- okay, that's for another day. - well, damn. yeah, we got a serious problem back in this right drift. the last round they put in, there's at least one hole that didn't blow. - well, get outta there. maria: good thursday morning, everyone. thanks so much for joining us, i'm maria bartiromo. it is thursday, december 9th. your top stories right now, 6:0. p president biden ruling out the use of force should russia invade ukraine. he is set to speak with the president of ukraine today, days after his video call with vladimir putin. many say the president was not tough enough in the meeting. a new poll shows nearly half of americans say the president's actions are negatively affecting their lives as they pay more for everything including gasoline, food, bills and more.

markets are lower, take a look at futures indicating a decline at the start of trading for the dow industrials, the dow down 98, s&p 500 lower by 14 and nasdaq down 66. all three major indices finished in the green yesterday as pfizer announced toledoses of its vaccine -- three doses of its vaccine is enough to affect the omicron -- combat the omicron variant. the nasdaq was up 100, s&p 500 higher by 14 and-a-half. european markets striking a firmer tone. take a look at the eurozone, the ft 100 is lower by 3 and a third, the dax index lower by 32. in asia overnight, markets mostly higher, hong kong the best performer. the hang seng up overnight better than 1%. "mornings with maria" is live right now. ♪ hey now, you're an all star, get your game on, go play. ♪ hey now, you're a rock star,

get the show on, get paid. ♪ all that glitters is gold. ♪ only shooting stars -- maria: your morning mover, first up, game stop sliding in the premarket, it is down better than 4% on game stop. the video game retailer falling after reporting wire losses if the third quarter, inventories grew as the company tried to get ahead of the supply chain union p. crunch. game stop shares skyrocketed last year, up more than 840% this year, 2021. rent the runway plungeing in the premarket, take a look at the clothing rental company, reporting a wider than expected loss in the first earnings report since going public, down 11 and-a-half percent right now. the company reporting a disappointing subscriber number, hitting 87% of prepandemic levels. rest of the market mixed with a negative tone this morning, futures are in the red as we look ahead to economic data out this morning, we have initial

jobless claims coming out at 8:30 a.m., consumer prices out tomorrow, we'll be waiting on the inflation cpi for tomorrow's market. the omicron variant uncertainty as we head into year-end, as you see, 215 you thousand jobs 215,n thismorning. joining us now, dominic tavella. also joining the conversation all morning long, fox business', dagen mcdowell, forbes media chairman and former presidential candidate, steve forbes. thank you for being here. dominic, kicking things off with you. what do you make of all this volatility? >> well, i hate to say it because it drives clients nuts but it's normal. we had this real scare with this new variant coming in and potentially could be a very negative global event and then we had chairman powell really indicate that that maybe inflation isn't as transitory as he's been indicating, that put the fear of god in the market.

we saw 5% pullback in the s&p, a little more in the nasdaq and the dow, as that noise has softened a little bit, markets recovered. so this is quite normal, clients don't like it but it does happen. maria: we've got a lot of the major strategists coming out with their 2022 outlooks now, dominic. how are you looking at the year ahead in terms of investing? what is your outlook for stocks? >> i think, maria, the answer has to be quality, quality, quality. strong balance sheet companies, companies that have good earnings and i think most important, companies that had the potential to pass on costs that are obviously very high, input costs, and can they pass those costs onto their consumers? if they can't, they're in trouble. and you named some companies this morning. we see kathy, arc, etf investment, more speculative growth companies, they're in trouble.

i think you stay away from those. create a solid core portfolio for 2022. maria: there are unanswered questions that we are all watching as investors, whether bit the inflationary story, also the supply chain disruptions. how do you think these things play out? are we going to have to just figure out how to live with all of this uncertainty? the federal reserve also a big unknown, when will they start the taper and will we see two or three rate hikes in the new year? >> to the first part of your question, with my own clients, we're learning to eat with our left hand when we're used to eating with our right. companies are figuring it out on the go. the ones that do it well are going to prosper. the ones that can't figure it out will go by the wayside. going forward, that's the key to look at companies that can figure out how to deal with supply chain problems which are not going away. they will resolve themselves. but as i've said all year long, this is not something that gets fixed in a day, in three, six,

12 months out as this pipeline unclogs, companies that figure out how to fix that problem will prosper. to the other questions, volatility, inflation is here. inflation is not going to go away any time soon. it will crest sometime next year. when you look at labor cost and inflation there, energy cost inflation and the supply chain problem that you just brought up, maria, we don't see inflation really ebbing until mid-year next year. maria: steve forbes, jump in here. steve: dominic, in terms of volatility, how long can this over-valued market stay over-valued? you emphasized the importance of having good stocks next year but by every measure this market is overvalued. inflation is going to be with us which means we're going to have higher interest rates. that can't be good for stocks. how long can this continue? >> i love the question.

the question is, what is the alternative. eoo atas ahtas lresourrecereount ney moet aetou ant are ta s.llll oiofns of ll healeserveeserve sta ssrt e inistee reste rates wyoonu get a g a rea rat5you ofnuritngit iting money mey ntetou or or o bouccououou orst aress despe desraeslylog lt obviouy y ke havavee e i thini kinhe newewesour oeeeallyll caref cular,ar at's why w ip strsi qualit qitliit,itty,se cosaysotototss er-value-valal somfhese the tec. have you to be ultra careful going forward and there's going to be a lot of volatility. the noise coming out of the fed seems like it changes almost every single week. that noise is going to move the markets. maria: all right. dominic, great analysis as always. good to catch up with you. thanks so much. we'll see you soon, dominic. we're just getting started.

more americans say president biden's policies are hurting them and their savings but democrats are still pushing through their build back better massive spending and tax plan. california congressman ro khanna is here to weigh in on that coming up. florida senator marco rubio will join me on president biden's nato call later today and the threat russia he poses to china. we'll also get into china with the senator. bill de blasio goes scorched earth on his way out the door. hear mayor-elect eric adams' response to the sweeping vaccine mandate as he is left holding the bag. stay with us. you're watching "mornings with maria" live on fox business. ♪ surrender, surrender, but don't give yourself away. ♪

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maria: welcome back. now some of the top stories we're watching this morning. the u.k. and canada now joining the united states in a diplomatic boycott of the beijing olympics, citing concerns over the chinese communist party's human rights abuses. australia, new zealand and lithuania announced similar boycotts. the athletes are still allowed to compete and will compete in the games. hong kong activist and friend of the program jimmy lai found guilty in hong kong for his role in an assembly last year for victims of the 1989 tiananmen square massacre. he is currently sitting in jail for leading hong kong assemblies in 2019 and the anti-government protests. lai has been a fierce consider f

mainland china. he warned western companies about doing business on this program in 2020. this was his last interview before he was arrested. >> if you come for hong kong, they can arrest you, if you go to china, they can arrest you. and this is setting a great caution for people who do business in china. maria: and we continue to see this. remember last month of jp morgan ceo jamie dimon bowing down to the ccp, walking back his comments that wall t street's largest bank would outlive the ccp which is 100 years old this year. we will keep a spot light on this story. the head of instagram grilled on capitol hill yesterday as he tried to defend himself and his company. >> my responsibility to do all i can to help keep young people safe on a platform, but anybody who uses the platform. >> we are telling you children

have inflicted self-harm and we are asking you have some empathy and take some responsibility. maria: he was slammed over internal research which shows how harmful instagram is to teenagers' mental health. he deflected blame to rival platforms, tiktok and youtube. he would not rule out creating a version of the app specifically for children. lawmakers are working on legislation to better protect kids online which instagram says it supports. cryptocurrency industry leaders testifying before congress yesterday, the house financial services committee called a hearing to better understand the growing industry that is block chain and crypto, what kind of action could be taken and the regulatory front. lawmakers sparred over what the government's responsibility toward crypto is and whether or not the technology posed a risk to financial stability given its volatility. as you can see, crypto is down this morning.

a surrogate for new york city mayor-elect eric adams slamming bill de blasio's vaccine mandate on private businesses. they told the new york post, i think for the outgoing mayor to announce something like this knowing the implementation and enforcement would be entirely the responsibility of the next mayor is a slap on the face. he insists the mandate is going to work. it takes effect december 27th, four days before de blasio leaves office dagen, i've been saying that de blasio is burning the house down on the way out, there is no reason for him to do this four days before he leaves and leave it in eric adams' lap to deem with. dagen: can this franken idiot just go? can this franken mayor just be gone. it's an f-you to everybody who lives and works in the city which has been the case

literally everything this socialist sasquatch has done during his time in office. i think that he implemented this new vaccine mandate, which will get tossed out, simply because he is trying to run for governor in new york and he thinks that this is a big win for him among the pro-vaccine crowd but he -- again, it shows a complete inability to read the room and read the city. so i just think that he did it for his own self-interest as he has with everything else and i'll point out that a judge has set a hearing for december 14th on whether had they will issue a temporary restraining order on the vaccine mandate in new york city for municipal workers. so i expect the one on private businesses will just get ignored. i think businesses are just going to ignore it until a judge rules that it's a no-go. maria: yeah.

i mean, i was surprised, steve, because already joe biden's vaccine mandate got struck down. i mean, you had federal judges in the supreme court saying this is unconstitutional. so where does mayor de blasio come off thinking that his is going to be fine when the president president was just told it's unconstitutional. steve: you saw the reaction of the president, even if it's unconstitutional, according to the appeals court, it doesn't matter. they're going to go aanyway. de blasio, no surprise he ignores court things like that. this is spiteful and nasty. i think the real reason he wants to run for governor, he wants an excuse to raise money to take care of himself when he leaves office as mayor. no one in their right mind would hire this guy for anything, except for -- i'm not going to say it. the sooner he goes the better. this is pure spite. the new mayor's going to throw it out, it's going to be ignored, period deaf i --

dagen: i want to remind people. de blasio ran for the democratic presidential nomination while he was supposed to be governing new york city and he drew 0.0% of the he vote. that's how much people loathe him, people who don't even live in new york city. maria: yeah. i think it was the smallest a amount of people, smallest number of people that actually came out to vote in new york city for that mayoral race. it's such a good point about his run for governor. there is new opt tim in the fight against -- opt tim in the fight against covid. another antibody treatment gets approval. americans are weary of bad policy. why more voters say the administration is negatively affecting their wallets and they're unhappy with joe biden. the hot topic buzz is coming up. ♪ you'll be me honeysuckle.

