tv Mornings With Maria Bartiromo FOX Business July 19, 2022 6:00am-9:00am EDT
that's decision tech. only from fidelity. rere w w t w w w iel iuais e m m m capit calmalm over biger gtliocsm.ocsmoc thsth t.. i'mi' kudlow. see you tomorrow. . good morning, everybody, im jackie deangeles, in for maria bartiromo. giving credit where credit is not due, jared bernstein getting called out after praising president biden for bringing down gas prices. >> you can't have it both ways, jared. when the gas prices go up, it's got nothing to do with the president. when we see a decline, you want him to get the credit. >> look, i think there's no both way thinking here at all. >> it was putins' fault, when
they're coming down, he gets the credit. >> i very much disagree with that. >> this as americans are still feeling pain at the pump. the national gas price average this morning is at $4.49 per gallon. and oil prices hovering just around $103 a barrel, 102, 28 right they. want to take a look at the futures as well as we're getting set up for the morning, markets are indicating to trade higher, futures on the dow indicated higher by 157, s&p by 25, nasdaq by 73, as we look ahead to a busy day of earnings and economic data in the united states and all eyes of course are on netflix, reporting second quarter earnings after the opening bell this morning, johnson & johnson expected to be out within the hour also. we are waiting on june housing starts and building permits at 8:30 a.m. eastern time. the commerce department expecting june's number of new homes under construction to rise
2%. this all after stocks finished lower yesterday. the dow, the s&p 500, the nasdaq all closing near session lows after apple announced it will be slowing its hiring. take a look at treasury as well, because they remain inverted, the 10 year and two year right there, yield on the 10 year is 2.994, almost 3%, and the yield on the two year is 3.175. european markets this morning trading lower across the board and we saw mixed markets in asia overnight. hong kong was the biggest loser there, down almost 1%. "mornings with maria" is live right now. ♪
>> good morning, everybody. some beautiful shots of new york xi city there as we're setting up for the day today, another blow though, to president biden. a new poll finding that only 38% of voters say they approve of the job that he's doing. 74% disapprove of biden's and link of inflation. now, it was a year ago today that the president tried to claim high prices and inflation were only temporary. meanwhile, the white house denying it's deploying a double standard as it takes a victory lap for falling gas prices. listen. >> aren't you having it both ways? because when the gas prices go up it has nothing to do with the president. when we see a decline, you want him to get the credit. >> look, i think there's no both way thinking here at all. i think there has been a consistent i think pressure on this white house to try to do everything it could to ameliorate inflationary pressures and the president has
reacted from the beginning, talking about how this was such an important priority to alleviate these pressures on behalf of the american people. >> it was putin's fault, when they're coming down, he gets the credit. >> i very much disagree with that framing. >> all right. today's new national gas price is $4.49. that's nearly $2 more per gallon than the day that biden moved into the white house. joining the conversation all morning long, disruptive tech research founder and chief analyst, lou basenese, and defense of freedom p institute for policy studies spokesperson, angela morabito. lou, i'm going to kick it off with you. your reaction to bernstein's comments. >> it must be nice to be the president and live in an alternate universe. everyone knows inflation
is the key concern here. to say he's doing everything he can to bring inflation down is laughable. i think if people remember going back a couple decades, the commercials, trust me, but he's
lying. it's coming down to i believe the midterms, right. in november there's not going to be any chance for them to push the blame off
on anyone else. the results are going to be in the ballot box and it's going to show that inflation and gas price as the most tangible representation of inflation for everyday americans is going to prove what takes these elections coming up be in november. >> angela, even with the decrease in gas prices we've seen, they're still $2 higher than they were when biden came into office so people are really understanding that this is -- it's policy driven and even the reduction that we've seen is the speculators saying there's a recession ahead, demand is going to fall, that's why these prices are down. not because this administration changed course in any way. >> right. well, working with the presidential administration that wants all of the the credit and none of the blame and the american people see through that. they just can't have it both ways. and i think you're right that the biden administration might be speaking too soon when they try to take a victory lap on slightly lower gas prices
becauses what a they may be celebrating here is one of the first symptoms of a recession. and not only is this president not doing anything to stop inflation, he's actively fueling it when you look at what he's doing with federal student aid which is functionally the country's largest consumer lender. he's continuing to keep student loans frozen, trying to turn the pandemic economy into the forever economy. this is going to come back to harm the u.s. taxpayer, his only solution to our economic woes is printing more money and that's us what causing the problem in the first place. >> the taxpayer paid more in taxes, paying more for goods and services, that's like a tax too. people are not enjoying it. stay with us. we're just getting started this morning. coming up, we're looking at big tech because it's feeling the sting of this economic downturn. we're talking about which companies are slowing hiring all morning long. then of course the semiconductor shortage causing new concerns for car safety. we'll explain.
plus, nancy pelosi responding to the pushback that she's getting over her husbands' chip stock purchase ahead of the key house vote. the hot topic buzz is coming up ahead. don't miss a moment of it. you're. watching "mornings withmaria" l. ♪ so 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. ♪ didn't know i was lost. ♪ didn't know i was lost. ♪ didn't know i was lost. ♪
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always great to have you and great to see you this morning, bright and a early. we're looking ahead to tech earnings this week, we're watching netflix reporting today after the opening bell, tesla out tomorrow. what companies start to tell us is going to be an indication for what's to come even though it's backwards looking, it was the last time that guidance set us up for what to expect. your thoughts on what you're expecting from earnings. .all right. i think we lost mark for a second. lou, i'm going to come to you and have the earnings conversation. what you're seeing with respect to who has reported already and what's to come. >> yeah, look, i think earnings ultimately drive stock prices right now and if we're looking ahead to netflix, last quarter netflix fell out of bed, the stock dropped i believe about 20% on last quarter's earnings report because the company admitted for the first time that growth is going to reverse course and they expect this quarter, today's report to show they lost 2 million subscribers,
maybe it's 200,000, i'm sorry. so they expect more subscriber losses ahead an this is really difficult times for the streaming world. it's a saturated market. i think most tech investors understand that netflix is not a leading indicator. it was a high growth name that was using debt to finance their growth. it's got to be a maturing business that produces a lot of cash flows. i think apple is always the bellwether. apple slowing down hiring, i don't get too concerned about that apple, there's just run away growth and run away hireing in the public and private markets going through this bull market. i think it's natural to see these big tech companies adjust. if the fed's supposed to be data dependent, so should ceos. i think that's what we're seeing out of apple. jackie: mark, i want to go back to you. when it comes to tech, it's about layoffs, slowing hiring, whatever the case may be. p i'm looking ahead to retail companies. i think it was walmart and target had that said we're seeing a pullback from
customers, we have to readjust, do all these things. retail is the pulse of this economy, right? two thirds of the economy is retail. that's what i'm worried about. i'm curious what you think. >> well, the consumer drove the last bull market and the consumer's still hanging in there strong, we heard that from brian moynihan yesterday. the real question is what happens in three, six and nine months when the higher rates slow down their ability to purchase and the higher rates slow down these companies and hurt corporate earnings. if we're looking out longer distance, i think the bloom is going to come off the rose a little bit and that's what worries consumer driven companies -- analysts who are looking at consumer driven companies. walmart, amazon is under pressure that's concerning and that's labor pressure, both from demand from the workers for higher wages and the unionizing, the organizing happening at
starbucks and amazon. that's a threat to their profit margins and a there's an inverse relationship between profit margin and labor costs. jackie: you're bringing up an important point. we talk about inflation, how long it will last. when it comes to gas prices we've seen prices fluctuate, they could continue to come down. when it comes to food prices or when it comes to these labor costs, it's very difficult to hike those prices up and then bring them back, right. people who are getting higher wages when inflation comes down at some point to 2% aren't going to want to take less pay and i see the same thing with food prices, restaurant price as well. once the prices go up, it's going to be very difficult to say hey, adjust your prices on the menu. i'm worried take some of the inflation is coming embedded in the economy. >> yes, and we saw that and that's what scares a lot of analysts and market investors is once inflation expectations get into the psyche of labor and that is when the wage hike
demands continue. we're also seeing an administration out of washington that is very pro labor. look, they're announcing investigation into amazon warehouses now. i'm not so sure if that isn't an attempt to help them build a union effort there. and to pressure amazon and other companies for additional wage hikes. the only problem is, the wage hikes happen but if price increases happen, then it was all for nothing and all it is a disruption to the existing environment and existing corporate profit structure which is ultimately what brings on employment and new hiring. jackie: when it comes to the banks, got man sacks -- goldman sachs looking to make we're end job cuts as well, despite being one of the only banks along with citigroup to report a double beat on second quarter earnings. your reaction to what you're seeing in the forecasts. banks often kick it off and they set the tone, right? >> yes, the do and what's going
on with banks is we are not yet in a deep recession. if we entered one at all, it's the beginning and it might be a mild one. so i don't expect and we haven't seen large credit losses. so it's too early. it's too early in this earnings cycle to see how this economic slowdown's affecting banks p but if we have more of a slowdown you'll see subprime, auto loans, housing loans have lesser performing index and that's when banks will struggle. if industrial loans have a little bit of a need to be restructured, if real estate values are pressured but it's too early right now. i'm looking at the season's bank earnings as a good sign for today but really not telling us a lot if we go into recession because that's when the bank losses, those credit losses, the biggest risk could be realized. jackie: many people say that we're in the early stages of this recession and it's still going to take time to trickle through to show up in the numbers so we'll be watching
very closely, mark. great to see you this morning. thank you. let's get to your morning mover, ibm down almost 5% in the premarket despite reporting strong earnings, beating on earnings per share and revenue. technology company trimmed its 2022 forecast over currency concerns and the impact of exiting russia operations. this while warning that the year's forex hit could be $3.5 billion due to a stronger dollar. coming up, many in washington asking if there was a point to president biden's trip to saudi arabia. congressman bruce westerman weighing in there. plus, a farewell to fauci, the nation's top doctor announces his official retirement, when he's hanging it all up, coming up. ♪
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and russia stepping in, trying to fill that vacuum. we are confident that we will be able to measure the success of those conversations that the president had in the next couple weeks. but again, we have seen gas prices go down in the past 34 straight days, go down -- >> aren't they higher than when you took office, though? >> think about the war that russia has taken on in ukraine, an unmitigated war, a war that is brutal and has had an effect on the price. jackie: that was white house press secretary karine jean-pierre yesterday, asked about the results from the president's trip to saudi arabia and again blaming putin for high gas prices. i thought he went over there to ask for more oil. i don't think the results were exactly what he was expecting. joining me now, arkansas congressman, bruce westerman, a member of the house transportation and infrastructure committees. congressman westerman, your thoughts on how the trip went.
