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tv   Mornings With Maria Bartiromo  FOX Business  December 29, 2021 6:00am-9:00am EST

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mountains of the pacific northwest or a modern masterpiece overlooking the rocky mountains. because an america, dreams and dream homes still come true. (ambient music) cheryl: good morning, i'm cheryl casone, i'm in for maria bartiromo. it is wednesday december 29th, top stories at 6:00 a.m. eastern time. president biden taking time out of his delaware beach trip to let americans know there is in fact, a plan to fight the omicron surge. this coming one day after speaking with america's governors saying there's no federal solution to officially ending the pandemic. what this means amid rising cases, we are going to that story for you all morning long today. taking a look at marks, we do have futures in the green.
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another strong start to the day after mixed day on wall street. dow finishing up for the fifth day in a row while the s&p fell in the red after touching all-time highs, european markets were mixed as well, taking a look there as you can see with the european markets and for asia overnight, you had red across the board, all markets finishing fractionally lower, mornings with maria is live right now. ♪ ♪ ♪ cheryl: here is your morning mover, ceo elon musk exercise more option in share sale and was the final batch of option that is were set to expire next
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year this likely signals the end of his sales which by the way trigger a big selloff in tesla stock. that happened last month. tesla is certainly the stock to watch, one of them in particular, futures are trading higher this morning following a mixed day on what we saw yesterday, the dow finished in the green, that was the fifth straight day for gains for the dow jones industrial, the s&p 500 hit new all time high but the s&p closed lower for the day. we are talking about the santa claus rally, maine capital david kudlow and investment chief investment officer nancy tengler. a lot to go through with all of you. david, i do want to start with you. many exists and traders the big worry with omicron certainly that was it was going to slow down the economy, many were
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reversing the stance because of the guidance from the cdc that we got and omicron seems to be as best we can tell a milder case of covid. your thoughts? >> well, yeah, good morning, cheryl. initial worry here in late november, early december about the new variant as it's developed and we found that it might be more contagious but the impacts or the severity relative to hospitalizations or deaths seem to be a lot less, the cdc guidance on reducing the quarantine period from ten days to 5, that's been well received by the markets because that means less disruption. any type of labor shortages that we've had that lead to supply chain issues should be lessen. there's a little bit of relief, that's the reason for the rally in stocks the last 6 or 7 days, very strong rally actually in year end, the santa claus rally
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little bit early but function of better news on the covid front. cheryl: yeah, you know, we always -- i want to bring nancy tengler because we always talk about the santa claus rally and does seem to be happening this year, it's only wednesday. is that what you're feeling especially on the economic side, is omicron not going to be the economic hit that traders initially thought it was going to be? >> good morning, cheryl, yeah, i think we were early on saying, look, we have treatments, it's a milder version of the previous virus the delta and the original and so we were in buying, i don't know in the near term how much longer this is going to last but i do think there's more of a risk to sort of an economic surprise from a growth standpoint than there is on the -- the other way and so though we expect growth to slow next year and i'd be interested to
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hear what david think abouts about that, we are expecting sup size surprise to companies initially thought. >> also the fact that there are predictses that growth is going to slow. i will take 2 or 3% in the first quarter but what do you see? >> next year we are looking at, you know, looking for 4% plus gdp growth in terms of company earnings. those are expected to come at 8 to 9% and we always -- we always beat on earnings, we always bet 1 and a half percent. let's say we get 9 and 10 earnings growth, even if we have multiple contraction, stocks can
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do well. i think what changes from this year to next year is a level of volatility. that path even if we have a high single digit year for the returns on s&p 500, we had the fed has been a -- tailwind to our back with the amount of monetary stimulus that we have had and asset purchases, that is is being wound down really quick by march. we are talking about rate hikes. that becomes a headwind next year and without the fed there that we've depended on so often to soften or dampen the things that come along, they are fighting inflation and being urged to fight inflation faster. we are not going to have the fed as much, the fed put or that fed behind the markets like we've had over the past 21 months over several years, so that's really the -- that's really the key we
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think for next year. >> i do want to ask you real quick, we saw at least for prices for homes a little bit of a slowdown for october which obviously what that means for november or december but investors are going to be looking for november pending home sales due out later this morning after the number yesterday, where are you investing in particular in real estate or a way to play the real estate sector? >> yeah, we like real estate. diverse in the portfolio and hedge against inflation and etf we like, inds, focuses on the industrial sector and index developed by kevin kelly. it's done very well, we think it continues to do well and even though we are expecting a more docile number today, less than 1% estimated on housing, we've seen very high numbers here for
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the past few months. so we still have a strong housing sector. we still have a strong real estate sector and we are staying with it in 2022. cheryl: that's good to hear. i do like to hear, david, i do appreciate you being on with us this morning and nancy as well. nancy, final word as far as sectors go, we will have time to talk about in 3 hours, sectors, nancy? >> technology but in specific areas, cybersecurity, cloud infrastructure, semiconductors. cheryl: nice, nice. semiconductors, that's a good one. we will talk about that more david, david kudla, thank you, sir. we are just getting started this morning for you. america's crime problem, 16 cities are seeing record high homicide numbers, what you need to do to keep you and your family safe. we will talk about that next. plus the crypto craze hitting
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your wallet as bitcoin falls nearly 6%, that was yesterday, we are going to break it down later on in the hour. and prices at pump showing no sign of slowing down. you don't want to miss a moment of it, you're watching mornings with maria live on fox business. ♪ ♪ ♪
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cheryl: some of the top stories we are watching for you this morning. former senate majority leader harry reid has died. he had been battling pancreatic cancer for four years, reid
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served in the senate from 1977 to 2017 as senate's top democrat he was known for blocking george w. bush from privatizing social security and helping enacting affordable healthcare act. he last spoke to maria on this program last year while cancer was in remission. >> the senate demands on getting along and i think that we need to make sure that people understand that the senate is broken but can be fixed. we have constitutional government elected by law and everything is going to be fine. cheryl: senator harry reid was 82 year's old, he's survived by wife landra and 5 children. and legendary nfl coach and broadcaster john madden has died. one of the most iconic and recognizable names in football history. he was a winning head coach of the oakland raiders leading the team for ten seasons winning
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seven afc title games in 1977. he went onto cultivate a love of football for generations of fans, madden was 85 year's old. no cause of death has been given. airlines are still canceling flights as industry is struggling with staff shortages, at least 730 flights into and out of the u.s. already taken off the burden this morning. this even as the cdc new guidance shortens the quarantine times for anyone testing positive for covid. well, america's crime crisis continues to surge, at least 16 cities setting new homicide records this year, that includes nearly every region of the united states from portland to atlanta. meanwhile washington state lawmakers introducing a bill that would takeaway the mandatory life sentence to come with drive-by homicides in the name of racial quality.
