tv Mornings With Maria Bartiromo FOX Business December 21, 2021 6:00am-9:00am EST
machinists, engineers and mechanics of the hoover dam did to make all that possible. or, how much they'll continue to do to keep their corner of the country fully charged. but hey, that's their job. that's why they're here. and that is how america works. dagen: good morning, i'm dagen mcdowell, maria bartiromo is joining shortly. it's tuesday, december 21st. your top stories, 6:00 a.m. eastern. president biden set to address the nation today with what he is calling new tools to battle a spike in omicron variant cases. the president promising, quote, a winter of severe illness and death for those who have not taken a vaccine. jen psaki also hinting that the president might take questions, may take questions after, but says, quote, it depends on what
you ask. we'll get into this all morning long as more cities and venues are going into shutdown mode. futures are looking to he rebound this morning, we have gains across the board, sizable gains on all three major market gauges, this after all three major gauges finished deep in the red yesterday, losses all north of 1%. a rise in omicron fears weighing on investors. european markets are in the green, gains across the board in england, france and jrm any and in say -- germany and in asia overnight markets higher across the board as well. "mornings with marias" is live right now. ♪ maria: good morning, everyone. thanks so much for joining us, i'm maria bartiromo.
check out your morning movers right now, nike is higher in the premarket, reporting better than expected quarterly results last night, boosted by strong demand in north america. the company says it expects supply chain issues to ease in the next fiscal year, the stock up 3 and-a-half percent and it is up 14% in 2021. next, check out micron technology climbing in the premarket, posting better than expected quarterly results, strong forecast as it says demand is growing. the stock is up 7 and-a-half percent. it also says it is buying back stock. it will buy back more than $259 million of its shares in the last quarter. the buyback still on. micron shares up 7 and-a-half percent. we've got a pretty good rally underway after yesterday's big selloff. the dow industrials up in the triple digits, 262 points higher, the s&p is up three quarters of a percent, 34 points higher, nasdaq up almost 1%, 134
points higher on the nasdaq. oil prices are also higher today but searching for direction this morning. investors are weary over covid restrictions affecting global growth. that's where we you saw weakness yesterday. oil up 1 and a third percent. joining me now is chief equity market strategist, phil orlando. joining the conversation all morning long, you heard fox business' dagen mcdowell this morning and payne capital management president, ryan payne. phil, thanks for being here, joining the conversation. merry christmas to everybody this morning. good to see you. what are you watching in the market this morning, phil? >> so there are three things that i think the market's grappling with. first is the surge in the omicron variant, how is this going to conduct itself vis-a-vis the delta variant. second, the fed policy pivot in terms of the taper and eventually raising of interest rates, what sort of an impact
will that have on the economy next year, and then finally the fiscal policy, the build back better bill appears to be drifting into calendar '22, does it get revived? does it get canceled? and i think the volatility we've seen in the market over the last couple days, the market's trying to find its sea legs here in terms of what do these three indicators mean in terms of economic growth, corporate earnings growth and ultimately share price performance next year. maria: yeah, i mean, these are real serious unknowns, phil. according to the cdc the omicron variant accounts for 73% of the current new u.s. covid cases. you've seen a number of wall street firms say, look, go back home, we've got citigroup and jp morgan and jeffries telling employees to once again remote work. what are your thoughts in terms of the impact this is having already and is there any light at the end of the tunnel? this is incredible, phil, that
we're still dealing with this two years in. >> i think there is a lot of light at the end of the tunnel, maria. there's no question that the omicron variant is transmitting more easily, more quickly than delta variant but the important thing is it doesn't appear to be as virulent. so we look at the hospitalization data, we studied this yesterday, average hospitalization from omicron variant is about three days compared to about eight days for delta. and in terms of mortality, significantly less virtually nothing. so our view is that the omicron was going to surge as we saw it just starting here around thanksgiving through december, probably into january, and then peak and then start to roll. we've already seen that plateauing in south africa. we're watching the united kingdom very closely because the u.k. is running a month or two ahead of us. we would like to see that peak
over the course of the next month as well. while i think out of abundance of caution governments, businesses are doing the right things in terms of trying to keep people safe, i do think when the dust settles by next spring we're going to be a lot better shape and coincidentally pfizer and moderna believe that they will have a pharmaceutical response in terms of vaccine to the omicron by next march. maria: yeah, it's a great point. meanwhile, let's talk about that spending plan. senator joe manchin making clear he will not support this bill as it is. you're saying that ebbing which he at thises would re-- equities would respond favorably to the shrinking or scrapping the entire bill because what's -- >> agreed. maria: when we first saw joe manchin say i'm a no, the next day market sells off so i was a little questioning what was going on because you would think that if this bill goes away, the threat of inflation getting even worse goes away but what are
your thoughts if this bill materializes once again in the new year which chuck schumer is -- >> i think the knee-jerk reaction down was the fact that we would not get the immediate fiscal stimulus that we've gotten so used to over the course of the last two years. we're taking a longer term view, that this bill is proposed was a $1.75 trillion bill. the consider it they thing in our mind -- critical thing in our mind was the congressional budget office coming out last week and saying if we strip out the sunsetting gimmicks this is really $5 trillion bill not a $2 trillion bill so from our perspective federal debt is at $29 trillion, debt to gdp is at 150%. those levels are too high. the longer term positive from either scaling down and better targeting build back better is a positive to us. eventually, the market will realize that so our focus is more on where is the market
going to be a year from now, which we think is the 5300 level. so if we get 5 or 10% correction here, so much the better for investors that are willing to take a longer term perspective. maria: yeah. it's all really good points, phil. let me bring in ryan p payne. go ahead, ryan. ryan: the other question i have is, look, we've got every central bank around the world now looking to get more hawkish. the bank of england has already raised interest rates. so i wonder with the tapering starting to happen in a much faster pace, why is the 10 year treasury sitting at 1.4%? it just seems to he me it's one of the bigger conundrums right now. clearly inflation is going to run hotter even if it cools off a here even into next consider year. >> we share that conundrum. from our perspective, there's clearly a flight to safety, flight to quality rally going on with benchmark tents at the 140 level. our firm's duration target is around 95%. we think benchmark tent get up
to 175 by the end of this year, 2 and-a-half percent next year, 3% in calendar '23. when we look at the longer term impact of what the fed is doing, accelerating the taper now and starting what we think is going to be three quarter point rate hikes probably in may of next year, we think the treasury yields ought to be moving higher. in is a bubble in the market. we think treasuries will be rising, not falling from here. maria: great points. real quick, would you put new money to work here or you want to wait for a dip to get in? >> well, we may be having that dip right in front of us. i think the disproportionate decline is going to be out of the growth companies and the technology companies. their multiples are up in the mid-30s. the value companies, the cyclicals, the lower beta, more he defensive, higher dividend companies, their multiples are in the mid-teens.
putting money to work in value stocks or in small cap stocks or in international stocks, that's where the more attractive valuation is. so we like the market but you've got to be a little careful in terms of picking your spots. maria: terrific advice, phil. wishing you a merry christmas and a wonderful 2022. thanks for your guidance this year. we so appreciate it. good to see you, phil. >> maria, thank you very much for having me on and a merry christmas to you too. thank you. maria: all right. merry christmas. phil orlando. quick break, we are just getting started this morning. coming up, new fox business polls show americans are ready to say bye-bye 2021. we will get into it. next. then we zero in on inflation, fat brands' ceo andy weederhorn is here as his company goes on an acquisition spree. plus, bob nardelli will weigh in on economic issues and inflation and then there is the perfect christmas menu to show you, chef david burke with recipes to
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♪♪ when you start with care, you get a different kind of bank. truist. born to care. maria: welcome back. some of the top stories we're watching this morning, democrats are scrambling to salvage president biden's massive social spending and tax package as senator joe manchin comes out officially as a no on this bill. manchin explained yesterday what white house staff did that was so inexcusable and led him to his decision. he blasted them for retaliating against him, showing no signs of backing down to the far left. >> they figured surely we can move one person. well guess what? i'm from west virginia. i'm not from where they're from. maria: meanwhile, senate minority leader mitch mcconnell says he is warming a seat up for joe manchin to join the gop if he chooses.
manchin has made no comments indicating that he is leaving the democrat party. yuma border be patrol agents arresting a potential terrorist trying to enter the country through the southern border which is wide open. the 21-year-old migrant is from saudi arabia, has links to many subjects of interest. a patch on his jacket reads central oneida, county volunteer ambulance corps. he's got a jacket from upstate new york, the upstate new york volunteer organization says they don't know this migrant and is investigating how he got one of their older model jackets. president biden will address the nation today as the case number of omicron variants rises across the country. the cdc announcing that it is now the most dominant strain in the country, accounting for 73% of new cases. houston reporting a man with an underlying health condition may be the first in the country to die from omicron complications. all of this as the national hockey league announces it will pause its season on wednesday,
two days before its planned christmas break. a new fox business poll shows a majority of americans say 2021 was a bad year for america. the same poll also shows 55% of voters believe 2021 was bad for them personally, amid high inflation, supply chain issues, rising crime, and of course this deadly pandemic. meanwhile, president biden's job approval rating takes another hit, new pbs news hour npr marris poll shows 41% of voters approve of the president's job performance, this is a new low for this survey. dagen mcdowell, your thoughts on the year that was and joe biden's performance. dagen: americans hate inflation and it took off like we haven't seen in 40 years or almost 40 years, since ronald reagan was the president and the fact that that has been lost all along on the democrats is just mind-boggling. that they wouldn't understand that not only is it an hardship,
it's an inconvenience, inflation is, for the wealthy, for the chattering classes but it's a hardship for a large swath of the country, number one. number two, more americans have died from covid under biden than in 2020, despite the fact that there are multiple vaccines available. and at every turn, when this white house has screwed up, their gut instinct is to lie over and over and over again to the american people when they t get caught in an untenable situation, they lie. whether it's about the border, whether it's about afghanistan, whether it's about inflation, this build back better monstrosity and i think americans are just sick of it. maria: i'm just trying to understand and i have been trying to understand all year, dagen, what the motivation is to keep this border wide open. what is the motivation? 2 million people apprehended, 600,000 got-aways year-to-date.
