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tv   Mornings With Maria Bartiromo  FOX Business  May 25, 2022 6:00am-9:00am EDT

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larry: progressivity, those are ideas whose time has come and gone. not soon enough for me. maria: good wednesday, morning, everybody. thank you very much for joining us. this morning. i'm maria bartiromo and it is wednesday may 25th, your top stories 6:00 a.m. on the east coast. today tragedy strikes texas. 19 elementary school children, two teachers are confirmed dead after an 18-year-old gunman opened fire inside of a texas school. two children are still missing. texas attorney general ken paxton is here this morning. he will join me at 7:15 a.m. to
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give us more information about this horror. also we are talking about the primaries and his victory over george p bush in the primaries, more coming up there. stacey abrams winning the nomination for governor of georgia even after the democrats slammed her own state for being the worst place to live. this as herschel walker wins the spot to take raphael warnock for a seat in the senate come november. in arkansas sarah huckabee sanders securing nomination for governor. we are talking about the primary season coming up. ms are flat. take a look at what's happening on wall street. the s&p closed up a fraction, nasdaq up 14 points. this after stocks finished mixed yesterday, take a look at where markets closed at 4:00 o'clock on wall street with the dow industrials up 41 but the nasdaq taking a hit down 270 points yesterday. s&p lower by 32. following a tech-led selloff
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yesterday. interest rates meanwhile looking like this, ten-year treasury yield down half a basis point at 2.749%. seeing lowest number since apri. we will get a better look at inflation coming up on friday when we get april core pc index, expected to show a decline of 4.9% increase year over year. that's after first-quartered gdp, second reading is coming out tomorrow, it is for expected to show contraction of 1.3%, down 1.3% on the gdp. april durable goods orders out 8:30 a.m. eastern expected to be up six tenths of a percent. we will get you the numbers coming up. take a look at price of oil, it is higher, brent and crude hovering around 111. crude at 11.38 up 1.61 and brent
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15.04, 1 and a half percent at prices at the pump are continuing at record highs, triple a reporting a dollar -- the price of gasoline at 4.59 a gallon. let's check back in europe, european indices right now higher ftse 100 up 41, the cac up 12 and dax index higher by 35. in asia overnight markets were mixed, japan were down, the nikkei average down a fraction but the shanghai composite best performer in china up better than 1%. don't miss fox business live reporting from the 50th economic forum and this morning we will give you more live from davos coming up. mornings with maria live right now. tragedy striking uvalde, texas. 21 people. >> killed in an elementary school shooting. two children are missing and are
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feared dead. 18-year-old salvador ramos opened fire at robb relatementary school yesterday in one of the deadliest school shootings in u.s. history. acted allen using two assault styled rifles purchased at store. ramos was a senior at uvalde high school. we are told he shot his own grandmother before going to school. last night president biden addressed the in addition hours after the tragedy and he did so while calling for stricter gun policies. joining the washington examiner, political investigative reporter sarah westwood and fox business dagen mcdowell and columnist for the hill, fox news contributor joe concha and kelly jane torrence. thanks, everyone, for being here. sarah, what a day, talk to us what's happening in terms of the
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primary. we have some races taking shape after primaries in five states yesterday, how would you assess? >> hard to focus after sickening tragedy going on and what we saw in georgia was familiar, we saw a repudiation for candidates relitigating the 2020 i don't think that's what we are seeing including governor kemp. neither did secretary of state who avoided a runoff and just one out right in a race in a race that he was expected toless. i think that republican voters don't want to look back to what happened in 2020. they want to move toward and want to talk about plans for the economy and plans for keeping schools safe and ideology out of
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the classrooms. those are the sorts of things that are i think are compelling republican candidates to the forefront and we saw that voters were not interesting in talking about the apast, the gamble that trump took in endorsing david pursue and jody heist paid off. maria: after beating senator david perdue. herschel walker, he will work to flip one of georgia senate seats red challenging democrat raphael warnock this fall and then, of course, in texas trump backed attorney general ken paxton projected to keep his job beating george p bush. in arkansas sarah huckabee sanders won and alabama and gop senate primary race. no clear winner. your reaction there? >> yeah, i think that mo brooks
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was down a significant amount. katie wasn't able to clear the 50% threshold. it's clear that she enjoyed the vast majority of support among at least the republican primary voters. i think that -- that rematch that you mentioned with kemp and stacey abrams, remember the margin was pretty close in 2018 the last time they faced off but that was a democratic wave year, the political grand escape has tilted so much towards republicans this time around. stacey abrams is a machine, called her state the worst place .
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>> same folks suppressed in georgia, we see a 200% increase in voting in georgia, no longer i guess the land of jim crow 2.0. >> yeah, absolutely. she's proven herself not quite ready for primary in the way she's made, voting reform was
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her signature issue and before she answered she started to backtrack as those gained popularity in the polls. now she doesn't really have a platform that she's getting. i think that's a really good point. beyond that, kemp has strengthen popularity. now, you know, he has the fact that he kept guillermo open longer than other states and they were able to sort of not suffer economically as states remained close during covid. he came out the victor in the battle with the corporations, woke corporations that pulled out business last year and kemp is in a stronger position and stacey abrams in a much weaker one. maria: interesting read. >> i think herschel walker is one of the most exciting candidates out there right now. what are the chances of the gop taking senate seat back in georgia? >> i think it's pretty high.
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i think the fact that georgia is being represent bid two democratic senators is a product of just how weird frankly the 2020 election was, the fact that the runoff in 2020 occurred while trump was challenging the legitimacy of the election. i think that depressed republican turnout in georgia significantly not enough to be repeated. herschel walker is representative from georgia. he's wildly popular in georgia. he's a folk hero among georgians. even if he didn't have the backing of trump, he was in a position to really be successful i think that this could be relatively race for them especially because raphael warnock, unlike other red senators, he's in the tried to tap toward the middle. he's embraced progressivism. maria: georgia's peach for sure. sarah westwood joining us there. have a good day, sarah, thank you. we are just getting started this
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morning, quick break, when we come back we are speaking with the world's money movers from davos. world economic forum taking place, ernst young, he will weigh on the issues in front of business right now as well as the market volatility. also the chairman ross perot talking about april's disappointing homes sales. we will get the impact of rising mortgage rates. fund, share managing director, georgina, imf taking estimates down. the biggest test since world war ii. don't miss a moment of it, you're watching mornings with maria live fox. we will be right back. ♪ ♪
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>> mornings with maria davos
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coverage. maria: a major topic the growing food shortage kelly o'grady live on the ground in davos this week, kelly, good morning. >> good morning, maria. well, we spoke about food security, we have been talking about that all week. i wanted to bring you an update because it's one of the most important topics in davos, massive inflation and war in europe compassion herbating a difficult situation according to the united nations global food prices have spiked one-third and the number of food insecurity has doubled since the pandemic began affecting 276 million people worldwide. european commission president ursula claiming russia, wheat prices are skyrocketing, food shipments can't get to somalia and russia is weponizing a basic human need. >> today's russia artillery is
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bombarding grain war houses in ukraine. on top of this russia is howarding its own food exports as form of blackmail holding back supplies to increase global prices or trading wheat in exchange for political support. this is using hunger and grain to reel power. >> the executive director of un food program echoed statements issuing severe warning, quote, russia, ukraine, everyone in the world has got to come together and say there's a humanitariancrisis but next yeag to be a food availability problem and that is going to be hell on earth. while the looming food shortage is one of the hot topics in davos it's intertwined with the
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economy and the war in russia. global cooperation is the only antidote to russia's blackmail, i can tell you, maria, from talking to ceo's and leaders on the ground the outlook is pessimistic that we will see global cooperation. maria: you're right, kelly oh o'grady live. people talk about a famine to come. dagen: the wall street journal has article on how to break blockade even when it comes to ports that are controlled by ukraine that russia is not letting those ships pass. the journalist calling for black sea mission to escort commercial ships to ensure that grain is making its way to market and it's actually general jack keane suggested an international food and commercial escort operation that might be needed led by the
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united states. you know, planned and pitched as a humanitarian operation but contributing to the food shortage and potential famine around the global is the skyrocket price of gas which makes fertilizer a deal more expensive and kyle bass has called on all of those pushing including john kerry climate change agenda that will lead to famine and so a great deal of unrest can then hovers from, you know, food shortages and famine. maria: that's a great point. >> arab spring as well. a lot was led by food shortage. russia is the top producer of fertilizers. when people are putting
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sanctions it's going to raise the cost more and contribute to the problem as well. >> i find it weird that there's no snow. i'm so used to see the snow in the background but they had to postpone. maria: we will get back to davos. markets on a wild ride this week. we will talk with the chairman and ceo of ey global. live in davos. imf biggest to the global economy plus supply issues weighing heavily on business. we are talking with american leaders and how they are reacting, live report, stay with us. ♪ ♪ ♪
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maria: welcome back, markets are searching for direction this morning following wild week again. take a look, dow industrials down 7 points, nasdaq up 22 right now. the tech-led selloff yesterday sent the dow up by the nasdaq was hit hard. take a look. it finished down two and a third percent yesterday almost 4% lower at its worst on the low of the day yesterday. we are talking markets this morning and business as we are continuing to watch the earnings period flow with retail really the main issue here. we are waiting on retail
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earnings later. meanwhile we are taking a look on further flews on federal monetary tightening policy when minutes are released later today. joining me right now ernst&young carmine, thank you very much for being here. well, let me get your take on your clients and on business today because there's certainly no shortage of things to worry about from the supply chain issues, the federal reserve raising interest rates, worries about recession and then add onto that, the market's volatility, what are you hearing from business right now in terms of how they are dealing with all of this? >> maria, first of all, thank you for having me on. we miss you here in davos, believe it or not, no snow. look at the background. it's different here in may. maria: i'm sorry i'm not there. >> it's all good. here in davo there's a negative tone to the economy and
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everything going forward. four big issues that are being talked about, one is the economy, two is russia-ukraine, there's a lot of conversation here in terms of what's happening there. there are a lot of parliamentarian people from ukraine explaining what's needed going forward and that's been very interesting. and then the third is china. everything around china, what needs to be done, what will happen in the future and the four is sustainability and huh does business really help in terms of getting to a sustainable outcome for companies going forward. i say those are the big four areas but probably the economy is a big dominant conversation, maria, and most people feel that we will go into a slowdown, you know, 35%, economists are predicting a recession. to be honest with you at ey, we are not seeing that. our business continues to see strong board across the board and consulting, audit tax divisions and we continue --
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now, deal buyings, we do a lot of deal work, maria, they are still out there and there's still a lot of cash out there on corporate balance sheets and private equity and so things are being analyzed but it's very difficult to push a button to go public or do anything like that in this environment. maria: yeah, sure. >> there's a bit of a lag showing up there. maria: dagen. dagen: carmine, it's dagen mcdowell, talk about the compensation problems that a lot of firms might be having in terms of when you have a collapse, i'm thinking a lot of the newer companies that got really hot during pandemic, when you have a collapse from a stock like teledoc, as one example, the pay that they were expecting disappears and turns the value of any compensation or options
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compensation, how do companies grapple with that? >> that's a fair point, dagen. this is one to have things that there's still a labor shortage out there. we are looking to higher a lot of people. it's difficult to find people. that's across the board. but there is expectation from people that they are going to get paid a certain amount of money. minimum wages are going up everywhere. i do think this has to get balanced out. people are talking about inflation, if you google inflation the first thing it will tell you it's high unemployment. unemployment will have to go up but it's not going up so fast. there's still a lot of shortages, companies are looking for talent everywhere including tech, but to your point i do think this has to equal here. some of the expectations that were people were demanding to be paid whether stock options or cash, has to come down. maria: that's what the federal reserve is trying to do. the managing director georgiva
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in a new blog says the global economy is facing biggest test and you mentioned one of the biggest issues for business, tight labor market, how long do you think this is going to take in terms of loosening this up. federal reserve already raised rates twice. we are expecting a couple 50 basis points hike in the next couple of weeks but we also have this pushback from some of our panelists. stephanie pomboy says markets are going to be so dramatic and they are not going to be able to raise rates as much as they think they are. >> this is a good question. the first thing i would say that in any economic cycle where we used to think economic cycles go on for 2 years, 5 years, 10 years, today everything is much shorter. the time frame is much shorter. the amount of data and use of technology and how well people connected globally, it forces the time to be much shorter.
