shape or form, takes focus puts on what is intelligence what is being collected from united states, and how has that been playing to possibly a coming conflict with china all things now become sharps rolls of making fun okay they've been making fun for other reasons why wait so long in this type of spy flight we are concerned about. >> this exactly what white house wanted ryan they wanted to joke about it as if happened so many times try to minimize it this was a massive mistake on the part of national security team. ryan: it is shooting off the coast of south carolina whatever what about us making a splash in the red china sea to say you know this something that is not going to stand i think we need a strong symbolic response this certainly is not that. maria: we will see if

response so far nothing cheryl ryan michael stay right there next hour of "mornings with maria" begins right now. . >> good monday morning thanks very much for joining us this morning i am maria bartiromo. it is monday, february 6, top stories right now 8:00 a.m. on the east coast. >> tentsdz continuing to rupture more merge on ccp efforts to surveil american citizens military capabilities ccp tried to breach sovereign airspace on other democracies before never has a stratospheric flight been able to float reel, john ratcliffe calling own joe biden to make changes to national security team he what ratcliffe calls blunder of incalculable damage. >> a long list of incompetence

very fair whether this national security team is o come pro might have had stuff stuck with biden next two years he needs to make changes to national security team they failed american people over and over again. maria: more details coming up this morning, are meanwhile, not a lot of confidence on economic policy either, market selling off once again this morning dow jones industrial average down 153 nasdaq down 96 s&p lower by 25. as we look to more earnings, and worried over higher interest rates we are waiting on cruise lines disney uber reporting quarterly numbers later, stocks finished lower friday strong jobs' report fueled continued rate hike worries dw dow industrials down 12 a third of one percent nasdaq down 193 s&p lower by 4 interest rates are higher, 10-year treasury looks like this a gain 6 1/2s basis

points on yield look to jay powell's comments on economy tomorrow at washington economic forum. oil prices meanwhile, looking like this this morning, price of brent is right now higher, at 80.77 a barrel, that is better than 1%, crude oil up to 73.98 almost 1% higher there as well european markets meanwhile, lower take a look eurozone, cac quarante down 8 9 dax lower by 122. in asia overnight mostly red across the board japan was one bright spot up -- while hong kong, hang seng down better than 2% "mornings with maria" is live right now. >> we are looking this morning to president biden's state of the union address tomorrow night the president expected to out the his economy, he is still refusing to take any blame for 40-year high inflation, watch this. >> when --

>> will you take any blame or -- >> have blame, no. >> why not. >> because it was already there when i got here, man remember what economy was like when i got here jobs hemorrhaging inflation riding, economic difficulty. that is why i i don't know the. >> blank faces behind him know that is absolutely not true joining me for all the hot topics cheryl casone michael balboni ryan payne, ryan way know when joe biden walked into white house, the cpi, consumer price index was 1.4%, it shot up all the way to 9.1% under joe biden with the borrowing and spending out of control last two years your thoughts. ryan: didn't start it but got into office wand to pass build back america plan trillions more in spending thanks to joe manchin they didn't pass it

the way to circumvent inflation his goal spend more an inflation reduction act kind of ironic title given the fact that is 500 billion more in spending, are so seemed like, you know, the whole -- um -- you know, administration o goal to spend more more than when we had inflation crisis the antithesis of bringing inflation down did the on sift kind of crazy. maria: hard to say he didn't start it first piece of legislation was covid relief package signed into law march of 2021, two months into office that was at 1.9 trillion dollars. that was followed up with several other spending packages, all the way until congress passed on gavel to republicans with 1.7 trillion-dollar omnibus plan, now a new poll finds four in 10 americans say financial situation has gotten worse under president biden, kevin mccarthy and the president expected to discuss the debt

ceiling in coming weeks sheryl but so far this white house, is pushing back on any spending boundary or spending cuts, certainly as relates to debt ceiling. >>. cheryl: we heard, of course, we are going to raise debt ceiling al pay bills america always pays bills but what cost. >> that is what kevin mccarthy's point has been from the beginning. look. we know that have a we're not in crisis right now to not pay our bills as a nation. we have technicallies according to janet yellen until june, technically does it go that tar? >> have they are saying market he aren't reacting to this fight about debt ceiling we're in crisis mode we are not that is fearmongering from left almost about tomorrow night the fact "new york post" has great piece, the five top lies we are going to hear from president biden tomorrow night when he addresses the nation going to be that he is reduced the deficit the economy was

