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tv   Maria Bartiromos Wall Street  FOX Business  August 13, 2022 10:30am-11:00am EDT

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get a deal close to 3%. jack: at the classic what would andrew do strategy? i'd like it. to read more check out this week's edition of barron's.com per don't forget the files on at barron's online. that is all for us, see you next week on barron's roundtable. from the fox city gent studios in new york city. this is maria bartiromo's wall street. maria: happy we can to all but welcome to the program that analyzes the week that was held position you for the week ahead. i am maria bartiromo or joe biden spending spree democrats pushing through the biggest climate change bill in history. with massive tax and spending, tacked on. i am getting reaction from tennessee senator marsha blackburn on that. and why it took days for ag
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merrick garland to admit he personally signed off on the rate of president trump's mayor lago home. the fbi reportedly looking for information about nuclear weapons. trunk on those claims a hoax. inflation slowing slightly in july but remaining near a four-year high fund founder danette niles is here with what is next fighting back against the left. that's flying in the wyman change agenda a big investment blackrock. it is here tell us all about it. the democrats pushing through their massive $700 billion spending bill. and we do not even know how many it actually costs. fox news poll shows a whopping 75% of americans are not happy with the direction of the nation. donate me now the senate commerce science and transportation tennessee senator marsha blackburn. it's great to see you this
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weekend thank you for being here. >> sure, good to join you. you are right maria they do not know what this thing is going to end up costing. but they are gleeful that they are spending so much of the taxpayers money. maria: it's pretty extraordinary knowing we had all of that spending last year stoke inflation rate that is why we are battling a 41 year high inflation right now. you tell us a bit about what is in this plan? under the the cbo says they cannot even tells the impact on the budget for a few weeks. what is in it? >> you are correct where they cannot give us the specifics they do not intend to give us the specifics right now. it's going to be weeks before we get that detail. but what we do know is there is at least $369 billion for the
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great new deal. there are $313 billion in tax increases. we do know there are $64 billion for obamacare. there is money to go out and plant trees. over a billion dollars for that. and then of course $80 billion for the 87000 new irs agents who are going to be focused on the middle class. we know that. and i think our democratic colleagues are fully aware that also. i will tell you this, tennesseans and know that. i have been in nine different counties this week. every time i talk to someone they say it we know they are coming after us. we want to get this thing stopped. maria: it's pretty incredible that 87000 new irs agents takes the overall number of irs agents to the 166,000 compared that to the 20000 border agents.
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you just think about these are the priorities. although have corruption in plain sight have got to get your take on the rate on president trump's property. former president trump given the go-ahead for the justice department to unseal the warrant for this week's raid on trent six. d.o.j. searching for materials related to nuclear weapons. forgive me if i do not believe the "washington post" given the fact they lied to us for four years about the russia collusion live. president trump came out and called that a hoax. he is drawing parallels to the nuclear story. he is drawing parallels to the steele dossier. here's what his attorney had to say, watch this. hooks they are not on solid ground. they had to come up with something that would potentially terrify the american public into freely giving up their constitutional freedoms. if we are on the verge of
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nuclear war, giving up the nuclear codes maybe it is acceptable. >> that is just extraordinary and senator, what you make of all of this? >> you know, maria, this plenty of great people who work for the fbi and have worked for the fbi. there is a cabal within the fbi that has politicized the agency. and they did this from the time donald trump came down the escalator and announced his campaign, they have been after him. so in some way, shape, form, they cooked up this raid. they had christopher wray agree with the raid. in of course american garland signed off on this. it's extraordinary and it is unprecedented. was negotiating with the fbi and
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archives on documents. this is something every americas you did not see the fbi raid the obama's, the clinton's, you did not see that done. they did not go after rating hillary when she did the bleacher bit on her computer. and in order to get that server. on a precedent and it is important we get answers. it is unacceptable that to this point the fbi has not given us the specifics that we need. aunt christopher wray should have been talking with us immediately. because in order for this to make it to merrick garland desk, he had to participate in this decision. maria: e make so many important points. because we have been watching the fbi having gone so over the top political now for several
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years. there is the russian collusion lie the fbi knew the steele dossier was fake or they still pursued warrants to spy on trump officials for there hunter biden laptop were we saw all of the money divided family took in. and yet the fbi sat on it while president trump was facing an impeachment trial for a phone call with the head of ukraine. there's all this news on the laptop about hunter biden accepting $1 million in ukraine. there was the entrapment we are told it was entrapment for gretchen whitmer, the governor of michigan. and yet no commentary whatsoever about any of this from the fbi. instead they try to stop at trump. do you think this is about stopping him from running for president in 2024? >> whether it is about stopping him from running or just trying to absolutely destroy his reputation, his life and the
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life of his family. we do not know. that is something we will find out. but we do know this, we note that the american people. i don't tennesseans are looking us and saying they can do this to donald trump, they can do this to me. they are also looking at this, maria and they are seeing two tears of justice. they find that to be very unsettling. because as you look at the 87000 irs agents, an army of agents that are going to be marching out across the country, whether it is a corporation that is large or a medium sized small business manufacturer, or a mom-and-pop on main street, they are looking at this in saying how in the world could this possibly happen in the united states? they are it equal justice for all.
