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tv   Mornings With Maria Bartiromo  FOX Business  January 18, 2022 6:00am-9:00am EST

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so the next time you run a faucet or flush a toilet, take a moment to appreciate the people whose job it is to ensure all your waste winds up where it should. because people like these, so often out of sight, are essential additions to how america works. maria: good tuesday morning, everyone. thanks so much for joining us. i'm maria bartiromo. it is tuesday, january 18th. your top stories, 6:00 a.m. on the east coast. earnings, rising rates and a broken agenda, the week kicks off with yields and two year highs, expectations of multiple rate hikes this year coming up in washington. democrats are gearing up to bring their voting bill to the senate floor on wednesday for a vote, despite no republican support and joe manchin and kyrsten sinema staying firm, they are not changing the
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filibuster. the white house still pushing to salvage a broken agenda, all coming up, an agenda he voters are rejecting. a gallup poll shows americans in 2021 shifted their political identification, favoring republicans over democrats. we'll get into it and the ripple effect coming up this morning. markets are under some selling pressure this morning as we kick off a big week of earnings, we are looking ahead to bank earnings and going into the numbers, the dow industrials are down 263 right now, on top of the selloff friday, the s&p 500 down 53, nasdaq lower by 281 points, that is almost 2%. we are looking a ahead this morning to earnings from goldman sachs, bank of america, morgan stanley, out this week. we will have those numbers this morning from goldman when they hit the tape. markets are closed for -- markets were closed yesterday for the martin luther king, junior holiday. friday we saw a mixed market, dow industrials were down 201 on friday, the nasdaq was up 87,
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about two thirds of 1%. the s&p 500 was flat. the dow falling more than 200 while technology really was the highlight, moving the nasdaq into positive territory on friday. on the week, all three major indices finished lower, the second down week for 2022 with major indices down a fraction on the nasdaq and the s&p 500, but the dow industrials down almost 1%. let's check european markets. we are looking at selling pressure there as well. the fop in london right now -- the ft 100 in london down 54, the dax lower by 185. in asia overnight, markets finished mostly lower, fractional moves pretty much across the board in the asian indices, as you can see, shanghai the one winner, up in china. "mornings with maria" is live right now. ♪ this is the part of me that you're never going to ever take away from me. ♪ this is the part of me that
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you're never going to ever take away from me. maria: and your morning mover this morning first up, check out electric automakers, tesla, rivian and lucid down better than 2% this morning on the build back better agenda that has broken, as jeffries says sales of electric vehicles in the united states increased 7% in december, despite supply chain issues. the firm now estimating 100 new ev models in the u.s. through 2024 with notable light truck rollouts. remember in the build back better agenda, there was $555 billion earmarked toward the climate and that included electric automakers. ne up, activision. blizzard, thevideo game giant cd around 700 reports of employee concerns since july, largely
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from activist investors. the stock is down this morning 1 and three quarters percent. broader market under pressure, the take a look at stocks going down as yields are going up, the dow industrials down 268 as the 10 year treasury yield jumps to 1.83%, the highest point in about two years, the 10 year still sitting a few basis points up this morning, but at one point 1.84% on the 10 year, bank earnings taking center stage this week. we'll be watching for goldman sachs, bank of new york melon, pnc and charles schwab. the one winner on the morning session, up, charles schwab, up 2 and a third percent right now. take a look at goldman, the stock down 2 and-a-half percent. we'll get the numbers to you in about an hour's time. joining me now head of investment strategy, hank smith is here this morning. joining the conversation all morning long is fox business'
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dagen mcdowell and forbes media chairman, steve forbes. hank, as we watch expectations for interest rates on the move this year, what's your take on allocating capital in 2022 we are expecting multiple rate hikes from the federal reserve. >> well, maria, first of all, a correction is long overdue. we have not had a correction in the s&p 500 since the bear market almost two years ago and that is very unusual. we've had very, very little volatility over the course of 2021 and we seem to be making up for it right now. that said, look our expectation is for much more modest returns in the equity markets, probably single digits. but it's still going to be a better return than the alternatives. in our view, we are still in a tml market, there is no alternative and fixed income is going to be much more challenging for investors than
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equities and in an inflationary environment, you want to be in equities over fixed income and so adjust your expectations for more volatility and more modest returns. maria: so, hank, i want to know how many hikes you would expect, because the federal reserve has been very clear about we will see at least three hikes this year but there are plenty of investors that are expecting much more. last week on this program, i spoke with dan niles, he is the founder of the safari fund, portfolio manager, on how he is allocating capital. thereon what he said, he's up -- listen to what he said, he's i'm there at five, six rate hikes. here's dan niles from thursday. watch. >> i think the fed's going to raise rates five to six times, i think they're going to start to work down their balance sheet this year and i think you're going to have 10 year treasuries get close to 3% when all is said and done in 2022 and i think that's going to drive a 20%
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20%correction in the stock mark. i think you'll see multiples compress a lot. maria: we also had on this program jamie dimon earlier in the week last week who said, look, for the first time in his life he is seeing serious pressure on wages and on people. he later said he's also expecting five to six, seven rate hikes from the federal reserve. how do you trade around that, hank? >> well, look, in that environment where you had that many rate hikes you would not see much easing of inflation in the second half and i think a lot of it has to do with does this covid-19 virus, does it recede to something less than a pandemic, something more manageable that allows the supply chain disruptions to work themselves out. if that occurs, then i think you're going to have three to four rate hikes but if that does not occur and we're still
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talking about a fourth, a fifth variant and we're in this pandemic through 2022, then i think the fed is going to have to go to putting their foot on the brake as opposed to just easing off the accelerator. maria: yeah. let me bring dagen mcdowell in. because dagen, we've been trying to navigate around all these fed meetings. put that graphic up once again in terms of fed meetings coming up. we have a fed meeting next week. most of the people we've spoken with are not expecting the rate hikes to start until march. what's your take on this, dagen, in terms of what we see in the upcoming january meeting versus the march meeting, march 15th. dagen: it's going to be later in the year, obviously, i think before they start raising short-term interest rates but i can say with almost certainty that the federal reserve will screw this up and it will trigger a recession, potentially, where short-term and jon hilsenrath talked about
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it yesterday where short-term interest rates end up higher than longer term interest rates as the fed will ignore what the market's trying to tell it. we're going into this removal of accommodation to sound like the nerd that i am with a near $9 trillion balance sheet. before the financial crisis in 2007 that balance sheet was about $800 billion. the federal reserve -- maria: wow. dagen: -- has never, ever conducted intervention like this, in the economy, in markets, in interest rates and as they try to unwind this, it is going to be, well, a nightmare. maria: and that has been reflected in these market moves, right, steve forbes? this movement from easing to a tightening position, markets were underestimating this for a long time, steve. jump in here on these expectations that even jamie dimon is now saying six to seven rate hikes. steve: i think the real
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question is and hank alluded to this is what kind of variant is going to come down the road. if the government would just step back and let the supply chain problems work themselves out, eventually they'll work themselves out. the danger is that a lot of things are out of our control. china is going bonkers on lockdowns again which is going to be more disruptive to supply chains. in terms of the market itself, i'm wondering about, hank, i saw a story in the wall street journal, over 200 companied with over $10 billion or more of capitalization are down 20% already. it seems inside the market you're starting to get bear market or correction activity. maria: it's a great point. hank, what do you think? >> yeah, no question. and in fact, the market, the s&p 500 market capitalized weighted has been bouyed by the top five, the top 10 companies, the apples, the microsofts, facebooks, et cetera. underneath -- maria: that's right. >> throughout 2021, there's
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been plenty of volatility. also, the market has done an excellent job of flushing out some of the euphoria, some of the excesses, whether it be in ipos, whether bit in spacs, whether it be in digital cryptocurrencies. so actually the market's done a pretty good job but we are due for a little bit more volatility and a long overdue correction and i think that would be healthy. maria: all right, hank. great to see you. sounds like you're going to be a buyer on any big correction in stocks. >> yes, yes. maria: we'll be checking back with along the way. hank, thanks so much. hank smith joining us this morning. we have a big show coming up, coming up, democrat drama, kamala harris calling her own party complacent now as fellow democrats do not support blowing up senate rules to federalize elections. our panel will weigh in. a new gallup poll shows more americans moving to the right as
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political party preferences shift attend of the year last year, what that means for the gop going forward. we'll break it all down. don't miss a moment of it. you're watching "mornings with maria" live on fox business. we'll be right back. i'm covered for everything. which reminds me, thank you for driving me to the drugstore. earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. my daughter has type 2 diabetes and lately i've seen this change in her. once-weekly trulicity is proven to help lower a1c. it lowers blood sugar from the first dose. and you could lose up to ten pounds. trulicity is for type 2 diabetes. it isn't for people with type 1 diabetes. it's not approved for use in children. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. serious side effects may include pancreatitis. taking trulicity with sulfonylurea or insulin
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maria: welcome back. we are standing by for goldman sachs earnings this morning, expected to report revenue of just under $12.1 billion, we get those numbers for you as soon as they hit the tape and see if they impact markets this morning. first, some of the other top stories we're watching. the ceo of pfizer says he thinks we will, quote, return to normal life this spring. he is crediting the volume of testing, vaccines and treatments for the world to soon leave the pandemic behind. dr. anthony fauci, however, less optimistic. he says omicron may not be the final strain that ends the pandemic, cautioning a new variant could emerge that's resistant to natural immunity. meanwhile, the opposite in the u.k., officials there predicting the virus could evolve into a
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mild flu-like sickness but the end of the year, prime minister boris johnson planning to end most restrictions next week. then there's a new israeli study saying a fourth vaccine shot may not be enough to prevent infections from the omicron variant, showing another booster provided a slightly higher increase in antibodies but didn't prevent the spread of the virus. the findings are still preliminary and haven't been published widely yet. general mark milley tested positive for covid, he is said to have mild symptoms he is isolating while working remote. new venture capitalist walking back his comments that no one cares about the genocide of uyghur muslims in in china. watch this. >> nobody cares about what's happening to the uyghurs, okay, you bring it up because you really care. >> what?