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test. joining us now senior fellow dr. thank you very much for being here this morning. what is your assessment of the omicron variant and its impact? >> omicron is still uncertain what the impact is going to be because we still don't have definite information on how transmissible it is, how serious the illnesses will be, how effective vaccines are going to be, so this remains to be seen. there are some early indications that it may be more transmissible than earlier variants but there are thankfully also early indications that the disease that it causes seems to be pretty mild in many cases asymptomatic so he that's very good news indeed but we're going to need a little bit more time to study this. maria: yeah. i mean, also good news are the treatments on the market, glaxosmithkline seems very optimistic about its recent you

announcement of its drug, the fda also authorizing the use of astrazeneca's cocktail, preventing infections in people with weak immune systems and those with a history of severe side effects from vaccines. a recent late stage trial was shown cut the risk of developing covid-19 symptoms by 77%. doc, your thoughts on this? >> those are all great developments. there are three antibody treatments on the market already, prior to the astrazeneca, they're meant to be given intravenously. the astrazeneca is meant to be a protection, a prophylactic and that's for people that can't say vaccines, let's say they get an allergic reaction or those that don't react well to vaccines, don't mount their own immune response, those that have cancer

and take immunosuppressive drugs. whether it protects against omicron, we'll have to see. also importantly, you have just over the horizon two pills that are about to be approved by the fda, one from merck, one from my ser and those should be -- they're pfizer. and those should be easier to take than the intravenous antibody treatment. maria: which is why we were expecting a little more normalization by now. yesterday, jeffries and company told staff to resume working from home and they canceled all work travel and client parties amid a spike in new covid-19 cases including 10 new caseses in one day. jeffries began having staff return to the office in september. 95% of the staff was vaccinated and yet they're having breakouts. more and more businesses returning to work and the omicron variant continues to spread. what do you think we'll see in terms of companies and what should people be doing right now in terms of working remote

versus in the office? >> well, look, the fact is that companies are in the best position to see what's going on in their specific location. so jeffries had a number of breakthrough cases, they were getting high numbers of positive tests. they are in the best position to know that and they're in the best position to take actions that will mitigate that which is very different than having sort of a one size fits all government imposed mandate like de blasio administration and others, with mayors and governors and even the president are trying to impose. most of what we're seeing, though, at this point in time is still the delta variant. this is not omicron that companies like jeffries and others would be seeing. so this is delta, we know there are going to be breakthrough cases. the good news is, we haven't seen in the new york city area at least a very big rise in hospitalizations or deaths. so you may get these waves of up

and down but you're not seeing the severe outcomes. maria: yeah, it's really all very good points. dr. zinberg, good to see you this morning. thank you very much. >> thanks for having me. maria: we'll see you soon. quick break and then the man who allegedly set fire to the fox christmas tree right outside our headquarters is back on the street, all thanks to new york's bail reform rule. yeah, he was processed and then let out once again. what you need to know, coming up. and a then a changing world, sometimes involves a changing career. why more americans are looking to switch things up. we'll tell you about it when we come back. stay with us. ♪

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maria: welcome back. good thursday morning, everybody. thanks so much for joining us. i'm maria bartiromo. i'm is thursday, december 9th. a look at markets this half hour where we are looking at some selling pressure underway. the dow industrials down 100 points, s&p down 14, nasdaq down 65 on track to snap three days of gains for this market. yesterday was another winner, all three major indices finished in the green as pfizer announced toledoses of its vaccine is enough to combat the omicron variant. we did end well off the highs of the morning at the close yesterday, the dow industrials were up 35 points. had there remains volatility underway. the nasdaq was up 100 at 4:00 on wall street. european markets with a negative tone, take a look at the eurozone with the ft 100 lower by 10, the cac down 5 and dax lower by 32. in asia overnight, markets finished mostly higher, hong

kong was the best performer. the hang seng index up better than 1% on the session. meanwhile, back had in the u.s., the man suspected of torching the all american christmas tree in fox square is back on the street this morning without bail. cheryl casone with the details right now. cheryl. cheryl: you can't be surprised by this, maria. yeah, so 49-year-old craig tom danaha walking free overnight thanks to progressive bail reform policies. he is charged with arson, criminal mischief and criminal endangerment. they are all misdemeanors. he is supposed to be back in court on january 4th. he went on a rant outside the courthouse and yelled obscenities. fox is back, we're going to debut a newly built all american christmas tree, that's tonight during the five, fox news media and fox corporation also making a $100,000 donation to answer the call that is the foundation that provides financial assistance to families who have

lost loved ones in the nypd and fdny. this is part of our special thank you after both agencies worked diligently to put out the flames and keep everyone here safe. we thank you. other headlines this morning, california preparing for life after roe v wade. democratic leaders in the state are preparing measures to make california an abortion sanctuary if the landmark supreme court decision is at some point overturned. lawmakers are considering proposals that would help pay travel expenses for women outside the state seeking abortion. governor newsom said he's taking the group's recommendations seriously. the great resignation far from over, according to a new survey from fidelity investment, nearly 40% of workers in the u.s. are looking to make a job switch next year and the percentage among gen z workers higher, nearly 50% are currently employed and they're looking to change jobs. fidelity says workers are looking for more money,

flexibility and jobs that better align with their personal values. and finally this. today former kansas senator bob dole will lie in state in the u.s. capitol rotunda. the ceremony for the former republican presidential candidate will be invite only due to covid safety measures. it will be followed by a memorial service tomorrow, that's going to be in washington, d.c. and another in his home state of kansas on saturday. dole died sunday after battling stage four lung cancer. he was 98 years old. those are your headlines. back to you. maria: all right, cheryl, thanks very much. americans are worried about higher prices, the inflation is hitting them hard. a new poll finds everyday bills or inflation top the list for nearly one-third of american's concerns and nearly half questioned said the federal government's actions are hurting them, not help hadding. this as senator joe manchin is sounding the a alarm on soaring inflation, refusing to commit to president biden's massive social spending bill. joining me now is california

congressman, ro khanna, member of the armed services, oversight and agricultural committees. he joins us now. thanks so much for being here this morning. >> maria, good morning. always a pleasure. maria: what do you make of this worry from americans about inflation? you know, you would think that is something of a wake-up call for you and your colleagues as you still try to get the spending plan through. won't more spending stoke more inflation? >> well, of course it's a worry. grocery prices are up. gas prices are up. when i shop in my district, i see that. but what our bill will do is put more money in the pockets of working families and the middles class so they have more money and can afford groceries, can afford gas and it's going to lower the cost of prescription drugs, lower the cost of child care, lower the cost of elder care, so i think it will help. maria: how would it possibly help if it's more money chasing too few goods, congressman?

we know this. and not only that, but many people are expecting that they will also pay higher taxes. so you're saying that this bill is lowering the cost for people and yet many of your colleagues, certainly on the right, say that you've already breached the promise of not having anybody making $400,000 pay higher taxes. they will pay higher taxes. >> maria, the tax increases are on people over $10 million. you know the economics. the way inflation happens is if you having that's unpaid for because then the fed increases the money supply. here this is fully paid for so you're not going to have the fed increasing bond purchases. in fact, i agree with larry sommers, the real issue is the fed with the quantitative easing where they're backing mortgages. they need to reverse that a. i hope the fed will take the appropriate action. maria: you say it's fully paid for and joe biden says it costs nothing but that's not what we're hearing from the cbo and not what we're hearing from the

committee for a responsible budget. they say there's plenty of gimmicks in the plan. maya mcginnis said the cost of the plan is actually $4.9 trillion because of the gimmicks that you and your colleagues put in, saying the child credit goes away in one year. do you honestly think the child credit goes away in one year? >> well, it depends on the republicans. right now the republicans aren't for givenning families 300 bucks a month for people who are raising kids. if they were, then we could extend it further. but the cbo looked at this and they basically concluded it's paid for. there's slight disagreement on how much revenue the tax come c- compliance would race. it's basically paid for and even economists like sommers who said there is often inflation, said it won't cause inflation because it's largely paid for. the issue is with the fed. maria: most economists haven't said it's paid for, congressman.

