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tv   Mornings With Maria Bartiromo  FOX Business  November 12, 2021 6:00am-9:00am EST

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that doesn't for this trip. i just don't know what i would choose. the backyard or the flat overlooking the avenue. either way, great choice. boston is rich in history culture, food galore and real estate equally as mouthwatering. boston will always have a piece of my heart and after this dagen: good morning, i'm dagen mcdowell. top stories at 1:00 a.m. eastern. the biden's administration run away spending facing new challenges as democrats finalize or try to the build back better bill. inflation at a 30-year high doing little to instill confident in american who is are paying more for everything from gasoline to bread. what you need to know about the economic impact all morning long. a look at markets, futures in the green, gains across the
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board after stocks finished mixed yesterday. nasdaq seeing rally. disney helped drag down the dow as earnings miss and weaker subscriber growth pulled the stock lower european markets mixed this friday. gains in france and germany. in asia overnight, green across the board. kospi in south korea and nikkei in japan both up better than 1%. mornings with maria is live right now. ♪ ♪ dagen: morning movers, electric vehicle company rising ahead of open after full day of trading on ipo on wednesday, elon musk taking aim at the company that true test would be high production and break-even cash
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flow. how many cars has rivian sold, less than 200. another electric vehicle under pressure. company slide after delay pickup by a quarter blaming supply chain issues, rivian reporting narrow loss than expected but did not issue guidance. top stories we are watching this morning. the president's social spending bill would give wealthy americans a tax cut. ten times bigger than the middle class. that's according to new report. cheryl casone has more. good morning, cheryl. cheryl: good morning, dagen. yeah, that's right. the analysis from the tax policy center says if president biden's $1.85 trillion spending bill passes, 20 to 30% of middle class households will pay more in taxes next year. this breaking one of the president's core perhapses that the tax hikes would only affect americans earnings over 400,000. the study also finding household
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earning 1 million or more could get a break on their taxes, that's ten times of households earning 50 to $100,000 a year. democrats plan to vote on this bill as soon as next week. well, this week was likely the beginning of elon musk promised selloff and pledged to sell 10% of electric vehicle company, musk sold 4.5 million shares about $5 billion worth earlier in the week but likely going to have to sell off a lot more, 12.5 shares to meet goal. musk is the world's richest person, tesla slightly higher this morning. the defense has rested its case in the trial of kyle rittenhouse, charged with killing two men and injuring a third in kenosha, wisconsin. police in kenosha and chicago are bracing for potential unrest
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in their streets following the verdict, dagen. those are some of your headlines, cheryl. dagen: futures in the green, wrap up a losing week on wall street. october consumer price index showed inflation gaining 6.2% over the last year. that's hitting a 31-year high. joining me now adviser investments chief investment jim and joining the conversation all morning long fox business jackie deangelis and wall street assistant editorial page james freeman. great to see all of you this morning. >> well, we could see the market is going to melt-up basically driven by the consumer that drives our economy and the consumer, of course, being supported not just by fed stimulus, we know things about to begin, as well as the infrastructure spend which once passed, will create the illusion of more jobs and more income
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ahead. so we think this market still has room to run despite the fact that as you noted inflation turned from a transitory issue into what we think is more of an episodic issue and something that we may have to actually manage through not just in the coming months but in the coming quarters. dagen: jim, at 10:00 a.m. we will get the consumer report, that's the number of job openings, jobs that employers can't fill. that's the consumer sentiment number but we are still expected to see north of 10 million job openings in september 10.3, before you get onto that, jim, i want to bring james freeman in here who has been following -- he follows the national federation of independent business reading every month. is this situation james, you can ask jim a question, too, getting better in terms of the ability of particularly smaller businesses to hire? james: slightly but still a
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historic job shortage, workers -- i should say worker shortage. businesses still can't find the people that they want. that eased a little bit last month but, jim, i guess -- speaking of job creation, i want to get back to your thesis on this idea that the illusion of job creation that will come out of this infrastructure bill will help the market continue to melt up. we've got inflation raging over 6% year on year, when does this illusion end? is there a moment where these -- these negatives start to have a reality, starts to weigh on investors? jim: well, james, i don't know the answer to that but i do know that ever since we turned from sort of rational spending to qe to infinity, there's been this sense that somehow the market is almost riskless entity. it absolutely is not. sooner or later reality is going to again to have some sort of
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gavational effect on the market but we don't think it happens any time soon. that's not to say that we continue to go straight up like a rocket. we expect a much choppier climb. we climb from here because the consumer clearly is not backing down at least not yet in the face of very high inflation issues, real issues as dagen mentioned, energy, food, that's where the prices hit the hardest, but from an investment standpoint, we see companies being able to push prices at least so far onto the consumer, consumer being willing to pay up. how well that last, i can't say, it's not as if i think we are on onthe praecipes of some fundamentals. dagen: what has gone on in the pandemic stimulus particularly the monetary stimulus, what has happened is hard-working americans are getting screwed
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with the run away inflation, but the rich, people who own assets, the fed has inflated assets far and wide from art to land, the rich just keep getting richer particularly people who found companies that are subsidy or corporate welfare worthy from the federal government, from the fiscal side so we watched the fed, we are waiting for president biden to announce his fed chairman nominee as current fed chair jay powell's term is ending in february, the two top contenders assumed to be the current jay powell and fed chairman brokenner met with the president last week. jackie, get in here. what are you seeing and what do you want to know from jim? jack: what i want to know what jim thinks of the next fiscal package that they are trying to pass. if we pass another $2 trillion in spending with budget reconciliation, let's say they get the two votes to be able to do it, it prolongs the crisis,
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the supply chain crisis, the labor shortage. we just keep spending and spending more money, incentivizing people to essentially be tied to these programs not necessarily wanting to go back to work and, jim, i really worry about that when i think about the future of this economy. jim: well, the future of the economy is something to be concerned about but the future isn't now. now meaning the next quarter, two or three. we think that the stimulus that the infrastructure spend will provide and the perception of the ongoing risklessness overall of the marketplace that effectively underscores will continue to propel investors and assets upwards. we don't think that they continue to go upwards item for item but we definitely are aware of the fact that so far ramped
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inflation, all manners of risk including the great social divide that this stimulus has created has not been a headwind. it's been a tailwind for both our economy in the markets, look, the global markets are beginning to awaken after their pandemic missteps. our market continues to awaken from its pandemic issues. and so we think that there's still gains to be had across the spectrum of asset classes and increasing across the globe. dagen: jim, thank you for being here this morning. i predicted there's going to be a scope goat in terms of inflation, it's going to be figuratively jay powell or jay powell the head of the fed. jim, thank you for being here this morning. take care. >> thank you. dagen: we are just getting started. broken promises, president biden's spending plan could have the middle class paying more in taxes.
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that's next. then energy policy in america. energy secretary jennifer grandhome prone to giggling when asked about the burden of higher energy prices is set to face questions today as the administration flip-flops on the future of the line 5 pipeline in michigan. kansas senator roger marshall is here. plus santa claus might not be coming to town as the labor shortage puts a squeeze on jolly old saint nick, don't miss a moment of it, you're watching mornings with maria live on fox business. ♪ ♪ ♪ oh nice. kevin, where are you? kevin?!?!? hey, what's going on? i'm right here! i was busy cashbacking for the holidays with chase freedom unlimited. i'm gonna cashback on a gingerbread house!
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dagen: promises made, promises broken. a new analysis from the tax policy center on president biden's spending bill finds the current proposed tax plan would break his pledge not to raise taxes on the middle class. if the legislation passes 20 to 30% of middle class households will pay more in taxes next year. the center also finding that raising the salt cap, that's the state and local tax deduction currently capped at 10 grand raising it to $80,000 from 10,000 would provide almost no benefit to the middle class, instead it would help about two-thirds of millionaires. they'd see a tax cut averaging nearly 17,000 bucks. james, your reaction to -- reaction to this? james: yeah, this is a problem for team biden. tax policy center tends to lean to the left. this is in the a free-market analysis here. we already know from the budget biden released earlier this year
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that the long-term plan is to let the trump tax cuts for middle classics pyre over the next few years. in addition they're now saying tax policy center, not republicans saying some middle class folks are going to see a tax increase in the current plan pending before congress and now on top of that, of course, the democrats are bringing back an increase in state and local tax deduction. the increase will have zero benefit from people in the bottom quintile and zero benefit from people in is educational second quintile.dagen: nancy pek schumer, they love it. jackie: absolutely, who do you think is paying 70 or $80,000 in property taxes, it's not the
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middle class, it is the rich. we need them to stay in the blue states, that's the biggest problems we have in new york, new york city specifically as well. all the money fleeing to places where they're treated better. they don't want to be here. that's one issue. the second issue forget what he's planning on taxes with respect to middle class already, the middle class is paying more because of inflation, when you're paying more because of food and energy cost and fill up at the pump, that is essentially a tax and that has been created by design from this administration so people are already feeling the burn. i don't know how much more they can pay, dagen. dagen: great analysis both of you. i'm so excited to be able to spend the day with y'all. well, 3 hours. [laughter] dagen: i'm serious, i've had two brews and monster energy and my head is about to expled and i love you dearly. coming up closing arguments in the kyle rittenhouse trial. tiana believes that this trial
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and you can always count on healthmarkets to find a health plan fit for you. don't wait. save time. find the plan that fits you. call this number now or visit >> when i look at the video with that guy pointing the gun to my son's head, i thought he was going to die. president biden don't know my son whatsoever and he's not a white supremacist, he's not a racist. what he did to my son he defamed
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him. dagen: that was wendy rittenhouse, kyle rittenhouse's getting emotional last night and slamming president biden. the defense rested in her son's murder trial after dramatic testimony and calls for mistrial and closing arguments are set for monday. joining me now washington examiner commentary writer tiana lowe. tiana in your op-ed the kyle rittenhouse trial should never have happened. final domino to fall after a series of reckless and some criminal actions as multiple people just not the man on trial. explain that tiana? >> so we all remember the mass media panic after "the new york times" ran tom cotton's op-ed calling in to send in the troops to minneapolis after the murder of george floyd. now imagine instead of panicking, imagine that big blue cities did actually abide by that and shut down these riots
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from the start. the two people who kyle rittenhouse would be alive today and kyle rittenhouse not on trial. the fact is that governor tony evers he flirted with the defund the police activist and did not give as many -- he did not authorize as maniation national guard troops as kenosha sorely needed and that led people to like kyle rittenhouse to act as vigilant protectors, we can agree it was irresponsible for a minor being put in that situation. furthermore as we have seen with the prosecution's case falling apart, you know, they drastically overcharged rittenhouse, ignoring the vast amount of forensic and video evidence that we have that this was really self-defense, all three targets were posing imminent danger to rittenhouse.
