tv Mornings With Maria Bartiromo FOX Business January 27, 2022 6:00am-9:00am EST
and this is our last shot. let's go find it. let's do it. the moment of truth. let's see what ole has in the mountain for us. holy cow. you guys got to see this. maria: good thursday morning, everyone. thanks so much for joining us, i'm maria bartiromo. it is thursday, january 27th. the federal reserve makes it official, signaling it will raise interest rates beginning at the march meeting. the fed will begin to sell off assets to cut the size of that nearly $9 trillion balance sheet. chairman jay powell saying this is the year the fed will move, quote, steadily away from highly accomodative monetary policy. >> i would say that the
committee is of a mind to raise the federal funds rate at the march meeting, assuming that conditions are appropriate for doing so. we have our eyes on the risks, particularly around the world, but we do expect some softening in the economy from omicron. maria: investors also watching the risks and selling stocks. the dow industrials, the nasdaq, the s&p 500 extending a selloff yesterday, sparked during that fed press conference. the dow industrials right now down 89, s&p lower by 12, and nasdaq lower by 47. all three major indices finishing in the red yesterday, stocks began trading lower during the press conference, reversing big early gains at the close the dow industrials down 129, the nasdaq moved into positive territory when all was said and done, up 2 points, s&p 500 off the lows, down 6 and-a-half at the close. it's been a tough start to the
new year as investors have been worried about the size and pace of the rate hikes and the tightening phase. so far in 2022, the dow industrials down 6%, the nasdaq lower by 13 and-a-half percent, the s&p 500 down 8 and three quarters percent. powell also said the central bank could keep lifting interest rates faster than it did over the past deck ate. this morning we'll get -- decade. this morning we'll get another read on the economic story with the fourth quarter gdp out along with initial jobless claims. also another big day for earnings, dow components mcdonald's and dow out this morning before the bell. after the bell we'll be watching apple and visa, these two companies will be closely watched when they report their quarterly numbers, both stocks up big in the last several years. european markets this morning are lower, take a look at the eurozone. ft 100 in london right now, with a decline higher by 18 points. the ft obviously turning around,
up now. the cac is down 28, the dax lower by 111. in asia overnight, red across the board. take a look at the asian markets. korea and japan down better than 3%. and now to the wide open border, the white house once again secretly shipping illegal migrants to various cities in the dozed night. fox news exclusive footage showing a dhs contractor trying to keep the ghost flights secret. >> i get the secret thing, all this [bleep]. this isn't about -- [bleep]. [ indiscernible ] maria: this video reveals an august private jet full of migrants touching down in a private airport in westchester, new york county. the very latest all morning long. "mornings with maria" is live right now.
♪ maria: your morning mover this morning is intel, take a look at the stock, down 2 and three quarters percent after the company reported a miss on fourth quarter earnings but it did report a record on revenue, $20.5 billion in sales. the company ramped up spending on new facilities and products in hopes of reviving the global -- in hopes of helping the global chip shortage as i have been reporting. my sources tell me that the global chip shortage actually worsened at the end of last year. this is an issue for a number of industries across the economy. check out netflix this morning, it is trading up. billionaire investor bill akman announcing he acquired nearly
$1 billion worth of shares, pushing the stock up. it was at the lowest level since march 2020. netflix shares this morning up better than 4% after reporting -- despite reporting weaker than expected subscriber growth last week. futures are dropping this morning, take a look, as we see the dow industrials down 67, s&p down 7 and-a-half, and the nasdaq lower by 23 and three quarters. following the first federal reserve meeting of the year, federal reserve chairman jay powell signaling rates will rise soon and the fed will raise interest rates for the first time in more than three years, beginning this march. watch. >> i would say that the committee is of a mind to raise the federal funds rate at the march meeting, assuming that conditions are appropriate for doing so. we have our eyes on the risks, particularly around the world, but we do expect some softening
in the economy from omicron. we do realize that the timing and pace of that are highly uncertain and that inflation has persisted longer than we thought and of course we're prepared to use our tools to assure that higher inflation does not become entrenched. maria: many market spec lay tores say the federal -- spec lay tores say the federal reserves been behind the curve, providing too much symptom stimp until now. we were expecting the fed to report they would begin raising interest rates in march, as dan niles predicted on the program two and-a-half weeks ago. 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% correction in the stock market, the s&p 500 at some point during the year so i think you're going
to see multiples compress a lot. maria: we have certainly been seeing that ever since dan said it. joining me now is ceo and chief investment strategist of main stay capital management, david kudla is here. also joining the conversation all morning long is fox business' dagen mcdowell and strategic wealth president and ceo, mark tepper is here. david kudla kick us off here. what was your impression of what you heard yesterday and where does this go you now in terms of investing? >> well, we certainly saw jay powell reinforce the hawkish tone that we've been hearing out of fed president and the forecast for a very hawkish path for monetary policy in 2022. i think two statements that were important is that they expect that they could increase rates at every meeting this year, if needed, every fomc meeting is a
live meeting, and even more so that he stated that the labor market was strong enough, that it could withstand rate hikes and with that markets took that very badly, really reinforcement of hawkish tone. but i think the important thing to remember here is, he hasn't done anything yet. the fed hasn't done anything yet. in fact, they didn't even stop their quantitative easing. they're still buying assets and they have a very hawkish tone but that's all talk. the action right now is they're still buying assets and i think we need to see what happens to inflation throughout the year and what happens to the economy before we talk about five or six or seven rate hikes, some of this bidding war we had a week ago on how many rate hikes there would be in 2022. maria: yeah. i think you're spot-on on that. it really struck me the other day when i realized they were still in the bond programs, buying up securities every month. they're going to just turn this
around immediately in march, start raising rates and start taking that balance sheet down from the close to $9 trillion. david, knowing that we are now expecting four rate hikes, at least. dan niles just said five, six. jamie dimon said six. does it make sense to you that we're going to see bigger moves every month, every meeting, rather? in other words, maybe it's not 25 basis points but it's a half a point raise. do you think we'll start seeing 50 basis point raises beginning in march? >> it's a possibility. and it's all about inflation. you know, we get the february inflation read about six days before the march fomc meeting. so there's probably another opportunity there for the fed to pivot even more hawkish or maybe a little bit more doveish but it is realistic that -- what jerome powell has said is they are going to fight inflation and they're going to fight inflation
at the expense of what might happen to the stock market and other factors. they're going to fight inflation. so if that means 50 basis point rate hikes along the way, they would do it. but i think i would caution that with we may see a rate hike in march. we may see another rate hike. but i think as the year unfolds, we see where inflation really heads when some of the durable goods inflation component that was inflationary in 2021 actually contributes in a deflationary manner later this year. we talk about year over year comps on earnings, the year over year comps on inflation are going to get tougher this year, in terms of seeing higher and higher numbers or sustained high numbers. so i think that there's a very hawkish tone right now that has created a lot of volatility in the market, a lot of angst in the bond market with rates rising. let's see where we're really at in a couple months. maria: i want to get your take on the earnings story because intel and tesla reported last night and they beat expectations
on revenue but i of course have been worried about this chip shortage and sources tell me that it actually worsened at the end of last year. later after the bell we're getting apple and mcdonald's and comcast, david. before i get to earnings i've got to bring dagen mcdowell in here. you've been talking about the monster balance sheet for weeks going into the move from the fed. your reaction to what you saw yesterday, dagen. dagen: jay powell said bupkus about the timing of reducing the balance sheet, when or at what pace, it's about $9 trillion. it was 800 billion before the financial crisis. i'll just point out really quickly that they -- the fed continued to reinvest the proceeds from the balance sheet for more than two and-a-half years, taking maturing securities and reinvesting them. two and-a-half years before they actually started drawing down the balance sheet.
that's after the financial crisis in 2008. to pick up on a word that david said, tone. i just think that the federal reserve right now is all about jaw-boning, trying to scare spec lay tores and the speculation -- speculators and speculation out of the economy and some of these assets. we heard time and again from people coming on your show that i think it's a buying opportunity when they talk about buy crypto, buy bitcoin on the dips, so i'm not sure that the federal reserve just through talk and chat and threat will be able to really take the froth out of these markets and so it will fall on them to hike interest rates faster than people are expecting and to start drawing down that balance sheet and not wait two and-a-half years to start doing it. maria: yeah. all right. we will watch. larry lindsey said a similar comment about the fed not giving clarity on that end of it at all as well, david, and dagen.
david, great to talk with you. we so appreciate it. before you go, are you buying here? are you allocating capital differently based on what you heard? >> we're allocating capital differently and it was even before this fed meeting, i know there's a lot of people talking about should i be out of stocks. we think it's just rotation. these nonprofitable tech stocks and stocks across the board, like a robinhood, the high fliers with no earnings that are highly indebted, highly leveraged, versus the bellwethers, the blue chips, like apple and microsoft that have quality fundamentals. those are the stocks you want to be in in each sector and you want to be avoiding the highly leveraged and nonprofitable companies, a lot of them in tech, that just won't have all that free money sloshing around that they've had the past two years. maria: it's certainly the liquidity situation has done wonders for the banks, that's
for sure, with so many people putting money into their deposit accounts. david, it's great to see you. thanks so much for your reaction and insights on all of this. we'll catch up soon. thank you. stay with us. dow industrials down 54 points right now. we've got a mixed market and we'll be right back. (vo) for me, one of the best things about life is that we keep moving forward. we discover exciting new technologies. redefine who we are and how we want to lead our lives. basically, choose what we want our future to look like. so what's yours going to be?
