goodtize morning. thanks for joining us this morning, i am maria bartiromo. it is tuesday, may 6, before 8:00 a.m. on the east coast coming live in milken institute global conference in los angeles coming up chief investment officer here with three factors driving markets how she is investing today then cmf, administrator dr. mehmet oz will join me where he thinks waste can be cut coming up plus jonathan goldstein here talking reacross the country virginia

passed 100 billion dollars in tax x commitments from companies to companion in virginia or invest win it coinciding with growing international interest to start businesses there as well, joining me right now here live at the milken conference in a "fox business" exclusive, is the governor of virginia glenn youngkin. governor great to have you. >> great to be with you thanks for making time what a moment to say, that companies are expanding in america, and virginia, has been rated one of the top states if not the top state for business in america a lot of them investing in virginia exciting for us. maria: congratulations for that that is wonderful no shortage of ideas from you effort in terms of luring businesses to virginia why would a company want to go to virginia and an. >> first offer all the things that companies need you have to have sites they can build on so they have to be shovel-ready you need a great talent tool we've got one of the greatest talent pools in

america high college education rates great workforce military so present in virginia over 20,000tive duty military heroes transition out every year looking for great jobs, then finally we've invested a ton in infrastructure, and our port is one of the leading ports in america, but also vested in broadband well-connected so, companies want to come to a place where they have great infrastructure, great workforce, and con touch customers all over america related in yes 100 billion dollars commitments from companies in virginia expanding new ones want to come we have seen our pipeline with president trump resetting, trade relationships, around the world, grow. as so many, many international companies recognize they need to be in america, and i am telling them come to virginia. maria: great president trump has focused on growth he wants to get the country back do growing in a substantial way but also wants private enterprise, to lead the way, that is what he told me

recently he said i want private enterprise to lead the way that comes from businessperson you are a businessperson you came and did exactly what president trump is trying to do put business policies in place, tell me about that. do you expect growth to accelerate. >> i expect that long term we will have an accelerated growth i am very optimistic i think near-term as president resets imbalanced trade relationships restores fiscal responsibility we are going to see dislocation just a reality, and but what do i firmly expect is investments from companies around the world to accelerate i expect job growth to accelerate think through relate today one thing i pay real attention to labor participation, in virginia watch labor partition go up word recover, a record number of people working record job growth guess what comes from that, is record revenues for the state allow us to have

nine billion dollars tax relief yet record investments in all critical things education law enforcement, healthcare. it works. so we've got to make growth a very important part of all of this, virginia has jobs, i encourage everybody come to virginia get a job but on top of that america has jobs, there are seven million open jobs in america. jobs that are available to be filled, we got to get people in those jobs, as workforce grows, tax receipts grow, and we recognize that growth is a good thing. maria: why president trump is trying to get all supply chains back to america. and that is part of this tariff plan, what has been the impact of tariffs on your state? and what do you want to say to corp america or investors out there who are uncertain as far was where this goes with regard to tariffs. >> we can't plan in 90 day increments business generally don't i understand uncertainty for a lot of planning but we're seeing lots of companies, move forward with

three to five-year plan, because they recognize, that at the need to be in the united states, going to have to have a manufacturing footprint here on top of that u.s. market is the best market in the world. answer i said we are seeing, real activity with companies want to go invest in america one thing possibly uponbly larger than anything product pruitt pursuit of investments huge investments, in expanding the footprint to support, not just data centers but ai not only a commercial activity but national security one one of the big efforts to solve the power issue bringing in all of the above, natural gas nuclear but on top to provide the kind of environment where this investment needs to be made can be made in virginia. >> how are you you encouraging that how are you youing luring companies to set updates dates in virginia.