we don't know where they went, what their intentions are. fentanyl, enough fentanyl to kill 200 million americans, dagen. we know now that fentanyl is the leading killer of adults 18-45. i mean, this is china pushing fentanyl through, trying to kill us off, the chinese communist party, and joe biden stands around and allows it to happen. dagen: there's a callusness there but i think if you look at new york city and allowing their legal immigrants but they're not citizens, allowing noncitizens to vote in local elections, i think that gives you a small window into what's afoot here. they're putting their own political gains, the democrats are, ahead of the health and well-being of the entire nation. i think that's very clear. maria: it really is. we'll take a quick break. when we come back, president biden's stark message ahead of the omicron announcement later today. why jen psaki says he might take
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maria: welcome back. president biden will address the nation today about the omicron fears and the steps that the administration plans to take to fight this new covid variant. right now, it is unclear if the president will walk away from reporters again who want to ask him questions after his speech. >> will he take questions? >> he takes questions multiple times a week, so depends on what you ask. maria: i'm not sure what she's talking about in terms of biden taking questions multiple times a week. that is absolutely not true. biden will announce increased support for hospitals, plans to purchase 500 million rapid tests to distribute to americans for free and expanded vaccination capacity. joining me right now is the federalist senior editor and
right forge.com chief communications officer, christopher bedford. good to see you. thanks very much for being here. the president's going to a announce 500 million tests available to americans. what else are you expecting from the president in the face of this covid scare? >> he's not trying to push lockdowns yet, at least that's according to him. he changed his point of view on that multiple times. he promised that on the campaign trail. i'm expecting from what we've seen from the white house some extremely dark messaging. we've seen the warnings that there is a winter of death and suffering ahead for those people who aren't following what the white house has been asking them to on vaccinations. there's probably going to be pushback against people gathering for christmas, a lot more of the same that we've seen. the reason i think that is because we started the new mask mandate here 20 minutes ago in washington, d.c. this is the third time this has happened now in washington where i'm living right now and none of these measures seem to be having any impact. there's no reason to close schools again in january, hasn't
helped anyone so far. they keep doubling down on the same policies we took from the chinese and i don't expect that to change at all. maria: it's unbelievable, all of these things that are right out of the chinese communist party playbook. he wants to surveil our bank accounts in this build back better plan and then on the covid vaccine front, you know, i don't understand why we are letting americans get sick and be sick for two weeks, rather than having them have access to drugs that have worked in the past, like hydroxychloroquine or ivermectin which i know has worked for people who have covid. >> that's exactly right. i was talking about this last night at an early christmas dinner. look at the governors who are trying to help, people like governor ron de santis. they're coming in with solutions that we've got a lot of evidence are actually helping people. up here around washington, d.c., people have had to drive hours and hours and hours to get
access to some of these drugs after they've been prescribed by a doctor because some of the corporations refuse to fill it. meanwhile, the things we know have had zero impact, zero measurable impact on any of the disease spreading, whether it's lockdowns, shutting down schools, putting on more masks, restrictions on businesses, that's what people have been doubling down on. a lot of folks say it's not about politics. it seems like this winter of death and suffering is a lot more political than they would like to admit. maria: i mean, it's absolutely outrageous that people have to be sick and suffer through the sickness for two weeks when these drugs have been effective and we know that now for a fact. and then they don't recognize natural immunity. instead we're supposed to be sheep and make sure our data is in some big database so they can surveil everybody. i mean, you know, this surveillance issue and the build back better plan, what are your thoughts on this massive spending agenda, chris?
we know joe manchin is a hero of the world by stopping this crazy spending and he is criticizing the white house for the way they handled the negotiations, trying to bully him, you know, protests outside of his house. do you think this is going to pass in the new year? do you think manchin stays firm or will they change this plan substantially? >> i think it's extremely unlikely it passes in the new year without serious concessions to joe manchin. concessions that he offered and exactly you're right, it's been an interesting reaction from the democratic party to manchin and sinema where sinema is being treated like a school girl who doesn't understand as opposed to a u.s. senator, someone who doesn't get it, needs to be brought in line and i guess what they would call mansplain to. manchin has been harassed, called a republican, because he's trying to push back for an agenda that's more union and working class centric than what
they're pushing right now. i won a steak dinner from a friend saying this won't pass this year. if they do make serious concessions it might. the problem -- next year. the problem for the democrats here, they're not picking their battles wisely. they don't have a strong majority in the senate. they can't push a higher overall of the u.s. welfare system and a relationship between government and the people with one vote. they need more than that. instead of choosing their battles wisely, seems like they're going to double down on trying to cancel christmas. maria: i'm with you. i said it as well. i had no thinking that this would pass at all this year. why is that? because i actually listened to joe manchin. i heard what he was saying and a i listened to him and i saw the gimmicks that were in the plan and i said oh, he's not going to go for this. had this is all gimmicks. so i too agreed with you and said that this is not going to pass this year but they, you know, made all of this smoke and mirrors. remember when nancy pelosi took
president biden to the capitol, walked it through all of this big show to make believe something was happening when i knew and you knew and many others knew that it was absolutely not happening because joe manchin was calling them out for what it was, a bunch of lies. >> you're exactly right. it seems like you should have definitely made some bets with your friends on that. the democrats, why weren't they focused on a more positive agenda, why weren't they faux photographed on trying to -- focused on trying to help people instead of waving banners. it seems like a massive miscalculation to me. maria: you make a really good point. if the majority of people are telling you that you're not doing a good job and they don't agree with your agenda, guess what? you pull it back. you don't jam it down people's throats and say we're going to vote on it in 2022. but that's not what we're seeing. christopher bedford, good to see you. thank you so much.
quick break and then democracy under attack in hong kong, general jack keane is here, weighing in after that sham election was held this weekend. wait until you hear this. ♪ ♪ ♪ (man) still asleep. (woman vo) so, where to next? (vo) reflect on the past, celebrate the future. season's greetings from audi. today, business is a balancing act.
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so i only pay for what i need. how about a throwback? ♪ liberty, liberty, liberty, liberty ♪ only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ maria: welcome back. good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is tuesday, december 21st. a look at markets this half hour, where we've got a pretty good rally underway. futures indicating a rebound at the start of 2r5euding, dow industrials up 329, 1%. s&p 500 higher by 1% with a 45 point move and the nasdaq higher by 180 points right now, that's better than 1%. money moving into stocks as we approach year-end, this as all three major indices finished in the red yesterday. the rise in the omicron fears weighing on investors yesterday at the close the dow was down 433, the nasdaq was down 188, and the s&p was lower by 52 at 4:00 on wall street. european markets this morning are higher, take a look at the eurozone. the ft 100 right now in london
is higher by 70, the cac is up 62, and the dax index is higher by 177. that's better than 1% in germany. in asia overnight, markets there also mostly higher, we've got moves, fractional, although japan is up better than 2% overnight. best performer in the overnight session. back in the us, cook county state's attorney, kim fox, under the microscope this morning after a new report reveals her office misled the public in the jussie smollett case. lauren simonetti with the details right now. lauren, good morning. >> good morning, maria. newly released documents showed kim fox engaged in a major failure of operations in the handling of the case as a special prosecutor examined why fox initially dismissed charges against smollett. they found they engaged in finger pointing, misleading statements and this is a quote, substantial abuses of discretion. no evidence was found to support criminal charges against her. smollett was convicted earlier this month on five of six disorderly conduct charges for staging a hate crime against
himself. and this, biojen slashing the price of its new al-zarqawi drus drug in half. it was approved by the fda in june, the first new treatment for as a percent disease in nearly two decades but it has sold poorly because of concerns about its safety, its effectiveness and also its $56,000 price tag. next month's price cut will reduce that. the average annual cost for treatment to $28,000 per patient. procter & gamble is recalling more than 20 aerosol spray hair care products, warning they could contain a cancer causing agent. it includes dry shampoo an conditioners including products sold under the herbal he essences, old spice and pan teen brands. customers are unlikely to be exposed to high enough levels to cause concern but they're asking out of an abundance of caution. a the first family is welcoming a new dog named commander into
the white house. the german shepherd is a gift to the president from his brother, james. the bidens which is also add a -- will also add a cat to their pet family in january. what about their rescue dog, major? he will live in a quieter environment with family friends after a discussion. he caused a minor injury to a u.s. secret service employee. he had issued adjusting to life in the white house. commander is beautiful. maria: he looks beautiful. i'm happy to see we've got a new dog and cat in the white house coming. lauren, thank you so much. now to hong kong, the citizens of hong kong silently protesting the first elections in the city, following sweeping election reforms, this is the first election where candidates were required to pledge to beijing, they had to receive approval from the communist party to appear on the ballot. disqualifying all pro-democracy
candidates. fox news senior strategic analyst general jack keane joins me now to discuss. general, no pro-democracy candidates were allowed in this supposedly democratic election. why even bother? >> yeah. well, it's a sham election. they go through this largely for the international audience, for people to believe that the chinese communist party is really holding open and free elections and certainly that's not the case. we had about a 30% turnout here. and clearly the hong kong people who normally participate quite heavily in elections in the past and take a real interest in politics and what the major issues are just did not show up. the last election where pro-democracy candidates were involved in 2019, the voter participation rate was 71%. you can see what happened. this is a conscious thought on the part of the people not to
participate because they know full well, they don't have a democracy anymore and as you just indicated in the introduction, there were no pro-democracy candidates in the election. everybody had to be vetted by the chinese communist party. i mean, it is what it is. there is no democracy in hong kong anymore. we know that for a fact and the people know it and their expression of voter turnout certainly provides the testimony to that. maria: general, i wonder if anything's going to happen to those people who were, you know, quietly protesting. we know what happened to your good friend, jimmy lai, a friend of this program, who joined me many times. now he's sitting in a hong kong jail because he protested. and then there's a new investigation from reuters, and it shows that taiwan is facing an onslaught of chinese spies in the military. they're trying to deal -- steal defense strategies and strategic information from taiwan with some infiltrating the military even taiwan ease president
security detail. what do you make of these developments of spies in taiwan now, general? >> sure. well, the first question i think anybody that protests in hong kong in the future is going to be arrested and subject to the national security law and certainly testimony to that is what's happened to jimmy lai and others. he just received another 13-month sentence on top of the fact he's been in jail for a year and he's facing a trumped up espionage charge. what's going on in taiwan. this is the chinese communist party infiltrating every aspect of taiwan, their political class, their high tech business opportunities that are there, their research and development and certainly their military and what they have done here, reuters has uncovered the prosecution that the taiwan government has taken against members of the military who became chinese spies. they did the same thing with the mill that -- military that
they've done with our research scientists in the united states and that is bribe them with money initially and blackmail them after that to get information and eventually the a number of these people were caught. there's a full court press inside of taiwan, just to generally undermine their civil society, undermine every aspect of the functions of that democracy and certainly what they want to do is weaken the people's resolve in supporting that democracy and all of that is backfired, maria. the truth is, the people in taiwan look at themselves as taiwanese and those numbers keep growing year after year, somewhere in the neighborhood of about 80% think of themselves as taiwanese as opposed to chais niece. they recognize they have a chinese heritage but they think of themselves in terms of a country as being taiwanese and that is certainly a good thing. maria: but general, it's so concerning what you're saying. i mean, look, we had a string of spy arrests in the united states under the trump administration.