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maria: welcome back. now some of the top stories we are watching this morning. supreme court justice stephen breyer will retire at the end of the current term, opening the door for president biden to nominate a liberal justice. >> i do not believe i should stay on the supreme court or want to stay on the supreme court until i die and when exactly i should retire or will retire has many complex parts to it. maria: fox news' shannon bream
reporting that briar suggested it was not his idea to step down right now. sources told shannon that he was upset to retire and the long time justice faced pressure from democrats to step down so they could shore up the liberals on the highest court. chuck schumer signaling he will move quickly to fill the vacancy, eyeing a 30 day time line for confirmation. on the campaign trail, president biden discussed the most important qualification for his nomination, being a black woman. speculation now rising that he could nominate vice president kamala harris which of course would mean changing his vice president with a 50/50 split in the senate, harris could even cast the tie breaking vote for her confirmation. shocking video to report showing a department of homeland security contractor admitting that the white house is trying to keep illegal migrant ghost flights on the down low as they are released into the united states in big cities.
watch. >> i get the whole secret thing, all this [bleep]. but this isn't even about [bleep]. [ indiscernible ] maria: now even the border agents are upset with this administration. yuma border agents turning their backs on secretary alejandro mayorkas yesterday, calling him out for not allowing them to do their jobs and keeping it all secret. watch this. >> it may appear that everything is hunky dory. we know better. i know better. >> the commitment remains, we'll keep fighting. let me just say, you can turn your back on me but i'll never turn my back on you. maria: wow, dagen mcdowell, you're looking at border agents now fight back. there's more to this video that we haven't run. i spoke with a border source
last night and basically the issue of got-aways came up in that conversation. and mayorkas said got-aways is just one part of the problem. the agents are saying we are overwhelmed. we don't have the agents to do our job because we are acting as babysitters, processing agents, taking babies to hospitals. your reaction to this all bubbling over into the public sphere now. dagen: it's appropriate for these agents to turn their backs on mayorkas because joe biden and kamala harris and mayorkas have all turned their backs on the american people and turned their backs on the law of this land. 2 million illegal immigrants crossed over from mexico last year and these people in charge have laid the foundation for drug traffickers and human traffickers to profit from human suffering and misery and they've been shipped all across this country under the cover of
night, placed in untold numbers of communities, while people are dying of fentanyl poisoning across this country. it's disgraceful what they've done. maria: yeah. and those 2 million apprehensions that you referred to, they don't necessarily live in mexico. they're coming from 50 countries and they're traveling through mexico to get into the united states. we're going to go there tomorrow. we are taking the show live to mcallen, texas, the border with mexico, and we will bring you the latest firsthand info on the border cries civiles i'll be speaking in an -- crisis. i'll be speaking in an exclusive with texas governor greg abbott on friday morning. join us for that interview. the attorneys generals of five states will join us with their reaction of what they see at the border. ken paxton has put together a summit of 12 ags. we'll speak with several of them on tomorrow's program to discuss the wide open border crisis and its impact. stay with us. we've got congressman warren on
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now it's your turn to lose weight, look great, and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. maria: welcome back. president biden's approval ratings continue to plummet. a shows 47% of americans believe the president is not concerned
about the economic well-being of average americans. think about that, all of those people say that the president of the united states level of concern against the economic well-being of the american people, one pollster says, quote, biden's go to image during the campaign was joe from scranton. the public view now is he's lost the connection to those working class roots. joining me now is ohio congressman warren davidson, a member of the financial services committee. it's good to see you this morning. thank you for being here. i want to get your take on the economics and financial of this economy with the federal reserve meeting yesterday but first give us your take on the biden agenda and how voters are reacting based on these polls. >> good morning, maria. and yeah, it's shocking. the economy is one of the things that's central to all political campaigns. obviously the clinton campaign was one of the big ones, focused on the economy. and no one has confidence in joe
biden. frankly, he seems more interested in whatever it takes to please his staff so that he can go out and get more ice cream. it definitely seems disconnected from the problems that -- i talked to a couple moms yesterday and their concerns are how high grocery prices are going up and what their kids are dealing with at school and in our district things are great compared to other parts of the country. i was just reading ahead of the show this morning axios is reporting his approval rating is 34% in georgia which is a great sign for herschel walker and the prospects for taking back georgia. maria: you make a great point. we've got the pry mayor helies and mid -- primaries and midterms on the horizon. yet we continue to see these issues, pocketbook issues impacting the american people, like inflation at a 40-year high. you're on the financial services committee. what are your expectations on the federal reserve's impact?
because look, congressman, we've been seeing a selloff in stocks all year. the investor class out there is clearly worried about the federal reserve doing this without incident, going from a wildly easing position, a blown-up balance sheet of $9 trillion, to cutting that back to raising interest rates at almost pretty much every meeting. are you worried about the impact on the economy? >> yeah, i am. i mean, look, i called for the fed to stop their asset purchases. they buy $80 billion worth of treasuries and 40 billion worth of mortgage backed securities per month in a very programmatic way and they've been doing that for very sustained period now but last august i met with chairman powell and i suggested wouldn't it be time to start tapering these things now. he obviously felt differently but of courses got a different -- he's not the only vote on the fed in terms of how they do
that. they talked a lot about it and the market is saying we believe the fed but they're still celebrating. we saw rallies yesterday because they didn't raise rates yet and i think that's the thing. if the fed waits too long, kind of like driving on ice, you have to -- if you apply the brakes too sharply, you skid through the intersection, you cause a lot of problems, have you to aply the brakes a little more slowly and they're running out of time to do that. the economy is overheating, prices are really wrecking the economy. they're disrupting the labor market and every other market as you can tell from the supply shortages. maria: meanwhile, at the press conference yesterday, white house press secretary jen psaki went on the defensive when fox news' peter doocy pressed her on president biden's conversation with chinese president xi jinping on the origins of covid, congressman. all of a sudden given that the president has been asked this question now a few times why he never brings up the origins of
covid with xi jinping, now biden claims he did talk about it but they didn't tell anybody. here's jen psaki yesterday. watch this. >> the president said for months that he has not spoken directly to xi about the covid origins investigation. now he says that he did talk to xi. if the president had that conversation, did it work? >> what are you getting at there? are you suggesting the president wasn't being honest about his own conversation with xi? >> no, but the story did change for months. >> we don't share every he detail of every diplomatic conversation. maria: so congressman, they decided not to share that detail, the origins of covid, which killed 5 million across the world. that detail they decided not to share, that biden did bring it up to xi. are you buying that? >> no. there's no pressure on xi to do anything with respect to covid. there never has been. and dr. fauci delivered the goods very early on by
collaborating to hush the idea that we would even look into the idea of a lab leak, it was all natural origins. as we've uncovered some of fauci's. e-mails now we know that other people believed that this is clearly not a natural occurrence, you can look at the virus and see that it was an engineered virus and so the lab leak theory was the most probable and then you see some of the same people in the early calls and early e-mails who got pressure from fauci, they changed their store ribs changed the narrative, went along with the story and months later, not long after, get millions of dollars worth of grants directed by fauci. so this administration needs some accountability but certainly dr. fauci needs it more than anyone. the biggest thing, though, use point out, china never had any pressure on them. we know clearly this originated in wuhan, china and china should give a full account for what happened and how it happened.
maria: yeah. but it's not. and instead, jen psaki thinks she's sly, turning the questions on peter doocy. look, the bottom line here is biden has not brought up the orally jay inos co--- origins of covid xi jinping. if it did it would be big news. is he conflicted because of all the money his family got over the past few years. >> we know he's conflicted. i think a lot of the leadership in the democrat party envies the power the chinese communist party has over the country. they're talking about the same systems of control over our society and good grief, they needed to know every detail down to whistleblower's on donald trump's call to hold hunter biden accountable. so they're not going to support it in their own administration. no one trusts them, nor should they. maria: congressman, thank you, sir. warren davidson.
