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tv   Mornings With Maria Bartiromo  FOX Business  August 20, 2021 6:00am-9:00am EDT

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♪ larry: sandra smith is right, the u.s. military should restore order in >> treadmill to restore order in the towel maria: good friday morning, everyone. thanks so much for joining us. i'm. i'm maria bartiromo, friday august 20th, your top stories 6:00 a.m. on the east coast. the smoking gun memo emerges. showing the fall of afghanistan was predicted but the biden administration failed to act. new evidence of a confidential cable warning secretary of state antony blinken last month that kabul's fall to taliban was eminent and the administration
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was being speeding up evacuation. markets pointing to decline. due industrials down 134, s&p lower by 17. nasdaq lower by 35. this follows mixed day yesterday with dow industrials falling on federal reserve concerns that tapering will begin by the end of the year. major indices on track better than 1%. dow industrials down 66. nasdaq was up despite the worries over the taper, up 15 points and s&p higher at 4 and a half at 4:00 o'clock on wall street. ftse 100 down 15, cac down 21 and dax index lower by 75. in asia red across the board, take a look at asian indices and worst performer in hong kong down almost 2%. mornings with maria is live
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right now. top stories that we are watching this morning. president biden will address the nation today after days after dodging media questions on his botched withdrawal from afghanistan. this as more terrifying scenes play out in the streets of kabul, firing into crowds protestors, multiple casualties have been reported. protests against the taliban takeover are spreading across the country. back in the u.s., vice president kamala harris remains silent on the chaos in afghanistan, instead she's packed her bags and she's headed to vietnam later today drawing even more parallels to the fall of sigone. new poll finding that 55% of likely voters say she's not qualified to take over a president. mean while federal trade
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commission filling a new version of antitrust lawsuit against facebook after judge dismissed original filing this summer. the agency doubling down of calling facebook monopoly and adding details on how it suppressed competition by buying up rivals and prevented third-party app developers. acquisitions of what's app and instagram were approved by regulators. stock is down this morning by a fraction. more breakout cases of covid. 3 fully vaccinated senators have all tested positive for covid on the same day. maine's angus king and mississippi they all say their symptoms are mild, they were vaccinated months ago. and a change in leadership coming at johnson & johnson, alex, current ceo will step down as ceo after nearly decade leading the company.
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gorsky will become chairman. ceo of j&j. gorsky telling that family issues prompted the decision. markets are lower this morning. the federal reserve taper has been the focus on wall street. dow industrials down 143 right now. joining me to talk about this and how to allocate capital wealth consulting group jimmy lee and joining the conversation all morning long fox business dagen mcdowell and editorial page editor james freeman. great to see everybody this morning, thank you so much for being here. jimmy lee, kicking it off with you this week where things did get elevated on the potential taper that we are all expecting from the federal reserve later this year, what did you hear from the fed? is this nervousnesses warranted?
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>> well, i think it's a good idea that the fed is announcing the taper now so it doesn't shock the market as much as it could. the real risk, maria, if the fed waits too listening especially with interest rates gets behind schedule here and has to raise rates too quickly, that in my opinion would have the biggest impact against the stock market and that's really the risk i see. the fed announcing now i think is good and i don't think investors really should be too concerned about it. something that we need to happen soon and expected. maria: so is the backdrop in place in terms of where we are in this recovery to start lifting interest rates? earlier in the month i spoke with jp morgan chairman and ceo jamie dimon on the topic and he said where unemployment is right now he's not expecting a move. listen to what jamie dimon had
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to say on the fed's plans. >> i think they have made it very clear they will not do that and they will wait to see the why in the i's. they want to see growth. we are coming out of a great crisis, from the pandemic. maria: jimmy, right now unemployment is above 5%. jamie saying they will wait to see the white of the eye, the white of the i is 4 and a half percent unemployment. what do you think of when the fed really gets going here? >> well, i'm assuming it's going to happen later on this year based on what the minutes said but as mr. dimon mentioned it would be good to see more healthy economic data come out but it really is about how much they're going to, you know, reduce the bond buying and how fast and so we don't know that
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yet and i think that's to be seen but signaling to investors that it's coming, i think, publicly is a good thing and we will be talking about it for a few months before it actually start happening. as i heard the term a little bit of information fatigue on that, it might not be a big deal to investors when they start doing it but known how much and quickly and that will dictate how the market reacts. maria: all right, well, let me ask you about china and investing in these companies. china passed one of the world's strictest data laws overnight allowing china central government to control how lower-level agencies use and share data. the chinese regulators considering companies hand over data management to third-party firms in order to be listed in the u.s. we understand that the ccp is going to get whatever data it wants. what do you think this is going to do to further thoughts about
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investing in chinese companies and what about american companies that are operating in hong kong and getting ready to open shop in china? >> well, certainly shocked the chinese tech market, you know, the big technology names are down a lot off their highs and continued uncertainty certainly chinese tech and not good for the companies that are wanting to do business over there. the u.s. companies really haven't been affected quite as much. but our companies that depend on china for a lot of the revenue, it's going to be a big deal. there's more to come on this and i think it's not going to get better but probably worse, but it also probably sets up some buying opportunities for certain names that investors might see value in now as some of the names have dropped back down, way off their eyes, it light create buying opportunity in the listening run and let's see how, you know, companies really change -- you know, change
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business model in terms of adopting to this and hopefully everything will work out okay because china represents big part of tech companies. maria: china is now poised to add a new sanction's law to hong kong charter. this move allows authorities to hit back on foreign critics. law would lead to bifurcation of u.s. and chinese, it seems like it's only getting down tougher on business. jimmy, how are you allocating capital right now? >> well, certainly china is allocation for the clients and i think it's important for u.s. investors to have proper allocation to internal stocks, valuations in some areas such as europe seem better in terms of not as expensive as maybe the u.s. and as the covid situation gets better internationally, you
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know, i think that terms will improve overseas. investors need to be prepared to have portfolios allocated if they haven't already. we do. we are still more bullish on the united states than overseas markets including the far east. we think that having international stocks is a great idea especially in the next 2 to 5 years. maria: all right, we will leave it there. jimmy, great to have you this morning, thanks very much, dow industrials likely to open lower in the triple digits down 143 on the dow, we will see you soon. jimmy, thank you. we are getting started this morning. failure of leadership. biden administration under fire after warning from the state department predicted that the taliban takeover last month and that the taliban movement was eminent. then the business of booster shots, analysts predicting billions of dollars for vaccine makers amid growing concerns over the delta variant and the credibility of long-term
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immunity from these shots. then in the 8:00 a.m. hour robkaplin, we have former wal-mt u.s. president discussing toys"r"us expansion plans, don't miss a moment of it. mornings with maria live on fox . but lately, my uncle is, especially with his type 2 diabetes. with once-weekly trulicity most people reached an a1c under 7%. plus it could help you lose up to ten pounds. business. it isn't for people with type 1 diabetes. it's not approved for use in children. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer,
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and watch all the rewards float in. our thanks. your rewards. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. maria: welcome back, the smoking gun memo emerges, an internal state department cable from july of this year warning that the collapse of kabul was eminent urging the administration to speed up evacuation of american citizens. this as pentagon secretary john
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kirby says he doesn't know how many americans remain in afghanistan, he doesn't know. intense backlash for reports saying it would bill citizens $2,000 for evacuation flights. that plan has been scrapped but they wanted to charge afghans $2,000 for a flight but the illegal migrants coming in from the northern triangle, they can be flown anywhere they would like throughout the country for free. joining me right now retired u.s. army lieutenant colonel daniel davis and colonel, great to see you. thanks very much for being here. i have to get your assessment on all of this. let me just add to this, i have notes right here that say that u.s. black hawk helicopters were captured by the taliban. you've got horrified senators demanding and ad it from the department of defense of exactly what weaponry was left on the ground that is now being inspected by the taliban and the
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ccp and whoever else. how do you see this, colonel? >> look, this is such an awful situation and a lot of the blame is rightly falling on the biden administration for how they conducted this because it exacerbate what had was a bad situation but we need to be very clear on one thing here that the only reason we are seeing the rapid destruction is not because of how biden got out but because of the core that was rotten of afghan government and military forces that we have known for many, many years. you talk about the smoking gun, the smoking gun was really the afghan papers that the washington posted in 2019 that showed that both parties had been lying to the american public for decades about how bad this was and yet nothing was ever done about it until biden finally got out and now that we have the bitter fruit of all of the lies right now and now we have to deal with the mess we have. maria: so what should have been done, how would we have gotten out in a better way if most
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people believe we were there 20 years, it was time to leave, what kind of a plan would you have recommended? i mean, president trump joined us this week and said that his plan was condition's based. there were no conditions here and they took the military out before civilians and partners that were helping us on the ground. now they are stuck. >> yeah, that's part of the problem that the administration thought they would have up to 90 days to get this done so they were prioritizing with that happened. trump gave us a shot to do it a right way but not completely accurate because it was in fact, a time-based condition. he said he was going to get out in 14 months after the deal was made in february of 2020 and to answer your specific question, how could it had been better, if the administration had taken 14 months to begin a methodical, well-coordinated and organized
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withdrawal that moved through that by may first, we would have been completely out. a lot could have been avoided but unfortunately the president got distracted on many other number of things and they did not hold the pentagon's feet to the fire and took no action and i was told by some people who had direct access to the ground that some of the pentagon leaders were telling afghan counterparts, don't worry, biden will not get us out. we will not follow and shocked through when biden did that. the pentagon bears some responsibility because they could have done it better. maria: what's the significance of billions and billions of dollars of weaponry that was left behind and now has been captured by the taliban, the blackhawk helicopters, sophisticated weaponry american made, still in afghanistan?