free-fall inflation already high when i came to office oh, drilling for oil and gas nontrue we know that. . >> absolutely i think the bottom line is -- inferring this administration has done, has not addressed the problem and kind of like the other hand here the fed doing best to try to bring inflation down. interest rate hikes trying to make money out of financial system just completely counterintuitive, and i think the irony here to say that it is not this administration's fault that inflation got to, over nine percent last center highest in 40 years is absolutely crazy maria: hard argument to make michael given the fact that this administration, has borrowed more than 5 trillion-dollar in two-year span. michael: shocking to me didn't know with all money going to spend he we're going to have inflation impact? suddenly people wake up in washington oh, my goodness we have this problem wait a minute we've been spending

this way? i want to hear what he is going to do for defense spending thing nobody is talking about how much money send heing to ukraine? and arms and weapons we need to pay attention. maria: great point how much money sending to ukraine what are we doing with taiwan? there is a backlog of armament promised and kr9d taiwan has yet to receive it we've got much more ahead fourth-quarter earnings season cvs health walt disney uber reporting wednesday bank of america advice chairman keith banks here to weigh in what to expect. >> wednesday morning 8 a.m. eastern we will talk with normal new york gubernatorial candidate lee zeldin don't miss it you are watching "mornings with maria" live on fox is

maria: welcome back morning mover public-like storage, on the move take a look at stocks, lsi corp up 13% public storming down 5% public storage 11-billion-dollar hostile takeover bid yesterday if going through life stofrj would receive 0.41 shares public storage would value lsii want about 15 billion dollars, one of the largest takeover deals so far this year live storming lost 36% value last year, meanwhile, markets this morning are lower, as we head into another busy week efrngs take a look dow industrials down 163 right now, nasdaq down 100 all major averages still showing gains year-to-date, on earnings we are waiting on cruise line walt disney iber lyft later in the week to preview all that take a look at investing today

vice chairman bank of america keith banks great to see you. thanks so much for being here this morning. great to be with you, maria. . >> what is your take on what we have seen so far? i believe 69% of the s&p 500 has actually beaten earnings expectations, but the guidance has been weak overall a lot of management teams, are pulling it in, worried with what 202 looks like. your thoughts. >> i think you pretty much nailed it maria, i think fourth quarter is coming in, you know, a little bit below expectations nothing dramatic but the key is going to be, what is goes forward guidance right now that guidance is getting more negative, we think our the bofa global research, number is still 200 dollars for 2023. and consequence i bliebl 220 plus a long way to go we think as economy slows we think it will slow, revenue going to slow as a result you are going to start to have margin pressure negativeing operating

leverage none of which issed go for earnings. >> thoughts about economical market i was looking at number of details this last week, the number of ipos, so weak how do you expect a recovery to play out? have because you know i know that there were a lot of deals that were on the shelf, and, you know, if you will on the shelf that perhaps when markets start stabilizing we see less volatility they come off shelf and -- and they happen but what is your take in terms of what the this recovery might look like in terms of capital markets business capital raises m&a. >> ceos clearly are looking at all the things that we're looking at. trying to figure out all the things we are. meaning, where is the economy going? where are rates going? have what is happening in europe? what is reopening in china mean? or not mean? where is inflation going to settle out? i think for typically ceo unless a have compelling

strategic opportunity from an acquisition standpoint, i think the ceos are going to sit in sidelines a little bit, longer let cake bake for awhile then i guess at that point once they have better insight decide strategically what they want to do or need to do. maria: in the backdrop we see all layoffs, dow just announcing this morning that it will lay off 5% workforce, the company cochief operating officer said they paused hiring, limiting employee fravl reducing spending on outside services but it is no longer enough keith. >> we don't think it is enough maria. right now the way we look at it there has been good reports written about this still looks to us, like revenue is above trendline. revenue growing 11% pre-covid big number. we think revenue is going to come down come down meaningfully, reflecting weaker economic growth we are

