tv Mornings With Maria Bartiromo FOX Business November 17, 2021 6:00am-9:00am EST
[birds chirping] [music] > robert and selene worked hard for what they have. and now they get to wake up every day to that stunning view. people are saving up and investing in their future. because in america, dreams, and dream homes, still come true. [music] maria: good wednesday morning. thank you so much for joining us. i'm maria bartiromo, wednesday november 11th, your top stories right now 6:00 a.m. on the east coast. new poll spelling bad news for president biden's 2024 chances. 61% of americans say they want him to step aside and let another candidate take a chance while less than a quarter say they want him to again but approval rating kicks ticking lower he continues to push through rejected policies
including run away spending and the latest on what can get done this year. markets are mixed. decline in the dow industrials, fractional move lower with the dow down 23 and s&p down 2 and a quarter and nasdaq is up 11 and three quarters. we are awaiting earnings this morning from retailers, notably lowes, target and tjx. all three major indices finished in the green yesterday and the dow industrials were up 55. s&p 500 higher by 18. this morning european markets are mixed. take a look at the euro zone where the ftse 100 in london showing decline of 24 but the cac up 7 and dax index higher by 16. in asia overnight, markets finished mostly lower. south korea worst performer,
despite the high inflation, joining me right now the trust company head of investment strategy hank smith, also joining the conversation all morning long, lee carter is here, tiger 2021 joining us as well. great to everybody here this morning. thank you so much for being here, wal-mart, home depot and we heard from lowes beating as well, beating estimates. what does that tell you from an investment standpoint? >> yeah, right, maria, i think it's a testament to just how good of a shape the consumer is and also how much pinned up demand there still is regarding getting back to normal and so i think these retail sales are reflecting both of that and we have a really interesting anomaly right here. on the one hand, consumer
confidence, university of michigan survey, for example, continues to trend down and yet look at what the consumer is doing. they are spending in -- in great amounts but they are also leaving jobs. the jolt indicator shows record number of people leaving job. you do not leave a job unless you have a lot of confidence. the wall street added, pay attention to what consumers do as opposed to what they say. i think really much applies here and perhaps these consumer confident surveys are really a reflection of what's going on politically, whether it's afghanistan, whether it's the southern border and, of course, inflation. but inflation is not impacting consumer behavior so far. maria: so what, hank, do you think the impact will be of inflation because goldman sachs this morning is predicting that the inflation surge is going to get worse this winter?
they are saying prices continue to spike as the ten-year treasury yield is up 4 days in a row. it is at a three-week high in terms of rates. we know the federal reserve is likely to raise interest rates sooner rather than lathe, year end or 2022 with the ten-year 2.6% and what are your thoughts whether inflation will impact investing? >> it has the potential with respect to heating oil and gasoline if we have a really, really cold winter. but, lack, at some point the supply chain disruptions are going to get worked out and i think a lot of the -- a lot of the good inflation is going to come down now. whether that happens sooner or whether it happens more in the back half of 2022, it is going
to occur. i mean, take, for example, chips. once automakers and they are starting to indicate that there's more availability of chips but once they get fully online, what's going to happen to used cars when -- when new cars are much more readily available? i think you will see used cars prices coming down and that will happen at the good part of the economy as the supply chain issues get worked out. maria: are they investing around inflation, do they think it's going to go higher and do you see an impact? >> so inflation is clearly on the rise and anybody who bets it's a short-term phenomena is sort of betting against the wind. numbers are starting to right but could abate next year as the supply chain issues get worked
out but when you look at the earnings on lowes and home depot, it's not just that consumers are spending, people have a lot more time. when you don't have to commute to work an hour in the morning and hour in the afternoon, you can be fixing up your home and that's a big part of what's going on. the economy is hot right now and one other thing to remember, technology and productivity are inflation killers, so the more we have technology plays, the more we are going to offset the inflation trends that we are talking about. maria: i guess i'm trying to understand, you know, how investors are seeing this, hank, have you changed your investment strategy in any way? are you buying stocks or investing around the inflation theme in any way? >> yeah, no, it's a great question, maria. and first of all, let's just say that the best inflation head from an intermediary and longer-term perspective is equities that pay dividend and grow their dividend.
dividend growth is a great inflation beater and so that just -- maria: there you go. >> what we have been doing for 42 years. maria: yeah. >> we are emphasizing even more equities. maria: i love it. yeah, i know that you're a big dividend buyer and that is really a good point in terms of beating inflation. hank, good to see you, come back soon, thank you so much for, sir. we will talk to you, sir. hank smith, good to see you, top stories that we are watching right now. president biden is headed to michigan today to try and sell the 1 and a quarter trillion dollar infrastructure bill to the american people. this as democrat leadership attempts to rally support for the stalled much larger 2 trillion-dollar build back better plan with just 3 weeks left on the legislative calendar. the committee for responsible budget is estimating that the cost of this plan is $5 trillion and it will be paid for by raising taxes significantly. but president biden continues to vow to get it passed while,
again, saying it won't cost a dime, watch this. >> this isn't some gigantic bill, it is but it's what happens to ordinary people. i think we get it passed within a week and it's fully paid for. maria: we are waiting on the cbo score. the white house is already trying to undercut the cbo before it releases its assessment and cost of this bill. that's expected this friday. but the white house says that the non-partisan agency does not, quote, have the experience to weigh in on a spending agenda that impacts the american economy. they are trying to get ahead of it, we will have the number when the cbo releases. jurors prepare in days of deliberations in kenosha, wisconsin, black lives matter protestors are clashing with rittenhouse support. governor has called in 500 national guard troops and the judge decided by rittenhouse that chose numbers at random
from a cup and calling for mistrial and high-definition drone footage of last year's shootings. pfizer submitted oral covid-19 drugs for fda approval. drug is said to give patients for the virus and help to keep those diagnosed out of the hospital. the company reports the drug to be found generally safe and well tolerated during the trials. if approved the bill would be second easy to use treatment on the market. we are just getting started this morning. coming up confronting the biden administration over the border. alejandro mayorkas struggles to explain what exactly kamala harris does as border tsar, the highlights from yesterday's hearing coming up. biden backing on taiwan, what he said that's raising eyebrows. steve is here on how crypto plans to play role when buying
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maria: welcome back, homeland secretary alejandro mayorkas facing heated questions when testifying in front of senate judiciary committee including kamala harris' role as the administration's, quote, border tsar? >> vice president harris is our border tsar, what kind of grade would you give her? >> vice president harris is not the border tsar. vice president harris has been asked by the president of the
united states to focus on root causes. maria: later texas senator ted cruz pushed mayorkas whether harris has been to the border and see conditions, quote, cages. >> has kamala harris seen the biden cages, yes or no? has she went down to seen the facility? has she seen the biden cages? >> they are not cages. >> what are these walls? has kamala harris been down to seen the detention facilities? >> she has not been -- maria: mayorkas did not have a firm number of amount of children there. as you know, i was the first journalist to enter the donna border facility back in may when the administration expanded the
facility and we got a up close look at the facilities where people are behind, i don't know if you want to call it cages or jails, but that's where they are kept. michael, your reaction to what we are seeing at the border? >> you know, this is a terrible political football. our members are entrepreneurs. if you look at our membership, we have immigrants across the country who have built america, so there's a mix of opinions. we need healthy immigration and we need to secure the borders but we need to find a balance that works for this country. maria: you know, lee carter, i am just mystified in terms of why this administration doesn't take this issue seriously at all. what are your thoughts in terms of the impact on voters, the impact or the perception of this administration, given the fact that it's all right here in our faces, you know, we are going to see 2 million migrants apprehensions this year alone, your thoughts?
lee: there's two problems that they said they would have done. two, this is an issue important to voters and in 2016 it was the number one issue to americans and now we have been through so much since. but the idea is that this administration has not seen as tackling issue but are most important to the american people, 3 and 5 americans right now, 60% of people are saying, this administration is not doing things that are both important to me and if you look at kamala harris' approval rating they are lower than any vice president at this time. you think about pence, biden, cheney and gore and to think she's less popular as cheney who was seen as most unpopular vice president in modern times is astounding and not because what she's doing but what she has not been doing. when she does make public appearances she comes across as
condescending and it's really not good for her but more importantly the biden administration and democrats right now, things are looking really bad. people are not feeling that they are addressing the issues that are most important to them. maria: yeah, when you talk about inflation or you talk about the wide open border, all of these issues are front and center for the american people and yet they try to side-step the issues. quick break and then the push to sell build back better. the president once again says that the $5 trillion in spending will not cost you anything. meanwhile taxes are expected to go much higher, congressman french hill will weigh in coming up. energy secretary who doesn't like energy, shocking video of jennifer granholm. hot topic in the morning.
