larry: when joe biden says u.s. should defend taiwan militarily, he is right and i will say so. hillary clinton, the queen of dirty tricks and the russian hoax and she is dead wrong. dagen: good morning, i'm dagen mcdowell, maria will be joining us in just moments. it's tuesday, may 24 your top stories, 6:00 a.m. eastern. today, the hits keep on coming, stocks are selling off again this morning, extending what has been an eight straight losing streak of he declines for the dow industrials. markets this morning, you take a look at futures, triple digit loss and then some for the dow industrials and the futures, 257 point loss, losses across the board, after all three major

market gauges finished up 1 and-a-half percent yesterday led by the big banks after jp morgan told investors that credit losses are low and the consumer is still strong as we told you yesterday. the company held an investor day on monday where ceo jamie dimon said to expect credit losses to stay low through 2023 because of strong customer cash balances, that sent jp morgan stock up almost 6%, led to a rally across the board. this morning, another look at the economy with april's new home sales. those numbers coming out at 10:00 a.m. eastern. and we get a second revision of first quarter gdp this thursday, expected to show a contraction of 1.3% versus an initial reading of a contraction of 1.4%. also, the core pce expected to come in at 4.9%. the second straight monthly decrease, supporting claims that inflation has peaked. you take a look at the 10 year treasury, short-term interest rates, the 10 year, people have

been jumping into treasuresy as stocks sold off, longer term rates were heading lower, ahead of jay powell's speech today at just past noon. take a look at oil prices, oil both brent and west texas intermediate to the downside this morning but triple a reporting another record for average gasoline prices, $4.59 a gallon is the nationwide average. as president biden admits that the spike in oil and gasoline is intension nail to serve the -- intentional to serve the democrats' plan to transition away to fossil fuels. >> when it comes to gas prices, we're going through an incredible transition that is taking a place and god willing when it's over we'll be stronger and the world is stronger and less reliant on fossil fuels when this is over. dagen: as had they say, the pain is the point. coming up, we will talk to dan

yergen and the supply slash/demd dynamics of the market. the white house walking back the president's gaffe on taiwan after he said u.s. troops would support taiwan should china invade. >> mr. president, is the policy of strategic ambiguity towards taiwan dead? >> no. >> can you explain? >> no. dagen: european markets, let's see what the stocks are doing there. we have slight losses across the board, the biggest loser, the cac in france, down more than 1% as the tuesday trading day moves on there. all three rallying on what about asia, let's take a look at the asian markets, losses across the board there. no green in sight. the biggest loser, the shanghai composite, down almost 2 and-a-half percent. coming up, we're going to be talking to texas congressman mike mccall in you few moments

and fox business is live on the ground bringing you reporting all week from davos. "mornings with maria" is live right now. ♪ so i'm just a dead man crawling tonight. ♪ because i need it, yeah, i need it. ♪ dagen: your morning mover, snapchat losing 29% in premarket trading. can you imagine? almost a third of its value lost in a premarket session. ceo evan spiegel warning employees of misses on earnings per share and revenue for the current quarter. the messaging app slowing hiring

throughout in an effort to manage expenses. the company's revenue growing but slower than expected. snap filing an 8-k yesterday, spiegel saying, quote, the macro environment has deteriorated further and faster than we anticipated when we issued our quarterly guidance just last month. futures are pointing lower this morning, following yesterday's rally. the dow was up on monday nearly 2% with the s&p and nasdaq both gaining more than 1 and-a-half percent. the s&p moving away from bear market territory which it hit during the trading day on friday. joining me now bright star capital ceo, andrew weinberg. joining the conversation all morning long, former assistant secretary of the treasury, the monica crowley podcast host, monica crowley andwall. hillary: wall street journalwat journal editorial page editor, james freeman. it's nice to be doing this today, sitting right next to me.

>> yes. comforting. dagen: noogie. former federal reserve chief ben bernanke said the current inflation surge isn't near the inflation numbers americans experienced in the 1970s. he noted he believes the central bank will be successful in bringing down inflation over the next few years. this as fed chair jay powell will speak at the national center for american indian enterprise development, the summit later today. your reaction to what ben bernanke is saying. the fed can fight inflation but can it do it without causing a deep recession? >> first, dagen, great to see you. i'm going to leave inflation and monetary policy to the experts. i'm going to tell you what i'm seeing on the ground. we focus on middle market companies in the united states. 200,000 companies out there. and there's a $70 trillion wealth transfer the next 30

years of these companies from one generation to another. there's one word i have to say about this market. resilient. we will see inflationary pressures. we're seeing supply chain issues. and davos we're talking about war and recession. but i do know, with the right focus, we can fight this and still grow our companies. dagen: what is that focus? how? >> thanks, dagen. so our focus really is on the ground. we are hands-on. so we're not just private equity investors with capital. we have a lot of knows-how. many partners have investing and operating experience. so we're focused these days on business models that are resilient. we're focused on pricing models and making sure we're delivering great value to customers. we're also focused on culture. we're in a tight labor market. the great resignation occurred. we need to do our best to retain that talent which means a lot of focus on culture. .>> andrew, james free man here with the wall street journal. it sounds like you don't think

that we are doomed to a recession here. you see resilience, strong, creative american businesses who you think are going to find a way to weather it. >> well, james, let me talk to you about was we see from history. history showed in the market we serve, the middle market, that we added 2 million jobs in the great recession, the gsc, while large companies shed 4 million jobs. our market had double the revenue growth of large companies over the past decade. so no doubt, we have every cautionary measure in there. we are currently seeing growth and growth in cash he flows in our businesses and high nominal spending but at the same time we are cautionary. i think we probably will see some form of recession. we're also dealing with rising rates. i didn't say high rates. i said rising rates for a reason. which is on a historical basis, rates actually aren't that high

and we heard from jamie dimon yesterday, jp morgan's in great shape and that should be a bellwether for the banking industry. dagen: we've also seen, andrew, the consumers, for example, and i'm channeling my inner stephanie pomboy with this but what that consumers increased their credit card borrowing at a record pace based on the march report from the federal reserve and talk -- so you see stress, despite what jamie dimon was saying on the consumer in many parts of the country. also, talk about since you're so focused on businesses, how incredibly insidious inflation is when it comes to managing a business which is essentially what we heard from tar he get and -- target and walmart last week. >> sure, dagen. inflation no doubt is an issue. we deal with wage inflation every day. we want to make sure we retain and attract great talent. i think a large measure of the inflation is driven by supply chain disruption. would would have thought there

would be single points of failure. half of the market for chips in terms of palladium and neon gas supply coming from two countries in the world, the ukraine and russia. in terms of the pressure, i believe and from learning at davos, in a year or so hopefully the war will be well behind us and we'll have more normal functioning supply chains and hopefully china will be reopened at that time. if those things happen, i think some of the supply chain pressures abate and we're back down to managing traditional inflation along with fed policy dagen: i think that's what jay powell and company at the fed were counting on a year ago when they said it was transitory. now they're off a playing catch-up. but from your mouth to everyone's ears. thank you for being here. great to see you. andrew weinberg. >> thank you. dagen: be well. stay warm. we're just getting started. we'll speak with several guests live in the world economic forum in davos. coming up, the white house forced to clean up president biden's comments again as he

says that the u.s. will get involved militarily to defend taiwan. texas congressman michael mccall weighs in. then crypto talk is dominating davos. ripple ceo brad garlingho use breaks down regulation that could come to the digital space. and dan yergen is here on growth in the global energy market and a any relief that might be coming. you don't want to miss a moment of it. you're watching "mornings with maria" live on fox business. business.♪ ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl.

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welcome back. an impending recession, potential looming economic crisis a key theme at the world economic forum in davos, switzerland. kelly o'grady is there, live on the ground. good morning to you. >> reporter: good morning, maria. listen, the economy comes up in every conversation that i'm having here and i think the ceo of citi said it best, what people are worried about are the three rs, russia, the recession and rates. that is on the wind of a chief economist. a new survey reveals 96% expect high inflation for the remainder of 2022 for the united states and 92% for europe. they're predicting a change in supply chain lines. the question i ask everyone i talk to here is are we going into a he recession.

the response is a mixed bag. some argue a recession is not likely for major economies but more so for lower income countries, making them more vulnerable to geopolitical dynamics. they're noting the current situation is a less serious economic shock than the covid-19 crisis, the financial crisis or the dot-com bust. what some agree about is a looming food security prices. we need to eat every day. here's a director arguing putin blocking the ports is a declaration of war on global food security. >> if we get the ports open, it doesn't solve the problem. it begins to create stability in a volatile food market. i tell my friends in europe, you don't need to be concerned only what's happening to the east of you, you need to understand what's going to happen to the south and southeast of you if

you don't rein in the global food security problem. >> reporter: some maria, those are two of the biggest themes here. you've got the economy and the global food security crisis and both are very much tied to what's going on in ukraine. maria: it's unbelievable we're a talking about a food crisis. somebody on the show a couple weeks ago said we should expect a famine at some point. can things get any worse? what specifically are you hearing about the food shortage? >> reporter: yes, so what i'm hearing is -- i mean, ukraine is the bread basket and so when you're not able to get that shipment out or have ships come in and collect grain and whatnot to go back to china, to go back to other places, we are already experiencing hunger worldwide and we're going to see potentially those numbers increase dramatically and so there's really just a focus on, okay, we need to put pressure on russia via sanctionses to make

this war stop. otherwise, we're dealing with hunger worldwide. maria: thanks very much, kelly owe of grady on the -- kelly owe o'grady on the ground in davos. i'll be speaking with david rubenstein, he comes to us in about two hours' time. join us at 8:30 eastern this morning. first, texas congressman michael mccall is here. we will get into joe biden's latest taiwan gaffe as ukraine p calls for more sanctions against russia. we'll get into the foreign policy issues. out of the lime light, why hasn't president biden had a formal mainstream interview in over 100 days. it's the hot topic buzz. back in a minute. ♪

