tv Mornings With Maria Bartiromo FOX Business March 17, 2023 7:00am-8:01am EDT
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♪ maria: more welcome back. it is time for the word on wall street, top investors watching your money. joining me right now is dennis gartman and dominic if devel la. gentlemen, thanks very much is. what a week we have seen. want to yet your ache the on all of the happenings. futures are mixed. we are expecting a decline in the dow industrialses at the start of trading, down 9 91 right now. the nasdaq's trying to trade up,st the up about 725. today is the fdic's kid theline for banks to the bid on silicon valley bank and signature bank as 11 banks have rescued first republic yesterday. jpmorgan chase, citigroup, bank of america and wells fargo all contributing $5 billion to that
rescue, and this action by america's largest banks reflect their confidence in first republic and in banks of all sizes. we're looking ahead to the march federal reserve meeting next week. that meeting tuesday and wednesday, expected to see a rate hike of 5 the basis points, dennis -- 25 basis points. but, of course, the conversations has changed with all of these bank failure conversations. your thoughts on what the fed does next week and how it affects markets. >> i think they have no choice but to the move it 25 basis points for consistency's sake. if they went to 0, the question would be what do they know that we don't know, same with 50. a 25 the basis point increase, i think it's incumbent upon them to go 25. i think they'll go 25 this week, 25 in six weeks from now and 25 the again before the middle -- before the summer. and then we probably will have reached the terminal rate of fed funds and probably we'll be done for a long period of time going
forward, but 25 basis points has to be announcement if on tuesday. we'll listen to what the -- excuse me, on wednesday with. we'll listen to the what mr. powell has to say with beated -- beated bathe -- bathes breath. maria: are you feeling better about the macro story and the banking sector with this $30 billion of deposit injection from the major banks, dennis in. >> you can't feel worse. i think you have to feel a good deal better, the fact that they stepped up in total across the board, the 25 largest banks across the country putting $35 billion in, you had to be impressed by that fact. do i think this is the end of the circumstances prevailing in the banking system? no, i think there are more. there's never just one cockroach, and there's probably going to be to more coming along. they made a good decision, i think it was the right decision, and i'm glad they took that action. maria: and, dominic, we're wondering what this means for
the central bank of the worlds, the world's central banks and their plans because now you've got a clear question, do i continue fighting inflation the way that i've been on track to raise interest rates and slow the economy and stamp out inflation, or do i now priorize the financial stability and stop the rate hikes? people were surprised yesterday when ecb raised rates 50 basis points. now goldman sachs is lowering expectations for the ecb's next meeting, the may rate hike. they say it's the going to be 25 the basis points, not 50, after the central bank raised rates yesterday by 50 basis points. dominic, how do you see this fork in the road for the central banks of the world on whether to go for inflation-reducing acts like higher rates or financial stability and taking to the sidelines, no action? >> yeah. so we got our answer yesterday with, they raised interest rates
50 basis points, and they're dealing with 8.5% inflation here versus our 6% here. they got started much later than we did in their rate-hiking policy and inflation-fighting policy, so they're behind the curve at least compared to us. they clearly prioritize thed fighting inflation as opposedded to financial stability in the markets, and they did say they will support the banking and financial systems, but at this point in the game, they're going to the keep raising rates until something does break, and we obviously are starting to see the cracks in the system. maria: so how do you want to invest right now, dominic? >> well, we have to the really be honest with ourselves and look at this picture and say i don't particularly think it's doom and bloom. on the other hand, higher rates mean banks are going on the lending less, they're going on the a lot more stringent with their loans, disciplined with their loans, and they've going another the it at a higher rate. that slows economic activity. consumers, this banking crisis, we're getting phone calls daily,