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maria: welcome back. earnings on tap, southwest now hitting the tape. let's get to cheryl casone with the numbers. cheryl: this is the first time that southwest has turned a profit in two years. they came in at 14-cents a share adjusted, they were looking for seven cents on earnings. there was a slight beat on revenue. they're saying basically they're having to extend incentive pay to keep operations going into early february of this year. they're also saying that omicron has delayed the demand improvement they were looking for and also thanks to omicron likely they're possibly projecting they may not have a strong q1. that could mean they go back into the red. there is southwest airlines, the stock is up 1% right now, maria. that's one of the last airlines that we're going to be watch forge this quarter. we have other headlines we're watching this morning. president biden is going to be
traveling to new york city next week with a focus on -- he won't be focused on getting criminals off the street. he will sit down with eric adams to talk about gun violence, after two new york police officers were killed in a shootout last week in harlem. they will receive a hero's sendoff in the next few days. this is kathy hochul rejecting calls for changes to the state's bail reform policy, a setback for mayor adam's plan to tackle the violence that's been plaguing the city. well, ubs agreed to buy wealth front, the $1.4 billion cash deal will add hour man 27 -- add more than 27 billion in assets and 427,000 clients to ubs. the company plans to launch a digital wealth manager in the u.s. taking a look at the stock this morning, we'll get back to that one in a second. and then finally there is this. president trump suggesting he is going to take another swing at
the white house. >> 45th president of the united states. >> 45th and 47th. >> yes. >> i love that. cheryl: all right. well t former president hasn't officially announced he's going to run in 2024 but he is back on the campaign a trail. he's holding another campaign style rally by the way in texas this weekend. where you're head, by the way. maria: yes, we are headed to texas, cheryl. we are going to view the wide open border and we'll report live from there tomorrow. cheryl, thank you so much. great reporting. the u.s. is giving russia a written response to vladimir putin's demands now, the biden administration holding onto hope that a diplomatic agreement is possible. the proposal stopped short of meeting moscow's main demands that nato deny ukraine entry and withdraw troops from the region. secretary of state antony blinken says the ball is in
russia's court. >> our actions over the past week have sharpened the choice facing russia now. we laid out a diplomatic path, lined up steep consequences. now we'll continue to press forward and prepare. it remains up to russia to decide how to respond. we're ready either way. maria: joining me right now is the brame group chairman and perform intelligence officer, don bramr. assess where we are with regard to russia with a troop buildup of more than 120,000 troops on the border of ukraine. >> good morning, maria. one of the important things to notice about the size of russia's military, it's approximately three times that of ukraine. so now while these talks are continuing between the united states, nato, and russia, one of the important things that i like to consider is behind the scenes, you've got france, germany, ukraine, and russia also having talks that may have the most success here from our
view, based on the fact that now they've agreed to come back to the table within the next two weeks. maria: yeah. but why would germany, for example, push back on russia, knowing that it is so he reliant on the gas coming from russia into germany. so you mentioned europe. you're saying maybe there is a diplomatic solution because the european nations are, i don't know, quote, unquote, friendlier to russia than the united states because of the gas he reliance? >> i wouldn't say they're friendlier. i think what we see here is this is one of the first time we've seen a european unity actually coming forward and moving to handle its own foreign poll circumstance its own i did -- poll circumstance its own diplomatic affairs. it's correct they're reliant on russian gas. we've seen where the u.s. and other countries have come forward to say if russia does impose limitations an sanctions on the gas that they'll come forward and help. maria: yeah. but i think it's important to take a look at russia in the
context the of what else is going on in the world. we've got several adversaries testing president biden. north korea launching ballistic missiles yesterday, the sixth weapons test of the new year. i mean, it's only january 27th, 28th. earlier this week the houthis which are backed by iran attacked the military base hosting u.s. and british forces in abu dhabi. china has been sending war planes into taiwan's defense space and now we understand isis is making a comeback. the terrorist group overtook a syrian prison last week, don. any coincidence that this is all happening now? >> absolutely. the big coincidence is most of the world, especially our adversaries think we're preoccupied and all of our attention is focused on ukraine. you saw 37 chinese aircraft approaching taiwan as you said for the first time in three years are we seeing a large
increase in insurgeons of eye -- insurgeons of isis. we're seeing north korea testing missiles. when did that stop? it stopped within the last three years. now everyone sees that we have a very weakened, a very unpopular president that blatantly is saying we're a little passive, you can have an incursion, maybe not a big incurs and we'll -- incursion and we'll deal with it then. it's the wrong message to send to our allies and adversaries. maria: how do you change the messaging? how does that change? does the world all of a sudden think joe biden is going to do something to make him appear tougher, stronger? >> no, i don't think we have that opportunity. i think where the opportunity lies is later this year when they see a change in congressional leadership, they see that the tides are turning in the united states and that we are starting to take a lot of
handles back in our hands and not leave them to an administration that wants to worry more about social issues than they do defense posture. if you haven't seen it within the last few weeks, they decided to add two more weeks to boot camps so they can increase the level of attention on gender bias and social programs and that's not what the military is for. the military is to keep this country and our allies safe, not to create a large social experiment. maria: well, i'm really glad you mentioned that because i've just been stunned by the military's focus on climate change and diversity as opposed to readiness which is what of course the u.s. and the world wants, the u.s. military on readiness. don, good to see you. thanks for your insights on this very important issue. don bramer joining us this morning. quick break and then "mornings with maria" is going back to the southern border, this will be my fourth time at the border and i
will be speaking to texas governor greg abbott tomorrow morning at 6:00 a.m. eastern. we will be giving you the very latest on the crisis, this wide open border. what can be done to curb record crossings, 2 million apprehensions over the last year. and then the future is printed in 3d. we will introduce you to one company that's helping ease the supply chain crunch in a multitude of sectors. wait until you see this 3d technology. it's next. you're watching "mornings with maria" live on fox business. ♪♪ 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.
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maria: and now a new series, the next big thing, 3d printing is on the verge of revolution revolutionizing almost every aspect of our lives. form labs on the forefront of the 3d printing industry, is leveraging tech to help create items such as razors, sneakers, dentures, covid test swabs. the ceo is with us this morning. max, it's great to have you. thanks so much for joining us. i'm always amazed at how many products can be made 3d. how did this work? >> yeah, 3d printer is a machine that takes a digital design from a computer and fabricates it, builds up material and makes the part in a matter of minutes or
hours and that's totally different than the way most things are made. maria: amazing. so form labs, tell me about the company and what you're trying to do. we've been talking about the supply chain crisis crippling this country for months. it's going to impact consumers, it's going to impact corporate's ability to sell items. how can form labs and 3d printing alleviate these issues or help alleviate? >> yeah. so 3d printing's been around for more than 30 years. the promise that whole time has been that you could take a digital design, make it into a real thing. you could make a different thing every time. you could rapidly ramp up production of all sorts of different parts compared to traditional manufacturing which takes a long time to make the first of something and a big investment but for most of its history it hasn't fulfilled that promise because the equipment's been really expensive, refrigerator size, piece of capital equipment, it costs hundreds of thousands of dollars. what we set out to do was to
make it much more accessible. so ten times cheaper, easier to use, and as a result we've gotten more 3d printers into the hands of professionals than any other company before us, shipped more than 100,000 machines, produced more than 100 million parts, and absolutely the supply chain crisis has been like a great test case for 3d printing and one of the things i'm most proud of that we achieved during that time is helping our customers produce more than 20 million covid test swabs. so at the beginning of the pandemic, we went from no one knew what a test swab was to within weeks ramped up to high volume production of swabs. maria: that's amazing. i love it, max. great to talk with you. we want to hear the progress and we will follow the company. thanks very much for being here this morning, max labodski joining us from form labs. thank you, sir. quick break and a supreme decision, supreme court justice stephen breyer will retire this
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>> is there any scenario in which the president would select his vice president, kamala harris, for the supreme court? >> again, i'm not going to speak to any considerations, preparations, lists. maria: well, it's time for the hot topic buzz. justice harris, liberal justice stephen breyer set to he retire at the end of his term this summer, it is leading to speculation that vice president kamala harris could be joe biden's replacement pick. dagen, is breyer throwing joe biden a lifeline here? i have shannon bream's reporting in front of me. i want to get what you think about this move. dagen: so joe biden has promised to appoint the first black woman to the high court but it will not be kamala harris. kamala harris, because she's even more unpopular than joe biden, is biden's insurance
policy. they don't want biden to go anywhere because kamala harris would be the next president of the united states. that's why joe biden said i love you to her the other day. he does. again, he looks popular by comparison to kamala harris. number one. number two, this will -- breyer's replacement will not change the makeup of the court, solidly six conservative justices to three liberals. i think this will be one of the easiest confirmations that you will ever see because the republicans are not going to stand up and make a fuss about the pick. they're going to let it -- let whoever joe biden nominates just pass right through the confirmation process. they will not allow the democrats to use it as a political weapon against them in the midterms. that's my prediction. maria: well, i mean, what kind of a qualification is that, being a black woman. i mean, is this our standards
now in terms of the highest court in the land? dagen: his decision is based clearly upon race and gender. maria: yeah. it's true. you will see shannon bream reporting that her sources -- here's what she says on twitter yesterday. multiple sources tell me justice breyer was not planning to you announce his retirement today. they describe him as upset with how this has played out. we will await any official notice from his office writes shannon bream. mark, your thoughts? >> you know, with regards to kamala potentially being the placement here, i'm going to play devil's advocate and i'm going to say this is probably the smartest move this administration could make right now. it's almost like their hail mary. you know. look, we all know they're out in
2024. joe biden is not mentally fit. kamala sure as heck isn't the answer. so she can't be the successor. maybe this is like their opportunity to get a do over. i don't know. but look, i mean, when we think about it -- maria: get her out of the way. >> we're going to take the biggest dud of a vp ever and move her into the supreme court? it's absolutely insane to think about it but strategically, pan, it might be a -- man, it might be a good move. maria: then who does he call to be his vp? hillary clinton? i know, dagen, you're not buying it and you don't think that -- dagen: no way. maria: that he's going to nominate kamala. hillary, she's right there. dagen: i think it will be judge katanji brown jackson. she was just approved for the u.s. court of appeals for the d.c. circuit in june, 53-44 was the vote. it will be an easy confirmation, mark my words. the republicans will not push on
this. maria: all right. let's get to cheryl casone right now. we have breaking news, mcdon mcdonald's earnings hitting the tape right now. cheryl: we have a bit of a miss on earnings per share, we were looking for 234, we came in at 223, that's the adjusted number for earnings per share for mcdonald's, there goes the stock, a negative. a dow component. revenue coming in slightly lighter at 6.03 billion. is what we were looking for as far as the revenue picture. as far as comp sales internationally, we're looking at 14.2% for international sales. they're saying that they've got strong operating performance which we were looking at but they're saying fewer restaurant closures because of covid did help with comp sales in particular in their european operations. also they're talking about the menu an ' and marketing promotions. breakfast has been strong for them. comp sales in the united states, they said they had strong average check growth driven by menu price increases that we
have. here are the numbers, quarterly system-wide sales up 13%. so that's everything. global comp sales, 12.3%, u.s. comp sales, 7.5%. and again, these are -- again, it's an interesting thing, you have the stop down 1 and-a-half percent right now. one of the questions going through the numbers as i'm digging through this were they going to have to start to raise prices because of the supply chain crunch, the inflation story we've talked about here on fox business. revenue from their franchise restaurants, 3.39 billion and again, that jump of u.s. comp sales of 7 and-a-half percent. that might be part of the story here, why the stock is actually selling off. but again, these are numbers maria from mcdonald's and they're talking about they didn't have as many closures through covid that they thought they would in particular in europe. really quick, i'll send this back to you. i love this on the earnings report from mcdonald's, the crispy chicken sandwich, the mcrib and all the digital channels were some of the high
points they said of their sales. you've got to throw in the food, back to you, maria. maria: i knew the chicken sandwich was going to be in there, cheryl, because that is such a popular item as you have reported in the past. thanks you, cheryl casone. welcome to the second hour of "mornings with maria" and we've got a jam packed show. the federal reserve signaling it will raise rates in march, a volatile market and the other top stories we're watching this morning. supreme court justice stephen breyer will retire at the end of the current term opening the door for president biden to nominate a liberal justice. >> i do not believe i should stay on the supreme court or want to stay on the supreme court until i die. and when exactly i should retire or will retire has many complex parts to it. maria: now, right after the announcement, fox news' shannon bream reporting that breyer suggested it wasn't his idea to do this now.
