- [man] no time like the present, here we go. - [narrator] to the end game. - [man] what do we got here? i think we're at the raise. gotta be the raise. - [man] oh, yeah. maria: good thursday morning, everyone. thanks so much for joining us. i'm maria bartiromo. it is thursday, january 13th. your top stories, 6:00 a.m. on the east coast. the bottom of the barrel, president biden's approval rating sinking to a new all-time low, just 33% of americans you approve of the job that president biden is doing. from washington as concerns remain high over his handling of the economy, the pandemic, why is he not changing course? we will be getting into it all morning long. markets this morning are higher.

we are expecting futures indicating we will see markets extend gains this morning. the dow industrials right now with a firmer tone, up 33 points, the s&p 500 up 5 a, and the nasdaq higher by 19. we are standing by for another look at spiking inflation this morning, when we will get the december producer price index out in two of and-a-half hours. yesterday, all the major indices finished in the green despite the consumer price index showing inflation in america is now at a 40-year high. highest numbers since 1982. still, the dow was up 38, nasdaq was up 35, s&p higher by 13 yesterday on wall street. european markets this morning are flat, take a look at the story in the eurozone right now with the ft 100 down 4, the cac down 25, but the dax index in germany right now higher by 4 and-a-half. in asia overnight, china was down better than 1%, the biggest mover there. others moving fractionally. "mornings with maria" is live

right now. ♪ oh, wake me up when it's all over. ♪ when i'm wiser and i'm older. ♪ all this time i was finding myself. ♪ and i didn't know i was lost. maria: and your morning movers this morning, check out crocs, it's up in the premarket, the stock up almost 2%. piper sandler raising the target price to 246, up from 215. crocs recently announced plans to acquire shoe brand hey dude. the transaction set to go through next month. it is also expecting last year's revenue growth to hit $2.31 billion, that is 67% higher than last year. we are waiting on earnings for crocs in the upcoming week. next, virgin orbit up better than 4% in the premarket. take a look. the satellite service company set to launch its third commercial satellite later

today. since going public a few weeks ago. the top trending stock is up nearly 8% since it completed that spac merger on december 29th. virgin orbit up now almost 5 a%. rest of the market higher, fractional moves following yesterday's cpi report and ahead of the ppi report this morning. consumer prices posted the biggest annual gain in 40 years yesterday. the cpi up 7% year over year, up five tenths of a percent month over month. we're looking for the producer price indexer, out at 8:30 a.m. eastern, calling for an increase of four tenths of a percent month over month. 9.8% is the expectation for the ppi year over year. ahead of this, joining me now is cfra research director, ken leon. also joining the conversation all morning long is fox business' dagen mcdowell and strategic wealth partners president and ceo, mark tepper. great to see everybody this morning. thank you for being here.

ken, kicking things after off with you, with the topic dujour which is inflation. what are you expecting from the ppi and how much of the inflation spike is priced into the market or will we see a reaction once we get the numbers this morning. >> maria, inflation is going to stay elevated. it's part of the perfect storm of rising rates coming this year and to kind of quell inflation, but maybe the fed is really behind the curve here and we think that it's going to shift investors to favor cyclicals over growth. growth gets hurt, certainly by rising rates. maria: yeah. and of course every time we see this inflation threat, we do see growth stocks roll over and yet the macro story looks good. this week i spoke with the chairman and ceo of jp morgan, jamie dimon and he said for the first time in his life, ken, he is seeing huge pressure on wages

and on people, the competition for talent. macro story though he said is intact. watch this. >> i just would expect you're going to have a lot of volatility in the market this year but you're probably going to have a pretty strong economy, which is maybe more important for most americans. that consumer has a lot of money. businesses have a lot of money. they're spending. confidence levels are going up. jobs are presentful, wages are going up. for the first time in my life there's huge pressure on wages and people. this could be one of the strongest economies we've ever seen in 2021. 2022 will probably be pretty good too. maria: what's your take on that, ken? can we have a strong macro story and still see this enormous pressure on wages and inflation at 40-year highs? >> we can. but investors are going to have to be more selective because there's some industries that are going to be affected with pressure on margins which will affect earnings. let's take a look at the banks. the banks are really loaded to

ride the wave. what we saw, looking back over 10 years, that banks have huge dry powder to lend. the net loans to total deposit ratio is at an all-time low also with rising rates, whether it's jamie dimon thinking four our five times or up, net interest income gives them the ability to drive the top line, that's based on rates and volume. i think banks never get this kind of opportunity or the financial sector, so while industrials and other areas that are cyclical have pressure to your point about wage pressure or maybe materials, banks don't and having this riding wave of rates. maria: so you want to look at the banks. would you buy the banks ahead of earnings? i mean, look, we're about to hear from all the major banks tomorrow morning, citibank, jp morgan, wells fargo will be reporting their fourth quarter earnings tomorrow.

you say that the u.s. economy's going to be the key driver to bank performance in 2022 and that most diversified banks remain under-valued. does that mean you want to buy the banks today ahead of those numbers? >> we do. because banks are trading almost half of where the s&p 500 is trading at 21 times. banks are like 12 to 13 times. and also when you look at some of the catalysts for this year, there's increased focus back to you know what, dividends and buy banks. banks are over-capitalized. we get back to politics here with banks because the big risky see is the biden administration and a lot of former staff of senator elizabeth warren are getting into key positions like the fdic, the occ and maybe sarah raskin becomes the vice chair of supervision for the fed. to he me, that's the risk. when you look at the other fundamentals, banks are going to

play into the cyclical call. maria: i mean, i think you make a great point. i actually asked jamie dimon about that as well, these new positions that biden is nominating likely to nominate sarah bloom raskin who is a progressive and let's not forget, ken, this administration is making climate change a major bank supervision topic. what does that mean in terms of how these banks are going to deploy capital, how these banks are going to face higher fees, all in the name of climate change. >> well, i think the first thing is that for the fed it may take their eye off the ball which is really watching to your first point inflation and being aggressive if they need to in terms of tightening monetary policy. it's not just rising rates. but getting from a 9 trillion down to 4 trillion or maybe eventually 2 trillion on their balance sheet. that's liquidity. i think for banks, you know, it's an added social cost and they're going to have to put

resources for it, certainly the social policy is what it is. but obviously that's going to be an added cost. maria: it's going to be a big issue. mark tepper, real quick, jump in. >> good morning, ken. just a quick question for you. i agree 100% that banks are a place you want to b i think one of the biggest catalysts obviously you've got rising rates which will lead to net interest margin expansion but my question for you is this. if that's the angle you want to play, would you rather own a diversified bank like a jp morgan or bank of america or would it make more sense to own a regional bank like maybe a pnc or bank of the ozarks where a greater percentage of their revenue is concentrated on net interest margin? >> normally we would pick one over the other but all boats rise on this call which is rising rates. we also are going to see in the calls tomorrow for earnings that the consumer is getting back to

normalized levels of loan balances. they kind of spent through their personal savings. so i think you want to own both, depending on the portfolio. obviously, the capital markets gives you that great win for buybacks. maria: ken, it's great to see you. thanks so much. ken leon joining us this morning from cfra. we are just getting started. coming up, senate democrats are trying to force a vote on their two election bills an as the gop pushes back. why the legislation may be dead in the water. we're following it. more americans are seeing empty shelves in the grocery aisle, we're taking a look at the four factors contributing to this shortage in the retail roundup. plus bitcoin looks to stabilize after hitting the lowest price in months. how the hawkish fed could have an impact on the crypto craze. that's all coming up. don't miss a moment of of it. you're watching "mornings with maria" live on fox business. we'll be right back.

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maria: welcome back. now some of the top stories we're watching this morning. senate majority leader chuck schumer moving forward with the democrats' federal election bills by using a senate loophole to at least start debate on the legislation. the main hurdle for democrats is still the 60 vote filibuster threshold. they do not have the votes to pass this so they just want to change the rules, jam it through. schumer set a monday deadline to push the bills through, he wants to kill the 60 vote rule and he's threatening a vote to blow up the filibuster if democrats don't get their way. at least one democrat is still standing in the way of schumer's plan, senator joe manchin leaving a meeting yesterday saying he still does not support changing the rules in the senate, changing that filibuster 60 vote rule. president biden doing whatever he can to get every democrat on-board. he is headed to the hill today. he says he'll have lunch with senators in hopes of stirring up support for the election bills.

the department of homeland security now with a new focus, it is putting its focus elsewhere instead of looking to curb the historic number of illegal migrants crossing into the country. it is launching an initiative on climate change to develop the next generation of climate experts, it claims. this comes as officials expect illegal crossings to hit 2 million for 2021, for the first time in history. this does not include the 650,000 so-called got-aways who entered the country and now can't be found. the cost of the student loan payment pause is piling up. estimates show that it has cost the federal government more than $100 billion so far this -- in this cycle. it could cost an additional 4 to $5 billion every month going forward. congressional republicans sending a letter to the education department to see how these estimates were calculated. the biden administration wants to keep pausing the deadline and

keep pausing the fact that people do not have to pay back their student loans. senate minority leader mitch mcconnell blasting president biden's voting speech on the senate floor yesterday. watch this. >> yesterday that very same man delivered a deliberately divisive speech thats was that s designed to pull our country further apart. he compared, listen to this, a bipartisan majority of senators to literal traitors, how profoundly, profoundly unpresidential. look, i've known, liked and personally respected joe biden for many years. i did not recognize the man at the podium yesterday. maria: white house brett secretary jen psaki brushed off

the critics during yesterday's press briefing about the president's speech. watch this. >> i know there's a lot of claim of the offensive nature of the speech yesterday which is hilarious on many levels, given how many people sat silently over the last four years for the former president. maria: yeah, there was nothing hilarious about the speech yesterday, dagen mcdowell. your reaction to all of the theatrics that we saw from joe biden yesterday and its reaction from mitch mcconnell, among others. dagen: he's been in office almost a year and the american people are used to speeches chalk full of lies and demagoguery. joe biden has nothing when it comes to problems affecting everyday americans with inflation running at a 40 year high and as the wall street journal points out people's wages in the last year have fallen almost two and-a-half percent so their standard of

