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tv   Mornings With Maria Bartiromo  FOX Business  January 14, 2022 6:00am-9:00am EST

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if you like your luxury mixed with the great outdoors, adventure, five-star dining and legendary art scene, no place to go but seattle. ♪♪ and you don't have to follow the dagen: good morning, i'm dagen mcdowell in for maria bartiromo. it's friday january 14th, your top stories at 6:00 a.m. eastern. mandate denied. the supreme court making a majority decision to block president biden's vaccine mandate for the private sect ordealing yet another blow to the administration's failing agenda. the order for healthcare workers at federally-funded hospitals upheld. we bring you the impact all morning long. officials pointing to rebound after rough day.
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gains across the board in the futures. president biden also tapping the federal reserve sarah bloom for top bank regulator at the bank, will she get confirmed is the question? investors rattled over inflation data and the federal reserve tightening monetary policy, the biggest loser nasdaq composite down 2 and a half percent. nasdaq hitting lower level in 3 months. earning season kicking off this morning. jp morgan, citigroup and wells fargo among heavy hitters reporting for quarterly numbers. we bring you that as the numbers come out. european markets under some selling pressure this friday, losses across the board, england, france and germany, germany's economy lower, there's news on that. in asia overnight it was red
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across the board. we have biggest loser is kospi in south korea. mornings with maria live right now. ♪ ♪ ♪ dagen: your morning mover, first up casino stocks, shares of las vegas sands and winn resorts up almost 5%, try 6% in premarket trading. the stocks rising following macau's decision to limit operators to 6 with new operating period of up to ten years. next up boston beer company, stock up 9% after lowering outlook. the company citing supply chain issues that are hurting grows margins as interest in hart
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seltzers are starting to fade. this is the government's most powerful position overseeing the banking system. this as biden's pick for the central bank vice chairwoman brainard says the fed's top priority is combating inflation. joining me macro intelligent cofounder jillian and also joining the conversation all morning long optical director of strategy francis newton stacy and wall street assistant editor james freeman. welcome one and all this morning. julian, with a sarah bloom raskin, the focus is going to be on using the fed and the regulation of the banks to fight things like climate change and there's really no telling how
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much damage she could do to the banking system and the banks, does this change your outlook at all on stocks here? >> not really, i think to be honest, dagen, we have been in an environment where we are starting to see the market start to regulate itself in terms of directing capital to these carbon intention industries, esg regulation whether it's pushing through europe or percolate into management sensibilities on the boards of u.s. companies was already direct in change. yes, this is extraordinarily powerful position that biden is pointing. she does have to get nominated but i don't think, at least initially that she is going to be -- change fed policy at all. dagen: james freeman, i want you to jump in on this and just to focus on this position and this woman, sarah plume raskin who will oversee at the federal
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reserve regulation of the banking system. if you go back and look at some of the things that she said, we've talked all year about biden and company taking a chain saw to our energy industry, what that has done to prices, what's that done to our standing and power, financial power on the world stage but if you read some of the things that this woman has said, she clearly sees the federal reserve's role as using its power over the banks to affect climate change. she talked about in 2020 -- she believed that the government should have taken steps to prevent lending to oil and gas, she talked about being dying industries. well, is she going to get confirmed? >> i would think she's likely to get confirmed unfortunately and i don't think we will see immediate negative impact but this is one of those hires that i think we are going to look
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back the next time we have a financial crisis and say this is part of how it went wrong and where it goes wrong we saw in the last financial crisis with the subsidize housing when you have bank regulators and she's going to be the most important bank regulator at the fed overseeing the largest banks, focusing on things other than the safety and soundness of the bank, you have big problems which she's focused on as you said is the political allocation of capital. she has a near religious view that fossil fuel industries should be diminished, reduced marginalized. the fact that even in the midst of the pandemic, her priority was to steer capital away from those industries, i think, is very, very troubling and so it's
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not just that it makes us all poorer when politicians direct policy away from productive industries and and unproductive ones and it's dangerous to have bank regulators focusing on things other than the help of these banks. >> i will just add, james, as the morning moves on. she gave a speech in september 2009 and this is in wall street journal today. she blamed the financial crisis on, quote, a deregulatory further that marginalized the interest of many and brought upon us through a combination of greed, weak regulation and weak enforcement. but that seemed to be -- like what was she implying by saying that? james: well, it means she missed the entire point. the point was political allocation of capital that man i mentioned to drive capital into housing to subsidize it to favor
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it, obviously the fed also running on negative real interest rates helped create a credit bubble but the story of the crisis in large part was the success of banking regulators and getting their beloved standards which were disaster more widespread in the financial system. she missed the point of that one. i'm worried she may contribute to the next one. dagen: i want to get to this. yesterday maria, incredible interview with portfolio manager dan niles on what dan is expecting from markets and the federal reserve, listen to this. maria: you say the number 1 concern for investors this year should be how far behind the federal reserve is on dealing with inflation, so give me your ideas for the backdrop of this economy as a way to have us better understand how to invest around it? >> i think the fed is going the
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raise rates 5 or 6 times. i think they will start to work down balance sheet this year and you will have ten-year treasuries get close to 3% when all said and done in 2022 and i think that's going to drove a 20% correction in the stock market. the s&p 500 at some point during the year and i think you will see multiples compress a lot. >> your reaction and also pointed out that when unemployment rate was below 4% the last time, the federal reserve had been raising interest rates for 2 years. >> look, i totally gay with that, dagen. the fed is horribly behind the curve. they have left things way too listening and admitted in public that they miscalculated the slack in the labor market. they thought they could run awful lot hotter and that's why you are seeing someone like brainard switched, trying to focus on extending the employment gains to every sector
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of the workforce to now being spinning themselves as to sort we need to spin aggressively. it's not just about the inflation story now. it's clearly the need to slue an economy, an economy that's running conservatively twice as fast as trend growth would allow it to and you will see combination of not only rising fed funds but rising 10-year yields and as dan stronger dollar and wider credit spreads and to his point you also probably got to see a lower equity market. it's very tough to slow the economy down if the equity market continues to rye. dagen: the federal reserve has a history of overdoing it. julian brigdden.
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i was talking that germany's economy grew by 2.7%. just to correct myself. we are getting started this morning. coming up mandate denied. the supreme court blocks vaccine mandate for private companies. mat whitaker is here to weigh in on that plus the rise of human trafficking at our southern border. omicron may have take the united kingdom, is the u.s. soon to follow. we get a medical perspective later this hour. sarcasm surrounding white house's setback. jen psaki under fire for press room snark. we are on it. next, you don't want to miss a moment of it. you're watching mornings with maria, live on fox business. ♪ ♪
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dagen: president biden strikes out again on capitol hill as major parts of his administrative agenda are falling apart. cheryl casone has more. good morning, cheryl.
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>> good morning to you, dagen. president biden forced to face the reality of a very slim democratic majority in congress expressing doubts yesterday that he would be able to get his federal election bill passed. earlier in the day kyrsten sinema crushing democrats' plan by standing strong against changing the senate filibuster rules. >> while i continue to support these bills i will not support separate actions that worsen the underlying disease of division infecting our country. >> well, senator joe manchin also releasing a statement with a federal message, this now forcing senate majority leader chuck schumer to postpone any further action on the voting rights bill until tuesday and claims delays because of virus and impending snowstorm which is true, we actually might get a snowstorm. president biden announcing plans to buy additional 5 million at home covid tests for americans on top of the half of billion tests his administration has already in the process of
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shipping to homes. president biden also promise to go give high-quality face masks to all americans for free but details not going to be announced until next week. the white house also forced to correct what vice president harris told nbc about the tests going out next week clarifying they are going to be sent out later this month and finally this, tennis star novac djokovic may not be defending australian open title. i don't know, dagen, we will have to see, the country revoking visa for a second time. he's now facing deportation along with the potential of a 3-year ban from the country. his lawyers are expected to fast track an appeal of this decision. the visa was revoked last week after the australian government said he fail today provide evidence of vaccine exemption and spain is going after him. djokovic cannot get a break. i think somebody is trying to cancel him out there. dagen: not a good look for usa recall so much for being fro and wild country, authoritarian
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state. good luck attracting tourists. it's really unfortunate. thank you so much, cheryl. cheryl: president biden's terrible, horrible, no-good very bad week, bloomberg reporter asking white house press secretary jen psaki at what point the biden administration would decide changes need to come from within after a long list of setbacks and policy flops. psaki got sarcastic in her response. >> i think that having worked in the white house before, you do hard things in white houses, you have every challenge at your feet, layed at your feet, whether it's global or domestically and we could certainly propose legislation to see if people support bunny rabbits and ice cream but that wouldn't be very rewarding to the american people. dagen: this week allen, the president saw a new record law
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approval rating, blocking of vaccine mandate for private companies from the high court, record high inflation on wholesale prices, soaring omicron cases, consumer prices running at nearly 40-year high, failed diplomatic talks with russia, i could go on, james, but psaki's response revels they have nothing. james: well, i wish they had nothing. i think the scenario she laid out supporting ice cream and bunny rabbits would have been a huge upgrade. just like physicians, politicians should first do no harm and i think what the biden administration never realized is that the economy was rebounding strongly starting in the summer of 2020, it was growing very quickly during the quarter when
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mr. biden took office and doing no harm and allowing that rebound to continue, i think, would have been great focus. as far as the job of the president, i also have to add in this very bad week that disgraceful speech in georgia, it was dishonest, mean spirited, casting his political opponents as enemies of the people really, really disappointing and i think that should avoiding those moments should be the top priority for this white house. dagen: it touches on where they have fouled up all year long and it's repeatedly standing and lying to the american people. like they couldn't -- they couldn't address the truth if it ran them over in the middle of the street and i mean every -- james, i mean every issue that's been important to the american people. they have stood up and lied about it starting with the border early on, afghanistan,