>> we've had a huge with, huge lead for a long time that is just because, of the washington centric nature of the beginning of data center move, 70% world traffic in world through virginia a great draw my job to continue to make virginia attractive for data center investments on top of that to make sure we solve the power problem i think that nuclear is a key piece to this so we are working hard, for virginia, to be one of the first states if not the first state to have a commercially deployed small modular reactor in future nuclear will play a much larger role went to sleep a while china is aggressively are pursuing nuclear power we need it call power demanded is growing with advanced manufacturing daughter dedicate ai demanding as we electrify everything we have to raise i think one biggest challenges in america today we have to win the power race as

well. maria: great point that is why president trump said he wants all energy, including nuclear but nuclear seems to have been underestimated for some reason, what has happened, with all of those people who were upset because they were afraid their job was online president trump is trying to streamline, and cut down, the government size of government that including jobs you said anyone worried about that we've got a job in virginia have you seen a response from that. >> i have to begin with reality virginia has a lot of federal workers, and someone losing their job is a huge issue, i mean my dad lost a job twice when i was growing up i know what it does to families what president trump is taking on decades of ballot in the federal government, so we do expect there will be job losses in virginia really have not seen many yet. our first-time unemployment claims normalized white now we expect some we recognize somewhat audience latest

disproportionate amount of federal jobs in military national security issue national intelligence getting more funding we do recognize it is coming one of the raeltsdz is we have 225,000 open jobs, that have not been filled yet over 100,000 are bachelor level positions but other 125,000 are great jobs working with people who may have lost their job or fear may loss job to make a transition into private workforce lots of opportunities i think is going to be, a new career start for lots of people also really great for a virginia and america. >> so much national security issues, when you talk about tariffs getting the supply chains back here, do you think your former colleagues private equity, business, have begun to understand the issues that really matter to american people and that is that national security issues the fact we don't supply chains to even make prescription drugs that we need in america. >> i believe people fully appreciate critical supply

chains have to be redomiciled, in pharmaceutical large pharma announcing expansions in me meamerica eli lilly. >> steal production aluminum investment going to see opportunity to redomicile key he willments when president trump is cutting deals a milestone, as we work through this resetting moment, is to cut deals with good you trusted counter parties allies a part of trusted supply chains the step over the course next few months deals, europe, japan korea yes, there will be, a big negotiations with china that is a whole different kettle of fish altogether they are adversary

president trump recognizes it rest of nation part of our economic future in a bike way not that china won't be but not until they get in line from where president trump wants them to be the big step for us, being redomicile we shore a lot of critical supply chains, seeing it happen seeing investments made critical commitments, and i look forward to watching this growth and jobs be cried. maria: are hopefully china will get the message, and stop sending surveillance balloons into america and bad behavior you are going a great congratulations, back in a minute. .

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now with a man knows better than most cane international ceo/co-founder jonathan goldstein with me great to see you. >> good morning. >> projects all over the world big in los angeles unify am me beach give a sense with a commercial re is doing. >> i think in relation to america like most a period of ret uncertainty waiting to see how next 90 days pans out, the greatest market in the world to invest, we obviously, right next to where sitting vested human amount of capital in beverly hills, jpmorgan, coming on journey with us great future hope no doubt short term pause hiatus people understand what is going on with economy what administration means about reset we hope that clarity comes sooner rather than later. maria: that has not stopped

you putting money to work everyone i know moving to florida you've got huge project why my am me beach a beacon of my amie beach time to revent rolling out a hotel focused on current my miami beach glowing great example how america can take brands develop them throughout the whole world we are leading that, in progress very excited about that. >> i love that what do you want to say to skeptics out there saying brand america is taking a hit do you see that since you are on front lines. >> i have to express a level of concern. i think that is because, every business needs to know who their transacting with in terms of public transacting i think the issue the moment we are understand there are three prongs to the reset by the

administration, there is tariffs there is tax, deregulation, packing that seems to be a great for economy short term two arguments one hand voices within administration believe tariffs per se are long term good for the economy right way to go, there are others i hope the other voice seen current situation as reset a renegotiation, as of next week we are told, trade deals will start to be rolled out into the marketplace, with that ninety-day period seen as reset if a reset period i think good for america good for the world good for investments into america. maria: what are the resets that you can't to see in terms of countries. >> i think that is not my job to do so i would need to know as businessperson investing in america clarity of execution we have execution here next the biggest, development bronchial in america.