americans are struggling with high gas prices. the president goes to saudi arabia and no results out of this trip. >> good morning, maria. i don't think anybody should be surprised how the trip went. it was ill advised. i don't know who is coming up with this stuff at the white house. what were they thinking, to go to saudi arabia to beg them for oil and you're dealing with a cartel. they're not going to deal with you. what the president should have done is gone to texas, gone to louisiana, maybe pennsylvania or north dakota, maybe even go to alaska and deal with american producers where we can increase supply. the administration's on the right track. they realize there's a supply shortage. but that supply should be coming domestically, not coming from opec or any of these other countries. opec plus that this administration seems to want to deal with, other than dealing with american producers. jackie: you bring up a great point. the conversation should be had here at home, yet the president goes there to a country that he openly said he wanted to make a
pariah on the global stage. he a talks to the crown prince, brings up the horrific slaying of jamal khashoggi and he asks if he's responsible for this and he smirks and i think that kind of says it all. >> you don't fist bump pariahs. i don't know what kind of image they were trying to portray for. for what president biden said on the campaign trail about what he was going to do with saudi arabia and then we've got a vision in everybody's mind of him fist bumping the prince there and it's just -- it's a bad image, it's something that shouldn't have happened. it's like a junior high mistake. this administration is on the wrong track and what on earth possessed him to think it was going to be a good thing to go to saudi arabia to negotiate with the saudis when all americans -- i saw a poll that said over 90% of americans believe that or have concerns
with food prices, have concerns with energy prices. we realize we have the energy here, we just need to develop it. but all this administration wants to do and the left is they want to put roadblocks in the domestic production and then go negotiate with people we shouldn't be negotiating with. you don't negotiate with a cartel. jackie: congressman, a lot of this is about the green energy push. senator marco rubio was on hand hannity last night and he talked about it. >> you don't put oil in your car, you put gasoline. those have to be refined. those refineries are closed in america because we have an administration that says we don't want more fossil fuels. who will invest more money in an industry that the president and a his party is trying to put out of business. jackie: that's the problem, right. there's been a lack of investment in the instrument when it comes to he refining, for example, sir, we needed more refineries in the country for quite some time and that's one of the reasons that we're in the crunch that we're in. but as he said, no big oil company wants to invest in building refineries at this point. it would be billions and
billions of dollars, flushed down the toilet. >> and you've got wall street putting pressure on these companies not to invest in refineries. if you could get past the regulatory hurdles, then you've got the investment side of it. i saw an amazing statistic a couple weeks ago where u.s. refineries were operating at 94% capacity. that's taking into account all of the maintenance outages and everything. that's a phenomenal number. we need more refining capacity. this administration is attacking energy at every label. they're aided by wall street which is saying fossil fuels are bad so it's a barrier that's being put up everwhere you turn. i was visiting with a company that's building a natural -- yeah, natural gas export facility. they needed to put about 3,000 more workers on their site. this administration while blaming the industry said they couldn't put more workers on their site because of tail pipe exhaust from their cars when they come into the parking lot.
you can't even make some of this stuff, maria and they just keep doubling down on stupidity. jackie: yeah, let me just ask you one more question, sir. house speaker nancy pelosi denyingal -- allegations of insider trading after financial disclosures show her husband bought $5 million in chip stocks ahead of the senate vote to subsidize the industry. pelosi's office saying the speaker doesn't own any stocks, the transactions are marked for spouse, the speaker has no prior knowledge or subsequent involvement in any transactions. this is something that's been going on for years and it continues to go on as a matter of fact. >> we saw this with the pelosis with the tech stocks. we know that americans, 70% of americans believe that members of congress or their spouses should not be purchasing stocks but this is a pattern that is continually repeated.
i never met paul pelosi. i know nancy pelosi. i know just last night i was speaking at the rules committee, trying to amend out a $90 million earmark that she put in, an a appropriations bill for a park in a lush part of san francisco. so she's not beyond trying to play the system to benefit her and her neighborhood there. this is a place where the cheapest house is $13 million. but apparently speaker pelosi thinks 90 million should go to fix up the golf course. jackie: it's a good point. congressman bruce westerman, great to see you this morning, thank you, sir. >> thank you, maria. jackie: coming up, watching putin's moves, the russian president heading to iran today as tehran said it has the technical ability to build a nuclear weapon. general jack keane weighs in on the next steps. plus bird is the word of, this chicken takes a slow ride on a bookie board. look at that video. more of this viral video coming
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jackie: welcome back, everybody. i'm jackie deangeles, in for maria bartiromo. it is tuesday, july 19th. a look at the markets this half hour to see how setting up on wall street. futures indicate a higher opening, the s&p 500 higher by 34, nasdaq by 105, this all after stocks finished lower yesterday. take a look, red across the board at yesterday's close. the dow, s&p 500 and the nasdaq all in the red and near session lows after apple announced it will be slowing hiring. meantime, oil prices are slightly lower this morning, down 57-cents, close to $102 a barrel for wti, and all eyes of course are on netflix reporting second quarter earnings after
the opening bell. we'll be watching for johnson & johnson reporting, they just reported a double beat moments ago. we'll talk about that. some of the top stores rise this morning, dr. fauci announcing he will step down as director of the national institute ofal earl and infectious diseases, after president biden's term in office. the 81-year-old has held the job since 1984. he has served more than five decades of federal service under seven different presidents. most recently fauci became the face of the federal covid-19 policy in 2020, making regular appearances on cable tv and he was routinely criticized for switching his stance on how to best tackle the pandemic. and the battle between twitter and a elon musk is heating up, twitter slamming musk's opposition to a speedy trial, calling it a tactical delay. the social media platform says musk is in breach of its $44 billion agreement and the public dispute is hurting the
company. hearing on the suit is expected later today. this as a new report indicates that musk is considering counter-suing the company. and ubers is agreeing to pay millions over a lawsuit that claims it overcharged riders with disabilities. the ride hailing company will pay compensation to over 65,000 users who needed more time to enter the car and were charged a waiting fee. uber says it modified its wait time policy. and finally, how the chicken crossed the flooded road, well, i think he did it on a boogie board. a west virginia family's pet chick was caught on camera catching a wave last week after a passing storm flooded the streets. neighbors say it seems like he enjoyed it. it actually does seem like he enjoyed it. i don't know. all right. russian president vladimir putin traveling to iran today for his second trip since russia's invasion of ukraine to meet with turkey's president and iran's president as well.
this coming after the white house warned last week that tehran could provide moscow with drones for its war in ukraine. joining me now, fox news senior strategic an a lift, general jack keane. general, good morning to you. and alls great to see you. -- always great to see you. want to get your take on this tried of vladimir putin to iran, after president biden's trip to saudi arabia. it's almost like putin saying you can go there, i can go here. we've got two of our enemies meeting today. >> you put your finger on it. this trip was scheduled after biden's trip was announced to go to the middle east and this is really about making certain that the nations in the middle east know full well that russia's got iran's back, much as russia and iran propped up the assad regime in syria when the moderates were gaining power back in 2014 and they essentially have shut them down and certainly nation as in
the middle east woke up and recognized how russia had come to the assistance of an ally and did that quite successfully. so this is putin power broking here, certainly. i think the second part of the visit really has to do with erdogan who is joining them there and they're very close to the u.n. initiative to open up the cargo ships that are blocked in the black sea by the russian navy and have them access the grain exports at the port of odesa and some of the other ports in the black he sea. if that that takes place, that's absolutely a step forward because of the famine and food shortages that have impacted countries as a result of the shutdown of the grain exports coming out of ukraine. jackie: a lot to watch for. there's senior advisor to iran's supreme leader saying iran has the technical ability to build a
nuclear weapon, as officials claim it's up to tehran to decide if it will accept the deal. let me ask you this, general. because iran has also sanctioned you and 60 other americans. tell us more about the dynamics huer. so many people are -- here. so many people are saying this is a bad deal, the u.s. should be going back to the table with this deal, it's irrelevant they're continuing with their nuclear program because they would have done it under the old deal anya way. how do we control iran when iran is pushing back with sanctions as well. >> that's a great point. i mean, they sanctioned myself and others because we speak out against the iran regime and we speak in favor of the national council of resistance of iran. look at, the iranian deal -- this has been on the wrong path ever since the administration came back into power and tried to put on the table the very same deal that we had in 2015
that was so fundamentally flawed because it gave iran flush with money to do all their aggressive maligned behavior in the region and we've seen the evidence of that for the years following the sanction relief money that they've got and a they're going to get it again if the deal comes to fruition. much better pathway and i think we'll eventually get there because it doesn't seem like this deal is going to come through is to really get tough on iran with sanctions, close some of the loopholes that are there. by the way, they have not been enforcing all the trump sanctions. jackie: no, they haven't. and so let me -- i'm sorry to interrupt you but let me ask you, with president biden in charge how do you expect any of these sanctions to be reinforced or new sanctions to be put in place? sanctions were actually working. that's something this president obviously doesn't believe in. >> well, what i'm saying as an alternative to the nuclear deal, the nuclear deal doesn't go forward, what is he going to do? what i'm recommending is these
are the course of action i believe he should pursue. obviously maximum sanctions, close the loopholes that are out there and double down on them. the other thing is, something he began to do, initially he dismissed the abraham accord, huge strategic mistake. that's the beginning of stitching together a defines alliance against iran -- defense alliance against iran with the arab states israel. a huge paradigm shift in the middle east. now he's talking in favor of that also, take the advice and council of the prime minister of israel who has said iran is in pursuit of a nuclear weapon, diplomacy and talk is not going to stop them. the only thing that will stop them is put on the table a credit military option. and those are the three things i think the biden administration should be pursuing because iran is on a pathway and as you mentioned in the introduction to have a nuclear weapon, and soon. jackie: all great points.
