tv Maria Bartiromos Wall Street FOX Business August 15, 2021 9:00am-9:30am EDT
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getting reaction from tennessee senator bill hagerty about the massive spending bill coming out of the senate. then the threat of the taliban takeover, the u.s. sending 3000 troops back to afghanistan to help evacuate remaining americans of the kabul in this embassy. more on that with former deputy national security advisor kt mcfarland. let's take a look back at the top newsmakers on mornings and every in this week's talkers. maria: is amazing to me that joe biden is able to push through six, $7 trillion in spending. >> to put into perspective spending relative to gdp is about the level of was in 1943 as mercury not for world war ii peak. maria: out of peak from the media from the same birthday when everyone is dancing up a storm close to each other and the motorcycle rally's question.
>> this is the way it's been for over year and there's always a double standard you get go but if you go to church and work and school and a trump rally or in this case a surgeon is microsomal rattling. maria: i would have this recognition tells us about what's in the future. >> let's hope impeachment does continue on we spent five months and millions of dollars to do an investigation to prepare for this impeachment and to drop it all does not make sense. maria: take a look at the markets in the week as new data showed inflation continuing on the rise but lower than the month before. that has some people questioning whether or not inflation is speaking consumer prices of 5.1% in july from a year earlier producer prices were up a record 7.8% last month, we are looking at inflation on the producer level in the consumer level continuing to elevate. joining me at yardeni, it's
great to have you this weekend, thank you for being here let's talk inflation what your reaction to the numbers this week and whether or not the fact that you saw the cpi up five tenths of 8% in july down from nine to the% in june, did not give you any feeling that perhaps it is in fact beginning to trend down and it is temporary? >> i'm getting now warm fuzzy feeling about the notion that inflation is transitory i think it may be with us a little bit longer than the fed expects and said terry powell has been saying, we also do ppi number which is higher than expected in producer prices get into the cpi with a lag but there's a lot of inflationary pressures in the system and i'm sure we'll get around to talking about what washington is doing but i don't know whether we'll get the
workers to build the things that washington wants to build. there's a lot of inflationary in the system, the good news is productivity is making a tremendous comeback and nothing could offset. maria: tell me what this means in terms of allocating capital. you have been bullish on this market is 2009 or so and you're seeing an economy that continues to grow even with these worries with more record highs this week, do you still want to buy stocks. >> yes, i do i want to hold onto them i'm not telling anybody that stocks are cheaper yet to be a selective stock picker i don't know themes are going to work because there picked over and sectors have been picked over, however, having said that i think the technology is still good to be a very important source of activity in a world that we see more labor shortages and technology is available to
the mental and physical abilities of workers and we desperately need to have more productive workers and companies that embrace and use technology to do that i think their earnings are going to grow i think the outlook for earnings is continued growth i don't see an every session the usually caused by crutches and it's hard to see any of it in a huge amount of liquidity in the system, i think the stock market of the past least resistance is higher. maria: what does that mean in terms of the macro story because there is still worries out there that growth has peaked, have we seen peaked growth? >> we seen peaked growth in peak earning we're comparing everything to the second quarter of last year on a year-over-year basis, there is an effect not just in inflation but macro economic indicators everything was so depressive in the year of
the quarter that they're on fire in the second quarter and they will start to cool off in the second half of the year but that's not a problem there's no way we can sustain the kind of growth earnings are gonna be up 80% on a year-over-year basis in the second quarter, that is not sustainable and we will see double-digit ab and the 20% growth rate in the second half of the year end will settle down to the single-digit growth rate, that still means that earnings are going to go up in the economy is going to be expanding and it means the stock market grows up but perhaps at a slower pace, it's gotta go up at a slower pace. maria: is there still headwinds to continued rally, will talk to senator hagerty about the researcher package, you're talking about $6 trillion being thrown at the economy and 70 have to pay for their gonna raise corporate taxes, individual taxes, taxes on
assets and all the above and then the federal reserve beginning to pull in the stimulus that will stop by the 120 billion of bonds do either of these issues represent the catalyst to sell stocks? >> i try to keep on top of what's going on in washington and winston churchill said legislation like watching them make sausages some project away until it's all over to see which actually have don't forget the initial infrastructure bill is going to be $2 trillion plus now it's only a trillion dollars and i can't quite figure out the math but apparently half of that is the increase in spending but it's good to be hard to get that spending going i remember when obama had this infrastructure spending idea and there was nothing that was shovel-ready. remember that expression and a lot of unmarked shovel-ready and construction workers to do the
job. maria: is a good point, maybe it doesn't get through in this market keeps grinding higher, nice to see you, thank you so much we'll keep watching all of that and we appreciate your insights as always at yardeni the president of npr getty research. now it is high level in 21 years. new numbers just released from customer border protection, two bills we are moving forward in the senate for $5 trillion. plus you spending tennessee bill haggerty is calling a socialist debt bomb. he will join me next. >> it is too expensive to afford, and it it is truly the gateway to socialism for the democrats. democrats. >> if you look i'm so glad you're ok, sgt. houston. this is sam with usaa. do you see the tow truck? yes, thank you, that was fast. sgt. houston never expected this to happen. or that her grandpa's dog tags would be left behind.