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the build back better agenda, even -- excuse me, even the agents on horseback at the border which i think was a tipping point for people, we will keep talking about this, james, great insight from you always. james: thanks. dagen: we will be right back. ♪ ♪ ♪
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dagen: president biden forced to face the facts. >> anyway, i hope that we can get this done but i'm not sure. if we miss the first time, we can come back and try the second time. we missed this time. we missed this time. dagen: this coming after senator kyrsten sinema took to the senate floor to voice opposition to weakening the filibuster. senator joe manchin also not budging. senate majority leader chuck schumer put in a tough spot postponing any action on the voting bills until tuesday blaming it on the virus and the snowstorm. always blame the weather when you're in a ping. joining me washington examiner editor-in-chief hugo gurdon. hugo, what do you make of this,
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that synema and manchin were called to the white house last night and that hadn't worked so far? hugo: the performance that you saw from president biden yesterday basically an admission that he knows she's not going to get the voting bill changed and he knows he's not going to get the filibuster changed. remember that we just entered an election year and the polls look really bad for biden, look really bad for the democrats. so what we are watching here is the democrats trying to make it look -- trying to appeal both to their base and to majority voters, that's really disgraceful speech as james freeman was saying that in atlanta on tuesday in which he compared the president -- the president compared republicans and his own opposition democrats to george wallace, bull connor,
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all who were racist democrats. comparing opposition to those people in a speech was a repeat of what the democrats are doing which is constantly accusing their opponents of being racist. that's because they are trying to stop minority voters from continuing their slide away toward the republican party. on capitol hill what we are watching is further kaboki, chuck schumer knows he's not going to get this through the senate. the majority of the senate opposes the bill and what he's doing is he's bringing it up for vote. he's trying to prove not only to minority voters that they are on the left side and appealing to the radical left wing of the party that they are angry and passionate and they are going the try. it's all theater so they can enter this coming election
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season by saying, we are on the side of the minorities and we are really trying to do the radical left wing stuff that the militants want us to do. dagen: over and over there's a disconnect with the white house about biden and company about who got him elected and the priorities are for the american people, the moderates and the independents, they just voted to take down the volume so to speak and it wasn't the far left that got -- that put biden in the top job in the first place. you talked about that speech in georgia. four pinocchios, liar, liar for claiming he was arrested as a teenager while attending civil rights protest in delaware. they write, quote, the primary source for the story is biden. we have learned over the years that he's not always a reliable source not just about his past
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experience but he invoked -- he named a george wallace like you side with martin luther king jr. or george wallace. biden once bragged about wallace's praise of him, biden, hugo. hugo: yeah, you know, this four pinocchios was quite significant. nancy pelosi described the speech as fabulous. i think she got her words mixed up. she should have called it fabulist. when you plagiarize other speeches and law papers as he's done and lie about your resume, embellish your resume, basically what you're revealing is you know you're not really up to it, you're not what you need to be and so, you know, and it's very
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significant it seems to me even the washington post perhaps doesn't sort of think this of itself is that it perhaps is starting to come to the conclusion that joe biden is a liability. you know, the fact that they would take up something like this strange fabricated speech or fabrication about being arrested which she said before see him as a liability as well. dagen: he cannot lie and i can talk about all of the things he said that were easily checkable and i think that's why his approval rating is where it is. when you target people doing their job at the border and say to the american people that they were strapping people or, that was his word, whipping them, it was a lie and they deserve an apology. if he could in one instance stand up and say, i was wrong
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and i should not have vilified them that way for putting their list on the line and doing the job and enforcing the law of our land but he won't do that. hugo gurdon, he's worried about ocasio-cortez, i guess. hugo gurdon, great to see you. supreme court shutting down biden's vaccine mandate for private companies but upholding one for federally funded hospitals and healthcare facilities, what this means for jobs, the american worker. plus microsoft word to microsoft woke, we will show you ahead.
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♪♪ 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. truist. born to care. dagen: welcome back, i'm dagen mcdowell in for maria bartiromo, it's friday january 14th, a look at markets at the bottom of the hour. we have gains on the dow and s&p futures. nasdaq 100 futures again hitting south down slightly. this is after a dismal day on
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wall street yesterday. all 3 major market gains finishing in the red. nasdaq composite down 2 and a half percent, more than that falling to its lowest level in 3 months. we are also standing by for quarterly earnings from the big banks, jp morgan, citigroup, wells fargo among the heavy hitters today. we by you those numbers as soon as they come out. european markets under some selling pressure. the ftse 100 just essentially flat. germany's economy grew at 2.7% last year but that is still lower than where it was in 2019, pre-pandemic. in asia overnight, red across the board, the biggest loser there, the kospi and south korea down more than 1 and a third percent. prince andrews stripped of his military titles and charities as he faces a sexual abuse lawsuit in the united states. cheryl casone has the details and reportedly the queen delivered the news to her son.
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son.ning day. son. cheryl: yes. he's no longer going to be regarded as his royal highness, royal judge reviewing case against him. the prince try today shield himself with the 2019 settlement, prince andrew maintains his innocence. had to cancel 1.7 billion in debt. the agreement to settle private loans for 66,000 borrowers settled lawsuits by 50 state attorneys general. went to borrowers with poor credit to attend schools with shaky records including for profit schools. all forgiven loans were in default. well, ford market cap topping 100 billion for the first time
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ever. stock down 1 and a half percent right now. hit another 20 plus year high. increased production of electric vehicles including crossover and also upcoming electric version of f-150 pickup truck which everybody loves. and single page of a spider-man comic breaking records at auction. the page in question, the first appearance of spiedy appearing in a black costume, there it is. 3.6 million, this at an auction in texas. the sale is part of a larger auctions selling pop culture memorabilia since the start of the pandemic. dagen: thank you so much, cheryl. the supreme court shutting vaccine ate for private companies with employees more than topping 100 this happening
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by 6 to 3 votes. of course, sotomayor in particular coughed up some complete fallacies about how many children were sick when they heard the arguments last week. high court did say what can remain in place the vax or test mandate for medical facilities receiving medicaid and medicare. mat whitaker joins us to discuss. this is very important. just -- you know what, i'm going to be quiet, mat, your take. >> well, good morning, dagen. thanks for having me on. i think this is a victory for federalism on the osha case and i think this is a first step of the supreme court telling congress and the administrative state that these powers cannot be delegated because if osha can
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mandate getting a shot in their arm which has never happened before which very vague enabling language, imagine the power that this administrative state can have over our lives and so this is where the people who are representatives in congress have been now enabled and empowered or we will get that power back from the supreme court and especially in gorsuch concurrence he lays out the responsibility for elected to not delegate the power and not give it away and not allow unelected nameless faceless bureaucrats in washington, d.c. to this kind of sway over our lives and 84 million americans are better off for it. dagen: james freeman, this is about separation of powers and congress needed to pass, you know, pass a mandate or pass a law authorizing the mandate and i said this, this vax or test
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mandate that it was never actually about the shot, it was about unclothed emperor handing down an edict or want to be a king's command designed to expand the powers of the presidency and the executive branch for the future, say future use by dictatorial democrats for things like climate change, what say you, james? james: well, it is interesting because they do -- the supreme court did seem to leave open the door that if congress wants to give osha, the workplace safety agency more power, that it could. i don't really see that happening but, matt, i guess i welcome your thoughts on this. is it possible that -- that through the evenly divided senate he might be able to push through more powerful role for osha and the bank can come back
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with another mandate? >> well, if you remember after the osha mandate -- yeah. yeah, after the osha mandate was -- was drafted by the administration, the senate actually voted, majority of them said that they did not support this rule and so i don't -- i don't think that ultimately there will be a political movement for vaccine mandate but saying that is there's no doubt that what this opinion is going to be held out to say depending on which side of the aisle you are is that all you need is a more precise enabling statute and the bureaucracy can do whatever it wants and that's why i point to gorsuch's concurrence saying that important decisions require congress to pass and you can't just have vague, broad
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statutes, give the bureaucracy the power to do things like requiring 84 million people to get vaccinated. so i don't think ultimately congress is going -- has the political will to pass a vaccine mandate and quite frankly after, you know, the fall of '22 i'm not sure congress is going to have much will to do anything to support president biden and his agenda. dagen: i will point out in the wall street journal they go through many companies that will not impose these covid-19 vaccine rules and many ceo's for mid-size or even smaller companies who are extremely relieved because it was going to mean losing workers at a time that they can't afford to do that like trucking companies. major, a major concern at the southern border rise of human and drug trafficking. this is something that the department of homeland security is warning the biden administration about. officials are mentioning that we will see more than 2 million illegal border crossings in 2021, that's an all-time high. before you go, what are your
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thoughts on this? >> well, we have seen an explosion of human trafficking especially at our southern border and directly related to president biden and his administration's policies and having essentially an open border, you know, with mexico. ultimately, you know, this is going to take -- more than just saying it's a problem. in the trump administration not only did we put money to law enforcement, over $100 million and president trump had a summit at the white house and he also issued executive order that told the department of justice while i was there to dismantle the trans-nationals human trafficking organizations and drug trafficking organizations. this administration needs to do more in this regard because it's hurting real people and real lives. dagen: they have layed the foundation for human traffickers and drug traffickers to profit and prosper from human misery and suffering, period.
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mat whitaker, always great to see you, my friend. please come back soon. >> good morning. dagen: good morning. omicron cases peaked in the united kingdom. we will get a perspective of when the u.s. will see similar news. big bank reporting quarterly results, we are waiting for it. jp morgan. citigroup, wells fargo, we will get you the breaking numbers when they cross, you're watching mornings with maria live on fox business. ♪ ♪ ♪ want seamless and easy. with ibm, you can do both.