sources initially told shannon he was upset to he retire as the long time justice faced pressure from democrats to step down so that the biden administration could shore up the liberals, shore up the liberals on the highest court. majority leader chuck schumer signaling he will move quickly to fill the veigh can circumstance eye -- vacancy. president biden discussed the most important qualification for his nomination, being a black woman. speculation rising he could nominate vice president kamala harris which could mean he could change his vice president. harris could conceivably cast the tie breaking vote for her confirmation. on to the issues around ukraine and russia, the tension the escalating. the u.s. ambassador hand a delivering america's written letter to moscow overnight and the u.s. is waiting for a response from vladimir putin after rejecting russia's he demands on ukraine. the u.s.'s proposal does not meet russia's core demands
including denying ukraine entry into nato. no official response from the kremlin this morning but one russian lawmaker says, quote, the u.s.'s response to the security guarantees proposed by moscow cannot satisfy russia. it cannot be accepted. the u.s.'s am a bass door hand delivering that letter to moscow overnight and we will wait for more information as russia has amassed 120,000 troops at the border of ukraine. time for the word on wall street, top investors watching your money. joining me now is strategic wealth partners ceo and president, mark tepper, er shares ceo joel shulman and optimal capital director of strategy, frances newton stacy. great to see everybody this morning. thank you for being here. mark, kicking things off with you. we got the mcdonald's earnings. the stock is down and just for a few minutes there actually the dow industrials were higher. as soon as mcdonald's hit the tape, cheryl went through the numbers with us, the stock traded down, it is now down 2
and a third percent and the dow is back in negative territory. your reaction to mcdonald's and other earnings you're focused on. >> look, earnings season overall so far has been very underwhelming, uni'ms press i've and you're seeing that with mcdonald's. over the last few quarters we've seen a lot of companies blow through expectations, huge upside surprise and you're really not seeing much of that this quarter. in fact, i think the percentage of companies beating estimates is the lowest we've seen since i think the first quarter of 2020. next quarter is going to be even more difficult because your comps going to be q1 of 2021. look, as relates to earnings season, today is the most important day of the quarter. it's by far the biggest day of the quarter because you have apple reporting after the bell. apple's the linchpin of the market. it's the biggest weighting in the s&p 500. it's the last man standing. all of big tech is already down
at the 200 day moving average or below, except for apple. apple's still up there. if apple's guidance is light, which in my opinion is very possible, watch out below. i mean, obviously there's supply chain issues, you've got china zero covid policy which is reducing production of iphones and we're at the point where trailing s 12 month earnings growth is peaked. it's going to go down from here. and when that happens, stocks outperform, you throw in four rate hikes, maybe eight like some people are talking about and you've got quite a headwind for stock market performance this year. my take is i think right now given everything that's happening, the entire landscape out there, stay defensive and look at dividend payers, dividend payers are finally outperforming again. they've been boring, unloved for the last decade but they're winning right now. maria: yeah, you're right. it's interesting that dividend payers are winning even as rates are expected to go higher. but you're going to get a higher return, a higher rate if you
look at some of those dividend payers like utilities. francis, let's talk the federal reserve because this market has been nervous all year about the fed. we know that the central bank's first meeting of the year gave us what we expected, jay powell signaling he will raise interest rates beginning in march and cut down that $9 trillion balance sheet. here's jay powell from yesterday. >> i would say that the committee is of a mind to raise the federal funds rate at the march meeting, assuming that conditions are appropriate for doing so. we have our eyes on the risks, particularly around the world, but we do expect some softening in the economy from omicron. we do realize that the timing and pace of that are highly uncertain and that inflation has persisted longer than we thought. and of course we're prepared to use our tools to assure that
higher inflation does not becomeen treen -- become entrenched. maria: the markets are not sure about the exercise and whether or not the fed is going to get it right. how do you see it? >> he departed from his typical narrative in a couple different ways yesterday. he was very clear to say that we are in a very different place than when we commenced tightening in 2015 and he reversed course after the christmas eve selloff in 2018. so he said we're in a very different place. we could more faster so markets were like whoa, whoa, whoa, what does that mean. another thing he said, when he was asked if he looks at financial markets he was clear to say he only sort of looks at financial markets, maybe he looks at a lot of different things, not exclusively financial markets in the context of the dual mandate. that took the fed put out of the equation. and furthermore, toward tend of the press conference, he said that we actually haven't made
that much progress on supply constraints and remember with the whole transitory narrative that a was sort of the reasoning behind the transitory narrative thats was keeping him easing for so long so this is definitely the most hawkish that we've ever heard from chair powell. that being said, even though he reversed course after the market sold off 20% in late 2018, that being said, in september of '19 you remember that we had the rate spike in the overnight market, we had the repo crisis, that's a liquidity drop in the system and if we have that happen again they're not going to let the system fail. that's their whole thing. so if we lose liquidity, negative 1.3 trillion in fiscal this year and going down a monetary policy, the liquidity is going to drop pretty dramatically and we're not going to breach levels there. maria: what does that mean for the market? do you think this market and the investor class has been
underestimating the severity, the size of this transition from easy policy to tighter policy? >> well, i think the market has -- yes, you know, one of your guests said we could see a 20% correction. that's definitely not off the table. every catalyst of these multiple all-time highs that we saw last year is coming out of the system. monetary policy support, negative 1.3 trillion compared to last year on the fiscal spending, right. bank loans really kind of did an uptick but didn't make a major resurgence. this is all taking money back out of the system. even if we hold -- even if the nasdaq holds it low and we go back up from here, do we see a lower top, do we see a double top or do we see any kind of anywhere near the all-time highs and i really don't think there's a catalyst to go back to all-time highs and as mark said, look, earnings are going --
they're rolling over. multiples we borrowed from future earnings and so we're going to see probably lower returns as we reconcile that picture. maria: well, look, i mean, there's no better picture of that than tech, right, joel? i mean, by the way, let me point out a reversal in markets as we've been talking. nasdaq is in positive territory right now, joel. he tesla reported earnings yesterday, beat expectations on the earnings per share and the revenue. apple is going to be releasing its fourth quarter tonight after the close. and look at where we are going into the numbers. you think tech remains volatile, right, in the first quarter? but now tech right now up 77. it's still down 13% from the highs, joel. >> right. so absolutely it's going to be choppy the next couple months until we see the fed -- until we see the fed scale back completely on the tapering and we see the interest rates stabilize which i think is going to happen sometime in march, we're going to see choppy
markets. having said that, we've got to remember that tech is able in some cases able to expand margins. i think you're going to hear more. we heard a lot about pes, everybody is talking about pes or market cap to revenue. the nasdaq composite has a pe of 116. those that have positive earnings, it's much lower. it's about 28, 29 and you've got to remember, we're now going to be looking at growth. growth is the big thing. when we think about stocks like nvidia, they have maybe a pe of around 60. but they have -- which is double, 68, double microsoft. but the peg ratio when you adjust growth it's much better and so i think you're going to start seeing these companies that are able to expand the revenues and they're able to expand the margins because they're bringing costs down. what's interesting, the financials have actually beaten of on the top line but they've reduced on the bottom line because the labor costs are so high and we're going to see many companies particularly in tech doing better because they're able to expand the margins. we think they're going to be
higher. maria: it's a great point. we'll get a look at growth for the macro story today when we get the gdp. joel, francis, great to see you both. mark tepper you're sticking around with dagen mcdowell and we're happy about the that. move to sofi and feel what it's like to get your money right. ♪ ♪ ♪ ♪ move to a sofi personal loan. earn $10 just for viewing your rate — and get your money right. ♪ whether you've enjoyed the legendary terrain in telluride, the unparalleled landscape of park city or the famed peaks of whistler, you face the hassle of lugging your gear through the airport. with ship skis, you're just a few clicks away from having your skis, snowboard and luggage shipped from your doorstep
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maria: welcome back. a lot happens at the federal reserve press conference yesterday, fed chief jay powell admitting yesterday to fox business no progress has been made to alleviate the supply chain crisis. ashley webster is live from the port of savannah this morning with more. ashley, what a story. over to you. ashley: yeah. good morning, maria. indeed. we are in the port of savannah. if you remember, we were here about three and-a-hal months ago and this place was completely packed with containers, with more than close to 40 ships offshore. things have improved here. there's just one cargo ship waiting to come in.
there's a 150-foot crane, giving you a bird's eye view. this cargo ship has been unloaded, has been reloaded with exports and will soon be headed out of port. as for the port itself, the numbers have been remarkable, 5.6 million containers in 2021. that is up 20% from 2020. in fact, that's more than 1 million containers year over year. but what's happened here is they've been able to expand the rail lines to get more containers out and this whole process is going on 24 hours a day, seven days a week. but the cost of shipping freight continues to rise which spells bad news for consumer as we know. we're paying higher prices for everything. look at the container freight rates for this year. globally, they're up 140% year over year. the asia, u.s., west coastlines are now up 250% and from asia to
the u.s. east coast, up 184%. so la, long beach still struggling, more than 100 ships offshore. now they have the omicron variant as well, maria, which means less workers coming in, the whole process is slowing down but those prices, the prices to get the containers to port and then of course the lack of drivers and trucks to get them to where they need to be, this is not going to cure itself anytime soon. the port of savannah is definitely seeing the light of day but elsewhere this is going to continue i would suspect through the rest of this year and probably into part of 2023. maria: ashley, we understand it obviously in place until 2023. but also, what is the issue here? i know many factories were shut down because of covid but there's also the truck driver issue. truck drivers deciding not to go
back to work n were having money thrown at them. they also had vaccine mandates. how much of an issue was the truck driver shortage? ashley: it is a huge issue, maria. there's no doubt about it. they have got thousands of jobs empty. even when they're scheduled to come and pick up containers, they just don't show up. they don't have the people to drive the trucks and that is really -- that is a huge kink in the supply chain. one last thing. chinese lunar new year, there are concerns that the asian warehouses and ports will slow down and if omicron gets into those ports, that's -- the chinese have zero policy. they will shut down the ports in china. so there's still many, many flies inment if you like. maria: ashley, thank you. ashley webster. we'll be right back.