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spending spree in washington this week senate democrats paving the way for the three and a half trillion dollar budget plan after pushing through a trillion dollar plus infrastructure bill above republican from tennessee senator bill hagerty tried to block he joins me right now it's great to have you this weekend, thank you very much for being here and you really went through the substance of these bills and that what brought upon, can you talk about the substance of the infrastructure built in the larger what some are calling a five trigon velva package even though i know it's advertise of three and half trillion. >> certainly let's just talk about what was advertised at the offset we waited weeks if not months to see the infrastructure bill and my colleagues have been talking about hard infrastructure, infrastructure is in my dna i work my way through school shoveling asphalt
in the row construction business. i think tennessee taxpayers and american taxpayers can appreciate hard infrastructure investment that delivers a real return but what we finally received is a 2700 page bill that was a down payment on a new deal. by the time we got the scoring, the cook congressional budget office rather than being paid for was over a quarter of a trillion dollars in the hole what chuck schumer's response to that, that's accelerated let's ask it tonight, the aim was to get bipartisanship and momentum in place to the 3.5 trigon other bill, that is when i said no and i put a halt to that process trying to accelerated and we show daylight on it and i think a lot of my colleagues had an opportunity to see what wasn't it several of them move their votes in the end. we had 30 of us that were opposed to it. i think what we have right now is an opportunity to put more pressure on the democrats in the house of representatives who were in swing districts that would be faced with looking at
this bill with a $3.5 trillion whopper coming from bernie sanders and the have a lot of pressure on it. maria: what is the motive, kim strassel from the wall street journal wrote a great op-ed this weekend, chuck schumer in his shadow and it's all about he's mimicking everything the alexandria ocasio-cortez is trying to do because he's going to get a challenger, aoc will try to unseat him or get a challenger to unseat him. is that what this is about for chuck schumer to stay on the job. >> i think her analysis is ringing true with me. the far left has taken over the democrat party and the pressure that chuck schumer must be under his enormous allowed bernie sanders to offer this build is 3.5 trillion which we talked about before probably will wind up being north of $5 trillion when it is over, what he's done is move the entire democrat contingent so far left to the point it looks like aoc is calling the shots right now.
maria: before we move on to the border, what kind of taxes should we expect from the 5 trillion-dollar bill coming in the fall now that the senate has paved the way for, who is getting a tax increase? >> first i'll say, everybody is. what's happening there accelerating inflation that a norm is pace, were seen inflation on the run in america right now, that's the most pernicious tax because it affects everybody the retirees the most everyone's dollars are worthless. what the $3.5 trillion of additional money along with a 1.2 trillion infrastructure will put more and more money into the economy and more inflationary pressure that will be the broadest base tax but to come back to your question this will cause corporate taxes to go up in the make america the least competitive nation in the world, death taxes will go up it'll be very painful for small companies and farmers to pass along their
business to the next generation it'll make us less competitive at every front the kilduff also fuel industry they want to see that go with white in the make every company in america less competitive because of energy cost will go up in china will last all the way to the bank and will be shutting more american jobs offshore in the process. maria: this is incredibly troubling as the border is continuing to show us every day in every month we have new numbers this weekend showing more than 212,000 migrants who were encountered at the border in the month of july that is up 13% from june the highest level in 21 years dhs secretary mayorkas visited the border on thursday as some lawmakers are calling for his impeachment right now because they fail to acknowledge the crisis that is only getting worse. were talking about 1.1 billion encounters year-to-date. >> this is incredible it's the greatest national security crisis that we faced as a nation. they collapse the border, it is
easier to get across our southern border that it is to get a table for dinner at new york city. this is preposterous. in the midst of a pandemic they are doing this and they've absolutely destroyed our national security crisis in the cartel and coyotes are providing more messaging for them to send more and more vulnerable people cross the border whether the covered positive or not they're sending them across the border and they're sending more fentanyl into my state and states all across this nation and gillian are kids, it's a tragic situation and to think that secretary mayorkas still has his job performing like this in corporate america this would never stand. maria: it would not, you are right 90000 plus overdoses due to fentanyl in america as the drug gets into the border, it's good to see you thank you very much. we'll keep watching this and