bill, it is but it's about what happens to american people. totally paid for and it's going to reduce inflation and meet the moment of climate change as well. the leadership of this delegation, i'm confident that the house is going to pass this bill. and when it passes, it'll go to the senate. i think we will get it passed within a week and it's fully paid for. maria: >> well, we don't that it's fully paid for at all. that was president biden yesterday in new hampshire pushing massive spending package, the build back better agenda. the congressional budget office is going to be announcing its score on how much the bill will cost this friday. so we are awaiting what the cbo says. the white house is already doing damage control ahead of the score from the cbo. it said yesterday that the cbo is, quote, not qualified to score the package. the cbo, of course, disagrees. the committee for responsible budget has already weighed in and they say that the biden plan will actually cost close to
$5 trillion. that's 4.9 trillion. more than double what democrats are advertising at 2 trillion. joining right now a-- congressman and financial services committee member french hill. congressman, good to see you. thanks very much for being here. i think it's extraordinary times, really, you have the committee for responsible budget saying the bill cost $4.5 trillion and joe biden saying over again saying it's not going to cost anything, how is it possible? congressman: i don't think it's possible. i think they have two problems this week, first how they pay for it. the tax -- the taxes for it. those are in jeopardy. there's a huge tax gap here. they said they could raise $400 million by hiring 80,000 irs agents to investigate babysitters and collect the $10,000 of data from every taxpayer. that's not going to happen. i think that's way overstated and on the spending side as you say they are using spending gimmicks to hide what is nearly
$5 trillion of spending and calling 1.75 over the next ten years and i think there's a credibility gap and as we go to thanksgiving i would like to remind all of your great listeners, look, this is going to add to inflation and not solve inflation and we will pay more as a result of it if it passes. maria: we are talking about inflation at a 30-year high and white house press secretary jen psaki tweeted last night that republicans are rooting for inflation, congressman, okay. you've got 20 legislative days remaining in the year. actually i think it's 19 day that is you have left now. what can get den and what about jen psaki saying that republicans are rooting for inflation? congressman: she's a master of spin. we are experiencing inflation. our families call us every day about the cost of gas and groceries and how it's impacting their lives and we are looking at social security recipients
who got the highest increase in decades but all eaten by inflation, seniors, people on fixed income and lower-income citizens are all suffering due to this inflation challenge. i hope jay powell is right that it's transitory but when you lack at the statistics and you look at what is happening in wages and you look at the supply chain, it doesn't appear to be transitory. i think it's hurting every american family. there's no republican cheerleading for inflation. we are cheerleading for common sense economic policy that says stop spending another $5 trillion on top of the $4 trillion that you've already promised and spent this year so far on top of the 4.5 trillion we spend every year to run the government. we have a spending addiction in washington, d.c. maria: the dictionary definition of inflation, too many dollars chasing too few goods and throwing dollars at this economy with this plan and do you think if we were to see this plan pass and do you think it will, does
inflation get stoked even higher? congressman: i think inflation will stoke higher because milton friedman write and when you do that we are betting in the outlook of 2022 and 2023 and that's when i don't believe jay powell calls transitory. we are spending billions a month buying u.s. treasury securities. this is an lbj, richard nixon fiscal policy and monetary policy. maria: yeah, we are about 8 days away from thanksgiving and it will be the most expensive thanksgiving we have seen in a long time but you mentioned jay powell. i want to get your take on this because joe biden said yesterday, he's going to be announcing a nominee for the
chairmanship of the federal reserve in the next few days. congressman, i have reported on this program that there is wide consensus that he's not going to reappoint jay powell and he's favoring the progressive's pick which is lyle bernard, your thoughts on reshaping the fed, your op-ed in the hill this week titled fighting biden's dangerous reshaping of the federal reserve gives warning to a new nominee. you write, quote, conservatives should be very concerned about the destruction of the federal reserve's independence as central bank and it's important oversight of the u.s. financial system. tell me more? congressman: well, maria, i think jay powell has earned reappointment by joe biden. i think jay powell could be easily reconfirmed by the u.s. senate. but i'm concerned about the fed lacking -- losing its independence and leo brainard is the progressive choice and there are two critical open positions on the fed. democrats support modern
monetary theory which is we can print as much money we want and spend as much money we want and there's no consequences to the american taxpayer and the american citizens. that's crazy. i'm afraid if that goes into place, we will be using the fed as the bank for american citizens as professor ama rova nominee for the currency suggest. you combine that kind of attitude, about the fed, it's just another department of government and not the independent central bank with this fiscal stimulus, we will lose our country and independence and our country will be taken over by inflation and social-style banking system. maria: this is a really important point that you're making, congressman. we cannot emphasize this enough. ms. ama rova want coal companies to go bankrupt. she's on tape, on record saying
she wants american businesses to go bankrupt. congressman: yeah, she's got the wrong policies for the wrong job. she's moscow state educated. she's going to be our top bank regulator but she thinks businesses ought to go bankrupt and to the banking business. doesn't sound like a good fit to me and i hope pat toomey doesn't get her confirmed. maria: quick break and crypto takeover. the world's famous staple center getting a new digital name, we will tell you all about it when we come right back.
lauren with more on this. plus washington, d.c.'s murder rate hitting 16-year high, lauren simonetti with tall of that. good morning, lauren. lauren: good morning, maria, democrat-run city recorded 199th homicide this week. thirteenth% higher last year. dc mayor saying the city has, quote, violent interrupter initiatives in place is increasing police presence. rapper travis scott hit with 750 million-dollar lawsuit by victims of the astroworld festival. 150 signing on including the family of one of the people killed in the chaos. scott and event organizers that they were neglect and failed to properly plan the concert, security or safety measures. elon musk sells tesla for the seventh day putting him at the halfway point in his promise to
sell 10% of his stake in the ev maker and in the 10 dyes, since the twitter poll about selling stock, musk has sold $8.8 billion worth. all this as he says tesla will generate hundreds of billions of dollars in taxes for the government considering employee income tax, product sales taxes, property taxes and, of course, taxing profits. the response as democratic lawmakers continue to call for higher taxes for corporations and the wealthy. tesla at $1,068 a share right now. los angeles' staples center will be renamed crypto.com arena starting christmas day. the singapore crypto base is paying more than $100 million for naming rights, one to have biggest sports deals in history and the staples center, the home of the nba's lakers, flippers, the wnba's sparks and the
question is, if you say go to crypto.com arena just saying that, does that m a turning point in the acceptance of crypto currencies? we will see. >> yeah, it's interesting that they are changing the name. president biden flip-flopping once again this time on his stance on taiwan after virtual summit with president xi earlier this week. take a look at this. >> we have made very clear we support the taiwan act and that's it, its independence. no, no, i said that they have to decide and we are not encouraging independence. maria: we are not encouraging independence. during a cnn town hall back in october the president said that the u.s. would come to taiwan's aid if it were attacked by china or invaded by china but then he flip-flopped on that as well. the white house had to clean it
up on the heels to have president's meeting with xi jinping this week. we are also learning that the leaders agreed to open nuclear arms talks, joining me former secretary of state for economic growth energy and the environment and cochair founder of the center of technology diplomacy at perdue, keith, keith, great to see you this morning. what's your take on this back and forth over taiwan? we know that the current policy in place is such that america has committed to arming taiwan, helping taiwan fight off the potential for an invasion. but nothing beyond that, right, keith? do you see a change in the way biden is talking about taiwan post the meeting this week? >> president xi wants to gobble
up taiwan. that's its crown jewel. we have to stand with our friends in taiwan. they are role models around the world and they are such high-tech superpower particularly when it comes to semiconductors and the key to defending taiwan lies in the power of assembling a network of trusted partners to serve as a security blanket. you know, maria, when i went over there as the highest ranking state department official i was greeted and we have to be clear that not only us but our allies are going to protect and this is why, for example, leading up to pretrade agreement creates effect and allays come in and they invest in it as well. we've got to take a tough stance when it comes to taiwan.
and you heard what xi said where he talked about playing too close to fire, someone is going to get burnt. that was a threat. maria: yeah, what do you mean that was a threat? you mean xi is threatening or? >> yeah, xi. xi is drawing the line in the sand and he said any proindependance, any prodemocracy is going to be met with force and, you know, i tell you what, the wake-up call was what happened in hong kong where security forces came in and eviscerated totally the freedom of the citizens for taiwan or excuse me for hong kong and that's what's going to happen to taiwan if we don't take a stand. maria: right, because xi jinping could end up doing like a soft invasion, i don't know if the
hock congress invasion was a soft invasion but wasn't major military invasion. it was walking in there and throwing freedom fighters in jail and taking over and just start laying the chinese law down. why was this not brought up either on the call? what is going on with this administration in your view, keith, in terms of this soft touch tiptoeing around xi jinping, he did not bring up the origins of covid-19. we know for a fact that this administration, you know, triggered an investigation into the origins of covid-19 and china said we are not participating, so why are they stopping any investigation into the origins of covid-19 so that we can ensure this doesn't happen again? biden doesn't bring it up. he doesn't bring up hong kong and doesn't bring up the continued decades of intellectual property theft and all of the issues were front and center in your administration, the trump administration. >> you have to talk about those
elephants right in the room. when you look at 5 million people dead because the pandemic. i could tell you what -- our team was responsible for infectious diseases at the state department. all roads lead to wuhan virology lab. the emperor has no clothes. it's incumbent for xi to prove -- maria: i know that. we all know that. obviously china is culpable because there was a major cover-up going on from cornering the market to ppe to just covering up when this started in wuhan. joe biden did not bring this up. is he conflicting, what's the problem, why not confront china on the origins of covid? >> by the way, it taught to be, hey, you did it, you have to prove otherwise and you're not
letting us in there. the other big one, maria, too is their techno economic aggression and you have actors like the ccp. if i could steal your intellectual property and if i don't have to be transparent, i can use slave labor and use the coal power plants and i don't have to obey the law or i am the law, i'm going to win every time. and statement was made we want to make sure things don't go to conflict. we already proved that it doesn't need to go to conflict to compete and you remember -- maria: and we are supposed to think that the olympics in february is expected to celebrate and u.s. government officials will not attend the beijing winter olympics according to this morning to a
report but this is a diplomatic boycott. it's intended to be a way to respond to china's human rights abuses without actually saying anything. so your reaction to that because it's really not doing anything to say that they're not going to attend first of all xi jinping already said he doesn't want any foreigners there. >> you know, maria, i look at the winter olympics as an opportunity and we need help from the private sector. i mean, i would call on nbc who covers the olympics. you know, how they have the short takes or mini documentaries, let's talk about the genocide going on in xixong and let's talk about the concealment of the virus that resulted in the pandemic. maria: right. >> we should be talking about those things during the olympics. maria: keith, thanks so much, i do not think this white house is going to talk about any of it. we continue to question why.