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>> well, there's a couple of issues. the first one is that the most likely, at least the near term is just like the afghan government who had billions of dollars of training and best contractors to try to help them keep them they couldn't do it very well. the taliban that is none of those things. they won't be able to do anything with them but the danger is that some of our adversaries may. i have no doubts that china and russia are sending people over there and eagerly inspect a lot of the things and underscores the danger of sending stuff out there to people and we are not sure how it will end up. we have a long backtrack record of that happening. maria: unbelievable. dagen mcdowell jump in here. dagen: the question that i have gotten just this morning at 3:0s it that uk and french rescues have happened and the american forces are essentially hold up just at the airport in kabul.
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i'm talking about the british government dispatch 300 elite troops and others to bring out 6,000uk nationals, the french president himself said his forces had rescued more than 200 people, why isn't the u.s. doing the same thing? >> yeah, i have to say i was a little bit disappointed when i heard secretary of defense say basically that our hands were tied and we can't do anything outside the gates. look, there's some risk involved and as with the french and british but i think that some risk is probably warranted in this case because we have the ability to go outside of those gates and we can negotiate with the taliban that they should stay out but we have the power to go take care of our people in the event that they don't do that. i wish we had been more aggressive in taking care of our people. maria: well, what about this plan to -- to have afghans pay to fly out of there. $2,000 a flight meanwhile we
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have migrants coming across the border getting on jets on taxpayer dime to wherever they want across the country. >> you know, ironically it's actually federal law that says that we have to charge for this. they were just diverting to the playbook and ordinarily is not really -- no one really pays attention but when you have something this large and this catastrophic that it needs to be readdressed and they have barely done that. i at least give them kudos for that. i can't even imagined being charge when your life is at risk. maria: but not the same standard with the migrants coming across the border into texas? >> yeah, well, i think the difference is as i understand it, we are talking about u.s. assets physically flying from one place to another and on the border more like people coming in and sneaking in and not flying them to points on our dime. i don't think that's the case at least in that regard. maria: no, they are, that's what
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the senators are saying. >> well, then that's a -- maria: wherever they want to go. lieutenant colonel, good to talk to you this morning. thanks very much for all that you have done for this great country. lieutenant colonel daniel davis. china's crack-down on tech companies and business in general. beijing passing one of the world's strictest data privacy laws but not restricting government surveillance, of course, we will discuss that when we come right back, stay ,with us. i mean just because you look like someone else doesn't mean you eat off the floor, or yell at the vacuum, or need flea medication. oh, yeah. that's the spot. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ [engine revving]
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maria: welcome back, the crack-down from the chinese communist party continues. the ccp approving one to have world's strictest data privacy laws to limit data collection. beijing still expected to have extensive access to all data. one expert telling the wall street journal nothing in the near rules suggest limit on government surveillance, of course. james freeman, this is the way the ccp operates. we know that and this crack-down shows no signs of abating, now
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you're up to several different industries in china from the tutoring and education industry to technology, didi global on ride-hailing, video games as well, all being told no sharing of data at all. >> that's right, we know the communist dictatorship doesn't care about individual privacy, they abuse it routinely. this has no limits on government data collection, a government that is perhaps the most aggressive in the world at surveilling its people. i think what this really is, it's another tool to attack domestic tech companies or foreign tech companies at the pleasure of the communist dictatorship. i don't think anyone in china should expect a new wonderful era of privacy here when they're online, government has even more tools to -- to surveil them but i think it's another -- besides
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the threat to companies there and here, it's really another step away from the model that enrich the country and pull millions of people out of poverty. this is more communist government control over technology markets and really bad news all the way around. maria: by the way, there was also another antisanction's law which it looks like china delayed right now overnight but it caused the markets to selloff. china is poise today add an antisanction's law to the charter. this would allow authorities to hit back at foreign critics and so we will see, the decision was postponed for now because there was a major selloff in the hong kong market, dagen. dagen: i will just point out to tie it into what's going on in afghanistan, china is already making moves to the taliban to secure the mining rights of rare
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earth metals there. roughly third of total global reserves. that's one of the greatest assets, probably the greatest asset in afghanistan, the untapped riches of the rare earth metals but not only has the situation in afghanistan and horrible bubbling of it, it's taking attention of what china is doing. so china can act with impunity while not only is the world struggling with what's happening in afghanistan but we are struggling still to recover from a virus that -- that was unlearned by china from wuhan that has killed millions of people around the globe. so, again, this is another way that china grabs more power on the world stage and as you wrote both of you in that book, that's
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china's goal, number 1 super power in the world. maria: yeah, absolutely. the cost, trump, china and american revival by myself and james freeman outlines the ccp's plans i'd say pretty well. we will take a short basic, when we come back, finally we hear from the mainstream media. former senior adviser to the clintons, mark pen inform explain media going after president biden for decisions around afghanistan, we will see what happens in the midterms.
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maria: welcome back. good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo and it is friday august 20th, take a look at market this is half an hour where futures are once again selling off. dow industrials down 126, s&p 500 down 16 and nasdaq lower by 33. we are expecting a triple digit decline at the start of trading,
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tapering will begin before the end of the year, the fed will start lessoning the bond buying happening every month. major indices on track for declines of about 1% on average for the week. the nasdaq was up yesterday by 15 as was the s&p 500, higher by 5 and a half at the close yesterday. european markets this morning are under selling pressure, take a look. ftse 100 is down 15, the cac quarante down 23 and dax lower by 70 points. similar story in asia, red across the board there. hong kong now in a bear market, china delaying vote on antisanctions law in hong kong on putting global companies in target as you see hong kong, hang seng index down almost 2%. back in the u.s. the texas supreme court defying governor abbott's orders on school mandates. cheryl casone with those details, cheryl. cheryl: that's right, maria, the
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court giving schools temporary permission for mask mandates for now. governor abbott believes that parents and kids should have the freedom to choose whether or not they want to wear masks. well, the global chip shortage finally catching up with to it. japan's largest car maker announcing it will cut production in north america by 40 to 60% this month. that's 60,000 to 90,000 fewer vehicles rolling off the assembly lines. to it also going to cut back production at home by 40% starting in september. right now the company doesn't expect the slowdown to affect employment. well, elon musk adding robotics to his resume, billionaire announcing that tesla is working on a human robot that can help with the labor shortage and will eliminate dangerous, repetitive boring tasks. the wrote with the stands 5-foot 8 and 8 cameras and a screen or a head, musk expects some time
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next year. toys"r"us is making a comeback again. the iconic brand teaming up with macy's to open toy shops in more than 401 department stores starting next year. toys"r"us closed all stores back in 2018, they filed more bankruptcy then only to make brief comeback under new ownership opening its stores. kind of good news ahead of christmas, trying to find something today, back to you. maria: all right, cheryl, thank you so much. president biden's botched withdrawal process in afghanistan now garnering media as many find it difficult to defend what's becoming indefensible. watch. >> how does the biden administration miscalculate this intelligence so greatly? >> joe biden is going to be the face of the failure of the withdrawal. >> he did not in any way accept responsibility for the catastrophe that's unfolding.