i want to switch gears while i have you for a moment. china is vowing this morning to take resolute and strong measures to a reported trip by house speaker nancy pelosi to taiwan next month and of course china's foreign ministry spokesman warning it would have, a, quote, grave impact on u.s./china ties. pelosi would be the first hitting house speaker to visit taiwan since 1997. general keane, your thoughts? >> well, i think this is high time that senior policy makers do go to taiwan. this is something the united states has imposed on itself as a result of the 1979 taiwan relations act. we have stopped our senior policy people and senior military people from going to taiwan. we should open that up, and listen, in addition to speaker pelosi, the inhe dough pacific commander and his -- indo-pacific commander and his staff should go to taiwan and begin to sin he crow nice the
poe ten -- synchronize a a potential invasion. we have stopped ourselves from doing military exercises with taiwan and bringing senior leaders in there to include policy makers and certainly someone as prominent as the speaker of the house. i applaud the speaker. i hope she goes. i hope she doesn't stand down in the face of chinese rhetoric here and let's carry through with propping up taiwan. we've seen what happens with the bullies in the world in terms of what russia has done to ukraine. china could do the very same thing to taiwan. let's learn the right lesson here and let's support this country. jackie: i think you're right, it's a great point, general jack keane, great to see you this morning. thank you so much. >> great talking to you, jackie. thank you. jackie: coming up, all eyes on big tech earnings, netflix, the heavy hitter reporting after the bell. we'll preview what's coming for subscribers ahead. plus, all in the family, nancy pelosi's office responds to her husband's million dollar stock
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jackie: welcome back, everybody. time for the hot topic buzz. nancy pelosi denying a accusations of insider trading after financial disclosures show her husband bought as much as $5 million in computer chip stock nvidia ahead of this week's vote on a bill that would deliver billions of dollars in subsidies to the chip manufacturing industry. now, the speaker's office telling fox business, quote, the speaker doesn't own any stock, as you can see from the required disclosures with which the speaker fully cooperates. these transactions are marked sp for spouse, speaker has no prior knowledge or subsequent knowledge involvement in any transaction. lou, you know, judging by that statement it looks like they dotted their i's and crossed their t's. legally it's probably kosher but that doesn't mean it's ethical,
right. >> this doesn't pass the smell touch. i was married for 16 years. if i'm swinging around millions of dollars in a stock trade and my spouse or partner doesn't know about it, there's no way. there's no average american is going to believe this is real. the best -- attend of the day, the best stock pickers should not be in washington, d.c. it's long overdue for legislation to prevent this, just as bad as insider trading. i think paul's picked the wrong chip stock anyway. he should pick nxpi. it has much more exposure to the automotive sector. i hope his trade works out terribly for him. jackie: we'll have to see. we'll have to see what happens with the dui charges that were filed against him as well. that's another issue. but it's so interesting to me that if i look at when it comes to speaker pelosi's rules for thee, not for me. this is not legislation she is pursuing to make sure that congress and trades and spouses' trades would be regulated because of potential to share insider information.
>> that's right. in fact, almost seven months ago, last december speaker pelosi was actually advocating against such legislation. and i think her office's explanations is just a little bit insulting to the american public. because when they say that sp stands for spouse on her filing documents, it might as well stand for speaker pelosi. her husband's gotten himself in hot water on this before. in fact, just a little over a year ago he cashed in on more than $5 million in alphabet stock right before the house committee was set to vote on reining in big tech. the timing is way too suspicious, it's too convenient to be true for the pelosis and they owe the american public a little bit of honesty and a whole lot more ethics. jackie: she just shrugs her shoulders when asked about it. it's interesting to watch. coming up, netflix reporting quarterly earnings after the bell. why it's anticipating another hit to the subscriber count. we're on that next. stay with us.
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2 million subscribers after posting a 200,000 subscriber loss in the first quarter. joining me now, cfra research director, ken leon. great to see you this morning wondering what you're expecting from knelt flicks earnings today and -- netflix earnings today and what you're predicting in terms of the potential subscriber loss. stock was hit really hard after they reported the last drop last quarter and of course they've got this issue of accounts being shared. they said they're working on it. but probably no change just yet. >> yeah, it's really interesting, great to be here and for the largest video streaming player they have pre-recorded earnings calls so it's not live with analysts. it never has been. march was disappointing. subscriber losses expected. could it be 2 million? we're talking about a base of 221 million. so that's kind of where we are. but the changes are significant. netflix is saying how can we
actually get more paid users by perhapses password changes. another area is related to moving downstream from just pure streaming to advertising supported or abod and they had a deal last week with microsoft and additionally the question is how does video streaming really hold up if we move into recession. so these are really some big mac crow questions for netflix -- macro questions for netflix. jackie: we're talking about disney plus, hulu, hbo max, how do you think these issues and how netflix performs will impact those companies? >> i think for netflix, it's a question of is the world so large that you can continue to grow subscribers. all of these businesses have been driven by subscriber growth and eventually making money, whether it's ebitda or profitability. the question for netflix is if
you are a more mature company, then investors are going to begin to look at profitability. however measure that. that's really the delicate dance that netflix and even disney with disney plus have and hulu, is can you make money especially in a more challenging environment. so the sky is not the limit. it's actually much more finite and there's consolidation among the streamers. the testing of the password, so friends and family, you can no longer have 10 people on one netflix account, they're testing that in latin america. but only three small countries and chile, peru, costas rica. they want to be del kate in terms of making -- delicate in terms of making changes. you can go to disney or paramount plus or others. jackie: there are other houses on the block if you will. it's interesting to your point about the testing, what they're
doing is they want to charge customers for this password sharing. so those users in latin american countries will pay an additional fee if they use an account outside of their primary household for over two weeks. so they have obviously developed a way to track this. ken, you know people, i know people sharing passwords. i mean, this is a huge problem and all the streamers have to kind of get this under control if they want to be able to monetize properly moving forward. >> they do. and it's interesting for this industry. there's not one rate per month. rates vary significantly around the world. and even the slightest increases of rates or ways that you're protecting your franchise, you could have higher customer churn and that's the other -- to your first question, on this call tonight we want to see what the churn rate is of losing customers and what could be expected really for the rest of this year given we're going into
an environment where households are going to be watching every dollar. jackie: every dollar, you're absolutely right. lou, jump in here. >> look, i just want to get your thoughts on do you think the streaming trade is just over? we know tech trends come in and out of favor. the average household has 4.7 streaming services, over 74 million americans in north america have a netflix subscription. have we hit the peak and need to avoid this as investors? >> for sure. there's over 30 choices for streaming and >> you know, there might be specialized areas for programming but it's just too many chasing the same customers. the u.s. customer has matured and overseas it's much more price sensitive to much lower, lower rates. so even subscriber, even 50 plus, a subscriber that gets paid in india is much less than
the u.s. this is a mature market. it reminds me a little bit of wireless going back when you gogo to prolific growth to a more stable market. investors shifting the possibility to return on capital. jackie: lou, angela, stay try there the next hour of mornings with maria start right now. ♪ ♪ >> jackie: good morning, everybody. i'm jackie deanglis in for maria bartiromo. white house chief economist getting called after praising president biden for bringing down gas prices. >> because when the gas prices go up, it has nothing to do with
the president. when we see a decline, you want him to get the credit. >> there's no both way thinking here at all. >> it was putin's fault. >> when it's coming down -- >> jackie: national average gas price is at 4.49 per gallon and we are watching oil prices closely too. those are correlated with gas prices slightly lower this morning, oil just under $101 a barrel here in the united states. i want to take a look at futures see how we are setting up on wall street this morning, dow indicated higher by 205 points, s&p 500 by 31 this as we look ahead to a busy day of earnings and economic data all eyes will be on netflix reporting second-quarter earnings after the bell. johnson & johnson reporting in last hour and double beat on renew and earnings per share. we are waiting on june housing
start and permits. the commerce department expecting june's number of new homes under construction to rise 2%. this is all coming after stocks finished lower yesterday down across the board, sea of red. dow and s&p 500, nasdaq all closing near session lows after apple announced that it will be slowing its hiring. meantime take a look at treasuries, the markets are watching this closely. the yield on ten-year 2.99%. just under 3% right there. european markets, they are lawer as well. take a look -- actually changed a little bit in europe. we were down across the board but now the cac 40 that's marginally lower. hong kong was the biggest loser there, down almost 1%. mornings with maria is live right now. ♪ time for word on wall street. payne capital management
president ryan payne, ryan, it's wonderful to see you this morning. home builder sent meant came in much lower than expected yesterday at 55 points. it was the lowest since may of 2020. we are looking ahead to building permits and housing start at 8:30 a.m. eastern time. what are you expecting? >> i think they'll be a little bit better coming in. we will see what happens. there's no surprise, look, everything softens in the housing market, we have interest rates up. we know commodity prices and material costs are going up. it's hard to find labor right now. you are hearing no good news coming out of the housing market so we will see. those permits should be slightly up this month over month but i think the bigger problem, jackie is demographics. if you lack at millennials, largest cohort in the u.s., they are in household formation, they are not in their parents' basement. the oldest millennials are now like 40 and you still have under supply. you have during 2010 biggest
under supply in housing start. over six decades we saw the least amount of production and housing and i think that's going to be a longer testify term trend. even though the housing may soften with interest rates going up. if you start looking at demographically, you have the huge cohort looking for housing. long story short. jackie: they are looking for housing, i definitely agree with you. there may be in their parents' basements a little longer because prices haven't come down. we need to see inventory jump significantly to make housing more affordable, that's the delicate dance. joining the conversation as well. head of investment strategy hank smith. great to see you. payroll growth is strong but economists are seeing conflicting data, right, the labor department are showing that employers -- hank, we are