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in focus this week. target and lowes reporting earnings this hour boast posting better than expected results, look at the stocks, mixed performances and lowes raised guidance for revenue but target stock is down despite better than expected numbers on the earnings and the revenue line. the company's grows margins missed estimates blaming higher compensation and freight costs. joining me right now is cfra equity analyst aron, thank you so much for being here this morning, what's your reaction to the earnings news that we have seen. how would you characterize the macro story? >> yeah, thanks for having me. the target story was mixed this quarter. great top line beat and, you know, great that they raised sales guidance for the year but it's all what investors really care right now on the gross margin laine and the operating margin line. it can press a good amount compared to last year and relative to wal-mart recorded yesterday. wal-mart's margins were slightly
better and didn't compress as much as target's. wal-mart has more leverage under their disposal to manage these inflationary pressures and supply chain issues where target they don't have as many and lowes also reported today and they were actually able to increase gross margins and operating margins and other retailers out there, target margins were worse than expected and that's why the stock is down this morning. maria: what you are you expecting in holiday season, two-thirds of economic growth is consumer spending and you've got inflation really a major issue front and center aron. >> we got the sales yesterday and better than expected. there's a few reasons why we are seeing good retail results rite
now. one i think consumers are shopping early, they are aware of supply chain issues and aware of rising prices and there's still some pinned up demand that the economies continue to reopen which is why i think this will be a strong one. consumers will want to spend money especially last year after being confine today their home, not being able to hang out with their families and this year people want to spend more and this holiday season will be a strong one. what we are worried about is next year, post holiday season. we don't think the consumer would be in a strong position next year as they are this year and the reason why is there's already some data out there that shows that the consumer is weakening. you lack at the consumer sentiment index it fell to the lowest level of decade and inflation at 30-year high and you are seeing things like the savings rate is coming down and credit card balances are increasing.
it's just hard to -- to imagine this type of retail sales growth rates being sustained into next year. maria: yeah, let me bring michael in. michael, your thoughts on the impact here. what is this market pricing in in terms of the holidays and the inflationary story, how do you see it michael? >> well, the big inflation question is that this is for our guest, you know, inflation works both ways. amazon is driving costs out of the retail equation so some retailers have the overhead of real estate and some can do it directly. how does -- how does all of the new technology impact inflation -- inflationary estimates when you think about the retail sector? >> yeah, that's a great question. you know, like i said, every retailer is managing i nation in different ways and, for example, wal-mart, they are experiencing significant higher costs right now and you probably heard about chartering ships and increase in
wages and this and that, but -- but what they are doing they have -- they have -- it's not just about increasing prices but they can focus on cost savings, product it, you know, they are introducing a lot more automations to the warehouses and they also -- wal-mart, for example, has a really strong alternative profit business. they sell all their data, they have a marketing business, health and wellness business. maria: all of this is one reason, one reason that you think dollar store wills actually benefit from all of this in holidays. arun, great to see you. arun joining us this morning from cfra, we will be right back.
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♪ ♪ ♪ ♪ maria: well, it's time for the hot topic buzz, what you just heard was gasoline, gasoline, the world is a flame. a 2018 video put out by an activist group. if somebody looked familiar, that's because she was, now energy secretary jennifer granholm is in the video advocating for the end of gasoline and fossil fuels. lee carter, your reaction. lee: it's not totally surprising. i mean, joe biden did promise during the campaign that he wanted to get rid of fossil fuels eventually and these are the people he's chosen to support energy, our energy department, but the problem is mayor pain at the pump and when you talk to this woman she says, there's no policies and most people realize that the
administration has got to be able to do something about inflation, about energy prices and americans are suffering and they need to deal with it. maria: michael, the last time she was asked about a plan she cracked up in the reporter's face laughing that she didn't have a plan. >> the market has spoken and the last decade fossil fuels have gone from 30% of the value to 5%. she's just reflecting what every investor knows, the end of fossil fuels will be in the next decade and the market is already showing it. maria: all right. the word on wall street is coming up next. stay with us. ♪ ♪ ♪
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despite better than expected results for the quarterly earnings. the company raised the fourth quarter sales guidance. take a look. target shares are down almost 3%. meanwhile, lowe's is higher, it is set to open near a record high this morning. it is reporting an unexpected increase in same store sales, that stock is up better than 2%. take a look at the broader markets which is really a mixed story this morning. the dow industrials right now under selling pressure, down a fraction, 25 points lower, the s&p 500 negative by a fraction. the nasdaq is higher, tech continues to see money inflows, the nasdaq up 23 points right now. yesterday, all three major indices finished higher, boosted by strong retail earnings and better than expected retail steals number. the dow industrials were up 54 points at the close, nasdaq up 120, s&p 500 higher by 18. european markets are mixed, fractional moves. the ft 100 right now is lower by 24. the cac is up 1 point and the dax index is higher by 18. overnight in asia, markets
finished mostly lower. it was korea that was the worst performer, the korean kospi index down better than 1%. "mornings with maria" is live right now. and newsom of the top stories we are watching this morning. president biden is headed to michigan today to try and sell the 1 and a quarter trillion dollar infrastructure bill to the american people. this as democrat leadership attempts to rally support for the much larger and stalled build back better plan with just three weeks left on the legislative calendar. the committee for responsible budget estimates this plan is going to cost $5 trillion. and it will be paid for by raising taxes significantly. but president biden is vowing to get it passed while gentling you it won't cost you anything -- while telling you it won't cost anything. >> this is about what happens to ordinary people. we think we get it passed within a week and it's fully paid for. maria: it's actually not fully paid for.
we'll hear from the cbo this week, the white house is trying to undercut the congressional budget office before it releases the assessment of the bill this friday. the white house yesterday said the nonpartisan agency does not, quote, have the experience to weigh in on its spending ayou a--agenda that impacts the amern economy. jurors prepare for a second day of deliberations in kenosha, wisconsin in the murder trial of kyle rittenhouse. chaos is escalating outside of the courthouse. governor tony evers called in 500 national guard troops as a plea caution. the jury -- precaution. the jury was decidedly iten house who chose numbers at random from a wooden cup. the defense calling for a mistrial after saying prosecutors held back high definition drone footage of last year's shootings. meanwhile, pfizer submitted its oral covid-19 drug to the fda for approval.
this drug is said to give patients an at-home treatment for the vies russ and help to keep those diagnosed out of the hospital. the company reports the drug was found to be generally safe and well tolerated during trials. it is up three quarters of a percent on pfizer shares this morning. time for the word on wall street. joining me is the fitzgerald group principal, keith fitzgerald, carson group ceo, ron carson and ray wong. great to see you this morning. thank you for being here. keith, kicking things off with you. on a market that is mixed this morning in the face of a big week for retail earnings, we saw lowe's and target this morning both reporting double beats coming after walmart and home depot yesterday, kicked off pretty upbeat period. tell me what you see in terms of retail and what this means for the macro story. >> i see some really interesting things developing. so if you look at something we talked about a lot, people who control their own logistics, the
ability to protect margins are going to be the winners. i think the combination, if you view the matrix, is going to be owning lowe's, they're getting logistics under control and more contractor family and walmart people have to shop, they'll go to the lowest price. walmart has its own network and is able to protect that. to me, that's the mechanism by which you want to select retail earnings going forward. i think the consumer is stronger than people think, certainly than the data shows and people are doing holiday shopping earnings. companies that can provide that are going to win. maria: do you own any retail, keith? do you want to own retail stocks in the face of all of that? >> other than those two and costco, probably not. because again, i want to go for the hay stack, not the needle right now. i think the growth in money is moving. i'm more interested in owning the bigger picture, picks and shovels, the hay stack, not the needle, not the gold. maria: let's talk electric
vehicles for a second, ray. ev startup lucid on fire. the value company is close to $90 billion, it surpassed ford motor. the stock is up 8%. this comes as lucid executives announced reservations for the first line of vehicles. the reservations have jumped and production plans for 2022 are on track. we have a boom for these companies. your thoughts on what's going on in the auto sector. >> it's crazy. everybody has gone ev crazy. when you look at what's going on. rivian and lucid, they're on fire. rivian is delivering the first 1,000 trucks off their illinois plant. that's driving the stock price crazy. rivian will be bigger than ford an gm by the end of the year.