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>> friends and foes alike are calling this withdrawal a fiasco, a debacle and it is one that apparently the administration did not fully appreciate or see coming. >> this is not just about the overall idea of leaving afghanistan, this is about leaving hastily and ineptly and secretary blinken, how did president biden get this so wrong? maria: new political analysis from cnn goes as far as saying that joe biden no longer gets credit simply for not being donald trump. that is cnn's analysis. joining me right now former senior adviser to the clintons and the president of the stagwell group, mark penn. great to see you this morning, thanks very much for being with us. your reaction on what you're seeing in the media? mark: i think you're seeing from jake taper to sean hannity a unanimity of opinion and the previous, i think, press shield that has helped president biden seems to be gone and i think
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he's getting unmitigated criticism across the board here for the decisions in afghanistan and there's no question that we are beginning to see erosion in the polls as result of his responses so far. maria: tell me about the polls, the american people also losing confidence here, what are you seeing from your standpoint in terms of the approval rating dropping below 50% for the first time as confidence in vice president kamala harris also dropping, 55% of likely voters say that kamala harris is not qualified to take over as president right now. your thoughts? mark: well, in my last poll, the harris poll, we saw an unprecedented 10-point drop in biden's approval from 62 to 52 and that was before the afghanistan decision. we will go back into the field next week. but i have seen two polls this morning that show him below the
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magic 50 mark and that's the first time that you have seen that in this administration and -- and you've seen the mounting problems here, the rising cases of the virus, the border issues, the crime issues, but this really affects president biden personally. can he make a national security decision and then take responsibility for that decision and explain it to the american public? the answer to those three questions so far is no. maria: well, you also -- you also have the questions out there. if he can handle an organized withdrawal from afghanistan, how is he going to handle the adversaries that are out there such as the chinese communist party. i want to mention once again the piece that i was mentioning yesterday from larry lindsey and the lindsey group and why kabul should matter to markets, the historian bernard lewis worried that the greatest danger to
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global stability is when america comes to be seen as harmless as an enemy and treacherous as a friend. the ccp is likely seeing that and perceiving that weakness as global times article which is an international mouthpiece of the chinese communist party saying that sigone was taking over, many people cannot recall how the vietnam war ended in 1975. taiwan must be worried that the u.s. is not going to be there. this is from the global times obviously the ccp's mouthpiece but you see what i'm saying in terms of the u.s.' credibility. maria: well, i think that president biden declared that america is back with the beginning of its presidency and now he's obviously going to be seen as potentially weak, potentially vulnerable and i think he and his team know that. i think there are obviously brewing situations whether it's in the ukraine, north korea, china, iran, so the
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administration will have to prove their medal here. there's no question that after this they are going to be tested in one of these areas by one of if adversaries and i think the administration knows that but so far it hasn't dealt with the afghanistan situation in an effective way and i think the president is going to have to go out there again and not going to be able to continue to maintain he did nothing wrong in decision-making. maria: how does this play out politically in terms to have 2024 races, the midterm races in 2022 and the presidential race in 2024, mark, let me just add, where are the democrats? kim strassel wrote a great piece in the journal, democrats running from afghanistan as women fade away in afghanistan, they are being forced to cover up. not a word from the squad who was supposed to be the champions of women or nancy pelosi or kamala harris, how does all of
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this play out for 2022 and 2024 elections? mark: well, look, politics is clearly at play and how people respond to these things. i think that you're seeing the exception being across the board media taking really a common view that these decisions are inadequate. i think foreign policy has not played the biggest role in elections. i think this goes to presidential leadership. i think right now there's a bipartisan infrastructure bill that got more than two-thirds of a senate. that is stuck now in the house. i think that's a big domestic question if it's going to be stuck and two huge bills at once, then he may not have any legislative agenda and if you can't do foreign policy well and you can't do domestic policy well, then that's going to have real ramifications if they don't get things moving here.
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maria: yeah, i mean, dagen mcdowell, i think we should mention the fact that during the election period and the debate season and now that we see the media complaining about joe biden, what did they do about the final debate, it was supposed to be about foreign policy, they canceled the foreign policy debate and made it the debate of green economy and climate change. dagen: we talked about this. not to drive the car into the ditch, so to speak and get off track, but when joe biden says i'm going to transition away from the oil industry he meant it. it wasn't a mistake and that had not only had economic and financial consequences for the united states, but national security and foreign policy ones as well. so he's doing a forshow and going green and asking to pump more oil which does nothing to fight climate change. one less barrel here but you're
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asking your enemies essentially to produce another one overseas, so that is a wash, number 1. but number 2, mark, you can agree or disagree, what the media is doing right now they know they sold the empty suit not only incompetent but dangerous to the american people and they kind of see what they brought and that's why they are trying to back away from it. mark: look, i think most of the battles until now have been ideological, is it the left, is it the moderates, is he giving into the left. this is the first issue that questioned competence and that's where the president will have to do to reverse this. right now he's getting failing marks on confidence on this decision. it opens an entirely new dimension and plays into a lot of the fears that people had with president biden which so far in press conferences and to
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the extent he did them he has come across as likable until now and doing a good job and this totally i think reverses or halt to the progress he had been making and the questions, it opens up a confidence question when previously it was are we left, are we right or are we center. maria: great to get your insights as always. thank you, sir. mike penn, stay with us. they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you.
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maria: welcome back, from combat to civilian life, one veteran helping create stability for members while supporting women's education in afghanistan. we will be back in 2-minute's time whoo! yeah! oh, hi i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be circuit design engineer to help push progress forward can i hold the chip? become an agent of innovation with invesco qqq ♪♪
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maria: welcome back, saluting our veterans. my next guest is advance veteran making fashion and lifestyle in war zones through employment. helps special opts veterans return to civilian life and support girls, education in afghanistan. joining me right now combat flip-flop cofounder matthew griffin. thanks very much. >> good to see you again. maria: and your agenda, it's good to see you, so first, let me start off and get your take on what is taking place in afghanistan. here you are trying to help girls get educated and now the taliban is in control.
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>> it's been a chaotic week at best. just this last month we crossed over a thousand girls going to school for a year and then this happened. we are in a current scramble to get school, staff and employees and folks critical out of country. it's chaotic, it's a mess and didn't need to happen. maria: so have you heard from people on the ground there that are trying to get out and let me just say, matthew, thank you so much for your service to our country and for all of your efforts here. i know your primary charity is the station foundation which helps special ops veterans and families transition to civilian life. i want to get into that in a moment. tell me what you've heard from students or people on the ground that you know there in afghanistan trying to get out right now, what is it like? >> it's chaotic. imagine the worse chaos you have ever seen, multiply by it ten
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and add gunfire. it's not good. we currently have families that are around the airport but they're afraid to be near the airport because there's so many rounds flying. the last thing that we want is somebody hurt and what we are hearing on the ground there's no problems with planes, there's no problem with getting to the airport, it's actually getting processed through the gate so the most dangerous point, you know, we are having a hard time figuring out where to send them, what gate to send them and how to get them through because there's no real process to get that done. it's a huge leadership issue that needs to get solved right now and needs to get solved immediately. maria: yeah. >> that's what we are hearing. we have people -- yeah, we have people all over the city moving in but they just can't get through the gate. maria: tell me about the station foundation and how tough that transition is for veterans going into civilian life, making the pivot. >> yeah, when you're a special
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operations veterans it takes everything that you have and you're deployed and gone all of the time, for the spouses and moms, it takes everything that they have. when you return home, two people that have lived in completely different worlds that need to reconcile and move forward with the rest of the life and the station foundation right here based out of montana the leading organization that's been doing that for the past decade and they -- they just help families, they help gold-star children. it's an amazing organization and we can't say good things about everybody and if you go to the station foundation website and look at the crossing is where they help gold-star children, a person that lost mother and father in combat, they put in training camps in the summer, how to fish, build fires, how to drive a car along with people that served with their parents, not only while they are learning skills that father or mother would have taught them, they are learning about the type of person and never get to know them. it's truly a special thing that
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the foundation does and we are proud to support them. maria: that is very special for sure and also i want to thank you and corporate america for enabling civil apes to get back and get a job when they come back as well. matthew, great to see you. we will be following the developments and your work going forward. matthew griffin joining us there. we will see you soon. we will be right back. stay with usaa is made for the safe pilots. like mac. who can come to a stop with barely a bobble. us. on your auto insurance. usaa. what you're made of, we're made for. get a quote today. [engine revving] [car horn and collisions] [tires squealing] rebecca are youan.
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are more likely to be easy going and trusting. if you sleep like a soldier you have high standards. dagen, what's your favorite sleep position? dagen: well, i don't have one. the only thing that my sleep positions plural reveal about me is that i have a bad back, my back hurts all of the time. i don't sleep well and that's why i'm fracturous and cranky. maria: especially in the morning. [laughter] james: similar excuse. the only way that i can be comfortable in my back is in the fetal position which normally i would say i'm a grizzly bear but a teddy bear inside and out. inside grizzly bear and teddy bear outside. with the back then gearing more toward cranky. [laughter] maria: but that sounds about
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right. teddy bear inside james freeman, that's you. james: thank you. [laughter] maria: all right, still ahead concerns over the fed's taper, was it a taper tantrum this week? we have the taper in focus, we will break everything that you need to know and investing and the economy with the word on wall street. all start next hour. mornings with maria is live on fox business. ♪ ♪ ♪ well, since you asked. it finds discounts and policy recommendations, so you only pay for what you need. limu, you're an animal! ..