let me ask you a question. why put in a federal program if you're going to take it away in one year or two years? >> i don't want to. i would love to have a 10-year plan. maria: you want it for the 10 years. that's why it's 4.9 trillion because that's exactly right. anybody -- do not want them to go away in one year. >> i do not. we don't have the support for that. if we had the support for that, i would support it and then the cost would be higher but we don't have the support for that so that's like saying i would like more spending for renewable energy. we don't have the votes for that. doesn't mean that you fictitiously make up a number saying in khanna got renewable number, that's what it would cost. they're saying hypothetically if there were the votes for this thing that's what it would cost. the votes aren't there. it's based on what's in the bill. maria: it sounds like that's exactly what your colleagues did, had they came up fictitiously and said this plan

costs $1.75 trillion by saying the programs go away in a year or two and they don't. nobody wants them to go away in one year and they won't. so in other words, the plan -- >> the republicans do. maria: $4.9 trillion. >> but the republicans -- here's the question, maria. why isn't there a single republican who talks about family values, says it's important for parents to have the opportunity to raise their kids, why doesn't a certain republican say -- maria: don't want a welfare state. >> 300 bucks a month. maria: what the republicans keep saying, they don't want a welfare state, they don't want government programs where families are so dependent on the government. they want them to work and make ends meet by their own efforts and not rely on money from the government with the federal approximate that won't go away, -- programs that won't go away that taxpayers will pay for. do you feel like this is something that the american people want? >> what i see is a lot of hard working americans, people driving trucks or working herd

at restaurants and they're having a tough time paying the bills and raising kids and what we're saying is if you're a family who is raising kids in this country, that's the biggest job and you ought to get 300 bucks a month per kid. it's a policy that's pro family. i wish it had buy part a san support. -- bipartisan support. i am for 10 years if we could get it. we don't have the republican support. maria: we have $28 trillion in debt and to just put out a program that gives people hundreds of dollars repeatedly is just creating a welfare state and adding to the debt. why are we doing that? we're seeing an economy that is growing. you've got inflation as well. so why put more spending out there. look, congressman, i don't want to keep going you through this because obviously the republicans say one thing and you're saying something else. i want to get your take on china. the house passed legislation last night banning imports made

by uyghur muslims. the bill now goes to the senate while the house continues to try to advance other china related legislation meant to help the united states compete with china. this is what you've been working on. your bill, the endless frontier act. what's most important in terms of pushing back on china's dominance? >> first, we need to make sure we have a technology advantage in ai, in quantum computing, in the technologies of the future. second, we need to have clear forward deployment and alliances with australia, japan and india to make it very clear that the united states will not stand for any invasion of taiwan. and third, we feed to stand up -- need to stand up for human rights. what's happening with the uyghurs is appalling. i applaud senator rubio and others across the aisle who stood up for the basic human rights. maria: on china, i know you know all about this given your work on the frontier act, but

china has been stealing intellectual property for decades. now we see they're ahead of us in ai. they may be ahead of us in quantum computing. where is the accountability for the theft that has been going on for decades? why not push back on the continuation of theft of intellectual property by the ccp? >> we absolutely must. we should make it clear that -- maria: but you're not. >> well, i think in the endless frontier, the innovation act has some of he those provisions, to make sure if you get u.s. dollars, you can't invest back into china. we have to have controls so they can't get sensitive technology. maria, i think the united states is still doing very well in places of ai, quantum computing. yes, we have to take china seriously but i don't think they'll out-compete us. their innovation is not close yet to lots of things in silicon valley, if we invest correctly i still would bet on america. maria: but they are an adverse

sharely, not just a competitor, isn't that true, congressman. they marched into hong kong, threw all the freedom fighters in jail, they invaded india or took 2020 as an opportunity to invade other territory. human rights abuses, the tennis star, jack ma disapeered, will there be any accountability, will the u.s. take a stand on any of this. >> yes, we are. the house just passed -- maria: in what way? >> we have been very clear that we have to build our capacity. we've been very clear across the aisle that any invasion or aggressive action to taiwan will not stand. and, look, they're destroying their own economy. they can't even take jack ma. i mean, if you're someone who has entrepreneurial ambition, why would you go to china. where is jack ma is my question. maria: why are we still reliant on china for so many important items? why are 90% of the active ingredients in our prescription

drugs still made in cha? china? why? how come we have not moved supply chains over to america? >> well, we ought to be moving supply chains obviously ideally to america or to our allies. global supply chains can't just entirely be in the united states but i would like to see our ally shoring where we're going into japan, australia, india, building supply chains that are independent. and my biggest concern is semiconductors. right now we're sew dependent on taiwan and a south korea. we ought to bring a lot of that back into the united states. maria: right. i know that samsung just invested $17 billion in texas and texas is hopefully saying that it will be a major hub for that. congressman we know you're working on all of that. we will check in soon. thanks thank you for answering the tough questions. ro khanna joining us this morning. great to see you, sir. we'll be right back.

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maria: welcome back. congress gets a bit of a crash course on cryptocurrency, six executives from digital asset companies appeared before the house financial services committee yesterday. they argued cryptocurrencies and block chain technology are a global force for good and that the u.s. should embrace it.

many criticized securities and exchange commission chairman gary gensler who calls the industry the wild west and says oversight of the market should fall under his agency. the executives pushed back. joining me now is chamber of digital chairman matthew rozak. thank you very much for being here. >> thanks for having me back. maria: tell me about the road ahead and how you see the economy changing as a result of digital assets and the block chain. >> well, it was great to see the crypto avengers assemble in d.c. and this was really important milestone for both crypto and members of congress, seeing companies like fdx, circle, coin base and brian brooks, the former head of the occ, testify was really important. i think the education in this space needs to continue to intensify as this market grows. i testified about five years ago when bitcoin was $400. now it's close to 50,000. so the market has shifted

dramatically from about 8 billion five years ago to two and-a-half trillion. this is a real industry with real growth and the regulation represents the biggest opportunity and the biggest threat to crypto. and having thoughtful regulation and having guardrails is important but -- it also could put us back if we think back 20, 25 years ago, if we over-regulated the internet. we would have a very different outcome today. we have to think through the same thing when we look at crypto. maria: i understand that. i like everything you're saying. you didn't answer my question. the question was, how do you see the economy changing as a result of digital assets and the block chain? >> well, i think what we're going through right now in terms of crypto adoption and then the more macro picture of yield and right now investors are coming into bitcoin, ethereum, et cetera and they're also finding new sources of yield and i think

that on the macro backdrop of inflation and a how to find shelter for that, whether that's gold or anything else, folks are seeing bitcoin as a place for hedge against inflation. so i think investors are seeing that picture, are coming into that and, look, maria, every company needs a crypto strategy today. we saw visa announce recently they're going to provide advisory services for banks related to crypto. so i think the universe is expanding. it's expanding well beyond bitcoin as well. you see decentralized finance coming into its own, over 100 million there. nfts took kind of crypto by storm and are adding a whole new layer of culture and new digital asset on the scene. so the industry is moving pretty rapidly right now and it allows a huge opportunity for both builders and investors, unlike a

jenational -- on like a generational perspective. maria: we're going to speak with an angel investor who is looking at crypto and the block chain industry as one of the biggest growth stories where he is actually investing in. we'll talk with him coming up. i think we have to make a differentiation over what cryptocurrency is over the block chain. it's the block chain that really is the infrastructure that is creating this new digital world and what i'm looking for really is for people to understand how that affects them and what that means for them. so in terms of the regulatory framework, what would be the most important regulation that you think comes out of this? >> i think guardrails are important and there's a lot of jockeying between the s.e.c., the cfdc, treasury, other agencies for how to regulate this industry. but i think it always goes back

to leadership, meaning if you look at the most successful early adopters of companies that we know, leadership starts at the top. so the ceo of visa, pay pal, square, et cetera, are leading into crypto. we need the same thing from a regulatory standpoint meaning president biden needs to have a stance on crypto. it's super important and then from that framework the agencies could actually create a strategy that, again, continues to motivate innovation but not stymie that. maria: i really like the el salvador example when el salvador went to bitcoin, 70% of the people who were not banked in el salvador all of a sudden 70% of the people were banked. they had access to banking and activity. so that was a real great example in the use of bitcoin. matthew, it's great to catch up. thanks very much. matthew rozak joining us this morning. we'll be right back.

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maria: welcome back. good thursday morning, everybody. thanks so much for joining us, i'm maria bartiromo. it. is thursday, december 9th. your top stories right now just before 7:00 a.m. on the east coast. more countries are boycotting the beijing olympics, canada and the u.k. joining the united states. china and the ccp now firing back, saying that the countries will, quote, pay the price.

plus, cracking down on instagram, senators say the social media site needs stricter regulation as the head of the company deflects blame on other platforms. markets this morning are lower, take a look at the dow industrials, expected to see a triple digit he decline at the start of trading, the volatility continues. the dow down 109 right now, s&p 500 down 16 and the nasdaq lower by 73. this after a rally yesterday, although all the major indices finished off of the best levels of the session by the close. yesterday of course we had news on omicron worries fading. the dow industrials were up 35, nasdaq was up 100, s&p was up 14 at 4:00 on wall street. european markets this morning with a negative tone, take a look. the ft 100 in london is lower by 11, the cac is down 7, the dax index lower by 43, fractional moves pretty much across the board. in asia overnight, markets finished mostly higher, hong kong was the best performer, hang seng index up better than 1%. "mornings with maria" is live right now.

