tv Mornings With Maria Bartiromo FOX Business October 14, 2021 6:00am-9:00am EDT
we'll tie them together. - [narrator] the mohave becomes a new target. - holy crap, hold on. now, crank the hell out of it. - [narrator] and the brothers put all hands on deck to protect it. - oh, holy crap, hold on. - whoa, uh-oh. watch out! dagen: good morning. i'm dagen mcdowell, in for maria bartiromo. it's thursday, october 14th. your top stories at 6:00 a.m. eastern. not much relief in the supply chain crisis. president biden demanding that the port of los angeles be open 24/7 to ease the crunch. dock workers are saying it's all for naught since there aren't enough truckers to keep things moving smoothly. we look at the snapshot of the inflation story all morning long. a look at markets, futures are on the upside at 6:00 a.m. eastern. we're waiting for the september
producer price index, wholesale prices out at 8:30 a.m. eastern time. we have a big gain on the dow futures, up more than 200 points. it's a big day for earnings. heavy hitters like bank of america, walgreens, wells fargo and citigroup all out before the bell. markets yesterday finishing mixed. we had a loss, very slight, on the dow industrials, gains on the nasdaq and s&p. investors keeping a close eye on inflation as big tech leads the way. european markets also in the green this thursday, gains across the board across that pond, in asia overnight a mixed story. we had gains in asia on the kospi in south korea and nikkei in japan. "mornings with maria" is live right now. ♪
dagen: some of the top stories we're following this morning. the majority of americans losing faith in president biden. cheryl casone has more. cheryl: good morning to you. a new politico morning consult poll shows most americans don't have confidence in the current state of the country. when asked if things are going in the right direction or have gotten off track, 62% said the u.s. is on the wrong track, 38% said things are going in the right direction. the president's approval rating also tanking, the polls showing only 46% approve of his job so far and the biggest issues facing voters by the way, the struggling economy and security issues. one of those security issues we should adhere, border --add here, border security. the fda will decide tomorrow on whether to approve a boot
er shotof the johnson & johnson vaccine. they cautioned that the data so far is limited. this as early data he reveals mixing and matching vaccines is safe and effective. the national institute of health finding every combination produces strong responses without severe side effects. and apple is exploring ways to turn air pods into a health device, it might include using the ear buds to take your temperature, monitor your posture and improve your hearing. it's part of apple's plan to add health and wellness features to their devices. apple is also working on technology of use iphones to help diagnose depression and cognitive decline. apple up almost three quarters of a percent in the premarket. and those are some of your headlines from over here. back to you. dagen: air pods as a nag. stand up straight. you're not sleeping enough. you shouldn't have had that glass of wine, that's why your
face is puffy mcdowell. i'm looking forward to that. cheryl: i know it's telling me i didn't sleep enough. that's okay. dagen: i don't need to know i don't sleep because my face shows it when i get up at 2:30 in the morning. futures are in the green this morning. yesterday kicked off the first day of third quarter earnings season. today we're watching for earnings from big banks, more big banks, bank of america, citigroup, wells fargo and morgan stanley, all reporting this morning. we also get wholesale price data out at 8:30 a.m. eastern time. joining me now, head of investment strategy hank smith. joining the conversation all morning long, new york post columnist and fox news contributor, miranda divine. i'm so excited that you're here. also chief market strategist, victoria fernandez. what are you watching for in this big bank earnings this morning? it's one thing that he deserves
pointing out, that technically if you're looking for an inflation hedge, stocks are pretty good way to do that because companies, if they have market get power, can raise price as inflation moves up. >> for intermediate and long-term investors, you're absolutely right, dagen. stocks are the best inflation hedge and particularly dividend paying and dividend growing stocks, that dividend growth is a great hedge to inflation. it's really interesting. you know, when all the inflation data started to percolate back in the spring, in late march, early april, the yield on the 10-year treasury was 1.75. today, it's 1.55. and yet the most sensitive asset to inflation is fixed income and why aren't yields much higher than they are right now? i think perhaps the market is saying this is transitory inflation, but transitory is a
lot longer than what we might have thought a couple mondays ago. dagen: what the federal reserve is doing still, again, it's kind of paving the way for it to begin pulling back on this securities buying but it's buying $120 billion worth of treasury and mortgage securities every month still. so how much does that distort the fed intervention and really global central bank intervention, distort what's going on in our treasury market? >> you know, the honest answer is it has to distort it a little bit. to what degree, we're not sure. remember, dagen, there's still $13 trillion of sovereign debt that's in negative yields. the 10-year german bond is in a negative yield. the u.s. treasury at 1.55, the 10-year, is a juicy yield relative to other sovereign debt. so, you know, had don't need to be -- they don't need to be in this quantitative easing, in
this bond buying to support the market, that is for sure. and hopefully they'll start this in november, december and run it out fairly quickly and then onto short-term interest rates. dagen: will it get inflation under control or is it now out of the fed's control because they waited too long and they're still pushing up against a government, well, biden and company, rather, who want to spend trillions upon trillions of dollars in additional spending on these vast new entitlements they want to create. >> well, our thesis is once these supply chain disruptions and labor distortions get worked out, it's probably going to take another year from now for this to fullly work out, i think the macro trends that have kept inflation at bay for the past be 30 years, that being technology,
demographics, globalization, those trends aren't going away and a i think inflation is going to be relatively contained, again, once the labor distortion, the supply chain disruptions get worked out. dagen: miranda divine, i want to bring you in on this conversation. i took a screen shot of the headline that's on the new york times this morning and the headline is: consumer prices jumped last month and they're running at a pace we haven't seen in 13 years. it says consumer prices jumped last month, worrying washington and wall street and i thought give it to the new york times to completely ignore the very people that inflation hurts the most, the people who know inflation is percolating, who knew earlier this year, at the beginning of the year, when used car prices were surging. they know how much inflation hurts them. it reduces their standard of
living. it makes america poor. but the new york times, leave it to them to talk about, washington and wall street are worried, miranda. >> it's so typical. that's the prizm through which they see everything. it's not the prizm through which normal people see the world an obviously if you've been going to the grocery stores, if you have been filling your tank up with gas, it's been crystal clear that inflation is rising at a rate take we haven't seen in many years and joe biden is not doing anything to help. dagen: no. he likes to turn is back and walk away. we'll talk more about that in the next segment. when you don't have an answer, don't take a question. hank smith, great to see you this morning. we'll see you very soon. your morning mover, oil or oil as we say in virginia. crude is on the rise this morning, up more than $81 a barrel. inflation, you want to see it, it's right there, driving up
drilling cost along with the supply bottlenecks and labor shortage. we're getting started this morning. buckle up. coming up, the power struggle with beijing, retired four star general jack keane weighs in on china's growing influence as it piles on taiwan. will america come to the country's defense? then the supply chain crunch hitting a fever pitch. the port of los angeles now open all day, all night, with no truckers to deliver goods. and in today's retail roundup. how your holiday retail shopping is at risk due to dwindling supplies. the empty store chefs -- shelves make you mad. you're watching "mornings with maria" live on fox business. ♪
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thank you all so very much. [ indiscernible ] dagen: you got a question about the supply chain crisis, inflation skyrocketing, well, your president walks away, again. there's a critical shipping backlog piling up at the ports. shelves are empty across the country, worsening as we get closer to the holidays but president biden refusing to take questions on the supply chain crisis or any of the challenges plaguing not just his administration but this country. joining me now, washington times opinion editor, fox news contributor, charlie hurt. i was going to keep going but what say you? when you don't have an answer, don't take a question.