living is in decline. but this white house, when cornered, when caught in an untenable position, their go-to is to just lie and deflect. i've always said that desperation is the world's worst cologne and the speech joe biden gave in georgia was evidence of that, full of lies, talking about how awful the georgia voting law was when say in georgia all of its residents can get a mail-in ballot without giving an excuse. can't do that in new york or l delaware. i'll quote before i wrap up david harsani, there is a method to the madness and rage on behalf of joe biden and its he cronies. the president decided to preemptively undermine confidence in the 2022 and 2024 elections, smearing half the country as rateist while cos

playing at a civil rights here he row. this is to foment distrust in our system and he's gasping for relevancey when he can't fight any of the real problems or doesn't want to that hurt average americans. maria: well, i mean, you know what gets me, mark, is the fact that he doesn't change course at all. it's like they don't care what the american people say. his approval rating is at 33%. he's still pushing through the voting bills, right? most people say that he does not do a good job handling the economy. he is still passing through the spending bills, the build back better agenda. totally tone deaf. mark: yeah. look, this is -- we're talking about voter id here and to your point, to dagen's points, this is almost like a look here, not there kind of slight of hand trick that he's playing because fighting against voter id, that's not the biggest crisis we're facing in the country. we have many other problems that he should be dealing with but he

decides to show up for this. he's more interested in tearing the country apart even further. there's so much more hatred today. this was extremely divisive and what is the problem with having a voter id? it's not racist at all. math isn't racist. i think in georgia, you can get them for free. my kids couldn't get into a restaurant in new york city or colorado without having a vaccine id. you know. and when you go to get a covid test, you have to show an id for that. it seems like they're arguing just for the sake of arguing because they can't deal with the real problems head-on and that's a problem and that's why his approval rating continues to go lower. dagen: maria -- maria: it might be worse than that. i don't think they're arguing for no reason, they're arguing because they don't want people to have voter ids, they want illegals to be able to vote. they think that's their opportunity to stay in power. dagen: look in new york city, that's what they want nationwide, you federalize the

elections, the democrats will be in control forever. by the way, the majority of polls, a majority of americans back voter id. they think that that's just -- the democrats want to bury that too. maria: again, they don't care what the people want. otherwise, they would be changing course. stay with us. we'll be right back. (vo) singing, or speaking. reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.

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for more info. maria: welcome back. democrats are trying to force a public showdown over their election bills, house speaker nancy pelosi announcing last night that the house plans to take up and advance a consolidated election and voting rights bill today to allow the senate to give it urgent consideration. this comes as president biden is scheduled to meet behind closed doors with senate democrats today. joining me right now is north carolina congressman, house financial services committee member, ted budd. it's good to see you. thank you for being here. what are you expecting in the house in terms of these election bills? >> well, they're going to keep jamming this through in conjunction with chuck schumer in the senate in order to distract the american people from the real crises and the manufactured crises that the democrats continue to create. so they're talking about elections when republicans out there want to make it easy to vote but hard to cheat. and everything that they want to

do is nationalize elections so they can push forth had their radical agenda. maria: that's the thing. you said a minute ago that they are basically saying look over here, not over there, to sort of hide the dysfunction and the underperformance but isn't it worse than that, that they want to push these bills through to do away with voter id, take all election rules away from the state so they can federalize it. so it's actually even worse than just saying focus on this, not on our disastrous agenda. >> no north carolina for example, we had a constitutional amendment by the people of north carolina to the state constitution and we voted for it over and over to have voter id. and activist liberal judges continue to overturn it. look, we need to get it back. we need to have vote i id across the nation. remember, elections are

controlled by the states. and that's schumer's problem, that's biden's problem, that's nancy pelosi's rob, they want to nationalize it so they can make it like california. as california goes, so goes the nation and that's what they want is to push that radical agenda in all other 49 states and that's what they're trying to do right now. maria: and yet the american people are pushing back. we see that by the plum t eting poll numbers -- plummeting poll numbers. president biden's poll numbers are at a new low ahead of the midterm elections. the poll we're talking about today found that 33% of registered voters approve of biden's job as president. it comes as we're seeing a growing list of house democrats either announce retirements or new plans to seek other office, congressman. why are all of these democrats resigning or seeking other office or choosing not to run for re-election, in your thoughts? >> they know it's a failed agenda. 26 members of the house are retiring because they know they

will not be in the majority if their chairman or chair woman, they're out of a job essentially and they know this is a sinking ship. biden is taking one for the team. they've got nothing to offer him. they've been giving him and giving him things and opportunities for 50 years of public service. now it's culminating in a failed presidency. they don't want to carry this forward. they want to get off the ship while they still can. and we're going to take back the house and we're going to take back the senate too. maria: and this in the face of the record fund raising that you and your colleagues have done, kevin mccarthy yesterday talked about 72 and-a-half million dollars raised this cycle alone including almost 12 million in the fourth quarter of 2021. congressman, it's incredible to he me that all of this is going on and this administration continues jamming through its agenda and not focusing at all on what the american people want. you want to know how many

convicted felons received a coronavirus stimulus check. you've got to walk us through this because those people who received the check from that covid $1.9 trillion package included zarnef, the terrorist responsible for the boston marathon bombing, disgraced u.s. gymnastics doctor, larry nasser also got a check. you said taxpayer money should never be sent to individuals serving in federal prison for evil crimes like murder, terrorism and rape. democrats blocked an amendment that would have barred this from happening shortly before the american rescue plan passed. explain this to us. in other words, they sent out covid checks to people including people who tried to blow up america, terrorists. >> we put forth an amendment in the house saying we are not going to send american taxpayer dollars to those that are felons and those that are in prison.

and they said no, absolutely not. and this is what you're seeing. you're seeing $1,400 checks go to the boston bomber. we've asked janet yellen, exactly how much have you spent. we've had $780 million we believe go to those that are in prison. we've given her a month to answer this question and if she doesn't answer, as they often do, we're going to ask her in the hearing next month in the financial services committee. maria: unbelievable. congressman, thanks very much. we so appreciate it. we are watching earnings this morning. delta air lines reported its earnings, it better than expected. we'll slip in a short break and come right back with more. stay with us. with my hectic life you'd think retirement would be the last thing on my mind. thankfully, voya provides comprehensive solutions and shows me how to get the most out of my workplace benefits. voya helps me feel like i've got it all under control. voya. well planned. well invested. well protected.

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maria: welcome back. delta earnings hitting the tape, right to cheryl casone we go with the numbers. cheryl: stock moving up. good morning to you. it's up 2% right now, coming in with 22-cents earnings per

share. revenue, 9.47 billion. it is the commentary we're watching though. the ceo saying the new quarantine guidelines from the cdc has been helpful in getting people, his workers, flight crews out of isolation and back to the skies and back to work. about 8,000 delta air employees have contracted covid. they're being very forthright about this, 10 to 20% of business travel not going to come back in the traditional way. still, the stock is moving higher. they're talking about q1 right now and the fact that although they have seen some capacity declines for the first month of this year and in particular for the december month, because of course the covid cases and a lot of cancellations, had they are talking in particular that things are starting to stabilize. he says within the next 60 days they believe the airline operations and crew operations are going to stabilize. that means that things are looking better. they are looking up for delta. again, that stock is moving higher right now. a lot of this is on the guidance coming from the ceo. back to you. maria: big move there.

thanks so much, cheryl. some of the other headlines that we are watching this morning, the ipo market facing its first big test of the year. ppg will test the waters this morning. the ipo priced at 29, 50 a share, the middle of the range that values this company at $9.1 billion. it is braving a choppy and volatile market. three other ipos were canceled just this week with the market volatility. bankers will be watching to gauge the health of the 2022 ipo market. other private equity firms having found success going public. it starts trading of on the nasdaq later this morning under the ticker symbol ppg. the price of n-95 and kn95 masks are skyrocketing. a backpack of 40 -- a pack selling for $80 on amazon, up from $17 two months ago. the white house covid response

team admitting the government has 750 million masks available for healthcare workers and first responders and may release them. rochelle walensky says the agency has no plans to update guidance but just the fact that they're talking specifically about this mask, the n-95 made by 3m has the price skyrocketing. kiley jenner reaching a huge milestone on instagram. the 24-year-old reality star and cosmetics mogul has become the first woman to exceed 300 million followers, trailing cristiano ronaldo, he has 389 million followers, despite a recent quiet period on instagram for her. she is pregnant with her second child. russian leader vladimir putin is not backing down as the west watches ongoing tensions with ukraine and the buildup of troops, nato and russian officials met yesterday leaving with nothing resolved. both sides admit significant differences remain as russia

increases the demand that ukraine not be allowed to join nato. the u.s. and russia met two days earlier, failing to reach any breakthroughs. joining me now is roger jakime e-zakime. what's your take on what's happening between the u.s. and russia as it relates to ukraine? how do you read it? >> well, there's a standoff and the united states and the allies and nato have basically said we're not going to negotiate away the freedom of the people of ukraine, nor will we allow russia to dictate who goes in or who does not go in to nato. that's right and that should be the posture they should stick with. maria: well, we are going to see a vote today in the senate on senator ted cruz's bill to slap sanctions honored stream 2 pipeline. we want to see who will vote for this legislation which needs at least 60 votes to pass. senator bob menendez unveiled a

new bill yesterday that would only set off sanctions if russia invades ukraine, giving democrats another option, roger. your thoughts as republicans complain that this president allowed the nord stream pipeline to go through and yet he killed all the other pipelines, the xl pipeline in america. >> well t biden administration came in president biden wanted predictability and stability with russia, with vladimir putin. none of that played out. in fact, vladimir putin has been challenging and exploiting a perceived opportunity to challenge ukraine, to create instability and division within europe. sanctions is a key area to apply pressure on vladimir putin. it's good the senate's going to take up a sanctions regime that will attack and challenge russia's financial institutions, making it more difficult and deterring them from invading ukraine but nord stream 2 should also be on the table. it was a mistake to take it off the table at the start of the biden administration and senator

