tv Maria Bartiromos Wall Street FOX Business September 17, 2021 10:30pm-11:00pm EDT
re-airing the same time on saturdays and sundays, check out this week's edition of barron's.com don't forget to follow us on twitter at barron's online will see you next week 9:00 p.m. eastern on "barron's roundtable". ♪ >> from the fox studio in new york city this is "maria bartiromo wall street". maria: happy weekend welcome to the program that analyzes the week that was in position you for the week ahead, i am maria bartiromo the federal reserve and focus in the upcoming week as the fed meets tuesday and wednesday giving us more into the macro growth and when it will begin pulling back the federal reserve stimulus. this after a volatile week as investors have mixed signals on economic data will be talking
with merrill lynch and andy for coming up fighting back against biden's vaccine mandate against business nebraska looking at legal action against the administration i'm speaking with the governor of nebraska who is leading the charge, and facebook under fire the wall street journal exposing internal memo from the company and what they knew about the harmful effects of social media and its platform. we will hear from marsha blackburn who says this reporting may be the tip of the iceberg. let's take a look back at the top newsmakers on "mornings with maria" and this additions of the weeks talkers. >> tell us what you have learned about facebook. >> we have through a series been able to review a larger amount of internal facebook information, what the company understands about itself in his own products and some of that stuff is pretty ugly.
maria: here you have a white woman in a gorilla mask throwing eggs at larry elder and punching his security guard in the face. >> this is the only place she'll see it because larry elder doesn't fit the democratic narrative because apparently all republicans have to be white. >> you say this is a chance for the republicans to rebrand the other party. they are actually incentivizing in the bernie sanders government socialist role with 105 billion extra dollars assigned to illegal immigration and used to be an american. maria: take a look at markets that ended the week we have a lot economic data including a much better than expected retail sales report joining me right now merrill lynch wealth management president and the fig, great to have you this
weekend. >> great to be here. maria: let me get your take on the macro story in the operating environment you have clients from individuals to small business to big institutions, tell me how you see the macro story and what you see in the operating environment of their right now. >> think you candidly we weren't surprised by yesterday's spending number we see the u.s. economy bouncing back very strongly in our own credit card data, consumer spending is up 17% over 2019 over preprint among levels the consumer's spending inseam or traveling happening in a bit of a pullback around the delta variant the consumer is on his and her front foot. as we look at the quarter were expecting to see strong revenues, operating leverage and profits from the corporate sector and when we talk to our clients and merrill lynch in
particular midsize and small business we've been amazed at the resilience, how optimistic they feel about the ability to reset their business strategies during the pandemic and are feeling bullish ahead. we see a lot of positive signs out there on the macro front. maria: you also have a great vantage point in terms of what investors are doing, bank of america wealth management as well over $4 trillion in client business and client balances, this week we small entrance all speculation and wealth management, the journal reported on invesco and state street, business getting together, what are you seeing in terms of wealth management clients, are they worried, do they want to change your allocations right now to the market? >> across our clients, this is $4 trillion of client assets there fully invested in equities
and overall asset allocation about 64% to equities, however, we don't see signs of bull market behavior, there is not undue speculation, i characterize guardedly optimistic, useful markets pullback a bit this month in light of what was happening with delta. i think that's a very constructive sign in terms of where we are we feel like were midcycle in terms of this bull market. if we think about 2020, as top year is 2020 was they are sent to be a phenomenal decade for the american economy and for the wealth management business as wealth increases in the world is uncertain, people need advice this is a bull market for the kind of advice that merrill lynch and other firms provider clients. maria: tell me how investors are approaching investing differently with the digital revolution. i know you call it modern
marrow. >> over 80% are engaged online or via mobile. what used to be a quarterly meeting with your financial advisor is literally everyday back and forth not just checking portfolios but senior banking activity, communicating securely with your advisor through the secure mail that we offer videoconferencing with advisors, this is causing advisors to be there and available on a more convenient and more basis than ever before. we think modern marrow and the power coming from the revolution is very exciting for the future of our business in the wealth management industry. maria: what are you telling clients about these policy shifts that we are seeing we may very well see much higher taxes at the end of the year end into 2022 and this demonstration pushes through the massive spending plan you're also talking about the federal reserve beginning to look at
tapering and pulling back some of the stimulus, do you want to change or allocation and make any differences to your investing portfolio given these big policy shifts that are on the horizon. >> i think very time-tested advice investors should not overreact to day-to-day headlines even with the tax package, there's a lot of back-and-forth that will happen before we can really see where this will lay and, if this tax policy or package lands where it is we do not see it being significant enough to throw the economic expansion off track. again, fiscal policy is set to be very supportive of economic activity as far as we can see into the future and monetary policy continues to be enormously accommodative as the fed has said we dado intend to raise rates until 2023 at the soonest and i think investors should be focused on the medium and longer-term signpost.