both of these companies have not delivered any vehicles he yet to the general public. so this is amazing but we're seeing the beginning of the ev industry and especially with the california mandate of by 2035 for no gas, no diesel cars. it's going to be a boom for the next 10 to 15 years. maria: sounds like you would buy the stocks then. >> i would definitely be looking at them along with the mix with tesla and looking at ford given the fact they'll be rolling out an f-150 electric lightning. maria: well, ron, we are coming around the mountain here on 2021 and there are a few catalysts for this market going into year end, like retail. also the federal reserve, they're going to start their tapering soon and then raising interest rates next year but even more pressing is president biden and his nominating, yesterday he said that he plans to announce a nominee for the federal reserve chairperson spot in the next four days.
the president's top picks we know include current fed chair jay powell, his term expires in february and then lyle brainard who sits on the central bank's board of governors. both were interviewed by biden at the white house last week. my sources told me they don't believe biden will reappoint powell. they think lyle brainard will be the appointment. what do you think and what kind of impact might that have? >> if i had to guess, that's probably right. whoever inherits it is going to inherit a tough position. we have surging inflation. we have really the market today embedded in the valuation, 21 times earnings, is the belief that in the fed we trust and the fed put and the fed bottom and all the things we heard for years and i think if in fact we start raising interest rates faster than the market expected, you have china hanging out there. you've got covid which is a real issue. we have the economy, 4.2 million
jobs behind the pre-covid pandemic period. i think you've got to be really careful. and i think powell's done a masterful job of keeping things flowing, really building consensus on both sides of the aisle and i don't think the markets will like it and, you know, but my gut tells me he's probably going to do it and i don't think the market will look at it favorably, at least in the short run until had they understand what kind of rhythm to raising interest rates they may be in. maria: but i mean, ron, when you see a progressive pick running the fed, we just heard from congressman french hill and he said it would be a disaster. she wants to change banking the way we know it. is that going to t rattle markets if in fact lyle brainard is the pick? >> i think it will short term. on the positive side, though, things are accelerating. the consumer is strong. minus a resurgence with covid, i
think that we're in pretty good position. i mean, with consumer credit, while not as strong as maybe it was a few months ago, it's strong. there's a lot of purchasing power. there's a ton of pentup demand. the economy is shifting to the digital world. there will be winners and losers. i think it's a great time to re-evaluate what your risk budge budget is, regardless of what happens. there is continuing growth in the economy and a favorable fed. maria: all right. great points on all of that. thanks very much, gentlemen. good to see you. good word on wall street this morning. have a great wednesday. keith fitzgerald, ron carson and ray wong. coming up next, the real estate rebound, steve whitkof is here with the latest on real estate and how the industry is jumping on the crypto craze. and what do workers want? it's not just a pleasant work environment. we have a list of what employees
want out of their jobs. joining the conversation all morning long, lee carter and michael sonenfeld. you're watching "mornings with maria" live on fox business. ♪ growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort. kevin!
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powering possibilities. maria: welcome back. the fbi is targeting parents using counter terrorism tools, according to this bombshell memo shared by a whistleblower. the memo dated october 20 directs the department of justice to investigate parents that the national school board association labels domestic terrorists. the next day attorney general merrick garland testified the doj was not using counter
terrorism efforts against parents. watch this. >> i can't imagine any circumstance in which the patriot act would be used in the circumstances of parents complaining about their children, nor can i imagine a circumstance where they would be labeled as domestic terrorism. maria: garland had released another controversial memo last month targeting parents a, citing threats against school board members. lee, parents have risen up and fought back on this craziness, that's why the democrats lost virginia. your thoughts on where we stand on this narrative and on this idea that school moms and soccer moms are domestic terrorists? lee: i mean, it's horrifying and you're absolutely right in raising the parallel between what happened in virginia and what's going to happen nationwide coming forward. i mean, the message of the left right now regarding parents is that you don't know what's best for your child.
we know what's best for your child. and by the way, if you claim that you do, you could be labeled a domestic terrorist. it's actually not going to work. there's just no way that you can frame it this way. there's no way that parents are going to buy into it. because parents want to be in troll of their children's education, what they learn, and it's very important that they have a say and so when you look at the demographics, when you look at the polling, you can see very clearly that democrats are losing when it comes to suburban parents. and it's an audience that's incredibly important to them, a losing issue for them. these will continue to come out and republicans will be really, really wise to say you should be in charge of your child's education, of your child's life. because that's going to be a message that resonates and it's something that people want to help support especially after the last two years. maria: of course. it's so obvious, lee. i mean, michael, how did they think they were going to get away with telling parents they have no role?
i mean, what happened during 2020 was really enlightening because for the first time parents were actually watching the zoom calls and able to actually recognize and understand better what their kids were being taught. michael: you know, this is such a good example. our members are running businesses and they say what's unique about america and it's the rule of law. there's plenty of blame to go. this is one issue. there are other issues. we feed to get back to basic respect for the laws of the country and the norms and there's plenty of blame to go around on all sides. this is a particularly egregious issue. we know there are many more, responding to subpoenas and showing up when you're supposed to. this is an unfortunate reflection of how things have gotten out of hand and it's time to bring it back to the center. maria: yeah. you're right. quick break and then dhs secretary alejandro mayorkas yesterday struggling to explain what exactly vice president kamala harris does as the quote, unquote, border czar.
senator james langford is here. he was at the hearing yesterday. he'll weigh in. confront china and sit on the sidelines, the boss' sell particular's ns can tore suggesting he is not playing this season because of his anti-china stance. why he might be right in the hot topic buzz, b back in a moment.
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call or go online today for your free copy. maria: welcome back. homeland security secretary alejandro mayorkas giving himself an a for effort yesterday on his performance over the border, selling senators he believes the biden administration is on track to solve the border crisis. he was asked what grade he would give vice president kamala harris on her efforts to address the border surge. watch. >> vice president harris, our border czar, what kind of grade would you give her? >> vice president harris is not the border czar. vice president harris has been asked by the president of the united states to focus on root causes.
maria: joining me right now is oklahoma senator, senate homeland and governmental affairs committee and finance member, committee member james langford who was at the hearing. senator, it's great to see you again. thanks very much for being here. >> thanks. good to see you again. maria: give me your overall assessment. how was alejandro mayorkas' testimony? >> well, he was toting the company line the whole time. what's interesting is even his comment about kamala harris not being the border czar, she was supposed to deal with the root causes of migration. what people forget is vice president biden under president obama was also given the task of working with central america, dealing with the t root causes of migration. sofas nateing as it may be, this goes all the way back to that time period under president obama when vice president then biden, now president biden was supposed to deal with root causes. clearly, they have not done that then, not done it now, continue to have big gaps in the border, continue to have an open border
that has 1.7 million people, the highest number ever to cross the border illegally in all of our records happening this year so it's a pretty big issue. as alejandro mayorkas is trying to walk through, he's trying to tote the company line but he's not able to give an answer for what is going to be done to solve the problem. maria: i feel like, you know, we're talking about we're going to see 2 million people apprehended in 2021. as you say, we're all the way up to above 1.7 million. what's the motivation here, senator? i know you sent a letter to mayorkas earlier this week, demanding an explanation for his contradictions, the contradiction between his september testimony that the migrants were failing to report to immigration officials, are an enforcement priority. you wrote there are three leaked documents that i.c.e. is issuing immigrants, one of those documents reads don't worry if you are past the 60 dated line to report from the time you enter the united states so you can help ensure the best outcome
for your case. what do you think is going on here? what is the motivation for this administration to have wide open borders and 2 million illegals apprehended this year and by the way, that doesn't include the 400,000 that we understand have gotten away. >> yeah. we don't know how big the numbers of got-aways. that's an estimate of got-aways that they physically saw getting away from the border. we don't know how many millions of others got across that no one saw. i can't tell what you the motivation is. the american people don't like the chaos at the border. the american people like secure borders. we're the most open legal immigration system in the world, with 1 million coming legally. americans celebrate that. they don't like illegal immigration except for the far, far left. the far lefts is focused on having the border as open as they want to be. they say they're going to be humanitarian. the american people do not like this.