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maria: yeah. >> a lot of headwinds going on and i do think the economy won't come down, you know, across the board but we will be in a recession, personally i don't think so and you know what, some of this is not bad for business, it's not bad for the overall environment. i do think we are running hot. there was too much money in the environment and that needs to cool down and then we can rebuild and so i personally think this is a six-month issue or so. maria: yeah. >> and then it will start rebounding back. maria: before you go, you mentioned china, do you think corporate america is getting more cautious on china? for the longest time it was all about growth, growth, growth, selling to the 1. 4 billion person population and the ccp is still stealing intellectual property, human rights abuses, is there a shift and change in the way that america looks at china right now? >> absolutely. to me it's been a big shift
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including china's reaction when russia invaded ukraine. that was not a good reaction. i think we've seen capital flow coming out of china and frankly corporate america is looking at what to do going forward. what we are seeing in terms of supply chain, what you make in china you sell in china but if you make things you want to make them somewhere else. somewhere where you're comfortable in the country. maria: it's about time. all of this reliance on china for critical items. that's a good thing. great to catch up. please come back soon. great to talk to you, thank you. >> great seeing you thank you. maria: carmine from ey global joining us. we will be right back.
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maria: welcome back, tragic story, 19 elementary school children and two teachers
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confirmed dead after 18-year-old gunman opened fire inside of a texas school yesterday. cheryl casone with the details, cheryl. cheryl: maria, this is the second deadliest elementary shooting in u.s. history behind the sandy hook in newton, connecticut in 2012. 18-year-old salvador ramos, opened fire at robb elementary school yesterday. officials say that ramos acted alone using two assault rifles purchased at local gun store. he was shot and killed by border patrol who acted as backup, ramos was a senior at uvalde high school and shot his own grandmother before going to the school. last night president biden called the nation calling for stricter gun policies. in george, governor brian kemp set to face offer against democrat stacey abrams after beating former senator david
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perdue. herschel walker to flip one of senate seats red challenging raphael warnock this fall. brad securing spot for georgia secretary of state and in texas attorney general ken paxton projected to keep his job beating georgia p bush. now to arkansas sarah huckabee sanders winning the gop's nomination for governor and in the alabama gop senate primary no clear winner, the katie and mo bracks are heading to a runoff there. well, president biden expected to sign executive order on police accountability after failing to advance legislation in congress biden signing the order expecting to happen today the second anniversary by the way of georgia floyd's death in minneapolis which sparked nationwide protest in 2020. this will limit federal officers ability to use force, create registry and major disciplinary actions against officers and require some of that data to be made public.
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now the order only applies to federal agencies, the action comes after out of control crime and expected to be key issue in midterms and accused democrats on being soft on crime. finally, take a look at wendy shares, stock is up almost 12%. surged 17% after the close, there are reports that the fast food giant is considering taking over the company. this can be done through acquisition, merger or something else that would give control of the fast-food chain. more than 19% of wendys and working to improve sales and getting hand on rising costs. any deal that would happen would, quote, ensure share value. those are some of your headlines, maria. maria: big move. did you see the home shares yesterday, wow, plummeting.
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a huge decline down 16.6% from the month of march. it was the lowest level since april of 2020 but the estimate, the estimate was expected to be down 1 and a half percent. down 16.1%. joining ross perot, jr. thank you very much for being here this morning. we are looking ahead to the mortgage applications out. it's out in about 30 minute's time. how do you see this playing out? is this creating demand destruction where homebuyers are looking at these rates, looking at the prices of homes and walking away? >> maria, it all depends on the market. interest rates going up makes sales for expensive and you have such a waiting list for
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homebuyers that in texas the buyers are basically working through their waiting list, the builders are working through the waiting list and you are still getting home solds and it's going to sold out and you have inflation of the home plus the interest rate of the home and that's a headwind and it will slow down. maria: this is a key portion of the economy. do you expect a recession? >> it all depends on government policy and leadership out of washington. we don't have to have a recession but if we keep these policies up, maria, we will have a recession and we've got to get progrowth and we have to be probusiness and encourage the american entrepreneur to continue to grow, to continue the hire and we have to get inflation under control which will take a year or two to do but we can do it. dagen: it's dagen mcdowell, but can the federal reserve execute that without causing a recession? again, we've had unprecedented stimulus out of the central bank on the way up still sitting on top of 9 trillion-dollar balance
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sheet that they still have not begun reducing. that's supposed to start next month. that being said, at a time when inflation is a problem, you the goods that go into constructing a home being inflated while prices could be falling if rates go up, that's the worst case scenario, is it not? well, as i said, there's a lot of headwinds. there's way too much stimulus in the system. the stimulus is going to come out. but look, this is the united states, this is the safest place in the world to invest money and you are seeing money coming from around the world which are keeping the interest rates down a little bit for the demand for the dollar which makes the dollar more expensive and it's going to be tough but when you add a 2 trillion-dollar covid problem and we spent 6 trillion on it. you have 4 trillion way too much
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in the market. so it's going to be tough but we can get through it and this is the optimism that you've got to have in the united states. we will get through it unlike other countries around the world, they are going to have it tough. maria: i'm with joe concha this morning. joe, when joe biden walked inflation was 1.6%. >> yeah, five times higher than it was when he took office. ross, quick question for you, i want to get your reaction on what the president said in regards to gas prices which is skyrocketing just like inflation, when it comes to gas prices we are going through an incredible transition that is taking place that god willing when it's over we will be stronger the world, and less reliant on fossil fuels. is that the message to be sending on transitions when gas prices appear to be going up only in the summer months?
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>> it's -- it's -- completely the wrong message. you have to encourage drilling and get back to oil and gas, the cleanest oil and gas in the world comes from the united states. we have a huge amount of energy left. it needs to be drilled and with drilling we can get the price down. it's just political headwind keeping money out. that's why the prices are high. we can get the prices back down and the energy transition. you must use common sense, you have to be pragmatic. it's going to go a lot than people think. if you do an energy transition with a non-u.s. supply chain. maria: we are doing that. we are in a transition period and it's all going to be better once we get through this, he suggested that it's all intentional so that the country transitions to a greener economy. >> maria, the transition we've
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got to be honest, it has failed. it is failing. we spent $5 trillion to contingent rate 15 million of oil and gas equivalent of power. we need 237 million barrels to run the global economy. there's not enough money to do it and you cannot have your supply chain completely tie today china. that's not what we are going to do as a nation. it's failing and it has to be realistic and we have to go to nuclear power and hydrogen as soon as possible. maria: ross, great ideas and we appreciate you joining me this morning. >> maria, thank you. maria: we will see you soon, ross. quick break, china and russia holding first military exercise since ukrainian invasion. curtis chang will be here and why the u.s. needs to pay more attention to southeast asia. you're watching mornings with
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maria live on fox business.