in a building in a hot residential towers we need to know the basis upon which transacting materials can't pro cure in america stone of mments we might need we need to understand the base of which operating not great where terms change within hour within day we are looking for certainty. >> very important the point that you make, because these are the tariffs talking about whether aluminum, steel, or stone, this is going to make your projects much more expensive is this? or much less expensive. >> correct. >> have to allocate that long term you need a clarity in terms of much to it will could have cost. >> that is what i am saying looking for certainty to know terms traced when you talk about brand america, america greatest economy country in the world greatest economy in the world we need to understand when we transact with that we have certainty, if we don't have that servant,

yes, express some concern about brand in america impact on the rest of the world transaction. >> america. >> have i seen impact so far i understand the impact on you as a developer clarity that you need the but seen an impact from people trying to do business with. i think what we've seen impact on term that we need completion of del rey hotel back end of this year some elements that we procured from overseas, and yes, i think seeing overseas people saying let's wait and see, during 90-day period and then we can being decide to transabt we want to do bits with america as i said greatest mart in the world let's understand the basis upon transacting. >> i totally understand president trump joined me a month and a half ago one question i talked on president trump i said to him, businesspeople need clarity, clarity and, you know, talked about the tariffs but what i am asking you, in terms of

this whole get back to work, in terms of companies wanting the commercial reneeding that commercial reare they able to fill buildings, i think is to, over the course of last couple years federal government, pushing that, very strongly as well they were al have been last couple years secondary office buildings don't provide amenities wellness, the facilities that the people want in the current era. will remain troubled but as genuity not just good for business good for people people planner from each other that that interaction between each other a building, 600,000 square feet opened last year we are full mainly, major, tenants people want great new

buildings experiences able to do that you need certainty of trade certainty of execution. >> what do you want to say about rates federal reserve kicking off two-day meeting not expecting a cut but president trump has been calling for a tax cut in interest rates, i think not just because it would be helpful for the economy but also because of cost of our debt what do you want to see. flil behind president, declining rates, the biggest, movement in real estate a drop in rates what we are seeing expectations in the curve interest rate curve that will you know continue to slide downwards, in my view, sooner that can come better for everybody on main street also in industry. maria: quick before you go, on macrostory what are you seeing we saw contraction, do you that i recession. >> -- >> from what i have seen if we had a contraction first quarter the impact of

liberation day seems to me visually impossible not to have a second contraction, that would seem to be very strong possibility that that will occur if you wish to define that as a recession, then i think the economists will see it. >> we have updates, coming on the gdp, but you are doing great we love all of your properties we appreciate you joining us this morning. >> thank you very much. good to see you jonathan goldstein, we've got dr. oz coming up don't miss that stay with us. . first nordic metals is a canadian based explorer and developer

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investment officer head of equities and fixed income thank you so much for being here i want to ask you about market you said nine-day rally past week was driven by three factors what are those fascists. >> i think that the real, driven by liberation day a peak in terms of tariff negotiations, so backing off negotiations on those, that rally 10-year yield important here, earnings a strong earnings season in testimony of prints 12% earnings growth for the quarter outlooks clarity past nine-day rally the best back-to-back days in 20 years market consolidation becoming worried about tariffs will, earnings outlook about the of some companies of a 10-year seems tellings right yield in 10-year up to 4.3% what you do you think going on in fixed income. >> i think fixed income markets nervous again medw fed meets tomorrow morning markets pricing in three tax cuts down

we expect two rate cuts this year is fed going to see tariff drivening inflation one time burn or chronic the real question out there what does it mean for the economy. maria: just talking about jonathan goldstein talked about clarity needs is to many need in order to put capital to work, is that is what behind this do you think? what about this one hundred percent, tariff on films? maybe this is more "art of the deal"? or because i know a lot of conversation here at milken conference about that. >> i think -- was the worst in terms of tariffs seeing a lot of negotiation backing off on trvrz from here. if we had 10% tariff on retire of world would stir a recession, it would hit gdp about 1 1/2%, that is about manageable what investors want is clarity seeing in germany chancellor election did not go through markets down, investments don't like uncertainty that is what tariffs are bringing to this

