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tv   Mornings With Maria Bartiromo  FOX Business  May 20, 2022 6:00am-9:00am EDT

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larry: another reason investors are vacating stocks, there's no confidence in this whole big government socialism or woke progressivism and i can't wait for the cavalry to come because stocks will okay in the long run. maria: good friday morning, everyone. thanks so much for joining us. i'm maria bartiromo and it is friday may 20th, your top stories right now 6:00 a.m. on the east coast. today global reaction to economic slowdown. china unexpectedly cuts interest rates overnight despite housing activity as the u.s. in the middle of raising rates and japan is facing its own inflation. take a look at markets as the rate cut has sparked rally. dow industrials up 265 points.
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just under 1%. the s&p is higher by 41 and nasdaq higher by 173, one and a half percent higher right now on the nasdaq. this after another selloff yesterday, the worries extended throughout the close last night. dow industrials finished 236 points, 3 quarters of 1%, nasdaq down 29 and s&p lower by 22 as we look at an eighth straight weekly loss for markets this week. yields this morning, let's check the ten-year treasury here as we have been zeroing in on the 3% level. the yield is up this morning, 1.8 basis points at level of 2.864% on the ten-year. oil prices have been pulling back from the highs that we've seen and still above $100 a barrel comfortably the price of brent at 112.07. crude up 1194 right now.
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triple a reporting a record high for gasoline pricesnation wide. the latest 4.59 a gallon on the average price of gasoline. european markets this morning look like this on the heels of that rate cut in china. the ftse 100 is also higher by 131. the cac quarante up 74 and dax index higher by about 262 right now. in asia overnight, markets moved on the rate cut, china central bank cutting rate closely tie today mortgages to spur economic activity. the shanghai composite was up one and two thirds percent, the hang seng up almost 3% with tech stocks leading the way. japan was higher even as japan is dealing with 2% inflation, first time inflation has topped that level in 13 years in japan. nikkei average up 1 and a quarter percent. back in washington, the clinton lawyer michael sussmann's trial,
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former fbi general counsel james baker testified and 100 confident that sussmann lied when not representing client when passing on dirt on donald trump that lead to russian collusion investigation. james baker this morning and we will be following it closely. twitter telling employees the deal for elon musk to acquire the company is, in fact, on and not on hold as the tesla chief suggested. the company adding a warning label to tweet saying what the company is claiming will suppress viral disinformation. joining me to talk about all of that, 8:30 a.m. eastern we talk with trump media and former ceo, the man who broke open the clinton lie of russia collusion, devin nunes is here this morning. and finally, reigning in big tech in an effort to break up google, force google to separate
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its online advertising business. we are watching google and big tech in otherwise strong rally in stocks. mornings with maria live right now. morning mover, check out shares of peloton, struggles to bounce back from its pandemic highs sitting at 15.11 a share. it is seeking $750 million from debt investors such as black stone and apolo global management who are more than willing to lend the company further as the house cancels the proposal for off staffers to get a peloton wellness benefit. a perk that would have cost one and a quarter million dollars a
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year. peloton says it will anticipate the global, it is going to be in the jp morgan global technology media and communications conference next week. we will see what peloton management says at the conference. could be be a market-mover depending on what the ceo says. palo alto, cybersecurity company reporting strong quarter earnings, raising full fiscal year forecast expecting higher renew for the year as it grew 29% year over year. palo alto shares up this morning 11 and a quarter percent. the rest of the market rallies up strongly in heels of rate cut in china and efforts to bolster mortgage market. as you can see the markets are capping off a very volatile week, of course, dow industrials up 281, s&p 500 up 43 and nasdaq higher by 179 right now. all three major indices set to end this week down about 2.9%.
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it's been a tough week as you know, take a look. the dow industrials down about 3% this week and the nasdaq down 3 and a half percent and the s&p 500 down 3% on the week. the dow on pace for the -- the nasdaq on pace for longer losing streak for 21 years, joining me chief investment officer jim lull and also joining the conversation all morning disruptive tech and chief analyst lou and wall street editorial page editor james geeman. thank you very much for being here. we so appreciate it. let's talk about the market and the volatility this week. what can you say in terms of this bounce-back this morning. would you be putting new money to work? >> well, we continue to put money to work but with all of our risk antennas fully established. we know that this is an economy
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here in the u.s. that's being challenged by constant inflationary pressures and we know that china is battling its own economic slowdown and europe falls in between the two. it's not an easy time to be an investor and time to read your statement but it's a gad time if you're a long-term investor with proper asset allocation and risk tolerances all tweaked here objectives that you're able to benefit from significantly discounted prices in some bellwether u.s. sectors and companies. maria: yeah, the central bank in china making the unexpected rate cut overnight, jim, what do you make of that and what do you think in terms of the market here watching china cutting rates and the u.s. actually in the middle of this rate rising string? >> so china is cutting rates.
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as you noted the 5-year loan rate to sure up its slumping housing market. overall china has overstepped zero covid tolerance policy, its impacted their economy negatively. the good news the negative that's a positive that means that china is going to have to provide significantly more and consistently more stimulus after having challenged its own marketplace last year. it's going to do just the opposite this year. so any time we see china stimulating its own economy, that's great news for our economy even for the global economy but, of course, it's news that born of dire conditions. here in the u.s. fighting inflation just simply isn't going to go away. our policymakers are behind the curve, the fed obviously understands that it was behind the curve. it's trying to get ahead of it. it may or may not succeed. the fears of inflation and reality of inflation will likely take a toll to moderate and
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low-income consumers and also translates into volatility being here to stay at least for the foreseeable future and, of course, into all of that is the rising fear that we would hit some sort of recession, the question being whether or not it's a technical or existential recession and what its duration, scope and scale would be like. so far if we do see recession, we do think it's likely, we do think it's relatively short lived but we are in the strange moment where literally people are fearing inflation and recession one at the same time. maria: yeah, it's interesting, stagflation, i guess. look, we are already in contraction, we got the contraction number on the gdp in the first quarter, 1.4% contraction, a new report from bloomberg economics this morning predicting that u.s. grout is outpacing china's growth for the
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first time since 1976 in part due to beijing's covid lockdowns. this report is expecting growth in the u.s. to hit 2.8% while china slows to 2%. what are your thoughts in terms of the rest of the year and how growth looks. if we are in recession right now and we get another contraction in the second quarter, do you think we will be back to growth by year end? >> we certainly could be back to growth by year end if we -- if we do enter a recession in the second quarter. i wouldn't rule it out. i think what we will see is a similar playbook to china and that is our fed right now raising rates trying to tamp down inflation. this economy will go in reversioning drink. it would be cutting rates to try to stimulate our economy much the way china is doing right now to try to stimulate the economy.
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the problem, of course, is that none of the world's largest economies have been able to see organic growth for years on end. this is all growth that has been supported by massive amounts of stimulus and so even if we return to both, it's the kind of growth that you can't declare the patient cured. all you can say that the crutch continues to work well. maria: yeah, the markets are mimicking what you're saying. any opportunity for value in your view after 20% selloff in nasdaq and almost 20% in the s&p 500? >> for long-term investors, we absolutely think there are. the healthcare in sector, bio technologies has been hammered down. it's the necessary sector and we also continue to think that technology especially the
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bellwether technology names that have been beaten down look very attractive long term, near term we continue to think that the consumer is going to power through at least for the next month or two but rising prices at the bump are definitely taking a toll on the lower-end consumer in the u.s. maria: yeah, we got another record high in gasoline this morning, jim. it's great to see you, have a good weekend. thank you so much. jim lull joining us on investing today. quick break, joe biden's job approval rating plummeting again with certain voters as nancy pelosi says democrats have every intention of keeping the house. we will get into that when we come back. more damming testimony against former clinton lawyer michael sussmann. former fbi official james baker says he's 100% confident that lawyer was lying. plus weighing on elon musk
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questioning all of those fake accounts at twitter. start at 8:30 a.m. eastern. you're watching mornings with maria live on fox business. ♪ ♪ ♪
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maria: welcome back, a new quinnipiac poll revealing only 26% of hispanic americans support the president right now. this is an important voting bloc. these numbers are down sharply from a year ago. this is down from 55% a year ago, down to 26%. meanwhile you've got other blocks also worried about his handling of the economy, the last poll we saw 3 quarters of voters, 75% say they felt the u.s. was on the wrong track but nancy pelosi is insisting that the american people want democrats to win in november. she says she's got every intention of keeping the house majority despite these
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plummeting poll numbers. james freeman, lou is here with me this morning, james, your reaction. james: the quinnipiac poll tends to be among the most accurate so this has to be particular disturbing for democrats in the white house and i think part of what you're seeing is the impact of not just biden's performance in office but the democrats' approach, this sort of obsession with race and identity politics. they -- they look at people only by their demographic category. they think that more illegal immigration is very popular among hispanics and they think that's the only issue and with this poll shows is just like most americans, all americans, big issue is inflation right now. another big issue is concerns about what's happening in ukraine. so i think if there's a lesson here for democrats, if they want to avoid a disaster and maybe stop looking at people racial
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and demographic groups and just look at them as americans. maria: and james, i love your op-ed earlier in the week, the biden era is about fear, not greed. the president keeps trying to blame big corporations for all of his failures on policy. all of that spending in the last year stoked inflation but he's blaming everybody else the meat companies, the oil companies, make the case in terms of your op-ed the biden era is about fear. >> a lot of allies on capitol hill suggesting that suddenly we have had outbreak of greed, greed never existed and when he was inaugurated suddenly all of the corporations are greedy and that's why prices are going up and, of course, we know what he's done, what the fed has done is the reason we have this inflation and that's what drives fear and you see it in polls, you see it in the market right now. you see it in both stock and
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bond markets. it's just the foundation of society, the currency, when you mess with that, you will make people fearful. maria: lou, you have to wonder whether nancy pelosi is putting on the show. do you think she really expects to keep the majority in the house? >> she can't be realistic and pragmatic. misery likes companies and that's approval ratings and james said it, look, it's not a mystery what the problem is, it's inflation, inflation, inflation. the hispanic voter poll is showing that's the main concern. we see that across demographics. you have to have great talking points but good data points that change the conversation for the united states -- for the americans, the working class that are seeing the pain at the pump and at the grocery store. maria: it's a great point. that's why there are these questions from the biden
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administration. finally taking action on the baby shortage. why did it take so long? the white house blame game on gasoline prices keeps on going. wait till you here what secretary says about the high price of gasoline.