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tina, i will quote kat kemp. to believe that he was, indeed, defending himself. on that note, in terms of a mistrial, it's pretty clear that the prosecution, if you watched their questioning or their cross administration of kyle rittenhouse is that the prosecutor seems to be botching it on purpose repeatedly drawing the ire and anger of the judge by raising the issue of kyle rittenhouse's legal choice to remain silent before he took the stand. he is overstepping the boundaries and the line to basically try to get a mistrial because the prosecution was set to disaster when you had the
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shooting victim who lived gage gross quotes and said, yeah, i was pointing the gun at kyle rittenhouse. prosecutor has botched it and only hope in redemption to get a mistrial. do you think that's the case? >> oh, absolutely. we've all been covering these very high-profile and often racially charged case where is the judge has control over the courtroom and it's clear that the prosecution is floundering. you know, bringing up rittenhouse's silence, his fifth amendment right to not incriminate himself. that is so wildly not just unprecedented but also unprofessional for ada who is no spring chicken and who knows what the rules are and who knows that the judge has not cleared things is trying to submit in evidence. the prosecution clearly, i mean, usually, it's the defense that wants a second bite at the apple but the defense is winning and that's why i think that da is intentionally trying to get a redo, i just don't see all of
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the defense's witnesses have further corroborated the case that rittenhouse was acting in legitimate self-defense. i don't think even a second a bite at the apple would change innocence. dagen: the media chorus prosecuting or finding guilty the young man, but i think he was charged by the prosecutor 48 hours of his arrest you had president then and now president biden calling kyle rittenhouse, he's a white supremacists who deserves to be condemned. it's just complete left fiction and we were discussing at the break. does he even have a case if he's acquitted in terms of liable here? >> well, clearly we are seeing in the trial a different story than we were told and tiana, i do wonder about this, if he's, in fact, acquitted he seems to have been able to mount a pretty
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good case of self-defense, maybe he'll be i quitted or won't. i wonder if there are a lot of liable and slander suits due to come from him dealing with not politicians and members of the industry who were not only not that careful of using alleged in front of his name last year but as dagen said really trashing him in various ways that so far have not been proven in court. >> yeah, i hope rittenhouse goes full mcfan on a lot of media outlets because the discovery process would be incredible and he would get settlements. we saw cbs news tweeted out yesterday rittenhouse murdered two men, that -- if you go to discovery i don't recollects can prove malice there and they are admitting own personal bias, he has not been convicted of
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murder, you can say derek chauvin is a murderer but you cannot say someone on trial who is probably to be acquitted on the charges is a murderer. as far as biden goes, i'm not sure but definitely with the newsrooms. he had a good liable case, one that that will be immediately settled because the newsrooms should be terrified of the discovery process. dagen: maliciousness and idiocy, the cobbing tile is one vile drink and you see it over and over from the left whether it's those in politics, the chattering classes in the left-wing media, tiana, is a head shaker, the tweet from cbs, looks like it was written by an intern who clearly has not watched one minute of that trial. final word? >> well, i mean, the misinformation is just being rittenhouse did not bring a gun across state lines, it's something that we keep on hearing. rittenhouse was never the one to aim first and intention to kill, you have people like richie
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mcginnis who has been telling the exact same story for over a year now and everyone is acting like these are revelations and this as much of an indictment of the media as it is of lazy and reckless prosecution. dagen: richie a daily caller videographer, members to have media disparaged by the snoots and snots. tiana lowe, always a pleasure. the cost of shutting down another american pipeline, hurt america's energy independence, dewayne johnson roasts in a very
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public way. stay with us.
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dagen: welcome back, i'm dagen mcdowell in for maria bartiromo. it's friday november 12th, a look at markets in the bottom of the hour. futures in the green pointing to higher open this friday after stocks finished mixed yesterday. tech heavy nasdaq seeing nice rally but disney dragged down the dow on an earnings miss and weak subscriber growth. european markets mixed this friday as well. ftse 100 down slightly gains in france and germany and asia overnight, green across the board, the kospi in south korea and nikkei in japan both up more than 1%. breaking news, johnson & johnson announcing plans to split into two public companies. cheryl casone has the details, cheryl. cheryl: we are still getting a lot of headlines crossing on j&j, dagen. the company announcing plans to split off 15 billion-dollar consumer division over the next 18 to 24 months. that's when they will do the
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split and complete the transaction. the vast division makes band-aid bandages, powder and outgoing ceo say it is company is making change because the business, the markets have diversed so much in recent decades and vaccines for covid. speaking of alex, this is saying he's going to serve as executive chairman of johnson & johnson. he's going to transition the ceo role to joaquín, i don't know if i'm pronouncing that correctly. there is johnson and johnson up 4%. they don't think they will get taxed on this. that's the plan anyway. johnson & johnson breaking news now and following the latest out of texas, a ninth concert goer has died following the deadly astroworld music festival, she passed away wednesday. she was a student at texas a&m and went to concert with sister and cousin and they got separated during the massive crowd surge. authorities have opened the criminal investigation into what
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went wrong. robert travis scott and the events promoter are facing dozens of lawsuits. she was declared brain dead we should say, the patient that we talked about earlier this week. well, chicago, the public schools there canceling classes to promote vaccination awareness day but some parents are slamming the rollout plan saying they were getting short notice to find child care and the students aren't providing them access and don't have appointments until maybe some time next week. and then there's this, the rock roasting ryan reynolds, dewayne the rock johnson taking a shot at costar by posting a billboard that reynolds steals his mom's netflix account and the billboard was posted to promote the upcoming film, the movie is actually out today. i like when ryan reynolds and
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wife go out after each other publicly. dagen: i like the rock too. i love seeing old photos the rock with fannie pack. dagen: he looks good to me. dagen: president biden to set meeting today where inflation would be a major topic. one key issue on the table is rising energy prices, energy secretary jennifer grand hall will take questions at the white house briefing today after laughing off high gas prices just last week, watch this. >> in strugess, michigan it's 2.89 a gallon. i guess that's better than in california, what is the grand-home plan to increase oil production in america? [laughter] >> that is hilarious. if i had the magic wand on this. as you know, of course, oil is a global market. it is controlled by a cartel,
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the cartel is called opec and they made a decision yesterday that they were not going to increase beyond what they were already planning. dagen: this comes as the biden administration is under recent scrutiny as to whether it will shut down the line 5 pipeline that runs through michigan. joining me now kansas center and energy and natural resources committee member roger marshall, roger, this is -- what is happening to our energy sector by design from the biden administration? joe biden said himself, we will transition away from the oil industry. this is what they want despite the pain and suffering and the burden on hard-working americans, they want high energy prices to make alternative fuels more economical and to force people into, say, electric cars that they don't want to drive? >> you nailed it, dagen. the president realizes that they can never bring the cost of running electric car down to
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what it is the cost for internal combustion engine so they will raise the price of gasoline. think of what he's done since taking over. i said gas will be $5 by christmas and we are on our way there and one of the things happening in kansas, we can't get financing anymore for drilling. there's so much of an environmental ask of the federal government is that the banks are scared to loan money for customers they're had 20, 30 years let alone shutting down the pipelines and for me it takes 100 bill to fill my dodge ram up. it's no laughing matter. i don't see anyone laughing when they're at the pump. dagen: it would add salt to injury of what people are feeling and it's the laughing, is it too much to ask that the energy secretary actually understand that the way that energy economy works and the way
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the energy sector works. under president trump we broke the cartel, we have the net exporter under president trump. we were the world's swing producer where we had the excess capacity that we could -- the excess production that we could control the price on the world stage and she's laughing and pointing the finger at opec when they ought to hold up a mirror. >> yeah, dagen. just to put an explanation point on this. just think about this nation's history and energy has been so important to our success, through the manufacturing booms, all the thing that we've done in this country, a lot of the economies depending upon readily available energy sources, right? and now we are becoming more dependent on foreign oil again and that leads our secretary of state with less cards in their hands, so we are empowering our enemies or competitors called them enemies and we are empowering russia and giving
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other people more leverage on us. it's even more than the cost here at home. it's national security implications as well. dagen: indeed, it damages one of our greatest financial and economic assets and hands power directly to nation that is hate us and want to wipe us off the planet quite frankly. jackie deangelis is here, senator, she has a question? jackie: there's a delta right now roughly 2 million barrels a day so when jennifer is laughing, what they could be doing, the administration, what she could be doing is making sure that production ramps up here in the united states. you don't have to ask opec to do it and to your point about our enemies and the cartel having control, this has set us back 20 years. senator, i'm wondering what can be done in washington to try to counteract some of these policies. senator: goodness, i think we need the white house to get out of the way of the energy sector.