people from harvard biology department to the embassy in houston to academia. spies taking information that the ccp wanted back to the ccp. i wrote about it in my book, people were arrested at the airport who worked at motorola with computer files in their pockets. you know, what is going on? we haven't seen any arrests of spies in the u.s. under joe biden. why not? and then the fentanyl issue really bothers me. look, general, we've got enough fentanyl to kill 200 million americans, that was just seized a week ago and this is made in china. what is -- is the ccp trying to kill us off? >> well, the chinese penetration of the united states is the most comprehensive penetration of a foreign power of an existing power known in history. i mean, it is absolutely incredible what they have done, all the resources that they have
applied to this. i mean, every aspect of our society, particularly those that leads to any technology development, they're penetrating and also undermining our society at large in terms of the strength and values of its democracy. it's a huge comprehensive effort. it doesn't involve a couple hundred people. it involves thousands of people that are involved in the penetration in a day in, day out basis. intelligence agencies are very much aware of it. and to counter this is the largest effort that the fbi has ever undertaken in his its history, going back to the days of the soviet union. this is a formidable penetration, this is a formidable enemy that we're dealing with and we've got to make certain the resources are there. i can't account for lack of arrests. i wasn't aware that there hasn't been any arrests recently in of itself but i do know our agencies are on this thing. it's job one in terms of counter intelligence, penetration of the
united states democracy and the resources, technology that we have in this country. maria: well, i mean, you never hear joe biden talk about it in that regard, right? he calls china a competitor. he doesn't talk about them as an ad veer sharely. he -- add ser sharely. he doesn't -- adversary. he doesn't talk about the program underway from the ccp. it's very concerning. you educated us so much over the years on this issue. we thank you and merry christmas to you. >> yeah, merry christmas to you too, maria, and your team, thank you. maria: thank you so much, general jack keane there. navigating this volatile market, what you need to know amid the major moves. we were down yesterday. we're up this morning. we've got the word on wall street coming up. and then the ceo of fat brands is here, andy widerhorn will join me to talk about closing two more deals this week. and from our family to yours, merry christmas from the "mornings with maria" crew.
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maria: welcome back. two more brands joining the fat brands family this week, fizoli's and native grill and wings, completing a busy year for the fast casual franchise company. it's been on an acquisition spree, overseeing 2300 franchise and corporate owned stores across the globe. joining me now is the ceo of fat brands and president, andy wiederhorn. it's great to have you. thank you very much for being here. congrats on a big year. >> thank you, maria. happy holidays, thanks for having me. maria: and what has all of these acquisitions done? tell me about the growth that you are expecting at fat brands in the coming year or two. >> you know, we've grown in the last two years by 600%. we bought johnnie rockets in the middle of the pandemic. there was a vaccine and thats was a big acquisition, that sort
of 2kub8d the size of the -- doubled the size of the company 18 months ago. during covid there were tremendous opportunities to add to our portfolio of brands and different categories, as you mentioned. now we're in qsr, fast casual, casual dining and polished casual dining which is sports of bars and just been explosive growth for us had this past year. maria: that is fantastic a recent fox business poll shows that more than eight in 10 voters say they're extremely or very concerned about inflation, andy. tell me about fat brands and how much you've had to raise prices because the price of producer goods has been on the rise. >> we've seep it across the -- seen it across the board. prices are up somewhere 4% to 6% in many of the brands of our 17 different restaurant brands, 2,300 restaurants an that's really just so the operators can maintain their margin and squeak out a profit. it's definitely not trueness tori. dance dan transitory.
-- transitory. maria: once you put a price increase in place, it's hard -- it doesn't make a lot of sense as an owner to pull it back, right? what are you expecting from 2022? prices stay where they are or go even higher from here? >> well, you're right, i've never seen a restaurant operator roll it back. that's not going to happen. if they get a chance to have a slightly lower commodity cost or other costs, then they're going to build back their margin. i don't see significant price increases further down the road in 2022, 2023 is uncertain. there are supply chain issues still out there. it's not so much about getting product available anymore. it's just about the delay to get product. it's also about the delay for equipment. we'll open probably close to 100 restaurants in 2021 and 150 in 2022. but there's a big delay in things like refrigerators, freezers, equipment like that. that could push an operator back four to six months of getting
open. so we're seeing that problem. on the labor front, we're seeing some continued tightness of finding the employees to staff restaurants at whatever the wage it. it doesn't matter. it's just hard to find them. particularly for new franchises, our system of 2,300 restaurants, there's only 100 corporate stores, the rest are franchises. if they're opening a second or third restaurant, you can borrow from staff. if you're opening your first restaurant, you try to find a manager for that restaurant and it's really tough. you might hope to interview 10 people. you can only find three. you're lucky if someone is qualified. maria: that's really fascinating what's going on in terms of the labor shortage, 4 and-a-half million people dropped out of the labor market in september alone. i'm with ryan payne this morning. >> where did had they go? it doesn't make sense. maria: where did they go? exactly. are thus just working from -- are they just working from home? they decided on a new gig? >> times there's other jobs --
sometimes there's other jobs available so you can say i don't want to work in a restaurant, i want to work in an office or outside somewhere. those are options. it's not even a function of the wage right now. whether you pay above minimum wage or not, it's very hard to find workers in the category be in some markets. not everywhere. not everywhere. we've had ample labor supply in texas and florida, california's really tough. some of the eastern states are really tough to find labor. maria: ryan, real quick, ryan, what did you want to say? ryan: i'm just curious about covid restrictions for your employees. obviously, every state has different regulations. is it hard to attract workers based on what covid test they have to take, they have to be vaccinated, i imagine that's really difficult right now to deal with. >> you bet. we have 250 of corporate employees, all of whom are -- almost all of whom are vaccinated, in the office or in the field unless there's some exception. but the restaurant workers, just in our 100 company-owned stores,
4,750 restaurant employees, let alone our over system, the employees in our restaurants, to have a vaccine mandate, you can't get people to come to work. it's not possible at all. it's a real struggle. it's not an option of mandating or not. you won't even be open. maria: andy, it's great to have you. we'll be watching. congrats again and have a merry chriss mass and a happy holiday. thank you, sir. andy wiederhorn joining us. stay with u we've got the hot topic buzz on the other side of this break. we've been waiting all year to come together. it worked! happy holidays from lexus. get 1.9% apr financing on the 2022 es 350. ♪♪
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maria: welcome back. time for the hot topic buzz. the pandemic created a perfect storm for swearing. data show pandemic stress blurred boundaries, more casual lifestyles could be causing people to curse more. according to story fold mentions of inappropriate language rose 41% on facebook and 27% on twitter from 2019 to 2021. and who knows what people say in their own homes, dagen. dagen: i don't buy this study at all. i think cursing is an art form. i think people take great pride in it. and one of the reasons that folks might be cursing more on facebook and twitter is because they've increasingly, these social media platforms, tried to intervene and police your language. if you try to tweet something with a particular expletive in it that isn't that offensive,
twitter's going to ask you, are you sure you want to tweet this? so i think people now are just doing it publicly because they don't like being told what to do by these communists who run these giant social media platforms. maria: you know what? i agree. you're probably right. dagen, stay right there because the second hour of "mornings with maria" begins right now. ♪ maria: good tews -- tuesday morning, everybody. thanks so much for being here on this holiday shortened week. merry christmas, i'm maria bartiromo. it tuesday, december 21st, your top stories right now, you 7:00 a.m. on the east coast. the year coming to a close with upset, the majority of voters giving 2021 a failing grade amid rising crime, skyrocketing inflation and the ongoing deadly pandemic. we have the numbers coming up. markets this morning are rallying meanwhile. we've got a pretty good solid
move underway, triple digit gains for the dow industrials, the dow up 313 points, 1%. the s&p 500 up 44, and the nasdaq higher by 175, better than 1%. this one day after stocks fell sharply yesterday, weighed down by concerns and fears over the omicron variant and its impact. the dow is down 433 at the close, nasdaq down 189, 1 and a quarter percent on both, the s&p 500 was down 52, better than 1% lower there as well. european markets this morning are higher. take a look. we've got a rally underway in europe as well. ft 100 up 66, the cac up 60, and the dax index up 170 right now, better than 1%. in asia overnight, green across the board with japan being the best performer, the knee -- nikkei upbetter than 2% on t. "mornings with maria" is live right now. now some of the top stories that we're watching this morning. president biden will address the nation today as the cases of the omicron variant rise across the country.
