tv Maria Bartiromos Wall Street FOX Business December 6, 2020 10:30am-11:00am EST
great ideas, all of you. to read america check out this week's edition at barron's.com, and don't forget to follow us on barron's online. be healthy, wear your mask, and we will see you next week on ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend, everybody, welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. thanks for joining us. coming up, my one-on-one with white house economic adviser larry kudlow on the efforts to get a covid relief bill passed before the holidays. then later, don peebles is here to talk about the crippling effect new covid restrictions could have on the recovery. but first, let's take a look back at some of the big moments with top newsmakers on "mornings
with maria," in this week's edition of the week's talkers. watch. ♪ maria: where are we in terms of a advantage even right now? >> 94, 95% effective, we have two more vaccines in phase three trials. maria: you are canning the da for emergency use approval later today? >> thed visely committee -- advisory committee should happen on december 17th and hopefully everything goes well in the next couple weeks, you could expect between a day to two or three days from that meeting for approval. maria: tell me what you're expecting and how you've been treated, jimmy. >> i expected i would have to go to jail. i don't know when and for how long, but definitely i will not plead guilty, because for somebody who is determined to are cyst, i -- resist, i will
never admit guilty. maria: it's unbelievable. when dud it become a bad thing for someone to have an opinion? all of a sudden you get attacked. >> the land of the free, the home of the brave, we're losing our freedom, and we're losing our courage. maria: the whistleblowers that testified were quite compelling. how do you read this, alan? >> we heard two facts i'd never heard before. number one, that the number of disputed ballots exceed the margin of victory in several states. that's the key question. maria: meanwhile, we got the november jobs report out which was a slight miss, the report shows that coronavirus cases continuing to impact employment. job creation has been slowing beginning in june, july, august, september, october and now november. in november the economy added 245,000 jobs last month, that was 200,000 fewer than the number expected by analysts. the unemployment rate did meet expectations at 6.7%.
we are talking about where the jobs are and what this economic recovery looks like right now with yardeni research president'd car den gnu. ed, thanks so much for joining me. the numbers on jobs were a bit weaker than analysts expected, with but you see real glimmers of strength. tell us how you would assess where we are today. >> we've got an economy that's definitely very mixed one. we've got a boom going on in anything that's housing are related. new home sales and existing home sales have been remarkably strong and, as a matter of fact, the inventory of unsold homes is extremely low. and people who are moving into new homes, existing homes, they're going out shopping. and anything that's housing related and retail sales is at an all-time record high. and then, as you know, everything in technology is booming for the obvious reasons. we're all becoming zoomers, i
guess. but companies are looking to getting this all with behind us. and i think they're anticipating that they're going to have to spend a lot on technology and infrastructure to really be competitive in the economy coming out of this. and i think the economy coming out of this may very well be described with the benefit of hindsight as the roaring 2020s. but then again, we get the cold shower with the employment report. we're not out of this bad movie here, this horror movie for some people with regards to the pandemic. we're basically in the third wave and probably the worst wave. not probably, the worst wave of this pandemic, and that's starting to lead to a sequel, if you will, to the lockdowns in some areas, and that's weighing on the economy. but then again -- maria: yeah. >> -- coming to the rescue may be the drug companies with vaccines. maria: yeah. i mean, it did weigh on the economy once again, the fact that we're talking about
lockdowns and such. and, you know, what people hear and businesses hear, thed requested that, well, maybe we are going into the darkest period for this coronavirus or maybe we are going to see more lockdowns, they sit on cash. we don't know what's around the corner, i don't know what's on the horizon, i'm not going to go out and spend money, and then there's this cycle. is so the one area that lost jobs in the month of november was retail, down 34,000 jobs, even though you saw so many others leading in jobs, it sounds to me i it doesn't bother you that you're seeing a slowing growth story in jobs because you have growth elsewhere in this economy. like, for example, business spending is expected to puck up in 2021. >> look, there's the economist in me looking at the macro economy, and the macro economy looks quite good. but, you know, i know people who have lost their jobs, i know people whose business may be
shut down here. so there's a lot of pain out there and, hopefully, washington will give us a holiday gift to a lot of these people and extend some of the benefits that they need to get through this. because it's really, we're only talking about getting through probably march, and if you can kind of happening on through -- hang on through march, i think the economy will provide lots of job opportunities and keep a lot of businesses going. that's kind of what we're looking at. so i'm not, i'm not, you know, giddy about how well the economy is doing, but i have to say it has done surprisingly well. i've actually been goressed to raise -- forced to raise my growth estimates. now looking at the fourth quarter i'ming thinking it might be closer to 10%, and that's just tracking the data that's actually been coming throughment you know, my optimism is -- i don't think it's delusional, it's based on the indicators. maria: yeah. we're going to talk to larry kudlow shortly, and he made an
interesting point about what the atlanta federal reserve is saying, right,? predicting a fourth quarter that grows 31 .1% -- 13.1%. what does that number have to do with investing? tell me how you wouldal rotate capital and what it means in terms of getting this ised in equities. >> well, you know, if you haven't been invested so far, there's not much i can tell you. it's a little late. things are kind of expensive, you're not going to get anything that's a bargain. if you've been in this ec by ety market for a while, you would stay with it. i'm actually worried about a melt-up right now that the market just kind of continues to feed on the good macroeconomic news and disappointing unemployment as temporary. look, by next summer if most of us are vaccinated, i think the
service economies are going to be booming. can you imagine all the european tourists are going to be coming there and all the american tourists that are going to go there. the hotels, the airlines, the parks, everything's going to be booming. so i think 2021 should be a very good year x that's what the market's telling us. maria: ed yardeni, thank you so much. have a wonderful weekend. see you soon. don't go anywhere, my ♪ ♪ [ engines revving ] ♪ it's amazing to see them in the wild like th-- shhh. [ engine revs ] for those who were born to ride, there's progressive.