seeing this conflicting data and i'm wondering how you can rationalize that? >> well, i think overall we are still in a very strong labor market. if you look at any -- if you walk down any main street anywhere in this country you see help wanted signs in every single -- in every single store. so i still think this is a very strong labor market which if we are in a technical recession two consecutive quarters of negative real gdp this would be unique, with decent balance sheets, strong -- a strong well capitalized banking system. so i don't think the labor market is as weak as the household survey as recently suggested. jackie: i hear you, hank, but it takes time for all of this kind of be exposed through the
numbers, right? we have already talked about some companies, tech companies specifically either implementing hiring freezes or laying off employees, right, it doesn't all happen overnight, i wonder if the strength that is we are seeing in the labor market that everyone is trying to hang hair hat on, if that deteriorates over time and there's evidence that it might, we could be in for a worse situation than people think. >> well, a lot of this is the dislocations of covid and you mentioned the tech sector doing some trimming and job cuts but that's because they overstaffed during, during covid. amazon is a gate example of that as are other technology companies because the demand was so incredible during that lockdown and now that we are out of the lockdown phase, you're starting to see reversal of that that, so i think you will start
to see numbers that go back and forth and we kind of normalize from 2, 2 and a half year period that this country frankly the global economy has never seen before in 100 years. jackie: i think that's a good point on tech. maybe overstaff there. but ryan, when it comes to americans labor force participation, americans that are looking for positions, every one person that's looking, there are two jobs available and we all know too many people who are staying on the sidelines, they are basically saying wage growth isn't enough to keep up with inflation so why should i go to work. as a matter of fact, ryan, real wages are down. >> versus inflation they are. the other problem is aging population. we have a lot of baby boomers that decided to pack it in and retire. jackie: although they may be looking at retirement and rethinking as well.
ryan: we are hiring. we are going to this recession is completely overdone and i agree with hank here. i'm hart press to see any sort of real recession with how strong the labor market is. you are not going to see. wages will continue the rise. on the flip side you are starting to see inflation come down, commodity prices have come down and i've been calling it the great equilibrium where wages stay strong and start to see inflation come down, that's going to be a huge win for the economy and soft landing that no one else believes. jackie: okay, we are looking ahead to the fed meeting next week. futures market now pricing at 33% chance to raise rates a full percentage point. that would, you know, cool inflation down even more than what we have seen already with the potential fall, with the potential fall of the labor market of plunging housing market 40-year high and inflation. i'm wondering ryan, what you're expecting from the federal reserve and, you know, to add to
your point, that's one point -- maybe jarome powell, maybe he gets this, maybe he can engineer the soft landing? ryan: i think he can. .75% hike is more realistic here. i think what was crazy last week we had the huge peak inflation come in over 9% on cpi number yet the treasury market saw interest rates come down. so the market is already telling you that's already priced in, whatever the fed is going to do with interest rates and we get two more hikes and then we may see a reset or pivot where they actually pause. again, these are optimistic signs. i think inflation is overdone. not a big deal what the fed will do next week in my humble opinion. jackie: all eyes on the fed. great to see you, thank you. much more ahead this morning, coming up starbucks to close more stores over safety concerns plus voters are not happy,
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jackie: welcome back, starbucks warning more store closures are coming, shuttered more than a dozen stores in cities across the nation after employees complained of drug use and violent crime. ceo howard schultz blaming soft on crime policies and democrat-run cities saying in part, mayors and governors and city councils advocated responsibility in fighting crime and mental illness. crime soaring in sacramento,
homeless skyrocketing 67% in three years, in salt lake city business owners say customers are scared because of growing homeless camps and in new york major crime soaring 30% so far this year. number of burglaries and robberies. lou, your reaction to this, now we are seeing it impact cities across the country. especially in new york mayor adams said he was going to be tough on crime and we have a 37% spike on our hands. >> socially mostly liberal ceo's in the public markets and we are seeing the real-world impact of too liberal policies on fighting crime, you know, i think this is not going to be the last company that's going to talk about down-sizing locations because of these really main issues for -- for average americans, right? inflation right now and rising crime. i think it's also a case of
starbucks overgrew. there's 32,000, over 32,000 locations worldwide. a couple of hundred of those in a few city block in new york. but i do think the underlying and overarching issue that everyone cares about, every american is the rising crime in our big cities and it's just unacceptable. the defund the police movements have had a real negative impact on the reality for the men and women that are bravely trying to defend our freedoms. jackie: i hear you. and so many people are outraged about this. crime is a huge issue, angela, as we go into midterms and even people who supported the defund the police movement, seeing the reality when you do that and lose law and order across the country are changing the tune a little bit, some of the leaders in place that are going along with this may have some changes
coming. >> i think they need to have some changes coming, certainly a change of heart because this is just so sad and i think howard schultz deserves some credit here for speaking out, calling out the problem for what it is and speaking out on behalf of his employees to keep them safe but what's sad here that keeping those employees safe now means that unfortunately they are all now out of jobs and starbucks, it's just a tip of the iceberg here. i'm really concerned about the mom and pop shops and cities around the country who don't have the luxury of saying hey, we will close 16 stores and forced to send people to places that are extremely dangerous because the local governments have failed at their most basic duty of keeping citizens safe. jackie: look at what happened in new york city, bodega, people are outraged by that saying such a clear case of self-defense, yet, you know, he's dealing with this uphill battle that he has
to climb. so much to talk about when it comes to crime. we will be talking more about it later. thank you both and stay with us. coming up vice president kamala harris and california governor newsom are willing to secure in case of running in 2024. mike huckabee on that next. ♪ ♪ ♪ ♪ (queen - we will rock you) ♪ ♪ ♪
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jackie: welcome back, another blow to president biden. cnn poll finding 38, only 38% of voters say they approve of the job that he's doing with 74% disapproving of his handling of inflation and just in case an opportunity arises to secure top spot, vice president harris and california governor gavin newsom are reportedly already reaching out to don orors. joining me now arkansas governor mike huckabee. governor huge bee, great to see you. so many people say i don't care what president biden is saying,
there's no way he will run in 2024 and looks like the competition is heating up, people are trying to prime their positions. >> they really are, jackie and the numbers are dismal. it's a life fest out of sheer concrete and he's sinking to the bottom and who are the 38% that say joe is doing a good job. these are people that don't read and don't keep up with anything that's going on in the world and might live somewhere in a cave because most people that look around see the economy and they recognize what a mess we are in and, you know, joe can try all he wants but he can't escape responsibility for a big portion of this. jackie: and i think you're right and probably included in the 38% are extreme far left that look at, for example, energy policy and green energy policy agenda
and are happy about that so people have different priorities but most of the country right now suffering as a result of high gas prices, high food prices, inflation and no end in sight at least for the near term right now. it's so interesting if he were not to run in 2024, you had kamala harris who had huge opportunity and squandered it as vice president and i'm not really sure that the options on the democrats' side really make a lot of sense here. >> well, they don't. interestingly kamala harris lost her speech writer this past week and quite frankly watching some of her speeches in which she talked in circles, one had to wonder, you mean she had a speech writer and somebody was putting it in front of her and she had the audacity to speak that.
clearly kamala harris had a problem in reading what was in front of her. jackie: the president has the same problem too. around the same page there too, right? >> well, absolutely. i think what we have to look at is when you ask people about the economy, only 18% of the american people think it's in good shape, now, that includes a lot of democrats, 82% of the people say the economy is in the tank. jackie: yeah. mike: you just can't overcome those numbers and the economy is always the number one thing that american families think about when they go to vote. jackie: inflation 9.1% year over year. that number only continues to rise and the white house explains it away by saying it's backward looking but people have been feeling that, they've been paying for that, that's coming out of their budget for the year and it's going to be a while before it drops, governor, we do know that. i want to transition, though, and switch gears for a moment while i have you because stephen colbert staff now in the clear,
charges of unlawful entry in house office building were dropped yesterday. they originally went in saying that they were recording a comedy skit and fox news reporting capitol police are upset about the decision with forces saying it undercuts law enforcement trying to secure the complex after january 6th and i think a lot of people would agree with that. unlawful entry into the building not allowed doesn't matter the reason they were doing it for. why is there double standards here? >> is what americans really angry about and particularly half of america that seems to be on the receiving end of the switch and the sticks and the belts and all the other things that the government is throwing at us. there's a real sense of outrage that because these people are on the left and they work for stephen colbert. even though they were told not once but several times to leave the capital and then allowed back in by congressional staffer. so there are two big questions. number 1, how come they didn't
get arrested, why were they not put in no-fly and stay in jail for 16 mails and awaiting some of the hearings like protestors did? some of them never entered the capitol on january 6th and still got charged, their lives were ruined. here is the other question, are you telling me that not a single congressional staffer got fired for letting them in? jackie: for the access, right? mike: absolutely. when people say if you speak up at a school board meeting, you're a domestic terrorist but if you're a liberal, you go to the capitol and be there unlawfully unescorted, you are told to leave and you don't and nothing happens to you. that's not really a good look for the democrats and for the far left and i think it only bodes well that a lot of people, i hope they will, be utterly fed
up and send these guys packing in november. jackie: so many double standards we were talking about speaker pelosi, house paul making pretty hefty trades betting on semiconductors, chip stocks ahead of vote on legislation that would change what we are doing here in the united states with semiconductors and so many people say it might be legal but it's not ethical. governor mike huckabee, great to see you this morning. thank you so much for joining us. mike: thank you, jackie. jackie: chipping away at car safety, why your next car may have all the features that we have come to rely on. a live report is next. stay with us. ♪ ♪ ♪ meet jessica moore. jessica was born to care. she always had your back...