maria, hey, is my money safe. kind of going back to what happened in '08. we don't have that kind of crisis on the table, but when the consumer is afraid, they stop spending money. and then we've got to look at the whole corporate community out there. how many institutions, how many companies literally don't have enough money today, don't have the profits today to pay the debt on their balance sheet. maria: yeah. >> floating rate loans out there, i call them adjustable loans that have gone and will go higher, corporate profits are really going on the affected by all this. maria: that's why stephanie pomboy noted there's a trillion collars in debt sitting -- dollars in debt sitting on corporate balance sheets that will roll over this year, will they be able to pay the higher rate that comes with that rollover? we're going on the watching. dennis, dominic, thank you, gentlemen. have a good weekend. we will take a short break. when we come back, border patrol agents encountering migrants on
the terrorist watch list, on track to outpace last year's record. we're going to take a look at that. then, the cities where $100,000 salaries can take you the furthest. what does $100,000 mean in new york, for example? it is making a buzz this morning. you're watching "mornings with maria" live on fox business. ♪ ♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones
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people were apprehended who were actually on record theist watch lists, so now we're up to to 182. these arrests made between ports. joining me right now is nebraska senator pete rickets, a member of the foreign relations and and pluck works committees. senator, thanks very much for being here. i know you made a trip to the border earlier this month. tell me what you saw, and what should we be thinking about these people apprehended who are actually on america's fbi terrorist watch list in. >> yeah. this is just example of how president biden's making our country less safe, endangering americans by not securing the border. not only are we seeing huge amounts of illegal drugs that are dangerous, that are killing americans, the leading cause of death for americans 18-45 is drug overdose, but now we're finding out reports about how these terrorist watch list people are coming across the border in record numbers. police chief -- border police chief raul ortiz says he doesn't
have operational control down there. and while we were down there the visiting, with we heard, for example, the number of chinese nationals coming across the border around mcallen was up 400%, that we see this in other sectors of the border as well. there's lots of people not just from central and south america coming across, and that the doesn't even include the 600,000 gotaways that aren't even being counted. president biden's just not engaged on important issues that affect the safety of our nation. maria: well, it's just extraordinary why is that? why wouldn't he be concerned that 6 million people have breached and broken the law by coming into america illegally, and they're here and they claim they're waiting for court dates, but they may very well not show up, that could be in years? why wouldn't he be concerned about that? >> you know, it really, there's no answer for it, why the president or the vice president is not more engaged with this. it gets back to their priorities. if you look at the budget they
just came out with, they're looking for $535 million for customs and border patrol, but they want to spend $3.9 billion in the department of homeland security on climate resill yens programs. it's just a misplaced priority about what's important to this country and how we secure our people. it's just another example of how the biden administration is failing this country. maria: well, it's a good point because this week's -- next week's going to be an important week, the fomc and jay powell, their 2-day meeting, then the powell press conference. you've got the house testimony of the ceo of tiktok. biden is going to the ottawa, canada. treasury secretary janet yellen was pressed at the senate finance committee hearing yesterday about the lack of a plan for social security in the middle of all of this. watch this. >> why doesn't the president care? enter he cares very deeply -- >> then where is his plan? >> he stands ready to work with -- >> that's a lie, because on a
bipartisan group of senators has repeatedly requested to meet with him about social. we have not heard anything on our request, and we've made multiple requests to meet with the president. that is a fact. and if you've been told to say he stands ready to meet, i will tell you there's absolutely no evidence because we have not gotten our meeting. maria: so where is this going, senator? we are talking about fragile i'ms to the macro economy. -- times. we've gotten bank failureses, we've got a slowing economy, the federal reserve still raising interest rates, and now you're sitting on the doorstep of a massive fight over the debt ceiling, and you just heard that exchange. >> yeah. this is the president's m.o., you know, when i was governor, i asked the president directly, face to face, to talk about an important issue that would impact health care in nebraska. i just asked for a 15 minute phone call. the president said yes, and his staff never -- they refused to