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now the department of justice is getting $1.06 for cities to help reduce violent crime. nancy tengler, what i find interesting about the movement in washington state is that in seattle which by the way only 10% of the people in seattle voted for donald trump in last year's election, they just were voted in a republican district attorney in seattle because of crime, now lawmakers in washington state want to pull this with homicides and drive-byes, your thoughts? >> cheryl, i read that. i'm stunned. i think it is the most racist statement to say that we are going to reduce the punishment for drive-byes to promote racial equity, so what does that imply? it's astonishing to me the level of stupidity that -- that some of the lawmakers demonstrate, you know, that smash and grab that was shown at nordstrom is in the town i raised my kids,
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nothing happens in walnut creek except for the walnut festival in september. it was astonishing to me that the court nation and that was not the first time that there had been looting in walnut creek in the last year. it's time for people to wake up. in arizona, our state attorney general said don't come here and we will punish looters. cheryl: i just came back from arizona. it's interesting and besides that cool doze of air there's definitely, you feel safer in the city like phoenix, arizona or scottsdale where you are right now but if you go to chicago or new york or san francisco, los angeles, you know, i mean, the cities have been utterly destroyed and at least here in new york we are getting mayor eric adams on saturday. he can't arrive soon enough but at the same time we have a da that's incoming who is a george soros-backed candidate and that's what we have seen in
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several cities, george soros backing the candidates who believe basically that, you know, criminals have more rights than law abiding citizens. >> yeah. i'm a native san franciscan so it really breaks my heart to see what's happened to that city, maybe washington electing the republican -- was it attorney general or district attorney i think you said, maybe that's a precursor of what we can expect going forward finally voters will wake up and putting at risk the most vulnerable in our cities, the people that have to get out to go to work and get groceries and don't have protection like lori lightfoot does, for example. cheryl: exactly. they don't have security details like the elected officials have, it's insane. real quick before i let you go, on the economic side of all of this, i fair that we are going to see more closures on the
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retail side like we are seeing in san francisco with walgreens and cvs closures. if the quality of life goes down, obviously more people leave and taxes go down and it's a spiral that can't be stopped. you're seeing mass migration out of california and into arizona, for example, i mean, the housing market here is hot, hot, hot, i just sold a big home to californians that thought it was a bargain and that will continue but people will eventually really rely on government to keep them safe and if they're not getting that and if they're paying exorbitant amount of money like in california, cheryl, they eventually begin to see that there are other options for them and that's exactly what happened to us. we just did it ten years ago. cheryl: so much to talk about. we are having nicole later on in the show.
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nancy, of course, stay with me, i've got you for the whole show. coming up president biden now says that he does have a federal plan to combat the covid pandemic but missing major component, we are on that story next. plus how high can gas prices go, the sticker shock that may hit the pumps this summer, don't miss it on mornings with maria. . ♪ liberty. liberty. liberty. liberty. ♪
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good morning, and how damaging has this been to president biden this flip-flop because he was heavily criticized on monday when he basically kicked it down to the states to deal with covid when he had the meeting with the governors? >> well, good morning, cheryl, thanks for having me. i think this is incredibly damaging for the president who has past the buck and past the blame on everything from coronavirus to crime to afghanistan to every one of the failures it seems, the buck stops with the president's twitter account but he campaigned on there being a federal solution to coronavirus now chief of staff ron klein said multiple times and claimed multiple times that he had a federal solution putting out a multipoint plan for a federal solution so it's incredibly damaging i think to the president politically, i think it's probably legally damaging to the president because he has osha vaccine mandate and all of a sudden he says there's no
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federal solution to the coronavirus, well, why is he attempting to implement a federal vaccine mandate through osha, so we have seen the ron klein's twitter account has been used against the president's agent in courts that ruled that tweets are -- it's incredibly moment damaging for presidency and now he's obviously trying to walk it back a little bit, we will see how successfully and also could potentially damage his attempt to implement this emergency osha mandate that's such an emergency that it hasn't been implemented even though he first announced it several weeks ago. we are seeing someone in the administration trying to walk back the latest biden gaffe. cheryl: the osha mandate i think will end up in the courts? >> it's being litigated right now, look, if i'm trying to argue against the osha &ate
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hardly a better case to use against it than the president's own words that there's no federal solution to it. i think the case against the emergency mandate grows stronger by the day thanks to the president himself. we will see what ultimately ends up happening with that implementation. he's trying to do clean-up now and the federal plan isn't actually addressing the biggest problem that americans are having with the coronavirus right now which is that they're waiting in line for multiple hours on end to get covid test that don't even get results in time to fly for christmas. we saw hundreds of flights canceled and delayed across the country and, yes, so the plan that they are now rushing out to clean up his gaffe doesn't actually address what americans need which is rapid access to testing facilities and then they announced that the quarantine is shrinking from ten days to five days, they did it right after
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christmas so americans that were abiding by the ten-day isolation period are out of luck but fortunately it's being implemented just in time for the nfl playoffs, so i think every attempt that they've made to try and, you know, mitigate the disastrous admission that he made that undercut his entire reason for being elected which was to shut down the coronavirus and not the economy, of course, we now know he has done the complete opposite, coronavirus rampaging throughout the country right now fortunately very few deaths but the economy is going to come to a stand still in the winter. >> it's interesting that president biden when he was candidate biden repeatedly called out president trump for testing and how president trump handled covid. president trump gave us vaccines and all that they have done is double down on vaccinations and the panel of experts in october asked them to make tests
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available for the holidays and they didn't want to do it and i think that's been a bad moment for the president as well. real quick, i want to ask you about vice president kamala harris, she's reportedly turning to wall street and silicon valley for policy advice, microsoft president, citigroup frazier among those that she's reached out to, this is her approval rating sits at 44%, 1% higher than president biden. disapproval 54%, excuse me, matthew, your reaction to that? >> well, vice president harris outreach to silicon valley is as response to the border. we are in serious trouble for that but, yeah, of course, i think this is an attempt to distract from the myriad of failures that vice president harris has, i think at this
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point with her office clearing out the staff, everyone is leaving much sooner than would happen in a vice president's office, she's looking for someone to talk to and she's more than happy to be piling up with wealthy executives. cheryl: well, one of her former staffers when she was in california called her a bully, that's pretty damaging. matthew, thank you for being here, great perspective from you. >> thanks, cheryl, have a great day and happy new year. cheryl: happy new year. all right, well, this isn't going to be so happy in the new year, poll, i hate to bring bad news to you, there's going to be more pain at the pump. eye-popping new estimate on how much you can be paying next year. that is next, stay with us. ♪ ♪ ♪
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cheryl: welcome back i'm cheryl casone and i'm in for maria bartiromo. it is wednesday december 29th, a look at market this is half hour. futures hovering near the flat line. nasdaq top performer, nasdaq higher by more than 30 points right now and we have the dow, we were up 20 earlier, now up 14, s&p fractionally higher as well. you had a mixed day on wall street yesterday, you had the dow finishing up for the fifth day in a row, you had the s&p 500 just fall into the red but had entered all-time high, still the rally seemed to be strong and that is the santa claus rally that we talk a lot about here. european markets are mixed. ftse 100 is in the green after being closed for christmas in boxing day and taking a look at asia overnight, you had red across the board. you had reversal in asia.