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dagen: jp morgan's earnings are out right now. we are watching the premarket. also wells fargo. cheryl casone has what you need to know right now, cheryl. cheryl: we are looking at j.p. morgan chase right now. the stock is 1%. real quick, earnings was a beat, we were looking at 301, we came at 333. as for revenue, the street was looking for the estimate was 29.89, it came at 29.3. slightly below the estimates. a few things that they're talking about right here in particular comments coming from jamie dimon. he says that global fees were up, a lot of m&a activity was strong, active acquisition
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financing market, strong performance for i po's, he also says the credit continues to be healthy with exceptionally low net charge-offs. again, comments from jp morgan within the report. provision for credit losses, a net benefit 1.3 billion. they are still protecting themselves in a small way from losses, we saw at the beginning to have pandemic with all the banks. the stock went down actually which is interesting here. as far as equity trading, there was a little bit of trading on fixed income trading. it's marginal and a little bit of pressure when it comes to loan values. loans were up 20% as general management and jump of 15% and overall a pretty good quarter and that's the pressure that we are seeing right now when it comes to -- to -- to jp morgan. really quick let me give you wells fargo. i haven't gone through one as quickly. earnings per share a buck 38 for
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the fourth quarter for wells fargo and looks like as far as revenue, 20.86 billion for wells fargo. again, those are the numbers there. wells fargo, put the stock up really quick. all the banks were going up in the two reports but now you are seeing j.p. morgan chase actually go down, so kind of a mixed story, dagen, with jp morgan and wells fargo a strong quarter but they are more residential loan dependent than the other banks. citigroup is also coming out this morning, dagen. we will have to see. dagen: i will point out that mortgage rates have been going up quite noticeably in the last several weeks and longer-term interest rates have gone up. mortgage rates hit the highest level since march of 2020 in the most recent week. so -- that might put a little cold water on certainly wells fargo. cheryl: wells fargo, yeah,
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definitely. but i'm going to send it back to you, i'm still looking at wells fargo headlines, they are both still putting in money because they are allowing for credit losses and i think that's interesting because i saw them put billions aside for credit losses, you and i were doing this together, february and march of 2020 because of the pandemic, the height of it, they are still doing that and i think that's very interesting. i wonder if they are concerned about inflation, dagen. back to you. dagen: francis newton stacy is standing by. francis, what is your take right out of the gate? >> commercial and investor loans fell off of a cliff during the pandemic and other factors where people were seeking less loans and left banks reliant upon making revenue with trading and other things. if they can get the loans to go back up and now that there's not so much stimulus and government assistance, et cetera, then
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financials are going to fair fairly well also considering that rates are going up which is benevolent for financials and maybe not for seem. i think the banks going forward have a pretty strong story unless and until the economy start to suffer from a fed policy mistake, tightening too much into peak inflation and peak economic growth or a massive deceleration of some kind. dagen: premarket, jp morgan town down half of 1%. kind of the takeaway for me was jamie, i refer to him by his first name as if i know him, mre economic backdrop but he said in terms of the federal reserve tightening and removing all of this accommodation, it's kind of like, well, you don't really know how that might play out. he did say that this is what
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incredibly tough hiring market for the bank and i just wonder -- one thing that you can kind of count on is the federal reserve screwing it up as they tried to rein in inflation and unprecedented stimulus. >> yeah, that's right. obviously he's got a very bullish view on the economy going forward. i hope he's right. obviously as francis was discussing on bank investors are looking forward to higher rates because they think banks are going to be able to raise the amount they charge for loans faster than they have to raise what they pay on deposits and that's going to be good for them. yeah, you do have to wonder, the federal reserve, they need to start draining all of this money they've put into the financial system out to a degree and as there's less money sloshing around, you know, that's not
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always unconditionally good news for financials. so that is a concern. you also have to wonder the -- the flush consumers and their healthy balance sheets, do they stay healthy in a rising rate environment and tighter money environment, but whether -- whether it's as good as jamie dimon thinks it will be, the economy, i hope it is. or not, history does say he's pretty good at managing through different environments and really as we look back at the financial crisis we were talking about earlier, he really stood tall in terms of being prepared for the down days. dagen: thank you, james and francis. moving onto omicron cases, may have already peaked in the united kingdom. british scientists suggesting the variant is following a similar pattern of africa. cdc predicting omicron will peak here in the coming weeks, more
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than 63 million americans have reportedly contracted the variant, probably a lot more. joining me now pediatric infectious disease expert dr. ofer levi. dr. levi, also fda advisory committee, is this great news that at least on the horizon seeing a peak in the omicron cases here? doctor: good morning, dagen and thank you for that. it's certainly welcome news to start to get the sense that perhaps like south africa england, britain are starting to see a light at the end of the tunnel with some reduction in hospitalization rates. very welcome news and we hope, we hope that in the united states this will be a similar pattern in the coming week or two and that would be very welcome. dagen: broadly speaking, though, do you think that covid will
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continue to change with time and it will be like omicron, that it will be less virilant and extremely contagious and continue to head in the positive direction where people can contract it, particularly those who are vaccinated and they won't become or need to be hospitalized or be critically ill? doctor: that's certainly possible and we would hope for coronavirus to become less virilant with time, it's part of the background. it's likely to come back next winter too, hopefully not in a very dangerous form but we don't know that. we have to stay vigilant and we have to keep investing in surveillance of know what variants are out there. dagen: all right, mutate is the word that i was looking for. those words don't come as easily
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before noon. doctor: correct, new variants will arrive, hopefully they won't make it more severe. we are cautiously optimistic that will be the case but we do expect now that it's part of the background, that it'll come back every winter. dagen: my father has a really good take on this because he lives in the rural south and it's very hard to get rapid tests and he's called me on the phone and said, you know, it's about the symptoms, not the testing. if you're sick, you should stay home at least 5 days until the symptoms disappear and -- and also treat vaccine boosters like a flu shot. it's the season, you are going to be inside a lot, you need to go and get you new flu shot and i just thought that was kind of very practical way of looking at it. i want to ask you about masking. i hear this a lot from friends, colleagues. president biden promising to give high-quality face masks to all americans for free but
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details won't be announced until next week. are cloth masks still good? what about -- we are talking about the n95 and kn95 masks, those are very uncomfortable to wear for long periods of time and doctor, the last time amesh adalsha was out, i pulled up my mask out of the pocket, are these masks okay, dagen, you're not supposed to walk around with that balled up in your pocket and reduces effectiveness. like are cloth masks and these disposable paper masks still good? go. lee: the first principle is youshould keep on consistently in situations where you need to have it on indoors. each of us is different, the size of our head, the shape of
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the mask that fits us, so you've got to be able to tolerate the mask to wear it. it is true, the n95 is more effective. if you're the type of person that wants maximal protection and you can find an n95 that fits you well and you're willing to keep that on indoors and crowded situations, by all means go for that. that's the kind of mask i use in the hospital when i see patients, right. but some people have trouble keeping that on for a long period of time and if you have another mask that suits you better, as long as you keep it on consistently, that's very important. dagen: right. you don't do what my sister-in-law calls the nose skirt, where you pull it down and -- it's a nose skirt. >> exactly. dagen: so good to see you, always. thank you, sir. we'll see you again very soon. >> always a pleasure. take care. dagen: next hour starts right
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now. ♪ dagen: good morning, i'm dagen mcdowell, in for maria bartiromo. it's friday, january 14th. your top stories at 7:00 a.m. eastern. the two senate bills to federalize elections killed essentially by democrats. senators kyrsten sinema and joe manchin refusing to blow up the filibuster in order to pass them chuck schumer licking his wounds saying any vote will be pushed back until tuesday, blaming the virus, oh, and a snowstorm for the delay. a look at markets, futures are mixed after a rough day on wall street yesterday. we have losses on the s&p and nasdaq 100 futures, dow still slightly in the green. president biden getting ready to tap sarah bloom raskin to be the federal reserve top banking regulator. she wants climate change to be part of the central bank's agenda. earnings season kicking off this morning. jp morgan, wells fargo both posting double beats. that's on of earnings per share
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and revenue. we're standing by for citigroup at the top of the next hour. yesterday, all three major market gauges finished deep in the red. investors rattled over inflation data and the federal reserve tightening. two and-a-half percent loss on the nasdaq, hitting its lowest level in three months. european markets have been mixed today. now it's red across the board, losses in england, france and germany, germany's economy did grow by 2.7% last year but it's still below where it was in 2019. in asia overnight is red across the board, the biggest loser the south korean kospi, down 1 and a third percent. "mornings with maria" is live right now. the supreme court striking down president biden's federal mask or vax mandate, not mask, it's vax or test mandate for large employers in just one of the latest blows to the president. cheryl casone has the details.
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cheryl. cheryl: that is right, dagen. good morning to you again. so the supreme court ruling that the biden administration overstepped its authority to impose the vaccine mandate for more than 80 million americans. it would have made private businesses was 100 or more employees get vaccinated or submit to weekly testing. the high court did, however, allow for a vaccine mandate to stand for medical facilities that take medicare or medicaid pallets. there were -- payments. there were two tracks on this. president biden announcing plans to buy an additional 500 million at-home covid tests for americans, this on top of the half a billion tests the administration is in the process of shipping to homes. president biden also promising to give high quality face masks to all americans for free but details not going to be announced until next week. omicron's been here since december. the white house also forced to correct what vice president kamala harris told nbc about the tests going out next week.
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they had to clarify, they're going to be sent out later this month. well, i've been following this story out of australia. tennis star novak djokovic may not be defending his australian open title. we don't know at this point what's going on. the company revoking his visa for a second time he's now facing deportation along with the potential of a three year ban from the country. his lawyers are expected to fast track an appeal of that decision. his first visa got revoked last week after the australian government said he failed to provide evidence of a vaccine exemption. so next week i'm going to make a score card of all the twists and turns of novak's story. back to you. dagen: love it. thank you so much, cheryl. you'll be on the citigroup earnings when come out. time for the word on wall street, top investors watching your money this morning. joining me now, stifle chief economist, lindsey piegza, rose cliff capital ceo mike murphy and optimal capital director of strategy, francis newton stacy. mike, let me start with you. good morning, sir. terrific to see you.