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>> now triple a is projecting that gas prices will hit a national average, average of $6 a gallon by the month of august. is this acceptable to you? >> no. it is not. and you can thank the activity of vladimir putin for invading ukraine and pulling -- >> nonsense. with all due respect, madame secretary, that's utter nonsense. maria: well, that was a heated exchange, energy secretary jennifer once again blaming putin for the surge price of gasoline as gas hits record high 4.59 a gallon. joining me to talk more about that pennsylvania congressman guy rushenthal.
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good to see you. no mention whatsoever on when he got in office on day one. does jennifer think that has anything to do because of simple supply demand fundamentals. >> i would like to give the secretary the benefit of the doubt but in this case is misleading or totally ignorant of the fact both of which you wouldn't expect in an administrator but if you look at it, the reason the gas prices are so high is because joe biden and the radical left have in essence declared a war in u.s. energy production. just as you said, maria, day number 1 canceling the keystone xl pipeline, even before that ban drilling on federal land and also saying that he was going to phase out hydrocarbons during democrat debate. what does that do? that drives up investment, drives up capital going into the
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energy sector so you cannot find funding to build the pipelines and that's even when you can get the permitting oil and gas infrastructure in place that would help with the crisis. is this convenient for them to blame putin but the american people sophisticated and know gas prices have risen every month since joe biden took office. maria: yeah, it's a great point. i want to turn to the new testimony against the former clinton campaign lawyer michael sussmann and what is happening in the dc courtroom. we are talking about this lie that john durham is telling us michael sussmann made when he said i'm not coming to the bureau on anybody's behalf. i want to help the bureau.
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am i supposed to believe that it was michael sussmann alone who got the fbi to open up an investigation against donald trump? i point to a new york post story this morning, how the fbi big wig aided and abetted the hillary clinton plot. what is your reaction to what we learned yesterday? >> well, a lot of things. number 1, sussmann is in this position where no matter what we are able to blow the narrative apart that there was some kind of conspiracy with russia and to show that this was actually a hoax from the start and here is why. sussmann's defense is that the fbi knew that he was a political operative working with the clinton campaign and if that's the case, it shows the fbi all along knew that the steele dossier was bunked, that a lot of this information is coming from fusion gps and the clinton campaign and it wasn't real intelligent -- real intelligence. the other thing is that sussmann will have to say that he lied to
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the fbi which again is what the case is trying to prove. but regardless of any kind of convictions in this case, maria, the durham probe and the durham investigation has done what it started out to do, uncover a lot of evidence and also has just shown that this russian conspiracy theory is just that. it was product of the clinton campaign, james comey and the fbi got political and tried to go after the trump campaign in 2016. to that extend, durham is already successful regardless of convictions. maria: yeah, no. that's what i'm talking about because we know that one of the key cyber guys at the fbi knew right away that there was no way that trump was communicating with this alpha bank, there's no way of the yoda phones. the cyber chief has already said that. i knew from day one that there was nothing here.
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that was in 2016. if you fast-forward to january 2017 we know the fbi had 3-day interview and that's the source of the dossier and shenko told them in 2017 it was all made up. we were just, you know, joking around and having beers and embellishing. that was january 2017 the fbi knew that it was bunk, but they continued to pursued pfizer warrants to spy on the trump campaign and they had a pfizer warrant against carter page. my question is are we going to see fbi agents up there on stand testifying under oath because you can't possibly believe that this whole thing started for michael sussmann. the fbi wanted to take down trump. >> right. we are going to see fbi agents very likely. just as you were saying, the whole exercise shows from the
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very start the fbi knew the steele dossier was a product of the clinton campaign, fusion gps and it was manufactured. they went with it because they wanted to hurt the trump campaign, they want today make sure that if trump got elected that he was going to be damaged from the start and you saw that just as you were saying in january of 2017 when they used -- when they used false information to spy on the incoming trump team and the new trump administration and think what about that did. the fbi got political and really stunned the trump administration from the start, imagine had successful it would have been had hay not had the controversy, nonsense about collusion with russia over the administration especially in the first 24 months of the administration. maria: that is exactly right. bingo, you just hit it. congressman thank you very much for being here. you cannot underestimate the
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affect and the impact of the russian collusion lie, not only did it put a new administration on their heels but it divided this country enormously. hillary clinton's lie went viral across the world thanks to media. we will take a look at sticker shock at the grocery store. stu leonard will join me on rise in prices and what more americans are stocking up and what he sees to be the biggest price increases and which products. then acting crazy, ellen testifies at the amber heard and johnny depp trial. what she had to say about her ex-johnny depp coming up. ♪ ♪
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maria: welcome back, well, the senate passing a 40 billion-dollar aid package to ukraine. cheryl casone with all the details, cheryl, good morning. cheryl: good morning to you, maria. $6 billion to train and supply the ukrainian military and 9 billion to replenish stocks of u.s. weapons already sent to the country. the justice department would also get $67 million to help cover the costs of seizing and selling profits from russian oligarchs, the bill heads to president biden's desk. the president probing strong support finland and sweden to join nato. they came to the white house
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yesterday. turkey president rejecting entering alliance. cdc signing on covid booster shots for pfizer 5 to 11 year's old. vaccination rates for that age group, however, lagged behind others, less than a third of kids age 5 to 11 have been fully vaccinated. well, the new york city health department is investigating a possible case of monkey pox, patient at nyc belleview hospital. preliminary test will be sent and would not say if patient traveled outside of the u.s. first case of monkey pox in massachusetts. very rare but serious, fever, headache, chills and skin legislations. finally, this actress testifying on behalf of amber heard saying johnny depp was a controlling
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boyfriend back when barkin dated him. >> he's just a jealous man, controlling where you're going, who are you going with, what did you do last night. he was drunk most of -- a lot of the time. depp threw a wine bottle across the room in las vegas while we were shooting in las vegas. cheryl: tape of a deposition that she had given earlier. as far as amber heard she previously testified that depp through a bottles at her during the relationship. expected to begin next friday. a lot of folks taking every twist and turn of this trial. loving it. back to you, it's insane. the whole thing is -- maria: incredible. and it's a sad story too. thank you so much. fda commissioner robert keller refusing to answer questions from congress on why the fda
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took so listening to respond to the poor food safety practices allegedly at the abbott nutrition plant which lead to recall and current baby formula shortage, watch what happened yesterday? >> the information is in the public. we have an ongoing investigation about the details of exactly what happened, you know, from point a to point b along the way and since it is ongoing i can't give extensively more details on that part of it. maria: well, fda was told of the first instant hospitalization linked to abbott formula last september, sweeping recall in february. james freeman, you have done a lot of work about this. how do you see this. desperate mothers across the country, some fighting in stores to get baby formula. >> it really is -- a
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government-created shortage. first you have high-trade barriers to the import of baby form whether she and you also have very high barriers of entry for a domestic competitor that wants to get into the market. the fda regulates it very aggressively above the level of a typical food production process. so government has created a lot of obstacles to creating supply and on top of that, i don't know how you explain this queens of events. some people as you point out talking about how slow moving they were. i also think we should note once they did the investigation they never linked the factory to the actual illnesses that afflicted those infants. in other words, yeah, they found bacteria at the factory but not in the formula and it wasn't the same strain that had sicken the children. given that, you have 3 months of closure of this factory and then as soon as this goes into the headlines the fda agrees that it
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should reopen. you know, the fda wants us to look at them as sober scientists experts who are insulated from the political process and i don't know how you can look at the sequence of events an believe that. maria: abbott came out with a long tweet saying, look, you can't say that this is abbott's fault and that the administration is wrong to blame abbott because of all of the reasons that you just pointed to, james. >> go figure, the administration blaming someone else. pointing fingers. the funny thing there are approval dates that fda waits for the last day to approve. there's a drug that can delay and even cure types diabetes. there's no treatment and they will drag their feet. can't mark my words. they have done it here and don't have answers for it and there's no excuse, it's bureaucracy. the administration should have stepped in. four companies in the u.s. that control 90% of the baby infant
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formula market. you shut down one of those four, you will have serious supply issues and they just ignored like james said coincidence, all of a sudden they fixed the problem once it became to the headlines. maria: coincidence. james, here is the quote from abbott on twitter. at the white house press secretary, the press secretary mistakenly missaid that our formula tainted an killed infants. the deaths of infants are a tragedy but consumed four different types of our formula made over the course of a year and the illnesses took place in several months in 3 different states. the formula from the plant did not cause these infant illnesses says abbott. james: that's right, the cdc participated and did testing and the strains of bacteria did not match. in other words, what sickened those children has not been tied to that factory. despite what you hear often from people in the administration. it's also very bizarre, they
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keep referring to this as a voluntary shutdown. i should say at the times when they're not calling it a voluntary shutdown, there's no credibility here on the administration and the fda. maria: yeah, exactly. all right, we will take a break, when we come back the world economic forum yearly meet asking back, i will be speaking to ceo attending the davs conference next week. we hope that you will join us from the special coverage of davos live. while your best investment bet may come from the art world. we have a rundown of one of the hottest buyers markets right now as they're selling stocks and putting money in art. you're watching mornings with maria live on fox business. ♪ ♪
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slaying is our business. and business is good. unbeatable internet from xfinity. made to do anything so you can do anything. maria: welcome back. well, there's volatility in the stock market but the art market is sizzling, sales reaching more than $65 billion last year. a 29% increase from the year earlier and there are no signs
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of any slowdown, joining me right now is whitmer fine art adviser president, michelle whitmer, michelle, great to see you again, thanks very much for being here this morning. how would you assess the market right now? >> market is shockingly strong. we are in the midst of auction weeks, we will probably hit the 3 billion-dollar mark in business in just a couple of weeks. we have never seen a stronger art market. maria: so where do you think that's coming from? is this domestic buyers, is this foreign buyers because of course we have all of this volatility in the stock market and we have spoken before, michelle, that normally you have the art market coincide or sidestep what's going on in the stock market, are you seeing a diversion now for the first time? >> i think we are seeing a diversion now. normally if the market is down bidding is down. there's an investor confidence that is easily affected. we are not seeing that so much.