and now some of the top stories we're following this morning. the senate voting to repeal president biden's federal vaccine mandate on private businesses. two democrats, joe manchin of west virginia and john tester of montana joined republicans in voting against the mandate on vacation seen. the legislation is unlikely to overturn the mandate. president biden would likely veto the measure although he continues to see rulings that it is unconstitutional from federal judges. the u.k. and canada joining the united states in a diplomatic boycott of the beijing olympics, both nations citing concerns over the chinese communist party's human rights abuses. australia, new zealand and lithuania announced similar boycotts. the athletes are still going to compete in the beijing games. 2021, a deadly year for u.s. cities, at least 12 major cities set new records for murders with

three weeks remaining in the year. philadelphia recording 523 murders as of monday, surpassing the previous record set in 1990. chicago topped the list with more than 750 murders so far this year. time for the word on wall street, top investors watching your money, joining me right now is hudson valley investment advisor ceo and cio, gus sako, optimal capital director of strategy, francis newton stacy is here and private wealth advisor, allie mccartney. allie, kicking things off with you. we have a market in the red this morning, waiting on initial jobless claims coming out at 8:30 a.m., an hour and-a-half from here. we are watching inflation numbers, we have the cpi number coming out tomorrow. of course this decline is not much compared to the major moves we've seen this week. it's pretty incredible this

volatility with the omicron variant discovered and federal reserve chair jay powell's hawkish turn on tapering. >> maria: gus, your thoughts? >> maria, as he turned bearish or excuse me, hawkish last week, you're at the point where the mandate is pretty close to being met. he accelerated things. he had to. if he didn't the thought would be inflation is rampant and more rampant than people's expectations and that that would change potentially how the bond market would view things. maria: so gus, what about the fed? we're looking ahead to next week. the federal reserve's decision, when the central bank will likely accelerate the tapering plan, open the door to interest rate increases. what are you expecting from next week's fed meeting? >> well, he kind of telegraphed it last week. we'll be looking at some time in the first quarter where they

accelerate it to end the tapering some time the end of the first, the beginning of the second quarter, that sets up the ability to start to raise rates when we get into the back half of next year. we're at a point in time where we've basically given the patient as much as we can and now we're looking to self-sustaining economy hopefully and the fed will be there to act appropriately but they have to become more hawkish to gain credibility that they're willing to be on top of the inflation fight. maria: how are you investing right now you? >> right now, we're barbelled and we're still maintaining and overweight in terms of the technology areas as well as being active in terms of financial services. let's face it, we're going to end up seeing probably spreads widen a little bit so that will help all the financial institutions and technology, every company's a technology company these days, maria. whether it's an investment firm or your industrials. you need to have more tech and we're running out of individuals. so productivity growth is going to be important and you're

getting that and seeing it in terms of software purchases as well as investment in terms of capital equipment. maria: yeah. it's a great point. every company's technology, it's true. allie what are your thoughts on volatility in this market? we're lower today but we're talking about 400, 600 point rail allies earlier this -- rallies earlier this week. how do you deal with this volatility? >> so i am a former trader which means i love it, it's an opportunity to get in. i'll put that out there, volatility is usually something we talk about as a negative. but we have been retracing highs and lows in -- leave the tech out of it. talk about the broader market. the one-two punch of omicron and the uncertainty around that and the fed more hawkish as your guest just talked about and people interpreting that as a

change, a move-up, has definitely scared markets. the timing of that scare is at the end there when you typically everybody closing out their position, have a lot of things going to -- individuals taking gains. i think the way you play it is pretty similar pl pell. you sell it -- simple. you sell it. you use the volatility as a way to get into the market and you start to secular themes some of which are in aging tech, health tech, 5g, or you go little bit more defensive and you say, okay, if we're going to be seeing a little volatility, by the way it happens when you're mid to late cycle and we are mid to late cycle, then you start being defensive and you start going into those producers that can -- healthcare is great actually, that can act because

of the biotech that can act defensive in drawdowns but you do not -- you do not change your long plan because the one thing i will tell you that individuals do is they sell and say they're going to get back in and then don't. you need the discipline. maria: francis, what about you? i mean, when you look at some of these outsize moves in this market, it's been a good year for the s&p, for the major indices, tech has done well as well even though we saw some underperformance in parts of the year. where do you want to be emphasizing in 2022? what are you doing? >> in 2022 we're looking for a peak in inflation in the month over month numbers ahead of the peak in growth and so what that looks like is paring down our energy and paring down our commodities exposure. now, a peak in inflation in the month over month numbers to traders does not mean that prices are going to stop going up for consumers. we expect i'mflation to go --

inflation to go to 4.2% in and around the third quarter, they that still having prices go up for consumers so that doesn't change for consumers but as market investors and market traders, the market will start to trade differently around that peak of inflation story. also, the fed is kind of at risk for tightening as inflation peaks, just as jerome powell dropped the transitory narrative, we could have the peak in inflation in the month over month numbers. so paring back the energy, paring back the commodities. as far as the volatility, we have a long straddle yesterday, buying the dip in volatility without being directional, that means we're buying calls and puts ahead of the cpi number on friday, the fed on wednesday, and options expiration on friday. maria: what are your thoughts on real estate, francis? evergrande in china officially labeled a defaulter, fitch cut its rating on evergrande, the company of course failed to meet

the coupon, two coupon payments, actually and it caused such volatility in the market weeks ago when we first learned about the vulnerability of what's going on in real estate in china. does that carry through to the united states? any thoughts on worries around evergrande? >> well, of course you had a big slowing in growth and you had a change in the liquidity profile in china ahead of any kind of credit problems and those are the sorts of things the that preempt the credit problem. for instance, the liquidity is coming out of the system now that fiscal spending even if they get that big package, it's at a slower rate over a longer period of time. and then you've got -- we are potentially accelerating the taper and then talking about liftoff. so that's meaningfully going to take down liquidity in the system and when you have a record amount of debt as we do and you start taking that liquidity down and you start simultaneously talking about raising interest rates, that debt becomes very difficult to service so if you overplay that tightening, then yes, we will see problems in credit markets

here. for the time being, i think real estate is going to continue to go up on the inventory shortage. we still have $4 trillion in money markets and savings accounts so people have a lot to spend so i think real estate is going to go up but again, if the fed overshoots the tightening, that could create problems in the credit markets which could have contagion coming over to the u.s. maria: yeah. i mean, that's what you really worry about, right so we'll be keeping an eye on that for sure. great to talk with you this morning, francis. thank you. gus, thanks very much for being here. please come back soon. allie mccart any, always a pleasure. we'll take a short break. when we come back, the first migrants set back to mexico under the reinstated remain in mexico policy, you won't believe how many there were. florida congressman maria salazar will react. russia boosts troops along the border with ukraine. florida senator marco rubio will join me on what the u.s. needs to do to respond to a rising

russia now. then retail theft scaring shoppers away, driving up prices. we've got everything you need know in the retail roundup. you're watching "mornings with maria" live on fox business. ♪ dark days are over. ♪ the dark days are done. ♪ ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care. ♪ ♪

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maria: welcome back. hundreds of college professors including from the ivy league are sounding the alarm on woke math had movements. they wrote a letter blasting actions to eliminate advanced math classes while applying social justice concepts to lesson, calling out the california matt mattic framework. they write while such reform superficial, they are merely

kicking the can to college. the intent is to close the achievement gap. they're going out of their way to say they want this equality and in doing so they're making it unfair. your thoughts? steve: that's right. instead of beefing up their mathematical teachings, math had today is incomprehensible k-12. that's why home schoolers go back to math had books 100 years ago. instead of improving education, they want to dumb it down. kids that have a knack for math won't get the advanced courses. it's a tragedy. they're destroying the american education, the economy, everything else. i think there will be pushback. this tide is going to turn. maria: where is this coming from, dagen, this wokeness that is showing up everywhere and this marxist thread raging through our economy and population. dagen: it's actually the

liberal elites, and in many cases white liberal elites that are in control of these -- of, say, school boards in very rich areas, like northern virginia. it's the teacher's union as well. what they're trying to do, as steve pointed out, is to dumb everybody down. it is as ashran amani says, she calls is a race to the bottom. rather than lifting up those students, say, in cities, in urban areas, and making their educations better, which the teachers unions seem to be incapable of doing, rather than lifting them up and giving them better math had skills, -- math skills, they want to hide the deficiencies by bringing everybody lower. again, it absolve these school boards and teachers unions and

left wing activists of any responsibility for the failed education of students in public schools. i've witnessed this myself. i was wildly under-educated in the public school system and it really does -- when you kick it to the colleges as these professors were talking about, you have an entire generation or generations of students and individuals who never get caught up, because they don't get caught up in college. they don't get caught up once they enter the workforce. i think one of the only solutions is to have like technology companies and american -- america's greatest corporations trying to hire kids right out of high school. maria: yeah. unfortunately, i don't think these professors or academics, steve, understand that they're making us dumber while china is rising, that whole china dominance comes to play again

here where their students are getting educated better. steve: that's right. in china they take education seriously in a way that we haven't and this is why you're going to see more and more of a movement to education savings accounts, where parents get the money, not the bureaucracies, parents make the decisions where the kids go to school. the zip code doesn't define what kind of education you're going to do that. west virginia is doing, arkansas, kentucky are doing this. i think you're going to see it more. one thing about the covid lockdowns, parents saw firsthand how bad the schools have become and they're reacting. you're going to see school board elections where they're going to take charge and stop the wokeness and dumbing down. maria: well, you're right. but that doesn't change the reality of our kids had a loss of two years. steve: yes. that's the tragedy. maria: learning the same way. so there's that as well. dagen: there's been -- maria: there's the other crisis

of the wide open border. go ahead, dagen. dagen:s there's been research, james freeman brought it up on the program, the wall street journal editorial board has written about it from the national bureau of economic research, the organization that dates our recessions, looking-they found that the share of students who score proficient or above he declined by an average of more than 14 percentage points in math during the lockdowns and the declines were greater among those that had more remote learning. so the teachers unions destroyed these children's futures on purpose. maria: it's really a sad situation. we've got to continue talking about this. parents need answers and we will get them. there's a crisis in education, there's another crisis as a result of bad policy with the wide open borders. migrants were sent back to mexico. wait until you hear how many. florida congresswoman maria salazar joins us coming up as the trump era remain in mexico

policy is reinstated, we think. plus, canceling the classics, woke film critics coming after your favorite christmas movies now. you'll never guest which iconic movie made their list. we'll talk about it in this morning's hot topic buzz. stay wogs. -- stay with us. ♪ ♪ ♪ hey google. ♪ ♪ ♪