cruz is doing the right thing here by saying why should we allow russia to benefit from capital from europe and make europe more dependent on russia at a time where russia seeks to invade ukraine and seeks to undermine the freedom of the people in europe. maria: yeah. but it's not just russia, right? i mean, you see china also getting aggressive with this president. you've got vladimir putin doing whatever he wants with troops at the border of ukraine. xi jinping doing whatever he wants, sending planes into the zones, the defense zone of taiwan. we have a story today that a china is harvesting americans' personal information for espionage, military operations. why all of this aggressiveness now? >> well, listen, this is what authoritarians do. they per receive that the united states is -- perceive that the united states is looking inside to not be a global leader and a

country that's going to stand up to authoritarian regimes to provide the security that provides freedom, they're going to exploit that opportunity. we have seen a degradation of deterrence, whether it's in the south china sea or as relates to taiwan as you point out or what we're seeing right now in europe. we need to restore that deterrence. part of that is being convincing that we will stand up for those principles around the world and part of it is continue to invest in our military and make those decisions that will demonstrate to auto crates like vladimir putin that we're not going to tolerate these adventures. maria: you make a really good point, saying investing in our military. that is something this administration is not doing. look at the budget. defense spending actually was declining when you compare inflation. inflation hit a record 7% in december. we are talking about spikes in pricing everywhere. and roger, you say this is a huge problem for the defense

department. even as the defense department and homeland security department and so many other agencies are not making our readiness or our national security the number one priority. instead, they're making the number one priority, roger, climate change. >> well, there are a variety of priorities. clearly the biden administration is emphasizing climate and a its place in the department of defense. this is all happening at a time where as you point out the buying power within the department of defense is going down because of inflation. the headline today is that inflation was somewhere between 6.8 to 7% for the congress which sought to increase the amount of money for the department of defense, meaning beyond what the biden administration requested, with these inflation numbers it comes out to a net loss. in other words, we're going to fund the military below what we were going to fund it the previous year. and it's even more of a problem in the military because you're of course going to go ahead and

give pay raises to the men and women in uniform. you want to prioritize that at above inflation which means there will be even less money to invest in modernization platforms and the research and development that's required to keep pace with china and what russia is doing. maria: yeah. it's an issue that we have been focused on and we will continue to. roger, good to see you. thanks very much. quick break and then bitcoin looks to stabilize hitting the lowest price in months yesterday, how the hawkish federal reserve could have an impact on the craze. what the future looks like for bitcoin. plus, hot stock picks from top investors this morning. why they say getting into 5g companies now could benefit you later. it's the next hour in the word on wall street. you're watching "mornings with maria" live on fox business. ♪ i want something else to get me through this. ♪ semi-charmed kind of life. ♪ -- baby, baby.

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maria: welcome back. bitcoin is hovering below $44,000 this morning, that is up from the lows of around 41,000 earlier this week. the global crypto market cap a

little over $2 trillion, despite federal reserve chairman jay powell pledging to, quote, he prevent higher inflation from the entrenched during his senate nomination hearing tuesday. joining me now is rich rosen rosenbloom. assess where we are on bitcoin. we know that lawmakers are dancing around a new regulatory backdrop for crypto. your assessment of where we are and what it looks like once we do get solid rule making in the books. >> i'd say the secular bull market is still very much intact for this space. bitcoin and all the other tokens but seeing a bit of a start of a secular downturn due to interest rate cycle macro. you have the trading oriented investor community starting to trade more bitcoin than gold. when you have cpi come out or the equity market gets hit, there's some selling on the equity open of crypto futures

and it takes the market down but as i mentioned, the bull market's still intact so i think that the people that are in it for the long haul such as myself and gsr we're in it and trying to not be paying too much attention to these daily and weekly moves. maria: do you have an expectation of what regulation looks like, coming? >> sure don't think it's going to look like it did last year in china. i think that the u.s. welcomes innovation and i think there's been tens of billions invested in the infrastructure and a lot of people employed that have been working to understand the space so i think that the space welcomes fair and orderly markets and regulation. i think it's going to come on slowly, not as a brunt force, that's indicative of the fact that we now have an etf, even if it's an etf flight. so i think we're going to see some changes this year but i think it's going to come with new products and services including a full bone fide etf. maria: it was incredible to me what happened in el salvador when they started using crypto.

so many people immediately overnight were able to get banking and get banked which was terrific. but look what's happening elsewhere. iran reportedly set to allow merchants to use digital currencies in international trade. turkey piling into digital, ditching their he local currency, turning to bitcoin and tether. how do you read what's going on internationally in terms of iran and turkey? >> yeah, i'd say it's interesting seeing the polarization of this space for the past decade. i think there's been a lot of paranoia, the first decade of its life, now i think now that we're well into the second decade it's starting to be more pronoia, instead of focusing on bad and illicit activity, dark market stuff that exists, i think it's also banking the unbanked, providing a better technology than swift or any other conventional system. i think it's a very good sign. maria: rich, i'm with mark tepper today.

mark, jump in. mark: hi, rich. i own crypto. i believe in it. so i think we're on the same page there. but i am concerned a little bit that the biggest catalyst which really propelled bitcoin and the other cryptos substantially higher over the course of the last few years was all that liquidity that flooded the market. with that gone now, what's really the cat lift to take -- catalyst to take crypto higher from here on out? >> completely agree that a prominence of low interest rates forever is good for assets and it's been a historical thing. people tend to buy collectibles. i think what you're betting on now is that its own ecosystem where the talent density entering the space, whether it's unheard of or not seen since the first dot-com boom and you have some of the smartest people coming in, not because they want to enhance their reputation, because they want to make more money, but because it's truly an intriguing and inspirational sphais space that changing the

-- space that's changing the world for the better. maria: we will leave it there. rich, great to see you this morning. thanks so much. >> thank you. maria: rich rosenbloom joining us. coming up, shifting focus away from what matters to the american people, homeland security taking on a new venture, despite surging border crossings and illicit narcotics coming into our country, wait until you hear the shocking numbers hitting an all-time record and what the priority will be now for the department of homeland security. it's the next morning's hot topic buzz. ♪♪ 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,

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maria: welcome back. time for the hot topic buzz. so the department of homeland security launching a new initiative called climate change professionals program. it is supposed to develop the next generation of climate experts. this comes as illegal crossings into the country hit a record high for the last year, they are expected to show 2 million people crossed into the country for the first time ever, first time in u.s. history in america this last year. that does not include the 650,000 so-called got-aways, they crossed into the border. they cannot be found. they were seen on surveillance cameras getting in. so dagen mcdowell, it's not a program about a border wall. it's not a program about stopping fentanyl and illicit

narcotics coming into the country i. no, no, no, the department of homeland security is focused on climate change. your thoughts? dagen: where is the focus and care for all of the americans who died from fentanyl poisonings and their grieving families? fentanyl poisoning now the number one cause of death among younger americans. fentanyl that's pouring across this porous, wide open border, but this is what they do. in typical liberal fashion, i think this is a way for a bigger money grab. again, for the federal government to siphon money away from hard-working americans and pour it into programs that don't deliver jack all. maria: yeah. that's right. mark, what a strategy, china killed our seniors with covid and now they're killing our young people with fentanyl because of course fentanyl is made in china and joe biden is not doing anything about it.

mark: and pollution's made in china too. right? so i mean, if we're talking about -- maria: good point. great point. mark: talking about climate change -- we can't change the world with regard to climate without the biggest polluters chipping in. i want to say china contributes like 30% of the world's pollution and this isn't the job of the department of homeland security anyways. their job is to protect american citizens, plain and simple. but to dagen's point, to your point, this is right out of the democratic playbook. they're constantly failing at dealing with the issues at hand from the border to the failed response to covid. how about our awful foreign relations where we literally have our biggest adversaries like russia, china, flexing their muscles against us and getting more aggressive because we blew the afghanistan withdrawal and now we look weak. why don't we pay attention to that? instead, they go right back to climate change, a problem that we can't fix by ourselves, rather than dealing with the

immediate issues at hand that pose a legitimate threat to us as a country right now. you've got to deal with that stuff. maria: and you know when i say china, i mean the chinese communist party. these are serious, serious national security issues and that's why we continue to he focus on them. dagen and mark, stay right there. the next hour of "mornings with maria" begins right now. ♪ maria: good thursday mornings, everyone. thanks so much for joining us, i'm maria bartiromo. i'm is thursday, january 13th. your top stories right now, 7:0. biden's bad approval ratings are getting worse. sinking to 33%, an all-time low this morning. that is down 17% in less than a year. concerns remain high over his handling of the economy and the pandemic as more than half of americans disapprove of the job the president is. importantly, that includes independents.

we are breaking it down all morning long this morning. markets meanwhile with a firmer tone as we look ahead to more key economic data. we are waiting for the producer price index out in about an hour and-a-half, 8:30 a.m. eastern. the dow industrials right now up 34, s&p 500 flat, up one half of a point, nasdaq has gone negative, down 2 points. major u.s. equity indices finished in the green yesterday even with reports of spiking inflation, we got the consumer price index out yesterday. it showed the highest inflation in 40 years. the dow was up 38, nasdaq was up 35, s&p was higher by 13. in asia overnight, and european markets this morning mixed story. take a look at the eurozone and asian markets. as you can see, the asian markets were mixed overnight. the shanghai composite the worst performer. in europe this morning, the major indices are mixed, fractional moves across the board. "mornings with maria" is live right now.