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maria: welcome back, china and russia flying new came bombers near japan while president biden was visiting tokyo for the quad leadership summit, first military drills since russia's invasion of ukraine. curtis, great to have you, thank
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you very much for being here. >> so great to be here. maria: not just these exercises it's also china flying jets into taiwan's air space. >> president biden has just returned from his first trip as president to asia and it's been overshadowed by so many things domestically. of course, the tragedy in texas. back in asia the story remains, china's rise and china's continuing cooperation with russia even as they brutally attack ukraine. maria: feels like corporate america is getting it and the threat that china is the number one adversary in the united states and policy out of this white house is pretty much rolling over for china. we canceled the china initiative. he's probably going the take down the tariffs as well. is that the right move? >> you know, my -- i speak for myself and i can clearly say what the country needs a much stronger president and the
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specifics of the issues by the asia perspective. asia welcomes a strong america, a strong america at home is really the best offense for us in asia. >> we have an economy that many feel is about to go into a we can decision, not all, but many. how is china's economy doing given the shutdown that happened in shanghai and overall as our economy goes i would imagine those are impacted as well, are they headed into some recession? >> i'm not so sure of recession for china. bloomberg has gone out with a statement that this might be the first year in decades where u.s. growth outpaces chinese growth. maria: that's right. >> clearly we need to get our act together but china has major problems at home. dagen: in term's of biden statement about taiwan, the economic experience, the washington editorial raised this, the board raised this, why wasn't taiwan included in the
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indo-pacific framework that the administration rolled out on just monday, that why -- again, you want to talk about missteps, it's one misstep after another in terms of domestic and foreign policy and economic policy? >> you know, my perspective clearly taiwan should have been included. my hope it's a progression. sometimes it's tough just getting who we think our allies and friends together to agree on something but clearly that was one thing that was missing if we are talking about stronger american leadership in the region. we talk about strategic ambiguity. this was confusion, intentional or unintentional? the japanese minister has said clearly what russia and china have done with the flights that maria have mentioned is a provocation and i think japan welcome that statement but it's just unclear if the president intended or not and that's a challenge. dagen: the walk-backs. >> the third walkback on the specific issue of taiwan. maria: i don't think it was
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intentional, do you? i don't think he was aware of what he was saying. do you think it was intentional. i know he said it three times. >> he said it october and now. it begs the question who is in charge. maria: we heard from the regulatory commissioner is saying earlier today that china and the u.s. are committed to reach an arrangement on the audit inspection issue of u.s. listed chinese companies. that's in line with legal and regulatory requirements. curtis, we are watching a window open for the mutual funds and federal thrift fund which is the 401k for government employees. they will open up this window to allow that fund to buy chinese companies. what do you think about this? i am really taken aback by government employees including military will own the very own
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companies that may turn around and be part of this effort to overtake the united states as the number one superpower? >> when i think about what is happening with russia and ukraine and we have seen how american businesses have pulled, our american businesses are waking up. clearly, the investors need to look at what the companies are doing. but i think the bigger point that you raised earlier, maria, is an important and we need to protect investors. there's the important audit issue. maria: yeah, we will see what happens there. but it definitely feels like this is increasingly becoming an issue for corporate ceo's who will have to make a decision in terms of pulling out production. you saw apple the other say say that it wants to raise production away from china. are we going to see the facilities come back to america? >> that, of course, would be my hope. certainly what we are seeing shifting out of china which is a good thing for the world. we need to diversify production
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whether vietnam or right back here in america. maria: great to be here. curtis chen, the never ending supply chain crisis, impact on global growth. we have live update from davos, we will get into the supply chain issues. ♪ ♪ ♪ that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. . . . this is "the planning effect" from fidelity.
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maria: welcome back. supply chain challenges and now growing food shortages taking center stage at a davos this week, kelly o'grady is live on
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the ground in switzerland. kelly. >> reporter: good morning, maria. yeah, i mean, the economy, the supply chain crisis, those have been very, very key points in all the conversations i'm having here. while on the ground, i had the opportunity to talk to governor hogan of maryland and get his thoughts. he shared a deep frustration with what he calls a lack of action from washington object the supply chain crisis, celebrating the opportunity to discuss key challenges with world leaders and understand how countries are feeling the different nuances. >> but that's certainly a big part of the discussion here about how the world's going to be impacted with supply chain issues, with the energy crisis and potentially worsening food crisis. this is going to have real impact. >> reporter: and the supply chain has been a he key focal point here with the topic of temporary deglobalization being thrown around, not only is the crisis pushing some companies in countries to relocate value chains domestically, but the war
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in ukraine highlighting dangers of being reliant on authoritarian regimes. >> there's shortages, chip shortages, the huge problem with baby formula, that's one of the biggest problems we've got to deal with and being reliant on russia for oil is not a smart way to go into the future. >> reporter: and the governor is developing initiatives to tack he he'll the supply chain and job issues head-on in addition to bolstering the port of bart baltimore. there's a initiative to he relocate small businesses to the state. i did press him whether that could prove difficult for the companies if we hit a recession. >> it might actually benefit the announcement we made, to help small businesses, they need to do more business and maybe it provides another opportunity. >> reporter: maria, i didn't play this clip but i thought my conversation with the governor was quite interesting because of how frank he was about our
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chances of a he recession, admitting we're actually on the brink. most of the conversations i've had with folks on the ground, they're reticent to put a stake in the ground and they dance around the r word, if you will. maria: we had one quarter of contraction. we'll get the revision to that thursday and we'll see if that's confirmed. kelly o'grady in davos this week. stay with us. the next hour of "mornings with maria" begins right now. ♪ maria: good wednesday morning, everybody. thanks very much for joining us this morning. i'm maria bartiromo. it is wednesday, may 25. your top stories right now, 7:0e east coast. today, tragedy strikes texas, 19 elementary school children and two teachers now confirmed dead after an 18-year-old gunman opened fire inside of a texas school. two children are still missing. texas attorney general ken paxton will be here, he will join me at 7:15 a.m. eastern to
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weigh in on the tragedy. he will tell us more about his victory over george p bush in the primaries yesterday. more on the primaries, stacy abrams winning the nomination for governor in georgia after she slammed her state saying it was the worst place to live, herschel wins the spot to take on raphael warnock in november and sarah huckabee sanders secured the gop nomination for governor. markets are fractionally lower. dow industrials down 82 points shall s&p 500 lower by 8, nasdaq down 15 and-a-half, after stocks finished mixed yesterday, the nasdaq down almost 4% for the low, finished as you can see down about 2 and a third percent, 270 points lower on the nasdaq, dow industrials were higher by 48 points at 4:00 on wall street. yields are pulling back, take a look at the 10 year treasury, it's down a fraction at a level of 2.753%, right now.
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the lowest number since april 13th we're getting a look at inflation this week on friday we'll get the april core pce index coming out. it is expected to be up 4.9%. we will also get a look at the gdp. we know that we have already seen a contraction. we're expecting a contraction of 1.3% in the gdp when that is released on thursday. april durable goods orders are out this morning, 8:30 a.m. eastern. we'll see that in about an a hour and-a-half. oil prices are higher, both brent and crude hovering around $110 a barrel, crude oil is at 111, 28, up 1 and a third percent this morning. this as prices at the pump are at record highs, triple a reporting the regular gasoline now at $4.59 a gallon on gas. european markets this morning also quiet, take a look at the eurozone, the dax index in germany higher by 7.