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maria: welcome back. u.s. authorities sending the first two migrants back to mexico under the reinstated remain in mexico policy, the trump era policy requires asylum seekers to wait if mexico for hearings in a u.s. immigration court. according to -- two migrants were sent back from el paso, texas. joining me now is foreign affairs committee member march ya salazar. thank you for being here. i find this extraordinary. we have thousands and thousands of migrants crossing our border every day. i know this for a fact. i went to the border three times to el paso, to mcallen, to del-rio, and we sent two people back to show that we are reinstating remain in mexico. your thoughts? >> well, my thoughts are that this administration really doesn't have it together. and i've always said it and i said it on your show that the hispanic community, the brown, the hispanic, the latinos are

the ones suffering the most because of the biden administration inability to fix the immigration problem. you know that since ronald reagan we have been trying to solve the immigration situation but no one has been able to fix it. that's why i came to congress and i have a new law that i'm going to be introducing next month, called the dignity act, that it seals the border and does a lot more. but to answer your question, we don't have the answer. the biden administration doesn't know what to do with the border and it's affecting us. you know why? because those people that are crossing the border that we do not know who they are coming to our neighborhoods and they're raping or -- our kids and they're doing bad things to the people that live here already. maria: we know there's an incredible amount of fentanyl coming across the border and it is in fact killing our people. we had 100,000 overdoses in the last year, largely due to fentanyl. but the idea that we just sent

back two people as a way to prove that we've reinstated remain in mexico, i mean, do we have stupid written on our forehead? it's so ridiculous. we know that thousands are coming in. we had 600,000 got-aways this year. i'm told we had another 100,000 just in the last month. so you're talking about 700,000 got-aways and 2 million arrests a, people apprehended at the border. why doesn't this administration take this seriously? we interviewed farmers, ranchers who were getting their property trashed by these got-aways. >> well, you know why? because unfortunately these democrats have played political football with hispanics for 30 years. the democrats believe that we're going to be voting for them regardsless of what they do. the democrats do not understand that we need -- we the hispanic community want to put order at the border. that is what's good for us. but they don't get it because

they believe that the more come in -- 60, 70% of the people that are coming in look like me and sound like me. and the democrats -- not only the biden administration -- has been thinking that they can play, i repeat, play political football and promise and promise and promise that they're going to fix the immigration, that they're going to give us path to citizenship or some type of legality. it's a lie. i keep on saying it on the floor. maria: look, congresswoman -- real quick, you introduced this new act, the crucial communism teaching act. it would require high schools to teach students about the history of communism, the legislation has more than 60 co-sponsors in the house. tell us why this is important as communism seems to be the topic of the day. >> if we're teaching in american schools the atrocity of

the american agenda, how bad we behaved as a country during slavery, to the japanese during world war ii, to the native americans and we also have to teach our high school kids what the -- the beauties of the system. we have to teach our kids what happened in the soviet gulags, what happened in the china of mau, in the cuba of castro. we have to be teaching them. because if we are -- but we're not. because 40% of the millennials and 30% of gen z believe that communism or socialism is noble and that the american agenda is evil. maria: that's a great point. >> that we're not the liberators, we're the on pressers. if you teach one part of history, you have to teach the other. this is the best country on earth. social mobility is here. sometimes minorities are treated better in america than in their own countries. i'm the best example.

i'm a brown girl from the hood. maria: it's a great point. >> it is. we have to teach them, otherwise we're duping them. maria: instead, they're telling us the progressives want to knock down statues and rewrite history. history is history. we need to understand the bad parts of history, even the ills, to progress. i agree with you, maria. thank you very much. maria salazar joining us. we'll see you soon. thank you so much, congresswoman. we'll be right back. i have something for you. [husband whistles] ♪♪ hi. [wife laughs] i have something for you too. [wife whistles] ♪♪

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purepoint uranium. maria: welcome back. good thursday morning, everybody. thanks so much for joining us, i'm maria bartiromo. it. is thursday, december 9th. a look at markets this half hour where we are looking at a negative tone, futures are pulling back from pretty big moves earlier in the week. the dow industrials down 95, s&p 500 lower by 13 and nasdaq down 59, this after stocks finished higher yesterday. although yesterday too the markets did finish off of their best levels on the morning, all

three major indices notched a third straight day of gains none the less. there was optimism about vaccine worries waning, dow industrials were up 35 but in the morning it was up 200. nasdaq was up 100 and the s&p was up 14 at 4:00 on wall street. check european markets this morning, they too are lower, pretty much across the board. ft 100 down 19, cac down 11, and the dax index lower by 33. checking asian markets overnight, mostly higher, hong kong was the best performer, hang seng up better than 1% on the session. back in the the us, president biden set to speak with the president of ukraine on russia's growing forces at ukraine's eastern border. cheryl casone with the details right now. cheryl. cheryl: maria, the call coming just days after the president's high stakes call with russian president vladimir putin. president biden says putin fully understands that if he invades ukraine there will be severe economic consequences. but president biden is unwilling to put u.s. troops on the ground to stop it. >> the idea of the united states is going to june lat a uy

use force to confront russia, invading ukraine, is not in the cards right now. cheryl: putin claims his massive troop build-up along the ukraine border is out of concern that ukraine will be allowed to join nato. google warning the public about a massive russian hack that affected more than 1 million devices, the company warning userers the hackers can steal personal data and use your machine to mine cryptocurrency. google has taken action, disrupting the operation and suing two russians who are allegedly behind all of this. google says the hackers are finding new ways to keep going, alphabet which is the parent company of google, that stock is fractionally down this morning. well, americans turning to online apps and web sites to earn cash. 16% earn money doing household chores and running errands for other people, others give rides, deliver grocery and clean homes. 30% of people under the age of

30 were more likely to do those jobs, compared to 18% of people between 30 and 49. tiger woods is ready to get bag on the links, ten months after his devastating accident. the golf star is returning to compete with his son in the pnc championship, an annual cam championship that pairs pro golfers with a family member. woods says he will never turn to the tour full-time, maria. those are some of your headlines from here. back over to you. maria: thanks so much, cheryl. well, after a months' long financial drama, evergrande considered in he default, a result of a downgrade from fitch this morning, the developer failing to meet two coupon payments after a grace period ended on monday, this sets off a long battle for who will get paid from what he remains of the company. joining me now is wolf pack research founder and chief investment officer, dan david. great to have you. thanks very much for being here this morning.

your assessment of real estate in china and its impact. >> well, it's been in bubble territory for a very long time and this is not just a default of evergrande, this is a default of china and the banking system who has pushed evergrande ever so forcefully for the last 10 years to build and build and build. and now they're going to have their bear sterns moment. i don't necessarily think this is the lehman moment but this is that first big one that's going to have a trickle effect, that we've been calling out for the last 10 years, those who are doing due diligence research like we do in china. i know one short report that was done on them eight, nine years ago said this exact same thing would happen and that person, that researcher was fined by the hong kong security commission. maria: oh, yeah, no, i mean, the retaliation is just beyond when you look at what the ccp does to companies, individuals.

we were talking about disappearing people now for several months. jack ma as well as the tennis star. but i want to get your take on these honey pots that the ccp has given our banks because you mentioned banks in china. you know that the ccp has allowed jp morgan and goldman sachs and a few others to own and operate their own financial services company in china. i do not think this is going to end well but they have these honey pots, they're going there and the ccps is expecting these companies to lobby for the ccp and try to get better policy in the united states. my question for you is do you believe at some point the ccp turns around and says to the united states, look, we allowed your banks and brokers to come into china, now we want to come into the united states. and we're going to start acquiring u.s. banks. >> well, i think they'll want to do that. to your point, no, it's not going to end well. it's going to begin very well. right. so that's going to be the advertisement for them, look at how great things are going and

then they're going to get bundled poor debt securities into our banking system and make sure we feel the pain when their bubble bursts. that's the whole thing here is they want us to come in there and take their bad debt and some of these banks and then it's going to be a -- more of a global catastrophe that affects the united states in a bigger way. because china was largely disassociated from the 2008 crash and what they learned from that was we have to get everybody associated with our problems so when we crash, had they have to bail us out. this is what this is about. and it's the same thing with ray dalio. this is a complete shame and a sham. ray dale he yow is going to -- ray dalio is going to make a lot of money in china. you know why? because he's ray dalio. that's going to be advertisement for china. look at how much money he makes, come over here and make money. the rest of us are going to lose. i don't know how we're not seeing how their playbook plays

out time and time again. and it's just a shame. maria: it's quite extraordinary and i want to get your take on this because my question now is where is the policy out of this administration to actually push back on this terrible behavior and pretty much allowing investors in the united states to fund the ccp's expansion. we had roger robinson junior on this week and he pointed out the fact that there are 5,300 chinese securities including more than 4,200 a shares that are let in the back door by index providers, 900 companies traded on the virtually unregulated otc market. in other words, enabling investors to buy chinese companies that are likely tied to the chinese communist party's military. we're funding their expansion. here's roger robinson junior yesterday. watch this. >> the american people are

increasingly caring about where their money is going and how it's being used. they do not have a requirement on their investment dollars, underwriting aiding and abetting genocide, trafficking in slave labor, equipping concentration camps. this kind of thing is going to make the american people distracted with anger, i can tell you that, and they have -- the more they find out about this, the more out-of-step wall street and corporate america are going to appear. maria: dan, your reaction? >> well, first, roger is a very intelligent china purveyor of information, great man, a great american. i've spoken to him several times. he's worked with wolf pack research and we plan on having him on our podcast because he does so much of that china work. he's 100% right. but look, this is not new. this has been happening for well over 10 years that we have been

exposing the china hustle, they actually made that documentary, the china hustle, based on what we americans exposed. it wasn't congress over there doing it. it wasn't the government doing it. and i want you to know, we're fighting two countries when we're doing this. china and our own. because they didn't want this exposed because then they have to deal with it. it's the laws that they passed, not getting goods from xinjiang, they're still getting them today. solar goods are still coming in as of today. i could expose that next week. what do you think is going to happen? nothing. maria: nothing. it's the same idea about just recently last week the securities and exchange commission finalizes a rule that allows the s.e.c. to delist companies that fail to meet the audit requirements, they have to say that whether or not they're subsidized by their government, ride hailing giant didi announced it's going to delist from the new york stock exchange as a result of that.