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these folks that are in the energy sector are ready to go but they can't get financing. i don't think that we need to do anything in congress except just reinstitute president trump's energy policies. it's really just that simple but adding the added layer of some type of environmental score getting loans from banks where something like oil drill asking going to make it even harder. so we were in a great shape before so we are going backwards, let's go back to the trump policy, it's that simple. >> you're referring to may order from joe biden that said that they were looking to the federal reserve and other bureaucracies to impose new rules on climate-related financial risks and those rules don't need to go into place, it just sent a shock wave to the financial industry and they are backing off for fear that they draw the ire of this administration. before we go, senator, promises made, promises broken from this white house. the tax policy center has found
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that roughly 20 president obama 30% of middle income households would pay more in taxes under the 2022 biden, i call it the new century welfare monstrosity breaking pledge that only americans earning 400,000 or dollars would be affected by tax hikes and house speaker nancy pelosi has objected to democrats' pitch for so-called billionaire's tax calling it a publicity stunt, the billionaires finance her political ambitions and have for decades. but senator, what say you about the middle class getting hit by this administration? >> well, our office keeps track of list of lies by this president and this is of course, one more to put on the books. it discriminates against people at the informations of income and it's a social injustice as well and then letting the trump tax cuts bill run off as well is going to raise taxes on middle-income people. so the average kansas was able to keep
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$2,000 more of the hard-earned money after the trump tax cuts and when that runs off in a couple of under this leadership they'll let it run off, indeed, it's going the raise taxes on middle income americans and, again, i just go back to inflation, all of the money that they are throwing in the economy, too many dollars chasing too for people and paying people to stay at home than going back to work is fueling the inflation as well. >> senator roger marshall, thank you so much for being here. >> thanks, dagen. dagen: coming up the santa business hitting a snag, we will explain why the worker shortage may keep santa from coming to business. i'm just asking. you're watching mornings with maria live on fox business.
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>> santa may not be coming to town and you can blame the labor shortage and the details on how one company is looking to address that next. we are back in two minutes.
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dagen: now we can add santas to that list. following a year with the mall put santas on the slide lines but many retired boots and sleighs and other goodies while
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other bumped up rates and filled up their schedules. our next guest created a company that brings the santa experience to the safety of your own home. joining me now is ceo walt, walt is there going to be a shortage of santas in the malls? >> you know, i'm hearing there really is. covid definitely hit the santa community hard. as you know, most of the guys that play santa are older. maybe not the best shape and i think a lot of them said, hey, i don't want to take the advance on getting sick. you know, the beauty of the virtual model is they can work from the confidence and safety of their homes and serve families all over the world. there may be a shortage of santas to work retail but we are finding that on the online world they are coming to this new platform. >> james, jump in. i'm normally not big on the virtual thing as opposed to real human interaction but just my own experience when the kids were younger, a lot of times there was some -- there was some
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tiers, santa sitting on its lap and maybe this is a better way to do it. >> that's an interesting point. i watched thousands of children talk to santa virtually last year and when you see their faces light up, you see the excitement and enthusiasm, keep in mind, today's kids grow up on digital devices, right? they grow up in a world of make belief on their own devices, so i'm telling you, when they talk to our performers and those performers because of the technology know the children's names, know what they want for christmas, maybe they know what santa brought them last year, it just blows their minds. it's been a cool thing to see. dagen: have you had any trouble hiring santas for the virtual experience? >> you know, we have had a little bit of trouble with it only because it's a different skill being on camera and kind of delivering a performance on camera is a little bit different than sitting in a retail environment where it's a photo-op, our santa performers have to look at the camera, talk
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to those children and it's several minutes longer have sus the typical photo-op also. so, yeah, there's been a transition. some of the guys have transitioned beautifully, we are finding a lot of the santa performers who maybe have a performance background, maybe a radio tv background, they really do well at it. dagen: that looks really good. we were looking at a little bit of video clip. how much does it cost if i want santa to come visit me virtually? >> yeah, great question. we talk about inflation these days and prices going up and one thing that i would emphasize that this is a great family experience. it's very affordable. our prices start at 29.95 for santa and they go up from there depends on the time of the season and the close -- you get to christmas, the prices go up. it's just an unbelievable family experience. the grand can join where from -- they are and winds up being something that you'll remember and keep forever. dagen: i gained enough weight. i could audition with the right
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wig. >> we are also casting mrs. claus's why don't you and i talk after this. dagen: we might not at least -- i think that our accents are pretty close to one another so maybe -- >> no question. i'm a native atlantean and this is how you talk when you were born in the city of atlanta. dagen: walt, thank you so much. walt geer. one thing americans would do to stay working remotely. more on the hot topic buzz.
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dagen: time for the hot topic buzz, remote work is taking hold and not letting go. a new survey shows that nearly half of american workers would gladly take a 5% pay cut to stay working from home at least part-time. james, would you take the deal? james: as a new jersey commuter, staying at home would mean i would no longer enjoy the pleasures of penn station, so 5%, 10%, i don't know, 15%. dagen: also known as hell on earth, james. james: it's called that, yes. dagen: it's like an episode of the walking dead around penn station. jackie, what about you? >> i'm not going answer for me specifically because i have a different view of life in the world as you know, dagen, but i do a lot of unofficial reporting with any friends and i would say that the commuting costs are certainly one but taking the 5% pay cut just to have the
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flexibility they have especially those with children dropping them off and being able to do stuff with them and still getting their work done, there is a premium for that. dagen: well, jackie and i are and cheryl are a few of the only people who were here, members of our staff but we were here every single day during covid lock down at the height, nat too. we came in every single day. speaking of that, before we go, nat has actually have done santa remotely via zoom for a class of special needs children, so nat has actually done that, nat says that he spent a lot of money on santa costume and he's a tip-top santa. so i suspect he might be working overtime doing a little ho, ho, ho leading up to the holiday
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season. nat comes to the rescue for all of us quite frankly. still ahead, crazy gas california gas price and the breakup of johnson & johnson, look at the top market stories with the word on wall street. all start next hour on mornings with maria live on fox business. . . . schwab! ♪♪
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it's a holiday tradition! that it is! earn big time with chase freedom unlimited. how do you cashback? chase. make more of what's yours. dagen: good morning, i'm dagen mcdowell in for maria bartiromo. it's friday, november 12. your top stories, 7:00 a.m. eastern. another corporate giant splits, johnson & johnson spinning off its consumer business are from its pharmaceuticals division, a closer look at what's behind the move and the broader trend. a look at a markets, futures are in the green. johnson & johnson shares are driving the dow higher this morning. we have a triple digit gain on the blue chip futures at the moment, after stocks finished mixed yesterday. disney helped drag the dow down. nasdaq was up.
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disneys' earnings miss and weaker subscriber growth sent the blue chips into the red yesterday. european markets are down at the moment. asia overnight, green across the board. the kospi and nikkei both up better than 1%. "mornings with maria" live right now. some of the top stories we're watching this morning, president biden doubling down on the need to spend trillions more of your taxpayer dollars as americans face skyrocketing consumer prices. cheryl casone has more. cheryl. cheryl: the president ignoring calls from republicans that his nearly $1 trillion build back better bill would lead to further price increases. the white house trying to insist the plan would help families lower costs. this comes with inflation hitting a three decade high in october. americans are dealing with sky skyrocketing prices on everything from fuel to food and furniture.
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well, this week was likely just the beginning of elon musk's promised stock selloff. the tess. tesla ceo pledged to sell10% of. he's likely going to have to sell more, about 12.5 million shares if he's going to meet the goal. stock is higher by a quarter of a percent. according to the bloomberg billionaire index, musk is the world's richest person. and the defense has rested its case in the trial of kyle rittenhouse a day after asking for a mistrial, closing arguments expected to begin monday. t rittenhouse is charged with killing two men and injuring a third during protests in kenosha, wisconsin that were sparked by a police officer shooting in august. police in he kenosha and chicago are bracing for potential unrest. those are some of the headlines from here. like the riots we lived through here and we came to work during.
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another memory. dagen: yes, we did. like the looting of macy's. i was witness to that, that morning, among other violence and unrest. cheryl, thank you so much. cheryl casone. time right now for the word on wall street, top investors watching your money. joining me now, stifle chief economist, lindsey piegza, rose cliff capital ceo, mike murphy and advisors capital management partner and portfolio manager, joanne feeney. mike, let me start with you. johnson & johnson shares jumping this morning following the announcement it plans to split off its consumer business over the next 18 to 24 months. the ceo saying the move comes because the business, the customers and markets have diverged so much in recent decades. what do you make of this move and also moves by other companies in pharmaceutical business but also ge, but that might be a separate problem, mike. >> good morning, dagen. great to see you. so i think some people are
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calling this financial engineering by johnson & johnson but it's a move that just makes sense because over the last 100 years as the company has evolved, it's gone from just a consumer company to now a pharmaceutical and drug and consumer company. so i think it's almost management's duty to separate the parts of the business so that the one part, the pharmaceutical gets a much higher multiple from the market. so split that off, let it get its higher multiple and then the consumer business is more of a slow and steady mover that will get a lower multiple from the market. so it's two -- it's become two different businesses. to split it up i think makes sense. dagen: is sometimes this a sign that the pharmaceutical business is going such great guns that that might be a shift in the business so much, what i'm trying to say is not eloquently, i might add, is that this is a
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sign that the pharmaceutical business is topping out and maybe you want to look at the beaten down industry? >> i wouldn't go so far as to say topping out, dagen. it's just that it's moved so much and there's been so much innovation and through covid and through the covid seen vaccine -- vaccine, i think that part of the business has exploded to the upside. the other business that's selling band-aids and powder, that's not going to have the same type of growth. so if you look at it now, it seems so obvious that it's -- i'm surprised that they haven't done it sooner but i think there's a lot of ceos around the united states right now looking at the movement, you know, johnson & johnson up 4% this morning. i think a lot of ceos are going to be looking at this and saying if i have one high growth area of my business and one slower growth area, maybe we split them up into two. dagen: joanne, let's talk about inflation. the 10 year treasury yield holding around 1.57% this morning. take a look at it there.