>> no, that's exactly right. the only thing worse than that video footage would be if he stopped at answered some of the questions because when he opens his mouth it's even more alarming and the things that come out are even dumber and the thing that he said yesterday really is kind of astonishing, that his big solution to fix all this is he is going to call on the private sector. seriously? who the hell do you think has been in charge all along? that's not the problem. the problem is not the private sector. the problem is the government. he is the problem. and he's never going to admit that. dagen: he's calling on the private sector. he also has been aallegedly at work on this supply chain problem all year long. these are all self-inflicted wounds. it seems intentional. >> yeah. no, it really does. and when you look around and it's a very basic question, you don't have to be an economics
expert to realize that if you're paying people not to work, you know what happens, people are very smart, people are rational, they make rational decisions. if they pay people not to work, you know what happens? they don't work. i don't think the problem here is truckers. trucker of course -- when we talk about front line workers that have goten us through the pandemic, truckers many have never stopped working. they own their own trucks and have to pay for them all the time whether there's a pandemic or not. they've been working all along. the problem is unloading the shipping containers or the ships. if you pay people not to work you know what happens? they don't work. that is the fault of the federal government and joe biden wants to blame it all on private sector and say you know what the problem is, we need people to drive at night when there are fewer cars on the roads. you'll appreciate this, dagen. a neighbor of mine cut his corn field. he's a dairy farmer, he cut his corn field. he had one corn stalk left in the field. he put up a sign that said biden
corn maze. that's where we are, ladies and gentlemen. [laughter] dagen: that's virginia humor there. speaking of virginia, i want to talk about virginia's gubernatorial candidate facing accusations of hypocrisy. here he is scolding a reporter for not masking up. >> have you been vaccinated yet? you don't have a mask on. you're dangerous here. i'll build education. dagen: again, here he is caught at a round table discussion about education with no mask on. charlie, i want to get your reaction to -- again, he is not going to talk about education. this is probably the biggest albatross hanging around his
neck going into the gubernatorial election, maybe, in addition to all the other problems that virginnans are facing. what do you make of mcauliffe getting snippy with a reporter not wearing a mask outside. >> in virginia, governor these days are very particular about the masks they wear, wink, wink. yeah, but, no, education is something that terry mcauliffe does not want to touch. he has made his position clear on this, in that debate with glen youngkin where he made very clear that parents have no role in the education of their children, they should not be aware of what schools are teaching their children, that is up to bureaucrats and politicians to make those decisions. and i think you're exactly right, i think that there's no issue that will drive glen youngkin into office more
powerful ethan -- powerfully than that issue. terry mcauliffe is unfit to run virginia education. the hypocrisy there is a perfect example of why. dagen: miranda divine i want you to get in here. you write about on issue in virginia in northern virginia where a virginia dad was villi fifth. villified for defending his daughter. we'll talk about that later in the show. just bigger picture, again, these politicians, these left wing politicians have messed with the wrong group of folks and that's mama bear and papa bear. >> so true. and really, i mean, these are the same sort of suburban moms that joe biden depended on, really, in the last election, by
sort of demonizing donald trump, the media managed to turn off this group of suburban moms. and now that you have people like terry mcauliffe, you have joe biden sicing the attorney general merrick garland who is sicing the fbi on parents who want to have a say in their children's education. whether you vote republican or democrat, you're not going to be happy about that. i think in the midterms this is going to come back to bite democrats and a even earlier it will bite terry mcauliffe. dagen: let me leave you with the exact quote from terry mcauliffe. i don't think parents should be telling schools what they should teach. i do appreciate a politician screwing up and telling you what he really thinks. [laughter] >> exactly. that's what a scandal is. dagen: charlie, by the way, i'm going to share with the viewers a photo of you and my dad and
the math teacher who changed my life later in the show. so we didn't have time to get it up. but charlie sent me a photo of him and my father and barbara bass, my high school math teacher. so it's one for the books. i'll leave it at that. >> we heard some stories that night. dagen: i am sure you did. about me. [laughter] dagen: god help us all. charlie, great to see you this morning. charlie hurt. >> great to see you. dagen: coming up, president biden approval under water, why more americans say he is leading us down the wrong path. plus, a real life star trek, william shatner's emotional journey to the edge of space and back.
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when asked if things in the country are going in the right direction or have gotten off on the wrong track, 62% of people polled said that the u.s. is on the wrong track while 38% said things are going in the right direction. victoria, your thoughts on this? like it's hard to name something you think might be going in the right direction. >> yeah. and you know, dagen, when you look at these polls, a lot of it really goes along with what the sentiment is of consumers, of investors, what the market is doing. that's really what drives a lot of people's opinions here. and we were talking earlier about the inflation component. when an individual goes to the store and they're paying more for items, that's not going to leave them to have a good feeling toward the path had that the country is on. an investor might have a little bit of a different approach. when we're talking to clients you're looking at sent sment in the market, like -- sentiment in the market, like a bull, bear ratio and how supportive the markets are being and that's
starting to come down as well. that can feed through to the sentiment of a non-investor as well. you put that together with the delta variant that is still around, some people saying they can't get back to work, child care issues, inflation component and obviously the debt ceiling crisis and we saw all that play out in washington and it's kind of kicked the can down the road now until december so that's not gone, that's still there and it's going to be compiled along with budget issues that we have coming at the same time. so roll all that together and i think you can see why people would say maybe we're not headed in the right direction and there is some concern because there's so much uncertainty right now and once you take that uncertainty out and you have a plan you can feel supportive of, then the numbers will get better. i don't think we're there yet. it kind of flows back to what you were saying earlier. people aren't getting answers to their questions. i think all of this combined to see the results that you're talking about. dagen: miranda, one of the biggest problems is the commander in chief and the people who work for him
repeatedly lie to the american people. and when asked about specific things, they want to spend trillions of dollars more and while inflation is skyrocketing and then they have the audacity to look at the american people over and over again and say the plans don't cost anything and this is how we're going to solve the inflation problem, by spending more money. those are just two of the lies that have been told to the american people this year on everything from afghanistan to the border to the economy. >> that's right. and this is the great disillusionment that you're seeing among biden voters in the polls and it all really began with afghanistan because the debacle of our withdrawal was something that really i think hit people across the board. the they perhaps wanted to get out of afghanistan, that was the correct policy, but just the incompetence and the callusness
of the way we got out, leaving people behind and then the border crisis, we have the del-rio bridge he debacle and i think people who voted for joe biden and believed him when he said he would be a unifying and competent president who was a foreign policy expert, i think they all got a big shock and they've been taking a lot of red pills and i don't think once they've seen what he's really like, i don't think that they'll change their minds any time soon. dagen: and i feel like president biden was at and is at his most billious when he talks about the unvaccinated in terms he doesn't even use for the taliban. and that he pits the vaccinated against the unvaccinated in a way that it's almost -- i think the phrase he used was you have every right to be mad at the unvaccinated. and i think that that, regardless of who you voted for, people look at that and say why
are you trying to stir up resentiment that -- resentimentt that shouldn't exist? >> it's irrational, really. i think it's part of this whole divide and conquer strategy that joe biden has employed since day one. you know, whether it's pitting his voters against trump voters calling trump voters domestic terrorists and white supremacists or whether it's pitting black against white or now we've got the vaccinated against the unvaccinated. i don't think americans want that kind of division and ran core and it's not what they voted for with joe biden. they thought they were voting for the great unifier and they got the grade divider. dagen: they voted for kumbaya and they're getting drop dead. coming up, you're paying more for everything, from gasoline to your next restaurant meal. when we can expect some relief
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dagen: welcome back. i'm dagen mcdowell, in for maria bartiromo. it is thursday, october 14th. a look at a markets at the bottom of the hour. futures on the upside. we have a more than 200 point gain on the dow futures as we wait for the september producer price index out in two hours. a big day for earnings as well. heavy hitters like bank of america, walgreens, wells fargo and citigroup all out before the bell. markets finishing mixed yesterday. we had a slight loss on the dow. the nasdaq and s&p putting up some decent gains. investors keeping a close eye on inflation even as big tech led the way. european markets in the green this thursday, gains across the board in england, france and germany. in asia overnight it was a mixed story but gains in south korea and japan. social security about to see its biggest bump in benefits in 40
years. cheryl casone has the details. hey, cheryl. cheryl: good morning, dagen again. the social security administration is issuing its largest increase of benefits in the last 40 years. the agency also increasing the taxable wage base for workers by nearly 3% to keep up with rising inflation. the cost of living adjustment for recipients is going to increase by 5.9% next year. averaging out to about $92 increase for retirees every month. that's a few lunches at least. speaking of inflation, consumer prices rising to 5.4%. that matched the 13-year high set over the summer. prices rising 0.4% last month as the cost of cars, food, gasoline and restaurant meals, they all jumped. we went through this yesterday. get ready to pay more to heat your home this winter. the energy information administration is warning that the cost of heating oil is expected to rice about 43% compared to last year due to, quote, higher expected fuel costs as well as more
consumption of energy due to a colder winter. and then there is this, united airlines getting ready to fire employees who refuse to get the covid-19 vaccine, the airline imposing the vaccine mandate back in august. >> i wish we would have goten to 100%. out of the 67,000 u.s. employees, there are 232 who haven't been vaccinated. they are going through the termination process now. cheryl: that's 0.3% of the workforce at united. a texas judge granted a restraining order against united stopping it from putting 2,000 employees on unpaid leave for failing to get their shots. united is up half a percent in the premarket. finally, there is this, william shatner is back on earth after successfully launching into space. they spent three minutes in zero gravity above the earth. blue origin release the video. at 90 years he is the oldest
person to go into space. you've got to get everybody involved in this conversation. how fun was that to watch? dagen: i can't agree more, cheryl. thank you so much. the u.s. state department this week calling our relationship with taiwan rock solid as concerns grow over potential conflict with china. this comes after the u.s. deployed troops to the island country for at least a year. questions remain on whether america will stand with taiwan if china attacks. an op-ed out in the wall street journal this week explains a, quote, combination of clash ambitions, strategic miscalculations and mutual misperceptions could land the u.s. in a war with china unless we're able to convince president xi we're not a declining power and will defend our allies. joining me now, fox news senior strategic analyst, general jack keane. general, i printed the article out as soon as i saw it yesterday, it's written by
william galston. you how do we do what he's writing about. >> this is certainly a serious issue. president xi has been very clear and somewhat unequivocal that during his tenure, that he intends to resolve this question of unity from mainland china and by that he means he has crushed the hong kong democracy, that's already taken place and brought them in the fold and the second piece to that certainly is taiwan. he has indicated he does not intend to pass this problem on to the next generation. his last statements on this were peaceful unification which we hadn't heard in some time and that took place just this last weekend. but he is bound and determined to unify that and use force if necessary. our problem is this. our military deterrence in the area as we have stated many times here has eroded over the years due primarily to the 9/11
wars. the trump administration started to put that back together. the biden administration is somewhat helping there. they can do much more than what they are doing. i don't think we have a sense of urgency either to move military capability into the region. that is critical. but it's also a window of opportunity that president xi has because he's watching the united states rebuild. he knows it's going to take a number of years before we have that kind of capability, that's an act of deterrence to his military actions. when we play war games you we know what the answer is. we lose the war games. the question comes down to the central issue and that is under this president, president biden, does president xi believe that president biden will come to taiwan's defense if president xi s initiates military action and he has a number of choices in terms of military action to be sure. but i think that is a question mark that we don't know the answer to.