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see if you can save by switching today. comcast business. powering possibilities. >> i get the whole secret thing, all this [bleep]. but this isn't even about my [bleep]. you know why? because the government's betraying the american people. maria: yes, betrayal of the american people. shocking video. it shows a department of
homeland security contractor admitting that the white house is trying to keep illegal migrant ghost flights on the down low as they are released into the united states. this has frustrated border agents turn their back on secretary alejandro mayorkas, begging for answers. >> it may appear that everything is hunky dory. we know better. i knows better. >> the commitment remains. we'll keep fighting. let me just say, you can turn your back on me but i'll never turn my back on you. maria: wow. joining me now is texas congressman roger williams. congressman, thanks very much for weighing in on this. it appears the border agents have had it. they are confronting secretary mayorkas. they want answers and they want to know why all of these flights are being kept secret. your reaction? >> well, i mean, he needs to hear from them. i'm glad that he had the initiative to go down there and
hear the border agents because they're going to tell him the truth. i'm glad they did. but i mean, it's a mess down here, maria. i know you're coming down tomorrow. when you start moving people at night, you start doing all these things, it shows that everything they're doing is wrong. they have no plan. we've got a border czar, the vice president hasn't been down here. the president hasn't been down here amount and the border patrol agents are overwhelmed. they need assistance, they need help, they need tools to secure the border and protect our sovereignty. maria: how is this not a dereliction of duty, congressman? seriously. you've got wide open border, joe biden misleading the american people, saying the border is closed. of course it's not. we've had 2 million apprehensions in the last year. we've got more in the current fiscal quarter. where is this going? what is the motivation to keep all of these borders wide open and have so many people coming through the mexican border with texas, and we don't even know half of them and what their untensions are. 650,000 got-aways and i'm told that's a low number.
>> we had almost 2 million this past year and the way we're going we're going to have 2 million more. it's hard to say why this administration wants to do this. we're sending young men and women all over the world but we're not sending them to our border. we need people to come through the ports of entry, not through the ports of entry, realize the american dream the right way. when we start letting people in based on warrants, nobody believes that. this administration has a dereliction of duty. it's a real problem. the problem is nobody wants to admit it. you've got to come down here to see it. it's like a movie picture when you see the way the border patrol is treated and the wall and everything else. nobody will believe it. we need to adhere to the law. maria: it's extraordinary. that's why we're taking the show down again, coming down there today, i'll be on the air live from the mexico, texas border. this is the fourth time that we are taking our program down
there. can you identify any policy out of this administration that's actually helping the american people? because you've got the wide open border policy, then you've got the free money policy, all this money sloshing too few goods despites massive inflation, now small businesses are on the brink. we have a goldman sachs survey that shows 84% of rising inflation, 84% of the people say rising inflation is a major concern. 97% of small business owners are saying that the worker shortage is impacting their bottom line, congressman. so these policies are impacting american business now as well. >> well, there's no question. i'm a small business owner. i employ hundreds of people, have for 5 # of years. i've never -- 50 years. i've then receiver it like this. in texas we find out we can't get engine oil. hay prices will go through the roof. it touches everything, we're printing money and borrowing it. you've got turn it to main
street. you've got to cut taxes. you've got to let main street breathe again and stay away from mandates. it's killing the economy and telling people it's okay not to work, sitting on the couch is a career. i don't know what's going to stop it. we have an election coming back and i think we'll get the house back. this administration has turned their back on this country and defending small business, he defending main street and i think they're going to pay for it if we can last that long. maria: how extraordinary and while you were talking you reminded me of another bad policy, and that is culling the xl pipeline, look at what that's done to the price ofism talking about -- price of oil. talking about gasoline prices up 60% year over year. >> you could have 150 of $150-barrelof oil. we need to let the government get out of our lives and turn this thing around. it's not going to happen with this administration. we have to be ready to go for it
in november. maria: good to check in with you. we'll keep watching all of that. thank you, sir. quick break and then "mornings with maria" is headed to the southern border. i'll be speaking with texas governor greg abbott tomorrow morning, join us from 6:00 to 9:00 a.m. eastern with the latest from texas and the governor there. we will get into border issues as well as a very strong economy despite texas. and retail woes, why businesses are struggling with returns. what it means for your next shopping spree. don't miss our retail roundup, coming up. customizes car insurae so you only pay for what you need, and we gotta do it fast. [limu emu squawks] woo! new personal record, limu! only pay for what you need. ♪ liberty, liberty, liberty, liberty. ♪
maria: welcome back. good thursday morning, everybody. thanks so much for joining us. i'm maria bartiromo, it is thursday, january 27th. we have seen a fair amount of volatility this morning. the dow industrials down 133 points, this is the low of the morning right here. the s&p 500 down 9 and a quarter and the nasdaq just dipped into
negative territory with a decline of 2 and a quarter points as the market factors in five rate hikes as opposed to four after jay powell's press conference yesterday. he of course told us he will start raising rates beginning in march. that sparked a selloff for stocks during the federal reserve's press conference yesterday. and the dow industrials when all was said and done was down 129 points. it was 2 points lower on the nasdaq, it is down 13% from the highs, s&p 500 down 6 and-a-half points yesterday. european markets are lower, take a look at the eurozone, the ft 100 is the one bright spot with a gain of 32 points. the cac is down 21. and the dax index is lower by 80 points right now in asia overnight, red across the board. the biggest movers overnight in asia as you see were japan and korea, both down 3% plus overnight. back in the u.s., nissan is recalling hundreds of thousands of suvs. cheryl casone with the details
there. cheryl: that is right, maria. nissan's recalling 793,000 older model rogue suvs, due to fire risk. an investigation found that water could get into the wiring on the driver's side foot well, that causes corrosion, possibly causing a fire. the problem affecting 2014 to 2016 model years. owners will be notified in march when they can schedule a repair. apple announcing a new service that will help small businesses collect payments using iphones. customers will tap a credit card, like how you use apple pay at retailers. some speculate it could be in the coming p months as apple gets ready to announce quarterly earnings, the street is looking for 68.34 billion in iphone revenue. stock up three quarters of a percent in the premarket. samsung reporting record revenue for their fourth quarter. the company's net profit rising
64%, slightly topping market expectations. samsung's semiconductor division driving the results as demand for chips drove prices up. we've been talking about that. the company by the way surpassed intel as the number one chip maker. net profit rising 51%. finally there's this, maria. minnie mouse is going woke. she will wear a pant suit to celebrate disneyland paris' anniversary. she will wear a stella mccartney pant suit. the designer says it makes her a symbol of progress for a new generation. not to be outdone, mickey is getting a new suit as well. i will carly shimkus said disneyland, the wokest place on earth. maria: that's right. cheryl, thank you. justice stephen breyer announcing his retirement from the high court at the end of this term. democrats have been pushing the
court's oldest member to step down ahead of the midterm elections. >> if he's going to retire, it should be sooner rather than later if you are concerned about the court. >> you do think that justice stephen breyer should retire at the end of this term? >> it's not something i think about but which probably -- but i would probably lean towards yes. >> there is no question that justice breyer for whom i have great respect should retire at the end of this term. maria: well, he took the suggestions and moved with it. president biden now getting a chance to fill the vacancy while his party still has a slight majority in the senate and shore up the liberals on the highest court. joining me right now is constitutional attorney, member of the supreme court bar, mark smith. sir, it's good to have you. thanks very much for being here. what do you make of this decision? >> well, i think it's almost admission, maria, that the democrats are going to lose the senate this fall because, you
know, historically supreme court justices don't really like to retire because it's a great job. you get to work with some of the smartest people in the cup tri. you work on -- country. you work on really interesting questions. you are very active. you get summers off as well. it's really a great gig so i suspect that justice breyer who is well aware of what's going on in washington recognized that if he wants to make sure that whoever his replacement is going to be ideological econ with what he's done in the past now is the time for him to step down. he said he will step down contingent upon the confirmation of his replacement. maria: i want to talk about the replacement. let me bring dagen mcdowell in. as i reported earlier, shannon bream tweeted that he has been getting pressure from democrats. they wanted him to step down while biden can nominate a lib liberal. she walked it back and said more clarity, it was his decision but we know he's been getting pressure by democrats so biden