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we are seeing prices go through the roof. we are seeing a lot of business come in from all over the world, in particular asia and more regionally and nationally we are seeing business that used to go to new yorkers going to the same people but now they are floridans. a lot of the art that's being sold is being shipped to florida. maria: yeah, you're saying a lot of the money is coming from asia, so you have the foreign buyers back. are the domestic buyers still strong in the u.s. or is it largely foreign money then, michelle? >> the domestic buyers is definitely still strong. it's global, it's not just one place. it's strong worldwide but we are seeing more money than ever coming especially from asia and also from countries where we have never really seen money coming in before for things like french impressionism. we never used to see people from india, the philippines, other
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nations acting in the bidding for french impressionism pictures. maria: i love the elvis painting there that we are looking at. what's the story around the marilyn picture. that was just sold at the most recent auction 195 million. what can you tell us about andy warhol continuing to have popularity all of this time later. i know that you worked with andy warhol, right? >> i did when i was 20 year's old. part of my job to work in factory with andy. if you think now that they've going as high as $195 million. that's pretty shocking. maria: that is. and -- and is it a certain type of art do you think that is
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resonating more right now? is it pop culture or other areas that you see really attracting interest? >> pop artist strong. ultimately the best investors are looking for art that has a staying power that will have meaning decades from now. when people were buying warhols even a few decades ago it was understood that andy was one of the lead figures of 20th century art. twentieth century art dominated by picasso and it always will be. that's permanently in the history books. now as people buy contemporary art, they are trying to figure out what's the most important art on the museum walls years from now. maria: fantastic. what are your metrics that you're going to look at in terms of the next test for this market, michelle? >> we are lacking at technical merit, whether or not the artist can paint, for example, but we are lacking especially at intellectual merit. i see a lot of buying going on
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that i think are mistakes. when somebody buys something just because it's new if the only thing that the work of art has to offer is that it's new, it can't stay new forever so it has to have a certain intellectual stimulation. i looked arthel:ists olifer aliason, he's the artist that a few years back did the waterfall under brooklyn bridge, he's the favorite of michael bloomberg, he has environmental issues in his art and also beautifully and intellectually stimulating. >> always nice to connect. please come back soon and give us an update. thank you so much, sir. >> thank you. maria: all right, michelle whitmer joining us this morning on a really hot market right now. quick break and then place your bets, we are taking you live to baltimore where the stakes to kick off this weekend.
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maria: welcome back. is so the next leg of the triple crown race, the preakness, kicks off weekend. lydia hu is on the ground in baltimore, where today is black eyed susan day, ya, good morning. -- lydia, good morning. >> reporter: good morning. yeah, black-eyed susan happening later odd, a race of the peal horses, the fillies, and it comes just ahead of the preakness stakes which happens tomorrow. we already mow that this year for the fourth year in a row we're not going to have a triple crown winner and that's, of course, because rich strike, horse that won the kentucky derby two weeks ago against incredible odds, is sitting it out, opting to get some rest as decided by his owner. but there are still, maria, incredible contenders to follow like secret oath. this is a female horse that is going to be taking on the boys, and this filly is considered a
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strong contender who might just clinch victory. it's not unheard of for a female horse to race against the males, but it doesn't happen very often in the 146 years of the preakness stakes only 55 fillies have ever raced, only 6 have ever won. secret oath's owner tells us her incredible track record has earned her a lot of fans among young women. watch. >> with if a 15, 16-year-old girl sees her run in a race and that inspires them to accomplish something, to compete, there's no glass ceiling in horse racing, there's no glass ceiling in business or anything else, i think that's a good thing. >> reporter: now, maria, the energy here is electric. everyone's thrilled to have the preakness back many full force with no restrictions in place. we're expecting over 100,000 fans here in baltimore. that compares to just last year
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when attendance was cap at 10,000. and another favorite horse to watch, keep your eye out for epicenter. that name might sound familiar because he was a favorite just two weeks ago at the kentucky derby. he came in second at the derby, so there's a lot to poll here. post time, 7:01, maria. maria: i love the preakness, and i will be watching. ya, thank you so much. lydia hu joining us in baltimore. lou and james with us this morning, stay right there, the next hour of "mornings with maria" begins right now. ♪ ♪ maria: and good friday morning, everyone. thanks very much for joining us this morning. i'm maria bartiromo, your top stories right now, 7 a.m. on the button on the east coast. today, global reaction to economic slowdown. china unexpectedly cuts interest rates overnight to spark housing
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activity as the u.s. is in a raising rate mode and japan faces its own inflation. market9 this morning are rallying on that china a rate cut overnight. dow industrials bouncing after what has been a volatile week. dow right now up 269, the s&p 500 higher by 38, and the nasdaq up 1 a 55. 155, closing out a volatile one. take a look at what happened yesterday with stocks extending that huge selloff earlier in the week, dow if finishing down 2 if 6 -- 236 yesterday, the nasdaq down 29 and the s&p down 22, one day after the 1,000-point selloff in the dow. interest rates this morning are inching up. take a look at the 10-year, right now up to a level of 2.867%, has up 2 basis points this morning. oil prices, while pulling back, are still elevated. take a look at where we stand as we have another record high many gasoline this morning. brent is at 112.39, up a third
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of a percent, crude oil at $112 and change. and aaa is reporting another record high nationwide for the price of gasoline, now at $4.59 a gallon. stocks in europe are rising along with the u.s. on that rate cut overnight9 in china. cac up 88, 1.5%, the dax index up 272, that's almost 2% in germany as well. and in asia with overnight, hong kong the best performer on the news from china's central bank. hang seng up almost 3. china's central bank cutting the rat closely tied to mortgages -- rate closely tied to mortgages. inflation in japan topped 2%. over in washington the clinton the lawyer, mike sussmann's, trial continues. former pbi counsel james baker -- fbi counsel james baker testified that he is 100% confident sussmann lied about
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not working for anyone. we know that the fbi did not believe the story of trump-russia collusion, but they pursue ised a guys saw warrant anyway to spy on the trump campaign. -- fisa. james baker back on the stand this morning. discussing all of that with me, joining me at 8:30 a.m. eastern is the ceo of trump media technology group devin nuñes who blew open this case on the collusion story. he will join me live coming up. all of this as a new quinn by quinnipiac -- quinnipiac poll shows just 26% of hispanics approve of biden's job performance. 60% disapprove. "mornings with maria" is live right now. ♪ maria: and it is time for the word on wall street. top nervous watching your money,
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joining me right now is mike murphy, baird plaintiffsment strategist -- investment strategist ross mayfield and ken mahoney. ken, kicking things off with you with. with a market that is rallying after an ugly week, of course, for stocks. an unexpected rate cut out of china overnight, major indices on the path to end the week lower though, an eighth straight week of losses. the dow on pace for the first 8-week losing streak in 90 years as the s&p and the nasdaq look to extend their streak as well. ken, your thoughts on what to do now as an a investor. >> well, it's been a long month, let's start there, right? it's hard to believe the only two days we rallied was on china,000 of all things. the turn-around tuesday, and now overnight the rate cuts. the bad news is the volatility index. the vix went out at 28.5, that's
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nowhere's land, investors don't like volatilitiment by the way, that 30 handle so to speak on the vix, that's about a 2.5 percent intraday swing. that gets people nervous. i am reminiscent of last summer where where the vix was between 12-14, the waters were calm, and that that's what we want. a little piece of the puzzle this week, unfortunately, we heard from walmart, target and the retailers are in a tough spot. top line's slowing while the expense line is growing. labor input costs are going higher, energy costs are going higher, this is a very difficult market. until we can put out some of these fires including the vix. maria: yeah, i'm really glad you mentioned retail because i was going to bring it up. ross stores is fall being out of bed this morning, it's looking like the damage and the carnage that a we saw at target earlier in the week. ken, what do you make of this right now where you've got a stock like home depot doing well
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on a pretty good quarter, and yet walmart selling off, target falling out of bed 25%, and this morning carnage is ross stores which we're going to show you in a moment. what's going on in the retail right now? is this demand destruction? >> i don't think it's demand destruction yet, but it's going there. i mean, the wealth effect, clearly, people look at their 401(k) can'd, they see it down, they start pulling back. i don't think these fed governors, none of them actually have any business with experience. so they're jawboning, and we're already at 3% fed fund rates, and the markets are sponged to it, and consumers are pulling back -- responding to it. employers are just not, it's just not ad good space to be. i think retail's the worst place to be. maria: yeah. well, certainly that's where you're seeing the consumer have to face off inflation which is
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cutting into wages and, obviously, the demand story. mike, let me get your take on this new bloomberg economics report which is predicting that u.s. is outpacing china's growth for the first time since 1976 despite the u.s. economy contracting in the first quart. gdp growth for this year will hit 2.8% while china will slow to 2%, probably because of all this covid lockdown news out of china. your thoughts. do you think we will return to growth by year end? >> good morning, maria. i think we'll have growth here in the u.s. i'm hoping that we do. but, you know, it's kind of a sign of the times, maria, that we're say aing, hey, things -- you talk about retail sales, prices at the pump here in the united states. the consumer is not happy, they're not doing as well as they should be, and we're talking about needing china. you know, that isn't what we should be focused on. china literally shut down their biggest cities over the last few
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months, and if our talking point is, yes, things are bad here but, hey, we're doing better than china, that's not the united states that i want to be a part of. that's not what i want of. i want american growth, i want american innovation, and i want american people, rich and poor, all different colors and is races to do well. so you see what's going on over in china, and now this morning we heard that they cut rates. so they're trying to take a proactive approach to this. here in the u.s. as we're raising interest rates in the face of a slowing economy, that that's -- the people are speaking, maria. look at the retail sales. people are not comfortable with what's going on right now, and they want some sort of leadership. and that needs to come from washington, and right now we're not getting it. so remember, it started with amazon a couple of months ago which has lost one-third of its value. amazon, the largest company in the world not too long ago, a third of its value in the last month. so consumers are concerned, we need direction.