i think the biden administration is trying to send signals, dagen, that we are going to support taiwan because we have increased military assistance program to them. this administration supported the small number of troops that were put into taiwan to assist them with training under the trump administration. they didn't pull them out. they certainly kept them there. and they have sent other strong signals in terms of statements that you just introduced, rock solid support, we'll be there for taiwan, things like that. but what we have never said is made a declaration that we will come to taiwan's defense. i believe this. since the debacle in afghanistan and since we walked away from a 20-year ally, and countries around the world, particularly our adversaries are questioning the united states resolve, i think we should take this issue off the table and make a declaration that mainland china unprovoked attacks taiwan, that
the united states will absolutely come to the defense and would expect our allies to do the same. get the issue off the table and remove the ambiguity that surrounds it. dagen: be clear and concise and forceful in where we stand with taiwan and what we would do if, as you said, if china moves against taiwan. speaking of china, i want to get to this. facing a tough choice in the coming weeks, the country is facing an electricity shortage. leaders will have to decide whether to keep factories running at a normal pace as heating season begins. the shortage prompting authorities to announce a rush to mine and burn more coal. the country has been facing power cuts since mid-september. general keane, i wonder, is this problem exposeing a weakness for china or is it actually intentional because this running factories at lower capacity, it
actually is helping cause the supply shortages that we're seeing around the globe. so is it a problem for china or is it intentional and are they using this as a weapon against us and the rest of the world? >> no, i think it's more of a problem for china. i mean, it's exposing the fact that their industrial base by comparison to the advanced countries in the world is not nearly as sophisticated. their factories consume considerably more energy than what the united states and western factories do given modern technology thats' invested in those factories. what's happening here is they simply have a demand problem that the supply cannot meet. and i think what's truly going to happen here is they're going to have to cut back on some of their factories, particularly the ones that absorb so much energy, steel, cement, chemicals, et cetera, and also do as much as they can to
prevent the people from not having heat in their homes during the wintertime. so they're going to have to trade some capital gain here to protect their own people. and it is, as you mentioned in the introduction, after all in a couple of months the world is gathering to discuss climate change and china has committed to closing coal fired plants and coal mining operations. they're now reopening the coal fired plants and mining operations, not all of them, but a lot of them and had they already are the number one green gas emitter in the world due to these coal fired plants that they have. yeah, pollution is going to be with us in china for some time and i think this is more exposure of a huge weakness that china has, that any other man -- than any other manipulation that's going on here. dagen: final word to you. it also expose ofs how our energy policy weakens the united
states, that it's all directed with john kerry being the climate czar. it's all directed at kowtowing to china and begging on our knees for china to reduce its emissions, saying we're going to destroy our own energy sector which is an i'm credible economic strength but also gives us strength on the world stage because all these other nations not only produce oil for money or they need fossil fuels to exist, so it's just a joke what this administration has done to our own energy power. and superiority. >> no, i don't dispute that at all. you're right on the mark there, dagen. i mean, we're talking out of one side of our mouth in terms of what we're doing to our own energy sector under the guise of climate change and here we have china just running wild with their own program themselves and
just consciously creating a more he destabilizing situation for the world at large. i mean, it's the hypocrisy of the communist regime in fuel view for everybody to see it. dagen: general jack keane, always a pleasure. we're covering more supply chain problems heading into the holidays when we come right back. general jack keane. living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause. verzenio + fulvestrant is for hr+, her2-metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection.
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dagen: the threat of supply shortage as we head into the busy holiday season, when consumers can feel some relief. back in two minutes. growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew.
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is well underway on the largest silver exploration program in america. black rock, silver. dagen: bank of america earnings out. cheryl casone has the numbers. cheryl: it is a double beat, dagen. what's interesting is, there was a lot of eye balls on this one. this is the second largest lender obviously of assets in the nation. b of a up strongly, almost 2%. coming in at 85 cents on earnings per share, strong beat over the estimate of 71. and the revenue was strong, 22.8 billion is the actual number over 21.78 billion. a couple of things, record asset management fee, also talking about ppp. remember paycheck protection. they're saying that actually benefited them because they saw that activity in businesses and consumers actually were adding to their savings accounts. i thought that was interesting. they did a he reserve release which means they're confident about the nation coming out of the pandemic. the reserve release $1.1 billion
and they talked about an improving economy. brian moynihan, the ceo of bank of america will be on with march mariato talk about this on mondf day. looks like bank of america turned the corner this quarter. there were question marks about how strong the numbers would be. they're strong and there's the stock. dagen: brian moynihan on monday. thank you so much. the global supply crisis creating fears of shortage as we head into the busy holiday season. a new survey shows 58% of holiday shoppers plan to shop in store this year. will there be merchandise there. strategic resource group burt flickinger. what will we see with the shortages? >> we're going to see 20 to 25 a% out-of-stocks in november and december because of the supply chain snafus and commercial issues you mentioned a home ago.
dagen: where will it be most pronounced? we have the stories about the big mega retail chains, wall a mart, target, leasing their own ships to make sure they have product here. will you see supply problems there? what about the small retailers? will they even be in business by the end of the year given the fact that they don't have the monetary resources the big guys do. >> dagen, prescient point you're raising. is complete crisis for the small businesses, a fifth of which have already closed. for the big chains you reference, booking their own ships helps but it will only help somewhat. they'll be 10 to 12% out-of-stock but nationally we'll be 20 to 25% out of stock. dagen: press secretary jen psaki faces tough questions on the supply crisis. listen to this, burt. >> can this administration
guarantee the holiday packages will arrive on time? >> we're not the postal service or ups or fed ex. we cannot guarantee. dagen: well, that's some condensation for you. burt, what could this administration have started doing early this year to at least ease this supply crisis? >> dagen, while i applaud the administration for taking the initiative now, it should have been done, to your point, 50 to 150 days earlier because there's five to seven months lead time for all international shipments getting to the stores for the holidays. so opening the ports is certainly helpful but at the same time at midnight last night i drove buffalo, rochester, syracuse and all the bathrooms on i-90 were closed to all the truckers so what's a trucker supposed to do? they can't drive the third shift and in the scranton area where
the president grew up, those are some of the worst roads i've ever driven recently and it's so dangerous, you've got to slow down. so there's a lot of things government can do including working with the unions. dagen: burt, great to see you. terrific insight. >> great to see you. thank you. dagen: be well. skinny jeans, are they over? let's hope. we're back with the buzz. lexaria bioscience is working to improve the lives of millions. their revolutionary dehydratech oral delivery system provides a
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[laughter] >> yeah, look, i'm not a big fan of low rise. feels like only yesterday that we were low rise was fashionable and now it's back again. we haven't had the nice high waisted jeans that cover a lot of sins, let's say. i think the last thing we really need to see is butt cleavage for people who would be much better covered up. dagen: i agree. [laughter] dagen: like madonna. i think madonna needs to stay covered up. victoria, what do you you think of this? >> yeah, i mean, dagen, look, i think my teenage daughter would be mortified if she heard i was going to go out and buy low rise jeans. we looked at levis last week. they reported tremendous earnings on sales of their new denim fashion. it may not be the three of us that are out there buying it but someone is really enjoying these low rise jeans and new denim fashionses. dagen: if you're going to biden buy denim, got to give a shouto
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look forward to planning with schwab. schwab! ♪♪ dagen: good morning, i'm dagen mcdowell in for maria bartiromo. it's thursday october 14th, your top stories at 7:00 a.m. eastern. president biden's approval still under water. new poll from politico shows 62% of americans say he's leading the country down the wrong path. approval rating still flailing. more disapproval of job performance. we will get into that later in the hour. futures in the upside, big gain on dow futures. up more than 200 point at the
moment as we wait for september producer price index, wholesale prices at 8:30 a.m. eastern time. the big day for earnings. bank of america and wells fargo both reporting double beat so that's top line and bottom line. we are standing by for walgreens and citigroup before the bell. markets finishing mixed yesterday. big tech leads the way with 3 quarters of 1%. european markets this day also in the green. gains in england, france and germany. in asia overnight, mixed story. the kospi and nikkei both to the plus side. mornings with maria live right now. some of the top stories we are watching this morning, one of the country's busiest ports operating around the clock in order to ease bottlenecks. cheryl. cheryl: port of los angeles hoping expanded hours will help
alleviate supply chain issues ahead of the holidays. right now hundreds of thousands of containers are stuck at the la and long beach ports. the supply chain leading to higher prices and helping drive up inflation which hit a 13-year high in september. fox learned the biden administration is considering options helping with state to speed up commercial driver's license. possible some drivers will be able to work longer hours as well. well, fda will decide tomorrow whether to approve a booster shot of j&j covid vaccine. an extra shot significantly bolstered immune defenses but cautioned the data is limited. mixing and matching vaccines effective and every combination produces strong responses without side effects, however, the study has not undergone peer review. apple exploring ways to turn
airpods as health device, monitor your temperature and monitor your posture and approved hearing. apple to add health and well-being features to devices and apple working on technology to help diagnosis depression and cognitive decline. apple is up higher in the premarket. dagen. i'm looking at wells fargo number. you mentioned double beat. it was really strong. 1.17 on earnings per share 8.83. one thing people took that money and they put it into savings and also they said they saw loan growth for the first time since the first quarter of 2020. remember the fourth largest lender in the nation. so we really care what wells fargo is with the consumer as well. dagen: thank you so much, cheryl. top investors watching your money, jason brady, ubs financial services private wealth adviser alli mccartney
