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tv   Maria Bartiromos Wall Street  FOX Business  October 2, 2021 11:30am-12:00pm EDT

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what i mentioned is j.p. morgan hedge equity in the two sister funds. jack: that is part of a great special supplement running and barron's on alternative investment ideas, thinking for years cover story, to read more checkout the supplement and the rest of the magazine and barron' don't f lenin scholarship should not be in control of the currency. it's a serious -- >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy weekend, everyone. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. another wild week for stocks. the month, the quarter for the markets ending lower. former raymond james vice chairman fred lane is here on how to manage your portfolio right now. plus, democrats in disarray as house speaker nancy pelosi struggles to connect her divided party behind a massive tax and
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spending plan. keyed moderate senators will not support. senator ron johnson joins me on the fallout coming up. and is fighting back against the biden border crisis, florida now suing the white house. the state's attorney general, ashleyed moody, is here to give us the new details on this legal battle as we're learning a group of 60,000 more haitian migrants are headed toward the southern border but first, take a look a back at this edition of "the week's talkers." watch. ♪ maria: how bad are these supply crunches that you're looking at? >> the situation's in a crisis mode, and for the port of long beach, as you reference end, we have now moved forward with one of our terminals for extended gate hours, a steppingstone for 24/7. maria: eight months into the administration where the republicans were trying to
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appeal, and now you've got jen psaki throwing it back at republicans. your reaction. >> it's really, truly one of the most incredible things i've ever heard anybody say from the white house podium. maria: how much longer are the american people supposed to keep hearing all of these lies out of the leader of the free world, the commander in chief? >> look, i think what was really important about the hearing yesterday is not just republicans in the senate saying he's lying, it was his own generals, in essence, saying that what he's been saying is not true. maria: here we are, a new month and a new quarter, we are in the fourth quarter. take a look at how markets ended, their worst september since 2011 and the worst month in stocks since the pandemic began. the dow and the nasdaq with declines across board of about 5% in the month of september. joining me right now is lane generational founder and managing partner, former vice ve
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chairman of raymond james, fred lane is here. fred, thanks very much for being here this weekend. i want to get your take on what priorities investors have as we approach the year end now and into 2022. what will drive markets, if your view? >> i think what will drive markets is the resolution of the covid situation. i think that's going to be very important. this merck covid pill similar to tamiflu from for the flu, obvio, is going to be an important thing. idea of taking a pill and knowing that if you contract covid, your symptoms will be substantially less, hospitalization risk is very low, all of that's very, very positive. yeah, we continue to be quite closed down in many areas of the economy, hotels, restaurants, travel, cruise ships, so on, and i think that until we get past this generalized fear in a certain minority portion of the population, i think marley
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elderly people -- particularly elderly people, it's going to hurt economy. who's going to want to work in the hospitality industry if you're at high risk? maria: not only that, all of these supply chain issues, right? we just heard in that peace from the director of the long beach port who told me he's not expecting any, you know, move back to normalcy til the second quarter of 2022. because of covid, a lot of these manufacturing facilities have been shut down. what is that going to mean for earnings? i can see it now, we're about two weeks away, and i'm envisioning companies coming up with excuses about why they reported weaker than expected earnings. they don't have products. >> i think you're absolutely right, that's exactly what's going to happen. if you don't have inventory, you can't generate revenues. so there's going to be a lot of, a lot of complaining about and guidance to lower earnings in the short term. you know, this idea that somehow
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the economy's going to come raging back makes a lot of sense, obviously. it did make a lot of sense except for the fact we have these tremendous supply chain problems, and they're global. it isn't just a function of what's going on in the united states. it's all related. covid's related, it's obviously the supply chain problems, i mean, many areas this asia have tremendous wreakouts of covid -- breakouts. obviously, shipping has been hurt. and, all of this feeds into inflation. you have this cycle of supply chain inflation, prices going higher, wage inflation, materials inflation, so all of this, to me, suggests earnings are going to be under pressure. and i think we're going to have an extended slow growth recovery in gdp. it's not going to be a v at all, it's going to be grinding it out higher as we get past all of these problems. and with that will come a lot of inflation, in my opinion. maria: fred, i know that you are increasingly bullish on some cyclical industries. you also like certain