forecasting a recession bofa global research forecasting recession for 2023. ; as that hoops they got to get out in front of the cost quickly, what has been announced so far to us is not going to be enough. which is why we do think you will see additional labor weakness through the year, but you will see first in margins margins will get squeezed further going to flip over operating leverage means simply costs will begin to grow faster than revenues, none of which is good for the bottom line. maria: i mean it is true jobs market has shown some resiliency i should point out that januarys are usually cyclically 517,000 jobs january 500,000 last january too the january before yet this market has been one reason that some people are walking back, expectations for a recession. now the global markets team at bofa expecting a recession, former treasury secretary larry summers says soft

landing more possible now than a few months ago. what is your take on what 24 looks like? you know the futures market pricing in quarter point rate hike next fed meeting in march we probably will have another one after that wait to hear what powell says tomorrow speaking with economic drub in d.c. jay powell on tomorrow. in that economic club what do you think it looks like? and how do you prepare for something else like that keith? >> well you know i think the reality maria is there is a lot more liquidity in the system than people appreciate. if you look at m2, everyone celebrating that m2 growth has come down actually gone negative but level of m in the system is enormous you've got we look at bink america, data, if you look at all income cohorts the lowest income cohort every won above from deposit and savings standpoint, where they were in 2019, companies are still

flush with cash. another thing that is going on interesting i call stealth easing, stealth only because people aren't paying attention to it as much as probably need to, the treasury right now, given what is going on with debt limit has been reducing balances in general account that puts more reserves into the system they went from a trillion-dollar, down to about 3 hundred billion, they may you go towards zero further into the year that effectively, maria, off asets 8 to nine months every quantitative tightening that 95 billion a month fed is trying to enact so a lot of liquidity out there, you got to get that liquidity reduced further we think it will. then as that begins to happen, as the fed continues to tighten we agree, it is hard to imagine, at least not one more fed increase most likely two that is our forecast, then you go from there. but i think that is part of the dynamic that is going on

right now. maria: yeah, i mean in terms of investing in this environment, do you still want to own stocks or lighten? >> so going into this year given our macroeconomic forecast from, by the way, global research we were neutral weight equities, fixed income we think over the interld to long term both asset classes will perform but we're not adding money now to system, to our investors' accounts we think you've got a chance to apply and enter at more favorable level you know we think what is driving it right now you had a lot of technical factors turn positive, we saw an 18% run from the low in october, a lot of people missed that. so i think fomo kicked in for fare missing out big time as market began to rally we are comfortable watching the markets we think a better chance to put more money to work. when we do probably look at

small cap developed international emerging market probablying slow ski anchored value over growth. maria: thanks so much, keith banks in new york the house oversight committee preparing to grill twitter executives over censorship of biden family business dealings and biden laptop nancy mace is here to tell us what she is expecting ahead of wednesday's important hearings, stay with us. ♪ go, go ♪ go, ♪. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi.

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. maria: welcome back. house oversight committee holding a hearing on twitter censorship of the biden family business dealings this hearing is happening on wednesday. testimonies include o twitter deputy general counsel ex-fbi official same as baker memos show that baker worked, with others saying they did not break site policy. >> member of the house vovt government reform transportation infrastructure committees nancy mace good to

see you thank very much for being here this morning what are you expecting to get at oversight hearing first hearing coming wednesday. first of all, i want to say thank you to elon musk, without the twitter files that were released to the public we wouldn't have all this information. and sunlight is best medicine here, grateful that republicans are in the majority new management in town on the oversight committee for me personally this hearing i want to get to the bottom of this because it is stunning that there are dozens of intel he he professionals said this story was misinformation, in order to compromise publication of truth influence days before election, james baker has a lot of answers he is going to need to give congress this week. >> i don't think anybody is questioning whether or not james baker what size he is n, he was one of the drivers of russia collusion lie, for several years. and then he goes and comes to

general counsel number two general counsel's office at twitter, i mean is he are you going to drill down on what he did as he drove the collusion story forward as well. >> i hope so, and i canned keep up with the lies different bureaucrats told, for any american person out there, i agree with frustration because when was the last time a bureaucrat or someone in the administration has ever been accountable or lied they told or laws they broke. you want to showcase what happened here, this is widespread, voices cycle ensed stories buried done at hands of the federal government. maria: not just the fbi, because what we're told there was up to 1 ,000 people within different agencies, had their lists who have they wanted to censor, whether dhs, dod, cia, fbi, so how do you get your arms around the polarization in all these agencies.