now some of the top stories we are watching this morning. senate majority leader chuck schumer moving forward with democrats' federal election bills by using a senate loophole to at least start debate on legislation. the main hurdle for democrats is the 60 vote filibuster threshold, they don't have the votes to get it through so they want to change the rules. schumer set a monday deadline. martin luther king junior day to push the bills through. he says he wants to kill the 60 vote rule. he is threatening a vote to blow up the filibuster if the democrats don't get their way and do not get the voting bills through. at least one democrat is standing in the way of schumer's plans, that's senator joe manchin, leaving a pleating yesterday saying -- meeting yesterday saying he still does not support changing the senate rules, changing the filibuster 60 vote rule. president biden is doing whatever he can to get every democrat on board. he says he's headed to the today to have lunch with senators in hopes of stirring up support for those bills. meanwhile, the cost of the student loan payment pause is

piling up. estimates show that the fact that the government told people they don't have to pay back their loans is costing the federal government more than $100 billion so far. it could cost an additional 4 to 5 billion every month going forward. congressional republicans now sending a letter to the education department to see how these estimates were calculated. the biden administration extended the deadline to pay back federal student loans to may 1st to people still have more time to not pay back the student loans. for the first time the army is offering a maximum enlistment bonus of $50,000 as it struggles to fill critical jobs. the bonuses are available to highly skilled recruits who join up for six years. the army says pandemic related shutdowns have made it difficult for recruiters to reach out to students. time for the word on wall street, top investors watching your money. joining me right now is strategic wealth partners president and ceo, mark tepper, chief investment officer and co-founder, sylvia jablomski and

private wealth advisor, allie mccartney. mark, kicking things all off with you with the earnings story. we'll start seeing earnings flow in, this morning we have delta air lines, it beat expectations. stock is up 2% right now. what's your take on this earnings season? some row we'll hear -- tomorrow we'll hear from major banks and then it's off to the races for the next two weeks. what are you expecting? expecting?>> we're going to havd earnings season. i think it's fair to say that the best is obviously behind us and when we look at kind of the trailing 12-month earnings, we hit a peak or we're going to hit a peak as we're getting fourth quarter earnings and then it's kind of going to go down from there and when that happens, you kind of want to start shifting gears into more defensive stocks at that point and obviously delta is a more cyclical stock. we saw their earnings this

morning. delta's a great airline, probably my favorite airline but from an investment standpoint it's tough to own these airlines right now. i mean, they're basically a trade, not an investment. for delta it's pretty simple, you buy it in the low 30s, sell it in the low 40s, rinse, repeat. with banks coming out with earnings tomorrow, i do like the banks. i like the banks. we own jp morgan. we own blackrock. jp morgan in my opinion is the most diversified bank from a revenue standpoint. they got the best management team, best roe of all the banks and then blackrock, blackrock owns ishares and a from an etf standpoint we saw a record amount of flows into etfs last year and as they're managing more money in their etf strategy, obviously their asset mom fees are going up -- asset management fees. i think banks are a good place to be as we look forward throughout 2022. airlines are not investable just yet at this point. maria: yeah.

it's a good analysis there. allie, what about the inflation story? consumer prices posting the biggest annual gain in 40 years. we are waiting on the ppi data this morning. we'll get the producer price index out at 8:30. we're expecting a gain of 9.8% year over year for the ppi. yesterday, we saw the 7% move. look at what we're looking at for ppi. four tenths of a percent month over month is the estimate, 9.8% year over year. that has to mean much higher expenses for businesses. your thoughts? >> you nailed it. if you have -- both those numbers are historic. if the cpi, the cost to the consumers is rising at 7% and the ppi, the cost of the producer is rising at 9% then you're talking about profitability and margins at these companies. that is inflation.

everything that we talk about with what is this going to do and what is the rising interest rate cycle like. the number didn't move the markets? why didn't it move the markets? because at the beginning of thee week the hawkish fed came in and you had one of the biggest moves in interest rates in the yield of the 10-year. so largely priced in, largely with energy, cars, some of those things are going into the base. back to is it temporary, what are we looking at. ppi that's coming today is going to come in hot as you said. the good news is that it's coming in less hot than it has been and so the story that we're looking at, back to the earnings season, is which of the companies that can actually maintain and grow margin, that can manage the cost, that can manage their wage cost. that's a huge part of this. that's because of the -- labor is one of the most inflationary

areas and that's where you want to be investing going forward. maria: yeah. it was great analysis even though your mic is repeating itself. sylvia, you are hot on 5g we've been talking about 5g for a couple of years. you say this disruptive technology is going to create investment opportunities. where are they? tell me about stock picks in that area. >> good morning. and, yes, i think that if we think about the future of technology, there are a few themes that are going to take over of, 5g is one of them, cloud is another, the meta verse is the focus. with 5g you're talking about connecting rural and urban america, talking about powering electric vehicles, artificial intelligence. the meta verse, it's not a real thing unless it's powered by 5g. the names that benefit are going to be sort of broad-based. they're going to be everything from cell tower companies to mobile providers but in

particular, i like amd and nvidia, the two semiconductor stocks because i think they touch all of those areas that i just mentioned. they're going to be part of gaming. they're going to be part of the omni verse and avatar creation, they're going to be part of the cloud so they have deals and contracts with companies like amazon, microsoft and google. you're talking about a 70% cagr, compounded annual growth rate for 5g. those are good places to invest. when you look at the top companies as allie mentioned they are companies that have that moat, they have that cash balance and they're quality. maria: i like the thesis. what about valuations, sylvia? look, apple is close to $3 trillion market value. do the valuations get in the way on this call for you? >> you know, it's a great question and what i would say to that is that when you have the e and the pe ratio rising, the valuations don't look quite as hot. i think that, again, these companies like apple for example, they're getting involved in augmented he

reality. they see 29% year over year revenue growth, 25% growth in services. if you look at every sector of apple, they're growing and they have so much cash on the balance sheet that i just don't think that it's going to matter for companies like that. as long as they're innovating and participate aing in the next generation of technology, i don't think that the valuations matter right now. nvidia for example i think is a massive sale opportunity for those same reasons. maria: okay. we will leave it there. well, it didn't matter for amazon for all of those years, right. sylvia, allie, great to see you ladies. have wound full thursday. we'll see you soon. mark tepper you're sticking with us. much more ahead this morning. coming up president biden's approval sinking further, new polls show failing marks for the voters' biggest concerns. we have the numbers coming up. grocery aisles across the country increasingly looking like this. completely bare. as store shelves struggle to

keep these shelves stocked. we have everything you need to know in the retail roundup coming up. joining the conversation all morning long this morning, dagen mcdowell and mark tepper. we're going to get back to this fan a takes particular pan -- fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. ♪ i'm on the edge of glory and i'm hanging on a moment of truth. ♪ i'm on the edge of glory and i'm hanging on a moment with you. ♪ i'm on the edge feel stuck and need a loan? move to sofi and feel what it's like to get your money right. ♪ ♪ ♪ ♪ move to a sofi personal loan. earn $10 just for viewing your rate — and get your money right. ♪

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maria: welcome back. joe biden's approval rating hitting a new low, just 33% of americans are approving of the job that he's doing. that is 17% lower in just the last 11 months. the top three issues most concerning for americans biden's handling of the economy, foreign policy and the pandemic. nearly half of voters think president biden is doing more to divide the country than unite it. dagen mcdowell, your thoughts on that as he constantly divides

us in vaccinated, unvaccinated, black, white, categories. dagen: let me sum up these polls in a way that we would where i grew up. pu, you stink on everything, on every issue that americans care about. covid, he ran on it. remember at a debate before the election, joe biden said any president -- any person who oversaw this many deaths shouldn't be president. well, last year more people died under joe biden of covid than during the first year of the pandemic. inflation, real wages are falling to about 2 and-a-half percent last year. so you adjust for inflation. this hurts everyday americans and it makes people mad and all this man and his cronies can do is lie about it over and over again, lie about the border,

about afghanistan, about we need to spend $5 trillion more to bring down inflation. it's not going to cost anything. it's the combination of a white house and a president who don't care about these things, a white house and a president that are completely feckless and then when cornered, they lie. people have had enough of it. maria: yeah. they really have. and it's because they only care about their progressive agenda, mark. it doesn't matter what the voters say. it's all about climate change, spending money on climate, the green new deal, no matter what you say. that's why we're seeing crises after crises in this country, from economic to foreign policy. mark: absolutely. and joe biden and kamala harris, they're doing such a poor job. we're actually starting to hear rumors about hillary running again in 2024. and biden's own party is actually starting to turn

against him. they're trying to keep their distance because you don't want your political career anchored to a sinking ship. i mean, just look at his georgia pep rally rah rah session, whatever you want to call it. stacy abrams didn't show up. dagen pointed out where he's missing the ball with regards to covid, where he's missing the ball with regards to the economy. with regards to the economy, no doubt quality of life is being eroded. when you take the punch bowl away and the economy starts to slow a little bit but inflation still running extremely hot, that's a problem for quality of life and we talked earlier on the show, maria and dagen, about his foreign policy gaffes. we talked about how weak we look, about how russia and china are flexing their muscles because we weren't strong. we didn't pull out of afghanistan in a respectable manner. we botched it. and in doing so, we look weak and now we have our adversaries flexing their muscles against us. he's just not doing a good job

and like i said earlier, everyone's turning their back on him. dagen: one more thing. he ran on fighting covid. and he hasn't done anything. the journal has an editorial today about covid therapies, the real need for the therapeutics, the treatments, the antibody treatment, the antibody infusions, like the one from vir or vir pharmaceuticals and glaxosmithkline which is used on omicron, that of the 1 $1 trilln spending bill last year, less than 1% was spent on these treatments, less than 1%. that is the equivalent of what was spent on new york's financially ailing transit system. this seems like an obvious thing to focus spending on and they didn't do it. maria: yeah. the money went elsewhere. the money did not go for testing

either. i did a whole show on it sunday on sunday morning futures on how this administration politicized covid telling us to suck it up and a isolate for two weeks, later than discuss the treatments on the market that have been proven for the flu n will not recognize natural immunity, the immunity one gets from the infection. you've got dr. anthony fauci calling kansas senator roger marshall a moron. fauci's calling a sitting elected senator a moron. senator marshall will join me next with his response to fauci's hot mic moment. senator marshall was elected. fauci was not. we'll be right back.

