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tv   Mornings With Maria Bartiromo  FOX Business  October 13, 2022 6:00am-7:00am EDT

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larry: just closer up again banker jamie dimon american patriot, the oil crisis should be treated as a matter of war and his own fight to protect america with free speech and free market capitalism. good for mr. diamond. >> good thursday morning thank you for joining us i am maria bartiromo it is thursday octobes right now, 6:00 a.m. on the east coast.
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inflation data on debt, the consumer price index is out 8:3e expecting the cpi to rise to tens of 8% month over month and 8.1% year-over-year. markets this morning are higher anticipating this number the dow industrials of 133, the s&p up 16 and a half and the nasdaq higher by 2110. jobless claims coming out 8:30 a.m. economic data and the cpi will likely be a market mover. also a factor third-quarter earnings season kicking off with blackrock, delta and walgreens all out before the opening bell. the dow entered dow industrials finished lower as the fed minutes confirmed an aggressive stance on grades by fighting inflation, markets expecting another 75 basis point hike on november 1 and second. one also did on they're down dusters about 28, the s&p 500 lower by 11 at 4:00 o'clock on wall street. s&p 500 closing at the lowest level since november 2020. let's check oil prices falling three days in a row this morning
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rising opec announcing cuts in 2022 in 2023, demand growth they are expecting lower demand in the price of bread $2.93, crude oil 8755 up with 30%. the king of saudi arabia confirming joe biden attempted to coerce them to postpone any oil cuts in production until after the midterm elections. european markets look like this as investors are looking ahead to the u.s. inflation data out this morning s&p 100 up six, the cat, and the dax index higher by 90 points right now. in asia overnight across-the-board south korea the biggest hit with the decline of almost 2%. "mornings with maria" live right now ♪ ♪.
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maria: the white house is walking back comments from president biden one day after biden warned of a slight recession. press secretary karine jean-pierre tried to say what the president really met. >> the president has been very consistent said multiple times in the past while recession is possible, he does not think there will be a recession. maria: the confusion coming as a new scenic poll finds 22% of americans approve of biden's handling of the economy. a full 63% say that they are unhappy with the president's performance here, joining the conversation all morning long fox business dagen mcdowell strategic mark tapper and "fox & friends" cohost todd pyro. great to see everybody this morning, why would they be happy 40 year high inflation, economy in recession already and they can't get it straight where we are. >> the american people do appreciate when the rare
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occasion when joe biden accidentally tells them the truth about every session on the way. people know the economy is in dire straits, their standard of living is in decline because inflation is still running at the hottest phase that has since ronald reagan was in office in the early '80s. the stock market probably has lost a quarter of its value just this year end mortgage rates have shot up as the federal reserve tries to fight inflation to a 16 year high in the mortgage rates have more than doubled just this year but joe biden more frequently just lies any lies blithely, yesterday, i want to point out joe biden said his son beau lost his life in iraq the stolen valor. his son beau lost his life to bring cancer, he did not die in iraq. he can even remember, the lies
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come so easily and quickly and freely, were just grateful that he occasionally tells us the truth. maria: you're so spot on on all of that. what gets me how he constantly misleads the american people, case in point the real strike which i been so bothered by because he came out and dated entire press conference saying we have a tentative dealing in place as if there was something to celebrate. i solved right through it was a complete lie, never a tentative agreement. he simply told the unions put a pin in it until after the elections. he did the same thing with the saudi's, don't cut production until after the election. it's not about telling the truth and being honest with you american people it's about power and misleading until he has his next midterm election. >> absolutely correct he also said last month inflation was only up an inch now there's only