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maria: welcome back. president biden once again forced to walk back a comments on taiwan yesterday, a day after committing to defend the country if china tries to take it by force, the white house insisting that the u.s. policy on taiwan

has not changed. >> are you willing to get involved militarily to defend taiwan if it comes to that. >> yes. >> you are? >> that's the commitment we made. >> mr. president,s is the policy's strategic ambiguity towards taiwan dead? >> no. >> can you explain? >> no. >> mr. president, would you send troops to taiwan? >> the policy has not changed at all. i said that when i made the statement yesterday. maria: joining me from davos, switzerland is texas congressman and house homeland committee chairman emeritus, mike mccall. thank you for being here this morning. we'll get into the world economic forum in a moment. first, your reaction to biden's gaffe once again. this is not the first time he said he would be willing to defend militarily with troops on the ground in taiwan, should china invade. >> right. and every time he goes off

script he says something that i think makes his national security team cringe. they try to walk a this thing back. i don't mind him talking about deterrence, maria, and talking tough about taiwan. if he can back it up in action. the problem is, just like with ukraine, he waited until after the invasion to get the weapons in. right now, maria, i signed off for the last three years on weapon sales to taiwan. none of those have gone to taiwan in-country. none. so tough talk has to match tough action and we're not seeing that right now. maria: i think you make a really important point. so many people have said we need to be treating taiwan the way we're treating ukraine right now and ensure that taiwan is well-prepared should china decide to go in and you're telling us that you've already approved a number of weapons to

go to taiwan and they haven't gotten there. why? >> about 10 major weapon systems going back three years. i just talked to the ambassador from taiwan. she said why haven't i received these weapons and then i talked to the state department, department of he defense. we have a military weapons production problem, maria. we cannot make these weapons fast enough and even though we're trying to send things into ukraine, we don't have the semiconductor chips. so there's a big issue right now going on in terms of how can we produce these faster. taiwan needs those ast's similac warfare weapons. it's frustrating. they need the weapons now. maria: is the white house stopping this? why aren't they getting there? who is stopping it?

>> well, it's like the keystone cops pointing the fingers at everybody else. i've asked the secretary of state this question, at a hearing, the deputy secretary, secretary of he defense. they say there's an industrial based he production problem. we have to fix this thing. we have to backfill our own we pons -- weapons systems. we've given them to eastern nato countries. it's a serious issue and probably he deserves a full program of yours. we're trying to fix it. it's a real problem. maria: it is a problem. the fact that you have approved all of this and it's still not there raises serious questions in terms of what is slowing this up. but the other serious question is why president biden keeps making all these mistakes and gaffes. i mean, is he unfit to lead office? we're not the only ones watching

this. the chinese and north koreans are watching it and other add adversaries. what can you do as an elected official watching the commander in chief trip all over himself. >> we he's not disciplined. he goes off script. he says these things. as commander in chief, they listen to every word the president says. they may not listen to everything i say. certainly the president of the united states. so all foreign nation adversaries are clinging onto every word he says. when he makes the gaffes and goes off of what was really a -- what's called strategic ambiguity, that's been the one china policy. i may disagree with some of that policy. i kind of like in a way, maria, this tough talk of deterrence. but again, it's like teddy roosevelt, speak softly and carry a big stick. he speaks loudly and there's no stick at all. maria: and doesn't know what's going on. >> three years of weapons. maria: and actually may not know what's going on.

this is a bigger, broader issue here, that the whole world is watching and aware of. congressman, before you go, i've got to ask you about -- well, look, we can look atin and we can look at the -- look at ukraine and we can look at the border. there's debate about the aid package to ukraine. we all want ukraine to win. we recognize the death had and destruction vladimir putin's hand. there's death and destruction at the southern border. people are telling me it feels like a war zone. you've got dead people in the path, hydration, starvation. what is going to be done to the southern border now that we have seen the deadline come and go in terms of title 42 going away. there are many people who are continuing with their plans, regardless of what any federal judge said about blocking the administration from lifting title 42. where is this going? >> well, thank god for the courts. we've got a temporary restraining order on lifting title 42.

can you imagine we're debating a billions of dollars for covid relief in the united states and then we're going to open -- wide open our borders to let anybody come in they that could be infected with covid. it just makes no sense to moment and then we're sending the migrant protection protocols, remain in mexico and supreme court is going to rule on this one. i hope they say it has to be reinstated. we'll see if this administration can do that. it's the biggest self-inflicted wound, the worst i've seen it. in my home state of texas, we say every state's a border state, that's true but my state is taking the brunt of this and all these people coming in and the drugs and the fentanyl, it's a major, m major crisis and this administration is doing nothing to stop it. we're going to get the majority back, maria and you're going to see that situation change. maria: can you do anything now? i understand last week they arrested or encountered a

terrorist who was trying to get in through the southern border. we've had, what, 30 or 40 people who have been encountered on the terrorist watch list including people as part of ms-13. how significant is that threat? >> it's very significant. who is coming in? if you don't have operational control of the border to know who is coming in and the threats. maria: the drug dealers, right. >> then you can't protect your country. the border is controlled by the drug cartel. the first question i would ask, in my classified briefings when i chaired homeland, how many of the special interest aliens, how many on the terrorist watch list. 42 on the terrorist watch list. maria: unbelievable. >> have come into the united states and the secretary couldn't even tell us whether they had been deported for god's sake. maria: right. >> this is a dangerous policy. somebody is going to get hurt. i know children are dying in the streets with fentanyl.

many of my children's friends, this is real. maria: we all know someone who died from overdosing because of fentanyl. this is a serious dereliction of duty. congressman, we'll be watching. thanks very much. >> thank you. maria: enjoy the trip in davos. sorry i'm missing you there. mike mccall joining us this morning. stay with us. we'll be right back. markets selling off once again and we've got the latest when we come back.

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jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. maria: primaries in full swing, we have voters getting set to hit the polls in five more states today. cheryl casone with the details. cheryl. cheryl: good morning to you, maria. the race for georgia governor taking center stage, brian kemp is working to fend off a challenge from former senator david perdue, the winner going to face stacy abrams in november, whos is running

unopposed. other races to watch, secretary of state, and ken paxton squaring off against george p bush and in arkansas sarah huckabee sanders is trying to lock in the gop nomination for governor. switching gears now, an autopsy revealing carbon monoxide poisoning is to blame for the death of three american tourists at a sandals resort in the bahamas. they were found unresponsive in their rooms, a fourth transport todd a miami hospital. other guests reporting a strong smell of insecticide on the resort's ground. the families want a second independent autopsy in the u.s. starbucks is closing down its business in russia after 15 years. the coffee giant says employees are going to get paid for

another six months, will help them find new jobs. starbucks joining other companies that decided to pull the plug on russia flowing the invasion of ukraine in february. there is starbucks in the premarket, stock is down 0.9%. finally, there is this. a federal judge blocking the auction a of a dress worn by judy garland in the wizard of oz. there's the dress. the blue and white dress was expected to fetch up to a million at an auction today. the judge halted the auction after hearing a lawsuit from a wisconsin woman who said the dress belonged to her late uncle who worked at the university. we shall see. i don't know. i know the dress. i know the movie. it's all i've got, maria, on a tuesday. maria: cheryl, thank you. let's take a look at a crypto, bitcoin hovering below 30,000. joining us now is the ceo of

ripple, brad garlinghow's. inghouse. will assess the market for us. the massive decline in the last six months or so, how has that impacted perception and the reception of investors? how do you see the market right now? >> well, two quick thoughts on that. there's to question there's been a lot of turbulence in the crypto market. i think if you zoom out over the last two years, you have to remember that bitcoin was at about $8,000 two years ago. to as you pointed out it's around 30,000. yes, in between there it hit 60,000. there's a new market. there's been a lot of excitement about what's going on in the market. sometimes the excitement gets ahead of the reality. we've been focused on how do we use technologies to solve real problems for customers and those are the solutions that will scale regardless of the turbulence and volatility in the market. maria: what are you expecting in the way of regulation?

some lawmakers use the selloff as reason to push back on crypto. you've got elizabeth warren telling fidelity, she doesn't want them putting crypto in retirement accounts and of course the ftc coming up with new frameworks for the regulatory backdrop. what do you think the regulation should look like? >> well, first i'll say here in davos when i came four years ago, crypto was considered a bad word. today that is dramatically different and our elected officials in davos, some of the people speaking most aggressively about that. there's no question that regulation around crypto is trying to find a solid footing and finding the right posture for the united states. the united states is behind other g-20 of markets like u.k., singapore, switzerland, leading in establishing a framework that works for investors and entrepreneurs who take advantage of the new technologies and building the next generations of google and facebook. maria: james freeman.