let me talk to him. also as governor myself and my colleagues sent him a letter about the border security. he never responded. we asked for a meeting, he wouldn't give us one. and now you see this exchange with senator cassidy. actually, when we were down at the border as well, you know, vice president harris hasn't even had any of her staff call people down at the border to find out what's going on. it's just another example of how the biden administration is notten gauged on important issues. they won't even take meetings -- i'm not a part of senator cassidy's bipartisan group, but it's a bipartisan group of people who want to talk about important issues, how do we keep seniors safe and keep their social security benefits? maria: yeah. and i point you to kim strassel's op-ed in the journal this morning on esg. she asks the question, did esg help sink svb. and this administration has had this all-- of-government
approach to climate change, and we're wondering if that is the underlying reason mary daly, the president of the san francisco reserve, completely missed the problems at sill cop con saw valley bank, because concern silicon valley bank, because they were more interested in would-be green innovators and following this honey pot of climate change set by the administration. >> yeah. if the president wants to start turning this country around, what he needs to do is start closing the border and opening up pipelines. we all want to take care of the environment, but we've got pressing issues, and you've got to focus on things that are going to the matter to people in the present day like taking care of the southern border, addressing social security, and in this case having regulators pay attention to actual banking. i've talked to a number of bankers about the silicon valley bank. this is math. this is banking 101 to be able to have proper management, supervision, and clearly, this was failed on both counts. it's just a pattern with this biden administration. maria: by the way, you're on foreign affairs.
there's a report in the washington free beacon today that the latest biden administration sanctions waiver allows $500 million in payment for iran. and this is coming from tehran. they say the administration has cleared the way for a $500 million payment to the iran's hard line regime according to iranian officials, senator. can you confirm that? >> no, i cannot. i've not seen that article, and i can't confirm that, but it is the very concerning how the biden administration is not focused on iran. i was over in the middle east a few weeks ago speaking to some of our allies, and they're very concerned about how the united states is not taking a tough line with iran. you know, the uae was very concerned, for example. in fact, secretary blinken had to call and apologize because a year ago when they were attacked by missiles and drones, president biden didn't call and offer any condolences. and so this is just, again, the biden administration is checked out, they're not i paying
attention to important issues, and it's making our country less safe. maria: senator, thank you. we'll be watching all of this. we appreciate your time. pete ricketts joining us from nebraska. quick break and then treasury secretary yellen says the fdic, not the taxpayers, will foot the bill for the failure of silicon valley bank, buts guess who contributes to the insurance fund? ultimately, taxpayers. we're on it next. ♪ ♪
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>> we worked with the federal reserve and fdic to protect all depositors of the two failed banks. shareholders and debt holders are not being protected by the government. importantly, no taxpayer money is being used or put at risk with this action. deposit protection is provided by the deposit insurance fund which is funded by piece on banks. fees on banks. maria: funded by piece on banks.
that was treasury secretary janet yellen yesterday, her first public testimony since the fall of silicon valley bank. yellen is claiming that the no taxpayer money will be used to pay off goes depositors at both silicon valley and signature banks because the money will be paid through the fdic insurance fund. however, most taxpayers are also bank depositors which means a portion of their deposits quos toward the fkic fund. concern fdic fund. nancy tengler are, what's your read on this? >> if it wasn't so couple, it would be infuriating. what the government is trying to do, in my simms the, is deflect in this particular situation because we had a failure of supervision at the san francisco fed. by the fed's own estimates, maria, they knew that banks were underwater, collectively the banks in the united states were underwater on their balance sheet to the tune of $620 billion at year end. we also know silicon valley bank