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jp morgan just reporting better than expected earnings and both better than expected revenue. ceo jamie dimon joining maria on tuesday, talking about loan growth and his expectations for this year. take a listen. maria: 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? >> usually when loan growth goes down or negative, that's because people are over-levered. 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 $150 billion of credit card debt, et cetera and also a lot of the loan growth on the mortgage side was refinancing which 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, so as we return to normal
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growth the needs are starting to go up. you'll seize banks reporting loan growth numbers and they'll be better now than they were a quarter ago. dagen: mike, with jamie dimon saying that, let me take a look at the jp morgan stock in premarket trading. it initially went up about 1%, now it's down almost 3% and that's dragging the major market gauges, the s&p and dow lower. your reaction to the numbers. do they line up with the positivity coming from jamie dimon earlier in the week? >> good morning, dagen. yes, top line beat, revenue beat. but really jamie dimon spoke about loan growth and the loan growth was there. so you have this initial reaction you now early in the morning, the stock is trading down roughly 3% but remember, it's up 20% in the last year. it's actually one of the few stocks that's performed well year-to-date. so i wouldn't overreact to this number at all. jamie dimon came out, he did an awesome interview with maria and i think everything he plans for
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came through in these numbers. the bank is hitting on all cylinders. so this is one of -- if it gets too weak, it's a buying opportunity but really the read-through from me for these numbers is the economy and as jamie dimon said, he expects the consumer to be strong and businesses to be strong and that's what you saw here. dagen: but the big wild card, lindsey, would be the federal reserve and the federal reserve overdoing it as it tries to tame inflation and damaging the economic growth and recovery. plus we're digesting news this morning that he has picked a new head for regulation, sarah bloom raskin, who wants to tackle climate change. yesterday, we heard from lyle brainerd, the central bank's vice chair woman, saying the fed's top priority is combating inflation but consumer prices year over year, the highest -- running at the hottest pace they have in almost 40 years.
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how do you line up a great economy, positivity from jamie dimon but also the fed really beginning to withdraw aca days and the -- accommodation and the poe ten that the fed royally fouls it up. >> the fed has a difficult job. they'll be walking a difficult line. inflation is a primary concern. the latest read on consumer prices showed that the annual gain was up near 7%, excluding food and energy which is a core metric, up over 5 and-a-half percent. this is the 40-year high, the highest level wean seen in four decades. this is very concerning for the market. the fed knows this and as we heard from chair powell during the testimony this week, he's going to use all tools necessary to rein in prices. the fed recognizeses that the economy is on somewhat fragile footing, talking about reverting back to pre-pandemic growth levels which if you remember is down around 2%, certainly nothing to write home about. so yes, the fed wants to control
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inflation, control inflation expectations, but they also of don't want to pull the rug out from under this recovery, noteing that the market is still very much dependent on the monetary policy punch bowl. so the fed is going to raise rates. we do expect that this year. but the aggressive expectations of 3, 4 or more rate hikes seems undoable, especially when we look at the yield curve and the very little wiggle room that the fed is going to have without flattening or potentially inverting the curve. dagen: dan niles told maria yesterday that inflation has gotten so far away from the central bank, he expects five to six interest rates hikes by this year. the last time the unemployment rate was below 4%, the fed had been raising rates for two years. you're saying you don't think that will happen. >> i think it's going to be very difficult for the fed to do that. remember, the unemployment rate is low but it's a temporary low. as we wait for millions of workers to come back into the labor market. those workers that have been sidelined, the unemployment rate will begin to creep higher.
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dagen: fran circumstance you say the fed -- francis, you say the fed policy will become hawkish and impact markets in the second quarter of this year. for that reason you like gold and defensive stocks in this case. speaking of not defensive at the moment, jp morgan's stock is falling in premarket is shaving roughly 33 points off the dow jones industrial average. francis, what are you eyeing here? >> well, you know, when you're moving gigantic portfolios, we are starting to think with that and so we're incrementally coming out of the reflation fairly trade and -- reflationary trade and we're paring down commodity and energy exposure that we have extreme gains in as we look at peak inflation in in the month over month numbers. that means inflation is going to continue to go up but at a much slower rate and we also look as lindsey said growth ameliorating at the same time and we have the risk of the policy mistakes with
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the fed and what happened in 2018 when we had a 20% correction. the last time they raised rates and started balance sheet runoff in 2019, in september of 2019 you had the repo crisis where overnight rates spiked to 10% and that was indicative of the fact that there wasn't enough liquidity in the system. so the soft landing has to recognize there's a record a amount of debt in the system and raising rates i don't think we're going to make it five or six times, raising rates is going to put onus on that debt service and to the extent that it threatens liquidity, reducing money supply and threatens debt service and threatens credit markets, that would be the policy mistake. otherwise you have decelerating inflation and he decelerating growth. dagen: lindsey and mike, so great to see you this morning. francis newton stacy, you stay with us, you're with us all morning long including james freeman as well. coming up, what record high prices mean for your wallet and
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when we can expect relief. plus, staying away from covid scammers, unregulated testing sites are popping up across the country. we take you live to chicago with more on how you can stay safe. of course, francis newton stacy and james freeman are here all morning long. you are watching "mornings with maria" live on fox business. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
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covid control, its website says it operates more than 300 locations across the country. it also has an f rating from the better business bureau and is under investigation in multiple states. there have been complaints about people not receiving test results, terrible customer service, and that some locations are asking for identifying info. the p can tells us its problems are because of its rapid growth and high demand for testing. they say they're going to shut down starting today for a week to try to sort out its problems. they tell us we've made this difficult decision to temporarily pause all operations until we are confident that all collection sites are meeting our high standards for quality. the illinois attorney general has some advice to avoid getting duped. they say the best bet is to go to a state run testing site. if you go to a pop-up site, here are questions you should ask. what tests does the site
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administer, when will i get my results, what type of personal info will they ask for and are there out-of-pocket fees. this highlights how difficult it is to get a test right now and some people are taking advantage of it. dagen: as my dad said, symptoms over testing. if you don't feel good, stay at home. grady tremble, thank you so much for that terrific report. james, i said this on gutfeld show a few weeks ago. thats was kind of dumb founded by -- there were lines down the street, like waiting outside of a van for a nose swab. i was like i was taught growing up stay away from vans, like don't -- like don't get in the back of a van when you're a teenager with some boy who is promising you the world. i joke, but it does beg the question, like people are just standing, like letting somebody swab their nostrils. they don't know what's afoot.
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james: yeah. and there's probably in some ways too much demand. i think people are starting to figure out that constantly testing asymptomatic people probably doesn't add that much to our understanding and effectiveness in countering this virus and moving on. but in general, i think the world would be a better place if there were more unregulated and unlicensed services of all kinds. i think hats off to grady. this is exactly why you want a free press and kudos to the better business bureau for getting information out so people have better ability to make decisions on which vanses to walk up to and which not to. dagen: i have to admit, like this video that we're showing of people getting a swab shoved up their nose, it triggers kind of a sensory response from me,
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makes me want to sneeze, having had untold number of tests. james: you've got to be careful. dagen: what. james: yeah. i was -- i suffered an injury. i guess that was last year, 2020, i can't remember. someone gave me one of the tests and they were so aggressive, i had nose bleeds for about a week after that, so i guess i would ask the testers whether regulated or not to be gentle. dagen: you had a nose bleed for a week? james: yeah. it was a very aggressive tester. [laughter] dagen: i don't think i would have -- i don't think -- james: the regulated ones -- dagen: i don't think i'm supposed to laugh but that's super funny. [laughter] i'm going to compose myself in the break. coming up, some companies are still keeping their vaccine mandates even as the supreme
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court rules against them. what that means for the american employee ahead. plus, correcting the record, why the white house had to walk back comments from vice president kamala harris, it's the hot topic buzz of the morning. we'll tell you about it, next. ♪♪ 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. truist. born to care. whether you've enjoyed the legendary terrain in telluride,
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dagen: the consumer price index for last month hit 7% year over year. inflation running a at the hottest pace in nearly 40 years. some economists wonder if the red hot inflation could disappear later in the year. if we risk ignoring four counter veiling forces that will push toward higher inflation this year. by the way, that's written by jason furman, someone would worked in the obama administration, that's written by the inflation is a high class problem author. joining me now, americans for tax reform president, grover norquist. grover, how do you see this? >> well, it's not good. when biden came into office, inflation was running on an annualized basis of just over 1%, now it's up over 5 times to 7% and the producer price index, the inputs into the economy are
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the inflation there is even higher, almost 10%. which suggests that several months from now we're going to see the consumer price index drift upwards as well. it doesn't help that at the same time they're increasing the regulatory cost embedded in all products and they're threatening to put about $2 trillion in higher taxes, on top of all the other costs pay. taxes raise the price of goods an services, so do regulations, so does print doing much money and they're doing all three, or trying to. dagen: james freeman, get in here. james: yeah, i think we all ought to be concerned because so many of the people now who are assuring us that inflation is going to decline very rapidly a year ago were not saying it would be running at 7% now. they thought it would be much lower. so this sort of washington wall street consensus that there's a number of factors that are
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naturally going to rapidly bring the inflation rate down i think out to be questioned. that's one of the reasons i'm glad we ran the furman op-ed. this is another democrat, like larry sommers, trying to warn the powers that be in washington that we have a real i'mflation problem -- inflation problem. dagen: grover? >> well, politicians often can't walk and chew gum at the same time. and the biden administration white house has decided they have a list of things they're doing and combating inflation wasn't and isn't on the list so they keep telling you it didn't happen, it's transitory, not sure that transitory means what they think it means and we don't have time for this is what they're telling us. they don't have a fix for it. they don't -- they don't understand how it got here and they don't ask themselves the
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other things they're looking to do. spending more money, raising taxes, doing more regulation, subsidizing trial lawyers, that is the way to raise costs. , producing anything. that's in the bbb, build back better bill. tax subsidies for trial lawyers to sue people to raise the cost of goods an services, shutting down pipelines inside the united states, into the united states, cost of energy has increased faster than other things. that's not just inflation, consumer inflation, that's actually going into a sector and smashing it up and raising the cost. dagen: but what the white house has done, joe biden and company, is one of their favorite exercises. they are lambasting and vilifying private industry and blaming big evil meat, big evil oil, the big evil supermarkets, you name an industry where prices have gone up, they're targeting them and so i wonder
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if to come is more regulation, more oversight of these industries because, again, the reason -- the federal reserve has bought in the last year more than half the new debt issued by the federal government. the federal reserve has been propping up the free spending, spend thrift democrats and sopping up that additional debt issuance. i want to get your reaction to this. white house economic advisor brian deitz keeps pushing for trillions nor the government spending. listen to this, grover, as a way to fight inflation. just listen to this and i'll get your reaction. >> largest single costs that families face are healthcare, child care, the cost of a home, and we have concrete practical straightforward ways to deliver relief on those costs. so that's why, you know, our focus and our work on build back better continues. dagen: well, child care will actually go up under this if you
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have -- depending on your source of child care, more lies, grover. >> their argument is that if they subsidize something, it's less expensive. no, it's not. you just shifted the cost some place else. as you point out, the regulations they're putting into child care that you can't have a relative do it, they have to have a college degree and pay union dues, that is going to raise the cost of child care. they may hide some of the costs by putting them into taxes on other people, but that doesn't make the cost go away, you don't make something less expensive by pretending that it's -- by subsidizing it. as a matter of fact, you tend to make it over time more expensive. their argument that greedy businessmen cause inflation, now, businessmen during the trump years were evidently not greedy but as soon as biden got elected they were all greedy.