biden's plan includes support for hospitals, plans to purchase 500 million rapid tests to distribute for americans for free, expanded vaccination capacity as well. don't expect him to answer any questions from the press, though. >> might we hear directly from the president about what happened? >> i think you will hear from him on how we're going to get the agenda done. >> will he take questions, though? >> he takes questions multiple times a week. so depends on what you ask. maria: multiple times a week, that is absolutely not true. all of this as cdc announces the on of chron variant is -- omicron variant is the most dominant strain in the country, 73% of the new cases. houston reporting a man with an underlying health condition may be the first in the united states to die from omicron complications. now this at the border, yuma border patrol agents arresting a potential terrorist trying to enter the country through the wide open southern of border, the 21-year-old migrant is from
saudi arabia, reportedly hasslings to several subjects of interest. a patch on his jacket reads central oneida county ambulance corps. the organization is denying knowing this migrant and are investigating how he got an older model jacket. the biden administration walking back a vow to not build another foot of president trump's border wall. alejandro mayorkas announces projects from del-rio to san diego will go forward, including filling gaps left in the border wall instruction, gates and access roads will also be repaired and built out. this of course just a few days after governor greg abbott started construction on the state level, state sponsored, finishing the wall that bidens' team would not. time for the word on wall street, top investors watching your money. joining me now is payne capital management president, ryan
payne, dennis gartman and kevin simpson. great to see you. thank you for being here. ryan, kicking things off with you with this rally underway for the dow, up better than 300 after yesterday's selloff of better than 400. all three major indices closed lower with the dow down better than 400 and now we have a bounceback this morning. what do you make of this volatility? >> i think first off, obviously we've had this omicron variant that's been skittish for the markets. we've seen central banks around the world basically changing their tune about how they're going to handle monetary policy with interest rates going up, bank of england raised their interest rates. i can see where things are jittery. what's really remarkable is how negative and pessimistic investors are across the board. as we know historically, bull markets don't deion pessimism. -- die on pessimism. if you look at money managers
right now, they have the most amount of cash since may of 2020. that was right after we had the huge crash from the pandemic and the market went on to go up 60% from there and if you look at retail investors right now, they're extremely pessimistic. so with so much money sitting in cash with money managers, money managers tend to underperform over time. they're usually wrong, usually have money out at the wrong times. my fear is, markets are up today, continue to go higher from here, all these managers are sitting with all this cash. they'll be forced back into this market which could push markets a lot higher. i talked about this in my podcast, payne points of wealth, maybe one of the fastest growing pod casts in america. maria: so you want to then buy any dip it sounds like to me. even with the federal reserve about to raise rates three times in 2022 and three more times in 2023, let me get kevin to take on that because the central bank is making a hawkish policy
pivot, kevin. what are your thoughts on what you're hear aing from ryan? do you think it's happening because of the omicron issues? what's your outlook on the fed? >> i think the fed gave us exactly what we wanted. they said everything that they told us they would say. and initially markets responded favorably to that, maria. we had a little bit of a rally on the news. look at this recent pullback as kind of a one-two punch. you had the fed tightening on one hand, the omicron on the other and we had a selloff. we're experiencing a little bit of a bounce today but for the most part the selloffs never feel good when they happen and if we think about tightening, we've got to look back in history. dennis has a little bit longer track record than me but i got into the business, maria, in 1992. i thought i was the smartest guy on the street and i was until 1995 when the fed tight penned. -- tightened. we had a pullback. we had a correction. the correction was minor, didn't derail the bull market but it
taught me a lot about valuations, what i didn't know. the fed tightened again in 2000, 2007 and 2018 and every one of these instances the quality trade worked. so what we're seeing is a little bit of a shift from the free money, easy trade, speculative to a little more old fashioned, fundamentals, valuations, profitability. i think that's a good thing and there's lots of money to be made moving forward. you just have to be a bit more selective. maria: nothing like a little smackdown to give you some humility, huh, in this market. we see that over and over again. thank you for that story. dennis, what about you? what is your reaction to what you are hearing and how would you allocate capital today? >> well, i'm a little older, been at this since 1972. i've seen the bear market of '72 to '74, saw the bear market in 2000, 2002, i watched the bear market was involved in the bear market in 2007 to 2009 so i
lived through bear markets. i much prefer bull markets, the bull markets the women are prettier, the men are handsome, the music is lovely. you have to be careful. i'm fearful at this point. ryan and i will disagree on this but i'm fearful we're actually starting this, the tip of the bear market. we're not making new highs and the problem that i see is margin usage is at extremely extended levels. the public has been using margin for the past year and-a-half or two. and they've gone to levels that i haven't seen in my lifetime before. it bothers me that the market goes down on bigger volume than when it goes up. that is always an indication of a bear market that is beginning and we're seeing market after market fail to make new highs. the dow made its high back in, what, early november. the s&p made its high a month and-a-half ago, the nasdaq made its high in late november. the dax has failed. the nikkei failed.
i'm a little concerned here. the only thing i own in my own account for my retirement is old guard, high dividend paying, well covered stocks and i cut my position back by about 30%. i have written calls against it, i hope to get called away from me this weekend. i'm a little bearish. i would rather be bullish. i'm concerned that the fed is tightening monetary policy and stock prices will be lower, not higher. be careful out there. as they used to say on hill street blues, be careful out there. maria: sounds like you're going to be selling into any rally that you see. that's what makes a market. it's a great conversation. we appreciate all of you. thank you so much, gentlemen. merry christmas, happy holidays, we'll see you soon, dennis gartman, thank you for that. we'll take a break. >> merry christmas. maria: and to you. crime surging across the country, democrat leaders reversing course, calling for help amid the violence. we'll get into it, coming up. feeling the effects of hid
inenflation, how -- hidden inflation. how it could have you paying more and getting less. and the perfect christmas menu, celebrity chef david burke is here with tips. joining the conversation all morning long, dagen mcdowell and ryan payne. we'll get back to this fantastic panel when we come back. and from our family to yours, merry christmas from the "mornings with maria" team. ♪ at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this.
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merrick garland to send atf agents into the city. this as they see a 25 year high in murders, following budge he et cuts last year -- budget cuts last year. we remember the days when the democrats including lori lightfoot wanted to reimagine the police. how did they think this was going to turn out? dagen: exactly. you're seeing the reversal front and center in san francisco with the mayor there. i want to bring up, though, for biden's justice department that's busy tracking down his daughter's diary or targeting parents at school board meetings, this is actually where the fbi and the justice department could make a difference. because gun crimes are usually gang crimes. and you're talking about the possibility of using rico statutes, racketeer and organized crime statutes to prosecute even murders. and the penalties at the federal
level for murder are quite stiff. and so there is a lot of power that the fed -- of the federal government that the justice department and fbi have to go in there and potentially really make a difference in terms of gun crimes and deaths and why given the tragic situation in not just chicago, but places like philadelphia, why aren't they going to do that? because they don't want to big foot these left wing district attorneys who are doing the bidding of progressives. maria: yeah. ryan, how do you see it? ryan: yeah, i mean, i agree. i think the scary part about it to me is we're not even in a recession, right. you would think when the economy was on poor footing, this is when you would see this kind of crime. but reality of it is, the economy's getting better, there's more jobs available and to see crimes at these levels -- in new york, i was walking on broadway, i saw a guy run out of
a store, a cvs, had stolen lots of different bags in his hands, stuff he stole, and i saw a police officer run after him but this is the norm now, this kind of theft and it's like where do we draw the line here and how do we enforce, put more enforcement in place. you're seeing it in new york. it's not the same place it was pre-pandemic in terms of safety. maria: yeah, it's really worry s&p and it's also -- worrisome and it's one reason you see people leave. people leave because they're afraid of their own security. dagen: new york, i'm speaking from personal experience, new york is a profoundly unsafe place. there was a man in the street overnight out in -- i think it was brooklyn, like beaten severely by a gang with a chair. and so it's that and then the restrictions that they're putting into place, particularly this vaccine mandate that bill de blasio has burdened businesses with in new york, this is only going to continue
to benefit a place like florida. i just hope- maria: that's right. dagen: i hope do not take their left wing policies with them and start voting that way in a state that's about freedom and about you being able to live your own life and not live based on edicts and orders from a politician. maria: and another bad policy is that is to blame is the wide open border which joe biden continues to ignore. here is what we know now. we'll take a break. when we come back, a potential terrorist was caught at the southern border, new york congresswoman claudia tenney is here to respond and react to what we know from these we open borders and then border czar, quote, unquote, kamala harris under fire for not doing anything to address the crisis. one media outlet says she is still the most powerful vice president since richard nixon. wait until you a hear who is
getting worse every day, now a major development. yuma border patrol agents have arrested a potential terrorist trying to cross into the united states' southern border, a patch on his jacket reads central oneida county volunteer ambulance corps. the upstate new york volunteer organization denies knowing the migrant and a is investigating how he got ahold of one of their older model jackets. joining me now is new york congresswoman claudia tenney, she is a member of the foreign affairs and small business committees and her district is near oneida. it's great to see you. that jack he et comes from your home -- jacket comes from your home county in new york. what's your take on this? >> well, they this is astounding, when we're looking at record border crossings, we have heard and it's been reported that there are all kinds of people on the terror watch list coming across and here's one who is imperson ating a volunteer -- impersonating a volunteer ambulance worker who is caught at the border and a
that's how he gets across. this is how simple and easy it is. this shows that this is a huge problem, that it's not just the northern triangle as our vice president tries to claim. there are literally people coming in from all across the country and now we know there are potential terrorists. this suspect actually has yemenee ties according to border patrol and we don't know more about him. we're waiting to get the results. why don't we know more about this guy? we're in harm's way. we've got a guy all the way from new york, almost to the canadian border, coming across the southern border. these people are veterans correspondent. they're getting -- very transient. they're getting around the world very easily. it just shows how dangerous our border is. maria: you knew this. i knew this. i've been to the border three times and i saw all of this from up close and personal with my own eyes, congresswoman. why does this administration ignore this massive security breach and this just wide open vulnerability that they have
enabled? >> it's astounding. 1.8 million crossings. maria: it is. >> over 200% over november. and they're ignoring it. as you know, the vice president only went to the el paso sector which is busy but it's nowhere near where you went in the rio grande sector. this was yuma, arizona where this guy was found, actually. it's a willful lack of interest in dealing with this issue and you look at build back better and they want to make -- give amnesty to about 6 to 7 million people and i don't think they really are concerned about it but yet it is a major crisis for the country at every level. obviously it's a security threat, obviously it's a health threat. these people are coming across the border with diseases. you have human trafficking, you have drug trafficking, fentanyl at the highest rate we've had in years. you also have major costs to the american citizens. when i was in he'll bay pa sew, -- el paso, i went to the airport and these children were
being flown from el paso to all parts of the world. we discovered many of them were going to upstate new york in my district on the other side of the country. and then we had our own defense finance and accounting service offering free paid leave or paid leave to employees, federal employees, to foster these children. so we're putting this huge burden on our taxpayers. we're breaching our sovereignty which is going to end up being a major security crisis and economic crisis and political crisis. i mean, it is really one of the number one things that i hear about from constituents, it's related to inflation. it's going to continue to cause inflation to go up. and we also -- it also affects election integrity if these people are given the right to vote as new york city said people that are green card holders can vote in their election. maria: that's unbelievable. was do the citizens of this country have to say about all of this. you mentioned so many important things. when i went to the border for the last time, this most recent
time, when i went to del-rio, i came back and said this is expanding into arizona. the border agents told me and i reported on the air that day, 5,000 arrests in a week. second time i went to the border, when i went to mcallen i came back with the fentanyl story and i said this is crazy the amount of drugs coming in and yet this administration claims they care about the american people and then how shameful is it that you don't see it at all on the media. we're the only network, fox business and fox news and the wall street journal, we're the only ones reporting this. >> you can't find it anywhere. this is a major story. it's coming out of my region. there's a little reporting locally. you're seeing arizona as you pointed out, the fact you that reported on this, i went to the border back in march. you've been three times. this is unbelievable that they don't want to actually -- this is a huge issue but i mean, somebody's going to have to be hurt or killed or some really horrible catastrophic event is going to happen before they pay attention and i'm worried that
we've got something brewing right now and understand, the border patrol understands as you know, you were there, they know things are wrong. they know things are going on. but there's not much they can do about it. they're overwhelmed and over-stressed. maria: unbelievable. so president biden is still pushing this spending bill, it's on the brink of collapse. senator joe manchin was very clear, i am a no, he said on sunday to bret baier. but by the way, he's been saying this for five months so why anybody is surprised is ridiculous. white house was the -- it was the way they treated him was the final straw for joe manchin, he said. he's blasting the white house staff for retaliating against him. jen psaki comes out with tweets attacking him. congresswoman alexandria ocasio-cortez is making false statements. watch what she said yesterday. listen to this. >> the idea that joe manchin said he can't explain this back home to his people is a farce.
