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tv   Mornings With Maria Bartiromo  FOX Business  November 15, 2021 6:00am-9:00am EST

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the next time you run a faucet or flush a toilet, take a moment to appreciate the people whose job it is to ensure all your waste winds up where it should. because people like these, so often out of sight, are essential additions to how america works. maria: good monday morning and thank you for joining us. i'm a maria bartiromo and it is monday, november 15 with your top stories. biden's approval sinking to new lows as prices for everyday goods soared to new highs and even democrats are showing discontent with the president and his policies. what it means for the gop headed into 2022 coming up. kamala harris poll numbers plummeting in the white house stepping in to defend her
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admitted-- position in the administration. markets this morning are higher. we have a rally underway for the dow industrials in the triple digits, up 115, s&p 511 and a quarter and nasdaq higher by 30 and a half. stocks were down slightly last week led by concerns over inflation with the dow jones, nasdaq and s&p 500 down about half of a percent on average. european markets are searching for good direction. eurozone is lower. dax index in germany is higher by 29. in asia, markets mostly higher with south korea leading the gains. more-- "mornings with maria" is live right now. ♪♪
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maria: first avenue, morning movers, tesla with the stock falling in premarket at risk of losing its 1 trillion-dollar market valuation with shared dad own better than 2%. elon musk challenging the senator bernie sanders as he hints about selling more stock on top and that "the big short" investor tweeted elon musk doesn't need the cash. he just wants to sell tesla and elon musk has been selling shares of tesla and has been putting pressure on the stock that continues. boeing, stock is up making several deals. first assigning a memorandum or with a rush on the titanium producer agreed to sell 77 aircraft to everest. boeing shares up to a 3% on the business. some of the top stories, president biden said to sign the roughly
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1 trillion-dollar infrastructure bill into law today with the white house announcing former new orleans remainder-- mayor will oversee how the bill was put in action as the administration blames consumer prices claiming the pandemic is causing the three decade high inflation, not the president's trillions of dollars in new spending. president biden will meet virtually with the chinese leader xi jinping today and issues to be discussed the presidents climate agenda, lodge of china's supersonic missiles. it's been more than 10 months since the president has been in office and he's grew yet to raise the origins of covid-19 and chinese cover-up. will joe biden raise it or will he continue to ignore china's culpability in the death of 5 million people across the world? we will watch. ballston celtics center
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putting pressure on biden to challenge xi jinping tweeting last night: stop playing games with bullies and do what you promise the world. prioritize human rights. this is the nba great and the two leaders have spoken twice since biden took office in the administration says it does not expect deliverables from tonight's meeting. closing arguments are expected to begin later today and the trial of kyle rittenhouse, the 18-year old is accused of killing two men and shooting a third during the wild protest, deadly protest in kenosha, wisconsin back in august, 2020. wisconsin governor announced 500 national guard troops have been activated ahead of the verdict and will be ready to respond in the event of civil unrest following the trial. markets are in the green this morning as we look ahead to another big week for markets with retail earnings coming out this week. dow industrials of 99 points, s&p of 10 and nasdaq 34 and a half in the premarket and we are
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awaiting walmart, home depot, target and macy's reporting earnings over the next couple of days with those stocks mixed as you can see target is of one and a half percent and home depot one and a quarter precent. joining me now nancy lazar and also joining the conversation all morning long his fox business jackie deangelis and fox news contributor brian brenberg. great to see everyone. thank you for being here and nancy, things for joining the conversation i want your take on where we are on the macro story. how do you see things? >> what's most important to me is you are starting to see early signs that the supply chain structure is starting to ease up. that's really important because that will help to ease some of the inflationary pressures. it may take over six months before that unfolds, but at least we are at an important part of the turning point.
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second, capital spending continues to drive the economy. you see that so much on the economy side by adding technology spending. third, the consumer, the most disturbing thing perhaps is what's happening to the us consumer and it's frustrating as the consumer could be in a great position with the strongest john barkan i have ever seen. i think we are moving out of stagnation which could give consumers a real punch. at the same time obviously this inflation headwind for now could really hurt consumers, particularly lower end consumers. i thought i would go into 2022 being optimistic, but until we paying this inflationary backdrop, that is a pretty complicated economic backdrop right now. maria: i think you point to all of the really important items.
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we have the october consumer price index on friday, 6.2% year-over-year, and 31 year high and yet treasury secretary janet yellen and director brian indeed spoke about spending and they blame the pandemic, not all of this wild spending and stimulus from the federal government to the federal reserve. listen to this. >> it's important to realize that the cause of this inflation is the pandemic and i would expect if we are successful with the pandemic to be sometime in the second half of next year, i would expect prices to go back to normal. >> this bill is fully paid for. it will not add to inflationary pressures, quite the opposite because we will pay for everything in this bill by raising taxes on big companies, large corporations at the highest income americans so there is urgency to act in the house will consider the bill this week and we are looking forward to making progress in getting this done a.
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maria: nancy, we had a recent analysis for the committee for responsible federal budget and it says it's not paid for in that it will likely add $200 billion to next year's deficit because lawmakers are frontloading the spending. i want your take on this sort of balance the federal reserve has two walk as inflation spikes at 30 year lows, they have to begin tapering back there stimulus and eventually raise interest rates. the problem is raising interest rates as the "wall street journal" op-ed points out raising interest rates would almost certainly subdue inflation, but it would also create a third problem for lawmakers, rising interest costs because the national debt grew so much during the pandemic every percentage point rise in interest rates will add more than $100 billion to interest payments every year. your thoughts as the journal writes this op-ed, democrats in flight-- invite more inflation and political disaster with all of the spending.
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>> you don't need bigger government to solve the problems of the us economy. the job market is indeed healing significantly. we are already below five, which is close to 4% by the end of the year and as i mentioned we have a wage tax collation over. i think we've moved away from 2% wage inflation to something closer to four, foreign half percent, but i think it will be about three not present with a healthy economic backdrop. we saw with the administration did indeed send out a batch of stimulus that it aggravated inflationary backdrop. why was that? because a boatload of money and obviously they spun and the pandemic did contribute some, but to be sure this extraordinary stimulus which is unnecessary is strengthening the private sector and has indeed contributed to the inflation. the last thing we need is more stimulus.
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university of michigan full highlighted low income consumers-- i could be very full-- bullish on this section of the economy, but it's really squeezing the lower end consumers who the administration is trying to help. maria: nancy, what is your take on this participation rate mean over 4 million americans dropped out of the workforce in the month of september. we have new surveys showing low-wage workers, employees of color, women outside of manager ranks are most likely to change roles. what is the impact in your analysis of the 4.4 million people who dropped out of the workforce in september? >> quite encouraged about the prospect for more people rejoining the labor market and that has a lot to do with the manufacturing renaissance, the strength we see in goods producing jobs.
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we have the healthiest broad-based labor market we have seen in decades, which increases the prospects more and more people have the skills that indeed can give them jobs. i'm actually pretty optimistic. month to month data is volatile, but the backstop and this is why get so frustrated with the administration risking overheating this economy with too much of stimulus and cutting it short, cutting the recovery short, what you need to do is let the private sector drive the job growth because we again, you have every sector of the economy hiring right now, which increases more and more people with different skills can indeed get a job. unemployment rate is potentially going to be close to 4% by the end of the year with three next year and the private sector is creating jobs and it could be very very positive, but we don't need more government spending.
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maria: right. nancy, quickly before you go, walmart another retail earnings on the docket this week. how significant is this huge spike in the price of oil cutting into earnings and retail this week? >> well, it's going to be a complicated earning seizing starting i think with third-quarter retail season, which some retailers will benefit and some will really lose. one will squeeze consumer purchasing power. just as you go into the important holiday selling season. third-quarter could be okay. i think there will be a lot of dispersion in the retail arena because with the higher prices it prevents consumers from buying everything they need so i think it would be a mixed retail backdrop. maria: we will leave it there. nancy, also a pleasure to see you. thank you. >> thank you. maria: nancy lazar founder of cornerstone macro and we are just getting started.
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coming up biden's approval rating is sinking even among his own party and the implication for the midterm election and the rest of us as he is pushing higher taxes and then it feeling the pinch of inflation from the grocery store to the gasoline pump, the biden administration doesn't have to-- answers to address soaring prices. also had sean duffy and rachel campos duffy are here with their new all-american christmas book and a special look at how i celebrated the holidays growing up. you are watching "mornings with maria" live on foxbusiness carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab!