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jackie: welcome back, i'm jackie deanglis in for maria bartiromo, july 19th, futures on the rise ahead of the opening bell, take a look at where the futures stand at the moment, dow 102 points, s&p by 30 and nasdaq by 95. this is all after stocks finished down yesterday. the dow, the s&p 500, the nasdaq all closing near session lows after apple said it will be slowing hiring. oil prices in focus, they are down this morning but both brent and crude oil back over $100 a barrel. take a look right there and, of course, all eyes on netflix reporting second-quarter earnings later today. now the ongoing semiconductor shortage has been an issue and impacting crucial features in new car that is would raise alarm over consumer safety. madison alworth in new jersey with the latest, good morning, madison. reporter: good morning, jackie. the semiconductor shortage is
is not justshortage but take a r right here. that has seat warmer and might not come with the function. iou a seat warmer functionality. okay, not the most important thing in the world. here is the thing, there are other features that are being left out because of the chip shortage, take a listen. >> we get the customer a form that says, you know, you're missing a chip for a navigation system, you're missing a chip for a blindside mirror, you're missing a chip for back-up camera, you to come back and we will install it at no charge and we need to get your hands on it and we can't tell you when it's coming in. reporter: is if you are ever driven with back-up camera, you know how useful those tools are. the consumers are still buying these cars even at high prices
because they have little other choice and the cars are really costing a lot more. here at this lexus dealership, customers are getting into bidding wars actually over the cars and regularly paying over msrp, the manufacturing suggested retail price. so when it comes to chips, the u.s. share of the semiconductor manufacturing capacity it has shrunkfrom 1990 to today. the idea to try to increase competitiveness in the chip market and even if it passes it's not a flip that switches over night. people are walking away paying tens of thousands of dollars for a car and only getting the most essential things, jackie. jackie: i can't remember a time in my life where you are paying over sticker and you're not getting the kind of functionality that you would expect to be getting and used to walk in and knock 10,000 off
sticker but times have changed. madison alworth, great to see you. meanwhile senate majority leader chuck schumer announcing that the senate will vote today on a bill to boost the u.s. chip industry to compete with china, the legislation will provide about $58 billion in subsidies to encourage more semiconductorring -- semiconductor manufacturing in the united states. joining me now george congressman house armed services committee member and house agricultural committee member austin scott. great to see you this morning, sir. this is a step in the right direction, right, the supply chain shortage, the semiconductor shortage, it's been impacting our economy for quite some time now but some people say it's a little -- it's a little too little too late. >> yeah, jackie, a step in the right direction but maybe go back and see why we lost the industry to start with, not just semiconductors but it's hard to find a tool that's made in america anymore. when trump ran, i think he was elected on the american first and bringing it back home, this
manufacturing, critical manufacturing back to the united states and so it's $50 billion in subsidies, those subsidies are necessary because of bad policy inside the united states and then the issue that is not being addressed in here is the mining of the elements that it takes to manufacture semiconductors and we need to bring materials to the united states because we don't have the able to mine in our country anymore and so that's some of my concern that i see with the legislation. i think it will pass. i hope it will help but, again, it's not going to fix the problem overnight or even tomorrow. it's going to take several years, i think, for the capacity to be built inside of the united states. jackie: i think it's a great point. the materials that you need need to be outsourced. president trump made america first top priority no matter what industry we were looking at, whether it was oil and gas, whether it was technology, he
wanted to bring manufacturing home and what he didn't want to do is necessarily subsidize companies, incentivize them to make business more competitive and more friendly here. the way the biden administration is approaching it with subsidies really concerns a lot of people that that's the wrong way to go about this, to make our manufacturing more competitive is what we need to do. >> that's absolutely, right, and the subsidies make industries more independent and control long term. i may vote for the legislation, i may not, it depends on what's the final version of it but the fact that we are having to give subsidies to an industry is the problem. we need to be going back and looking at the policies that have been put in place over the last several years and have made manufacturing noncompetitive in the united states, we need those jobs. we need the manufacturing jobs, we need the mining jobs. americans won't lose jobs and if we are having to give subsidies of this magnitude to an industry
to effectively entice or do bribe -- >> jackie: doesn't make sense. speaking of subsidies. green energy, electric vehicles, these are places where we have seen a lot of subsidies as well and when president biden came into office he said this was going to be the future of the labor market. we have yet to really see those jobs materialize in earnest and another area where job is pouring out at the same time the white house is denying this double standard as a biden administration takes a victory lap for falling gas prices. listen to this. >> because when the gas prices go up, it's got nothing to do with the president. when we see decline, you want him to get the credit. >> look, i think that -- there's no both way thinking here at all. i think there has been a consistent i think pressure on this white house to try to do
everything it could to emiliate inflationary pressures and the president talking about how this was a priority to alleviate the pressures on behalf of the american people. >> it was putin's fault. when they are coming down, he gets the credit. >> i very much disagree with the framing. jackie: of course, he would disagree with the framing, national average 4.49, it's over $2 more per gallon compared to the day that president biden took office, congressman, you look at the oil and gas industry, some people would say, you should be encouraging, incentivizing and even subsidizing them to pump more oil right now and refine more gasoline, that's just not happening. >> jackie, you saw this guy go across to meet with prince and it's up to opec plus. this president, joe biden does not even meet with republicans. i can't tell you the last time i
heard anybody in the house republican caucus being invited to the white house or meeting with the president of the united states. americans are paying the price for this every day at pump. nobody is buying what they are selling from the white house. they know it's not true. they know he did this. if you look at america's oil and gas industry, why would they invest billions of dollars when they've got a president of the united states and vice president of the united states that are being controlled by a group that wants to put them out of business. jackie: yeah, it makes a lot of sense and most people understand what's going on behind the scenes, that this is policy, it's agenda, this is exactly what they want to ram through before the midterms and begging the saudis and opec plus really not going to get us anywhere and by the way i will just say this, the price drop that we have seen in gas prices is coming as a result of the future's market, right, the speculators saying recession is coming and that's why the prices are down.
they are not down because of anything that the president has don't and they are not done because of release of a million of barrels, spr reserves are supposed to be for an emergency, we are going to be heading to hurricane season soon. god forbid we have catastrophic problems in this country and we have depleted the reserves to try to reduce gas prices. >> yeah, i was in high school the last time the reserves were this low. the release of the reserves did nothing to reduce cost at the gas pump for american citizens. i'm in favor of putting legislation in place that the president no longer has authority to release reserves without vote in congress. this was abuse of the system. he did it for politics, from a policy standpoint and did nothing to help americans and when you see the oil being shipped to foreign countries, some of which are adversaries and not our friends, that makes me sick to my stomach. jackie: a lot of people would like to see you do that,
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kick pain in the aspercreme. we're here today to set the record straight about dupuytren's contracture. surgery is not your only treatment option. people may think their contracture has to be severe to be treated, but it doesn't. visit findahandspecialist.com today to get started. jackie: welcome back, blackrock ceo warning people should be worried about soaring food prices and oil prices. the one thing that i worry about that we don't talk enough about is food, this isn't just an inflation concern. they are also -- there are also geopolitical concerns that result from this. joining me now the chairman and ceo of united refining company, red apple group, john, john, wonderful to see you this morning. your take on what larry fink had to say and food prices because a lot of people are worried about them and they are wonder if they will retreat as we are seeing gas prices pull back a little bit. what do you think?