was one of the fastest growing, it went from $58 billion in 200 to $200 billion, and they had $90 billion in mortgage-backed securities on their balance sheet. so incompetence, failure to supervisor, and we will be paying for it and so will their bank counterparts around the country, and we saw that with the deposits into first republic. this is a serious problem, and the administration does the not seem to be taking it seriously. maria: well, it's even more than not taking it seriously. this administration is trying to write the rules for the banks -- >> right. maria: this whole push in terms of the climate change agenda. i like the way kim strassel ended her op-ed morning, and it's the time titled did esg help sink svb? and the last line says some republicans are blaming the meltdown on distraction claiming that the bank was overly focused
on climate and social engineering causes. that's a bit too convenient. svb and its clients were doing exactly what washington invited them another the, chase the money. and one big question -- one big lesson is that no good ever comes from d.c. attempts to micromanage marketsment but that's what they've been doing, nancy, micromanaging markets. telling banks who he should the lend to, who they shouldn't, trying to get them to shut off oil and gas companies while they all focus on these, quote-unquote, new technologies related the climate. >> yeah. no, you're absolutely right. and i think we see that in the overlap between the president of svb sitting on the federal reserve board, and we hear it from many of the companies that we follow. and we herald it from the fed that they think the climate is important, that they they equity is important. not part of their mandate. today may be importantish sues potentially, but not part of the mandate. and i think that's what's so infuriating. to me, it feels like what if i
bought a stock and i said, well, i didn't mean to buy that, can you fix that for me? maria: that's right. >> the that's what this feels like. you can't have no risk in a risk business. maria: well, and that's the whole question around this bailout, lee. a new morning consult poll finds 62% of voters consider the biden administration's actions surrounding the fall of these banks a bailout. but then there's another 60% who support the creation of an emergency fund to insure that all deposits are covered. you can't, you can't cover all deposits of all banks. lee, your thoughts. >> well, i mean, you is ask the american people what they want, they want to make sure that they're protected because about the same number of people are really concerned about the future of the economy, about what that means for their retirement funds, for their assets. and so it's not surprising that people want to make sure that everything is protected, because they're very, very afraid right now. at the same time, they really reason aren't -- aren't buying the notion that the biden
administration is putting forward that this isn't going to impact taxpayers. most people are saying they think that this is a bailout. whatever you call it, and they're just saying whatever we have to do to get through this, let's do it. after years of uncertainty, i think investors are getting tired of it. and i don't think that they appreciate this administration not acknowledging their reality. maria: yeah. we're going to take a short break on this, but when we come back, james comer produces evidence that a third biden family member received china cash. house oversight committee chairman says even more could be involved. the washington examiner's editor-in-chief will weigh in on this one when we come back. ♪ ♪ luck, let a gentleman if see just how nice a day you can be ♪ remember this?
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senate remains unsigned on the president's desk. cheryl casone with those deails. >> reporter: president biden still undecided as to whether or not he will sign legislation passed by congress that the would declassify documents surrounding the origins of covid-19. >> we're looking at it. we have continued to the share information with members of congress. we believe it's important to get to the bottom of this and to ge, once the intelligence community has made their assessments clearly, we'll share with the public. as it relates to the legislation, we're just taking a look into the bill. >> reporter: both the house and the senate passed him a bill that could reveal the covid virus came from a lab in wuhan, china, not an animal. even fbi director christopher wray confirming his agency believes covid leaked from a lab. french president emmanuel macron's government invoking special constitutional powers to raise the country's retirement age. that would raise the age in france from 62 to 64 years old.