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seafort yes, for sure. saturday thank you very much for being here this weekend. we will keep a spotlight on it we appreciate your time. alright senator marsha blackburn joining us. in placing using a bit in july. consumer prices still skyhigh. how long it could continue and ♪ my relationship with my credit cards wasn't good. i got into debt in college and, no matter how much i paid, it followed me everywhere. between the high interest, the fees... i felt trapped. debt, debt, debt. so i broke up with my credit card debt and consolidated it into a low-rate personal loan from sofi. i finally feel like a grown-up. break up with bad credit card debt. get a personal loan with no fees, low fixed rates, and borrow up to $100k. go to sofi.com to view your rate. sofi. get your money right. ♪ ice cream is like whooping cough, it's not just for kids. whooping cough is highly contagious for people of any age. and it can cause violent uncontrollable coughing fits. ask your doctor or pharmacist about whooping cough vaccination because it's not just for kids.
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♪ i'm the latest hashtag challenge. and everyone on social media is trying me. but if you don't have the right auto insurance coverage, you could be left to pay for all of this... yourself. so get allstate. maria: welcome back. now we look at where markets ended the week after we did get a new inflation numbers this week. a smaller than expected increase for consumer prices rising eight and half% in the month of july. also inflation also coming in below expectations with an increase of just 9.8% for the producer price index. but we are also hearing about a surge in layoffs as the economy slows down. joining me right now is sartori fund founder dan niles break talk with a macro story and investing in it. damn it's good to see this week and thank you for being here.
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>> my pleasure, maria. to start off a point on assessing where we are right n now. on the one hand we had this big rally in stocks beginning in the middle of june until now. we are still seeing the nasdaq up and double digits just in that month and a half. at the same time we've got two quarters of contraction. how do you assess where we are right now, dan? >> it's a great question, maria. it's easy to get caught up in the fact the market is rallying and have a lot of people calling this is the next bull market. if you step back from it all, there are several things you know. the first one is you do not want to fight the fed. and usually people say that in a bullish manner the fed is cutting us of the markets go up et cetera. this time the fed still has a lot of work left to do where rates are at 2.5%. the summary of economic projections they say that's going to go to three and a quarter, 3.5% at the end of this year. and then 4% by the end of next
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year. we do not want to fight that. the second is you do not want to fight the fundamentals. for the first time in two years, during the last earnings season yet estimates for the s&p 500 actually go down looking forward. those are the two components that really make it difficult to believe this is anything but a bear market rally within a longer turned down. so far you heard from a bunch of technologies. he mentioned micron technology the fact they had a negative preannouncement five weeks after guiding revenues lower. we had a walmart situation. we've got tech, retail showing real weakness in the upcoming week we are going to get a read on the consumer with a number of retailers reporting earnings. you say do not fight fundamentals do not fight the fed, how are you investing right now? >> what we are doing, on june the 17th he put out a post on social media saying we expect
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the next bear market rally. and so we are positioned to take advantage of that. and we have gotten that. if you look back through history, if you look when paul had to take rates up tremendously at six rallies in the smp averaging 8% each. we had four rallies averaging 9%. this last was bigger than that it's within that normal move. but what you want to do is go i do not want to fight the fed i do not want to fight the fundamentals. and so right now but we have done is sold into this rally now. we have more shorts again then we have long suit. we raised a lot of cash resold a lot of names that have done well during this most recent balance. but we are anticipating to your point is as we get more data coming out about the consumer. don't forget we have the jackson hole meeting of the world's central bankers at the end of the month. they are going to say we have still got a long way to go to
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kill off this inflation. so a lot more rate hikes. i think both of those things are fundamental of the consumer and what the central banks have to do. that is going to put more pressure on the market again. maria: you've got a lot of information on dan niles.com. for the notes you have is a recession with inflation still over 3% is our best case for 2023 with a 30% drop in the s&p 500 from current levels. does that mean you're selling into this rally now? while also expecting many rallies in the overall bear market going into 2023 and 24? >> absolutely it's a great summary, maria prevents selling the names you have done really during this last move up. we have gotten short again. we have raised a lot of cash. do not forget you look back at the global financial crisis with the tech bubble you have five rallies in the snp between 18 -- 21%. and you lost half of your money
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during both of those. the time. so you do not want to get caught up in this latest move unless you really think we are done with inflation so the fed can stop. and the fundamentals are not getting worse. all company reports you have seen kind of indicate an aggregate that demand is still slowing. so far are right we will leave it there. dan, i was a pleasure to speak with you. think of a much for laying it all out there we will keep watching. dan niles joining us thank you. a new fund is targeting oil and gas companies but not in the way you may think. vivek ramaswamy is here on his this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq,
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so if. fighting back against the left climate agenda. vivek ramaswamy strive asset had a new fund the signifying oil and gas companies, pushing men to revolt against the pressure to cut back on energy production rejoins me right now. vivek great to have you. congrats on the new etf. i want to show i spoke with missouri attorney general eric schmitt this week. he and 18 other state attorneys general sent a letter to black rock larry fink at demanding answers about the firms focus on climate investing and the impact on investors. take a listen to it eric schmitt told me, watch. >> is a common theme here which is a government that is completely out of control. they are trying to force these companies to adopt their woke ideology, banded their duty as a fiduciary to get the best return for investors. this is a serious issue. maria: vivek you on a similar
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crusade here tells by your etf. >> two prongs one is states taking action the others to the market that is the prong i am focused on. i'm glad their focus where they are but they're also going to do market. this is our first etf at strive its u.s. energy fund it is really simple in its key difference. u.s. energy companies including oil and gas companies, to drill, to do whatever allows them to be most successful over the long run without regard to any other environmental and social agenda. what's happening today a large asset managers in the world like a black rock have use the money of everyday citizens to tell these companies to advance social and political environmental agendas that most of those everyday citizens do not agree with. i think that is a fiduciary breach. grading a vehicle for owning the market. in this case starting with energy stocks.