economy. >> you are investing putting money to work in equities fixed income. >> always opportunities, markets are volatile, brings dislocation opportunities as example companies that today dividend over time grow them outperforming year-to-date, a play on troves is infrastructure companies, they are inflation hedges also, a play on building more in america, supply chains closer to home always areas where, investments become more attractive in volatility. >> i love what you are saying what i want to get at really where are the areas to invest right now that take advantage of the president's agenda, like deregulation, for example, who gets impacted most by deregulation. >> i think when deregulation comes will be good for small cap equities benefit more domestically oriented another area attractive municipal bounds some highest yields seen in a long time equity like rushes high single digit

with less risk fundamentals strong u.s. economy is strong right now. >> what do you want to do in terms of the u.s.s versus overseas? are you also looking elsewhere in terms of allocating capital the big surprise this year that non-u.s. markets on equity side outperformed. s market part has to do with technology, though if you look at s&p 500, about 30% benchmark is technology oriented, european benchmarksless than 10% when deepseek sounded like story of the year came out quickly, back when tariffs a became front and center story, non-u.s. markets have less technology exposure outperforming that is why you've seen u.s.s outperform u.s. markets. >> you stayed lot of things dividend payer, attractive from your areas could be a good play, and you said, that you're surprised some areas overseas are you actually putting money to work overseas or sticking with america. >> we are balanced putting

money to be selective technology companies don't think ai is dead that is still a alive and well non. s areas of the markets i think can continue to outperform, especially, because less of a tech bet that is a balance there, i also think looking outside equities fixed income was on future 60/40 is revealing alternatives important piece of portfolio construction. >> tell me where alternatives are what are best opportunities private companies? >>% talk alternative like private credit even farmland private infrastructure areas that are less correlated to public fixed income and equities eased diversification to 60/40 portfolio traded in 1966 by william sharp market changed a lot since then better diversification moving to 30/50/20, i love farmland idea

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be the elephant in the room the conversation du jour that is congress trying to get reconciliation bill across the finish line all of this expectation that in order to save money, and spending cuts are you know, in there that they are going to cut medicaid what are your expectations in terms of cuts dr. oz. >> i bliebl going to increase expenditures on medicaid ever seenio that i witnessed in proposal not intreest as much as normally i that i generational opportunity here with the president wants to do is get everyone aligned as done in many other areas recognitions the business sense will drive behavior if medicare or medicaid system paying to wrong people wrong amounts of money don't make sixes aren't in best interests medicaid a problem not not funding programs like used to be as envisioned because

shipping so much for animal body individuals, and the work more addressing that fundamental disconnect if federal government says hey all of us agree, primary motivation is a great nation take care of most vulnerable, then people going to do that how make sure young, old, disabled get care in order to do that make sure paid for appropriately that is the disconnect that i think so many are struggle with, i think going to get the it right. maria: at the same time lots of conversation with cutting out the waste. based on what you've seen so far i know you are only in the job a week or so couple weeks but let me get your take on whether or not waste exists there in medicaid and how do you go about cutting out the waste? and not touching the muscle. >> there is a lot of systemic ways a couple concrete examples to demonstrate not cutting muscle, there is -- is

about a billion dollars, at least we believe potentially even up to 10 billion if we get it right people on medicaid more than one state, why would that happen we in california now if you are a medicaid patient in california you move to nevada, who does federal government compensate turns out both? because incentivized for both not to tell us they don't it is okay to get paid in that regard do everything cracks, we get rid of waste, and noumd individuals have medicare coverage taxpayers in virginia pay for that they did not vote for that in virginia skekz we are over and over going to identify there is problems with brokers in have affordable area act giving insurance to people don't know it a double insurance tax bill next year find out you had

insurance last year by a broker never met fraudulent a quarter million people experience that had, first reality in a competent agencies approve yourself you go beyond that take monies reinvest them to protect most vulnerable making sure medicaid patients get what they deserve identify where mall alignments are follow the executive order, transparency, interoperability data knows one place we can know what is -- is going down. maria: thank you for that such an honest, practical way of looking at things, we appreciate you taking that on. have you been able to assess, we kind of numbers that is how much that cost could be? when you look at some of that waste? >> well we have. >> what is total number . >> tens of billions of waste, fraud and abuse. but if we fix that, make sip of more efficient by identifying those problems we have hundreds of billions of dollars potential benefit by