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as a inflation weighs on the minds of investors, certainly consumers. earlier this week the consumer price index jumped 6.2% year over year, the biggest jump in inflation in more than 30 years. your thoughts on this and what it does to the markets in the coming months? >> well yeah, dagen, as an economist i can tell you that market interest rates are a lot lower than they ought to be given the pace of inflation. on the other hand, inflation has to be recognized by investor as coming from some place. and right now it's coming from really strong consumer demand because household balance sheets are really flush with cash and they're spending, particularly ahead of the holidays but all year long. even though production has increased, we're seeing shortages everywhere. the inflation is a sign of strong consumer demand and it's also a signal that the recovery while slower than some would like because of the shortages is going to run a lot longer. we'll see above trend growth for many quarters to come and that makes it a pretty positive
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environment for the equity investor. dagen: are consumers eating some of that savings that -- all that money that they socked away during the lockdowns in 2020? >> yeah, and they're happy to do it. they couldn't spend during the lockdowns, now they're running around buying what they can. used prices are up. that's compelling consumers to spend elsewhere. if you need a car, everybody's thinking well, let's just wait a year because things will be cheaper then. inflation is sort of playing the role of interest rates, causing consumers to change their spending plans. yes, they're definitely eating into savings and they're happy to do so. that's keeping the inflation number so high. dagen: let's talk about energy prices natural gas prices hitting a seven year high this week, california leading the country. the average gas price is $4.66 a gallon. that is nearing a record.
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what to do about this and how you place bets, based on the direction of energy prices, whether it's oil, natural gas, and the like. lindsey. >> well, officials can certainly argue that inflation is transitory or temporary but consumers and businesses are feeling the pinch here and now with one of the biggest hits as you mentioned stemming from rising gasoline prices, in some cases up double digits around the country, from just one year prior. and what's interesting about gasoline is while there is some substitutability available for other goods and services, chicken, for example, if beef prices rise, for gasoline there's very few if any reasonable alternatives so of consumers still need to drive to work, we need to take the kids to school or soccer practice. at this point the u.s. economy, yes, it's still on very positive footing but going forward, one of the fastest ways to derail the consumer and by extension then the economic recovery is
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sustained elevated prices at the pump. dagen: lindsey, thank you for that analysis, lindsey piegza, mike murphy and joanne feeney, terrific to see all three of you this morning. have a great weekend. much more ahead, coming up, american crime out of control, seattle becoming so dangerous the city can't even protect its own workers. the effects of bad policy, next. then, potential broken promises on taxes, florida congressman byron donneels weighs in on the president's spending agenda. and move over crypto, the hot new investment is art. we look at what's driverring drt boom ahead. joining the conversation all morning long, jackie deangeles and james freeman. you're watching "mornings with maria" live on fox business. ♪
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dagen: the rise of sat l he'll crime, downtown seattle is now so dangerous that city employees are being offered security. the king county government is having security escort county employees to their busses, trains, cars or commute home in order to stay safe in seattle. james, what do you make of this development? rather than like allow the police department to do its duty, they have to hire security to protect city workers, county workers. james: it's the tragic consequence of political leaders, aided and abetted by bydisinformation abandoning ther
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responsibilities. the people of t seattle never wanted this. despite the coverage last year suggesting that this lawlessness was part of some popular grass roots movement in urban america, researchers at seattle university do a public safety survey every year. fall of 2020, even in the midst of all the political and media commentary on this, people were saying they wanted more police, not fewer police officers, and you would never know this from most medias accounts. black citizens had even more trust in the police than white citizens did in that city. this agenda of lawlessness is not supported by the people of seattle and never has been. dagen: and remember the police chief was the first black woman police chief and she stepped down from her job, a move cheered by some, which is, again, insanity. new york city mayor meantime, mayor-elect, eric adams is
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standing up to black lives matter. listen to this. >> if the they think they're going to go back to the old ways of polices, we're going to take the streets again, there will be riots, there will be fire and there will be bloodshed. >> there are very few things that intimidate me. there's very few things that frighten, scare me. new yorkers are not going to live in fear and we're not going to be intimidated by anyone. this city is not going to be a city of riots, it's not going to be a city of burning. this is going to be a city where we're going to be safe. dagen: this is eric adams talking about bringing back the anti-gang unit in the nypd and he doubled down, it's the front page of the new york post. not in my city, adams vows after activist threat. jackie, what do you make of this. this is eric adams, democrat, standing up for the safety and security of every single person who lives in the city. anybody chooses to visit it. jackie: dagen, you and i have talked about crime, what we've seen over the last 20 months so
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much and it's been horrible here so i'm really hoping that he's genuine. i'm hoping he will do something about it. but to me, actions speak louder than words. i just want to draw attention also to a rape that happened in in central park yesterday of a 28-year-old woman we have serious problems in this city. this is an offender that was released back on the streets and did it again. he needs to work on that issue as well, homelessness, mental health. he's got a lot on his plate. i want to believe him, that he can do it. dagen: mayor de blasio's wife in her thrive initiative which was supposed to target mental health, they essentially set fire to almost a billion dollars, that money did nothing for the men p tall health problem -- mental health problem that you see, i see it every day, somebody acosted me yesterday that was clearly mentally ill and there's nobody in sight to help you when you're confronted like that. it's just -- the mayor, he's got
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to walk the talk. thank you both. coming up, broken promises, a new report shows president biden's spending plan could have the middle class paying more in taxes. florida congressman byron donalds weighs in. plus solving the worker shortage with students, one school's big solution in the morning buzz. that's ahead. ♪ lay you down and love you right. ♪ yeah, that's my kind of night. remember when no dream was too big? ♪ ♪ and you could fearlessly face the unknown. (kids playing) you still can. ♪ ♪ (blowing dust) when you have a rock you can depend on for life, you'll be unstoppable. that's why over 5,500 companies rely on prudential's retirement and workplace benefits. - whether you are a religious person or not, who's your rock?
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and free premium delivery when you add a base. ends monday. kevin! kevin? kevin. oh nice. kevin, where are you? kevin?!?!? hey, what's going on? i'm right here! i was busy cashbacking for the holidays with chase freedom unlimited. i'm gonna cashback on a gingerbread house! oooh, it's got little people inside! and a snowglobe. oh, i wished i lived in there. you know i can't believe you lost another kevin. it's a holiday tradition! that it is! earn big time with chase freedom unlimited. how do you cashback? chase. make more of what's yours. dagen: a new analysis from the tax policy center finds the president's spending bill would break his pledge not to raise taxes on the middle class. if the legislation passes, 20 to 30 of% of middle class households will pay more next year. the center finding raising the state and local tax deduction cap would give millionaires a tax cut averaging $17,000, this as a warning is out from the
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chamber of commerce, warning the democrats are using gimmicks to hide $1 trillion of spending in the bill. it's probably more than that. we've been talking about it for weeks now. florida congressman, house budget committee and house small business committee member byron donalds is here. congressman, such a pleasure to see you this morning. the democrats keep pushing it, despite the hardship that people are already facing with inflation, they will make everyone's financial problems worse. >> that's absolutely correct. when we look at the bill, that's what we see as well. the provisions around salt, literally are a tax break for the rich in blue states. that's exactly what it is. the democrats love talking about republicans, giving tax cuts for the rich but that's exactly what they're doing. what we would see is people in the middle class would see their taxes go up and i know, having gone through some of the analysis already, people would say oh, but it's just a little bit of money but let me tell you, as a middle income family when you're trying to make ends
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meet especially when the cost of everything you buy are going up, having to send more money to washington will affect you in a tremendous way. dagen: right. and sending more money -- jackie deangeles said this earlier in the show. sending more money to washington that is then funneled to rich people in blue states as a bribe from chuck schumer and nancy pelosi to keep them from moving out of state and continuing to lose their tax base. >> that's exactly right. it gets worse than that. i p mean, in this bill you also have the tax credits for electric vehicles up to about $12,000 per vehicle. now, listen, an electric vehicle is probably a nice thing to buy if you can afford it. most middle income and poor people are not buying electric vehicles. that's another tax break for the rich in this bill. so nancy pelosi and joe biden have no problem rewarding their friends with other people's money and unfortunately where they're going to get that money from is the middle class, frankly, from everybody else. that's what their bill does. dagen: james freeman, jump in
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here. james: congressman, you were early warning about inflation and i'm sure you're not pleased to be vindicated, given what a cost it's imposing on consumerses. i know you were having an argument a few months back with a biden economic advisor, who was saying, don't worry, the price increases are concentrated in beef, pork and chicken. obviously, they're everywhere. but you pointed out beef, pork and chicken, that's kind of sizable part of the american diet, the american grocery budget. i don't know if you're hearing from mr. dise lately on this topicbut i imagine you're hearig from constituents. >> i'm not hearing from anybody in administration. not many have worked in the private sector. i have. i worked in the financial sector. i know the impacts that increased prices and increased inflation have on people's budgets and on a day-to-day basis. but for from my constituents,
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it's loud and clear, small business owners, fixed income seniors, working families, they're all feeling the pressure. they want to try to understand why. the only thing i can point them to has a been the reckless fiscal policy coming from. gerri: goa and -- coming from joe biden and the democrats. we didn't need to spend the money this year, we didn't need to extend the federal unemployment benefits the way we did. that led to the breakdowns in the economy, the supply chain included. dagen: there's an op-ed in the washington post from irs commissioner charles reddick that is encouraging congress. he is writing the low level of funding means the agency is not equipped to provide the american people the service they deserve or to fully enforce the tax laws against those who evade them. this comes as some democrats are pushing the irs spying proposal. congressman, shut we be afraid
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of more enforcement and just the aggressive nature that the way the irs behaved particularly given the scandal some years ago? >> first of all, we should not be giving the irs any more money. if you look at our tax collection the last two years, frankly, the federal government has raised more money in tax revenue than it ever has at any other point in the history of the country. tax money coming in is not our problem. if the irs is concerned about enforcement, what we should do is actually make the tax code more simple, not more complex, so it's easier for the irs to deal with enforcement measures. but of to increase their budget and to increase their size, we definitely shouldn't be doing that. and the last point i'll make is when you talk about this whole spying thing when they wanted to look into people's accounts which the white house still wants to do, this is a proposal the white house still wants, what is the irs going to do with that information? there's no possible way they
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could sift through it. what they would use it for unfortunately is they would pick and choose who they would be looking at and that is something we should never allow, it's a violation of every american's due process rights. dagen: i want to turn to the biden administration's fight against american parents, newly released. mails show the national school board association did coordinate with the white house before sending president biden a letter comparing concerned parents to domestic terrorists. according to the nsba president's time line, that letter was sent september 29th with the doj issuing a memo on october 4th. but on september 14th the organization of state association executive directors were informed there was a meeting with the white house as the school board association was preparing to send a letter to president biden. your thoughts on this? it was a coordinated effort to sic the department of justice and the fbi on parents who stood
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up for their own children. >> listen, what it shows me is that this white house is, frankly, in kahoots with some of the worst groups in our country, because they're more concerned about school board power. they're more concerned about maintaining the power of the public school system and teachers unions as opposed to actually responding to the parents that send their kids to these schools every single day. furthermore, what it also proves is that the department of justice is completely political because if the white house was disengaged with the nsba, then you can't tell me that they weren't equally as engaged with the department of justice and merrick garland. these are the kind of things they accused donald trump of relentlessly but it is crystal clear that joe biden and the department of justice will be political, and going back to the previous question, if they'll do that with the department of justice, why won't they do that with the irs. .dagen: i've got so much more.