maria: especially since we continue to see record low interest rates, it's great to have you this weekend, thank you so much. >> thank you, maria. maria: andy fig is the president of merrill lynch, outrage attorney general have enter half attorney general have enter half the states in the c ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪ schwab! ♪ ♪ ♪
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because we were created for officers. but as we've evolved with the military, we've grown to serve all who've honorably served. no matter their rank, or when they were in. a marine just out of basic, or a petty officer from '73. and even his kids. and their kids. usaa is made for all who've honorably served and their families. are we still exclusive? absolutely. and that's exactly why you should join. maria: this week president biden met with ceos of some of the biggest companies in the country to push them to require vaccines for their employees. >> in total these vaccination requirements will cover 100 million workers in the vaccine requirements work, more companies are issuing them. >> attorney general from half the states are threatening to
sue the administration over the mandate nebraska governor pete ricketts joined me now to talk more about that, thank you very much for being here, are you planning to bring suit against is the administration. >> i have been in close contact with my attorney general and he's been working with his colleagues across the country and i been in touch with my colleagues, the mostly republican governors who oppose this policy and we are going to muster every tool the toolbox to fight back against it. maria: this is the first time that we've seen from this administration they blew up the supreme court rule on remaining mexico at the border and they blew off the supreme court dealings and decisions when it comes to the eviction moratorium and landlords were not getting paid rent at all, they just come out with their own rules and they want everybody to follow it, i wonder what this is leading toward the end whether
or not he'll be able to get this through i'm not an antibacterial but there are legitimate areas where people don't want to get the shot because they're unsure of the risks of the downside. >> you are exactly right vaccines work i encourage people to get the vaccine or to help people the antibodies to fight off the virus but a lot of the people i talked to don't want to get the vaccine they don't know who to believe and frankly i blame the fall on the cdc and dr. fauci for changing the rules and moving the goalpost not being straight with you american people and saying here's what we know right now rather than this is the authoritative science point of view and it changed. i know a lot of people who are unsure about what to believe and we've got a remember the previous fastest time vaccine was developed was the 1960s and that was four years
typically it takes 10 - 15 years to develop a vaccine and the public has plenty of time to understand the implications of the vaccine and plenty times of the long-term health effects and that is not happen with this vaccine, i'm grateful to have this vaccine but there is legitimate reasons why people would want to wait and see where enter and how this goes. maria: not only that but the credibility of this administration is question because they totally blow off the effect of having covid there are some people to say don't want to get the vaccine because i had covid and i spoke with doctors who tell me that the immunity that you get from having the infection is 26 times more powerful than the immunity from the vaccine and this administration ignores that as well but you're talking about the impact on your constituents, businesses and individuals i heard from businesses who said i can't get employees back to work as it is they don't want to come
back to the office this will hurt me even more on top of the free money people were getting and making them say i don't want to go back to my 9 - 5 life. >> with the lowest employment rate in nebraska and employers are trying to find skilled workers it is a challenge from that standpoint and i've had people tell me they will get fired before they take the vaccine and i've also had businesses tell me if they have to test rather than give a vaccine to 250 of their workers that will cost $7 million. these are companies they will be able to grow their company or pay that out payroll this will have a huge downside economic effect it just demonstrates the white house has not thought this through which is been very typical of a lot of the white house policies it really seems there is a discordant needed effort that they're not putting these ideas through other administration and agencies to
think things out and what the consequences will be when they proposes the. maria: that is too bad, it's good to see you this weekend, thank you for being here. >> taken for having me on i appreciate it. maria: we will watch the developments, coming up next facebook cover up a wall street journal exposé shows facebook has known for years that instagram is toxic for teenage girls and harmful to mental health also encouraging to human traffickers and drug cartels i'll be speaking with tennessee senator marsha blackburn who is launching a bipartisan it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network
