tv Mornings With Maria Bartiromo FOX Business November 19, 2021 6:00am-9:00am EST
totally top shelf. now you've seen it for yourself. i think it's unique, different, one in a million. second because that about both the houses. i don't know how will top this one. which will it be? a masterpiece nestled in the woods or this enormous country maria: good friday morning, everyone. thank you so much for joining us. i'm maria bartiromo and it is friday november 19th, top stories right now 6:00 a.m. on the east coast. today the gop leaders at the speech. house leader mccarthy forcing delay on the vote of build back better plan after slamming the democrats' social spending bill on marathon speech all night for more than 8 hours on capitol hill. >> every page of this new washington spending shows just
how irresponsible and out of touch the democrats are to the challenges that america faces today. maria: this follows the cbo cost estimate showing bill would add $300 billion. take a look at decline at start of trading, s&p 500 down and three quarters but the nasdaq is higher up 63 this after the s&p 500 and the nasdaq both finish in unchartered territory yesterday, new highs is where we begin for the nasdaq and s&p 500. the dow industrials slipped slightly but also finished near time all highs. searching for direction right now. ftse 100 right now is down 9 and a half. cac is up a fraction and the dax
index in germany higher by 12 and a half. in asia overnight, markets finished mostly higher. hong kong worst performer once again, hang seng dragged down by shares of alibaba. mornings with maria right now. now your morning mover, first stop into it, increased guidance for the year, the stock up 10%. the parent company of turbo tax, quickbooks and mint. the company is expecting small renew growth from self-employed group. 6 analysts so far raising the price on the stock, up 10% right now. retail story continues. macy's is pulling back in the
market. the story stock of the yesterday. it is considering a spin-off for the focus on the e-commerce business. it will work with alex express to explore the option. the company posted better than expected earnings yesterday rallied throughout the section yesterday. biden nominee facing heat watch this. >> i don't know whether to call you professor or comrade. >> i actually misspoke, that was not well framed. my intention was actually saying was exactly the opposite. that we need to help those companies to get restructured. >> the fact that president biden would even make such a nomination further solidifies how radically liberal and the mainstream views of the white house are but you still believe that the government shouldn't in some situations have seats on the boards of corporations? >> yeah, i'm with margaret thatcher on that one.
>> i can't speak for margaret thatcher here this morning, but i got to believe that margaret thatcher had a vote in your nomination, she would be oppose today it. maria: joining me right now florida bankers ceo alex sánchez and joining the conversation all morning listening to discuss the epic speech from kevin mccarthy, editorial page editor james freeman and republican strategist and lead attorney at madison firm, jonathan madison. great to see everybody this morning. gentlemen, thank you very much for being here. alex, kicking things off with you. let's talk about amaroba and the hearing yesterday. we know what proceeded the hearing, all the video that was out about her in terms of her thoughts on communism and her thoughts about making the banking system smaller, what was your reaction to the hearing? >> yesterday her advisers told her to sing the song i love
community banks. that's what she did to committee meeting. we are not talking about high school thesis or college thesis, this is something she wrote a month ago in the people's lemerre article at cornell university. calling for the federal reserve bank to have the bank accounts of every american. now what would that do, maria, to your viewers who are investors in banks, community, regional and our larger banks. in effect, that would kill our community banks because for our community banks and many of our regional banks their source of funding is the deposits that we put in the bank. putting -- opening up and moving and transforming those accounts to the federal reserve bank as she has advocated in her most recent article a month ago, maria, which has killed community bank. she could say everything she wants to but her current words do not -- are not consistent
with what she has written in her papers. now she's saying it's research, and this and that but the bottom line is, look, this country needs community banks, community banks give 50% of small business loans, less than a million dollars and in an entrepreneurial society community banks play a vital role. her other positions, maria, on having the government have people on boards of directors and corporations and corporations having a government purpose, what does that mean to the government that's empowering our country? that's something that you see in the old soviet block country. so, look, you know, her background, i don't have a problem, maria, but her writings i do. they are not consistent with what she represented yesterday, maria. maria: yeah, she grew up in the soviet union, we know that. but the writings and the opinions about wanting american companies to go bankrupt or what
she said about what she'd like to do to bank accounts. she wants to federalize everyone's bank account so we don't have our own private bank accounts but we are getting our money from the federal reserve, i mean, what is her plan in terms of the federal reserve nationalizing private bank accounts? >> right, i mean, that -- that is absurd. i think just like the biden administration irs data reporting proposal that they are still pursuing, maria, as you know. every american would be outraged by that. so dr. omaroba, i hear you, nice that you said that you love community banks you your actions would kill community banks and, maria, let me just add this, in the last 11 years we've had 46 community banks in our nation started and they are disappearing and the policies to have biden administration if approved would definitely be the nail in the coffin. so we need community banks and i get when our bigger banks in
glasgow agreed to the green deals in the summit and scotland, i get that, but in those meetings there were no community banks in europe. they don't have that. maria: yeah. i think it's pretty clear that the hearing reinforced many people's view that she is not going to have the 50 votes needed to -- to move past not even the banking committee never mind the entire senate. but let me ask you about this spending bill that is being debated right now in the house. democrats are hoping to vet on tax and spending plan literally this morning after minority leader kevin mccarthy spent over 8 hours slamming the bill making it the longest floor speech in history. the congressional budget office is estimated the package will add $367 billion to the deficit over 10 years. alex, what are your thoughts on the impact of the massive run away spending? alex: maria, all of your viewers look at their 401k accounts
every morning when they wake up to see how their futures are doing. one of the things that concerns me that i've done a lot of writing is the national debt. here i will be critical to both parties. our national debt stood at $5 trillion which seems like chunk change today. the biden administration is taking spending to a whole new level. we are going to be at $35 trillion here by the spring of next year. i mean, when is it enough? when are we going to start caring about this because we are going the wake up one morning, maria, and the ward is going to be our kneecaps and the national debt -- you know who our number two buyer of treasuries are, china, and soon they might be number 1. so that's not a position we want to be. it will weaken our great nation, maria. maria: so speaking of china, alex, you and i have discussed china giving the honey pots to
large companies to operate their own banks or asset management companies 100% by american in china and what about china wanting the foothold in the united states and china pressured to lobby owning banks in the united states, right, tell me where you see that story going and where we are with regard to china wanting in on ownership in the u.s.? alex: maria, it's very, very disturbing, this story, reuters did a story on this recently how china is pressuring u.s. companies that are in china to lobby on their behalf against any congressional laws that are anti-china. i mean, this is very disturbing and they are saying to these corporations, hey, you better play ball with me if you want to stay here in our market, so what is china's end game and excellent question, maria, and i think eventually they are going to petition the fed and say, look, you've got to allow me in
your markets because i've allowed certain companies and certain interests in our market. that's tend game and it's disturbing that they are using u.s. corporations to lobby on their behalf. maria: real quick on the federal reserve chairmanship position. we are waiting to see if jay powell will replace them with lyle brainard, pick of the progressives including elizabeth warren. my sources told me he's seriously considering not reappointing powell and putting brainard in there. what's the impact? alex: well, maria, bottom line is governor brainard, if she's selected, i'm not liking, again, for the future of our community banks she's calling for our banks to be the climate police
to enforce a carbon emissions, carbon footprint of all our customers. that's not the role of the bankser, especially regional banks do not have the resources for that. your viewers who invest in community regional banks is a great investment. we have the strongest best capitalized most diversed banking system in the world but that's not the job of bankers to check the carbon footprint of our customers. >> yeah, well, you're right. that's on priority list, though. alex, thank you very much for being here. >> thank you maria. maria: all right, we will see you soon. we are just getting started the true cost of joe biden's social spending plan, the warning from the congressional budget office is out, the white house continues to say it will cost zero. we know the truth. why do they continue to push this misinformation? and then biden gets a failing grade on handling of the economy.
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maria: welcome back, historic speech on capitol hill overnight. house minority leader kevin mccarthy slamming president biden's build back better plan forcing democrats to delay their vote until later today. >> mr. speaker, i don't know if they think they left, i'm going to stop, i'm not. it's too important. [cheers and applause]
>> mr. speaker, i'm really not talking to them, i'm talking to the american people. this is the single most reckless and irresponsible spending bill in our nation's history. you promised the american public this would be paid for and it's not. i didn't believe you when you said it. maria: james freeman, jonathan madison with me this morning. what an epic speech. it will go down, james freeman, as the longest in house history. he was able to delay the vote. they are going to come back and she will try to push through this morning. >> yeah, i think a lot of american taxpayers wished that he was still talking, that debate could go on so that this program doesn't move forward, this dishonest claim that the bill costs nothing and based on absurd premise that as long as you pull out of taxes out of the economy, it's free.
but even that has been proven completely false. you're looking at huge deficits according to the democrats own scorekeeper. this has nothing to do with the issues facing the country. i was glad that mr. mccarthy pointed out this recurring falsehood that the president has been telling since even before inaugurated that the economy is in a shambles and so some massive federal response was necessary. the economy was growing faster in the first quarter when joe biden took office than it was in the most recent quarter. so big piece of spending, not priority for most americans. mr. mccarthy called it the most reckless spending bill ever and i think he has a point. maria: it's even more than that, jonathan, when you take a look at how the lies continue out of this white house that it costs nothing, to me it's a complete
with regard of taxpayer money. you know, to say that it doesn't cost anything because they are going the find tax revenue tells you that they don't care about your money. they just are going to spend it the way they want to spend it and voters rejected policy two weeks ago. they lost virginia from obvious pushback from the voters and they still want to spend our money the way they want to spend it on top of $86 billion in weaponry left on the ground in afghanistan, $101 billion of materials to make the wall in texas, no regard for our money, all of these tax increases that are to come if, in fact, the plan were to go through. >> absolutely, maria. and they are justifying it as if the american people don't have a brain, right?