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maria: welcome back. president biden's approval is hitting new lows with the new full showing 41% of the voters is that they the president-- the job the
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president is doing driven by discontent among democrats. vice president kamala harris approval is also plummeting with a new full from "usa today" and suffolk university shows her at 28%, that's a historical low for any modern vice president. white house press secretary jen saki doing damage control for harris tweeting: for anyone who needs to hear it, the vice president is not only a vital partner to potus but a bold leader who's taken on key important challenges facing the country. a cnn report yesterday suggesting this function in the vice president's a team. we saw this coming with this underperformance here. your reaction to these numbers, brian? >> they look pretty right to me, maria, when i talk with people trying to navigate all of the challenges in life right now in america particularly on inflation, when it comes to the economy. people look around and say wait a second this
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is not how a life it should be. i should not find so many empty shelves. i shouldn't be dealing with high prices. i don't think this paul reflects media spin. i don't think it reflects gossip reporting. i think it reflects what people are actually dealing with on the ground. this is a president who cannot produce results on issues people care about and he's reaping a whirlwind of it in the poll numbers and the vice president as well who has been absent on the issues that matter and it just strange when she is on camera. maria: jackie, to say that she has been critical or vital to the most important issues is not true at all. she was given arguably one of the most important responsibilities in being borders are and she hasn't done anything about it. we have a 2 million people illegally crossing into this country year to date, almost 2 million and you have four or 500,000 got a ways and we don't know
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what havoc they will create and this most recent election should have been a wake-up call for the democrats. they almost lost new jersey. they lost nugent-- virginia and yet no change for the agenda and likely it will snow -- dealt more inflation. >> you are right and i think they realize they have limited time to do it say are they are trying to do it as fast as they can into your point about jen saki, that's a flat-out lie that the vice president is an integral partner. she's been absent and on her one task to accomplish which is to do something about the board she's literally not involved with any of the policies that are on the table right now and to brian's point, every single person that i speak to that says they voted for this ticket biden harris says they regret it now. what happened in the last election was that it was a referendum on president trump and his personal-- the way he conducted himself and how he tweeted in this
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and that. it really wasn't an issue of policies and most voters when they say they look back on the economy, they look back on how it he was handling covid, look back on how he was controlling spending and sort of going moment to vote instead of just aggressively spending like this administration's and they look at crime and so many things, the border and say wow, i think i made a mistake and i think you are right. i think those elections showed us something. the midterms will be something to watch a. maria: yeah, and we are watching it coming up with the gop possibly on track to take back congress. the eye-popping new poll numbers for the gop coming up this morning. then, the end of their pods and the reason many people are turning away from wireless headphones. it's making a buzz this morning and we havoc for you coming up-- we have it for you coming up
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"washington post" and abc news poll spells trouble for democrats and midterms with 51% of registered voters said they would support the republican candidate if the elections were held today. 41% for democrats, the largest lead republicans have had on midterm preference in the history of the pole and a joy to me now is and president of it real clear politics tom bevan. thank you for being here. give us your reaction to that pole. >> stunning, i mean, eye-popping numbers, i mean, the generic congressional ballot as you mentioned is the question pollsters ask if the boat were held today and traditionally republicans-- democrats pull better than republicans. republicans tend to over perform on election day so have republicans leading in the generic ballot number one at all is a strong sign for republicans, but to have them leading by 10 percentage points-- i
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have not seen anything like this in the 25 years i have been following politics and as you mentioned is the highest number republicans have gotten in the 40 year history of this call, so great news for republicans, concerning news for democrats. maria: what do you think nancy pelosi will do here? we reported a few weeks ago there was a rumor circulating that she would actually announce that she would step down after eating her spending package through before the 2022 midterm. do you think she will be around to see the democrats lose the house >> i don't know. i don't know what she's going to do, but i don't get going to matter with numbers like these and the interesting part of that pole, maria, was that in the eight senate battlegrounds, the biggest eight senate races open 2022 the generic ballot was 23 points, 23 points and in those eight states for our republican seats that are trying to be held in places like
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pennsylvania, wisconsin, but four of those seats are democratic, arizona, georgia, new hampshire, all of those seats and if the election were held today would be gone and democrats would be in trouble in places like colorado and washington state, i mean, it would be an absolute wipeout and only good news for democrats was that the election is not held today and they have time to recover. the question is if they will be able to do that or not. maria: will they be able to? >> well, we will have to see. it will come down to the economy and as you mentioned the democrats seem to believe and this is the other thing about the "washington post", they show that the parts of the build back better agenda are popular. in all of the approval ratings that have been taken since the infrastructure bill passed last friday, biden's approval ratings have gone down, not up. maria: that's right. the spending, they tried to backpedal on the spending by saying it doesn't cause inflation, i mean, we seen the impact and meanwhile in
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the face of all of this finally the truth is revealed that the whole of russia collusion narrative was a light made up by hillary clinton as i reported for four years in the primary sub source of the steel-- it-- dossier was danchenko, also an analyst at the brookings institute who pled not guilty last week. this is the latest development in john drums probe into the russia collusion hoax. we know the steele dossier was bought and paid for by the hillary clinton campaign and now it's that more in the media are figuring it out. here's congressman doug collins with me this weekend on where john drums investigation goes next. >> i'm going to say not only the fbi, james coleman, struck and mccabe need to be concerned about the investigation, but also brennan and clapper. they briefed obama about the entire plot from hillary clinton to paint donald trump with a rush and there needs to be accountability. >> i think all roads lead to any mccabe and his credibility is in
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question. they orchestrated the insurance policy to prevent donald trump from becoming president. that's their own text message and as for the three indictments john durham issued i believe he built a triangle indictment with the top assessment who represents an indictment of the hillary clinton campaign, dnc, law firm and fusion gps funneling tens of millions of dollars to perpetuate the biggest fraud in american history into the fbi. maria: tom bevan, you were with me those years when i was reporting and getting attacked for it to your thoughts what's taken place since? >> well, it's taken a long time for the truth to come out, but finally it's coming out. i don't know, maria, if there will be accountability, i mean, he was in the middle of this and watch the whole thing unfold, but that i did-- and he vacated has his pension restored and the idea he will face accountability, i'm just not sure it's going to happen, but i think what
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durham's probe is proving is what you just said that there was collusion, but with the clinton campaign in terms of how they were working this and injected it to the fbi. the media was a willing participant. we see some scrutiny and reflection on that, not a lot, but a little bit. i think we will learn more as durham's probe continues and it's unveiling what you said from the beginning, which was this was just a great hoax, a fraud that was perpetrated on the american people by the clinton campaign, by the fbi and buy a willing media that was willing to print anonymous sourced materials that just open the floodgates and let that stuff out day in and day out throughout the trump administration. maria: that's right. tom, good to see you. thanks. we will have a short break and then we have a big interview with david sachs from craft ventures. we will be right back.
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maria: welcome back. new covid cases on the rise as millions of americans get ready to hit the road for thanksgiving. lawrence sim and eddie with all of that right now. lauren: cases are surging in parts of the southwest and great lakes. minnesota averaging more than 3500 new cases per day forcing the governor to set up two temporary sites staffed by national guard members to help the overwhelmed hospitals. despite halting what's been a decline in cases of the highly contagious delta variant. health experts-- the cdc says about 59% of the us population is now fully vaccinated. southwest airlines employees hospitalized after getting punched by an unruly passenger. according to the dallas police the passenger got into a verbal altercation with an operations agent after
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being asked to leave the plane and then punched a second agent while getting off the plane. the agent was released from care and is home resting. the suspect charged with aggravated assault. nfl action with a lot for you, patrick the homes erecting for five touchdowns as the kansas city chiefs squashed the raiders 41-14. aaron rodgers makes his return following covid as the green bay packers shut out the dallas seahawks 17-nothing. meanwhile the washington football team got a huge win over the tampa bay buccaneers. defense kicking off tom brady twice on their way to the 29-19 upset and the new england patriots demolished the browns 45-seven. browns have not one in the new england since 1992 when bella-- bill belichick was their coach and final, pittsburgh steelers
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struggled after not having big ben. back to you, maria. maria: thank you. we are looking for growth this morning as technology evaluations keep soaring. craft ventures is an early-stage venture building great companies and it's invested in some of the biggest names in technology and as you can see the portfolio right there. joining me now is the cofounder of craft ventures and general partner david sachs. great to have you. thanks for being here. you have been so ahead of the curve on so many iconic companies. we are pleased and happy to talk with you this morning. >> great to be with you, maria. maria: tell me where you see the growth in the economy. we just spoke with nancy lazar about the macro chore-- a story. you are still finding growth stories. where are they? >> we are seeing an absolute boom in the
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technology industry. we are seeing all-time highs for valuations for multiples and marketplaces, crypto with a boon going on. i am two minds about it, i wonder how much is liquidity driven. it's a sort of unprecedented fiscal monetary spending in washington so you have to wonder, but is innovation and how much is liquidity pumped into the system. maria: so much liquidity given the federal reserve's easy money and all of this money sloshing away the democrats are talking about even more money coming in and perhaps building inflation further as it hits the highest rate in three decades. what's your take on the macro story, i mean, we saw the consumer price index friday at 6.2% from last year and we
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are headed into what could be one of the most expensive thanksgiving holidays we've ever seen >> yeah, i mean, it's worrisome. we are definitely seeing from where i sit we are in the sort of boom, but a storm is on the horizon. we were told the inflation would be transitory and fleeting instead of persistent, so it implies that at some point interest rates will have to rise perhaps significantly and as we know growth stocks do better with lower interest rates. when interest rates go up future earnings get discounted more heavily so valuations have to come down and that could be a shock for social balance. maria: you mention crypto. i want to ask about that because during this period of inflation some people are saying we want to turn to crypto because it's a good hedge against inflation, this cost pressure and yet in the upcoming spending package ted cruz was with me yesterday and told me
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there's a provision in this upcoming social spending package dealing with crypto. he's trying to get an amendment to take it out does that make crypto more expensive, more complicated cracks your thoughts on where the regulatory framework is going with regards to crypto. >> well, number one on a long-term believer in crypto and in the short term you have to wonder about price levels and sort of-- the more liquidity that comes to the system the more prices go up even though crypto is sort of an alternative, so it's hard to know again, how much crypto's field by this. i don't think it's healthy, but what i would say that regulators and legislators for crypto companies that they can innovate without having the threat of regulation hanging over their heads
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of. maria: so, david, let me go back to the growth story as you choose and invest in growth stories, how do you see the evolution of the money? how do you see changes happening in terms of the digital economy and how do you want to invest in it cracks i feel like in the last 20 years there's been a serious sort of three legs to the stool. there was the cloud. there was transactions. of course, there is also social media, but we are seeing new innovations with regard to the digital economy. how do you see all of this? >> the growth has been tracked of a sort of crypto users what's called web three and they saw the growth of web three with the internet-- [inaudible] it's interesting. i think we are in the
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early age of this and i think there's potential in the future. like i said, price levels in the short term i worry because there's so much liquidity right now. maria: so, you obviously looked and identified growth stories that affirm airbnb, bird, click op, facebook, house, lift, open-door, palantir, the list is long. where do you see new innovation happening right now within-- zero in on specific areas you think many of us will be talking about the next five years. >> the area i always invested in is this idea of business offer distributed through the cloud and offer up in any employee can start using it and you don't have to wait for the cio to deploy a-- it.