those long, comfortable retirement it is are weighing on the budget of the country. protests it -- erupting in the streets of paris over this decision. lord forbid that we have to work til we're 64. okay, anyway. there's this: google is raising its youtube tv prescription price from $65 to $73. the company announcing the price increase in an e-mail to subscribers saying, quote, as content costs have risen and we continue to the invest in the quality of our service, we are updating our price to keep bringing you the best possible service of. let's take a look at alphabet. the stock, of course, parent company of google, alphabet shares are down about three-quarters of a percent the morning. finally, there is this, more students are turning away from college and opting for apprenticeships. high school seniors are turn dog trade programs which are
expanding to include skills for jobs in banking, cybersecurity and consulting. that's according to data from the federal government. companies like google, delta airlines, ibm recently have cropped -- dropped college cree the requirements for open positions. maria, the really is a game changer. all that student debt that we're probably going to -- well, they're trying to forgive anyway, think about this. students are saying, you know what? college too expensive, i'm going to take the fast track to get a job. it's an interesting change. maria: yeah, it really is, cheryl. thanks so much. house oversight committee chairman james comer revealing new evidence that shows president biden's daughter-in-law, hally biden, received chinese money from hunter i biden's associate -- hunter biden's associate, showing she received $35,000 in 2019 after walker reffed money. -- received money. hk hinted was a firm affiliated
with the cefc china the energy corporation. this is the china company that we talk about all the timings 10% for the big guy. the first son's legal team dismissed all of it. they say as a private citizen hunter has every right to pursue his own business endeavors. "the new york post" editorial board writes this: there's no possible legit reason hallie biden should have gotten a slice of the payout, but this is a tradition for the bidens. joining me now is hugo girden, washington examiner ed editor in chief. go, so back in 2017, rob walker gets a $3 million wire. a couple days later, money is transferred as part of that $3 million wire, then transfers happen into biden accounts including hallie biden. if your thoughts. >> yeah.
this is an extraordinary revelation, maria. you know, the white house, as we knew that they would, have tried to depict this as what they call a hyperpartisan attack, but you have to see this as a hyperpartisan defense to suggest there isn't a legitimate public interest here. you know, hallie biden was beau biden's widow, and the only thing we're aware of about her is that she became hunter biden's girlfriend. why she would then receive $35,000 in two different payments from a chinese energy company a couple of case, i think it was, after $3 million was sent over by this energy company that keeps on coming up in relation to hunter biden is anybody's guess. and, you know, james comer, chairman of the oversight committee on capitol hill in the house, is looking through 150 suspicious activity reports finally granted to him by the treasury department, and says that there are some 15
transactions within are there that they're going on the looking at more closely. this whole thing smells of corruption. at the moment there is no revelation of anything illegal, but there's clearly a public interest in knowing what's going on because, as you say, the current president of the united states was described as the big guy who was going to get 10%. maria: right. >> so it has to be looked into. maria: so james comer writes when detailing all of this information, james comer writes, the biden family members who received money from this accouns account -- include hallie biden who received two separate payments, james brian biden sr., that's the president's brother, robert hunter biden, that's hunter biden, his son, and a bank account identified as unknown biden. the committee is continuing to investigate the identity, and thousand we know the identity was hallie -- now we know. we haven't heard any defense in
terms of what the money was for, right in so we though that rob walker gets the $3 million, but what was the $3 million paying for? >> yeah, absolutely. hunter biden so far as we're aware had no particular expertise, we don't know what he provided. this is perfectly clearly the family peddling influence or peddling the biden name. it all began, actually, when president -- when biden was vice president to president obama. the payments were made subsequent to that in the, during the trump administration. but the links went back further than that. and, you know, it's very difficult to see what hunter biden had to offer. i mean, the guy was, you know, had a very, very troubled personal life. the only thing that he appears to have had to offer was the biden name, and, you know, it's very important in our democracy for transparency, that the public get a look at what was