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what do you mean, nobody cares? >> the rest of us don't care. >> you're saying you don't care. >> i'm telling you a very, hard, ugly truth. of all the things that i care about, yes, it is below my line. of all the things i care about, it is below my line. >> disappointing. maria: genocide is below his line. he released a statement on twitter saying i recognize that i came across as lacking empathy. to be clear, my belief is that human rights matter, whether in china, the united states or elsewhere, full stop. it's not exactly the full stop. voting rights backlash this morning, meanwhile, democrat senators joe manchin and kyrsten sinema facing a number of attacks from their own party over their opposition to changing the filibuster, he blowing up senate rules that would allow the democrats' voting bills to move through. vice president kamala harris went all in on that yesterday. watch this. >> is there a message to
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manchin and sinema. >> there are 100 members of the united states senate. i'm not going to absolve, nor should any of us absolve any member of the united states senate for taking on the responsibility to following through on the oath they all took to support and defend the constitution of the united states. maria: [laughter] maria: this comes as hillary clinton took to twitter to invoke martin luther king, junior's criticisms of, quote, the white moderate. she wrote this. mlk junior said i had hoped that the white moderate would understand that law and order exists for the purpose of establishing justice and that when they fail in this purpose they become the dangerously structured dams that block the flow of social progress. dagen mcdowell, she was criticized for this tweet. your thoughts? dagen: i think that the demagoguery that's going on, the
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attacks on manchin and sinema, it's a signed of the democrats' desperation. that they can't get anything done. manchin and sinema represent their constituents and their states and if they want to talk about joe biden being the president and how dare you not stand up for joe biden's agenda, they don't work for joe biden and joe biden didn't help get them elected. you look at west virginia, donald trump handily won that state and joe manchin knows who he represents. in terms of the filibuster, the filibuster exists so in very narrow majorities you can't get a majority more narrow than the ones that the democrats have, that you can't use a narrow majority like that to push through legislation that the american people don't want. and that is exactly what they're trying to do with this voting rights bill. they want to federalize elections and put in place the free wheeling voting approach
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that you had during a pandemic. and by the way, most americans want voter id, they like voter id, they believe in people having to present an id to go and vote. maria: spot-on on all of that, and steve, you know, they don't care whose lives they deflow the process, these -- destroy in the process. these attacks on manchin and sinema and kamala harris says i don't absolve anybody. who is going to absolve the white house for the misinformation it's been spewing out all year? >> that's right. she's not the pope, the last i looked, in terms of abs hughess. what you see is -- absolution. i would love to hear hillary, you have to have an id to go to a restaurant in new york city now, why not for voting. american people want that, they want integrity. they don't want empty boxes
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where you can put stuff in and no one's looking over it. maria: the democrats have a show to put on and that's exactly what they're doing. we'll show you that show and all the theatrics for sure. we'll be right back with more. stay with us. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit and get started today. whose resumes on indeed match your job criteria. visit and get started today. today, business is a balancing act. you want your data to be protected and secured.
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maria: welcome back. a dramatic shift at the end of last year in america's preferred
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political party. at the start of the year, democrats held the advantage at 49% with just 40% of democrats saying they favored the gop. but by the end of 2021, a complete reversal. 47% of americans say they preferred republicans with just 42% favoring democrats. it's the first time we've seen republicans on top since 1995. joining me right now is the washington examiner political and investigateive reporter, sarah westwood. great to see you. thank you very much. your reaction to these numbers. >> i think a 14 point swing like that is reflective of the fact that democrats haven't been talking about the things that people seem to care about and republicans have. i don't think it's more complicated than that. democrats don't have an answer for inflation, they haven't put forward an off-ramp for their covid policies, they're not he focusing on supply chain issues that americans are feelings every day and they're doubling down on an approach that hurt them for an entire year now on
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voting rights, for example. they're setting themselves up this week for a double loss, not just on their failure to get a voting rights bill over the finish line but also setting themselves up for as loss on changing the filibuster rules when they know they don't have the votes. he despite being in power, democrats continue to do things that highlight their division while republicans remain unified in opposition. maria: well, share remarks i think you make a great point. i mean, what is going on that this democrat party of today refuses to even listen to voters? i mean, do they forget who they work for? poll after poll has joe biden and kamala harris down in the barrel, in the dumpster, in terms of poll ratings, 33% the last check. that right there tells you voters are rejecting this agenda and yet what does chuck schumer do? he's pushing through a vote in the senate this wednesday.
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>> yeah, democrats early on seem to have made a decision that they were going to try the to govern as if they had some sort of large mandate as if they had the kind of sweeping majority that would allow them to pass the transformational policies that their activist base wants and the reality is they've never had numbers to pursue the kind of agenda that they still have continued to try to get through, despite not really having that goodwill from the voters, that's not the message that voters sent in november and yet i think biden especially has shown himself to be particularly beholden to the leftist activist base and hasn't found a way to distance himself even though the platform he ran on was bridging the gap between that base and the rest of the party. maria: of course, they want to he blow up the senate rules so they can get their voting bills through but they also want to make puerto rico a state, they want to make d.c. a state. the mayor of washington, d.c.,
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muriel bowser, pushing for democrats' federal election overhaul, saying d.c. could help if it was a state. watch this. >> today we're talking about the filibuster but consider this. we wouldn't even be in this situation if washington, d.c. had two senators, the two senators we deserve. maria: so that's what this is all about, sarah. >> yeah, so muriel bowser sort of admitting, saying the quiet part a outloud that the d.c. state isn't about providing d.c. residents with voting rights but it's about a democratic power grab. all of these things are part of the same effort from democrats to sort change the rules of a game that they're losing right now, whether you're talking about filibuster reform or supreme court packing or d.c. d. statehood, democrats want to make structural changes to the system now that that they're
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finding had that they aren't able to work successfully in it. that was a stunning admission from muriel bowser about what the end goal of d.c. statehood really is. maria: we will leave it there. thanks so much. sarah westwood joining with us the political maneuverings in washington this week. quick break and questionable comments on communist china, why one nba owner is walking back what he said about genocide in china at the hands of the uyghurs. general arnold punero is here, we will discuss with the general the threat of communist china. and then an out-of-this world price for a single jewel, the outrageous price for this black diamond, wait until you see this. stay with us. ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan
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take a look at markets this half hour where we do have another selloff underway. we are beginning a new week of earnings which we will get to in a moment. take look at where we stand, dow industrials down 269 points right now, three quarters of 1%. the s&p is down 54. the nasdaq getting hit again, down almost 2% this morning. a decline of 290 points on the nasdaq. we are looking ahead to bank earnings this morning. this morning, we will get the fourth quarter numbers from goldman sachs. actually, we've got the fourth quarter for goldman. it will be the number that people watch, will be on loan growth as well as capital markets which were terrific in the fourth quarter for morgan. bank of america and morgan stanley will be out tomorrow. markets were closed yesterday for martin luther king, junior day. but friday we had a mixed story, the dow industrials were down 200 points. technology was strong and a rally in tech pushed the nasdaq into positive territory, it was
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up 86 points at the close, two thirds of 1%. last week all three major indices finished lower, the second declining week for 2022, the week begins with real volatility and decline -- the year, rather begins. the dow industrials were down 319 points last week, the s&p down a third of a percent on the week last week. european markets are under selling pressure, take a look. it is declines across the board in you're row zone. ft 100 down 47, cac down 77, dax lower by 170. in asia overnight, markets were fractionally moving. the one performer on the upside was the shanghai composite in china, as you can see, the others moving fractionally. kohl's once again feeling the pressure over its stock price. cheryl casone with the details. cheryl, we are seeing moves throughout retail now in terms of spinoffs and efforts to get shareholders to see gains. cheryl: these activist shareholders, exactly. and kohl's seems to be pushing
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back and that's the interesting part of the story this morning. mccowen advisors own 5% stake in kohl's, they want the company to either boost the stock price or explore a possible sale like you said, we've seen this before with other retailers. the firm suggesting they add directors are retail experience or a shareholder to the board, same background. the company so far refused. late last year, another activist investor urged the retailer to consider a sale or spinoff of the e-commerce business. didn't happen. there's kohl's in the premarket, down. and the stock has been under pressure. it's down more than half a percent. well, norwegian cruise line canceling its carribean trip mid-voyage, this due to, quote, covid related circumstances. passengers are now stuck at sea until the ship returns to new york. norwegian canceling nearly a dozen other trips. they're giving guests a full refund. the cancellation comes despite the requirement all guests and crew members have to be fully
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vaccinated when you're on board. norwegian cruise lines, the stock down more than 1 and-a-half percent. finally this. sotheby's is set to auction off a black diamond. it is dubbed the enigma. it is forged out of the black part of the meteor which comes from the asteroid. the 1 billion year old diamond, 1 billion year old, is expected to sell next month for at least $6.8 million. i could buy a lot of shares of goldman sachs if i had that diamond in my pocket. i'm watching for goldman sachs earnings right now. transition. maria: we will get back to you when those numbers come out on goldman sachs. thank sow much, cheryl. meanwhile, the owner of the golden state warriors walking back his comments now that he said last week that no one cares about genocide happening to the uyghurs, muslims in china.
