tv Maria Bartiromos Wall Street FOX Business May 23, 2021 9:00am-9:31am EDT
foreigner bosses but for mr. reagan lower tax rates mean greater freedom. whatever would lower the tax rates our entire nation is better off. and for mr. trump he argued lower tax rates will make america first. thanks for watching folks, axthat is "kudlow". tax to the max but we can still beat it and low taxes are the best ofngngngngngngngngg ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy weekend to all. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. i'm -- another volatile week on wall street, mark mobius will tell us where things go from here coming up. plus, the biden administration gives china another break. senator marco rubio responds to the delay on the ban on trading of companies linked to the chinese military.
plus, pipeline hypocrisy. the white house pushing for the reopening of the colonial pipeline and just gave the green light to russia's pipeline in europe, but it shut down the keystone pipeline on day one with. west virginia attorney general patrick morrissey is fighting back. i will speak with him coming up. but first, let's take a look back at some of the top newsmakers in this week's edition of "the week's talkers." watch. ♪ maria: what is with the biden administration giving all of these victories to our adversaries, senator? >> maria, i will never understand the mind of a liberal, progressive marxist, and what we are witnessing right now is the consequences of weakness. maria: the next question has to be, congressman, was it intentional? >> maria, the other question is why were we sending tax dollars to this lab? maria: what do you say to this most recent violence this last two weeks? >> we are determined to restore
our -- and to teach them a lesson. you cannot attack civilians. maria: hong kong has closed the embassy in hong kong. that tells you who's running the show. >> indo-pacific commander who's over president bush all of asia, he -- pretty much all of asia, he said we could probably expect confrontation with taiwan. maria: meanwhile, another wild week for markets as investors wrestled with concerns over inflation. joining me now the founder of mobius capital partners, mark mobius. mark, it's great to have you this weekend. thank you so much for joining us. you're not as worried about inflation as others in terms of the impact on markets. tell me what you're seeing out there. you're traveling the world, you're seeing is some of these increases in commodities. how do you read it? >> it's quite incredible how the markets have been able to stay up despite all this terrible
news about covid here, covid there. as you know, as i mentioned previously, india's doing well is and continues to do well, it's moving -- it's not moving up as fast as it did, but it's not moving down. you look at other markets around the world, they're doing quite well. and to talk about inflation, i think it's quite erroneous. i, frankly, don't believe the inflation numbers. i don't think we should depend on that, but what we should do is look at money supply which is growing at maybe 20% or more. and that's where you can see prices moving up with the money supply move being up at such a pace. but people must remember that earnings are also going up, particularly because of these government handouts. people can afford to pay higher and higher prices. maria: yeah, i think you make a really good point. but in terms of some of the price increases that we have seen, mark, like, for example, lumber, up sharply over the last year. but in the last couple of weeks, actually saw a pretty good
decline. so is that transitory, as the federal reserve would say, or is this going to have an impact on, for example, the housing market and construction with lumber way up from one year ago? >> yeah, right. well, hopefully, those prices don't go up anymore, maybe go down because that will help construction. that's true of other commodities, you know. but my feeling is that you're going to see higher prices generally. i think the commodities have sort of caught up. they maybe have gone past what they should have gone up to, but i think you're going to see continued strength in commodity prices simply because supply is growing at such an incredible pace. maria: so do you want to invest in the companies that have the pricing power, mark? is that one strategy? and overall as you travel the world, are you seeing the recovery take shape? i mean, look, you just said it a minute ago, markets have been incredibly resilient in the face of lots of different worries
around inflation and the federal reserve's next move. what's happening from your standpoint on the reopening across the world? >> well, first of all, it's important to remember that if you correlate the stock market with the inflation numbers, it's no correlation at all. and i, frankly, don't understand why people keep on talking about these inflation numbers. if you look around the world, you can see that people are looking past the covid crisis. you're still seeing the headlines. people are afraid of this, afraid of that. but behind the scenes they're thinking that this is going to be over and, therefore, investing in the markets. and, of course, equity markets are the way to go because of the money supply going up at such a pace, you've got to protect yourself from higher and higher prices going forward. maria: i think increasingly big investors are looking for an alternative to questions around investing in china. we're going to hear from marco rubio coming up in this program. but india has done well. has that become an alternative
for growth for multi-national companies when they're questioning whether or not they're going to see that growth in china? >> definitely. india's on track to get bigger and bigger, and if you look forward to the next ten years, there's a good chance that india will surpass china in terms of its economic development. don't forget taiwan, don't forget korea, don't forget vietnam. all these countries are doing quite well. and particularly in the technology area. you're going to see a lot of tremendous work being done. the problem, of course, with taiwan is the threat from china, and that's where i think we're going to be see a lot of problems going forward, particularly for u.s. policymakers. maria: yeah, it's a great point because china reiterates all the time that it wants to see the reunification of taiwan. we're watching that story closely. mark mobius, it's great to catch up with you. thanks so much for being here. >> thank you.