maria: right. jonathan: it's funny because the president has called cbo gold standard and now the white house is backing down from that and trying to undermine numbers and, maria, this is going to get worse before it gets better. the midterm elections, history tells us that midterm elections when the economy is in this state of, you know, i'd say decay at this point with inflation numbers and what not, general i will go towards the opposing party and there's members of his party in the house and senate who are growing increasingly frustrated especially with regard the way that prices are rising and the administration's lack of insight or willingness to do anything about it, so i think we are going to see big differences, big changes in midterms. maria: and that is exactly why we see the polls this morning. americans are at odds with the president's handling of the economy. they are facing skyrocketing costs, supply chain crisis, over
half of registered disapprove of the president's job performance on the economy. this is a new fox news poll this morning. 73% of participants said that recent increases in grocery prices have caused hardships for their family, 72% for gas prices as well. james, you look at these numbers and you recognize, you know, why are the democrats not recognizing this and seeing what the voters are saying, real quick? james: yeah, it's shocking the disconnect between what voters care about and what's being addressed in this bill. this is more fuel for inflation. this is more juicing of the consumption side of the economy and discouraging production. too many dollars chasing too few goods and that's what's going to be inflamed by this bill. maria: absolutely. we will take a short break and come right back. stay with us.
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maria: welcome back, stocks hit another record yesterday as macy's and kohl's posted strong earnings, employment data show it is labor market recovering. markets are still waiting to see whether president biden will reappoint jay powell or go with fed governor lyle brainard. we will get the answers probably today. several sources told me they do not expect powell to be renominated but the betting on wall street is that he will be renominated. so we will see. joining me right now mainstay capital management ceo david kudlaw, do you have a thought on that, what do you think about the fed chairmanship role? david: good morning, maria. it's interesting when we look at what would be the -- what would pass by market it is most would be to stay jarome powell probably. there is, though, a lot of talk and both were interviewed by president biden.
lyle brainard and jarome powell. i think the safest for the markets would be reappoint jarome powell and lyle brainard as the vice chair and there's politics at work here, let's face it. maria: for sure. lyle brainard is the progressive pick. we don't know what biden is thinking but hopefully we will find out soon. yields are moving lower, david. the yield on the ten-year almost down 4 basis points. energy prices rising, low and middle-class americans getting hit the hardest by spike and inflation while joe biden is focused on electric. he's setting a gel of 50% electric vehicles in the united states by 2030. has any of this policy changed the way you're allocating capital right now? >> it does and it's really changed since president biden was elected but this is an aggressive goal. it would be difficult to achieve, actually, i believe. but, you know, it does change the way we are investing and we are looking at the clean energy
plays and the eb plays and specifically etf lit, lit, lithium battery panasonic battery maker. we are seeing those etf's and those stocks are doing quite well based on these government goals or government mandates. maria: yeah, real quick, david, your thoughts on the macro story, we had the retail story, this week big week for retail. do you find that spike in inflation will cut into spending power? david: it could eventually. does it pull ahead some spending because people start to react like they did in the 70's and the 80's and buy sooner because they expected prices to go up? we did see good reports out of retailers and as we look forward into 2022, you know, we expect inflation that is mostly a
result of supply chain issues and inflation durable goods will subside but, you know, we have some months of quite high inflation here. 6.2% takes us back 30 years in terms of the level of inflation we are seeing now. maria: we sure do. david, great to see you as always. thank you so much. david kudla, come back seen. quick break and record-breaking speech on the house floor yesterday. minority leader kevin mccarthy speaking all night for 8 hours slamming the president's massive spending plan. in doing so he delayed vote by the house until this morning. we will get into it with michael waltz when we come right back.
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now. the s&p 500 also negative by 7, but the nasdaq is higher and it's up 58 and the nasdaq and the s&p 500 are coming off of record territory yesterday. the s&p and the nasdaq closed both in record territory, unchartered territory as the dow industrials slipped slightly but still finished near record highs as you see the dow was down 60 points but the nasdaq was up 72. we are just below 16,000 on the nasdaq. the s&p 500 was up 16 points at 47.04, again, unchartered territory. european markets this morning are informationing lower. take a look at the euro zone where the ftse 100 in london is down and the cac down 22 and dax index lower by 59, in asia mostly higher, hong kong was worst performance, hang seng index down, better than 1%, dragged down by shares of alibaba, the stock down better than 10% overnight. back in the u.s. the justice department is stepping into
refund the police. lauren simonetti with the details, lauren. lauren: 139 million-dollar grant will fund more than 180 law enforcement agencies nationwide. it would also help hire more than a thousand new officers all this as police departments across the country face officer shortages, depleted funding and surging crime rates. study of homicides in 22 cities, chose a 4% spike this year compared to last. cbs health announcing plans to close 900 stores over the next 3 years, the move all part of broader realinement of retail strategy. that includes converting some stores into health hub that is will also offer mental health services as well as diagnostic testing. let's take a look at cvs right here in the premarket down 51 cents. after a year of shortages, ford and general motors, they've had enough. they are looking to get into
semiconductors themselves and potentially manufacture their own chips. the auto industry has been hit hard by the chip shortage and many forced to shut down factories across the globe for weeks as a time. and you might -- i missed this, maria, i'm annoyed because i actually had the opportunity to see a lunar eclipse. it was visible in north america. covering 97% of the moon at its peak. it made it appear red. this beautiful dazzling in the night sky lasted roughly 3 and a half hours. that would be the longest event in about 580 years. it is the second and the last eclipse of 2021. did you see it, maria? i know that we are up in time but did you see it? maria: i did. it was absolutely beautiful. i loved the moon and the sun and i had shots as well that i will share with the audience as well. lauren: i'm so happy. i'm so happy.
good for you. [laughter] maria: meanwhile the house is set to reconvene this morning at 1:00 a.m. to vote on president biden's build back better bill. house minority leader kevin mccarthy delayed the vote last night with record-broking marathon speech 8 hours blasting the plan as the nonpartisan congressional budget announced the social spending bill would add $367 billion to federal deficit over the next decade. the administration has repeatedly said that this bill would cost zero and joe biden continues to say it's not going to cost anything. joining me right now is florida congressman, member of the house arms services committee, green beret commander, michael waltz, congressman, good to see you this morning. your reaction overnight, kevin mccarthy was overnight slamming the bill as it is going to mean much more higher taxes for america and run away spending?
>> well, good, maria, we were supporting him. americans wants to see us fighting back against this nonsense and, you know, i think they are sick and tired and certainly see it in the polling. they are sick and tired of the self-inflicted and where the administration has taken the country in just 11 months. it's a self-inflicted labor in supply chain crisis and self-inflicted border crisis, energy crisis, a crisis in rise in crime in our cities. it's not as though there was some existential event like, you know, a hurricane or an earthquake or unexpected war. i mean, this is all from bad policy and they are about to triple down on it with what i call this build back stupid plan. and to your point on the deficit spending, i mean, the part that they're arguing about in the cbo score is how aggressive 85,000
irs agents are going to be in coming every americans' money. that's 8 and a half divisions. that would double the size of the irs and that's what the democrats want to argue that -- that, you know, the cbo isn't being aggressive enough and how aggressive the irs is going to be in coming after americans' money. it's absurd. good on kevin mccarthy for taking a stand. maria: yeah, i mean, it's also sort of insult to injury, isn't it the way that this president lies to the american people, you know, as if we are stupid. it's going to cost nothing. of course, we know it's not going to cost nothing, it's going to cost us much higher taxes. but he gets away with it. congressman: yeah, he's bold-face lying about afghanistan. he's lying about this, he's lying about helping the environment yet making us more dependent on russian oil and gas
which is, you know, some of the most dirtiest form in the world and so much in this plan, in this green new deal plan is going to flow rite out the door right over into china and western china make an 80% of the world's solar panels. the lies continue and you're right, the american people are seeing right through it and you're seeing the administration's poll numbers tank. maria: i want to talk about china, you and i had great conversations about china. let me show you the new fox news polls, you're right, the american people do see through. 60% of registered voters say they think president biden is not tough enough on china and not doing a good job. the same polling shows the growing threat from china has americans worried. 35% are extremely concerned about beijing's military and economic power. 34% are very well -- very concerned as well, congressman, even with the obvious, you know,
threat china represents, the president refuses to push them on anything and rolls over and allows the companies to be listed on our exchange as well as on not pushing back on some of the bad behavior. he had a call with jinping this week and the origins of covid did not come up. is that possible? >> i think that's the biggest piece, maria. on the one hand, the democrats and biden are just pounding the table about covid and how deadly it is and now we have to lock down our society because of it and we know, you know, we know the spiel there and on the other hand the country where it came from is completely covering up and unlearned this on the world and the commander in chief, the president of the united states won't even raise it? in a phonecall and oh by the wat
3 pandemics have come from china and we are not seeing any behaviors change from stopping the next one. we saw firsthand that little things like masks and gloves and gowns, if we don't make them here in the united states or at least in the western hemisphere and we have our greatest adversary threatening to choke them up, 90% of pharmaceuticals that were dependent on them for, that's a huge problem, that's a national security problem and we haven't seen a national security issue poll this high since right after 9/11 with terrorism and that's a great thing. we need to wake up the american people to the fact that the chinese communist party is in a cold war with the united states and we have to start fighting back with our wallets. when people said made in china, put it down.
