred percent, digital banks brazil we are in business we are going to try to see how we can compete in that space too like i mentioned we see a lot of money competing with -- tons of companies in america, fintech companies around the world, companies in the competition is fully engaged which is good for america. maria: a so, what is the model in terms of using those funds? can you in other words -- having the digital bank in uk, perhaps using some of that funding to fund other businesses? what -- what is the idea? >> i wouldn't look at it that way every company has strong laws how you can use o deposits right now revested, in allowed to reinvest in uk
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where mortgages small business lending, uk maybe more efficient way to use, so that is part of the long-term strategy that is different country by country, different, rules, regulations, capital all that, so the goal is to have customers, really neat stuff we did in the uk, digital bank we call chase by the way, we think could be exceptional taking a long view at this point. maria: jamie int talked about china intentionally because last time we spoke we really did a a deep dive on china you handled tough questions, from me and for that i thank you, but let me ask you this, now that you have your two feet in china, you own the company one hundred percent, out and jpmorgan does the world has watched what has taken place, the chinese government sort of crushing dissent in hong kong
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mainland,what risks if any do you see of operating there economically, or politically, what can you tell? >> first we have been working, to get a license 15 years, with all due respect to folks out there we do business a lot of countries, we follow american foreign policy all those countries, the ones in those in other countries too so we have very, very careful, and just very deliberate how we go about engaging with american government in particular in this case yeah if you are doing business, china -- point out absolutely true more complex issues around other things that is true too, you have to navigate around that conduct imagine -- >> -- jamie. >> doesn't -- all companies, things around the world not just -- we think detailed strategic security national security comes first, you know
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but details strategic economic fair trade, negotiates makes sense our country our people our employees, and all doable all keep cool heads. maria: ask a, of course, it is the law let me ask you jamie final question here a couple weeks ago, you made a joke, i think of it was half serious you said you thought jpmorgan would out live chinese communist party. then you walked it back. who told you jamie dimon the chairman and ceo of one of the largest banks to walk that back? >> -- so this is a really important to public, very closely. we got feedback from folks, who knows employees stuff like that, it occurred to me i don't make fun of republican party here or democrat party here, i don't go to italy make fun of their country, i don't think i should ever be, and making fun or criticizing,
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like, you know, parties or countries, i can all countries, that is all it was. i don't think i should be denigrating making jokes with parties, political parties. it does not mean i can't make statements about capital, red-blooded free market, that is different, i can comment about any specific policy but not making fun of people, people should respect that, and, anyone you go to other countries, probably understand what i mean the way to approach to other people should collaborate be respectful, deadly way conversation take place sometimes by country more oven by countries so that with all due respect, democrat republican party are not committing genocide i am going to leave it there jamie i want to give you a chance to tell us about moring more than help you had a big deal with paper with berkshire hathaway,
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amazon i know you walked away friends but now you are doing,s morgan health and focused on your employees and their families, what are you trying to achieve? >> nothing changed this is con continue um, we know healthcare 18% gdp have some best in the world, pharma medical devices hospitals doctors i am a beneficiary of all that, we also -- much of the world outcomes is good, childcare, obesity more blood pressure people dying younger different reasons not just covid but health for america, so we want better outcomes if you can do accountability, we call it accountable care you predictable have primary care figures a lot of folks don't
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if we get to primary care full digital services, can they attack problems earlier blood pressure problems earlier you can avoid expense better outcome, healthier employees happier affordable, about, wellness programs, get me are people involved in those things i am convinced going to work great people inside jpmorgan and folks at jpmorgan health do a lot of stuff -- share with the world, too. >> i love what you are doing, final topic question you are in silicon valley you are meeting with new clients, lot of clients in technology already instituted a lot of new innovations at the bank tell me about technology i would love to get your thoughts what new york city and miami are doing their