and market strategist victoria fernandez. victoria, let's start off with you, futures are growing green this morning following yesterday's mixed close. yesterday kicking off the first day of quarterly earning season. today we are looking out for more earnings from the big banks. cheryl was mentioning wells fargo beatest it hases along with bank of america. what are you watching, victoria? >> i think that's why we are seeing markets up today. obviously jp morgan had great earnings yesterday and the banks are setting the tone a little bit and we see expectations coming down and people are trying to lower the bar a little bit because we weren't sure what things were going to look like especially with disruptions in the last quarter with regards to supply chain and we have been talking about that all morning and how strong the consumer truly is but what we are seeingg from bank earnings and jamie dimon said yesterday, the
consumer is really strong and wells fargo, the loan numbers were up, jp morgan said they thought they hit bottom on loan growth. that would be looking positive into the fourth quarter. that's all really strong news because as we know the consumer really drives this economy. so i think it's given us a little bit of boost, that's why we are seeing the markets up today. we will continue to watch about net interest margin, yield curve is helping the banks going forward not maybe so sure on last quarter but loan growth, net interest margins and the strength of the consumer are the key for the earnings reports. dagen: global supply chains are struggling to keep up with demand coming out of the pandemic. the president biden demanding port of los angeles be open 24/7 to ease the crunch. alli, how much does it impact on retailers but also on the broad economy for the nexts several months even into next year? >> yeah, dagen. that's a great question and i
want to emphasize everything that victor said and release could come based on what you talked about. the movement into more wind and solar and getting more trains than just the general logistic system in the country, getting up and running is going to be super important. but i think one of the things that the world has forgotten is that when you look at the s&p there are major sectors that are not facing supply chain bottlenecks. we just talked about financials and all the good news and growth that we think can come out of there. we have software, tech services, health care, so we are expecting a 30% bump in earnings this quarter and we think that's more in line what we have seen historically in terms to have beats that will be about 5% beat. the expectations are really low and when we look at supply chain
effect we think that's going to peak either late third quarter or late fourth quarter and that's going to immediate over the first and second quarter. based on everything that we talked about on representation of the s&p perspective, we think that's a 1% drag on earnings. you add 1% drag from supply chain bottlenecks, 3 to 4% drag from the proposed corporate tax rate, we are still looking at a 10% year over year growth earnings next year and that is an environment where you can still outperformance and i would be buying into that and i would be agreeing with what we heard out of global feds which there are economy chain bottlenecks, there are mediating, temporary or transitory is a much longer term than we understand and that was underestimated but it is peaking. dagen: the september consumer
price index showed inflation coming higher than expected 5.4% in september. that's matching a 13-year high. this is the federal reserve meeting minutes showed that the central bank is preparing to reduce asset purchases and end stimulus by mid-2022. jason, is that too late? the wall street journal write extensively about this in an editorial today called the inflation tax rises. >> look, i think playing on alli's for the fed the best of times and the worst of times. as you see the producer price index come out you should recognize the gap has actually been rising, producers have been going up faster than even consumer prices which is a squeeze on many companies' margins. the fed is for sure looking at this and absolutely looking at loan growth within banks. if they are good, that's good for banks and if it's good, good
for the economy banks and they are cyclical for sure and looking at the situation has fallen behind. they committed 1 point earlier about a year ago to different targeting mechanism and they need to see the white of inflation's eyes before they are raised. they still are wanting to see more evidence of job's growth, the last payroll was a little bit weak. this is really going to get them behind the 8 ball in my view and the danger here for many investors is that the fed will have to catch up and raise rates more quickly. right now the markets fairly relaxed. you actually see the curve flattening headwind for banks if that continues to happen. but i really think at this point in the game as we look at it at thornburg, there's some really loan growth in the system but this is a source of volatility for investors going forward that
the fed could fall behind. dagen: jason, thank you for the insight, ali mccarthy, great to see you this morning. victoria fernandez, you're with us all morning long. coming up christmas without toys, how some companies are switching gears to get gifts under the tree. personal message from president biden. hear from one texas rancher living near the border who feels like he's been abandoned by biden and company and joining the conversation all morning long, the new york post miranda devine and victoria fernandez. you're watching mornings with maria live on fox business. ♪ ♪ ♪
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dagen: leaked border patrol documents show mass release of illegal immigrants into the united states. as many as 160,000 released with little to no supervision since march. documents also reveal the biden administration is using a broad use of patrol -- parole authorities to make more than 30,000 migrants eligible for work permits since august. joining me now former acting director of u.s. immigration and customs enforcement, fox news contributor, tom homan. what do you make of this? >> the biden administration calling -- adding jen psaki to it and then lying to the american people every day. you and i talked before. they are not being truthful to the american people and releasing many more people than they claim. secretary mayorkas says it's not
a crisis and more people are being returned. they are lying to the american people. not only releasing people, if you look at the breakdown, there's people on parole, tens of thousands of parole. when i was ice director for almost two years i did maybe 3 paroles, two or three because it had to be case by case analysis based on significant humanitarian concern or law enforcement need so we deal like a snitch or a confidential informant for the drug cartel, so now only reaching the united states, now they can get the job and the other ones tens of thousands no one to report. you're not in custody, you're not in immigration proceedings and show up in ice office at your own free will and how many people do you think i've seen them show up ice office? this administration has been dying from day one, over a hundred thousand releases into
the country and zero covid tests. dagen: the damage being done to the people in the quite, the people here legally is astonishing. miranda, jump in. >> yeah, it's shocking what's been happening on the border and you can see that it's deliberate. i think what tom homan says, the fact that it's been a disaster from the beginning, day one, joe biden decided to dismantle donald trump's hard one border protection policies that actually kept crossings down and now we set for 3 million crossings this year and i can tell you that the new york post, we have an investigation coming up in the nexts few days which will show you exactly what is happening. these people are being dispersed across the country to communities and it's all been done by stealth.
dagen: tom. tom: i said it's by design. no one can -- this administration can't tell me one thing, give me one thing that you have done to slow the flow, have enforcement response to secure the border. even on top of releases, what else does secretary mayorkas do this work, ice, you can do enforcement operations. even the people who weren't given work authorizations, they didn't come here to get a job and never get arrested because ice can't go on operation. what message do you think that sends to the rest of the world. the people call relatives and cartels, not only will be released but you can work and not be in danger of being arrested. every month another enticement and what is congress doing, they continue to talk about amnesty plan to reconciliation. more enticements out which will bring more people to the border. is that mismanagement, no, it's by design.
they want open borders, they haven't done anything, not one thing to slow it down. dagen: the senate parliamentary -- >> tom: you hear to esther oliveora from miami and down the hall of the president and other options to make sure it happens. whether it's executive order or the president just ignores the parliamentary decision which is one of the options, they are going to do something to legalize millions of people because in their eyes they are future democratic voters. this is about power for the democratic party. dagen: new reports that show more migrants are entering the u.s. illegally to supply for asylum are actually middle-class individuals from south america. authorities and aid workers say
some are flying to border cities on airplanes and then taking a taxi or a bus and then walking into the u.s. to turn themselves in. tom, again, it's the big lie about these -- that all of these who are pouring across our border are abused and need of great help and they are at risk where they are coming from. these are middle-class individuals who are flying to the border to cross to the united states. it's just -- >> tom: yeah, the biden administration says they are escaping fear and persecution. no, they are not. they are coming from 150 countries. you are sending message that our border is open, you will be released and can work and ice has been decapitated. that's off the books. the message is to the world the middle class people have been coming for a long time.
they've always come. through my 34 years i arrested a lot of aliens with degrees. this is about getting into the united states. come one, come all, you won't be arrested, you will be released and ice is no longer operational. dagen: and all of this just pits on on individual who is work so hard to come here legally and what they to get a green card and then to become u.s. citizens. it just reduces the value of that and trample upon all of their hard work and their path to legalization and their path to citizenship, all of that is for not in the eyes of biden and company. tom: i'm with you, they will drive down wages for american workers. no one hires illegal aliens because of their heart, they
work for less. they can no longer compete. this is devastating to the u.s. economy. dagen: tom homan, always terrific to see you. thank you so much. no time for ethics, the white house avoiding questions about hunter biden's art dealing. we get into jen psaki's response and next squid game comes to life. real name of the hit netflix show making a buzz this morning. we will tell you all about it. ♪ ♪ ♪
and is currently under study for use with antiviral drugs - for diseases like covid 19; potential new and improved hypertension medicines; and oral nicotine. each of these applications represent a multi billion dollar market and, exceptional opportunities. lexaria bioscience. dagen: an ethics director from president obama's era in the white house calling out white house press secretary jen psaki over her response to questions about hunter biden's art work sales. >> has sold art works for $75,000. i was hoping who purchased the
print? >> i know this is your favorite topic but again it's the purview and we do not know who purchased paintings. questions on something else otherwise we will move on another topic. dagen: former obama official tweeted this, legitimate questions, it's disappointing to hear psaki that the white house has no right to ask about ethics and after years the questions have never been more important. this stuff matters. -- miranda, they were essentially posters, they. >> they were paintings and i hope the heat gets hotter and hotter and more intense on the people in the white house.