put it down. maria: if you remember back in 2020, it was april of 2020 when i reported that my sources were telling me ships were loaded with those ppe products, the gloves and the gowns that you're referring to masks and those ships were told, turn around and go back to china. we need those products. they cornered the markets on the products and the global times which is a mouthpiece for the ccp comes out and pretty much threatens the united states if the u.s. keeps poking china on tariffs and about trade, maybe we won't send them the active ingredients that they need in their prescription drugs. i'm, 80% or 90% to have active ingredients in prescription drugs for united states is still made in china. why is it taking so long to convert some of these manufacturing facilities to the united states? what are we supposed to do make belief that we are all celebrating the upcoming e limpics in beijing. biden said that the u.s. is
considering diplomatic boycott barring officials. jinping doesn't want any foreigners anyway. it's not like that is doing anything. what would be really something to do is change the manufacturing, get some of those major manufacturing productions facilities into the united states. what is it going to take? congressman: well, you know, we need a wake-up call with wall street and i think we are going to have a divorce with the republican party and i want wall street to hear me loud and clear, we are going to take back the house in 11 months and all of these companies who on the one hand want to pad their bottom line and pandering to the woke masses in the united states but putting security at risk in china, i think you've got another thing coming. but to your point of why it's taking so long, it's again the bottom line and i think many
wall street led by our buddy larry fink at blackrock and has people in number 2 treasury and heading biden economic council, you know, those days are coming to an end. we are going to clamp down. we do have to have these, if not on shore in the united states, at least allied shore but we can't have a situation where our adversary is threatening to shut off 90% of the world's critical minerals. by the way, the green new deal provisions will make us more dependent on those and we can't have independent on so many other things, maria. we've talked about it. we've just got that reduce the dependency and get it back here. maria: what an embarrassment? where are your colleagues on the left on this issue? i don't hear a peep out of nancy pelosi and the democrat party on the threat that is china. congressman, thank you very much for your leadership on this.
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crypto currency. the one and a quarter trillion dollar infrastructure package includes provisions that target transactions and could require merchants to collect private and sensitive information and data from users. chamber of digital commerce founder is with me now to talk about the backdrop for crypto. good to see you. thank you so much for being here. what is your thought about what's going on in the backdrop here in terms of how regulations will change for crypto? what do you think is most important? >> well, in the infrastructure bill, buried inside of it is problematic tax provisions for crypto. you mentioned 60-50 that would require merchants to collect the personal identifiable information including the social security numbers and names of any consumer involved in a crypto transaction in excess of $10,000. this provision is discriminatory and assumes crypto users are
criminals and let's look at the facts. less than 1% of crypto transactions are linked to elicit activity. this is highly problematic. it's a -- we need to take a stand for our privacy and this has only been increasing over the past year and it's not just within tax provisions. we are all seeing that across the federal government from an aml perspective, the treasury more broadly and with the fcc there's a whole on government attack against crypto today and we as americans need to push back and advocate for our rights to privacy. maria: yeah, i mean, no kidding. they want to surveil our bank accounts. we know what they are trying to do with the irs. joe biden wants to hire 87,000 new auditors to try to surveil all of our actions and it's in step with the surveillance tendency of this administration
and my issue with it is that i don't know that these senators have any idea how crypto works. how are you going to ensure that you could communicate and educate people about crypto particularly lawmakers so that they don't create, you know, laws that end up pushing us back, taking us back in innovation with regard to crypto. >> , no absolutely. education continues to be one of our highest priorities tat chamber of digital commerce. this is a highly technical space and before we can really write new laws and regulations for this advanced technology, you've got to understand how it works and really the thing that's even more -- more concerning to me is when it comes to some of the crypto tax provisions, there's this idea that crypto users are not in compliance and they are not paying their fair share. that's just wrong. companies and individuals in this space have been asking the
irs since 2014 to provide greater clarity on how to comply with tax laws. crypto currencies do not fit neatly into the irs's guidance, existing guidance. people want to pay their taxes. we don't understand how to and the irs has not provided us that and instead we are now being assumed we are criminals. the whole thing is insane. maria: that is and meanwhile the market is as volatile as ever. bitcoin tumbled after reaching a record high. what are we talking about, 20% selloff? when you go from high and low to 20%, that's a bear market territory but here we are looking at the volatility which could reverse, you know, over the near term again. what's your take on the selloff, is it regulatory related? >> potentially but it is -- it is normal for their to be 30 to 40% change in volatility on
monthly basis. volatility that we have seen is normal. we have seen this before. we will see it again, bitcoin is still up and remember bitcoin has been the best performing asset ten out of past 12 years. over the past 10 years, ambed 250% returns a year and today 215% year over year. maria: wow, those are some numbers perianne. come back soon, we need to have more conversation about the regulatory framework. perianne boring. we will be right back.
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a kohler walk-in bath provides independence with peace of mind. call... to receive fifty percent off installation. and take advantage of our special offer no payments for eighteen months. maria: time for the hot topic buzz, fox news' peter doocy calling out the biden administration asking the question i've been asking repeatedly for ten months.
peter asked press secretary jen psaki whether president biden called jinping to investigate origins of covid-19. >> did he ask jinping to some ply with the u.s.-investigation led? >> i don't have any more proof to read out to you from the meeting. maria: james freeman, there's nothing more to read out on the meeting. we have heard this administration thinks that covid-19 is the priority, that's why we've got all of the mandates that we are following and yet this president refuses to ask china where it came from. james: yeah, and china doesn't want to answer that question. it's interesting, though, early
last year when you were raising the possibility that this might have come out of a lab in wuhan, you remember the media trashing. now we are looking at this and it's finally after all this time a -- a view by by all as a legitimate possibility but the answers from the chinese governments still not coming and the president needs to demand them. maria: yeah, she's tiptoeing around xi for sure. we will be right back.
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back better bill. mccarthy speaking for over eight hours. the gop leader highlighting the run-away spending and the impact on american families. >> some of its effects will be quickly felt. others not for a few years. but i guarantee you that no matter the timeframe, all the new washington spending in this bill is only the beginning of the disaster being thrust upon us. maria: more coming from the speech this morning, plus the details of the cbo's score on the bill, coming up right here. markets this morning are selling off. take a look. we are at the lows of the morning right now, futures indicating a decline of 200 points on the dow industrials, down 203 right now, s&p 500 down 11 and-a-half, nasdaq is higher, up 50 and three quarters, further into record territory. yesterday was another record setter. the s&p 500 and nasdaq both closed in unchartered territory yesterday, even with the dow
slipping slightly, it too finished near record highs. the dow was down 60 points, the nasdaq at an all time high this morning with a gain of 72, s&p 500 at an all time high with a gain of 16 at 4:00 on wall street. check european markets this morning which are moving into the green right now. the ft 100 has been negative all morning but it is down 48 points, the cac down 46 and dax index lower by 53 in europe. in asia overnight, markets finished mostly higher, hong kong was the worst performer, the hang seng dragged down by shares of alibaba, down better than 10%, hang seng down better than 1%. "mornings with maria" is live right now. and our top story this morning, an historic speech on capitol hill overnight, house minority leader kevin mccarthy breaking the record for the longest speech ever on the house floor, slamming president biden's build back better agenda.
>> every page of all this new washington spending will be paid for or borrowed from you, the american hard working taxpayer. it took four years and 4.1 trillion to win world war ii in dollar terms. it was the most expensive war in history. by contrast, in the fiscal year we just finished, washington under one party rule has spent 6.8 trillion. the cbo score says in five years it's going to cost $800 billion. in 10, more than 357. that's what your children's children will have to pay. and they'll mark this day that it happened. this is the single most reckless and irresponsible spending bill in our nation's history. maria: democrats were hoping to pass the social spending bill last night in the house but the
minority leader's marathon speech forced nancy pelosi to push back the vote until this morning. she is pushing on this vote, despite voters rejecting it. we'll hear when it happens, the earliest we're expecting is 8:0t back into the chamber. it comes as the congressional budget office gave out the estimate. the package will add a whopping $367 billion to the u.s. federal deficit. obviously, $367 billion is costly, a far cry from what the president said and continues to promise that this is fully paid for and will cost nothing, says joe biden. time for the word on wall street, top investors watching your money. joining me now is stifle chief economist, lindsey piegza, rose cliff capital ceo and managing partner, mike murphy and fair leads strategy founder, katie stockton. thank you for being here this friday morning. katie, kicking things off with you, as we watch a market that
is worsening, dow industrials down 200 points, pulling back from near record territory last night. s&p 500 and nasdaq finished at new highs yesterday. we're in unchartered territory as begin the new day but we're seeing a pretty good pullback. let me get your take on what we're seeing in the backdrop. we had more than 90% of s&p 500 companies reporting third quarter results, 80% beat estimates. r your take on where we are in terms of drivers for this market. >> well, new highs are typically bullish, right, because for the major indices, that means they have positive momentum and also face no resistance on their charts so we're encouraged by the new highs. indeed, we've seen a little consolidation. that's often associated with these options expiration weeks and yet now we're getting into very seasonally strong period, starts right around thanksgiving and takes us typically into the first week of the new year, so we are positioned for upside follow-through for the major indices from a momentum
perspective with leadership coming from technology, from consumer discretionary, and of course most recently from the mega caps again. so the fang complex, a apple broke out yesterday to a new high. we had amazon push out of a consolidation phase, google also reached a new high. those are bullish developments that can help fuel these major indices, even if market participation isn't quite what we want it to be. maria: katie, it sounds like you would be buying the dip here. >> yeah, and i mean, there's really not been much of a dip. there's certainly some stocks have pulled back and we welcome that, especially to the extent that you're seeing just a loss of short-term momentum and no breakdown. we have not seen a lot of breakdowns in our bottom-up review in the s&p 500 and short-term oversold conditions are getting pretty widespread here without a meaningful loss of intermediate term momentum.