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terrific to see you this day. please come back very soon, sir. >> any time. dagen: coming up, the biden administration under fire for soaring inflation. kevin hassett on the criticism coming from democrats. plus the subway tuna debate, another lawsuit alleging the popular sandwich isn't even fish. the surprising ingredients, next. as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. ♪
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(vo) reflect on the past, celebrate the future. season's greetings from audi. at t-mobile for business, unconventional thinking means we see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs... being first on the scene when every second counts... or teaching biology without a lab. we are the leader in 5g and a partner who delivers exceptional customer support and 5g included in every plan. so, you get it all, without trade-offs. unconventional thinking, it's better for business. hearing is important to living life to the fullest. that's why inside every miracle-ear store, you'll find a better life. it all starts with the most innovative technology. like the new miracle-earmini, available exclusively at miracle-ear. so small that no one will see it,
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dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones cheryl: welcome back many i'm cheryl casone, here are some of the stories we're watching this morning. california prosecutors putting fentanyl drug dealers on notice as deaths reach new records. the district attorney says she and other das in the state are considering pursuing murder charges against dealers who manufacture or sell fentanyl that ends up leading to death. this comes as fentanyl related fatalities skyrocket in her county, more than 150 residents have died so far this year.
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well, gas prices continuing to climb ahead of thanksgiving. prices in california at $4.65 per gallon on average, that's only two cents away from reaching a an all time high. nationally the average gallon of gas costing $3.42, that's the highest price in seven years. the president has directed his economic aids on reducing energy costs. something might be fishy with subway's tuna. a lawsuit alleges it contains chicken, pork and cattle dna. of 20 samples tested, 19 had no tuna at at all. this after ireland ruled that subway's bread does not meet the legal definition of bread. and finally there is this. britney spears' 14 year long conservatorship could end today. her attorneys head back to court
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for the first time since her fathers was removed and conservator. she called it as abusive and traumatizing. it's likely that the judge is going to dissolve the arrangement completely. so hashtag free britney. back to you. dagen: indeed. certainly worth the watching today. cheryl, thank you so much. inflation soaring across the country and it's even impacting a famous new york staple. dollar slices, madison is covering this story. >> reporter: hey, dagen. good morning. it's a little too early for the pizza shop to be open but we are talking about a sign of the times. look at this. we were here yesterday when the pizza shop was opened. they are known for their $1 slice. today they are selling their pizza for $1.50. so this company opened back in 2008 and from that point forward they have been offering the cheapest slice of pizza to
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hungry new yorkers and visitors looking for that quick bite. but now, no one is safe from record inflation. we are at a 30-year high. staple ingredients are add addg up. flour is up 5% year over year, dairy, that's up almost 2% and gas like the kind in pizza ovens that's a up over 28%. all of this adding up to a more expensive slice. the owners saying inflation is affecting every ingredient, every item we use, flour, cheese, tomatoes, gloves, paper goods, napkins, everything. labors is up as well. the customers we spoke to yesterday say they are noticing the cost of everything go up. and the 50% increase in new york's best deal is just the latest in a string of sticker shock. take a listen. >> price increases, it's $1.50, it's crazy. >> everything is going up, unfortunately. and i'm not making any more.
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>> everything going up, we don't know what the cost of living is going to be like in a year or two. >> everything is way too expensive. people are leaving the city and trying to survive. >> you have to worry. unfortunately. the way things are today. >> reporter: so dagen, this is still the cheapest slice in new york but we are talking about 50% increase. no one is safe, not even pizza. dagen. dagen: madison, thank you so much for that report. joining us now, former chairman of the council of economic advisors kevin hassett, he's a distinguished fellow, visiting fellow at the hoover institution. he's also author of the book, the drift, stopping america's slide to socialism. kevin, i don't mean to sound like a conspiracy theorist but what it feels like is -- well, there's this drive -- they're driving up the price of all of these goods, making life extremely difficult. again, it's all about if you eat beef, pork or chicken, you're
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damaging the planet, it's about climate change. again, if you drive a car with an internal combustion engine, we're going to drive up the price and then get you hooked on electric vehicles but it's all about getting people hooked on money coming from the government. you know, government control over your decisions and your life and that certainly seems to be where we're going with this, whether its is intentional or not. >> right. well, i'm reminded of two things. they keep saying the word transitory, the inflation is transitory, oh, it's just beef, it's transitory. they've been saying -- if you go back and look, i think the first use of the word transitory was eight months ago so i'm reminded of that princess bride scene where at one point the guy says i'm not sure that word means what you think it means. it's eight months later and still saying it's transitory. the fact is that biden policies have constructed this inflation and it's a little-told story
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that if you go back and look, remember, i went back to the white house, senior advisor to the president when covid came to help them design the response to the pandemic shutdowns and we did things a little bit at a time. like every couple months, because we weren't really sure how long and how big the disruption was going to be. and so in the end, we just about filled the hole from the worst ever quarter in u.s. history back to the great depression, by having five slightly bigger each time stimulus bills. by the end of the year, gdp was about flat. each one of the bills we passed in the trump administration we got a gazillion votes from the democrats, they recognized the bipartisan common sense of donald trump's plan. enter joe biden and he throws a massive stimulus after the hole is already filled so you've got demand through the roof and at the same time they're attacking supply like crazy. of course we're going to have continued inflation and it's really, really hard tax on people, the inflation taxis real. when you leave the gages and go
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gasstation and -- gas station ad go to the grocery store, when you get to the grocery store the shelves are empty. that's where the socialism comes in. we can talk about that in a. dagen: indeed. and jackie deangeles jump in here. but this latest bill, they say 2 trillion, it's 4 trillion plus because of the accounting gimmicks that the -- i call it the new century well mayor monstrosity like the child allowance gets extended just for a year so we know that's over $1 trillion over 10 years but, again, the budgeting gimmicks used. jackie, jump in. jackie: when i look at this spending, kevin, i brought this up earlier, really worries me. we see the middle class is going to be taxed more. we're spending this money. it's going to contribute more to inflation. i appreciate you bringing up the point. this rose in the last year since
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this administration came into power. they basically extended unemployment benefits, made people stay home or incentivized them to stay home, rather and that's what broke the supply chain, contributed to the inflation and everything else and now we're in his huge predictment and they're saying our build back better plan, it's going to help inflation. no, it's not. >> it's crazy. that's right. it's crazy to think that it will help inflation because, again, they're attacking supply and they're jacking up demand and so when you do that, it's really simple econ 101 you get a lot of inflation. dagen, you're right, that this is a really, really heavy tax on ordinary americans and i kind of wonder, like i don't think it's intentional. i was on with laura ingram a few days ago. i said if i was going to summarize biden's policies i think i would have to insent a word, econocide. they're destroying the economy. they're setting us up so of the fed has to tighten in a way they
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haven't done since the '80s. you mentioned in the open, there are some very sensible democratic economists who served in previous administrations that are saying hold on, guys this is a really, really dangerous policy. dagen: larry lindsey -- excuse me, larry sommers, the former treasury secretary has been speaking out about this since early this year. he took issue with specifically the $1.9 trillion package that was passed early this year. here's what he said on wednesday. >> the policy makers in washington unfortunately have almost every month been behind the curve. they said it was transitory. it doesn't look so transitory. dagen: the top economic advisor in the obama administration said biden's spending is partially to blame for the surging inflation. james freeman, jump in. james: kevin, by the way, congrats on the book, can't wait to read it and thanks for your
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amazing service. >> thank you. james: bringing us to a competitive corporate tax system. but yeah, this inflation concern, i notice even moody's analytics which is like the go-to place to sign off on big government spending programs, even moody's is saying this biden plan is inflationary. >> right. and you know, the good news is that it's so obvious to everyone that there's a chance that it won't pass, right. there is a chance. he joe manchin might stand up and save the country. there are a lot of policies that have to happen. this other thing they're saying is supply disruption. but it's not a supply disruption because if they basically threaten huge taxes to reduce supply then supply goes down. it sort of looks disruptive as it's going down but the point is it doesn't come back up. it's going down because they're shutting pipelines and banning oil exploration and so on. and so it's not a supply disruption. it's a supply reduction. so we do, to get back to where
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we were before biden came in, we need supply side magic. if they don't do this, there is hope we don't spin into double digit inflation. if you go back and look at the history of years that had inflation accelerate like this, it's almost always the case that inflation goes way, way up from here, i think for this year it's easily going to be 8, 10% by the time this year is up because we've accelerated so quickly in the last few months. dagen: this is the thing about -- i grew up in the rural south and folks know better. the people, like we sit on tv and talk about the cpi numbers. they see it and feel it. they go to the local dollar store, their shelves are empty. they're not getting a delivery until after christmas. that's all the local store operator is going to he get in terms of supply. people are going to fill up. gasoline prices are up 60, 70% from one year ago. when you have somebody like the energy secretary asked about