>> well, two weeks ago i predicted that we have reached peak prices on oil when we reached 125, 130 level and we we have retreated since then. on friday we almost hit $80 a barrel which is a new low and food prices will peak out and reach peak prices in september because there's a lag between oil and food prices as they go up. it's always maybe 90-day lag in food. 30-day lag in prices in the gas station from crude oil. the big -- the big question mark is, the recession does not have to happen. i've been talking about that. interest rates. the fed, the white house spent trillions of dollars, trillions
of dollars to take us over the covid crisis. my opinion is they should delay increasing in interest rates before they destroy a real estate industry and other industries in the united states with high interest rates. jackie: yeah. >> delay it 30, 60, 90 days because oil prices, if we give them a little bit of optimism will come down. then food prices will stabilize so the rate of inflation will not go out of hand. and my criticism of president biden is he should have went to texas, he should have went to alaska, he should have went to canada. he would have gotten more results in oil than he did in saudi arabia which is very sad. jackie: tough to go to canada when you killed the extension on the keystone pipeline. he was sort of hat and hands and at this point the administration doesn't know what to do and
investment is going to takes 2 to 18 months to build out to see results and they realize that the american people are finally suffering right now. i want to passer through some of the things that you just mentioned, john, because it's really important. i understand the lag of retail gas prices roughly 30 days. i understand the lag and the relationship between oil and food prices, 90 days. but there are about 30% chance right now that the federal reserve will take the opportunity at the end of the month to hike rates 1 full percentage points which would be very impactful with respect to the housing market and everything that you said to try to cool inflation. what i'm worried about and what i think larry fink was trying to get at on the food side, part of this is not just about oil but it's about supply side, supply and demand economics. the supply is too short as a result of what we are seeing overseas and what we are seeing in this country with respect to crops and yields and so i wonder, i wonder if just oil prices coming down is enough to
bring us those -- the relief at the grocery store by september. >> you need optimism from the white house point of view toward the american people because everything that's been done lately has hurt the american people and helped the rest of the world. there is a problem in food prices and could happen as interest rates go up, as there will be shortages of certain products. there's another problem that has not come to light yet and i discussed it with maria a few months ago is a lot of our major factories, a lot, maybe about 20 of them have burned down in the last 18 months and have been destroyed and nobody is really investigating what's going on in that end. >> the biden administration touting lower gas prices, lower diesel prices as we are seeing the food prices soar but shipping is also a key aspect of
food prices as well. i'm wondering if lower prices with respect to fuel will help because what i see when i look at this equation and whenever i have seen with the price of starbucks, cup of coffee going up, i've never seen it come down and the same with popular household items that we see at the store. i wonder if some of this inflation with respect to food is now embedded in the economy. >> it will be here to stay. jackie: yeah. >> because people don't take it down as easily as they take it up and that's what i worry about and that's why i said, we will reach peak pricing in food by september. jackie: yeah. >> we worry about the consumer and we worry about our country.
jackie: we sure do and we thank you so much for joining us today. john, great to see you, thank you. >> thank you. jackie: all right, coming up, a tactical delay, why twitter is calling elon musk opposition to a speedy trial, quote, calculated. we are breaking it down in the hot-topic buzz when we come right back. ♪ ♪ ♪ ♪ ♪
>> jackie: welcome back time for "hot topic buzz." battle between twitter elon musk is heating up twitter slamming musk's opposition to speedy trial calling it a tactical delay musk says they need time to investigate spam fake accounts twitter says dragging out lawsuit will only hurt its business give musk opportunity to try to renegotiate 44-billion-dollar detail at lower price saga drama continues never dull when it comes to elon musk lou your thoughts where we stand. lou: this is first deal with twitter, that i was actually supportive of but elon he
cannot avoided cram i find ironic he says he needs february 13 to process data on spam and fake accounts, if that is man that spearheaded a company landing rockets, launching in space landing them on -- barges. he can do all that calculation but can't figure out how to determine how many fake spam accounts are up on twitter he is stalling i think wants a lower price ultimately i think what is the implications is he will have a lot -- truth social if elon musk gets president trump back on twitter eradicates need for truth social more interesting storyline. jackie: it is angela some people can't figure out what he is trying to do we thought trying to angle for lower price there are legal analysts who say if trial moved forward court can perform you have to
go through with original offer in these market conditions would overpay for twitter doesn't want want the company many say why would a court make dhoim that though is so much at stake for twitter shareholders as well. angela: stocking that twitter wants a speedy trial longer without that more time elon musk has to continue to publicly expose mess going on inside the company. so the fact twitter wants expedited kinds of tell everything you need to know if nothing to hide more than willing to take time prove value demonstrates elon musk operating from position of power and strength. >> i saw on a yacht, operating from vacation as well. >> i wish i didn't see those pictures. >> shirt was off not great viewing there, but interesting to see how he is, pulling some strings behind scenes still having a good time too lou
angela stay right there the next hour of "mornings with maria" starts right now. . jackie: good morning, everybody. i am jackie deangelis in for maria bartiromo. it is tuesday, july 19 top stories 8:00 a.m. credit where not due white house chief economist bernstein getting called out after praising president biden tore bringing down gas prices. >> both ways -- when gas prices go up, it's got nothing to do with the president when we see decline you want him to get credit. >> look i think this -- that -- it, there is no both way thinking here at all. >> -- when coming down he gets credit. >> i very much disagree with that framing. >> americans feeling pain national gas price average
4.49 per gallon, meantime oil prices lower this morning, but you can see there that both brent crude and wti over 100 dollars a waerl futures, indicating a higher open on wall street take a look green across the board, the dow indicated higher by 191 noose, by 105 s&p 500 by 31 points, as we look ahead to busy day of earnings, and economic data that will indicate you the where the market go as well all eyes on netflix reporting second quarter, after the bell johnson & johnson reported last your double beat on revenue and earnings per share waiting on june housing and building permits out at 8:30 a.m. eastern time. commerce department expecting number of new homes under construction to rise 2% after stocks finished down yesterday, the dow s&p the nasdaq all closing near session lows after apple said
that it will be slowing, hiring, treasury yields as well you can see, on 10-year note, now we're slightly lower yield 2.985% under that benchmark % number, european markets as well, mixed we checked earlier you can see the ftse, dax trading higher cac quarante down just slightly. we saw mixed markets overnight in asia as well hong kongs biggest loser down almost 1%. "mornings with maria" is live right now. jackie: all right, voters looking to build momentum around florida governor ron desantis to throw his hat in the resigning for 2024 presidential race, desantis surpassiving president trump in fund-raising first half of the year desantis bringing in 45 million dollars, in that time period, trump raised 36 million, and recent straw poll at western conservative summit showing 1% support for
desantis, 2024 nomination, 68% support trump pretty close, the conversation all morning long lou basenese, and angela morabito lou we talked about what is happening with the potential nominations did iing not to run again even though he says he is in 2024 on the democrat side but now we are talking about it on the republican side, and things are pretty tight. lou: i think rare instance same assessment both sides of the political party the incumbents, no doubt biden not fit to serve going into 80s 2024 session, president trump businessman has to give fear concern desantis coming up strongly in fund-raising activities i think americans are looking for a change, you know president trump had a chance, at reelection it is you know i think the best
thing that can happen on both sides, is that president trump president biden step out of the conversation be supportive not -- admit not going to run and really try to help their party, the next candidate again at least republicans have a clear candidate that could run with a nomination i don't think we can say the same about democrats. jackie: angela ron desantis did great job in florida during pandemic showed people how a state should be run, i know, he wanted to keep things open, free-flowing is to many people left blue states went to his state better quality of life people across the country saying i want that in federal government. >> that is right i don't think trump team needs to panic yet i have had -- auditor serving in his i administration the american people very well aware what a success the administration was, i know i am a little biased i do think
governor desantis has done incredible job, the advantage of timing currently in office, while president biden is out of the public eye the moment, people are seeing real time how well run desantis's policies are playing out i think this early fund-raising might not be quite predictor we think but show conservative hollywood having impact. >> vice president harris california governor gavin newsom eyeing run at the white house if biden doesn't seek reelection democrats reportedlyly reached out to donors as well lou i will come back to you on this one because, you know, i said before i will say again, an incredible opportunity kamala harris squandered as first feel vice president has not done anything of note any time up to podium some kind of word salad, with respect to the to governor gavin newsom people
make a long list of things that he has done wrong in his state, and there are so many huge problems in california, when you compare california, to what is happening in florida, i mean just not even a you know a contest. >> i completely agree i think the biggest problem for democrats when it comes i think going to become obvious in midterm, once over they have to acknowledge president biden is not running reelection then who? i think going to be very quickly have to move from kamala harris and gavin newsom, but i don't know who is next there is no, no depth for potential candidates, and you know i think we might get another instance, where just because of the way politics have run in the past that is why president biden got nomination we might get kamala harris, just getting the nomination because -- >> oh, boy. >> more palatable i guess i am not saying that is what i wish for who else is next little candidate i adopt think that person emerged. jackie: i think you are right
not a lot of people on bench the dems head into midterms as we head into 2024 election season, all right coming up competition heating up between, electric vehicle makers we've got a sneak peek what kept the industry so supercharged we are live from los angeles, next. . . ♪♪ ♪♪ . your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
>> >> . jackie: welcome back future is electric aut makers looking to make vehicles more affordable for the american consumer dodging issues like cost of lithium, and ongoing ship shortage grady trimble live if los angeles with what is next for chevy. >> jackie blazer ev is what is next one of the first time ev suv's could give tesla model y
