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tv   Mornings With Maria Bartiromo  FOX Business  May 9, 2022 6:00am-9:00am EDT

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watching and that is kudlow and have a great week. maria: good monday morning, everyone. thanks very much for joining us this morning. i'm maria bartiromo. it is monday, may 9th. your top stories, 6:00 a.m. on the east coast. markets are selling off again, but first left wing protesters taking the legal fight over abortion to the front doors of supreme court justices, rallying outside of their private homes with no pushback from the white house. senator ted cruz yesterday on sunday morning futures expecting a senate democrat vote to try and codify roe v wade into law this week, saying the leaker
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will be found out. >> it is almost certainly one of those 36 law clerks and i think it's almost certainly one of the 12 law clerks that are clerking for the three liberal justices. that is a small suspect pool. beyond that, look, you and i have known a lot of supreme court clerks, many of them are book smart. very few of them are street smart. maria: more on that coming up. meanwhile, interest rates are spiking right now, we are on inflation watch ahead of key inflation indicators out this week, april's consumer price index and producer price index released on wednesday and thorps. and thursday. each expecting to show inflation well above 8%. interest rates right now on the move, the 10 year now spiking close to 3.2%. it is up 5 and-a-half basis points, right now. and as rates go higher, stocks are going lower. take a look at futures, the dow
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industrials expected to be down 401 points, the s&p 500 down 63, and the nasdaq lower by 240, that's almost 2% right now, s&p down 13 and-a-half percent year-to-date. stocks fell last week if in a very volatile week as the federal reserve raised interest rates. the markets right now on the week showing a decline of about a quarter of a percent because we had the best and the worst day last week for stocks. the nasdaq down 1 and-a-half percent on the week, but down 22% year-to-date. let's check the price of oil this morning. pulling back on news that chinese demand is slowing and there are concerns that that continues ahead of the european union's continued talks of a russian embargo. the price of brent down 1 and-a-half percent, the price of crude down almost 2%.
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european markets are under selling pressure, take a look at the eurozone, ft 100 down 89, cac down 79 and dax index lower by 129. we are talking about one and a quarter percent moves lower in europe. asian markets mostly lower overnight. the hong kong was closed for a holiday but take a look at where we stand with the nikkei down 2 and-a-half percent overnight. meanwhile, a new cnn poll shows more than half of americans oppose the biden administration's plan to lift title 42, now two weeks away. lieutenant christopher olivares will join me at 6:45 a.m. to discuss title 42 going away. "mornings with maria" is live right now. ♪ if you want to be my lover, you got to get with my friends. ♪ make it last forever. ♪ friendship never ends. ♪ if you want to be my lover, you have to give. ♪ taking is too easy but that's the way it is.
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maria: your morning mover this morning, take a look at uber shares, down about 2 and-a-half percent right now. the ride sharing ceo says that the company plans to cut down costs and treat hiring as a privilege. uber reporting better than expected earnings last week, telling investors it will be full year cash flow positive in 2022 for the first time in its 13 year history. the stock is down 38% year-to-date as lyft has also been charging 10% lower on a per mile basis. the industry getting more competitive. we are watching the space. futures are selling off once again this morning after a volatile week last week. we are expecting a decline of better than 400 points at the start of trading this morning. we're talking about a one and a quarter percent selloff for the dow industrials, the s&p 500 down 64 points. that is down 13% year-to-date. the nasdaq down 22% year-to-date, is down 245 points
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right now, that is almost 2% lower. stocks are selling off as interest rates move higher after the federal reserve raised rates last week that a look at the 10 year treasury yield, reaching a three and-a-half year high last week, up 3.2% on the 10 year, joining me to talk about markets is er shares ceo joel shulman. joining the conversation can all morning long this morning is fox business' dagen mcdowell and fox news contributor liz peek. great to see everybody this monday morning. thank you so much for being here. joel, kicking things off with you. with a market that is troubled clearly and wondering, questioning whether or not the federal reserve is going to be able to give us this soft landing that they said that they could and that is taking interest rates all the way up while not taking the economy into recession, how do you feel about it? >> it's going to be tough to have that soft landing. we're looking at 3.2% as you mentioned on the 10 year bond, maria. it's going higher. we have to remember that 30 year
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mortgage rates went up 2% year-to-date. and we've only seen about 1 to 1.2 on the 30 year treasury. so i think we're going to be seeing treasury especially on the 30 year going up to 4% sooner rather than later. you mentioned marchs -- markets are up this morning. last week we had unemployment numbers and job growth. 3.6%, what's interesting, we have wages which are rising and we have also layoffs which are rising and the two seem to be counterintuitive. you usually see layoffs corresponding with wage decreases and so forth. there's a lead lag variable. inflation on wages is sticky. we're going to see more and more problems as home affordability increases and as companies are getting squeezed, particularly financial services and restaurant industries getting squeezed with higher prices and higher wage costs, lower margins. maria: and of course we're going to get the latest measure on inflation this week.
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that is the number one issue on the agenda for investors this week. we'll get the april consumer price index out on wednesday. and then on thursday the ppi. here are the expectations. consumer price index expected to be up 8 and-a-half percent year over year. it was up 8 and-a-half percent in march. we're expecting it to pull back to 8.1% for the estimates for the month of april. but look at the producer price index, up 11 and a quarter percent in march, producer price is expected to stay elevated for april. we get that number out on april. how -- on thursday. how closely are investors focused can on this report on wednesday and the other on thursday? >> they're very focused on it. we're plus 8% year over year in both numbers, little higher for ppi. we'll see that on thursday. if we see good news, if we see inflation peak and so forth, we should expect to see some modest rally but then we're going to have to monitor the -- later on, wages, people have to focus on wages and again the housing
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prices and the home affordability will be the big issue going forward, particularly in q2. home affordability is among the lowest we've ever seen. this is going to be a problem. people in the entry point, the if they lose jobs they have little slack to fall back on. we could see things unravel pretty quickly because of home affordability and those most exposed to losing their jobs. maria: that's a great point. dagen, the point you've been making repeatedly is that it's not just the fact that the federal reserve has to raise interest rates. but it's got to unwind this $9 trillion balance sheet and they were buying securities like three seconds before they started raising rates. how do you see things, taking then. dagen: the market -- dagen. dagen: the market is telling jay powell and company they're too soft on inflation, that bond investors have essentially said to the federal reserve you're not going to raise interest
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rates more quickly, you're waiting until next month to start drawing down that balance sheet and starting kind of in a small way not a big way. well, then, we're taking longer term interest rates up. that's why you've seen selling in bonds with yields going up because they're standing back, saying -- they're sending a message that, again, the fed's not being aggressive enough on inflation. historically, the short-term overnight lending rate needs to be above the inflation rate in order to tame run-away inflation. and we basically didn't get much. you've got a 1% fed funds rate and inflation running at 8 and-a-half percent. that is insane. and to think that inflation is really going away, i keep pointing to diesel. again. this morning, he diesel prices are at an all-time high in the united states. at $5.54 per gallon, this is the
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fuel had that moves the economy. this will filter through to figure and everything in this country in terms of inflationary pressures and watch gasoline because the refiners are switching to diesel at a time when they need to be refining motor fuel. that's going to happen, regular unleaded and so you're going to see possibly new record highs for americans moving into the summer. maria: yeah. because the summer is the peak driving season. you have to expect gasoline could go up in the coming months. dagen, i don't even know if jay powell believes what he's saying. remember last week in the press conference, they were asking him are you going to be able to have a soft landing and he said, well, we're looking for a softish landing. right? that's the word he used, dagen. dagen: i said that that's like when you ask somebody is that bread stale and they go it's softish. that kind of sums up the economy.
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it's a very -- if the economy's as strong as he acted like in the press conference last week, then he needed to be certainly more forceful on inflation in the language and they should have started drawing down the balance sheet at that day and they didn't do it. maria: yeah. and that's like universal thought that they've been behind the curve, right. and by the way, stephanie pomboy told us so long ago, dagen, that the markets were not going to allow the federal reserves to raise rates in a string of rate hikes because of this reason. she will join us later on in the week. joel, energy has been the only place to be here, energy up 20% year-to-date. what are etf investors doing right now what do you seize in terms of movement within the etf universe at er shares? >> right. well, we're seeing a lot of money moving actually out of etfs, out of domestic etfs in particular. and there's very few places to hide. i mean, we're seeing periodically some companies coming out with blow-out
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earnings. investors are selling the next day so they're not able to hold ontheir gains. energy is holding off, of course staples. but we -- maria: great to see you this morning. >> thank you very much. maria: thank you so much, joel. we'll see you soon. have a good monday. joel shulman, we're just getting started. coming up, quick break and then the white house seemingly giving the green light to growing protests in front of the homes of supreme court justices. we will get into the weekend of chaos when we come back. the crisis at the southern border reaching a fever pitch as more americans say no to lifting title 42. it's going to get ugly in two weeks' time. joining us in the 8:00 a.m. hour, i'll be speaking with pennsylvania senate candidate david mccormick on the tightening primary race. the race is coming up in a week. don't miss a moment of it. you're watching "mornings with maria" live on fox business.
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maria: welcome back. well, pro abortion protesters planning to target supreme court justice samuel alito's home tonight after heading to the homes of chief justice john roberts and justice brett kavanaugh over the weekend. the white house is facing criticism for not specifically condemning intimidation of the justices but said sunday protests must be peaceful of free of violence, vandalism or attempts to intimidate, all of which president biden condemns in any case. senator ted cruz joined me on sunday morning futures yesterday, saying the administration's soft response to the mob falls well short of the mark. >> it was shameful that the white house refused to condemn violent protesters, threatening the families of the supreme court. it is disgraceful and joe biden used to be chairman of the judiciary committee. joe biden knows it's disgraceful. he's literally threatening the lives of these justices by the mob they're unleashing.