there are clear solutions. the trump administration put in place the remain in mexico policy saying if you want to you a ply for asylum you can do that. don't come into the united states and get released and wait three years for a hearing. you've got to be able to do that on the other side of the border. that's the clearest way to do that, that's what the federal courts have said, that's what all of us have pushed on for months to be able to have this administration actually put in a policy that actually works and has proven that it works. so if they want to be able to stops what's happening at the border, they know how to do it. it's been done by the trump administration. they have to choose to actually implement the policy and do it. maria: so i mean, senator, your colleague ted cruz calls this administration as having a brazen lawlessness. the president was told, ordered by the court to reinstate remain in mexico. the border agents on the ground tell me he's not going to do it. there's no plans to do it. then you've got 20 -- 19 legislative days left to get
four major things done by the end of the year. the massive spending agenda is the priority for this president and yet we continue to see he voters reject it. yesterday he said once again that it's not going to cost anything. so tell us where you stand in terms of the social spending bill, is it going to clear congress by year-end? >> no, it's not going to clear he congress by year-end. they can't get their act together on this. they have multiple problems with the left and far left, they're fighting each other and you are correct that they're inconsistent and as you quoted senator cruz, he's correct. even areas where i push back with al mayorkas, we found they're sending documents that if you overstay, we'll send you a letter and you're fine. the social spending bill, that will raise inflation even more. they've taken a $2 trillion bill they did in march of this year and saying that raised inflation so to quote, unquote, fix it now and their new line is not just
it costs zero but it will cost inflation, they'll dump another $2 trillion on the economy to try to solve it, like pouring gas line on a fire to put it out. they're going to accelerate the problem. when american people see the content, not just the cost of the bill, they don't like the content either. they may like the headings on it. once they get to the he details, they'll say i didn't know that was in there and it becomes a constant issue for them. this is a hard boiled egg on the sidewalk in the summer, the longer it sits out there, the worse it smells. this has gone on for months. the american people do not like it. maria: how significantly do you expect taxes to go up should this plan get through? do you think it gets through? >> i do not think it gets through. i'm grateful that it doesn't get through. we'll continue to push back and expose the problems that the american people are pushing back against. we've seen that every sector of the economy, every sector of income, they will actually have increases in their taxes. this is not just my opinion. this has been outside scores
that have looked at the bill, that have said two-thirds of the people that are in the middle class will have tax increases, the vast majority of americans will vin creases and people that are millionaires will have taxes go down under this, the opposite of what the democrats have been saying. maria: it's amazeing that they keep pushing it through, despite an obvious rejection based on those gubernatorial races last week in new jersey and in virginia. senator, it's good to see you this morning. thanks very much for your analysis here, senator james langford. an incredible act of humanity, a jogger would ran by a house fire becomes a hero. more of the you amazing video when we come back. a home down payment with crypto? why digital assets could be playing a big role. stay with us. ♪ ♪ ♪ ♪ ♪ ♪
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good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, november 17th. a look at markets this half hour. we've got a mixed market this morning but a whole lot happening in retail. the dow industrials down 14, the s&p 500 up 1, the nasdaq continues to soar, one of the best performers in 2021. the nasdaq is up 25 points right now. all three major indices finished in the green yesterday boosted by strong retail earnings and better than expected retail sales report for the month of october. at the close the dow industrials were up 54 yesterday, nasdaq was up 120 and s&p 500 higher by 18. let's check european markets. it's a mixed showing, fractional moves across the board, ft 100 down 22, cac up 5, dax index up 18. and then in asia overnight, markets finished mostly lower, the south korean market was the worst performer with the kospi down better than 1%. iran reportedly resuming production of equipment used to develop nuclear weapons. lauren simonetti with the details now. lauren. >> so the equipment is used to
spin enriched uranium for nuclear weapon development. the wall street journal is reporting iran has been developing a significant amount since late august, it's happening outof sight. the united nationses has been unable to monitor for month, presenting a new problem for the biden administration. a new report reveals that of bobby kodik knew of sexual misconduct at a company and didn't report is, amid multiple reports going back years. more than 100. activision employees staged a walkout yesterday, the second one in six months, calling for the ceo to step down. netflix, it's changing how it measures viewership. it will rank top shows and movies by the total number of hours watched which it will update weekly.
previously netflix measured by the number of subscribers who watched at least two minutes of the program and that sets a low bar. netflix shares, 6, 88 a pop, up 80-cents. and i love this story. a california jogger sprung into action, take a look, when he saw a nearby house on fire. using the homeowner's ring camera to get their attention. the homeowner was out of town at the time. she gave the man, the jogger, the security code to get inside the home and rescue their two dogs, a bunny and a cat. the good samaritan left before emergency services arrived but firefighters say the houses was 10 minutes away from crumbling. they are so gracious for that good samaritan. i hope they meet one day. maria: how beautiful. great story, lauren. thank you so much. we are looking at the real estate rebound this morning, condominium sales are booming in new york city. data shows new development deals surging 75% in lower manhattan,
150% on the upper east side. here is a first for new york city, a $29 million gramercy park property offered exclusively in bitcoin. joining me now to assess it all is the chairman and ceo of the whitkof group, steve whit kf. thank you very much for being here. i don't hear steve's mic. let's fix that. but steve, i want to get you to assess the real estate market across the country. i knows you've got lots of development happening as well in miami. but let's start with new york. assess the current real estate market for us. >> well, currently it's very healthy. having a lot to do with demand from people and obviously tight supply. maria: where is the demand mostly, steve? walk us through the country and where you're seeing the most demand and what does that mean
practically speaking? are you saying prices are up? is it now a seller's market? >> i would say it's a real sellers' market. i think the demand is up. it's market related in some respects but it's also generic in other respects, maria. i think miami might be the hottest market out there, not because we're developing there, because it's just a simple fact. new york is enormously strong. but a lot of this has to do with the wall of money, the underlying inflationary conditions that are going on out there. maria: yeah. it's a great point. tell me about new york. i know you're working on a times square edition hotel right now and other exclusive condos in west hollywood, you announced a partnership with monroe capital to redevelop the shore club hotel in miami beach so we'll talk about that as well. but you mentioned inflation. is this largely u.s. money or what's the story in terms of foreign money? that was a big driver of real
estate in the last decade. where are we today? >> i think it's just across the board. it's crypto. you've seen multimillionaires minuted in a -- minted in a magnitude we've never seen before in the crypto trade. look at the budget surpluses being generated from tax revenues in california and new york that were unexpected. tons of savings. and then add to that government stimulus that keeps on being put on the table. so all of that leads to lots of demand and, remember, we haven't seen a ton of construction activity in a lot of these marketplaces. so short supply, lots of capital chasing that meager supply. maria: what about development with regard to inflation right now, steve? because i know that we've got supply disruptions. we've got long wait times in
terms of certain commodities. how does that impact development right now? >> i think it's a really big deal and it's a great point. if you are bringing in kitchen cabinets from china, then you've got to be really thoughtful about not just the cost of those kitchen cabinets but what it does to schedule because schedule is the most critical part of a development project. so it is a critical issue and we're thinking about it in every project that we have. maria: you mentioned florida. you just announced a partnership with monroe capital. you're redeveloping the shore club hotel in miami beach. i know the tax story in florida lured so many people there. assess where we are in terms of this movement, this migration to florida and what it meant for development there. we're looking at your development right now and we want to hear more about the
shore club. >> maria, florida today is like new york in the '90s. new york in the '90s was about a compact between the private sector and government. and all through the betterment of new york city and those were the glory days in new york and it began the glory days and continued on. florida is very much like that. no matter what the political stripe, democrat or republican, i talked the other day at an event and i talked about how you had democrats and republicans on a zoom call the other day, promoting technology in miami. you just don't see that in new york at large today. it may change. but it is an open for business marketplace where you're also encouraged to be very, very sensitive to community needs and we are. we always have been.
and that's -- it's just a great dynamic. maria: i love that. but steve, what about valuations? i mean, you know, have we missed the boom if we want to buy there now, do you feel that valuations are appropriate? because they're soaring, right? >> you know, if i'm going to be the cheerleader for miami, then i would tell you that this market has turned 365 day market. so you're not -- you know, you're not buying something that's really only of use for 90 or 120 days. i think there's a very strong value proposition. it's just a wonderful place to live. i don't call it florida anymore. i call it paradise, maria. maria: [laughter] maria: i love that. steve, i want to get your take on bitcoin. how much are people using bitcoin in real estate? and then i've got to ask you about the tax situation in new york. because one reason that florida is so attractive is the very
attractive lack of taxes. has that been a burden for new yorkers? >> i think so. candidly, i can't -- i just don't understand that government doesn't understand how -- doesn't have the sort of gratitude of understanding that high taxpayers have to be -- get a high level of service, they have to be treated in a good, decent way. look, i feel -- i started with nothing. and i feel tremendous blessings from all of my business years in new york city. and i have a great respect for that. but i also think that there's been some really bad policy decisions with regard to high taxes. if you study taxing policy in new york, whether it's driving
out foreigners with a proposed tax or just making it onerous for entrepreneurs to start their business. candidly, i just don't understand what the thesis behind it all is. maria: yeah. yeah, i mean, in some cases it's an ideology. steve, do people worry about crime in new york as well? you know, crime is spiking in so many big cities, new york included. >> i don't even think there's a question. i think -- you know, maria, i started my career in the bronx in washington heights, just incredible people up there, by the way, great working class people. and in the late '80s and early '90s, crime was just really, really changing their standard of living. you would see people come home at night, have to shut their doors with locks. and then we had a renaissance. the renaissance meant that the
murder rate came down. no one talks about that, just how many lives were saved over a 25-year period of time because there was some profiling involved but most importantly there were cops on the streets and that effort -- maria: exactly. >> yet we denigrate people that put on the uniform. again, i can't understand that. maria: yeah. it's something you would think everybody agrees with. steve, real quick before you go, we have a couple seconds. are you seeing increasingly people use pit coin for real estate -- bitcoin for real estate? >> i think they're all talking about it, that's for sure. i still carry cash in my pocket so i'm -- i think they're all talking about it, that's for sure. maria: well, that's a good point. they're talk about it but are they actually using it? steve, great to see you. come back soon. thanks so much. >> my pleasure. thank you. maria: all right. we'll see you soon, sir. coming up, what do employees really want? it is not just the prestige of a swanky job and the money that
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the great depression. investment banking underwriters are forecast to jump 30 to 35% from last year while equity traders can expect a bonus increase of 20 to 25% year over year. that's wall street. but what do workers want overall? a new survey shows americans are putting more emphasis on flexibility, coming in at number two, behind compensation. joining me now is the president and co-founder of populase, todd rose. the wall street bonuses are kind of out-size. tell us about overall average people and the shift you're seeing in terms of what americans want out of a job, their priorities. >> absolutely. it's great to be here. so look, not surprisingly, when we looked at the tradeoff priorities of everyday americans, compensation still matters. right? but what's really interesting is that this idea of having flexibility in how and where you
work is now the number two priority and what we see is this being an indelable trend, not something that's going to go away soon. it reflects the desire to have more control over your work and how it fits into your life. maria: that makes a lot of sense. are employers flexible about that, recognizing that that's what their employees are looking for? >> you know, it's funny that you ask that. the ceos that i talk to are sort of in a little bit of a state of denial, right, hoping that this might just be a short-term trend. but a lot of them are now recognizing that it's a competitive advantage. if you start to he realize wherever you can embed flexibility into the workplace, you're like throw be able to attract and retain top talent. maria: it's a great point. michael sonnenfeldt and lee carter are with us this morning. michael, jump in here. michael: yeah. i think he has it just right.