making system work better for americans, concrete reality, the most expensive care we get is you pay to do it fix problem pay downstream costs with somebody not getting right care this is true across the board if we can improve value what we offer to americans getting a lot of, we spent twice as much in any other developed country per person on healthcare twice as much yet the quality care getting, when i was in med school i saw a, amongst americans pretty mutual equal to you europeans we are five years behind, a medical,a paying a lot of money that don't match that investment we want to make sure a return on investment for american taxpayer this is putting money where it needs to be spent to protect peek getting left behind not throwingmen at

problems not being well vested. maria: we talked about what you see as areas to cut you are running an agency, that has a budget double the defense department, how will you be allocating that money? where is the best use for that money? >> we are going to protect for sure, as president trump said medicare going to continue a well orchestrated effort things we can change a bit in how implemented, but medicaid part a massive opportunity, we can get medicaid, to work the way it was designed to work, truly take care of folks otherwise living in shadows of life or down of life, is what how a bert humphrey scribed a fundamental core mission of medicaid will have saved a lot of lost revenue done what is ethically morally right thing to do on top of that taking seriously fwhus have taken place in medicaid when people

take advantage of disadvanced take money thatte hurts us all more and more, more national may be government involved in defrauding not just small time players there is organized effort to defraud american taxpayer but do it hurting most vulnerable dr. oz you arear heart surgeon how different is this now to become radar i say government bureaucrat how this feels for ensure best job i ever had i love this, most my whole life about empowering people, i empower people running for class president meddle school to keep nutrition more with kinds of issues we have, i empower people as heart surgeon columbia to give tools

to make right choices for themselves i empower people on show become world's experts on body turn them loose, because they will be able to take care of they'll better than anybody else who is the person, takes care most the mom who loves child the most the mom give her tools to do what she wants to do america doing same thing empower you with tools wisdom so you can become a world expert on your well-being. >> heart diseases number one killer what do you want to tell our audience as far as the the most important ways do live their behavior, many things we know we learned but need reminders, give us the best tips, not to fall to heart diseases. >> if you can the engine expressing if you do that 15, 20 minutes a day aggressive walk makes you breathy indication getting interest everyday everyday look at

placesed in world people live a long time always will do that daley activist 20 minutes can get you there, 100 billion dollars would save healthcare if i can get everybody watching the rest of america walk 20 minutes a day, 70% healthcare budget 70% is driven by chronic illness we never used to thing about chronic illness as a condition the birth control bill, did not exist, we transition into spreading a drug you can get away with eating. >> look the way they look those two tips will get you most of the way to where you have to be. >> thank you so much. >> great to see you how do you like at milken conference. a force of native oh, my gosh! high octane, great to see you.

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crypto this morning take a look cryptocurrency down

fractionally across the board, president trump, holdings two crypto fund raises this month as he vows to make u.s. the crypto capital of the world joining me right now ceo of, ivan great to have you thank you for being here. your company builds payment from your for crypto industry you are enabling check out transfer of assets in minutes, this is such important part of the whole crypto story, explain what is most important for people to understand, about that infrastructure. >> i think crypto is future we are hopefully entering golden age of crypto from our perspective want to make it easy for everyone in the world 30 million people, make it easy to use debit card bank account venmo paypal any payment method to get started to get your first crypto asset. >> what you need a so-called wallet a digital wallet will hold crypto. >> beautiful thing about

cryptocurrency, think about phones so difficult to place long distance phone calls the internet we xhuk over internet zoom skype imessage, same for money we think crypto wallets the future going to replace or sensational will he a new form of bank account our job is to make it yes for anyone in the world to participate. maria: what do you want to tell people worried that if they have their money in a crypto wallet, as opposed to bank account, that it is potentially vulnerable to someone trying to take their money. >> well, so i think a lot of it comes to security i think users spent improving everyone should hold on to private own our crypto krurnz wallt what we any over time technology is embedded into bank account crypto wallets internet based technology embedded everywhere. maria: increasingly people are getting digital wallets