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i think the trend is still continuing. there still a lot of legs to it. we are investing in stores like scratchpad, unicorns and all of this. maria: if the republicans take the majority next year, would you expect new regulations around social media, david? this has been a big topic of conversation. you invested in twitter. it was a great call, but now there is a lot of pushback on censorship, on getting involved in politics. your thoughts on how that evolves and whether or not there's another growth story happening within social media, but away from these typical companies that have done so well. >> i think you will see -- it's been hard to get agreement between republicans and democrats on this issue
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of social media regulation. it's almost service sounds like everyone is angry, but for different reasons. democrats are angry at facebook because they don't think they censor enough. they are constantly hauling zuckerberg and dorsey to capitol hill. republicans are on the other side as they are against the censorship. i think when you actually look at the details i think they will have a hard time finding a way to produce legislation on this. i think ultimately we need more protection for americans rights in cyberspace because what we have right now is it's basically an privatized and in the hands of these handful of big tech companies in these oligarchs and they control whether you have free speech in this digital age, so i think republicans are correct to be concerned. i don't know you will get democrats to agree, but it is something that they should look at.
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i recently found a company creating a new marketplace for ideas for social audio and we actually have glenn greenwald created a new pod and he spent a few hours talking about the russia gate hoechst you talked about earlier in the show. i think your viewers would like it if they would check it out. maria: i love it and call in was launched. he launched at this in september, this app for podcasting and social audio together for a new experience coming out during a time when other platforms are pretty much cracking down on free speech, so tell me about the runway that you see for obviously this app, call in, and overall podcasting in general? >> what's amazing about call in is that it's a longtail app and anyone can launch their own podcast. actually, people can
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call in and talk to you. it's like talk radio and what we have seen so far as the discourse is similar. when people talk to each other, you know it's different than tweeting. there's not as much infected, so it's very healthy. we have signed some great creators like glenn greenwald and others. thousands of other shows are now on the platform, so i'm very bullish. it's really taken off and i think podcasts are still in the early stages. it's going to keep going and anyone can create their own podcast so very bullish on the trend of. maria: it's a such a great idea, david. we so appreciate you talking about it. thanks for being here. come back soon it. >> thanks, maria. maria: david sachs joining us this morning and stay with us. we will write back. ng you a helicopter.
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really pays. paid for by the u.s. department of health & human services [gaming sounds] [gaming sounds] [gaming sounds] just think, he'll be driving for real soon. every new chevy equinox comes standard with chevy safety assist, including automatic emergency braking. find new peace of mind. find new roads. chevrolet. maria: welcome back. from ridesharing companies to ship makers we have a closer look at the hottest technology names. don't miss it. we will be right back in two minutes time
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at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. maria: welcome back. let's talk technology and joining me now you is angelo. thank you for being here. we just spoke with david sachs from craft ventures. they have funded it so many startups that became huge companies. i went to get your take
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on where you see the growth. i know you have the names and ridesharing, semi connector chips and the internet. >> absolutely. listen, i think it is as far as what we have seen and when we think about tech, but the holy grail of tech we think is centered around ai. we think ai is a term that can be used in so many ways, but essentially when we think about ai, it's more along the lines of datacenter and what can be done on the datacenter and clearly some big tech names out there is what is driving the adoption of ai. of course, computing devices or capabilities like autonomous cars and what can be done from an autonomous car side of thing is something that clearly is driving a lot of this on our end. as far as third-quarter
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earnings season was really garnering attention is really on the concept of the meta- verse with what facebook has done with their rebranding efforts. specifically, the investments going to go on that end of things over the next three or five years than companies that will benefit, companies like nvidia are probably areas we are most excited about in the immediate term. maria: i mean, you bring up amd and there's a major chip shortage under way and i went to ask about that because it's causing backlog for everything from the automotive industry to devices or what are your thoughts on that backlog? will that cut into earnings and what other chip names should we be watching? >> as far as the supply constraints are concerned, definitely more of a mixed bag and when we think about the supply constraints going on right now, some of the leading edge manufacturers out there,
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even the apples of the world in terms of their bionic chips, those guys are able to kind of make the chips they need to. it's more along the lines of the trailing semi conductor chip out there and is real low not being able to get your hands on those chips has really having a prolonged impact on the automotive type and market so we think those areas will be constrained well into 2022, but the more cloud computing side of things we think has a significant increase in capacity as and as a result that is the area we would continue to be exposed to, so a name like amd continues to have increase in availability of chips and a benefit there, nvidia again among others, so that's where we would like to be, may be kind of hold back a little bit on some of the automotive industrial type names in
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the near term. maria: all right. angelo, great to see you. thanks for your top tech. stay with us. we have the morning buzz coming up. back in a minute. and your customers want seamless and easy. with ibm, you can do both. your company can monitor threats across your clouds, address all those regulations, and still create all new experiences. trustworthy ai powered security. that's why so many businesses work with ibm. black rock silver is bringing new life to a historic silver
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maria: welcome back. time for the morning buzz. should you ditch the air pods? fashionable slabs and tiktok have brought back traditional headphones because they cost about $100 last from the most basic second-generation air pods with visible wires helping you to appear unavailable to the outside world. jackie, your thoughts? >> apparently i was ahead of my time because i have the air pods but
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i don't need extra things to charge so i've been using earphones for years and people make fun of me. i don't care. number one they are cheaper, about $19 a pair versus 129 for the pods and you can wear them and fake people out. they think you are busy, can't it talk and it's amazing. [laughter] maria: that's funny, brian. >> i just love the fact that eventually if you wait long enough everything you once had will be in style again, so i've always been doing the accorded headphones. did you see the jackets like everyone is wearing the early '90s a stuff now. i refreshed my wardrobe since the early '90s so i'm right in the middle of all fraction at trends right now. this is my moment. maria: there you go. all right, glad to know. still ahead, the new trend in corporate america, splitting up with a warning on us stocks from morgan sat-- stanley and surging
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gasoline prices as it's all comes up next hour on "mornings with maria" right here. ♪♪ ♪ ♪ ♪ ♪ ♪ ♪ . . . deposit, plan and pay with easy tools from chase. simplicity feels good. chase. make more of what's yours.
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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 maria: welcome back. good monday morning, he everybody. thanks so much for joining us. i'm maria bartiromo. it is november 15th. pouring fuel on the inflation fire, the biden administration trying to convince the public that passing more run-away spending will actually ease the 30 year high inflation that we all face as we approach the most expensive thanksgiving in decades. joe biden expected to sign the infrastructure bill today while nancy pelosi pushes for a vote on her social spending package by the end of the year. some in the mainstream media hand wave the crisis, saying it's fine to pay more for goods
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because people have more money anyway. markets higher, we are kicking off the week with a rally underway, dow industrials up 103 right now, the s&p 500 up 10 and three quarters, nasdaq higher by 41. this after all three major indices saw red last week, snapping a five week winning streak. we also have a big week this week for retail earnings, walmart, target, home depot, macy's and lowe's reporting quarterly numbers. check european markets this morning, they're in the green, the ft 100 in london right now is higher, it is now negative, it's down 14 and three quarters, the dax is higher by 19. asia overnight, markets finished mostly higher. china retail sales rising, the economic data in china not doing anything for the shanghai composite. it was down. "mornings with maria" is live right now.
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president biden's approval rating hitting new lows as inflation surges and members of his own base grow more and more dissatisfied. a new washington post abc news poll finds just 41% of people approve of the president's performance, that is 11 points lower from the spring. this as kamala harris is also plummeting and facing a attacks from a typically friending source, cnn. the outlet publishing an article yesterday suggesting dysfunction within the vice president's team, the vp's chief spokesperson slammed the reporting as gossip. president biden will meet virtually tonight with chinese leader xi jinping. the issues to be discussed so far, the be president's climate agenda, the launch of china's hyper sonic missiles and human rights abuses for ethnic my authorities. it's been 10 -- minorities. it's been 10 months since the be president has been in office and he has yet to raise the origins of covid-19. will he raise it tonight or will
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he continue to ignore china cull pant in the death of -- culpableity in the death of 5 million people across the world of. boston celtics center putting pressure on biden to confront xi jinping, saying stop playing games with bullies and do what you said you would to the recalled world, prioritize human rights. the nba is threatening banishment. the leaders have spoken twice since biden took office. the administration says they don't expect any deliverables from tonight's meeting. really. closing arguments are expected to begin later today in the trial of kyle rittenhouse. the 18-year-old is accused of killing two men, shooting a third during protests in kenosha, wisconsin, that was in august of 2020. wisconsin's governor announced that 500 national guard troops have been activated ahead of the verdict and will be ready to respond in the event of civil unrest following the trial.