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what they're going to do to bring down gas prices and she laughs, it's because she suffers no hardship if gasoline prices go up. she doesn't have to make a decision about what she's going to feed her family for dinner because she's got to fill up her gas tank the next morning just to get to work. there's this ugly disconnect where you laugh at the misfortune of working americans and i don't see how this benefits the democrats this year or next year or years to come, kevin. >> yeah, i think that's right. like they're having a marie antoinette moment. at first, i was thinking if we're going to write the story of the biden administration that you might say it's that '70s show is like the show, instead of the west wing. i'm worried it might be four years at bernie's because they're not doing anything. they're letting everything fall apart and it makes no sense. you said it's a conspiracy theory, i think it's just
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fecllessness. dagen: that '70s show, weekend at bernie's and the princess bride. i think you were quoting montoyo. you knocked it out of the park this morning, my friend. coming up, the electric battle, elon musk taking a swipe at tesla competitor rivian. we get into it. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates
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dagen: art among the hottest markets on earth right now. auction houses looking to sell $1.6 billion worth of art over the next two weeks. according to the wall street journal, some pieces could sell for 15 times their asking price. joining me now, whitmer fine art advisors president michelle whitmer. tell us about the demand. is it for all artists or are there particular artists who will see record prices and then some? >> at the moment, we're seeing a strong demand for all artists and then in particular some even stronger yet. you mentioned the prices that we would be seeing over the next two weeks. $1.6 billion. we've never seen prices that high in an art season before. and last night the sales at
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christes, it reached $970 million. dagen: that took my breath away. in terms of -- what's the -- looking at that sale last night, by francis bacon, one of my favorite artists of all time, the 35 to $45 million range for that painting. is there one painting, say, that sold that you were like i wouldn't even pay that, if hi all the money in the world i wouldn't pay that, something that really shocked you? >> i have to admit, i'm a lover of art so i liked all the paintings but there were some that were more shocking than others. the pope painting had that you talk about by francis bacon has not come up yet. it will be coming up at phillips and it's interesting to see it's not just sohteby's. phillips has come on pretty
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strong. it's estimated to bring 35 to $45 million. it could bring more than that. when i was a student working in a gallery, francis used to come in and talk to he me quite often. dagen: people always make fun of me because i've been a financial journalist my whole career but i majored in art history. no regrets about that. but i love bacon for the -- it's kind of the mix of brutality and beauty in one, kind of like hockey. it's the reason that i love watching hockey to march marry y the art world an the world of sport. hunter biden made an appearance if new york city where his paintings are being sold. what do you make of hunter's art work? i don't know if you have seen it if in person or not. it seems half a million for a painting by a newcomer seems a bit much. >> hunter biden is not trained as an artist formally and yet he does have talent. the work is not bad.
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but the prices are 10 times what the prices would be for other artists at this stage in their careers. if you think about the many thousands of struggling artists out there who work so hard and try to get a break and they can't even get gallery representation, and here you have somebody who is getting 10 times the prices of where they should be, only because his last name is biden, it just doesn't seem right. dagen: right. again, figuring out a way to peddle influence is what it seems like. those are my words. michelle, great to see you. please come back. again, there's just so much money sloshing around the world, it's like the rich can thank all the central banks for inflating their assets. michelle whitmer, thank you so much. >> thank you. dagen: coming up, students lending a hand, one missouri school district finding a way to offset the labor shortage. we're tell you about it in the hot topic buzz, next.
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dagen: time for the hot topic buzz. desperate for workers, one missouri school district turns of to their own high school students to fill some job openings. the students are filling positions from cooks to maintenance workers, after school child care, the district saying they made the decision due to the nationwide labor shortage. james, your thoughts on this? james: yeah, i mean, why stop at cooks and child care workers, i think a lot of people would like to see some new faces on school boards around the country, judging by tuesday's election results. dagen: new teachers. james: yeah. that might be in order too. dagen: right? jackie, what do you think. certainly beats my job when i was a teenager. i was running cigarettes for a
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machine in a cold warehouse. jackie: well, there you go. look, i wish they didn't have to do this but i think it's beautiful they are doing it, giving their own students an opportunity to work there, learn some responsibility, and pocket some extra cash, that's always a good thing. dagen: indeed, james, you want to jump back in here before we go? do you have anything to add. james: i generally like child labor in my own household. [laughter] james: why not outside. dagen: what do you make your kids do? james: not enough. not enough. [laughter] dagen: mow the lawn? unload the dishwasher? james: those are all useful usl activities. [laughter] dagen: stand on the roof and hold the antenna. that's what i had to do in the '70s. james: you had all the cool jobs. dagen: go on the roof and a hold the antenna so he could watch the football game. see, we're getting the giggles.
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we've got an hour left. you never know what's going to happen. 13 republicans approving the infrastructure package, arizona congressman andy biggs wants answers on why, that's in our next hour on "mornings with maria," live on fox business. ♪
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it's a holiday tradition! that it is! earn big time with chase freedom unlimited. how do you cashback? chase. make more of what's yours. . dagen: good morning. i'm dagen mcdowell in for maria bartiromo, it is friday, november 12 top stories 8:00 a.m. eastern the biden administration run away spending facing challenges as democrats finalizes the "build back better" bill inflation running at a 30-year high, doing little to instill confidence in america, paying more for everything from gas to bread. what you need to know about economic impact, all morning long a look at markets, futures in the green 88-point
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gain on dow futures after stocks mixed yesterday, tech-heavy nasdaq a rally but dragged dow down earnings miss weak growth. >> european markets mixed as trading day moves on slight loss ftse 100 england gains france and germany in asia overnight gains cross kospi nikkei up better than 1% "mornings with maria" live right now. >> morning movers shares of johnson & johnson are jumping 4% in premarket trading the health care giant announcing it is going to split into two o companies one company on consumer brands other pharmaceuticals jnj on track to add 35 points to the dow at the open, election vehicle maker lordstown under pressure delays launch of he ebb
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electric pick up by a quarter. >> president social spending bill would give wealthier americans tax cut ten times bigger than middle class according to a new report cheryl casone has more. cheryl: good morning detain this analysis from the nonpartisan tax policy center says president biden 1.85 trillion dollars local spending by many passes, 20 to 30%, households will pay more income taxes in 2022 breaking one of the president'ss promising tax hikes would only affect americans earning over 400,000, one million dollars or more could get a break on taxes -- households earning 50 to 100,000 dollars by the way, democrats plan to vote as soon as next week. elon musk continuing his massive stock sell-off this morning, ceo -- 87 million dollars one thing or another of shares in the company this
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after nearly 5 billion earlier this week pledged to o sell 10% stock, stock down a half a percent this morning, much world's richest person according to bloomberg index. >> -- a day after asking for mistrial closing arguments to begin monday, rittenhouse charged with killing two injuries a third no protest kenosha, police officer shooting in august police in kenosha chicago bracing for potential unrest those are headlines. dagen: thank you, cheryl, inflation levels rising to highest in more than three decades prices increasing 6.2%, feeling increases cross the country some areas more than others midwest up 7.3% joining me wells fargo
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investment institute head crawl christopher, jackie deangelis and james freeman. >> you stay in addition perfect storm strong demand how much more can market keep ring if inflation is -- as kevin hassett said he thinks will hit 8 to 10% inflation in a few months. >> we do agree, by the way, good morning, dagen we do agree inflation hasn't peaked whether in 6 handle range or 7 handle rang not sure, if to stay there, that would be a negative for both bonds, and stocks investors portfolios we agree going to peak soon, authorities, seeing -- transparence costs encouraging, factories in asia strong going forward as
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inflation rises people dip into savings just buying fewer goods switching to services, that is ease in demand will help bring inflation we think considerably lower by the end of 2022. dagen: inflation begets inflation does it not, it starts he anticipating higher inflation they cause it i don't know seems like this is a -- the fed, has said and even janet yellen at treasury has said they won't allow it to get to 70s levels, too late. >> [laughter] >> well fed 70s peaked in inflation closer to 16% i don't think anybody is talking about inflation quite that high but you are right, if inflation does become self sustained people expect higher tomorrow, because it was up from yesterday, then that is a
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problem. but there is a risk there, wages as rents two things watching most closely about you we think that wages in particular will be capped soon we are starting to see improvement in labor force participation also seeing people start to dip into those savings accumulated during 2019, 2020, as sthooifgs balances come down you see people come into workforce, into manufacturing, leisure hospitality industries most job openings wage gains are we think again is going to be a rebalancing between labor supply and demand. dagen: james? james: let's say inflation doesn't get to that 1970s, 15% level. but let's say it is not transitory, let's say 6.2% what is we get for next year. what does that do to the economy? >> that is going to be -- only think of inflation as a friction people think of huge in economy if you have that
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kind of friction in the economy forward 6% plus rates for more than a year, that would be damaging, it is going to go reduce purchasing power and going to slow the economy, by more than most of us you know on wall street think, possible to do. and then that is going to start hitting earnings. dagen: jackie jump in here. >> yeah, you know i am a financially displibd person i don't buy things i don't necessarily need i know america seasonality like that i worn how long i think that will last i am not sure -- demand is part isn't supply chain shortage labor shortage, everything sort of rolls up into one the demand is just sort of a supporting problem. >> paul did you hear that?