really going on and what these payments were for. maria: yeah. >> i think it's going to be pretty difficult to explain. maria: you know, especially now while communist china wants to overtake the united states as the number one superpower. james comer writes: the committee is concerned about the national security implications of a president or a vice president's immediate family members receiving millions of dollars from foreign nationals or companies without any oversight. now we know that that china's president, xi jinping, is going to be visiting russia next week, reportedly visiting with vlad myrrh putin from march 0 theth to -- march 20th to the march 22nd. he'll then speak to the president zelenskyy. you have a piece in the washington examiner, has america been too slow to wake up to the china threat? we've certainly been on this for several years. you write, quote, the task of decoupling america from china is hugely difficult ifs the at all possible, hugo. >> yeah. what i wanted to do with this piece, maria with, was to draw
together as best i could at least some of the strands that show china, over a very long period and through incremental moves, many of them -- can all of them sort of sinister and determined, some of them very bold, indeed -- has been acting9 as america's enemy. they make the fentanyl that killed 67,000 americans last year. they colluded with drug smugglers to get that stuff into this country. they ally with russia against ukraine and the civilized world on this invasion. they present if themselves as a conciliator because they're going to talk to zelenskyy as well. they spill the covid, you know, a pandemic onto the world, and then they cover up how it got there whether it was the, you know, naturally occurring or came from the lab. again and again and again over decades the chinese have made moves to try and displace,
ultimately, to displace the united states as the leading power in the world, and we need to regard them that way. there has been a terrible lack of leadership in washington making it perfectly clear, denouncing china and talking to the american people about the challenge that this country faces in the way that ronald reagan did when the enenemy was soviet union. one good thing is that at last there seems to be some leadership up on capitol hill. mike gallagher, congressman from wisconsin who heads the china committee and is a rising star, is at last saying the clear things that need to be said to galvanize america to realize the challenge it faces from this rising power of china. maria: that's right. well, look, you're not hearing it from joe biden. he keeps calling china a competitor. we don't want conflict, we just want competition. we're competing. it's not a exit or the, it's an adversary, hugo. they don't want to say it. they walk on egg shell ises
around the ccp, which is why we keep bringing up this issue of influence peddling. >> they absolutely co. i mean, there is obviously an unfortunate connection between the fact that the company -- or the country, rath rather, is paying millions of dollars to the biden family for we know not what as the united states' principal adversary and, frankly, is determined to to displace this country as the leading power in the world. maria: that's right. >> and it's been trying to do this steadily over the course of three, four decades. maria: absolutely. >> it's really something that the people have to wake up to, and i hope america now is waking up to it. maria: the mainstream media needs to wake up to it as well, by the way. hugo, thanks very much for being here, and we will continue i putting a spotlight on it as you are. hugo gurdon, washington examiner. quick break and then new york's gop urging governor kathy hochul to get tough on crime. suffolk d.a. ray tyranny is here
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maria: welcome back. well, the crime crisis in new york city getting worse. a new study from the john college of criminal justice finding 47% of hose the arrested on felony charges were busted again within the first two years of the state's bail reform laws in place. state republicans are urging governor kathy hochul to, quote, bring a fighting spirit against democrats during budget plans to overhaul bail reform. joining me right now is the suffolk county, new york, district attorney ray tierney. ray, thanks very much for being here. what do you want to see happen? give us your reaction. >> well, first and foremost, we need new bail laws. regarding fentanyl, we need to be able to seek bail on individuals who sell fentanyl in our communities. maria: well, that makes sense. the cdc is reporting over 2500 fentanyl-related deaths in new york last year.