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commodities. i want to get your take with what's going on with the price of oil. we've seen a huge move up with crude oil, brent, natural gas as well. do you think it keeps going higher, and is how do you make money on that? >> well, as i think you know, maria, i've never been a great fan of buying oil stocks, and yet the sector's so demonized and hated by so many institutional and retail investors driven in part by these esg concerns which i think are based on faulty met ricks in citizen many cases -- metrics. i think a lot of the esg measuring devices just aren't very good, and fossil fuels are now so demonized that i think it's a real buying opportunity. obviously, the price has reinforced that. 20 the % of the costs in this economy are tie to energy. energy's very, very important to us. and the idea that somehow renewables are going to carry the day is just, it's fanciful. you go to 2035 when biden says we'll have 70% of our energy
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supply by renewables, that's not going to happen. i'd bet my net worth on that. what is going to happen is other forms of fossil fuels continue to be very important, coal is declining, natural gas is increasing. we believe that the nuclear sector is going the to be important. i know you've spoken to this topic on your show in the past, and it's the green solution and so as a result one of the commodities we've been buying for clients is uranium-related stocks. maria: fred, thanks very much for being here this weekend. >> thank you, maria. my pleasure. maria: we'll see you soon. fred lane joining us there. speaker nancy pelosi struggling to get her party in line to pass trillions of dollars in social spending. senator ron johnson of the senate budget committee on the
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biden agenda hangs in the balance. speaker nancy pelosi facing a party deeply divided over a massive $5 trillion spending bill. senator ron johnson serves on the budget committee, and he joins us right now. senator, it's great to see you. thanks very much for being here. there has been back and forth, i know, all weekend as well as at the end of the week. tell me about the pushback. you've got moderates like joe manchin not wanting to pay -- not wanting to agree to a $3.5 trillion plan which we know is actually 5.5 trillion, can ask then you've got progressives like bernie sanders saying we're not voting for infrastructure if spending does not come first, right? >> well, what's interesting is joe manchin, it appears, has been very up front, straightforward for months saying what his bottom line is, and let's face it, he still wants to spend another $1.5 trillion. so it's not like joe manchin's not willing to spend some money, it's just that aoc and her gang,
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you know, bernie's budget, they want to spend at least $3.5 trillion which is really about 5-5.5 trillion, and it just doesn't sound like they're going to come to terms. oftentimes gridlock is the best solution here in washington d.c. gridlock between democrats is definitely the best solution. maria: so tell he in terms of -- tell me in terms of this tax and spend package. do you think that they will try to get higher taxes in another way? i mean, they want to raise all of this money, the biden administration also is talking about bank surveillance, putting banks in a position making them forced to report transactions of $600? or above to the irs? is that going to weaponize the irs? >> yes. the democrats are relentless. they'll keep working on this. i have heard from all kinds of constituents, banks and everybody who uses banks, they
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are outraged by this $600 proposal in themes of irs -- terms of irs tracking their activity. and, of course, we saw lois lerner and president obama's administration, how they weaponized the irs. so, no, elections matter, maria. elections matter a lot. i really do hope that americans are awakening to the urgency of this moment. we're at a hinge point. we need to turn america away from this path or off this path that president biden and the democrats are putting us on. maria: and that certainly feels like that's where this is going. i want to get your take on news at the end of the week from merck, because the drugmaker announced a new experimental oral truck for covid-19 -- drug for covid-19, senator. they say it reduced by 50% the chance of hospitalization or death for patients at risk of severe covid. your thoughts on this new drug. i should point out that merck's stock did very well on the news of this experimental drug, but i