can name a new justice on the liberal side. dagen: it's kind of a shame because breyer had been in ruth bader ginsburg's shadow for so many years and a him being the most senior liberal on the court, but it is worth noting that justice breyer had spoken out against proposals to dilute the conservative power by expanding the number of seats on the high court that joe biden can fill so he wasn't quite in line with the liberal thinking on had that note but, again, this won't really change, will it, the make of the court with a 6-3 conservative super majority at this point. .maria: mark, your thoughts? >> well, certainly whatever joe biden does this summer with the supreme court nomination, it will not be the same as president trump's
transformational effort to really change the composition of the supreme court in a major way for generations to come arguably. certainly whatever joe biden will pale in comparison to what president trump was able to accomplish in his four years. maria: he was able to appoint three judges and then how many federal judge as well on the bench. so he certainly did have a major hand in terms of impactinghe sue court. i want to t get your take on this being the standard. a new op-ed in the journal this morning points out that the high court is set to rule on racial preference in college admissions this fall. john that turley writes this. the justices hear arguments that the use of race in admissions is unlawful discrimination. one of them will have gained her seat in part through exclusionary criteria of race
and sex. this is a look at some of the nominees biden could pick to fill justice breyer's seat. some are speculating that vice president kamala harris could be nominated as well. your thoughts on all of this? the fact that this is the criteria, a black woman, what are your thoughts? >> well, it is ironic because jonathan turley is correct. the supreme court has taken a case out of harvard where they likely will conclude it violates the 14th amendment and other civil rights laws to consider a person's race into admission into college or state run schools. it's interesting that president biden made it clear that he is only going to look apparently at a category of african-american women and that's it which clearly is a reference to race which arguably if he did that in admitting people to college would be a violation of the law and yet that is what this president tends to do based on
what both he has said and his press secretary has said as well. maria: yeah. he's not been afraid to break the law or go against the constitution in this first year. we know that. i mean, he had a vaccine mandate which was clearly unconstitutional but he pushed it through anyway. mark, in your view who do you think he nominates? >> i think the odds on favorite is judge brown jackson on the d.c. circuit. first of all, she has already been through two senate confirmation as successfully, one to be a federal trial judge and then to be a federal appellate judge so she's been through the senate process twice. she also ruled frankly against the trump administration on a couple cases which probably will make the left wing of the democratic party quite happy. and comfortable with her and she's got great credentials. she was a clerk on the supreme court and graduated from harvard so she is probably the odds on favorite if you had to pick. maria: well, i love the fact that she's got the credentials,
she's got the goods to do it regardless of the promises. mark, good to see you. thanks for weighing in on all of this. we so appreciate it. quick break and the federal reserve pointing to five interest rate hikes in 2022. what that means for your wallet in the new year. then this, spotify takes sides, the streaming service choosing whose content to keep after giving the ultimatum. it's the hot topic buzz. stay with us. i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. voya. be confident to and through retirement. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire hearing is important to living life to the fullest. that's why inside every miracle-ear store,
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see if you can save by switching today. comcast business. powering possibilities. maria: welcome back. retail struggles, the national retail federation showing returns have jumped 16.6% in 2021, this adds up to more than $761 billion worth of merchandise going right back on the shelves. joining me rights now strategic resource group managing director, burt flickinger. great to see you as always, in 2020 there was 10.6% returns. why the jump and is this something you find troubling? it. >> is troubling, maria. because to your point, you go to 16.6% this year versus the 10.6 you referenced, the cost of every return is $33 on $50 item, the profit on $50 item is only $1. so the retailers are losing a fortune so that means higher
prices and lower standards of living for consumers and that, with the mcdonald's news today, is a harbinger of recession coming more quickly around the corner. maria: so supermarkets are reporting a shift in shopping trends, consumers buying more in bulk, more store brands as prices rise. do you think we're buying more in bulk because we're worried it's not going to be on the shelves when we go back? >> maria, two things. one, yes, we're buying more in bulk. two, bj's, costco, win co do a better job ordering in bulk and keeping it in stock. people going to bjs or win co know they can buy large quantities and they know it will be in stock versus going to walmart which is largely wiped out. it's another harbinger of mcdonald's' news today too which we had on the loser's list on the flick picks for "mornings
with maria" the last two months. consumers cannot afford to eat out at mcdonald's, maria, so they're eating more at home and going to the wholesale clubs, going to the super centers like tar t get, going to extreme value retailers, aldi, trader joe's, the only place consumers can save more is saving on groceries because the monthly cost of living expenditures are going up at the same time, first time that's happened since the '70s. maria: how are stores doing right now? what's your take on business overall? i know the pet business has been one of the hot spots and growth stories. petco doing well. what are your thoughts in terms of sectors within retail showing the most growth right now? >> maria, the sectors with the most growth and profitability, food retail, food distribution
and as you referenced pet, petco, and the pet smart ipo, full disclosure, our firm worked on the pet smart lbo. the pet smart initial public offering should be very successful because the rescue pet and the pet population is in a growth rate that's three times higher than birth rate for people in the u.s. maria: yeah, i mean, petco had a really busy ipo. i remember we spoke with the ceo and you know everybody knows i love the petco foundation because they found me my baby, dusty. adopt, don't shop as dagen mcdowell always says. let me ask you about kohl's. real bidding war going on, receiving two take over options. what are your thoughts on what's going on in terms of all the m&a deals happening in retail right now? there's a real push to take
public all of the e-commerce parts of the businesses. what do you think happens with kohl's? >> kohl's will be a spectacular success. it's got the best based format of the mid-tier department stores and in a worldwide assessment of department stores for fashion tribunals from paris to dubai to new york, kohl's is picking up sephora. sephora gets 6 million visitors a year and with the same as the eifel tower, only sephora is open less. sephora kept jc penney alive for 15 years. sephora is starting to build out at kohl's. starboard, all the activist investments, sycamore, they're getting a prime piece of property at a discount so i estimate that kohl's bidding will take stock closer to 70, possibly higher. maria: wow. well, we'll be watching that.
that's going to be something to see who acquires kohl's. burt, it's great to see you as always. thanks so much. >> great to team up and god bless you and dagen for adopting rescues and all the people across america and canada for doing the same. maria: well, god bless the rescue dogs, they changed our lives. thank you, burt. quick break and content couldn't ser -- controversy, why one musician's music is going off spotify. we'll get into it when we come right back. i don't know. i think they look good, man. mm, smooth. uh, they are a little tight. like, too tight? might just need to break 'em in a little bit. you don't want 'em too loose. for those who were born to ride there's progressive. with 24/7 roadside assistance. -okay.
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maria: welcome back. time for "hot topic buzz," spotify siding with superpower star podcast host joe rogan kneel young has music removed, from spotify, so here is what happened, young presented an ultimatum to spotify with refusing to allow spotify on the same streaming service as joe rogan saying spotify is spreading fake information about covid vaccines, through joe rogan's show young is willing to lose 60% of streaming income by taking the stance dagen i think probably expecting a different result from spotify. spotify went with audience
isn't that number one podcast. dagen: don't let door hit you where the good lord put you what i say to kneel young he could have stayed on spotify taken revenue given to farmers, a charity he supported no joe rogan hasn't said near the things that spread near the misinformation as i don't know justice sonya sotomayor and her fable about children being sick, or even howard stern neil young goes on that, often is he going to stop going on that with stero spread miss information or should be barred from hospitals go home and die if you take a stand begins so-called misinformation do it across the board. and let me just leave you with one thing, about the -- dave
marcus said, well, i hope neil young will remember spotify don't need him around, anyhow to paraphrase. maria: great point thank you, joe rogan for reporting, what social media tries to censor on us, mark, your thoughts? mark: yeah, i i mean joe rogan provided a platform for people who are being silenced and/or canceled to give them a chance to get their word out, and i just find this neil young thing very interesting he tried to cancel joe rogan when that didn't work got canceled himself, kudos to kneel young for standing up for preventing the spread of covid misinformation but targeting the wrong guy joe rogan not guy spreading misinformation it is flip-flop fauci, that is the guy spreading misinformation, and. maria: exactly right. >> spot few not turning back
on a hundred-million-dollar guy. maria: stay right there next hour "mornings with maria" begins right now. . good thursday morning. thanks so much for joining us. i'm maria bartitomo. it is thursday, january 27, top story 8:00 a.m. on the button on the east coast. fed makes it official, signaling federal reserve will raise interest rates beginning the next march meeting, as we expected, the fed will sell off assets to cut sides of nearly 9 trillion-dollar balance sheet chairman jay powell yesterday. >> this is going to be a year in which we move steadily away from the very hill accommodative monetary policy put in place to deal with economic effect of the paved going to involve a number of things, does involve finishing asset purchases.