you've got an op-ed e on the subject many in newsday where you write: new york state must help reduce feint aal deaths -- fentanyl deaths with changes to the bail laws. you know, it's not just about fentanyl, but that is a serious issue, i know. but it's the bail laws that basically allow criminals to get processed and then be out on the street again, right? >> well, fentanyl is just one example of the broken bail laws. that bail law was, it was broken when it was first enacted, and now they keep on trying to make these changes to it. really what they need to do is they need to overhaul it, can and they need prosecutors to be able to consider dangerousness and argue dangerousness when making a bail obligation, because that's really what prosecutors care about and the community cares about, is this person dangerous, will this person get out and hurt someone. maria: well, ray, exactly why are these bail reform all rules
in place? years ago andrew cuomo, when he was governor, came on this show and said it's not fair to have some people be able to pay for bail to get out and those people who don't have money, they don't have an opportunity to get out on bail. is that, is it as simple as that? >> well, i mean, i think that that's the argument for these laws, that you're keeping people in, you know, in other words a mother who's buying baby formula for her child. if an office is doing that, if a prosecutor is doing that, hold that prosecutor responsible, but don't take our discretion away to argue to keep courageous individuals in. again, a prosecutor is not going to want to keep an indigent person in jail, a prosecutor wants to keep a dangerous person in jail. maria: yeah. so tell me what it is that is behind the bail reform as it is in place today. >> well, i mean, i think when bail reform was enacted, it was
enacted with a lie, and that was this law will help to keep us safe. and now we see years later that that's not the case. but there's, but proponents are still saying it's making us more safe. it's clear that it's making us less safe because as prosecutors, as law enforcement we cannot keep -- although we prosecute and investigate and prosecute and incarcerate people, we can't keep those people incarcerated because there's a per se rule that this person cannot stay in bail, you know, pending disposition of the charges. maria: i mean, i'm surprised you don't see governor hochul doing more about it. she almost lost the race as leen made this one of his -- lee zeldin made this one of his main issues. it's clearly important to new yorkers. >> it's absolutely important. and i think that, you know, there is a supermajority in the legislature, and they just don't want to engage on public safety. there are so many issues in the
law, criminal justice the, that we can talk about. changes to the law, not only bail law, but a whole bunch of laws that we can enact to make new york safer. but they just don't want to engage. maria: all right, ray, we'll keep watching the. the ray tierney in suffolk county, new york, district other than there. thank you, sir. quick break, and then the cities where a six-figure salary goes the furthest and what because $100,000 look like in new york? the hot topic buzz is coming up. ♪ ♪ meet a future mom, a first-time mom and a seasoned pro. this mom's one step closer to their new mini-van! yeah, you'll get used to it. this mom's depositing money with tools on-hand. cha ching. and this mom, well, she's setting an appointment here,
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happy st. patrick's day . maria: welcome back time for "hot topic buzz." so just how far does a six figrue take you these days biggest american s cities taxes living costs impact of inflation, check out the numbers when you look at new york if you make 100,000 dollars, people live as if they are taking home 36,000 dollars. that is how far it goes in new york. in memphis, tennessee dollar goes much further take home feel of 86,000 dollars, seven out of top 10 cities in texas
while six of the most expensive were in california. nancy that is where you live. nancy: i don't live there i anymore. maria: a you are in arizona. nancy: i did live there absolutely right, you know it was noteworthy to arizona how much better you lived, it trickles through everything i am part of laffer tengler this all about taxes a big influx of people moving from california to arizona. spend the other half in tahoe in nevada, we are seeing the same californians fleeing the golden state. it is really noteworthy i think, policymakers should stand up take notice because you are experiencing the same thing here obvious in obviously, in new york. maria: why are so many picked up left individuals or corporations, setting the up shop in florida can you imagine make 100,000 dollars
but feels like 36,000 in new york? lee: i can imagine it i see every day more than half money in new york city going to taxes city taxes all the rest of it, it is really bad policy, but this isn't -- the fleeing of cities isn't just older folks, this younger folks you look at my company, for example, a swath of people during covid said not worth it to stay in new york they are living all over the country living better, a trend until cities get back under control, people allowed to work remotely going to be a challenge for cities to keep both things safe and people wanting to stay and live here. maria: i mean that i also the issue in california, nancy the taxes. nancy: yeah, you are paying -- i was transferred to new york when i was -- started my career in san francisco, my taxes went down with i went
from san francisco to new york, the marginal natural rate 13% talking about chasing people after they leave the state claiming a portion of their income. they -- the supermajority in california legislature knows no bounds, so, you drive there the roads are terrible. the infrastructure is crumbling, they raise taxes focus on issues maybe not in best zrz of citizens i loved the city i was born there, but i would never go back. maria: it is a sign of what is going on policies there, also starts with policy, stay right there next hour of "mornings with maria" begins right now. . >> our 21 seasonal he can risk kaishths look at equity credit one of the highest probabilities of a crash in the stock market within 60 days. >> not unique in economic history you need to put slack