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we can't have record high gas prices every day and think that it's not going to have an impact on people, so we need direction and we need it convictly -- quickly. maria: it sounds like you're also a worried about federal reserve's ability to have this soft landing; that is, taking rates up but not taking the u.s. economy into recession. so far it's been retail really taking the hit. i mentioned ross stores. that's the disaster of the morning. target was the disaster earlier in the week with as was, of course, other areas in retail. is so, mike, when you look at a situation like a ross stores, is there value in retail, or do you just want to, you know, avoid all of these stockses because of what's going on with the consumer and inflation cutting into their ability to spend? >> well, the retailers like ross stores, and then we're going to hear from macy's, those type of specialty reailers i would say -- retailers i would stay far away from. when you look at amazon and more specifically home depot, right now home sales -- although
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they're starting to slow, that's still the strong area. home depot continues to perform, but they're not going to be able to continue that if we don't get some sort of leadership or direction and stop rising prices that we're seeing. there's no reason for people to go out right now and try to pick a bottom. in a target or a ross stores. don't try to play that game. maria: okay. meanwhile, let me talk to ross, our ross. national gas prices hitting a new record high. this inflation starts with energy, doesn't it, ross? today's average $4.59 according to aaa, surging prices coming ahead of the memorial day holiday. are you expecting prices to surge when we see peak driving in the summertime? don't forget jpmorgan yesterday said that gasoline's going to be at $6 by the end of the summer in august. >> you're right. energy is a huge component of, but it's just with one component. part of the problem the fed is facing is that it's broadened
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out. it's now in wages, it's in energy, it's in food, and it's in a hot of things that they have very little control over. so they can try to a raise interest rates to curb demand stateside, but they can't pump more oil, hay can't plant more food, they can't, you know, drive the boats out of the ports. i mean, there are a lot of things out of their control which is why this soft landing is such a narrow pathway for them to hit. but you're right, energy is what americans see every day at the pump, and it's what drives some of the consumer sentiment data that's so negative right now. maria: yeah, i mean, look, one thing they could do is fire up the drilling in the united states, because that's one issue that's affecting the supply-demand dynamic. looking for leadership, that's something the president could do. we'll keep watching all of that. mike, ross and ken, thanks, gentlemen. we appreciate your time. we're going to take a break. when we come back, america's growing crime crisis, it is persisting.
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the ongoing violence in chicago is pushing one billionaire's business out of the windy city. and then the biden administration's refusal to see reality. senator johning barrasso is here on the testimony from the energy secretary on gasoline prices. plus, devin nuñes joining me next hour. we'll be talking about damning testimony against former clinton lawyer michael sussmann along with elon musk's never ending battle over the truth over the twitter fake accounts. joining the conversation all morning long, and james. you're watching "mornings with maria" live on fox business. ♪ ♪ since i left for college, my dad has gotten back into some of his old hobbies. and now he's taking trulicity,
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oh... open houses. or, skip the hassles and sell directly to opendoor. wow. get your competitive offer at maria: welcome back. well, big city crime is persisting. two people killed, eight others injured in chicago overnight just a few blocks from michigan avenue and the magnificent mile chicago shopping district.
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this as illinois' richest person, citadel ceo ken griffin, says if this violence continues, he will have to move his business out of chicago. billionaire recently donated $25 million to help finance a new university of chicago crime lab program on policing and safety training. lou, this is what we're seeing across the country not just from ken griffin, but from people who are watching crime make it hard just to operate a business. people don't want to go back into the office and, of course, it's also on top of the economic issues like sky-high taxes. >> yeah, i wish, to your point, i wish this was an isolated incident in an isolated city, but it's t not. when the billionaires start barking about allowed bad it is, you know it's bad because those are the people that can insulate it. i kudos to him for speaking up, because simes it takes threatening -- sometimes it takes threatening economic consequences when politicians
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won't take care of these matters. it's a sad saint but, again, i've got to give a pat on back for speaking up and taking action to make a change. there's a lot that that needs to be done both in chicago, new york, san francisco, it's throughout the country, sadly. maria: and, you know, there are consequences on the city of chicago, james? you know, when you see some of these big-minid corporations ans leave, we saw that happen in chicago, we saw that happen in new york, in other areas, california as well. >> yeah. it's, this tragic loss of life, we're watching tragic death of the great american city there. as you point out, it drives business away, so you get this vicious cycle. in chicago people don't want to come into town for a show anymore. there was a recent theatrical production that wasn't able to go forward one night because someone had been shot in the alley next to the theater. one of the victims, i believe, was a stage hand on the crew of
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the show. and to lou's point, you know, you would think the super wealthy can insulate themselves from whatever problem is happening. ken griffin was in new york recently speaking about that issue, and he said you might think that, and he is one of the richest people mt. country, but he said -- in the country, but he said there were assaults on his employees as hay headed to their office. i assume it's a fairly nice office in a very expensive part of chicago. but the absolute lawlessness that's afflicting the entire city is tragic. and that's why citadel, which really was built in chicago, it eventually grew to include new york and florida but now the idea that a great company like that is not going to be in chicago at all, it's just so sad. maria: yeah, bad news for chicago, that's for sure. when we come back, the white house back to the blame game trying to blame everybody else for the record high gasoline prices.
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we're going to talk with with wyoming senator john barrasso. find out what he thinks can get done before the memorial day sprint9 and the summer holiday. then now twitter cares about actual misinformation? we're going to talk about the newest efforts against what goes viral. hot topic buzz coming up. ♪ ♪ you know liberty mutual customizes your car insurance, so you only pay for what you need? like how i customized this scarf? check out this backpack i made for marco. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ big game today! everybody ready? alexa, ask buick to start my enclave. starting your buick enclave.