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time for the word on wall street, top investors watching your money, joining me now, sky bridge capital co-chief investment officer, troy giesci, katherine rooney vera and michael lee strategy founder, michael lee. great to see everybody. thanks for being here many want to start with some of the world's biggest companies breaking apart, all the splits that we're seen, johnson & johnson of course you announcing on friday it will split into two publicly traded companies, separating the drug business from the consumer business. general electric also you announcing a three-way split focusing on healthcare for one company, energy for another company, aviation for the third and toshiba splitting up into three units after a wave of scandals there. troy, what do you make of all these splits? one wall streeter last week told me he thinks this is just the tip of the iceberg, that we're going to have a whole host of splits coming up in corporate america. what do you think? is it a good idea to invest in a split company after the split? >> well, look, maria, if you
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look at the backdrop now in markets, there's abundant liquid at this, equities -- liquidity, ebbing -- equities are close to record valuations. when you have underperformance for years, it makes complete sense to split those up and have more focused businesses, particularly when they're higher margin like johnson & johnson's drug business or when we're continuing to have a turnaround like they're doing at ge with the aviation business in particular. maria: are there any of these companies that you would invest in today? when you look at separate aing j&j, the drug business, the business that created the covid vaccine versus johnson & johnson baby powder, where do you see the growth in the split? >> well, at fs investments, i'm the chief market strategist, no longer at sky bridge, mainly focused on debt protection for
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investors. if you segue to the healthcare area, that has underperformed the broader market and if you're looking for higher margin businesses that can sustain those margins, yes, companies focused on of healthcare solutions, particularly vaccines or higher margin biotech does have more upside over the next three to four months than the broader market. maria: yeah. and let me say, troy, congratulations on your move to your new firm. >> thank you so much. maria: our apologies on that. do you have a different now agenda being here, looking at this investment portfolio versus what you were doing at sky bridge? >> yes, so at fs we've always been at the cutting edge of alternative investments for all investors, not just stock and wealth funds but individual investors and high worth and
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others. given the backdrop we have right now, one of the biggest keys is finding fixed income replacements that can keep up with inflation. we focus on areas that continue to perform as the fed inevitably hikes next year. for me that's incredibly exciting. i've always loved complex fixed income. we have a tremendous franchise. we continue to bring new product solutions to the broader market with the most recent on senior secured real estate floating rate debt. we want to make sure investors continue to generate attractive returns even with high interest rates which are certainly coming next year for all the inflation numbers that you're talking about today. maria: yeah. congratulations on the move, troy. i want to ask you, mike, about what you're hearing out of morgan stanley because morgan has been raising its hand for a couple months now about this market. they're telling investors to stay away from u.s. stocks around bonds next year, citing better returns in europe and
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japan. i know you're still bullish on this market but what do you make of the warnings coming out of morgan this morning and for the last several weeks? >> so for morgan stanley's call for the equity march crests to be down 20 next year, that means the price to earnings multiple for the s&p 500 has to collapse by roughly a third. for us to see that multiple compression, they're calling for a 2.1% 10 year, i think we need to see it up above 3%, total economic -- not necessarily collapse, but look like recessionary numbers which we're simply not seeing. it also completely ignores the fact that there's 4 and-a-half trillion dollars in money markets on the sideline. so i think wall street sell side analysts have largely been way too bearish since we've come out of the pandemic and most of them, not all of them, but most of them have largely missed the mark on how well stocks have done. i think this continues into next year. i think if we're up 30% from
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january 1st to december 31st in 2021 i think it would be hard to you duplicate that next year. stocks are one of your best inflation hedges. earnings estimates for them to be up 10% next year on top of a year where they were up 30%, that's good looking for stocks. if we are going to end the business cycle next year or the year after, where is this debt fueled bubble that's going to explode that's going to set us back into another recession. could stocks sell off 5 or 10% next year, i think that's possible. again, the gorilla in the room is the 4.5 trillion cash on the sidelines. i'd say it would be hard to see anything above 5% correction unless we have economic disaster that no one knows about yet. maria: well, we've got this inflation disaster, katherine, and look at the soaring price of gasp lien, now chuck schumer is hoping that tapping into the
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energy reserve will help here. look, the administration has been considering tapping into the petroleum reserve now for a couple months. what's your take on the soaring price of gasoline, now at a seven-year high, katherine. is this going to cut into earnings for retail? we've got a whole host of retail companies reporting earnings this week. >> yeah, inflation is probably the biggest threat going into next year as it was this year, maria and i think the threat for 2022 is stagflation which is inflation is allowed to run rampant, combined by lots of fiscal spending, social spending out the wazoo and we have gas prices through the roof as a result of the government trying to move into green energy at a very rapid pace. the closing of the pipelines have contributed to that and the government is still thinking about closing yet another pipeline in in michigan, line 5. so that would only add fuel to the fire with regard to
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inflationary prices and we have a fed out of touch with reality, maria, which i think is concerning from the perspective of getting behind the curve on inflation, the fed focused primarily on the labor market which is already red hot and i would say already at maximum employment with the fed still considering needed improvements on that front. so that to me says the fed is going to come to a difficult position next year, that's going to be either they completely lose credibility and the market drops as a result or they have to jack up interest rates in such a severe magnitude and rapidity that i think could throw risk assets really out the window. so stagflation is the biggest threat next year. have to open the reserves for oil prices because that adds more inflationary pressures to an environment that is already threatening a fed that has to increase interest rates and that i think is what the biggest threat, stagflation for 2022.
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maria: yeah. and katherine, it's a vicious cycle, right? i mentioned this op-ed in the journal earlier, called democrats invite more inflation and political disaster. they say raising rates would almost certainly subdue inflation but it creates another problem for lawmakers. and that is rising interest costs. the national debt grew so much during the pandemic that every percentage point rise in interest rates will add more than $100 billion to interest payments every year, katherine. so the implications of all of this spending with -- are wide and deep. >> they are. we have a 10% already fiscal deficit. it's not going lower. all of the covid related stimulus we knew from the beginnings was only going to convert into massive social spending and that's not going he anywhere. we're adding additional social spending on that. the debt burden will continue to increase as the fed has to increase rates, that will increase the cost of payment of those interest payments on u.s. debt. maria: all right.
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great conversation, everybody. troy, katherine rooney vera and michael lee, great to see you all. a lot coming up this morning. president biden on the world stage, we will look ahead to biden's virtual summit with xi jinping, that happens tonight. what's on the agenda, what's not on the agenda, origins of covid-19. plus, let them eat change, the mainstream media hand waving away the inflation and supply chain crises, pretending it's not as bad as it is. plus a crude awakening, gasoline prices in california hitting an all time high. joining the conversation all morning long, jackie dean angeles -- jackie deangeles and brian brenberg. we'll get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business.
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maria: welcome back. msnbc under fire after making these tone deaf comments on inflation. >> while nobody likes to pay more, on average we have the money to do so. household savings hit a record high over the pandemic. we didn't really have anywhere to go out and spend. and as we said a moment ago, we're expecting retail sales this holiday season to break records. maria: this reporter isn't the only one getting pushback. cnn brian seltzer posted a faux photoof full shelves of milk ate grocery store. jackie, your thoughts on mainstream media trying to defend this bad policy and joe biden. jackie: i watched that clip and i say stephanie reul you have the money to pay more. most americans don't.
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people saved money during the pandemic. people should be saving for emergencies and all kinds of different things. they don't need to be paying more at the pump. they don't need to be paying more at the grocery store. maria, you and i have discussed this before. it is you akin to an extra tax on top of what we're already paying, on top of what the administration wants to do. i mean, the country just can't afford this kind of pricing and this did not happen under president trump. this is a phenomenon that happened in the last year under this administration. they need to take responsibility for it. but you're going to have commentators on the left saying no, of course this isn't happening. we're going to bury our heads in the sand and pretend it's not real. maria:s gasoline is up better than 51%, brian. when you saw the consumer price index on friday, up 9/10 of a percent month after month. that's 11.6% inflation on an annualized basis in the month of
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october. that hurts. brian: look, if brian seltzer is tweeting a picture of milk on the shelf, then knows full well we have problems in this country because nobody would have done that unless it was this era where prices have gone up and people actually have trouble finding these things. this is why biden's numbers are so low, because the media and the left is so dismissive of what normal americans are dealing with right now and that dismissiveness will be their political demise unless they change it. i don't know that they have the will to do so. maria: we'll see. unfortunately, they're not seeing what just happened in new jersey and in virginia, jackie, as a wake-up call. they're pushing through their policies even more. you would think that there would say okay, let's hold up, let's slow up on this mass of i've spending, vote -- massive spending, not so much. the crazies are saying let's get
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more crazy. jackie: let's get it through while we have power left because we're losing control and losing it quickly. we have little time to change the agenda of what's going on in the country. we've got to ram it down people's votes. maria: approval underwater, sinking fast. more americans becoming frustrated with the leadership at the top in washington, d.c. florida senator rick scott is here to weigh in. and then fighting words, elon musk and bernie sanders getting into a spat over wealth on twitter resulting in another threat fromy long -- from elon to sell more stock. the hot topic buzz of the morning coming up. [gaming sounds]
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unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the common side effects are swelling of the arms and legs and confusion. now this is something we want to see. don't wait. ask your healthcare provider about nuplazid. maria: welcome back. democrats are facing trouble ahead of the 2022 midterms. a new washington post abc news poll reveals if elections were held today 51% of registered voters say they would support the republican candidate in their congressional district. 41% say they would support the democrat. joining me now is florida
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senator, senate homeland security committee and armed forces committee member and the chairman of the nrsc, rick scott. senator, great to see you this morning many thanks so much for being here. >> well, maria, sure tells you year we're going to have a great year. if biden won your state by less than 10 points, you're in a competitive area now. we're going to have competitive senate races all across the country and we're going 20 get the majority of back. maria: you think not only the gop can take the house majority, you think the gop can take the senate as well? >> oh, absolutely. look, there's no reason we shouldn't win georgia, arizona, nevada, new hampshire. we've got other place, we have great candidates across the country. you think biden's agenda is going to get better, you think he's going to secure the border and fix inflation, he's going to fix the supply chain, going to do something positive about afghanistan or hold china
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accountable, i mean, there's nothing in his agenda that's going to get better. it's going to keep getting worse. the democrats have gone off a deepened, they're bankrupting the country. they want to say we're going to give you everything. they forget to tell people, you have to pay for it. everybody's taxes are going up and inflation is getting worse and worse. maria, as i talk to businesses, they're all seeing double digit inflation right now. poor families like mine growing up, they can't afford gas prices and food prices and home prices the way this is happening. this is wrong. this is bad for american families. maria: yeah. no, i p mean, we've been talking about it all morning and, you know, what could get done by the end of the year, senator? i mean, look, you and your colleagues, you're scheduled to be in session, what, three weeks now for the rest of the year before the holidays and you've got four major bills to get done. you've got this build back better plan that they're still pushing through you despite the
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rejection from voters in the last couple weeks. you've got the omnibus preventing a shutdown, the debt ceiling and then the ndaa a licylicyli do you thi thithhiingthetth d dn in tin textks? be ablus pus tiremocratsts w wil sociingpending plan? pla g good hapngap inhingth te rigna now now ths nothth an, w td to foigo out iveoit wit our our means they goingngo moon tot.ha the theheheososos intnts. th ing oo isak cak mitaryta we haven'taven pashe naon defense aenrizationzationzi -- - mean, when chung schumer and nancy pelosi and. joebiden is more i'll for all families -- horrible for all families in the country. taxes are going up, wasteful spending, more inflation. maria: they want to ping pong
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this reconciliation bill to the senate with a goal of, what, december 17th apparently. what's going to happen when it gets to the senate? do you think joe manchin is going to hold the line? i know the republicans don't support it. >> joe manchin has never held the line. i would love to say joe manchin will hold the line. he has never, ever held the line. so i'm -- maria: wow. >> i hope the democrats come to their senses. this is bad for the families of this country, especially the poorest families like mine growing up. it's horrible inflation they're causing with the reckless spending. maria: our audience wants to know how they're going to pay for it. we're waiting on the cbo score. i want to understand from you what taxes you believe will go higher. because, look, white house director of national economic council, brian deitz, was out this weekend touting the social spending package. he says that this bill is going to reduce inflation. if you can believe that one. watch this. >> this bill is totally paid for.