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watch this. >> nobody cares about what's happening to the uyghurs, okay? you bring it up because you really care. >> what? what do you mean nobody cares? >> the rest of us don't care. >> you really don't care? you're saying you personally don't care. >> i'm telling you a very hard, ugly truth. of all the things that i care about, yes, it is below my line. maria: below his line, huh? joining me now is retired two star marine corps general and author of the book, the ever shrinking fighting force, general arnold punero is here. thank you for being here. before we get to the book, i have to get your take on what you heard. we know how the nba feels about china. they come to the chinese come mist party's rescue over and over again but this was really unbelievable, saying that the genocide happening was below his line of interest. >> well, maria, it's a privilege to be with you here this morning, even though the external circumstances for our country at home and abroad are
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exceedingly worrisome and grim and environment i don't identify with his comments. we are no longer in a situation where we coordinate or cooperate with china, we've got to confront china. we're dealing with a very dangerous situation in the world right now. china's on the march. russias' on the move. inflation's on the rise and congress is sitting on their duff. we should be right now trying to deter russia from invading ukraine, deter china from saber rattling, keeping north korea from further missile tests and dealing with escalating inflation. but congress has failed to pass a full year defense bill and our department of defense is losing 5 to $6 billion a month in purchasing power so already we're down $25 billion which means our war fighting readiness of the combat and commands that
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have to deal with these situations are deteriorating. we don't have the european defense initiative that's been approved that would help us deal with russia and ukraine. as you mentioned with your earlier -- they should shift priorities to dealing with our national defense. maria: but general, you make so many good points. we have a budget right now which is a bernie sanders budget which pretty much calls for a decline in defense spending, okay. a decline in defense spending as our adversaries across the world are on the march. i mean, look, why would the owner of the basketball team or the ceo of a major bank care about the uyghurs getting tortured if our own leadership in america doesn't do anything about? let's be frank. policy in this country has done nothing to hold chinese communist party to account.
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what should joe biden and company be doing against this adversarial chinese communist party right now? >> maria, i think the first thing we've got to do is the administration working with everybody needs to force congress to pass a full year defense appropriation bill. we're looking at the risk of a year long cr which is unprecedented and i'll be candid with you. it would be worse than bernie sanders ever dreamed of, it would be 76 to $100 billion, worth than the worst year of the fy '13 he sequester. we're talking about a catastrophic situation. as important as human rights -- we can do both at the same time, putting pressure on china, on human rights but the thing that's going to put pressure on chafer is when they see -- china is when they see us as one of your guests last week pointed out, we've got to focus on the technology that russia and china worry about, hyper sonic weapons, quantum, artificial intelligence. we pass the defense bills that's
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going to put the kind of pressure where we can have a stronger position on human rights as well. again, we are dealing with a situation that could be a worse cut in defense than bernie sanders ever dreamed of. maria: somebody just sent me a video of these dancers, they look like american citizens. they were dancers and in fact when you look closely, they are robots and you can't even tell that they were robots. they were made in china. where is this going? the chinese communist party creating robots in the military, robots to take jobs, not to mention hurling this covid-19 virus at the world. fentanyl onto american shores. you know, should any of these issues be brought up to xi jinping? joe biden has spoken with him four times. it never came up. >> maria, we have to understand where china's headed. they've been very clear about what they want to do they want
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to basically take over the world, economically, militarily, diplomatically and technologically. it's scary how far they've come. they're ahead of us on hyper sonic weapons. they have a larger navy than we have. we have to confront china. we can't play kissy face with china. to do that, you've got to have a defense funding bill. it also covers all of our intelligence community, despite the $6 billion cut we're dealing with right now when our intelligence communities are trying to figure out what's russia up to when it comes to ukraine. maria: well, it's a great point and i wanted to move on to they that as well. real quick before we go, a group of seven senators arrived in ukraine yesterday to meet with ukraine president zelensky and other officials as russia troops pile up along the border. russia is thinning out the embassy in ukraine, general. where is this going? >> well, i hate so say it, i wish the senators -- god bless them for going over.
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they should have brought lethal anti-tank weapons to ukraine. the only thing russia understands is power. we've got to threaten their military force with anti-tank weapons, anti-missile weapons, we have to threaten their economic being. that means not just talking about sanctions but going after oil exports, whether by train or -- every 15 minutes, a russian oil tanker sails through to get to warm water. there's things we could do to put russia in a hurt locker and we've got to get beyond the talking stage and into the confrontation stage. i think putin unfortunately has incentive to invade because we haven't done anything to deter him. especially when we can't pass our own defense bill. maria: that's right. unfortunately, ted cruz had a bill to be put sanctions honored stream 2. that was a stopped by the democrats -- nord stream 2. that was stopped by the democrats. we are not doing what needs to be done as our adversaries are
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on the march. we'll keep a spotlight on it. we will be watching, sir. thank you. don't forget to tune into fox business prime tonight, american dream home starts at 8:00 p.m. eastern tonight, followed by mansion global at 9:00. you're watching "mornings with maria" live on fox business. we'll be right back. your shipping manager left to “find themself.” leaving you lost. you need to hire.
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maria: welcome back. now a dark money thriller, my next guest spent his 40 year career in international finance as a trader and a banker. he is now using that experience to write his first novel, called undermoney. author jay newman joins me now. great to have you. thanks very much. tell us about the book. >> maria, it's amazing to be here. thank you. so when i retired from hedge fund life, i thought about writing but writing about hedge funds is pretty boring and i thought that fiction would be the way to go and i had a great friend when i was at morgan stanley who had been in the military and i had this idea that if you had american patriots that wanted to fix things that are wrong in this country, they would need to get their guy elected to office, maybe the presidency, and to do that they would need money. and they fell into a hedge fund, a corrupt hedge fund that they decided to take over and that's the basic thrust. maria: well, i love the thrust
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of the book and some of it honestly sounds like reality, jay. let me ask you about some of the moves that we're seeing in markets this morning to try to tap into your intell jens there because -- intelligence there because china's central bank cutting interest rates for the first time in two years following slow economic growth last year and we are watching interest rates move higher, expectations to move higher as well. what are your thoughts on this experiment that the federal reserve is about about to embark upon, going from easing to tightening. >> too little too late. to focus on the chinese, the chinese are geniuses on what i call under money which is money you don't see on the surface but you know is there that influences people and events and the chinese moving rates all manipulated and think about china as an entity. it's basically a crime family controlling a government. that's how china operates. they control amazon.
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they control tesla. they control blackrock, blackstone. recently jp morgan ceo jamie dimon was criticized for saying jp morgan may outlast the chinese communist party. they made him kneel and apologize. that's china for you. maria: i asked jamie dimon about that last week and he said, well, after consulting with colleagues, he didn't want to criticize any one party. but back to markets, he also told me that for the first time in his life, he is seeing real pressure on wages and on people. here's jamie dimon about investing in china with me just last week. watch this. >> we have to be very, very careful and we're just very deliberate how we go about engageing with the american government, in particular in this case. and a yeah, if you're doing in
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business in china, the risk goes up. there's more complex issues around other things, that is true too. we have to navigate around that. you can imagine, we have plenty of conversations. the american government doesn't want all these companies to leave things around the world. we don't think it's good for the long-term health of america either. maria: jay, go ahead. >> it's classic under-money. if you wonder why people are saying things that don't make any sense, you think about where the money is flowing. and jp morgan has a $20 billion investment in china n just got a license for securities business. they can't afford to say anything. but this is why american foreign policy is so bereft because so many big institutions in the us, whether it relates to china or to russia, even to iran, are stymied by the fact that there are he flows of funds that manipulate people and we don't even see them.
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maria: that in and of itself is another book to write, jay. the fact is, is with he are talking about a party, a country that has been very clear about its intentions. they want to overtake the united states as the number one super power. obviously, in a chinese empire, your kids and their grandkids and so on, the new generation are not going to have the opportunities that you had, that i had growing up. do these corporations not get that? >> they get it but they've been totally co-opted. think about the broad trend over 20, 30 years. what do the chinese do to get where they are today with the level of technology? they basically sold chinese labor very, very cheaply. they just dumped labor and this talked about trade flows and wto, they dumped chinese labor into cheap stuff because they know we like cheap stuff. maria: that's right. >> over decades and decades --
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and they're still doing it. it's very hard to compete with that unless we're willing to have lower growth and pay more. we can compete with them but we need visionary leaders and we don't have them. maria: well, i know you want fiction but i also see some threads of truth here in undermoney, jay. congrats on the book, we will be watching. undermoney will be on shelves january 25th. we appreciate you joining me this morning. thank you, sir. >> thank you, maria. maria: all right, jay newman there. quick break and tightening up on tourism, one tropical destination considering doubling down on covid mandates. it's the hot topic buzz this morning. stay with us. 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 and shows me how to get the most out of my workplace benefits. what's the wifi password again?
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maria: welcome back. time for the hot topic buzz. hawaii is reconsidering its definition of fully vaccinated. it may soon require visitors from other states to have a booster shot if they want to travel to the islands without quarantining. dagen, here we go. dagen: yeah. where does it stop is my question? there was a study published in the english journal of medicine, anyone who is fully vaccinated under the analysis of 30, no booster, there was zero deaths, so why would you force people under the age of 30 to get a booster? the same thing is happening with apple.
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employees corporate and in stores have to get booster shots, why omicron variant which i've had is less virilant, very contagious, why are you forcing people to get boosters? and tell me now where does it stop? how many shots are people going to be force mandate today get every year? maria: even as supreme court ruled it unconstitutionallal. dagen and steve, stay right there. ♪ ♪ maria: good tuesday morning, everybody. i'm maria bartiromo, top stories 7:00 a.m. on the button on the east coast. moving to the right. the growing number of voters moving away from the democrat party because of policies
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hurting american families, crime, open borders and out of control spending. what it means for gop? we have the numbers. genocide in china. would it ever matter to corporate america? owner of the golden state warriors saying, quote, nobody cares about what's happening to the uighur muslims in china. the fallout all morning long. markets this morning are trading lower as fourth quarter earning season picks up speed this week, futures indicating a decline of 239 points, nasdaq takes a hit. down one and two-thirds percent. selloff of 25 on nasdaq right now after markets were closed yesterday for martin luther king. the week was down. tech rally pushed the nasdaq higher, it was up 87 points at the close. about two-thirds of 1%. european markets this morning are selling off as well.