james: brad, hi. a lot of investors may be scratching their heads over what's been happening in this space, maybe they're seeing a bargain opportunity. for people who are looking at this, though, can you tell us about tether, the biggest stable coin kind of underlying the trading in a lot of crypto. what are the assets that are backing tether? >> you know, it's a really good question and certainly as you point out stable coins have been in the news because that have been in news. that was one of the cass -- catalysts that drove the market a couple weeks ago. tether is considered a dollar backed stable coin. i'm not personally involved with it so i don't know exactly how they are sharing those financials. but i think now more than ever the transparency that companies like ripple have championed across the crypto industry are critical. the transparency for tether is to make sure that people participating feel, buy and have access to whatever financial

information they need to feel comfortable that it is dollar backed. james: do you think tether has to be more transparent about what's backing it? >> i think the whole industry needs to be more transparent. i think that applies to tether. i think that aprice to the -- applies to the whole industry. from the earliest day, ripple and the xrp community we tried to lead by example, tried to be adults in the crypto room. it's why i came to take versus,k about how these technologies can solve real world problems, reduce cost and improve efficiency of particularly cross-border payments, an area they care a lot about, the population that's paying the most for remittance cost that can least afford it. maria: you said it's dominating das versus. how is that this year -- davos? how is that this year? what do you mean it's so prevalent in davos this year

versus four years ago and where does the growth come from at ripple at this point. when you look out five years, where does the growth in your company come from. >> i'm not sure it's dominating davos but it's changed dramatically from four years ago and the number of sessions, the number of leaders from the crypto industry are certainly here and compared to four years ago it's a voice as a i think i mentioned four years ago that crypto is still a bad word here. for ripple, the growth is really -- we had a tremendous year last year, even in q1 we grew our primary product, doing billions of dollars of transactions, 8x on a year on year basis. the demand is there because we solve real problem. most of the growth is coming from outside the united states and most of the hiring is outside the united states because we don't have the regulatory clarity an regulatory certainity. maria: it's great to have you this morning. thanks very much. >> thank you, maria. we're.hillary: .maria: we're going to come bak

and talk to the co-founder of the carlisle group. we take a look at how investors are weighing a possible recession at home and what does the global economy look like, that's at 8:00 a.m. a eastern. first, pennsylvania congressman dan meuser will join us with he his reaction to sky high gasoline price as president biden seems to praise them as a transition americans must go through. you're watching "mornings with maria" live on fox business. ♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,

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>> when it comes to the gas crisis, we're going through an incredible transition that is taking place and god willing when it's over we'll be stronger and the world is stronger and less reliant on fossil fuels when this is over. maria: so then it's intentional. that was president biden yesterday, seeming to praise record high gasoline price as, quote, a transition. americans must go through. we'll be better off when it's over, he said. as prices surge, the price for a

regular gasoline gallon is now at $4.59 a gallon this morning. joining me now live from davos is pennsylvania congressman dan meuser, a member of the foreign affairs and small business committees. congressman, it's good to see you. thanks very much for being here. >> you too, maria. maria: look, he just admitted it in the sound bite that this is all intentional, it's a plan. >> well, at least he's telling the truth this time. he stated he was going to go after the fossil fuel industry during his campaign. now they've been telling us hads this is all because of putin and clearly what's been done is an assault on our domestic energy. i'm from pennsylvania. we've got the marcellus shale under our feet. they're sending people to venezuela, sending groups to venezuela to buy oil and gas when we have it right under our feet. so what's happening here is an assault on disposable income of americans. it doesn't make any sense. and they're going to pay the price for it. maria: congressman, this

morning i'm with dagen mcdowell and james freeman and monica crowley. monica, what gets me is there's such a tin ear here. even though you've got missteps in terms of massive out-of-control spending, stoking inflation and on day one biden walks and cancels drilling on federal lands and the keystone pipeline. he is unwilling to recognize this is hurting the american people and he needs to shift priorities. >> that's because they do not recognize any of these policies as missteps, maria. a lot of people are out there, talking about incompetence. i don't think this is incompetence. i think this is all deliberate. and i wish it were simply inhe competence. then you would logically get a course correction in all of these policies but you're not. because all of this is deliberate. you can't really make a socialist omlet without breaking a few eggs. president biden used the word incredible to describe the energy transition.

they think it's fantastic. if the american people need to suffer pain at the pump, up wards of 8, 10 of dollars a gallon, that's what you need to pay to get the green new deal and change the u.s. economy. maria: he keeps blaming vladimir putin. >> yeah. well, meanwhile we have no permits being issued. we have no drilling taking place. we're prohibited on federal lands. natural gas is also under the gun. meanwhile, it's half the carbon. it's the reason the u.s. has had less carbon emissions for any industrialized country over the last two years. look, what monica just said is absolutely true. that's the goal, sadly, to he hedestroy the united states domestic energy causing all this panic and economic problems with our inflation in the u.s. but worldwide, here in europe we're at davos, as you know.

by the way, everybody misses you very much, maria. maria: thank you, congressman. >> yeah. it's really something. but -- maria: i'm wondering, what's the word had in davos over there. i know one of the themes of the summit has been this electric world, this green agenda. so what do they have to say now with prices where they are and the supply/demand dynamics such that the american people and people everywhere are having to shell out more money for gasoline? >> yeah. you know, we have some that are here that are kind of elitist that don't -- that are victims of wishful thinking and were not addressing the issues at hand that most affect the american people and the consumers in europe. we also have a lot of realists here as well that are understanding the importance of american strength from a military as well as economic

standpoint. we also have the continued threat and opposition, adversarialness of china. that's one thing that's flangely not being talked about -- frankly not being talked about much but a big issue is certainly ukraine. europe is very concerned about it. part of the trip, i was in moldova, from refugees to the potential of being invaded by good old putin to the energy shortages and food, there's food issues. maria: we haven't done enough on that subject. we've been talking about it this morning, the food shortage. we'll get into it. congressman, thanks very much for being there and joining me this morning. we will see you on the way back. thanks very much. dan meuser joining us this morning. >> thank you, maria. maria: we'll see you soon, sir. quick break and then why is biden hiding? the commander in chief goes over 100 days without an interview. it's the hot topic buzz coming up. ♪ she's leaving.

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♪ ♪ i'm the latest hashtag challenge. and everyone on social media is trying me. i'm trending so hard that “hashtag common sense” can't keep up. this is going to get tens and tens of views. ♪ ♪ ( car crashing ) ♪ ♪ but if you don't have the right auto insurance coverage, you could be left to pay for this... yourself. call a local agent or 1-888-allstate for a quote today. maria: welcome back. time for the hot topic buzz. president biden has not given an interview in over 100 days but had some words about the

american press. >> [ indiscernible ] >> welcome to the american press. maria: welcome to the american press, dagen. dagen: they're yelling at you because you won't sit down for an interview. that's why they're hollering at you and to make sure you can hear them. potentially. not that -- i know he hadn't done a mainstream media interview in 100 days, but are the american people really clammerring for that at this point? maria: good point. he needs to answer some questions. i'd like to know why he has a wide open border. that would be my question. how is it possible that you have not mouthed the words fentanyl in a year and-a-half in office. i'd like to know why. dagen: or he hadn't even met with the texas governor. he hadn't heard from him, right? no phone call. >> he is not really capable of

doing these one on ones. he's in cognitive decline so the white house communications shop does not want to put him out there in those kind of context. even if they do, maria, you would ask him those hard questions but the mainstream media, the white house press corps, they actually admitted they don't, they're bored in the white house press corps, no stories to cover. maria: i would like to know what he knew about hillary's plan to tie trump to russia. he was in the room when obama was there in his oval office meetings in if the last few weeks of the administration. remember what obama did, he told all intelligence agencies to share all information as he was walking out the door. james: there is indications that it was joe biden pushing the logan act, this unconstitutional never enforced law to go after michael flynn. so he does have a lot to answer for. as far as his handlers, the white house team, i think

they're making a good decision. i would prefer if the president avoided public speaking. i understand this is not a long-term solution. americans i think have made it pretty clear in polls they don't want him to run again. many think he doesn't have the competence necessary to do this job. but here we are with a president and there's a war going on in ukraine. i would ideally like him not to blunder his way into a war with a nuclear armed power so i think it's best for him to stick to prepared statements. >> can i make one final point, maria. when he was complaining abroad about the american press, he could not have survived five minutes of what donald trump dealt with on a daily basis. maria: yeah. that's true. dagen, monica, james, stay right there. the next hour of "mornings with maria" begins right now. ♪ maria: good tuesday morning, everybody. thanks very much for joining us

this morning. i'm maria bartiromo. it is tuesday, may 24th. your top stories right now, 7:0. today the hits keep on coming. stocks are selling off again this morning, extending what has a been eight straight weeks of declines for the dow industrials. seven straight weeks for the s&p 500. take a look at where we stand with the dow industrials right now down 214, the s&p 500 down 42 and the nasdaq lower by 200 points, growth once again takes a hit. this after all three major indices finished up yesterday, better than 1 and-a-half percent on the session. dow industrials were up almost 2%, 618 points higher yesterday. the nasdaq up 180 points at the close, 1 and two thirds percent and the s&p higher by 72, almost 2% there as well. the rally led by the banks after jp mosh began told investors that credit losses are low and the cons her is still strong -- consumer is still strong. the company held an investor damon day where jp morgan ceo jamie dimon said to expect credit losses to stay low through 2023 because of a strong

customer cash balance at the bank for customers. that sent stock up 6%. it led a rally across the board in banks. this morning jpm is pulling back, down half a percent. another look at the economy this morning when we get the april new home sales numbers, that's coming out at 10:00 a.m. eastern. we want to know whether 5% mortgage rates is turning away buyers. we'll get the second revision of the first quarter gdp, this thursday, that's exacted to show a contraction of 1.3% versus the initial reading of a contraction of 1.4%. also this week, the core personal consistent sanction expenditure -- consumption expenditure out, expected to come in at 4-point #%. that's out on friday. that's the federal reserve's preferred inflation watch. short-term interest rates this morning look like this. take a look at the 10 year, pulling back 3 and-a-half basis points with the yield sitting at 2.818%. federal reserve chair jay powell will speak today at 12:30 p.m. eastern many we'll watch any commentary that he has to say.