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a recession by an inch. it's time and time again he loves to peacock around and talk about how great he's doing. >> it's an insult to peacocks. maria: don't forget he's also eliminating and depleting the strategic reserve so he could mislead the american people again as far as oil prices go. >> and depleting our ammo at the same time. >> it's one thing after the next but as far as a whole recession thing goes. 90% of america is already in a recession. when you look at the bottom 90% of wage earners, credit card debt and all time high, they cannot afford the utility payments, one out of six are behind their utility payments and there's kind of like a recessionary bifurcation with the top 10% are still holding up somewhat well if you look at louis vuitton yesterday sales were strong but the bottom 90% is really struggling and those
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are supposed to be the people biden is trying to help and is not doing a good job. maria: you're right that's the whole story of this economy his bad policies are impacting the people he claims to try to help but is actually hurting them with the 40 year high inflation more so than the rest of the population. >> of course when kj p, karine jean-pierre, shall say like we aired he's been very consistent, very clear whenever she does those tells all you poker players, she's the exact opposite where joe biden is doing the exact opposite of being clear and consistent. i say it when i'm on this program i'm not the money guy on the news guy but isn't slight recession sort of like being a little bit pregnant? maria: exactly. but two quarters of a recession, of contraction suddenly in this demonstration is not a recession a complete opposite for what we've known for decades, thank you very much everybody for that
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were just getting started let's take a short break and saudi arabia completely throws the u.s. under the bus saying the president did opec to postpone to cut back on production after the midterm elections. were talking about that that's a must appoint thing to this administration. next our pennsylvania senate candidate doctor oz is here how on the races going in the growing question about his opponent's health. another read on the inflation this morning the contention september consumer price index out, all hands on deck for our all-star panel reacting to the inflation. your watching "mornings with maria" live on fox business. it we'll be right back all
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thanks to avalara we can calculate sales tax on almost anything, anywhere, automatically. avalarahhhhh. what if tax rates change? ahhhhhh. filing sales tax returns? ahhhhhh. managing exemption certificates? ahhhhhh. business license guidance? ahhhhhh. does it connect with accounting? ahhhhhh. item classification? ahhhhhh. cross-border sales? ahhhhhh. what about? ahhhhhh. ahhhhhh. do you have those budget markups? thank you. mmhm. [bubbles] maria: welcome back we have firmness futures indicating again at the start of trading
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were looking at the big day of economic data and earnings news, blackrock reporting third-quarter earnings moments ago walgreens at 7:00 a.m. in the big banks are out tomorrow joining us. investment strategy ross mayfield, great to see you thank you for being here we're talking so much about a recession ended economy that is declining. what does that mean for profits what you expected for the third quarter reporting season ended the cpi out this morning as well. >> absolutely the first thing i would say there's never been a recession without our needs declining as well i don't know if that shows up in the third quarter we still expect moderate growth over the next couple of quarters but i think you could really see that next year. milder in nature given where the job market is and how much cash people are sitting on incorporations are sitting on but every session that would imply a drop in profit will be looking out for that but this quarter i think you continue to see modern growth and will look
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out for what corporate leaders are warning to come. maria: the guidance that is critical but for your high inflation cutting into profits, do you expect dire predictions about 23 which we've been hearing from the likes of larry summers, jamie dimon, mohammed al already on in the rest. >> nothing is way to be upbeat. i'm not looking forward to reading some of the commentary. it'll probably be ready negative inflation is pressuring the bottom lines, wage inflation, raw material, transportation, squeezing profit margins which in fairness are coming off record highs over the last year but will pressure on the business side and pressuring the consumer as well as we know for a lot of these companies are very consumer facing and very much relying on the strong american consumer and even a little bit of belt-tightening over the next year will be felt on the corporate bottom line. i think it will talk about inflation and a strong u.s. dollar and the talk about the