i represent just as many or more people as joe manchin does, perhaps more. maria: no. actually, that's -- that is incorrect, okay. senator manchin represents 1.8 million people in west virginia. ocasio-cortez represents a district in new york, 800,000 people. so right there, shouldn't she have known better about how many people she represents or is she spewing lies. >> they don't worry about whether what they're saying, whether it's accurate or not. they're bullies. this is bullying joe manchin and he is reacting like many people do to bullies, they stand up, do what's right and don't succumb to bullies. and i'm glad to see that senator manchin realizes how devastating it would be for our country. so many aspects is so bad for our country. you've had guests talking about inflation, potential bear market. this bill to me would have been
really the beginning of a disastrous end to our republic and the end of freedom and people who love the opportunity that this country offers, prosperity, free markets, it would have been the end. it would have been such a massive government takeover, bigger than anything that was ever proposed by fdr during the new deal era, this is dangerous and i'm so grateful that senator manchin -- and by the way, they keep saying he's on his own. there were 50 other senators who were with hip and probably all those democratic senators, i guarantee there's some among them that are greatful for -- grateful for senator manchin for making them not walk the plank like the democrats had to do in the house of representatives where one democrat voted against this plan. it will be interesting to see how it plays out in the midterms. maria: you're absolutely right, congresswoman. build back beijing, that's a good way to put it. joe manchin is a hero. he saved us from socialism. we'll see if he can keep that
fight going in 2022. look, congresswoman, i want to thank you so much for joining us this year. merry christmas to you and your family. please thank your son for his incredible service to our country as well. claudia tenney, good to see you. thank you. merry christmas. >> thank you and merry christmas to you and all your viewers. maria: all right. quick break and then paying more for less, the former ceo of home depot bob nardelli is here, he will explain the hidden inflation that exists on top of the inflation that we see. stay with us. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank.
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maria: welcome back. good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is tuesday, december 21st. look at markets this half hour where we've got a bit of celebrating underway this morning. the dow industrials up almost 300 points right now, almost 1%. s&p 500 up 43 and nasdaq up 180, better than 1%. but it's one day after a huge selloff. stocks fell yesterday weighed down by the concerns over the
omicron variant and its impact. the dow was down 433 points at the close, the nasdaq was down 189 and s&p down 52. european markets this morning are higher. take a look. gains across the board in the eurozone. ft 100 right now up 73, the cac up 72, the dax index up 168. in asia overnight, green across the board, japan was the best performer, nikkei average up better than 2% on the session. hang seng also higher by 1%. back in the u.s., the fate of jeffrey epstein's former girlfriend and long-time associate ghislane maxwell in the hands of a jury. >> this morning jurors are set to begin the first full day of celebrations in the sex trafficking trial. during closing arguments the prosecutor argued that max kell recruited and groomed underage girls for the elusive financier jeffrey epstein to sexually abuse and sometimes participated in the a abuse.
the defense attacking the motivations of the women who testified against her. maxwell is facing up to 70 years in prison. nike still feeling the crunch of the supply chain crisis, mandates in china to reduce the spread of covid-19 impacting operations of half the factories that nike uses and a quarter of its retail partners. but demand for nike products remains high and the company says they expect the inventory situation to improve and with that look at the stock, up 3 and-a-half percent right here in the premarket. nordstrom is reportedly tapping consulting group alex as it looks to spinoff the offprice nordstrom rack business, the stock is rising ahead of the open by one and three quarters percent. macy's also hiring alexpartnerse operations after activist shareholder urged the company to separate the digital arm from the brick and mortar stores and
saks fifth avenue, they spun off the e-commerce business from their retail stores earlier this year. christie's announcing it sold $7.1 billion in art so far this year, the highest in five years and it comes as both interest and prices skyrocket. everything from pablo picasso to nfts. back to you. maria: big numbers, lauren. thank you so much. we've got a new fox business poll what that shows 70% of registered voters say that 2021 was a bad year for the country and a bad year for them. 55% said it was a bad year for their family. it comes as inflation hit a 39-year high in november, climbing 6.8% year over year. no signs of cooling down any time soon. everything costs more. we also have massive spikes in crime across the country.
and of course joining us now to talk more about what else has impacted our families is the former ceo of home depot, the former ceo of chrysler, bob nardelli who is in touch with businesses and has his finger on the pulse. bob, it's great to see you this morning. thanks so much for being here. >> good morning, maria. and merry christmas to you and all of your viewers. i couldn't agree with you more about the gift, you mentioned we have a gift today in the market. i think the biggest gift we got was joe manchin killing building back better. that's probably the best christmas gift we could get for our country. your polls reinforce that and i've been in business 50 years and facts are friendly. let's look at the facts about inflation. i probably have been on a dozen board rooms, public and private, and i've never seen business have to deal with so many issues at the same time. one of the biggest of course is inflation.
as we're seeing prices go up on raw material and component parts, we're forced to pass that onto our consumer. point number one. point number two, we're trying to buy additional material sooner so that we have ample supply. now, that's increasing our working capital. we're having to pay more cash upfront and not able to recover it from the end consumer because receivables are going out 90 days and payables are almost in some cases on spot. pay on demand. we're paying more for supplies. we're paying more for transportation. we're trying to pass on surcharges for fuel. so we've never seen a pricing and cost issue pressure our companies more than we are today and i've been at this for 50 of years. and you talk about on your show about immigration, about covid, workers, not having enough workers, having to pay workers, it's just a group of issues
that's really challenging large and small companies, public companies the same way. government companies are getting calls that says you have to mandate 100% vaccination. some of them like boeing just refused to do that the other day when they made that announcement, maria. let me give you one more quick example. social security. we never talk about social security, right? so we all got -- people got a letter that said social security is up 5.8%. we're all happy about that. wrong. if you go down the list, it went from $876 a month to $1,200 a month, a 37% increase in social security fees. so everywhere you look, maria, your polls are proof positive that inflation is a major problem for this country. maria: yeah. you're absolutely right. bob, you made so many important points. we're also talking about hidden inflation, not in our faces. we know when our dinner is
costing more, we know when we're at the pump gets gasoline that it's up 60% year over year. what about the hidden inflation like in insurance. you say there are price increases and rate hikes happening in insurance many you mentioned social security. tell me about what you see in insurance. >> same thing, maria. if you look at california, for example, we saw aig abruptly cancel insurance across the entire state. why is that? well, they had a bad year. had they didn't have the reserves, they didn't have oversight on reserves like the banks have to have today. so they're gouging, they're gouging their customers. i know for a fact in one case, home insurance, $20,000 last year, $63,000 this year. trying to recover for the loss due to fires, floods, et cetera. and we're seeing that across the country. so they're not -- they're supposed to be regulated but if you want to talk about price gouging, look at the insurance
companies and what they're doing today. that's a fact. maria: yeah, but i don't know if it's all price gouging. i mean, how did we get here, bob? the other day jen psaki has the nerve to say the reason that meat prices are up are because of meat conglomerates, all right. i mean, you've got more money thrown at this economy. joe biden passes the $1.9 trillion covid relief package back in march. they were giving $1,400 checks for people. that's why they decided not to go back to work. i mean, aren't we talking about all of this free money, free stimulus from this administration and from the federal reserve being at the heart of this? >> yeah, that has to be the population that doesn't think they're having a bad year, maria. your note about 55% think this was a bad year for their family. the other percentage must be people that are getting those checks. here's another fact. jp morgan just reported that the amount of money in their checking account is starting to go down. so all of this free money caused
a lot of this environment where we talked about the massive resignation issues that took place. we're starting to see money dwindle in those accounts. it will be interesting to see what happens. if you look at next year, i couldn't agree more with your poll. it's going to be bad. if you look at the cpi and the ppi, 9.6%, 6.8% inflation, it's going to be a tough 2022, maria. maria: it sure feels like it, bob. let me squeeze in one more question here from ryan payne. go ahead, ryan. ryan: hey, bob. first off, i won't get social security until i'm 90 with the way things are going. with inflation, some of the inflation has to come down. we need optimism, bob. some of the inflation should be transitory. are you seeing that with the companies you're on the board for, are they starting to see some the supply chains will actually correct next year? >> unfortunately not. i wish it was transitory. you know, yellen came out and
talked about transitory, and powell said let's get that term out of here, right? and so. maria: yeah, exactly. >> look at nike, what happened. look at the new fuel guidelines that were just issued by the epa. they talk about it's going of to save the consumer money. well, how is that? okay. so maybe buy an electric vehicle or if you still drive an internal combustion engine, by increasing the mileage to 40 miles per gallon and price goes to $5 a gallon it more than offsets this fictitious initiative that they're putting out there to force everybody to electric cars. stop grilling. let's raise the price of fuel. let's push electric vehicles with incentives and they're trying to kill the internal combustion engine which is only 5 to 6% of the carbon output. maria: unbelievable. bob, you've laid it out so well. unfortunately, we are not expecting anything to change in 2022 but we are grateful to have
you on board to keep talking about it. bob, sending you and your family best wishes for a merry christmas and i want to thank you so much for all of the work that you've done with this program this year. you are a gem. thank you, bob nardelli. >> thank you, i'm blessed to be part of the program, maria. thank you very much. thank you. merry christmas. maria: we'll see you soon. merry christmas. coming up, preparing for the perfect christmas menu, celebrity chef david burke is here. wait until you hear his tips about getting it right this christmas. tune into fox business prime, american dream home with cheryl casone starts at 8:00 p.m. followed by mansion global with casey mcdonald at 9:00. you're watching "mornings with maria" live on fox business. we'll be right back. retirement income is complicated. as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income.