is the fed starting to pull back expectations in terms of a string of rate hikes given the market reaction? oil prices are elevated. take a look. we've got the price of brent at 113, 95, up half a percent. price of crude now at 11070, up about a third of a percent with triple a reporting a record high for gasoline. gas at $4.59 a gallon. as president biden admits that the spike in oil and gas is intentional. it's to serve the democrats' plan to transition away from fossil fuels. >> when it comes to the gas crisis, we're going through an incredible transition that is taking place and god willing when it's over we'll be stronger and the world will be stronger and less reliant on fossil fuels when this is over. maria: coming up, we're talking with dan yergen on the supply/demand dynamics of the

market. european markets are under selling fresh your. pressure. dax lower by 100 in germany. fractional losses in europe. take a look at asian markets overnight where the shanghai composite was the loser. take a look. as you can see the shanghai down 2 and-a-half percent, hong kong, hang sang down 1 and three quarters percent. the white house walking back president biden's gaffe yesterday on taiwan during the trip to asia after he said troops, u.s. troops would support taiwan should china invade. >> mr. presidents is the policy of strategic ambiguity towards taiwan dead? >> no. >> could you explain? >> no. maria: fox business is live on the ground bringing you all the reporting on the week from the ground in das versus. davos. join us for special interviews coming up. "mornings with maria" is live right now. and it is time for the word on wall street, top investors watching your money.

joining me now is editor dennis gartman, payne capital management president ryan payne and defiant etf cio and co-founder, sylvia jablonski. dennis, with another decline this morning following a brief rally yesterday, it's been eight weeks selling. i know you called this, dennis. do you see any light, do you see any stabilization here after yesterday's rally of 618, could we be close to the bottom? >> i don't think we're close to the bottom at all. i think we'll get a bounce and that's about the best we'll get out of this, maria. the fact we had a number of indices make new lows, the over-extension of the downside would suggest we get a bounce of some sort. that's all we're going to get. it will be a bounce, the bounce to be sold into, ought to be less long with stocks. no question about it. i got lucky as the chairman of the university'sen dowment to

get a move out of the stock market out of the end of last year and i'll continue to say we'll continue to go lower. be very careful. use any strength you see to be a seller, to reduce the size of your portfolio. i think we have a long way on the downside to go. i don't think we're near the bottom. we'll get a bounce. a bounce is all we'll get. it will be a technical bounce, short-term in duration and it will be sold into. maria: you were a hero for the board to move all of that money out of stocks and the endowment, nice job. jp morgan is talking about a different scenario. yesterday jamie die monday jamid things are okay. they expect credit balances to be he low. you see the move in the stock. i know financials have been down big time in the first six months of the year. yesterday we saw a 6% rally in jpm and other one as well.

your take on what you heard, would you buy banks here. >> absolutely. jamie is speaking my language. we're on the same page. i would rather be luck ethan than good too. jamie said a good thing, strong economy but we have strong clouds. i think that's where we're at is, look, i've been saying this week after week, consumer's got a strong balance sheet. it's what jp morgan was saying yesterday. they say businesses have a strong balance sheet. net interest income marginill go up to 56 billion this year, up from 50 billion at the beginning of the year. interest rates are rising which should be good for banks historically because they make more money on the spreads but also lending is going to be strong this year. if lending will be strong this year that doesn't sound like a recession to me. so i think the bottom line here is we're definitely going to extreme negative territory here. we've been hearing recession talk week after week.

i'm not buying it. we almost went to a bear market last week but markets did bounce off the lows last week and now we're down about call it 17% on the s&p 500. but i think it's important to also realize right now, it's like only a couple sectors that are really getting hit hard here, whether it's communication services which is basically tech, technology and consumer discretionary which had a huge run up. with the banks you're in that garden variety correction right now. so take the opposite of dennis, sorry, dennis, i think you ought to take advantage of this pullback here. if you look at valuations, you're down to 16, 17 times forward earnings on the s&p 500 and one of the biggest banks telling you what the health of the consumer is right now, they're saying it's very, very strong. these are all really good owe mens. this is why i've got to be bullish. maria: it's not what we heard last week, not what we heard from the walmart, target. we heard demand destruction from retail and yeah, sure, markets

go up and down but investors have lost 2 -- $20 trillion. the market is down eight weeks in a row. we're expecting a sharp slowdown. maybe estimates have to come down in order to meet valuations you're referring to. >> you're talking about two stocks that are retailers. i think what happened is money is moving away from goods and services, it's going towards -- going out into the world again and living. i was if the airport this past week. it's booming. people are going he everywhere. they're spending money. you're seeing a pivot from staying inside, buying goods and fa going out and having experienceses and that's what you'll see in the gdp numbers. they'll probably be positive again. maria: we're expecting another contraction of 1.3%. they weren't positive. >> i think second quarter is going up. maria: so you think the second quarter is going to have growth. >> yes.

maria: as opposed to contraction in the first quarter. sylvia, how do you see it? do you agree with that? how are you allocating capital in the face of all of this? >> yeah, i'm probably aligned with a lot of what ryan is saying there. i think you had a lot of carnage in the market, particularly on the nasdaq. you have nasdaq in bear market, you have half of the s&p 500 below 25%. i no he that 17% on the broad index, down in correction territory, consumer sentiment are awful. i think we're there. i think this is a year of accumulation and whether or not it gets a little bit worse in the next couple of weeks and we would have been better off buying, that's debateable. i think that a in general it is now a good time to get into the market for the long-term investor. so in line with what ryan said, i think consumer numbers on the retailers were poor but i think a lot of the buying shifted to the airlines, the hotels, the cruises that get back to america and living trade there. i think tech is absolutely

slaughtered. if you look at the top tech names like apple, amazon, microsoft, even the semiconductors like nvidia and amd, they're at the cross section of every major technological trend, cloud, cyber security, data center, all of these things. these are great opportunities for people who are not in the market. maria: yesterday we spoke to the ceo of intel. he said the chip shortage won't end until at least 2024. he was thinking '23. now he is pretty sure this log jam continues. so there's that. we'll watch. a lot of volatility. thanks, everybody. dennis, ryan, sylvia, great word on wall street. we'll see you soon. have a good day. much more ahead this morning. coming up fox business is live on the ground in davos, switzerland this week for the 50thannual economic forum. i'll speak with dan jergen. the next hour, david rubenstein is here on what leaders are

saying about the potential of a recession. we'll get his views. don't miss a moment of it. joining the conversation all morning long, dagen mcdowell, monica crowley and james freeman. we'll get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business.

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maria: welcome back. well, it's no see considerate americans are facing surging gasoline prices, another all a time high this morning at $4.59 a gallon. president biden says the nation is simply going through, quote, a transition as we go green. watch. >> when it comes to the gas prices, we're going through an incredible transition that is taking place that god willing when is over we'll be stronger and the world will be stronger and less reliant on fossil fuels when this is over. maria: so far we see california paying some of the highest prices at over $6 a gallon right now in california. it's so expensive, sacramento

police are offering $50 gift cards for fuel as part of a gas for guns buyback program. okay, over the weekend it took them just 45 minutes to hand out more than 100 gift cards and take people's guns. dagen, your reaction. dagen: that's not a lot of money for a gun. i mean, you can't even -- you can't even buy five gallons of gas, practically with that amount a of money. how much does it work out to. james: i'll get back to you on that. dagen: with biden, though, he's admitting that he is making americans poor for a green agenda. he's admitting that. he's only following up when his energy secretary jenny granholm said repeatedly, she said it again last week, the line is the pain's the point. that they want to make gasoline

and cars that -- with internal combustion engines, make driving so expensive that they force you into an electric vehicle but then their war on fossil fuels also includes natural gas so how are you going to produce the electricity to power the evs. >> none of it makes sense. >> it's stunning that california has developed its own unique barter system. so the california economy now is bartering, right, here's 5 # ofs card for your gun like it's going to stop anybody who wants to commit a crime. the bigger point to dagen's point, they want to make fossil fuels prohibitively painful for you, expensive, to force into an electric vehicle and so on. the reason they keep waging war on the energy sector, yes, they want the green new deal, yes, they profess to embrace the environment and all of that, but keep in mind the real reason, the bigger reason, is because

the energy sector is the biggest of them all, the biggest lever they can use to affect the fundamental transformation of the u.s. economy. maria: and to take guns, it's just -- dagen: so it's 8.3 gallons. that's how much you would get for $50. james: thank you. you really can't describe the policy in niko hasn't way because -- any coherent way. they want in the short term lower gas prices, they occasionally call up energy companies and a middle eastern dictators and urge them to pump more so they can reduce the political heat of high gas prices but, yeah, long-term this transition, you would hope that the president had learned from what we've just observed in europe which embraced all of the climate obsessions, all of the energy illusions, and where did they end up? they ended up hostage to vladimir putin because they realized you still need fossil fuels. you could say -- maria: and go to venezuela.

>> you could say he still doesn't get it but you don't know because the policy moves in all directions depending on the political calculation. dagen: as soon as he took office and started the moratorium on federal leases, and keystone pipeline, it was everything that he did, i said you're ceding our power and a prosperity to vladimir putin and nationses that hate us, you're enriching tyrants by doing this and begging opec plus and begging other nations to pump more oil when they put the hammer down on our own energy sector, it's global warming, if that's what they care about, climate change, it involves the world, it doesn't matter where the oil derrick is or tail pipe here. a barrel there is a barrel here. actually, we produce oil more efficiently than other nationses do so we cause less pollution. maria: to my point earlier --

>> they get it, they don't care. maria: about having a tin ear. he's going to veins way l he -- venezuela. he doesn't see that. the venezuelan oil and gas is dirty. >> i think they get it. they just don't care. it's in service of a much bigger goal. maria: yeah, that's right. and by the way, he just told us that. in that sound bite. when we come back, president biden once again walking back his comments on using american military to protect taiwan. we will talk about it with congresswoman claudia teny when we come back. -- claudia tenney when we come back. stay with us. i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident to and through retirement.