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it's not going to add to inflationary pressures. quite the opposite. we're going to pay for everything in in the bill by raising taxes on large companies, big corporations and there's an urgency to act. the house will consider the bill this week and we look forward to making progress and getting this done. maria: senator, your reaction? whose taxes are going higher? >> everybody. by the way, remember, with infrastructure bill, that a was paid for too until the cbo did their score and said it wasn't paid for. you know what the democrats want to do? they want to he ray dues taxes on the rich -- reduce taxes on the rich in blue states, for the rich in california, new york, and have texas an florida pay part of the taxes for state budgets in those other states. i mean, these people are completely engine with us. we'll see -- disingenuous. your taxes are going up. we'll see more inflation with this bill. maria: the negotiation for the
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salt obviously deduction to go all the way up the. .the cap to go up to 80,000 was to appease so they would get the vote for the package if they did that and i guess that's going to be the money they're going to raise from the auditors, the bank surveillance, right, $80 billion for new auditors to try to find tax cheats and they think that money is going to pay for the salt deduction. >> right. and by the way, who is going to pay for that? it's not going to be the rich. i mean, they already have somebody being careful about their taxes. it's the people that make less money. that's who ends up paying for this. by the way, this should make every american mad. this is disingenuous. they're lying to us. everything that comes out of the democrats' mouth is a complete lie right you now. this is not paid for. by the way, it's going to cause inflation and your taxes are going up. it's not just the rich. they don't make enough money. maria: yeah.
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right. well, there's not enough money to pay for it. i get that. senator, good to see you this morning. thanks very much. senator rick scott in florida. come back soon, sir. all eye as on president biden as he gears up for a virtual meeting with xi jinping tonight. atlas organization founder jonathan ward is here on how we may not hear -- what we may not hear tonight. the origins of covid-19 and why. stay with us.
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flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. maria: welcome back. good monday morning, everybody many thanks so much for joining us. i'm maria bartiromo. it is monday, november 15th. a look at markets this half hour. dow industrials higher, up in the triple digits, up 105, s&p 500 up 9 and three quarters and nasdaq has a gain of better than 34. this after all three major indices saw red last week. it was a fractional decline on the week but the major indices snapped a five week winning streak with fractional declines
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across the board. there appears to be no end in sight for the supply chain crisis with the holidays a few weeks away. lauren simonetti with the details now. lauren. .>> just a few weeks away it's christmas and now more than 80 ships are sitting outside of california ports, waiting a record 17 days for their cargo to be unloaded. that's double the wait time from just two months ago. and it comes just weeks after the biden administration vowed to fix this growing supply chain crisis, which has led to fears that stores will not have enough supplies for the holidays. well, the trump international hotel in washington dc is set to be sold, cgi merchant group agreeing to buy the rights to the hotel for $375 million, the company intends to remove the trump name from out and reached a deal from hilton to rebrand it under the waldorf astoria group. united airlines is bringing back booze in time for the busy holiday travel season. starting today, hard liquor will
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be available on flights of at least 300 miles in the u.s., canada and latin america. liquor sales were halted last year due to the pandemic and a rise in unruly passengers on some flights. united shares up half of 1% right here in the premarket. and at the box office, disney's eternals holding off clifford the big red dog to win the box office for the second week in a row, adding another 27 and-a-half million dollars over the weekend. that was a steep 61% drop from its debut the week before and clifford, family friendly movie took the second spot with $16.4 million. warner brothers dune rounded off the top three. i haven't seen any of them yet. i want to see clifford. maria, back to you. maria: thank you so much. president biden will meet virtually with chinese leader xi jinping tonight, the issues to be discussed so far, the president's climate agenda, the launch of china's hypersonic
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missiles and human rights abuses for ethnic minorities. taiwan and covid-19 origins are points of issue between the two countries, we have yet to see any push from this administration on those issues. it has been more than 10 months since the be president has been in office and he has yet to raise the origins of covid-19 and china's coverup of it with xi jinping. will joe biden raise it or will he continue to ignore china's culpableity in the death of 5 million people plus across the world. i spoke with congressman jim jordan this weekend on whether he thinks biden will press xi on the issue on sunday morning futures. >> i hope he does but i -- frankly, i doubt that he will. we now know that american tax dollars went to eco health, eco health was doing gain of function research in that lab. we almost for certain know that the actual virus came from the lab in china. i think dr. fauci knew this on january 30th, 2020 when he got the e-mail from dr. anderson
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that said virus looks engineered, not consistent with evolutionary theory which is a fancy way of saying this thing came from a lab. maria: joining me right now is the atlas organization's jonathan ward. he is the author of the book, china's vision of victory and jonathan, it's great to see you again. welcome back. >> hi, maria. good to be back. maria: so, you know, this problem that you have identified of china's authoritarianism has not gone away. in fact, xi jinping has only become stronger and stronger, modeling himself after mau. your thoughts on how america should be dealing with this? >> hi, maria. obviously with tonight's virtual meeting there are many who will be anticipating something important coming out of this but at the end of the day i think there's very little that we're going to accomplish directly by dealing with xi jinping or the chinese communist party. at this point what the united states requires is a new grand strategy to ultimately overcome this challenge from china. we haven't had to do this since the early cold war, we haven't
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had to do this since eisenhower's project and we're confronted with a super power adversary that is just as hostile as the soviet union, potentially much more dangerous both as a military power and a major economy. we'll have to begin dealing with those issues and returning ourselves to a position of power over beijing as we're gradually seeing that slip away. the pentagon's annual report to congress just came out, explaining that china's nuclear arsenal is expanding massively, their battle force, their navy is expanding up to 460 ships by the end of the decade so they're turning all the economic power into military power. we enabled all that still our business community is seeking to operate within the china market, our financeres are looking to invest in china. we need to have a superior military together with our allies. we have to reduce our economic
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relations with china. that is how they he grow. it's how they've gotten this big and that's what we need to focus on. i think talking of to the communist party accomplishes very little, honestly. maria: jonathan, i don't think that this administration is focused on that. i mean, you have been spot-on on this issue for upwards of five years and beyond. we even have people like boston celtics center putting pressure on biden to challenge xi. he tweeted out this. stop playing games with bullies and do what you promised to the worlding prioritize human rights. jonathan, we know that while xi jinping has been very clear that he is expecting china to take over, overtake the united states as the number one super power, joe biden hasn't done anything about it. do you see any policy out of this administration with any teeth? >> well, i think they've conducted -- one thing that does matter is the secure supply chains review, that's a study at
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this point but that's in the right direction. they seem to understand the importance of securing our supply chains, rebuilding our industrial base but what you really need the white house and the congress to do is to start taking on america's business leaders and holding them accountable particularly in the finance sector. at this point as a country we're not coherent so even as there's a thousand op-eds on the china challenge, what's being done. every ceo is looking to build their business in a country that's preparing for war with the united states. that's not a rational risk assessment in my opinion and i think we could have a much hardpolicy in that regard. in the past administration when you had export controls, if you're able to expand that across the u.s. alliance system, get the europeans on board with things like cfius, get that across allied asia, get our business leaders to focus on building the united states. onceupon a time they were the
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arsenal of democracy. today they're looking to push into the china market further and further. at the end of the day, you're talking about a country that is preparing for war with its neighbors so i think that's no longer a rational thing to do as a business leader. what we need to see is for policy and a finance and business leader to come together to prepare to win an economic contest with china. we can't do this without america's ceos and we're not having that conversation in america today. they're in an a alternate universe when it comes to china. we need to bring them back to reality so they understand the national security implications of what they're doing. maria: we're supposed to go and make believe we're all-in on the winter olympics happening this february? i mean, you know, people want to boycott the 2022 winter olympics because it's in beijing. is that going to come up tonight? i mean, look, what about the fact that just last week, jonathan, we learned that the ccp was doing target practice and they were using fake u.s. military jets, fake u.s.