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call the number on your screen or visit wish.org to grant wishes today. ♪ maria: welcome back. some momentum this past week for a new stimulus relief bill. a growing number of republicans and democrats supporting a bipartisan effort for a stimulus package. this week the group from the house and senate unveiled a roughly $900 billion compromise, offering a route between house democrats' last $2.4 trillion bill and the senate republicans' recent $650 billion proposal.
will we actually see something materialize? larry kudlow joins me to talk about where we are in the economic are e coif today. >> i think right now, by the way, thanks for having me back, maria. happy thanksgiving and so forth. i think i don't want to make new predictions. what i know is that discussions going on up on the hill between committee chair people on both houses, on both sides of the aisle. on our side secretary mnuchin continues to handle the fray, and he is in constant discussions. i do not think there's going to be to be any gigantic $3-4 trillion assistance bull. i think that's off the table. our view hasn't changed very much. we still would like targeted assistance for pp if p, unemployment extensions, help for airlines, other small businesses, schools. you know, anything related to covid going back to school.
mr. mnuchin, as you know, has pulled back. we're going to abide by the cares act. december 31st some 550 billion will be returned to the treasury as per the congress. that will be extinguished. however -- and this is really the key point where we are -- we would like to are purpose that money and repurpose it to key areas such as p if pp -- p if pp small business and unemployment assistance and maybe some direct checks mailed from the treasury department to those who are having a rough time. so let's repurpose that money. it's right there, it's a big chunk of it. it's nearly $600 billion actually. maria: so why repurpose it, larry, and what does that mean? does that mean a potential incoming administration does not have access to that, to allocate it the way they want to allocate it? >> well, look, they can't -- [laughter] you know, these are
congressional laws. this was done by the cowers -- cares act last spring, you know, with some small amendment as along the way. there are other things going on regarding appropriations bills and maybe continuing resolution. but, again, these are laws. december 31st. now, there's nothing that prevents the congress, okay, from, working together in a bipartisan way to provide some further assistance, maybe another three month, maybe another six months. i see it rather more as an insurance policy for the economy. the economy's very strong. i keep reading in the major media o gans -- organs how bad the economy is. take a look at the numbers, maybe we'll get9 to that in a moment. ing we're not in a political game here. we're not trying to limit or tie anybody's hands. mr. mnuchin has said several times he's abiding by congressional laws, and you have this money that wasn't used,
right? and it's $600 billion, why not repurpose it and use it? maria: secretary mnuchin is also talking about the avoiding a government shutdown. i want to get your take on that. he answered questions with on capitol hill yesterday about whether the government is going to reach a deal to avoid a december 11th shutdown. what do you think about that, larry? >> well, i think the secretary and i definitely would like to avoid a shutdown. i think a lot of people would like to avoid a shutdown. what's happening here is you've got discussions about an omnibus appropriations bill that might fund the government for the next year. that would probably be a very is good thing. you've got various ideas regarding continuous resolution that could be short term or long term. i prefer the omnibus bill. you've got the national defense authorization bill which should go through. but, again, president trump here has intervened, and i think very
importantly, this whole business about liability shields for the big tech companies, for the social media companies, they should probably have a pullback on their liability shields. right now their getting a free ride for the eded to haves and publishers and to censor certain conservative messaging. we don't like that one bit, and the president believes the ndaa is one way to amend that and make it better. maria: my thanks to larry kudlow. up next, don peebles on real estate, the new lockdown situation and get his thoughts on a potential
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escalating virus surge, business owners are pushing back to avoid another shutdown that could shutter their doors for good. this week california governor gavin newsom announced the strictest measures since the spring, a new round of regional stay at home orders that will shut down outdoor dining, hair salons, playgrounds, just in the next few days. joining us now to talk about the impact is peebles corporation ceo don peoplings. don, it's great to is see you this weekend. really important to get your insights on the impact of all of this. i actually went to the hair salon the other day, and my stylist said to me, maria, if they shut us down begun, it's over for us. we won't be able to come back. what's the impact of this surge in coronavirus and the resulting shutdowns? >> yes. i think the shutdowns have decimated small businesses, especially small service-oriented businesses and restaurant-related businesses. many of those businesses, a large number of them, i mean, is