maria: we'll see you soon, mark. thank you. giving china a break, the biden administration postponing a ban on trading companies linked to the chinese military. we are going to talk about that coming up. senator marco rubio on the thinking behind this and the threat to business. stay with us. >> the chinese have figured out how to influence our system, and this is typical of what's been going on in this country for the last 20 years. it didn't happen for the last 4, and it's bad for america and american investment funds helping to finance and grow chinese companies linked to the chinese military so they can grow in their capabilities to one
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florida senator marco rubio has been outspoken on the threat of americans doing business in china, and i asked him what he thinks is behind the administration's policy toward beijing. >> what's going on is that there are a lot of people on wall street that stand to make a lot of to money on investments they've made in these companies or companies and corporations that are doing business in china, and the chinese government is leaning on them. and as you know, wall street and the financial class gave a lot more money to democrats than republicans in the last cycle and will do so again, so they will lean on the white house. this is good, old-fashioned lobbying. the difference, of course, is it's an influence lobby that the chinese have figured out how to influence our system. it didn't happen for the last four years, but it's happening again, and it's bad for america. american investors and american investment funds are helping to finance and grow chinese companies linked to the chinese military so they can grow in their capabilities to one day defeat us in a war.
maria: so do you, do you then support the legislation or the bills coming out that basically say, look, for example, the trust fund should not be investing in chinese companies tied to the military, that we should have, in fact, this ban on trading of chinese companies? >> yeah, those are about three or four different bills that deal with these different -- this issue in different ways, and not only do i support them, i helped write -- i wrote two or three of them. and so i definitely want to see that as part of anything we do on this china bill. this has to be dealt with. people don't realize it, but the chinese figured out that american corporations, american investors and what they want to do is make money. they want to make a profit. and they don't really care long term, it doesn't matter if long term it's damaging for america, or maybe they do care, but they convince themselves to overlook it. and you now see these dollars including money from federal government retirees, basically
the equivalent of a 401k for employees, including congress, is investing in companies controlled by the chinese military, the companies that are building the weapons that are designed to defeat america in a war one day and kill americans. maria: you're absolutely right. and it's just extraordinary to me that anybody would have an idea to put military men and women's 401(k) into companies that are actually building the armament to overtake the united- the united states as the number one superpower. look, senator, you have been on this for so long, and i want you to know the audience really appreciates your leadership on this topic. we understand the china threat, and now you have house speaker nancy pelosi saying she wants a boycott on the 2022 beijing olympics in response to china's human rights record, but she says it's only a diplomatic boycott. she said that heads of state should not attend the olympics, but she's fine with the american athletes competing in the games. what is that?
it's okay for our american athletes to go put their lives at risk, but heads of state shouldn't? >> yeah, look, i don't know what she meant by that. it doesn't make any sense to me really. yeah, at the end of the day, the olympics is ap important thing, and it could be a way to send a message. but whether or not the chinese olympics goes on with or without americans or western countries isn't going to change the fact that they're billing missiles de-- building missiles designed to destroy our aircraft carrier, 80% of our medicine is made in china, they could cut us a off, 80 president of the rare -- 80% of the rare earth metals we need has to come from china because we've let them take over the industry. these things are going to matter 100 years from now, 50 years from now, 10 and 5 years from now. this is what matters. the balance of the power in the world is being decided by the decisions we decide to make now, and we've got a lot of people focused on the trivial and not
willing to do what needs to be done, and we're heading down a road of humiliation and decline if we don't deal with this. maria: you are absolutely right, and what is the delay here? why is it that we are still relying on china to produce 70% of the active ingredients in our drugs? i'm talking about 70% of the active ingredients in ibuprofen, pencil listen. how -- penicillin? i know it doesn't happen overnight, but we've been talking about this for a couple years. >> yeah. we made changes to our tax law 20 years ago, look, it's cheaper to make it in china. the most efficient outcome, the market outcome is let's make it in the cheapest place. sometimes the market outcome -- and i'm as capitalist as they come, but sometimes the market outcome is not good for america or americans, and in those instances where the market outcome, as efficient as it may be, is bad for the country, we have an obligation to correct it. the only way we will produce our
own rare everett minerals is if we create the demand and capacity. the same is true for pharmaceuticals. we have to say it's a national plierty, and we're going to -- priority. that's what operation warp speed was. the market would have eventually given us a vaccine in three or four years. we needed it right away, so the trump administration stepped forward, it partnered with the private sector, and six, seven months later we had two vaccines and an antiviral or an antibody treatment that saved, you know, millions -- thousands of lives. maria: my thanks to senator marco rubio. mixed messages, meanwhile, from the white house. critics slamming the administration for giving the green light for a russian pipeline after the hacking of the colonial pipeline and shutting down the keystone xl at the same time. nineteen states' attorneys general sending a strong message to president biden. west virginia's attorney general, patrick morrissey, is among them, and he'll join me next. ♪ ♪