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military planes that they created as their target for their military drills. i mean, it's as if they're taunting us. >> right. they had the mock-up of a u.s. aircraft carrier on a rail unit out in the desert. one of the other awful things that's going on in xinjiang. these are messages to america. last week they had a semiofficial, one of the translatessers on australia's 60 minutes threatening australia with armegedon was the word they used if australia came to america's aid in any taiwan contingency. the regime is threatening everybody in the region and certainly us as well so i think we really have to as a country, you know, get a handle on what we're dealing with and i think above all that has to do with the economic side. we have to remain the world's largest economy and we have to start containing china's economy. that means cutting down capital going into china, cutting down
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technology going into china and starting to reduce what we buy from there. we want to diversify to other countries and sources and secure our supply chains and rebuild our industrial base. you can't depend on an enemy state as your industrial base or key supply chain. you can't do that. tonight's summit there are a lot of things that will come up but hopefully biden will be buying himself a little time to take action on these things. but we need the business community to act, we need them to get the picture. maria: yeah. i'll just point out that taiwan is the global center for semiconductor chips and afghanistan is another important center for rare earth materials. no wonder china wants to acquire pretty much be dominant in both places. and the biden administration has enabled it with the botched withdrawal from afghanistan and if no comment on taiwan. real quick, jonathan. >> well, certainly we're going to have to be able to have a
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secure allied supply chain, whether that's principally in north america or the united states or in the allied world. you're going to have to be able to pull yourself out of harm's way and you can't rely on china. it also shows you some of the importance of taiwan here. this is on the one hand the military geography, american credibility in the region and as the nexus of semiconductors and micro electronics. we have to take that all very, very seriously. we have to rebuild the capability of our own of forthwith. maria: jonathan, thanks very mitch. thanks for your insights, always. jonathan ward. we will see you soon. quick break and then a crude awakening, gasoline prices at an all time high i in coastal california. the mainstream media plays down the inflation threat. plus, sean duffy and rachel campos duffy are here with their special christmas story featuring yours truly. you're watching "mornings with maria" live on fox business. kevin! kevin? kevin.
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maria: welcome back. pain at the pump,s gasoline prices rising again overnight with the national average for a gallon of gas reaching $3.42 a gallon, lipow oil associates president andy lipow is with us to talk more about this the. good to see you. what will stop this move in gas? >> well there's really nothing unless we see more supply come out on the market and that's been the biggest issue as world oil demand has been improving, as economies around the world are reopening and we're going to
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see that continue as international airline traffic increases through next year. so the world has really been relying on opec plus to restore production and they haven't agreed upon plans except they're not meeting the restoration due to the lack of investment in places like angola and nigeria so they're falling short on restoring production. maria: yeah. how much higher do you think it could go. california breaking gas price records this weekend. why is a gallon of gas in california so much more expensive than elsewhere in the country? >> well, there's several reasons. the most recent is there's been a storm up in the bay area in late october that impacted refinery operations, causing gasoline prices to go up. we've also shut down a refinery in the bay area back in 2020, leaving only four refineries and that's going to go to three in two more years.
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the consumer in california is also paying about 40-cents a gallon more than other places in the country just for environmental fees to keep their air clean and, finally, we need a special formulation of gasoline in california compared to the rest of the country. that's costing them another 40-cents a gallon. maria: i see. brian brenberg, jump in. brian: really quickly. you've got a lot of democrats talking about capping the strategic petroleum reserve. that's not going to do anything over the intermediate term to prices, is it, number one. and number two, andy, that's not what the reserve is for in the first place. can you comment on that very quickly. >> well, sure. in fact, since july of 2020 we've already drawn 47 million barrels out of the strategic petroleum reserve and we've seen nothing but oil prices go up. a release of the strategic he petroleum reserve is a one-time feel good measure that gets more oil on the market but it doesn't
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do anything on a long-term supply basis to get more oil out of the ground. maria: all right. we will leave it there. andy, good to see you this morning. thanks so much. andy lipow joining us on gasoline. coming up, making it personal, elon musk takes a swipe at senator bernie sanders over a tweet about the wealthy paying their fair share. musk's big stock bet is the hot topic buzz of the morning. back in a moment. it's our veteran's day sale on the sleep number 360 smart bed.
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maria: welcome back. time for the morning buzz. bernie going after billionaires again, senator bernie sanders tweeted out this, we must demand that the extremely wealthy pay their fair share, period. tesla ceo elon musk who is worth
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almost $294 billion fired back, saying, quote, i keep forgetting that you're still alive. jackie, what do you think of this. jackie: you see this back and forth had. it's kind of petty. i go back to what bernie sanders said. the problem is not that the wealthy don't pay their fair share or the tax code doesn't try to make them do that. it's all these loopholes. i always say instead of trying to raise taxes and say we're going to take more percentage of what you're not paying, work on the loopholes. that's what the wealthy take advantage of and try to change those rules to make sure that they pay more. it's not about the percentages or what they're supposed to pay and they're not necessarily cheating. a lot of wealthy people follow the rules. maria: that's absolutely right. and brian, they are putting another loophole in there in this massive social spending bill by putting the salt deduction higher than where it is right you now. why are you we allowing -- look, if you are going to pay all of that money in taxes on a state level, that means you must be making a million dollars.
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so what they're doing by raising the salt deduction cap is pretty much giving a give-away to millionaires and billionaires in the high tax states like new york and new jersey. brian: you know, not surprising for bernie sanders. he used to talk a lot about millionaires until he became one and then he started talking about billionaires. the truth is, i'm all too aware that bernie sanders is still around. all of this policies are dominating this administration. he is everywhere and the only thing he ever has to say is he wants to take someone else's money and give it to himself so he can figure out how to spend it. that is his policy. that's every tweet. i'm glad elon musk is going after him, frankly. but i wish bernie sanders would recede in the background but right now he has the initiative in this country, he's running the show on fiscal matters, on budget matters and we are all paying for it. there's no doubt about it. maria: he sure is. it's his budget that they're driving for sure.
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brian: exactly. maria: christmas with the duffys, sean duffy and rachel campos duffy are here with their new book, all american christmas, a special look at how lots of fox news personalities celebrated christmas including myself growing up in brooklyn. it all starts next hour right here. "mornings with maria" is live on fox business. ♪ 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.
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uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab. schwab! look forward to planning with schwab. maria: welcome back. good monday morning. thanks so much for joining us. i am maria bartiromo. it is monday, november 15 your top stories 8:00 a.m. on the east coast setting the bar realing low, the white house already said that it does not expect any concrete outcomes from tonight's virtual summit between president biden and chinese president xi jinping. we are asking why? why has it been 10 months in
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office and president biden has yet to raise the origins of covid 1 and china's cover-up of it with xi jinping a look at the agenda coming up markets edging higher look at highs of the morning dow industrials now a gain 117 premarket, s&p 500 up 11 the nasdaq higher by 41 this after stocks down slightly last week snapping five week winning streak led by inflation concerns all major indices down on the week by a fraction european markets searching for direction yourdone ft 100 lower by nine cac quarante up 33 dax higher by 36, in asia overnight markets mostly higher, the kospi up better than 1% "mornings with maria" is live right now. . maria: your morning movers first up, following premarket down almost 14%, after company
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reported weaker than expected earnings global supply cans slowed growth, royal dutch shell up moving to london it is also planning to drop royal dutch from name up 1 1/2% we are watching, president biden, set to sign roughly one and a quartered infrastructure bill into law tai white house announcing former new orleans mayor will see how bill is put you the into action he administration deflects blame janet yellen says pandemic its causing three decade high living ins not president's trillions of dollars in spending, president biden will meet virtually with xi jinping the launch of china's hypersonic missiles human rights abuses continuing in
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xinjiang region of china it has been more than 10 months since this president has been in office has yet to raise the origins of covid-19 and china's cover-up of it with chinese dictator will joe biden raise it are ignore china importants computability in death of five million across the world, putting pressure on biden to challenge xi twooth top playing games with bullies do what you promising to the word prioritize human rights two leaders have spoken twice since biden has taken office administration says it does not expect deliverables from newt's meeting, closing arguments to begin the trial of kyle rittenhouse 18-year-old accused of killing two men, shooting a third, during protests in kenosha, wisconsin, back in august of 2020, wisconsin governor said 500 national guard troops have been activated will be ready
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to respond in event of civil unrest following trial markets hire as we look into a big week, retail earnings dow industrials up 135 right now nasdaq up 44 1/2 walmart, taeshlth home depot macys reporting earnings this week a window into the consumer as inflation soars to 30-year high, joining me right now chief investment officer cs mark all morning long jackie deangelis and brian brenberg thanks for joining this conversation let me get your take on macro story where nation where it is looks a week and a half away from most expensive thanksgiving meal we have ever seen certainly have fine in a fie decades. >> -- rising inflation maria, when we are talking numbers in four, five, six percent area we haven't had that kind of thing a long time, inflation is a problem. i hope nobody is using the
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word "transitory" anymore part transitory but a problem at core level has to be dealt with profligate monetary fiscal policy last couple years. >> what is the answer white house a democrats trying to push through more spending, does that not worsen it? how do you tame what is really costing americans big time gasoline up 51% from bacon to eggs milk too much money chasing too few goods with you drop boep out of b-52 colts like they've done spend money in trillions remember the fed not many months ago said we need to get inflation up to 2%, be careful what you wish
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for we went through 2% like a knife through butter we've got to stop all money if serious about fighting inflation. maybe we're not. it it's not going away by itself. >> i want to know how this may impact your allocation of capital and investing. earlier this morning i spoke with cofounder of kraft vuchz identifying great growth stories investing in start-ups, here is day he said about inflation how he is investing today. watch. >> -- we are in sort of theme -- we were told this inflation would be transitory, that you know fleeting -- looks persistent, gas price -- and you know certain environment, demonstrates
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future earnings, issues have to come down. >> so bob has this changes the way your allocating capital? >> so, you know i complained about inflation now the i have to wake up say markets are not paying a whole lot of the attention either believing it is not a problem or may be it is transitory and my comments are incorrect but surprise to me is that the 10-year treasury yield is still in mid one's if you told me everything going on in this planet except that seeing inflation, earnings i would say 10-year treasury probably 250 not 150, interest rates probably are going to move up, and if they haven't had moved up prior to this if they move up that does hurt valuation, ratio on stocks, and long
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duration -- stocks the most so portfolios you need to cut back a bit on your high growth stocks, add cyclicals in the portfolio. maria: okay. so a shifting o to cyclicals because journal in op-ed said because the national debt grew so much during the pandemic, everybody percentage point relies in interest rates will add more than 100 billion dollars to have interest payments each year so far markets don't react to the will level of debt, but it is one of those cycles they react when they react if rates go higher interest on debt becomes more expensive doifbt that potentially create a nasty cycle where we see sell-off in stocks every day. >> i think you are being very logical, of course, until recently, interest rates have fallen faster than the debt has gone up, such that
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interest expense to federal government has not been a problem. that is why not -- the market and real world in if significant way, but that is probably on borrowed time. >> is a reported last few weeks, president biden is seriously considering not reappointing jay powell a story in the journal this morning biden was choice of jerome powell or legally brainard now being spoken about they both met with president this month last week they were at the white house, tell me your thoughts on the impact, if in fact jay powell is not reappointed and b goes with the progressive picks lael brainard? >> markets preferred certainty to uncertainty forget at the moment reappointing guy or gal there before, i think the markets stand up -- we make a change, just change is a
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problem but on top of that, the move from a traditional to more progressive my guess markets will not like it so much. >> bob great to see you this morning. thanks so much. >> all the best. >> bob doll joining us quick break the unfolding of the durham report finally truth exposed we connect dots of the greatest lie ever unleashed on the american people ep why some tell me all roads lead to andrew mccabe the fbi, and hillary clinton. >> crude awakening gasoline prices skyrocketing across the country all-time high in he coastal california we take you there live coming up, the christmas spirited sean and rachel duffy here with a book featuring user trulily you are watching "mornings with maria" live on fox business. .