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dagen: thanks for joining us. it is friday august 20th. 7:00 am on the east coast. the smoking gun memo shows the fall of afghanistan was predicted but the biden administration failed to act, evidence a controversial cable warning anthony blinken last month that kabul's fall to the
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taliban was imminent and afghan government sources could not do anything about it. the president will address the nation before heading home to the very latest this morning coming up. market selling off, triple digit decline for the dow industrials at the opening of trading, the dow down 144, the nasdaq down 37 and the nasdaq lower by 18. a mixed day with the federal reserve in focus, the federal reserve will begin slowing the bond purchases later this year and begin raising interest rates next year, major indices on track for declines of one% on average for the week, down district and 66, nasdaq was off despite concerns 15 points hire the s&p hire by 5 and a half. european markets are lower. look at the fractional moves with the s&p down 17, the cac quarante down 26 and the dax lower by 75. in asia across the board hong
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kong in a bear market, china delaying a vote on an anti-sanctions law we expect to be implemented at some point. the index down to present on the news of the anti-sanctions law coming. "mornings with maria" is live right now. top stories we are watching, president biden will address the nation at 1:00 eastern after days of dodging media questions, this as more terrifying scenes play out in kabul. taliban fighters firing into crowds of protesters and is currently celebrating the country's independence day, casualties reported as protests against the taliban and spread. a group of republican lawmakers are demanding a full to permit of defense audit as new images show taliban fighters seizing
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billions of dollars worth of military weapons, increment, including ak-47s and blackhawk helicopters, they want an accounting of what armaments and weaponry was left behind. vice president kamala harris packing up and heading to vietnam. her lack of involvement in the afghanistan response dampening hopes of a presidential run. a new poll finds 55% of likely voters say she's not qualified to be commander-in-chief, not qualified at all say 47%. a change in leadership at johnson & johnson, alex gorski will step down as ceo and become executive chairman beginning january 3rd. the head of the pharmaceutical division will step in as ceo. gorski said that family health issues prompted the decision. j and j shares were up one and one third dollars. the federal trade commission filing a new version of an antitrust lawsuit against
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facebook after a judge dismissed the original filing, the agency is doubling down on facebook adding details on how it suppressed competition by acquiring rivals preventing developers from accessing the program. facebook says its application of what's apps and instagram were approved by regulators. facebook shares down half of one%. top investors watching your money. joining me senior vice president and portfolio manager bryce doty and lindsay and rose cliff capital ceo and managing partner mike murphy. thanks for joining us and we've got to begin by noting the jackson hole meeting is happening next week. dow industrials down 156 and the nasdaq is down 44. we are seeing little action in the bond market, an important meeting next week, the 10 year
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yield that one.23%, down one.3 basis points, the federal reserve is beginning to taper later this year and yesterday the july minute indicating tapering as the economy rebounds from the pandemic. your thoughts on the jackson hole meeting with the federal reserve. >> we talk about the fed tapering we need to keep in mind two things, one is other than the $80 billion in mortgages, they have tapered, they cut out every emergency program and when you think of the corporate bonds, not only are they buying those but they are selling them. they've been selling those the last couple months and they are out of corporate positions in the month.
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even though they wanted everyone to focus on treasuries and mortgages they were tapering all along. the second thing, powell's reappointment is coming up. we believe he wants -- the chair is appointed by the president. he will be re-acquainted in february. doesn't want to upset the apple cart by tapering before them. all the other programs have been discontinued. the next thing is to cut back on purchases of treasuries and mortgages. at jackson hole they will not be clarity but more smoke and mirrors and delay as to when they will cut back on the purchases and it will happen next year. maria: would you do anything different going into that, sell
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stocks going into the tapering or will market selloff ahead of that or is it a price it? >> you sell some euphoria, markets okay eliminating uncertainty. that's where you take the profit off the table. in jackson hole this fear that they immediately do that that is a buying opportunity. whenever there's fear of the delta variant, a little bit of powder dry ready to take advantage of these dips and investor confidence. maria: we will watch that and
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the risk trade has been moving out. look at bitcoin. gary gensler was with me on this program and hinted he would be receptive to exchange traded funds. you tell me he understands digital currency is here to stay but emphasized the importance of how to protect investors. your thoughts on the first bitcoin etf. >> my concern is for the individual investment. they will raise money and generate fees from this but individual investors at home who hear about bitcoin being up 62 date, they have a fear of missing out and you've seen it over the years that ends poorly. futures on crypto a lot of
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times to leverage increasing returns. by using leverage. not for the institutions or providers and investors. people made money, and a lot of people did well with it so far. maria: what do you think of the regulatory back up. changes from securities and exchange commission. what is most important to look at these regulatory backdrops? >> the interview was great. you wake up some mornings and bitcoin being taken out of people's digital wallets.
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that is what concerns me and the stock accounts, that is the part that is the concern for regulators, to police the crypto currency itself, brings more sophisticated people and those people are more likely to be the victims of cyber crimes. regulators need to regulate it when people are in but have to make sure it is safe for investors. maria: talk about the macro story, cases of covid on the rise, a 2% increase versus last week. the delta variant impacting the
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economic recovery, we will speak with the president of the dallas federal reserve coming up in the program about the macro story but tell me how you see things if things changed now that we have breakthrough cases, three senators got covid yesterday, they were vaccinated. we are seeing a lot of vaccinated people get covid and the covid vaccine loses much of the immunity after six months. >> we are seeing cases, hospitalization, death rates rise but officials reinstate the safety measures and mask mandate in new york, las vegas, new orleans but even without an official mandate, fear is on the rise, we are seeing workers, businesses, consumers start to change their behavior.
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some individuals are delay in returning to the office, some businesses are delaying reopening and calling workers back. we've seen the largest tech companies in the us push back reopening from october to next year, we've seen consumers curtail their interaction in the most crowded spaces, travel bookings declining markedly relative to the surge we saw in the summer. when we look at growth in the context of gdp it demanded slowing it if we could see this ongoing labor supply gap in the marketplace, this puts downward pressure on growth. we have been looking for gdp to slow from the first half of the ck halckalckhealckckot only% 33 trile ons e uponupup pe tct wayne o e fe ac lyse teo ce of virus. optimisptc oupttlptthatptth ise
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h lsu ledim 1itpa seemserl oy veop o to us.o uso strests sts msts lis sts s tlooouk tlsuouorasorts near neaa ha cuttincug inp p in inin mari wi wll sf f a number of companies delay not just tech, schwab is delaying the full return to the office until january of 2022. that has an impact on the economy. thank you so much for the word on wall street, see you soon, have a good weekend. much more to come, a failure of leadership, both sides of the aisle slamming president biden's withdrawal plan after a state department warning the taliban takeover was imminent and in the 8 am hour i will talk with federal reserve bank
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president robert kaplan to discuss why the fed tapering will start this october. what does he say? we will talk about the macro story. retail sectors say take center stage but the ceo of walmart in today, bill simon, and amazon's expansion plan coming up. join the conversation all morning long, point mcdowell and james freeman, back to the panel when we come right back, you are watching "mornings with maria". but i know i've got this. and when it comes to controlling his type 2 diabetes, my dad's got this, too. with the right choices, you have it in you to control your a1c and once-weekly trulicity may help. most people taking trulicity reached an a1c under 7%. and it starts lowering blood sugar from the first dose, by helping your body release the insulin it's already making. trulicity is for type 2 diabetes. it isn't for people with type 1 diabetes. it's not approved for use in children. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck,
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fire over the report saying it would build $2,000 or more for evacuation flights, the plan has been scrapped. joining me is intelligence committee member and house ways and means committee darren ahood. i can't get my head around this. it is incredibly administration wanted to charge people $2,000 to get on a flight out of afghanistan, wide open borders and we know for a fact these migrants are getting processed and put on planes to wherever they say they have family and are not paying for it. how do you square this? >> thanks for having me on. this whole debacle is an abject failure in leadership by the biden administration. when i think about what happens in the last week it is humiliating, embarrassing, disheartening, demoralizing to the men and women who fought so hard the last 20 years.