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in asia overnight markets were mixed. japan was down, that was the one weak spot. the shanghai composite in china up 1.1%. don't miss fox business live reporting from the 50th world economic forum today from das versus switzerland, all morning long. stay with us on a host of guests 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 is the fitz-gerald group principal, keith fitzgerald and joel shulman. keith, with the market that is searching for direction this morning, following yesterday's technology led selloff, but we know how markets feel nervous of course. we are talking about double digit declines year-to-date. the selloff coming after social media platform snap issued a profit warning yesterday, noting the economy has worsened quicker than expected, snap took all the media, social media stocks down
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yesterday. are we going to hear more of these kinds of stories from corporate america, keith? >> that, maria, i think is an excellent question and i think the answer yes. i think this is tier able on management's part. they didn't manage it properly. they had no maneuvering room. i think we'll see restatements in the month to come. it's not going to be a good earnings season. but the silver lining is once that gets priced in, some of the stocks are at what the heck levels, maybe even nap. maria: that's funny, what the heck levels. the issue around earnings, are those estimates going to be coming down? because at this point even the market has not taken estimates down to meet this expectation that we are teetering potentially on recession. >> i think the answer to that is very unfortunately going to be yes. i think that we see three things as a result of snap. it's going to filter into other social media companies in particular and probably other service related companies. so we're seeing inflation take a bite out of the advertising
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apple. we're seeing consumers pulling back and changing behavior as a result of inflation, high prices, stagflation, whatever you want to call it. the economists can't agree on the label. finally, i think advertisers are realizing they're not getting as much bang for the buck. we've seen a change in behavior on the spend side. had that spells lower valuations. the things are coming back to earth, maybe people are starting to think what they're really r worth as opposed to how they've been priced. maria: we're seeing demand destruction in retail. earnings, we're waiting on dick's sporting good, we've got macy's, gap, dollar general, dollar tree. what do you read from retail reports? target obviously a huge haircut there after telling us that the guidance was below estimates. >> i mean, this is going to be such a tell for investors going forward. it's going to tell us how we bottomed out. are all the stocks we talked about, dick's, guess, macy's, a
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lot have sold off since the target and walmart hell week. i think the question is, are we going to take them down more, are they going to say the same things. what i'm looking for, i want to see if they're going to say the say things in terms of how much is fuel costing, how much are -- how many clients are coming in, customers coming in, buying the stuff, are they seeing a dropoff. i think we're going to see a disas tar. i wouldn't be trying to -- disaster. i wouldn't be trying to buy these things ahead of earnings. if i was running a hedge fund, thank god i don't, i would probably lose a lot of money trying to catch falling knife this week. i would advise people stay away. if the stocks pop by friday and see there's a desire to try to buy this or do that, i think it bodes well for the market but i think as a trader, and as an investor, these are not stocks you want to take a shot on right now. what you want to do, you want to observe and see how the crowd reacts to news that all of us
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here -- we all know what the ceos are going to say. we all know it's going to be a redux of the target conference call. it's about how the crowd reacts, not what the inevitable is going to be when see see the news and the reports. maria: you're saying get out of the way for a little while then. >> yes, especially on this stuff. because once we see start seeing pops on bad news, then i think what that you back up the truck and you start buying this recession pricing and it could be -- i mean, we could have a rally by summer. i think it will be fall. you want to wait until see the bad news. target, my goodness, they're telling you don't bother with trying to game dick's, american eagle, macy's, gap, it's not the time. maria: we saw it with ross stores as well. we're seeing blow-ups in retail. joel, how do you want to allocate capital? what are you seeing from investors. we're standing by for economic data. we've got durable goods orders
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for the month of april coming out later today. we'll get the minutes from the federal reserve which is important, to find out what they theytalking about in their poliy meeting. how are you seeing investors navigate this period? >> this is a tough time. there's no place to hide. as we talked about. when you see retailers like target and walmart -- for 25, 30 years, when you look at stock charts they were very flat. we're seeing over-valuationses, not only in staples dropping 20, 25%, with rising costs with sg & a a going up. labor costs are going up. the financials, jp morgan, other companies, we're seeing margins getting squeezed and many retailers are stuck with inventory. we're seeing a shift in spending
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pa a tense. this is an interesting thing. some companies like nordstrom are prospering and those at the lower end of the market are suffering. we're seeing the gap and we're going to probably hear more about this in terms of the the divisive nature in the economy, the rich getting richer, the poorer getting poorer, and inflation is a tax on the poor. it hurts those people the most. maria: the numbers yesterday said it all. it was down almost 17%, buyers are getting priced out of the market and they're going to recent and you know what -- rent and you know what happens when they rent, rents sky rock he'll - rocketed as well. do you want to buy companies with pricing power. >> there's a few hidden gems. you have to go off the beaten track to find them. we're seeing facebook and google, the major tech companies dropping, they're bringing down the entire market.
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there are a few hidden gems in the market. you have to get off the beaten path if you're an investor. maria: we'll leave it there. keith, lee, joel, thank you. great word on wall street. we'll see you soon. quick break. coming up, international monetary fund chairman and managing director is here, she join us from davos on the world's economic backdrop in the face of major global threats. don't miss my interview with brian moynihan tomorrow 7:30 eastern right here. stay with us. you're watching "mornings with maria" right here live on fox business. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl.
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wow. get your competitive offer at maria: welcome back. tragedy striking texas yesterday, 19 elementary school children and two teachers confirmed dead after an 18-year-old gunman opened fire inside of a texas school. at least two children are still missing this morning. officials say that ramos acted alone using two assault style rifles purchased at a local gun
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store. he was reportedly shot and killed by a border patrol agent. dagen, this story hurts. dagen: it really does. i personally stayed off of all social media since yesterday, just to -- because people want to weigh in in a way that doesn't meet the moment and in terms of the border be patrol agent, he was an elite border patrol agent, this is based on reporting from fox news' bill melugin last night, who shot and killed the gunman and acting as you kind of rushed into the fray. uvalde is about 75 miles away from the border and there are a lot of border patrol agents that live in this town. now, grieving for all of those lost children and the two teachers who were murdered. but watching and listening to the democrats in washington, clearly everyone is upset and
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just broken by what has happened again in this country but to step up and say we need to pass a 2019 background check bill, which does nothing related to this particular shooting. it's meant to, quote, close a loophole where person to person transfers, you have to conduct a background check, known as the gun show loophole, although gun for the most part don't have loopholes. federal licensed dealers are at gun shows. i digress. it's outrage coupled with the power grab that you see and it's present on the right and the left. i will note that the uvalde school district has a long list of safety measures that are in place. none of which he -- prevented this atrocity. maria: i totally agree p. yesterday kamala harris was saying enough is enough. we all feel that way but i --
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unfortunately, i have been watching criminals get back on the street because of her support of this reform in bail. so i say the same thing to her, enough is enough. joining us right now on the telephone is texas attorney general ken paxton, ag paxton, thanks very much for being here. you had a big day yesterday. we're going to get to the primaries in just a moment. but what can you tell us about life on the ground in texas. our condolences to you and all of texas for this horrible tragedy. >> no, maria, thanks for having me. it was a difficult day for texas and the whole country to see this happen again in our state. i have people down there dealing with the victims. one of my responsibilities as attorney general is to help the victims of crime. i'm on my way down there this morning. we're going to assess all the ways we can help each of these families that suffered so tragically yesterday.
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maria: thank you for doing that, ag. let's talk about the texas primaries. you defeated george p bush for the ag nomination. congratulations to you. tell us what the upcoming six months looks like. >> yeah, you know, my job has continued on. we had the primary and i was still focused on doing my job which really to defend texas from the biden administration. we have 34 lawsuits going on, 28 offensive lawsuits, many you know about because a they're border related, really related to all kinds of issues. it's our job to defend the constitution and make sure we don't have a president that is running amuck, ignoring federal law, ignoring the constitution. that's the role i'm going to continue in. maria: do you think he is ignoring the law right now? a federal judge barred this administration from lifting title 42. is title 42 in place or are they blowing it off the way they did remain in mexico?
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>> it looks to me, maria, they're blowing off not just federal law but they're barely instituting orders that were put in place. it's going to be interesting to see in june the supreme court should rule on our supreme court case on remain in mexico that deals with all of the asylum loopholes being used now. if we get the victory i expect we should get, we'll see if the biden administration who has been implementing remain in mexico a few hundred a month, to see if it actually happens. if it doesn't i think we have a constitutional crisis, we have a branch of government that doesn't operate in any kind of check and balance. maria: certainly feels that way. joe concha. >> if i pivot back to the shooting real quick, as far as solutions and as maria and dagen talked about before, we heard out of washington gun control is the answer here. what about -- i don't know if this can be done on a state by
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state level or district by district level, but what prevents a district or state to say, okay, we're going to take either retired police officers, retired military, or even take current police officers who are normally on desk duty, the technology is there where we could put them in every school at one entrance, one exit, and it doesn't stop every shooting, i get that completely but i think that would help decrease the horrible tragedies. i have kids in elementary school. this thing rocked me like sandy hook did a decade ago. can't that be done? you're an attorney general. you're probably the best person to ask in this situation. >> i think it's a great idea. that should be done. we have a program in texas that allows teachers, school districts to train teachers to help defend the school as well. we have programs in place that aren't necessarily being taken advantage of. i agree with you. we're sending $40 billion to ukraine. surely, we can defend the
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children in our school and bring in trained police officers to help do that. maria: good point. dagen: ag packs a ton, real -- paxton, real quick. the it's dagen mcdowell. the guardian program you're talking about, how widespread is that in the state of texas? and you also have texas schools can also have one school marshall who can carry a firearm. >> yeah. those are both really good programs that were instituted in 2013. i don't think there's been any kind of study by the legislature to determine what school boards have adopted that. there's over 1,000 school districts in texas. to what p extent they've adeputied the programs that have been fund -- they've adopted the programs that have been funded and provided for by the legislature. it should be instituted maybe in a mandatory way by the legislature. maria: it's a great point. ag ken paxton, thank you for being here this morning. we'll be watching the lawsuits as the border continues wide open, ag ken paxton in texas
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maria: welcome back m stocks are lower this morning, take a look. we have seen a pretty good selloff in the last few minutes. the tech led selloff really
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started earlier this year but this morning we have dow industrials down 141, s&p down 18, and nasdaq down 68. that what took the nasdaq down sharply yesterday. tech stocks selling off. investors are looking for clues on the federal reserve policy tighting when the minutes are he released later today, going into that markets are down across the board. joining me right now is the co-head of banking capital markets and advisory at citi, tyler dixon is here. tyler, great to have you this morning. thanks so much for being here. >> thanks, maria. it's great to see you. maria: how would assess the markets right now? we know that ip os, deals have been lower this year and there's been a real blackout in terms of ipos with these markets that are so troubled over the federal reserve's experiment here, whether or not it's going to be able to take rates up, and not take the economy into recession. how would assess things. >> we're in a complicated
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market. we have to deal with three rs on the risk side, we have the risk of rates, the risk of russia and the risk of recessions that are weighing heavy on the markets and you're seeing that reflected in the way the markets are performing. we've seen equity values compress and multiples have come down. we've seen volatility in the market go up and we expect that to continue. maria: so what are you telling clients at this point? do you want to get out of the way or are you expecting that there are places to hide right here in terms of investors? because the nasdaq's down almost 30% year-to-date. >> it's a great question. obviously, it's a complicated market to navigate. i think we do feel that the equity market correction that is unfolded is getting us closer to a potential entry point in the secondary market. when we look at the multiples of the s&p, down 17 times versus where we started the year at 22
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times. that's below the 10 year average. there are risks out there. we are seeing some investors get more confident stepping into the equity market with a view we could see a rally into the summer. maria: we're seeing challenges from a business standpoint. when we speak with ceos, we're going to have brian moynihan on tomorrow, we spoke with jamie dimon who said, look, this is the most pressure i've ever seen in terms of wages. you've got this expense side of the business really increasing, increasingly a problem because of this tight labor market and this pressure on wages. how do you see that? >> yeah, well, look, we're in an inflationary environment. we have energy prices high. we have labor prices high. we certainly are seeing challenges with the supply chain. i think this is expected to continue and i think that is the challenge for the fed and the actions taken and some of the messaging has had some positive impact and hopefully it will have more. i think we've got a challenged
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environment that you've outlined and i think corporations are going to have to navigate that with care. hopefully, the fed can help us create a soft landing where there will be pressures on the corporate side of the equation but we could do see that u.s. consumer being quite strong in this environment and that will be a buffer. .maria: is the u.s. the best place to be? because emerging markets have goten crushed. you've got what's going on in russia. you've got questions around china and its behavior for years. you've also got the emerging market indexes performing poorly in the face of all of this. look around the world for us. any opportunities that you see? >> we see opportunity in different regions but it's clear the flight to quality in the u.s. and the strength of the u.s. consumer and the liquidity that's in the u.s. market makes that a favorable place a for investors to go in the complicated environment take we're facing today. maria: i mean, tyler, we spoke with the president of the new york stock exchange yesterday, lynn martin, to talk about what's in the pipeline.