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. maria: welcome back pains at pump may not be letting up soon, gasoline prices in california hitting a new all-time high over the weekend. as 4.68 a gallery kelly o'grady live in gas station in los angeles with more kelly, good morning to you. >> good morning, maria, california is hitting new all-time high for gas prices second day in a row today's price regular unleaded 6/10 of a percent hire than sunday broke the record in october. >> california's is highest in the nation more than a buck 20 higher, at 3.42 at a time los angeles plans to prohibit oil drilling unincorporated areas seeking to ban new oil wells, going to drive down production
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when demand is sky-high even democrat state lawmakers are sound youing the alarm. >> we've got to reduce price of gas in california i am more concerned about oil producers able to get back on line, hopefully you will see some instruction in the administration won't have to intervene. >> there are talks of tapping into emergency reserves or halting exports starting this week neither long-term solutions not just california is experiencing these increases. prices skyrocketing across the nation especially mil of the tun minneapolis, houston seeing price hikes more than 50% higher than last year i wish i had better news for you maria on this monday morning. maria: kelly thanks very much, joining us, this morning, jackie and brian has become super expensive for american families and you feel it because it is not just gasoline. that is adding to the cost of
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other every day kitchen table items jackie. jackie: absolutely the price average price according to triple a, over 3 dollars every state a two handle for much trump administration the change in policies maria really have impact here infuriates me is to be studied this a long time administration is saying opec has to do it granholm said it, saying tap into fpr that is >> jackev righted on a joke we have handed over, the authority that we have over energy prices to russia, and opec the report nigeria angola is that decision-making authority fors consumers in this country, can you you
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afford these gas prices, can you afford gas prices, for you bucks plus regressive tax hits least well off the hardest in this country. maria: for sure, quick break then. >> i had the russia collusion lie fallout from durham's three indictments where this probe goes next former federal prosecutor andy mccarthy here a new video from iceland tourism board takes a huge swipe at zuckerberg and metaverse a big buzz this morning you won't want to miss. stay with us. ♪♪
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i have reported now for several years four years going, the fbi was told that the russia collusion narrative was made up by hillary clinton and her campaign, and that the steele dossier was bought paid for by her campaign the democrat national committee john durham's probe three indictments have been on the books, the primary subsource for dossier igor danchenko who was analyst at brookings instituted pled not guilty last week to five counts lying to fbi, congressman doug collins former pentagon chief of staff broke open this case five years ago talked to me this weekend on "sunday morning futures." >> not only fbi, comey strzok mccabe should be very concerned about dir hamm of investigation clapper, brennan briefed obama about plot to try to paint donald trump with
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russia there has got the technique accountability. >> mccabe,strzok orchestrated strurnz policy to prevent donald trump from becoming president after three indictments durham issuing i believe he built a triangle indictment is a call them top of the pyramid sussmann represented indictment hillary clinton, dnc law firm, tens of millions to perpetuate biggest fraud in american history into fbi. maria: joining me right now former federal prosecutor andy mccarthy good to see you this morning thanks very much for being here your reaction, to what we see happening, where do you think john durham's probe goes next? >> well, i am glad you played that bit from -- at the end before i came on i think in terms of the narrative he is right but extravagant
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extrapolation what durham has done even though i agree everybody running for the hills away from dossier was complete nonsense, and should have been seen as complete nonsense on face when we first learned about it but for the moment, the only thing durham charged anyone with us lying to the fbi. and not even lying about the dossier. so far, the charges he brought are against people who are lying about either who they were working for or who they are sources of information were. so very modest the dossier could be complete nonsense or completely true, and wouldn't affect durham's case one way or the other. >> interesting, you say you know, we sheriff known, that the dossier was garbage i said that from the beginning, i said that i can't see this being true at all just from my
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interviews with people like devin nunes. >> john rat cliover and over again between 2017, '18, '19 i got trashing media on hell bent idea that trump colluded know matter how much i pushed back it wasn't so obvious to most people, you are talking about what three indictments maintain what about the fact kevin clinesmith as arrested a junior lawyer adfbi doctored documents to try to say carter page was not an asset of the cia does that open up pandora's box to fbi, andy remember, we know that we have now the dedeclass fooifd notes brennan briefed president obama joe biden, all these people knew, what hillary was doing. >> maria first i feel your
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pain, because i wrote a book about this, years ago. and wrote a number of column about it at the time saying that you wouldn't ho to know what the sources were, of the steele dossier to read it know it was nonsense wonder now the the world trained investigators could have taken actions on being a kount of it steele briefed woman at state department a woman at state department got his briefing within a few minutes was able to figure out that one of the key parts of it had to be wrong. so it is if anybody had seriously looked at this would have been clear nonsense goes to show how abusive by fbi didn't do normal investigative practice. all that said with a was clinesmith charged with? >> lying but not lying to court charged with lying to
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another fbi agent the last two indictments that durham has brought have both been about lying to fbi. so, durham's position appears to be from these indictments that fbi at least the agents handling the case were duped i think a very that is going to be a very difficult thing for him to convince people about, but you know if you were thinking he was going to have grabbed overarching indictments going to bring in government officials involved in this i don't think would he be taking the position people lied to the fbi and fooled them before they went to the fisacourt. >> what about january 25, 26, 27 meeting in 2017, where danchenko admitted to the fbi i made it up we were having beers among friends we emhe will beished, made up told fbi that january 26, 2017,
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what did fbi do next? they renewed the wiretaps on carter page, so even though they were told, it was all made up, they still continued to wiretap carter page there is no culpability for that when they talked to danchenko they were already getting their second warrant, so he is the main guy main source of information you want to talk to in investigation they don't talk to him until four months after in fisa courted getting a warrant under oath if possible even more abusive than what with you described, and i think there should be culpability i manueling durham will right a narrative report saying hillary clinton campaign was source of dossier fab bring indicated it
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do you have the look like durham is setting the stage to bring criminal charges about that even though he may -- have them in a narrative report. maria: i think next six months is critical you know does not want anywhere near 2022 elections, right? so if he is going to come down with big fish, indictments, they should happen sooner rather than later so that he is not politically oriented by midterms we will see andy great work on your part thanks so much. >> thanks, maria. >> andy mccarthy biden administration approval rating continue to sink "wall street journal" columnist is here right after this. . vin. 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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hour ahead of opening bell, futures edging higher expecting strong open with dow industrials at highs of the morning up 155 points s&p 500 up 18, nasdaq higher by 78, european markets this morning are searching for direction, take a look, we've had weakness in london ft 100 down 5, the cac quarante in paris up 37, dax is higher by 47. in asia overnight markets finished mostly higher south korea leading kospi up better than 1%, crisis at southern border continues to worsen lauren simonetti with details now lauren: maria border patrol in rio grande sector report counting almost 2000 migrants friday alone this includes at least 262 gotaways, now regrand rio grande over 65,000 migrants, 161% increase from same point last year so it has more than doubled. new york police officers, are
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relocating to sunshine state more than a dozen taking florida governor ron desantis 5,000 dollar relocation bonus offer accepting in lakeland florida make up 6% of the entire police fosters many cited new york's vaccine mandate driving force in decision 34 nypd police officers refused to comply with mandate, americans, free from a prison released secured by former governor of new motor vehicles corichardson he managing editor, convicted of visa violations essenceed 11 years hard labor, united
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states postal service a warning ship packages fast anticipating all day surge beginning thanksgiving. the usps hiring more than 40,000 seasonal workers to keep up with demand, but i fear maria, that -- that warning by thanksgiving is too late, right? >>. maria: um-hmm. >> thank you lauren president biden facing plummeting polling numbers because of what you mentioned lauren ships waiting as well as massive spike in inflation, in new "washington post" abc news poll job approval new low 53% registered voters disapproving of job as president 41% approve in new report highlighted tension between president biden and vice president kamala harris especially over appointment as border czar sees it as no-win
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situation, joining me former speechwriter or president george w. bush fox news contributor big mcgurn thanks for being here what are thoughts been numbers infighting vice president given probably arguably one of the most important jobs, the border. but did nothing about it. >> i am kind of wondering who 41% are that approve, the problem joe biden faces, is -- transcends partisan line biggest problem he looks incompetent left zindz behinds in afghanistan reports not going away we know that it is a disaster, because no one in the biden administration, wants to go near that borrowed you have domestic agenda