>> that is the problem so much to work with weaponization of almost every agency everywhere we had a hearing on covid 1, should be nonpartisan last week oversight the left found a way to politicize the entire process there is so much to work with. you know, quite frankly, i read a whistleblower report on friday, that was looking at a federal agency seeing bureaucrats paid off to set up billions of contracts with different agencies this kind of thing happens, burying snoring stories of conservative voices is happening we've got to show american people the truth, for example, chinese spy story this week administration, leaked a story with anonymous sources saying it happened three times in previous administration you have folks in oppressive administration sigh no, that is not true. i am sick of the lies american people are too i know that oversight is going to get to the bottom of 24. >> we really are sick of the lies, but, you know, you

mentioned covid. i mean this is -- you have not had a hearing on the origins of covid yet, in two years. with the democrats running white house and there was no hearing on averages of covid-19 i am stunned by this are your colleagues being paid off by china. >> gosh i hope not the origins of covid something we side we would get to bottom of scarier, maria is that there may be some evidence that we helped fund gain-of-function research when did that happen who funded it who was at helm of that decision-making we know dr. fauci, as well, as republicans we have a lot of hearings we have to have to show american people that we're serious about being responsible holding people accountable when they broke the law or putting poems's lives in danger. maria: let me ask you about this balloonor spy flight whatever you want to call it

taken down in your neighborhood. navy divers working to collect wreckage after u.s. military shot down china spy flight near a south carolina surveillance shows chinese flights trying to break into our sovereignty breach our sovereignty we understand they that it didn't happen under trump administration according to former director of national intelligence, what was the impact on south carolina? >> our airports were shut down loss millions of dollars saturday revenue with grounding of flights would i rather be safe than sorry for four kas we sue administration silent on this issue, i know many of us would have preferred that it would be shot down sooner rather than later. it went the across the entire country getting god knows what kind of information data on american people or intelligence sights or military bases, very concerning, but sure seems

like maria, that this administration, not only can they not keep boards secure also ant keep airspace secure either, we've got real problems right now. >> let me get your take i think the biden administration has been real successful in trying to change the conversation. i mean let's talk about what just happened. we had a spy surveillance flight from communist china able to float across america an entire week. we don't know untold damage, that that a has done to america we don't know exactly the data that was sent back in real time, to the chinese communist party. and here we are talking about over and over again whether or not it happened under trump. that is not the point! the point is this administration allowed this spy flight to travel across america, and hover offer our massive important military

installations. for a week. >> yeah -- nuclear sights military installations, what did administration know when did think know it? there is talk over our airspace even longer but they waited as far as we know, four full days to shoot this thing down, now it is sitting under 50 feet of water got to send dooifrdz down i hope they get all wreckage components but we don't know we are not going to have any information for days if not weeks, i would like to see a classified briefing i would like to know, what was at stake or at risk what information may or may not have been gathered serious issue we learned also they are trying to strap in the story a potential spy off coast of hawaii last year several months ago, this is deeply concerning and now, communist china says they have the right to be more aggressive towards united states, what is the american policy to deal with china? we have to think long and

hard, about sending manufacturing overseas look at ways to ensure they do not continue to do this or do not continue to push our buttons we need to push back. maria: yeah, every american should be outraged right now this administration, is trying to change the conversation, from what just took place enormous, to now oh, it happened before under trump, absolutely outrageous. you are right we now know that ccp tried this a few months ago but crashed near hawaii again ccp knows its guy in the white house and notes that this is the time. to play games with surveillance and attacks on america congresswoman we will keep a spotlight on it not get field by this conversation happening. nancy mace, thank you. we'll be right back. >> thank you. .