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maria: welcome back. the holidays have arrived and we are all trying to prepare the perfect christmas menu. joining he me right now live from his kitchen, celebrity chef david burke. merry christmas. it is great to see you. look how beautiful your home looks today. you have new recipes to share with us this holiday season. >> merry christmas. maria: tell us about it. >> yeah, i do. good morning. well, you know, i did some economical things with clams and some seven fish dish.
i made a clam chowder. we're on the jersey shore where the clams are huge, especially by sandy hooks. they're also inexpensive. i made a beautiful manhattan clam chowder which is the red sauce one and i made a version of a new england clam shoulder. i added shrimp and muscles, seven different fish and i did a side of spaghetti with it. you can do the pasta with the seven fish on top. that i made with the cream sauce. you can serve both of them like this, two in the same bowl. the reason that the manhattan made clam chowder is the westchester farmers, the dairy farmers went on strike so they decided to make their own version. that's how we got two different chowders. roast beef perfect for christmas. i made a simple salad, brush he'll spouts, potatoes, sweet potato, vanilla and bourbon bure ray. this is any rib you want.
this is a four bone, it will feed eight people. you wrote the beef like this and let it rest. i had cranberry sauce left from thanksgiving. i added sauce to it and more horse radish. i turned my cranberry sauce into a chutney so we can use it with beef and we have a cake that's baked, chocolate in a can, we added bourbon to that, whipped cream. i was in an 85-year-old bakery, dixie lee, fantastic and we have snowmen cup cakes. these are fun. maria: tell me about that -- yeah. >> go ahead. maria: no, no, you go ahead. what also? >> anyway, the -- so also, so we're also doing -- i mentioned a kentucky beef. we partnered with kentucky
bluegrass, f- wagu beef company for the western relief fund in kentucky on january 13th all the david burke restaurants from saratoga to charlotte, garden city, new york city and jersey are going to be doing a dinner for $150, $50 goes to the kentucky western relief fund and we'll be serving wood ford reserve, partnering with us, red horse wine and the kentucky beef. you can get it on event tickets. it goes for a good cause, they need the help especially during the holidays and we appreciate that we've got cheesecake pops and donuts. one other thing which i think you would like, my tree for santa, we leave out bacon. we don't give him cookies. they're not healthy. he gets bacon. and he gets bourbon. so that's what sees and my tree is hanging from the ceiling because i have young cats so i don't want them destroying it.
so we're ready to have a beautiful holiday here. maria: i could never get away with hanging bacon on my christmas tree with dusty running around, my little maltese baby girl. so that's why you've got it hanging from the ceiling. david, do you have any tips? that fish that you mentioned with the pasta on top, that looks absolutely spectacular. what are the most important secrets we need to know when making that fish and you want to put the pasta on top for christmas eve, the seven fishes. >> yes. this is what i did. i baked the shrimp, i opened the clams and muscles, i steamed them in a pot with some onions and olive oil and a little bit of broth and the fish i steamed also and made it into smaller pieces. the octopus, you can buy cooked octopus or you can steam that as well. keep all the seafood lined up, heat it all together. i have it in one bowl with
vegetables and potatoes. i cooked the pasta on the side. here i made a new england style clam chowder. you can use tomato sauce or like an aribiatta or spicey tomato sauce to go with this type of -- fry diablo if you want to spice it up. i think this is a great idea with a smaller amount of meat, ham, turkey or roast beef. i think this is more fees i've looking. -- festive looking. pasta is more economical and everybody loves it. and this feeds you throughout the week. so does this. clams are underrated. they're easy to open when you steam them. go online if you're not sure about a recipe. and calamari is also enjoyable. it adds to the table st not boring, that's for sure. maria: david, it looks fantastic. thank you so much. a big warmerly christmas to you
and your family. i think that you've shown us some great ideas. we so appreciate you and thanks for all of your support and a for joining us this year on "mornings with maria," david. great to see you. >> i thank you, maria. happy holidays, merry christmas to everybody. thank you. maria: right back as you. david burke joining us. we'll be right back. stay with us.
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i'm maria bartiromo. it is tuesday, december 21 top stories right now, just before 8:00 a.m. on the east coast. e. president biden set to address the nation today, on the administration's next steps against at the omicron surge the president warning of a quote winter of severe illness and death for unvaccinated americans, we will get into it more this hour, as cities issue ensue mandates, this morning. a look at market this morning they are rallying futures rebounding following a sloech yesterday dow jones industrial average up 322 the s&p 500 up 47, nasdaq up 129 one and a quarter % higher oil prices, bouncing back this morning in tandem weapon markets take a look at price of oil 6955 gain of 1 1/3% european markets also on rise, higher across the board, in eurozone ft 100 right now higher by 72, the cac quarante up 73, the dax up
172 asia overnight green across the board japan best nikkei average up 2% on the session. "mornings with maria" is live right now. . . your morning movers right now we'll be right back up, the stock up better than 4% said it was able to meet the volume of covid flu shots as well as testing still rite aid announce dons of closings more began in november, take a look at crypto market bitcoin on the rise, it looks like more investors are buying up, that recent dip that we saw crypto is now above 48,000 dollars this morning, crypto related stocks coinbase, blockchain mining company, all up as cryptocurrency goes up higher as well check out riot blockchain up better than 6% futures on rise money moving
into stocks we are looking ahead to 2022 and what the economic backdrop looks like with dow industrials up 305 s&p up 43 nasdaq up 176 major indices lower yesterday dow down better than 400 points, as investors are on edge over he the number of spiking cases, of the omicron variant ahead of president biden addressing the nation later today with what he is calling new tools,to fight this new variant, joining me right now richard bernstein adviser ceo richard bernstein himself thank you so much for being here. >> hi maria, great to be with kwu. >> also joining the conferring all morning is dagen mcdowell, and ryan payne, so richard good to catch up i want your take on year ahead where are expectations, for the macro story let's start there. >> so maria, i think, our baseline obviously, you know, covid omicron everything is
forcing to talk about baseline projections our baseline projections right now as we go through 2022, into 2023, that we will see, faster nominal growth in the economy than people expect, nominal growth maintaining real growth plus inflation, that could be a lot of real growth a little inflation a lot of inflation little growth but nominal growth the reason that is important is for the last 20 years, united states nominal growth rate has been basically below 5%. so, if we start seeing nominal growth that is greater than 5%, that means he will investment strategies have to change significantly people are very used to slow growth environment, and if that changes portfolios have to change too i think biggest takeaway, from our view, of what 2022 into 20 if is going to look like. >> okay. so where do you see the growth in 2022 in i mean look, louis face it we've got federal
reserve pretty clear going to raise rates three times in 2022. does that become a dampe more expensive for people throughout all inflation we've been faced with important point the liquidity peak in liquidity probably behind us, as we've seen the peak in liquidity we started to see some more speculative areas under more pressure, pursuit? we not only have we seen inflation in the economy, which is kind of like real asset inflation we've seen that, but we've seen financial inflation nobody cares about that our portfolios get bigger there is inflation in real and financial assets as the fed starts constraining that liquidity i would argue already starting to do, the -- you are going to see, financial assets under pressure as well.