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all markets there there did finish fractionally lower. some of the headlines we are watching for you, hong kong prodemocracy media outlet news was shut down after police raided its office raising new concerns about press freedom there. six current and former editors and four members were arrested in the crack-down and its assets were frozen, outlet was overly critical voices remaining in hong kong after jimmy lai newspaper was shuttered earlier this year and he was jailed. former bear stern ceo has died, rise to its near collapse in 2008 during the financial crisis, he was wall street's longest serving ceo until bear stearns toppled in load and deal
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backed by the u.s. government all, of course, during the financial crisis, was 87 year's old. the omicron variant threatening to up end the ghislaine maxwell trial. jurors stay each day, the jury has deliberated the case for 5 days, they've had some questions for the judge by the way, operations will continue today. the jackpot rising to $441 million for tonight's drawing, third largest jackpot of the year and it's been 35 straight drawings since the lottery had jackpot winner. cash prize options worth
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$217 million. right now the national average for a gallon of regular gas is 3.28, joining me now university of miami herbert business john, john, good morning. >> good morning, cheryl. cheryl: not going well with drivers and consumers across the country and definitely not with businesses that are already paying huge costs when it comes to energy and trucking. >> yes, it's for 3.79 peak in may of 2022, that's around 15% higher than the current prize at the pump. the worst case scenario gas buddy expects the prices to -- the main problem that we are seeing here, if you recall in
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2020 gas price and energy prices crashed and as a result producers, whether they'd be opec members or u.s. producers were put in a very tough buying in 2020 and they are determined to gather the profits that they feel very foregone as a result of covid. what we are seeing descriptions on production that are preventing the gas prices going back down faster just by the president, of course, having released billions of barrels from the strategic reserve. cheryl: yeah, well, you know, economists speaking of global growth and u.s. growth in particular because that's part of the demand story for energy, overall the growth expectations for early 2022 due to obviously covid cases worldwide driven by the omicron variant, these projections obviously, that slowdown, john, i want to get your reaction to that because that's got a lot of eyebrows
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raised in particular because if the global story of omicron continues to gain steam and cases continue to worsen around the world, that's energy demand destruction but also economic destruction, if you will. >> correct. it's a little bit of a setback with the omicron but i think that we have seen this scenario before and it will play out, of course, in a reduction in demand for consumer services especially those that are consumed away from home, airline, travel, restaurant utilization, broadway shows and so forth but i think that there is less volatility implied in the omicron variant simply because it's not as lethal especially to those who have been vaccinated and we have seen the scenario play out
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before, so i'm expecting that it'll be a little bit of a hiccup here but i think the markets in general are taking the omicron in their stride and we could be lacking at a -- looking at 4% growth in gdp. cheryl: i want to bring in nancy tengler because it's one thing for the vaccinated and you do have higher vaccination rates in the first world countries around the world but in other countries in particular on manufacturing basis and i'm thinking of a lot of asian countries, their vaccination rates are still low? >> certainly. sorry, john. cheryl: nancy, go ahead. >> yeah, and i think in addition to that what we have seen is central emerging market central banks have been aggressive in raising rates, before the bank of england increase of surprise
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increase of 25 basis points we saw emerging markets increase rates to tune of 72 times and so that is driving a slowdown. in brazil they raised 150 basis points, brazil sort of teetered up, toppled over into recession and i just wonder and i would love john's input on this, i wonder how our fed would raise rates aggressively if we see global slowdown am cran driven and also central bank tightening driven and how likely are we to raise rates in that scenario? >> so i think that in addition to the early end to the asset purchase program which will come in march as opposed to june, we have seen to sense that most of the voting members, the officials of the fed are making one at least rate increase into their thinking in 2022 but
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having -- being a little bit late to acknowledge inflation as being more than transitory, the danger is that the fed might overreact and aggressively raise rates when that could, in fact, given what nancy said compound a global slowdown problem. the u.s. -- cheryl: john, real quick, do you think that 3 interest rates hikes is aggressive from the fed? >> i think 3 is possible but i would suggest that that might be a bit of an outlier at this point. i would certainly not want to estimate that that would be likely but it is possible if inflation continues and baited and there is strong growth in the global economy as well. cheryl: i think that your bets are correct there.