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there's been a lot of criticism in the past about donald trump and what he did to our nato allies. what we did in the last week to our nato allies is again terrible in terms of our reputation in the world. we look week and this didn't have to happen under this administration. i also worry about our allies. what does taiwan think? what does ukraine think, what does israel think? this didn't have to happen and this is not who we are as americans. unfortunately president biden and his team continue to deny, shift the blame to other people, they are evasive on this. they need to own up to this and we need to change direction quickly. maria: this is a theme i was
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sitting all day yesterday, and that is about the greatest danger to global stability is when america is seen as harmless as an enemy and treacherous as a friend which is what larry lindsey wrote about, our credibility on the world stage has declined significantly and president biden ignored boris johnson's calls for 36 hours. the primus room the uk was trying to get into it with him and couldn't get him on the phone, chaos was deepening. let me ask you this. i want to get to james freeman in a moment but knowing what we know at this point do you believe this crisis, this wrongheaded decision-making around afghanistan will blow up the biden administration's economic agenda? a week ago we were talking about your colleagues in the senate agreeing to an infrastructure plan and opening
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the door to a $3 trillion spending and tax bonanza, do you think that is going to get sidelines because of all this? >> it is too early to know. i hope this $3.5 trillion bill on the democrats wish list, i hope it does get sidelined but there's going to be a lot of focus on afghanistan and there is bipartisan criticism and there should be and we have to wait and see what happens but people need to be held accountable. i don't know yet why people in the national security council haven't been fired by the biden administration. people need to be held accountable. to think this will go away as we come up on the anniversary of 9/11 and the fact that here we are 20 years later and the taliban are back in charge and these people are the worst terrorists, people who chop off the heads of people they kill, and rape women, they have massive operations in heroin
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and opiates and to think everything will be just fine, many in the biden administration are saying as we transition is ridiculous. we are begging the taliban not to attack our troops and keep the airport open. this is not a position to be in as americans and this will dominate a lot of what we look at in congress and we should. maria: as the wall street journal op-ed writers wrote the other day, the us is hostage to the taliban and. how can you see it differently? we are afraid to transport people from where we are in hiding to the airport. >> exactly right. we are begging the taliban, negotiating with people that have no tracker dividing by any rules, any standards, anything, we look week, we look at our
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adversaries, russia and china, and as we come up on the twentieth anniversary of 9/11 what do we tell people we have done in the last 20 years, wait until the propaganda machine - they are going to ramp it up. the last point, ridiculous that -- spokesman for the taliban has a twitter account but they got rid of donald trump's twitter account. what does that say? maria: it is disgusting, there should be accountability for these social media companies. we will be right back. [engine revving] [car horn and collisions] [tires squealing]
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the training these companies put in front of workers urged white workers to, quote, seed power to people of color. dagen: there is a book called woke inc. and there are many reasons corporations are doing this was one is to cover up for their own bad behavior to try to placate the far left, those with the loudest voices, biggest sets of lungs as they try to do business in china or couto to the communist party in china. they also are week and they don't support the whole of america. this is an entire ecosystem of consulting firms that has grown
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out of this where they pedal these courses to all these corporations and you have younger people working in human resources who came up through the far left-wing liberal colleges so that is part of the infiltration into corporate america but it also keeps the left-wing democrats in washington off their backs. look over here, we are following critical race theory, white people are evil, in order to allow them to operate freely in the united states without any political pressure from the left. i could digress but until more people push back on this is the wave of the future. maria: the ccp is behind a lot of this, they are following our political debates, piling on. we saw that when the ccp schooled the us talking about
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black lives matter. >> an event this week may remind people the taliban taking over in afghanistan based on intolerance and bigotry really looks like. i would hope corporations would stop funding these attacks on the united states. china cheers when we have these outrageous assaults not just on our country but the whole idea of freedom and markets, portraying capitalism as a racist enterprise but to your point about consultants running around corporations this is ideological and not fact-based, you see that with the attack on american express which had a black ceo. there is not even an effort to address the particulars of any
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company. it is just a full on radical assault coming out of the academic left and being funded by corporate america, talking about the easy money of the past few years where every company seems like it is going well and stocks are going up, but not such an easy environment, companies that embrace this instead of focusing on customers may suffer. maria: companies must push back the way parents are pushing back across the country. we will talk about the china threat coming up. it is growing after the fall of afghanistan, beijing may align itself with delavan, certainly are recognizing the taliban as a leadership group and what it means for america when we come back, stay with us.
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maria: it is friday august 20th. futures indicators decline at the start of trading. the s&p is down 16 and the nasdaq lower by 24 after a mixed daywear markets reacting to the federal reserve, dow industrials down in triple digits on federal reserve concerns the tapering will begin before the end of the year. down israel's down 66 of the close. the nasdaq was positive up 16 and the s&p higher by 5 and a half. tune in in the next hour for my interview with the dallas federal reserve robert kaplan. we will walk through the federal reserve's priorities. markets are lower, look at the s&p, the cac quarante and the dax index down in double digits, the dax index down half of one%, that is the biggest mover.
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in asia it was red across the board, we had a crackdown from the chinese communist party. it is a bear market despite china at the end of the day delay a vote on an anti-sanction law on hong kong that was initially what center markets spiraling lower. in the us some runaway texas democrats back to work into 38 day standoff. cheryl: they are finally back sets to begin hearings monday on the gop backed election reform bill after they were able to reach a quorum now that enough democrats have returned, 50 of them fled to dc in a high-profile attempt to stop passage of this bill. many of these democrats remain out of the state. hostess is urging customers to throw out certain hot dog and
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hamburger buns that could be contaminated with wisteria or salmonella. customers may return the products where they were purchased for a full refund. hostess says the recall was done out of an abundance of caution. britney spears is under investigation for striking one of her employees at her home. the housekeeper telling police the popstar slapped a phone out of her hands during a dispute monday night. spears's attorney slamming the allegations calling in tabloid fodder. spears is in the middle of a conservatorship battle against her father who recently agreed to step down as her conservator. southwest airlines is on notice considering multiple protests over the upcoming busy holiday season to address a slew from one's including lack of food and hotel options, lack of clarity around covid protocols and abrupt schedule changes. american airlines extending its
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suspension of main cabin alcohol sales through mid january. those are your headlines. maria: concerns are mounting whether china will ally itself with the taliban in an effort to exploit afghanistan's rare earth metals. the region said 1 to $3 trillion worth of these resources marking it among the largest in the world particularly lithium. china provides 85% of the world's rare-earth, growing concern for other countries. joining me his rare-earth founder, great to see you again. thanks for being here. discuss the situation in terms of the taliban in control of afghanistan. how do you assess the rare-earth minerals in afghanistan right now? >> thank you for having me
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back. what we have is china what amounts to a monopoly on rare-earths and looking at a 2 headed monster with china further increasing that, $3 trillion of rare-earth and critical minerals in afghanistan but what happens with the taliban using proceeds from natural resources for activities it would be detrimental to the rest of the world. those are big issues in the united states, further increasing urgency around credit local -- critical local supplies. maria: these are important minerals used in making the most common products like electric cars, wind turbines, glass, computers, cars etc.. this is a major story. how do we take this on and protect ourselves from reliance on china in another important segment of our economy?
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>> firstly to focus on domestic railroads, assisting companies that have lithium projects, railroad projects, in allowing them to come online because materials being mined in the us can only be done so in an environment in a responsible way where materials are mined in china and if we look potentially at a horrible irony of materials being mined in afghanistan that the same applications, already happening, getting materials from china, from myanmar which is controlled from there and taking these materials and putting them into everything from defense applications to consumer-electronics, renewables. this is an untenable situation, national security issue,
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economic issue, we have to stop focusing on supply chains and australia and canada to ensure those materials are coming to the united states and not going back to the chinese supply chain. maria: we keep talking about china controlling so many areas of the economy, not just rare mark but the underlying chemicals of our most important drugs made in china and during the pandemic many americans figured out that we are reliant on the communist party to export these things to america. do you want to see a change in policy? what will it take the country to understand the position we find ourselves in. is it about policy? >> to see policies out of
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washington, we've seen magnet access and what focuses on the companies on domestic supply chain all the way from there but it's late in the story, where two decades behind shine in mining and processing these materials but we see lithium projects that could come alive in the next couple years being caught up in red tape with federal permitting agencies and through the ngo perspective i don't understand it. with some of ours, taking materials from china, devastating for the environment and local population, putting through applications here is not good enough to have mining projects in the us come online and do so in an environment a responsible manner with what
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goes along with this and use those materials in the applications but you've got a ton of it going to an f 35 fighter jet with materials coming from china and china cutting off those exports tomorrow, where we would be manufacturing these. maria: putting the current disaster aside, do you see a change in demand, trying to assess where we are in the global economic recovery and you would know best from the demand numbers you are seeing for these important minerals. have you seen a change in demand? >> we've not only seen a change but coming from vehicle manufacturers in the us and germany and japan and korea, consumer-electronics companies and semi conductors, we will have to develop a 5g network
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here but as much as 10 times the amount of railroads by 2030 i venture a guess to say it is going to be a lot more than that because a number of these projects in a lot of countries including china. it is a perilous situation where 5 or 10 years from now we may not be able to manufacture anything in the united states because these materials are controlled by china. there has to be policy of washington that ensures secure domestic supply chain. maria: great to get your insight. we will keep checking on this. we will see you soon. thank you. coming up the business of booster shots. it is tens of billions, analysts expect sales to soar as the administration is pushing a third round of shots, there are questions whether they are necessary and why people who are vaccinated or getting covid next.