a run for money four different trims different features this is the most expensive version. the range is going to be between 250 miles to 320 miles on a single charge, this version will run about you 66,000 dollars, but there will be a trim available for right around 45,000 dollars. chevy sees that especially the lower price point as more attainable for everyday americans. >> a rate at which consumers are adopting to ev's we'vegoing beyond early, getting into more mainstream not small volume going for masses big volume will certainly help bring costs down. >> in the first quarter of this year about 5% of new vehicle sale were electric vehicles some see that 5% mark as a tipping point to more widespread adoption but there are some barriers auto makers
have to cross in order to get to widespread adoption point including, range, anxiety people used to filling up ever street corner at gas station, also charging infrastructure question price points chevy sees this as start say they have long way to go to get to goal of one hundred percent new vehicles being electric, by 2035. by the way, there is an equinox coming out from chevy as well around 30,000 dollars, so, again, trying to produce vehicles for the masses for mainstream america jackie. jackie: lower price points a good start grady, still gets me with charging stations you have to drive around 30, 40 minutes to be able to rj which a your car not only waste your time, what did if you don't find a charging station. >> remember jackie you start everyday with a full tank remember that. >> have true, but you could being drive a lot i want a
sure thing gas station is a sure thing grady trimble great to see you. thank you. futures up this morning, as second quarter earnings season is now underway, looking to make some year-end job cuts despite being one only bank among citigroup to report double beat on second he can quarter earnings joining me crossmark chief investment officer bob doll great to see you your take second quarter earnings season this you things are shaping up so far. >> i would say less bad than fear coming in my goodness is bottom line going to fall out of earnings, fair share of disappointments dollar strength caused problems who have problems cast pressures on the other hand some coming through saying wow continuation where we've been a mixed picture better than fear. jackie: all right my big concern is retail companies they haven't seen started to report get it was, walmart,
target then guidance last quarter indicated we could see problems this quarter. with consumer being so much of the u.s. economy roughly two-thirds, bob i am wondering what you think how retail is holding up right now ayou midst high inflation. >> you are right will consumers pay higher prices that going to find on the shelf i think the answer will be mixed i am with you think he thinks earnings likely mediocre not a place would i have a whole lot of money. jackie: to watch obviously, technology in focus as well, made the point earlier that techs huge amount of growth in pandemic, so might be, expected to certain degree to see some slow, slow, down, pullbacks maybe hiring freezes, layoffs your thought on tech how much it has been holding this market up. >> no question, the technology earnings are always important i think, the fact that they
have so much of a business outside u.s. with huge dollar strength we winsed witnessed issues there you saw in ibm report last night dollar strength hurt them. are we going to see more of that. >> operating results reasonably good those cost pressures, around the dollar, and labor, and raw materials, will hunt a them i suspect. jackie: all right lou jump in. lou: i am biased toward tech obviously, one thing standing out making me nervous in tech valuations are coming down insider applying to selling almost two decade high i am cures if you are seeing value in teching if any names you like i mentioned nxpi trading 12 times forward earnings if not tech value where else are you finding value for clients. >> you are absolutely right tech down a bunch in terms of valuation, of course, whole market is technology is likely
to be a place, where companies try to invest with capital expenditures in order to become more efficient, and have productivity, to offset tome of the cost issues so i am with you, i think, tech has to be very high p/e stocks but some of the -- the more tradition even old tech names, that are selling far more cheaply good cash flow decent dividends. jackie: job i want to jump in waiting for breaking news object housing market, home builder sentiment much lower than expected 55 points lowest since may of 2020 we are looking ahead to building permits housing starts 8:30 what are you expecting? >> i think interest rates moved up the way they have it is hard not to see homebuilding getting hurt one of the most cyclical parts of economy often leads is out of recession sadly often leads us into recession numbers are very -- very critical, and i
am with you to have some caution. jackie: all right. thank you so much, bob great to see you. >> thank you. >> coming up d.c. doebl standards how biden administration went from blaming to dragging over gas prices north carolina congressman is here in . ♪♪ ♪♪ . from dancing through the night ♪♪ ♪ ♪ 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 wi-fi password again? here... you... go. cool, thanks. no problem. voya helps me feel like i got it all under control.
>> >> . jackie: -- both ways because what gas prices go up it has got nothing to do with president when we see decline you want him to get credit. >> look i think that -- that -- there is no both way thinking here at all i think that there has been, a consistent i think pressure on this white house to try to do everything it could, to ameliorate inflation pressures the president reacted from the beginning talking about how you this is such an important priority to -- alleviate pressures on behalf of the american people. putin's fault when coming down gets credit. >> i very much disagree with that framing. >> that was white house senior
economic advisor gerald bernstein denying double standard white house takes victory lap for falling gas prices average of gas two dollars more per gallon than when biden took office joining me north carolina senator ted budd, congressman great to see you this morning i want to touch on something bernstein said he said the white house has done everything it can in its power to aameliorate inflation. >> they said off the bat this is a transition, they are trying to move everyone forced into electric vehicles, look if you got a 50-year plan that is fine but you can't do it in 18 months plan what they've done so they forced this on american people, prices on gas go up even though they've done it blaming putin for it when prices come down just a little bit, they want all credit this is complete him pockcracy
murting. >> we've got back to school shopping in a few weeks people have to decide between going to put gas in cars to get to work, so they can afford back-to-school shopping? or are they going to are they going to apply kid new clothes new backpack real decisions real americans have to make joe biden is forcing a false choice on the american people. jackie: gas prices have come down roughly 50 cents from peak, but not really as a result of anything that the administration has done, essentia because, oil prices are lower, speculators eyeing a recession down the line, not because of any policy change here, and their relatively high 2 dollars more than when he took office. so still even at 4.49 having impact on most people's budgets the average certain places obviously, where they are higher. >> we were two dollar range under trump now close to 5 dollars it comes down a little bit, they want credit you are right 2 dollars i think day
2.11 more than it was a year or two ago this is actually ridiculous hurting american people driving inflation on everything else cost of groceries are up, the cost of -- almost everything else clothing caution it all has to get shipped to the store to the consumer, and that is all on backs of petroleum, eventually i have talked to energy producers doing what they can not to raise prize of electric to heat and cool your home but they are having, to eventually going to see prices come up there, that is all in the backs of joe biden and his horrible energy policy, we know what to do. we can unleash american emergency plucks deregulate the economy but ideology of democrats radical left so constrained can't even get to solutions to help american people. >> to your point about energy prices and he higher prices across the board in general we saw producer price index number up more than 11% inflation number was up more
than 9.1% that tells me as a producer continuing to see their costs go up across the board, they will pass more off to consumer we are not out of the woods yet as a matter of fact the new cnn poll finds 74% americans disapprove ofp biden's handling of inflation it was a year ago today he claims that high gas prices were an inflation in general only temporary, bernstein giving this excuse yesterday, when asked about that claim, listen to this. >> -- the question, about -- inflation, i think what realize is that he he also. >> i think ambiguity that word some hear transitory think weeks months others hear transitory economists used to broader ups and downs of krielgz think longer periods. >> your reaction to that.
>> it is a transition it is temporary, when we put brakes on biden agenda winning house winning u.s. senate, eventually getting a new administration, in 2025. we've got to get rid of him i mean he is -- is hurting american people, so what we need to do is but brakes on his agenda taking back is it house taking back and forth the senate only 112 days we begin to do that. >> congressman you are running for u.s. senate in north carolina, talk about the campaign, and your progress. >> absolutely we've been to ail 100 counties people are talking about inflation talking about the things jackie that you are talking about this morning, i am running to make life better easier for north carolinians all americans you can find out more about what i am doing, what i stand for, how we are going to win at web site ted budd.com i appreciate you having me this morning look we can put brakes on this agenda jackie, we know what to do but ideology of the left so constrained can't get to solutions to help american people.
jackie: we appreciate you being here, thank you so much for your insight congressman ted budd great to see you this morning. thank you. >> all right. we are looking ahead to june housing data starts building permits out in a few moments, lou er watching interest rates creep up that is going to have impact, on housing markets as well, and, may have impact on numbers, too, because, you know, building permits housing starts people may not be looking to increase inventories they think market is cooling. lou: look i can tell you all data i have seen lately from housing market is not promising so you are seeing cancellations go up last 60 days to levels 11 percent inside home contracts canceled, you are seeing investment buying, in home reaching a record 25% higher in markets including object that in nashville one with of the hottest real estate markets when you do i believe mortgage rates six months' time you know going to have impact on huffing, i think the question remains, is how long just like talking about the recession, if we're going into
recession how long is it going to be housing key in interest rates what fed does, you knowe we've seen this has been a great store of wealth, wealth generation through this bull market if you start pulling that back i think starting to see signs of cooling price corrections cyclical of housing that we are in. higher rates not seeing happen as quickly i am not saying not going to happen might take a little bit more time the issue right now coming out of the pandemic is really all about inventory. and they are still low. >> right, that is going to be a huge question mark that i am hopeful this data will illuminate for us there is a missing piece to conversation what i happening with rising rents in this country so many people renting major cities are being squeezed out of placess they've been living so far truly fortunate ones will be able to find a place to live plenty others are going to have to rethink living
situation. so the housing data that we are about to see i am going to be looking at in context of what is going on with the rental situation. jackie: all right. we are going to be right back we will have those numbers for you stay with us. oh, all right going to say wait for them should be out roughly 15 minutes i want to look at markets see where we are, ahead of numbers coming out, dow indicated higher by 139 points s&p by 22, nasdaq by 79 points i also want to take a look at numbers we are expecting, 1.58 million on housing starts, 1.65 million, on building permits, 1.685 on housing starts that is number higher than expectations, building permits? somebody have that? >> all right waiting for that data to cross, you can see markets not really impacted here the housing starts number was higher than expected, just slightly, 1.68 million.