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john quelch, thank you very much. appreciate it. >> thank you. cheryl: we have a lot more coming up. bitcoin prices slumping again today after plunging 6% in yesterday's session, what is moving the market, that's coming up next. plus paris hilton is betting big on metaverse, her plans making a buzz this morning. you're watching mornings with maria live on fox business. ♪ ♪ ♪
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cheryl: bitcoin bracing for its worst month since may despite reaching record highs in 2021. the downturn coming as bitcoin trading has declined 16% in the last month with many blaming omicron variant and traveling disruptions around the globe. bitcoin chairman brock pierce joins us to discuss.), what is going on with the contract? a lot of pressure yesterday and we are seeing again this morning. >> well, i mean, again, everyone
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loves to speculate and they like to claim they have answers to things. the reality is we know this is a volatile market, there are many events, no one thing singularly generally responsible and i can tell you price is up or down with complete accuracy, more sellers than buyers and that's the thing that no one has any control over. it's someone that has worked full-time in the space for a very long time. i can't even keep up with all of the activity happening all over the world and that is, you know, being full-time. cheryl: well, i'll, with crypto in particular, bitcoin, there's so many coins now and i think that the average investor would say, well, maybe it's bitcoin, maybe it's coin and buyers are going to other digital currency because they think bitcoin is too expensive? >> well, that definitely is part
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of it. if there was bitcoin only all of the aggregate market cap would probably be in bitcoin and the market cap would be higher because of the returns that have been produced, all of the alternatives dilutes the value proposition attention, attention gets diverted all over the place and, yes, it has been impact but in the end it's probably a good thing for the market in the sense that we are continuing to it -- iterate and we can create programmable programs and we are continuing to innovate like the internet of 1999, many of these projects will not survive over the long haul but you will have your amazon, googles, et cetera. cheryl: sure. okay, well, that's a good comparison to the dot com bubble
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that bursted. let me ask you about regulation because that's a headwind. you have senator elizabeth warren bashing the crypto industry. while it claims to be a path to financial inclusion, bitcoin ownership is more concentrated than with the standard dollar, your thoughts on warren's criticism? >> well, i mean, in terms of financial inclusion, i think there's more researching that she and her team need to do. i think to jump to conclusions before your thoroughly analyze something is proposition and i encourage her to continue to be informed. i'm glad she's taking the time to learn. i'm glad she's taking the time to form an opinion but make sure you have the right information before doing that. we are seeing impact for financial inclusion perspective. we clearly are seeing in places like el salvador and around the world. there's a lot of concentration
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of wealth in the early bitcoin holders, people such as myself and it is one of my concerns, you know, if we are going to create a better world and world that can ultimately work for everyone, we want one that is broadly distributed and it's not out yet. cheryl: yeah, i want to bring in nancy tengler into this, nancy, obviously financial advisers and market watchers participants, there's definitely a mixed bag of opinion when it comes to bitcoin investing and digital currency in general. >> yeah, well, i think brock raises a lot of the right points and we know that the currency has been legitimized by many corporate balance sheets investments and i do think it's here to stay. i don't know it's going to solve racial inequality but i'm curious as to brock's opinion, if you look at price movement.
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we started the year at 29,000. we know this is a volatile asset class but that's a pretty good move for anything and i'm wondering what your long-term expectations are if you have any on where you think the currency might end up next year. >> well, that really depends, i think, more on external tractors than it does the bitcoin market itself. what are we going to see in terms of actual inflation, these are the sorts of things. remember this is an at earnive asset and it's really one that isn't hedge per se like gold or real estate may be because it has more risk and greater volatility but also much more interesting profile and so depending upon financial uncertainty in the broader global financial system, that will be the primary driver but i would not be surprised if we saw
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bitcoin price next year over a hundred thousand dollars and it's conceivable that it can rake $200,000 for a moment and fall back again. cheryl: that's a big jump, brock, my eyes and wow. okay, well, we will see. that's a big predicts, brock pierce, tell you what, you're out in the industry and i have friends, we have mutual friends. brock pierce, thank you very much. good to see you this morning. >> thank you. cheryl: well, coming up, santa claus rally hitting the pause button. we are looking at what's driving the market action, the word on wall street is coming up at the top of the hour. plus apple is paying up to keep employees, the price is going to shock you. that's making a buzz this morning. ♪ ♪
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cheryl: and it's time for the hot topic buzz. we've got a couple good ones today for you. first, let's start with paris hilton. paris hilton is betting big on the meta verse. the celebrity dj going to play an electronic set for those who
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stop by her virtual island. visitors can purchase virtual clothing and jet ski rides as they tour the star's daily life in beverly hills and apple is issuing $180,000 bonuses for top talent hoping to deter defections to top rivals. we have to bring in steve moore, along with nancy tengler. i'm going to give you the paris hilton sorry. get this, what i learned this morning, she makes $1 million to dj, for one set. >> is this a great country or what? it's the tribute to capitalism that someone with make that much money. i wonder if paris hilton will ever go away. she's a great self-promoter, but boy, that's a lot of money. cheryl: what do you make about the meta verse move she's doing, though?
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she's doubling down you through roblox. it's a way for a celebrity to make money. is this something the average person could ever you attempt or try -- could ever attempt or try to monetize on. it's all very new, i understand. >> i'm sure the average person is going to try to. [laughter] >> if you can make that much money, i mean, i think that's something that americans are going to try to see how can i become a millionaire. cheryl: yeah, exactly. real quick, nancy tengler, apple, 180 grand. what do you say? nancy: i say i'm filling out my application for engineering school. i mean, that a -- listen, i'm glad they're doing it. i like the way they're doing it. they're using stock incentives and so that will have less pressure on wages. it's one of the things steve and i worry about. i think it's great. i mean, we should be paying up for talent and i think they got ahead of this p one and there's a serious rivalry between facebook executives and apple
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after the privacy, so i think this is going to be fun to watch. cheryl: yeah. that's fascinating had they have to pay that much to keep people from going over to meta, facebook meta. i'm still struggling with that change. nancy and a steve stay right there. the next hour of "mornings with maria" starts right now. ♪ cheryl: good morning, i'm cheryl casone, i'm in for maria bartiromo. it is wednesday, it is december 29th. your top stories at 7:00 a.m. eastern time. president biden taking time out of his delaware beach trip to let americans know there is in fact a federal plan to fight the omicron surge. this coming just one day after speaking with america's governors, saying there's no federal solution to officially ending the pandemic. what this means amid a rise in cases, all morning long. taking a look at your markets right now, we do have futures
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pointing to another green start to the trading session with the dow higher as you can see, the s&p as well. nasdaq the strongest performer, gaining more than 35 points at this point. the dow finished up for the fifth day in a row yesterday. the s&p 500 fell into the red but the intraday all-time high was -- was brand-new for the s&p 500. the nasdaq closed lower. european markets this morning, you've got a little bit of a mixed story this wednesday. we've been watching the ftse 100 which was closed over boxing day. ftse today is higher, fragsaly, the cac and dax are in the red. in asia overnight you you had red across the board, all markets finishing fractional hey lower. "mornings with maria" is live right now. airlines are still canceling flights as the industry struggles with staff shortages and severe weather issues.