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geopolitical environment to the extent that matters for the smalltime national matters but no short headwinds for corporate operators this year. maria: hey ross, it's mark tepper, good morning. i've been hearing a lot of people talking given where stocks are at right now and evaluation seems to be pretty attractive but when you go back to history and look at multiples given the various 224%, six to 8%, evaluations come down meaningfully when you're in a period of higher inflation, given all that evaluations look attractive to you right here right now? >> i think they look reasonable we certainly ha haven't seen evaluation bottom past fair market but looking pretty attractive and if you're a long-term investor this is a pretty good starting point especially compared to where we bed at for the last decade when low interest rates and the strong performance at a growth
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stocks has kept evaluation high. at the same time you do need to believe inflation will rollover meaningfully to support where evaluations are, as you mentioned if inflation remains where it is and if the fed has interest rates you see profits come down and part of the p/e ratio pushes the higher into you can somehow downward pressure on pe if inflation rates have to go higher or stay elevated from here. there's a lot that has to work but if your long-term investor this is a pretty good starting point especially where we've been in the last decade. >> ross, is dagen mcdowell, in terms of inflation coming down, one of the big problems that you're seeing, this is been going on all year the federal reserve here the central banks around the globe are trained to fight inflation there is a counter move by governments to continue, again it's a land of
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idiocy but the continuing to funnel money into the economy, continuing to funnel stimulus and taking inflationary steps that is making the job of all central banks that much harder and you've seen it here in the united states whether the moratorium of making student loan payments but there almost half the states in the united states that have sent rebate checks to people. in the same thing is happening overseas in britain the trying to cap energy bills for households there in its california, here to florida, so the interest rates have a long way to go in the federal reserve has a long way to go to fighting the inflation that is still being fomented by the governments. >> i don't disagree i think some of the stimulative efforts and
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if you think about it right, it kinda makes sense. you want to support the consumer in a time where the pressure on the consumer from every angle. but by doing so you feed the inflationary spiral. the good news it is far less than what it was in the early days of covid which is where a lot of this pressure stems from but at the same time i don't disagree with you, inflation where it is and where we expected to come out this morning the fed still has a lot of work to do and so do the central banks. i think the one thing i am watching central banks are very quick to tell you monetary policy asked with a lag the fed has moved very, very quickly this year end i don't think we've seen the effects of all of their actions quite yet. i think it could take some time whether you're looking at money growth rolling over or 7% mortgage rates can do to the housing market and especially the labor market where things are very, very strong i don't think ill start to see the
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effects of fed tightening until 2023 and that's what we're going to expect with the recession to hit to the extent that it will probably until the second half of next year because all of this asked with a lag. maria: did you get anything out of the fed minutes yesterday, they suggested the feds will raise another 75 basis points at the next meeting that is november 1 and second. did you glean anything about a slowdown in the rate rises from the fed come year end? >> now if anything i glean the opposite they are very, very very committed to this infl inflation. maria: good to see you, ross mayfield joining us your morning mover is digital world acquisition up in the premarket, the company is planning to take president trump's media company public, it is jumping after google added true social for download on the google play store who previously disapproved
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on the app of content moderation concerns saying the app violated its policies for moderating user generating content. true social celebrating the approval saying this marks a significant milestone in our mission to restore free speech online. shares are down about 44% in the last three months. this morning it is up 13%. a quick break the democrats are voicing concern that the wide open southern border is causing more problems than ever before. new york congressman andrew garabedian always here to weigh in. president biden makes a glaring error about his late son beau. it's making a buzz this morning. we'll tell you all about it. stay with us.