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instituting cryptocurrency into financial system. >> yeah, so first thing is -- my whole life technology has been main driver, change, you wouldn't have you mutual funds without change digital, alerts only you get free trading that is how you compete in the world, so, that is always been true and real issues, get it done, not get slow -- stuff like that, we are all in, in cloud aimenti digital a lot of work you've got to learn going to make mistakes doing it as you say tough competition everywhere all for it going to have wins and losses stuff like that, as far as, line, we have a lot of ventures will continue to buy companies in this area, and -- so we're convinced we will be able to
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build great jpmorgan and compete in all these areas is style, a lot of these people very smart do really creative stuff new standard is now we have to compete we are going to do that. maria: so sounds like more fintech acquisition are on the horizon? >> a yeah we've done several this year, and i our team is out looking all the time, about how we can enhance services through acquisition partner, we always a hundred different companies in fintech, and that could be cyber, digital marketing, to traveling, and there is a lot to do to do better all about doing a better job for the customer also a looking what competitors are doing like i said some do a great job wish we had done something sooner quicker better too. >> would you like to add anything else i may have missed thanks so much. >> just, that we have to
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travel to world, with me all folks there we have best nation on the planet, and it is the most prosperous still, most innovative so much to be proud of freedom of speech freedom of religion freedom enterprise, doesn't mean don't have news i don't like people to denigrate our country but okay to notice laws in keep working together we will have a very bright future. >> a you don't think we are moving towards socialism, then? >> uh -- those things moving i don't particularly like but that is called o democracy why if you don't like -- things. >> jamie dimon a pleasure as always, thanks very much. >> maria, thank you. maria: all right chairman ceo jpmorgan we will have more from our panel dagen mcdowell, and bob nardelli on track next, stay with us. .
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maria: welcome back just heard final part of interview with jpmorgan chase chairmen ceo jamie dimon spoke digital only banking fintech investment the risk of chinese investment as well bob nardelli one question we did not get to i regret it wanted to ask about this want your take on this, and that is climate change. climate change is now becoming a focus for bank supervision, doesn't that mean jpmorgan will be focused to deploy capital differently see expenses go higher who you would you assess what we're seeing in terms of climate change bob, agencies making that the priority from literally, you know -- banks oversight to department of defense? bob: no question, maria, climate change part of esg, we
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see spreading across every part of business we see, investment banking, we see, hedge plans everything that you mentioned in banking, becoming extremely focused on climate change. i think we have to really step back for a moment look at what goes into climate changing let me focus on auto industry there is a rampant race to go to ev no one talking about the impact of that transformation internal combustion engine won't be making transformations metal stamping 20% or more ev's i think we have to look at the rate of change and ability to absorb the displace meant of impact of climate change what we're doing in our businesses today,
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it is -- it is huge, and far-reaching implications. maria: that is the priority of the democrats, dagen-what is your takeaway. dagen: i think that like there needs more pushback directly, on the pressure on the banking industry, and financial companies when it comes to pushing the climate change agenda. because maybe overseas but, again, i repeat over and over again, john kerry said united states could take emission to say zero would not have impact on global warming. so to what extent, are -- the economics economic outcomes 6 this kind of policy, are horrific for american businesses, and rather than be a larry fink i would like to see jamie dimon be antilarry fink. >> yep, well that is certainly applicable when talking about china as well, you walk a balance there tried not to creative anybody, after he
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walked back that statement about the ccp, which certainly was notable we take a break when we come back, supply chain live to poster los angeles as ongoing backlog stretches into the new year and beyond we've got expectations this is not letting up anytime soon. back in a minute. . new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.