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>> what we find in general if you are using social media you sharing content with friends and interacting is associated with the long-term measures of well-being that you would intuitively think of long-term health, long-term happiness, feeling connected feeling less lonely. maria: that was facebook ceo mark zuckerberg testifying in 2018 that is social media platform was helping users to a series of explosive reports from the wall street journal we have learned completely the opposite that facebook knew the opposite was happening for teens across the world throughout this week the journal has a series that exposes a number of shocking details from internal documents within the company joining me too discuss tennessee senator marsha blackburn. thank you very much for being here we've learned a lot this week about facebook that documents show that instagram has been harmful to teenagers
leading to suicide and worse you also had a series of reporting from the journal saying that drug cartels were posting in human traffickers were posting and trying to luer in people to their illicit businesses and facebook did little about it. what is your reaction what you want to see happen. >> what are we doing with this, first of all we are beginning to look through these documents and facebook when they knew it, maria, i talked for several years now about the harm we had double information on about the information we had with the drug traffickers in human traffickers in sex traffickers and using facebook and other social media platforms child platforms using these platforms and big tech
would always say this is not validated, even when we would hear from musicians and pediatricians that there was mental health concerns and psychological concerns with children with addiction and utilization and exposure on social media. now what we find out through whistleblowers is that yes indeed facebook knew this, facebook did have the research on this, they chose to continue anyway marketing to children teens and kids are 40% of facebook users but they continued to do this marketing to pull the men and they made a choice not to block the drug cartels, the sex traffickers and they allow them to continue on their platform. maria: anything that we've done
about this in terms of accountability, when would you expect, do not expect something like that when the democrats are in power. >> now that we know that they have the research and they have known what they were doing, they cannot deny it and they cannot say we know we are healthy and we are good we can begin to pinpoint some of this in moving forward with online privacy, data security section 230 reforms are going to be things we will approach and do it with a bipartisan manner and therefore get something done to reign in the big tech companies. maria: then there's the censorship issue where they censor things that are against the democrat party like the hunter biden story right before the election you don't hear a word about the crisis unfolding of the border, look at these pictures were this week we sell 10000 plus, almost 11000 people
waiting under the del rio texas bridge to get apprehended, this is one day 10000 people waiting to get apprehended to come into the country and be legal and that's what happened they come in to get apprehended and they want to get apprehended so their legal and so they see a judge and that might be never, is anything going to happen with this border where were talking about 200,000 people a month getting apprehended and abided a administration is doing nothing about it, wide open borders. >> they want the wide open borders if you want infrastructure project build the wall, but this week we received notification that the faa has restricted drones flying over the del rio sector because the international bridge there in del rio they do not want the drone fruitage showing that
people are coming in. so the white house is in violation of the first amendment rights for news organizations is in who are wanting to see what is happening at the southern border. because there to prohibit that. they continue to try to suppress information, they are using their friends at big tech to do this. here is one final step 90% of all the facebook's users are outside of the u.s. and canada but facebook spends only 13% of their time pulling down this destructive and misinformation content in the 90% they use the balance of that time, the book of that time policing and censoring and primarily against
conservatives. >> is sound like the political operatives, not journalist but they want to make believe that the others are true. it's great to have you this weekend and will be watching your moves on all of this. thank you very much marsha blackburn joining us in tennessee. more wall street right after more wall street right after this.
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monitor, check and lock down you money with security from chase. control feels good. chase. make more of what's yours. maria: welcome back we have another big show for next weekend tune into wall street at a brand-new time for getting next friday catch us at 8:00 p.m. eastern every friday night right here. i will see you on fox news on sunday morning 10:00 a.m. live sunday morning on the fox news channel was "sunday morning features" have exclusive interviews with ted cruz, trump organization vice president eric trump, secretary of state mike pao and jason smith who is on
the budget committee we will talk about what gets through and the new spending package start smart every weekday on fox business and with "mornings with maria" 6 - 9:00 a.m. eastern "mornings with maria" is live on fox business join us every weekday. that will do it for us this weekend thank you for watching we hope you have a great rest of next time.d and i'll see y ♪ >> this week on the wall street journal large democrats into the final stretch of their plan to create an american welfare state will opposition within their own ranks doom the tax and spend finance, the biden administration chaotic retreat from afghanistan reverberates as