. and building permits coming in 1.685 million just ever slightly higher there as well as you can see, markets continue to be stable, higher, ahead of this, just want to get a quickly reaction lou on numbers, pretty much in line with what we were expecting. lou: multiple -- including, talked about the fact that there is a supply shortage right we know that low inventories you mentioned it that is a longer term demographic trend not going to solve itself a slight increase in supplies is a positive sign, in next three to six months though it really comes down to interest rates, and how that how that changes, buyers psychology no one wants to volunteer, historically 6% interest rates mortgage rates not terrible right go back to 2003, 2004, where we were 4 or 5% rate not expensive but going to give cause to pause in real estate market i think
a matter of how much it is also i hate it i hate that our futures in the hands of the fed, and then engineering soft landing i don't think ever been done successfully but that is what we need right now from housing, situation, from inflation standpoint, so much is riding on interest rate policy right now. jackie: all right. we will be right back. . ♪ ♪♪ ♪ . ooohh♪♪ ♪♪ ♪
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say goodbye to daily insulin injections. omnipod is a tubeless, waterproof pod built to simplify life with diabetes. try it today. go to omnipod.com for risk information, instruction for use, and free trial terms and conditions. consult your healthcare provider before starting on omnipod. jackie: welcome back some top stories that we are following this morning, american families are still struggling with nationwide shortage of baby formula despite stockpiles from overseas nearly a third of pou baby formula products reportedly out of is to being this month the form out of stock rate before the shortage average between 5 and %,
22-year-old bystander hailed a hereof after he shot and killed a gunman who opened fire inside an indianapolis mall this weekend, carrying legal firearm shopping with girlfriend when shooting began killed three people inside mall including a husband and wife. hundreds of marking franchisees want no-confidence vote for ceo reportedly unhappy with changes made to ownership term poll by independent franchisee advocacy group found one hundred percent respondents felt company should have consulted with owners before making changes. finally, chris cuomo firefighter former cnn anchor reported a volunteer firefighter in hamptons, was asked by the network last year for reviving is brother former new york governor andrew cuomo
throughout sexual harassment scandal cuomo withdrew application unable to devote enough time to the roll a volunteer roll he didn't have enough time, border patrol agents a major fentanyl bust in california pill worth over 2.billion dollars, ashley moody good morning to you you sent a letter to president biden yesterday calling on him to declare fentanyl weapon of mass destruction you wrote given how many americans murdered whole federal government every tactic capability that we have should be used utilized to stop death and destruction it is causing tell us about that a lot of people agree with you -- >> well we are seeing, you know historic numbers in folks overdosing, dying from the opioids most fentanyl across the united states.
the amount of that drug fentanyl that has flooded into this nation, is alarming especially people like me working with laughter daily to ensure we protect communities many times people overdose die don't know fentanyl is what they are ingesting that we are seeing time and time again just in florida since july 4, we've had two mass overdose incidences once law enforcement rolled up on convenience store seven people unconscious, another instance small county barely has anyone die from those overdose, 19 overdoses nine deaths last two weeks, we are seeing this more and more often i know other ags law enforcement around the state, and nation are dealing with this, and it is time we -- we really take drastic action, this isn't what we've seen in the past this is something new alarming
increasing exponentially time this administration takes it he seriously treats this as chemical weapon it is. jackie: the issue border fentanyl across the border a non of indicates on cusp of delaying emergency not just border state problem traveled to other arts of the country as well. your thoughts on this administration handling the border turning a blind eye saying not open for business giving message through actions we are open for business not taking these issues to heart the way many americans wish that they would. >> we have not seen this type of inaction or careless attitude toward our border and the security of america ever. you know. i would tell you even obama would did he port people here
illegally committing crimes this president said going to stop doing that it is required by federal law. when i go out i tell people this isg something we've never seen before think about this we are allowing folks in the terrorism watch list to flood into this country. we have never seen numbers like this we are putting up numbers, on that were intercepting terrorism watch list couple that with fentanyl in the country you have do the darn ahead a president seems to do nothing about it when about to meet with mexican president i said these are topics you need to discuss with the president event, event, event, event, fentanyl, fentanyl, fentanyl, we are exposed at border never seen is a riffing like this in my lifetime a president does not
seem to comprehend or understand carnage on americans. >>, the cartels how much money making with respected to this as well making billions of dollars from i will drug trade off backs of americans. meantime marine lived in texas, said he has seen more dead bodies at border than during tour of duty describing it as a war zone the same marine was in afghanistan when country fell to taliban last year. >> your thoughts. >> think about what this administration has done one capital earlier about pulling back policies that were implemented under the trump administration, that were working to shore up security of our border, they start cancellation all of this we are seeing numbers like never seen before, unvetted illegal immigrants some come into florida murder people that are here illegally transported here by federal government, president biden's administration said hey come
on, we are basically open, we are vetting most of the people that we are intercepting trying to process them into interior, there are tens of thousands of people every month processing into the interior, making it easy for cartels last leg of the trip takeing that to ever on taxpayer money transporting, those coming across wherever this you want to go unbelievable! encouraging more i wills immigration you encouraging more cartel activity making tons of money biden administration their biggest asset. >> u.s. customs and border protection over migrant encounters last month more total counters this fiscal year than record total of encounters, recorded at the end of 2021 there is also a record 56 migrants flyinged by
terrorist screening database this year of you vitdz border several times agents telling you nearly 70% of crossings that people who are crossing illegally will be making their way to florida. >> it is astounding to me a president that leads a department called department of homeland security and men and women tan oath to uphold laws not allowing them to do their jobs think what have he is sending them into, opening up the border, and, as you said, a record number of folks are flooding in never seen numbers like this, since he took office, we've had enough fentanyl just ceased seized not including what slips through to kill totally american population alternative times over sending folks for a life of sacrifice and service, to go out there, an face just massive influx of drugs, cartel activity, illegal immigrants, sending
them out there knowing that because his policies are keeping the border wide-open, no way discouraging cartedel activity like -- up against -- >> great to see you this morning. thanks for fighting the fight something we continue to have to do continue to have to follow, great stuff, great. thank you. >> thanks jackie. jackie: sky-high gas prices seen across the country, out of state candidate here to tell us more about pain at punch in his home state coming up next. . ♪ ♪ ♪♪ no value too low ain't know river wide enough, ♪ no matter where you are, no matter how far, ♪. . or whatever this is. but the things that last a lifetime like happiness,
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on where we are, with respect to the to fuel prices. >> look i have to remind people in nevada used to be very, very bottom of the list 2 dollar gas a few years ago, so five plus dollars places in nevada over six dollars, astonishing numbers crippling daily income and to get around we are a western state, by the way, people drive everywhere especially ruler nevada, suburbs of las vegas, reno, so, for the biden administration, to try to have it both ways, and go with putin price hikes my opponent has been running ads claiming that greed oil executives are taking all money, blaming plea if you can believe it private citizen for high gas prices all of a sudden going to try to give biden credit the only
reason futures are going town is because predicting we are going to have a recession. that people aren't going to be able to afford to drive, things are very, very bad in our state. and people are really, really struggling both with gas and inflation. jackie: demand destruction is what is creating the price at the pump to go down but nevada still taking longer to come down there because prices were so much higher than they were across the country, are you mentioned, hotly contested senate race gens incumbents democrat senator katherine cortez mastro bigs concerns into midterms why you feel confident you will win. first and foremost, this is the number one senate race in america a lot of people think that it is red wave we are going to win both houses, that is true for the u.s. house. the senate we do not have many races to flip in this country
they know that as a result put almost 70-million-dollar, in against me, trying to prop her up 30 to 43% not good for incumbent people are hurting hispanics have joe biden 1% independents have him 15%, we are at the top of every list whether inflation, gas, baby formula shortage housing prices, so people are absolutely ready for a change in our state. they know the senator voted with him 59% of the time part of the problem, and i believe they are going to select me as someone going to be part of the solution. >> today you are announcing new go. from national border patrol council as well can you tell us a little bit more about what you saw on recent trip to the southern border. >> yeah, look, i mean got to be one of the first races in
recent history we're having support of the border patrol union would be anything, outside of a border state, but should tell you, one, that as former ag endorsed by law enforcement the border patrol union trusts me know that i am going to stand up for policy that are going to secure this with border. and i can tell you what i saw down there, last weekend, it is worse than people see on tv, that is all i can tell you. and the are cartels poor people understand, they control everything that comes and goes, so, you know when you hear about fentanyl coming over, and people dying, that is the cartels that are bringing it over only happens because of biden's policies. when i saw dead bodies in a morgue from coming over the border those are biden's dead bodies that is not an
exaggeration not overstatement. it is their policy their refusal to allow border patrol to return people back to their country of origin, this is created this magnet again, the cartels they are the ones that traffic everything they process over every single thing that moves over the border a disgrace horrific we've got to get it under control. >> you made excellent point it is humanitarian crisis what is going on there the cartels a business for memory make no mistake about it this administration, just making it easier and easier for them to profit, off of the loss of a hardships that americans are experiencing, great to talk to you this morning. thank you so much. >> thanks for having me. >> coming up, not your average wedding, how one wedding got completely washed away the big buzz, that is coming up next. ♪♪
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thankfully no one was hurt, even the cake managed to survive. a couple taking the wife out in stride saying the storm was an analogy that life and forms it and i think that's a wonderful way to look at it. angela, to you first on this. i'm sure i'd be devastated in some ways but what a story for the grandchildren. >> exactly. this is a story this couple will have for a lifetime. what a way to start their marriage with overcoming a wild curveball. knowing this is tropical storm darby, i hope if they have kids they named the first one darby, a fun way to remember the day. the desert person, i got to say whoever put the cake on higher ground, there's a real mvp, i think they saved the day. >> super smart. this is going to be probably circulating all day today. >> love the uplifting take away but the cake survived, there's a reason to celebrate and i understand we have a reason to celebrate, happy belated birthday from everyone here. [laughter]
thank you. >> i wanted to bring that to everyone's attention. >> great to see both of you this morning, thank you so much for being here side-by-side. lou and angela, always great addition to the conversation and always great to see you. meantime, we are looking at the futures at 232 points on the dow and varney & co. is up next. ashley went there is an for the stuart varney and ashley, i'm going to send over your way. >> thank you very much, happy belated birthday to you and good morning, i am ashley webster, good morning. i am in for stuart varney. now the white house trying to take a victory lap for gas prices dropping call prices are down nearly 50 cents in a month but we are still up above 32 from a year ago so let me get this straight. when prices rise, the administration points their finger elsewhere. russia. wh