somewhere from 30-50% of them, will not come back. those are low margin businesses, they need to be in business in order to continue to fulfill their obligations, and these shutdowns have had a devastating impact on the real estate industry, especially entrepreneurial real estate owners. i was talk to a young man who i mentored in terms of real estate development and investment, and he was telling me how his tenants in his four and six-unit buildings, they're not pawing husband rent, and -- paying his rent, and he can't pay his debt service. the idea is many of these small landlords are not going to survive either. they're having a devastating impact. maria: i think you make such an important point, don, because at the beginning of this pandemic, landlords were very understanding, and they were trying to be sympathetic. but now 10, 11 months in, they need to see the rent, they need to get paid, and they're not
being as sympathetic or flexible in terms of what to do. at this point you don't pay the rent, well, you're going to get kicked out. let me ask your take on real estate development. you've got development throughout new york, you've got it in florida. what are you seeing in terms of commercial real estate today? >> well, look, heft new york about two weeks ago, and i'm in south florida now in miami. and in miami you see a much more active and robust economy. restaurants are open, businesses are open. i got a haircut the other day. things are e open here. and it is a big contrast between what we left in new york city and what we left even out in the hamptons, for example. and i think what's happening here is that these closures are making it so there's a seismic shift of where people are going to live and where businesses are going. and as we talked about before, remote working has enabled
people to pick other locations. so the housing market in south florida is robust. i mean, it is on fire. it's hotter than it's ever been in the last two decades as far as i'm concerned for single-family homes. even condo sales are up significantly here. so you see that, and that's one city. and then you look at new york city, and it is struggling, and the housing market -- especially luxury condos -- is is dead. and the market is ready to implode as well because about 90% of the markets are not coming back to work in offices, and that, of course, kills all the service and retail wizs that depend on that level of traffic to millions of people coming into the city each day to work. maria: absolutely. >> two different types of markets. some markets are thriving and others like new york city especially -- and los angeles, which has been able to weather a lot of this, are concerned now
the new round of closures could have a chilling impact as well. maria: don, you just mentioned some business-positive policies to encourage businesses to hire and invest. what about on the, on the economic stage for the country? we know that president trump is contesting this election, but joe biden is putting a cabinet together. what do you make of janet yellen as treasury secretary, and what are your thoughts on what you've seen so far in terms of joe biden's nominations or hires or ideas to who he'd like to see in a cabinet? >> i think that president-elect biden is taking a safe approach. i think he is trying to pick people that he thinks will appeal or be acceptable to the broad and competing constituencies in the democratic party. you've got the far left, and then you've got moderate democrats like me. janet yellen is certainly a
tried and true choice. there will be no surprises. is so i think where he's going, it looks like, is to focus on going back to where things were in the obama/biden administration. and to pick up things from there. and i would like to have seen some new ideas and some new approaches. i mean, the way i run my businesses, i get diverse opinions from different people and different per spentives. and i've got fiscally conservative people in the company and gunslingers and people in between there, and i listen to all of them. and i think the president-elect, when he's president, would benefit from a more conservative view on his economic council. one of those people i would have liked to have seen been a conservative democrat or maybe a moderate republican. maria: don, thank you so much for joining us. we'll keep watching and assess as we go forward. don peebles joining us this weekend. thank you, sir.
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maria: welcome back. coming up next weekend on the program, don't forget to join us friday night, 99 p.m. eastern. we'll talk with the former ceo of toys "r" us, by special guest, to get a sense of where retail spending is going into the holidays. join us for "sunday morning futures" on the fox news channel when i speak with john ratcliffe, the director of national as well as, along with rudy giuliani, this weekend, 10 a.m. eastern live over on fox
news. plus right here on fox business start smart every weekday from 6-3 a.m. eastern for "mornings with maria with." we hope you will join us every weekday at 6. that'll do it for us for this weeken thank you so much for joining us. see you next time, have a great rest of the weekend. mug. ♪ ♪ >> hello and welcome to "the wall street journal at large", i'm david asman in for jerry baker this week. ing covid continues to dominate the economic outlook. while the u.s. economy has been recovering better than many expected from its dramatic deline in the spring, the trajectory e is now uncertain with covid spikes and the threat from hypocritical politicians of further lockdowns and congress' repeated failure to pass a covid relief bill. former fed chair janet yellen tapped to be
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