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maria: welcome back right to new york city at 30 illegal migrant bus has arrived at new york's port authority, this is just pulling up a moment ago. there have been 24 buses arriving in the big apple this week, new york governor kathy hochul is blasting the body to administration for not helping with these buses telling reporters we are looking for a federal response to this to take ownership of a crisis and will be there to help but this belongs to the federal government. join me in your congressman a
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member of the homeland security committee and andrew garbarino, congressman, great to see you, thank you very much on the homeland security committee for god sakes, have you heard from joe biden? >> have we heard from joe biden, no i'm surprised governor hochul is willing to call it a crisis the administration has been willing to do that so the fact that a democrat is willing to say that the southern border is a crisis once it starts affecting them here and there in the blue state. it's good to hear that they're admitting to what we've been saying for two years. maria: that's right i'm just wondering giving your leadership position on the homeland security committee the president would think to include you and some of this decision-making and the republicans, after all these buses were finding out they are coming here but we also know biden had flights going all across the country and mayors of cities who are looking at the flights landed in their cities who were not told. you have any idea where they're going, what is the planet new
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york in terms of schools, housing, from your standpoint? >> first off we have no idea that the administration has not shared with congress about any of these flights or buses were people are going they've not shared with local communities, i've heard from very frustrated local leaders, county executives and i for the new york city mayor who is very frustrated with undocumented immigrants coming in to their communities and they have no idea that the coming before they show up but what the plan is, new york city the homeless shelters are bursting at the seams and the mayor is asking for a waiver so people can get jobs, right now we have our own homeless population problem here in new york with the u.s. citizens. we have a jobless problem with u.s. citizens, we are trying to deal with coming out of this pandemic in new york and get everything back up and running and this is just adding to the problem in our local communities, local school
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districts, they cannot afford or supply the help that's needed to help these undocumented immigrants that are being set here. maria: so disturbing some republicans are calling to impeach homeland security alejandro mayorkas, it was revealed and proven that he was told there was no whipping of any haitian migrants by portable show agent/september. hours before he attended a press conference and at that conference he told reporters that the incident was horrifying, congressman they out and out lie to our faces saying these border patrol agents were whipping migrants, we saw that was not true with our own eyes by the way just watching the video and yet they double down and told us how horrifying it was, now we see evidence that they knew otherwise before they got in front of the cameras and. >> this is very frustrating and very angered by this.
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this is why republicans need to take back the house of the is oversight by congress for when lies like this are said. i can tell you now the homeland security committee is looking forward to having secretary mayorkas up at the hill after republicans take over. so we can really ask the tough questions that he will have to answer he won't just be able to dillydally and talk around the erdogan issue subpoenas if he does not. he better be ready to answer some tough questions asked year when republicans are in charge. maria: what about the new plan the administration announced a new border security agreement with mexico. they will now be using title 42 public health order to deport venezuelan migrants to mexico. congressman does this have teeth? what about this arrangement that we are learning about this morning? >> title 42 has been probably the one thing that has worked, it's a trump policy that's been kept in effect even though the
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biden administration wanted to end it and kept about 90% of immigrants, back in mexico after they tried to cross illegally. the fact that venezuela has been added to the list of countries that can be sent back to mexico. the influx of migrants coming directly from venezuela, it's a good thing i'm happy the administration is finally moving on it. but again this is a policy republicans have said for two years has worked in i guess now the administration, the biden of administration is finally agreeing with republicans. maria: there had been up to 80 people that have been apprehended who were on the terrorist watch list, do you connect the dots to crime as a result of the wide open border or partly as a result because crime has become a major issue ahead of the midterms. gubernatorial candidate lee zeldin join me. one day after two people shot right in front of his long island home, here is lee zeldin
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earlier in the week. watch. >> we have to take back our streets, this is something that motivated me to get into this race in the first place and now i have to walk the crime scene tape in order to shut my doorstep yesterday this is getting worse every single day in the people in charge are not only doing not doing squat about it they don't want to talk about it. >> it's dangerous for new yorkers right now as well as others across the country with the spike in crime, what can you do about it as an elected official. >> first off i'm happy lee zeldin's family is safe, he's a close friend of mine in this is the open border combined with bail reform in newark, it's been double the problem just last week there was a string of 30 burglaries in nassau county and when they arrested the suspects three of the four were all illegal immigrants that crossed over that were apprehended at
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the border but then released back into the united states and now they're here in new york committee burglaries, following people home and scoping out their houses and robbing them and then briefly released on bail later. this is something that congress has to work for, congress' job is to secure the border we need lee zeldin in the governor's manchin to change the bail reform laws. it has to be a team effort, congress needs to secure the border, governor lee zeldin needs to change the crime law. maria: safety the number one job of elected officials, where is the priority, good to see you we will be watching, thank you very much andrew joining us this morning. we want to get you earnings news delta air lines hesitate with its quarterly numbers. >> look at the stock run is that more than two and a quarter% this is the revenue story revenue a big be on revenue the first u.s. airline 14 billion that came in and revenue the street was only looking for
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12.8 billion, the earnings-per-share on adjusted basis of little bit of a mess but not a big one a dollar and 51 cents chemistry was looking for a dollar 53 cents. teargas point earlier about next year. obviously about the forecaster talking about the fourth quarter and is looking for a dollar to a dollar 25 in the fourth quarter but again coming in at a dollar and 51 cents. they're also saying they're on track to hit the target of 4 billion of free cash flow. what a difference a couple of years makes from these airlines also talking about load factor and other things they did say capacity was down 17% for this quarter versus 2019 so received the airlines giving us a 2019 figures as comparables and they said third-quarter traffic was down 18% versus 2019 level. again the capacity story they're talking about fuel in the stock up to and a quarter percent, that is dealt in the first big
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earnings report were looking out for this quarter. maria: a lot more to come, thant you, stay with us, we'll be right back. o get the most out of my workplace benefits. voya helps me feel like i've got it all under control. voya. well planned. well invested. well protected.