>> the total is 375,000 and that was for a pop-up show in los angeles. the big deal is going to be in soho in new york and i think the heat has come on because that show of hunter was supposed to be in new york in the fall and it's been put off in the spring. so maybe there's some sort of behind the scenes wrestling going on because it is an appalling ethical blunder by the white house and it just highlights really what we've been talking about with hunter biden's laptops since last october. it's been a year now and there's a lot of corruption and shenanigans and the white house has been silent and a lot of lies as well. dagen: wrote a book about it, laptop from hell. the reporting from the new york post was censored by big media right ahead of the election and
where is -- i think michael goodwin, your colleague, writes on that reporting and we find more and more about the shady dealings of hunter biden and there's the bombshell report that hunter shared a joint bank account with his then vice president father and this has many questioning why treasury secretary janet yellen is touting the irs's plan to monitor 600-dollar transactions of average americans while ignoring reports like this, miranda. >> this is a report that we broke a couple of months ago and on two counts we know that credit cards have been shared between hunter biden and his father and, in fact, hunter biden had a problem with his credit card when he was with lady of the night and his credit card had a few extra charges on it let's say and that seemed to have been connected to his
father's secret service people that worked for his father knocked on his door and then you also know that another story that we broke in the post a couple of months ago at the moment was the fact that hunter biden was paying the joe biden's bills for main attendance bills in his mansion in delaware. there's a lot of mingling with finances. dagen: right, a lot of pay to play when biden was president and new president and they are stonewalling the american people. thank you, miranda. thank you for the book and all that reporting. coming up, a message for president biden. >> i think he should be ashamed of himself. dagen: hear more from this texas rancher living near the border and what he wants to see from the biden administration plus toy shops feeling the supply crunch, how small businesses are
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earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. cheryl: welcome back mornings with maria. i'm cheryl casone. let's take a look at some of your markets, we are getting into earning seasoning, you have morgan stanley, wells fargo, dow joneses industrial average 232 points as you can see on the screen. gain of more than half percent. big story for markets. the numbers will have impact. s&p is up by 33 points. the nasdaq is higher by 126 points right now as you can see. let's take a look at what's happening overseas as well because we've also got with the global supply chain story that we have been following obviously, dagen, i will bring you into this as we are looking at the numbers you have obviously overseas markets struggling as well because the supply chain crunch is really,
really hurting business around the world. who knew we were so interconnected at this point. dagen: indeed, cheryl, thank you so much for that. stores are struggling amid global supply chain prices, big box retailers are charting private carter ships to get toys from around the world. no guaranties they will arrive in time for holiday season. lydia hu is covering the story from morristown, new jersey with the details. lydia. >> good morning, dagen. yeah, if you look around this learning express the shelves look pretty stock but if you take a closer look you won't see some big name brands like barbie, they're not going to get that this year because of the supply chain, we are getting insight on the issue from the store's owner dianne, come on over here, thank you so much for having us in your beautiful
store. >> glad to have you. >> dianne, you say you actually have 30% less inventory than you usually do ahead of the holiday season, how are you feeling right now? >> a little nervous. a little nervous about the holidays and trying to make sure that we get inventory in. >> tell us about what you are doing. how are you trying to navigate this what you say is unprecedented situation for your store. >> it is, we have never experienced before and what we are trying to look is look at categories and if we can't get the vendor that we would normally get we are willing to source from outside of that because we need to have dolls, we will get dolls from wherever we can, we need to have puzzle and get puzzles from wherever we can. >> you are buying locally. local makers in new jersey and the united states trying to avoid the supply chain. >> absolutely. >> you're paying for for shipping, 8 to 10% more on an
order. what is that doing to your prices? >> well, we are doing the best we can to maintain our prices. we feel that this is going to be a temporary move so we don't want to increase prices in hope that is it will all go back down after this is resolved and we get back to normal. we are trying to keep everything leveled but we may not offer as many discounts as we would normally but still have product and maintain the prices. >> you are limiting, rationing so to speak the purchases on some of your popular items to keep your supply. do you think you will run out during the holiday season, run out of certain things? >> we will absolutely run out. but what we will look to do is make sure that we always have something so that way we will have -- there will be something underneath the truth or for hanukkah or holidays. >> made in new jersey to your local customer. that's the silver lining. thank you so much. you heard it. >> thank you. >> right from the toy store, owner herself, dagen, she's saying shop early because you
don't know if it's going to be around come thanksgiving or afterwards. dagen: lydia hu from new jersey. joining me jay foreman, jay, what issues are you facing with your company right now? >> what's really happening is we are facing challenges in every issue, in every part of the supply chain that we deal with factory closures, power outages in china and clogging ports in china, la, lack of trucking, warehouse labor and worst of all the inflation and the cost of bringing the freight around the world to toy stores like your press guest. so in a normal year there's one or two of the ten or 15 things in the supply chain that challenge us. this year there's 10, 15 that are challenging us and freight is one of the biggest parts of it, not having enough labor is really a problem right now to
move everything around the country. dagen: president biden is addressing this or at least trying to the global chain crisis yesterday. the port of los angeles will be open 24/7 but to your point if you don't have truckers or labor supply along that whole chain operating the port at extended hours, doesn't do anything. is this too little too late in your mind? >> well, we would think it's never too little too late because if we can't solve the problem this year at least we will hopefully have an opportunity to move to solving it next year but with the port open 24/7 which is a really great thing, what's going to happen is we are going to see a mountain of containers stacking up at the yard at the port because the real issue if we can get enough truckers into the ports to take containers away and bring them to warehouses in distribution centers, you can
only imagine jimmy hoffa smiling from wherever he is on how important truckers are in the united states and how much on the front line truckers are these days because they are really driving santa sleigh's and we need more of them and there's not enough around. dagen: victoria, jump in here. >> i'm very curious when we look at a company like yours or manufacturing company, i understand that where we are right now to supply is the immediate issue but whether you're looking at longer term, will you completely shift the way your supply chain works or are you lacking at ways to change that so we don't have an issue going forward? i know there's lighter weight, lower quality by air. >> so the long-term plan is everybody is stretching out the life cycle or supply cycle. normally we are shipping goods from various locations in june,
july and august, august, september, october to be on time for the christmas season and now starting to ship in march and april to make sure they get through the supply chain in time and the retailers have their stock ready early because one of the biggest issues especially as it relates to international freight is that there's only so many of those giant containerships on the face of the earth. the prices are going to be really high. so infrastructure is huge. there's a a bill in washington that's been sitting there forever, both sides agree to it. it's going to improve the ports and improve our transportation networks and how these politicians just can't get together and get that moving is really frustrating first of all business because that's going to create jobs and that's going to alleviate a lot of the bottlenecks.