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maria: i mean, dagen, he's making the point that joe biden knows very well about the intimidation tactics and he knows how bad this is, having been the chairman of the senate judiciary as a senator and yet no comment from joe biden or jen psaki who says oh, yeah, we don't know where they're going to protest or what they're going to do but we're fine as long as it's peaceful. dagen: that's how pathetic this administration is, that they can't stand up and -- simply say people should not be protesting in front of the homes of supreme court justices. and that releasing their addresses is wrong. they can't say that. but this is not something new. the wall street journal wrote an editorial that points out that majority leader chuck schumer back in march of 2020 as the justices were considering a previous abortion case, chuck schumer in all of his liberal
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lunacy stood up and said i want to tell you gorsuch, i want to tell you, kavanaugh, you have released a whirl wind and you will pay the price of. you won't know what hit you if you go forward with these awful decisions. that language was actually condemned by chief justice roberts but what did you schumer mean by the whirl wind? so again, this is dangerous. let's call steve scalise and ask him how a left wing lunatic can be dangerous. and where's merrick garland on this, the attorney general of the united states. it is against the law to threaten federal judges. it is a crime. a federal crime. and that includes acts of vigilantism. he needs to stand up and start protecting and investigating. maria: they don't answer because it's what they want.
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look at james freeman's op-ed for over the weekend. he's quoting representative bass, saying i think it's going to be curious as to who the person was, i'm glad it was leaked because now maybe the justices will rethink this. that's the point. they want to affect the decision and pressure them into it. so that's why the white house is not defending and saying don't go to justices' homes. they want the decision changed, liz. liz: he yes. and it won't happen, maria. i think the idea that you can intimidate these people into changing their judicial opinion is ludicrous. this is another example of the two sides of our justice department, right. parents are protesting at school boards, their children being raped by other children, and they get called into court or arrested but meanwhile we have people probably threatening the lives of some of these justices. the ridiculous thing about this
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is before it all happened, the white house refused to condemn the leaking of the addresses of these justices, refused to condemn just straight-out say it was wrong to threaten protests at their homes which is wrong and possibly illegal. i think it's really an appalling sequence of events but the bottom line is, they are not going to change the p opinion of the supreme court. so this is all thee tear. what -- theater. what they should be doing is trying to convince americans of their point of view and rallying voters to uphold their point of view. that's the right response. this is the wrong response. maria: yeah. exactly. we are going to take a short break. when we come back we have a market that is selling off again. dow industrials down another 400 right now. then this, vladimir putin attempting to justify the invasion of ukraine with a victory day parade today. the world war ii victory day parade. we will get into it.
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plus, elon musk's cryptic tweet puts everyone on notice including his own mother. we are on it in the hot topic buzz when we come back. ♪♪ ♪♪ ♪♪ ♪♪
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the free world and united europe. this is an obvious contrast toes moscow's loneliness and evil and hatred everyone will see tomorrow. russia has forgotten everything that's important to the victors of world war ii. ukraine and the free world will remind them. maria: that was ukrainian president zelenskyy speaking ahead of russia's victory day today, celebrating moscow's win over of nazi germany in world war ii. russian president vladimir putin spoke at the parade earlier this morning, casting his war on ukraine as a continuation of world war ii. putin also calling the war necessary because the west was, quote, preparing for the invasion of our land. putin said. joining me now is former cia station chief who served in moscow and fox news contributor, daniel hoffman. it's good to have you this morning, thanks very much.
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looking at the pictures of the victory parade in moscow is disgusting. make the case here in terms of what they're doing. what are we supposed to think about this as russia continues raining destruction on ukraine? in real-time. >> the victory day is ex storen extraordinary sacred day in russia as well as other former soviet republics like ukraine. president zelenskyy's speech was the eloquent one today, not putin. vladimir putin's war is his war, it's been a failure. putin failed to topple zelenskyy's government in the first few days of the conflict. he failed to capture kyiv. he had to withdraw, resupply forces belarus and he is raining down hell on the dunbas, trying
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to create a land bridge. in the process, killing innocent civilians in ukraine with impunity. just over the weekend there was a russian attack on a school where reportedly 60 civilians were killed. the death and destruction carry on while putin tries to create this image in the minds of russians that the conflict against nazi germany is somehow interwoven with the present day russian aggression against ukraine. nothing could be farther from the truth and more and more russians are poking holes in russia's digital iron curtain, getting the real news out of ukraine, not to mention the fact that so many russian soldiers aren't coming home to their parents. maria: i mean, we really -- it's an important reminder of what took place in world war ii. for people to understand what could happen. how would you assess what's going on in ukraine right now? first lady jill biden made a surprise mother's day trip to
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ukraine. she met with zelenskyy's wife, canadian president justin you jn trudeau also visited kyiv yesterday. what do you think this says? >> i think president zelenskyy summed it up really well when he said this is a war between two world views. ukraine is on the fault line between democracy and totalitarianism and ukrainians are fighting and dying for liberty and freedom and democracy, everything we hold near and dear enshrined in the constitution and bill of rights. the biden administration said we will he defend every inch of nato territory. ukraine is working to defend and counter russia's brutal agletion. aggression. maria: what was the point of jill biden's visit. president biden hasn't p visited ukraine. china is making its own plans.
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you saw what the cia director said, saying china is closely monitoring russia's war on ukraine. watch this. >> chinese leadership is trying to look carefully at what lessons they should draw from ukraine about their own ambitions in taiwan. i don't for a minute think that it's eroded xi's determination over time to gain control over taiwan. but i think it's something that's affecting their calculation. maria: i mean, all of this, dan, as china says it carried out drills over the weekend near taiwan to improve joint combat operations. what is china doing? >> yeah, that that was air a nal combined military exercises with china over the weekend. china is trying to keep up the pressure over taiwan. xi jinping has to be concerned that zelenskyy has awakened the west from the post war slumber and the newly reinvigorated
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commitment to support democracy in ukraine can be transferred to support taiwan as well. make no mistake, china will learn a lot of lessons here. they're cognizant they can't allow a war to carry on as russia has for three months. they would need to attack taiwan and a end the war quickly. taiwan needs to create the porcupine defense and deter china from attacking in the first place. the challenge is what taiwan needs, stingers ox javelins, is what's needed in ukraine and there's concerns with the supply chain being able to provide that to taiwan. maria: daniel hoffman joining us. quick break and then we're looking at markets this morning, down 400 plus on the dow. stay with us.
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now. cheryl. cheryl: maria, first to georgia where three people were killed and another three injured at an apartment complex just outside of atlanta on sunday. a manhunt is underway this morning for the suspect or suspects responsible. and then staying in georgia, target shoppers in suburban atlanta scrambled for safety after a shooting on saturday. one person was shot in the arm and is expected to recover. the suspect immediately arrested. the accused shooter knew the victim. witnesses say shoppers and employees helped one another get to safety as quickly as possible when the shooting started. in philadelphia, two people are dead and four others hurt in three separate shootings, all of the violence occurring in a two hour span on mother's day. arrests have not been made in any of the shootings. well, we continue to follow the tragic story coming out of the bahamas, a woman is in serious condition after getting sick at a sandals resort where three
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other americans mysteriously died. the symptoms were said to include convulsions. some doctors say they may narrow down possible causes. other guests have posted on social media they believe the deaths were connected to faulty air conditioning units in the rooms. sandals issuing a statement, saying we are actively working to support both the investigation and the guests' families in whatever way possible during this difficult time. one of the victims has been ided as vincent shiroela of birmingham. ford is reportedly selling a large portion of its stake in rivian, 8 million shares. the once high flying electric vehicle maker has been under pressure with the stock down more than 50% in the first quarter of the year. year. rivian went public at the end of last year. both stocks are down in the premarket. rivian is down almost 9%. and finally, this, maria.
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rock star bono held a surprise 40 minute conference in ukraine in a subway shelter turned bomb shelter the. he was joined by his youtube band mate the edge, performing for the ukrainian troops, telling the soldiers we pray you will enjoy peace soon. ukraine president zelenskyy invited them to do the show as a sign of solidarity. maria: i love that bono did that, cheryl. a big shot hollywood lawyer paid off the delinquent taxes of hunter biden, amounting to $2 million. entertainment attorney kevin morris has been footing the bill for biden's lifestyle in los angeles, including rent and living expenses and advising him
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on art sales as well, as hunter awaits the results of an investigation into his personal finances by a grand jury in delaware. joining me now to talk about that is north carolina he congressman, ted bud, a member of the house financial services committee and candidate for u.s. senate. thank you for being here this morning. we're going to get to hunter biden in a moment. first, have to get your take on the nervousness on wall street and for investors, this market is down 15 to 22% year-to-date. we've got another 500 point selloff right now as investors worry about a recession. the federal reserve raising interest rates, inflation at 40 year highs. what can you do about it? >> all this comes down to the consumer and what the biden administration has done to destabilize things for them. i mean, we saw tremendous gains in the lowest quartile of earners under president trump. we saw unbelievable low unemployment rates for women, for minorities, for hispanics and right now you're seeing
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uncertainty which is leading to volatility. we're seeing the highest inflation in over 40 years. and that's a different measurement than we used to use 40 years ago. now it's core inflation which doesn't deal as directly with food and energy and every day we need food and energy and it's making it harder and harder on american folks out there. this comes down to energy production for us. i mean, this is planting season. we're on the back end planting season in north carolina. the input costs, fertilizer costs, diesel fuel costs are up. we're not out of the woods. this could be tougher in the fall on food supply chain, other things which directly impact those who are having a hard time and struggling such as our american consumers. maria: i mean, look, the administration does not want to talk about this. they have come up with this disinformation board so they can control the narrative. they're not looking at inflation, the idea that this economy may very well be teetering on recession and then
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we've got this story about hunter biden that this hollywood lawyer is paying the bills for his taxes that he was supposed to pay. where is this going? is there going to be an investigation from congress on what took place here in terms of influence peddling for a sitting vice president, now a president? >> maria, as you know, when i'm in my hearings, when i look behind me my chairwoman is unfortunately maxine waters. i can say anything i want to in the five minutes i'm allotted during a hearing. i can't control what the hearing is about. that's why we need to win the majority in the u.s. house and senate. that's why i'm running for senate to hold the biden administration accountable. and let's gwynn the presidency in -- let's go win the presidency in 2024. the real question is, the american people are asking how deeply is the biden
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administration compromised. maria: well, you've got this corruption that is basically unfolding in plain sight and yet policies that the american people care about are completely against them. now you've got the leaders of the g-7 countries p pledging to ban or phase out russian oil imports during a virtual meeting yesterday with ukraine president zelenskyy, this pledge coming as the european union continues talks to phase out russian oil. that will be less oil on the market. where is europe going to get the oil? the policy of this country is pretty much attacking fossil fuel companies. so where is this going? >> look, the leadership right now, the biden administration has this completely backwards. we saw on day one that they stopped the xl keystone pipeline and yet at the same time within a few weeks they endorsed nord stream 2.