we think a correction is in january, likeen the current environment to late 2017. 2018 was a bit of a difficult year but tradeable if you use an intermediate term time horizon. maria: we're looking at the worse inflation numbers in 30 years, a fox poll shows how much it's affecting americans, 45% of voters said inflation and rising prices are the top economic issues facing the country. your thoughts on the impact on markets and how do you trade around this inflation numbers where we're headed into thanksgiving, it's going to be one of the most expensive thanksgivings in recent memory. >> it sure is. what the poll shows us is that despite the fact that fed officials and the treasury secretary continue to tell us that price pressures are going to prove transitory or temporary, and in fact some white house officials suggest that inflation is even good for the consumer at this point, what we see is that the average
american household knows exactly how inflation is impacting them with many categories including food and energy up double digits on annual basis. this is hitting consumers here and now, costing a larger hole in terms of the monthly allocation of funds to the average household balance sheet and in fact consumers are increasingly concerned about their financial footing going forward as we look at real wages or wages adjusted for inflation, trending negative. and they have been for quite some time. so while many are pointing to the latest retail sales numbers to suggest that the consumer is on solid footing, in fact what we're seeing is many are you you adopting this new mentality of we better buy now because next month prices are going to be even higher if in fact goods are available at all. maria: yeah. i think this is such a good point that you make, because do you think this is pulling growth from the future? in other words, are we going to see weaker than expected numbers come next quarter, come january then, lindsey? >> absolutely.
even by the end of the year. now it's not to say the consumer will fall off the cliff as we turn the first quarter of next year but we're seeing several variables pulling forward the traditional end of the year spending which will likely result in softer spending numbers in the final months and first quarter of 2022. maria: makes a lot of sense. meanwhile, mike, the markets are so hot even with all the worries about inflation, we had more record highs yesterday and look at the ipo market on fire. we had sweet greens going public, the salad chain, seeing its shares close up 76% in the company's market debut yesterday. what a move. it's selling 13 million shares. they raised $364 million in the ipo. were you a buyer here, mike? >> good morning, maria. i'm a huge buyer of the salads, pretty much every single day, five days a week. but i don't own the stock.
we saw the deal and thought it was a little bit too expensive when it was around 1.6 billion. i think that's what you have to look at, maria. if you're thinking do i go out today and buy sweet green, i love the product, do i buy it at 5 or $6 billion valuation. the last round was earlier this year at 1.7 billion. they went ipo, the professional bankers priced it just under 3 billion. now, if you would like to buy it today you're going to pay over $5 billion in valuation. so you really have to believe if you're buying sweet green today, maria, that it's the next chipotle which is valued at $50 billion or the next mcdonald's valued at $200 billion. i love the business. it's a huge success for the founders, for the employs ease, for the early investors, these guys have been at it for almost 15 years. i love the business. i just don't think anyone watching the program at home right now needs to run out and buy this stock today. i think there will be consolidation and there will be
people taking profits here. maria: yeah. mike, you make such a great point on valuation. what kind of deals are you looking at in the future? anything excite you that you want to mention that we could be aware of in terms of deals on the horizon or stocks or areas that you like and want to invest in? >> absolutely. i mean, one big area for us is mobility. we've met the team from cargo, we're involved with a company called tortoise which is driverless technology out of san francisco. and then we just announced our spac which is get, i know you are on hiatus but we believe that this company had has a great opportunity to help people move from point a to point b in the b to b marketplace. so i think the way you get from point a to point b is changing, technology, the phone in your pocket is going to make that a lot easier not just for you, the consumer, but also for big businesses out there. so i look at all of that space, whether it's rockets going to mars or it's you going from point a to point b, that space
is changing and if you can invest in the right technology there, i just named a few, but i think the key here, maria, the last point i'll make is that people want to invest in these companies in the private markets. that's where you get -- the ipo market.net is wide open. if you can get in the private market, there's a great exit for you in the few churr in the ipo -- future in the ipo. maria: great to see you all. thank you so much for a great word on wall street. have a great weekend all. quick break and i'll talk with a former chairman and ceo of nissan, carlos ghosn will talk with us this hour, he'll talk about the man who helped him escape and the penalty he faces. kevin mccarthy's marathon speech delays a vote on the build back better vote. it will cost $367 billion additional to the deficit. texas congressman kevin brady is here. plus, the supply chain snow ball effect, the crunch puts the hurt
on artificial christmas trees with just a month before the holiday. joining the conversation all morning long this morning, james freeman and jonathan madison. we're going to get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. 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. an official message from medicare what's up guys? mary and i just compared medicare plans. found one that's going to save us money all next year. james, i told you it was open enrollment. yes you did. so we used the plan finder at medicare.gov. oh, i see what you mean. makes it easier to compare health and prescription plans.
>> i have instructed that no one from msnbc will be permitted in this building for the duration of this trial. this is a very serious matter. i don't know what the ultimate truth of it is. maria: that was the judge in the kyle rittenhouse murder trial. it is day four of jury deliberations in the trial of kyle rittenhouse and the judge banned msnbc from the courthouse yesterday. somebody working for msnbc is suspected by police of following members of the jury.
nbc denied the allegation, it told fox, quote, the freelancer never contacted or intended to contact the jurors during deliberations and never photographed or intended to photograph them. we regret the incident and we fully cooperate with the authorities on this investigation. james, this person obviously trying to bully the jurors. your thoughts? james: msnbc blaming the freelancer. i mean, if it's true that this person is running red lights trying to follow the jury, then obviously many people in the community are being put at risk but the larger question, i think people may want to hear more from msnbc. when does journalism end and witness intimidation begin? obviously, this is a network with a leftist point of view that has been trashing the
defendant in this case who like all of us deserves the presumption of innocence and if he acquitted, i think you can expect him to consider legal action against people in our industry who have said horrible things about him for months and months and months. maria: really shameful. it's absolutely shameful, jonathan. jonathan: yeah, i think this is far more black and white than a lot of people are making it out to be. the time line of events speaks for its self. the guy gets pulled over by police after he runs the red light, tells the police officers that it's msnbc director byron and then byron deletes her linkedin allegedly. so i mean, if the timeline -- it speaks for itself. i think that this could be jury tampering on a larger scale, not enough evidence to suggest it yet but it's criminally punishable in california, looking forward to seeing what happens. maria: all right. we will take a break.
when we come back we're going to take a look at another legal situation. we've got the former chairman and ceo of nissan, carlos ghosn with me this morning live from lebanon. he'll give us an update on the american who helped hims escape from japan and why american greg kelly is still locked up in toke tokyo. popularity plummets, vice president kamala harris faces an uphill battle as she tries to convince the american public she is up for the task. it's the hot topic buzz this morning. stay with us. ♪♪it's a most unusual day♪♪ ♪♪feel like throwing my worries away♪♪ ♪♪as an old native-born californian would say♪♪ ♪♪it's a most unusual day♪♪ ♪♪it's a most unusual sky♪♪ ♪♪not a sign of a cloud passing by♪♪ ♪♪if my heart won't behave in the usual way♪♪ experience the power of sanctuary at the lincoln wish list event.
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maria: welcome back. the former nissan executive and american greg kelly is facing two years in a japanese prison for his role in the carlos ghosn case. kelly was arrested back in 2018 on the same day as carlos ghosn. the former chairman and ceo of nissan. the allegations were for financial misconduct. at the time, we told you that i
was highly suspect of these charges. carlos ghosn escaped from the japanese prison more than a year later and he is now in lebanon. joining me right now is the form r nissan chairman and ceo, the former renault chairman and ceo as well, carlos ghosn joining us shortly to discuss this case. carlos ghosn escaped from that prison more than a year later on what really could be a hollywood story. james freeman, we are waiting on carlos ghosn to join us live from lebanon. but we want to take a look at the story of greg kelly and why greg kelly, who is still in tokyo, has been behind bars and has faced this treatment the way carlos ghosn has. your thoughts? james: yeah, i think it's been
an education for a lot of americans on the japanese legal system and maybe a moment to appreciate what we have here in the united states in terms of the rights of a defendant, the ability to freely consult with lawyers when you're charged, the ability to not be indefinitely detained. i think that was among the most shocking things in this whole episode and we'll find out eventually, i suppose, when the case is resolved the big questions about whether the japanese management was out to get the -- those who were conducting oversight. but i think most of all it's been really a moment to reflect on how lucky we are in the
united states that we have the due process we enjoy. maria: yeah. i mean, today, november 19th, is the third anniversary of carlos ghosn and greg kelly's surprise arrest in tokyo. i have known carlos ghosn for 20 years and when this first happened i was very suspicious of why he was arrested, knowing the back story of ghosn wanting to have a partnership between nissan and french automaker renault as well as mitsubishi and i knew that there were powers that be at nissan that did not want to have a partnership and certainly not a merger with renault which they saw as the lesser automaker. and it turns out that that sentiment was exactly spot-on,
because a carlos ghosn will tell you that he feels that this was a coup, to take him down, partly because he wanted to merge these companies. carlos is going to join us momentarily live. he escaped prison through -- through an incredible plan and he will talk to us about it but we also want to get into the situation of greg kelly who is an american citizen, a former executive of nissan, who nissan and the japanese government accuse of helping carlos ghosn. he remains locked up in tokyo and he is facing more jail time. the jail time includes massive punishment, things like keeping the lights on 24/7 so you don't know what day it is, what time it is, starvation.