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divers bage effort to buy up

american farmland near military bays lid north america hugh with that. >> good morning latest estimates from usda show chinese owners control about 383,000 acres of u.s. farmland investments are growing chinese ownership of u.s. farmland more than 20 fold in a decade from 81 million dollars in 2010 to nearly 1.9 billion dollars in 2021, so some believe figures could be higher they say lack of enforcement of laws that require foreign investors to report purchases of farmland conceals full extent of chooirp ownership. >> chinese government probably increased holding of farmland outside of china by 1,000% the last few years, own 1300 egg professing facilities, outside of china, 35 billion dollars, food security is national

security. >> also concerning proximity to u.s. military bases the china-based company bought 00 acres land, in grand forks north dakota, 12 miles away from grand forks air base home to u.s. intelligence surveillance reconnaissance units top secret drone technology raised enough red flags u.s. air force sent a letter to north dakota senator saying the proposed project presents significant threat to national security with near and long-term risks of constant impacts to our operations in the area. maria, now republican representative stefanik, republican senator mike leading a group of bipartisan lawmakers the prevent china foreign adversaries from being able to buy into land or businesses involved in u.s. agriculture, maria. maria: about time, lydia thanks very much lydia hu

joining me right now if heritage foundation senior fellow for china strategy the author of the 100 year that are money china's secret strategy to replace america as global superpower a must read excellent book michael pillsbury is here thanks very much for joining us this morning, first your reaction to lydia hugh's report i want to get your take on all of china communist china actions, but the we start with this power grab landgrab, to buy land near our military installation. >> very important subject, a good example of a larger problem, here an individual senator gets a alert from air force, late in the game trying to head off purchase of this land, what obviously, has to happen, this is known at least a year ago if not two years ago needs to be a law passed by both houses signed by president monitoring this or saying cannot be done, so many hundreds of miles away from air force base there is no the

action by congress. the alert put up from air forces chilling air force work individual senators this will hurt u.s. air force if you he allow this to happen that is not the way policy is made a letter doesn't stop anything there has to be legal action taken has to become a crime to do some of the things that are being done to help china in our country. there is no sign that is happening at all that is what concern me most maria wp. of. maria: yeah, there are so many concerns. it does not feel like this administration is serious about holding china to account. i mean we've got navy divers this morning recovering did he grewe from spooinz spy flight shot down on coast of south carolina saturday as i know this administration has successfully tried to change the conversation. they are trying to change the conversation from the what we have just witnessed the a certify night was flying

throughout missiled america for up to a week. we don't know what damage this caused what information data sent back in real time to the ccp, yet instead of that we are talking about whether or not this has happened before which it did not happen under trump administration we are told, i spoke with former director national intelligence john ratcliffe on "sunday morning futures" he refuted this claim that it happened before. >> peoples rec of china executed incredibly successful intelligence operation over the mainland of the united states conversely biden administration committed an unprecedented national security blunder of incalculable damage. well it is not true i can refute it, former secretary of defense, mark esper refuted it yesterday former secretary of state cia director mike pompeo refuted it earn people have

with an refute it for themselves, do you remember in trump administration topographers on ground commercial air line pilots talking about spy balloon over united states people could see even with naked eye a media that hated donald trump wasn't reporting i don't remember that either case it didn't happen. maria: michael, your thoughts, on this entire scenario, first want to get thoughts on enormity of this spy flight then discuss a bit about how trying to change the conversation now. michael: well the largest lens to look at this through is the chinese nuclear buildup. we used to think in pentagon repeated this every year china had 200 maybe 00 at most nuclear warheads not invited to arms control talks, always soviet union trying to surpass us now pentagon announced i agree with it, that china is going for at least 1500 nuclear warhead almost all of

which have the united states win range so worse case what this balloon is doing this happened in cold war with us and the soviets, the balloon is capturing information how our live -- icbm warning system works second thing to precision he photos if you are close you have a high quality camera tape recording machines inside this device you can get extremely useful nuclear targeting information that makes sense given massive chinese nuclear buildup so what we're probably looking at hersh what is inside that censor package if it wasn't damaging too hard-hitting water 300, 400 miles an hour something left fbi cia can find play tapes released publicly first classified briefings, but if the their improving nuclear targeting

ability against united states strategic deterrent that is extremely series certainly was not a weather balloon off course, so i don't know how we could emany more importance of what is happening with m balloon flight. maria: i totally agree with you michael, the u.s. reportedly is considering new sanctions on chinese surveillance companies, over sales to iran security forces, chinese can you say toms reveals exporting equipment to iran jumped last year antiprotests spread across the country this is so much bigger than what is currently being discussed what kind off a response would you say is the right one from the u.s. to china now? . >> a well you go back to example 1960 when u2 was shot down, powers didn't take poison pen soviet response to