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new and existing customers get amazing value with our everyday pricing. switch today. >> do you believe that gas prices are too high? >> americans are still recovering from this terrible pandemic, and there are a lot of other world events that are making things difficult. >> so it sounds you're unwilling to say that gas prices are too high. >> we're doing all we can, senator. maria: well, that was interior secretary deb holland refusing to call gas pices too high when -- prices too high when pressed by senator john barrasso gas reaching $4.59 a gallon. we are expecting it to go higher as we approach the very peak time of summer driving season. joining me right now is the man himself, wyoming senator john barrasso, he's the ranking
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member of the energy committee and a member of the foreign relations committee. senator, it's always a pleasure. thanks very much for being here this morning. >> great to be with you, maria. maria: so what does that tell you, that she was unwilling to say what we all know, that we're at a record high in gasoline prices, and there's no plan to fix it? >> well, one, this administration is completely out of touch with the american people and out of touch with the pain that the american people are suffering on a daily basis as they can no longer afford to fill the tank. they have to put many only so much money, and that doesn't get them very far. maybe she should watch your show to understand how bad things really are, and it does seem that this mental i, there's no end in sight. you've seen the reports, they're looking at $5 a gallon through the summer, and we ought to be unleashing american energy, and there's an opportunity to do it, but this president refuses to do it because he is so beholden to these very liberal leftists in terms of their climate agenda, and the american people are suffering and having to change
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hair life as a result of it -- their life as a result of it. maria: it's pretty sad when you look at what's happening today in america, and you're right, people are suffering. i want to ask you about the ukraine aid bill. i know you're just back from ukraine. thank you for going there, by the way, meeting with president zelenskyy. the senate passed a nearly $40 billion aid package to ukraine last night, sevenning it to the president's desk -- sending it to the president's desk. i know you voted yes, but you can understand why people are questioning why we're sending all of this money to ukraine and haven't sent a dime to the border. we're about to see title 42 go away, and we're about to see 18,000 people a day get apprehended, and there's no money whatsoever to actually build up the strength that we need at the border. so give us your sense of the ukraine bill. is that it or are we wide open to sending more money, and how can this administration won't even consider trying to rein in
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the chaos with at the border? >> well, there's a lott that you asked there. first, the border is not secure, and if i thought voting for more money for the border would actually be spent at our southern border, i'm all for that. the administration and specifically chuck schumer have been block votes for that, and this administration is not interested in spending money at the border, they're not not in favor of helping us keep that border secure, and it's going to get a lot worse. with regard to the specifics of ukraine, we have people there who are fighting for their lives, figthing for their freedoms, fighting for their country, and i believe we need to just give them the military aid they need in terms of the weapons, the ammunition and the resources that they need to fight that fight against vladimir putiningening. he's not going to stop until he is stopped. he absolutely overestimated his own capacity the, underestimated the will power of the people of
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ukraine, but we know that he has now united the world to the point that countries who have never been participating in nato, who have very robust militaries, and we see that in sweden, we see it in finland, they want to join nato. those are a big plus to that, so they're going to be contributing money as well to help in that everett. maria: we all want to see ukraine or win. when does it end? what are you going to be looking for in terms of getting a sense of whether or not ukraine is winning? >> well, it seems that they are right now in terms of the pushing back of putin. they're getting the weapons, they need additional weapons. the world benefits also if we can push back on putin to the point of getting the grain out of the port that's right now, you know, odesa it can't get out because the russian ships that are in there. there are things that matter for the world in terms of pushing back on putin. we passed in a bipartisan way that legislation. i'd love to see this bipartisan
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agreement on energy. you'd think the other party would have realized that they need to do more to protect our country in terms of our economic security, our energy security and our border security. we can get absolutely no cooperation from the democrats on the border, on energy which is why i believe we're going to have a stunning victory for republicans in the house and senate nat and -- in the senate and all across the country come november, maria. maria: senator, you think things can't get any worse. i mean, sky-high inflation, an inability to feed our baby, you know, baby formula shortage, aggression coming out of china and russia, and yet now i'm talking to guests on show, they're talking about potential famine, okay? senator, i'd glad -- i'm glad you just mentioned bread and food because people are worried about food shortages and a famine. are you? >> i have great concerns about that. and so much of this is also
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related to energy, and you have the president of the united states now going to the dictators inuelaez, say s heet's l to to to y to g g ener . riiga:ht.a:a: on>>'t gon't iut o o o the at oesh,,h, no,urn ton big to so m lel lels.n e is i dicta dr.r. two itwo the t amo o ene ngng isnoing to m akto enin the h h h h reaeo fferinffg. an num number, has the wnvirmealandastinrd the w be and a claim cla be b b b b bn thenvirmental ierer, ininin no wttttt in out outenezueez.ue so her it'ss the border, whether it's the energy, whether it's economy, whether it's coddling to dictators, we have a president who really is not leading. maria, three out of four americans say the country is heading in the wrong direction. the president's numbers are at an all-time low. that's where we are in this country. we need to get republicans in
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charge of the house, in charge of the senate. i need to be the chairman of the energy if committee, and that's what we'll do in november. maria: well, we're going to watch that, and i know you're going to make real change as chairman of the energy committee. senator, let me get your take on what you're doing on china, because it seems like joe biden is beholden to china. the house and senate bills out right now would spend $400 billion and $245 billion respect ily on a mix of industrial policies to compete with china, but, you know, it always seems like when negotiating a china bill, china gets the better end of the deal. now joe biden is going to be removing tariffs from china, the trump era tear the riffs. he already -- tariffs. he already did away with the china initiative. what will china policy look like, senator? >> a lot different than the bills that passed the house and senate. as you know, maria, i voted against the bill in the senate. i'm on the conference committee because i think we ought to do
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things very differently than what the house and senate want to do. the house bill is basically green new deal bill on steroids. they added it to the china bill. it is obscene what they're trying to do, things that have nothing to do with china. i think it's going to be very difficult for them to get that passed at all. maria: after all of the inflation we've seen stoked by all the spending, they still are pushing through this clean build back better agenda, now trying to attach it to the china bill. it's actually extraordinary. such a tin ear while we watch inflation at 40-year highs. we so appreciate your time and leadership, senator john barrasso. >> great to be with you, maria. maria: see you soon. break and then the sticker shock at the growsly store. -- grocery store. stew leonarding tells me about rising prices as families deal with a formula shortage. are plus, teenagers can break
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the bank with their latest baby sitting prices. wait until you hear the inflation for babysitters. stay with us. ♪ ♪ meet ron. that man is always on. and he's on it with jardiance for type 2 diabetes. his underhand sky serve? on fire. his grilling game? on point. and his a1c? ron is on it. with the once-daily pill, jardiance. jardiance not only lowers a1c... it goes beyond to reduce the risk of cardiovascular death for adults with type 2 diabetes and known heart disease.
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maria: welcome back. well, man accused of attacking dave chapelle on stage is finally charged with a felony, but it is not for the chapelle attack. cheryl casone cheryl casone with the details. >> reporter: aren't -- isn't it crazy? isaiah lee stabbed his roommate back in december while live anything a transitional housing apartment. gascon's -- isaiah lee is pleading not guilty. well, the families of the three americans who died while on vacation in the bahamas are demanding a second autopsy be cone by a u.s. a pathologist. first was performed by one in the bahamas. mike phillips and his wife along
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with vincent who were stay anything a separate villa were found unresponsive in their rooms back on may 6th. reportedly, the victims felt ill the night before their deaths. the investigators are looking into the good that they ate as well as a strong odor of insecticide on the property. other guests were abe the air-conditioning units that the two villas shared. after two years of quarantine, parents are ready to hit the town, but it's going to cost them. growing inflation which a tight labor market is causing some teenagers to charge 25-35 an hour. at point, they're kind of reluctant to negotiate because, you know what? it's either that or you don't go out. unemployment among teens at a decade low. i mean, good to be a babysitter
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right now. maria: well, you know what? all care is like that. for the elderly, also $30 an hour. inflation is hitting all aspects. you're right, cheryl. >> reporter: should watch right now, i'm in trouble too. [laughter] maria: that's awesome. thank you, cheryl. desperate mothers across the country, meanwhile, struggling to find baby formula as store schells remain empty. reports of americans breaking down in stores, some even starting fights to try to get their hands on the food that their infants need so much. joining me right now is the ceo and president of stew is leonard's, stew leonard is here. stew is, great to see you. thank you very much for being here. the store looks spectacular -- >> hey, maria -- maria: yeah? >> hey, we're ready for memorial day. st going to be busy. you know what i just want to do? it's national water safety month, and, you know, my wife and i lost a little boy to a
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drowning, and i'd just like to use with you, your show here here to, just to alert all the parents and the grandparents out there, watch your kids around the water. right now the pools around new york, connecticut, new jersey are opening up, and so let's be safe around the water. maria: i'm so glad that you mentioned that. our condolences to you and your wife, and thank you for all that you're doing on this issue. it's a very important point that you make, and we appreciate it. but thanks for making the point, stew. i was commenting about the backdrop that you have. everything's stocked up. it doesn't look like you're having any supply chain issue is the, but mothers across the country cannot find the baby formula that they need. and i know you normally don't sell baby formula, right? are you working on plans to get some from germany to help your customers? what are you doing. >> that's right. that's right. well, first of all, my daughter is pregnant with her third child, so she's going to need
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baby formula in about a month. i'm doing this for two reasons, one more our customers, one for my daughter too. but we've hooked up a supplier in germany, we're all waiting to go, we're waiting for biden to give the nod and fda approval. of course, we want safe baby formula coming in. but we've already, you know, said we'll buy $100,000 worth of baby formula from germany. a 747 will be packed. st going to cost us a little more. you know, we were getting fish from all over the world. it used to cost us $1.10 a pound to get it a jet to fly it over from south africa, australia, whatever, iceland, but now it's $3.10 a pound. so we're going to get the baby formula, but it's going to cost a little bit more to get it here. maria: so, stew, what can you tell us about inflation today?
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are you expecting prices to go even higher later on in the summer as energy and gasoline is expected to peak in the peak driving months? >> well, you know, maria, right now what we've noticed is when i talk to our ranchers, our fishermen, you know, farmers, the conversation shifted from supply chain. it seem like they're growing enough animals right now and heir growing enough product -- they're growing enough product. big shift has been to fuel prices. you know, i was just talking to one with of our fishermen yesterday, he said it used to cost him a third of a pound, like, if you bought a pound of fish, say, for $5-10, you know, it would have cost him like $3 for fuel. now it's costing him $6 per pound for fuel. maria: right. >> so the fuel, everybody's talking about that, the price of diesel to put hair boats -- their boats, you know, and tractors and everything like
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that. so somehow we've got to get control of these fuel prices. maria: yeah, for sure. when you take a look at diesel, that's the big cost. that's what really leads to everything, and that's the underlying issue on inflation. you've also got an issue on this tight labor market, right? job openings seeing a record high mt. month of march. 11.5 million job openings right now, stew. businesses are struggling to find workers in this tight labor market. what are you doing? i know employees love the companies, stew leonard's, are you being forced to raise prices on your employees -- raise wages, rather, on your employees? >> yes. yes, maria, you know, that's one of the embedded cost. my tower's getting her -- daughter's getting her mba at nyu, and her economics professor asked about what do you think about the economy? there's a couple of embedded costs, one of them is labor. we've had to increase our
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starting rate $3 an hour this past year. i mean, that's not -- i can't go back to everybody and say, hey, we're going to to lower your starting rate again in a year or so. so that's an embedded cost. and there's also compression. so if you hire somebody at $15, 26 an hour -- 15, 16 an hour, you have to start raising all the other people. so it's really a big cost that's not going away, and i think this fuel cost is embedded right now. i don't know what we're going to do about that in the country right now, but that's having an impact. and what we decided to do, our family, is that there are some supply chain things, like i couldn't get limes out of mexico because our trailer was held up for a week at the border because of all these extra inspections. so there was a shortage of limes back around cinco de mayo. but we are getting spotty supply chain issues in the food business, but you have to pay the farmer, okay?