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maria: welcome back. i just spoke with carlos ghosn. we're going to get back to him momentarily. but first this. house minority leader kevin mccarthy forcing a delay to vote on president biden's massive spending bill. mccarthy broke the record last night for the longest speech on the house of representatives' floor, spending more than eight hours making the final case against the build back better massive spending plan. watch. >> this is the single most reckless and irresponsible spending bill in our nation's history. madam speaker, you promised the american public this would be paid for and it's not. i didn't believe you when you said it. how can you look at your constituents in the eye with one party rule, in one year, you
created inflation we haven't seen in 31 years. you made gas prices higher than it's been in seven. you're passing a bill that gives amnesty to illegals. you're charging more than $5 trillion of this bill, more than 2,000 pages. enough. maria: kevin mccarthy on fire overnight. the house is expected to reconvene for a vote this morning at some point. it will come a day after the congressional budget committee revealed that the bill would add $367 billion to the federal deficit over the next 10 years. this despite the consistent cand continuous claim from the democrats and joe biden that this will cost nothing and is fully paid for. joining us now, texas congressman, kevin brady. thanks very much for being here this morning. can you give us an update. i know you're getting ready to head back to the house floor. where are we on this? >> yeah, i'm going to the floor
in about 10 minutes to help lead the opposition to this. but so leader mccarthy delayed this vote for two really important reasons. one, to protest the process where you have the largest spending bill in american history, that was written in secret, that no one really knows what's in it and now that the results are in, we know that it adds hundreds of billions of dollars to the national debt even counting the budget gimmick but the true cost to the national debt over the decades is more closer to $3 trillion, so that was the first reason. that's important. secondly, pull the curtain back on what exactly is in it and as the leader made clear, this bill is not paid for. it violates the president's pledge to not tax middle class americans. it is a huge tax give-away to the wealthy, two out of three millionaires will receive a tax cut in this bill and of course this will drive inflation up
even higher and longer on american families and so i was there for the first five hours of the leader's filibuster. i thought the points he was making was exactly what the american people need to hear. maria: tell me about the tax increases that they want to get through on this plan because for a long time, for these 10 months of joe biden being in the white house, we've heard that they are saying that nobody making $400,000 or less are going to pay higher taxes. you say they've already breached that. >> yeah. that claim is now nonsense now that we've seen the results. so both the joint committee on taxation and the liberal tax policy center confirm that one out of every three middles class americans will see a tax hike starting next year, that percentage will grow over time in a significant way and again, that's in contrast to two out of
three millionaires getting tax cuts. so yeah, there's no question, on small business people, on working families, all will see tax hikes and then as we learn more, we see things, we've discovered things like the toddler tax where families who use child care, who make even a dollar more than about $65,000 a year will see a huge increase in child care cost, more than $1,000 a month. it goes on and on. this is not only the largest spending bill but the largest tax hikes that we've seen in our lifetime. maria: so congressman, walk us through some of the things in this bill that strike you most. i mean, obviously that child tax is one very important item to mention because that's going to hit families across the country. but there are also things like giving money to illegal migrants, amnesty. there is that bank surveillance that we've been talking about so much. joe biden wants to hire 87,000
new tax auditors so that they can surveil our bank accounts. tell us more about the things that matter to the american people that we need to be aware of because people don't understand what's in this bill. >> no, they really don't. and i think the green pork, the green welfare give-awayings,awaa trillion dollars, much of that goes to the wealthy and the largest corporations. the fact that you're working hard as a single mom and you're spending 12 and-a-half thousand dollars of your taxes to your wealthy neighbor so they can buy a luxury electric vehicle is offensive. i think sending $450,000 to those who crossed our border illegally while we pay survivors of gold star families, of those we lost in the military far less than that, when you see tax
increases on small businesses and paying people more to stay home to work, stay home, then to reflect to work which by the way experts believe this will drive about 2 million more americans out of the workforce at a time we desperately need them, on and on and on. it is an offensive bill. and i didn't mention, at the very end they snuck in tax breaks for wealthy trial lawyers, for recording artists, to -- for the media, to hire local reporters. it is i think one of the most offensive tax give-aways for special interest than, maria, thank you and i have ever seen. maria: let me bring in james freeman from the wall street journal. go ahead, james. james: thanks, maria. congressman, you were talking about child care and obviously the cost is going to be massive
here, nothing gets expensive the way it does once the government says it's going to make something affordable. we think of housing, education, healthcare. but i'm wondering also about the impact on education when you have a huge federal intervention and a market that is now basically small operators, people, churches often, community centers, people in their homes doing child care and pre-kindergarten, nursery school. what is the educational impact of now a huge federal role, government approved pre-kindergarten. i know it's going to be expensive. but i'm worried about the educational impact as well. >> yeah, thank you for bringing that up. so i think you got that concern in two important areas affecting our children. one, in the educational area. obviously with washington
directed pre-k, they'll be calling the shots for local school districts and as you know, much of our pre-k is also provided by faith-based organizations who often provide education and child care, very important. especially for working families. and in this bill they prohibit assistance for parents who get their child care at their local church or faith-based organization. so again, a single mom trying to make ends meet will be driving miles out of their way to try to find government approved child care or early education while their local child care is down the street. it's really an attack on faith based organizations and the parents who depend upon this. maria: congressman, real quick before you go. what is the motivation here? how is it possible they're still driving this forward in the face
of inflation that is a 30-year high, a fundamental structural change that i think we're seeing in the jobs market, 4.4 million americans have left the workforce in the month of september, we learned that. won't this plan push those two items even further, more people leaving the workforce, inflation continuing to skyrocket? what is the motivation that they're pushing this despite voters rejecting these policies so strongly as we saw last week in virginia and new jersey. >> yeah, they are obsessed with this greatest expansion of the welfare state in our lifetime with the half a trillion dollars of green welfare in this. it is driving them to be transformational in their view, government control, cradle to grave. that's driving it. now the results are in. we know this will drive inflation up higher, we know it will drive people out of the
workforce, we're not even talking about the crib and tax hikes which in my view are an economic surrender to china, russia, japan, in europe, it will drive u.s. jobs overseas in a major way, i think will drive more investment in manufacturing oversea as well. maria: unbelievable. and we're trying to be more independent. it does the opposite. congressman, good to see you. thanks very much. we will be watching the developments this morning. congressman kevin brady. we'll take a break and get right back to carlos ghosn live in lebanon when we come back. kevin! kevin? kevin. oh nice. kevin, where are you? kevin?!?!? hey, what's going on? i'm right here! i was busy cashbacking for the holidays with chase freedom unlimited. i'm gonna cashback on a gingerbread house! oooh, it's got little people inside! and a snowglobe. oh, i wished i lived in there. you know i can't believe you lost another kevin. it's a holiday tradition! that it is! earn big time with chase freedom unlimited. how do you cashback?
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maria: welcome back. today marks three years to the day since carlos ghosn and greg kelly were arrested in japan. joining me right now is the former chairman and ceo of nissan and the former chairman and ceo of renault and former mitsubishi chairman, carlos ghosn. he is coming to us live in lebanon and carlos, thank you very much for joining us. i want you to talk to us about where we are on this case. you of course escaped and are in lebanon. your partner a, greg kelly is locked up in tokyo in a japanese prison, facing an additional two years in prison. assess the case. where are we today, carlos? >> thank you, maria. yeah, it's been three years since this tragedy started.