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>> -- supply -- the big problem, are and supply -- scramble by covid related issues and transportation we o discovered but revealed by very strong demand again if transportation costs are starting to fall means companies are finding ways around those bottlenecks, we think that is that is solution set continues to grow, you might see more, for example, warehouses, that is going to create jobs by the way, businesses factors move into technology, to improve worker efficiencies will allow wages to rise and margins at the same time, without increasing prices, so, there is national dynamics of response to sorts of stimuli very strong stimuli we see them starting to take place that is why tracking things like transportation costs, if those come down tells us the companies are
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adjusting supplying disruptions are beginning to the east but won't be fully realizable until probably middle networks year inflation will start to recede in wage and goods area. dagen: we are going to get the report on job options, in labor turnover estimate is for 10.3 million options, how quickly will jobs be filled do you think paul? it has been -- >> yeah going to take more months -- dagen because you've got people who are comfortable look the markets up if you have a 401(k), 55 plus a lot of those folks stepped out of work, according to labor department about two million of them have stepped out of the workforce, so they are gone for good with higher wages, by the way. and what we're starting to see is more participation from 16 to 54-year-olds, if that
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continues, and again savings come down not profligate spending food gasoline, gasoline up 50% people have to use savings, going to run out of money need jobs going to come back into industries where we have the most job options right now that is again is manufacturing, leisure hospitality. >> thank you for being here this morning, we will see you soon. >> thank you much more ahead this morning coming up 13 republicans approving infrastructure package, from the house, arizona congressman andy biggs wants answers on why joins us ahead the road to recovery how travel industry is bouncing back as international travel ban lifted you are watching "mornings with maria" live on fox business. ♪♪ . ♪ . , i've solved it.
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. dagen: tesla ceo elon musk takes aim at rivian tweeted achieving high production in a break even cash flow will be the true test for rivian electric carmaker more than 100 billion dollars market cap going public wednesday delivered 156 vehicles. that company delivered 156 vehicles. the "the wall street journal" editorial board out this morning piece titled rivian the government unicorn highlights now investors bet government won't let electricity vehicle make or fail -- what some write watching watching government literally under wright new
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industry before our eyes, come what may in post capitalist america you can become a brrnt overnight in a business favored by politicians, james, the irony is tesla has benefited from the same largesse political largesse by people in washington so this electricity vehicle market is propped up by d.c.. >> you mentioned tesla think i for the a lot of people, look at that huge valuation over years ghosn bigger an bigger a belief elon musk is unique he talent i think perhaps he is but rivian i don't know if their management is uniquely special, but this00-billion-dollar evaluation you mentioned the few vehicles a lot of sales are their own employees, so -- actual customers this business
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now valued more than gen motors he is tiny a million dollars quarterly republican looks like you are seeing with pending spending demands in congress, very generous elect vehicle subsidies saying government favored this wants electric vehicles may not care about other issues that massive subdrooefltd in massive valuation. >> corporate whenever to meet left wing green agenda rivian in prospectus, journal editorial notes this says they seek future bans on sale of impersonal combustion engines as business tailwind, kamala harris running for democratic knowledges that didn't go far but her proposal was that
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gasoline powered vehicles be banned in united states starting i any 2035. >> harris biden granholm all people if they have their way that is certainly a possibility, in this company is banking on that, you know it is interestings because i think about comments elon musk made obviously, this is a competitor so not going to flatter them but says a couple points here company only 12 years old that is very, very limited production, of vehicles so far, i mean used to be days on wall street when investment in ipo raised 12 billion dollars other that fundamental there you saw a viable business model i mean there is a lot dooeb said for future of elective vehicles especially he president's agenda administration backing it at the same time track record isn't there part of me worries that wall street not just getting on biden administration but we talked about this inflationary environment low interest rate environment, there is nowhere
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else to find return on investment, so investors just pouring cash into this, because there is nothing else around. dagen: incredible, the technology industries always fake until you make it i don't know how with electric vehicles, soaring inflation could slam brakes on president biden plan for run away spending arizona congressman andy biggs next as some fellow republicans approved the infrastructure package, now work is changing forever shocking poll shows americans want to stay at home what they are willing to give up to do it later this hour "mornings with maria." . ♪
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billionaire surging prize could be a nail in the coffin for biden spending agenda, this
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welfare extravaganza democrats hoping for a bill but criticism from republicans and democrats. democrats able to narrowly pass infrastructure bill, with the help of 13 house republicans, i asked gop congressman. >> about yes vote. >> if you were opposed to green new deal spending why did you vote for 1.2 trillion-dollar infrastructure package when paltry little of it goes toward actual highways roads, bridges. >> that is a lot of misinformation that is out there why people -- don't understand the difference between the physical infrastructure bill and monstrosity terrible reconciliation bill. >> democrats are embold ebd, please come back -- >> joining me now arizona congressman andy biggs a member of judiciary committee
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calling out very republicans who voted for this infrastructure. worried about inflation, why do you vote to spend a trillion dollars more when congress voted to spend 5.3 trillion, before that, in the last year and a half? >> that is exactly right this particular bill by the way, bills are linked don't let anybody kid you two bills linked you know that they know as well deflecting. if inflationary bill this one, infrastructure, as well as the reconciliation bill what is going to happen is they are not telling you their forgetting apparently that 400 billion dollars of that bill has no spending excuse knee no revenue source attached to it, then you are going to throw that out there and further devalue money, that is inflationary pressure all over the place. and you are getting -- basically a pittance of what
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you should be getting traditional infrastructure spending are there three republican bills that would have addressed both issues. dagen: congressman i will just add i didn't get into details the other day but this 7 1/2 billion for electric charging stations editorial board writes 1 1/2 billion for new office of clean energy demonstration, allows jennifer granholm energy secretary to essentially pass out money to curry favor with the left, it is just -- it is money that is -- being set on fire, if you will. it is it will drive cost of materials even higher. >> well that is right i mean look don't forget 66 billion for amtrak another 65 billion for rural broadband all infrastructure grants in this
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bill conditioned on race and equity. issues. so it is not this is to drive green new agenda or agenda for green new deal the foundation for it basically unlocks the massive spending programs that are going to come next, and -- and -- when you when i hear that this is going to make it harder explain to me how -- how gottheimer, paul spend two hours working out they have got to come together support bbb bill linked you can't justify from republican and fiscal conservative point of view. >> james freeman jump in i am hoping that joe manchin, and kyrsten sinema in senate if house winds up passing welfare monstrosity they dig heals in
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say no particularly given backdrop of inflation. james: you can only hope congressman like white house can't even keep track of all massive spending the press secretary there this week, calling the -- infrastructure bill a once in a generation investment in green vehicles, green power transmission. now they are saying they want another one next week. once in a generation doesn't that mean we should not have to fund this -- massive spending 15 years or so? what happened? >> well, generations a little bit shorter than you and i thought. they want to spend this money and, quite frankly, the only hope i have is that this is going to be like some covid relief packages that they are going to put so much money into this make so much available they can't spend it as fast as they have it.
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so, that might be some kind of damper on future wild binge of spending but make no mistake, they will reduce the spending up front but going to institute programs that are long term like, allocating one time dollars to spend for ongoing programs, and that is going to be, inflationary, in and of itself theory putting mandates regulations going to stifle the economy they think a big win but you the when heating oil goes up winter utility inflation in there as well he tough for democrats to justify this, and, quite frankly, my republican colleagues who supported this. >> congressman andy biggs, ey global chairman carmine is here because travel comeback expected bans lifted borders open we tell all about it live
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on "mornings with maria." .