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i want to get your take on what's in the pipeline. first, here's lynn martin on the ipo market can. watch. >> volatility is going to slow down. companies coming to market. and that's something we've seen in the past too. 2019, we awoke to a government shut dob. -- shutdown. 2020 we had to deal with a pandemic. both of those years the ipo market recovered incredibly strong. we're working with a tremendous amount of pipeline companies looking for the right time to come to market. maria: what does it look like to you in terms of the pipeline, companies going public later in the year. what are you seeing? >> i think from our perspective, we have a great pipeline. i think we do need the market volatility to subside. i think we need to have both issuers and investors get focused on the same view on what's acceptable price in this environment. we agree with the nasdaq perspective that the ipo market and a primary equity capital a
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markets rarely stay closed for more than a three to six month period of time and from our perspective the second half of the year, if we see some stability in the secondary market and some confidence in the economy, and corporate earnings, we think the equity markets will open up and we'll see primary activity in various parts of the world but particularly the u.s. market where i think we've got a great backlog. maria: i'll tell you, tyler, it's incredible what's going on in housing, 5% mortgage rates have priced people out. look at the new home sales numbers yesterday. we were expecting a decline of one and-a-half percent, we got a decline of almost 17%. is that because of the expensive homes as well as higher rates for mortgages? what are you seeing in what that business? >> yes. well, certainly higher rates are he creating complexities across various asset classes and from our perspective we do see pressure on housing just like we see pressure on energy and food. maria: all right. we'll leave it there. tyler, great to catch up with
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maria: welcome back. 19 elementary school children and two teachers are confirmed dead after an 18-year-old gunman opened fire inside of a texas school yesterday. cheryl casone with details somehow. cheryl: we're learning more this morning. this is the second deadliest elementary school shooting in u.s. history after the sandy hook shooting. police say salvador rolando ramos opened fire yesterday. he acted alone, using two assault style rifles. he was shot and killed by a border patrol agent who acted without backup. that agent now being hailed as a hero. ramos was a senior at uvalde high and we are told he shot his own grandmother before going to the school. last night, president biden addressing the nation hours after the tragedy calling for
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stricter gun policy. we'll keep you updated throughout the morning on this story. there is new evidence in the trial of former clinton campaign lawyer michael sussmann refeeling the fbi was, quote, fired up about a potential candidate between then candidate donald trump and russia. those include former director james comey. an fbi investigation proved the allegations were false. sussmann is charged with lying to the fbi and all of this as we learn that the fbi is now conducting its own internal investigation into the bureau's handling of the entire russia hoax. well, abbott labs is releasing 300,000 cans of a specialty baby formula to help children in urgent need as the national shortage drags on. it is for children with severe food allergies and disorders. abbott stock is down 1% this morning. abbott said the formula is tested for safety and will be
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given out free of charge to those in need. finally, lyft is scaling back hiring and reducing budgets over concerns of an economic downturn. this means the ride share company will leave some roles open and only fill those critical to business. president john zimmer telling employees there are no plans to dismiss any workers at this time. lyft shares are down more than 60% year-to-date and as you can see, maria, it's down in the premarket this morning. lyft and uber having a lot of issues because of the labor shortage, driver issues and the cost of gas that all of these drivers are incurring. it's changing the dynamics of the business. maria: dagen's been talking about diesel now for a long time. dagen: anything that moves via train, truck, farm equipment, like of the goods that farmers cart to market, 90% of the food produced in the united states is carted using diesel. this is all going to feed
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through to broader inflation. inflation has not peaked and retail gas prices are another record high today. it's almost $4.60 a gallon. diesel backed off a little bit mercifully. but still extremely high. .maria: we're entering the peak summer driving season. it will get worse. >> will we hit 10% inflation. dagen: producer prices. maria: 11% on ppi. dagen: depends if the government can do anything to bring down fuel prices. maria: wait a second. the cpi is at 8.3%. but the stuff we're buying is up in the double digits. lettuce up 14%, bacon up 17%. the price of an airline ticket up 33% year over year. so yeah, we're talking about the average on cpi of 8.3% and the average on ppi being 11%. the stuff we're buying, fresh fish up 17% year over year.
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it's much more. >> it's like the weather. there's temperature and the real feel. the real feel -- maria: it would be good if it's 10%. it's more than that. there's russia, belarus president warning the west of an upcoming world war iii unless countries stop sending weapons to ukraine. joining us now is the eurasia group president, ian bremmer is here. great to see you. thank you for being here this morning. we'll get to your book in a moment. first, let's talk about the conflict, russia has been dominating the conversation at the world economic forum. i know that. you participate inned a panel on monday called russia, what next. are you happy or pleased with the way the west has responded to vladimir putin's death and destruction? >> well, it's certainly true that there's a lot more being done against russia's invasion into ukraine than any observers
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would have predicted and that putin would have expected and it's not just about the sanctions and the freezing of russian assets, about the sharing of intelligence with ukraine and it's also of course about a very significant, both humanitarian and military aid package. the reason the ukrainian government is in place and many of the ministers and members of parliament i met with in davos is because ukrainians are fighting so courageously but there's no question the support provided by the west is a meaningful component of that and the united states i'm proud to say has been leading the coalition. i think that's a big deal, maria. maria: for so many years we've been talking about growth, where with is the growth in the world. you said the last 50 years of economic development has been defined by globalization and you're right. because companies have been looking all around the world for growth. but now we're talking about the potential of a decoupling. did you hear larry fink a couple weeks ago say globalization is
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dead. tell me about the three decouplings you say are important fractures in the global marketplace. >> i know larry well. we spar a lot. i have a lot of respect for him had. i don't think globalization is close to dead. i think there are very few ceos or financial titans who would agree with that sentiment. there is decoupling going on. it's not one decoupling as there was one globalization a. it's three different decouplings. one, your russia is forcibly decoupled from the united states and advanced industrial economies, not just the united states but also europe that was getting anen nor muses amount of energy from -- enormous amount of energy from russia. that's going to go away. there's decoupling with the united states and china. there's a massive amount of interdependence between the countries that won't change any time soon. thirdly, the grass roots decoupling that's occurring because of everybody's america
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first, india first, brazil first many it's the reason you see the indians when they see prices go up say we're not going to export wheat, indonesians do the same thing on palm oil. that is significant but it's not an end of globalization a. it's more of a tax on global investment, it's less efficient. all three things added up are meaningful. it's a change in the trajectory of globalization but it's absolutely not the end. goods, services, people and data are going to be moving faster and faster across global borders over the next 10 years. if it was the end of globalization, that would not be true. maria: you're faulking about this in your -- talking about this in your new book, the power of crisises, how at the time thd response will change the world. you're arguing we're unprepared for the looming crises. look at the markets. a lot of people feel that the u.s. is the safest right now and yet this market is down 30% on the nasdaq year-to-date because of the federal reserve and its experiment in terms of taking rates up and not taking the u.s.
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into a recession. we're near the lows of the morning again this morning. down 162 on the dow industrials, rates at 2.726 on the 10 year, ian. how do you see the issues around markets and business in the u.s.? >> well, i first of all say that markets right now in the us, the dow is close to where it was before the pandemic hit so on balance, you had a massive runup but if i take a longer term view i'm not feeling horrible as an american investor right now. i'm feeling a little more challenged as an american citizen because the united states is so divided and divisive. let's be clear. you started by asking about russia. that's a crisis that has created a response to strengthen institutions. you know what that nancy pelosi led a delegation to kyiv a few weeks ago. a week later mitch mcconnell led a delegation to kyiv. the speaking points they both gave on ukraine and russia were
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virtually identical. i think democrats and republicans actually hate putin more than they hate each other. three months ago you couldn't say that. is the united states a little more functional as a consequence, $40 billion will tell you that. the ukrainian government will tell you that. is nato stronger. is germany doing more? we can thank putin. he did not read my book. i promise you that, maria. maria: it's good to see you. thanks so much, ian bremmer in davos this week. we'll be right back. stay with us. enclave. starting your buick enclave. i just love our new alexa. dad, it's a buick. i love that new alexa smell. it's a buick. we need snacks for the team. alexa, take us to the nearest grocery store. getting directions. alexa will get us there in no time. it's a buick. let's be real. don't make me turn this alexa around. oh my. it's painful. the buick enclave, with available alexa built in.