young people want to be untethered to their workplace. they want to be able to live in montana and work in boston and it's happening all over and any employer who doesn't realize we've gone through a totally fundamental shift in young people -- not young people, in workers' perception, wherever they can build flexibility. it's a women's issue too. if women can get one or two days of flexibility to deal with child rearing and so forth it's going to change the kind of jobs they can excel at. this is a massive shift that will last for a generation. maria: and they're happier that way, right, todd? let me ask you where this is going. do you see fundamental changes in the way people approach their work? how do they do that? they've got offices at home of, --at home, et cetera. >> i think this is part of a rethink of our relationship with work and so in our survey, we
also saw a number of other changes. for example, whether you're white collar, blue collar, across all demographics, people are prioritizing things like being in a respectful inclusive meritocracy. they want to show up as themselves, they want to do good work and be treated equally regardless of their background. they don't want a lot of the stuff that the public narrative suggests that ceos in silicon valley try to promote as best practices and best places to work. maria: that's a great point. todd, thanks so much for being with us. we are watching that and a we'll continue to do so. todd rose joining us this morning. >> thank you. maria: on employees. quick break and a purposeful sideline, boston celtics star enes kanter thinks his anti-china take his keeping him bench. why he might be right in the hot topic buzz coming up.
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maria: welcome back. time for the hot topic buzz. boston celtics center enes kanter has played in just three of the first 14 games of the envelope ba season. he thinks he's being benched for taking a stance against the ccp and its bad behavior. he tweeted this, keep limiting me on the court, i will expose you off the court. but celtics' head coach says playing time is strictly based on basketball. lee, your thoughts? we know that enes kanter has about tibet, taiwan, slave labor in the xinjiang region. calling out the ccp. lee: it's hard to imagine it's
not related. the lack of specificity, it's something that calls more question to what this is about. he played in every game last season. he was a star player. he's 6'10", he's a high scorer, high performer. they were so excited to have him and then to not use him and see the disappointing season they're having this year, i think it calls it all into question. and it seems that it's hard not to look at and a say the conflict of interest perhaps the nba has because there's no sport that's more popular in china than the nba so you have to wonder. maria: yeah. they make a lot of money in china, michael. michael: yes. you always have to wonder when somebody's taking a principled stand is it genuine. isn't it wonderful to see people who are going to live their beliefs. we see it with muhammad ali and chariots of fire and it's about time that people stand up for
their beliefs and do what they want. if that's what this is, we can't be sure, but if that's what it is, that's a wonderful example to set. maria: yeah, he's really showing moral courage there, that's for sure. quick break and mum's the word from the biden administration on pressing xi jinping on the origins of covid-19. we continue to see the issue not raised. former state department official jamie metzel is here weighing in on the summit between biden and xi. it all starts next hour right here. "mornings with maria" is live on fox business. let's open your binders to page 188... 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.
aside. and let another candidate take a chance. less than a quarter say they want him to run for a second term. approval rating keep in mind ticking down he continues to push rejected policy including more run away inspected latest on what can get done less than 20 legislative days left for lawmakers markets mixed all about retail dow industrials down 32 nasdaq lower 1 1/2 nasdaq up about 15 points, in the face of retail earnings on the docket, all three imagine nksdz in better than expected october retail sales dow industrials lost 65 at close nasdaq up 120 s&p 500 higher by 18 technology, retail the highlights, european markets are mixed, fractional moves pretty much across the board, to look at eurozone biggest this morning, is the f00 down a third of one percent 23 points lower.
in asia overnight, markets finished mostly lower it was koor reah that was worst performer, the south korea kospi down 1.1% "mornings with maria" is live right now. . morning moves lucid group extending hundred higher up 5%, after electricity vehicle maker reported 1.7 billion dollars in sales next year lucid latest etchv company to overtake automaker makers now valued higher than ford motor with 5% gain target loser of the morning lower quite strong earnings the stock down right now 3 and 2/4% did have a decline in gross margins from a year ago earnings and revenue above expectations. goldman sachs predicting current inflation surge will get worse, before it gets better, this as interest rates are off the yield on 10-year treasury now four days in a
row now a 3-week high 1.640%, currently unchanged from where it was yesterday, joining me right now moody analysts chief commitment mark zandi thanks very much for being here joining the conversation all morning lee carter and michael sonnenfeldt your take what we're seeing in terms of this real environment as inflation continues. retail environment booming retail sales numbers yesterday maria, you know spending, very strong, in part of it consumers are probably buying early in for christmas season, worried about getting -- given supply chain issues shortages, so might be forward some sales even extracting from that sales environment is excellent, very good. maria: a great point that you make, a point that nancy made on this program yesterday she is worried this is pulling
forward, people are extending money significantly now maybe that means lower than expected numbers come 2022. how significant might that have kind of impact might that have on growth in 2022? >> well, i think a matter of timing, a month or two so we will have stronger sales in october november probably weaker in december, and january. but i don't think going to mean anything further broader picture for growth in 2022 fundamentals for american consumer are good. and unemployment coming in seeing a lot of job a creation there is a lot of savings, stock markets record high housing values record highs obviously, the surge in inflation, bites into purchasing power but if that continues that will be a problem but if moderate everything works good for consumers in 2022. >> policy for a second, mark,
because, we all have this "build back better" plan in front of us, and the responsible budget says going to cost 4.9 trillion dollars, why would this not stoke a inflation further throwing more money at economy more dollars chasing too few goods. >> the well, i mean legislation right now is for 1.75 trillion dollars, over 10 years, and you know by my calculation paid for doesn't add to deficits, a better read on that i think by friday, because the congressional budget office nonpartisan agency that does this for a living will come in with their numbers we will see now how close this is paid for or not. we are we will get a better sense but at this point feels -- >> you've got an estimate, of the cost of this plan, likes you just said 1.75 trillion
sunset in place saying some programs go away after year one or year two, everybody has said, universally those sunsets are gimmicks not going away, and that is why the committee for responsible federal budget says this plan is actually costing 4.9 trillion dollars. not the two trillion dollars, that democrats are saying that it costs. so when you say your number is 1.75 trillion are you saying you actually believe that these programs are going to end after one year? >> oh one or two things either they come to an end, you know look, for example, the trump tax cuts they also expire to make that work same kind of budget, gimmick was used then, to get that through congress, and that, you know, pretty good i probability that may actually expire, the legislation --
>> what program -- mark what program specifically? what program specifically do you think will expire after one or two years? >> well, i guess the other point is there is no reason to think they won't be paid for. so, you know, we come up say everyone likes child tax credit expires you know in few years down the road under the current legislation if people like it figure out a way to pay for it liquefyinging out a way to pay right now now. maria: you can't say this plan is paid for? i mean we are waiting for the budget office obviously, to give us a score on friday. but if you are saying if people like it then they extend it we will figure out a way to pay o for it then today november 17, it is not paid for. >> well, as today november 17 not in law. we haven't extended it, it expires in 2026. so you know when we get to 2026 see what it looked like. >> that is what i am saying
they assume it is going away we know not going away democrats are complaining about this as well former treasury secretary larry summers has op-ed this week in "washington post" says, inflation pastime for team transitory to stand down pretty much saying that these this idea that inflation is transitory, is wrong. he has been saying in a inflation at 30-year high will continue to be there. to throw more money at the economy, is only going to stoke further inflation, mark. >> yeah, i don't agree with that, i think it is -- my view, is that inflation is close to peaking related to the pandemic, particularly delta variant, damage to supply chains around the world particularly asia a lot of factors ports shut down disruption of labor market a shift in consumer spending towards durables away from services exacerbated the inflation to protect goods --
delta variant, phase the pandemic, reseeds he hopeful a forecast i don't know if that is going to happen or not but hopefully it does. >> i any inflation not quickly not next month not next quarter back a year from now having the conversation i would bet inflation is not on the agenda, so, is that temporary? for many americans, you know a month or two high inflation is very painful so for them this is not transitory, but for what it means for policy, fiscal policy monetary policy i think transitory. maria: it is only going to get more painful as the federal reserve raises interest rates, you know that. because once the fed raises rates one point going to mean 100 billion dollars more in the actual -- costing, the cost for holding that debt, so,ing the inflation will get stoked there as well once policy from federal reserve changes as well, so -- you started this interview telling me that the economy is doing