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maria: welcome back day to in the trial of igor of the steele dossier. cheryl casone he. >> the russian national charged with making false statements to the fbi feeling the steele dossier at the heart of a 2016 russia collision probe. special counsel john durham hammering counter intelligence analyst brian otten asked what information was used to secure a fisa warrant against the trump campaign. yesterday's testimony comes the day after he revealed fbi went overseas and offered to pay $1 million to christopher steel if he could verify the antitrust dossier. >> $1 million. a connecticut jury has ordered and for words alex jones to pay
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$1 billion in damages to the families of the victims of the sandy hook elementary mass shooting. it marks the largest award to date in a multipronged battle by the families to hold jones responsible for circulating falsehoods about the 2012 shooting. we are going to switch gears we have another new member of the "mornings with maria" team. welcome, good morning, everyone lucy was born october 9:11:23 p.m. 7 pounds 3 ounces. she is 19 and three-quarter inch long mom alice and baby doing well. by the way alice is doing well because she was on the overnight schedule so she's destined just fine this morning. by the way did you see the t-shirt on the picture ms. independence now i have kelli clarkson in my head. maria: lucy is so sweet, i was seeing this picture shows an incredible personality. look at these i she so mystified and fascinated by the new sights and sounds she's looking.
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>> you guys have a baby-boom two weeks and around that you have an announcement. >> there's more to come. >> should i be nervous, i have to i can't do another one. >> congratulations allison and family. the biden of administration release in the first national security strategy saying is sees the decisive decade ahead as it faces competition with china and russia. the plan identifies russia as an imminent danger in china as a long-term threat joining is the heritage foundation president kevin roberts. it's good to see you thank you very much for being here i love the way they deem china long-term threat but do everything that they can to rollover for the chinese communist party canceling the chinese initiative tell me about the china policy and the policies out of this a administration to respond to these comments that russia is an adversary in china is a long-term threat.
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>> two things, the first is american policy towards china has never been weaker or affect us i say that as a policy leader not as a partisan statement we need to be really concerned about the second point which is in combination with the weakness we see a really important congress meeting in which xi jinping will be elected to an unprecedented third term. the combination of those two things means the united states needs to look past partisanship, pastel the foreign policy challenges and realized this the chinese communist party is the next essential threat to america and the free people around the world trade we need the president of the united states to be focused on confronting them. >> we have the national conference of the chinese national party beginning on sunday. as you said you call called it be elective. i would call it the affirmation he's dictator for life. china's china's leaders of the core of the communist party
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beginning on sunday. does the ccp become more aggressive once he gets his hands firmer on the wheel here, handed this unprecedented 33rd five-year term. let's not forget what merrick castle said general she shipping and meaning he's ahead of the communist party in a lifetime for life appointment. >> she shpresident xi will becoe aggressive it's important to read between the lines of first step that we do it heritage every day put ourselves in the shoes of the people that were talking about. if you are s president xi and hw conflicted the presidential administration has been people in senior positions with junior experience. if you are him all you want to do is consolidate power, there is by the way a chance one of
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his lieutenants will be less aggressive, to your point this is a an election is a sham but the reality over the next two years were probably going to see president xi rattle his saber even more what it comes to taiwan and president biden as you say austin is not up to the task of confronting him. >> not up to the task or compromised. jump in here this is where national security shepherd to play no way the president has to make decisions representing america to a country that his family has taken an tens of millions of dollars. >> to that point been hearing for years that china's economy is about to be in collapse or at the very least be in really bad shape why is that this administration taken advantage of that, using that fact as a leverage with our negotiations with the ccp, is it because biden is compromise, is it because we think that would lead to something militarily, it does not add up to me.