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blocking the keystone pipeline here at home. nineteen attorneys general have also sent a strongly-worded letter to the president that reads in part: your pursuit of this radical agenda continues to hurt american, not insulate it from the consequences of your decisions by geography or privilegings. maybe one day down the road we will obtain the energy profile you desire, but in the meantime, americans want practical, effective leadership, not visionary deprivations. west virginia attorney general patrick morrissey joins me now to talk more about it. general morrissey, it's great to see you today. thanks very much for joining us. we were certainly surprised that the biden administration gave the green light, waived restrictions and waivers on that company operating the russian nord stream pipeline and yet canceled the xl pipeline. what's behind this decision, do you think? >> you know, if you start to unpack all this, it starts to look like you have energy
independence for all these other countries around the world but not for america. he's taking action which is helping china, which is helping russia, which is helping other countries. but when it comes to assuring america's energy independence, our security of the energy supplies, keeping the prices lower, biden's making all the right choices. it's really inexplicable what he's doing, because it's putting american energy at risk. and a lot of the a.g.s and i are very concerned about it, but this is the part of a broader biden agenda the that really puts our country last. maria: and that broader biden agenda really gives the epa carte blanche to go into lots of different industries, makes the epa virtually unchallenged in terms of its authority to regulate wide swaths of the u.s. economy. go through the epa rulemaking and what that means for various
industries. not just the energy industry, right? >> yeah, absolutely. so this is going to have a profound effect on the american economy if it's allowed to stand. so one day before president biden took office, there was a d.c. court decision, very significant one, which effectively ruled the epa has virtually unlimited authority to act over wide areas of the american economy. to deharmonize, if you will. so what president biden is hoping to do through his climate plan, he would like to not only eliminate the remainder of coal-fired power plants, but it means cutting natural gas capacity in half, moving about 100 million people over to electric cars. here's what that does, the price of energy will go through the roof. obviously, people saw what happened with the colonial pipeline disaster; the long lines, higher gas prices. that's the future of america
under the biden proposals because they're looking to shut down pipelines, get rid of fossil fuels and no one is going to be able to come up with the amount of electricity to deal with the demand in america. and we were very concerned about that, which is why 19 states, led by west virginia, filed a petition at the u.s. supreme court because we said, you know, the epa is not all-powerful. their job is to serve as an environmental regulator, not a central energy planning authority. we'll probably hear by the end of september, and i think we're right on the law. maria: well, look, it's not just businesses that get impacted, it's also homes. >> right. maria: people's home electricity bills and oil bills are going to go up. you actually were successful the last time this issue came up under the president obama administration, right? >> well, we were. we were able to obtain a historic stay at the u.s. supreme court because i think that court agreed that the epa
didn't have such unlimited authority. and, maria, you're exactly right, this is going to hurt homes, it's going to hurt factories. every aspect of american life is going to be touched because if you move from natural gas to the power grid, your powers going to go through the roof. and we're actually trying to get a economic study done right now. the administers has not been transparent about the fundamental effects of this proposal. so when people see what's going on, it's not only going to affect energy, the cost of everything you do is going to go up. and think of it, if you will, as a basic increase -- or decrease, i should say, in standard of living for the average american family. that's a real problem. maria: yeah, it's quite expansive and extraordinary actually. well, we'll be watching this, general morrissey. thanks very much for your leadership in all of this, and we will watch what happens come september when we might see some resolution. thank you so much, sir. west virginia a.g. patrick
morrissey. we'll see you soon, sir. thank you. don't go anywhere, more "wall street" right after this. ♪ ♪ ♪ you come and go ♪ ♪ karma-karma-karma- karma-karma chameleon ♪ ♪ you come and go ♪ ♪ you come and go-o-o ♪ ♪ loving would be easy if your colors were like my dreams ♪ ♪ red, gold -- ♪ [ tires screech ] [ crickets chirping ] for those who were born to ride there's progressive. with 24/7 roadside assistance. ♪ karma-karma-karma-karma-karma chameleon... ♪
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senior fellow jamie mets el joining the show live sunday morning on fox news. plus on fox business every weekday 6-9 a.m. eastern, "mornings with maria" right here on fox business. hope you'll start your day with us. thank you so much for being here. i'll see you again next time. have a great rest of the weekend, everyon ♪♪ >> hello, and welcome to the "wall street journal at large." i'm james freeman filling in for gerry baker. your federal government is still not ready to declare an end to the emergency. each though the seven-day average of covid hospital admissions has fallen nearly 80% since the january peak. average daily deaths are down
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