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but to deliver a different voice that both a better represent the will of everyday citizens who are investing in the market. but also hopefully, maria, like the potential of the u.s. energy sector which traits at a lower multiple the rest of the market today than the s&p 500. but could trade in a much higher level if it takes the handcuffs off their behaviors that is the point. so for that is right. many investors do not even know for they are not aware it is larry thanks or rules that he is doing the voting. whether they like it, know it, or not. by that we should point out that oil stocks have been among the best performers. top ten holdings things like exxon mobil, chevron, good for you vivek. your mom is doing incredibly well. what reception have you got from
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this? >> we have been grateful come incredibly positive. i'm told launches in recent years even. that reflects the will of the everyday citizen to be represented properly in corporate america's boardrooms. you are right, most people do not know. but as they start to know they say do you know what? i do not want my money abused by some other asset manager that is speak on my behalf. mandating companies to do things that i do not want them to be doing but i do not want to pay $5 gas is one had and have my 401(k) account subsidize it with the other. both out me knowing what is going on. the funny thing is you are right the energy sector started to turn around this year. but a funny fact, between june of 2018 and the end of last month, july of last year energy profits outpace those of u.s. tech companies. but energy stock prices trailed u.s. tech companies dramatica dramatically. why is that? it is because the esg asset management industry what it does is it applies low price to earnings to company saying
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there's going to be a great energy transition for there's going to beat note fossil fuels after 2030. but we are saying is let's wake up to the reality fossil fuels are not going anywhere anytime soon. and actually if u.s. energy company skip into the void, fill the supply, demand imbalance right now that could be an opportunity for u.s. energy companies to actually thrive. but in order to do it they need new shareholders delivering a new mandate. and i will tell you just this week i spoke 20 largest conferences of oil and gas ceos and executives in denver. they are hungry for this message but not the employee's of twitter who want to resist but a shareholder might tell them to do, these employees are waiting in the wings to be able to go this new direction. my general view is if you are an asset manager, if you are a fiduciary be honest about what you stand for and what you don't. do not try to be everything to everyone at the same time. and there may be people in states like california, new york, pension funds they are the sebi went to environmental agendas with our money.
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and what i say? great. strive is not going to be good company for your capitol partner respect your decision to go elsewhere. at the same time we do say who we stand for people to deliver message to american commerce including american energy companies a focus on excellence over politics and any other agenda. that honesty's or missing capitol markets and government at its best is asking for people to just be frank about what they stand for what they don't. so maria, as we get the girl keep you posted in terms of what we hear. so far keeping it simple. vivek ramaswamy join research shows that people remember ads with young people having a good time. so to help you remember that liberty mutual customizes your home insurance, here's a pool party. look what i brought! liberty mutual! they customize your home insurance... so you only pay for what you need! ♪young people having a good time with insurance.♪ ♪young people.♪ ♪good times.♪ ♪insurance!♪ only pay for what you need. ♪liberty liberty. liberty. liberty.♪
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maria: welcome back do we have another big program that works for next week and bring acute tune into wall street every friday night at 7:00 p.m. eastern right here on foxbusiness. i will see you at 10:00 a.m. over on sunday morning on fox news channel. with that "sunday morning futures" live on fox news. exclusive interviews with trump media technology groups, congressman scott perry and
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congressman jason smith. plus former defense department chief of staff kasha patel paid my special guest sunday 10:00 a.m. eastern live on fox news. right foxbusiness start smart every weekday from 6:00 a.m. -- 9:00 a.m. eastern for mornings with maria but we hope you'll start your every weekday with us on foxbusiness. that will do for us right now. have a great rest of the weekend everybody. thanks so much for watching i'll see you again next time. ♪ ♪ ♪ ♪ ♪ >> hello i'm james from it in for jury bakery on the wall street journal at large print epic road line after four president trump gascon's home was raided for its what we learn from the attorney general. also look out democrat tax-and-spend bill will massively expand the irs. according to job descriptions taken from their

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