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>> are you willing to get involved militarily to he defend taiwan if it comes to that. >> yes. >> you are? >> that's the commitment we made. >> mr. president, is the policy of strategic ambiguity towards taiwan dead? >> no. >> could you explain? >> no. >> mr. president, would you send troops to taiwan? >> our policy has not changed at all. i stated that when i made my statement yesterday. maria: tough to watch. president biden yesterday forced to walk back his comments again. these comments were on taiwan, just one day after committing to defend taiwan should china try

to the take it by force. the white house is insisting that the u.s. policy has not changed, that policy is that the united states would help arm taiwan so it can defend itself. joining us now is congresswoman claudia tenney, congresswoman, it's good to see you this morning. what did you make of that? >> this is incredible. i think we're seeing the zombie apocalypse in the white house. you've got a guy walking around, i'm not sure he's aware of what's happening and people behind the scenes are shuffling and trying to walk it back. this is the third time biden said we're going to go to war and taking it back by white house officials. we have to be definitive on our policy with taiwan. taiwan is vitale important, something like 80% of our chips are manufactured there, another problem we have in the united states with allowing the globalism, the reason we had the

tax cuts and jobs act to incentivize americans to bring jobs and technology here, something i've been fighting here when i was a member of the state assembly. this is scary because taiwan, this is a real world with our greatest adversary and biggest enemy, the people's republic of china. this guy can't send mixed signals to our enemies. we have a disaster and tragedy occurring in ukraine with putin who projects power and doesn't have the power that china has. it's beyond crisis level. it's emergency for the united states at this point with this man as commander in chief. maria: i'm glad you said he said it three times. i want to bring the panel in here. that's what i'm questioning. he said it three times. maybe he really does want that. he wants to send a message to china. could that be? james: yeah. >> i think he -- >> go ahead, i'm sorry. james: how should it work? first we recognize taiwan maybe,

then we negotiate a treaty as opposed to this comtmt that he claims and then later says no, nothing's changed. >> yeah. we have tried for many years to geta consistent, strong policy n taiwan. they're a great ally. they're looking to us for leadership. it's an iffy question. we don't want to provoke china. we were worried about provoking russia and a putin. our weakness has projected by this and a confusion sent by the biden administration has been a provocation for war around the world. our adversaries know we are weak and our allies are concerned about the strength and our reliability. we're not he reliable anymore and biden is projecting that and the taiwanese are very concerned about where our position is. i think we feed to be forthright. i think a treat ease would be helpful. that's been something we haven't been able to get done because we're worried about china and we are as the united states are not

in a strong position to be negotiating from strength in a treaty in that situation. you talked about energy throughout the morning. that is a huge factor right now. not only was it a factor that caused putin to invade ukraine, it's a factor that's putting the united states weak on the world stage and affecting our economy so we aren't in a position where we are going to be negotiating a treaty from strengths. that's my biggest concern strategically. we need a complete course correction here. we need to have new leadership. we need to have someone that understands the global threat we have with china intervening with the belt and road initiative on energy and everything else they're doing to surround us and we're standing here with a guy who, again, looks like a zombie wandering around the white house with unnamed staffers be in the background who are really running the policy behind the scenes. dagen: can i point something out and monica, you can jump in. as the wall street journal editorial page notes today, if all the people behind the scenes

are pushing this policy, why was taiwan, knowing how important it is why was it left out of the 13 1 indo-pacific economic framework that the president rolled out. it's economically significant. maria: i know why. he doesn't want to are you felle china's he feathers. they're not going to put it in the group. joe biden doesn't want to upset the ccp be. do you disagree? dagen: him saying we would stand up for taiwan, that does ruffle feathers. maria: i don't think he knew what he was saying. i think he is answering questions, not really thinking them out. i don't think that he necessarily said, well, i'm going to go against china on this. i don't think fundamentally speaking that he wants to go against xi jinping. congresswoman, your thoughts? >> i think, maria, you're exactly right. this is the most compromised

president in american history when it comes to china policy, whether it's hunter biden, the entire scenario. he is illiterate on this issue, global foreign policy i'll let rest, completely -- i'll lit il. completely illiterate on the energy policy. this is a matter of a guy who has been nothing but a talentless, career politician who has been able to get elected because of democrat incompetency for 40 or 50 years and now he's commander in chief, needs to be accountable and he is incapable of the job. he doesn't have leadership schisms he doesn't have the cognitive skills. people behind the scenes who have never run a business who haven't done anything to significant to hone their leadership skills, running the most important nation in the world. the leader of the free world is not capable across any level, across any sector that you discuss daily on the show. he is so compromised when it

comes to china and a he's afraid to deal with the taiwan issue which is critically important to the united states right now and the chinese know it and that concerns me a great deal. maria: he's just answering questions, not thinking about it, not understanding what the conversation is and forcing the white house to walk it back. congresswoman, it's good to see you. thank you very much. >> he never had to face consequences, thank you. maria: we'll keep a spotlight on it. it's a sad story, really. claudia tenney joining us. we'll be right back. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank.

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alfa bank but it was a story from michael sussmann who is charged with lying to the fbi about who he was working for when bringing that story to them. the fbi's investigation also found no collusion between trump and the kremlin. well, masking up again, kids. students and staff at philadelphia schools once again required to mask up on school grounds and on busses, this coming after a city health department recommendation. data showing philadelphia experiencing a 41% increase in covid cases. johnny depp did not take the stand yesterday in his bitter defamation lawsuit against his ex-wife, the move a last minute decision by heard's legal team. the team plans to call kate moss who once date touchdown depp to testify. moss expected to talk about how depp carried her after she slipped while walking down stays while they were in jamaica. the legal team planning for him

to testify as a rebutal witness. it all continues. finally, this may be the craziest video we've seen from the skies. it was on the ground. this as a united airlines ground worker and former denver bronco getting into a brawl at newark airport. watch the former wide receiver start throwing punches. >> stop! stop! cheryl: oh, my god. united firing the employee, saying it does not tolerate violence of any kind, langley got charged with simple assault. the brawl broke out after langley used a wheelchair to transport his luggage. can't make this up, maria. nobody knows the identity of the worker. that's the big one, to get his side of the story. no one knows how it started. the video wasn't rolling. maria: so much upset in the world. cheryl: it's so crazy. maria: thank you.

cheryl: you bet. maria: we're looking at the price of oil all morning and russia's war on ukraine and the global push for energy security expected to dominate the world economic forum in davos, switzerland. joining us now from davos, s&p he global scries chairman, the author of the book, energy, climate and the clash of nations, daniel jergen is here. thank you for being here today. i want you to assess the market for us, supply/demand dynamics. >> the market is tight in terms of splie. supply. it's disrupted by the direction of flows and it's not only sort of crude oil but it's the products like jet fuel and gasoline and diesel fuel, all of those things are further disruptive because russia was part of the system and it's been shut out so this is a tight -- basically i think we could say global energy is in a crisis.

maria: the u.s. was a producer until joe biden got to the white house and then he started canceling all federal land drilling and he canceled of course the xl pipeline. europe is becoming increasingly inlikely that the eu will approve a russian oil embargo. what does that mean in terms of the russian oil staying on the market in terms of the european union? >> well, i think even if they don't have an e. u-wide embargo, individual countries will cut back. germany has cut back to 12% coming from russia. i think most of the countries will stop using russian crude oil and that means russians will be able to sell some of it to people like india who want to buy it at a great discount because they import a lot of oil and their economy's in trouble but eventually russia's going to find that it has lost its most important market, which is europe. maria: so what about the potential for the u.s.? what kind of potential do you

see here if in fact the regulatory environment would change? >> well, i think there are two big things happening. u.s. production is going to go up this year. it will go up between 600,000 and a million barrels a day. it can do more and the regular regulatory environment matters a lot. liquefied natural gas is now seen by europe as a strategic asset. it wasn't seen like that before. it's part of europe's energy security. it's a great asset for balance of payments and it's a strategic asset for the united states and no one knows that better than the person who is against u.s. shale oil more than anybody else, is one vladimir putin. maria: good point. here's james. james: dan, you wrote the book on the centrality of oil to the world economy over the last century and-a-half. you're in davos where a lot of people tend to like to share

their climate feelings. do you think there is a new realization this year about how important fossil fuels still will be going forward? >> that is a constant discussion that's going on here and i think it's absolutely the case that there is a recognition, sort of become part of the discussion that, yes, you can talk about energy transition but you better talk about energy security because you're not going to energy transition or anything else unless you have energy security and i think that's come back into the dialogue that in fact where production is and nowhere is that clearer than germany which is now wanting to import substantial amounts of lng from the united states, something that would have been unthinkable three months ago. so i think to me, one of the big changes here to the degree to which energy security is of on the agenda and that is a recognition of reality. maria: that's something positive, dagen. dagen: dan, it's dagen

mcdowell. how on the planet did these nations think that they could do like immediately and suddenly start doing away with the use of fossil fuels? they used the word to repeat what you were saying, talk about transition, but there's no long-term planning. here in the united states, you're just going to start taking a hammer to our energy economy but there was no planning and then last year six months after killing the keystone xl pipeline and then the moratorium on federal leases, they were -- the biden administration was begging opec plus, which includes russia, to pump more oil. >> it's a huge turnaround. i think that there was just a kind of amnesia about energy security that was made possible by the fact that we've had this successful shale revolution.

u.s. went from importing 60 of% of its oil to be self-sufficient and this amnesia that you can have a transition overnight, it's not going to work. maria: we're talking all about supply this morning. you were in a panel in davos earlier on china in had the global energy transition. i want to talk about the demand side of this because china was shut down and that was a big issue for the markets. it's still shut down, mostly in shanghai. what are your thought on the demand side in terms of all of these expectations about recession. >> i think you've got a really important point, maria. if china comes back strongly, its economy, that's going to really increase global oil demand and put more pressure on the market and when you see the price go up sometimes, that says that china will come out of covid and that would increase the problems of the world economy and certainly would add to this inflationary problem that the world is struggling with right now. maria: real quick, before you go, are you expecting prices to

go higher from here or are we close to peak? >> i think that we could see prices go higher if china comes back strong because of the demand that would create. maria: $100 or beyond? >> well, i was going to say, what governs this is what's going to happen to gdp. one thing that would push down price woulds be a recession which no one wants. maria: dan, great to see you. see you back in the u.s. on set when you can. we'll be right back. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates