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at least 730 flights into or out of the united states are taken off the board this morning. this, even as the cdc's new guidance shortens the quarantine times for anybody that tests positive for the virus. well, former senate majority leader harry reid has died. he had been battling pancreatic cancer for four years. reid served in the senate from 1987 to 2017. as the senate's top democrat he was known for blocking president george w. bush from privatizing social security and a helping enact the affordable care act. he last spoke to maria on this program last year while his cancer was in remission. >> getting along with each other, i think that we need to make sure that people understand the senate is broken but can be fixed. we live in a constitutional government directed by law and
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everything is going to be fine. cheryl: senator harry reid was 82 years old and is survived by his wife landra and five children. and legendary nfl coach and broadcaster john madden has died. madden is one of the most iconic and recognizable names in football history. he was a winning head coach of the oakland raiders, leading the team for 10 seasons, winning seven afc title games and a super bowl in 1977. he went on to cultivate a love of football for generations of fans. madden was 85 years old. no cause of death has been given. well, it is time for the word on wall street this morning, top investors watching your money. joining me now, the fitz-gerald group principal, keith fitzgerald, i-cap chief investment officer, and nancy tengler. we've had a lot of good
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discussions this morning about the markets and futures. fewer futures are trading higher following yesterday. we can say the dow finished with the fifth straight day of gains. the s&p 500 hit a new all time high, intraday. it did close lower. investors are hoping for the santa claus rally. it seems investors are moving past the initial fears of the spread of the omicron variant. nancy: i think that's right, cheryl. one of the things we don't pay much attention to, we had a lot of rebalancing from institutional investors that have to go back to their asset allocation and equities that dramatically outperform. some of the estimates were between a trillion and 1.4 trillion moving out of equities into bonds in that mechanical process. but i think as investors begin to look forward, what we know is we probably saw peak gdp growth and peak earnings growth in q2. we probably saw peak monetary easing in q3 and we may have
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seen peak inflation in q4. investors will turn back to earnings and economic growth which is slowing but will still be robust. so i think one of the things we need to remember is that a more bearish or hawkish fed if you will, it's not necessarily going to kill the party. even if we get the three rate hikes that the market is expecting, we still have negative real rates or after inflation yields. so investors are still going to need to be focused on equities with 3.8 trillion in cash and corporate balance sheets, share buybacks at historical highs at $850 billion last quarter. we expect to see companies to put -- continue to be put a floor under the market via share buybacks. so we're focused on energy and materials near term, as our overweights and technology as another overweight long-term with a focuses personally on cloud, cyber and the omni present semiconductor and
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semicap equipment. cheryl: energy prices actually -- energy stocks were actually one of the better performing groups yesterday for the markets. and a speaking of energy, let's talk gas prices, jay. according to gas buddy, gas prices are on track to hit a national average of $4 a gallon by memorial day. drivers have had a little bit of a break over the last few weeks, jay, but your take on this gas buddy report. it's got a lot of heads turning this morning and not in a good way. >> well, that's consistent with our forecast. we're forecasting oil prices go to 80 to 100 next year which would translate into gasoline prices hitting almost $4 and the real critical dynamic there that a lot of investors in the u.s. haven't focused on is the failed energy transition in europe. they failed to procure enough natural gas, so natural gas in europe is trading nine times or
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900% higher than in the u.s. at the oil equivalent of $200 a barrel, which if that would happen in the u.s., the political backlash would be enormous. we think there will be some in europe. that's a critical tail wind for all energy because there's substitution effect where people are trying to substitute oil, coal or any other energy source to try to bring down those prices. because keep in mind, that drives up electricity price as well. and it also by the way makes the u.s. economy very competitive. so we're relatively bullish about both the economy for the u.s., but unfortunately for consumers we don't disagree with gasoline prices going to 4. cheryl: well, you know, gasoline is a real inflation. i know that the reports are split up and you strip out food prices, energy prices, when we get those government reports but this is the real story is food and it is energy, keith. and i think that's -- jay,
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excuse me. i think that's the real concern here, is that businesses aren't getting a break and that is going to be the economic slowdown. we're already seeing it. we've been seeing it for two months now. >> well, no doubt. there is a risk, the fed is going to tighten and keep in mind that the fed has tightened and caused really all of the post of world war ii recessions, all 11 of them but there is a distinction between this year, 2022 and 2018, for instance, in that we don't expect the fed to do quantitative tightening so they'll stop quantitative easing but keep in mind in 2018 they were shrinking the balance sheet and that's really a disaster for investors because equity risk premiums, not just interest rates but the total return required by investors increases and that's why you've seen some backup in tech stocks and riskier stocks because of rising equity risk premiums but we don't think the disaster scenario is going to happen
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where the fed tightens or reduces the balance sheet, does quantitative tightening. so we're relatively constructive about next year, despite the fact the fed is going to be he reducing liquidity. cheryl: for the markets, the fed has been very transparent, the most i've seen in 20 years of covering the fed. keith, i want to bring you in here. president biden is reportedly eyeing sarah bloom raskin for a top role at the federal reserve. the administration is considering raskin, a former fed governor, former treasury department official to be vice chair woman of supervision. this is the top overseer of the u.s. banking industry. so keith, what do you make of the regulatory backdrop? i know you like jp morgan as a stock but first talk about this potential pick for the federal reserve and what that means for the banks. >> well, call me crazy, cheryl. why don't they take somebody that's got actual banking experience who is going to be in charge of regulating banks? this is something that drives me
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bananas inside the beltway, like asking a heart surgeon to regulate high tech or high tech executive to regulate kitchen cuisine. this is not appropriate for the financial system as it exists today. that said, i think the market's going to deal with it, i think the market's going to move forward. it's a progressive choice, it's clearly in my mind politicized. cheryl: yeah. good analogy, by the way. that was funny, keith. really quick, keith, i've got to ask you before you go, we do have bank earnings coming up, believe it or not. we're three weeks away. what are you forecasting? >> well, i actually think the numbers are going to be really good. i think that we're going to see is all of the consumer spend, the visa, the transaction data, all of that's going to play into the banks. i think they're a logical choice as we come into a higher rate environment because their margins expand, typically profits go with it. jay and nancy are totally onto this. it's fundamental supply and demand, great companies at an interesting time in history are
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going to continue to charge forward. if the banks have good numbers, that sets the stage for what i think could be a strong entry into 2022. cheryl: well, that would be good to see, definitely. i'm not going to disagree with you there. keith fitzgerald, jay hatfielding thank you to. nancy tengler, you'll be with us for the rest of the show. there's a lot more ahead coming up this morning. questions over new covid guidelines, we're looking at the confusion surrounding these rules. plus, getting financially fit for the new year, tips for what you can do. we're going have that coming up later on in the hour and joining the conversation all morning long, steve moore and nancy tengler. you're watching "mornings with maria." we're live on fox business. ♪
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cheryl: universal basic income becoming mainstream, bloomberg finding at least 20 guaranteed income pilot programs have launched in the u.s. since 2018. over 5400 families receiving between 300 and $1,000 a month of with cities like compton, newark, san francisco and hudson trying it out. if all of the programs complete their planned experiments, at least $35 million will reportedly be given out as democrats are pushing for the closest thing to basic income on a federal level, steve, that's the child tax credit. could this be the success of the biden administration, if they don't get build back better, what will that do to the economy? steve: is that for me, cheryl? cheryl: yeah, steve, yeah, sorry, yeah. a bit of a delay.