dagen: jay foreman, thank you very much for being here this morning. we will see you soon. >> you're welcome. dagen: coming up earning season picking up steam, what we are seeing from the financial sector. plus turning tv into reality how fans are bringing netflix hit show squid show to life. it's making a buzz this morning. we will tell you all about it. you're watching mornings with maria live on fox business. ♪ ♪ >> i'm sandra smith and i've been at fox for 14 years. i've been shorting for just shy of a year and my phone rang to start at fox business network and an opportunity i could not pass up. 10-point loss in the dow industrials
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dagen: big day for earnings specifically bank earnings, wells fargo and morgan stanley reporting this morning both beating estimates. joining me bank advisory and strategic services marty mosby. your reaction on earnings that we have gotten in the last couple of days starting with jp morgan yesterday and those this morning too? >> well, if you look at it, double beats which basically means that they have better revenues and better bottom line net income and that all sounds really strong, however, when you unwrap that a little bit and start look agent the components, your actual loan loss provisioning credit cost are significantly a positive and that's what's causing most of the beats on the bottom line is what you're seeing in just the loan lost provision which is cyclical and not really sustainable and the other thing that you are going to see are revenue beats coming from fee income which are in businesses and are benefiting right now which also may not be as
sustainable. you look at what happens as we roll today into 2022. we may see some of the positives begin to kind of burn out and that's what we are going to monitor and watch as we go from here into next year. dagen: what are the biggest concerns in terms of core businesses in the quarters ahead then? you talk about what's not sustainable. what is if anything? >> there's a couple of things. so one, the asset management frees with the increase in the financial markets with the inflation you're seeing, you're seeing all of the deposits or all of the assets under management that are growing very rapidly, so that is sustainable. that's one part of the business that is. the other thing that was positive that is, you know, kind of -- a foreshadowing of what we might see is loan growth as asset prices are going up, every loan that you underwrite again is at higher level so we do think that this, what we are
seeing now is high-single digits, 6, 7, 8% growth in loans and that would be sustainable as well. that can be a positive. the negative that we are really seeing is net interest margins. net interest margins continue to compress and they will continue to do that because the new origination of loans is at rates that are less than what the balance sheet has today and competition given all of the liquidity is going to be fierce. so we look at margins which represents about half of the revenue stream and that's really where you look at the sustainability. that's going to be under pressure, has been and will be under more pressure going into next year. dagen: goldman sachs will report tomorrow, year over year looks like a traditional bank, does it not? >> it is, that was by design. they started doing that a couple of ago by pulling in some of the lending vehicles and businesses
and the business model that they put together actually is suited for this environment with low cost of funding, a lot of wholesale funding that's out there, liquidity is out and very readily available to them, growing the assets with little or no credit risk. what we are seeing right now is that this infusion of fiscal and monetary stimulus is causing the charge-offs at record low levels. so the businesses that they rolled out on the banking side should do relatively well and what we are seeing in capital markets and investments have been positive and you put the model together and goldman is one that is actually positioned pretty well going into this. dagen: with the federal reserve getting ready to pull back on the ginormous bond buying and securities buying program, in the short run could that be good for the banks if they keep
short-term rates low and maybe you get an increase in longer-term rates, if that's possible, that would be a positive would it not? >> it would. it's not quite as favorable as if they start to raise short-term interest rates but it is a positive and that positive and it really becomes a positive because you think of all of the deposit growth that came as we basically had all of the stimulus programs, passed a lot of money out and ended up in deposit accounts and banks across the country. deploying that has been hesitant and you compare jp morgan and bank of america, bank of america has been deploying excess funding very rapidly into the market at today's rates. jp morgan has been holding back. so if we were to see steepening of yield curve and deployment of liquidity on jp morgan balance sheet it can benefit more by waiting versus earlier on.
the steepness of the yield curve is a positive. 25% of the positive as if all rates were going up but we do think that the yield curve will continue to steepen and that should be a slight favorable as we go into next year. dagen: marty, great to see you, terrific insight, please come back soon, sir. >> thanks for having me. dagen: squid game coming to life. hit netflix show making a buzz this morning. we will tell you how it works next. ♪ ♪ ♪ growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious.
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buzz. first netflix how squid game is dominating on and off the screen. >> every person standing here in this room is living on the brink of financial ruling. you all have debts that you can't pay off. dagen: show has inspired real-life tournaments in south korea featuring games like tug of war and red light, green light. the only problem, victoria, in the show pretty much all of the players die. that's the spoiler alert, so i guess there's some adaptation in the real world in terms of what happens. >> yeah, i hope we don't have the same consequences, right, in real life as in the show and who would have thought that children's game could turn into deadly competition but i think what this is telling look at streaming services. squid show is number 1 in over 90 countries. obviously i'm a little behind. i just got through watching
bridgerton but showing us that the streaming giants are really coming to play. they swept the awards recently and so i think we are going to see more and more money going into developing this new consent and it's going to be across all countries, people are willing to have the subtitles and maybe they weren't willing to do before so they opened up a whole new genre for streaming companies to grab viewers. dagen: i started watching squid game and i found it profoundly bizarre and i am a weirdo, i speak weirdo and i'm all in on dave chapelle. i've watched multiple times. next every pet names knows when your zoomies are. a consulting veterinarian says it's a k9's best expression of being happy. miranda, how many dogs do you have and dale because the zoo
michigan es right after he eats so he's most happy with a full tummy. >> i have beagles who is absolutely gorgeous and does the zoomies when any one of us comes home. it's a lovely way of dogs expressing their love and joy. it's nice when they do it and humans do it, that's a bit more of a problem, i think. dagen: yeah, i don't want -- i don't want a full grown man visiting my apartment and jumping on my sofa. [laughter] dagen: does your beagle howl? >> no. well, he barks when he sees possums but he doesn't howl. he's a working dog, so he's quite well behaved. dagen: that's great because beagles and hounds can howl
something awful and dale is part hound dog clearly or beagle and he howls at the top of his lungs like something is happening. and that's just when he doesn't get what he wants essentially. thank you so much, ladies, still ahead all eyes on inflation ahead of the producer price index for september, we will bring you the numbers and take a look at market moves. all start next hour. mornings with maria live on fox business. ♪ ♪ ♪
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have 274-point gain on dow futures, wait for september producer price indices if bottom of the hour, big day for earnings bank of america walgreens wells fargo morgan stanley, all reporting double beats that is the bottom line and top line. we are standing by for citigroup out any minute now. markets finished mixed yesterday, investors keeping a close eye on inflation, as big tech led the way, european markets today also in the green, gains in england, france and germany in asia overnight a mixed story, bile gains on the kospi, south korea and nikkei in japan "mornings with maria" live right now. . >> some top stories we're following this morning majority americans losing faith in president biden. cheryl casone has more hey. cheryl: hi. good morning again so in this warning poll shows most americans don't have confidence in the current state of the country, when
asked if things going right direction, or got off track 62% u.s. says on wrong track 38% says things going the right direction the president approval rating tanking, the poll shows only 46% approved of his job so far, the biggest issues facing voters struggling economy, and security issues including the crisis at the southern border. >> well the fda, zwil whether o to approve a booster shot of johnson & johnson covid vaccine regulators says it bolsters defenses caution limited, the national institutes of health fighting every combination produces strong immune responses without severe side effects that has not undergone he per
review. >> dreamliner, certain titanium warts week than should be on jet bill the external part dreamliner plagued with issues stuck with more than 25 billion dollars jets inventory right now boeing says making progress improving production on all aircraft despite specialization issues they've been having got vaccine issues as well boeing is flat right now. >>. >> acrossing the tape sfok up almost 1 1/2% a double beat 215 for earnings per share, 17.2 billion on revenue, again double beat back to you, saying momentum deposits wealth management also, people are actual spending more on credit cards that is a big piece of citi's business i will see you in about 26 minutes in change for ppi and
for initial price. dagen: fantastic thank you, cheryl bottom of the hour we will see, globe supply explains struggling to keep up with demand out of pandemic biden administration demanding port of los angeles, be open 24 hours a day, seven days a week,, to easy the crunch tiger 21 chairman joining me joining the conversation call morning long miranda divine "new york post" victoria fernandez michael your reaction to what biden administration is trying to do to get things moving. >> good morning, the supply chain issue is a real issue in the world of physical goods, obviously, much larger portion of our economy today is in the digital world so amealiorated a political a problem compounded by energy crisis rolling blackouts in china, an example no sooner did chip problem happen than factories can't get enough power, to -- to get the goods out so it is a real problem, but will work