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>> i cannot find them. our office cannot find them. where would they be if they're public knowledge? where. >> it is totally accessible if you want it. >> for the public. >> to the public. you are totally incorrect. >> we look forward to reviewing it. >> senator marshall, dr. fauci has answered you, it is public information and he's happy to give it to you if you would ask. >> senator moran. >> what a moron. he jesus christ. maria: what a moron,

dr. anthony fauci was caught on a hot mic, calling kansas senator roger marshall a moron at that senate hearing this week. this insult flying after the senator asked fauci for his financial disclosures and investments. they are still not public knowledge. we have not seen them. we do know fauci is the highest paid federal employee, almost half a million dollars. joining us now is kansas senator roger marshall himself, a member of the energy and natural resources, small business and agriculture committees. senator, it's good to see you. thanks very much for being here. you are an elected official. your constituents put you there. he's not an elected official. what's your response for him calling you a moron? >> yeah, well, good morning, maria. dr. fauci obviously visibly shaking at those particular moments. why does he protest so much? as a young physician myself, one of my mentors an orthopedic surgeon told me once a physician

loses their reputation, they never get it back. dr. fauci lost his reputation. he's the highest paid employee in the fed government. more than that, he oversees $5 billion of grants including significant amounts to wuhan, china, via eco health. don't you think he you would like to know if he's getting any funds from wuhan, china or from the chinese government, the chinese communist party, wouldn't you and your listening like to know. that's a question i get almost every day. dr. fauci's policies don't make sense. they'll ask is he invested in companies that make vaccines, is he invested in mask companies as well. those are common questions i think america deserves to know. maria: this is just extraordinary. this is absolutely extraordinary. we've got the vaccine makers, pfizer and moderna, they're going to generate $95 billion in the coming year or two on these

vaccines. you're telling me he invested in the vaccine makers? and secondly, here we have anthony fauci under oath testifying in front of your committee, testifying in front of rand paul, a couple of times, and not telling the truth. we know now that he did push forth a grant to wuhan, so pretty much taxpayers in america funded the covid pandemic. >> you know, you're exactly right of course, maria. you're on top of this, 59% of americans don't trust dr. touch each every time he -- fauci. every time he goes on television, the people that declined the vaccine dig their heels in more and say no, we're not going to do it. the other bombshell we released yesterday was another viral gain of research project that was denied by the department of defense but dr. fauci funded via eco health with wuhan, china. again. we caught him in another lie.

that's why he's visibly shaking at the end of both sessions of questioning. maria: okay. but he is still there. he's still making his half a million dollars a year. i mean, can you do anything about this? is he ever going to be held to account for lying under oath? isn't that a felony what that comes with jail time? >> this is why the democrats are going to be toast this fall, right. so in november, when republicans get control back of the senate, rand paul will be chairman of this committee that gets dr. touch in front of us -- fauci in front of us. that's why we need to get back control of the senate. we'll have subpoena power. that's the only way to really address this. he's not an appointed member of the cabinet. he serves at the pleasure of the president. this president holds nobody accountable. he creates crisis rather than solves them. maria: this is, again, extraordinary. you know, we'll see if you get

the gavel because your colleagues on the left want to jam through a voting bill that may very well arguably keep them in power forever. senate majority leader chuck schumer moving forward with the democrats' federal election bill. he says he's going to use a senate loophole to start debate on legislation. the main hurdle is the 60 vote filibuster threshold. schumer is threatening that monday there's going to be a vote to blow up the filibuster if democrats don't get their way. will they be able to get away with this? >> well, look, so far joe manchin and kyrsten sinema standing tall once again in the face of the president. trying to represent their states, right. you talk about hypocritical. 25 current senators signed a letter in 2017 beging the republican party to keep this filibuster but now they're against it. and just to simplify things. when you hear the word filibuster, your viewers need think about the supreme court. they want to get rid of the filibuster so they can control the senate so that they can make

puerto rico and d.c. a state and then pack the supreme court and federalize elections in their favor. it's very simple. the filibuster has worked great for years, it helps create a more certainity which businesses prefer. maria: i mean, i've never seen anything like this. this is like a dictatorship, senator. what are you going to do about this other than wait for november? it is 299 days away from the november 8th election by the way, for those of you counting at a home. >> we're going to stick together, right. i've never seen the republican party so together, such a cohesive unit standing up to this. we're going to stand together. we're going to reach out to joe and a kyrsten and others that understand, the 25 senators that signed the letter before that are still in the senate. how are they going to go back to their constituents and explain in four years when we control the white house and both sides

of the capitol, how will they explain to them as they see legislation go in a different direction. correct. we're going to keep fighting. we're going to make sure that americans know that they're hypocrites. maria: just incredible. he's buying stocks of the vaccine makers as he's forcing the vaccine down everybody's throats and joe biden is putting mandates in place. never seen anything like this, senator. this will go down in history, in the history books as one of the most shameful times for our country. senator, we'll be watching the developments. thanks very much. you should wear that moron comment as a badge of honor, sir. senator roger marshall this morning in d.c. thank you, sir. quick break. more americans are seeing shelves like this every day in their grocery store, completely bare. bear shelves biden -- bare shelves biden was trending on twitter. we'll look at the factors contributing to the shortage and how you can get around it in the retail roundup, next.

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maria: welcome back. senate democrats introducing a new bill to stop lawmakers from trading stocks while they are in office. cheryl casone with the details. cheryl. cheryl: that's right, maria. democratic senators introducing a bill banning members of congress, spouses and dependent children from trading stocks while in office. the bill getting mixed support by both sides of the aisle, seen by some as a direct shot at nancy pelosi and her husband. josh hawley is expected to introduce similar legislation on his own. defending tennis champion novak djokovic named the number one seen for the australian open. the draw delayed 75 minutes amid wrangling over djokovics' visa status. the immigration minister could revoke the visa. controversies over the medical exemption, the australian open either way starts on monday.

five time super bowl champion tom brady launching his own clothing line, it's just named brady. that's it. new label described as technical apparel for training and living. it's going to have a price range between 20 for socks and $395 if you want a parka. the brand is taking advantage of the ncaa's new endorsement rules. they've signed nine college athletes as brand ambassadors. finally, there is this. this morning we remember former leader of the girl group, the ronettes, ronnie spector. ♪ be my little baby. ♪ my one and only baby. ♪ say you'll be my darling. ♪ be my baby now. ♪ just like the ronette's said,. ♪ be my little baby.

cheryl: that was spector singing on eddie money's hit. she formed the ronettes with her sister and cousin. she went on to mary phil spector. ronny spector was 78 years old. back over to you. maria: thanks very much. bare shelves biden, americans in shock as grocery store shelves are empty. it is the result of a combination of issues, more omicron cases, winter weather, the supply chain crunch. more people eating at home and the biggest issue of all, the labor shortage. people do not want to go back to work. truck drivers included. and that has caused an inability to get product on shelves. joining me right now is strategic resource group managing director, burt flickinger. great to see you. it's a scary scene when you go into some of these stores and the shelves are completely bare.

what do you think? >> maria, completely bare as you referenced, supply chain is completely out of control, the major manufacturers like procter & gamble, my alma mater cut back their plants, consulting practices, everybody followed the leader with p & g. there's too few plants with too few warehousing distribution and backup facilities, creating out-of-stocks of unprecedented proportions and it's the manufacturers, not the retailers, who are baring the shame on this across the country. maria: so when do you think this lets up. i mean, the supply chain issues are still in place, china's zero tolerance strategy on fighting the pandemic apparently forcing major manufacturers to shut down factories again and that's causing the ports to clog up again over the rise in cases. economists say the consequences of this strategy could be far more severe this time with some warning we could see the mother of all supply chain stumbles,

burt. look, we spoke with the director of the port of long beach and he told us don't expect this to stop until 2023, burt. >> maria, you and i have predicted the same thing for months, that the supply chain will not be corrected until next year and as we've also discussed, the supply chain problems did not exist last year. so you look at democratic governor hugh carey who helped solve the financial crisis in new york city, weather conditions of unprecedented proportions, he worked of constructively with jack kemp, daniel moynihan on a buy heart san basis, -- bipartisan basis, got everything solved. there were no supply chain problems them. there shouldn't be those problems now but there are. it's leading to institutional

ineptit ud. maria: look at inflation, it hit a record 204 billion over the holidays, adobe analytics shows a rise of nearly 9% compared to 2020 but the increase of course was driven in part by rising costs. online prices increasing over 3% year over year, burt. your thoughts on inflation as we await the producer price index for the month of december. we got the cpi yesterday. it wasn't good. today we expect the ppi to be up year over year almost 10%. >> ppi almost 10%, inflation increasing to close to 10% and you'll see the worst two-year inflation since linden johnson to jimmy carter era when inflation was out of control. you're seeing the effect in the labor market.

the kroger company offered employees unprecedented retention benefits, unprecedented wages and they're on strike state-wide in colorado. we'll see massive strikes coming this year in the ports. and rising wages does not keep up with rising inflation, workers will take to the streets and with omicron the online sales were up because my alma mater, pricewaterhousecooper's accurately predicted 50% of consumers are afraid to go to retail stores but the other part that isn't reported, brand manufacturers took away the promotions which is up to 25-cents on every dollar so that's another artificial inflation increase and the federal trade commission should back senator carl brahn and say sayklobuchar where there's

discrimination. maria: let me bring dagen in. go ahead, dagen. dagen: my store shelves in my neighborhood are bare in large part because of shoplifting and theft and particularly in big cities here in new york, front page of the new yorkosas a robbo threatened workers at dwayne reed, the drugstore chain which is owned by walgreens with a knife and then this left wing district attorney charged him with a misdemeanor. so, again, it is theft. it is shoplifting totaling billions upon billions of dollars and then people fear for their lives working in stores here in new york. who are the losers from this? is it the small businesses? how does this play out in big cities, particularly turning neighborhoods into what are called retail wastelands where you have no choice but to order

something from amazon because your local drugstore is shut down. >> dagen, perfect points. it is a proverbial retail wasteland as you referenced. people can't get prescriptions filled at dwayne reed because of limited availability of workers and security in preparation for this, i looked at luxury mile in manhattan, fifth avenue, madison avenue yesterday. hermes the luxury retailer was keeping shoppers locked out of stores because they were only letting one in at a time, one shopper, one worker. that's the fifth time in the last seven days hermes has been closed along with many other luxury retailers. so crime is going to create a recession of unprecedented proportions between workers not being able to work, shoppers not being able to shop and retailers not being able to sell. maria: wow. the lawlessness is so

incredible, in 11 months' time our country has changed completely. burt, it's good to get your the take on all of this. thanks very much. we'll be watching the scary headlines. burt flickinger on retail. thank you, sir. >> thanks for honoring ronnie spector. maria: sports betting now legal in new york. how it could pave the way for gambling on everything from elections to the weather. we're going to check it out. bet on that. and then return to work hits a roadblock, what the majority of americans say about heading back to the office. we are exploring it in the morning's hot topic buzz. you're watching "mornings with maria" live on fox business. with my hectic life you'd think retirement would be the last thing on my mind. hey mom, can i go play video games? sure, after homework. thankfully, voya provides comprehensive solutions and shows me how to get the most out of my workplace benefits. what's the wifi password again? here...you...go. cool. thanks. no problem.