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maria: welcome back. finland and sweden now vowing to join the nato alliance following russia's invasion of ukraine. kelly o'grady live on the ground in davos this morning. >> reporter: good morning, maria. of course, over and over again we heard leaders here say it's thinkable to have a war in europe and with ukraine and the war being a big focal point of the time in davos, another hot topic of conversation is the prospect of finland and sweden joining nato. i had the opportunity to speak to the minister of transportation and communication for finland, he emphasized the push is because of the security concerns brought on by rush russ

you brutal attack. vladimir putin vowed consequences if nato expands. i asked if there's worry that putin will threaten finland. >> there are security concerns but they originate from putin's brutal attack but we also want to signal to the world that we see to increase the security of scandinavia and increasing the security is not a zero sum game, it's not decreasing anyone else's security. >> reporter: one of the looming questions you amidst the war in ukraine is what would happen if putin were to threaten a nato country, depending on the mag any tied of the tau -- mag any magnitudeof the attack. >> one thing that struck me and the whole finnish government is how impressive the european union reaction has been, how consistent, how persistent the

unity of the european union. this time we are really united in our opposition to this brutal, unjustified attack. >> reporter: now, there's also a big theme in davos around europe's evolving role in the global order, many leaders emphasizing the war has been a wake up call that it needs to act as a defender of western values. there is one snag, turkey has been very vocal against the pros detective and has even prevented them from fast tracking their bid to join the alliance. there has been a lot of talk on the ground that probably negotiations will happen and this is all about turkey seeking economic assistance out of this. maria. maria: kelly, thanks very much. kelly o'grady in davos this week. coming up, a tanking market, the 50 richest people in the world losing more than half a trillion dollars combined. we break down how much each individual lost in the hot topic

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maria: welcome back, time for "hot topic buzz" 50, richest people in the world lost more than half a trillion dollars, on paper this year. die to tanking stock market, the world richest man elon musk lost about 69 billion dollars jeff bezos more than 61 billion berkshire hathaway ceo warren buffett is one of the few who actually saw his net worth go up this year, by 1.2 million dollars. interesting to see all these losses when you consider the fact that these five stocks have been selling off so badly. dagen: don't feel sorry for them, not one bit your assets were inflated grotesquely the standard of living reduced because of biden policies high gasoline prices inflation everything he has done hit the poor, and lower income americans hardest was telling james not to change subject

but the baby formula crisis form louisiana sold to women on food stamps going to forgive student loans in half country didn't get a college degree telling them to pay for -- >> exactly right so there is the economic dimensions talking about the catastrophic biden policies fed continuing to pump trillions of dollars into the economy, generating inflationary environment but to your point politically, dagen, the democrats including joe biden for decades continue to profess to either champions of middle class the working class action, and the poor. and yet the inflation, and all of these other policies disimportant portionly impact them you see no relief from this administration, coming their way. maria: keeps blaming putin ut. james: on college fining at a minimum if you forgive any debt you should not you should say no more lending to that institution because obviously, that degree wasn't worthing

what the person paid for it so you should cut off schools, from any student loans, if you pursue the idea. >> on paper elon musk is down to last 200 billion, we have all been there -- [laughter]. maria: -- >> i city enough to by twitter good news when he do it. monica: i think he is going to assuming better terms for deal his credentialed on line. >> what did you make of sisman trial takeaway fbi? i want more investigation into the fbi why they started this investigation it was not michael sussmann -- monica: none of these freelanced not sussmann nondid all came from a mrs. clinton, obama white house was in on it

they enlisted opt pratives, we got that fbi was tolds disinformation coming from doj, so the agents first got these lies were operating under assumption it was coming from doj rather than clinton campaign. >> we haven't covered yet i think this is coming is entrapment part of this, clinton officials, and fbi former spies running into trump people all around the world remember joseph george papadopoulos. monica: all the way down entrapping people to try to undermine a sitting president. maria: half country not

focused on it because media will not cover it. james: not just misinformation greatest political scandal ever lack of accountability actions that poisoned genesis with hillary clinton says go ahead start sharing this garbage where is accountability. maria: stay right there "mornings with maria" begins right now. . maria: good tuesday morning. thanks very much for joining us this morning i am maria bartiromo, it is tuesday, may 24, top stories right now 8:00 a.m. on the button on the east coast, today, the hits keep coming, stocks selling off can i this morning extending what has been 8 straight week of declines for the dow industrials, seven straight

weeks decline s&p 500 down 204 points dow industrials, s&p 500, lower by 42 look at the nasdaq, growth taking a hit again down 202 right now better than 1% lower on nasdaq, this after a rally yesterday in fact, all three major indices up 1 1/2% on average dow industrials up almost 2% gain 618 points by the close nasdaq up 180 s&p higher by 72, 2 rally led by major banks after jpmorgan told jeffers credit losses low consumer is strong as we told you yesterday the and then held investor day, and jpmorgan ceo jamie dimon said expect credit losses to stay low in 2023 because of balance sheet sent jpmorgan stock up 7 1/4% was up 6%, .26 a share, 6% higher that took banks with it this morning look at economy april new home sales data coming out 10 a.m.

eastern stay with fox business for those numbers as we wonder if 5% mortgage rates turned people off, to buy we are getting semrevises first quarter gdp on thursday, expected to show contraction 1.3% versus initially reading 1.4% contraction. >> core personal couple of pce expected 4.9% federal reserve preferred measure on inflation see if a market mover interest rates are looking like this, 10-year pulling back, down four basis points 2.811% hit ut 3 1/4% a week off a hag jay powell many jeek this afternoon 12:30 we will watch for guidance, oil prices, continue to rise the price of brent 113.73 that is up a quarter of a percent this morning crude oil price 110.64 that is up a third of one percent with aaa reporting another record high for

nationwide averages on gasoline prices, gas 4.59 a gallon right now president biden admitted the spike in oil and gas intentional, to serve the democrat plan to transition away from fossil fuel watch this. >> when it comes to the gas prices, we are going through incredible transition that is taking place and when it is over we will be stronger the world will be stronger less reliant on fossil fuels when this is over. >> european markets meanwhile, under pressure take a look, we've got selling he underway there as well the ft 100 down 8 points cac quarante down 57, dax lower by 125 right now, as you can see. overnight in asia a loser worst premiere was china and hong kong, shanghai composite down 2 1/2 hang seng down 1 3/4% white house walking back president biden's gav on taiwan in asia saying he would send troops to support taiwan,

should china invade. >> mr. president is politics strategic ambiguity towards taiwan dead. >> no -- >> could you explain? >> no. >> the -- >> policy has not changed at all i said that when i made my statement yesterday. >> fox business live on the ground all the reporting from davos this week world economic furthermore meeting in davos, switzerland we take you back soon "mornings with maria" is live right now. . movers social media is taking a hit, thinking in premarket after warning from snap ceo he said second-quarter earnings are going to be boe the lower end of the forecast, that the macro environment changes since issuing guidance last month the warning rattling social media companies as well as you can see those that rely heavily on advertising down

sharply snap down 52% year-to-date, this morning, down a sharp 30 plus percent meta, parent of facebook down 7%, the others down sharply pinterest down, we are expecting a decline start of trading after yesterday's rally yesterday, was up about you look at the market right now down 200 points on dow industrials, the dow ned up 614, of 18 pardon me -- 681, s&p 500 up 72 nasdaq up 180 yesterday, joining me right now to talk about capital markets is president of the new york stock exchange lynn martin here from davos also joining the conversation all morning dagen mcdowell, monica crowley james freeman thanks very much for being here your take on the volatility that we've seen, in markets, what has that meant for your business? and what do you think is behind it? >> thanks for having me today i am thrilled to be here with you guys missed you in davos,

though, so, at the end of the day what you are seeing represents uncertainty that is playing on consumers' minds, worries about inflation, higher gas prices, higher food prices, worries about u.s. economic policy in terms of interest rate raises, causing some pressure on the market just uncertainty a day like yesterday rebounds at the end of the day what is happening is buyers, meeting sellers, sellers meeting blooifrz nef fashion o our job at new york stock exchange to ensure particularly in times of volatility that markets say open, transparent, tremendous amounts of liquidity in their systems remain robust can handle demand that we are seeing across the pipeline. maria: take on slowdown ipos what you have got in the

pipeline, but before i get to that, we're told, securities and exchange commissioner gensler hard at work on equity market structure. i want to get your thoughts on what kind of proposals we may see, what that means for the o new york stock exchange, in terms of of a changing regulatory backdrop. >> yeah, we have been in dialogue with gebsler and team appreciate collaborative dialogue we hope a unification of set and exchanges because tend the exchanges are very where price for markets happen highly regulated secure robust but different rule set i can't

for being when chair gensler is ultimately going to do his team is actively at work putting a lot of thought behind what may come out of information on this topic. maria: there is a lot of conversation about new models being vetted, ftx crypto exchange comes to mind different models because of the crypto space? >> i think what we have to come back to, is our are transparent infrastructure that has worked time and time again cf sec markets, and cross international markets, as well. signal cleared markets have withstood multiple financial crisis, and really led to the price discovery that needs to happen in volatile and uncertain times it is done so beautifully navigated through multiple financial crises, we