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maria: welcome back. now technology and business gecko robotics develops wall climbing robots to inspect infrastructure. its robots can maneuver into areas that can be unsafe for people, like bridge, oil and gas, power and chemical facilities. they work with some of the biggest companies in the world including bp, duke energy, tesla and u.s. department of defense. joining us right now from davos, switzerland is the ceo and co-founder of gecko robotics, jake luserarian. great to have you this morning. thank you for being here many congrats on the business. what are i seeing in -- what are you seeing in terms of this need? where is the need for this kind of technology? >> thanks for having me on.
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yeah, the need -- the company i started it in college, with the first wall climbing robot in college. what i saw and the mission of the company is to protect today's most critical infrastructure and help form tomorrow. the thing i saw, the way to do that was -- the way to collect data, that we could build data infrastructure on top of to solve some of the biggest problems in the world. we're seeing the problems facing civilization today. maria: are you seeing the spend on this kind of technology increase? we've been talking about this economy that is under pressure, potentially hitting recession. so i'm wondering if the kind of spending that you would expect is still increasing during this moment in time. >> yes, the spend in the robotics sector, what's interesting is we're the only robotics company represented
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here at davos and i think it speaks to an important approach of robotics to help not just in research but actually help solve today's most important problems and these are the hardest problems in the world to solve. these industries that we rely on every single day are extremely old and kind of reached some of their useful lives. as we transition into a more renewable and sustainable energy infrastructure as well as infrastructure in general, we need a bridge and we need to also understand what amazing things worked in the past but also how we must transform the infrastructure and energy we rely on every day and robots can help do that by providing information data from the real world that was never before accessible a. that's what we focus on, how can we solve problems today that can inform and help make new innovations possible into the future. maria: what kind of data are the robots getting, specifically when talking about the energy
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industry, for example. i know the robotics industry is going to be growing significantly in the coming years but tell me specifically as it relates to oil and gas what kind of data the robots are getting. >> yes. so we found there's a very strong correlation between price per btu and global gdp. and so the idea what the robots are collecting is trying to solve for two big problems as we transition to a future relying on different energy sources. and that that is how do you get the most out of the current infrastructure and also produce more with the current infrastructure than ever before. these are two really tough problems. as the u.s. is deinvesting into coal and a natural gas, into coal and nuclear, and increasing slightly on natural gas, other countries like china are increasing in all three of those fun. what we are trying to do is collect structural integrity data that we can help predict
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and prevent when critical infrastructure will fail and we can figure out with that information how to fuse information and data with a layer of information that can be -- that it can be acted upon. this is a fundamental principle that the highest fidelity data, the most basic atomic level of information we can collect, that robots are collecting, is key to helping solve production increase as well as ability to help infrastructure last way longer than we ever thought it would, this is critical for the agenda and topics we're discussing here. maria: here's joe concha. >> the robotics industry, it's expected to grow to something like a $260 billion industry in the next seven years. is this why you're expanding and investing so much in your company now, that you see where the trends are going and this certainly seems to be a hot sector. >> yes. i think robotics provides an
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interesting way for ai and other advanced software to come to life. sometimes it's really hard to understand what data infrastructure actually means. what robotics is doing is helping put -- helping collect new data sets that never existed before and then an ability to build on top of the data sets new ways of making decisions and so this is what robotic investors are seeing. however, i think there is an under-investment into robotic solutions that can help solve today's problems. a lot of times we see robotic investments into the future that are more on the research side. but it's really important to take action on some of the most important problems today using tools and technology that never have existed before. maria: you are in a hot space for sure. jake, it's great to get your insight and hear more about the business. thanks so much. >> thank you so much. appreciate being on. maria: all right. jake joining us in das versus. da -- davos.
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maria: welcome back time for "hot topic buzz," battle of the billionaires elon musk now accusing bill gates of funding a smear campaign against him gates foundation reportedly doeptsdz millions dollars to several groups hoping to push adviser into boycotting
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twitter once musk takes helm when one shared with twitter elon responded sigh i am loving elon musk's tweets jay i love comparing bill gates to pregnant man emoji, favorite, with the line that i cannot say on air without getting fired. but that was related to bill gates pushing climate agenda even asking for donations to his climate initiative while shorting tesla stock. so if you are trying to -- wean off fossil fuels why would you short tesla stock? >> good point. dagen: i am here for this keep it coming elon musk. >> one thing for 25 years elon musk, did not have a blemish on his record then says he is going to vote republican, and suddenly we have sexual harassment claims. >> also. >> 24 hours.
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>> elon musk if you take joe rogan, donald trump combine all those krom zones only as applies to tweeting he is that guy, you know why it pithy one punch knock-out. maria: ask exposing twitter a lot of things people didn't know. >> about bots. >> exactly they new about censorship suppression a political -- active -- being a is veryism organizations. >> robots. dagen: told us how to set time lines to latest tweets. maria: i did that dagen, joe stay right there next hour "mornings with maria" begins right now. . welcome back. good wednesday morning thanks very much for joining us this morning, i am maria bartiromo. it is wednesday, may 25, your top stories right now, 8:00 a.m. on the button easement
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strategy striking texas 19 elementary schoolchildren two teachers now confirmed dead, after 18-year-old gunman opened fire inside a texas school, two children are still missing this morning, markets this morning are selling off, we are off lows of the morning but, nonetheless, we are also, looking at a triple-digit deadline dow down 135 primaries this morning texas attorney general ken paxton wing over george p. push stacey abrams winning for governor of georgia, even after the democrats slammed her own state for being the worst place to live she said here challenge waker wins to take on democrat warnock in enforce fofr seat in senate in arkansas sarah huckabee sanders secured gop nomination for governor look at markets, more blow-ups in terms of retail today's definitive is dick's sporting goods retail has market down dow industrials down 135 s&p 500 down 18, nasdaq lower by 75,
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after stocks mixed yesterday, we are still talking about, serious losses year-to-date yesterday market was mixed dow up 48 the nasty hit to 270 points nasdaq down 4% at worst did end down about 1/2% on the session, so it did come somewhat back yields this morning, are pulling back, 10-year treasury right now, 2.732% down 2 1/4 basis points still lowest since april 13, we are getting a look at inflation, this week on friday we get april core pce expected to come in, up 4.9% we have that for you could be market mover then thursday gdp reading we know that we are in contraction this first quarter this is second revision expected to be down 1.3%, the initial reading don 1.4% this morning waiting on durable goods orders out about 30 minutes time expected up, 6/10 for the month.
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>> brent and crude around 114 brent 114.74 up 1% crude oil 111, that is up 1 1/4% right now at pump continuing record highs terrorisma reporting regular gasoline 4.49 a gallon across country european markets this morning take a look at eurozone ft 100 up 20 cac quarante down 11 dax lower by 12 1/2 in asia overnight markets mixed there as well japan was weak spot shanghai composite however in china up better than 1%, don't miss fox business live reporting this week from the 50th world economic forum more from davos coming up all morning we have guests from the imf coming up director with us, to talk global growth why imf took numbers down "mornings with maria" is live right now. maria: morning mover dick's sporting goods cutting forecast for fiscal year year citing inflation supply chain
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issues the company did post a he quarterly beat on quarterly earnings, however, it is reporting 8.4% decline in comp store sales what investors are reacting to this morning talk real estate, with mortgage rates above 5% the mortgage bankers association released numbers this morning, 30-year fixed mortgage rates 5.46%, new home sales for the month april plummeting we were expecting decline one and a half percent got a decline 16.6%, to the lowest level since april of 2020, let's talk more about real estate this morning president ceo of corporate group pamela with us joining the conversation all morning long dagen mcdowell, joe concha pam great to see you contain a thanks for being here i think things worsened since last we spoke at mill wen conference together what can you tell us about environment ugly numbers new home sales yesterday. >> yes, i would agree with that, but i also think maria
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you have to take a good look where numbers really come out, markets quite bifurcated below 400,000 biggest hit if you look at sales above 400,000 you actually had increase, so, unfortunately, mortgage rates are hurting the people you really don't want to get hurt the most, if first-time home buyers, and prices are up, mortgage rates up affordability down. maria: so this market has priced some people out, and you are talking about under 400,000, but you also see higher end people wanting to buy priced out of market then go to rent, rent is also a sticker shock; right? >> rent is beyond sticker shock if you are in popular markets particularing new york city right now good luck finding an apartment if you find one you are going to pay through the nose it is tough, for somebody look being there
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is very veer higher mortgage rates rental rates desperate for inventory on the market i think will real help everybody in a lot of different ways because it is too many people, fighting for too few places to live. maria: great point, the more we talk about prices up, and mortgage rates higher we have to remember, that it is also a supply issue dagen mcdowell. dagen: right, pamela you were talking about, more rental supply coming on the market, but -- in terms of rents, though again people start changing their behavior, when prices get too high. and you see it say just in retailers i witnessed many moving out of apartments because rents have gotten too high, and the vacancies anecdotally seem slowly rising, is that one of the things that could fix the problem? >> i would like to think that it could fix the problem but
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if pickup in vacancy rates so tiny in a place like new york city i don't think we are going to see relief quite sometime. now we have all the kids graduating college, flooding the market trying to find place, near where their job is, and it is really tough. it is really, really hard for kids right now very expensive. dagen: i think 20 people moved out of the my building because they moved in on rent deals during the covid pandemic, and these apartments vacated quickly because they are not making enough money, and not getting enough money from momma daddy to pay their rent that is a very large building owned by a well-known realtor. maria: you also traveled a lot to florida you kind of boom -- look at prices there, pam tell us about real estate in florida as well as new york new york city priced best year in 2021 volume over 30 billion
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dollars palm beach spark inventory driving home average sales up 11% year over year tell us real estate and trends you are seeing in florida. >> i am sitting here at my home in miami right now, i have people calling me on a daily basis, still trying to find a reasonably priced condo or house, in have miami. start there, miami there is no housing inventory, it is down by over 50% prices have to say where they are again not enough supply to satisfy the demand same thing in palm beach, in palm beach you see some of the highest pricing ever in the history. and so many of the deals in palm beach, above ten million dollars, find very wealthy enclave not really hit so much by mortgage rates maybe stock poverty got what could portfolio what can theed don't want to liquidate this second i think that practice
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overruled i finally the a house available the talk here is i cannot find anything to buy. maria: amazing, sigh feld episode there is not one property to rent in tuscany don't know if you saw that, can't find anything, pamela i am curious, the exodus out of high tax high rent cities, down to florida, for example, are we seeing exodus to kentucky and idaho states like that is that because, more companies whether they like it or not embracing the work from home model so suddenly you don't have have live in new york to work in new york, or work in los angeles, bond you don't have to live there necessarily is work from home model driving this as well? >> absolutely. i think when pandemic started people realized that this is a reality, they like it a really good reality, that it was very hard for the employers to force people to come back to the office, so, you know, our company has a a lot of work from home, it is -- it is
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workweek that can be fully out of the office. so, that has certainly helped because why not sit in a nice, warm space pay less taxes enjoy lifestyle, but with that said, new york hat best yearever maria was talking about. there is a lot of space a lot of people, right now we're seeing, strength really across the board. except where the affordability has become too big of a factor. maria: we are getting fomc minutes today 2 pm eastern find out what federal reserve says. >> what is the next hot spot where do you see value putting florida aside what is next big hot spot people are looking to apply property right now pam? >> is it i think people areing looking to buy in area very close to other areas they have
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explodeed in price if you think new york west chelsea east village lower east side if you go to florida austin, texas one of those kind of places if you can't get right into the superhot spot just go right next door. maria: all right. dagen: i add one quick thing about new york neighborhood you just mentioned i watch real estate for sale, nothing is moving. because over priced, nothing. is moving not in my neighborhood people are not biting. >> the inventory has been stagnant i add that. >> i would say which neighborhood are you in? one thing i totally agree with us if you are overpriced you are not selling, consumers are very smart right now they are very savvy, so, adopt over prize property it will sit there. >> great to get insight as always thanks so much. >>. >> take care.