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maria: welcome back, well the port problems persist in new year the holiday season is behind is, but many shelves across the country remain bare have you been to the grocery store late, how long can we expect the supply chain cup of to last kelly shelves bare at many stores i have been to recently. >> maria, yeah me too, saying this could last until at least the end of 2022 when you have the administration, touting improvements this takes time, what you said focusing, rising prices consumers across the nation look at port for a second as of yesterday there was a 12 vessels at anchor in harbor, 93 ships low itring
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outside the 40 mile, near record highs, opposition to touts advancement administration has mentioned port problems continuing to impact house has bareshells biden some stores in atlanta a toilet paper shortage everywhere experiencing covid test a sex trappings second pete buttigieg, will talk about developing, portability consumers looking for solutions now where infrastructure investments are long term night is is faithful difficult to manage investments with infrastructure can did demonstrate results within a year application awards process to congress, and the federal agencies department of
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transportation have been responsible for making awards that takes time so that consumer producer price indices expected this week you've got market businesses very concerned about that, and i want to point something out, the ports supposed to go 24-7 would normally see a bunch of trucks picking up container vessels behind me it is pretty empty potentially short-term pain. maria: we have director of the port of long beach on a week ago he said expect this to go well into 2022 and likely not see a resolution until 2023, great reporting kellie thank you so much kelly o'grady right there at the port dagen remember right before christmas, when jen psaki said well we saved christmas. what exactly was she talking about. dagen: we should point out it was private businesses that saved christmas, for americans who shopped at those very
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stores because likes of walmart large retailers had hired their own additional ship for their own ship, to bring in goods. because they saw this problem coming early last year as recovering from the pandemic, not jen psaki. i also point out one of the reasons that you see store shelves bare major cities, because of shoplifting. the goods get stolen every time the -- if not locked up they get stolen. and a lot of the stores that i go into new york city they don't restock the stuff, because, again, never gets in the hands of consumers who are actually paying for those goods. maria: yeah, bob i never experience that had before last year where you go into a store nothing is on shelves it is pretty extraordinary. bob: painfully blunt here, this is an embarrassment to our country, it is a national
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disaster, it is this administration doing nothing to relieve it other than talk. why it -- national disaster, the corps of engineers the military. it is absurd that if occur 21 you can drive 20 miles across the border of a state but only at 18 be untrusted, drive 600 miles policy regulation is compounding this problem dagen made a point companies doing everything they can buying ships but as kelly mentioned those ships are 40 miles offshore doesn't do good to get christmas decorations, in summer, this -- going on entire year, absurd an embarrassment. maria: yeah, well the same embarrassment as relates to the border; right? doing nothing about what is going on at the ports doing
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nothing about wide he open border 100,000 people have overdosed died this year, in the last year largely due to fentanyl, because of joe biden's open border. social media is hiding it censoring all of this why so many are turning away from twitter, we are taking a deeper dive into rise of getr we talk with ceo as more top names sign on to gettr walk away from twitter, dogs did it a full recap of college financial national championship don't miss it. . . ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank.
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massive volatility all said and done things came back by close big for jay powell will telephone today senate looks to a confirm his term another four years, european markets this morning also with firmen done eurozone ft 100 higher, by 43 cac quarante higher by 75, dax is up 177. in asia overnight markets finished lower japan weak spot just about down 1%, others moving fractionally back in u.s. federal reserve vice chairmen richard clarida to resign two weeks to go in term cheryl casone with dialysis now cheryl. cheryl: he is third fed official we have seen resign over financial transactions at onset of pandemic remember as sitting federal reserve official announcement before fed chairman jerome powell confirmation hearings this morning lael brainard
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nominated to replace clarida, will be thursday. >> irs warning americans to get ready for frustrating tax season facing staffing shortages backlog returns from last year you can start filing january 24, that is two weeks earlier than last year, deadline april 18, three days later an normal, that is because -- observe emancipation day april 15 this year. he will embattled tennis starr djokovic resumdz training for australian open in australia after number one player won appeal to remain in the country after questions over his medical exemptions from covid vaccine, raised authorities investigating the travel declaration forms for discrepancies to raise positivesability visa could still be revoked could be a second time if it happens. the phrase go dogs, a lot
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today. for the first time since 1980 dpa but will dox national challengions taking down number one alabama 33 to 18 to win title a big moment for georgia coach smart -- worked for alabama coach 13 years quarterback stetson bennett in tears on sideline as clock runs down named offensive mvp go dogs, on twitter right now kind of a fun morning to watch football back to you. maria: cheryl thanks so much well a new following, top podcast host joe rogan opening a debtor account january 2 company has seen over one million users sign up fox news host tucker carlson, matt gaetz ron johnson i am there rogan made move twitter banned dr. malone congresswoman