now, that may -- the meet get you multitude ask what does that mean for the market being my answer don't think of the market think of market as seesaw, assets flaitdz on one side of seesaw techie innovation, cryptocurrency that i understand could have a thing then the rest of the world on the other side of the see-saw i think excitement 2022 is on the other side of the see saw i think schoofg which sided of the seesaw you are on much more important than market. maria: a great point your take sectors, investors should own in this environment we have issues supply chain crunch ships in pacific with logjam what does that mean for any what sectors do you like? >> right, so maria, just one quick comment on the logjam, i
think, you know, people have kind of used term disruption it is important to supply chaining disruptions have hasted longer than oilemem 73-74 was a supply are disruption lasted five months we know how that began to change inflation expectations it wasn't the beginning of inflation, inflation was starting up but changed psychology similar here we saw inflation starting to ramp-up before pandemic now we have a supply disruptions expectations ranging the nominal growth to keep in being back of your mind more severe than some -- than 73-74, where do you with a look i think a big surprise could be over the next, you know barring recession next year two years three years
five years i think energy sector will surprise people with strength if you believe united states needs to invest in infrastructure, i think we do that is not a political statement just the reality we can't compete in united states infrastructure is old delap i dedicated relose smashth share the industrial sector looks very good, you mentioned japan early, i think japan is a really good smaretive in portfolio low data low volatility market if you think going to run into trouble, around the world, then japan might be a very interesting to have inform poster a spare tire, right poster contract called diversification. >> they tell me managers are investing in india another option for those servers looking for large populations, and maybe do not want to go
into china, because -- >> i think that is right maria i think i think, the demonstrating india japan simply in japan you don't have quite economic sensitivity, so we've got in our poster tons of economic with energy, materials industrials, where looking for something a little more stable, but yeah your point well-taken it is a good place to look. maria: i mean, i mentioned india, richard you know what is really a gets me about energy and some of these companies, the oil companies aren't doing oil exxonmobil stopped short of a major production, that they were supposed to do this is oil company -- what they do so much pushback so much pressure on companies to go green so buying into exxonmobil, is not what it was, 10 years ago, you are buying into a different business aren't you? >> o absolutely, and i think,
you know you said something very important all the pressure so what happened is, that what a bubbles do and i truly believe we are in a bubble on one side of that see-saw, it is inefficient use of capital we over cal parts of economy other starts starved. >> a lot of people talk capital discipline fraedz being used very, very good, and, that is i partly because you talk about partly because burned 15-16 when they overbuilt you what is happening now very conservative companies as oil price goes up not building, an amazing thing to see energy sector from our perspective, this is the chaecht energy sector fwlookz free-cash flow basis the cheapest energy seconder looked in 21 years
last time thinking about performance. >> we will be watching thank you so much richard for joining us this year, happy new year to you happy holidays. >> thank you. >> same to all of you all the best. >> see you next have year, quick break coming up president biden is facing backlash this morning, for his dark message, he is telling us that he is going to have a message of the winter of deaths, amid surge in covid cases kansas senator roger marshall with me to acting biden's "build back better" plan dead smashing will weigh in whether it comes to life in 2022, soaring growth in crypto sector technology giants losing employees to the growing industry we break it down, job turn the amid crypto craze? you are watching "mornings with maria" live on fox business. .
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maria: welcome back prays for kamala harris what she has done, salon writes kamala harris most powerful vice president since richard nixon, yes really? it cites harris a record in less than 11 months sinking approval ratings parallel nixon unpopular polarizing figure vice president under is enhower, but won presidency there is so much to see you let me say the fact they need kamala harris, to be the deciding vote, in the senate, tells you right there, that there is no mandate for their policy dagen okay? not like they have some mandate to change the country fundamentally what they want to do with "build back better." dagen: i -- >> i -- to do it.
dagen: i heard from democrats say on news yesterday this is why people voted for joe biden, "build back better," like, uh -- i love -- [laughter], you know that is revisionist history made me laugh out loud yel at television, one, because she was a republican, two, because when he did run for presidency, against jfk he lost till 68 to get act together a terrible comparison left known for sweating on national tv, and not looking good. maria: about what salon, saying she is most powerful
vice president? >> yeah -- i think they are struggling to write anything about her at this point, because her approval ratings are so low, that you know even with a softball interview from charlamagne, sanders living the office jumping in she is spoon-fed questions. turns into a disaster. >> ryan do you see that interview with charlamagne, comes out says my name is kamala harris and i am the vice president. i don't know where that came from. >> [laughter] >> i just think anything compared to richard nixon considered maybe the worst president of all time? is never a positive. and i just have to say thank goodness for gridlock with joe manchin stepping up not bringing another two trillion surplus that we don't need so i think overall the fact that we do have gridlock into end
of the year here, and you know kamala not able to -- was not able to influence that vote, is a sign good things to come in my opinion. >> i would say five trillion dollars the gimmicks had major federal programs sunsetting after a year we all know wasn't going to happen the cost is actually five trillion as cbo told us, the hill reporting a phone call with anonymous hours account blaming biden white house for crisis in america a democrat says started with afghanistan, no one held accountable for botched withdrawal they tell hill quote the administration does not understand, american people what they want, they don't want drama and rhetoric every high and dry if hours democrats say either won't run next year or keeping a different office, this is a
call to the hill, and we know that it widely expected gop is going to win in midterms. dagen: it is nancy pelosi pull the all the certainly, the political futures of caucus on line making them vote a "build back better" when never clear joe manchin was -- firm all along never clear it was going to pass in the senate but she sacrificed them, for her own gain? because she wanted to have a win for her pocket if she exits the speaker's job likely after the midterms next year, they have to stand up for the party that is not only bad in policy but is bad in messaging, because, again they just lie to american people, they are inflation -- what are democrats to say to
constituents red-hot mad about paying higher prices all on the -- on these spend policies, federal reserve too so are sopping up debt this year. >> what do you think most egregious lie from joe biden i would have to say if border the border is closed, to me that is one of the most egregious lies, the border is -- we know it is not closed we have enough he fentanyl to all all america, gotaways in the country already maybe it is that their "build back better" plan is paid for what do you think? dagen: i think afghanistan lies were, as it was happening, were breathtakingly horrible that it was they -- that people could get out of afghanistan could get to the airport if they wanted to al-qaeda days gone from afghanistan, that our allies were with us, then -- success,
13 dead service members because of mismanagement i think. maria: you are right that is the worst we will break we will be right back, stay with us. . superpowers from a spider bite? i could use some help showing the world how liberty mutual customizes their car insurance. ow! i'm ok! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ only in theaters december 17th. when it comes to autism, ♪ liberty. liberty. liberty. liberty. ♪ finding the right words can be tough. finding understanding doesn't have to be. together, we can create a kinder, more inclusive world for the millions of people on the autism spectrum. go to autismspeaks.org.
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white house, to those who have not been vaccinated. against covid, the president is expected to outline a plan that includes support for hospitals as well as white house purchasing 500 million rapid tests to give out for free don't expect joe biden to take questions white house press secretary jen psaki said could depend what you ask lied begin yesterday saying he takes questions three times a week when i is not the case, joining me, senator good to see you today thanks very much for being here what should white house be doing right now. should be focused on helping people get boosters we know boosters work, and unfortunately, the white house is sending out a mixed message on this. but whether what we know this virus doubles within your community about every two to four days so if you have a community with 50 people, have
advisers today then within 10 days 1,000 people are going to have it please death booster if senior citizen if a person with under-like healthcare conditions, or if you are maybe a little bit overweight as well, let's focus on people that this virus is going to hurt why tell medicine sent a up the virus is going through your community masks aren't going to work we know boors work one last thing 92% americans have some level of immunity. >> i am glad you mentioned this because nobody is talking about treatment, early treatment. let's say you have a scratchy throat you have with a cough, should not there be some medicine available ivermectin, hydroxychloroquine -- drugs that i know someone and others that use them early in
sickness felt better 24, 48 hours later, why can't americans have access to actually get treatment for themselves rather than suffering through two weeks of sickness? >> omar this white house had only one focus the only way to treat this is vaccines, on the other hand why isn't cdc showing good studies on what works what doesn't work now we do have new antiviral doctors that do a rapid screen test a senior citizen underlying healthcare conditions start treatment early rather than waiting till sick in er, early treatment always works better in medicine. >> they are being pretty stark with warnings that unvaccinated will face a dark stark winter of death. vice president kamala harris striking a different tone than president when it comes to unvaccinated americans watch thisch. >> the fault of being.