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fractional moves across the board in the entozoan, cac down 75. south korea, worst performer with kospi down about 1%, mornings with maria is live right now. ♪ ♪ maria: time for the word on wall street. joining me brigg mcadam, and university endowment denise garthman, gentlemen, good to see you both, thank you so much for being here. greg, kicking things off with you with host of bank earnings to come, that would be taking center stage this week. right now we are waiting on goldman sachs, the company reported -- is going to be reporting, we are keeping an eye on the federal reserve, of course, we are seeing a whole host of new expectations in
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terms of rate hikes. the fed was very clear, jay powell saying to expect 3 to 4 rate hike this is year but other investors are thinking it could be as high as 7 rate hikes. last week i spoke with founder and portfolio founder dan niles, here is what he expects from the fed in 2022. >> i think the fed is going to raise rates 5 to 6 times, i think they will start to work down their balance sheet and i think you will have ten-year treasuries get close to 3% when all said and done in 2022. i think that's going to drive a 20% correction in the stock market, s&p 500 at some point during the year because you will see multiple compress a lot. maria: all right, greg, do you agree with dan niles and what do you want to do as an investor in the face of 20% selloff in stocks? >> yeah, it's a great point that dan made and i learned when i
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worked at leiman brothers not to disagree with him. i would tend to degree that there can be six or seven rate hikes or at least there should be, maria. that's the problem. the fed could very well miss this. they could undershoot or not raise rates enough and, look, they've missed once already. they clearly missed it last year when they said inflation was transitory. now they are signaling that things, that it's already peaked and it'll come down some time or maybe will peak in the coming year and will come down. look, they've been wrong already in recent history. if anything, they don't raise hikes rates enough, then they have to go really crazy if they miss, again, inflation persists which very well might. you still have the rate high, you have too much stimulus in in spite of build back better being
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shut down. you have way too much demand and you haven't seen rents or owners equivalent rent being factored in seriously to the cpi yet. so there's a lot of reasons, i think, the fed will either be more aggressive or perhaps make a mistake and not be aggressive enough and they have to super charge it later which could cause a recession or some sort of tantrum. maria: i've been saying that the markets have been underestimating the transition, the transition from easy money which created all of this liquidity for so long to a tightening stance, but, you know, greg, what do you want to do as an investor if, in fact, we do see 7 rate headaches? by the way we showed on the screen all of the federal reserve meetings this year, if you're talking about 7 rate hikes, i guess you should assume that the next is not a quarter point? why would they raise rates 25 basis points for the first time when you've got expectations of
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7 rate hikes? would you expect half a point raise in the first one and when would it be? >> i would hope so. i don't know that i expect it because, again, they've been wrong, you know, quite recently or recent past. i would hope that they raise them 50. i think it's too little too late in terms of their change in their tone in the last 3 or 4 months. so i think there's room to be really aggressive and raise rates. i guess the great question is will they do it and i hope they do. as you have talked about it in the past, even with four rate hikes, 5 or 6, you will still have negative rates and that's a great problem. maria: good point. you're talking about looking for yields. you like the old guard, high dividend paying companies, where specifically do you want to be invested if we see 6, 7 rate
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hikes by the fed, denise? >> i would rather be less invested than i have been. i trade for the university and my own account and i'm only long a third of what i should be long. the bear market started 8 weeks ago and we will be down at least 10 to 15% before the year is out. being invested is going to be very difficult this year. i own chevron because i like the high dividend and 3m and i like verizon because it pays great dividend. what i want to own old guard, high covered stocks. in a bear market, he or she who lose it is least is the winner this year. i'm afraid that this is a very ugly year. they laughed at me a month and a half ago that the federal reserve was going to rate raise 4 times this year and maybe once by 50 basis points, now it seems to be very collegial that it's going to be 4 times that the fed
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moves rates higher and i can remember when i was trading almost 40 years ago that we saw times when the fed raised interest rates 100 basis points and 150 basis points from one meeting to the next. 50 basis points at least once this year, at least four raises by the time the year is done. we raise rates 150 basis points. we will be at negative interest rates and the rates will have to go higher. it's the story that will play autoo. maria: all right. it's an important story. you have been calling for this for some time and -- and you've been talking about gold since you're not, you know, heavily invested in stocks, are you sitting in cash in gold? >> i have 10% in gold. the university bought a 3% position in gold last february. i have a 10% position in gold and i think people should have 5 or 10% no gold.
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not bitcoin, gold. maria: got it. >> he or who she who loses the least will be the winner. maria: thank you, gentlemen, have a good tuesday. quick break, much more ahead this morning. coming up, moving to the right. a new poll shows how many voters are switching parties from the democrat party to the republican party. we have all the numbers coming up and then drugs flowing into our country through the wide-open southern border. former acting dhs secretary chad wolf is here to discuss what she wants to see from the biden administration as we have to report more deaths due to fentanyl. then wal-mart gets in on the crypto craze, how other major companies can expand to digital assets this year. joining the conversation all morning long, dagen mcdowell and steve forbes, we will get back to the fantastic panel when we come right back. you're watching mornings with maria live on fox business.
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federal election bills. the senate is set to debate is voting legislation today and tomorrow ahead of a potential vote on filibuster reform tomorrow. vice president kamala harris is putting the pressure on members of the democrat party. watch this. >> today our freedom to vote is under assault. they are also working to interfere with our elections, to get the outcomes they want and to discredit those they do not. it is time for the united states senate to do its job. maria: that speech very much in step with what the democrats have done in the past, attack the other side for what you are actually doing. senators joe manchin and kyrsten sinema again feeling the heat but so far are standing strong in their opposition to federalizing elections and blowing up senate rules.
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joining me right now new york congressman claudey tenney, member of foreign affairs, congresswoman, great to see you this morning. thanks very much. i know that they have to put on a show. kamala harris was right there with the theatrics around the election bills. how do you think this plays out? congresswoman: look, these are bad policies they are trying to cover up. they are hypocritical and using tired old phrases, sadly using martin luther king talking about voter suppression when the truth is last year we had a record turnout in elections. the republicans retained every seat incumbents in the house plus we gain 15. the only place that they have problems is that we had pandemic rules and pandemic election and, you know, they used 400 million of zucker bucks, money that mark zuckerberg put into the elections to prime the pump so that the democrats in swing
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states can pull ahead narrowly to win the presidential election. so this is all just to cover over the bad policies and they are going to continue to talk about a pandemic election and hr1 and hr4 are really just codifying the bad rules in the pandemic election. maria: it's pretty extraordinary to me what's going on and i know that the government runs out of money february 18th, so you've got the continuing resolution that funds the government expiring in just a few weeks. maybe they will turn their attention to what matters to the american people but to see the democrats continuing to jam through a vote knowing that they have no republican support, they have at least two democrat senators who are saying no way, i'm not voting for this, and you have poll after poll, the american people rejecting this build back better agenda and yet they are going forward with what they want done.
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congresswoman: they can't help themselves. joe manchin indicated that he's okay with hr4. thankfully they are holding strong on the filibuster which prevents both of the election bills from going through and the interesting thing if you want to look at it as an analogy, think about this, the democrats when it comes to these bills and when it comes to running government, they want to call the cane and wants coin with heads on both sides and they want to call heads. they want to rig the entire system so they control everything and if i direct you to something that joe biden said sort of like an open mic where he randomly walked up and talked into the mic last week. he said it's not -- he paraphrased what joseph stalin comments, it's not who votes but who counts the votes, it's who counts the votes. that's a scary thing coming from the president of the united
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states, the leader of the free world. the democrats really don't care about anything about power and taking over the country. maria: what do they make of the fact that we are seeing a shift in americans preferred political party at the start of the year democrats held the advantage of 49% democrats versus republicans. by the end of the year it was a reversal, 47% of americans preferring the republican party over the democrat party. it's the first time we have seen this with the republicans on top since 1995 congresswoman. is this yet another example that voters are rejecting the policies that the democrats are selling? congresswoman: absolutely. that's why the democrats are so furiously getting behind the voter election changes. you know, to try to secure a victory even the policies are unpopular. look how unpopular vaccine mandates are and how authoritarian they are. the documents continue to buckle down on those. look at kathy hochul, governor of new york, they just won't quit. last night i was in a restaurant
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in dc and i had to actually show my vaccine card in order to eat in a restaurant. i mean, i felt sort of offended, like this is a provision of hippa, but they don't care. it's politics and it's winning at all costs no matter what the rights are and the american people are starting to wake up and realizing there's an alternative but the democrats seem to get it yet and let's hope they continue to run on this because you will see a red wave if they continue to push these types of policies. maria: yeah, that's certainly what we are expecting. congresswoman, good to see you, thanks very much for weighing in on all of this. claudia tenney joining us in new york. stay with us. we will be right back. ♪ ♪ ♪ a strategic and sustainable asset...
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maria: welcome back, venture capitalist and the owner of the warriors shamat walking back his comments that no one cares about genocide of the uighur muslims in china. here is what he said last week. >> nobody cares about what's happening to the uighurs, okay, you bring it up. >> what, what do you mean nobody cares? you really don't care? >> i'm telling you a very hard ugly truth, okay, of all the things that i care about, yes, it is below my line, okay.