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marginalry taylor greene joining me ceo of gettr, thanks for being here how important is it for for gettr to open door to other big names. >> huge off this someone like joe rogan we saw what happened with dr. robert malone marjorie taylor greene kicked off twitter last night we added great tucker carlson another massive boost to platform i think we are seeing whole rejection of big tech people saying we have to have alternative platforms that don't censor people for political beliefs i would say with new folks joining gettr we're good to have them you were right ahead of this trend from get-go. >> i saw what was happening that is not american when you have social media censoring
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information they are lying to us look what happened before the election, when twitter sentencered "new york post" because of exclusive reporting on hunter biden, that situation, continues. >> you are exactly right what we're seeing political discrimination where big tech, social media companies agree with your free speech as long as they agree with policies you are saying it starts off small kind of like the frog in the water gets hotter hotter take away this person's rights then take away that person's rights then i think president trump said it best when he said they are willing to do it to knee they will do it to any of you now almost customary anyone throughout center, center right point of view finds a warning label or digital jail they are not going to just stop with people who identify politically center right look at the way minimum able was put into dym jail trying to castle dave chappelle not going to stop until they completely frame
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the world in their own viewpoint. maria: i mean when and how did these people come to this decision, that theroux arbiters of truth they are hawks so many people he will in these companies worked in he obama administration. >> you are exactly right with that as welcome i think also to keep in mind twitter, for example, allows you taliban, hamas ayatollah on platform kick off dr. robert malone marjorie taylor greene or president trump, nobody voted for zuckerberg or dorsey or any oligarchs in executive order i think part of the reason you've seen 40% drop in their stock, over the past six months, coincidentally we happened to launch six months ago people saying why lawing tech titans in simi valley to determine free speech rights if you think frustrating to us as americans, imagine if you
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are living in brazil uk or japan why are folks in california, dictating our free speech rights. >> by the way, a word on dr. robert malone, because important that we recognize, what happened here, he is one of the founders of the mrna technology, the underpinning of vaccines says something negative they ban him. >> well exactly dr. malone one really unimpeachable, street cred developing mrna technology so smart detailed the way he maps it out, look the way that we've seen signs shift or even see dr. gob leib saying masks worthless wait a minute the one jab would be permanently cured from getting covid now we have to get regular back-and-forth i think should be a robust debate around this any time all pushed to go with one particular action i think
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should be questions that are raised, that is democratic thought that is what separates us, from the ccp, a slippery slope once we take it away finding out authoritarian regime like mainland china. >> exactly right by the way, scott gottlieb i think on the board of pfizer, i mean there is that. a whole 'nother conversation there, let's focus on gettr for a second you are hitting major milestones passed the four million user mark friday you say gettr fastest growing social media platform in history following that july launch, where is this going? do you feel you have resources to gain scale will you be able to grow without the help of big tech? >> well another smart observation so great thing about gettr i set focus from day one even before we launched, the platform that i wanted this truly a global effort so right now our you user bays is only 40, 45%,
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domestic in u.s. the rest international brazil about 15% of our platform, japan is around 10%, in fact we have brazilian president all three of his elected official adult sons on platform as well, this is truly a global issue not just in u.s. where you have frustrations with big tech, we have very good funding a lot of interest, from number of investors in fact having a number investor meeting next couple weeks couple big partnerships, sponsorships that are coming up but what we have a focus on here, is protecting the free speech, also making sure that safe environment for people to join i think a smart robust moderation platform make sure no illegal activity, and no threats or ratio epithets anything on the platform so we can also a defend people's political free speech, and oppose cancel culture. >> i joined from day one i
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post on gettr every day i hope people follow me i am posting important news every single day jason a word on president trump you worked with him obviously, coming up with truth social what can you tell us about president trump's upcoming social media platform and how you may work with them. >> absolutely i last spoke with president sunday morning, on golf course a populate of a brief conversation, but welcomed to fact president trump is getting back in social media arena a lot of people don't realize about 20, may be 25% supporters quit social media when he was deplatformed so this has never been about getr versus try social this is taking power from silicon valley oligarchs decentralizing not just twitter foob have control lent room for a lot more platforms to be out there ultimately makes all of us better i hope president trump does very well with his platform but not too
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well. once again they overreached on left, and opened the door, to new opportunities, we are going to be watching the growth story that is gettr, jason good to see you this morning thanks so much. >> thank you, maria. maria: i will talk to you on gettr officers saved the day after in thinkable action on streets of los angeles wait till you see heart-stopping video making the big buzz of the morning don't forget tune into fox business prime american treem home cheryl casone 8:00 p.m. eastern a must fee followed by mansion indomitable casei mcdonnell 9:00, you are watching "mornings with maria" right now live on fox business, we'll be right back. .