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which lined the coffers of the russian republic, which emboldened them to invade ukraine. it's an awful chain of eves ents. what you see -- events. what you see going back to afghanistan and the way that joe biden exited from there, it was american weakness on display. it emboldened china, russia, north korea and iran who we're asking for oil from. you can't make this stuff up. this goes back to us being american strong and part of that, not only for american consumers at the grocery store, is let's drive down the cost of american petroleum production which strengthens america and makes it safer for the rest of the world. we should be a net exporter that we were under president trump. i can tell you, maria, we didn't have these problems under president trump. but we do now under biden. putin was contained under trump but he's not under joe biden. maria: yeah, dagen just said she thinks oil prices, diesel prices are going to go higher coming up in the peak driving season this summer. is that what you're expecting, that prices for oil and gasoline
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are going to even higher from here? >> well, the president's administration, the biden administration has a war on petroleum products and they're not doing anything to increase the supply. nothing has happened more in the 20th and 21st century other than production to increase the life span of americans, to increase the life span of the world population, it's all about energy production. we have to get back to the fundamentals. maria: congressman, thank you very much. we'll be watching and of course we'll be watching senate race, congressman ted budd joining us. quick break and then the danger of lifting title 42. we have a wide open southern border right now. the biden white house officials are saying ending the policy will lead to a drop in border crossings. yes. that's what they're wanting us to believe. the majority of americans say the opposite. the very latest coming up. then, gasoline prices on the rise, markets are in the tank. the new alternative spots americans are finding with the cheapest gasoline.
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we've got a live report. you're watching "mornings with maria" live on fox business.
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release works with your body, not against it, so you can put dieting behind you and go live your life. head to now to join the over 2 million people who have found the right way to lose weight and get healthier with golo. maria: welcome back. new exclusive video this morning of the chaos unfolding at our southern border, the take a look at this. members of the texas department of public safety and u.s. border
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patrol chasing down a smuggler with nearly 500 pounds of marijuana. the smuggler getting away after driving his truck into the rio grande river and swimming across back to mexico. this as the senior dhs official now predicts migrant encounters at the border will go down when the biden administration lifts title 42 later in just two weeks. joining me right now, the texas department of public safety lieutenant, christopher olivares. lieutenant, it's great to see you. what do you make of the biden administration telling us that when title 42 is lifted, the number of encounters will go down? >> good morning, maria. thanks for having me on. great to be with you. that is not a logical response, that is not a viable solution to the border crisis. i don't see how they could say these numbers are going to decrease. i'm speaking firsthand what i see by being on the front lines with our men and women of texas dps, military, border patrol partners. what they tell me and what sources tell me, this number is not going to decrease. it's going to get much, much
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worse. now are you essentially messaging these immigrants to make it to the border because they will be released because title 42 will be lifted. with all that being said, there's still -- they're still advocating for the lifting of title 42 without having an effective policy in place to help decrease the number of immigrants coming across. right now we're seeing thousands of immigrants that are being held right now, actually waiting in mexico, different parts of mexico along the border, this past week in laredo we have thousands of haitians that made their way to the border waiting for the anticipation of title 42. they know one it's rescinded had they will be released to the united states. maria: the administration thinks they can just say things and then they become fact or truth. that's why they're coming up with this disinformation board so they can make statements and just say that's fact. it's the disinformation board that said it. even if you've got eyes on the ground. you're literally in the crosshairs on the front lines of
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this disaster, telling us the truth of what's actually happening and the american people know it. lieutenant, look at this new cnn poll. it finds 57% of americans say now is not the time to end title 42. the last time we spoke, you told me that we're going to go from 7,000 encounters a day to something like 18,000 encounters a day. but you didn't include the got-aways in that, lieutenant. what's the story with the got-aways, those people seen on surveillance cameras who get into the country and we don't know what their intentions are. >> right, maria. that poll right there shows you both sides of the aisle, they are not in favor of lifting title 42. and that's a good point right there. when we go back to what that comment or that statement was that these numbers are going to he decrease by lifting title 42, we're not taking into account the got-aways. last year, 4,000 known got-aways, the number is much higher, this year the first six months there were 300,000 known
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got-aways. they're not taking that into account. that's the focus on why the state of texas and governor abbott launched operate lone star because we weren't focused so much on immigration, we're focused on supporting federal partners. we know they're overwhelmed with the constant processing. we want to focus on the criminal organization that's are using this crisis. fentanyl is the number one killer of people age 18-35. the criminals, we made over 15,000 criminal arrests, 12,000 are felony arrests and take into account the illegal proceeds, u.s. currency weapons of we've seized $38 million and 5,000 weapons associated with criminal activity making its way to the cartels to supply the cartels. we've p taken away those profits. that's what we want to focus on, going after criminal organizations, also exploiting our young adults with social
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media. maria: they're luring young teenagers to be get-away cars with all of the money, they're doing this on tiktok. i want to get back to the drugs and illicit narcotics for a second. we know that fentanyl, the underlying components of fentanyl are made in china and then they traffic it through mexico. when i was at the border, my sources told me that china and chinese individuals were willing to pay up to $50,000 a head to get in and i know recently the texas border patrol and the dps, your team, stopped three individuals, chinese individuals, and they were trafficking narcotics. how much do you think will pay to get chinese individuals in here? because normally we talk about the northern triangle, talking about guatemala and el salvador and you mentioned haitians that are coming in as well, haiti. what is the difference in terms
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of how much these people pay the drug cartels? >> so we know right now, maria, immigrants are coming from over 157 different countries. we know the special interest immigrants such as chinese that you saw in the video right there, we've had several cases which are very rare to actually see human smuggling cases. that was in the del-rio sector. they're paying up to $50,000 a head, per person be. i told you they were paying the cartel the, the criminal organizations are making over $100 million a week, just on human smuggling. that was last year's numbers. they this year's numbers, you take that into account, they've doubled. they're doubling profits and they're going to triple profits once title 42 is completely rescinded. that's why our focus is to go after these organizations, to he focus on criminal organization that's are exploiting the crisis. remember also, every single adult, child, anybody that comes across the river, they're paying a fee to the cartels. essentially the federal government is allowing cartels to become more emboldened and
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more powerful with constant profits they're receiving because of human smuggling. maria: that's unbelievable ex what you just said, -- unbelievable a, what you just said, chinese are willing to pay 40 to $50,000 a head and drug cartels are making $200 million a week on just human smuggling, that doesn't include the drugs. lieutenant, thanks very much for your work, lone star operation. we appreciate all of your work, you and your colleagues protecting america. thank you, simplet we'll keep watching. >> thank you so much. maria: and stay with us. we'll be right back. 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, so her son can get set up there and start his own financial journey. that's because these moms all have chase. smart bankers. convenient tools. one bank with the power of both.
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maria: time for the hot topic buzz. elon musk putting twitter oven notice with this tweet, quote, if i die under mysterious circumstances, it's been nice knowing ya. this after a confrontation with russia's space ministry, musk's mother responding to her son, saying that's not funny. but when he put out the tweet, many people on twitter, the response to this cryptic tweet was that it had something to do with the clintons. isn't that interesting. he says if i die under mysterious circumstances it's been nice knowing you. everybody responds, saying what do the clintons have on you. liz: i don't think it's anything to do with the clintons. what's wonderful, musk responded to requests to put his satellite
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system in place, it afforded ukraine incredible internet access which was probably going to be wiped out by the russians. so i love the fact that elon musk once again has sort of come to the rescue and provided a serious service in this case really protecting ukraine's ability to communicate with the outer world. by the way, he has since tweeted saying i am going to try to stay alive. i thinks he's trying to make his mother feel better. mother's day, after. maria: yeah. that's right. but dagen, that's not the response from other twitter users. they thought he was talking about the clintons. dagen: yeah. i thought that was funny. it was definitely dimitri he rosen who tweeted at him and was threatening him and by the way, this is the russian space chief. his twitter account is now made private. so he's not so powerful after all. maria: dagen and liz, stay right there. the next hour of "mornings with
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maria" begins right now. ♪ maria: and good monday morning, everybody. thanks very much for joining us this morning. i'm maria bartiromo. it is monday, may 9th. your stories, 7:00 a.m. on the east coast. today the stock selloff resumes as interest rates spike and investors worry that the federal reserve's ability to reverse 40-year high inflation, all this ahead of he key inflation indicators out this week. take a look at futures right now. we have a serious selloff underway. the dow industrials down another 524 points right now, that's 1 and two thirds percent. the s&p 500 down 80 points, almost 2%. and the nasdaq the hardest hit, down better than 2% right now, 300 points lower on the nasdaq. markets have been in turmoil all year, take a look at last week where we had the best and the worst day of the year and that
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evened us out. dow industrials and s&p 5 pretty much flat. nasdaq down 1 and-a-half percent. year-to-date tells the story of investor nervousness. year-to-date markets are down in the double digits. dow industrials probably the best performer, down only 9 and-a-half percent year-to-date. nasdaq down 22% year-to-date, s&p 500 lower by 13 and-a-half percent so far in 2022. one of the major issues, interest rates are rising and this morning the 10 year treasury is kissing up to 3.2%. this is off of the highest levels of the morning by the way, you got the yield up 4 and-a-half basis points right now at a level of 3.182% on the 10 year. this as we look ahead to the april consumer price index this week, out on wednesday. this is going to be the report to watch. april's consumer price index expected to be up two tenths of a percent month over month, 8.1% year over year.