this stock has been a complete disaster. jp morgan underwrote it and lost all the money there. the stock is now at 691 on didi global. dan, that's the point. it looks like they're coming up with policy that pushes back but they're really not. there's all these companies that are in indexes that investors are investing in and do they not understand that at some point you are funding the ccp's expansion and when the ccp does overtake the united states as the number one super power, their kids and their kids and their grandkids are obviously not going to have the same upbringing that you and i did in terms of the opportunities available growing up in a free market as opposed to growing up under the chinese empire. >> yeah. and the point is those grandkids need to know that their parents and their grandparents funded it. we have paid for everything in china's rise. what they haven't stolen from us, we've given them in cash. like you look at apple.

that story comes out with tim cook, another liberal demi god who espouseses values here that he doesn't he's spouse for him -- espouse for himself in china, what i read he bribed officials, gives them tech jobs, gives them tech training that should be here, gives didi a billion dollars. i wonder what happened to that. and what's going to happen with that? that in my mind is how china works completely and in many other countries that would be a federal corrupt practice act violation. maria: that's right, apple ceo tim cook it was reported this week that he signed a $275 billion deal with china back in 2016 that he agreed to train their people, he agreed to help the ccp and in return he gets an easier regulatory environment for apple. you're right. >> right. maria: that's the report.

on apple. these companies get away with it. >> there was a quid pro quo. there are apps being canceled. so they're all doing it. maria: yeah. dan, thanks very much for raising the issue, very important point you made. dan david joining us this morning. we'll keep following it. we've had a spot light on the story for years. we'll keep it on. quick break and the smash and grab thefts scaring everybody. i mean, what is going on? the rise in crime could have you paying more for products, not to mention worrying about your own security. where is the biden administration? it's in the retail roundup, coming up

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maria: welcome back. smash and grab robberies plaguing major cities across the country, particularly in california. the los angeles police department responding to 11 organized retail crimes in the span of just 10 days, just last month. police estimate $338,000 worth of goods were stolen, now a safeway in san francisco is putting your barriers to curb shoplifters. joining me now is burt flickinger. what do you think the crime wave means for retailers and the upcoming holiday season? >> maria, the crime wave means that 25% of shoppers are scared

to even go into the stores. the workers are scared. the vendors are scared. and in terms of holiday shopping, people will just stay away. so to your statistic, 338,000 stolen, that means that 33.8 million in merchandise has to be sold just to break even because safeway just makes a penny on every dollar of sales. so it's -- there's no crime prevention and to paraphrase mows allison, the politicians in high crime areas, their minds are on vacation, their mouths are working overtime and they're doing nothing to protect the people, protect sales, protect the workers, protect the customers and protect the tax base which is going away, particularly in california, because 70% of school taxes

depend on commercial property taxes from retail and sales tax. maria: well, you make all the right points and the truth is, is this is a scary time with these organized retail thefts. but there's a new business that seems to be booming on wall street and that is retailers spinning off their e-commerce businesses. saks fifth avenue making the move earlier this year, kohl's and macy's facing pressure to do the same. spinout that e-commerce business. what are your thoughts? is this a good way to create value? >> generally, maria, no. i agree with mickey drexler, the genius who created apple stores and j crew and was transformational mastermind, strategically and operationally in department stores and i agree with cornell co-founders, niraj shaw and steve konie at way

fair. way fair is moving from just e-commerce to stores. michelle guess at kohl's says so much momentum between sephora, home, toys, food and fashion that kohl's does not need to split off. in the case of saks it can make some sense, macy's can make some sense, macy's needs cash to recapitalize and digitize its stores. generally the combination of e-commerce, dot-com and in-store, omni channel makes much more sense as was referenced so well. maria: we will watch that. great analysis as always. good to see you, sir, burt flickinger joining us this morning. >> thank you. maria: quick break and then canceling the classics, woke film critics coming after your favorite christmas movies you now, you'll never guess which popular movie made their list. it is next in the morning's hot topic buzz. ♪♪

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famous iconic christmas movies of all time a wonderful life, online the critics are out they are finding problems with this holiday classic say the character george bayley is a manipulative misogynist, many say the male motives are creepy stalkerrish, santa claus critics say fat shaming santa claus is about fat shaming because tim allen's character packed on pounds to become santa dagen what is going on? dagen: um -- i don't buy any of this, from i am -- notorious sourpuss but love these movies find nothing wrong with any of them big-time in the holiday spirit and i -- in fact, one of my family's favorite movies i don't need to explain why, because it is just awesome,

fun, joyous, that is what the season is about. >> look, you don't find a problem with it because there aren't any problems with it steve why a problem. steve: there isn't should do a movie about kill joys "get a live" make puritans look like of joy people they are so you are pauses remember one flew over cuckoo's nest, the nursery, on stories. maria: they are cancellation culture left and right, is there nothing sacred anymore. >> kill with humor only way don't take them he seriously that they can't stand. dagen: dave chappelle sit them all down.

maria: on that dagen steve say right there next hour of "mornings with maria" begins now. . thursday morning. thanks so much for being with us i am maria bartiromo thursday, december 9 top stories right now 8:00 a.m. on the east coast, president biden on the world stage, kicking off o two day summit for democracy with 110 governments including taiwan, biden he foreign policy moves from the -- afghanistan fraudulently to call with vladimir putin raising questions about his own credentials in this summit poll shows nearly half americans say current administration has hurt their lives, concerns on nation and economy, instead of helping them, markets this morning lower take a look, futures a decline start of trading awaiting jobless claims numbers out 30 minutes' time, the dow industrials down 1077.

>> european markets are mixed take a look, the markets in europe, are lower, cac quarante down 22 dax lower by 48. and in asia overnight markets finished mostly higher, as you will see here best overnight in asia hong kong up better than 1% hang seng off on the session "mornings with maria" is live right now. . morning movers restoration hardware reporting net revenue increased 19%, 7th executive fop line beat confirming expansion with new scores security units, cvs higher another winner drugstore chain planning to close 900 stores moving towards health care sector launching new house products services, expecting

to raise dividend and buy back stock as well for the very first time since 2017 shares up 2 and 2/4% rest of the market lower down 120 points on dow industrials, has been a volatile week due to concerns of omicron variant head of federal reserve meeting next week joining me wells fargo sr., global market strategy as to the wren also joining the conversation all morning long dagen mcdowell steve forbes a great to see everybody scott thanks for joining the conversation you say a volatile market offers opportunities tell us about that. >> is this you know it does maria if you look back really, you know we haven't had much volatility you get these four, may be 5% pullbacks had a couple recently retail clients get worked up from the feelin' you get, it is something much more pullback than that the bottom line is for us, we have a positive outlook here we think s&p 500 is going to end

2022 around 5200, about a 13% total return from here, so, you know, for us fed not tightening too much the fed going to continue to improve overall economic getting might be slower than we thought next year still 4 1/2% down a little bit from what we thought six months ago, those are still, good conditions, we think inflation is going to deceleratepullbacks are opportunities to apply, and you want to buy sectors that are going to benefit from a continuation of this recovery. maria: look you are talking about returns, that you can't get anywhere very good rurns you are expecting. >> very good. >> 2021 scott i want you to look ahead for us wells fargo investment institute releasing 2022 outlook saying it will be a year of transition, a lot of unknowns out there, as we go into new year but your expecting, 4 1/2% year-end targets on gdp growth tell me

what you are looking at in terms of two what is most important. >> well, i think for us, maria i look at it from a risk perspective we think inflation going to deaccelerator next year 2022 probably further not he ovrm concerned about inflation i think that is the biggest risk a big number tomorrow in headline cpi number but i think the markets pretty convinced this is not a problem going out there, two, three, four, five years from now of we certainly don't think so. i think inflation is going to be a huge topic we want to see, the labor force participation rate jump up a little looking for 3.6% on employment by the end of next year, of course, you know if labor force keeps falling that is not going to be as good as it might sound so i think nation is biggest risk out there you have to add the view if you are in stocks and leaning towards continuation of this recovery, you do not

need to be thinking that inflation two, three, four, five years out is going to be entrenched embeded in economy many debris agree with you monmouth university poll revealing rising prices a concern 15% say grocery bills car payments, have them worried 14% concerned about overall inflation skoot there is a way to invest around inflation since we know it is, obviously, not transitory, and will be here sometime. >> well you know just to say people they put gas in their car every week constantly reminded they go by groceries why people are focused on inflation all the time. what we've tried to do, is we want to have a growth component and a cyclical component we like technology, we like communication services the growth component certainly those two combined are you know, 40% basically, the s&p 500.

we also like, industrials and financials so that is our cyclical part we think global growth going to lag u.s. but going to improve next year a, i know we had also been overweight materials, are energy but backed up for recently because they had pretty good runs but i would say overall maria you need a growth component, but you need to be able to participate, and be in some things that are sensitive to continuation of recovery, so that is what we're trying to do, we certainly prefer stocks over bonds, i think going to be the way to go, at least through 2022 or a little beyond. >> your expectation for cpi the consumer price index out tomorrow looking overall inflation running 6 1/2% right, as if you look at the last report, on inflation, last month, that is a hot number. >> yeah, i think the markets going to expect a hot number kind of a cringeworthy

potential for 7% handle, 7 handle on number tomorrow i consensus lower than that wouldn't surprise that we see something with 7 handle. as i said the important thing is inflation, at least in our opinion, is going to decelerate next year relative to this year likely 2023 relative to 2022 a good thing it allows the fed to bring rates up some because you know, at growth rates we are expecting, do you really need emergency monetary policy in place? we don't think so, so rates are a little bit higher but i don't think the punchbowl is totally taken away. maria: such a great point quick on big tech, scott can you imagine we are looking at apple reaching a three trillion-dollar market value right now? i mean this is extraordinary. when you look at the moves that have happened, in tech, all trillion-dollar companies including microsoft would you buy apple here?