unfortunately, greg kelly is still hostage of the hostage justice system in japan. all of this is based on a bogus accusation as we explained many times of complicity, not declaring compensation that a was not decided nor paid. but because he dared plead innocent, which is something which is very unique in japan, because the country where the prosecutors prevail in 99.4% of the cases, after they obtain a confession from the suspected person because he dared in a certain way, plead innocent, they have been trying him for three years. as you know, the final decision will not come before march 2022. so one wonders what is so complicated about this situation which is very clear, the accusation which is at least -- in the worst case frivolous but
he's pleading innocent in a country where you have to prove yourself innocent and you are when designated by the prosecutor you are already guilty. maria: and that's a what they do. they try to make you so uncomfortable that they force you to actually say, yes, i'm guilty and you talk to us about that for some time throughout this last three-year period. carlos, i want to ask you about the law firm, the lawyers who helped build up you and your compensation and then in terms of bringing you down as well. i'm talking about the firm lathum and watkins. they initially were the lawyers who helped craft your compensation, the very compensation that the tokyo official said was illegal and the reason for your arrest and then they were actually used
again to take you down and say why that compensation was illegal. tell me about lathum and watkins and the law firm's role here. >> yeah. you know, this is amazing, all the facts that are now appearing and the documents that are being leaked and that are being showed, are showing clearly the unbelievable role played by a law firm in the united states which is lathum and watkins, because they have been advisors of nissan on compensation for many years, they've been advising greg kelly on everything which can be done, everything which is legal and everything that is legal in terms of compensation and these guys in fact participated to the plot in a certain way with a clear conflict of interest which has been denounced by the general counsel of nissan, but they sat down on all of this and they proceeded with the
accusation. so at least it's unethical but in my opinion it's even illegal. you know n they have conducted themselves in a way which is frankly despicable. maria: carlos, is there anything else you want to say to us about this case and about your innocence in terms of where we are right now as your former partner, greg kelly, is still behind bars? >> you know, i think when this happened three years ago and i said very clearly after a few weeks this is a plot, there was a lot of skepticism and the skepticism could be understood because we didn't have facts, we didn't have documents, we didn't have witnesses. three years after this tragedy happened and this tragedy which victims are nissan, nissan shareholders, nissan employees, the alliance, the renault member, myself, obviously, greg kelly and many others, that
shows clearly that there was a plot. this has been organized many months before the arrest took place and then after they discovered the frivolity of the first charge, they went looking for other charges to make sure i would never leave japan. fortunately i was able to leave japan and try to express myself and uncover this plot. greg kelly is still there. he is a hostage of the system. he is waiting the final answer from the judges in tokyo but frankly when you look at the score card of the pros you cue tores, 9 -- prosecutors, 99.4%, it is -- we are a little bit worried that even though this accusation is frivolous, he may not be prevailing. on top of this, what is striking is the discrimination between himself and hirito sakaya. they signed the same document.
sakaya was on top of his, as director and ceo. he is free, enjoying a nice retreat. greg kelly is held hostage in japan and this is something which is difficult to accept. maria: this is an incredible point that you're making and i'm glad you're making it about the fact that the executive who is japanese is free and the american is still behind bars. carlos, i know that 20 years ago we talked about an electric vehicle boon. you were among the first to see that and push those vehicles forward. 20 years later, the rest of the world is catching up. carlos ghosn, we will be in touch. thanks very much for joining us this morning, live in lebanon. carlos ghosn. stay with us. we'll be right back. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant.
maria: welcome back. well, the crisis of the supply chain affecting every aspect of american life. we have a new fox news poll this morning, it shows nearly three quarters of americans say they have been personally affected by the clogged up supply chain. my next guest's business imports toys from china to chicago and he says the he delays in the financial impact have been a nightmare. joining me now is learning resources ceo rick waldenburg. give us a sense of that nightmare. what kind of impact have you seen from this delay and clogged up supply chain? >> well, it takes our containers 60 to 75 days to get to chicago, rather than the usual 23 to 28 days and the cost for the containers has risen from about $3,800 to 25,000. this is literally costing us well in excess of $10 million
unbudgeted. maria: so what are you going to do? how do you make up that money as a business? obviously, you can't keep swallowing that for too many more quarters, right? >> no, you can't. it's not affordable. it could wipe out our cash flow. so we had to put out a price increase in the middle of the year which is something we really did not want to do, but we had to. there really was no choice. maria: yeah, i mean, we're seeing price increases across the board, not just from you. where are you seeing the most price increases in terms of products right now? can you identify various areas of the toy market or various areas of products where you're seeing the steepest increases? >> well, frankly the driver for us is freight and so the items that have to go up the most are the biggest items because they
bear the biggest impact from freight costs going up. the costs have been quite significant and so we've seen some items go up as much as 50% and we've seen some manufacturers in the toy industry have to raise prices multiple times this year to survive this. maria: so do you think companies will be going bankrupt as a result of this? >> i don't know. i think the market is strong. we're heading into christmas. there will be a lot of product sold. i think if people are able to raise prices and sustain them, they'll be able to recover their cash but it's an inflationary impact that's hitting everyone. it's not just toys. it's anyone that imports from outside the u.s. and is exposed to this. maria: rick, let me ask you this. how long do those prices stay elevated? i mean, look, we're looking at
some products seeing an increase of 50% as you just said. why would toy makers change that in 2022 or 2023? how long long-lasting are these elevated prices? >> i think all businesses respond to incentives and so for us, we believe that the more we can offer a value to consumers, the better off we'll be. and so we're going to try to price our products as sharp as we can. we also know that families and schools buy our products and so we have to price things as fairly as possible. and so i think our hope is that this will recede. maria: okay. rick, it's good to see you. thanks very much. we're going to take a break and we're going to get back to washington with the latest on the vote and the reconvening in the house. stay with us.
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i'm maria bartiromo. it is friday, november 19 we are breaking news house of representatives reconvening right now to vote on president biden's "build back better" spending and tax plan house house minority leader kevin mccarthy after epic speech slamming democrats associate spending tax plan in marathon speech more than eight hours a record after speaking more than eight hours on capitol hill longest speech ever fox business hillary vaughn live from capitol hill with the very latest. good morning to you. >> good morning, house republicans cannot stop this vote from happening but they don't have to take it sitting down so house minority leader kevin mccarthy stood on house floor all-nighter giving longest speech ever breaking speaker pelosi's own record. >> madam speaker -- this one
minute field almost like eight hours now. >> no secret this bill is too extreme, too costly too liberal. >> a few weeks ago, congresswoman abigail said nobody elected joe biden to be fdr. >> congressional budget office released their score of biden spending bill "build back better" saying 367 billion dollars to the debt meaning not fully paid for does not cost zero dollars like president biden promised that was supposed to be a deal breaker for some moderate democrats who delayed vote for the score to make sure it is paid for but are now disraring it moderate congresswoman murphy explaining her flip-flop saying well, i continue to have reservations about the overall size of the legislation and concerns about certain policy provisions extraneous unwise i believe there are too many badly
needed investments not to advance in in legislative process i will work with my colleagues to improve the bill house plans to finally vote on this "build back better" bill this morning but very clear whatever passes in the house will be carveed out in senate kind of like a thanksgiving turkey. maria: unbelievable, thanks very much we will get back to you, as news develops during a conversation saul morning long james freeman jonathan madison great to have you this morning jonathan your thoughts where this goes next. >> it is interesting we hear a about cbo budge estimate thk think tangz suggest far more than 367 billion the what are theupon closer to 4.6 trillion next 10 years time for leaders on the democratic side and republican side, to step up,
thank god for kevin mccarthy, built also, thank goodness for democrats goldman only democrat that is publicly come out against this "build back better" bill calling for what it is, and representing the interests of the american people, the right way this is a time people need to step up maria, and you know, i am glad kevin mccarthy said what he said he i hope has another eight hours left. >> there is kevh kev ip brady on house floor joined us moments ago, to walk through this bill. james freeman you talked about all the higher taxes he said democrats breached their promise to tax anybody making 400,000 dollars or less said having those people will also get taxed. he was with us a while ago. >> we are all paying the price when tax go up on business spending debt rise, this is more debt, more incentive not
to do productive work more inflation government spending surge, it is reckless it is irresponsible. bernie sanders is very happy succeeded pull party sharply to the left people looking at this plan disconnected from anything voters think a firefighter will look understand bernie sanders doesn't like markets, he doesn't like freedom, he thinks all markets all businesses are broken has interventions across the economy so this -- the -- this plan is not geared towards making america -- more prosperous it is shocking, and let's hope moderates if any in senate will -- >> let me tell our audience there is time to buy the cost
-- trump china american rival the book james freeman and i wrote together, and it is -- right now available, james, we laid all of this out, in the cost, writing the cost overtaking, over turning, america first policies, the cost of bernie sanders budget, and we also talked about what is now becoming real clear, to american people, and that is the corruption of the hillary clinton campaign. in trying to bring down donald trump, the cost trump china and american arrival revival book came out before election day november 2020. >> thanks to you it was a pleasure to work on it, i am proud i think that he said it very well we talked about trying to warn people, are about how bidenomics was