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>> that sounds like a moneymaking operation for pfizer. think of the money involved. tens of billions, how good a business is that. if you are up your businessman, let's give them another shot, another $10 billion of money coming in. maria: that was donald trump on
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with me this week telling me what he thinks of the covid booster shots as scientists are questioning the need for booster shots considering the data. rochelle wolinsky said americans may not need an annual shot. managing director jeff meacham, thanks very much for being here. i don't want to get political in terms of how this is playing out but let me get your take. you study these companies and the ability for growth. what do you think the potential for growth is from boosters and vaccines for the pharmaceutical companies? >> i agree that booster shots may be needed in some patients and individuals who are immunocompromised or those at high risk but we totally agree
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they are not needed for everyone and certainly not needed on an annual basis and even cdc said that and experts said that. it is perfectly normal for anybody to go down after 6 months. it doesn't mean you are not protected. it just means your body's natural immunity will ramp back up if exposed to covid or whatever you are vaccinated against. maria: i understand how important this vaccine has been but the worries are rising because you see so many get covid who are vaccinated and i highlighted a study the other day on my sunday morning futures program that said after 6 months, you know this study i'm sure, this is a mayo clinic
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study that showed after 6 months you do lose immunity with these vaccines and what it showed, january to june, 90% efficacy but in the seventh month pfizer's efficacy dropped from 90% to 46%, moderna's efficacy dropped to 70%. looked like moderna was the superior vaccine. what are your thoughts on that study? >> although after 6 months your antibody levels go down, what you are still doing, what we want to accomplish is severe infections and hospitalizations and death, a lot of experts we talked to said we have to get
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used to having covid around but we are not in a situation where we need to keep antibody in hyperdrive for the foreseeable future. i don't think it is justified for an annual shot, hard to separate out on apples to apples basis but in general people view the m rna vaccine is more alike than different. maria: a great point, used for more than just covid. we spoke to the president of moderna and they are applying this to cancer as well. in terms of which stock you like in terms of the growth,
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modeling the potential for revenue from the vaccine? >> we model and consensus model flat revenues, at a high level, 20 billion plus for moderna and pfizer, we don't think that is going to be 10 billion for the next 10 to 15 years so i think you will see a natural dk in vaccine revenues. i agree the mrna is safe from a safety perspective but can't probably apply that to cancer and other areas. you have to experiment and figure out if they are working. maria: a great point. thanks, very helpful to take a look at the growth stories of these pharma companies, we will be right back. that spin class was brutal. well, you can try using the buick's massaging seat. oh. yeah, that's nice.
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uncertainty that will strengthen into a hurricane and run along the east coast before turning into new england at. and there's plenty of time to ship with the wind a 75 miles an hour, possibly storm surge and landfall sunday. we will be watching it throughout the weekend appeared those are your weather headlines for now. back to you. ainsley: thanks, adam. we are giving you another opportunity to win $5000 in a quiz that show game. you just have to answer six questions correctly on a wide variety of topics. will: vaccination host is the host of happy hour. sign up to get exclusive access on any device. >> less playpen joining us now is time and these are the actual questions, these are things that have not happened yet so anyone could win $5000. >> that's right.
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download the app and look how easy it is to play, click, view the questions and question number one: which of the following movies raked in the most at the box office friday? ainsley: i'm going with paul patrol. will: i don't even know these movies. i'm going to go with b. >> which timo scored the fewest-- which team will score
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tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you. maria: welcome back. good friday morning. thanks for joining us. i'm maria bartiromo. tgif friday, august 20, top stories right you at 8:00 a.m.
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on the east coast smoking gun merges fall having afghanistan predicted the biden administration failed to act on the warnings, new evidence that confidential cable warning secretary of state blinken last month kabul fall to taliban was imminent afghan government could not do anything about it president will address the nation this afternoon before heading back home again to delaware the latest coming up all morning long markets selling off, we are at lows of the morning right now with dow jones industrial average right now down, 165, s&p down 20 nasdaq lower by 28. this following mixed day yesterday, where the worry was surrounding the federal reserve concerns fed will begin to taper, before the end of the year all three major indices on track for a decline 1% or more on week the dow industrials down 66 yesterday nasdaq up 16, s&p was higher by 5 1/2, coming up i will be speaking with the president
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and ceo of the dallas federal reserve robert kaplan my special guest 30 minutes' time to talk about fed navigating the economy european markets lower fractional moves citibank ft 100 do have lows down nine points cac quarante down 21 dax lower by 73, asia overnight red across the board crackdown from china, communist party continues hang seng now in bear market territory china delayed vote on antisanctions law on hong kong likelying to threw "mornings with maria" live right now. >> now some top stories that we are watching this morning, president biden will draefs the nation today, after days of dodging media questions about his botched afghanistan withdrawal terrifying scenes in kabul taliban fighters are firing into crowds of he protesters, protesters celebrating the country
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independence day, no more independence, multiple casualties reported, as protests against taliban spread across afghanistan you you insurgents go being house-to-house to find u.s. others to be executed by georgian group of lawmakers demanding full department of defense audit want to know what was left behind as new images show billions of dollars, worth of u.s. military equipment and weapons, in the hands of the taliban now, that includes ak-47's black hawk helicopters, likely expected by taliban as well as potentially the chinese communist party. the u.s. allies trying to speed up evacuations to no avail pentagon reporting this morning, 5700 people have been evacuated from kabul just in the last 24 hours, dozens more are desperate to get out. of a change in leadership johnson & johnson, to report alex gorsky will step down as
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ceo, after nearly a decade leading the company become executive chairman beginning january 3. the heed of pharmaceutical division will step in as ceo gorsky told "the wall street journal" family health issues prompted decision stock little changed 178 1/4 on jnj reactors in red lows of the morning shy of it down 140 on dow industrials, as we are seeing, bond market also, trade near record levels on yields ten year yield hovering at 1.23%, that is down 1 1/2 basis points this morning, tapering discussion has been the focus all week wednesday fed minutes showed tapering this year as economy rebounds from pandemic, joining me right now yardeni research president joining me dagen mcdowell and james freeman, ed yardeni great to see you after the week that was so much focus on the fed, your take on
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what the federal reserve is sflang the jackson hole meeting next week thursday and friday perhaps more clarity where fed goes from here. >> absolutely, all focus is going to be on fed chair jerome powell's speech at -- at that conference. i think widespread expectations going to set the stage for tapering, that would actually be decided at september meeting implemented probably immediate after that so i think the markets expecting tapering coming has been very widely and well communicated i don't think we are going to get smuch tapering tantrum maybe that is -- right now but so, not i don't think will be more than a short phenomena what do you do in terms of investing into this period federal reserve is going to start taking away
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punchbowl we had jpmorgan moshgs chase jamie dimonon on he said he doesn't think ted will do it until they see 4 1/2 unemployment, 5.4 anonymity now from two weeks ago we have this. >> i think made it very clear this time not going to do that they are is going to wait to see actual white of the eyes i think explicit, i think white of the eyes 4 1/2% unemployment wages going up, jobs plentiful less concerned on inflation want to see growth coming out of a great crisis with pandemic. maria: what do you think, ed do you think that, you know, obviously, first see fed lower the number of bonds buying when will they start raising rates do you agree with jamie on that point 4 1/2 unemployment? >> i think we could be 4 1/2% next few months, labor market extremely hot there is 10
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million job openings could happy pretty quickly in terms of those targets but yeah, i this i the fed is -- going to move ahead with tapering probably on schedule to term inmate all that achieve all that middle next year second half next year looking at for fed to start raising interest rates, so a long ways off a lot can happen. >> but ed look where we are, in terms of at the calendar, all of this stimulus we are going into a period where the federal reserve iis going to get titer, and the stimulus from federal government is going away; right? i am wondering if the you are going to see comparisons become a lot tougher that is what larry lindsey appointing out about to become unfavorable. >> year-over-year comparisons certainly going to slow down, i think everybody recognizes
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that we're heading peak earnings growth in the second quarter, i mean that is the way second quarter news came out slower growth ebb in earnings in have economic activity i am looking for a real gdp to be up 3, 4% second half of the year. so not a surprise if things slow down one of the greatest v-shaped recoveries of all time now in the no recovery phase real gdp where it was not only it is higher than before pandemic already second quarter so i don't think should come as any surprise growth rates are going to slow down stock market doubled since march 23 last year going to double again in a year, going to be up might be, 5 to 10% per year for the next couple years. >> are you still chasing growth here? what do you want to do in terms of a change in your
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investing moves? knowing that the backdrop is changing? the stimulus is going away. >> well growth, is expensive evaluation multiples are very high, and in environment where, as you said, taking the punchbowl away putting not filling up as readily, i think, there is a potential here for growth to under perform value for a while look it has been a very broad-based bull market i think continues to be very broad-based bull market i think, markets, at this point, instead of going growth value, paradigm i think you really have to focus on where the growth is going to be opportunities are going to be i think a lot still going to be in technology in companies that are using technology, to augment the productivity of the workforce because one thing for sure, there is a real shortage of labor. maria: yep, for sure, ed
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quick before you go is afghanistan important to markets? does the collapse of afghanistan and the ebb credibility of america in terms of cutting and running, is that a factor for investors do you think. >> i think it is a horrible situation, horrible to watch what is going on over there has geopolitical implications unsettles middle east big-time another big alternative chinese got more arrogant about this situation -- the taiwanese, telling you can't trust americans to support you come over before we use military might to bring you into the fold, so, it creates a tremendous amount of geopolitical risk instability, and could be a problem for the markets. maria: a great point in terms of taiwan, a point that i have
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been making over and over the last couple days great to see you this morning thanks very much for al insightful commentary from you ed yardeni joining us this morning, a failure of leadership president biden hostage of afghanistan calling crisis management into question losing political capital what does that mean for future of counterterrorism missions, robert kaplan here to discuss the macro story fed tapering why could it start in okay beer you are watching "mornings with maria" live on fox business. . .