its way through system over coming months. dagen: markets seem optimistic don't they? why didn't isn't there more negativity given what we see he global factored in is it based on globe central banks keeping money flowing. >> for sure that's it, also, our economies are so flexible changing a general sense among members running businesses all over the world will adjust as i said, the physical world is a smaller and smaller portion of the total economic world, everything digital is going on, and that is a little less affected by supply chain our members are pretty bullish tech end long term potential inflation looks like heating up they think this is a world of a lot of new business new ideas a lot of innovation. dagen: employment vaccinations falling 10.4
million during the month of august. so, so job options are about ten 1/2 million we found out 4.3 million people left their jobs, that is highest since 2,000 your thoughts on the current labor market, and the real supply crunch in temperatures of employees not just goods. it is people. >> sure, you know, our members run businesses we now have over 975 members, in five countries like real time we are in a unique labor situation, but this is all part of the but will washg effect from pandemic people got a chance to think about careers lives what they didn't want to go walk to what they wanted to go back to, my guess is, it too will work its way through the system. but this is a unique labor situation that we've never seen before. but maybe it is fundamentally a sense that people are optimistic they can get the jobs they really want to get
to so not picking just with whatever is available but it is part of the supply chain issue, or the supply of goods and services. that is part of coming back after the pandemic. dagen: i think three million people left workforce in the united states. and how is this not made worse by the vast amount of money that has been funneled to people, the u.s. government essentially paying them not to work? and, more at more of that, is on deck, and will be implemented if the left wing if democrats have their way in the u.s.. >> i think the general consensus among tiger members is that a lot of the government support over the last year has been critical to fighting the pandemic. and with any government program even the best, there will be some excesses and there is no question some people have essentially been incentivized not to come to work but the fundamental
program to support people small businesses that were out of business during the pandemic i think most people think this was a o pretty big success now question how we transition back to a more normal economy. dagen: where i don't know i have got a lot of business owners don't think it is a success the fact can't whether running a restaurant or small manufacturing operation they can't find employees. and you saw that in weak jobs numbers last month, michael your saying real estate most durable long-term asset for wealth preservation and creation, why? >> you know, we have our members have allocation of assets real estate number one not only 27% portfolios for a long time almost 30 billion dollars, of assets across our network. but recently when we polled our members and said, if the inflation is coming back, where do you want the put your
request assets real estate was the number one category, because members felt it was most durable asset to weather through a secular rise in interest rates inflation some believe we are at beginning of. dagen: michael good to see you. thank you so much always. >> thank you. >> the supply chain crisis putting holiday gifts in jeopardy some taking matters into their hands slamming white house for lack of action a person message for president biden one texas rancher near the border says he feels abandoned by biden and company. he feels that way, because he has. you are watching "mornings with maria," live on fox business. . ♪ ♪ ♪ ♪
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u.s.-mexico border dealing with unprecedented surge in migrant activity impacting their livelihoods putting lives in danger, maria spoke with del rio rancher timward describes a rapidly devolving situation severely impacting his way of life. >> the tell us a little about what you've endured in terms of migrants coming on your property, assess the situation for us. >> i am a fourth generation kinney county, we have -- through years experienced what we describe a like amount of illegals that come through. in last 8 to 9 months just been an invasion of our area, and what comes with that is -- their desire cut fences disturb wells that we have the reason for wells to try to get
charged with cell phones come well-equipped new clothing, come with a desire to get what they can get from us. we're on border cutting edge, but what we find is that their on the way to the cities. we endured quite a deal not unusual for every night to hear knocking on doors, windows, and we make an attempt to get up and answer the call, certainly ask them to leave it is disturbing, our last -- lost completely no longer peaceful life. it has changed. >> what have you gleaned from exchanges encounters. >> one rent event four appeared at our backdoor about this too many of day, well cloththed all had cell phones asked me where are you going in san antonio i told them to leave pointed that direction. they immediately said we are going to give us a ride right
now. >> so, i hadn't -- kept them at distance i was still seated in my vehicle, and i answered them by saying, no, i am not taking you anywhere they began to approach the vehicle when they did, i had a pistol on the dash i simply reached for it, not taking in my hand but when they said they said okay we've had enough we're leaving so i asked them to -- to depart from the property. >> do you fear for life. >> not at all the freedom we enjoyed we are no longer able to cherish and enjoy it is a different lifestyle. >> could you carry a pistol everywhere ugg. >> yes, there was a time i did not built now do i. >> so daily occurrence how often are you you are encountering strangers on property having to defend yourself. >> i would say here on daily basis to say encounter them every day no, we're not we
know they are here we see the footprints, we see the fences cut we know they are here. >> what cost is that to you that you have to fix your fencing. >> a tremendous suspense, we recently last five years replaced all fences, and it was right at 150,000. and once fences are cut we have right now about 23 cut. the he fences lose tension no longer as what we describe durable, as they were to begin with, so what i've had to do is move my livestock to another location i couldn't risk them escaping getting on the highway, and perhaps causing a an automobile accident. >> have you had any support from the government have you told, leadership. >> we have. >> what kind of response have you gotten. >> and basically we're working on it we're trying to do something. the what we've been blessed
with local law enforcement border patrol, sheriff's department, and on bps all very supportive. >> is there anything you want to say to president biden right now. >> i would like to say i think president biden should become the president of the united states if this was happening in delaware i know he would be doing something about it. if it was being done in new york or illinois, there would be those that would call upon him he would respond to those areas. i feel like he has abandoned us, they don't care the people in this state area we are extremely disappointed in him and i think he should be ashame of himself, i think he should be the one that should hide when understand -- because if he he is entrusted with highest office as this land to think he would abandon his citizens, just favoritism
a serious cell error on his part. dagen: maria and show following itch with ranchers amidings on crisis at southern border incredible work by i maria on the border in kinney county, texas. >> a dad slammed for defending his daughter at school board meeting miranda devine will get into that controversy next, conquering final i frontier here while miami shatner emotional words after becoming oldest person to ever travel into space. that is making a buzz morning. . ♪♪ .
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loudoun county virginia speaking out scott smith says his daughter was raped by gender person in school bathroom school trying to cover it up to advance transgender life agenda the school released a statement loudon county school board were not aware of spefk details of this incident until it was reported, in media outlets, earlier this week. back in june, smith tried to speak out. and was tackled by police he arrested at school board meeting disorderly conduct threatened him said the daughter's a rape did not evaporate you have a column vilified for defending daughter right at heart of our system just your take i can what a school board is saying, finally really coming to light the way that scott's daughter
was not the only person raped by this particular individual. miranda: dagen this is why scott -- the father decided to speak out, he did keep silent about this case because advised to by his lawyer and police but when allegedly this same boy was moved to another school then struck again sexually assaulted another student when he realized that the school system in loudoun county was not protecting children decided to speak up, the most outrageous thing about this story is that it was it was scott smith's arrest in that video that went viral when he was you you humiliated at meeting event over by left wieners shutting down parents with legitimate he dprooefances used by joe
biden and merrick garland to seek fbi on to parent across the country who object to having children importants education being hijacked by left-wing agendas, particularly whether transgender or critical race theory, or you know racially quotes excluded aifrn parents whatever it is parents have a right to know during pandemic they had insight into what was being taught, at public schools they don't like what they see, now that they are standing up trying to take back, control over school boards trying to have a say in their children's education, you see, the raw power of the state being employed to crush them like buzzing ugg what happened to scott thank god for daily wire a fantastic report property this, this week. >> also played out in fairfax
county thomas he jefferson high school one of the top high schools in the country where they changed the admission standards and parents of color didn't like it because it was clearly aimed to reduce the number and percentage of asian-american students at the school, as other -- amani one of the parents there a former writer born in bombay writer at "the wall street journal" said you to mil mcgurn they are trying to hijack joe biden minority thomas jefferson victory because we are inconvenient minority for them woke warriors so afraid of most asian parents we defy their narrative, we are unapologetic scares them so much they don't
revise how they are perpetrators of systemic racism tyranny this is the issue in one county if god forbid parents upset about abuse of a child in school gets in the way of this left wing nut lishl he lishl agenda whether critical race theory and the like. >> it is beings exposed most egregious way we see how callous they are little error for scott smith sneered at him a mumer unblocking drains of progressives who live in that area person they call on when toilet is blocked. when it comes to defending his daughter raped sodomized in bathroom jeer at him, sneer at him silenced him the
prosecutor in that area ended up she wanted jail time for scott smith a father defending his family, and you know his plumbing business now trying to cancel that he was threatened they could destroy his family and his business. this is just -- sort of emblematic what is going on across the world an america. >> it is criminals don't get jail time the parents at school called domestic terrorists threatened with jail. we've got producer price indices prices next. . how to have an epic adventure. step one. get outside.