maria: markets this morning are mixed, we have had a volatile reaction to all of that, the market is now factororing in five rate hikes this morning as opposed to four, we see, markets turning around from earlier lows now you dow industrials up 17, s&p 500 up 12 1/4 nasdaq higher by 75, the major indices finished in the red yesterday stocks reversed course traded lower during that press conference. close down 129 s&p 500 lower 6 1/2 tough start to new year investors worried about size and pace of the fed rate hikes, the tightening phase, after so long of an easing faze down better than 5% nasdaq down 13 1/2% in 2022. nasdaq worst but s&p also down almost 9%, powell said central
bank could keep lifting rates over past decade oil bother 88 dollars a breer for the first time since october 2014 an added tax on consumers, the price of oil up 3 a quarters of 1%, big did for earnings mcdonald's posted mixed results admitted had to raise prices in past quarter shares down almost 2%. we are would you go to the first read on fourth quarter gdp expected to show growth 5 1/2% we will get job claims out as well, all you in about 30 minutes' time, check european markets this morning, there, too we have a mixed showing, ft 100 up 53 cac quarante down 2 1/2 the dax down, 23 1/3, in asia overnight red across the board worst japan and korea down better than 3%, a supreme is asking justice of supreme
court stephen breyer will retire teaming up a lynn bral appointee from president biden one name vice president kamala harris. could it happen? -- we will get into it a very special anniversary big buzz, we tell you about it coming up "mornings with maria" is live right now. . . morning mover moderna take a look up 3%, kicking off clinical trials to study safety efficacy of omicron specifically booster shot first in phase two trial received one dose, moderna did not provide a timetable for results but previous citizens to preliminarily results time up better than 3% rest of the market a firm tone has been a volatile move getting here a federal reserve first meeting of 2020 -- 2022 did not disappoint, we knew jay powell would signal higher rates to come this march, that is
exactly what he told us. >> i would say that the committee is -- is of a mind to raise the federal funds rate at mach meeting, around the world, but -- way do expect some softening in the economy from omicron we realize timing and pace of that are highly uncertain, that inflation persisted longer than thought prepared to use tools to ensure higher inflation does not become entrenched. >> have investors have been worried about all of that, it is also a big day for economic doot this morning, we will get a look at growth, for the macrostory 25 minutes the gdp report, we are expecting 5 1/2% growth for the fourth quarter there this is first -- reading, we get weekly jobless
claims durable goods out 25 minutes joining me right now richard bernstein adviser ceo also joining the conversation all morning long dagen mcdowell, mark tepper, richard always a pleasure to see you, thanks for joining the conversation, first, right off the bat, your reaction, to what you heard from jay powell yesterday did anything surprise you? >> good morning, maria. no unfortunately not. i think that you know you just -- your lead into this, you said gdp is 5 you expect gdp up 5 and a quarter% fed is planning to raise rates in seven weeks, we have inflation of 7%, you know, people have asked is fed going to make a policy error, meaning are they going to push economy recession almost a whopper 7% gvpd same monetary policy effectively the same monetary policy we had in april, may of
2020. clearly, economy different confessed not you adjusted lilley, if one likes that term more inflation, because of that i would say if you think over/undertake over on inflation. >> you are spot-on to rays raise this issue, if you look at consumer prices, this is hurting, because everything is more expensive, richard are they going to be able to tame inflation with rate hikes coming is it going to work? >> well, you know -- maria, eventually sort of nation can take care of itself, if goods prize get too high people can't afford them they stop applying to some extent self-fulfilling prophecy how
high can it go. >> a lesson from paul volcker crushed inflation the lesson the only way, a central bank can truly stymie nation by causing a recession, i don't think this federal reserve has the backbone to do that. the will and backbone to do that if they're not going to do that you kind of have to figure nation is around for longer than people think. >> a great point, in fact, recently i have been hearing this worry of recession on the horizon, in fact i spoke with he cornerstone macro cofounder partner nancy yoo lazar you know well ons risks of global recession talking 2023 i've got to get your reaction, what she told me this week. >> i don't -- united states strongest economy in the world at the end of the day, significant slowdown with a
risk of a global recession we are global economy many companies are globally based the fed would obviously mace it work show could russia big time why rave specter for the first time of global releasing possibly 2023 i hope not, but you the is what it is. maria: richard is that why markets have been so nervous that this may very well, end badly we see recession in 23. >> i look not so much from commitment eye nancy is more from investor's eye more what i am if you are an investor going to focus more er quarterly profit can gdp itself equity is pride of on corporate profits, so, as you go to 2023 nancy is right in right ballpark here you are likely to get a combination of the fed raising rates, and profits growth slowing. now if you had to create a
kind of a combination of rates regulates, falling accelerating decelerating wouldn't choose raising rates, so, risks are going up, there is no doubt about that within the stock market. maria: um-hmm, i am glad you made that distinction macro economists versus for investors how do you want to allocate capital richard based on what we heard yesterday based on how markets have been reacting to this multiple rate hike story? to come? >> maria, maria we are in a late cyclical environment every time fed raising rates things like that generally late cycle environment, my personal favorite energy i think we are very -- overweight energy has poke to be a growth story, i don't think people understand that, yes gasoline prices have gone up they are not up high enough to start curbing demand if you
look at -- a gasoline prices relative to wages not back to average we're not killing demand there, to nancy's point yarl what with we start heading into a slowdown we want defenses consumer staples foods, beverages household products that is a sector that everybody ignores, they aret talking tech and growth or talking cyclicals, you didn't hear much about defensive kind of in the middle of the road could be a pretty good opportunity if things slow down, if things don't slow down well the consumer staple don't work but if they do your spare tire for of portfolio. >> i like that analysis, i mean on the energy side, of things, richard i wonder energy companies continue to what they do produce oil the climate change priority, out of this white house, and -- the progressive left, has created a completely new businesses for the very
companies that you are referring to. >> well you know there's maria i don't want to get into politics all this, but the green story is a 5, 10, 15, 20 year story. the carbon is a 5, 10, 15, 20 quarter story. so i think as an investor, are there is an opportunity here we're not going to stop using carbon fuels next 5, 10, 15 quarters there may well be an opportunity for investors there. >> richard great analysis, as always good to catch up thanks so much. >> thanks, maria great to be with you. >> all right. and to you richard bernstein joins us this morning much more ahead joining us us tomorrow morning we are take showing live, to the southern border, i will be speaking with governor of texas greg abbott will join me, and the attorneys general from several states, starts 6:00 to 9 a.m. or an we come to you live from mcallen, texas right at border you are watching "mornings with maria" live on fox business. . real cowboys get customized car insurance
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. maria: welcome back. volatility in the crypto markets to start year bitcoin down nearly 50% from all-time high hit in november, this morning hovering below 37,000 dollars taking a hit yesterday, after federal reserve signaled a rate hike to come this march, joining me okay coin chief marketing officer great to have you this morning thanks so much for being here one of the largest fastest growing cryptocurrency will exchanges in the world what are you seeing in crypto face in materializes of volume what is your take away based on your suit? >> thanks for having me. good morning -- what we're seeing, that is anticipation of the interest rates going up a lot of institutions and investors with large positions are starting to take to liquidate that impact from
equities market making its way, to the crypto market so we think a lot of sell pressure we recent seen coming from institution leg aacy institutions participating in trading within crypto markets, if you look at retail side of things look at our retail customer base, they are very much in accumulation mode so seeing a lot of people, dollar plus average at levels accumulate most favor position we think long term potentially could be good entry the point for a lot of investors we're not expecting this price level is going to sustain over the coming few months. >> so, do you think then growth of crypto volume the growth is it coming from state constitutions or a lot from
retail customers are coming into market novices a lot of customers buying smaller orders when market moves typically from institutional customers high network liquidating large positions on our platform. >> i see, i want to do this exclusive now and talk about what eric adams is doing in new york city, as of today. new york city coin is now available to apply trade and sell on okay coin congratulations for this what does this mean for the market what is your takeaway, on this new york city coin? >> i think one of the most interesting assets on platform today officially the second stet county okay coin interviewed our mission to work wl closely with tradition finance enable people to bring their value from position financial systems over to
crypto, i think i with assetsed like city coins especially new york coin first time retail investors see a relationship between crypto innovation and local government taking a good look at it, there is a lot of -- interest on platform for this asset. >> quick before you go, new york city coin what can i do with this what is the value of it what can i use it for? >> look. i think the -- there are a couple things you can do, first off you can come in and you can easily open a on the grounds on okay coin you can buy it hold it like any stock in have ameritrade fidelity account once i hold it eventually you can also put in what we call a savings account earn yield long term i think incentives to just not invest this he will have and benefit from price going up
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maria: welcome back. u.s. giving russia a written response to vladimir putin's demands, the proposal stopped short of meeting crucial ones for the kremlin that nato denied ukraine entry, for example, and that troops are withdrawn from the region secretary of state blinken says how things play out from here is up to russia. >> our actions over the past week, have sharpen to do choice facing russia now, we laid out a democratic test lined up steep consequences, now we will continue to press forward and prepare. it remains up to russia to decide how to respond we are ready either way. maria: joining me right now north dakota senator he kevin cramer always a pleasure to see you. thanks very much for being here your reaction to this back-and-forth between the u.s. and russia apparently the letter was hand delivered, to moscow, and some of those demands that putin made the
were unrealistic to begin with. >> well they are. maria, it is -- i frankly for the first time let me say i think mr. comments the is spot-on, he is exactly right it is the ball is in vladimir putin's court the notion that somehow the united states could unilaterally make the decision, to not allow ukraine into nato is ludicrous on its face, not to mention, just not what we would do, and so it is and then to suggests somehow removal of troops as if we are aggressor or ukraine is aggressor vladimir putin puts well over 100,000 troops on the border ludicrous on face this is how vladimir putin plays this is why, though, maria signaling from united states needs to be strong needs to be specific needs to
be unified not chaotic not weak at the same time we have to continue to unify our it in a allies and all europe, on the same side of this issue. maria: so senator putin put forth items he knew would be unacceptable and then comes back likely to say well, russia has to protect itself, and that includes vacancy of ukraine. do you expect russia to invade ukraine. >> maria a lot of people say that, that they do expect that, it looks like an acceleration is hard to deny that, but at the same time i am not complement convinced that vladimir putin's ultimately goal is an vacancy as much as getting, giving o something back let's not forget the heart of a lot of this is nord stream 2 pipeline, vladimir putin want built and done all that needs acceptance natural gas hard to know how far goes to make that
normal, to this point the norm has pen been stop it perhaps motivation i don't know i don't like to predict i still believe that there is plenty of opportunity for him to do right thing but only do the right thing if we send the right signals i think, fain secretary of state blinken message you said the right signal kwoo we're waiting on economic data getting gdp jobless claims any minute, that is going to give a window into the economy but there is a worry, that, nomination ahead will impact economic growth such as banking sector, the nomination scheduled for top banking regulator pick sarah bloom raskin is the nomination for biden's overseer of banks that is jamie raskin's wife congressman on democrat said then governor lisa cook philip