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of all the things that i care about, it is below my line. >> disappointing. maria: does anybody want to -- yeah, he then released statement on twitter saying in part i recognized that i came across as lacking empathy. to be clear my belief human rights matter whether china, united states else, where full stop, full stop. he just said 3 seconds ago that it doesn't matter go below his line, dagen mcdowell. this is another indication of corporate america looking at profits first, human rights, second, third, fourth, i don't know. dagen: the nba needs to step up and tell them to dive out his stake in that team. first and foremost i wouldn't expect it. in the statement he still equates china with the united states on human rights. he says -- it's even worse if you listen to the whole podcast, he says the u.s. is no better than the communist party of
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china and he equates fight clubs at rikers island with the uighurs in china. i'm going to shut it up and toss it back to you, maria. maria: as usual, you're spot-on. let's get to the goldman report and looks like it's a mess -- a miss on the numbers. cheryl casone with the report. >> i triple checked it, maria, we were looking for 1176. they came in at 1081 and the stock is heading lower on the screen. we did have slight beat on revenue. 12.6 were revenue. we were lacking for 12.08. let's look at the numbers within the report to find out what's going on with the earnings per share in particular. they are talking about compensation and operating expenses 7.27 billion, asset manager management revenue, we saw negative growth in that number in the quarter before. it's possible that we are seeing that again, global markets
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revenue 3.99 billion, always been a strength for them, investment banking revenue, ipo's, m&a. they had a strong, ceo is making comments saying it was a record year for the company. they do have a provision for credit loss, that's actually higher than q4 of 2020 which is interesting. overall credit loss provisions 4.35 billion at the end of last year. they increased head count by 8%, consumer and wealth management, net revenues 1.97 billion there, that's pretty strong. and looking to see what's going on within the numbers, maria, but, again, overall for goldman, they did have this earnings per share miss and that's obviously why you're seeing the stock come back -- well, it was down earlier. i will send it back to you, really quick, in the divisions where you need the numbers to come through for goldman, that's m&a, that's ipo's, sales and
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trading, they delivered on those numbers and remember really quick, the stock was up 45% last year for the whole year, it was a great year for the banks. p&c came out, they had strong numbers, they had a forecast, again, digging through the numbers to see where the issues are for goldman but, again, the earnings per share miss is the top line story so far on goldman, maria. maria: yeah, i mean, you make a great point, cheryl, because the top line number sending the stock down 2 and a half percent but capital business on fire in 2021 whether it was ipo, spacs, deal making, steve forbes, weigh in here. it was a very strong capital markets business and you saw that in the jp morgan numbers, you're probably going to see that tomorrow in bank of america numbers as well. steve: that's right, the real question is what is going to happen next. are we going to have the same on fire capital markets in 2022 that we had in 2021?
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i think what the federal reserve is going to do and is doing and some other things that will be hitting the economy in the stock market, i think those things will be cooling down rather than the hot pace they had last year. maria: nonetheless, the stock is down 2%. any thoughts on the goldman quarter? dagen: i think the reaction from the investors and you saw with the jp morgan numbers that you just sell because cheryl pointed out the financial institutions had a terrific year last year and you're just continuing to see money come out of many of these stocks, not all of them but some of them. and it just begs the question they had of terrific year but if the fed is expected to start removing accommodation, reducing its balance sheet and raising interest rates and that could burst asset bubble galore. that could be essentially a sell
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now and ask questions later. maria: yeah, that's what you're seeing this morning. stock is down about 2% on the goldman sachs quarter missing earnings estimate. beat on revenue. we will continue to dig deeper into the goldman report. quick break, we are looking at the chaos at our southern border. cartel ramping up drug smuggling in america. hundreds of thousands of deaths as a result of fentanyl. former acting dhs secretary chad wolf will weigh in. wait till you hear where fentanyl was found in the last weekend. then the effects of inflation on american households, how rising prices could further change the retail landscape, we are on it next. ♪ ♪ ♪
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maria: welcome back, good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo and it is tuesday january 18th, take a look at markets this half an hour. we are in the middle of earning season and we are watching interest rates move higher and
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stocks move lower. dow industrials down 283 points, s&p down 50 and nasdaq lower by 260 points right now. that's one and two-thirds percent. technology taking the biggest hit this morning as worries over this transition of the federal reserve going from easing to tightening takes hold on wall street. big week for earnings this week especially bank earnings, you just heard from goldman sachs. beat on revenue but the stock is down. we are getting bank of america and morgan stanley out tomorrow. major airlines warning of disruptions if the rollout of 5g is not delayed. cheryl casone with the details there, cheryl. cheryl: we are getting united's in the morning, cargo airlines are warning that 5g airline disrupt service unless implementation is delayed. already delayed once for similar objection that is we saw in
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december. there's been objections in europe as well we should add, air safety authorities say that is signals can confuse airplane instruments. we will wait for more details on that. american consumers likely to dial on trip to stores and restaurants as they all become more expensive and he expects less driving and consolidated shopping trips to offset the rising cost of gasoline for american consumers, there's target. stocks down 3 quarters of a percent in the premarket. well, president biden is spending quarter of first year as president in delaware. the count is 101 days in home state either in home in wilmington or vacation home and simply likes being home. critics are raising concern about he may be trying to influence public policy while paying him a visit while he's in delaware. finally there's this, maria, for the nfl.
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the los angeles rams are moving on after 34-11 of the arizona cardinals. la quarterback matthew getting first career playoff win in 13th nfl season. this team will face tom brady and the buccaneers next sunday and bengals take on the top seat tennessee titans. the game on saturday. i was looking for a touchdown from goldman sachs after fumbles of jp morgan and citi. provisions of credit losses, they are saying expanded credit card balance. they have the consumer division. there was a little bit of weakness, i did dig through the numbers. maria: all of the liquidity has increased deposit basis, we will be watching that stock this morning, cheryl. thank you so much, it is down on the heels of those weaker than
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expected earnings per share. meanwhile this, a 13-year-old student from hartford, connecticut after overdose at school last week. this is in connecticut. two other students also coming in contact with the fentanyl, but they are expected to be okay. investigators say they found 40 small bags of fentanyl in two classrooms and in the gym, police believe a student brought them to school. this comes after 10,500 pounds of fentanyl were seized last year. joining me to discuss the troubling development former acting dhs secretary, visiting fellow at the heritage foundation chad wolf, chad, great to have you, thanks very much for being here. we identified this story early in 2021 when i took the show to the border, to mcallen, texas, the first thing i came home with
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was raising my hand and raising the flags about the narcotics and elicit drugs coming do into the country. now found in connecticut killing the poor 13-year-old. your reaction. chad: thanks for having me on this morning. we have a drug crisis as well as border crisis and the two are linked. the cartels are controlling it all. they are controlling the illegal migrants coming across the border and the illegal narcotics and they are profiting off of both. you have to get serious about this and you have to attack it and there needs to be leadership from the white house. when was the last time we heard the president or vice president, frankly anyone in the administration talk about what's going on in the border, whether it's the illegal narcotics or the migrant crisis and so this takes leadership. you have to get tough with the cartels and cut them with innovative strategies to deal with. the 100,000 overdose death that is we saw last year, it's only going to increase this year if
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we don't do something about this now. maria: well, this is obviously a dereliction of duty, a dereliction of duty from kamala harris and joe biden. all we hear trying to get bills through to federalize elections yet we have people dying every day because of the elicit narcotics coming in. what do you think is going on, chad? you have the communist party whether intentionally or not hurling a deadly virus at the world killing 900,000 americans and you have fentanyl coming in and it's made in china, pushed through america through the mexican cartels, i mean, what do you think the ccp is doing here trying to kill us all? chad: you're exactly lot. a lot of the fentanyl precursors come from china, they come into mexico. if you recall two years ago they were coming in express consignment shipments in the
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u.s. and we cracked down on that and shift today mexico and coming down the southern border. it takes leadership, it takes leadership from the president and the vice president to do something about this and i think they don't want to talk about it and don't want to address it because it's going to bring a light and spotlight on their strategy, the southwest border which we know it's a disaster at the moment. unfortunately they are not talking about new strategies, they are not talking about new innovative priorities on the southern border to get it under control. it seems as though they like what's going on and they are satisfied with the hundreds of thousands of folks coming to the border every month. maria: unbelievable. you're talking about 7,000 people a day getting apprehended at the southern border and that doesn't include the 650,000 got aways that were seen on surveillance cameras and got into the country and we have no idea what their intentions are and yet you have progressives running the show. think about that, get your head around that. this thursday will mark one year that joe biden is in office, one
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year since his inauguration and in terms of that entire year, not a peep about the southern border, not a peep about the fentanyl coming in through the wide open borders from either of them because the progressives are running things and look at the progressive group which claimed it used immigration enforcement agencies as, quote, a threat to civil liberties, chad, reportedly securing 158 million taxpayer contract and awarded the institute of justice, this contract to provide immigration related legal services. so chad, it goes beyond not caring about the wide-open border. they are assisting illegals to stay in the country and get legal services, your thoughts? chad: i think this is a political agenda by the white house.