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realize that merck also is the maker of eye bro member tin, and -- ivermectin, and this is a drug you've talked about being a purposefully good treatment for covid. >> listen, i am for whatever works to end this pandemic. i think it's just terrible that we have not emphasized early treatment, that we have not explored existing generic drugs. but the scales are so tipped in the advantage of big pharma and new drugs. when you have the fda demanding random control trials which cost a lot of money, generic drug manufacturers don't have the money to invest in the rct for generic drugs, so they're ignored. and, let's face it, quite honestly, all the incentives are for the big pharma companies to come up with a new drug. i don't know to what extent this new drug is the same as ivermectin, but we have not, our federal health care agencies have not looked at what's
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already in use, quite honestly. i'm talking to doctors all the time, they have treated hundreds of thousands of patients, they believe successfully, they've kept them out of hospitals, they've prevented death, but our health care agencies continue to have guidance that we do nothing until people are so sick they go in the hospital. this is unconscionable. i don't know how many hundreds, tens if not hundreds of thousands of people lost their lives because of this blunder on part of our health agencies. maria: well, it's pretty extraordinary because it shows that, you know, merck is looking at a whole new revenue base because of this new covid treatment and, obviously, ivermectin is still around. senator, before you go, i've got to get your take on the potential of a debt default. senator, i know that the republicans are are not going to help the democrats spend more money, but i have a report here that says the risk of default is the highest since 2011. janet yellen is urging the debt
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ceiling be eliminated as the government will officially run out of money on october 18th. your thoughts. >> first of all, if you responsibly manage the cash flow, there should be no risk of default whatsoever. you prioritize servicing the debt, you prioritize the important entitlement programs and then democrats just have to do what they've been doing in terms of partisan spending bills. they have every capability of increasing the debt ceiling to accommodate their deficit spending, and they should do so. they've been on notice since early august when i read that letter signed by 46 republican spending saying you've got the capability, raise the debt ceiling, we're not going to help you. apparently, they didn't believe those 46 republican senators. we're not going to help them. they need to take -- they need to be accountable for what they're doing to furthermore gang our kids' future. mortgage our kids' future.
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maria: senator, thanks so much for weighing in. great to see you, ron johnson. thank you, sir. >> have a good day. maria: and to you. fighting back against the biden border crisis now, florida is suing the white house. up next we will hear more from florida's attorney general as we're learning a group of 60,000 more haitian migrants are on (vo) singing, or speaking. reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.
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♪ maria: welcome back. more migrants on the way to the united states. panama's government warning 60,000 more haitians are headed north right now to the border, this as the department of homeland security secretary alejandro mayorkas admits tens of thousands of migrants have been released into america.
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it'll is now suing the biden -- florida is now suing the biden administration for allowing illegal immigrants to relocate to their state claiming this policy not only breaks federal law, but it is also costing the state millions of dollars. let's talk about that right now with the attorney general of florida. florida a.g. ashley moody is joining me. and, a.g. moody, it's very good to see you. thanks very much for being here. you visited the border with governor desantis already and were able to speak with the border agents. what did they tell you, and tell me what's behind your lawsuit. >> you know, this is no longer a border crisis, and i'm hoping that americans are paying attention. this isn't old politics as usual. the numbers coming across our border are astronomical, like we've never seen before. when governor desantis and i went there and talked to our law enforcement that were at that border trying to help out, they said folks coming to over would tell them they were intending to head to florida. and as we heard that more and
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more folks were being encountered and released into the interior, thousands and thousands compared to the last administration, we knew we had to step up and take action. you know, the up precedented level of -- unprecedented level of ineptitude or disregard for public safety immigration laws is astounding to me by this president. and i think we're going to feel the effects from this for decades to come not only in cost to taxpayers, in florida we're going to see we'll spend $100 million just incarcerating folks here illegally that are committing crimes, but it's also going to change lives dramatically, some forever, because of increase in crime. maria: well, i mean, the issue is that they're not telling us where they're placing any of these people either. mayorkas admitted that, you know, 15,000 people under the del rio bridge, the majority were let into america. and thousand we've got this -- and now we've got this report that the dhs secretary mayorkas