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>> todd good to see you there are three factors for that first incompetence abiding we've been talking about. the second we are concerned i don't think were really ready militarily to confront china we had a major research military strength coming on the next couple of weeks and we will show for the first time the united states is unprepared, not just weak but unprepared for a major war. the third point to when on what you and maria are saying the president is compromise to run some stories about the heritage oversight project. we were the ones that got the receipt as my younger colleagues like to say about the border patrol agents not whipping those illegal aliens. those are receipts when it comes to that. would republicans are in control of the house in january we will be walking shoulder to shoulder to show how compromise abiding family is sp1 not only that but holding onto power for this administration and the
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democrats, look what they did with saudi arabia. the saudi's have confirmed that biden did attempt to coerce the kingdom to postpone the opec plus oil cuts until after the midterm elections. this is the white house plans to reassess the u.s. saudi relationship. listen to this. >> but he was very clear there will be consequences, we believe the decision the opec plus made last week was a mistake and it was shortsighted from the beginning the president has talked about recalibrating, readjusting relationship with saudi arabia and now were going to get into a process where we will review that. maria: kj p whether talking points, the bottom line this president once again misled the american people, telling the saudi's that's fine you get a
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cut production to it after the midterms. that's what he did with the rail unions he did a press conference celebrating the real deal attempting to deal in place. he simply told the unions put a pen in the and to after the elections. the priority was holding onto power not seen the economy worsened on a rail strike into after the elections, not seen oil prices move from opec until after the election. >> joe biden in his entire career in politics is never been worried about the truth which is a polite way of saying he's dishonest but the second thing we've learned you can't do foreign policy by fist pumping groveling, how embarrassing that the president of the united states, the leader of the free world work twice in the span of a few months we go to the evil leaders on the planet and ask him to help his party on the midterms. this is what this administration is about and this is why the everyday american is so fed up with business as usual in washington. it's why frankly i'm optimistic with the conservatives are in
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power if they're willing to govern the conservative next year we will retake america. maria: we will be watching out for sure. good to see you, kevin roberts joining us. what was the hot mic moment, nobody asked with the biden, they just did the saudi's and opec just did. more confusion for president biden making an incorrect claim how his late son beau died. it's making a buzz and were audit "mornings with maria" live business. ng your job de. visit ♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor
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looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity. ♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my hearing loss and helped me find the right device calibrated to my unique hearing needs. now i enjoy every moment. the quiet ones and the loud ones. make a sound decision. call 1-800 miracle now, and book your free hearing evaluation. thanks to avalara we can calculate sales tax on almost anything, anywhere, automatically. avalarahhhhh. what if tax rates change? ahhhhhh. filing sales tax returns? ahhhhhh. managing exemption certificates? ahhhhhh. business license guidance? ahhhhhh.
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maria: i say this as a father of a man who won the broad start of the service medal and lost his life in iraq. >> that was president biden speaking about his late son beau during the establishment of the campaign of continent no divide national monument. the president son did not die serving in iraq he died of brain cancer. back in 2015. dagen this is getting downright frightening. >> glioblastoma is what killed beau biden. i'm not sure joe biden would know the truth if it was a wet fish that hit him in the face.