putting the spotlight on it. senator bill hagerty joining us this morning on current policy. meanwhile there's this kabul is in the crosshairs, u.s. intelligence predicting the taliban will seize control of afghanistan's capital city in as afghanistan's capital city in as little as a month from now ♪ ♪ ♪ afghanistan's capital city in as little as a month from now ♪ ♪ ♪
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maria: that was just one month ago resident biden was certainly confident that the taliban would not take over immediately once biden pulled american troops out of afghanistan. now were sending 3000 troops back to evacuate the u.s. embassy in kabul as the taliban has seize control of two thirds of the country. i asked former trump deputy national security adviser kt mcfarland from the backtrack from biden. >> all the taliban had to do was wait us out, i was in afghanistan 15 years ago and one of the tribal leader said to me you americans you have all the watches that were just going to wait you out we know eventually you will get tired of being here and will take over when to leave and that's exactly what happened, my problem right now with abide in the administration is why are we sending 3000 fully combat ready troops into afghanistan to evacuate americans from the embassy didn't we see them writing on the wall and taken aback is out
of that region, why are they still there, secondly the biden administration is going to leave a diplomatic group in afghanistan and be heavily guarded around the embassy. how many combat troops are going to be doing that and everybody has a target on their back, this is never going to indwell the taliban will always prevail in the tragedy we should've left afghanistan in december of 2001 after we destroyed al-qaeda and then got onto the northwest region about pakistan and kill off us, but lauded in the 200 al-qaeda left at that point but we didn't we stuck around a nation built it always failed and failed in vietnam, iraq and afghanistan. maria: the intelligence community is expecting kabul to fall within a month, what do you think the implications of all of us are as afghanistan falls, who wins and what does that mean for the rest of the middle east?
>> they become unstable as i run peels off western afghanistan, pakistan will try to peel off eastern afghanistan, the chinese will be in there because they want the natural resources, the russians will be interested in the northern alliance tribe and similar to russia's self but i think the biggest loser obviously is the united states and what will happen soon the leaders of afghanistan will leave before the taliban takeover kabul because they know the be executed when the taliban comes down in the second thing that the real tragedy china is poised to recognize taliban in afghanistan as an ally in the nation, that will be a huge slap in the face to the united states and all of our efforts that will allow china yet again another opportunity to say america is a failure, america's days are done in china is a rising great power
you out a switch size from america to china to know what's good for you. >> i like to know what they're thinking what the chinese regime takes over and what that means for the american people. we've got joe biden's foreign policy leading fires all across the world and leaving americans vulnerable certainly as it relates to china. the cia look united independent mission center for china in an effort to gain greater insight on the capabilities, jack keane is on this program over time and he always says to me when it comes to the navy we are outgunned. china has been focused on its military as a way to become the number one superpower and its succeeding. your thoughts on this mission in china. >> it's a great tragedy of
afghanistan and the middle east which have our eye on china, china in the last 20 years has emerged as a country that openly says were get to replace the united states is the dominant world power and they get into a primarily because they know our navy is weak in our military is weak and they didn't anticipate the budget cuts that biden would put on but particular the united states maybe china plans to take the south china sea the world's most important trade route and claimant as an internal chinese and decide who comes and who goes that is one of the reasons we need a strong navy in the pacific and sadly we really taken awry off the ball. maria: my thanks to kt
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fox news channel 10:00 a.m. eastern live for "sunday morning features" join us with exclusive interviews with jim jordan, senator marsha blackburn, ken paxton and the president and head of r&d for my dear another vaccine maker stephen, my special guest start smart on fox business every week day six to 9:00 a.m. eastern with "mornings with maria" we hope you'll start your day with us every weekday on fox business. that will do it for us right now, thank you for joining us have a great rest of the weekend everybody. i'll see you next time. ♪. gerry: hello and welcome to the wall street journal at large i am james freeman filling in for gerry baker. a much bigger government and who's going to pay for, president joe biden and congressional democrats are working to enact a $3.5 trillion spending increase financed in part by higher taxes despite vice president kamala