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for me to get really fresh, great product like you see back here, i have to pay these people. they got -- maria: sure. >> so what we're doing, i think things will shake out. i'm only passing about half of it on to our customers right now. we are eating it. our margins are lower than they were last year, but what i feel out here in the store is customers are looking for value. we feel they're eating home more and not going out as often to save money on their food bill right now. maria: yeah. well, i think that's right. people are looking for alternatives because they're getting sticker shock when heir going to the grocery store. stew, we've had a week of retail disappoints. ross stores is blowing up today, earlier in the week target was down 26%. because they're talking about demand destruction, customers walking many, they want to buy a, b, c, they get there, whoa, i didn't realize it was that
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expensive, they're not buying it, they're walking out. are you seeing demand destruction in terms of customers walking away because stuff is too expensive? >> well, i don't think, i mean, it's basically a nickel and a dime and maybe on some things you've bot to go up a quarter -- got to go up a quarter, maybe if it's extreme 50 cents. i don't think it's sticker shock. one thing we're doing the is trying to make things pocketbook-friendly. parmesan cheese coming over from italy right now, what we're trying to do is make the slices a little bit smaller so that it's a $10 item rather than spending $15. maria: okay. yeah. >> so customers are look for value today, heir looking for specials -- they're looking for specials. they're definitely smarter. they've been watching your show, they've been watching the news, they know what's going on in the world. our job as retailers is to try to offer as much value as we can right now. maria: yeah. well, that's what you're doing.
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and like you said, you're eating some of this. you're not passing all the higher costs on to consumers, so that's the strategy. stew, it's great to see you, great to hear the stories about a family, you're a family man, love it. have a wonderful and safe memorial day week. we'll catch up soon. thank you, sir. >> thank you, maria. thank you, everybody. have a nice day. maria: all right. you that ooh. stew leonard joining us this morning. stay with us, we'll be right back. (vo) singing, or speaking. reason, or fun. daring, or thoughtful.
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maria: welcome back. americans are ready to hit the road summer despite record gasoline prices, 40-year high inflation. it is memorial day weekend, after all. aaa predicting that more than 39 million people will drive or fly for the memorial day weekend vacation. so where are they headed, and will they be able to afford it? joining me right now is virtuoso managing director misty bell. thank you so much for being here, great to see you. >> thanks so much for having me, maria, i appreciate it. maria: so what are you expecting this memorial day weekend and going into the summersome are people back to traveling again, and where are they going? >> absolutely. travel is back. we have demand equaling 2019
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levels in some cases. i talked to a woman in the u.k. yesterday who said she had already passed 2019, and that's concern. [inaudible] since august. we see people traveling domestically, first and foremost, but also internationally quite a bit. maria: so, i mean, look, we are abe inflation in every area of this economy. we just got the cpi report other day showing overall inflation up 8.3%, but the price of an airline ticket, airfares were up 33% year-over-year. what are people going and where are the values right now? i know you say italy tops list of international destinations this smerks right? >> well, it is. even with higher rates. and actually air airfares to italy are up significantly year over year. international hotel rates are up more than 50% what he were last year, so you are peeling that
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concern feeling that inflation in the ralph sector just as everybody else. but when you get to these destinations, there's so many things to do and enjoy there that you don't have to spend a lot of money on, and you can have an incredible experience. lit e italy's a perfect example. if you look at italy, go towards the end of summer and even the end of pall because if you're not already booked, you probably won't get in. it is absolutely full. i had someone tell me yesterday there are no villas to be had. everyone is headed there. if you want to go earlier in the summer, the dole mites are your best bet, but if you want to go to tuscany or the amall my coast, look later summer or september. maria: any other tips in terms of avoiding soaring inflation, misty? >> yeah, absolutely. so a couple things you can look for. right now there are multi-night
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says. two nights and a third night free. four nights and a fifth night free. if you're not looking to move around, you can look for those kind of promotions and save some on your hotels. also look for prepaid rates because those are going to usually save you some money. just make sure you read the fine print, because a lot of them don't have a cancellation policy attached to them. there are other hinges like we recommend working with a travel adviser -- [inaudible] could save you up to $550 a night because of the value added entities that cost the consumer nothing additional to book that way, it's just an additional advantage you have working through a travel adviser with those kinds of programs. maria: real quick, how about domestic travel, misty? where are people going and what are the costs there? >> california is everybody's favorite playground, it seems, this summer. you know, california's great for road trips as well. so that's one reason why they're
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really pulling people in. but it also just offers so much whether it's beach or city or napa. we're seeing a lot of business headed towards napa. you have a gorgeous experience for not a lot of money. of course, you can have the beautiful males, but there are -- meals there, but there are other things to do like the farmers' market, which is biggest in the country, or the art walk. maria: we will live leave it there. misty belles joining us ahead of the memorial day vacation. we're going to take a short break. when we come back, twitter's plan to make sure to correct misinformation. the guy they have running it is the one who spewed out misinformation about hunter biden's laptop. we're going to get into it. stay with us. g effect. this is how it feels to have a dedicated fidelity advisor
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diagnosis grn are grjdz board twitter rethinking before elon musk takes over yesterday said would slow what it deems misinformation on public healthy emergencies will include a warning label on viral tweets in moderators
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can't investor claims misleading rich. one did after the administration fires misinformation governance board nina jankowicz quits mr. rotting who was the one who said "new york post" store on hunter biden's the laptop was not true. >> you cannot make this up, i mean i can't believe i am sitting here to say this but, insanity elon take over this company quickly get rid of this hypocrisy about controlling information what they deem who is "they" what do they deem appropriately. >> they came under fire in 2020 he referred to trump officials as actual nazis, running the disinformation business at twitter a lot to say talking about it with devin nunes next hour of "mornings with maria" begins right now. .
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. >> good friday morning. thanks very much for joining us this morning i am maria bartiromo. it is friday, may 20, top stories right now 8:00 a.m. on the east coast, today, global reaction, to economic slowdown, china undppdly interest rates to spark housing activity u.s. in regulates mode japan faces inflation markets rallying on rate cut overnight dow industrials right now bouncing after a voluntarily week still a losing week dow industrials up 284 right now s&p 500 up 44 nasdaq higher by 179 stocks closed lower yesterday another roller-coaster ride, by the close dow industrials gave up 237 points 3/4 of a percent talking dow lowest since 2021 march nasdaq down 2 points
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yesterday s&p 500 lower by 22 down well over 2% on the week it was another volatile pique after that 1,000 sploi. in the dow, down almost 3%, 3 1/2% on nasdaq for the week s&p 500 down %, doesn't compare to what happened this year, had been it has been, a year, of worry, as we approach the first half of 2022 dow industrials down 12% s&p down 17% nasdaq lower by 26% so far in 2022. let's check interest rates, this morning, because we are seeing increased higher 10-year up 2.7 basis points level 2.873% on 10-year oil prices well above 100 dollars a barrel with price of brenned crude up, brent at 112.79
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crude oil 11279, aaa record high 4.59 a gallon another record european markets this morning hire on china interest rate cut ft 100 in london up 145, cac quarante up 101, dax up 273. in about asia overnight markets were mostly higher the biggest impact from the china central bank cut was hong kong, hang seng up almost 3% on the session that rate cut tied to mortgages, ccp hoping to spur economic activity, as inflation in japan topped 2% for the first time in 13 years, nikkei average non2 less up one and one quarter percent in washington michael sussmann's trial former general counsel baker testified he is quote 100% account sussmann lied to fbi pacific on dirt they got
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on donald trump all made up, it led to the fbi trump-russia collusion investigation we know fbi did not believe the story of trump collusion pursued a fisa warrant to spy on trump pain neighbor and spy on sitting president throughout 2017 joining me to discuss all that more in 30 minutes' time is the ceo of trump media technology group, and former california congressman devin nunes joining me coming up, all the while we are days away from lifting of title 42 our border czar vice president kamala harris nowhere to be seen at border sure a massive influx of illegals coming in florida governor ron desantis says president biden should get honary membership in pushing detailed fentanyl in crunch.