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i am dagen mcdowell in for maria bartiromo, friday november 12 look at markets the bottom of the hour one hour, ahead of the opening bell. futures in the green gains across the board the dow boosted triple gain by johnson & johnson a, announcement, to split into two public companies, european markets have been mixed, so far into their trading day, slight loss on footsy 100 gains in france and germany it was gains in asia overnight across the board biggest winners kospi nikkei better 1% new york city elect, cheryl casone. cheryl: unbelievably good morning new york city mayor elect not backing down from plan to o revise nypd
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anticrime unit adams promising new york city will not become a city of riots after black lives matter copounder, threatened to bring bloodshed, newsom doubling down on claims fox news interview, watch. >> police are not the answer. we still have way to make people obey law that should be done with social workers who might carry guns. >> social workers that carrier guns? okay. >> tasked with -- taking violence off streets in plainclothes, disband in wake of george floyd protests by current mayor de blasio, okay real estate market hotter than ever between june 2020, july 2021 homes on market for average get this only one week, before being scooped up that is according to national association of realtors that
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is record low since 1999 when data first collected three times faster than a year before turnover helped the record number of homes sold during the covid-19 pandemic. robots on the rise, robotic companies a record amount of orders in nationwide labor shortages, group reporting 1.48 billion dollars in sales for the industry, topping previous high over same period, 2017 opinion. robots metals, semiconductor food and consumer goods industries. >> there is this a lot to celebrate this morning overnight, a rerecording of hit 2012 album -- ♪♪ i know -- it was --
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>> album collaboration with ed sherwin, staple ton the second in series rerecording trying to regain ownership, on label big machine records, and, dagen, i love taylor swift. >> apparently starric about promotion you order taylor's favorite drink don't know what it is i will figure it out in next well less than half an hour thank you so much have a terrific weekend if we don't see you before then inflation . >> electricity up 6 1/2% apparel up more than 4% president biden set to hold a cabinet meeting where inflation will likely be major topic treasury secretary a janet yellen says she is confident inflation will ease by second half of the year joining me now ey global chairman ceo, carmine you can see the world like no one
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other give us your take on the economy particularly inflation hitting working men and women so hard. >> dagen great to be with you, i am not sure i am -- strategic growth -- forum takes all the entrepreneurs is it entrepreneurs that won entrepreneur year, on west coast competing for national prize over 180 companies over 200 entrepreneurs, and i will tell you, the economy dagen is going very, very well, there is major growth in all sectors for a variety of reasons, but to your question inflation, place is real it is really real, when you increase money supply by four trillion dollars back in february 2020, you know over six-month period you are going to get some nation. and, the real worry part on inflation because people talked about when transitory
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or not are wages wage increases every client we talk to in particular u.s. even around the world is competing for labor, and there is no doubt that wages are increasing, so, that will be a factor in terms of driving nation and driving inflation up, so that is a concern, to economy overall economy is doing extremely well. all our clients are doing extremely well. this morning, johnson & johnson split. the markets are going well, you are going to see more and more companies looking at the equity markets whether it should monetize any parts of their business, you will see more of this kind of split and so forth going forwarded. dagen: what industries? what companies if you can talk about that do you think? >> i mean, it is really across all sectors all companies clients going through transformation in terms of technology what they want to be in most looking at
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okay, what is my new what am i going going forward versus the old business a lot of them are looking at i know how do i monetize that split that. it is really across all sectors dagen, everyone is looking at this, and you will see going forward whether consumer products when energy, whether just you know to overall industrials, you will see more and more of this. dagen: jackie deangelis jump? jackie: carmine we've had guests on this morning including yourself talking about equity markets saying things going well that many sectors are seeing growth and i hear you on that, we are obviously, watching recovery from the pandemic, sort of fueling that fire i worry there is a tipping point when inflation higher cost of goods start to make consumers pull back i know not happening at this moment but there has got to be a time period where they do that then the trickleel down effect is companies won't
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be able to, you know, reach same a profits labor costs going up will have a chilling effect on market as we'll i don't know what you think of that scenario that is how i feel at this moment. >> yeah, jackie, it is a fair question but i think we are faraway from that point. if you really look how much cash and money there are on corporate balance sheets, how much bash in private equity of any other investment firm, also how much cash with consumers. i was talking to one of the big bank ceos told me average consumer bank account average customer bank account is up five to seven times what it was in 2019 that is a lot of cash so that will keep driving the economy, going forward, every until next 18 months to two years that is our view. dagen: james freeman a get in here. james: carmine whether your own business or reviving clients, about how to deal with the worker shortage is it just a question of wages and salary offers have to go up or
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are there other strategies, you looked at, to find the workers that so many businesses have trouble finding? . >> yeah, that is a great question, there are so many issues in terms of workers, and number one, around flexibility we have a lot of debates over people wanting to be back in the office, working from home, so forth. you really have to be flexible with employees they have to make sure that they are part of the team, that they want to be whatever company it is, you know so important today that you have a perfect -- better working world you really are driving a company that has value has value has culture and so that is important to any worker out there. i will tell you, it is an issue, one of the biggest things that we have to do is continue to up skill our people because business world changing tremendously, much
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more in terms of technology, people with technology skills. really important that we don't up skill people to they can fill jobs we have hired over 100,000 people at ey last 1 months also lost a lot of people people going through changes pandemic caused that, the companies that really take care of employees that really talk to them about, their values, their culture, their purpose and really talk to them about upscaling is important we offer so much training we train all people financial aspects, and go on to be cfo's, filling financial rolls across the world but so important that they are learning learning every day, and that is really the trick, obviously, with wages so forth, but learning being at place they want to be. >> into that conference where you are right now,ome years
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ago it really is inspirational where you see energy, and ideas that are coming out of entrepreneurs across the country really terrific i hope i get back out some point so that we would love to have you amazing absolutely right so many young companies real innovative driving technology, driving change what america is all about. it is absolutely unbelievable. when over 200 endures here 1 o 8, 185 companies competing will represent u.s. in global competition, really includes over 60 countries competing in june, something that we are very, very excited about. dagen: a reminder about the individual. versus politicians, instead of politicians it is about private decision-making
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personal choices, rather than those imposed on all of us by bureaucrats. >> thank you so much. >> great to see you. thank you all. >> absolutely, coming up the travel rebound we are looking at state of luxury travel, now that international travel ban lifted a veterans victory heartwarming story of what one 95-year-old veteran just crossed off his bucket list. making a buzz this morning, you are watching "mornings with maria" live on fox business. . i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones
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matt gaetz . dagen: travel business is booming, as economy recovered from pandemic, the president and co-chief development officer of the rosewood hotel group joins me now great to see you this morning, tell us just what you are seeing in terms of demand coming back for travel, and for luxury destinations like at the rosswood hotels. >> thanks, first of all, appreciate being on the show again, and obviously, much better times a lot -- on this show back in may. it is. look incredible the uptick in books coming through especially since lifting of embargo uptick 12% business
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bookings that business looking last quarter last 90 days doubled. it is for us gives great confidence going into next year. >> leisure travel what destinations in particular are hot? right now, in terms of leisure, exoccurions, where is demand versus pre-pandemic levels go back a couple years. >> sure. prepandemic, levels were you know, very high we were having best years ever in 2019 what we've actually seen through the course of this year it is not just recent, the resorts have been holding their own, there has been, extremely birthdays domestic market especially local drive-in market as you see in santa barbara kovar from new york
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l.a. average daily rights much higher than before local domestic markets, mexico caribbean, have seen a huge upsurge, and that continues to go on, so much so that business continues to elevate itself and now seeing 20, 25% rise even higher than pre-pandemic levels. the average daily rates are higher and we've also seen the average lengthy of stay that much higher as people tend to travel together with families and friends. dagen: where do you see it going from here i know that -- and how did you spend money or the time during the pandemic lockdown on your properties? i know that here at the carlyle, going there that during covid shutdown you did a vast renovation i know you purchased back one of the apartments that was owned in
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the carlyle and now this -- i haven't seen it but i have heard that it is extremely grand suite sweeps views of new york. >> carlyle has been in need of renovation for the past few years but what we've seen is that with renovation now complete including the restaurant you mentioned as well as the -- the penthouse that were renovated what we're seeing these pent houses are huge demand this means that people are willing to pay you know, higher sum than ever before for our rates at carlyle, and you know it is really when you look at carlyle as an example what we've done in other properties as well we've continued on with this renovation, taking this opportunity, through this hiatus to renovate, most all
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of our properties and reimagine the cull inary, of course, but the renovations we've done appeals to all segments of the market. enjoy the property, as you know, very important property to community. dagen: it is -- it is an anchor for new york nightlife particularly i know the a lot of people so excited when the bar reopened, just before we go, how much is that penthouse per night i would guess 40,000 dollars a night maybe? >> well i am sure we can do a special deal for you dagen i think it can go up to 40,000. and i am happy to tell you that it is rented today at a good rate but i wouldn't say
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40,000 but pretty close. >> radha, great to see you i guess that 40 grabbed number in holidays i think fair asking price, from what i have seen, radha thank you so much for being here gate to see you. >> thank you so much. dagen: one massachusetts high school newest graduate not average student incredible story making a big buzz this morning you are watching "mornings with maria" live on fox business. .
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look on monday on "mornings with maria" growth of big tech david saks here on spots to invest to get ahead of the he innovation curve democrats push on run away
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spending rick scott weighs in as finalizing the "build back better" agenda christmas with duffy, sean duffy here with "fox & friends" weekend host his wife they've got a new book highlighting holiday interests across the country a lot from fox news folks monday on "mornings with maria" starting 6:00 a.m. coming up celebrating veterans day with diploma one marine veteran celebrates his special day next. . ..
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dagen: time for the big buzz of the morning, never say never, 77 years later a 95-year-old world war ii veteran and his high school diploma after leaving school eight decades ago to fight for this country. on veterans day, lewis pick a
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relative crossed this off his bucket list. >> veterans this week, it is a life like you see in that generation, he spent his life serving others and good to see him get a chance to do something for himself and cross that item off the bucket list. >> reporter: never too late to do anything including achieving your dreams. we have so many stories of folks that have been having trouble and struggled and they come back from battlefield and have difficulties, they see something like this and it warms your heart and makes you smile. dagen: my uncle gordon signed up to serve in the navy when he was 16 the day he graduated from high school. we are the land of the free because we are the home of the brave. this is from mike gunzelman, a
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grande a carl nonfat latte. if you order a red at starbucks, just informing the audience. it was such a pleasure this morning. i didn't have a laughing melt down. it happened in the commercial break. "varney and company" starts right now. stuart: you can have a laughing melt down anytime you like on this show. good morning, we have inflation scare this weekend took the market down. in came that wall of money and things stabilize. a lot of investors breathing a sigh of relief this morning, now hovering at the 36,000 level, on the day donald trump was elected president the dow


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