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the producer price index is out on thursday. another very closely watched report. we are expecting the ppi to be up above 11% when that is reported on thursday. we will talk more about this with the committee for a responsible federal budget president maya mcginnis at 7:30 this morning. hear her thoughts on the economy as from rates go higher. oil prices are pulling back, worries about chinese demand with the shutdown continuing in shanghai. also ahead of the european union's continued talks of a russian oil embargo. the price of brent is down 2%. crude oil, 107, 23, down 2 and a third percent right now. european markets are lower along with the wall street indicators. you've got the eurozone under selling pressure, ft 100 down 134, the cac down 127, the dax index down 237, this is the low of the morning in europe right here. asian markets mostly lower overnight, hong kong was closed for a holiday but the others
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were mostly lower with the japanese market down 2 and-a-half percent on the nikkei. meanwhile, hysteria in the streets, this weekend, left wing protesters taking the legal fight over abortion right to the front doors of supreme court justices. rallying outside of their private homes with no pushback whatsoever from the white house. senator ted cruz on sunday morning futures expects the senate democrats to vote to try and codify roe v wade into law this week and says the leaker will be found out soon. >> only one of those 36 law clerks and i think it is almost certainly one of the 12 law clerks that are clerking for the three liberal justices. that is a small suspect pool. beyond that, look, you and i have both known a lot of supreme court clerks. many of them are book smart. very few of them are street smart. maria: and then this, as a new cnn poll shows more than half of
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americans oppose the biden administration's plans to lift title 42, now just two weeks away. "mornings with maria" is live right now. and it is time for the word on wall street, top investors watching your money. and we watch the declines this morning with the dow down 500 points. joining me now is bull tech capital markets chief strategist, katherine rooney vier ray and michael lee strategy founder, michael lee. great to see you both this morning. thank you so much. it's another day, a new week, we've got the same old selling underway. futures are declining about 500 points right now as interest rates move higher, mike. we are looking ahead to the key inflation data this week. that's going to be the big focus when we get the april consumer price index out on wednesday and the april producer price index out on thursday. your expectations and what a do you make of this selloff in stocks this morning? >> well, maria, inflation is the key driver of asset price
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movement in 2022. so the stock market's not going to stop selling off until the bond market stops selling off. the bond market is not going to stop selling off until we're confident that inflation has -- the rate of change of inflation has moderated. we're going to get two very big year over year headlines this week, i say to investors and people watching, that's not what's important for what's going forward. this year is the first year we've had stocks down double digits in the first five months and bonds down double digits in first five months. it's because in january, february and moore we've had too high of p month over month increases in inflation. at this point in the cycle, we should have very low numbers on a month over month basis. so first is the cpi, we're looking at 0.2% month over month increases on core inflation. so excluding food and energy. and then on ppi we're looking at
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half a percentage point on a month over p month basis. if these numbers can stay low over the next couple months i think we can probably see a bottoming out in fixed income and buyers start to step if and start supporting the 10 year and 30 of year, the long end of the yield curve. once that happens, i think you could see stock prices recover. so these numbers, this month and next month, if we get two low month over month numbers, this month and next month, i think we've seen the worst for now unless the economy deteriorates dramatically at some point in the future. i think we could be looking near the lows if we can get some good prints so i'm extremely hopeful not only for myself but for all my clients and investors of out there that we deal with. maria: look, right now we're looking at an estimate year over year for the cpi of 8.1%. that would be down from march's reading which is 8 and-a-half percent. if you see a reading year over year of 8.1% versus march which was 8 and-a-half percent, do you
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see that as moderating. it's only one month. do you think markets rally if we get an 8.1% number even though it's well above 8% which is still a problem. >> it's the core number, month over month, these will be shocking headline numbers. prices are not going down to what they were a year or two years ago. the real problem we're facing right now is the month over month increase. at this point inflation needs to decelerate, not accelerate. if it starts decelebrating you cannot handicap how many more rate hikes the fed will need and where bottoms will bottom out and then can you start valuing equity prices. every price is based off u.s. treasury curve. maria: look, we've got rates moving higher right now. last week jay powell said, yeah, it's possible we could have a soft-ish -- soft-ish is the word he used, landing. the 10 year treasury yield
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reaching a three and-a-half year high. your reaction to this and how do you invest when rates are moving fast, very fast, in this yield now sitting at 3.2%. mortgage rates were at 2% a few months ago a. now we're at 5%. >> a soft landing in economic history historically is nearly impossible to achieve so i'm not hanging my hat on a soft landing. i think that's really unlikely. i'll add to the previous conversation with mike. there's a lot of good points. we have to remember the base effect as we go through the end of the year is very favorable for inflation. if inflation doesn't decelerate there's a massive problem with the system. inflation is high compared to year over year, of course there will be a deceleration. my view is inflation will remain sticky high. i think the fed no matter how many hikes it does is unable to
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control inflation. it's gotten beyond the capacity to control it. 40% of the cpi basket is rents and healthcare. you have transportation in headline, food prices in headline. the fed can't control it all. my biggest concern is not inflation, not china shutting down again which would ex as exacerbate inflation, it's not even russia, the turmoil in europe which would also exacerbate inflation. my biggest concern is the market losing confidence in the fed's ability to do anything. i mean, they this is a fed that from the markets' perspective has been virtually infallible and now what you're seeing is a breakdown in confidence, the capacity of the fed to even address the issue at hand which remember, the audience needs to remember, the fed has a dual mandate, full employment and 2% inflation. they're behind the curve and making grave errors.
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i would be very defensive at this point. maria: it's a great point, really, catherine. all you ever hear from market participants is the fed is behind the curve. the confidence in the fed's ability to actually reverse this has collapsed. let me bring in peter anderson who is trying to figure out how to allocate capital in this environment. how do you allocate in an environment where confidence in the fed has collapsed and what do you think about this inflation story? >> well, let me just throw out a concept out there which is how do we not know that maybe the inflation we're seeing now, maria, is delayed and it's a result of the past two years of covid. and i think that's a possibility and if you just hang your hat on that -- i'm not talking about diesel fuel and gasoline. that's another situation. in general, inflation tends to lag the manifestations of
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inflation so how do we know that this won't just reside in a way that we could actually come back to an ordinary economy. i know that is a very far out thought right now but if this were an ordinary economy, whatever that means, meaning that there were no covid, this would be a very different story. but you have to throw into the calculus of this that we really have never been here before. so with that in mind, here's what i say to investors that are very confused about what to do at this point. if you have money that you want to invest longer than 18 months, i say pick stocks that you feel high confidence in that their revenues are going to increase. if you have a horizon less than that, then just go into cash because it doesn't make any sense to speculate on such a short term. i know we're trying to struggle through this period. the fed is having a tough time. but i believe say 18 months from now we'll look back at this and
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it's a high probability that it's the greatest time to invest. maria: yeah. all right. a lot can happen in 18 months. that's for sure. we'll be watching that and certainly these numbers coming out on wednesday and thursday, katherine rooney vera, michael lee, peter anderson, great to get your thoughts this morning. dow industrials are down 528 right now. we'll take a break. when we come back, the committee for a responsible federal budget president maya mcginnis is here. we'll get her take. don't miss my interview with former bridgewater associates ceo and pennsylvania senate candidate david mccormick as we approach the primary which is happening next week n a week, rather. we'll be talking to him next hour on the upcoming pennsylvania primary. joining the conversation all morning long this morning, dagen mcdowell and a liz peek. you are watching "mornings with maria" live on fox business. what's going on? where's regina?
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game and prices spiking as prices at the pump continue to soar. consumers are lining up for cheap earn gas. madison alworth is at a costco with the story. >> reporter: we continue to see gas prices hike. we've seen an a increase of 13-cents from this time last week. the national average today now sitting at $4.32. it's near a record high and experts, they expect it to go up another five to 10-cents this week alone. this is why people are turning to those big box retailers with that discount gas to fill up. typically costco has charged between 20 to 35-cents less per gallon, according to day da from the oil price information service. with prices this high, people this weekend drove the distance to save a little while filling up. we spoke to oil analyst andy lipow. he says while the government has taken some steps to control the rising gas prices, they haven't done enough to help increase
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domestic production. but private drilling is stepping up. >> they've done little to get more oil out of the ground. however, the industry is responding and the drilling rig count has now exceeded 700 rigs, which is up about 60% compared to this time last year. >> reporter: so moving in the right direction but we're still dealing with these high prices and we expect to hit a new record high this week, that's why people are turning to costco but it's not just costco, really all these big box retailers with the discount deals are seeing a bump. walmart jumping on the bandwagon. walmart plus members will get a discount of up to 10-cents per gallon at their 14 you thousand gas stations across the u.s. you could see how that would woe a driver for someone who has been thinking about joining that subscription service to go ahead and do it because everyone is looking to save as gas prices continue to go up. maria. maria: yeah, incredible.
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i did not realize that they were so busy gasoline at places like costco. amazing. madison, thank you. madison joining us in new jersey from a costco. coming up, the white house under fire. my next guest is taking a aim at president biden for failing to control the violence against supreme court justice. stay with us. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪
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>> it was shameful that the white house refused to condemn violent protesters threatening the families of the supreme court. it is disgraceful. and joe biden used to be chairman of the judiciary committee. joe biden knows it's disgraceful. he's literally threatening the lives of these justices by the mob they're unleashing. maria: well, the white house is under fire for not specifically condemning the intimidation of supreme court justices. pro abortion protesters planning to target supreme court justice samuel alito's home tonight after heading to the homes of chief justice john roberts and
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justice brett kavanaugh over the weekend. joining me now is the heritage foundation president, kevin roberts. kevin, thanks very much for being here. and jen psaki was asked about this. she said, look, i don't know where they protest. i don't care where they protest. it's just it has to be peaceful. your reaction. >> well, it's deplorable, maria. this is just something that stands in contrast to the biden administration calling peaceful parents at school boards domestic terrorists. if i've ever seen domestic terrorists in the last week it's certainly not parents at school board meetings but the knuckle heads at the justice's homes. justice alito had to be he removed to an undisclosed location. as i sit here with you, me, a pro lifer, i would never want my friends, associates and families doing this to the justices that support abortion. it violates safety. think of what they've had to put up for several months,
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intimidation and harassment by the left. it's going to be for naught. roe versus wade will be overturned and we will turn this country to be more of a pro life society. maria: they are doing this specifically to pressure the justices to change their decision. i mean, we know that. that's the whole point of the leak and that's the whole point of what they're doing and you don't think they're going to get away with this? >> no, i really don't. you know, i fought the left for 20, 25 years as a conservative academic. they walls want to intimidate you. it's always important we deal with the facts, remain civil and remain optimistic. the five justices that apparently signed onto the opinion will only feel their resolve to overturn roe versus wade. we're doing everything we can to tell that story and be optimistic about it and to call on president biden to condemn this kind of protest.