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maria: welcome back. game on, mobile and online sports betting becoming legal in new york state this past saturday. four major sports books were approved to begin taking bets and the timing could not be better ahead of the nfl playoffs and super bowl lvi. the state could bring up to $500 million in tax revenue by the beginning of 2025 because of legal gambling. joining me now is gambling.com u.s. business vice president max bixel. great to see you. thanks very much. how big of a deal is this? >> it's significant. you look at the complexion of

the u.s. since may of 2018 and there's a number of states that have not only sports betting permitted but mobile sports betting permitted where users can wager responsibly on their mobile device. that's a huge deal for the industry and you look at new york for example, it's now the largest state accepts online sports bets and that's significant across the industry. maria: yeah. i mean, this is a huge business. i want to get to omicron and covid and see how that plays into everything but first talk a little about crypto and how cryptocurrency may actually be ripe for getting gaming on because is that a part of this story as well? >> yeah, i think it has. there's ripples in the industry, there's conversations being had. the important thing to understand about the online gaming industry as well as the gaming industry as a whole is severely and highly regulated and as a result, new forms of payment like crypto will be

under a microscope and not only by consumers but also regulators to make sure that everyone is playing responsibly and also being able to collect and deposit funds in a way that's easy, manageable, and has oversight. there's tax implications. there's quite a few implications that operators like draft kings orphan duel need to understand and adequately navigate. there's also the consumer adoption of crypto. we've seen that proliferate over the past several years. i think at some point we'll see it in the online gaming industry. i just don't know exactly when that is, given the severity of the regulation that's in play right now, not to mention the legislation that's zip coming as well. -- upcoming as well. it becomes difficult to adopt new payment forms like crypto, different than having pay pal, am ex-or visa. maria: you're talking about big

business. what would be your expectation in terms of revenue in new york as a result of the legal change on saturday? >> yeah. tax rate is exceptionally high, nearly 20% higher than the next highest state in pennsylvania which is just over 30% so tax rate in new york is punitive to operators but it's still a sustainable market, still revenue to be earned, not only operators but the state, tax dollars. it's hard to gauge exactly how much operators will spend. correlation to revenue correlates to marketing spend. for example, if you look at january of 2021, new jersey took over # hundred million dollars in bets -- $900 million in bets in the month of january. once we get data from new york which is incoming from the past weekend we'll be able to extrapolate that to understand what the state i going to earn but i think the number you mentioned earlier, 500 million, is definitely within reach. it's just a matter of how much focus the operators place on new york versus a state like arizona where the tax rate is a fraction

of what it is in new york where a user is still a user and that's what they need to he focus on, we see a lot of publicly graded companies that have a microscope on them from acof testifyist investors -- activist investors, retail investors, they're becoming household names which they have to take into account as well. maria: really interesting stuff. what about covid, how has the surge in omicron impacted things? >> i think the surge of omicron is still being realized. i think overall the online gambling industry hasn't not felt the effects that other industries have felt. you take supply chain for example. in every newly regulated jurisdiction or state, there's servers that need to be in place in casinos, there's proper heart hardware, software that needs to be developed and as a result new york could have gone live sooner but you have servers sitting on barging outside of california and new york and they can't gets to the casinos.

you take that into effect. there's also not having regulators, state regulatessers in office -- regulators in offices does delay things because things of move quicker when you talk about finger printing and background checks that are required for online operators to go live in some markets. that just delays things. it's not materially massive. if you could have new york go live three months ago after arizona went live we would have a much different conversation right now. maria: so real quick, who is next after new york? who allows online betting to go legal next? >> yeah, so there's a bunch of legislation that's in the works and still getting worked through but i think we could safely expect that louisiana will begin taking online sports bets over the next couple days or even weeks at the latest and then beyond that, you're looking at states like maryland and ohio and north carolina towards the latter half of 2022 but more importantly we also have some neighbors up north in canada with ontario that has almost 20 million people in its own

right just like new york, that will offer sports betting in mobile form pretty soon. it's not just the u.s. that bouys the industry, it's also folks coming from up north as well with major league sports teams there as well. maria: yeah, interesting the market is certainly expanding, it's good to see you, thank you. >> thanks so much. appreciate it. maria: we'll be right back. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

maria: welcome back time for "hot topic buzz," controversy over coming back to the office, a new morning poll shows that more than half of work-from-home employees would consider quitting the job if they were required to go back to the office, 85% of employees enjoy working remotely 77% believed more productive from home they say. dagen your thoughts, big numbers here jay if you get to work from home i don't know why anybody would want to go back in the office, quite frankly, number one, it isn't covid your schedule much flexible with gas prices up a buck a gallon from one year ago you start commuting back to work? and you are taking a pay cut. you get to keep more money, by sitting on your butt working on a computer at home. maria: mark what do you think?

mark: covid is not going away probably ever, so we all have to learn to live with it both employees and employers are going to have to adapt. but numbers seem really, really high seals like setting a potentially a bad stage where the big get bigger small eater alive like silicon valley wins main illustrate losses what i mean by that biggest loser here is small and medium businesses employ 50% workforce, the facebooks, googles can accommodate virtual employees not all small and medium businesses can stay the same they are heartbeat of emotioning i think puts small and medium businesses at big stay right there next hour of "mornings with maria" begins right now. . . thursday morning. thanks so much for joining us.

i'm maria bartiromo. it is thursday, a january 13 al km on the east coast bottom of the barrel president biden approval rating sinking to new all-time lows, now just 33% americans say they approve of the job he is doing, as concerns remain high over handling of the economy, and his handling of the pandemic. why is he not changing course already? we will be getting into it all morning long, markets this morning are higher, take a look, we are nearing highs of the morning with futures indicating gain 60 points on dow industrials, the dow up 59, s&p up 4 1/2 nasdaq higher by 18 1/2, ahead of key economic data we are standing by for another look at spiking inflation with december producer price index out 8:30 we get in 30 minutes' time yesterday all major indices higher despite december consumer price index showed inflation in america at a 40-year high, highest since

1982 dow industrials still up 38 nasdaq up 35 european markets this morning are searching for direction, flat perform in europe ft 100 up nine cac quarante down 39 dax higher by 20 points, in asia overnight markets most enclosure shanghai composite bucked a trend the leader on downside down better than 1%, "mornings with maria" is live right now. . . . >> morning movers take a look at dating stocks match group and bumble higher 3%, piper sandler upgrading to apply ratings analysts say they never match over bumble better positioned in dating world goldman sachs says both are a apply as well -- pushing to clients today, cutting stock to market perform a lot of issues after apple's ois

upgrade saying no improvement to -- since apple's changes, markets this morning are higher, still take a look yesterday ppi not putting a dent into an overall firmer tone to market this week, even though we did see consumer price index show a gain 7% biggest inflation number in 40 years month-over-month, we saw increase 5/10 of a percent we may see even worse numbers today because we are waiting on producer price index. the index that measures about what producers today for products right now talking about, a year-over-year gain nearly 10%, we are expecting 4/10 of a percent gain month over 9.8% gain year-over-year ppi numberut you the about 25 minutes, weekly jobless claims in same time, global xetf sr., vice president head of research and strategy jay jacobs, all morning long dagen

mcdowell mark tepper. >> thanks very much for joining this conversation this morning tell me what you see in terms of flows into eps what are investors thinking, buying right now. >> right now investors are very interested in cyclical part of the economy with this higher inflation, and shift from -- looking at -- industrials, two sectors not particularly committing last several years in inflationary environment, with tailwinds infrastructure spending, with shift to value a lot of excitement around cyclical sectors now. >> you have said digital kushs could triple market value to 10 trillion dollars by 2030 tell me about digital currencies what you see in terms of evolution in five to 10 years? >> well, what we've seen last two years, about two-thirds digital, have made an entry into the market so this is

very knew quibbling he involving institutions are coming into space three-quarters coinbase institutions, major financial institutions that are owning cryptocurrency like bitcoin our predictions kriment kriment from roughly two trillion in market tap to 10 trillion by the end of the decade high growth ties in with market cap but still a pretty small fraction of total global wealth about 400 trillion. so cryptocurrency about 2 1/2 to 3%, total global wealth very early in domination of cryptocurrencies overall. >> great point i know you are believing in some as well jump? mark: yoo i mean definitely a big believer in crypto, but jay i got a question for thank you love your feedback on this we continue to see new etf

after new etf seems every firm under sun rolling out their own etf my question how much of that do you think has to do with the cathie wood feeblth as i am calling it she happened to be in right theme right time, grew firm from 3 billion, to 50 billion in a year mostly new inflows entering strategy do you think other investment firms want to realize a piece of that growth is that why so many firms are rolling up their own etfs. >> the overall, etf industry biggest year ever a trillion dollars coming into etfs 8 hundred billion u.s.-based etfs bigger than any one etf or anyone -- but what we see traction fees, trading etf with rise of the generation digital first generation a lot

of key wealth looking to invest as well as shifting that people are investing, into more niche passive investments driving a lot of new wealth into etfs right now this is happening across the industry we have best year ever last year as well many other etfs have as well, etfs future of financial instruments of the world. maria: we are talking about this many years what are your favorite etfs right now where are you seeing most from. >> i would say three first human battery technology, up 3x last year u.s. imports 90 electric vehicle lithium key e-commerce can't forget christmas season 9% growth if only growth we expect that to continue finally infrastructure development, we have 1.2 trillion going to be

spent u.s. infrastructure over last decade that will be concentrated in construction engineering companies, and commodity procures in the united states all three those -- for 2022. >> great to get your take on all of this thank you jay jacobs joining us we take a break when we come back confronting china former bridgewater associate ceo david mccormick here in exclusive interview to talk about threat from chinese communist party op-ed on it this morning we also are expecting an exclusive announcement from him today that you will only here on this program, first. join us, coming up for david mccormac, soaring stock picks, and portfolio manager dan niles making right bets giving us a light up on market here with 2022 investing plan, don't miss it plus 2024 election ticket sent twitter over edge one "new york times"