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we see contract from homeland services and ngo's that are left leaning that any other time are fighting the federal government trying to keep migrants and others here in the united states, trying to use the law for their advantage. and so when i see a big contract like this going to an organization and, again, that organization wants to provide legal services to migrants which is, i think, is fine but we are using taxpayer dollars to do so. we are essentially providing migrants with attorneys and that's now how this is supposed to work. it's very frustrating. we see the ngo's and active getting things in the biden administration that they have wanted for decades and, again, this administration is happy to go along with it. maria: yeah, how much of this is george soros and these billionaires who have been enjoyed the freedoms of america
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and yet want to change policy? chad: well, there's certainly some of that. a lot of ngo's and organizations get a lot of funding from donors, some of those are undisclosed. you have the follow the money trail in many of the circumstances to see who is backing the left-wing organizations that are helping folks not only along the border but also receiving government contracts. maria: let me ask you about the texas border patrol agents, they found more than 20 illegal immigrants in a motel in laredo. rooms are being used as stash houses by human smugglers, chad. you've seen this before. i know that you said it's common to see stash houses along the southern border but, again, this is no cake walk for the illegals either. they are putting them, jamming hundreds of people in what they call stash houses and doing
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human trafficking, another dereliction of duty by this administration by not confronting this. chad: i think that's right, i think where the administration needs to focus their attention is making sure they are stopping this very dangerous coming up from central america and other parts of the world to the southwest border putting policies in place that deters migrants from making this illegal journey so that we don't have the stash houses and you're right, maria, they are very common along the border to make sure that we don't have the stash houses that people decide to come into the country legally. look, we are never going to stop the illegal behavior but we need to get it back to a reasonable amount. when you have over 170, 180,000 illegal apprehensions in one month, one 30-day period, that's out of control. the administration needs to get serious because it's impacting not only migrants but
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communities around the border. a crisis now that's gone on for 12 months. maria: yeah, and it is killing our people for sure. chad wolf, we will continue to put a spotlight on this. it's absolutely extraordinary that this administration is ignoring this and the media is allowing it. quick break and good to see you, sir, thanks very much, chad wolf, quick break, wal-mart gets in on the crypto craze, how other major companies can expand into digital assets later this year. don't forget to tune in to fox business prime tonight. american dream home with cheryl casone start at 8:00 p.m. eastern followed by mansion global with casey mcdonald. you're watching mornings with maria live on fox business. we will be right back. ♪ ♪ ♪
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maria: welcome back, well, the new year is starting out as a rough one for digital currencies, all sliding yesterday but this morning are looking at a bounce. they are already down, though, 30% since hitting all-time highs since hitting $68,789, that was bitcoin back in november. joining me aba labs, president john wo, explain aba labs and how you see crypto? >> hi, maria, good to see you again. ava labs, behind avalanche, and
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what's happening -- maria: yeah, go ahead, sir. >> so what's happening in the crypto asset class, the selloff, it's not that different from what's happening with a lot of the growth technology stocks we saw. the growth tech stocks started selling off in october and the crypto asset class subsequently followed in november. but if your data adjust today s&p or lack at volatility adjusted the crypto asset class is holding better than tech growth names out there. maria: so you think this is just a situation where people are looking at some situations and saying, let me get out of where i was. i made money, let me get out of growth and that includes crypto then. what about usage of crypto, though, because, look, you have a crypto payment process or saying that the usage of bitcoin is declining at business and the use of other crypto is growing
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but businesses are using less and less of bitcoin. what does that mean for the industry as a whole and how you do you read that? >> such insightful question, there, maria. what we are seeing is a lot of adoption and a lot of use. in fact, in 2021 it's estimated $3 trillion of economic activity based on transactions in the crypto universe. there's a lot of adoption from where i sit i'm seeing increase usage every single day. the momentum has not slowed down and to your other point there's a lot of dispersion. yes, bitcoin uses to store value it's also not as relevant today in the investors' mind as actual use cases. we are seeing deindustrialized finance applications and gaming. that's all helping with adoption and the amount of users coming over to play in this playground is astonishing and the moment
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momentumhas not stopped at all. maria: i agree. such an area that's right for further usage. what do you make of wal-mart jumping on the craze. recent filings showing that wal-mart is planning to create own crypto currency and pivot into metaverse market. john, is this going to become common practice with companies, what does wal-mart tell us about corporate america? >> i'm smiling here because i'm not necessarily saying wal-mart but a lot of the corporates are calling me on a daily basis and they are trying to figure out 3.0 strategy. just like adidas, just like nike, just like pepsi, what wal-mart is doing is the same thing too companies did 10, 12 years ago with mobile, basically where the eyeballs are and people are is online, so they have to go find ways to get in
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front of these gen z and younger millennials because they are spending 5 hours online and they have to get in front of the younger audiences and this is one way to do it. the only thing that i would say i invite doug mcmilan, ceo of wal-mart to give me a call and we can figure something out if he wants to deploy on the fastest block chain out there. maria: you make a lot of good points. it almost feels like a dejavu when companies were forced to have a dot com strategy. john, great to catch up with you, we will keep watching. thanks so much. >> thanks, maria. maria: john wo joining us. why china is changing tune ahead of beijing games. it's the morning hot topic buzz
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omicron variant spreads, team usa warning athletes leave electronics at home bring burner phones to beijing over beijing's surveillance, steve forbes we know they are surveilling americans, of course, should not bring your device to china, reaction? >> absolutely, they are not allowing the public in, maybe one public may not be interested, two they want to control the crowds, so they are making noises about having select groups of people, coming to certain events. so this is about control, and omicron strategy part of this lockdown everything strategy. not going to work to going to highlight to the world how authoritarian this regime is. >> two orders "as if" dagen cancel that trip you were planning to china. dagen: i don't understand why athletes are there puts them in a very, quite frankly, you are sending them there, covid
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spreading omicron also there is always been an issue amongst athletes, and their medical teams when they go and compete in china, the chinese the lack of decent medical care for those athletes, when they try to take control when athletes from other countries, are injured. it is a huge issue. and i know that i have had people express concerns to me ahead of this, but why are we there? you know, we do care about the genocide uighurs, the forced sterilization more than a million people in concentration camps. in china. the ethnic must muslims by the way our way expressing disdain for that everything else china is doing excuse me not china
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communist party of china you pointed out latest joke out of ccp? they climb omicron to the to through the mail they came the omicron variant came from mail from canada more propaganda from quote/unquote media in china. dagen: they asserted that the original coronavirus, 19 was imported into china in frozen food the world health organization haded audacity to say that was more likely frozen food, origin than origin of lab leak that is where we are in this world of insanity. maria: a, of course, social media is driving the bus on it all dagen steve stay right there next hour "mornings with maria" begins right now. .
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maria: good tuesday morning. thanks so much for being here. i am maria bartiromo, it is tuesday, january 18, top stories 8:00 a.m. on the east coast. earnings, rising rates and bank robberingo broken agenda -- expectations of multiple rate hikes to come, this year. in washington democrats gearing up to bring voting bills to senate floor wednesday for a vote "no" republican support and the democrat senators joe manchin and kyrsten sinema, staying firm on not changing the filibuster and blowing up senate rules the white house, pushing, to sal villaining this broken aagendaa votersjecting a new poll shows twernz in 2021 shifted politicing identifyings, favoring republicans. >> we are looking at earnings, create volatility dow industrials down 265, goldman
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sachs reported a mixed fourth quarter just wasn't good enough sending the stock lower, are dow industrials down 269, goldman a dow component the banks this morning down across the board. goldman reporting a miss on earnings here share beat on revenue bank of america morgan stanley out this week goldman right now down almost 5% on a quarterly numbers, bank of america and morgan stanley, down as well, also looking at price of oil, crude oil hitting highest level sense 2014 this morning, take a look at oil, just under 85 dollars a barrel, a gain of one and a half percent european markets trading down ahead of numbers on earnings, and in face of oil prices up, fhe hn down half a pennsylvania cac quarante down three-quarters dax youn about one percent in asia overnight markets lower fractional moves pretty much across the board the one
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winning shanghai composite up almost 1% "mornings with maria" live right now. . >> goldman sachs down 5% take a look at airlines as well we are looking at declines across the board there as well after a warning 5g interference could compromise key safety systems on airlines, china identifyings regulator spending 8 more inaccommodation u.s. flights bringing the total to 84 flights, travelers scrambling after almost 3,000 week end flights canceled due to winter storms. the airlines down across the board. big story this morning is goldman sachs, and futures down 300 points on dow industrials, the dow down 280, goldman is a dow component down almost 5% right now, the nasdaq also rolling over with technology taking a big hit, it is a big week for bank earnings looking ahead to bank of america morgan stanley, they will be out tomorrow, joining me right now ahead of
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numbers chief financial strategist, joining all morning long dagen mcdowell, and steve forbes, great to see everybody thank you so much for being here, weighing in on goldman sachs bank beating estimates on revenue, revenue came in, at 12.64 billion dollars but earnings per share weaker than expected as you can see the stock is down 4 and a third % what is your analysis on this story? >> well basically the problem is that good times are over for goldman sachs for this year, also for jpmorgan, and morgan stanley and all the companies that are in the capital markets, arena federal reserve balance sheet total mess one of the worst positions i havever seen basically going to have to cut size of in a down, when it does so going to slow down growth of money when that happens, we are going to run into significant issues concerning ability of goldman, morgan companies of that ilk
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to make money if you take a look at bank earnings, however over the quarter you got to break between segments, traditional banking activity which is making loans getting big margins capital markets, evolve banking trading, the first segment which is you know traditionally making loans, getting better margins looks really good that means, that companies which are transitional lenders region financial co america those stocks doing well be bought capital markets going to have a lot of trouble getting -- m&a, revenues, ipo revenues going to be poorly most of this year having -- goldman sachs morgan stanley jpmorgan. and then issue the most important one last two years is going away, in 2022 the
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benefits, as a result of commonwealth going to be gone special situations might look atwell wells looks particularly attractive it has turned around has good management i really like the citigroup i think doing a phenomenal good job turning that company around even though citigroup had pretty much a dismal quarter i think citigroup also pretty good buy. maria: really, good roundup of banks we are going to see this week report earnings i want to go to federal reserve in a second, but the let me just go through goldman numbers looking at one analyst report this morning saying look the numbers were not good enough, in a is a bottom line, we've got, being if i could income capital market trading down 1% year-over-year o even though they beat, consensus estimates equities down 11% year-over-year mixed consensus estimates there even though banking metrics were strong capital markets were not good
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enough, in a year that capital markets were the story what happened at goldman? >> nothing happened at goldman, what happened is the lygfinly becsese no no o ymo ine t ihe ihe syste smyste m icmetric actuallctyually py ouo t of issues issu i won't w youo t d so, s le shape,e ws has b h fo he last twt mo is i i goingn you signifi, nothenrongng g gan t wenng i the mart that ithttt is serving that mar oingoing to d d poorly,, all a goldman sachs not able to overcome that market. >> very good point, part of that has to do with federal
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reserve, how many rate hikes are you expecting dan niles joined me last week, from satori funds was very clear, that we've got all fed meetings coming in 2022 going to see big rate hikes going to see seven up to six or seven rate hikes he said five to six jamie dimon said 67 here is dan niles with me on thursday watch this. >> i think fed going to raise rates five to six times i think start to 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 drive 20% correction, in the stock market. s&p 500 some point during the year, i think you are going to he see you multiples compress a lot. >> you just said the same thing you are expecting a tough market is is that in step with your expectations, 20% sell-off and five rate hikes. >> i think probability that happening is very good. i think the people have to
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start looking at federal reserve balance sheet because if federal reserve was a private bank you looked that the balance sheet would you say this company isn't solvent, the reason why you would say that, is because the federal reserve source of the money which printing comes from collecting, you know -- money from banks you know reserves comes from couple other places, is in trouble if you would look oat that balance sheet would you realize that more than one hundred percent of the increase in the federal reserve balance sheet, in the last 12 months, has come from borrowing money in first repo market in other words, fed borrowing at shortened end of curve in order to fund purchase of long-term treasurys the balance sheet is a disaster it is a disaster because virtually no effect bank -- five trillion dollars assets i apologize a disaster because it does not -- the
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market treasury does note reserve against securities that is where problem lies, they have got to solve it when they do it -- going to be very painful. maria: dagen mentioned this earlier, the fed has gone from a balance sheet 8 hundred billion, to 9 trillion dollars, they've got town wooipd that quake when do you expect first rate hike march? how big will it be? >> well, i think, that it is -- making a statement 50 basis points in march, but, you know, guessing which they are going to do tough, to realtor, 50 basis points in march. maria: we leave it there all pros expecting a tough market in 2022. of dick beauvais included great to see you thanks very much for insights as always, we will see you soon quick break then coming up senators manchin an sinema dealing a
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blow top biden agenda michigan congresswoman here with her take on democrats' plan for the future the supply chain crisis worse effects on trucking industry i speak with ceo american trucking association later we get to if bottom of what is going on with 2 supply china crisis you are watching "mornings with maria" live on fox business. . hearing is important to living life to the fullest. that's why inside every miracle-ear store, you'll find a better life. it all starts with the most innovative technology. like the new miracle-earmini, available exclusively at miracle-ear. so small that no one will see it, but you'll notice the difference. and now, miracle-ear is offering a thirty-day risk-free trial. you can experience better hearing with no obligation. call 1-800-miracle right now and experience a better life.