well. we see retail numbers this morning, people are spending money, if the economy is doing well sxhooez are spending money why are we throwing five trillion dollars additional at economy raising our debt? >> it is long-term economic growth lifting the productivity growth of the economy about getting people back in labor force lifting labor force growth ensuring. >> why would people come from labor force if getting free money? isn't it true -- getting -- checks as a result decided not to go back to work, 4.4 million people have dropped out of the workforce in september. >> yeah, i think up mostly that is related to delta the -- post subversive since pandemic began asked, a lot of questions, one question folks not working why are aren't you working, and you see this large increase in a number of people not working because of delta variant, now that can't -- come in october delta variant phase that is why we
sue big job number for october why i think we will see people come back to work, take some pressure off wages why inflation will moderate you you "build back better" not about near retirement is long-term economic growth. maria: long term, 30 trillion dollars in debt some point markets do -- they do respond, and react to that kind of a number. where interest rates go up, and impact the cost of holding that debt, before you go mark i got to ask your thoughts on where we are in the appointment for federal reserve chair yesterday, the president said that he is going to announce his pick, for the next federal reserve chairman the next four days, i have been reporting, that my sources are saying that it is likely that the president will not repoint jay powell he will go with lael brainard, recently i spoke with former treasury disconnect steven mnuchin helped president trump select jay powell listen to what he says i want your
analysis on the other side. watch. >> sure. >> -- i am obviously, very supportive of chair powell i think he has really done a fantastic job, leading the fed secretary's recommendation will care a lot of weight i know she worked closely with general powell in previous positions, you know, the -- the progressives almost blew up a bipartisan infrastructure deal again seems like the democrats are a bit divided but i would say let's get back to business as usual, and select for that. >> mark where you are you do you think powell gets reappointed if not what are the implications? have. >> i am not sure maria, i moore would i be supportive if he was reappointed i like secretary mnuchin think he has done very good job navigateing through pandemic pretty tough period i thought he did a really good job. having said that i think governor brainard would be good chair of a fed as well, i
think roughly same cloth think you roughly the same way i don't know that would make a major change significant changes in monetary policy certainly not near-term i think both really good choices i don't know what presidential biden has in mind whether one way or the other i think both would be good. >> does lael brainard want to change banking system perhaps make banking more federally regulated. >> i don't think so. i think she is predisposed to have higher expect aization, banking system make sure banking system on sound financial ground probably heavier hand in terms of banking regulation but i think these are on margin ip think most heavy lifting in terms of banking regulations already been you know, baked in the cake, after the financial crisis, everything that happened after that i don't think major changes with regard to banking regulation there are big banking issues like crypto, regulation of
crypto, so, she has views on that will i'm not sure owed mainstream how to regulate crypto. >> we appreciate it good to see you mark zandi joining us see you soon next quick break president biden sliding poll numbers could mean good news for republicans in the midterms new jersey governor crist cristy to weigh in more excuses from white house former national official here to break down you what president biden did not bring up during call with chinese president xi jinping one red-hot real estate market to big sky, montana this morning show why people are modifying he money out west lee carter mike 85 sonnenfeldt, you are watching "mornings with maria" live on fox business. .
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maria: welcome back. in kenosha inside and outside the courthouse in the trial of kyle rittenhouse. >> -- [several voices]. . maria: well he protesters are chanting so loud being heard from inside the courtroom unrest outside leading to fears may rattle jury affect deliberations if rittenhouse is found not guilty kenosha officials are preparing for uproar throughout the city the 189-year-old accused of killing two men shooting a third. during the protests in kenosha, wisconsin, in the august of 2020. lee, the defense had video of what went on that night. but we're were unable to show
it. lee: incredibly complicated as to why that wouldn't be defense trying to make a case this was in fact self-defense if the case -- you know that should be that should be his right, on the other hand has turned into political football many ways people are trying to say this is an example of you know, of somebody who is racist, vigilante taking justice into his hands it was premeditated -- what is interesting where you typically mind politically how you view this whole, when you look at how people view it conservatives view it self-defense he was trying to -- on one side democrats progressives entirely differently at the end of the day how the jury citizens otherwise going to be fascinating for us all to see what reality of this is. maria: pain for all involved
we take a break calling out critical race theory chris christie here the lengths fbi is going to keep parents out of education system. >> biden and by a >> i think olympics according to op-ed white house made decision whether or not to attend the 2022 olympic games ongoing threat from china. we break it down. stay with us. .
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. . maria: welcome back. more sxus from biden administration, white house now says president biden did not bring up the origins of covid-19 because he was manage transparency in have global hotel matters i have no idea what that means the two ladders chose to focus on bordered health security issues according to biden joining me right now form national security council member former world health organization expert committee member one shared world founder jaimie thanks for
being here this morning. >> my pleasure to be with you, maria. >> i remember your tweet couple weeks ago, calling out ccp for not helping in investigation, into the origins of covid-19, you were perturbed by it you i was as well, because we all want to know exactly what took place so that it doesn't happen again. and we don't have another five plus million people dead from a pandemic. and yet china refuses to allow investigators in to get to the bottom of it. why do you think joe biden refuses to bring this up with xi jinping? >> a so you mentioned not helping it is worse than not helping china engaged in massive cover-up since day one imprisoned people nor asking
basic questions a universal gag ordered preventing anything would prior government approval i don't know why president biden didn't raise issue of full demand in any way a full covid-19 ghaigs this conversation with xi, certainly, the biden administration has taken some important steps but i certainly see this as missed opportunity. >> so, what do you want to see here in how do we get to the bottom you know the story better than most you were there early on, in pointing out the fact all circumstantial evidence points to a wuhan lab leak and yet we still two years later, five plus million people dead, being do not have a -- any answers from the ccp how this escaped. >> yeah important thing that we can do, is -- on book national -- international
levee on national level we have draft legislation in congress calling for establishment of covid-19 commission that is critically important it is bipartisan legislation we need to get behind that, we need to formalize, our national process. that we also need something international this can't just be united states acting alone that is why we need to support the phase two of the international study of doctor world health organization called for he called for full access to are you a dait in china full audit of wuhan lab on top of that we need a parallel international process to somebody other than the w.h.o. china doesn't have a veto even if we do that you will china is going to continue to do everything possible to prevent a full investigation there is a lot we can do even without china. maria: so i so i mean you make a great point what are we supposed to do?
we keep seeing this administration tiptoe around xi jinping, ccp. biden flip-flopped stance on taiwan as well last month said u.s. would come to taiwan aide if invadeded by china then he holds virtual summit with chinese president and now says this, listen to this. . >> we make very clear, we support on we stand -- >> on taiwan. >> as long as independence i said we have not encouraging -- >> we are not encouraging independence, jaimie so after that call with xi jinping seems like biden is all in on the ccp. >> i don't think would be entirely fair, under democratic and republican administrations, the position on china has been the same -- on taiwan has been the same it has been this strategic
ambiguity no president has said we fully sport taiwanese independence that is not u.s. position, whatever, many people feel in the hearts, that was the detail that united states made in our normalization with china that we would have this kind of strategic ambiguity behind this fiction of one china so i don't think necessarily a flip-flop i think president biden just misspoke a bit. and as happened in trump administration, the -- the professional bureaucracy is trying to stick. official you bipartisan line this is a tricky sayings we have enormous respect for taiwan for what is happening there, for the flourishing democracy and seeing china being extremely aggressive, there was a time few weeks ago where china violated taiwan's air defense zone, more than 150 times in days we need to make clear we are going to
stand with china even if this has to be ambiguity around the language,. >> i stand with taiwan -- >> i like your tweet calling on every are corporate sponsor of the beijing olympics to publicly condemn human rights abuses you are calling on, everybody, to condemn what is happening in xinjiang tibet hong kong to commit 10% all sponsorship expensived towards supporting victims of abuses do you think we will hear something like that from this administration anytime soon? >> i don't know if we will or won't, but certainly for all of us who have deep concerns about the terrible human rights abuses being perpetrated by beijing government now is our time to stand up we have a lot of leverage with the beijing olympics coming up we may not be able to change the -- future of the chinese government but olympics, will
only succeed with support of many others, the corporate sponsors media, so we should be demanding that our corporate sponsors if going to support and sponsor olympics i call for 10% all expenditures sent to support the victims of these abuses, if media is going to be covering olympics we should demand they cover terrible abuses. maria: we will see if that happens, always great to talk with you thanks so much jaimie metzl joining us this morning we will see you soon. we've got a look at housing market after the break breaking news coming your way. stay with us. . 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!