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>> much more ahead this morning fox business live on the ground, at 50th world economic forum davos switzerland a live update what they are seeing on the ground after the break you are watching "mornings with maria" live on fox business. . . (vo) singing, or speaking. reason, or fun. daring, or thoughtful. sensitive, or strong.
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world economic forum in davos in third day the world moss money o movers focusing on global economy i there one group of unlikely protesters, is saying tax the rich. kelly o'grady live in davos with the story kelly. >> good morning, maria. yeah davos has not been without protesters i am on
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promenade right now a street outside main street you can being see hustle and bustle where protests are taking place, the recent ones a bit unlikely, ultra wealth group calling on davos elite pony up the group known as patriotic millionaires demanding billionaires step out of elite bubbles acknowledge endangering unchecked wealth inequality around the world publicly support the tax the riff. >> 350 signatories a taxpayer tax system governments neither to impose higher taxes on wealthy to ensure they say fair share is a study claims tax 2% on people worth more than 5 million, 5% worth more than a billion could generate enough to lift 2.3 billion out of poverty comes as global tax initiative has been dealt a
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major blow receiving support from administration involves reallocation of profits u.s. tech companies to countriess where they make sale big change bringing the global minimum corporate tax rate the to 15% oecd secretary-general in davos difficulty discussions taking place we set a very ambitious deadline for implementation to keep pressure on probably a practical implementation from 2024 on ward focus on taxation in davos economy theme talking about billionaire investor david rubenstein's comments quite interesting doesn't think detail has legs shared a checkey comment he said that tax aavoidance main in have life not necessarily convincing everyone in davos, on the ground in davos i seem to remember 2017 tax cut
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dagen, actually created a better economic outcome than anything we're seeing now the bottom earners wages higher than top earners. dagen: poverty rate lowest in decades record lows for many she mentioned mark russlo, at least he does walk his talk, talk his walk, but he has been against fracking, opposed to the production of natural gas. so thank you for that, for helping, foment a food shortage around the globe i quote kyle bass beginning to convulse due to calamity ask explosive food prices natural gas prizes almost tripled, local fertilizer diesel fuel for farm equipment becoming unavailable be careful of the problem that
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you create, by choosing -- well climate, over feeding people. and moving people. maria: radio do you think people understand what they are talking about or just jumping on the narrative because their friends are doing it? dagen: i don't think mark -- >>, this is from last week we need leadership duct tape over climate on john kerry's mouth long term policy doesn't starve children of he mergeing economy, not careful developed, virtual signaling green bullying going to hurt too many people. >> travels on private jet. >> the remember mark ruffalo, millions for film richest 1%, of course, he could afford all this, while to your point, people are starving. >> donate all your money to causes that you see fit, please allow other people to
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do their bidding good works in other ways. >> not seeing -- hulk 2. >> not a fan. >> i will wait until demand quick break economy on world stage global threats policy shifts mean for the markets international monetary fund chair managing director kristalina georgieva as economy waits for a slowdown we're getting gdp out tomorrow we are live in davos, coming up then 19 students two teachers dead after a high school shooting more on texas tragedy coming up. stay with us. . if you invest in the s&p 500 your portfolio may be too concentrated in big companies.
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. >> welcome back tragedy striking uvalde texas yesterday 21 people including 19 children killed in an elementary school shooting, police say 18-year-old salvador ramos opened fire, at rob biden elementary school before shot and killed by border patrol agent joining me oklahoma senator a member of homeland security finance energy committee good to see you this morning. thanks very much i know that
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you are in mourning as are we. what can be done about this? >> yeah, wer having incredible grief thank you to folks in border patrol community local law enforcement responded incredibly rapidly in this situation to engage challenges how you deal with needle in a haystack at this point there are millions gurn owners in america to say one 18-year-old is now going towipe out gun ownership across the country not acceptable for responsible gun overs out there trying to identify why 1-year-old reerl went and bout guns for 18th birthday shadows grandfather goes to elementary school killed, irrational unthinkable. >> i am glad you gave shout-out to border jt we haven't heard anything from president biden we have wide-open border expecting
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months in to get much worse homeland security secretary mayorkas said u.s. border is closed admits historic numbers going to get worse i got to get reaction. >> restrictions at southwest border have not changed of thes border patrol already is managing numbers at historic levels due to large will movements of people, and numbers could rise further. maria: senator he said border is closed. . >> the border is closed not closed talk to people central mesh leadership frustrated with open border, in united states, because they feel like this is he incentivizing their best workers feedback able to leave their economy to be able to come to united states because of easy access into united states you across the border fear in country loud in biden administration giving them a piece of paper says you can stay in the united states for 8 years, if you are illegally cross the widespread incentivizes more people to be able to come they know they are able to get in through
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united states remain 8 years, so it is irrational what is happening there big story yesterday would have been the fact that we had people illegally cross our border assassination attempt on president george bush, that had illegally crossed border patroled obviously, uvalde story much big we have people crossing border for all kinds of nefarious reasons i am toll drug cartels taking in 200 million dollars a week senator we've got drug cartels running the southern border, where have you seen that a drying cartel is running a portion of america. >> we absolutely do know drying cartels running that area same cartels moving people estimated 10 billion dollars cartels in mexico made last year human trafficking into united states it is a frequent thing to be able to run into people there pay
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4,000 to 30,000 dollars, to cartels to be able to illegally cross border we are facilitating this by keeping the border open as we are continued to empower cartels we keep sending people. >> senator joe concha, i al keep asking, the why question, why if the president is polling in 20s on immigration, and the border, do they keep repeating the same mistakes over and over again? they say definition of insanity doing the same thing over and over obtain expecting a different result, if this is a top three issue in midterm, and it will undoubtedly take power away from democrats, in the the house when that goes back to gop possibly senate why are they doing this why do they keep doing this or not doing anything at border. >> far-left base on accessed obsess had the saying trump was mean we are not going to be mean like trump open border up vast majority of americans not where they are he they
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want enforceable borders we saw hen ye cuellar onboard talking about strong policies all border counties in district talking about border enforcement this is not a hotbed issue own border they see crime the problems the human, cost of this on the border, while d.c. liberals new york city liberals my disagree people seeing it every day the effect know what is really going on. maria: can anything get worse we are on doorstep of recession waiting on durable goods putting on screen in a second we've got a contraction first quarter waiting on gdp number out tomorrow, a contraction, is going to be confirmed, now we've got, situation where can't feed our babies senator? abbott labs releasing 300,000 cans of specialty baby formula to help children in urgent need as national shortage drags on but as how did we get
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here? >> yeah so at this point the fda, facility closed too long way too long to be able to into inspection way too long to make a decision about expires coming to united states may only have labeling differences between american products safety issues the same fda saw this coming shutting down 40% supply, for months into america while waiting to be able to make a decision, waiting to be able to -- our borders we have major shortage he predictable at this point, so it is a you frustrating thing to continue to see this, and i will tell you administration is not looking over the horizon, when china reopens what is going to happen to gas prices again because of supply an day demand continues depress supply same issue even more with gasoline diesel prices not looking over horizon on that either. dagen: also, i want to raise really quickly, senator, the issue of the democrats trying
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to revise this background check bill, on guns, it was passed in the house in 2019. chuck schumer immediately not even knowing anything about the background of this murderr in uvalde texas starts talking about it, so, senator, where does that go? again, they are pushing something elseing that we don't know would have any effect on what led to the murder of all these children and teachers. >> it is political response on this obviously, new york has red flag laws now saying red flag laws with respect to strong enough for this grocery store murder that happened last week was so awful they responded to this say we need more background checks on, ghost gun issues we passed background check apparently this is not ghost gun issue this is a culture issue we've got to engage in as well.