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responsibility to respond toot they all took. >> joining me michigan congresswoman debbie dingell a member of energy commerce committee cochairman democrat policy communications committee, congresswoman good to see you as also a happy new year thousand. >> maria good to see you, and happy new year to you, a lot better than 21. >> what do you make of the analysts to federalize elections and blow up senate moves, i know that you are one for rules, and to keep things as is. but you've got colleagues that are pushing to change the rules altogether, to federalize elections how do you see it. >> i think voting rights bill this is -- issue across the states. and you know maria it is not
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just trying to be -- trying to suppress senior votes make it harder to vote this voting rights bill is very, very important, every senator will cast a vote has to think about how that impacts democracy i am worried about if ao democracy for a lot of reasons but we are witnessing -- worrying. >> let me ask you you say they are suppressing the vote, kamala harris said the other day to they are suppressing the vote who exactly are you referring to when you say they are suppressing the vote. >> it is not everybody that is one of the problems we face i hate -- >> not -- >> what are you talking about? >> some -- >> -- >> i there are members conservative republican, not all republicans --
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>> let me -- >> -- for congresswoman you say the republican party suppressing the vote how by pushing for voter id is that how suppressing the vote wanting voter id. >> i don't -- take a paintbrush say everybody but there are people in it. maria: how suppressing who is -- suppressing the vote? >> okay, i will get there are republicans in my state, state of michigan, that have proposed legislation that seniors who have been on absentee ballot vote for years, hard to get in, especially, you know not -- to just bad weather now vote would not count if they don't get into the first and show voter id. that is making it harder for seniors to vote. maria: right so you say that state legislatures in the state of in your state, are -- to vote not allowing. >> -- [both talking].
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>> what about boxes, vote boxes, that the former ag bill barr told me opens the door, to afraid? is there any -- is there any risk of fraud with drop boxes everywhere in your view? >> is it a show, we've got republican -- in state of michigan that is where the most -- drop boxes, secure, they are secure make it easier to drop box ballots, you know -- >> do you think there were so why do you think there were so many stores in 2022 with all drop boxes because of covid why do you think so many stories of ballots from empty parking lots ballots from dead people? why would -- that -- >> -- investigations, maria have shown not truth to a lot of those stories that is one of the. maria: so there were weren't ballots from dead people that
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what you are saying there were no ballots from dead people? >> i am not going to say you will come up with one but there was not massive dead people voting across the country, i though he. maria: what is wrong -- id to vote what is wrong with having an id to vote what is wrong with having an id to vote? >> i believe, that you got to be able to when you represent a vote, legitimate but don't use the form or way that -- you go, which is make a provisional make it so that you are -- >> you have a problem with id to vote do you have a problem using an id to vote? >> i think we are talk about what that means because i think in some states. maria: what are you talking about do you need id to vote. >> what you are. maria: do you need id to vote. >> what you are -- a id a lot of people don't have -- >> how about a birth
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certificate? >> maria, how many people in this country have their birth certificate? do i but i don't know can when it is hidden in -- >> is that a reason to is that a reason to -- alibi because you can't find should it we add laws case some won can't find birth certificate. >> how about a driver's license. >> how about a driver's license? >>, outlaw that is a reason to out law it? >> should we outlaw some people go to driver's license is this we have to find a way in a democracy to encourage mass participation. the more people that participate in our o democracy --r healthier they are are you saying results in 2022 biggest electorate african american
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participation in have vote how possible saying suppressing voting in 2022 election had biggest outlook we'vever seen. >>ma i actually agree with you that happened, cross the state you ant i both want same thing, participation in our democracy. maria: well, i don't like the tactics following senators biobathroom bullying people outside their house just because they don't agree with what the democrats are selling congresswoman that is where i have an issue i know we will get into this next time did he goe dingell always good to see you. we'll be right back. .
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maria: welcome back we have breaking news right now microsoft is announcing a bid to acquire being a activision stock up 37% right now we saw deals within this sector over the year and this morning, a blockbluster bid from microsoft announcing it wants to acquire activision lizard at 95 dollars a share it is acquiring this company sending activision shares up 37% we talk about that, in premarket
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up 90 dollars a share on this 95 dollar a share bid from microsoft, microsoft acquiring this company, microsoft shares are down two and 3/4% activision, soaring 37%, glenn glenn youngkin wasting no time banning critical race theory theory public education a new parole board ending mask mandates in schools what he told me when he first won on this program. >> a curriculum absolutely focused making sure getting political rhetoric out of the classroom focused how to prepare our kids, to how to think as opposed what to think. maria: dagen mcdowell, he won on his pledge to make sure to make priority what the
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american people wanted, obviously, schools right up there dagen seems keeping his promises. dagen: right it parents sick of not any decision-making authority over their children's education. whether to quote david on "national review" web site, being taught transgender ideology and divisive raysest pseudofist, theory terry mcauliffe said parents should not be telling school whats to teach randy weingarten head of second largest teachers union, rubbing elbows with them last rally that is what parents voted against voted on for glenn youngkin john roberts news channel points out school districts cf virginia have to decide this week with whether to adapt new opt-out mask policies again this is about giving parents a choice, and
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children in europe were masked in school grounded horrible forcing children to be being masked in the classroom. >> a i go back to what scotus did supreme court ruled joe biden vaccine mandate unconstitutional. and yet you've got the administration still encouraging bifrs to go ahead with it total lawlessness. >> well also, they love to say we are following the science, no they are not. i am one of the millions of people got three shots still got omicron get shots don't portray it miracle thing going to cure everything masking ridiculous dagen pointing out, europeans knew that what youngkin is doing -- reinforces governor desantis of flurry other courageous governors i think the
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beginning i think you will hear more of governor youngkin in the future as great new figure in the republican party. >> can i say one quick thing i wanted to point out yesterday, on the day that this nation honored dr. martin luther king jr., that winsome sears became first family way, shape or form color lieutenant governor stood up presided over senate in virginia yesterday said my vote was a pan-am boeing 737 as immigrant at image of 6 life was not easy but here i am. and there she was, and there she will be. maria: yes big fan, doing great we are going to be watching leadership in virginia for sure we will take a break now walking it back to one of the owners of the golden warriors causing outrage on social media for comments about genocide taking place in communist china we are on when it we come back.
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. maria: welcome back,
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good tuesday morning thanks so much for joining us. i'm maria bartiromo. it is tuesday, january 18th we got markets selling off this morning, expectations higher interest rates coming, a whole host of earnings to tell you about, take a look at markets dow industrials now down near lows down 2 7 points we have been down 300, a few minutes ago, nasdaq taking a biggest hit done 1 1/2%, 222 points lower on nasdaq this morning, where big tech rolling over no face of expectations of up to 6 rate hikes for 2022 pop. this morning goldman sachs mixed fourth-quarter earnings to shave 100 points out of the dow industrials, even capital markets business was not good enough for analysts this has goldman shares down better than 4%, bank of america and morgan stanley, will reporter quarterly numbers tomorrow, so we will have those for you,
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breaking news this morning, microsoft announcing it will acquire activision blizzard offered 59 dollar share bid stocks on the move cheryl casone. cheryl: digging into details 95 dollars a share this is for activision all cash deal, valued 68.7 billion dollars. expected to close sometime in 2023 -- ceo of activision blizzard going to combine with games from activision think about war craft "call of duty" "candy crush" in microsoft, as you can as you would imagine stock taking off up 37% and change microsoft the buyer a little bit of pressure on
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microsoft down little more than one and a half percent you would expect these a deal of this size, another story this morning for you the fbi u.s. officials a chinese backed company nearly 40% stake icon aircraft "the wall street journal" reporting a group of shareholders accusing the chinese firm basically gutting icon for technology, saying they have possible military applications taking technology to china. part of california based maker small recreational amphibious planes big story as well, west virginia announcing it is ending use of black hawk investment as treasure says the investment strategy threatened west virginia economy this comes as ceo larry fink pushing against claims climate friendly policies make him an activist
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says businesses don't plan for -- carbon free future left behind stakeholder capitalism net political nor is it broke. there is irs, prematurely sending collection noises reportedly took too long to process responses deliver funds, notices backlog from unpresented returns during pandemic disruptions to office work, understaffing for the agencies fbi makes a mistake i know shocking news, headlines. maria: thank you so much, cheryl casone, we have been talking about this story all morning long, the part owner of golden state warriors chamath palihapitiya walking back comments on a podcast last week saying quote nobody cares about i don't think so uighurs genocide in china watch what he said. >> nobody cares about what is happening to uighurs okay?