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maria: yeah. let me switch gears and ask you about policy. china is reportedly exploiting a popular program that funds innovation among small american companies. defense department study finds that china is using state sponsored methods to target those very companies that have already received funding from the pentagon and the pentagon is funding small business innovation companies, in some cases the program participants dissolved american companies all together and joined chinese government talent programs and continue their work at institutions tied to the ccp. i mean, they are trying every which way to steel intellectual property and we've gotten rid of the china program which basically was arresting people who were working with the ccp to steel our intellectual property. your thoughts? >> well, my thoughts are it's yet another deplorable example on this monday morning of the
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biden administration needing to be stronger about the chai knees communist party. let me -- chinese communist party. let me be straight with you, this is a problem, the infiltration of the ccp in d.c. that runs across the political spectrum. it is way past time for the united states to recognize we've got to stop this infiltration of the ccp. heritage is doing everything we can, our friend peter schweizer is as well. we look forward to fixing this in the coming years. maria: well, i mean, we'll see, kevin. because you're right, this is on both sides of the aisle. what is this, the ccp paying members of congress, making money on this so they they don't want to be tough on china? we know peter schweizer has written an entire book about all the money the biden family has taken in from chinese officials but in the next two weeks we are looking at a focus in washington on the $250 billion bipartisan innovation act. this is a policy aimed at china. what are your thoughts on what the china policy is in america?
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if we've gotten rid of the china initiative and china is clearly making plans to overtake the united states as the number one super power and doing it any which way they can, whether it includes stealing intellectual property or not. >> the heart of your question, maria, we have spent $4 billion of our money, our taxpayers' money, financing the small business innovation research grant. it's really important that we stop that nonsense. there is a harvard university professor in the last couple weeks found guilty. he's associated with one of these grant recipients. while it's probably not the case that every single one of those recorrespondents in -- recipients in the grant is tied to the ccp, i would bet that a pleurality of them are. the china policy in this country is way too soft. it's way past time for us to
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recognize that the chinese communist party is a threat to america, to freedom around the world. defeating them is the defining issue of the 21st century and we have to begin to address this through our policy in d.c. the last point i would make on this, maria, is that we have to have the courage as liberals, as conservatives, as centrists, to recognize that too many lobbyists in this town, too many elected officials in the town are conflicted. we have to stop it immediately in order to take back this country. maria: yes. all right. kevin, we'll be watching. thanks very much foring with foe on all of that. we'll take a break and then take a look at markets which are down, 560 points on the dow industrials. stay with us. you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard.
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maria: welcome back. now this story, the manhunt for missing alabama corrections officer vicki white and fugitive
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inmate casey white intensifies this morning. cheryl casone with all the details. cheryl: new surveillance video shows corrections officer vicki white pacing around a hotel in alabama, the morning she allegedly helped confessed killer casey white escape from county jail. investigators believe had they may be disguising their identities. officials say the 6'9" inmate could be dressed as a woman in a wheelchair. they disappeared on april 29th. parents of politicians are calling on the biden administration to take immediate action to address a nationwide baby formula shortage of rel tailors are limiting purchases of infant formula as the shortage appears to be getting worse, not better, ten see, texas and the dakotas, supply shortages are over 50% right now. well, some u.s. hospitals are reportedly looking to raise prices by as much as 15% to deal with higher labor costs.
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wall street journal reporting with nurses' salaries surging, hca healthcare and universal healthcare services, asking health plans to pay more for care. nurses salaries and bonuses jumping during the pandemic, it could lead to contract fights between hospitals and health insurance companies. the country music world mourning the loss of mickey gilly, whose club inspired the movie urban cowboy, he died saturday in branson, missouri. he had 17 number one singles from the '60s to the '80s. he was still performing, he played 1 shows -- 10 shows in april, maria. no cause of death was given. if anybody would like to honor him g to gilley's in fort worth, texas. it's a great place to go.
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back to you. maria: all right, cheryl many thanks very much. cheryl. meanwhile, we are looking at a market that is falling out of bed again this morning after the federal reserve announced it is raising interest rates by half a percentage point last week. that was the biggest rate hike in more than two decades. markets initially rallied but then sold off. the selloff is continuing this morning. minneapolis federal reserve president he defended the fed's effort to control inflation, writing this, forward guidance and the committee's strong credibility with market participants result fed a withdrawal of monetary stimulus faster than we had in the spring of 2020 of. this as we look ahead to key inflation data, the consumer price index and producer price index out wednesday and thursday. joining me now is committee for a responsible federal budget,
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maya mcginnis. thank you for being here. i enjoyed your report, talking about the impact of inflation on the budget. talk to us about higher interest rates and what federal reserve is doing to further worseen what we're looking at in terms of our debt and deficits. >> that's right, maria. good morning. good to be with you. this is not an unexpected situation. but when have you a country that borrowed trillions and trillions of dollars and that's how much we have if in debt now, it means that increases if interest rates are obviously going to have a large effect on the federal budget an that's what we're looking at so right now every time interest rates are higher than they're expected to be, on one hand that actually boosts revenues, we're seeing strong revenues but it also boosts the cost of overall government spending and the real effect comes in the growing interest rate. the bigger your debt, the bigger effect that is. if you have higher inflation, which translates into high aer
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interest rates for two years, that can add hundreds of billions, as much as $900 billion to your interest payment bill. so for all those years when people are saying look, interest rates are low, we should be borrowing more, this is why that's not true. we now have sort of the credit card teaser rate situation where the effect on the overall budget will be very painful and we were already in difficult shape. maria: yeah. it's a great point. it's only getting more expensive. the interest rate -- the interest payments and we've got the personal consumption expenditures price index up 6.6% year over year, maya. what would you think there is to reverse this? i mean, look, the credibility of the federal reserve right now is shot because many participants believe that they are way behind the curve. what a is it going to take in your view to get inflation under control? the number one issue on the part of american p families right now. >> it is the full better
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one issue. -- number one issue. it's obviously going to have huge effects on pocketbooks of families across the country. in order for us to get this under control we have to break any wage price spiral there may b that's difficult to do when you're behind the curve. the most important thing is always going to be the actions of the fed and the specific aca shuns in terms of interest -- actions in terms of interest rates. at the same time, fiscal policy actually has to ensure we're moving in the same direction, not making things more difficult for the fed. and that's what's happened in the past. if you think about how we got to this point, a huge inpresident put component of this was the american rescue plan which was much larger than it should have been at the time. there was a lot of borrowing we did for covid. that was the right and important thing to do. the last package was too big, premature, much larger than the economy needed and despite warnings at the time, that we went ahead and did that so that contributed to inflation. it's now really important that fiscal policy makers move in the same direction as the fed and
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what that means is no more borrowing. that happens to be good for the debt. it also would be very important for inflation. so all bills, it doesn't matter how important they are, it doesn't matter if it's an emergency, you need to offset the cost so you're not putting more cash into the economy to exacerbate inflation. beyond that, they actually should bring deficits down. and to his credit, the president is talking about the importance of deficit reduction. but where he's making a mistake, he's taking credit for deficit reduction that's coming automatically as the economy improves. what we really need is concrete policy changes so no more borrowing and actual changes to spending that would bring the deficit down beyond what it's going to be. that would help as the fed has to do the heavy lifting. maria: well, maya, you say the president is talking about it but look at what he's doing when joe biden walked into office the inflation rate was 1.4%. you mentioned the covid relief bill. that was in march of 2021 and
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inflation went to 2.6%. by the time july rolled around, the democrats were talking about that $5 trillion build back better agenda. they said it was 3.9 trillion but we know about all a of the gimmicks. it was actually more than 5 trillion as you said on the p program at that time. by november, they signed the infrastructure plan if in, another 1 trillion and inflation was up to 6.8%. and then by the beginning of this year, ukraine was invaded and now we're talking about inflation at 8 and-a-half percent. and we're getting new reports out this week. so this is all policy related, dagen mcdowell. jump in here, dagen. dagen: maya, do you see anything in washington where either on the right or the left where they understand the financial catastrophe that is looming for this country and soon? >> i mean, when it comes to the overall fiscal situation, absolutely not. that's why we're in such a terrible vulnerable spot where
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as inflation goes up, we could be really harmed on the fiscal front and we could get into a difficult cycle. we've had this for years now. politicians saying let's borrow more for the things i want to do but not for the things you want to do. and let's make up theories about why it doesn't matter. we can print money, don't worry about it. when you print money, it contributes to inflation, those basic truisms still exist. one thing that really is important is that we didn't go forward with that build back better plan that would have been so devastating for the economy given the inflationary moment that we're in and there is very small but some talk about coming up with deficit reduction bills. honestly, i don't see the capacity to do that on a bipartisan way yet. our politicians are way too polarized. but i fear things will get worse and if they do, hopefully take that will push enough members to say we have to start governing in a real way where we don't borrow for everything and i should point out that on the agenda right now, there are hundreds of billions of dollars
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of more plans for additional borrowing. some for very good policy. but the key is if you're willing to pay for them, they won't be inflationary. so we have to go through if we're going to pass new laws that affect the budget, we have to have pay-fors. maria: well, i'm mean right now, maya, to your point, they're considering student debt cancellation. okay. so canceling all student debt. sounds great but what does that mean for the overall economy? >> i mean, it's so important because that's the kind of mindset we're in right now which is let's find something that sounds really desirable and really good. who could be against that? and use it really for political reasons not policy reasons. every policy analyst understands how bad this would be in terms of that it doesn't fix the problems of student debt which is a very real problem in this country, that will be targeted to the well-off people instead of people who need it most and it would cause more inflation which would hurt people further
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we have to stop the talking point legislation. maria: yeah. and there are people who disagree with it. they don't think it's so great. because many people actually work morning, noon and night to pay their student debt and they're saying what about me, how come you're getting your student debt forgiven and others work to pay off their debt. we could go on all day. we appreciate your brilliance. final word, go ahead, maya. >> who wants to see doctors and lawyers getting their debt forgiven when they're really struggling to pay, when people are struggling to pay debt. it's the wrong side of governing, this kind of forgiveness. maria: thank you, maya. have a great day. and we'll see you soon. maya mcginnis joining us this morning. stay with us. we'll be right back.