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sorry. steve: there's a lot of celebration in the market that build back better is dead right now. as it should be. this is a horrific bill. but you know, i don't want that celebration to be premature. there's a lot of talk about the two joes getting -- joe biden, joe manchin and maybe cutting a deal for a slimmed down version of this bill and there's a lot of talk by the way, cheryl, that they may cancel out and suspend and reverse the trump tax cuts which as you know i had a hand in putting together. that would be extremely negative for the markets. it would be very bad for small businesses. it would give the united states the highest tax rates in the world. and in terms of all of these government entitlement programs and the guaranteed income programs, you know, not only has there been massive fraud in these programs, i mean tens and tens of billions of dollars that nobody does anything about, but there's a bigger problem. i count about 20 to 25 new
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welfare programs in the build back better bill. cheryl, you know how many of those programs have work requirements? zero. zero. so it's going to -- if you pass these increased benefit programs, you're going to exacerbate the worker shortage problem that i think has been really a crippling element of the economy over the last few months. cheryl: well, and that -- nancy, that's why i brought up how disturbing this is, the $35 million in all of these pilot programs and we showed the cities. that's why this is so disturbing because that is in build back better. but you can see the democrats if they don't have success with that program still pushing it on another level, even an executive order. and you would in the end have basic income and to steve's point with no work requirements. nancy: right. as dr. laffer would tell you, you get the behavior you incent.
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we saw it in two states i live in. you can see people back to work, there was -- it robust economy, you could feel it. in nevada, they kept it and there were help wanted signs in every store in incline village where i live including the post office. so you get the behavior you insent. this will be a failed experiment in my view, though, may not go away and that's the concern, cheryl. cheryl: yeah. no, you're right, i agree. we've got a lot more coming up. biden's back in force on controlling covid. he now says he has a federal plan one day after saying there is no federal solution. we're going to talk more about that coming up next. plus, 2022 red waves could be stronger as democrats are at at risk of losing a key voting
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cheryl: the cdc changing course on its quarantine guidelines, going from 10 days to five. this move is causing confusion as we face a lack of tests amid a rise in cases. joining he me now is rutgers
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medical school ceo dr. elnahal. first, let's start with the confusion over the cdc guidelines and your reaction to them cutting down the quarantine protocol as we're learning, i'm going to throw out a number here in new york had that i could not believe yesterday, we have a case rate of 20% right now in new york, 20% positive. we've never seen that before here. >> yeah, thank you so much for having me. so we're seeing similar positivity rates here in northern new jersey and huge increase in cases. regarding the cdc guidelines, i actually think they're a good thing. they're meant to have less disruption in people's lives, the fact that the isolation period's been reduced from 10 of days to five will make it easier to return to work, to have school canceled, day-care canceled for a much lower period of time and allow folks to get back to normal. this is for folks who get
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covid-19 but it does make life harder for folks who are exposed. knowing that the evidence is that omicron evades immunity for folks who are not only fully vaccinated but out six months and gotten their booster. it takes the latest information into consideration. with on of chron, you're most -- omicron. this is trying to make things easier, knowing it's in line with the evidence. cheryl: obviously, the concern is businesses and just frankly society in general going into some kind of shutdown. seems that the moves that we talked about so far is that will not happen. i want to ask you about the new study out of south africa which shows that the omicron variant appears to protect against the delta variant and could actually displace it, doctor. what do you think? >> that's really encouraging news because there were some epidemiologists that were
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concerned that even if we do have an omicron wave, delta could resurs pass a few months -- resurface you few months down the road once we're immune to many chron if the immunity didn't protect against delta. the immunity testing, the fact that it seems to be protective is really great news. this really could spell the end of the pandemic and a moving into endemic phase if we have this rapid of a spread of omicron, what it does, it confers natural immunity to the population in a very fast way while at the same time it. if it'sless severe you won't ovm hospital systems. we've seen an increase in hospitalizations but nowhere near proportional to the explosion of cases we're seeing and we hope that does hold. cheryl: it's the hospital numbers that seems to be what health officials and doctors like yourself are watching. that's the real kind of indication of what omicron means
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for the country, correct? >> absolutely. at this point, looking at hospitalizations and deaths becomes much more important than cases. when you have a variant that is hands down less severe than delta and the original variant of covid-19, that is spreading this rapidly, cases become less informative than how much the healthcare system is being strained and so if we have a situation where hospitalizations might rise, but nowhere near to the degree that cases are, then looking at policy, looking at cdc protocols going forward, i think the right metric to look at is hospitalizations, much more than cases because the relationship between cases and severe disease is much more separated than it used to be. cheryl: that's good news. real quick, hospitals are seeing a rise in children admitted for covid-19. a lot of parents are worried about this. what can you tell us? >> we've seen few more cases in
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house of kids with covid-19 both in our emergency room and who have to be hospitalized. that is a significant increase than what we've seen before. and we're starting to see that with national trends as well as you allude to. but so far, thankfully, we're not seeing severe disease to the point where kids' lives are threatened in our hospital which is good news, hopefully we won't have to see that. of course, the risk of something called multisystem inflammatory syndrome similar to kawasaki's disease exists. if it doesn't cause a huge increase in hospitalizations and severe disease we should be okay and hopefully the trends we're seeing so far do hold into the future. cheryl: i hope so. i know we're all praying that this is not as severe as the first wave of covid in march 2020 that the country went through. doctor, thank you very much. please come back. >> my pleasure.
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cheryl: well, coming up, hispanic voters are flocking to the gop. what that could mean for 2022. fox and friends weekend host rachel campos duffy is going to weigh in. plus, doordash has a policy to get the executives involved with deliveries, but not every executive is happy about it. we're going to explain in the hot topic buzz. that's ahead. ♪ ♪♪ ♪♪ ♪♪ ♪♪
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cheryl: welcome back. i'm cheryl casone. i'm in for maria bartiromo. it's wednesday, it's diecious 29th -- it's december 29th. a look at markets this half hour. futures hovering near the flat line. the nasdaq in the premarket is the top performer, nasdaq is higher by 20 points or so.