immediately kale summit of is haur in impend eva i am not saying copy everything soviets did in 1960 what i am hearing from friends in the administration is that they want to negotiate with china about returning the balloon and censor package go to 2001 negotiations with china over p crash land chinaed sent as you bill for a million dollars held our 13 crew basically in prison at base cut up aircraft would not return to us the sensitive parts of the aircraft, that was being used for intelligence collection. maria: right. >> so some biden people want are using the word "guardrails" need to build guardrails around relationship should not go too far not a new cold war they want negotiations on what we return to china from balloon censor package i think this is just

crazy. maria: insanity, can congress do anything? you say there appear at least 30 pieces of republican authorized china legislation but purely symbolic you say. >> yes, i think if heritage foundation there is quite a team that monitors, congressional legislation the idea you need to make some yard acreage on the football field where you pass legislation you don't just have a hearing think that is the end of it, unfortunately i had experience for 10 years being a senate staffer on various committees a lot of times just having hearings going on tv is all senator wants to do he or she does not want to pass legislation, some senators are different they really want results, they are the ones we need to cover, prays their success when they have it very little legislation is actually passing, introduced a great deal he why this number 30 pieces, but not being monitored by the media, senator, how are you doing

congressman how are you doing on legislation? >> i give you one quick capital taiwan policy act, passed bipartisan senate foreign relations committee in house they tried to put up same legislation you know how many republicans they got? 36, introduced, went nowhere trying to improve taiwan's defenses better deterrents for tie warren this is what we have to cover i would like to tell you about it as we learn what is going to be on so you can being ask members are of congress on your show what are you doing specifically to stop china threat. maria: please come back soon very important we appreciate your work please come back. >> have thank you stay with am us. we'll be right back. nas .

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maria: welcome back. it is time for "the big buzz" of the morning. talk about tanking your monthly rent budget. one tiktok'er says she found a perfect apartment in kansas city , missouri that does allow pets even fish but it'll cost a one-time fee of $200, and then $ 15 a month after that. they also can't be "aggressive breeds." okay. so you're going to have a goldfish, and you're going to have to pay for it, cheryl? >> cheryl: i first saw this story, maria, i thought this is for sure a new york city apartment because the landlords will go after you for everything and charge you up beings down, left, sideways but gosh, kansas city, missouri, i really want to know what an aggressive breed of fish is. if somebody could throw that out

there i'd certainly appreciate that information but come on. maria: michael what about you? >> typically you're supposed to charge something for a cost associated with it like first months rent so you can clean-up the apartment, what are you paying for to have a fish in your apartment? just doesn't make any sense at all. maria: i know, ryan? >> i'd hide the peronah's under the bed. maria: unbelievable. well we've got a market lower as we approach the end of the show dow industrials down 187 we'll get tom golisano back another day, because there wasn't enough time to have a real conversation, but we want to know how we turn that $3,000 into 44 billion and we will certainly get back to him. meanwhile we are tracking a big week, dow industrials right now down 185 in the middle of earnings season. got the state of the union tomorrow night. president biden will be giving that at 9:00 p.m. eastern tomorrow night. we'll cover it live of course and then we've got jay powell on

the economic club of washington, speaking tomorrow morning, and in addition to the economic data and the earnings news of the week, final words on that, michael balboni, i think that the biden administration has been successful in trying to change the conversation. talking at the enorm it of what just took place last week. >> what are they doing with defense spending? are they going to go after that and cut that in the wake of everything we're seeing with china? maria: i don't think they could do it. >> i don't think so either. maria: cheryl casone, michael ba lboni, ryan payne, thank you so much, great show. great to see you all. we will see you soon markets are lower as we head over to "varney" & company. stu take it away. stuart: good morning, maria, good morning, everyone. the balloon is still making headlines its been an international incident for a week. navy drivers are now checking out the wreckage after the air force brought it down off the coast of south carolina. the president is trying to play this positive, but he's taking a lot of heat. senator ted cruz says biden'