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morning mover rotting stores disaster for another retail this morning, latest to take a hit down better than 26% this morning, after admitting first quarter sales forecasting a decline same-store sales next quarter two-pronged issue as more traerlgs report less inventory sky-high inflation, and fiduciary duties prices up ross a more conservative outlook expecting decline between 4 and 6% similar situation that we saw at target, earlier in the week, understand walmart as well rest of the market doing well, on china unexpected rate cut markets looking to end a volatile week on high note, dow industrials right now up 288 s&p up 45, and nasdaq up 177 right now dow on pace for first 8-week losing streak in 50 years s&p 500 nasdaq to extend the longest losing streak in 21 years it has been
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rough year, joining me strategy founder managing partner katie, all morning long lou and james freeman thanks for joining the conversation i want your take on the charts, and what you see, in terms of this sell-off we are talking about 26% sell-off in nasdaq year-to-date do you see value any reason to believe, that we hit bottom? >> there probably is, value out there, the market not really rewarding it negative mfrom intermediate anning long term perspective dominating the theme on technical front mindful of fact stocks breaking below support levels includes major indices s&p 500 nasdaq 100 took out important levels effectively preserves the downturn we've become accustomed do, s&p 500 roughly
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3815 really not too far gone from that, this is a very natural case for oversold to provide temporary relief not negative intermediate measurement a chance of another breakdown thank you look at charts look, you heard of head and shoulders pattern you can see a lot in benchmarks from bottom-up perspective, and just tells us that we probably have a few more months to come, downside volatility. >> interesting to look at, the few companies affidavit that compact you look at 8 technology companies apple,,alphabet nvidia netflix nearly half stock market decline into 2022 most helping power markets now the other
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way around when do you make of narrowness of this sell-off. >> you know they call it shooting a general like the last men standing at the mashlt in terms of exhibited upside ladder now exhibiting downside leadership markets can't henl in terms of market cap i think all eyes have been on apple in particular, biggest, in s&p 500 nasdaq 100, and for the first time, in a long time, we've had sustained underperformances from apple has people reasonably concerned, because if we lose that leadership, or at least you know, the outperformance from pap could weaken further i think that is what we're seeing here, i think it is certainly a risk that now the higher beta names underperformed may find a bit of a floor here as mega caps
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continue to pull back. maria: apple was the most valuable company it was eclipsed by saudia aramco because you are right not just demand story but also a supply story, because of the supply chain issues, so apple getting from it both ends, growth seems to have taken a hit overall bitcoin, have plummeted around 30,000 dollars today cryptocurrency falling just in line with the growth stocks of the day. as you said, finance minister calling for a globalization -- >> everyone has been well aware this year very high, between bitcoin, and market we have seen that treated by riv asset currency, with that break dons, markets we have
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also breakdowns in bitcoin ether others reflt weakened long-term momentum posture we assume addition downside risk there is support nor bitcoin roughly 27,200 you can see a bounce off that level to provide a little bit of relief there. we will leave it there great to catch up thanks so much. >> so that you are welcome. maria: katie stockton joining us president before refusing to play nice with the gop the fight championing himself as the guy to bring us together, unity, there hasn't been a lot tune into fox business 7 pm eastern, i will be talking about former energy second rick perry on biden administration list of crises how president is not handling record-high gas prices my special guest texas
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congressman tony gonzalez will join us on expiration of title 42, and plans to allocate exam in this volatility, join us tonight 7:00 pm, you are watching "mornings with maria" right now live on fox business. ♪♪ ♪ don't make it easy ♪♪ ♪ come on, don't make it easy with you, the party of a lifetime. ♪ ♪ wealth is watching your business grow. worth is watching your employees grow with it. ♪ ♪
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is he donalds phone calls for almost a year days after politico reported the president rethinking efforts to reach cross the aisle because of republican quote obstruct shunnism he has urged president to meet he can't get through, i thought this was adult in the room there was going to unify us. >> politico study funniest thing read all year no mr. nice guy joe biden trying to work with republicans has come to this, remembering january he was taking about republican governors ring totalitarian states comparing republicans even some democrats blocking his agenda he jefferson davis last year what was signature efforts of 2021? it was the attempt to pass battleground build via
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reconciliation process to make it a partner project do you didn't need republican votes could just work on it within the democratic party this is just -- and this is more comedy with mccarthy's report they don't sort of know who he is when calling. >> i think people are so sick and tired afl these dirty tricks, really i known work together, and get stuff done, americans are suffering. >> yeah, i think he's -- time is running out but i think he and vice president harris have an opportunity if they wanted to start moving to center, start talking about that unity and practicing civility they campaigned on. >> that is not what they are doing. >> it is not so funny, so sad statement when i come back next life i want to be a politician where i can show up
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to work not have to talk to any crow workers unacceptable we wonder why every day americans are so disenfranchised, real people suffering from real problems time running out midterms coming not going to be pretty for democrats if they keep postureing we're not going to work with you you are you can an obstructionist. >> we all the a thing. >> quick break, yeah quick break then looking at the border title 42 expected to expire on monday together, general from 21 states fighting it they want to keep that from happening, i will be talking with the attorney general of arkansas a, lessly is here on all those efforts, next. .
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. . >> . maria: welcome back. well trump-era border policy title 42 is set to end on monday, the attorneys general from 21 states fighting to i prevent that from happening a
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federal judge could rule on lawsuit would determine fate of biden administrations decision expected to unleash the floodgates of people coming in joining me arkansas attorney general leslie rutledge, ag rutledge thanks very much for being here you are one of the attorneys general suing administration over getting rid of title 42. i was with you at the border in january, last year, seeing the crisis up close, what are your thoughts in terms of the impact, should title 42 go away? >> well, title 42 is important to keep americans safe we are already seeing a dramatic increase in in illegal crossings. through our southern border into the united states. gone up over 30% in april 2021 we don't have numbers for past last few months, we are seeing dangerous amounts of fentanyl into arkansas we had nearly
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500 overdose deaths in arkansas this past year a record setting high it is because of the illegal border crossings when we talk about "build back better," the only thing that biden administration needs to build back better is wall on southern border to keep americans safe. maria: i mean it is pretty incredible about the fentanyl i feel everybody i speak with knows somebody who died of an overdose,i know three people who lost family members, because they were exposed in some way one way or the other to fentanyl, we haven't heard joe biden mention fentanyl at all drug part if u.s. is bracing for massive surge of people migrants border czar kamala harris everywhere except the border, she has yet to visit the southern border where everything is happening ag what do you want -- do you
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think she is border czar or not. >> shes the weakest president and vice president we have seen with regard to keeping america safe, strong foreign relations we've got to protect americans and people from coming into the united states if we don't know who they are we want people to come to america we want to know who they are intentions when they come to the greatest kin in the world ever known. kamala harris missing in action been mission since time president biden appointed her border czar they are sending baby formula to southern border for illegals coming into the country we have people in arkansas mothers struggling going to the store all hours of the night trying to find baby formula to feed their own children wet the liberal left joe biden-kamala harris more worried about illegal immigrants coming into
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the u.s. than take care of our own. maria: the pictures that br showing are incredible, these pictures that we're showing while talking from this week, so we're seeing the groups increase in numbers, every day, they are coming through brush, through water, they are showing up getting in gotaways getting in, seen an surveillance cameras blending into country we don't know what their intentions are. aag why important to you in arkansas talk about amount of time fentanyl gets to border how soon does it show up in arkansas? what about the smuggle, of humans how does it impact arkansas? >> well sure, the chief law enforcement officer of the state we are very concerned it is less than day's drive from southern border between mexico and the united states, to right here little rock, arkansas less than day's privy we've seen is a number of drug
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busts recently any of fentanyl 20 wipe out entire population state of arkansas, that has come up again, straight through southern border passes, we have i30, i-40 goes right through our beautiful state those drugs are being used to smuggle right through our state you talked about human, we have number young men, women, children beingable struggled into united states not just sex trafficking but labor traffic being about administration loud to have time we put a stop to it it is that we keep title 42 in place. are you expecting, a determinant on this today from the judge, ruling? when will we know if in fact going away on monday? >> well we are hoping that it will that we will hear something today or over the weekend. from the judge, again, that is
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set to expire on monday we are hoping to get tradition temporary, permanentment 21 stations to protect can you communities against object door open border policies. >> you are seeing pharmaceutical companies over allegations they drove up the cost of insulin that is right. >> that is correct announced last couple weeks that we are suing three major drug companies as well as pharmacy benefit managers for increasing cost of insulin in arkansas we have nearly 1.2 million arkansans impacted that are prediabetic or diabetic cost of insulin increased 1,000% the last 15 years maria, 1,000% the cost to produce has not increased it is probably decreased, this
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is what hurts, arkansans americans for years we heard politicians talk about lowering cost of prescription drugs i am going to get it done we are going to hold drug companies, accountable because americans need or can is ans need insulin a lifesaving drug unfortunately, they have to decide do i pay electric bill or apply insulin to try to stay alive when can i afford. >> a terrible debacle, question to be faced with thank you so much for your efforts we will see if we get breaking news on title 42 over weekend we will take a break when we come back ceo of truth social is here devin nunes with reaction to gop new bill targeting google advertising the ongoing michael as you say marn trial don't miss a moment of it right after the break.