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maria: welcome back a. it was a tough weekend for bitcoin. plummeting over the weekend, nearing the broader market's decline. this morning cryptocurrency right now is down as well. bitcoin down about 2,935 as you can see, this is the lowest price since july of 2021 at 32,963, half of the all time high of over 67,000 in november of last year. joining me now is ava labs president, john lu with a look. what happened over the weekend do you think with bitcoin? >> it was a continuation of the
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risk-off of all risky assets. we saw the nasdaq down last friday and a very volatile week and bitcoin, i think it's down now including today's price a little bit more than 30% when the nasdaq is down 25% with today's early morning movement. for a single asset to be down 30-ish percent is no fun but beta adjusted it's not that bad compared to the whole index, the nasdaq being down close to 25%. there are plenty of high growth saas companies, other tech stocks that are down far more than this. maria: the only problem is, is that there are broader questions. i mean, you've got senator elizabeth warren for example questioning fidelity and fidelity's plan to allow you retirement savers to put bitcoin in the 401-k. calling it, quote, a risky speculative gamble. if you've got lawmakers pushing back on getting bitcoin into retirement plans, that is a red
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flag for the long term viability here? >> well, for every lawmaker that has issues with this, and i think for senator warren it's not just about bitcoin p. she sees this probably as all crypto, the whole asset class. for every senator that is against this, there's another one, like tuberville who is trying to do a financial freedoms act to protect this, and i think you and i were both in la for the milken conference. you saw the excitement between the enterprises and the financial services firms for this asset class. so i think putting it away from the access for 401-ks is a bad move. i think fidelity knows what's good. had they have -- for their customers and if they want to move into this, the greater question here we have to answer is do you want government involvement or do you not want government involvement for the country. maria: yeah. i think you make a great point
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and milken's conference had a whole host of block chain speakers and crypto speakers and i would say the block chain is a different story. i mean, that is very closely looked at as the growth story for financial services. but that's not a currency, right? let's talk about the difference. bitcoin could drop in value and block chain could be the biggest growth story for business. >> absolutely. you're 100% correct, maria. in fact, no one's happy when the asset prices are down. let's be clear. and trading volumes are down. you'll see it in coin base's earnings in a couple days. with that said, i have my boots to the ground as an operator. i see more talent coming into the space, a lot of development is happening and frankly with the cost of capital going higher, you're going to emphasize quality development and this cycle has happened many many times in the crypto space where it's -- what they call is
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a crypto winter, if you will and every time there is a winter, the real innovators in the space continue to build and then the next generation of applications are better than the previous. so no one's happy about the trading but -- and the asset prices but the innovation will continue. maria: yeah. i would totally understand and a agree with that. john, it's great to see you. i'm sorry i missed you at milken. john wu joining us this morning. we'll catch up soon, thank you, sir. new york city could see a decline of workers in the office, we will tell you what's keeping them out in the hot topic buzz of the morning. we'll be right back. ♪ you can go your own way. ♪ go your own way. ♪ you can call it another lonely day. ♪
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that can't be comfortable though. the smart, fast, easy way to travel. . maria: kwa welcome back time for "hot topic buzz" new york city missing the mark on bringing workers back to the office new advocacy group says rising crime keeping employees away including undressed homelessness problem 40% manhattan workers go to desk on average every week, crime in april is up 32%, in april alone, dagen i know you've
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witnessed firsthand. dagen: up to companies large ipipot jtn trurn on le b sutte s s t this lem, hym, w are wt weriea frehes of oigge bge bge b serbouterboerboersererssueue ermbmbmb mbo,o,o, s .seple aly t as omdpaniom iomueomomoingoi toe fe t de tnowow owow yo cnto w o or t ginwo trkwo here hnymo a gin toin ts large entaen workkrororo home veoreho a bravingavheirir way wnt city who doiveive here, am rp se m niesniaveee moved out of new york the way you have seen out of california. maria: liz? liz: i think companies trying to get people back people are scared, read headlines about being assaulted on subways,
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streets lobbies taking place, midday in the mil of man hatten et cetera, what is interesting to me that is there is a tremendous conversation going on how far can we push, working in goldman sachs made, want everyone in office five days a week there is tremendous pushback particularly among juniors mayor eric adams said you can't say home when you have to work all day guess what you can that is what people discovered during covered not only stay home in pajamas you can be very, very productive he honestly the biggest in new york city are really struggling to figure out how to make workers help that a lot going to four-day workweek my guess is that is where we're going to end up. dagen: they don't feel a lot of those people are productive the managers of these businesses are not happy with people who are pushing back, on coming into the office they do feel like the crime issue
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these are people who -- don't take ebb the subway to work the people who take subway are at their jobs these are people highly paid really want to work at home, and do god knows what when they should be on the job. maria: i think you both make really good points, i do see a push to get people back, but people are afraid of the crime but liz you are spot-on on wall street they want you on trading desk not going to push if you are afraid you are going to get mugged, we are going to continue talking about dagen liz stay right there next hour "mornings with maria" begins right now. good monday morning thanks very much for joining us this morning it is monday, may 89 your top stories 8:00 a.m. on the button on the east coast,
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same old sell-off selling has intensified as interest rates spike investors worry about federal reserve ability to reverse 40-year high inflation. ahead of key inflation indicators out later this week. right now markets are sell off here just shy of high of the morning dow industrials of the low of the morning rather dow industrials down 434 points right now, one and a third% s&p 500 down 71, nasdaq down 289 points 2 1/4 percent lower after a wild week last week, actually we had the best day in a long time the worst day in a long time said and done markets flat on week dow industrials s&p 500 close to where it started the week last week, nasdaq down 1 1/2% but year-to-date tells the story of what is going on, case investors have been nervous as federal reserve has begun this experiment raising interest rates to head off 40-year high inflation dow industrials down 9 1/2% in 2022 nasdaq down 22%
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year-to-date s&p 500 lower by 13 1/2% 10-year treasury yield spiking around 3.2% take a look where we stand up 35 1/2 basis points on 10-year look to april consumer price index out wednesday, expected to come in, lower than what we saw in march with gain 8.1% year-over-year, producer price index an thursday already 11 a half percent rate producer prices expected to be up close to that number again, in the month of april i will talk about former bridgewater associating ceo he pennsylvania senate candidate david mccormick, primary race one weeks time we will talk inflation the other issues, that are firsthand important to the american people he is coming up 8:45 a.m. eastern this morning oil prices
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pulling back, worries about chinese demand as shutdown continues in shanghai also ahead european continues talk russian oil embargo. >> brent down 2 2/3%, crude down almost 3% european markets also lower, take a look, we've got worried as well about policy ft 100 do you have any 137 cac quarante down 114 dabbs index down, 1 1/2% lower on dax asian markets mostly lower hong kong closed for holiday the others as you can see, were mixed japan wroers down 2 1/2% now to crisis at southern border last hour i spoke weapon lieutenant christopher olivares texas department public safety about human smuggle by drug cartels. >> -- 50,000 dollars a head per person i mentioned earlier on your show, few months ago i told you they were paying
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cartels criminal organizations well over 100 million dollars a week just on human smuggle last year's numbers this year you think, doubled, and going to triple once, title 42 is rescinded. maria: this new cnn poll shows more than half moefshgs the biden administration plans to lift title 42 expected to happen in two weeks, the drug cartels big winners in this making 200 million dollars a week. on smuggle. hysteria on streets over weekend, will have the wing protesters taking to legal fight over abortion, to the front doors of supreme court justices rallying out side homes no from with white house ted cruz said on "sunday morning futures" expecting democrats to push for a vote roe v. wade into law this week saying leaker of the draft found out soon. >> almost certainly one of 36
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law clerks i think almost certainly one of the 12 law clerks that are clerking for the three liberal justices, that is a small suspect pool, beyond that look you and i both known a lot of supreme clerks many are book smart, very few of them are street-smart. maria: "mornings with maria" live right now. . >> stocks selling off again this morning although it is off of the worst levels of the wondering dow industrials had been down almost 600 points an hour decline now 400 on dow industrials down one and a quarter percent spep down 56 nasdaq down 274 better than 2% lower on nasdaq, one problem is interest rates spiking the 10-year treasury yield 3 1/2-year high last week, now 3.174% up 3 1/2 basis points here too we are off the worst levels of the morning, we were very close to 3.2% half an
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hour ago as we are expecting key inflation data out this week, we will get april consumer price index out wednesday, we are looking at expectations of a gain 8.1% would be below the march number 8 1/2% also getting april producer price index on thursday even worse in march showing a gain year-over-year 11.7% joining me right now u.s. bank wealth management chief investment officer eric freedman, dagen mcdowell liz peek eric about what are you expecting from inflation data this week? >> maria we expect there to be hot number both for consumer level as well as you producer level without boring you to a much, basically, the data doesn't get better until sometime middle of the summer do i think you will start to see baby steps improvements, but really the lion's share hinges on energy costs shelter
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costs else for y'all in new york high really persistent factor expect modest improvement not if a lot until we get to summer months. >> how will market react what can the will that mean for federal reserve plan to raise treasurers several times in the coming months? i mean eric face it if markets react aggressively the way we're seeing 500 points decline 1,000 point decline will that push the fed back perhaps stop from it the string of rate hikes? >> maria, very short term the fed is not as focused on equity market if you see demand destruction that next level repricing lower not just stocks but real estate other now federal reserve expectations are for a year-end fed funds of 2.8%, so that is again higher from
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where we are right now there is a risk fed may want to raise up to 3 1/2%, if that happens second leg if you will, to this repricing bottom if we don't see that improvement in consumer data or producer data this week fed may actually still stand pat want to be more aggressive markets would not like that, we do think a lot of damage has been priced in already, but we do think investors should be cautious about getting overlyaggressive right now. >> you make so many great points in 2021 was a year of supply chain issues, is 2022 going to be a year of demand destruction ubs? you've got 5% mortgage rates, how significant was does cool off hatch if higher borrowing costs on credit card how much cooloff do you see from people charging it up on credit cards will we see demand destruction
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in, an environment market aren't going to like being what fed does how do you allocate capital last time you joined us you were spot-on energy leading group year-to-date. >> we stick with energy, infrastructure utilities, those are areas that we think are really solid in this environment, so, without getting too excited about technology the fact that you are as you point out start of the segment, down 23, 24% technology if we see fed get more aggressive which they could be another leg lower we stick with utilities we stick with infrastructure those are really top two picks right now just in terms of your other point on demand destruction, that is something that we're starting to see at the margin in real estate market, so, data we pay attention to is things like second homes, and incremental rental activity
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slowed down a little bit not enough to signify demand destruction we call it glass half full with respect to the to 12-month view but near-term cautious some data has to settle in before we get more to say we are going to turn right now. >> is it unfortunately, thank you housing market and sky-high prices forced many out of market forced to rent, rents are up because of inflation rents up skyrocketing not a good situation in housing great to see you thanks for insights we will keep talking thank you, sir. eric freedman on the market that is off the lows but down 390 points right now on the dow quick break biden family using political power as a get-out-of-jail free card how one hollywood lawyer is backing hunter biden again, right to the bank. plus it is primary season one of the hottest races to watch
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a week's time in pennsylvania between dr. oz and businessman david mccormick president trump backing dr. os, secretary of state mike pompeo backing david mccormac donald trump junior weighed in on sunday sunday. >> i don't think a perfect store with hundreds, hundreds of people running i think indefinitely see that, some logjams d.c. insider stuff if american people knew would get o more in tune with politics instead of start watching more closely. >> we are watching closely david mccormick my guess 8:25 a.m. eastern will join us with issues important to americans you are watching "mornings with maria" live on fox business. . ately get your shortlist of quality candidates,
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maria: welcome back, a big shot hollywood lawyer paying off more than two million dollars of hunter biden delinquent taxes according to new report from "new york post" entertainment attorney kevin morris, has also been footing the bill for biden's lifestyle in l.a. including paying rent living expenses, advising on art sales, dagen reaction. dagen: he is being referred to not as a sugar daddy but a sugar brother. a sugar bro for hunter biden i think everybody needs to ask why would you do this if. why would you take millions of dollars, of your own money and pay off somebody's tax debt just pay it off? is he going to be reimbursed, by whom in why paying for living expenses in los angeles? the whole thing just well as much of the shenanigans by hunter biden and the family smells bad looks bad.