berniomics should expansion on brink of passing house sadly something we foretold last year i think people will find it very relevant as they look at current challenges. maria: yeah, the book is available right now, on amazon we want to talk about the impact of all this spending, on not only the macro story but markets joining me to talk more about that what is going on with this market, dow industrials selling off here down 244 points, there are worries there will be new covid related lockdowns in austria among others worry about perhaps, further lockdowns in europe, joining me right now, is research president author of in praise of profits ed yardeni congrats on new book we're navigating active situation at capitol
right now house has reconvened they will be voting, on this massive spending and tax proposal we know that probably is dead on arrival nonetheless nancy pelosi pushing for vote before they all leave for thanksgiving holidays tell us about the impact of this spending plan on markets and the economy ed. >> well, i think the biggest problem, we are all facing, not just in the markets, but especially those of uss consumers that is everybody is inflation. our inflation outlook that it is going to be somewhat neighborhood 4 to 5%, through the middle of next year, then if we are lucky, it might come down to 3 to 4% still well above 2% target fed has had. my concern is that the fed rather than fighting that inflation, will change goalpost raise the inflation target from 2% to 3%, so this bill isn't going to help at all. as a matter of fact when
president biden was in baltimore few days ago he admitted that last round of stimulus checks that we had back earlier this year, created way too much demand demand shock produced supply shock that is why we have supplying disruptions, and miserable inflation situation. maria: look, the issue with markets is that marks don't care about debt and deficits until they care right? they've been you have potential for a major cycle of unraveling of valuelet not forget with inflation scare, pushing the federal reserve's hand in terms of raising interest rates every point that goes higher on interest rates, means another 100 billion dollars, in costs for our debt to just carry that debt it is going to get more expensive to carry that debt doesn't that impact markets and potentially mean a cycle
that gets out of the hands of lawmakers once it starts -- well selling off, it sells off. >> that is correct. you know, the inflation genie may be out of the bottle, hard to put back in especially a if he had basically more liberal more woke next year no when the about powell or brainard, extremely focused on the unemployment situation much more so than the inflation situation. which is fine -- as you said -- until inflation winds up hurting way too many people. >> i got to ask the about chairmanship of federal reserve on president biden to announce pick horse race, as you know, going to replace jay powell with lael brainard you said there is a possibility that it is lael brainard but
the markets are betting it is you know betting underway market betting investors betting jay powell, do you doesn't matter who biden chooses walk us through that. >> i really don't -- i mean jay powell very bidenes k very woke in monetary policies since beginning of pandemic, last summer in august, he led the fed to change the weighting on dual mandate unemployment gets much more weight than inflation nope now if he had officials themselves expressing concerns maybe this is getting a little bit out of hand. of the and i think, whether it is -- powell or brainard, i think the fed is going to do everything they can, to raise interest rates very, very slowly. and that is where i think they are going to be raising inflation target from 2% to 3%, lets live with more of it
as though -- it is not a burden to all americans. maria: so they are going to want more free stuff out there more stimulus. is that what woke policy looks like? >> well, that is that is the environment we're in, you know, spend, spend, spend, borrow, and hope you can get away with it the problem is the inflation sides are getting angry. maria: ask ed i know ub you've been a perennial bull much of your career, i guess your entire career. of you been right does this because to you change that in any way? do you want to slow up go to cash? -- policies materialize. >> i really don't see huge gains for the stock market up ahead here, because, as you said, the valuation multiple is quite elevated the market if stays elevated a big if,
conversation we just had about interest rates and about inflation, even if it stays elevated, the best we're going to see is stock go along with earnings going to be low signing digits or mid for a m i will. >> we appreciate your time thank you ed yardeni joining us, one of the best prognosticators out there stockpickers house gears up to are the a vote on president biden's tax and spending plan we are following the action live it is happening in real time, you are looking at it on left side of your screen a you are watching "mornings with maria" live on fox business, we'll be right back. . ♪♪feel like throwing my worries away♪♪ ♪♪as an old native-born californian would say♪♪ ♪♪it's a most unusual day♪♪ ♪♪it's a most unusual sky♪♪ ♪♪not a sign of a cloud passing by♪♪
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backing down on the chinese communist party and enable legislators nikkei as well over use of slave labor to manufacture sneakers calling out lebron james tweeted money over morals for the king sad disgusting how athletes pretend they care about social justice image of sneakers drawing attention to chinese partnership with chinese party the "the wall street journal" out with editorial highlighting women's tennis association calling out china unlike nba demanding investigation into allegation of sexual assault by high ranking chinese official from tennis star now gone missing, james this is another example of the issues that we highlighted in have our book the chinese communist party
wills disappear people don't like what they say this tennis mayor said a chinese official sexually assaulted her "the cost, trump, china and american revival". >> we talk how china under xi jinping has moved backwards, this is an old school communist reasserting party control more examples of the lack of transparency the lack of -- free press, the lack of human rights. and i have always liked game on court now i think mvp off the interior as well calling out nikkei calling out lebron james for hypocrisy they want to lecture all those day long about everything they think wrong with united states but come to the defense of the communist dictatorship in china, when questions of human rights are raised. maria: that is right, because it is all about the money i
guess they want to sell sneakers to 1.4 billion people no matter there is genocide going on as we speak, in the ccp. and yet joe biden, won't bring it up! >> yeah, for holding athletes accountable if you take stand for some social issues be prepared to be hel accountable for every statement you make be prepared to be educated on the statements that you are making, and the apparel you are wearing, so i don't think lebron james gets a pass for this one i think people need to be educated, help accountable. >> congresswoman michael waltz with us earlier telling american people if you pick up a product and it says made in china put it down, are coming up keeping eye on capitol hill house minority leader kevin mccarthy slamming democrats in might have beening speech last night the longest speech ever
more than 8 hours the house is now reconvening, to vote on that spending and tax plan, we will break it all down live as it happens, next. . kevin! kevin? kevin. oh nice. kevin, where are you? kevin?!?!? hey, what's going on? i'm right here! i was busy cashbacking for the holidays with chase freedom unlimited. i'm gonna cashback on a gingerbread house! oooh, it's got little people inside! and a snowglobe. oh, i wished i lived in there. you know i can't believe you lost another kevin. it's a holiday tradition! that it is! earn big time with chase freedom unlimited. how do you cashback? chase. make more of what's yours. hi, i'm debra. i'm from colorado. i've been married to my high school sweetheart for 35 years. i'm a mother of four-- always busy. i was starting to feel a little foggy. just didn't feel like things were as sharp as i knew they once were. i heard about prevagen and then i started taking it about two years now. started noticing things a little sharper, a little clearer.
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tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. . maria: welcome back. inflation fears are heading up after prices hit a 30-year my in the month october to look at new fox news polls how concerned americans have become 45% he registered voters say inflation and rising prices are the top economic issue, facing the country, joining me right now former chief economist of the imf harvard university professor kenneth, thanks for being here. >> thank you for having me maria. >> i want to get your take what more trillions of dollars in spending will do to inflation backdrop but first give your sense of where we are, characterize if you will
the economic backdrop and nation. . >> well, the economic backdrop in the united states recovery pretty good. but we've certainly have inflation which is on the -- 4, 6% okay core inflation just over 4% but those are just stunning numbers than few years ago i think we are on knife's edge where we are going if fed follows through there is a 50-50 chance little less that they approve right and temporary, i think there is a fair chance this in two or three years we are still talking about 3 or 4% inflation going to be even more painful to bring down. maria: a well, the definition of inflation too many dollars chasing too few goods house in session right now to vote on this "build back better" spending tax plan. after house minority leader
kevin mccarthy had a really epic speech last night, 8 plus hours, and because of that delayed the vote. and today, we are seeing them requeen the nonyou partisan congressional budge office announcing plan will add 367 billion dollars next decade president biden has repeatedly said it costs national guard you are an independent voice do not get political you look at things economically. you do you believe another five trillion dollars in spending because that is what it is, when you actually take out these big sunsets, will that stoke inflation further you go to? and what are your thoughts about the cbo findings? >> well pretty clear, that the first stimulus right after biden took office, maybe the one, at the end of the year,
2020 were a little too much too late in the game they have added to the inflation. along with supply chain and everything else. i mean, frankly, this further bill is kind of hard to read remake of the government that is going to have an effect on productivity investment, i think not going to be as severe on inflation, however, it is more the mood the credibility of the government will fed raise interest rates when it needs to, you know i have a feeling the government the biden administration on back heel not a good situation to be if when to having fight inflation you've got to be willing to take a tough hit if needed no question, fed policy, new fed chair don't want to do anything in advance
of that, powell raising interest rates would take out of running, it is isn't just technically what is going on but the backdrop of enormous pressure on the federal reserve, i think we aren't seeing since 70s the pressures on monetary policy. maria: . >> do you believe there will be a new fed chair? what is your betting on who biden will choose a horse race between jay powell or fed governor brainard what would a brainard appointment mean for policy. >> i think no question progressives are pushing hard for lael brainard, thinking she would use regulation for more climate change, fighting ininquality a sort of position than powell -- the markets want powell, there is no question biden is in a strong
position would appoint brainard the one that his administration wants, you know, will he -- with market we will see, my friends, you know, who are economists mostly betting on powell but i think it will be brainard. >> have i think so too good to see you this morning.. thanks for weighing in on all that also a a pleasure ken, come back soon been way too long. >> thanks for having me. >> we will see you soon, kick break then to treasury why you should be concerned over biden's comptroller of currency nominee wait till you hear what she said into personal banking account the high cost of christmas a new jersey christmas tree shop to get a firsthand look at supply chain impact and price on christmas trees don't miss a moment of it. you are watching "mornings with maria" live on fox business. .