lauren: unvaccinated. >> i don't think this is a moment to talk about fault, it is no one's fault that this virus hit our shores, or hit the world. maria: your thoughts senator? >> yeah. this is the mixed messaging coming out of white house, this is why america does not trust them. and this is why today we are releasing a bipartisan announcement encouraging people at risk to get boosters shots message needs to be out there once again, the white house, the president's message is talking down to patients that is something we learned in medical school 101 you don't talk down to patients, encourage the at risk people get the boosters early treatments out there 92% americans have some level of immunity, i want is going to be a tough four months two to three weeks for this to go up two or three weeks to go back down end i bet 97% have some
legal of immunity i have faith in doctors in our nurses i have faith in americans that they will do the right thing. maria: senator let me ask you about the president's social spending tax plan on the brink of collapse, joe manchin coming out as a no. instability from white house time straw fo manchin wes virginia senator blasting white house staff trying to retaliate against him bullying him into agreeing to something that was filled with gimmicks do you think this plan passes in 2022? >> i think it is over with joe manchin put a steak in the heart of the vampire, looks like white house trying to drive manchin out of democratic party to become independent republican, joe manchin listened to people of west virginia showed real courage, and he listened to those folks in west virginia
who don't want more inflations who don't want big government socialism, joe mapgs doing best to represent people of west virginia, how did white house respond by attacking him personal more fumbling by white house this holiday season joe manchin, thanks for standing up. maria: unbelievable, senator good to see you this morning thanks very much senator roger marshall a break and break in party lines senate minority leader mitch mcconnell ready to welcome joe manchin into gop what you need to know, soaring growth in the crypto sector technology giants losing employees to the growing industry we will look, merry christmas from a team . ♪♪ ♪♪ ♪
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maria: welcome back. good tuesday morning. thanks so much for joining us. i'm maria bartiromo. it is tuesday, december 21 markets this half an hour ahead have had opening bell we have a rip-roaring rally underway dow industrials up 288 points just as high of highs above 300 a few mints ago s&p up you 41 nasdaq, up better than 1% 175 points higher on nasdaq, european markets also, on upswing eurozone higher across the board ft 100 higher by 73, cac quarante up 76 dax up 179, in asia overnight green across
the board, japan best performer nikkei average up better than 2%, back in the u.s., two more democrats announcing they will not seek reelection, lauren simonetti with details right now. lauren: the announcement seen as major blow to the democratic party california congresswoman saying yesterday after 30 years in house of representatives, she will not seek reelection next year to spend time with family florida democratic stephanie murphy among moderate wing announcement in video posted to twitter, if house democrats have announced they will not seek reflex, leaves republicans well-positioned to win back majority, electric truck making sure agreeing to pay sec 125 million dollars to settle charges that defrauded investors says former ceo, and media appearances falsely gave
investors impression they had certain products technologically milestones separate from criminal probe by the department of justice. a federal grand jury do it him in july 2021 change in way people interact with technology words to describe it, so, some top words of the year according to fox business include metaverse, decentralization, web three the internet next stage if you need a definition, dow or decentralized autonomous organization internet community owned by members run on blockchain, nft non fungible token many more we've truly got to learn. overwhelming at times. maria: certainly all words, all right. thank you so much, lauren simonetti, as senate majority
leader chuck schumer slamming fellow democrat manchin after he said a definitive no on social spending taxplan schumer right writing to colleagues the senate will consider the "build back better" act very early in the new year so that every member of this body has the opportunity, to their let positions be known on senate floor not just on television. joining me right now former vice president, chief of staff coalition to american works executive director mark, what do you make of dirty laundrie shown to people. >> good morning, maria. i think that chuck schumer is bluffing on that part the reality is that there are a lot of democrats who never actually said how are they were going to vote on this bill if they know it is not going to pass you can be sure ?or from arizona, new
hampshire last thing called out for massive increases i think blunder chest pound ofing we will see on call o to senate democrats what airs keep in mind the way treating manchin from beginning remember very beginning of the year they had very first stimulus package what did he do do? said kamala harris local tv in west virginia to try to pressure joe manchin when they lost west virginia 30% of 9 -- 69% last presidential election last thing should be saying influencing voters from west virginia to pressure joe manchin. they've been doing this all year long. >> i think you make a great point my stours are have told me not just joe manchin, kyrsten sinema there are about 5 democrats did not want to sign on to this new bill, and also, you know, look what they had to do just to get new jersey, and new york, and
california onboard they had to -- raise salt deduction telling us not going to give tax breaks thought rich they are giving tax breaks to the rich with salt deduction. >> maria one of the worst, was increase salt deduction you say it means more to states pulling in high taxation at cost of the states well run if picking winners and losers tax position your last segment highlighted you have if house democrats retiring about moderate democrats, josh, are walked plank voted for bill never getting a vote in senate nancy pelosi did same 10 years ago pushed, voted for cap and trade it never got a vote in the senate lost 63 seats in 2010, seems like gone back to same playbook pushing members over a ledge, to vote for really unpopular massive tax
increase huge spending when reality not even getting a vote in the senate that is a weapon against those members come next november. >> great point, she is completely, ignored her constituents, look at san francisco right now, marc, san francisco it is a different city murders record high, needles drugs all over the place, this is nancy pelosi's district she has nerve the other day to say well there is lawlessness doesn't know where it comes from, maybe you do. she said to the reporter. >> tragic what is happening in san francisco why you see so many businesses, residents leaving the city but, also, i think endemic of the democrats push continued campaign against policing in america too, defund the departments across the country i think you are going to see again that is going to be a huge issue coming next november, when you
see republicans have a significant victory among house and governor's races. >> senator manchin criticizing white house the way they handled the "build back better" negotiations, according to the "the wall street journal," one of the last straws for manchin, was the biden administration, singling him out says white house, against him marc we saw pictures people in both owed of his houseboat, trying to bully him, other democrats on television interviews trying to attack him, your thoughts on these tactics seem to work many times but did not work against the west virginia senator. >> you know i think it is a gross misunderstanding of dynamics in west virginia, joe manchin the reality is that joe manchin has supported tax increases but opposed to massive new spending when you have record inflation highest in 40 years, and you have also
have -- reality trying to shut down jobs with workers in west virginia clean energy program not just limited to senator manchin keep in mind the prove left chased senator sinema to the bathroom locked her in more radically push far left democrats have not -- when you they attacking viciously, numbers rise in west virginia they don't want to tolerate that they respect his independence. maria: marc what do you think is most egregious lie from this white house i've got a running list i said the wide-open border, because there are so many implications to it joe biden said the border days closed that was a lie, senator mayorkas that was
a lie wide-open two million fraerjsr praerns year to to date fentanyl to kill americans one colleague sent better one most agrees lie border agents whipping people, they serve our country, dagen thinks the afghanistan withdrawal of because, of course, we lost 13 courageous proud sermen what do you think most egregious lie is i think a lot of failures i think the polling, collapsed after debacle said no one under 400,000 would see a increase massive inflation did increase taxes the salt ducks 80 some% millionaires in new york would have received a tax deduction i agree the biggest one border true national security threat facing, the
reality is this administration has done nothing to help secure border can when they inherited not of secure border we had in decades. >> i add that to list that is a good one no one make 4g00,000 dollars or less pay higher taxes merry christmas thank you for joining us. >> merry christmas to you maria. >> joining us quick break a big call from jack dorsey says bitcoin will replace the dollar, tune into fox business prime "american dream home" with cheryl casone 8:00 p.m. eastern followed by "mansion global" at 9:00 you are watching "mornings with maria" on fox business. we'll be right back. . . .
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maria: welcome back. twitter cofounder block ceo dorsey making claims about bitcoin predicting cryptocurrency will one day replace the dollar. joining me right now bitcoin educator host of the coin story podcast natalie thanks so much for being here your reaction, to bitcoin replacing the dollar. >> good morning, maria.
thank you so much for having me i agree with jack on this least for now bitcoin universally acknowledged digital property i think should be thought of as asset opposed to currency u.s. dollar is good medium of exchange for spending, and i think getting a digital for stable coins to help benefit dollar benefit u.s. businesses so bitcoin isn't a threat to replace dollar same way gold doesn't replace or threaten dollar real estate doesn't threaten tloor i view as superchargeer plug dollars into they are losing purchasing power in inflationary environment you are filling them back up with monetary energy for the long run. maria: i am not pooh-poohing crypto i know digital seats are pofr i think where things are going especially with blockchain technology much
more powerful pan crypto remember people backing crypto they are very woke socialists aren't they. >> yeah, you know i think there is so much happening within the silicon valley space i agree with dorsey cynicism skepticism of base at large it has never been years to raise money to me similar to do the dom bubble 90s anything that had dot com at the end of it was bid up, crashing down some projects show promise only type will tell i think solutions looking for problems, people looking for easy money whereas bitcoin is truly decentralized protocol no backing it trying to fix the problem with central banks, what the government is essentially doing with money instead of tapering, projects big ico or v.c. payout. maria: look there is no doubt this is going to be a growth industry a shifting silicon
valley as well executives quitting to procure cryptocurrency considering it once in lifetime opportunity. >> not everything is about currency the blockchain is infrastructure, which is enabling so much in terms of digital assets not all talking about currency here. >> exactly i i don't think bitcoin should be considered a currency so much as empowering technology allowing people to accumulate wealth in a truly democratic way people's money no one backs no it one owns it no ceo no government, that is a decentralized digital ledger has a purpose we can store value into the future, as opposed so to oem other protocols i think solutions looking for problems, are natural decentralized, i asked
president biden his thoughts. >> -- what do you think about crypto you know new york, miami, and getting cryptocurrency into their financial system. >> i never loved it i like to have dollar i think currency should be dollar mefr a fan but bigger and bigger nobody doing anything about it it is -- has no -- look i want the currency called the dollar. i don't want to have all these others that could be an explosion some day likes of which never seen big big explosion look like baby stuff. i think it is a very dangerous thing. . >> a very dangerous thing, now you agree that you do not think crypto if i couldsing to take over the dollar but cryptocurrency, blockchain, details soared reported 1 1% this year alone has this crypto breakoutier do you think? >> i think so, i think we have inflation, very highly
speculative environment because of inflation, helping drive crypto to become a larger part of the investment landscape driven a lot by young people right there that lowest out of tradition system because future was mortgaged, we have so much debt right now washington is essentially raising debt debt playing visa with master card to keep ship way float young people opting out every way crypto feels most capitalistic successful i want to caution people a lot of projects they aren't currencies they are tangentially associated with bitcoin they will make founders, as opposed to hardemon solution if savings technology for working person like bitcoin but sometimes you just sit back you say, bitcoin, buy bitcoin telling people you know do something simpler, exercise a lot of people don't want to do that i agree with president doctor trump i want dollar i just want bitcoin to be the value. >> i got you let me bring ryan payne in you like bitcoin.
>> i am cringing hard here. because. maria: why? >> not a value give volatility last couple weeks, went from, 69,000 all the way down to whatever it was other day around 45, i think 42000. and, you know to me the you are going to invest should be productive bitcoin is digital numbers on a screen, i am suspect here i do agree with president trump i think could be biggest bubble we've seen bigger in tech bubble when that burst at the end of the day if we don't use for commercial use it is not a currency, and if i am putting money in somethingi wantity productive if i buy stocks, real assets physical assets that produce actual, goods in society to create revenue that those costs paid out to you and me i don't know -- hard-pressed to go with you on this one. maria: . >> i completely disagree if
you look dollar is stable zoom out right the dollar is depressuring in terms of purchasing power if you zoom in bitcoin volatile short term because in infancy stages of monetization but long run, appreciating the best performer asset last decade i completely agree a store val if you have issue with metful or digital nature must have about problem with internet snail mail opposed to redeems it is mistrusting computer science we are with many saekz in our lives. >> she has i on that one ryan, [laughter]. maria: great to have you here natalie thanks very much merry christmas happy holidays we will keep watching it all thank you so much natalie brunell, ryan you have an answer for natalie? >> [laughter]. >> all right, quick break then one woman was in for a wild surprise on trip to the zoo making a big buzz this morning we will tell you about it.
maria: welcome back. hats up to this elephant. and elephant takes off a woman's had with his trunk when she was posing for a photo. he did return it. have a great day. "varney and company" begins right now. stuart: good morning, everyone. this is the day after the build back better debacle, the day after another big market selloff and hours before the president's address to the nation on omicron. hardly a slow news day four days before christmas. we start with