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under carter they were very greedy businessmen, when reagan got in, they were not greedy businessmen. it is juvenile. dagen: i would choose a four letter word. terrific to see you, grover. thank you for being here. >> thank you. dagen: coming up, the rise of ghost flights, new york congressman john katko weighs in on why more illegal migrants are secretly flown into cities and towns across the country. he's got a new bill to combat that. plus, making the most of your money, we tell you what top stock picks as we wait for december retail sales ahead. ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor
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cheryl: welcome back, i'm cheryl casone, some of the other headlines we're watching this morning. bausch & lomb going public, the eye care company filing paperwork for an initial public offering, the ipo on its way a
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year and-a-half after the parent company said it would spin off this particular company. they're hoping to raise about $100 million. well, citigroup is moving forward with its vaccine mandate despite the supreme court's decision to block the biden administration's vaccine mandate. u.s. employees had until today to get the shot or be placed on unpaid leave and then they would be fired at the end of the month. the bank says 99% of its workers have complied with the mandate from them. citigroup is going to be releasing quarterly numbers. we expect those around the top of the hour. i'll bring those to you live. the stock is down 1%. it was higher before until jpm crossed. the whole sector is reacting. remember this, social media's reaction when elon musk revealed the cyber truck concept. remember that. tesla is pushing back production to 2023. production had been expected to start later this year. changes on some features reportedly the hold of-up.
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-- hold-up. last month musk responded to questions about the capability, saying it would be a four motor variant, independent steering of the front and back wheels. basically it would drive like a crab diagonally. just a question mark if they'll be able to do that. tesla stock down more than half a percent. those rush headlines. back to you. dagen: when they released the prototype, my niece said it looked bike a designer was doing 3d modeling and just gave us, just give it to musk. cheryl: you want to make it go side ways like a crab? a truck? i don't know. dagen: it's not a truck. i don't know what it is but it's not a truck. cheryl, thank you so much. republican state lawmakers in pennsylvania pushing back against the biden administration's border policies, they're drafting a new bill that would relocate any migrants flown in by the department of homeland security to biden's home state of delaware. last year, biden was caught
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trying to secretly ship migrants in the middle of the night to states like new york, tennessee and florida, pennsylvania becoming the latest state to see it happen. joining me now, new york congressman john katko, the homeland security committee ranking member. congressman, your reaction to this move by pennsylvania republicans. >> well, it's predictable. dagen, what's been happening all across the country, it's not just a few incidents that are isolated, this is a systemic practice by this administration. they get these surges at the border because they signaled the border is wide open and to avoid media scrutiny they get them the heck out of the border as quickly as possible, not vetting them, not knowing who the they are and early on not knowing if they had ever been vaccinated or whether they have covid or anything. they're sending them at night and in the dead of night oftentimes to places all over the country. so this is not something new and now the local folks are starting to push back and say look, we've had enough. let's send them all to delaware
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which it's symptomatic of a larger problem. we've got to secure the border and we've got to stop these nonsensical practices. these people get sent all over the country. they are given a piece of paper, say call this number in a little bit. let's not for get. they're here illegally and they'll have a deportation proceeding at some point in the future. they tell these people call this number later and we'll get your deportation proceedings happening so predictably 50,000 of those people have failed to call in and we have no idea where they are, have no idea who they are and have no idea what they're up to and this number is going to explode going forward so it's a real problem. dagen: james freeman, what do you think? >> yeah, well we're looking at this chaotic lawless dysfunctional mess that the president is presiding over, also see at last count the u.s. economy had 10.6 million unfilled job openings.
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we have people who want to work. we have employers that want workers. i think the average citizen watches washington and maybe hopes that behind the scenes there are some quiet, reasonable discussions across the aisle on, okay, how do we secure the border but also allow people who want to come here to work maybe not forever, but for a while, to do so. this seems like a -- there's an obvious solution here. do these talks happen? are you engaged with the white house? do they engage with republicans in congress to say how do we get secure border but also allow people to work and work out a path for those who want to become citizens but others want to be guest workers. i mean, this doesn't seem like an impossible problem. >> well, i could tell you, we've tried this in the past and
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it becomes a political hot potato. but the bottom line is, we need to streamline -- first of all you need to secure the border. we have to recognize that we need temporary labor here, i'm in an agricultural area in upstate new york outside of syracuse and they're in desperate need of dairy workers and apple harvesting and all that. and that's systemic across the country. what we need to do is fix our immigration laws, secure the border, and then make it easy for people to come and go as temporary guest workers as they're needed, not just open the doors and let them come in here and have to deal with the crisis that we're having now. so we have to find the right balance and it starts with securing the border. dagen: moving on to house members, congressmen, were given kn95 masks with made in china stamped on the side. the house physician ordering lawmakers to replace cloth masks with the more protective masks
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but made in china, the virus was made in china and now, again, it's just the hideousness of what has happened to this country in the last few years because of the virus that came out of china, which joe biden has never pressed xi jinping on the origins of. >> yeah. listen, it's a clarion call for supply chain crisis. we had to have during the height of the covid crisis what we called an air bridge, where we had a routine shipment of airplanes coming from other countries, primarily china, with masks and gowns just to treat the virus because they were not produced here. it's st symptomatic of a larger problem. we need to rethink our supply chain. everybody went to china back in the day because it was cheaper and easier to manufacture there. starting to figure out that the cost of getting the goods here, they're rethinking that and i
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think from a national stockpile standpoint we've blown it. we have to produce the goods like this in this country and i think a lot of things they're trying to do is bring -- reshore those things. for example, the chip manufacturing, the chips act came out of the senate, it's in the house now and that's going to bring chip manufacturing back to the united states so we have cars produced on time and products produced on time. we can rely on maligned actors like china going forward. we need to rethink our policy with respect to the supply chain across the board. dagen: congressman john katko, a pleasure to see you as always, sir. thank you. >> thank you. dagen: coming up, earnings in focus, jp morgan and wells fargo reporting this morning. jp morgan choose, the stock down more than 3%. well, that stock's a winner today, up about 1 and-a-half percent be in premarket trading. we take a look, dig into the numbers. plus, vice president kamala harris still not on the same page as joe biden and people within the administration, the
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white house's damage control, part of the hot topic buzz of the morning. you're watching "mornings with maria" live on fox business. ♪ maria: next week on "mornings with maria," monday, parents pleading with unions to keep schools open, congresswoman ashley hinson on her role in the battle. tuesday, more border agents shot at from across the rio grande river. former dhs secretary chad wolf is here. wednesday, inflation at levels not seen in 40 years, former national economic council director larry lindsey breaks it all down. thursday, omni hotels and resorts shrugs off the pandemic to continue growing, president peter struble is here.
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friday, troubling trends for democrats in an important election year. mark penn with his latest polls, it's all here on "mornings with maria." strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. it's time for our lowest prices of the season on the sleep number 360 smart bed. it senses your movements and automatically adjusts to relieve pressure points. for a prospectus containing this information. and its temperature balancing so you both sleep just right. save $200 on the sleep number 360 c2 smart bed queen, now only $899. plus free premium delivery when you add a base. ends monday on fanduel sportsbook, new customers can bet 30-to-1 odds on any team in the playoffs. so you can make every catch feel like the catch of a lifetime. bet 30-to-1 odds on any team to win their playoff game. bet $5 to win $150. only on fanduel, america's number one sportsbook.
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[ sigh ] not gonna happen. only on fanduel, that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. ♪ ♪ the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders.