thanks so much for joining us of them tgu. if maria bartiromo friday, november 19 markets this half an hour ahead of opening bell, we are looking at a pretty good sell-off dow industrials down 240 points right now, as covid concerns in europe weigh on market people are afraid of more lockdowns and mandates throughout europe s&p 500 down 12 1/2 nasdaq still strong up 70 points this morning opening yet another record high, on the nasdaq this morning. yesterday, the s&p and nasdaq finishedat at all-time highs european markets lower because of worries austria announced it will reenter a fum national lockdown as covid 1 cases are spiking, ft 100 down 43, cac quarante down 56 dax lower by 94, half a percent lower across the board in eurozone? asia overnight mostly higher hong kong weak spot dragged down by shares of alibaba sold
off better than 10%, sending hang seng index down better than 1% u.s. breaking news fda thoroughfaring authorizing shots for all. >>. lauren: widespread use availability ahead of thanksgiving a lot of people congregate indoors food and drug administration is giving the green light for covid 1 booster for anyone who is over the age of 18, the cdc, however, still needs to sign off before the booster can be administered to people could happen this weekend. so perhaps tomorrow has already been approved for people over the age of 65, those who work at high risk jobs -- >> the drug companies here vaccine makers moderna up as much as 5.4% premarket pfizer up 1 1/2% macy's hiring to
evaluate if they can spin off commerce business from activist investor to separate on line operations from department chains physical stores macy's another strong quarter growth, launch new only marketplace for third party sellers shares down 2.3% premarket, lexus most reliable on the road consumer reports surveys more than 3,000, 2019, 2021 model card owned by members om u.s. brand to make top 10 platform of the list lincoln tesla ranked second to last i know you are scratching your head you got to think about it when you look at company, like tesla, model s, y vehicles high-tech a lot of things in it that don't always work, and some of the older models 2019 year -- well
perfecting technology, back to you. maria: all right. thank you so much lauren democrats are getting ready to push through the massive spending and tax bill this morning, pelosi finished her closing remarks, this after house minority leader kevin mccarthy delayed vote overnight spoke more than 8 hours, slamming the package and making history, with the longest speech on the flow ever. this after cbo estimating 36 billion dollars to the federal deficit next 10 years not the zero, that biden keeps claiming, it costs nothing he continues to say. joining me right now washington examiner editor in chief hugo thanks for being here reaction to what we heard from kevin mccarthy last night. >> an extraordinary speech i have to admit i didn't stay up for whole thing he actually, as you say, set a record for the length of the speech the record he was breaking was, nancy pelosi's, so i mean, when they want to they will
delay things, i mean i think the point he made excellent this is a really bad bill 367 billion dollars, that the you know, that it will add to the deficit, is a fiction, we used to recognize 367 billion dollars was a lot of money but talking about trillions so many months with joe biden, that, you know, it is almost a cover, 367 billion looks to some people supposed moderates, in democratic party as oh, not too bad maybe going to -- i suspect house will cost it move to senate the whole thing hanging on joe manchin and kyrsten sinema. maria: look, the spending and tax plan, are is going to mean higher taxes, for american families, they need somebody to pay for it jonathan madison james freeman my question is
jonathan why weren't the gubernatorial races two weeks ago a wake-up calm, for the democrats that voters are he rejecting massive spend and tax policies even though voters are saying no, they are still pushing it through. >> yeah, it is unbeknownst to me, a race with a huge wake-up call for democrats across the country, that the republican base is strong, and we're at a position right now voters just in general are he rejecting thely, and the misinformation of democrats to suggest that it is more spending it is more taxing that we need. you know so i think it is just it is just appalling maria appalling. maria: and you really can't keep up with the lies hugo he keeps saying going to cost nothing, pushing through radical nominees let's talk about joe biden's nominee for
the comptroller of currency just to be clear this role comptroller of currency is most important role for the nation banks she would oversee the banks, saule omarova on capitol hill yesterday take a lynn. >> -- called you professional -- >> -- that statement about oil and gas companies going bankrupt, actual misspoke it was not well phrased my intention was saying exactly the opposite we need to help those companies to get restructured. >> the fact president biden would even make such a nomination further solidifies how radically liberal out of touch white house views are. >> you still believe the government should not in some situations have seats on the boards from corporations? >> i am with -- margaret thatcher on this one. >> i can't speak speak for margaret thatcher here this morning i got to believe
margaret thatcher had vote on your nomination she would be opposed to it. >> hugoive got to say senator john kennedy excellent in his questioning going through omarova's résumé, she was part of the young communist club growing up, in the soviet republic, your thoughts on whether or not she has a shot of passing the banking committee never mind entire senate actually getting this job. >> sad silly i think a shot but a very, very slim one, i i mean i think that, her nomination comes up as just exactly wrong time. to get it through. and the point number of points made she has said she wanted oil and energy other energy companies to go bankrupt this is coming up at a time gas prices are really, felt very strongly everyone driving to go home join family for
thanksgiving going to know this administration, 20 bucks extra to have to pay every time, here is a nominee biden tries to say very concerned about gas prices, et cetera, et cetera, but pushing through a nominee who wants oil and gas companies to go bankrupt. you know. she is also he alluded to talked about pretty much nationalizing checking accounts there is no mandate for this sort of stuff she talking about wanting to sort of change banking as we know it, there is no have to -- clamor cross country for changing banking, people are pretty account with way banks operate don't want radical in charge of i think savings and checking of 14 trillion dollars, two-thirds of the banking industry. it is an extraordinary extraordinary nomination, and is you know as saying one -- shows how out of touch joe
biden is. maria: yes, that is right i think that is a really the point, the fact that he would push forward this nominee tells you that he has a tin ear in terms of what american people actual want. like you said, this is the most glaring example she wants a change in the way we have our checking and savings accounts, she doesn't want us to have our open separate private savings account she wants all of american people's account regulated by federal reserve, so the federal reserve, has complete oversight of where money is how we spend it joe biden puts her forth to be the head overseer of the banks. >> it is really an extraordinary tin ear one of the things we've been pointing out, for example, on this restoring america project that we have at washington examiner is the extent to when this administration is willing to ignore the actual issues, of
the country. they have no mandate, i mean the fact it has been so difficult to push through, the "build back better," bill, five trillion dollars of extra spending is because, so closely divided with democrats in the house and because senate is completely evenly divided, the country did not give joe biden a mandate for massive radicalism yet pushing these things through. maria: exactly right, hugo good to see you. thanks very much hugo joining us this morning we will break when we come back the crunch that stole christmas supply chain crisis could cost you big holiday season we break it all down, and if you missed it, here is my video of last night's lunar eclipse, the longest one in over 500 years! check it out, we will be right back. . ♪♪ christmas, the people to come
♪♪ sparkles ♪♪ i just wanna be there ♪ ♪ . >> next week on "mornings with maria," monday true price tag of president biden's spending spree unveiled, former cbo director punching. >> putin appears ready to invade ukraine again general jack keane on why he must be stopped wednesday china pushing top u.s. companies to fight congressional action on communist nation gordon chang reports, black friday's biggest steals and deals right here all right here on "mornings with maria." .
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maria: welcome back. we are about a month away from christmas you might be worried about gifts in time but the supply chain crisis is also affecting artificial frees liddio hu in until with a look what to expect if you've not gotten that tree yet hi lydia. >> good morning, maria. we are at showroom of the national tree company don't the be fooled by this beautiful inventory that you see here, because, this is probably not going to be available at a store near you this holiday season, and for insight on that very point we are joined by ceo, national
tree company, chris butler good morni national christmas tree association says retailers are down 25% of artificial tree veteran what are you seeing he go. >> we are about 10% down than we planned, in june or july of this year saw incredible tightening of taxpayers supply chain unable to bring all across from china. >> i am sure has to impact prices, the average price across the country for artificial tree around 104 dollars you have to increase price tell us about that the factor going into that. >> the containers cost as well, constrained supply also want -- costs about 2,000 dollars this 20is,000 dollars 10 times increase we've rad to ray of 25% across the board to overcome costs to bring to america. >> you said 30% a huge increase you know people are
going to be decorating coming weeks thanksgiving on thursday, what is your advice to consumers right now for looking to buy a new artificial tree? >> a i would say buy now in you want tree get only this weekend buy now, thanks for insight one fact i found out maria is that 85% of americans who who celebrate do so with artificial christmas tree i was surprised tells you if in market for a new tree get to stores before the grinch gets there first back to you. >> great point lydia thank you so much, jonathan, do you have a tree up right now? i grew up with artificial tree then started getting a real tree did you put your tree up? >> we don't have our tree up yet wanted to put it into retirement looks like it's going to have to bring it out
of retirement there aren't tries available i have allergies to real trees out there, so, you know, i have been accustomed to fake tree most of my life will affect me. >> going to affect all of us james going to affect anybody looking for gusts we are getting warnings make sure you shop early for gifts for the kids. and friends. >> yeah never been into artificial trees i guess i am -- out of this supply chain thing, as far as, yes reminder that shop early, also, this is the related issue of one of the problems with inflation that people waste a lot of time thinking about, should i buy now because the price is going higher and that sort of waisted wasted effort people think when and where to buy,
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. welcome back breaking news right now the house is about to vote on president biden's "build back better" spending tax agenda, the vote was delayed last night after house minority kevin mccarthy give a record-breaking plus hour speech on the house, the nonpartisan cbo estimating spending and tax will add whopping 367 billion dollars, to the u.s. deficit, obviously, not what the president promised that it is fully paid for will cost
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>> time for the big buzz of the morning, a phone for your pooch. this prototype allows pets to place video calls to their owners by picking up and shaking a ball. the dog phone contains a motion detection device that connects the call incidences movement. it helps pets deal with separation anxiety. how do you like that? >> i just heard the term pandemic puppies today. they deal with separation anxiety through this. you can check up on your dog but don't be fooled, you have to check in on your wife as well.
as long as you're checking on both you will still be good at home. >> it is a perfect gift for dusty, very exciting. i have the inventors could come up with something that would make it so when i call my children they would answer their phones. maria: that's a good one. we will see if we can find something like that. one of the brothers of the morning, we are looking at a live developing situation in the house of representatives where the house is going to vote on this spending package and tax package. nancy pelosi wents a vote before thanksgiving and then leave for their long holiday week, shortened week next week.
>> we have to look at a few moderates in the senate who will save the country from this monstrosity. maria: it looks dead on arrival in the senate. >> exactly. at the end of the day if the moderates on the house don't get the moderates in the senate, i truly believe will stop it and it is hopefully ends there. maria: have a great weekend. at 8:00 pm eastern, "varney and company" begins now. stuart: good morning. kevin mccarthy, the republican leader in the house, made a valiant effort to stall the build back better plan, successfully delay the vote the cancer the way forever. members going through procedural motions leading to a full vote later today. that is the theory. we get into what is in this