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. >> welcome back some top stories that we are watching this morning, chuck schumer moving forward with democrat federal election bills using a senate loophole to start debate on legislation, the main hurdle democrats is still 60 vote filibuster threshold they do not have, 60 votes they don't have votes to get this you there what do they want to do? they want to change rules you schumer set monday dlin to kill 60-vote rule threatening to vote, to blow up the filibuster, if democrats do not get their way. he at least one democrat is still standing in the way of schumer's plan senator joe manchin leaving a meeting yesterday saying he still does not support changing any filibuster 60-vote rule in the senate. president biden doing whatever he can to get democrats onboard says he is head for the hill to have lunch with

senators in hopes of stirring up support for his agenda. united kingdom here to have surpassive peak of latest covid project that omicron impact may be brief uk seven-day average new cases falling for a week and on tuesday dropped below 14-day average for the first time since november, similar to south africa cases rose rapidly over the course of a month and then dropped back down. department of homeland security now with new priority putting effective away from homeland security instead looking to curb and looking instead at climate, instead of looking to curb historic number illegal immigrants into our southern border dhs launching initiative called climate change to develop next generation of climate experts it claims as officials expect illegal crossings to hit two million in 2021 first time in history, that we saw two million illegals into the country, by the way, this number does not include the

650,000 so-called gotaways seen on cameras, they are in america we don't know where what intentions are. for the first time army offering a maximum enlist meant bonus 50,000 dollar bonus struggles to fill critical jobs in the military available for those who join for six years shutdowns have made it difficult to reach out to students never mind the vaccine mandate. "new york times" columnist thomas freedman slammed on twitter floated possibility of president biden running alongside with wyoming congressman elizabeth cleany in 2024 asks is that what america needs in 204? biden-cheney others like idea hillary clinton maybe eyeing comeback as well, i spoke with president trump, two weeks ago, and in my interview when i went and met him at

mar-a-lago in florida -- asked this very question watch this. >> the other day, hillary clinton said if you win again, it is the end of the democracy. this will be a rematch? >> oh, i have no idea i hope so i mean i would like it -- >> dagen mcdowell president trump has still not given us the official word that he will run again, my two cents i think he is running in 2024 can you imagine if it is trump-clinton again. dagen: uh, no, the hillary clinton part, she is gonna probably have to divorce bill because guess who is going to get asked about jeffrey epstein? over and over and over again. that is just a small part of the problem should a she faces. secondly, the end of democracy? hillary clinton and her ilk getting talking points from joy behar on this if

republicans take control again, the democracy ends, it is -- again, fearmongering idiocy, thomas freedman won three pulitzer prices i could blch, more wisdomcom than tom freedman coughed up about liz cheney how about asking retired inactive seal what he thinks about elizabeth cheney or father, the best you can do, called a racist for you know, kicking kamala harris total curb, so to speak. maria: well, mark, we will see if hillary enters i think dagen made a greet joint about jeffrey epstein, may be hillary will create some fantastic -- tell a about collusion, with trump again like you can in 2016 and then media can drive the bus on it to mislead the american people

i mean that is always a possibilities since she did it in 2016 making up that crazy story inclusion, probably again hillary rodham clinton. >> speculation hypothetical whatever you want to call it i say probably more likely you see hillary run in 2024 than joe biden, i think there is absolutely no way that dnc lets joe biden run again i mean that could be the end of their party. after this columnist taking a beating on twitter i get where he is coming from, with the whole bipartisan ticket although you know liz cheney a closest democratic not sure how bipartisan that is i don't want anyone to beat me up on twitter take it easy on me i will fill in every bipartisan ticket contest much more

palatable from mansion in 2024 not saying my ideal ticket but if playing game of hypothetical bipartisan ticket at least that is one i could sleep at night with. maria: yeah, we are going to talk about house and senate, and what happens quick. dagen: i was going to add the cheney thing, that the -- the democrats are trying to keep january 6th alive, because that is the only thing that they can run on. number one. and just another ticket i would will throw out with -- due republican to president trump, is i ron desantis and tim scott, how about that? >> or president trump and ron >> right back. stay with us. . . ♪ ♪ ♪ ♪ ♪ ♪

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maria: welcome back. e pennsylvania senator pat toomey one of five republican senators not running for reelection this year race on for that seat in pennsylvania, voters deciding in november about it republicans will battle out infiable to see whose name on ballot joining me in a folks business exclusive former ceo bridgewater associate largest hedge fund david mccormick great to see you. thanks very much i know that you have a big announcement

this morning, tell us about it. >> good morning, maria. so glad to be with you thanks for having me. today i am announcing that i am running for united states senate in the great commonwealth of pennsylvania, i am running as candidate whose battle tested pence true pence kid grew up, in blooms berg pennsylvania, family had a farm a, we bailed hay trimmed christmas trees played give a me opportunity to go to west point i served in the military, as in 82nd airborne of division went to combat in iraq came back to pennsylvania, and joined the company in pittsburgh i eventual led as ceo, created hundreds of jobs so i have lived the american dream. and i want to make sure that other people in pennsylvania have that same opportunity, to live the american dream that i was able to live i think the american dream is at the risk i really do, i think the rise of wokeness weakness, is

really putting, future generations i am not talking decades i am talking five to 10 yes at risk. so that is why i am running. maria: look, i think you make a really important point about what is going on in the backdrop right now in terms of wokeism, and you say your battle-tested, obviously, you were running bridgewater associates so long you have a business sense give a sense of what you can do for people ofb pennsylvania we know this seat in pennsylvania is critical, to the potential for gop, taking majority in the senate as well. what do you think you bring to the table. >> well listen. it's -- it is a really critical time for the country and if you look at what is happening, to working class families in the commonwealth of pennsylvania look what happened over biden administration, and this terrible set of policies that have been put in place, the economic policies have created a huge surge in inflation we just saw announced yesterday

all-time high in 40 years, that is a silent, that hurts us all working class families tt pump grocery stores when they try to live on a month-to-month paycheck we see in energy, where we were energy-independent neither exporter pence a huge energy state based on policies of the biden administration, itible damaged our energy industry significantly resulted in -- if you look at borders, even though pendz is no if the a border state secure borders are hugely important we see what happened with a huge increase in the illegal immigration into our country in pence one thing going across the state i cannot believe how many people i talked to have been affected by surge in fentanyl, crystal meth can go across the border chinese manufactured, because of our porous borders under

biden administration that is pennsylvaniaance i would go to washington self-made person don't owe anybody anything fight for people of commonwealth of pence, bring manufacturing to pennsylvania get our dynamic economy working again, the socialist policies that are really being manifested in biden agendas fiscal budget remarkable i would push back on all o those things try to get order. maria: you are hitting often all things that matter to american people, certainly zeroing in on things that are important, to our audience, so let's, let's go a little further you just mentioned china. look. you have been in business and trading across the world for many, many years, people would say you are a globalist you have done business, in terms of -- of not necessarily just america first, you did an

op-ed this morning though for foxbusiness.com, i want to read some of the things that you write, because people might be surprised, to hear you say time for america's leaders to confront china's communist party head-on you have been criticized by a superpack for supporting fello, candidate dr. oz being a friends of china david so walk us through where you get this -- this outlook that you want to take on china, i mean after all your partnered for so many years with ray dalio ray dalio has been managing money for the ccp. >> the well the only people that would be surprised by my posture taking on china people that have not been following what i have been saying, doing whole life listen, china right now, poses you know an enormous threat to the united states in economic terms, in national security terms also poses a threat to national security global security, so

something that is going to define our -- our policies for the next decades to come president trump i thought did a very excellent job resetting focusing on the relationship with china in a way they needed to i think when you need to take additional steps push back on terrible direction china head the threat to america if you think about kind of person, or persons, we need in our government to do that, i am a combat veteran i have written been involved in dsts reform what needs to happen to electrifies nement kwar negotiating request with chinese reputation tough-mindeded negotiating to point chinese were pushing back to president on policies i was making under bush administration more recently, yes, bridge water has done business with china i have been a person, that my business career has been very focused on negotiating with chinese so if you think about the kind of people we need, we need people that actually

understand, and can put forward, a tough-mindeded set of policies you with china that is what i will do that is what i will describe in my campaign. maria: so what about investing in chinese stocks as many because, you know, larry fink offer there telling people trim triple investments in china policies hurting american families whether china, whether inflation, you are willing to take these things head-on i want your take on what you pushed back to ray dalio larry finks of the world in terms of investing in the very companies that will some point turnaround and fight america stay right there we are awaiting the december producer price index i want to get this out could be a market mover i want your take, on where we are in markets, as well as investing let's get to cheryl casone has the ppi number jobless claims right now. cheryl: ppi filed -- gain .2%

producer price index that is headline number if you strip out food and energy you come in .4% gain, a little bit better maria than we actually expected. so that ppi headline numbers right there looks like getting claims, hold on december year-over-year, 6.9% if you strip out food and energy if you strip out food and energy 6.9% if you look at year-over-year number 9.7% okay headline year-over-year 9.7% then stars stripping out food and energy year-over-year 6.9%, remember expectation was for 8% so these maria are all of these numbers actually better than expected. now i am getting to claims because we are seeing a jump in initial jobless claims as well right now 230,000 for jobless claims we are looking for a jump 200,000 there, and as far as continuing claims we actually came in, a little bit better than expected 1.559

million we are looking for 1.733 million on continuing claims so again maria that is what we're seeing as far as what the story with jobless comes, inflation numbers pretty interesting .2% jumper month-over-month headline number again gave you 9.7% jump for year-over-year headline number both of those better than expected and go down to core same situation better than expected core month-over-month .4% looking for a gain half a percent year-over-year number again 6.9% we were looking for 8% on core for the year offer year that is what we had all been looking for a little bit of a different story for consumer prices sending it back to you maria, as you know, very well, this is a producer the wholesale level could be passed on to the consumer, maria. maria: cheryl as you so much rally underway dow industrials up 115 points i am talking to

this morning with david mccormick former ceo bridgewater associates has announced exclusively on this program, the official announcement that he is running for set a in pennsylvania for senate give your thoughts on economic backdrop before i get back to china, as we see these inflation numbers, what should joe biden do? what are you do going to do if you get if you win this race? in terms of tamping down inflation. >> let me try to answer quickly then go back to china, but i think the primary thing listen biden policies have been the primary driver what we're seeing energy policies that i talked to have led to significant spike in energy 53% increase, at gas pumping affecting working class families in pennsylvania "build back better," and nowhere else fiscal stimulus contributed and instead of policies to seafood

in the way of unlocking economy covid related policies have but whether a damper on economic activity the focus i will have in u.s. senate families of pefrns how that affects, drastic dramatic impact would pushback one understands the economy made payroll created jobs grown up, in one of these mill towns, is affected, push back on those things. >> with regard to china. >> tell me david. >> well with regard to china i want to make shuf i addressed it you can go to op-ed david mccormick senate pa.com the thing i highlight there is a number of steps we need to take you can see in op-ed i will highlight three, the first is i think we need to decouple, and critical industries that have i know great strategic benefits national security benefit, artificial intelligence, are pharmaceuticals, you believe un believable we are so