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kohler is an expert in bathing, so you can count on a deep soaking experience. are you seeing this? the kohler walk-in bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. everything is installed in as little as a day by a kohler-certified installer. and it's made by kohler- america's leading plumbing brand. we need this bath. yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call... for fifteen hundred dollars off your kohler walk-in bath. visit kohlerwalkinbath.com for more info. dagen: a busy morning for bank earnings, jp morgan and wells fargo both reporting better than expected earnings and revenue. jp morgan poised to shave 37
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points off the dow at the moment. you can take a look, the stock is down almost 3 and-a-half percent. wells fargo to the plus side, stock up more than 2%. we're standing by for citigroup, due out at the top of the next hour. joining me rbc capital markets managing director, gerard cassidy. good to see you this morning. explain to me at least the market reaction between jp morgan and wells here this morning. >> sure, dagen. thank you for having me on. the reason we're seeing a divergence in performance is really the guidance that both companies gave for 2022. jp morgan's guidance on their revenue growth was in line with expectations but their expense guidance was much higher than expectations and that's being driven by higher compensation expense as well as higher investment. on the other hand, wells fargo's guidance on revenue, net interest revenue growth was greater than expectations and the expenses were in line with
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expectations. so i think that's the primary reason for the divergence in the pre-opening trading of those stocks. dagen: in terms of what you just said about jp morgan's employee cost, that would line up with what jamie dimon was telling maria earlier in the week about this is the most difficult hiring market for a bank within financial services. frances newton stacy is here, jump in, frances. frances: i'm curious how you think the headwinds of the economic growth potentially slowing in the coming year with fed tightening, et cetera, kind of is competitive against the loan growth and what do you think how banks fare. >> it's a good question and it's a key question for the banks. loan growth through the end of the year came in quite strong for all companies as evidenced by the federal reserve data and we expect it to continue to grow in 2022, due the strength of the economy. but you're bringing up a good
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point about the fed tightening. the banks will benefit from rising short-term interest rates and both jp morgan and wells cited rising interest rate expectations of rising interest rates in 2022 as drivers for their revenue growth in 2022. so we envision a continued benefit for all the banks as the short end of the curve as they refer to it rises due to the fed tightening, that will benefit the so-called asset sensitive banks and wells fargo is the most asset sensitive bank of all the big banks. dagen: that net interest margin where they borrow at rates and then can lend out at higher rates as you get that steepening of the yield curve, right, gerard, that's the bread and a butter of banking in essence. >> that's correct. and you're bringing up a very good point about the funding costs. our banking system, both jp morgan especially, they're flooded with deposits and so when rates start to go higher, they're not going to be required
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to pass on the rate increases to their depositors so their funding costs will remain flat but their yields in their portfolios that are linked to those higher rates will go higher, so the spreads will widen. dagen: what about citigroup? what's in store for that bank, you think? >> the company is moving forward with its exiting of certain businesses. last night they announced the seam of some of their -- sale of some of their asian businesses, earlier in the week they exited the consumer business in mexico, so under the leadership of jane fraser, she announced the slimming down, we call it shrinking profitability. the company needs to focus on the areas that they have economies of scale. that's what she's doing. it's a long turnaround but she is heading in the right direction and we'll get their numbers very shortly here. dagen: and moving on to what direction the federal reserve board is moving in, president biden is set to nominate former deputy secretary of the treasury
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sarah bloom raskin for the federal reserve's next vice chair for supervision. this is the government's most powerful overseer of the u.s. banking system and she in the past has shown a laser-like focus on the federal reserve targeting oil and gas companies and making kind of climate change part of its mandate, if you will. gerard, what do you think of her nomination? >> it's going to be interesting. probably going sail through because as you know she was part of treasury at one point and also part of the fed. we don't expect her to have any issues passing the senate but it's going to be interesting because you're right, she has a he focus on climate change and the impact that the energy industry has had on that but yesterday you heard, during the approval process of the vice -- so this position we're talking about is vice chair of safety and soundness but lael brainard
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yesterday in her confirmation testimony was asked specifically would they push back on the banks lending to the energy industry and she in my opinion said no, they're not going to be able to do that. it's a legal business, lending to energy companies is not against the law and the regulators cannot force banks not to go down that path. so it's going to be interesting. this administration of course is not as supportive of the biggest banks as it was under the trump administration. dagen: gerard cassidy, thank you so much for being here this morning. terrific to see you, sir. >> thank you. thank you. dagen: coming up, vice be president kamala harris brushing off a pitch that would keep her off the 2024 ticket. we're on it, in the hot topic buzz. that's next. with my hectic life you'd think retirement would be the last thing on my mind. hey mom, can i go play video games? sure, after homework. thankfully, voya provides comprehensive solutions
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>> it is time for us to do what we have been doing that time is every day. >> 500 million tests that have been ordered going to be sent to every american do we know when those are going out no shortly they are going out shortly they've been ordered i have to look at current information i think by next week, but soon. absolutely soon and it is a matter of urgency for us. dagen: "hot topic buzz" you heard vice president kamala harris facing questions on administration covid strategy failed, white house had to
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quickly walk back those comments, about the covid tests official sharing the following statement with fox news. the president 500 million tests will be sent out later this month we expect all contracts to be award over the course of next two weeks. james, i did like that first response, like we're doing what we've been doing, that is dog what we do -- every day. this is -- episodes of veep. james: a lot of unfulfilled biden covid responds for sure i would hope they focus on the failure to pay in order treatments i don't know how they he devoted two little last spring waited so long to order treatments which are showing, great not just promise but great results, i
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think that is going to be seen over time as much greater failure than the testing fiascos all the rest. dagen: i can't figure it out i don't understand the journal wrote editorial yesterday i have it in front of me that again, they treatments therapeutics make this december livable, particularly with -- with paxlovid pfizer drug very few doses being ordered but he prevents death in virtually, i think study prevents all deaths. james: some ways i think kamala harris has been the most honest of the administration people on this issue, in terms of acknowledging that they didn't anticipate things didn't see them coming didn't have plans, despite the rhetoric that we've been hearing since the 2020 campaign. but, i really hope now they
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will focus on ordering those treatments, and finding ways to do what they should have done much earlier but get life with saving therapies to people that need them especially since their efforts to force every person to have a vaccine not going anywhere how about doing job providing those treatments you promised. dagen: the vaccinated are catching omicron, and spreading it more coming you will you will citigroup. cheryl: down more than 2% another major bank, the earnings per share a buck 46 looking the street was for 1.38. but if you strip out citigroup saying, clear because talking about this if you strip out age of divestiture would have had a buck 99 street doubt care about that revenue, 17.02
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billion on revenue, they were looking for 0.75 billion that -- 60.57 billion the street being fixed income weaker on revenue 2.5 billion, that is trading activity something that hit also jpmorgan this morning weaker than 2.71 billion looking for on fixed. >> -- again, the stock he is he is down, global consumer banking revenue 6.9 billion overall banking revenue 5.8 billion, low loss provisions losses 16 lawns for that, 16.5 billion, right now, again, the stock is down talking about the fact this is james frazier comments from press release on track with strategy remember last year since took over for corbitt focused on getting rid of a lot of losing money
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businesses her opinion europe, asia another cut mexico you mentioned earlier talking about fixed income market, might be story with earnings, solid growth commodities more than offset by decline this products weaker than expected fixed income markets the overall headline numbers from from citigroup if i see anything else i will jump back in back to you for reaction on your side. >> big loss on stock in premarket trading right now down about 3% north 3% a minute ago, weakness in jpmorgan shares as well dow should point out loss of 200 more than 200 points, in futures, thank you. cheryl: you bet, let me bring in macromavens president stephanie pomboy frances newton stacy, james freeman mere all along.
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>> stephanie always a pleasure smart lady reaction to earnings we got. >> i think what is interesting obviously, the financial sector is the one that is expected to outperform, 2022, on back of you know finally higher interest rates, and then expanding growth as previous guest, talked about on both counts investors are going to be disappointed because, number one, and i think you and i sort of share this view, it is not entirely clear fed is able to pull off various rate hikes i think about -- four later -- but, more immediately on loan growth side kind of funny if you step back analyze this rational standpoint, headlines -- a near zero in history we saw, products in morning rates everything lowest levels in the postwar period, now, at
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rates start to move higher we are supposed to expect all kinds of people to want to borrow, strikes me the candidates would really want to borrow in face of rising interest rates is not the one you want to be lending to, someone borrowing, not desire, passed up opportunity to borrow other lower rates, they've gone out what we've seen in data, bank rising activity declined straight throughout this pandemic it started to form increase right alongside increase in the ppi, starting in february, of last year, as ppi ran higher so too did bank lending you are seeing this specifically on part of the consumer where revolving credit considered credit cart growth went from going down as people used stimulus money to pay down
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balances, to ramping sharply higher, and at the same time, as you also know dagen that is excess savings that they had now the personal saving rate is below where it was, but ultimately i think they will end up finding those were not ones they are a happy to have maid, rate was higher, reserve, that they are running releasing reserves have to start adding back as they move throughout the year. dagen: s how much of that savings is left do you have a number. >> none the level of saving below where it was in february of 2020. less dollar level, and assessing rate so it is
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evaporated on back of higher inflation, that gobbled it up consumers had to -- stockpile to keep up with rising cost of everything, in -- >> when wages were falling when adjusting for inflation, james freeman get in here. james: we've been talking about biden fed nominees and climate obsession wanting to drive banks to lend to politically favored alternative energy producers not to fossil fuel companies i wonder what effect you think this has on banking even beyond sort of political allocation issue it seems to me that so many bank executives that really bought into this, this philosophy and so, i'm not sure regulation is needed even if you really want
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to drive banks toward green investment it seems so many are voluntarily going that way but anyway your thoughts on that. >> i agree, i don't think it is just banking executives i think it is across corporate america, it is you know personally to me embraced this agenda, but like you said does make the regulation redundant a complete 1280 in terms of regulatory environment from -- obviously, to biden the other thing, for you know risk assets in general, you know on corporate profits, but the one thing that is investor specific pressures get away from fossil fuels, that just like perpetuates what we're
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seeing that is a continued elevated energy crisis which will continue to -- you know be a burden, terms of cost of businesses, living for consumers the question does that lead to a point where we get more and more stresses, maybe headline ppi starts to roll over, but basic necessities, thank you know operating businesses, that is main cost so like going down anywhere anytime soon -- so, yes, brings me back to sort of reinforces my skepticism about if we deliver on growth end earnings, forecast for 2022. dagen: stephanie you think the federal reserve, is playing with fire, trying to put out, the inflation fire at
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this point that late to this. and how many interest rate hikes do you see yesterday dan niles with maria yesterday said going feedback i have to look it up i don't want to miss content mr. niles, we have the sound bite if you want to take a lessen to it. >> you say the number one concern for investors this year, should be how far behind the federal reserve is. on dealing with inflation, so give me your ideas, for the backdrop of this economy, as a way to have us better understand, how to around. >> it i think fed going to raise rates five to six times i think going to start to o work down balance sheet this year i think you are going to have 10-year treasury close to 3%, when all is said and done in 2022. and i think that is going to dry 20% direction in the stock market s&p 500 some point during the year so i think you are going to see multiples
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compress a lot. >> i always go for dramatic call my view i don't think the fed raises rates at all i don't think they two day far i think we get through taper maybe it becomes being clear that just not working out, what happens in last few weeks when 10-year touched 1.8, you know, a real problems for the stock market. and real issue is that having over -- amount of time they did obviously, built up largest bubble in our lifetime by that whole, indicator measure of valuation the stock market is 30 trillion dollars overvalued i mean that number -- keeps it is mind blowing, basically one 1/2 times total j.p. they can't abide inflation of the bubble they created, so, you know they can
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cut all they want, but we've seen all that what happens when rates start to back up the market really starts to bubble immediately, that is bad it doesn't preclude -- borrowing costs moving up they are already, that is another reason the bank lending picked up being priced out of capital market nowhere else to go, and they are going back to banks, even as higher interest rates, so again, you know, i think yes, the fed is playing with fire we've seen this show before the reason i call them monetary -- they seem blind to every obstacle that they themselves created then step in it spectacular loo. >> my predicts on "the five "new year's eve show you will see asset bubbles explode in
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new year, i've been doing this same amount of time never seen any asset bubble inflate like what we see now i lived as did you worked through the dot com you were about this is so much more widespread so many asset classes and, again, people are quitting jobs to go to crypto we saw what happened quit my job to flip houses -- >> it shows the labor shortage is reversing to evaluations we will see a lot of people rush back to the workforce you are not job growth will be collapsing at the same time. so -- >> stephanie pomboy terrific thank you so much always, smart, smart lady. coming up president biden striking out this week on major parts of his agenda
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tennessee senator bill hagerty weighs in what is next for administration plus he americans seeing pain at the pump going to get worse, why we could see soon, $4 a gallon for tiktok big paychecks make your eyes pop this morning's big buzz we are standing by for december retail sales the bottom of the hour you are watching "mornings with maria" live on fox business. . them learn good money habits. by creating allowances and assigning chores, they can practice earning every day. with a debit card just for them, they'll learn smart spending firsthand, while you monitor and set account alerts. and using their own chase mobile app, they can set big savings goals. all with no monthly service fee. chase first banking.