jefferson, sarah brown expects bipartisan confirmations do you expect these team positive get confirmed bloom raskin under fire or comments on financial regulations, and how they should approach fossil fuel? >> i have great kens about bloom raskin i still have some same concerns about lael brainard for vice chair bloom raskin even more radical in terms of approach on climate fossil fuels, remember a lot of times how you say things matters as much as saying them, to ras country's credit so blatant one point said she advocates a transformation of the american economy, only way to really deal with climate change we have greatest economic system in the world i don't want to transform fundamentally or any other way our markets work really, really will learn in language lael brainard, she referenced
scenario analysis in context leads to climate stress test the ultimately goal fundamentally transforming american economy cook not a qualified in my mind i don't -- i don't think a bipartisan knowledges or confirmation process my hope that we fight like, you know, heck as republicans to get some moderate democrats onboard and stop one or twovz. >> are you a no on raskin? >> o well, i never started -- never start at no having read lots of what she said advocated for, she has got a lot of proving to do with me no, i certainly start out leaning -- no, but open convinced a change of heart. >> breaking news on the economy want to get to come back soon, fourth quarter december december durable good
initial jobless claims with cheryl casone. cheryl: maria get to gdp number this is first time getting a read on the fourth quarter, a gain 6.9%, growth in fourth quarter 2021, 6.9% estimate was only for a gain 5 1/2%, remember this is a huge jump from q3. 2021 you only had 2. 3%, big, gain through other things, revised third quarter to 2.3% just revised, yes 2. % that is what i had before -- open things durable stronger than expected, fwain point 9% jobless claims crossing the staple as well get to those
quick jobless claims continuing claims 1.675 million continuing claims 1.675 million that is a little bit higher than expected, initial claims initial claims 260,000 that is actually in exactly in line, with estimates, from analyst we got as well, let me go through give you durable goods numbers to investor that i am correct it was a loss of .9% apologies on that, a loss of .9% for december durable goods month-over-month strip out aircraft, that came in in line, with a gain of .4%, capped goods a little bit weaker, as a reason we look at core cap goods business spending where business is spending december that came in flat we were looking for a gain, of .4% maria came in a flat could be omicron a lot of things the headline here data really is forth quarter gdp
first read, 6.9% growth in fourth quarter of 2021, maria. maria: ask a i like that number a lot i like the fourth quarter gdp 6.9% much better than expectation dagen mark tepper's reaction to this right after this. stay with us. . 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: welcome back a slew of economic data first read on fourth gaerlt gdp better-than-expected 6.9% growth december durable goods lower weaker than expected during goods down 9/10 of one percent dagen mcdowell reaction. dagen: think about this, our economy, at the end of last year was growing close to 7% 6.9% annualized rate the federal reserve yesterday, decided to continue to buy bonds and and an its balance sheet and keep interest rates zero, with inflation running near 40-year high of 7% still
buying bonds, still keeping rates at zero, for at least say six more weeks, they have completely lost control of inflation, and completely lost their minds. and there is no way that they can fix this without causing a recession. . >> yeah, you make such a great point dagen, why didn't they stop the buying of securities, is it a program that they couldn't stop? so they reversed course? there is still buy securities as jay powell told us to run off balance sheet you pointed out so many times, 9 trillion dollars. >> think don't know what they're doing clearly, they didn't -- and kind ofing articulated that yesterday jay powell did they don't know what they're doing expansion of the balance sheet the balance sheet blowout and asset bubbles that they created, have made the rich,
richer particularly hoes highly leveraged overleveraged working men and women collect a wage what the federal reserve has done to american people. >> you know you look at things like oil prices, mark, 88 dollars a barrel gasoline, up 60% year-over-year, look, my problem, with what has taken place, in this administration, is every agency is politicized, i am very surprised treasury secretary janet yellen way she went right there, drank the kool-aid started coming out with comments like inflation is transitory everybody new that was not true jay powell as well. your thoughts? >> exactly. and when looking at 6.9% gdp growth the economy is growing super fast, and you are running at 7% inflation, we have to start to fight inflation. we definitely don't need rates
at zero, kind of as that data was coming through on gdp i am watching my screen here i am watching the projected numbers of hikes this year, go up. so you know a couple weeks ago looking rat three, three and in 2022 hearing people talk eight maybe 50 basis points in marketing a lot that we have to do, to really stamp out inflation, then on top of all that, economic growth great i am going to have to read report see how much was possibly inventory accumulation ahead of hollywood shopping you kind of look at things look at what burt flickinger was talking about buying in pluck to combat inflation we are at this point, where the last few years have been about a consumer who was completely flush with cash spend
recklessly without thinking about it now consumer has to be more discerning figure how the to you to combat inflation. maria: we're going to have to be more he discerning when it comes to internet taking a break when we come back china is vowing to quote purify the internet. lovely, ahead of next week's olympic games ccp wants to quote purify the internet. that means censorship norm national security council jamie here will weigh in ahead of olympics take a look at origins of covid-19 tune in tomorrow morning taking the show live to southern border i will be broadcasting live from mcallen, texas with latest firsthand look at wide-open border crisis speaking with texas governor greg abbott join us for that special interview we talk with several attorneys general traveling with ken paxton, on how to
winter games now 8 days away, russian president vladimir putin, lashing out begins u.s. led by diplomatic boycotts showing support for china baej to purify innocent ahead of winter games managing news sights, making sure only presenting positive information about china athletes privacy at risk as they are required to use a covid monitoring app while attending the games, joining me right now former national security council state department u.n. official jamie, great to see you. thanks so much i don't know when i saw that quote, that china wants to purify internet that scared me your request reaction to what we are about to see in these olympic games. >> yeah, maria it should scare you should it scare everybody. we are sending our amazing young athletes to great spent wholelize training for this
moment sending them into a lion's den where china if we don't really fight to make things different, is going to censor them just the way it controls its population we need voices loud and clear unacceptable i get olympic spirit about sport buddy these olympics have been deeply compromised being held in china gentlemen cause of the can't allow china to completely silence suppress our athletes or any athletes. >> marsha blackburn senator from tennessee says she is worried about our athletes, there have has been speculation they could see their dna matched or copied what are you expecting in terms of what the athletes will face they were told they had to download the app from ccp, i assume that means they are going to be monitored, and, of course, covid as well.
>> they are going to be massively surveil every movement every communication in private cell phones, when they are surfing the web, when walking around, the olympic village and china government has already threatened the athletes that people who make any kind of public communication maybe even private communication critical of the chinese government will face punishment so it is very, very serious, again, these olympics should never have been held in beijing but now that they are there we have to support the freedom of our athletes. maria: and nbc has cover objection well weren't games on no big deal meanwhile, you are talking about a communist country that will do whatever it wants to foreign athletes you have been demanding an investigation into origins of covid-19, i too have been railing on president biden for having four phone calls with
xi jinping and still not cornering him not bringing it up, saying why are you disrupting an investigation? into the origins of covid-19? poort peter asked skren psaki about it yesterday your reaction to this, listen to this exchange at the press briefing yesterday. >> president said for months he had not spoken directly to ze ze about covid investigation now says he did talk to xi, if president had that conversation, did it work. >> what are you getting at are you suggesting the president wasn't honest about his own conversation with xi? >> no, but the story did change for months. >> we don't share every detail of every diplomatic conversation. >> so, they don't share every detail. they don't want to share the detail of biden bringing up covid which kill five million people across the world jamie why don't they release the transcript if he did bring it up what do you think? >> i don't know why they
haven't seen released the transcript i don't know what or wasn't said. but what i will say is president biden the leaders of all countries around the world, frankly, should be absolutely demanding in every communication with president xi, and china officials that they stop politicing an investigation into the origins of the pandemic. you mentioned that five million commitments estimate between 12 and 21 million have died from covid-19, and just outrageous more than two years after initial outbreak, there is no comprehensive international investigation in place, nor is one currently planned. our leader should be demanding that we should be demanding that our leader demand that. >> i am with you you are spot-on i am not buying the fact jen psaki said he brought it up because they would release the transcript and they won't your take on now this buddy relationship between vladimir putin and xi
jinping. putin going to be at olympics with xi jinping, and u.s. is responding to putin's demands, hand delivered written response from the state department, as they are still hoping to reach a ho diplomatic agreement tensions rising 150,000 troops on border of ukraine. >> xi and putin bowsom buddies not surprising he supported russia's position vis-a-visb ukraine because china as we know occupying territory on indian border occupying territory south china sea threatening to invade taiwan. and, again, if we don't like that, that vision of the world, we need to stand up, so i think it is good the president biden is saying trying to make clear that to put that there will be
consequences if russia should invade ukraine world needs to stand together this russia-china access is certainly concerning maria: look, i mean we're talking about, oil prices, up this morning, above 88 dollars a barrel highest price since october 2014. your thoughts, on the impacts here as it xaerz this conflict is going to be impacting american people, how is russia potential invasion of ukraine impacting price of oil what is impact there on america? >> well, it is a strange irony russia causes problems, which, gets the price of oil to rise. and then russia gets more money as a result of the problems that it created, that is why we need to counter russia also need to think energy security here in the united states, and in europe a, and that is why we need to
be investing in alternative forms of energy domestically produced forms of energy so that we have more leverage. maria: jamie i love your op-ed on the olympics, talking about china should not have been granted the 2022 olympics or granted games to china, given china's behavior in the past, by the way, the last time the olympics were in china thanks for that great to see you this morning, thank you. >> thanks, maria, any time we will see you soon jamie metzl joining us quick break world war ii veteran has all moves, tearing up the dance floor we are going to tell you about it when we come back. stay with us. . ♪♪ ♪♪ ♪♪ . ♪
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maria: a big salute to world war ii veteran jack becker. he just celebrated his one hundredth birthday. thank you for your service. >> he's got moves like jager. he was definitely feeling it. the best part of the story. they asked him a question. what is your secret to longevity? he said he didn't have many secrets other than he drinks coffee every single morning. make sure you put a little bit of rum in the coffee and go. dagen: at that age don't forget how many cups of coffee you have had with the rum or you are taking a nap until dinnertime or you wind up sleeping on the floor in your kitchen. i have a bigger buzz this morning.
today is your eight year anniversary with foxbusiness. it seems like it was yesterday. happy anniversary to you, maria bartiromo. this is your fourth trip in a year. >> happy anniversary. maria: time flies when you're having fun and they put up together with "mornings with maria," one of the best decisions. i am grateful to be here and celebrating eight years. it has been an incredible moment in time to be following what you follow every day. dagen: i venture to say you have connected with your fans, and even bigger audience and the american people in a way that probably eight years ago
you didn't imagine in terms of your bond with all americans. maria: i have a bond with the audience, i'm ready to connect economic policy with washington and do main street washington, wall street and communicate what that means. it has been a great eight years, have a great day and we will do it again tomorrow from the southern border. "varney and company" begins right now. stuart: you got to bond with me, i feel it a privilege to follow you first thing in the morning, one of the most hard-working women in television. maria: i love working alongside you. stuart: good morning to you.