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you bring it up because you -- >> -- nobody the rest of us don't care i am just -- >> i am telling you. >> they don't care. >> i am telling you hard ugly truth of all things i care about -- that is below my line. maria: wow, a warrior said palihapitiya does not speak on behalf of our franchise advice certainly do not reflect those of our organization he is owner of them joining me right now, ceo bill thanks very much for being here we know that you have a history in russia i want to get to that in a moment first let's talk china for the a second, no secret what is going on the uighurs in china your reaction to what we heard. >> i mean, equivalent of 1930s to say we debt care about the nazi concentration camping that is what is going on in china right now. and, for anybody, to justify downplay it is just --
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horrible i mean, i saw that, when i saw that clip yesterday, i was shocked, shocked as any decent human being, could make such a statement it is a statement saying we don't care about mass murder we don't care about many being rounded up you put in concentration camped we don't care about organ harvesting i never met this man before, but sunk to lowest possible depths might have impression, based on that statement. maria: well, mooen bill you've said in the past would you never invest in china because of this reason because they will rip you off, like russians do russians did rip you off, and we've said the story many times, you were one point, the largest single investor in russia but became a activity want truth honesty dividends you want to be -- have gains from having investments there but they stopped you, from coming to
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moscow, and you tell the story how they killed your lawyer. >> yeah so i was vested in a lot ofrin gazprom fair banks luke oil all companies a lot of the companies officials oligarchs looting companies to tune of billions and tens of billions of dollars, out the backdoor. and i wanted that to stop. i exposed the stealing, they expelled me from russia declared me a threat to national security raideded my offices, i hired young lawyer, to investigate he uncovered massive 230-million-dollar government corruption scene that was vet gaiting exposed in it retaliation refer toed tortured 358 days murdered november 16, 2009 i have become full time activist to go after the people who killed him, to make sure they face
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justice now a piece of legislation in united states, a lot of other countries, named after my lawyer, magnitsky act freezes assets bans advises of people who do similar types of crimes, 34 countries including, we -- sanctioned, chinese officials, russian officials, iranians all sorts of bad guys all over the world bad guys aren't happy this is first time, that day victims can actually fight back. maria: what is your take now about what is taking place object the russian ukraine border bipartisan group u.s. senators, met meeting with ukrainian president to reaffirm americas commitment to defense russia continues to build up troops at the border of ukraine, ukraine and u.s. officials watching this as russia embassy in yal potentially at fault emptying it out before last weeks's meeting what do you think is
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going on here, and where is this going? >> well, what's going on here is pretty strit forward, that vladimir putin is losing his popularity in russia, he is a guy been around 20 years, stolen enormous amount of money i estimate 200 billion dollars from russian people, stolen all this money and now during covid now during all this -- this economic uncertainty people are getting kind of -- unhappy with him, and he is terrified of losing his power he wants to be president for life, what do you do when you are addicted or terrified of losing power you find enemy start a war. now, i should point out, that -- that important putin going to actual war with ukraine is absolute suicide. the number of dead bodies would come back economic pain that would be being inflicted from west would be devastating, so i don't think he actually ends up going to
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war. i think he is trying to create a drum beat trying to show the russia people he is in charge going to fight with west -- all enemies -- but at the end of the day i think just too painful what he wants us to do in the west is to capitulate he wants some sign of weakness sign of appeasement from the west. we should definitely not give him that. maria: well, we will be watching what united states does next, in the face of this, i know you had incredible experiences, good to see you this morning bill brodeur joining us, quick break crisis in vaccine mandates having massive effect on trucking industry speaking with ceo american trucking association when we come back. stay with us, don't forget tune into fox business prime "american dream home" with cheryl casone starts 8:00 p.m. earn followed by mansion
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global kacie mcdonnell at 9:00 you are watching "mornings with maria" on fox business. stay with us. . with chase security features, guidance and convenience, banking feels good. chase. make more of what's yours.
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maria: welcome back. a shortage of truck drivers major impact on supply chain crises considering a ooh sits in used unload at america ports joining me right now how we can see some relief if at
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all, in the near-term is ceo president of american trucking association, chris, thanks very much for being with us can you access where we are in terms of this supply chain crisis? what caused it, and do you see light at the end of the tunnel soar? >> i think we are at end of a cliff right now, a policies load us there generally people not to return to work a chronic shortage of talent not just trucking short 81,000 drivers but across every sector of employment, experienced this standing in line grocery store, every won now experiencing this slow return to work bringing supply chain ability -- to meet demand moving more less people less equipment in many instances, really having an impact, you are seeing that in 40-year highs on inflation, certainly over 40, 47%
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increase in fuel costs, seven% increase grocery stores a pay cut in 2022 as a result of bad policies. maria: chris do you think this is all about bad policy, you've got vaccine mandates, causing people to say i am leaving the job, before to get the jab, you've got money trillions chasing too few goods with that covid legislation, last march, and nowing conversations about trying to jam through even more spending. is that what you attribute this supply chain crisis to? >> as to we need more tablet we need more in infect confederate mandates federal, state at borrowed with canada on vaccine mandates adding additional headwinds, and we have workforce that is certainly isolated one of the, to low risk exposure to covid don't want jab but finding in
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terms of supply chain in terms of moving test kits vaccines forward-leaning supporting public health you got to balance that with the supply chain economics, you have two competing interests i see in this administration, you've got the supply chain task force, and covid advisers continue to trump over supply chain advisers you've got to marry this, balanced between the two if crawling out of this it is adding additional months if not quarters to come out of this, it doesn't have to be this hard or this long, if you institute good policy, rather than just being perceived doing something you will move out of this covid, a lot faster. maria: way too many politics involved in decisions that are being made, that affect the
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american families, you've got new rules requiring proof of vaccination for truck whorz cross u.s. canadian border you mentioned this some warning will cut into shipping capacities driving across from fruits, vegetables other items chris where is this going? when would you -- ing alleviation from thul of this. >> we advised this administration, and congress about this, on canadian officials as well last week just tell them that this is going to have ramifications if you you are concerned about supply chain adding managerials layers mandates on top of that not making it easier we warned about osha emergency rule we said if you do this will have a measurable impacts on a number of drivers that leave our workforce, drivers that are really isolated doing their job each and every day throughout the pandemic. and we want them we ended up
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taking the -- the supreme court 6-3 ruling we told them was going to happen they didn't listen timeto they start listening to the community. >> chris they are not even listening to the supreme court. the supreme court just ruled mandates unconstitutional. and yet this administration, is encouraging businesses to jam it through, on employees you've got next couple months, you've got a contract negotiations for the doc workers that is going to also he had a another layer i want your take on you know, what the issues are for truckers right now i feel like a truckerer job, is one of those that we take for grand just expect product to be there just expect the deliveries to happen and, yet, the truckers of our country face serious issues, working 24-7, no sleep, you don't have the -- thank you know, the awareness of what they are up against so
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give your sense of what they face right now. >> -- hard work this is industry that that is been built on backs of hard workers we want people that are patriotic hardworking -- get up every day, make a difference. that is the kind of talent we want to attract in this industry like everybody right now experiencing a slow return to work, it is impacting our industry as well we've got to get aggressive and recruiting people more women more minorities, we've got to bring talent in good-paying jobs talking mid to high 50s, with benefits, and no college degree to come along with it if you want to earn a good living this is the way to do it will make difference in our economy, not only climbing out of -- >> this is something we have to do as industry we are going to solve this problem. maria: that is not what is happening chris you know what is happening in washington, they are jamming through
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mandates, and trying to get people to get that shot rarl of how they feel about it, we will keep watching this i hope you come back soon to talk mo eshabout it thank you, sir. . >> chris joining us this morning. we'll be right back. . like i've got it all under control. voya. well planned. well invested. well protected. ..
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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. maria: time for the big buzz. betty white's assistant posting one of the late star's final
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photos in honor of her one hundredth birthday. she died two weeks before reaching 100 years old. fans participating the betty white chalice where they donate to animal charities. them even dressing the gardens like her in a blonde wig and pearls. dagen: i will do this with dale and charlie. just have to put some outfits together but i remember as a child betty white more than anyone else was a tireless public advocate of how rescuing dogs and spaying and neutering. in this day and age she will be missed more than ever. maria: i didn't know that, but she was such a supporter of rescue animals. i love that was final word from you. it has been a great show. your thoughts. >> i think it shows her real
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soul and a lot of people bought pets during the lockdowns. hope we don't have a surge in shelters because people decide they can't keep pets anymore. this is needed more than ever. shelters need support more than ever. maria: absolutely right. and we agree. good to see you both, thank you so much. have a great day, appreciate you joining us same time same place, "mornings with maria" tomorrow morning. "varney and company" begins right now. stuart: good morning. energy price inflation has arrived. investors don't like it and it is a problem for president biden. oil reached $85 a barrel, the highest in 7 years. iranian backed rebels staged a drone attack on the big oil facility at abu dhabi, the modern city in the biddle of the middle east oil patch.


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