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dagen: president biden democrats facing new doubts on getting the two federal election bills passed. >> so that anyway i hope we can get this done. but i am not sure if we miss the first time we could come back try the second time. we miss this time, we missed this time. >> senator kyrsten sinema voiced opposition to weakening
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the filibuster for legislation. senator joe manchin, also not budging chuck schumer postponing any further action on the bill until tuesday, on virus oh and the whet. snowstorm. joining me now tennessee senator bill hagerty, a member of the foreign relations appropriations and banking committees, senator hagerty, your thoughts on kyrsten sinema, and where these voting bills go. >> i was in florida senate yesterday kyrsten sinema made the same said what she has been saying joe manchin saying the same thing not going to destroy senate not going to vote to remove 60 vote mini, in fact they invoked that last night blocked, to legislation what would have put american position -- dealing, russia democrats happy to use it republicans would like to see strengthen against russia but
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to abject power grab of lebs laws there willing to call us any name in the book resort to the senate to do it i i applaud sinema mansion for standing up do in't think bringing it back up again and again getting a different result every republican senator in united states is against this not getting unity on that side. >> additional democrats across the aisle from you or there other not in favor dog away with filibuster. >> go to 2017 fully 32 senate democrats, signed a letter saying that we should never abolish, at a point in time republicans controlled overall office controlled both branches of legislature that the point in time filibuster was absolutely critical, to
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the sanctity of the senate scenario durbin said it would be end of democracy if we were to do that joe -- if you think about what all senators said only joe manchin kyrsten sinema have been onesgoing vocal even though four five easier passed all, changed their mind i do believe a much large number wouldn't vote for this if not forced to walk the plank by senator shuman. >> you and florida senator marco rubing introducing a bill in beijing for blocking investigations will it have teeth night will 90 days of democratic full-blown investigation into origins of covid-19 has not occurred we are having, from affiliates
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chinese covered this up destroyed samples we have pushed and purchased this administration has not done enough we are going to sanction those directly involved in this any institution that were involved dangerous research involved, in viruses going to get to bottom do this by sanction. >> senator bill hagerty i promise you sir more time next time i appreciate you being here today, always senator bill hagerty we'll be right back. . throughout history i've observed markets shaped by the intentional and unforeseeable. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential
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dagen: plenty americans pushing back on cdc handling of the pandemic quinnipiac poll shows 37% americans approve of agency's job president biden ignoring reporter questions critical of his covid policies. take a look. >> -- for, vaccinated americans, to continue to -- the growth -- >> talk about that in a minute come on. >>. dagen: james. i'm at a loss for words, i can't more than two you know two years into this. james: i think a lot of
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people when they look at quinnipiac poll i know white house is concerned it. they are going to look at that 35% overall biden approval versus i think 54% with negative rating on president, they are going to say who are these 35% of people who -- think he is doing a good job? i think that is -- that is a natural question when you watch, moments like that. dagen: keep talking about my dad common sense about you can't get a test about symptoms, not testing if you don't feel well stay at home stay inside five days, they -- biden and company show fronses total inability or lack of willingness to have common sense about it i guess it is ridiculous of me to think that
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again a politician will deliver common sense. frances: a lot of this is coming too late the think he didn't want to answer yesterdays many people are now immune particularly omicron spreading to grandly around but now going to get -- all these tests coming in going to get new mandates about what kind of masks we are going to wear all things come in as more people are immune, so it is just going to continue to create a lot of ire with the public i think. . >> james will there be go ahead, go ahead james. james: i just was going to agree i guess if we find a silver lining is despite all this washington incompetence misdirection false hooded the good news is this is less severe generally for people that get it as we've been talking about, it is more
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transmissible but we may we would hope get to a point very soon where, most people have been exposed and we can move on, and -- basically put all of this overreach and federal government activity behind us. we can only hope i mean that is. dagen: right it. james: -- that is the promise we know federal solutions are not the answer. dagen: luckily supreme court put kibosh on osha-biden private sector vaxxer test mandate i point out here in new york city outlier this is a socialist sinkhole as i call it, it is the toughest there is no testing option, it is a vaccine mandate period. and i tweeted yesterday a photo of the my local and i told maria about it yesterday
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my local chase branch sign in window says our branch is temporarily closed due to new york city covid-19 workplace vaccination order they can't open because they don't have people to keep that branch open i don't understand why mayor here wouldn't rescind, de blasio's order because it is hurting business. >> well it could be optimistic -- here, but i do think even in places like new york even among, electorates there is a fatigue of frustration and a realization, where two years into this, we've got to live our lives we saw lockdowns were a disaster, people have had the opportunity to be vaccinated, a lot of people have now been exposed to the virus, we need to start using common sense, and consider cost and benefits. we understand what a disaster lockdowns were for children
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don't want them locked out of schools we don't want them to cover faces all day, they are not at great risk not presenting great risk to others. so let's live our lives. dagen: kawell said cheryl casone retail sales. cheryl: wow by a below estimates, okay look at this, first off month-over-month dow started to tick down retail sales, able we are going to be at in came in negative, 1.9% down .19% get to that in a second strip out auto sector, though looking for gain .2% we came in down 2.3% even really nasty numbers, i am waiting if anybody gets that, the retail sales number we saw prices going higher, we saw omicron, in particular middle of december dagen one thing we were kind of looking for, looks like the omicron impact plus supply chain issues, plus
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the fact that you had, even though rates going higher prices are higher three things analysts leave notes, kind of looking go, go being into this report i think a lot of people on street expecting a negative number economists definitely had it off big time as far as year-over-year accord retail we don't have it yet i will say import export prices pretty much in line i don't see a big shock with import export i give you nupz back to you wait on year-over-year. >> import prices for december down 1.2% looking for gain .3%, export prices this is month-to-month, looking for a a gun .3%, down 1.8%, that is exports u.s. exports again, negative numbers dow ticking legislator again, piggyback on retail sales number i was looking at only sales
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november-december only up 8.6% christmas weaker than expected that is all of this plus stournlz the fact we talked about omicron all things in december that you and i both experienced most america experienced kind of baked in numbers into retail sales number the headlines for i i send it back to you. dagen: down 1.9% month-over-month down 2.3% month-over-month x auto a big decline month over month we got to run to break we will be right back, and then get reaction i will do it right now, frances what do you say about the numbers? frances: well there was a skewing with retail sales in december because many people did resale, holiday shopping ever will because you know, deliver issues what have you, this is the people telling markets this is the consumer saying these prices are too
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high we don't believe transitory narrative any more we're going to stop spending going to weigh on growth, and that kind of makes a fed's job trickier because tightening into this deceleration. >> james numbers were rough. james: yeah. follows disappointing jobs' report as well. i -- you know, the omicron factor maybe consumers not liking the high prices maybe they are now not -- not as flush as they have been, but makes you wonder why aren't they taking jobs again, at a faster clip. so disappointing, and i think may take a while to figure out how this happened. >> jobs issue, i wonder, and you can weigh you know -- if totally wrong about this the
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zilgs child allowance disappeared i wonder with that going away keep it in "build back better" legislation i wonder if that will help get people back into the workforce the left always argues you need to give extra money to so they can you know find people to take care of children i wonder if that will help, james? james: well, you know every subsidy, grover norquist was saying earlier, every government benefit allegedly has to be paid by taxpayers, so, i think the "build back better" plan is -- will be highly inflationary, because, as we were discussing what it does, it discourages production does encourage consumption but that is really the problem dealing with right now, the inflation problem, is -- the supply-side of the economy is notproducing as much as we could like even
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though demand side has been very robust. so i think "build back better" is going to exacerbate that inflation issue, but generally, i -- i you know, one reason to being optimistic we've actually seen since the summer 2020 when economy was rebounding a real boom in new business creation maybe in part people were responding to lockdowns, in society if washington can get out of the way a lot of reasons to think this coming year could be very good obviously, this report is a disappointment. dagen: certainly helping push biden and company out of way in terms of vaccine test mandate for private businesses, speaking of that supreme court did shut down, biden and company's vaccine test mandate for private companies those were more than
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100 or more employees the decision was 6 to 3, all three liberal justices, dissenting high court upheld mandate for healthcare workers racing medicare medicaid justices kavanaugh decides with liberal justices, attorney general ashley moody, it was the justices firmly stood, for the separation of powers to implement this edict, you have to go through congress, what say you to the split decision, from the high court. >> you are right ruling was very clear, after osha mandate, the court said this was like taking a blunt instrument trying to enacting healthcare policy on a wide scale basis using the excuse