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says that 400,000 people are expected to be apprehended this month, in october. that would be double what we've been seeing every month. it's been 200,000. and, by the way, a a.g. moody, that doesn't even include the gotaways, those people who are seep on surveillance cameras that got into the country and just got away. we don't know what their intentions were. >> the numbers are horrifying, and thank you, maria, for pointing that out. this is what shocked governor desantis and i, the amount of folks coming in that are not being detained properly according to law, they're just being released into the interior and saying, hey, when you feel like it, show back up. it is a completely irresponsible, reckless, dangerous, and relate me tell you about -- let me tell you about you're talking about the increase of hundreds of thousands of folks coming over our board. this is a crisis like we've never seen, a complete dereliction of duty by a president. in just is one year, the
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difference between 2020 until the time up to now in 2021, we've seen folks detained coming over the border in terms of criminal convictions quadruple. in terms of the murder convictions that we're encountering, 17 times murder convictions. that's just what we're encountering. so what we're saying, governor desantis and i are saying, pleading and demanding in court, look, you don't know who you're letting in this country, and that's because you're not following federal law. congress put laws in place for a reason, and that was to protect this nation and its people. governor desantis and i are stepping up on behalf of florida. i hope other states will do the same for their people. maria: well, it's really you're being forced to do this because this is a cost on your state. give us a sense of what this means. more people, potential for more crime? what is the cost? you said $100 million it's going to cost for some areas in florida. where do you get that number?
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>> absolutely. hundreds of millions of dollars. and that's just to incarcerate those here illegally that are committing crimes in our state. now, remember, the federal government has said, hey, states, you have no authority to deport anyone. you have no authority to do anything. we're going to handle that, we, the federal government. but yet this president and his administration are saying, nope, we're not even going to do it. so to be clear, they tie the hands of the states, they've told our sheriffs to release criminals back into communities, now they're saying they're not going to deport those thousands that are coming over already with criminal convictions. think about vulnerability of our communities across america. it's astounding, it's unconscionable, and the american people -- regardless of politics -- have to stand up and demand better from this president. maria: yeah. it really is astounding, i have to agree with that. it's just extraordinary. we will be watching, a.g. moody,
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thanks very much for being here and for your strength in holding the line. florida attorney general ashley moody joining us. >> thank you. maria: don't go anywhere, more "wall street" right after this. ♪ ♪ to run a growing business, is to be on a journey. and along the ride, you'll have many questions. challenges. and a few surprises. but wherever you are on your journey. your dell technologies advisor is here for you - with the right tech solutions. so you can stop at nothing for your customers.
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♪ i'll be here to hear what's on your mind ♪ ♪ take this time to talk and get it right ♪ ♪ you know i'll be there ♪ ♪ all your life ♪ ♪ when you need me i'll be by your side ♪ [narrator] little everyday conversations about the dangers of underage drinking can make a big difference in a child's life. talk, they hear you. maria: welcome back we have another big show for next weekends make sure you tune into wall street every friday night at 8:00 p.m. eastern don't forget our time is 8:00 p.m. we will see you again next friday. i will see you on the fox news channel "sunday morning features" is live on the "fox news sunday" at 10:00 a.m. eastern i have guessed marsha
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blackburn, steve scalise, and cass patel, all on sunday. plus on fox business start smart every weekday with "mornings with maria" on fox business we hope you will start your day with us every weekday morning. that will do it for us this weekend, thank you for being weekend, thank you for being with me i hopop (announcer) the following is a paid presentation furnished by rare collectibles tv, llc. (announcer) the morgan silver dollar is without a doubt the most iconic coin in united states numismatics history. designed by united states mint assistant engraver george t. morgan, this silver dollar series was minted from 1878 to 1904 and then again for one year in 1921. the morgan dollar is nearly an ounce in weight and has a 90% silver content thereby containing over three quarters of an ounce of pure silver.


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