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you've got the s&p higher but the dow slipped a little bit. you had a mixed day on wall street yesterday, the dow finished up for the fifth day in a row. the s&p 500 fell into the red after it touched an intraday all-time high. so a little bit of a slip on the s&p and the nasdaq closed lower as well. as for european markets this morning, we've got a mixed story to tell you. the ftse 100, the only index in the green after being closed for christmas and boxing day. we saw that closure yesterday. and taking a look at asia overnight, you've got red across the board there. all markets there finishing fractionally lower. some of the top stories we're watching for you this morning. a new york county says it will not criminally charge former governor andrew cuomo on sexual misconduct allegations. the westchester county da saying, quote, although the allegations of witnesses were credible and the conduct concerning, we cannot pursue criminal charges due statutory requirements of the criminal
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laws of new york. the county was looking intoal a lee gas stations from two -- allegations from two women, one was a state trooper who said cuomo asked to kiss her and another woman said cuomo of grabbed her arm and kissed her cheek during an evidence. . the fda a has a warning for consumers, salads in their fridge, dole is recalling all packaged salads processed in north carolina and yuma, arizona after a potential listeria outbreak. there will be an n or y in the e upper right hand corner of the package. hours after closing new york city stores due to concerns over covid, apple is allowing some customers back inside. the walk-back comes after the tech giant received backlash
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online. there will be limited walk-in shopping and repair services. shares of apple are a little higher this morning. elon musk is selling more stock in tesla, the world's richest man sold more than $16 billion worth of stock over the past two weeks. musk has exercised more than 22 million options that were set to expire in august. taking a look at shares of tesla, a lot of tension in the stock, in particular with the sales of musk. the stock is up a little more than 1% as you can see on your screen. well, president biden touting a federal plan for covid from his beach vacation in delaware, tweeting, quote, my administration has the back of every governor fighting covid-19 in their state. last week i rolled out a federal plan to tackle omicron by adding vaccination, booster capability, hospital equipment, staff and more, we'll get through this by working together. this is a flip-flop from the president's earlier stance where
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he said it's up to the states to figure out the way forward. watch. >> look, there is no federal solution. this gets solved at a state level. cheryl: joining me now, fox and friends weekend host and fox news contributor rachel campos duffy. rachel, good morning. what do you make of the flip-flop? >> good morning. cheryl: it was a quick one. >> it was really quick. it was kind of schizophrenic. it was like one day there's no role for the federal government, you know, be put it back to the governors and the next day there's a tweet and i think it came out in a tweet it's very interesting because all of us know that joe biden is very old and he's not tweeting so somebody else is tweeting for him and i think it begs the question and i think it's a fair question that americans should ask is who is running the show here? is it his staff or is his staff getting direction from a committee of people who many of us believe might be susan rice and valerie jarett and the obama team saying whoa, whoa, whoa, we can't bash big government, we need to make the impression that
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the federal government is really in charge or is it those moments of lucidity that joe biden has occasionally where he says the truth and you know, the federal government can't solve this problem. now, to be fair, there is a supporting role for the federal government, the federal government needs to make sure there's hospital equipment available, there's enough vaccines and boosters for those who want to have it but i believe that the federal government has been onerous on this and they've been hampering the states. in the state of florida, they want to use those monoclonal antibodies, the health experts and bureaucrats in the state and the governor himself have said that the cdc is blocking them from using that, making it harder for them to make that available to citizens. we know there's federal mandates on airplanes that are hurting travel. there's vaccine mandates for the staff on airlines and many other institutions and we know that they're suing school districts
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that want to take away these very tort russ masks on little children that don't need it. the federal government needs to get out of the way and let the governors do their jobs. cheryl: and what is so interesting, rachel, to me is that this is candidate biden -- remember candidate biden? this is back in the spring of 2020. and he repeatedly would go onto the stage and say i'm going to take care of covid, i'm going to fix it, i'm going to stamp out the virus, it's my number one plan when i get into office and then they drop the ball on testing, big-time, in the fall of 2021 and here we are with almost soft lockdowns that we're facing in several cities. your reaction? >> yeah. i mean, they did drop the ball on testing. again, to be fair, this is a virus. everyone's going to get it. i've been on many shows in the last week trying to ask some of the health experts that are on the panels with me, going if omicron is mild but very
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virulent, it spreads rapidly, isn't this a perfect opportunity to get natural immunities out and get herd immunity out and i guess our government still has not recognized natural immunity as a thing. in fact, last night, marty makary, dr. marty makary who i respect on this issue came out and said the biggest mistake the government is making is they're not acknowledging natural i'm p community. -- immunity. i think you can't beat the virus in the manner this administration thinks that they can, by just vaxing our way out of it. it's clearly not working. most of the people that are getting omicron, that i know of, all have been vaxed and boosted multiple times so it's clearly breaking through that and i think it's time for us to think about natural immunities and to think about living with this virus the way we live with the flu, which by the way for children is far more deadly an d dangerous and for the elderly it's just as bad. i think we need to really
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rethink the way we're doing this and our federal government is obsessed with vaxing our way out of this. cheryl: yeah. and it's not working. you're right, it is not working and they really have missed the mark on this. >> -- it is reflected in president biden's polls. >> absolutely. here we are two years in, no emphasis on early treatments, no talking about that, no talking about how obesity affects your ability to handle covid. there's just been so many missed opportunities because there's been this very weird aura of censorship and shutdown of any debate among the scientific and medical community about what can be done about it and ironically, the one person who is leading this, dr. fauci, has never even treated a covid patient in his whole life. so i don't understand why he's so afraid to get opinions from other doctors. cheryl: well, he's too busy doing five television interviews
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a day, rachel. that's what dr. fauci seems to be he focused on right now. i want to move on with you on this other issue here. this is really interesting. there's this article in the wall street journal that shows that hispanic voters in redding, pennsylvania, are shifting towards the gop. democrats still think they've got advantages with the growing demographic. rachel, we've seen that many hispanic voters in texas and florida have gone to the republican side. still, the democrats swear that they've got the demographic in their back pocket. what do you make of it? >> they do not. they may have the african-american vote locked up. there's a lot of evidence that it's hard to move african-american voters out of the democrat party but hispanics are up for grabs. it's interesting that that article highlighted pennsylvania. if you look at milwaukee area where we have a huge population of i think 20% in milwaukee, almost 20% is hispanic, mostly mexican american, there's also been huge very interesting movement, that's the rust belt.