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stalled in democratic congress, there is not many successes now inflation contributing to this idea the president is just overwhelmed that he can't do the job. maria: so where is this going then, look, you've got a situation americans are clearly hurting and they are rejecting policyholders, bill look what happened two weeks ago almost lost very, very -- new jersey lost blue virginia, voters are clearly rejecting policies instead of looking a at it as wake-up call saying slow up not for his higher taxes massive spending through, they are fully prepared to push it through and want to vote on this social spending technology by thanksgiving or year-end. >> yeah, maria going to tell that you experience especially in washington doesn't make you smart. i mean if joe biden were smart
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i think what he would do is pull -- a bill after health care initiative failed go back to center kind of worked with republicans so forth but i think the problem with joe biden is that he came in, thinking he is going to be another fdr looking like another jimmy carter, sticking to grandiose plans i think part is kind of getting back at obama administration, that maybe he felt treated him like not quite right younger brother, or something, but he doesn't seem to have any second thoughts about this his agenda, is clearly too radical for the american people. right now american people are really focused on bread and butter issues like inflation they don't know what easing what they know when they go to gas pump paying more than a dollar extra for each gal or
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going to pay more for national gas to a heat home more are for bound of bacon people know that he so a it fore a long time biden white house telling people wasn't there would disappear doesn't look like it is disappearing. maria: brian, jump? >> how much of this just comes down to the left, actually doesn't care if joe biden gets reelected? they know if they get this package through now, the spending package, it will last for decades and decades. because it is that social spending that welfare state agenda that never goes away that is one shot deal for them, in my view, popularity doesn't matter it is just all about pushing it through now. >> yeah, i think that is al been game plan they knew they have a tight majority that will come next year in midterms might look very, very different on capitol hill so they want to ram it through
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the other big difference is you know in so-called battle between progressives, and modest a lot are not that moderate live in swing districts they are nervous about this most progressives not all but most of them are in pretty safe seats you point out one they are not going to lose their seats either way because they can push for an agenda that is more out of tune with what american people want. maria: bill let me turn to this call that joe biden is scheduled night, to talk with chinese president xi jinping. in a virtual call. xi is apparently wants to discuss seeking clarity on the biden administration policy toward taiwan, this is based on reports that we have. the president is expected to raise his one u.s. one china policy that has not changed
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also expected to talk about climate agenda but i have been asking repeatedly since inauguration day why this president rsts to bring up covid-19 and origins of covid-19 and fortune's cover-up we reported extensively throughout emergency room 2020 what do you think white house is saying we're not expecting anythinging to come out of this call. then why do it. >> look what happened with australia, they called for independent investigation, then all of a sudden china started you know restricting imports of wine, lobster so forth, trying to punish australia. fortunately not working out the way they hoped. i think right now we have so many areas, where we have to worry about china military, spying in u.s., trade, you violations violating practices right now priority has to be maintain taiwan de facto,
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independence that its ability to sustain itself and continue as a free society. of the if china is allowed to override that by bullying the pacific is going to be very, very changed, i hope that the president gets some clarity on that that we're not going to let taiwan be bullied into subsubservience, violating chinese airspace we don't want a war with china but china policy begins a thwarting, taiwan i believe other nations that stood up to china fortunately we do have a deal with australia and submarines a good start but we need to support our allies in the region. you know against chain i personally believe one of the best places to do it is with that free trade agreement the partnership, would not have china in it would be a good wedge for all people he that play by the rules, and that
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would be a good he incentive for china doesn't cost to do it i think joe biden stuck with deals because of labor unions so forth. that would be a good diplomatic start. maria: great to talk with you as always thanks so much. >> thanks maria. maria: all right. we will see you soon. >> christmas with duffys's nice personalities and yours truly don't miss this stay with us you are watching "mornings with maria" live on fox business. . .. it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy.
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. maria: welcome back. mainstream media mocking supply chain as american families struggling to keep food on table cnn brian stelter published a photo full shelves of milk without acknowledging prices up, then arguing americans can afford to spend more on groceries we have money she said joining me fox news contributor sean duffy host of "fox & friends" weekend, and rachel duffy how do you feel about tone-deaf commentary from media you are there, faced with all prices
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like the rest of us. >> that is right we do feel price of milk we apply a lot with a family our size so maybe brian stelter doesn't, so weird mentioned supply chain does -- not know we're not getting milk from china this upscale store -- an so maybe his upscale store is full but the milk getting is coming from probably upstate new york a lot of people he probably doesn't like, but that is how would i the kind of work they're doing to appease and enable this administration. maria: a it continues, right sean over and over again something happens that is hurting american people policy like this policy driving inflation up, and you don't hear a peep about it in mainstream media they are
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obsessed with trump. >> they care about mid income lower income americans, but when policies come out that actually hurt those same people they say they care about they turn a mind eye the fact saying people he money in savings account to pay higher prices not in touch with real america maria the people i used to represent, they are not getting four and five and seven percent raises right now but paying that at gas pump and in grocery store and can't afford it some things are starting to give, so shows how out of touch they are. my concern is, that the socialist policies printing borrowing spending driving up policies they go "get used to it this is new normal" when we see doesn't lead to proer prosperity it leads to more poverty. this is the start of it, sad what is going on talk about something happy your new book
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rachel yours and sean's new book i was so honored you included my story in it you highlights holiday interests from across u.s. stories from my own childhood, as i grew up in brooklyn, new york why did you do thisbook. >> we love christmas this is a channel as you know a network that is in abashedly pro christmas, so we wanted to celebrate it you know our viewers wanted a deeper dive into who all people they see on channel are we thought would be fun to highlight traditions religious recipes, all the stories from childhood full of pictures if you wondered what some favorite fox news people looked like as kids, kind of fun to see who they are what stories are. >> people see you for three hours at least everyday of the week, on -- "sunday morning futures," but don't get that
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insight into who you were growing up, right so in this book you share stories what it was like running a restaurant big family at christmas awesome, glimpse into your life, jesse watters talks about christmas cat and skwir efl christmas trees, fighting, brian kilmeade had a fight with santa, as you lock doors keep santa out of house cool stories like that people share about christmas a celebration of christmas, and great gift. >> no supply chain issues this book is made in america! >> great -- >> thank you for writing this book it is so warm and loving. >> thank you it is quickest way to get through christmas list if anyone on your list
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loves fox news they will love this book. >> you guys good to see you, all -- available right now online in stores beginning tomorrow. pick it up, quick break that was cold iceland enticing courts big buzz of the morning we are on it you next. ♪♪ all i wanna do ♪♪ ♪♪ all i wanna do ♪♪ ♪ the season, ♪ . deposit, plan and pay with easy tools from chase.
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maria: welcome back. here's a hook at what's coming up tomorrow, the fallout from president biden's virtual meeting with chinese president
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xi jinping with the white house already saying they do not expect concrete outcomes. we want to know if he brings up covid. we're also tracking a big week on earnings, walmart and home depot ahead of the open this week, and wisconsin senator ron johnson will be here as the democrats push for more spending. will they be able to get it through? join us tomorrow, it all starts at 6 a.m. eastern, "mornings with maria." back in a minute. it's our veteran's day sale on the sleep number 360 smart bed.
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♪ maria: welcome back. time for the big buzz of the morning. so an icelandic travel company is mocking mark zuckerberg's metaverse. take a look. >> what do we call this not so new chapter in human connectivity? the iceland's worse with water that's wet.
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with humans to connect with. you're human, right? ain't he funny? [laughter] maria: what an ad. brian, what do you think? >> i love this ad. i do not understand what facebook is doing with this whole meta thing. here's the silver lining, if everybody goes into this alternate reality universe, it's just going to leave more of the good tough for me and probably at a. cheaper price. cheaper steak, cheaper wine, real sunsets, maria, i'll takle all -- take all of that any day. >> that's a good point. it was easy to mock zuckerberg, he was sort of socially awkward, but i'm with brian, my feet are on the ground right here. [laughter] maria: i love it. all right. jack dedeangelis -- jackie deangelis, brian brenberg, thank you so much.
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>> you bet. maria: join us tomorrow, same time, same place. we've got a dow industrials rally, up 131 on the dow, and it is a big week for retail earnings. as you know, we're going to preview all of that right here on "mornings with maria." s&p up 15 and the nasdaq higher as well. "varney & co." begins right now. stu, take it away. stuart: all right, i shall. good morning to you, maria. good morning, everyone. here we go again. we start a new week with almost everything up. i have to believe that it's the wall of money, close to $7.5 trillion, that's pushing everything up. check your 401, you'll like what you see -- 401(k). the dow going up about 130 at the open. the s&p, will less than 1% below its all-time i high, up again this morning, and the nasdaq, another gain on the card today. dow, s&p, nasdaq, all up this monday morning. cryptos holding stey,

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