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it raised the question whether paying the tax debt off will hinder the prosecution of hunter biden for tax charges. because -- prosecutors tax prosecutors will argue any hevation that occurred but looking at grand jury or jury might feel more sympathetic to the defendant. maria: well interesting that a tax situation liz that authorities are looking at not the bribery acts, i was wondering if merrick garland was going to tip the scales here. >> we don't know the extent of the investigation, yet maria, i think the reason for doing this the reason this guy stepped in put up millions of dollars to take care of hunter biden bailing him out once again, it is embarrassing for the united states president to have son go to jail bottom
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line they probably have a card for indicting hunter biden putting them on trial nobody on left wants to see that happen i have to say this whole thing, i mean i think the republicans when they take over control of congress, my goal i expect to happen in november i think there is going to be a lot of investigation of what has gone on where has all this money come from if hunter biden has been making so much money an ukrainian chinese russian details how in the world did he not pay taxes why does that happen why lying to the irs? that is basically what you are talking about, i think this is -- all this has gone on liberal media continues to be completely uninterested in this story. maria: you said when the republicans take over, how if the republicans take over because "washington post" is reporting more covid on the horizon in fall as i have been predicting midterm variant is
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on the way we are take a break then look at about solution disinformation board we've got brennedaround carr here on backlash surrounding biden disinformation board as 20 states attorneys general want legal action. don't miss it. next. . big game today! everybody ready? alexa, ask buick to start my enclave. starting your buick enclave. i just love our new alexa. dad, it's a buick. i love that new alexa smell. it's a buick. we need snacks for the team. alexa, take us to the nearest grocery store. getting directions. alexa will get us there in no time. it's a buick. let's be real. don't make me turn this alexa around. oh my. it's painful. the buick enclave, with available alexa built in.
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>>. >> so what happened to algorithm the second announced saudi engagement on social realized in a rigged game you can no longer hide it despite disinformation board i don't know of des potic regime that didn't have disinformation board but that is what the democrats are. >> donald trump, jr., with me yesterday on "sunday morning futures," biden disinformation board faces backlash group of 20 states attorneys general urging pet president to terminate this board or face legal action. >> brendan carr commissioner good to see you welcome back what are your thoughts on this
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disinformation board i know you've said you agree board should be shut down what is the biden administration thinking? what we know that the first amendment says congress cannot come up with any law that shuts down free speech. >> positive paraphrase justice scalia sometimes threat to liberty comes in sheep's clothing this comes as a wolf orwellian un-american unconstitutional very best time to shut this down before dhs announced it second best time right now this type of board was always going to be a dumpster fire the particularly directive to run it throwing more gas on it, the thing to remember as much as lightning rod this border director are there is broader game afoot just in february dsh put in terrorism bulletin free speech one of the things a threat he
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to jen psaki saying they are coordinating with big tech to take down posts flagging posts for them there is a broader effort afoot we can't loss sight of. maria: you are right how is he going to getting away with coming out with this knowing this woman nina jankowicz saying trump colluded with russia hunter biden's laptop was fake all obviously, the disinformation is coming from that side. and continues to come from this side. >> they have a disinformation expert to head this body probably not if by a intended this is a person you pointed out called hunter biden laptop story treated as trump campaign product that steele dossier was republican product that really liberals being shadowbanned on internet not conservatives dros to lets these are not isolated this is
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a broader effort to drive from public square i am glad attorneys general you mentioned last week filed lawsuits against this i think clear there is coordination happening if there is that potentially makes entities state actors means limited by first amendment, i wouldn't be surprised right now the twitter headquarters silicon valley if a run on solelieder trucks burn bags i think very surprised once we get to the bottom of this. >> dossier request all that, the other thing isn't it interesting the timing of this all right? it was three weeks ago when president obama gave a speech at stanford basically said wow disinformation is bad and doesn't take much for people to question institutions all you have to do is throw enough you know, into the public square, that is exactly what they did around trump collusion, half the country even more thought that trump
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colluded when it was made up lie and then suddenly after he obama's speech there was elon musk going to acquire twitter a week later disinformation board was this direct result of obama directive or elon musk getting involved with twitter? >> i agree with you elon musk purchase of twitter exposed underlying free speech divide when you go to 2012 a speech in palo alto praised free throw of information as he put it key to health democracy slash forward a few miles down the road at stan labeled free speech a threat to globing 180 relatively short period of time smack in the middle of the speech was 2016 election the outcome of 2016 election people decided we've got to control free flow of
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information we don't like people coming up with their ideas having access to a broad range of ideas. maria: right you are so spot-on, liz peek elon musk put twitter staffers on notice laying out technology, approach to running twitter tweeted this over the weekend, also work ethic expectations will be stream but much less than i demand of myself many up in arms over musk's plan saying his commitment to free speech is quote a threat to our democracy, what are they talking about liz? liz: i don't know, this is the most shocking thing honestly in my lifetime assault on free speech but commissioner i was interested the left is desperate to block elon musk taking over twitter some called on sec to weigh in here but i gather you don't think any premise for doing so. >> right sec has no authority to step in and block this transaction, as you pointed out at least one group recalled for sec to do it
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cited telegraph act 1860 as source of authority o omitted kitchen sink if they included its filing would not have been any more ridiculous, ftc has also been called i am not a an expert there would i be very surprised if they have any legitimate authority to block this transaction. maria: commissioner look what is happening though with elon musk. you've got regulators doubling down investigating him, are they trying to make it as uncomfortable as possible for elon musk to acquire twitter do you think this goes through. >> i have a hard time people are raising good faith concerns about competition lawor antitrust law to me looks like arguing for stalking horses to maintain status quo when it comes to political censorship. >> that is right great to see
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you commissioner please come back soon we so appreciate your thoughts talking with you this morning, commissioner brendan carr joining us in d.c., vladimir putin attempts to did he have deadly attacks on ukraine cia warns beige taking tips from russian how to go after taiwan former state department official here to weigh in after the break. . lemons. lemons. lemons. the world is so full of lemons. when you become an expedia member,
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going to strangle my business. when we got the quote back from pie, it was a sigh of relief. we did it online, and it was done very quickly. we saved about 30% when we switched to pie. working with pie was extremely easy. i can grow my company while not breaking the bank. ask your agent, or get a quote at o . maria: welcome back russian president vladimir putin using country's victory day to justify his invasion of ukraine, this day, today, commemorates russia's victory over nazi germany in world war ii addressing victories day parade claiming moscow was under threat from the west. >> we saw military infrastructure being ramped up under the military advisers working in regular delivers of
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modern weapon from nato danger was increasing every day, russia prevented, moved to aggressor. >> i don't think any secret to call this man madman joining us former state department official one shared world founder jamie metzl thanks so much you studied all so much for so many years, putin i have known condemned united states by name. your thoughts on russia, celebrating world war ii with this victory day parade today. >> great to russia everybody is celebrating defeat of nazism in 1945 the question what is the lesson? the lesson is it is wrong to murder civilians exactly what russians are doing now wrong to invade sovereign states to extend the glory of your country exactly what russia is
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doing now so great to recognize the end of world war ii. but russia i replicating many of the worst behaviors not all but many worst behaviors of nazis, that should be condemned. >> you have done so much work in terms of trying to keep ccp accountable for origins of covid-19, william burns said over the week beijing is closely monitoring russia war in ukraine potentially to again of again control of taiwan as china said drones over taiwan to improve operations what do you think fortune is taking away from all this? do you expect china to invade taiwan. i think china is learning a lot from ukraine watching very, very closely china itself has said that they will
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forcibly if necessary, integrate taiwan into china so we should take them at their word they're doing everything possible to plan for that, including regular military exercises repeatedly violating taiwan air defense zones we should take them at their word take them by their actions, what is the lessons that they are learning from ukraine i think they're seeing how not to do an invasion i think learning that. looking at how quickly would they do invasion russia telegraphed what it was doing in ukraine allowed ukrainians, nato to ramp-up, russia has shown it is vulnerable because of economic dependence in many ways on trade with the west china is looking increasingly to decouple its economy as should we. and russia is losing international information war i think china looking at those lessons, so just the people of taiwan, are looking at people ukraine finding inspiration,
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the chinese are looking at russia saying what are the lessons they can learn if and when they invade taiwan. maria: i know they have plans in place to overtaik united states number one superpower now covid restrictionists into big city shanghai residents reportedly receiving they can no longer leave homes or get deliveries, deal with that, in parts of beijing residents told to work from home jamie, you were among first to call for investigation into origins of covid-19 in early 2020. we still haven't had that real investigation. what do you think is needed here? all of this other news, and as much as death and destruction in ukraine horrible is this taking attention away from the comfort of covid-19 as millions across the world are dead because of this virus
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escaping likely from wuhan lab. >>, as you said, maria, from day one, i have been one of the small number of people raising the possibility of a lab original of covid-19 pandemic calling for comprehensive investigation it is outrageous more than two and a half years, after the initial outbreak there is no to have comprehensive investigation in place. and china is doing everything possible to he prevent that, according to the w.h.o. new figures around 15 million people dead as a result of this you highly he preventable pandemic we need a full investigation we need to hold china accountable, china canned be rewarded for drying samples hiding, gagging scientists preventing a full investigation. because until we get to bottom of how this terrible pandemic started address greatest vulnerabilities we are all
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unnecessary risk for all we know next pandemic could be far worse, and just around the corner. >> why aren't we jamie? what is your intuition about this? you know. look, the congress is sitting down in next two weeks to try to come up with some kind of a china policy on technology, and on the economy. joe biden claims he brought it up to xi jinping although none of his team knew he brought it up. he said when he did bring it up we needed an investigation, xi jinping said well, no we're not going to be transparent what are we supposed to do? say okay no problem? >> the two reasons we don't have an investigation, one, china is blocking it. and, two, we aren't demanding it the reason not demanding it we are so completely dependent on our trade with china, right now, people around the world, myself included are criticizing germany austria others in europe for being
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totally dependent on russia, for their gas and oil they made they are starting a process of that decoupling when we said to germans austria other europeans you are funding the mass murder in ukraine which you are yourself condemning if we extend logic of that argument as we should, we are funding the genocide in xinjiang haum rights abuses in tibet south china sea blocking of investigation into covid, by our continued trade with china i am not saying we need to end it but we need to recognize a globalization has to be led by value. maria: great point jamie really good point thank you so much for being here jamie metzl always a pleasure good to see you, sir we will take a break when we come back talk to pennsylvania senate candidate david mccormick here to talk about pennsylvania's
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primary about a week away don't miss it you are watching "mornings with maria" live on fox business. . the only one of its kind proven verzenio + fulvestrant is for hr+, to help you live significantly longer her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor start an anti-diarrheal and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, and rapid breathing or heart rate, or if you're nursing, pregnant or plan to be. every day matters. and i want more of them. ask your doctor about everyday verzenio.