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welcome back a political stage biopharmaceutical company one of many attending jpmorgan 40th healthcare conference a new approach to treating alzheimer's disease other neurodegenerative diseases a class of drugs tki, joining me ceo can you explain what you are doing i know looking to begin a phase three trial of your alzheimer's drug this year tell me about this class of drugs.
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>> sure thank you very much for having me on as you mentioned, tki, to treat alzheimer's degenerative dsdz the key tki essentially trigger the cell ability to remove, at the source think cell garbage getting rid of amyloid at source before it escapes cell to cause more damage in the brain what you see historically, is that treatments are going after, amyloid after release treatments have negative impact of causing, brain swelling other side effects that we avoid. >> i think this is one of the most important developments and issues, that the world is facing right now. that we are at the doorstep of
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perhaps a new opportunity to better understand neurodegenerative disease, and chris i want your take on how you see this, in the coming five to 10 years, parts of these i remember killer followed by cancer how do you see mental health disease, if i go to in in terms of the importance and the issue that we're going to be focused on i think this is going to track new investments as well as the huge game-changer for patients embark, on serious game changers here. >> i definitely agree newer degenerative conditions alzheimer's disease parkinson's others one of the largest needs out there will become more impactful over time as population ages alzheimer's association estimates it will be a trillion-dollar disease in 2050 in the u.s. impact more than 10 million patients so no
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doubt a huge tun needed to be dealt with there are there are many, many different approaches, companies are taking to alzheimer's, and so we have a very unique approach he multiple approaches to impact diseases, we are very excited about the doesn't to start our phase three trial this year. maria: and we saw how expensive it is as well, biogen got a drug approved it was way out of reach for most people. i am with bob nardelli this morning. bob: congratulations on all you've accomplished and, again, the focus that you are bringing to this disease, you know. those -- twilight years cancer screens health disease screens thought aware of what is the protocol for individuals to get a screening in advance of tw actually taking an affect
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on brain how do you identify tests, focus early for your -- medication to have an impact? what would you tell population to do how do we do it? >> sure no. that is a great question bob one of the challenges in this disease, that the disease starts anywhere from 10 years or more, before you start to see symptoms, so, you know there are a lot of efforts out there right now to try to come up with better diagnostics, i think the advice of seeing a doctor often, there are screens that could be taken, that are essentially mental health, tests that allow you to start o to see if infomercial decline in cognition things you can do an area of research that we're trying to find better ways to identify patients early, like any disease earlier we can catch it the better, chance we have, to positively impact outcomes for patients. >> chris i know you are looking at this, you say this
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successful new drug, in this phase a five to 10 planned annual opportunity but look out next five, tens years. how long until we actually see viable drugs on the market, and dare i say a cure. >> well, certainly time lines are part of the challenge in this world, so, our phase three clinical trial will essentially be five to six-year trial we will have interim analyze halfway through that trial we will be able to see impact of our drug on 50% population, and if we see the results, in our phase three trial we saw in phase two trial in georgetown, we are very -- very optimistic that we would be able to move accelerated approval with fda as i know fda changed the way they look at approving medications in the states, what they did with biogen we think in three years an
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opportunity to positively impact this world one of the points made earlier, is just around the cost of some of these treatments particularly the antibodies, there are infusions a hundred thousand dollars a year for treatment as oral medication will be a fraction in terms of annual cost able to generate very strong significant financial results for investors. maria: good news, on that front, because, this drug so far and opportunities in this space have been out of reach for most people financially, good to see you certainly following the companies development, thanks very much, for all that you are doing. >> thank you. maria: chris hoyt from jpmorgan healthcare conference. we'll be right back. .
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maria: time for the big buzz of the morning. police officers in los angeles pulling a pilot to safety after his plane crashed on railroad tracks. look at this video, they managed to see the moment before train crashed into the wreckage. all of this caught on body camera. what do you think? dagen: like those firefighters rescuing people from the burning building here in new york city, thank god they are on the job for all of us,
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putting our own lines on the line. >> on law-enforcement appreciation day, thank you to all of the firemen and fire women and firefighters and all law enforcement from doing the right thing. >> and they deserve total commitment and support. "varney and company" begins right now. stuart: good morning, everyone. there are big developments in both. put investors mind at rest after the big selloff of "the opening bell". the dow is down 24

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