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>>. >>. >> . maria: welcome back big tech back in congressional crosshairs a bipartisan propose could stop google multibillion-dollar digital advertising business slow it down congress wants it broken up hillary vaughn live on capitol hill with more. >> there is bipartisan agreement on capitol hill big tech needs to be reined in but the oxygen on capitol hill has been ab socialized from pandemic, ukraine inflation no meaningful antitrust bills had made it to the president's desk bipartisan group on i'll have trying to change that the competition, and transparency
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digital advertising would ban companies more than 20 billion a year controlling more than one part of their digest cal echo system senator cruz saying free markets require competition america has a long histories of fighting monopolies to guarantee health competition delivers best results products services for american people internet should be no different kwaens of this bill if signed into law could be cat catastropheic the sales on platforms a huge source of revenue for companies senator blumenthal saying our bipartisan bill could guard against commence conflict of interest in today's digital ad market, in a truly free market the same party, can't represent at the seller, buyer, make the rules and conduct auction, spokes person telling fox business the businesses that rely on their ads to reach consumers are the ones that would be hurt, from
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this proper, saying breaking those tools would hurt pb lishers advertisers lower adquality, prooifks risks at time of heightened inflation would handicap small businesses looking for easy effective ways to grow on line xon introduced we have to see if it can get to the president's desk we will seal thanks very much hillary vaughn live on capitol hill joining me to talk more about that all things social media trump immediate technology ceo former california congressman devin nunes, great to see you. thanks very much for joining the conversation this morning i am with lou, james freeman let me get your take what you heard from hillary are we going to see a law that forces google to break up? >> two quick points the first
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is that appears like with bipartisan sport if there is a companion bill in the house that this move quickly but like always been, they never seem to move. and so, these bills, often have poison pills a lot of lobbyists running around capitol hill will it work the second important point the challenge donl regulating authorities have the pour there is no question that googles that is multiple monopolies, across multiple sectors of the tech sector, and that is why at truth social we are attempting to build our on platform we don't want to be beholden to google if someone had to use google advertising in past life political campaigns biggest concern i always had they had to approve my adbefore a
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banner what have you that was problematic oftentimes much harder on republicans than they were on the left. maria: you are look at it from different angle now that you are the ceo, of truth social, and the trump media technology group do you see things differently in terms of the regulation versus when you were a sitting congressman and chairman intelligence committee i see lack of willingness by doj to bring against companies there is plenty of evidence out mr. multiple, major lawsuits a that have been filed by other companies who feel they've been wronged i don't understand for life of me why doj hasn't looked at those cases to see if facts bring
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cases forward plenty lawsuits moved forward it is just that dog has been you willing willing to do anything. >> i agree there are definitely issues with approval of ads it is unlikely ever getting even if bipartisan support a bill against big tech companies talking about this almost three years nothing happens scandal bubble up talk about a bill going to regular late never comes to fruition, if you do away try to break up google's monopoly at a time high inflation going to drive up costs algorithmic programics, vertically integrated small bids trying to compete going to make ma it a lot tour for of them a key consideration, here. maria: devin what do you say about that we point out what you've done you've tried to create competition by running truth social you are trying to have the market take care of
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these issues rather than big brother and government. >> big challenge that we have at truth social we not use any technical -- we don't want to be shut down as we move forward we launched upon apple app store first just this week, truth anyone can sign up for any device get an account, as we moved forward look at advertising, how are we going to bring in advertising revenue, you know we don't want to be beholden to google the challenge we are going to have to bull that technology out so that it is it that can we can go out to marketplace and easy to use, so that we can bring in revenue to our company so a big challenge for us moving forward, and we're currently working on it. maria: a lot to talk about regarding elon musk this morning, and the twitter deal devin you nailed it when you were on this program so long ago, talking about the number of fake accounts, that is why elon musk claims that deal is
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on hold, do you think the deal is really on centerfold or is this a negotiating tactic so devin nunes can get price down i am sorry so elon musk can get the price down? >> you know look, i have known a long time i stopped using twitter 2 1/2 years ago because what i noticed little intersection there, i think that was a combination, of you know my politics and then suppressing what people were able to see, but also at the same point you quickly realized twitter has been always will be a global pr wire for celebrities hollywood types sports figures political hacks, really i think on your program i said before it is a house of cards there is no way worth 44 billion dollars, now could elon buy it change it up, and really guarantee that price or make that 44-billion-dollar price work? i mean look i doubt it.
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but what he is one of the smartest guys in the world he can he has ben taking a hell of a beating just trying to open internet fun to watch very interesting me. mes putting up. >> exactly used your memo as an example talking about elon musk twitter the michael sussmann trial in d.c. more with ceo of truth social, right after the break. . ♪♪ ♪♪
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. maria: welcome back we are back with trump media technology group ceo former california congressman devin nunes, i want to ask you about what elon musk was tweeting yesterday this meme appears a coordinated bot campaign against the release of your 2018 nuñez memo, that memo, blew open the case, on the of
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you spot-on six twitter users tweeting john mccain made a startling publicing being a against trump your reaction. >> this is what i noticed many, many years ago, it is really why i am here today, right, which is to i left congress didn't need job donald trump didn't need new media company or any new company but we had no choice because american people have no way to communicate. and i learned this firsthand, back in those dark days the russia hoax, one of the things american people i think advisers need to understand that 95% of the media is fake news, working wore either some oligarch, technical oligarch, they have specific missions out to do, complete they are not like a free, open fair press. and i think that is what you really have to look at over the last five or six years what started out in 2015, 16,
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political dirty tricks media was in on to frame donald trump and the republican party then you move fast forward as i have gone getting clobbered with fake newests fake news i needed social media at that time when we released nunes memo at that time miles trey gowdy john ratcliffe people involved in that invasion believed when that memo came out that was the end going to end all of the nonsense because there was never any intelligence that tied russians to trump or respect party. the fact we went without that memo put out there hey, this is what really happened clinton campaign paid for these using gps to go out and develop hollywood script for lack of better definition the social media companies doubled
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down twitter new damn twlem was bots i could wash on phone you could see i was getting an attack 3 to 8 seconds, essentially the same thing i think what elon put up there i don't know if they are real or not it was a small news outlet did immediate hit piece upon release of the memo went viral from some outlet that no one ever heard of so i think when you see that many you know same kind of message put out from, a web site in one heard of, i think you have to raise into question. i thought it was creative, by the way, i liked to spacex rocket in meme, elon put out. >> i know there is a lot of fake news the out there 95% i mean be fair, i put you john ratcliffe trey gowdy on my show every sunday covered russia collusion as a lie throughout the time, and, you know, we highlighted your
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nunes memo in 2018, fox business, fox -- >> you are in the five percent sale you are in 5%. >> i think it is a real issue. >> it is a real issue, twitter claims to limit the spread of misinformation the head of the unity announced twitter will announce warning label on the tweet to precedent from being amplified recommended to users, he has his history spreading this shutting down truth oversaw twitter decision become whoing shares of "new york post" on hunter biden's laptop has come under fire the referring to trump officials as adequate actual nazis in 2017 tweet i wish twitter would get out of the way stop believing it is the arbiter of truth here. >> i think that is what you
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are seeing here, you know we have to kind of look through, you know behind the closed doors, is there's you know elon musk tweets up, then a reaction by the twitter executive the odds of this coming out right now, is clearly a sign to the biden administration because they locked their disinformation board smokes signals biden administration we are still doing your bidding don't worry us about we don't want elon musk we want him kept out of this deal they know what they have i said a global pr wire what twitter really is an arm to fundamental propaganda from that 95% of the fake news yood into people's eyeballs on damn phones, very, very dangerous, and reading what like i started to say earlier, from 2015, 16, dirty tricks where
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are we at take russia -- supreme court memos decisions leaked out before made, with protesters, at the homes of these people, so has been slippery slope what is a dark chapter of the american history, needs to be rectified that is why truth exists, so to do just that. maria: well, i would argue the russian collusion lie divisived divided this country so must have hillary clinton made up story how back full the sues sussmann trial underway, fbi lawyer james baker on the stand, he revealed in testimony that michael sussmann pretty much lied, that he was trying to that he was working for no one, your thoughts on what you learned so far?
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>> the well i think they are all lying. so, you know, baker testified yesterday right kind of at the heart of this this is there is the entire conspiracy durham laid before american public we in our investigation laid out several years ago no i what is happening they have this -- this one law that clearly sussmann went into fbi lied has baker who said hey i didn't know this i didn't know -- told me that he wasn't working on behalf of anyone. well that was clearly a lie. but i think what they are doing at the same time is trying to get out of their own trouble and their own mess that they are in we now know that numerous documents, that durham has found existed they were not provided to congress so at a minimum here, like why did that happen we were misled lied to now statute of limitations has expired sent unless he can approve a
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conspiracy case, so, i don't believe that sussmann would be pleading guilty, here except that he in addition washington, d.c. where you have 95% people didn't vote for donald trump. and i think if he was in any other state definitely would be pleading guilty, and i think that is when you have baker, such an incestuous relationship ends up where? he leaves fbi ends up where? twitter one of the top lawyers at twitter, probably in the middle of battling elon musk, everything going on that we see out there. maria: incestuous relationship here. maria: a unbelievable that he is at twitter now, the fbi, bigwigs aided the plot, didn't they? i am not big all michael suggest sussmann's fault. >> they didn't aid they were in on it, look, it is
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impossible to say weren't in on it we know from the spring early spring late winter 2016% obama the biden administration they are all briefed on this what the hell briefed on? there was nothing there was no intelligence the only thing they have was dossiers wasn't steele dossier supposed tied trump to russian or disembarking or something that is what we seed. spring winter the obama administration had 16th, what the hell is fbi investigating? they have nothing then fast forward peter strzok a lovebird his wife a lawyer for one of the lovebirds goes round and round and round in circles i think durham is going to have a tough time to try to bring a conspiracy case i think that is what he is trying to do at a main will explain it all to american people so starting to see, that direct clear evidenced
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that we've always wanted to see. >> wait a second, are you saying the wife of the judge presiding, his wife is representing either peter strzok or lisa page the lovebirds. >> as i understand it lisa page one of the jurors' kids out on row team or rowing with one of sussmann's kids it is quite amazing stuff going on here. >> have wow! that is huge! he has the recuse himself we need to caulk more with this continue the conversation appreciate you joining me this morning this you devin nunes joining us. we'll be right back. a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect.
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maria: welcome back, there was pretty explosive information that devin nunes just gave us, james, real quick. james: if it's correct about the spouse, seems like a recusal issue. maria: all right, james freeman, lou, good to be with you. stu, take it away, have a great weekend, stuart. stuart: glad you repeated the news by the way and good morning to you by the way, maria. record price of gas, it's rippling to the economy and people are mad about it and led to confrontation in congress which we will get to. here is today's number, another new record high. 4.59 a gallon. that's the


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