>> well, i tell you for us we definitely like technology, are, and if you like technology, you have to like these big names, so, that is just make up such a huge portion, of the market, that if you like tech you need to be in these names. maria: scott great to see you. thanks so much scott wren joining us we catch up soon have a great holiday much more ahead quick break more countries following united states lead with a diplomatic boycott of the beijing olympiced. is it enough what does it mean florida senator marco rubio to walk us through it she is back hillary clinton reads out her unused 2016 election victory speech and getting slammed on social media, you have to see it to believe it! you might want some bedtime reading we are going to bring it to you stay with us you are watching "mornings with maria" live on fox business. . ♪♪

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designed to help you keep more of what you earn. this is the planning effect. maria: welcome back. top stories following this thursday morning senate voting in favor of repealing president biden federal vaccine mandate on private businesses democrat joe manchin jon tester break ranks to join republicans in move to call this mandate unconstitutional the efforts may be in vain president biden is likely to veto that murder if it passes the at inled house, hong kong twists, jimmy lai found guilty for role in assembly last year for victims of 19 9 tiananmen square massacre faces as many as seven years in prison for that is sitting in jail in hong kong for leading hong kong

assembly in 2019 antigovernment protest lai has been a fierce critic of chinese communist party crackdown on democracy warned on this program in 2020 in his final interview before he was arrested. >> setting a great caution that people who do business in china, to be very careful what they say. you know. in the social media, anything they do. even talking to chinese counterparts they have to be very careful because you don't know what happened to them. maria: a jimmy lai arrested days after that dru last month jamie dimon walked back a comment that jpmorgan would outlive ccp 100 years old this year, retaliation from ccp continues in a big way. on to the instagram testimony yesterday, the head of

instagram grilled on capitol hill tried to defend himself and company, watch. >> my responsibility is to do all i can to help -- young people, platform, anybody use our platform. >> we are telling you, children have inflicted self-harm we are asking you go have empathy take some responsibility. maria: slammed over internal research shows how harmful instagram is to teenagers he did he deflected blame on youtube works not rule out a version specifically for kids lawmakers say they are working on bipartisan legislation to better protect children online instagram says it supports. >> emotional hillary clinton now is fighting back tears, as she reads the 2016 victory speech she would have given, had she won defeated donald

trump built she didn't, and become first female president watch this. it is incredible. >> it is hard, to imagine, your daughter will grow up and become the president of the united states. i am as sure of this as anything i have ever known. together we will make america even greater than it has ever been. maria: revelation the speech in offering for master class a screaming site offers lessons from notable people, arts and entertainment why are she thought good idea to read the speech she was going to give had she won, is beyond all of us. dagen mcdowell your thoughts. dagen: i am trying not to be mean and trying to use keep my -- voice on -- but clearly this is not an acting class

because this is bad acting. those kind of teary like lump in her throat. i will read david, writes for the "national review" and he wrote a column about -- here is where hillary clinton's master class would be amazing topics like how to turn a 12,000 dollar investment into 100 thousand dollars less than a fear remember futures she was trading or a could lowquiem on history of carpet bagging, charitable foundation cash cow how to do a southern accent intermedia date wiping, wisconsin, and introduction, introduction to server management. i will retweet this column it is hilarious short very funny. maria: let me remind our

viewers about the way that hillary clinton and her friends completely destroyed democracy. by lying, and coming up with a story about donald trump colluding with russia at a time she was in fact colluding with russia taking money from russia, clinton global initiative, are steve forbes it is very important to rhyme everybody what hillary clinton was responsible for now that we have had official confirmation from john durham, and others that she in fact made up a story, about her political opponent and got entire country to believe it by ensignaling, he willing scenarioing rather the mainly government agency like fbi. >> she and campaign in fact many others were part of the "deep state" using assets like this cia, others, for

nefarious purposes domestic purposes greats political scandal in american history you have been on it handful of others on it never called to having the i think durham report ultimately will point finger at her won't be indicted do a perp walk what she and pain did one of the worst things political history read her speech sounds like joe biden, barack obama, you see where they translated into policy unmitigated disaster as president we at least had four years good economic growth come back at about about vaccines never would have had under her look at record not rhetoric actions speak for themselves actions are ugly. >> she did not win positive for american people our great democracy calling out china senator marco rubio challenging american companies end relationships in china and

wake up to abuses happening there, he is joining me live coming up, one angel investor sees psychedelics as an opportunity as well as crypto we tell you where he placing his money. . ♪ ♪ ♪ hey google. ♪ ♪ ♪

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plague >> welcome back crypto executive testifying before congress industry leaders arguing, that cryptocurrency and blockchain technology are global forces for good that u.s. should embrace them lawmakers sparred over what government legal should be whether digital assets pose a risk to financial stability next guest angel investor backs uber among others vested in more than 800 companies founding partner at venture fund, fj labs, great to have you this morning thanks so much for being here. >> thank you for having me. >> i want you to talk a bit about how you see the world changing, because we had a great conversation the other day, you walked me through the areas where you are allocating money where you believe the growth is, so talk to us first, about crypto and

blockchain how this will change the economy. >> a "yes," one, frameworks i use taking things fringe go mainstream, are internet smartphone, what is happening right now crypto is on the verge of going from fringe, one million crypto, to mainstream the real overdosing people misunderstand what crypto is a decentralized database allows you to build decentralized applications, misnomer most things are not the currency if you think of things that happen in the world finance, like wiring, money from to another, so selling or selling stocks, cost a lot of money all these

pillars of traditional economy reinvented in decentralized way revolution that is coming we should -- we are going to be able to make things cheaper faster better for the masses maria: let me stop you there, because you just said something that is so important, and i want to make sure our audience understands a lot of people say crypto when talking about, the blockchain, or crypto talking about digital assets what you are talking about is not currency, you are talking about the blockchain, and how that infrastructure will enable all sort of of things in the future how do i invest in that blockchain, and tell us where you see the biggest game-changer as a result of blockchain. >> sure, i think the correct term analogy like ethereum

decentralized computeer coinbase, buy something -- bitcoin, by the way, has -- digital, has certain purpose, 50% 40% 10,%, easiest way to get exposure, to a revolution that is ongoing right now. maria: what kind of regulatory framework do you expect will materialize around the blockchain i feel congress doesn't understood crypto or blockchain at all we don't know where this is going but they certainly are trying to come up with rules, around it, even though they may not understand it fully. >> the i mean look at regulators gary gensler understands what blockchain is i hope what they did in 90s, killed internet in tracks at

the very beguning decided firsts do no harm let's see, i and what i lag yesterday conversations are ongoing not just oh, bend our way, actual made, be smart, of course, the conversation, or we are going to have smart regulation around it, bring people that may be on fringe wary of cognition into it for fear of taken advantage have to crypto and main stream i suspect in the u.s. regulated entities will ultimately be winners do better than nonregularated. >> you own 2 -- companies incredible growth stories seed money investing in areas that you think are going to be growth stories talk to us about psychedelics, i agree i think mental health disease we are on doorstep of something

huge with mental health disease but i think that things like alzheimer's autism going to see real breakthroughs, not only will it save lives but investable opportunities psychedelics is broader the area you see real opportunity; right? >> show the right, i see huge opportunity here because there is a mental health crisis ongoing interesting in a way living in a most prosperous time in history better off than before but people seems lost sense of purpose frustrating -- and what is interesting when you start looking at studies, and the uses like did i use psychedelic, technology, if you look, one type, what magic mushrooms suggest side effects more effectiveness than prozac

of the world so as we are redo everything, things more acceptable you to me nonaddictive, same thing in canada, same thing going to happen in things like magic mushroom seeing a lot of companies that are going after this category, of course, compounds developed to make sure provided safe medical environment that has no side effects to this. >> you have been political marketplaces 25 years seen growth both industries over that time frame, so we are grateful to have your thoughts on this, what kind of a year are you looking for in 2022, in terms of start-ups real quick? >> we are, very beginning technology revolution people think everything has been done the core components of gdp from, education health care

public services, frankly we are still at day one, so everything need to be built, we and three in a way to benefit with covid more and more people are becoming, more companies creative than before facing several challenges in you 21st century climate change entrepreneurs are rising to challenge going to try to build better world tomorrow we want to live in i am extraordinarily optimistic for the future even though macro cycle goes up and down i am sure a crash at some point and that is okay. >> a longer conversation how you see the world, joining us this morning, thank you, sir. so appreciate your time and initial jobless claims crossed tape as you were talking cheryl casone with numbers right now. cheryl: 184,000 initial claims maria that is better

than expectations also new pandemic low, for initial claims 184,000 also revised, the last read we got on claims -- slight increase not big deal continuing right now coming in 1.99 million that was, that was worse than expected only looking for 1.9 million came in 1.99 million a little bit hotter than read in continuing last week maria but before we get to this point 218 a normal environment, for the market would be 200 or less, when we get to that, we will have another discussion about it those are claims for this week, back to you. maria: markets worsened as the result of the dow industrials down 140 even though the number was better than expected cheryl casone quick break president biden on the world stage, senator marco rubio is here, to discuss china, russia, and what is ahead then a positive outlook

for prices at the pump gasoline prices might be slowing down into new year we tell you where we are on "mornings with maria" when we come right back. . . daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.