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chain hitting the home builders, in a sign of builder confidence looking forward if you look at permit measure future construction this they rose stronger than expected 4% in october to seasonally adjusted annual rate 1.65 million units, bottom line housing market is strong. maria: sure is we keep seeing that, not a major change from markets this morning we are looking at mixed story, lauren thanks very much meanwhile, step aside president biden, a new poll finds a majority of voters 61%, think joe biden should make way for another candidate in 2024 only 24% said they think he should run again, for a second term, results on heels of sliding approval ratings for the president continuing, a recently abc "washington post" poll shows 41% voters approve of biden's job as president driven by discontent among democrats former
governor of until chris christie author of new book republican republican rescue" thank you for being here what do you mean by republican rescue. >> the book is to lay out a path for party going forward to try to win elections again, and so what we're talking about is let's stop looking backwards top looking to rearview mirror stop republican on republican violence, and lets confront what you just talked about, joe biden's failure as president the agenda that he laid out by american people don't want, on the economy, on education, on crime, and let's lay out our positive vision for the future, so that we can start engaging, we saw glenn youngkin in virginia win, we saw jack ciattarelli in close. >> seats is we want a future looking party that a spokes to
hopes and aspirations what the book is all about. maria: you would think those victories and close calls, in new jersey and virginia, would have been wake-up calm; right? >> you would have thought that they had democrats on edge, the abc poll found in the midterm elections you are seeing, 51% registered voters vote republican 41% for democrats, yet, governor they are driving through this massive spending package, talking about "build back better" agenda, the committee for responsible budget, is saying that it costs five trillion dollars, nancy pelosi wants a vote as soon as possible, and joe biden told us yesterday he says doesn't cost anything. >> look, i felt your interview with mark zandi was really telling shows somebody who really don't understand politics if you think for a second going to give away benefit taking them back, tell me when in american history
that ever happened. so what we're talking about in terms of cost much more like what you are talking about, than what they are saying at 1.75 trillion, by the way, is more than double the recovery plan that barack obama put in place after the banks meltdown in the 2008 this is ridiculous amount of money the american people are looking at this and saying, how do we pay for it looking at inflation, and saying, if this is driving further inflation which it clearly will even larry summers said that going to drive further inflation we don't want it. so, you know, i think we got to be standing up to party that is why it is so important maria for us to -- to look forward, to argue about this now focusing on joe biden, the other problem as you know, joe biden campaigns as unifier a centrist he is governing to left of fdr this independence of, abandoning him in droves why poll numbers are so bad
unlikely to get better anytime soon. . >> you make so many great points look doesn't bring me joy to struggling to find any successes here but i can't find any successes, and the issue is that you've got crises he in foreign policy wide-open border botched wraum from afghanistan the domestic issues are front and center has every day kitchen table items in font of people, where people are recognizing this affects me, you've got highest thanksgiving in terms of cost that we've seen in decades, then there is kids, the fbi targeting parents using counterterrorism tools? this bombshell memo shared by whistleblower, was doj wants to use same tools for terrorists memo dated october 20 directs department of justice to investigate parents, that national school board association labeled
domestic terrorists. as you know very next day ag merrick garland testified doj was not using counterterrorism efforts against parents. but we still have the memo that indicate otherwise listen to this got to get your reaction. >> can't imagine any circumstance, in which the ut patriot act would be used in circumstances of parents complaining about their children, nor can i imagine a circumstance where they would be labeled domestic terrorism. >> and yet governor, the ag released a controversial memo last month targeting parents sicking fbi on them saying there are threats against school board members and fbi will respond. your thoughts on this issue? >> look. this to me is the most important domestic issue that the republican party should be discussing over the course the next year bigger -- what you talked about is awful, targeting parents who are objecting to what school boards are trying to shove down their children's throats,
is restricting first amendment rights, rights as parents, to be involved in children's education, but that is what we've got to be talking about as republicans maria we've got to be talking about fact if we have to choose between parents deciding what their children will learn or teachers unions in this country shoving a curriculum down throats like you judge the person sitting next to you by their race, that america is not place where american dream can be realized where you need to be skeptical about america's future these are you have a things american people don't want being taught in schools we need to be the -- the party of parental choice in education, parental involvement in education going to make the system better stronger education better for kids republican party should be party talking about that every single day between now the and midterm elections next year. maria: are i mean this is one of those issues that seems to
have ripped apart the democrat party governor what do you think is going on? is this just a party that has been hijacked by this extreme progressives? >> it is maria. look. joe biden one nomination but he handed it over to bernie sanders and elizabeth warren. and -- the american people are rejecting that didn't want bernie sanders, or elizabeth warren in the white house, joe biden promised to do something different done exactly same what with else is going on when you have joe biden in white house a member of the teachers union, the teachers union is making the decisions regarding education, in this country. and if that doesn't frighten every parent who is watching this show, makes them stand up and say "no" i don't know what would. maria: yeah, i mean look. you know, randy weingarten was speaker, at terry mcauliffe fund-raiser big to-do before
election obviously, not seeing it that way, there is a tone-deafness going on right now, within the party, because, what you are saying is right and, yet, they are pushing policies, we're a few days away from potential of joe biden putting in place lael brain offered as new chairman of the federal reserve. how much damage can the progressives do to this economy and the country, in the next three years? >> they can do a lot that is why we've got to give them only another year to try to do it we've got to win house of representatives back impact education more i am cochairing all frustrating for republican governors across the country i know how important it is to have a good educational system in place that good governance in governor's mansion we have to stop crazy economic policies that joe biden is trying to put forward they are rushing right now because they
know they are he overreached they know teller going to lose terms in 2022 we are having he speaker mccarthy in house of representatives not speaker pelosi will be a good day to stop all craziness a that joe biden is trying to push through but we've got to keep fighting right now he is going to try to do it between now and next january. >> do you think that the sentiment has changed within your state, i mean obviously, we saw this close call, with jack ciattarelli what is the sentiment right now for new jerseyans do you think? is emblematic of more states. >> you snow the new jersey is very blue state in a blue state like new jersey when you are having, an uprising, because of those two issues, taxes, and spending with, and education issue what drove the race in new jersey, what drove race in virginia, if that is happening in blue states like new jersey and virginia, imagine what is going to happen in swing states around this country, and so, what we
need to do maria is to be speaking to those issues, not speaking to the past not looking in rearview mirror but speaking to issues americans care about around kitchen table right now if we do that, we are going to be able to maximize our gains in 2022, and governor's mansion in house, and hopefully take back united states senate as well then put a stop to all this crazy progressive socialist nonsense from bernie sanders, elizabeth warren, and messenger boy president joe biden. maria: are you going to run again. >> i am thinking about it maria you know but i won't make decisions till end of next year, if i see i can contribute something i have a path to to be able to win i will think about doing it if i don't i don't want to do it just for experience we've had the experience if i do it out it is because i think i can winner make contribution in this meantime trying to get as
many republican governors elected controversy the country we had 31 over 50 i would like that number over 30 next year make the country a better place. maria: are a quick there is a report that you would run with elizabeth warren is that something that you would consider? >> [laughter], no, i have no plans about running mates, elizabeth warren or anybody else i consider you, too, if you wanted to be if you are done with tv gig get you to washington then really start disrupting things. >> all right i am not done yet good to see you, sir thanks very much we will watch all that governor chris christie and to you thank you, sir. quick break taking you to one of the hottest real estate markets in the country especially for wealthy americans, and then be insure tune in tonight to the third consul patriot awards fogs station, florida, 8 pm eastern on fox nation you are watching "mornings with maria" live on
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>> welcome back, real estate considered a long-term investment, but there is a new trend emerging for wealthy, certain cities are benefiting fox business chief national correspondent connell mcshane live in big sky, montana good morning to you. >> beautiful part of the world good morning to you maria, in this part of the world real estate has been red-hot in covid a zoomboom people would move to area like this because
they could work from anywhere why not work from a place like this, but to your point there is a new twist that we're seeing now interesting, a new round of buyers coming in a lot big money investors plenty of cash plenty of worries. >> more people thinking about economy, and thinking about, the -- what inflation is going to do to their net worth, and they've got significant alters of cash, you know land a lot more fun to spend on than stockbroker. >> -- also potentially more profitable now if you believe inflation, is going to get worse, than now you might buy ranch land looking at land outside montana for same reason people bought form land for years make money on land make money from land if you look at the charts, ranches don't tend correlated to investment classes maybe others take a hit then you
have protection. >> have a looking for inflation hedge financial motivation selling side tax people uncertain with a tax laws are going to do increase in sellers interest to get things closed in 2021 because of unknown tags changes, this interest in buying immediately because of inflation risk. >> we've seen beautiful properties while we've been here, and you look at prices for the land, and the houses on land thering to behold keep going up here in big sky where we are right now video from that you are looking at before was a ranch house big sky listed about a year ago, for ten million dollars obviously, a lot of money about to sell for 16 million so that is kind of increases we're seeing around here. >> the i love it, and i love montana reminds me of favorite
. >> looking could up toerm on mornings mornings, tennessee senator bill hagerty with me on biden administration push to jam through "build back better," with over two weeks left, in the legislative session, then cofounder will join me talking about starting antiwoke university striving for free thought in education plus florida senator marco rubio here a widespread cuban
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so you can enjoy more of...this. this is the planning effect. maria: time for the big buzz of the morning. a woman is raising awareness about pediatric hearing loss by sharing a video of her baby riley hearing her voice a his mother's voice for the first time. watch this. >> it's okay. it's okay. yes. is it funny? yes. it is funny.
maria: her mom says the family is excited to share riley's journey with the help of others, learn that deaf kids can do anything. how beautiful is this video? >> so beautiful. there's nothing better than seeing something so filled with love and hope and optimism. maria: that is the way to end this program. "varney and company" begins now. stuart: i'm not sure i can start having looked at that baby. i have tears in my eyes. i will recover faster. good morning, it starts now. a full-court press to sell the president's infrastructure deal and social spending plan. democrats plan, 1000 promotional events and the president is talking up the help the spending will bring to