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. >> i . maria: dr. oz is running benz the liberal wall street republican named david mccormick who i've known but
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he did want my endorsement very badly i couldn't do it i couldn't do it. the leading both leading but i have to say oz leading by more despite tremendous onslaught. maria: . >> president trump friday voicing support for mr. mehmet oz in bid to become republican smart nominee, on "sunday morning futures" i spoke with donald trump, jr., about his father's primary endorsement watch this. >> i don't think you are going to have a perfect score throughout entire with hundreds and hundreds of people running i mean i think you definitely see sort of that backing some game there is a lot of d.c. insider stuff if american people knew about probably get more in tune with politics inand start watching a lot more closely. maria: my next guest running against dr. oz put together
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his star-studded list of into? a. trueing ted cruz former secretary of state mike pompeo all backing the former bridgewater associate ceo pennsylvania senate candidate david mccormick great to see you. thanks very much for being here this morning. >> hey maria good to be with you. >> well the pressure on you are about a week away from your primary race you have president trump talking about you the other night, in that rally, he said look, dave mccormick is a nice guy but not maga, tell us are you maga? are you make america great again a maga candidate? >> yeah, we are sprinting down homestretch here, and this is an incredibly important primary. and, yes, i am ring on president trump's running on great america first agenda i think president trump did a great job for pennsylvania ring are a a person battle testified pennsylvanians can win this primary win this race
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going to be the biggest senate in history, democrats going to throw everything they can at us. and then someone can go to washington with experience, and the conservative values america first, making a difference so, yes, i am, listen. president trump endorsed mehmet oz i understand why doublinging down because mehmet oz is struggling not getting momentum the reason is he is not conservative you can go back look at his entire track record whether it is views on proabortion, or pro -- obama care anti fracking pro transgender transitions for kisses antiguns has a lifetime last 20 years in his words taking positions completely opposed to pennsylvania voters pennsylvania conservatives, so this isn't really about anybody's endorsement this is about a race between memory
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met oz and i to determine who can best represent pennsylvania as america first conservative. >> you said you are battle tested military man yourself well versed on issues in terms of foreign policy you are also a business guy you come from bridgewater i want to talk about the business issues inflation number one issue on the minds of the american families today we are getting consumer price index, producer price index out later this week follows a federal reserve raising interest rates by half a point, last week the biggest point rate hike more than two decades should you get this senate seat what are you going to do in pennsylvania to make life years for pennsylvanians on inflation and interest rate front? >> well joe biden's economic agenda has been a disaster for our country a disaster for the pennsylvania. i am someone grew up on main street in pennsylvania we were one company town i watched jobs going away overtime then
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someone ran a company in pennsylvania that created 600 jobs, so i have had a lot of business experience treasury three things i do first you got do stop excessive spending under president biden we've got to block that have a majority in the senate, and the house, great conservative leaders to push back on that, second we've got to change our energy policy joe biden's energy policies an absolute disaster contributing mightily to inflation holding back in economic growth so energy dominance has to be a goal and policies to support that finally we've got dog back to economic agenda president trump put in place make his tax cuts permanent deregulation agenda permanent we've got a risk of stagflation almost return to late 70s, where we have inflation the economy slows, and goes into recession, a very difficult position for policymakers joe biden put us here we need strong
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conservative leaders with business experience to get out of this. >> let me ask you about china, because president trump is attacking you for working at bridgewater helping ccp, managing the ccp money so david i want to ask you about this reliance america has on products in china we learned 90% underlying components of prescription drugs made in china through their propaganda network they threatened us that they weren't going to send preparation drugs when we dmooed it during pandemic relying on investments in taiwan elsewhere in asia, what are you going to do pennsylvania is a manufacturing place. why aren't we making these things in pennsylvania? and what can you tell us were you managing ccp money in bed with china what do you want's. >> i absolutely agree we
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should reduce depends in china semiconductors, pharmaceuticals other things continue policies president trump put in policy on place fair trade that is why bob lighthizer spearheaded president trump's china policy endorsed me, listen i am a guy with nine years of experience almost a decade, the communist ideology negotiated at highest levels of government against chinese viewed as very strong hawk, 15, 16 years ago done business around the world in china, and other countries like president trump maybe 2% of bridgewater's business was in china. but president trump knows that that is why he asked me to serve in a number of senior positions in the national security arena, administration, why i served on his defense policy board, this is area mehmet oz has no ebb credible business ties money from china coming in all
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over the place baby care products manufactured in china, and sold in china in the united states dr. oz, manufactured in china deal with chinese propaganda machines to syndicate his so i understand how to go toe-to-toe with china no one in senate has military experience economic experience to lead that charge, i not only think i will be strong on china i will be unique on china in the experience that i can bring. maria: well we have to point out that i don't think there has been a tougher secretary of state than mike pompeo, when it comes to the ccp and pushing back, on ccp bad behavior, you were with him what last weekend? >> yeah he came into town i have known secretary for most of my adult life from my days at west point, he endorsed me mike huckabee sarah huckabee
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endorsed me ted cruz has endorsed me lob lighthizer endorsed me ric santorum those experts on china no, i will be a leader on that, this isn't about endorsement think woulds can go authentically to people of pennsylvania make the case, that they can win a primary win the general election, be an america first conservative in washington really change if game. america going in wrong direction a disaster we need leadership to take it the other way i am making progress on that i feel momentum driving across the state, and we've got seven days to go i feel a lot of optimism for my future for candidacy. >> where does pennsylvania stands on supreme court draft opinion on abortion we had pro abortion protesters farthering homed of spectrum justices all
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weekend targeting samuel alito's home he had to be moved after protesting chief justice roberts, brett kavanaugh over weekend no comment whatsoever on this from the white house. what do you say? >> i say those reports, really a tragedy, and disgraceful that their safety would be at risk. if this leak memo becomes court decision would be a great victory for the protection of innocent life i am a pro-life candidate would put decisions back in the states and hands of voters where they belong this is again an area where, pennsylvanians can see in front of them, the cs between myself and mehmet oz mehmet said he is not social conservative he accused of the pro-life movement of picking fights, and really adapted language of the last in real time we see the left is becoming, extreme on this issue and really creating great discord in our country as supreme court works through
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what is a very important landmark decision. maria: all right david we will be watching this very critical week ahead, of the primary, next week. in pennsylvania thank you, sir. we will be watching good to see so that you thank you good to be with you. maria: thank you. we tell audience we have extended invoicings in in dr. mehmet oz several types keep hoping will join us he has canceled a few times. we will keep trying. we'll be right back. . p if anyone objects to this marriage... (emu squawks) kevin, no! not today. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ bonnie boon i'm calling you out. everybody be cool, alright? ... o
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maria: welcome back. okay, let me just end with telling you we are off of the lows of the morning, dow industrials down 398 right now, dagen mcdowell, liz peek it's great to be with you this morning thank you so much we will see you again tomorrow. >> thank, maria. maria: and this sell-off continues and worries over the federal reserve's ability to take on 40-year high inflation. have a good day we'll see you again tomorrow "varney" & company begins right now. stuart: good morning, maria and good morning, everyone. a big stock sell-off rising energy price inflation, rising interest rate, you are waking up to an ugly mess on wall street here we go. i'll start with this another record high for diesel. the average is now 5.54 i paid 6.40 in new jersey and $7 diesel is reported in some parts of the northeast. gas matching the old record high $4.33 is your national average for regular. this is the inflation you see every sin


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