have come out every single one of those bouts of volatility for financial crises stronger and more secure, as a global economy so i think you have to come back, to the way our markets have been refined, time and time again, with management standpoint we're lucky to have deepest most liquid markets in the world for sure, but what is behind this lack of ipos, and deals? what are you expecting what is pipeline look like later in the year? >> the end of the day, the pipeline is incredibly strong there is no shortage of demand for companies to come to the public markets, which is great news. they see benefits of being a public exchange. the access to the pools of capital that allow them. maria: we're in a period why they haven't seen. >> they haven't seen yet you are absolutely right what they are waiting for the moment though is right timing, volatility is going to slow

down companies coming to market and that is something we've seen in the past, too to 2019, we woke to a government shutdown 2020 to deal with pandemic, both those yearspipe markets recovery incredibly strong working with tremendous amount of pipeline of companies that are looking just for the right time to come to market. maria: makes sense nobody wants pub with market down 30% james. james: always issue for companies cost of being a public company regulatory costs compliance a lot of people prefer the freedom of operating in the private market they don't need capital they don't need to go public. is that going to be more of an issue now, when we see, a more active sec? i mean i don't know if you are a private firm thinking about going public, if you like seeing that there's going to be a whole new raft of climate disclosure requirements. >> so, on the climate

disclosure side we are active dialogue with issuer community to digest the rulemaking that has come out the end of the day we transparency very supportive of transparency just need to see thoughtful faction particularly wrn environmental, governance risk led us on the side of the business to bring a variety of those focused on transparency environmental, social government interests we provide to issuers. james: i don't understand with movement companies already have to report if public companies already have to report, risks to their business. material events, why do you need a whole 'nother climate structure if there is a number i mean if there is a risk that they can put a number on, they already have to o disclose that without aeing more climate specific rules don't they? >> a the good news is really

you are seeing the phenomena of investors voting with dollars here so you do see more a and more companies large caps definitely, moving into the media, some small caps starting to he disclose environmental, social governance risk because at the end of the day that is where money is driven there is investment dollars coming into those firms to have sustainable practices. james: ant that often politically driven as opposed to returns driven? >> uh you know, during 2020 you actually saw a phenomena where those comheens had good environmental processes social processes governance practices out perform that is the first time that you saw the alfa generation from esg, that is what led companies increasingly to disclose risks. if i look at our own companies our issuers, more and more

about 100% actually he disclose, emissions already on large cap side moves down spectrum as building out infrastructure there is a desire for firms to increasingly clove that a good story. >> are you going to boot china stocks off exchange if they don't follow your accounting rules. >> you know that is that is an interesting issue, it is something that you know we are waiting for guidance if sec at the end of the day focused on transparency you have to balance over very protection transparency associated, you know, with access to companies. maria: i mean that is what i am saying i mean got to be transparent right we want to know who o the companies if not following u.s. accounting rules i know there is a window coming up for federal thrift fund, chinese stocks in june i am wondering if you have heard guidance from sec

in terms of pulling back pushing forward booth off exchanges so investors don't get hood being winked losing more than. >> we have not heard specific guidance on that following the holding foreign companies accountable act in time frames defined there at the end of the day i hope we don't lose sites u.s. markets are greatest markets in the ordinarily access to global schools of capital globally companies allow companies to raise capital global companies to raise meaningful forms of capital. maria: even though -- >> her right great to see you taking a lot of different subjects we appreciate it, we will see you back in new york be safe thanks very much for being here. >> look forward to it. maria: lynn martin joining us president new york stock exchange in davos.

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risk of a o global recession takes center stage at the world economic forum in davos, switzerland kelly o'grady live on the ground from davos kelly, good morning. >> good morning, maria, yeah, i mean intersection of security and the economy has been the prevailing theme in davos earlier today the secretary-general of nato gave a special address to the forum where he said excuse me, he said that the headline was that freedom is more important than free trade, he emphasized that countries should not trade long-term security needs for short term economic trumps the war in ukraine demonstrating how economic relationships with authoritarian regimes can create vulnerabilities over reliance such as energy called

out specifically called out dangers dealing with china as well as russia a stern reminder protecting values more important than profit. >> -- in russia, but also about china. i know they are open -- share value undermines space in national order. if national trade, protection of values is more important than profit -- >> that he globalized economy in question looming recession continues a hot talk about in doovrz christine lagarde sharing not in panic mode emphasized europe reached turning point in monetary policy as it prepares to leave negative interest rates behind ecb likely to exit negative interest rates by the end of the third quarter with first interest rate increase to happen in july a, the word

here that i am talking to is that europe is likely to enter a recession especially if a ban you on you russian energy is agreed upon. maria: you would think so, obviously, not a good situation given what is going on in or an europe kelly great reporting kelly o'grady in davos this week russian officials banned from world economic forum but russia dominates the conversation bill broader there will join with us to weigh in coming up, then back to new york new york city mayor eric adams putting focus on himself as crime skyrockets in his city. his shocking comments when we come back. . if you invest in the s&p 500 your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp,

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>>. maria: welcome back kwp ukrainian president zelenskyy continuing to call on west to increase sanctions on russia, during a virtual speech in davos yesterday watch. >> the -- russia, every other one to war against neighbor would clearly know the immediate consequences for their actions, there should be russian oil embargo, all russian -- should be -- no exception, there should be an

event as to russia should not be any trade with russia. maria: joining us right now live from davos, switzerland ceo hermitage capital bill browder great to see you. thanks very much for being here what are you hearing? do people agree with that i love telling our audience your story for nos don't know you were the largest foreign investor in russia until sanctioned declared national security threat exposing corruption in russian state owned companies where is that now in your thoughts on what zelenskyy is saying why pushing for sanctions against russia. >> because we're in a situation right now where every dollar that goes to putin, is a dollar spending killing ukrainians we've gone good work sanging assets of russia we've gone after 350 billion dollars central bank reserves, gone after a bunch oligarchs, very successful but we haven't sanctioned income money that flows in on daily

basis, and that money, is of the order of magnitude a billion dollars a day, and that is about the amount of money he is spending on his war efforts a billion-dollar a day. so he could carry on a very long time killing ukrainians causing terrible hardships if nothing is done to stop that, and president zelenskyy is exactly right which is the way to stop that is by stopping the purchase of russian oil and gas, making sure that no other money flows in, so it is a crucial message, i think that everyone understands it is necessary but there's a lot of people here in europe particularly germans italians others, where -- they don't really want to change their lives, to find other sources of -- of energy because that may cause them economic problems in the short term. maria: look they've been reliant on russia so many years in the past russia had a pretty good footprint at davos

meeting, no russian officials business executives from russia received an invitation to go to doovrs we are looking at war times, questioned what is the word in doovrs about this situation. >> i tell you my personal word is that a total relief not having these guys, walking the streets of doovrs walking in hallways of the world economic forum i was bumping into russian government officials that were probably in meetings with each other talking about how to kill me. these are very bad people criminals, people who do assassinations i was on their hit list for me a total relief not having them in doovrs first time i have been doing more than two decades first time that i can kind of relax not have to look owner my shoulder what kind of nasty person is standing there looking in the background. >> is there a big group from china? >> um, i haven't seen that

many chinese i did see that when zelenskyy was making his speech though it was very interesting when making his speech the end of the speech, there was standing ovation, and one of the only groups that didn't stand up and participate in standing ovation were the chinese delegation, so, they are definitely here not back here en masse, certainly not part of this western alliance trying to stand up to putin. maria: i saw that james, james freeman. james: i am wondering kind of depressing how he can fund this war a long time a billion dollars a day money diverted to warfare isn't going to other things russians may want is there a limit where you think there is any kind of internal prosper on him he would have to give up the fight or is there a possibility that oligarchs get tired of being global pariahs,

force some kind of political change there? >> i wish that were the case on oligarchs oligarchs subordinate to putin scared to death of him at any moment could take away their money freedom their lives you can see it when here in davos when they are here putin here like little children in normal life pumping chest alfa male on steroids, putin present they are like little children on economy generally for regular russian putin is a guy ready to starve his people ready to do a kim jong-un on them run a war economy, let everybody suffer that is kind of person he is, and -- and there is not really any oxygen for people to communicate and rise up anyone even calls it a war, their sentenced to 15 years in jail good friend of mine called it a war got arrested after doing that, it could

happen there could be uprising but i think unlikely putin runs a very tight totalitarian ship. maria: scary stuff "the wall street journal" reporting pentagon is weighing plans to send special forces to kyiv. in ukraine, to guard the newly reopened u.s. embassy what are your thoughts if troops are deployed would mark escalation from a president biden initial pledge no american troops sent to ukraine. what would that mean in terms of russia's response? >> well, i mean i think we have to protect our diplomats would be proshl if nobody there, and we ended upped in a situation where you know like many decades ago when iranians took a bunch american diplomats, you can't have something like that vladimir putin should understand can't stand up to ukraine not able to stand up to us he better keep his people away from any

of our troops all i can say, i think that he understands that. >> great to catch up with you thanks very much. >> thank you so glad joining us in davos quick break recession fears weighing on world markets speaking with carlyle group cofounder david rubenstein will tell us about investor sentiment and what he is expecting in terms of the broader economy, stay with us. ♪♪ ♪ easy friends, ♪ ♪ ♪ ♪ ♪ . oh, like how i customized this scarf? wow, first time? check out this backpack i made for marco. oh yeah? well, check out this tux. oh, nice. that'll go perfect with these. dude... those are so fire. [whines]