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maria: welcome back. more terrifying scenes playing out in you kabul, afghanistan,
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taliban fighters firing into crowds of protesters, intermittently no npz day for afghanistan any longer u.s. trying to -- evacuations for allies pentagon reporting 5700 people evacuated from kabul in the last 24 hours don't know if 10 or 15,000 people left joining me embedded would you agree afghanistan spefsh ops heritage foundation tara frederick thanks very much for being here thank you so much for all that you did, being embedded with afghanistan special ops, what can you tell us about what you see happening, and from your experience, what the situation is like on the ground right now. >> thanks maria, embedded with u.s. special operation fofrs
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in afghanistan from that vantage point were able to see a crisis of before -- of biden's making we have been there 20 years betrayed allies emboldened enemies uconsider parliament held biden in contempt unprecedented, taiwan, china is braying taiwan better watch out america doesn't keep promises a goal for biden was to outdo obama in foreign policy debacles then certainly beat the him in record time. so what we basically have seen from abroad foreign policy angle here is that his foreign policy is based off a falls hope of appeasement china biden refused to confront about covid origins russia proctored himself given in to
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nordstrom 2 issue with tehran same thing trying to get back into jpoa, a small species of the incompetence on merck's reputation worldwide. >> we point out not us bringing up taiwan after the fall of afghanistan, the ccp, talked about this, here is a quote from the people's liberation army spokesperson, pla eastern theatre command tuesday dispatchied warships antisubmarine warfare aircraft fighter jets in surrounding maritime areas southwest and southeast island of taiwan for military exercises including joint light fire assault protesting demand troops into joint operation capability, ccp is taking full advantage of this right now, underlying
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something i keep saying when you have the danger of america not being trusted on the global stage, it is a major problem for the are credibility of the u.s. people not afraid of america larry lindsey brought bernard lewis fears great america instability when america is seen as harmless as enemy and treacherous as a friend media not doing 235i6rz because noticing biden had a huge blunder doesn't takeaway from the fact complicit four or five years against american people remember debate between by the trump then candidate joe biden changed foreign policy debate supposed to be foreign policy remember last debate they changed the debate, from a foreign policy debate to one on the green economy, so you know, i mean
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-- there was a reason that some people said that he has got every foreign policy decision wrong, we couldn't even have a debate about it, then "the washington post," under fire this morning, for recent article suggesting that the taliban incites less violence than president trump, the headline reads today's began uses sophisticated social media practices that realer violent the rules can you imagine you "washington post" writing that taliban has access to twitter been reporting all week as well spokesperson for afghanistan emirate taliban, has their twitter page good to go tweet anything you want taliban but president trump no, he is banned. >> i mean that speaks for itself, this is extremely galling that taliban can say wafer they want proven, a lot more ways than i thought we
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should have a good picture of enemy i guess we didn't in press conference lastly taliban spokesperson asked about freedom of expression shade why down the ask fake they know how to exploit a crisis divisions win america shouldn't have even been able to answer a question like that, this normalization of the taliban that is happening in american press right now that is extremely troubling a brutal organization, they will say what they need to say right now not facing existential crisis as biden said they are brutal should not be there, americans i mean at this point, biden can salvage the debacle in a small way get all americans out first and foremost move heaven and eatery to do that pay attention to reconstitution of transnational terrorism they are coming bab we might not be interested in is almost a i think terrorism any more he doesn't make news islama terrorism is interested in us we need to think about that
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america this is a government administration, they have lost its way, they need to refocus they need to look at -- china, russia iran actual, national terrorism military doesn't need to talk about rage they need more heart, dhs might need to stop going after trump supporters hunt real terrorists we lost it way biden administration needs to refocus we need to start today. >> only seven months, what a seven months it has been, this administration should, not lie and tell us covid is a priority when they have wide-open borders, covid is not a priority in this country if you have wide-open borders. >> shut the border and stop allowing covid to come into the country, if you are truly calling covid a priority. thanks very much for weighing in all very important points, in frankly a very disturbing
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time for our country, coming up-charged afghan evacuees state department is backtracking on this plan, that they were going to make the afghans pay 2,000 dollars per trip. to get out of the country. the backlash next. . [car horn and collisions] [tires squealing] just think, he'll be driving for real soon. every new chevy equinox comes standard with chevy safety assist including automatic emergency braking. age-related macular degeneration may lead to severe vision loss, so the national eye institute did 20 years of clinical studies on a formula found in preservision. if it were my vision, i'd ask my doctor about preservision.
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growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add
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a fourth: be curious. be curious about the world around us, and then go. go with an open heart and you will find inspiration anew. viking. exploring the world in comfort. maria: welcome back. state department is scrapping plans to charge u.s. citizens evacuating from afghanistan 2,000 dollars for the flight out of kabul, this comes after widespread criticism in advisory sent out last week state department said that fr law requires the fee, and a person's passport could not be renewed until the money was paid back, james freeman, your thoughts on this as it is so hypocritical, that afghan that u.s. citizens are being asked to pay 2000 dollars to get
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night out of kabul we've got unknown month of migrants across the border put on planes 3u9d on planes wherever they want they don't pay for that we do taxpayers do. james: you don't know when to laugh or cry seeing this level of incompetence, all bithings that were forgotten neglected all vice from afghanistan people on the ground, not understood by white house somebody remembered to charge 2,000 dollars for each plane seats. you know you might say well at least biden administration is being they are careful with tax dollars that is not true in the midst of trying to get 4 1/2 or 5 1/2 trillion dollars spending on all sorts of new money subsidy projects for the congress, so this is
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just -- sort of a cherry on a sundae of chaotic embarrassing withdrawal from afghanistan. >> that is right that is us why i was so outraged by 19 senators who agreed to go forward with infrastructure plan and open the door for the 5 1/2 trillion-dollar spending plan, i don't want to appear a peep about any spending on anything until the border is if i could we've got massive narcotics coming into this country killing our people 9 ,000 over doses last year because of fentanyl human trafficking going on biden administration will not acknowledge you've got 19 republicans agreeing to spend money on a green economy dagen? dagen: that is right i want to be clear about something with state department this is actually federal law that requires state department to charge this money, i think that they in all the failings by the biden administration, dealing with afghanistan, they
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made clear yesterday they have no intention of charged this money, they will be waiving the fee, the evacuations have picked up last 24 hours, 5700 people he can evacuated, that is more than 350 per flight that is over max capacity, 12700 people evacuated since august 14. but you still have some estimates of people the 18,000 afghans that of applied for special immigrant visas 1/2 if not more outside of kabul as general keane senator lindsey graham write about this today in "the wall street journal" it is paramount to ensure safety of people allies who supported us 20 years date of extraction needs to be extended if it means saving allies who dedicated their lives to america. maria: yeah also federal law
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not to illegally cross the border isn't it. dagen: right, i agree people upset about yesterday, that image of the child being hand to do the u.s. soldier over the kind of barbed wire in afghanistan, where is the outrage over these images of children who are beinged trafficked into united states abandoned in the middle of the night, so again, if you have a heart about the suffering of children, should apply to children everywhere whether at the border or afghanistan. maria: let's get back to business going to talk with president of dallas fr reserve bank robert kaplan to discuss why he thinking the fed tapering should start this october next in "mornings with maria" we are live on fox
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reserve signaling a move later this year the news has moved markets certainly this week, joining me right now to talk about macro story the federal reserve plans the president of the dallas federal reserve robert kaplan always a pleasure to see you. thanks very smuch for being with us this morning. >> thanks good to be with you. >> i would like to get your take on macro story because recently we've been getting some indicators that things are slowing down perhaps we have seen peak growth for a while how would you assess where we are right now? >> the big the big i'm pond rabl is path of the virus delta variant unfolding rapidly what we are trying to
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assess here at dallas fed is how much is it affecting mobility, engagement, so far not had a material effect on based on high-frequency data, dining out customer after i having affect delaying return to office factorying act to hire workers because of fear of infection limiting production output maybe is it rl material impact on slowing demand slowing gdp growth i am going to keep open mind on that, and if it, it is having more negative effect that might cause me to adjust my views somewhat from ones that i've stated. maria: i think you make a great very important point, just as you were talking we were putting on the screen
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some highlights from u.s., government saying that they are extending travel requirements and restrictions for the borders with canada and mexico. so you are right. i mean this is all as a result of the new questions about the delta variant, but also questions about how long the immunity lasts with the current vaccines on the market would you say that we are still very much in a fragile fluid period then? >> well, there is no textbook for this. if anything i have learned last 18 months, it pays in my job keep open mind be open to learning adjusting so right now, everything we're seeing talking to doctors, epidemiologists infectious disease experts vaccine very effective against hospitalization more stream negative outcomes, having said that less effective than we might have thought against
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so-called breakthrough infections. and clear that even with higher percentage of population vaccinated the spread is still occurring rapidly among the unvaccinated. so a big variable big economic variable is how quickly do we get the rest of the population vaccinated, and while controversial subject, mask wearing other protocols, are going to be part of slowing this spread. but it is in all interests to slow the spread right now we are in a negative trend at the moment. >> absolutely, well said. look we had jamie dimon on two weeks ago chairman ceo jpmorgan he said that look, he is not expecting any change in terms of the stimulus until he has real indications this economy is back on track, strongly here is what he said about this i want to get your
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reaction, watch. >> i made it very clear not going to do that going to wait to see actual white of the eyes i think that is explicit i think white is 4 1/2% unemployment wages going up, jobs plentiful, and less -- they want to see growth coming out of a great crises the pandemic. maria: robert, what do you make of that 4 1/2% unemployment is that marker for you and your colleagues. >> for asset purchases no the it would not be. what i want to see evidence we weathered pandemic that we are on track to make progress for if you will employment price stability for me price stability is very important along with full employment inclusive process perity i
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hear widely from low moderate communities inclusive process perity not just jobs it is able to do to make ends meet shared wallet i think both are important in that regard, there was a comment about forecasts versus actual i think you have to look at both it this i we want to be lessent preemptive than in the past on the other hand you have to look at forecasts the outlook balance those two things. maria: would 4 1/2 percent number in terms of unemployment be a mark tore raise interest rates? >> that is a judgment we will make going into next year. the -- the metrics we have agreed to, to raise interest rates are that we achieved full employment achieved our price stability goals i am not sure it will be the compact metric on that either.