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maria: we'll will russian leader vladimir putin will not close the door on invading ukraine president biden says if it happens, the u.s. will not use unilateral force biden hopes to convene a meeting between russia and nato allies as moscow continues to build troops on border with ukraine biden to speak with ukraine president today joining me florida senator marco rubio. he joins us now in d.c. senator great to see you, thanks very much for being here this morning, you've done such great work on foreign

affairs, your thoughts, on that meeting, between putin and biden. >> well, i wasn't at the meeting can't comment my only source of information whatever white house puts out you can i can tell you putin determined to impose knewtality on ukraine not going to accept that ukraine becomes member of nato believes nato will put troops missiles on his western border i think he yies this as opportunity first looks at president biden after afghanistan, troubles everything going on figures now is a good time to push the second is i think he looks at differences of opinion, different countries in europe members nato, different level of priority until a week ago a lot of nato countries did not think this was real did not were weren't too concerned many that are concerned about it some want to do a lot about it some think a manageable problem third because i think i his view this is this is

just something that -- that i think the term is tough patience to russian terminology don't fully understood it our red line language now using increasingly i believe that is what it is to him a delicate serious situation i think important for the president, to explain to american people, why what happens to ukraine, is in national interests of the united states what is nash interest based on that what opposite you would consider. maria: obviously, the number one question, thank you for that. but i got to -- enjoy the to wonder why president biden is so concerned about the border of ukraine and, yet, our border is wide open, to members, and -- we are you know, we are he arrested two million people this year, for breaching the border 600,000 others got away, is there no

the noonlt acknowledgement of that he focusing on ukraine border. >> there's a lot of irons out there we have people entering united states illegally who get released into population, after processing even if not vaccinated people to of arrested processed them get fired if not vaccinated a lot of crises stuff like that happening i think that happens when your policy agenda is driven by lunacy driven by radical left wing marxists ideology that becomes the base of party not common sense wisdom you have a world joe biden is now in charge of implementing the remain in mexico policy that he ran against not just because court told him to, but because frankly if he doesn't, the border situation is going to continue to unravel. maria: that is right. and then there is china. when are we actually going to see teeth in this policy pushing back against communist party of china you have been work ofing on legislation for

a long time, in terms of putting guardrails in place, so that americans do not fund the expansion of the chinese communist party. the by investing in chinese stocks, where are we on that? i know that the nbaa, passed the house i want your thoughts one who if ever we are going to see any real policy against china bad behavior. >> going to be hard under this administration, because this is the administration heavily populated by people, that are deeply vested in 20 years -- you know conventional idolizing believe orthodoxy that china is a country we need to work with, the more we work with them more they become like us they believe this, wedded to it kerry trying to do a climate deal he will with china it doesn't want to do anything to upset china you have people in administration probably want to about more aggressive about china a lot of others sort of

want to balance out notgo to a hard hope for china because they spent 20 years vested in that don't want to walk away from it, so, they want to you you know they want to be particular international community, so it is going to be hard to have real policy as long as people like that are making decisions. maria: and in the meantime china is rising communist party making no secret of the fact it wants to overtake united states as number one superpower. and all companies, have their interests in selling the widgets to 1.4 billion people look at this deal apple did tim reportedly signing 275-billion-dollar agreement with china, back in 2016, apple got you know, that all of this ease regulatory treatment because it promised that it would would train the ccp, on -- the iphone development and pretty much getting them to a place when is better competitive place than u.s. is how is that

possible that there is this is allowed to happen? >> a because it happened last 20 years since china was admitted to the world trade organization most companies heavily department on china leads to fact on daily basis now we have not just government leaders but major important american corporations leaders of industry advocating policies taking actions that are bad for america good for china we have american investors we have people in this country who invest in companies building weapons designed to kill american soldiers in the future they do not care fost to choose between billions more dollars profits from china or well-being of the country they live in supposedly call home, you know they choose the profits, and that is incredibly damaging i think chinese played it that way they understands that as a vulnerability they continue to exploit it. maria: even company that is the parent of recent weapons

launch out of china surprised our defense many of them a company investors can buy invest in on indices out there extraordinary i had to call it out i want to get your make on biden hosting very much summit for democracy starting day inviting over 100 governments to showcase benefits of democracy, including taiwan some countries on list raising questions philippines pakistan getting invited, even though they both have been cited by state department for having significant human rights issues russian, china, the summit what is this summit all about, and is it the president talking about freedom, liberty democracy, when -- he still is pushing forecast unconstitutional vaccine mandate. >> so a couple things on that, first is is in and offis the idea a summit of would democracies describing them

together not negative any time you use power of united states to treat alliance push back against totalitarian regimes should you what credibility do we have great to bring people together if the it doesn't lead to actionable items it is symbolic i think for united states we have funl challenges under joe biden columbia asking why doing something we asked you not to do last week this marxist rebel terrorist dprooub is no longer a terrorist group whether that or allies basically left to scrambling after he decided to withdraw from the afghanistan arbitrary timeline without consulting working out with him alliances work around the world, democracy is great we will do to doom meeting what does this lead to can we real count on you when rubber meets road i that i credibility problem this administration has it has it

here i think increasingly internationally. the credibility its just -- you know, plummeting senator, you are talking about this idea to push through his "build back better" plan and bernie sanders budget, at a time americans are hurting, inflation is getting stoked by all these dollars, chasing too few goods. what are chances his spending and tax plan gets a vote by year-end? >> chuck schumer can stet it up any time he wants, and continues to say he wants to do it before christmas we will see if that is true. i don't know if he has votes that is a question for joe 3457ks, kyrsten sinema doesn't have republican votes nothing less than codification of socialism i don't think we should be under any illusion this bill is nothing more than codifying socialism they are bragging about it videos protectional material all government programs are going to be involved in your life

from cradle to grave if you want to understand why a bad idea not just debt and money that is important it is the fact in federal government sponsor of primary payer of a program can use that as leverage to get you to do other things the reason why mandates are out there, for example, nursing homes other places because they are hospitals, because biggest payer is medicare federal government says you can't get medicare dollars if you don't follow mandates they want same leverage over early childhood education, pre-k, child care health care, everything want the federal government in charge ultimately marxism socialism isn't about economics it is about pour it is about control it, it is about citizenshiping a country this way you want it to be using power getting people to do what you want them to do liens we should have learned last couple years i hope we don't forget. >> where is this marxist thread coming from senator? i mean it is extraordinary what you say what what we're

watching by the way, your colleague in the house, ro khanna was with me an hour ago, hour and a half ago said that this spending plan is all paid for. i said no, it is not. he said oh, yes, it is. it is paid for. >> a gimmick gimmicky language not all paid for that is number one, interesting c. butto says not all paid are foster they say cbo is one opinion there are a lot of other opinions out there, about it here is the truth is if you create a program and you say okay. the program is authorized for three years, and so next 10 years you only have three years worth of -- cost, that is one thing but programs are yeah maybe authorized three years intend to be permit apartment perm informant a massive expansion of government going to lead to tax increases way beyond anything publicly acknowledging, and, will

fundamentally redid he define america's economy a very negative way strip us of our definism. >> marco rubio joining is in washington oechl affect on oil market driving volatility for energy we tell you what you need to noem coming up a long trip in a tiny par one british man childbirth efforts making a big buzz this morning you are watching "mornings with maria" live on fox business. .

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oil prices on track to snap three days gains oil now 71.41 a barrel waiting on data aboutoff governments new riekz fox business interest rater phil flynn joins me let me read what ceo south africa largest private health care network said omicron variant so mild that it may single the end of covid-19. that is is what happens with spanish flu that it may be milder than the flu, yet all this hysteria sending oil

prices down 13% on day after thanksgiving, your thoughts whether we are right now. >> yeah, thanksgiving day massacre unbelievable the death of oil demand has been greatly exaggerated the reason oil market has to panic not so much about reality what omicron is it is fear of what government may do in response, yesterday, of course, the uk was talking about putting travel restrictions people working at hole other conditions looking at this eu talking nine-month extension of travel ban, all of that stuff really could hurt demand hurt the economy overall, but if you look at drop in price maria, that drop is qualify equivalent losing 7 million barrel a day we're not getting close to that the driving price hurt investment could see much higher prices next

year. maria: are much higher prices on crude bhab gasoline national average for gallop regular gas 3.4 a gallon u.s. emergency information administration is projecting prices for gas will fall below 3 dollars next year, we are feeling it gasoline up 50% year-over-year talk about inflation. >> yeah, i think the ia says we could follow 3.01 next month i tell you i think the overly optimistic about next year energy information administration traditionally tried to be conservative about projects really missed runup of wean in gasoline i think 2 way things are going from a global perspective, the under investment in energy geopolitical risk factors that it is starting to come about because of bad energy policy if you look what is happening, with iran nuclear talks right

now if you look at tensions between russia, ukraine, united states a lot of problems are caused by energy. you know funny u.n. says risk to -- with climate change, to geopolitics, is because of climate change, it is the energy transition and pullback from u.s. energy producer that is creating a lot of geopolitical hot spots whether it be, in the ukraine and russia so you really have to look at that, if we don't if not smart about this energy transition, that is going to lead to a lot of problems. maria: yeah for sure, we were energy independent joe biden canceled xl, thank you a big story for big buzz coming up after this.

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maria: have a great day. dagan mcdowell and steve ford, thanks for being with us. "varney and company" begins right now. stuart: good morning. across the board vaccine mandates are in trouble. two senate democrats voted to kill the president's mandate on private companies. it is not dead yet but it is on life support. the democratic governor of michigan rejects that mandate. gretchen witmer knows her state cannot afford to lose vital workers and across