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that you are trying to protect workplace there are very clear congress did not intend for osha off that kind of authority, so said if you are going to do this this has to be industry specific really specifically to the workplace conditions not something that was generally reality to any gathering, like a sports event or going to a restaurant gathering in large crowds i think very clear this was a win not just for freedom, obviously, governor desantis and i are working to keep florida free, defending freedom, every single day but this was a win for the millions of employees that were desperately trying to hold on to healthcare economy for the employees are going to be faced really with another task, billions, in compliance costs. so we are we are praising supreme court decision after that mandate it was spot-on. dagen: gentleman you are seeing two liberal justices --
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questioning, count on attorneys last week, that with -- sotomayor, and breyer, kagen focused on headline issues with sotomayor justice sotomayor's case, false stits inaccurate statistics, about the virus about children that wasn't the issue in front of the court it is simply an issue, as journal wrote, of who decides the policy, it was never a question about the efficacy of vaccine mandates. and the need for intervention by the white house. it was simply a rule of law. and with the constitution says about states versus federal government. it was just -- maybe i shouldn't be astonished at this point, but it was kind of mind-boggling, the nature of
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the question, by the liberal justices. >> it concerned a lot of folks, i have been a federal prosecutor, a over a dictate before attorney general of florida i think concerned a lot of folks you saw supreme court justices asking questions on things they may have heard read about not forcing on record of the case. you are correct dagen. this was about when a president of the united states and his administration, can democratic such sweeping policies, that were never given to them that power, by congress it was absolutely a win yesterday, not only in this specific case, but for the separation of powers, the principles on which this country was founded, i was so elated to hear about this decision we will continue to fight look this isn't the end you are going to see more mandates you are going to see more tests by this administration, to encroach upon states to obliterate separation of powers in order to have a free society free
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democracy you have to have people willing to fight and stand up. and we will continue to do that. dagen: this was a clear signal from high court conservative justices that argued this was never really about getting america vaccinated. it was -- if you look at just americans who had one shot, their in terms of adults 87% adults have gotten at least one jab 95%, people over 65, have gotten one jab, it was about using the power of the executive branch and really expanding it. you know -- and unclothed emperor's edict if you will, opening the door for greater i know greater control and greater influence over things like climate change by the executive branch, this kind of drew another line between the legislature, and the executive branch, between the federal government, and the states. >> you are absolutely right, it was such an important ruling, as we see more and
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more push by this administration, to encroach upon states' rights gobble up power use federal power like it has never been used. if this had gone another way if they had not been given a stay on osha mandate that would have been a steroid in radical overreaching administration. >> before we go attorney general you had 15 other attorney generals on he fentanyl insurgent our country across the borrowed from mexico, you write chinese chemical manufacturers are making sending raw ingredients to make fentanyl to mexican drug cartels in turn making trafficking fentanyl in industrial scale, this is now the number one killer, of young americans. your reaction, to the lack of action, and the porous wide-open border from this
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administration. . >> desperately pleading from action and strong fold control of this border it is can i go americans in florida record overdose deaths we know, this is because of the fentanyl coming over the border, this administration has done nothing. we saw last administration under trump, really good movement by china in terms of trying have to control some of the -- not shipped directly here now under this administration shipg to mexican fundamental seized at border last year is enough to kill entire american population seven times over. fentanyl deaths opioid deaths now leading cause of death of adults ages 18 to 45 over taifking cancer car accidents, covid, they need to do their jobs, president biden needs to get off his hands taking action, and a double whammy
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you also see prosecutors now, not only pouring across our borders uncontrollable fentanyl can kill, one pill can kill, you have liberal radically prosecutors, like in new york, announcing are there no longer going after trueing trafficking in middle of epidemic, record number of folks with deaths you have executives saying they won't follow the law won't enforce the laws us don't care about drug dealers have at it. dagen: they don't care about people dying from fundamental poisoning about the families who are grieving families left behind with a lot of questions they have no answers don't even have an i'm sorry, ashley moody great to see you. thank you so much attorney general from state of florida be well. thanks, get ready for pain at the pump next guest says four bucks a gallon maria bartiromo
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has new time slot 7 pm eastern right here on fox business, tonight, you are going to hear maria's interview with jpmorgan, ceo jamie dimon you are watching "mornings with maria" live on fox business. . your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
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almost 51% from a year ag next guest i value for research, 45 bucks a gallon nation waidz the becoming norm for all states price information service, analysis tom, four bucks, in most states, higher in some, when and how long? >> will it last? >> well dagen i think going to -- be somewhere between the super bowl and memorial day going to happen quick a head fake very, very low demand because of miserable winter weather, and so prices are not doing anything, but they will probably take off to spring, we lost a lot of rerefining capacity there is an awful lot of investment speculation or whatever in crude may push
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those prices up into triple digits. >> that has been biggs driver of this spike in energy prices day one joe biden killed keystone xl pipeline but there has been a war, on energy production here in the united states, and u.s. moved to restrict oil leasing in alaska we were the world's swing producer is that -- how much of biden administration's move away attempted move away from fossil fuels has driven prays higher my impact 2023 to 2024 not right now. right now all about opec about russia about u.s. producers being very, very disciplined you know some people might say you know with wink and nod they are refusing to exploit some reserves that we have. do i think there are going to
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be seduced by high prices the break even prize for crude west texas probably $25, but you hear a lot of ceos they go let's not have another boom and bust, so, they will probably break with that discipline probably later this year, but we've got a couple quarters that are going to be pretty painful. >> in terms of the volatility energy prices, you think they could be as volatile as crypto and meme stocks what say you -- >> absolutely, yesterday the natural gas price dropped 12%, and day before went up 14%, those are equivalent of 10 there are a a move, 25 or 30% moves in gasoline the paper markets have gotten smaller so subject much, much more volatility. i mean we can go hyperbolic or extra orbital to price of crude with gasoline quickly, i suspect we might see that in
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april and may. dagen: tom what what about wild card of kazakhstan. >> i think kazakhstan is a wild card we see a lot of those different issues out there illustrates of iran, have been iraq or whatever they don't tend to manifest them i am a a little bit more worried about libya if russia were to invade ukraine, two million barrels a day to cried oil or lecd countries i don't think none of my projections are based on those happening you've got to krot fingers hope at some point venezuela comes out of incredible region and starts to produce crude going to yu stiets. >> about what the nord stream 2 sarngs.
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europe needs nool gas putin needs customer for it he is a thug let's put it plain and simple, and there is kinds of a hobson's choice no choice at all. >> tom good to see you my friend, sorry about your -- >> good to see you, hopefully the cowboys will lose all will be right in the world. dagen: are i root for that all day. cowboys, thank you so much tom, tiktok star dancing to bank making more than some ceos in this country we explain in the big buzz next. ♪ ♪ you got to keep your head up don't let your head down you got to keep your head up, don't let your head down. ♪♪ ♪♪ ver. careful now. nice! you got it. and thanks to voya, i'm confident about my future. oh dad, the twins are now... ...vegan. i know, i got 'em some of those plant burgers. - nice! - yeah.
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maria: time for the big buzz of the morning. charlie dimilli/o makes more than mcdonald's, $17 million in 2021. this is the free market, the best of it. >> motivation for those ceos to work harder, be more creative, find more ways to add value.
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hats off to the sisters, i haven't watched this stuff but i know they are operating in a competitive market with millions of kids around the world making videos and found a way to stand out but good to see entrepreneurial creativity and talent. dagen: this is why there are so many job openings. >> perhaps. these moments, what to do with this money, demand for this sort of thing or other teenagers up and coming. doesn't last forever but this is impressive and goes to show what success is and how it is defined and fame and fortune is achieved in the digital age. it has changed dramatically. dagen: before we go, so many people on twitter kicking down the video of the sisters taking down all the things that happen to the biden administration's this week. glenn greenwald, 7% inflation,
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the highest it has been in 40 years, 30% approval rating, kristen sinema and manchin affirming filibuster support, supreme court striking down the vaccine mandate. i could go on and on. it is astonishing. >> i guess they had a better week than the president did and that is true of pretty much everyone since he has been in office. dagen: given that in atlanta. the state was like a rehash of all the garbage active in the last few years and full of fire and brimstone and it is like he is not reading the tone of the nation.
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>> it was really awful and dishonest and destructive and i have a column urging kamala harris to part ways with him, take her role as president of the senate and lead the white house and i don't know if she is interested in this but it would be great for the country for someone to turn the democratic party away from this very district of hateful -- dagen: thank you. stuart, take it away. stuart: good morning, everyone. the vaccine mandate on business struck down. voting reform struck out. build back better all but dead. the president's grand plan to transform america couldn't get a vote and couldn't pass the supreme court. the left is wildly angry. bernie sanders as the democrats have abandoned working people, bitterly divided.

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