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maybe in his mind, i'm speculating since he is referred to as his living son hunter, the former crackhead potentially every form to pervert he called him the smartest man i know, maybe in his brain he needs to burnish beau biden's reputation and death now that he is referred to hunter as a brilliant fellow. all of it is biden fiction. the problem the fiction we also have to live with it as the american people and just a reminder joe biden turns 80 next month. >> it's not just his age is mental capacity issues. let's call it out what it is. >> other mainstream media are
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not collated out for what it is. maria: it shameful. >> the last couple of weeks it seems like an acceptance, almost like the more he does it the more acceptance they give to just like joe is old we have to deal with it. that is perverse. >> let's remember that joe biden is one of the people who is telling us to follow the science and listen to the medical experts. now all of a sudden he's a medical expert saying the brain cancer came from burn pits in iraq, follow the science. maria: it's very disturbing were not the only ones taking notes of this, of a series or taking note of it. it's interfaces across the world. >> the wall street journal had an editorial about the student loan forgiveness bill coming due and the deficit is going to be $1.4 trillion for the year that just ended because of the loan forgiveness but the last paragraph of the editorial says this we were amused to read the assertion and a prominent
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progressive newspaper that while mr. biden often says things that are false they usually concern small matters. does nearly half a trillion dollars and misstated deficit math qualify as small asking for a taxpayer friend. >> that's a rationalization i'm talking about and that can't happen. >> it is happening over again. quick break were looking at the business of the private jet industry ceo jim seagraves here on the formal opening of a new hanger and how business is going right now. right now. the exclusive interview next. ♪ ...discovery? or simply stability... you shouldn't have to choose. (music) gold. your strategic advantage.
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proven quality sleep. only from sleep number. maria: welcome back. private jet company fly exclusive announcing the formal opening of the newest hangar facility in kingston, nor today. it will house maintenance, repairs division, the ceo is with us now for a fox business exclusive. congratulations. what does this mean for fly exclusive? how important is it to have your own hangars? ?>> we've done 80% of our maintenance on the road. with supply chain issues and the lack of labor object on the road we needed to bring that in house so we could really go 24/7, triple our output and be able to provide more aircraft for our customers. maria: you how important was that period for you? covid really i think changed the
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die take mick for a numb -- dynamic for a number of private jet companies, am i right? people were afraid to go to the airport so they ponied up the money and tried to get access of to private jets and did that. was that a turning point? >> i think the lack of or the benefit of less exposure flying private and avoiding crowds, definitely helped drive some of the demand to private that historically might have flown commercial. historically, 50% of our customers might have flown commercial for some trips and 50% for flying private but now it's much more private for those that can afford it. dagen: it's in kingston, north carolina. >> have you been to kingston. dagen: i grew up in the area. vivian howard is a friend of mine. >> she has a terrific restaurant. dagen: we're all related to each other. anyone south of washington, d.c.
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is probably blood kin. dagen: kingston is so small, for you to set up the facility there -- >> i was born there. dagen: talk about bringing jobs to parts of the rural south that need the jobs. >> it's been a great experience. i was born there. i've got family roots there. and the north carolina he global transport which is owned by the state of north carolina recruited me to the move my business there and expand it there. we've been super fortunate, have a terrific relationship with the state, the local governments and they've been supportive of our growth. we added nearly 300 jobs just this year alone which doesn't sound like a lot in new york but kingston, north carolina, that's a big deal. dagen: my hometown is 1,000 people. if they got 50 jobs that would be a booming economy. maria: and you've got a booming business right now. how do you keep it going? what about inflation at 40 of-year highs and oil prices where they are? have you been forced to raise price as a result?
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>> absolutely have raised prices a lot. we're not immune to it of course but our customers are able to absorb the costs better than most but the demand is still over -- totally elastic. if we had twice as many airplanes we would have twice as many customers flying them right now. we're flying over 6,000 hours a month. we had 70% growth year over year. membership programs have grown 133% in the last 12 months so it's a great story. >> for the business, private flying on the whole, are you worried about the economic headwinds with potential recession about to be on the horizon light of the fact that it seems more people have been able to do private flying, they haven't been the uber wealthy. are you worried you'll lose the uber wealthy. >> i think our customers are largely insulated from that. once you fly private, you're not likely to go back if you can possibly afford it. >> i hope to be in that boat at some point. >> i hope to have you all


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