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but i don't think you need to get you don't need to get to 4 1/2% for me to say we've made substantial further progress. maria: you know i guess what i am getting at is where things are going, given the fact that it is not just the monetary policy that will change but federal policy as well, look you've got to believe at some point these extended unemployment benefit checks go away right? you've got to make an expectation, that at some point, the stimulus from the covid package goes away as well. are you putting that into your model retail sales housing when unemployment benefits go away fed covid stimulus goes away? when the government not federal reserve. >> we are looking at all that here what is we're seeing, i will set aside the surge in the virus what we're seeing is a historic number of open jobs in the united states ten
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million open jobs, historically high rate a substantial consumer demand, as you said, while unemployment benefits are rolling off, you've got other fiscal spending that is coming. and so, at -- overall i would say not avr math of great reassessing demand issue for a number of years we don't have a demand issue right now. we've got predominantly supply issues materials, workers, and a very different situation and so i think we have to adapt to that situation. maria: yeah, i think that is a great point that you are making in terms of supply issues that we've seen, what is going to normalize that situation? what do you look at in terms of the potential for the supply you know logjam to loosen up? >> on materials, it varies by industry. widespread conversations with
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industry leaders on this, the semiconductors talking about a lot what we're seeing enormous amount of money to build a semiconductor plant at the same time demand for semiconductors is going up dramatically. the he electrification of auto grid is going to require substantially more semiconductors, and so, it may take two or three years for the other nickel polysilicon materials may take a while but eventually get resolved but maybe longer lasting issues are going to be supply demand on labor 3 million requirements people over 55 years old left the workforce, the aftermath of great recession people delayed their retirement they worked longer aftermath of this, they are accelerating retirement got a million and half people left, primarily working mothers to
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be care caregivers i am hobe a number come back in schools reopening in person childcare, the point is that the labor fofrs is tighter than headline numbers suggest still fear of infection so i think the labor tightness could be with us for an extended period of time, and that is what bids i talk to broadly are trying just a to figure out what to do big businesses can use technology and scale small midsized businesses don't have those levers i think challenges with us for a while. >> you speak with so many businesses to inform your decision making the kansas city fed jackson hole symposium to take place next week will hear from chairman powell next friday tell us a bit what you have learned from bids going into that if you
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remember in terms of how they will be spending money. are you looking at business spending, rebounding in any way or just too much uncertainty with all these moving parts to real have that kind of clarity? because look. you know 37 we are in a moment in time, where there is so much uncertainty out there in terms of how they allocating capital will inform the rest of us in terms of growth story. >> it obviously, depends by industry some industries travel good example is expecting eventually this covid surge to wane, in 2022 to get hopefully to more normal environment seeing leisure travel business travel not coming back, in many other industries what i am hearing broadly is substantial demand, and in fact, for many industries they think there would be more demand if there
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was more confidence about you know supply chain and shortages. and so, in service sector we are seeing substantial demand restaurants, dining out, is -- is rebounded very well. and so by and large the big issues i am hearing about businesses struggling with almost always have to do with supply, not a lot of concerns about demand their concern is can they meet demand they can't find workers they've got material issues the big issue worried about is availability of labor and cost of label. >> i am happy we are continuing this on wol street thank you for being here robert kaplan catch part two of our interview tonight 9 pm eastern on maria bartiromo's wall street back with former president of walmart. .
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. maria: welcome back. amazon is looking to and an but not expanding online it is brick-and-mortar the company plans to open several large physical retail stores like department stores across the country joining me with reaction is former president ceo of walmart u.s., bill simon is here, he is also the wfs. >> good to see you this
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morning. >> how you doing? >> so a lot of people were surprised at this you say you are not surprised by amazon's move to brick and mortar tell me about that. >> not at all i think amazon has dabbling in brick and mortar for a while came to a revolution to get at bigger piece of retail have to become active to a certain extent in brick and mortar can dip toe in with whole foods, little kiosk stores choke out stores but to have assess to 85% retail not online they are going to have to be in brick and mortar the market sharper in online is huge built their valuation on rapidly growth i think revising they have to participate in the entirety of retail. maria: interesting to see walmart and amazon i don't know you tell me are they at property much the same place in terms of market share in terms of power, strength but
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they've gotten to that place different ways, amazon coming from online world. >> well, i think the biggest difference in the business today is we have to be grocery walmart dominance in u.s. gosh market share enormous over 50% businesspeople forget that super centers neighborhood market sell a lot of food, i think there is a tailwind in that grocery market with expanding of snap bez program grown historically large rates up to 30%, and that is going to really benefit walmart. maria: that is a great point yes snap policy is certainly going to be another stimulus there, and we will see impact on walmart how did you assess retail today i want to get your take on toys "r" us and macy's in a moment before i get there do you find your investing a lot in various retail venues do you find that you see things slowing down
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here? case most people do think we've seen peak growth. >> no. not at all i am really excited i am very bullish on retail look at july number just a tick down from june, but still up you know, double digits from 2019, 9% compounded growth between 2019 and 2021 retail sales that is those numbers have not been there for a while, as your last guest was saying no demand issue right now there is there is nearly in eliminated demand i think that will last 8 -- despite what is happening with -- covid and delta hasn't seemed to slow down i am in the 12-month horizon very bullish in retail. >> all right i like it what is about your take on toys "r" us and macy's teaming up to bring toy and games to 400 more than 400 of the department stores locations, won't happen until next year toys "r" us, u.s. merchandise available on
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macy's web site a lot of moving and shaping here toys "r" us making sure it has a voice and a face in the department stores. >> well nice to see. toys "r" us a great brant had a great run but 400 units macy's isn't going to manage a difference compared to 4,000 walmarts 2000 targets in monster that amazon is online i think will help macy's surely benefit toys "r" us. >> great to see you this morning thanks very much, come back soon bill simon there, stay we'll be right back. . e carplay to put some music on? sure, it's wireless. what's your buick's wi-fi password? it's buick envision. that's a really tight spot. i used to hate parallel parking. me too! the all-new buick envision. built around you. all of you. pay no interest for 72 months plus current eligible buick owners get $500 purchase allowance on most 2021 buick suv models.
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it's moving day. and while her friends are doing the heavy lifting, buick owners get $500 purchase allowance jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating?
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foot 8 humanoid robot to take over the boring, repetitive and dangerous tasks. no word when it will be available but this is the video tesla put out to show us they have robots ready to go. dagen: that was a human in a unitard, it looked like. but just like remember the flamethrower that elon musk was selling, that wasn't a flamethrower. it was to remove roof tar. you could buy that on amazon. i don't trust robots. i don't trust humans either but they are one and the same. maria: james. >> i have a task for these robots. it is not repetitive but it is dangerous. we need something to change the
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path to the kabul airport. our government says they can't do it. maybe elon could fire a space x rocket over afghanistan, drop the robots and they can take seriousness of it. the applications, we could use this right now. maria: that is what the military is considering using robots in dangerous situations. more "mornings with maria" after this. reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.
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stuart: the president will address the nation at 1:00 pm eastern today. it will not be covid this time. it is afghanistan. protests breaking out in kabul and other cities, crops to the afghan flag, that's not allowed by the taliban but is a sign of mounting resistance but the taliban opened fire killing some


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