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maria: you are absolutely right james lankford d.c., rising prices international monetary fund chairman kristalina georgieva here live from davos, don't miss my interview with ceo chairman bank of america tomorrow morning right here brian moynihan joins us 7:30 a.m. eastern from davos. 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 matching your job description. visit
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fund warning global economy faces quote biggest test since second world war facing number threats imf latest world economic outlook a 3.6% world gdp down from 6.1% last year get into it live from davos,
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switzerland international monetary fund chair managing director kristalina georgieva great to see you this morning. thanks very much for being here i want to get your take where we're going here you said today, the imf was forecasting a global recession, you said not at this point but doesn't mean one is out of the question. what is going on in the world right now. >> great to see you although i would have preferred you are right here in davos maria. look, we are experiencing a crises upon a crises, and invasion of ukraine, and what is translated to is twice already we are downgrading our growth projections, first because of only chrome from 4.9 to 4.4, second, because of the severe, experiencing with the war in ukraine, downgrade from 4.4 to 3.6% so let's see
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what has happened, since april in a very short period of time horizon has darkened further, because of the financial conditions, unanticipated -- because of dollar appreciation best news for countries high level of dollars, that and because of further slowdown in china, as a result of lockdown that translates into bad news for china, but also for asia, and to interruption supply chain part of the world despite all these let me say that it is -- very different picture different parts of the world, united states a fairly robust potential for growth
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although it has been dropped by 2% from earlier projections. whereas, in the some countries, already recession fares are materializing, of course, ukraine, hiti very badly russia as well. maria: look, u.s. is faced with 40-year high inflation, and so that certainly has created some demand destruction we're seeing in retail earnings, i know inflation has dominated the conversation there as well you highlighted risk of rising food prices i want your take what is going on with shortages because there have been people he who have come on program called it a famine, what can you tell us about the food shortages? >> well situation is very dire, because the war already there were parts of the world, dropped as a result of weather events, africa also india
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could modestly put some exports for the world if that didn't happen war in this environment russia blocked the export of grain from ukraine. translates into hunger, yes potentially famine in africa, in parts of the middle east let me point to you simple facts. last week, because of the slowdown in china primarily, some commodity prices dropped all dropped a bit, but food prices continues to go up, up, up. why? because of this artificial shortage of grain that is now generated we do need to address that with sense of urgency by, one, calling for as much as possible, open
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exports, don't -- buy that you need for your own country -- and two, by maximizing, every increase in agriculture, agricultural products cdc announced and united states, of course, is a country that can do a bit more by producing a bit more. dagen: this is dagen mcdowell the talk about russia's blockade of grain exports coming out of ukraine. again, a critical supplier for the world's wheat barely and the like. so is there anything -- update us on o the diplomatic efforts to alleviate this blockade and would you back and your cohorts back potentially a commercial ship he is kort --
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by united states great britain to ensure exports make it out of ukraine whether odesa mariupol in world market to prevent famine. >> they strongly support every effort to get grain out of ukraine, and exporting to the world also economy of ukraine experiencing nearly 40% contraction, but most importantly, to feed the world people many who have done nothing to create this that russia invasion was caused so two possible options or maybe a combination of both one is to law for schiment from odesa would require indeed to guarantee that also efforts
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area is now not so easy to navigate, and, two, to move more grain by rail which is also very complicated proposition because the ukrainian, europeans, not same, but it is possible i would argue that every single time that can be exported must be exported i want to praise working on logistics he praise the u.s., what about china covid lockdowns kristalina beijing, stepping up the quarantine efforts more to easing work from home orders we are told but doesn't feel that way shanghai starting to say that it is easing up on restriction, but there is
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still a backlog of cargo ships in the city port this has had a dramatic impact on the rest of the world, what is your take on what is going on in china, and because covid shutdown. >> slowdown chinese economy negative impact on china, we have been advocating for more sanctions placed on what can be done to build up more resilience in china forsake of china also for the sake of the rest of the world. maria: sure. >> we have been, for quite sometime now, putting forward the notion that we all have to learn from our experience and then improve the way we handle pandemic in the case of rest of the world vaccines we need
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also testing, protocols, that learning from experience, miles, of course, to china. >> kristalina great to see you. thanks very much for all of that. great to see you soo maria. >> hope to see you soon. >> exactly, we will see you soon thanks very much kristalina georgieva is joining us imf director a break all things davos digit economy with ceo hewlett-packard enterprise next antónio neri is here you are watching "mornings with maria" live on fox business. . what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work.
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>>. >>. >> . maria: welcome back we are looking ats sustainable economic growth, key theme at world economic forum in davos, switzerland from davos hewlett-packard enterprises president ceo antonio neri thanks very much for being here this morning. >> have thanks maria. i know you talked about digital economy on your panel this week i want to get your take on growth first, are you seeing business managers slowdown in terms of their spending on digital and given the risks to recession, and weakness that a so many are expecting in the global growth story? >> we have not seen that at all maria, if anything, customers continue the need to
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digitize their business, to exact every bit of insight, to enable new way much more distributed demand continues to be very strong. >> what about the chip shortage logjam that we talked about so much because of the supply issues i spoke with ceo of intel, this week, pat gelsinger said expecting shortage into 2024 said i would have thought 2023 but now i have to say going to be 2024, how has that impacted your business? >> well obviously, we are going to significant supply chain disruption, and the supply chain disruption happens at level chip industry. obviously, sports cpu's other components when we see majority he what we call low level component not high value commodity has to do with
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availability, the fact we're dealing with very strong demand consumer side now enterprise side we believe is going to continue for sometime however not just about the availability component. it is ability of and supply like us, to continue to redesign and use alternative components one of the key things at enterprise with work class engineering capability, but going to continue to be a challenge in the foreseeable future. >> talk to us about that in an where are you seeing most demand globally? >> well, we have intention strategy to shift everything one of the things we learned in pandemic customers want to assume more flexibly everything we can offer maintains pay as you go a tremendous growth trajectory our business has been up
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triple-digits everything has taken customers connectivity security paramount to digital, then third, it is cloud, cloud everywhere cloudy is experiencing not a destination the ability to extract of about it from data, the learning very, very high demand. i this i this is a great point that you are making, in terms of a.i., and certainly, the way people have changed their behavior, because of the pandemic. what other changes are you seeing, in terms of the pandemic and how it has forced your transformation? >> well, you know, until now we've been living what we call mobile, but as we experienced pandemic world way more distributed new merging cloud architecture has to move closer where data is an
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opportunity for us because we have, the last customers to consume services in flexible way connectivity, workload solutions, that is why it is very exciting for us a big opportunity, but i think customers are going to continue to focus that, we live in a -- everyone with an extract faster wing in marketplace. >> a deal with xerox the lattered in 2020 this year we learned berkshire hathaway taking a big stake in the a company, how does that support your turnaround plans antonio? in terms of the support that you see from big investor like warren buffett? >> well, warren buffett invested in hp, as you raul but we welcome, investment in our company because obviously,
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we have unique proposition for shareholders in kay ways driving shareholder valley in terms of growth and expansion, of cash flow what we have is relevant for the future, and that is why i am so excited, because hp/e is unique, we talked about it. >> antonio thanks so much. >> thank you, maria. >> all right. we will see you soon antonio neri, we will be right back. stay with us. . . 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. ...
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maria: all right, just enough time for final thoughts thank you for joining us this week our coverage continues live from davos all week long, you should tune in tomorrow for my exclusive interview with bank of america ceo brian moinahan, talking about those 5% mortgage rates dagen, talking about an economy slowing down. dagen: it is slowing down and we've seen just in the recent purchasing managers index service index says that the economy is slowing, because inflation hurts, and makes it hard to manage a business. maria: we had durable goods out four-tenths of a percent but the estimate was up six-tenths of a point. >> but our democracy is still thriving because it was supposed to be dying as a result of that georgia voting law. jim crow 2.0 are you on the side of jefferson david? oh, wow look at that, voting up nearly 200%, when compared to 2020 and 2018, voting is alive and well in georgia but that's an issue for democrats. november is now dead.
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maria: they all came out and voted. dagen: they did. one thing to watch today too the confirmation hearing of the biden's second nominee for the head of alcohol, tobacco and firearms, given the horrific shooting in uvalde, texas that will be front and center as well maria: have a great day everybody thank you great to see you. >> good to see you in person again. maria: great to be with you dagen, have a good day, joe concha, dagen mcdowell, we'll see you again tomorrow, "varney" & company begins right now. stuart: good morning, maria, good morning, everyone. in the primaries a mixed picture for the candidates donald trump endorsed. many of the republicans he backed did win, including ken pa xton in texas and hershel walker in georgia. mr. trump's preferred candidates lost, georgia governor kemp beat david david perdue and now the media is taking those defeats as proof that trump has lost his mojo,


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