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maria: talking with david mccormick this morning former ceo bridgewater associates put hat in the resigning for senate raes david you were in middle of a thought on china. this is a really important point you wrote an entire op-ed this morning on fox business.com telling readers time to push back on chinese communist party from former ceo of bridgewater enormous statement ray dalio is cofounder of that firm probably the biggest support of the chinese communist party. a question apologize for break but please continue your thoughts. >> the point i was making two points i think we do need to have a substantially tougher set of policies in terms of how we are dealing with china to protect the american people both economically and from national security perspective i was lifting some of them but two or three i wanted to

health one is i think we needed to decouple in key areas can't be genetic on high end technology can't be dependent for pharmaceuticals i think that is a really critical thing, and i do think, that we should have an outbound investment review process some kind i think unacceptable if u.s. investors or u.s. companies, are investing in companies in china that are supporting chinese military modization or repression of uighurs things like that there is inbound as you know inbound it is critical we need people in the senate understand the national security implications, who understand the economic implications, and who can be tough minded negotiations with china my background is perfect preparation for those tough days that lie ahead. of. maria: well you may have the

background in business to know how to fix economy but you are running against a guy who has been on tv sets for the last couple decades that is dr. oz also wants that seat, how are you going to differentiate yourselves from dr. oz make sure gop chooses you? >> well you know i am not going to think about it that way, i'm doing this because a call to service i have been blessed by this greet country, i have had everything any american kid growing up, in pennsylvania could imagine i want to pay back the reason i want to pay back i want to make sure toerz have that opportunity. . . i tell my story to pennsylvania to give the farm pickup family farm that i owned 10 years folks owned 45 years going todry county to county make my case to the people of pennsylvania, i am going to tell them, that -- that i understand, and hear these problems i am going to ask lots of questions ip going to talk ask more questions

than going to talk i would going to describe i am independent-minded combat vet business job builder who has made his own way self-made i can go and fight on their behalf, i am going to promote america first, policy agenda, because i think president trump had us on the right path. and i want to go fight for them that is what -- the case i will make. maria: america first, is good news, resonates with audiences we are watching the race so appreciate you final question are you going to push to reverse joe biden's overturning the xl pipeline energy obviously, a key issue in this race before joe biden u.s. was energy-independent. >> yeah, absolutely, i mean i think the overall energy policies of the biden administration really been disastrous for country

particularly pennsylvania huge energy producer we've done that with great success, and protecting the environment as well last decade, two decades, rather. so, yes, i would push for that i would push for that because not only good for america it is good for pence pence energy workers will have a big impact on those ridiculous prices ats the pump good policy for pennsylvanians good policy for america. maria: we will be watching all that thanks very much for joining us this morning making it official on our program. david mccormick we will be following your journey thank you quick break next time you order takeout meal may not be delivered by humans kelly o'grady live in los angeles this morning has a fox business exclusive telling us about a new company disrupting the food delivery business with robotics kelly, good morning to you. >> good morning, maria. this is a fun one introduce you to brent, brent say hi.

>> right -- you see down schwabing navigating between humans crossing intersections, by himself favor dinner from the favorite italian restaurant what doing everyday with fleet, just days ago conceded first commercial l4 autonomous deliver operates without a human in loop unless it is crossing the street or calls back to hq for help a milestone in the industry likes of amazon fedex have not yet achieved on a commercial front on top of that produces zero emissions 95%, on time, doesn't call in sick, so i want to bring in the ceo of serv, hi katie, how do i get my contact -- >> all you have to do enter code on screen, you can unlock, grab your food. >> wow, okay. that is -- great during pandemic, right, we're seeing labor shortage talking about

this companies struggling with that how do autonomous robots, help companies, will be that challenge as well as keep costs down of a not enough people willing to do the delivery you see -- robots can do this here would cheaply don't create -- >> katie might differ, what kind of regulation are we seeing in the states as well? >> actually robots are legal by default cannot in most places u.s. however, to kind of enable robots to drop more in places like pedestrian, so seeing a lot of positive momentum. >> you have it maria we've got you know -- well sorry katie, we've got you might see l.a. san francisco whizzing along bringing you your food maria.

>> another element taking our jobs, technology, kelly thank you so much we will be right back backing to dan niles had a winning portfolio wait till you hear what he is i buying in 2022. that is next. . . ited. that means i earn on my bug spray and my sunscreen. you ready to go fishing? i got the bait. i also earn 5% on travel purchased through chase on this rental car. that lake is calling my name! don't you get seasick? we'll find out! come on. and i earn 3% on dining including takeout. so much for catching our dinner. some people are hunters. some are gatherers. i'm a diner. pow! earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours.

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maria: welcome back, winning stock picks making you money

my next guest has a winning portfolio it is continuing, to gain ground he made several stock picks on this program at the beginning last year three of those pick jpmorgan, oracle energy select fund xle up 28 to 53%, nice going, joining me right now founder of the fund portfolio manager dan niles we welcome him back i loved talking with you at the beginning of the year you always lay out your expectations, not just for stock picks and specific names but for the macro story. congrats on another terrific year hot on energy and financials; right? >> yes, i like them a lot our view inflation continues to be strong last year xl-- you said up 50%, this year we are

going with -- the uso that track west it has intermediate for oil up about 8% this year, we think got more room to run, because you still got demand for oil around 96 million barrels we think going to surpass the high out in 19 we think more room to run then second one is financials because especially regional financials with kre, because we think rates are going up this year a lot and without free money, with government not having all stimulus plans, with fed, not giving away money as well, through their programs i think you go to banks to get loans we still like that sector a lot as well. >> and dan interesting to me that you also, are favoring own meta former facebook albert parent of google even in face of this inflation, so

we just got producer price index number out, dan coming in, at year-over-year, a little lower than what people expected, but consumer prices biggestual gain 40 years you are talking about inflation, at a 40-year high, and you say the anybody one concern for investors this year should be how far behind federal reserve is, on dealing with inflation, so give me your ideas for the backdrop of this economy as a way to have us better understand, how to invest around it. >> sure, i think this year is going to be a really rough year for investors, all those metrics you brought up you've got, ppi 7% near 40-year high, you've got average hourly earnings, up about 5% year-over-year pb you have rental prices up about 4% year-over-year. i think the fed is going to raise rates i five to six times i think start to work down their balance sheet this

year, i think you are going to have 10-year treasury get close to 3%, when all said and done in 2022, i think that is going to drive 20% correction, in the stock market, s&p 500 some point during the year but i think you are going to see multiples compress a lot written about this in 1970s multiples expressed from 20 times to seven times even though strong earnings growth i think unfortunately, that is the situation, you are in for why we have almost as many shorts, as we have long, and we have a fair bit of cash in portfolio to try to get through that period. maria: that was my point if we see inflation continuing to persist doesn't growth get hit? i mean every time we see worries about inflation, you see the big tech stocks, googles pass of the world trading down but you still have meta and google if your

portfolio. >> i do but remember hedge fund so i have those two in portfolio but we are short a lot of tech names, of that no lines in portfolio that aren't profitable five to 10 years the main -- destroyed this year back half of last year those are the names that have gotten clobbered forecast google we think and an better massive profits huge cash flows strong growth, and in the case of google, you've got 10 to 15% of their customers hotel airlines, travel leisure should be reopening by this time next year omicron people will learn to live with it much like flu 30, to 40,000 people every facebook if you like meta so many stocks people bet on won't have earnings for a long period of time foob you can apply one to

two multiple points above the market that is why we like those two, but short a lot of names. maria: dan quick before i go, you said the big risk is fed how much issue investors underestimating the risk around going from easing to a tightening stance at the from aa big deal 3 to 4 rate hikes this year? >> yeah i think huge deal we are anticipating five to six rate hikes this year, i think the problem is the last 13 years, you know fed every time they started to show what work down balance sheet a market has issues 2018 great example then said oh, we are kidding, they have gone ahead expanded again but were able to do that because you have low inflation, so you didn't have that issue. with inflation sitting up at four-year highs, they don't have that luxury anymore because they hit a massive policy mistake last year, not

raising rates already latter time unemployment was o below 4% raising rates for two years already have been working down the balance sheet, so completely missed this, which is why they are going to have to be way more aggressive investors are thinking, and thinking of the last 13 years, that is not the right analogy when inflation is at the 40-year highs. maria: wow five to six rate hikes is your estimate for 2022. dan i hope you come back throughout the year to go through, and navigate this volatile market you are expecting 20% sell-off but obviously, if investors were with you and your picks they have been making money, dan good to see you. thanks very much we will talk soon, dan niles from satori. we'll be right back. . . voya provides guidance for the right investments. they make me feel like i've got it all under control. ..

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maria: have a great day, great to see you, "varney and company" starts now. stuart: good morning. today biden's presidency is on the line failing almost every issue today he goes into a closed-door meeting with senate democrats. he must persuade them to somehow pass voting reform. not looking good with senators manchin and kirsten sinema refused to drop the filibuster. one of the lowest approval ratings of any president, down to 33% in the