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>>. >> less have an hour away from opening will be market down 200 points dow industrials pretty z here for a few hours, the nasdaq down about 200, since started down 1 1/2% following a rally

yesterday yields pulling back on 10-year yield 2.814% down four basis points right now, pulling back from 3 1/2-year high reached two weeks ago, former federal reserve chairman ben bernanke weighed in on inflation we are watching, watch. >> there are some and i say this in very limited way, similarities like the energy shops for xhl broadly speaking this episode the 1970s episode are really quite different. >> cofounder coexecutive chairman carlyle group dave rubinson in davos this week with thanks for being here your coming to from us worm economic furthermore we heard ben barnkey talk about experiment the federal reserve is trying to have o master, not taking u.s. into recession taking interest rates up, what is your view in terms of whether or not they will be able to do that? >> do i agree with him that the situation is different than 1970s i worked in white

house then it was much different situation different type of economy. we got, interest rates up to about 19% inflation was about 15%. economy was completely different, now faced with a serious situation not quite what we had in 1970s i think fed has ability and much greater knowledge than fed probably had about the economy in 1970s we have the ability, to avoid hard landing or recession, but not easy when you are increasing interest rates, never can stop exactly when you want to stop it so fed is telegraphed what it is going to do i think probably going to follow through with that therefor, you know could be a challenge in getting, up higher triple-digits without destroying economy hurting employment anybody tos perfect fed has pretty good handle i think jay powell the market has a lot of confidence in. >> we've seen, jamie dimon said cash balances strong in

kerm of consumers bank accounts hearing from the retailers sticker shock because of inflation do you expect a demand destruction this year, how much lower do you think things get as rates go higher are will fed have to change stance? i spoke with james bullard yesterday in terms of yeah, we will do 50 basis points for a while, but we could decide, to pull it back. >> i think the fed is telegraphing exactly what it is going to do made it clear i this i would about a mistake if fed were to change its position in the next two flmc meetings at the telegraphed 50 basis points in each if higher than that i this would telegraph fed more concerned than i think it wants to say it is may be the is. i don't think they are changing next ebbs two meetings, in terms of destruction i wouldn't use destructions as word i economy consumer decline probably softever applying until markets sorts out i wouldn't

use the word-destruction. >> so just buying less, i think concerned about inflation they see inflation most people today certainly my children's, in their 0's, they haven't seen lived with inflation has been last 25 years 2% or so people arbitrary used to it something out of the ordinary they haven't seen lived through inflationary times i think consumers younger ones more cautious. >> david, it is dagen mcdowell you are talking about this is now today, is not like the 1970s, but what if it becomes more like the 1970s, i am talking about a policy mistake like price controls. the "the wall street journal" james freeman is here from editorial page wrote about the bill that elizabeth warren senator introduced to give greater power to the federal trade commission to target what it deems price-gouging, but, again, this is -- the

specter of richard nixon. >> well we have pride controls under nixon didn't work we have sort of price controls in effect guidelines under president carter didn't really work i think lots of senators introduced lots of bills don't they don't pass i don't think the market is thinking that is going to happen i see no evidence from people in the white house or the fed or real people in control of congress that we are going to have price controls i don't think likely the lesson has been learned they really don't work. maria: james. james: how about policy that would come out of white house, jaim unifier carter say economic problem in 70s we needed in other growth opportunity he deregular ladies airlines transportation assertions do you see president biden learning from our current situation? are you suggesting to him is there a pro-growth agenda that might make its way out of the the white house? >> well, i am not sure looking

to me for advice i would say, president carter does deserve credit for deregulateing energy business deregulateing airlines derig lateing trucks rile roads are a boon for u.s. economy last 30, 40 years i don't any any more deregulatory things in the near future president biden does need a pro growth program i think, to assuage concerns of people in the business community but not as pro-business as some would like him to be i think white house has pretty good fix what it can do what realistically can get through congress so i think for foreseeable future i don't think you are going to see major legislative changes coming out of white house things that congress is going to pass. i think the fed probably going got policy set i think white house not likely to have a lot of big new initiatives that you would talk being pro growth, i think wouldn't be terrible thing but a white house is realistic about what it can get through congress. >> they are pushing climate

rules want to have new climate recalls in about virtually every agency talking securities and exchange commission commission they can't ever company to disclose climate risks whether customer or affiliates what kind of pressure, does that represent, and does that impact growth? >> well, the sec other agencies do propose a lot of rules, and very often get litigated have hearings sometimes they go through, some moved form of i don't think that is the biggest concern that business committee has at the moment clearly there is important need to worry about, climate change, but i don't think right now the biggest worry of business committee what is sec is doing i think it is weather commerce are going to spend whether interest rates are going to be too high whether war in ukraine is going to push us into a -- um -- closer to recessionary situation bigs concern of business economy right now. monica: monica crowley great to see you you mentioned fed

does have policies set have led, indicated pathway forward over the next year raising interest rates multiple times, but is it also possible that we are looking at perhaps a worst case scenario where fed because about a year too late that they are tight spoken would a weakening economy, and they may not be able to -- go down the path and continue to raise interest rates, beyond perhaps the next one or two rounds? >> well, obviously, the fed wants to avoid what is called stagflation there is a problem when you are increasing interest rates and economy is slowing down you can produce stagflation why fed not saying what it is doing over next year said next two fomc meetings next couple months i think fed is sensitive to this jay powell somebody i know i have a lot of confidence in him i think the -- very concerned with over putting interest rates too high i would say the fed might have made mistake earlier not have

moving early on increasing interest rates as fed said i think want to make sure not increasing interest rates too much. >> is world doing enough to punish russia for death and destruction in ukraine the war moved you you pledged 15 million dollars, to u.s. museum recently was with that sparked by eastern europe right now? >> it was to some extent, obviously, i am very concerned about what happened to holocaust, i am concerned, that some people have forgotten holocaust was something that occurred some people still deny it occurred i want to remind people tragedies during holocaust are occurring in many ways without concentration camps but tragedies murders without concentration camps occurring in ukraine i remind people to that of some extent is world doing enough? the world is doing a lot can always do more putin is still able to conduct the war as long as able to conduct war not doing enough i think we should do more i saw what with

administration is doing other countries i think we can do even more to stop the killing that is now going to senseless killing going on in ukraine. maria: it is absolutely horrible we are all rooting for ukraine to win this, but they need help, david before you go let's talk private equity for a second what kind of impact have you seen as a result of 8 straight weeks down for the public markets. >> obviously, a lot of private equity firms owned publicly trade stocks seen decline in value to some extent, obviously prices that we want to pay, for companies that we need to pay get companies to come down a bit but prices have not come down quite as much as you might as technology sector or, people doing applyouts financing veil private equity world can function reasonably well probably prices come down maybe returns might be sort of for a short are period of time. >> you think we will see further declines before we see detail makers interested in some of the deals, that could

be -- happening right now, then? >> well everybody likes to buy at the bottom of the market that is hard to know exactly when bottom of the market so is when deals come along i think people are trying -- find lower prices than six months ago not ease to always do that with a lot of competitors i don't think you will see price declines that much prices being paid by private equity firms they have fair amount of capital i think know what they are doing facilities to improve companies they apply i wouldn't say industry is in any kind of trouble or anything like that. maria: dave great to see you have a great rest of the tripp in davos we will catch up soon appreciate your time david rubenstein joining is. >> eric adams making the subway shooting about himself. >> new york city ends a landline era the big buzz you are watching "mornings with maria" live on fox business. .

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. >> it is my responsibility to keep new yorkers safe, my heart goes out the their families, i am sorry that they lost their loved one, i thank god i am mayor right now. not those that don't

understand the urgency of this moment. maria: well that was new york city mayor eric adams making a man's shooting death on sway about himself vowing again to take control of crime as it spirals out of control cameras mandates in all new york subway stations police on hunt for who shot and killed goldman sachs worker unprovoked riding q train in brooklyn asking big bank ceos to ride sway then we see something like. monica: on his way to brunch, institutions bringing their employees back, right, because they can -- one of the reasons people don't want to come back to new york city is crime,. >> when he was will becomed

high hopes in the city he would be different better than previous mayor bill de blasio complete catastrophe for this town has shown just a flashier version of de blasio, over the last couple of months, crime in new york city overall crime spiked 30%. the city is on fire, and he is saying thank god i am the mayor who says thank god for myself? >> i didn't know numbers were this much dagen 57% up year-over-year, from just sway crime. dagen: transit crime that is because i look at stats every week this is the biggest increase of any crime category here in new york city in terms of increases but if you look at shootings are down 10% this year, excuse me murder down 10% shooting incidences started to fall beginning to

see, maybe a little bit of headway from antigun units, that mayor adams brought back callousness towards family of the victims that it is so disturbing, in this environment, i also point out the man who they are searching for as person of interest in shooting death has long history long rap sheet 19 prior arrests, guess what? he was out on no bail just -- arrested in april for stealing a motorcycle the judge the prosecutor actually asked for bail, in that arrest, and adball set at 15,000 dollars the judge set bail at a dollar. so these are things that what legislature the bail reform, with city council has done individual judges do, that is almost out of mayor's control gentleman i don't think we're

going to see real movement of needle until bail reform is contain on. dagen: right they need to completely reverse that. >> a short break, new york city, landline a simple we talk about big buzz of the morning right after this. ♪♪

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welcome back, out with the old, in with the new. new york city removing it last public payphone yesterday marking the end of an era replacing the phone booth with link new york city's kiosk offering free high-speed wi-fi for those nearby. final payphone is gone but not gone, it will be installed in the museum of the city of new york. how do you like that? >> i will be quick on this. kudos to anybody willing to use backbone. who's going to touch of phone in the city? not anything to do with covid, just general unsanitary. end of an era for sure. my grandparents had a rotary phone which when they passed

away i still have and it's built like a ton of bricks. that thing is heavy and well-built, not like these but they also had a party line and they were some of the last remaining americans in the united states who have a party line and they decided they would be the man and they waited out at&t when they broke up so they ended up paying about 80 a month for their phone services. >> my family had around phone, too. my dad put a lock on it because i used the phone too much. great to be with you. take away. >> good morning, maria. good morning, everyone. i love it when the news is flowing thick and fast. do we have news for you. a big workaday, a big primary day and guess who's on the show later. yes, batman. donald trump. that's later so let's start with the primaries in which mr. prompt trump is playing a big part. georgia,