have those they know that that is the place that they can do transactions, are you seeing this activity increase? what are you seeing in the market right now. >> a great time for pay on track to over double again from our perspective, really about making the experience great we really focused on building, you know something akin to apple pay use debit card apple a simsim similar stablecoin. tricky to get clarity, over market strshg, meaning a range new assets productive stocks, bonds, everything that is financial asset tokenized excited to make that accessible to everyone. >> we talked about this with french hill here last week, on "mornings with maria", he was talking about the stablecoin

legislation not just congress codifying into law tut securities and exchange commission what does a crypto framework look like what needs to be done. last year i would say it was challenging to operate crypto bits because we did not know the rules of the road did not know, what is asset considered security not considered security first step getting clarity how to label different assets what trying to get to with market structure i feel very confident getting there hopefully next coming months from our perspective once you have clarity you are going to open a range of new digital assets, ultimately end up, on chain good for america. >> and middle of this lun pay expanding two convictions in first quarter of this year in march solidified purchase of iron, platform in january purchased helio, the top crypto payment processor what

does it do you do need to continue acquisition to get the scale you are looking for. i think generally seeing the trend of consolidation in industry, from our perspective to move into more real world applications we think crypto is used the for payments we think merchants represents a much better payment method, merchants can receive instantly weekends, fraction of the cost of legacy system so we see that a big theme, we see a, npi's the future technology intlougdz api able to move stablecoin around the world we think important. maria: stablecoin based on dollar. great for u.s. dollar all, geographies, most people 75% have smartphones as long as a smoert phone access to internet can receive u.s. dollar. >> monday i've doubled your

business about to see another double congratulations a moment in time for you and america, great to see you. thank you so much ivan, you are watching "mornings with maria" live from the milken conference here in l.a. stay with us. . (♪) adult these days... don't feel your age. act your age. aspercreme. (♪) [air blower sound] ♪

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it's building up business. it's job creation. it's the stadium, the hospital, the new school gymnasium. the factories, the farmers, our first responders. it's making the future. it's our story, our country. for over 100 years, moody's has brought clarity to capital markets so that economies can grow with confidence. moody's makes it possible. maria: welcome back. we are 30 minutes away from the opening bell for a tuesday. final thoughts ors march tepper. >> we sit here at the beginning of may, and the market has essentially recovered all of its losses that the it incurred

during april, which is fantastic. as it relates to earnings, some guidance is, unfortunately, coming down due to to tariff-related concerns. however, a.i. spending remains strong, so we're going to continue to focus on stuff hike that and try to find opportunities in this market. maria: caroline downey. >> we've been following this movie tariff story. i'd like to offer the political take on this, maria, which is i'm not so sure foreign competition is the biggest problem for hollywood so much as wokeness, which has infected that industry and led to a massive decline in the quality of films. we have bad remakes and sequels and spin-offs but no original content which the people demand. maria: yep, great point. cheryl, what do you think? >> well, there's a new report this morning out of china that protests are erupting at factories there. these workers want back pay. they're not being paid. that is the effect of tariffs, and that is what's happening in china. we learned yesterday that the chinese are no longer publishing a lot of the economic data,

which we always found questionable, but now we're getting less and less of it. they are hiding what is happening underneath the surface, and that is xi jinping is losing control of his country. and he could be in political trouble, maria. and that is the tariff story. if wall street could get a deal with china, something on the table, boy, i tell you, these markets will take off, maria. maria: it's a great point, cheryl. and you know what? you don't hide good data, do you? why hide economic data? [laughter] >> exactly. that's the question. maria: nobody hides good data, that i know. great show, everybody, thank you so much, mark, caroline, cheryl. thanks for being here. varney can and company picks it up. stu, take it away. stuart: good morning, everyone. two hours from now canada's new the leader arrives at the white house. prime minister mark carney meets president trump, and the tariff war will be front and center. any chance of a deal today in that's pure speculation. president trump says i guess he wants to make a deal. everybody does