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at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies producer price index . this is the planning effect. dagen: weekly jobless claims prices for september cheryl casone do you have them i will keep running my mouth -- cheryl: i got enough, i have got initial claims start with
that actually a new pandemic low, on initial jobless, 239,000 week ending october 9 a new pandemic low, so that is actually good news, continuing is claiming, also, coming in and that number looks like, down 14,000 to 2.593, 2.593, so that is better-than-expected that is the week of -- october 2, now to ppi coming in with gain .looks like ask excluded -- to core first that is what i was really looking at looking for gain half a percent for core we came in a gain .2% so that is excluded volatile food and energy, remember that is kind of a big issue, because, that is where we reallys have seen gasoline prices all that go higher ppi filed coming in half a percent, that is actually a little bit better than gain .6% we were looking for
then again .2% for core month-over-month. we were looking for half a percent there so again that is actually better than what we were looking for as far as that goes, as far as year-over-year demand don't have that quite yet, but i do have yeah, i do year-over-year ppi, 8.6% we were looking for 8.7 you know what i will take it could have been worse than that looking for 8.7 came in 8.6%, again, so look, kind of cpi number yesterday we got dagen could have been a lot worse, this is wholesale inflation businesses whatever they pay eventual pass on to consumers, so again markets are so worried about inflation, consumer prices, the wholesale prices coming in a little bit better than we frankly bracing ourselves for we will take that at this point as far as numbers go dagen i will send it back to you markets up 271 dow
earnings have been good bank earnings have been strong. >> core wholesale prices up 6.8% year-over-year a little bit lighter than expected, you are seeing, that, feed through to consumer prices we got yesterday, thank you so much, cheryl. cheryl: you bet. >> white house chief of staff ron klain tweeting calling inflation supply issues high class problems many making issue claiming klain i downplaying hardships that americans are experiencing joining me former utah congressman fox news contributor jason chaffetz, ron klain maybe needs to stop tweeting. >> yeah, especially when you are master puppeteer there for joe biden, tweeting like that is probably ill-advised, let's assume he does believe it he -- he put it out there, and what is they just don't seem to respect is that people on
fixed incomes lower incomes people students, people entering workforce for the first time, numbers you are throwing up in terms of inflation cost goods housing all that energy prices, devastating they have no respect for that. >> it makes america poor, inflation, real wages this year, so wages adjusted for inflation, have fallen dramatically, under joe biden. down almost 2%, this year, and the "wall street journal" editorial page today jason points out that biden is focusing on the supply chain problems but that allows him to really ignore the inflation problem because a lot of that is driven by what the central bank is doing, what jay powell and his cronies are doing flooding world would money number one. but number two, it will also
lets them ignore the fact they biden and company, and the left wing want to pass trillions of dollars more in spending when again would add to inflation, rather than solving it. >> president about four months behind supply chain thing popped up over weekend has been brewing quite sometime, quite frankly, a big part is the policies that he put into place. yeah i think we should al worry about top line number i do think will come down in terms of the ultimately spending classic democrat tactics say look how reasonable we were the non astronomical if i were in business watching the show i would tell you i would worry about underlying policies what it is going to do make that government flush with money with regulators tens of thousands last thing they need burdensome regulators covering
trying to xens, one of the first things trump took on, the regulation was problem biden wants more of that, problematic to business. dagen: more regulation higher taxes president trump did reverse lower taxes recess regulation you had real incomes inflation adjusted incomes highest since 1967. you had poverty rate lowest ever recorded, you had to go back to 1950s when the recording poverty rates started to find a poverty rate that low now well you are seeing the compact reverse because higher prices, inflation, makes people poor. obama era ethics calling out white house press secretary jen psaki over response to questions about hunter biden artwork sales watch this. >> first time -- >> 75,000 dollars each,
something you pay white house -- >> i know your favorite topic, but, again, still is the purview of the we still do not know will not know who purchases any painting another question on something else otherwise we are moving on to some other topic what is going on. >> of course, you are moving on. jason. >> white house can no longer continue to ignore this in just try to brush it who have, look the white house societal up this own convenient relationship with them saying they wouldn't understand, or know, who is purchasing that that is the opt of openness transparency, what they promised at the very beginning, they could have kept the -- artist so-called artist anonymous but didn't they said he wasn't ever going to interact with people but he does. they also told us, that hunter biden was getting out of any business that he has overseas but a couple weeks ago, the
chinese filing showed that hunter biden still had interests in the chinese holdings, and now you've got revelation about hunter biden and joe biden his father sharing a bank account, while they were actual while he was actual the vice president of the united states, i mean who in, shares account with dad like that vice president says oh, no, i don't benefit from any of these transactions it is hogwash. >> miranda divine with us the world form of expert on hunter biden broke this sometime ago miranda white house calculation media is in their core has their back they ignore it if i i would want to travel to ukraine mexico china
get to go to -- well -- strip clubs. >>. miranda: some of the most exciting places in the world. he traveled with oligarchs, of course, went to millionaire billionaire playground world and europe the way white house and joe biden campaign have rolled since the very beginning, since a year ago, when "new york post" started ring ask exclusive stories from laptop, they have no o absolutely obviously, no desire to admit the truth or to come clean. we know hunter biden for instance, is still in business, with the chinese communist party. he is still earns 10% of equity firm in china asked about it periodically or isn't because he down the answer jen
psaki, just brushes past it says oh, he is working, he has been working, to extricate himself from that since you know january 20 apparently joe biden has not talked truth about this said always knew nothing about hunter biden's laptop he denied, that he met with hunter biden's business partners we have evidence of it my book comes out november 30, laptop from hell, catalogs time after time in joe biden involved in hunter biden's influence peddling operation over seas and his uncle, uncle jim all in it together the white house, i think is not confronting a problem that is getting worse day by day the more jen psaki tries to push problems away hose down ethical problems the worst for joe biden. >> final word on this whatever happened to no you are not
going to make art and try to sell it for half a million dollars? >> well five transactions 75,000 dollars apiece miranda, and "new york post" have done exceptional reporting on this, we need others in mainstream media to actually ask these questions, we are talking about assets of the united states of america, son still has interest in china. that is -- by the millions of dollars. and we know he already has problems with russia, so the media needs to dive into this should be widelys exposed story, quite frankly, should be a special prosecutor at this point. >> who pays 75,000 dollars for a poverty by amateur artist that is what i want to know everybody is jason chaffetz terrific to see you my friend. >> thank you. >> rising cost of college we have ideas how to help avoid studented trap might be easier
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fees at public universities sky rocketed 211% last 20 years as department education announces canceling more than 11 1/2 billion dollars in stein loans joining me dave ramsey oh, the federal government is going to cancel debt i can me and family just take on oodles of debt. >> the 11 1/2 billion normal course of business if you become disabled, you have always gotten stein loans canceled the cancellation program always been there worked the other thing if defrauded by school out of business that loan is canceled always been there worked the cancellations all bragging about that doesn't work public service stein loan forgiveness, 98% people that apply so far have not gotten, forgiveness, only 2% that is
known as a scam. dagen: victoria jump in. victoria: you know what? i am right in the middle of this conversation, because i have child graduated from university of texas freshman nyu if a place i can sign ip for loan forgiveness tell me i will be first in line. i just don't see this happening i think what is important here is that we need to look at the what the future of four year traditional college looks like after they last year and a half changes in the way people work, i am not so sure that that traditional experience is people going to do going forward i have never seen so many only clinically commercials as last six months or so i don't know if that is going to shift the way people approach college but cost is tremendous, and people need to start saving early i am sure they have some -- suggestions on how they can do that. dagen: dave i am not when i
say this i said on air before i am not joking -- if i had to do it all over again i wouldn't go to four year school would probably be a plumber today, you are own, a great trade, you are your own boss there is always work. and you can kind of work when you want to that is part of your advice. >> my friend mike agrees we know trades overlooked america put its nose nat air snubbed any one didn't have four year degree five generations, if you didn't go to college wouldn't be successful, under heading went creates a said anything you study at any price at any college, and you will become successful degree 225,000 left-handed puppetry automatically a broke barista. >> i have mote people like that angry at the government
they had debt, did you you paid a quarter of a million dollars for a degree that doesn't give you any marketable skill you are mad at not yourself? >> the problem we got 18-year-olds making adult decisions, you don't sign 18 year would for 300,000 dollar morning without guidance mom and dad say they are adults let them do whatever high school college doing pay for college whatever who youever you got to do it go do it then say go to famous school instead of affordable, so double down here. >> people mock me i got a degree in art history my college was 7500 dollars a year lucky my family grandparents, parents paid for the it father also put his boot on my butt, when i graduated and said you are not getting coming in the house here is 20 dollars don't call me if you get mayored you are on your own i am a nobody i can't get you a job anywhere,
so that is where i was i got a degree, a cheap one but had to go out and hustle, dave you have a documentary out can you tell us about it? >> it is -- going to start off a ruckus going to be people upset with this when they watch it we expose what government has done expose what hire education has done a cult wide con, out of control victims are 18-years old in this, sad i talked to them every day, they are delaying having kids delaying mar media overwhelmed with debt they signed up did what everybody told them to do get education at any cost doesn't even matter what you study where you go, to school. so, borrowed future of scare you straight a 17-year-old a 13-year-old, anywhere in your life, you need to watch this
documentary, it will rock your world. >> you should go to four year school cost doesn't matter is biggest lie sold kids across this country for generations. >> it is i would say get a four-year degree if study business marketing communications education is important, but o over paying for education it is an irony of ironies we are stupid about education that is just that is ridiculous you can watch on google play prime apple tv anywhere you want to see it we want you to come see it. >> thank you dave great to see you dave ramsey. we'll be right back. . this is financial security. and lincoln financial solutions will help you get there as you plan, protect and retire.
dagen: your morning movers. united health group reported better-than-expected earnings, racing full-year earnings guidance a profit-based. taiwan semi conductor, stock is up after the company announced it would build a new factory in japan to ease strain a global chip shortage. william shaner making history is the oldest person ever into space was his emotional reaction making the big buzz this morning. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner.
they're promises. promises of all shapes and sizes. each with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you. dagen: time for the big buzz. william shatner lived his star trek captain kirk reality when he took the origins yesterday making him the oldest person to travel to space. the man is 90. shatner getting emotional after his return to earth. >> this experience is something
unbelievable. dagen: i love it. people can rip on jeff bezos all they want but i just adore that man. >> it is one of the loveliest stories we've seen for a long time. at his age it is pretty courageous to go up there to the heavens and check it all out. how symbolic for the man to do that. i love space travel and hope we make it to the moon and mars. dagen: when i said i love that man i meant william shatner. jeff bezos not so much. real quick. >> i love the fact that we are making the strides into space. it is amazing. from the i will keep my feet on the ground for now but it is
wonderful william shatner got to do this. dagen: i flew with the air force thunderbirds. not pretty. there is video of it but it was rough. i love to it but it was rough. you will not be seeing that video is what a pleasure. thank you so much. that does it for us. "varney and company" is up next. stuart: i want to see the video. dagen: i was sick to my stomach for the duration of that flight. stuart: i knew that. good morning, everybody. here we go. you hear it all the time. wait till we get to earnings season and then we will see where the market is going. it is early, very early in the profit reporting season but it is going well. profits and the expectation of profit drives stock prices to look at this. futures show gain for the dow of 300 points which a couple