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while donald trump spoke harshly and in very plain terms about illegal immigration and people were saying oh, he's going to lose the hispanic vote forever, he actually gave the republican party a huge gift. he turned the republican party into the party of the working class and one of the things hispanics truly identify is being the working class. they are the working class. and they're also the most important, the largest demographic of small business owners as well. so they're highly entrepreneurial. republican policies that support the working class and that includes crime, by the way, many hispanics it's not just the crime that they see at the southern border, it's the crime that they're seeing in these cities and they come from countries where law and a order did not exist, where law enforcement was only given -- the average citizen in those countries couldn't access law enforcement or feel secure. many people left because of that, because only the rich
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could afford to protect themselves with private security, something he's that's happening in this country. it's crime. it's jobs. it's energy jobs that hispanics are part of. there's so many issues that the republican party can build on and they are and it should be scaring the democrat party. cheryl: they don't get it. they don't get it. they're too busy gaslighting the american public on everything affecting this country right now. rachel campos duffy. rachel, happy new year. great to see you, ma'am. >> thank you. cheryl: coming up, happy wallets, happy life. we've got the best tips for financial freedom in 2022 and beyond, that is coming up next. plus, do not forget to tune into fox business prime tonight. american gold the legend of bear gulch is on at 8:00 p.m. followed by the pursuit with john rich, that begins at 9:00 p.m. eastern time. you are watching "mornings with maria" live on fox business.
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cheryl: financial freedom is
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possible in 2022 if you keep yourself focused on what's really important. wall street journal has a few tips on how to make your financial life happier in the new year, they include focusing on yourself, finding ways to save time and aggravation, minimize conflicts in your family and find your mental happy place first and foremost. i want to bring in taylor financial services owner and founder of the mind body app, sophie taylor. good morning. what do you make of these tips? >> i think they're fantastic. oftentimes as consumers we can get overwhelmed. i want to remind people to take little steps. little victories can amount to a great deal over time. cheryl: you have your own tips, how do people make a happy financial life in 2022. what are your tips? >> certainly. my advice is for people to detach themselves from the outcome and focus solely on the process. don't worry about what return
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you're going to make in your stocks, mutual funds or real estate portfolio. the most important thing is to simply act. the road to walk a mile begins with a single step. so just the act of putting money away, saving it, investing it, you know, paying off debt, those things are great, right, first steps. cheryl: yeah. the debt thing is the biggest one i think. i want to bring in steve moore into this. steve, you are one of the happiest guys i know. i think you should be part of the discussion here. steve: i wanted to ask about this issue of what you were talking about, debt and being financially frugal and investing and my worry is that people are doing just the opposite right now. we're seeing this massive spending spree which wall street loves, right, but i worry that people are living for the moment right now and not investing for the long term. we're seeing increases in debt loads. i wonder if that's something that worries you.
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>> yeah, that is a concern. look, there's two mindsets out there. there's what's called an asset aca layings and a debt elimination mindset. a debt elimination mindset means eliminate debt at all cost. that's great. asset accumulation mindset asks can i earn a greater return on my money than the cost of borrowing. if i'm saying should i invest my money or pay off my mortgage and i'm borrowing at 3%, maybe you should invest. it's likely you can beat a 3% return. to the point of piling up credit card debt to the tune of 25% per year, it's probably best that you pay off that debt before you start spending money and -- recklessly and getting into a big hole. cheryl: you know, one of the things we've seen during covid has been a trend that people are cash -- stockpiling a lot of cash, they're sitting on a lot of cash because they were fearful of what was going to
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happen with covid. we saw that in 2020 and it continued into 2021. but at the same time, having revolving credit card debt, you want to have that score higher if you will, your fico score. you want to make sure you've got on paper at least some investments. how do people balance that in their lives. they've got cash because they feel safe but they also need to do investing and maybe buy a home, pay rent, all those things as well. how do you balance that? >> certainly. that is really the key. there's no perfect plan. there's no perfect product. it's all about balance and diversification. i dealy, you should have a minimum of three to six months of expenses saved, generally not to exceed 12 months and beyond that you want your money invested. there's something called opportunity cost. one of the things we talk about a lot is inflation right now. inflation numbers are astounding, over 6.8% these days. so if i have all of my money in the bank, right, and i'm getting
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0.01% return, yet inflation, cost of living is going up at 6%, i'm losing money in the bank. i jokingly call cds in the bank, certificateses of depreciation. you're not getting enough of a return to even hedge to even pay inflation. so it's a balancing act between how much money do i need to keep on hand for emergencies and opportunities, and how much should i put away for more aggressive growth for my future. cheryl: people are rebalancing their portfolios now. that's what you do in december. you rebalance your portfolio and you set yourself up for the new year but it's your life portfolio as well. i think the journal made that point as well. thank you for joining us on the show this morning. well, we've got a lot more coming up, folks. more money, more problems. a doordash executive making six figures now has a complaint about a new once a month initiative. you're not going to believe this one. the hot topic buzz of the
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hot topic buzz doordash a policy to get executives involved with delivers hands one delivery per month to make 400,000 dollars to having do it on social media. nancy what do you first make of this idea doordash is throwing out there can you believe somebody making 400 k doesn't want to help. >> i think be perspective when you make that much money, i think great, and we try to model that in our firm, you know when something that has to get done all sort of chip in, feels, camaraderie, buildings understanding the lincoln model warm around i am disappointed that not surprised silicon valley is its own world, only rivals by
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inside the beltway. >> steve moore? >> well nancy took words out of my mouth i love this, some corporate executives seeing how company actually works relate to consumer if this guy doesn't want to do it bring somebody else does want to interact with people who make doordash possible i got to say one last cheryl, you announced early that john madden died he was the voice of he professional football a huge loss a super bowl ring one of the most admired coaches in nfl history, you know, may he rest in peace he really was huge in the development of national football league >> really was such a hero and so beloved, you are right in football i know that definitely as well, thank you stay right there next hour of "mornings with maria" starts
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right now. . . good morning, everybody. i am cheryl casone for maria bartiromo. wednesday, december 29, top stories 7:00 a.m. eastern time 8 a.m.. >> president biden taking time out of delaware beach trip to let americans know there is a federal plan to fight the omicron surge workforce day saying no federal solution to ending the pandemic, the markets this wednesday futures near flat line nasdaq top, dow fractional pressure, s&p kind of flatlining as well right now nasdaq looking at least decent still, on wall street dow finished up 5th day in a row s&p fell in red touching
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all-time high in the intraday. , european markets ftse 100 only index in the green, after closed for christmas, and boxing day, asia overnight red across the board, there, all markets finishing fractionally lower. "mornings with maria" is live right now. >> morning o mover didi global chinese ride-hailing firm, lifting transferred to hong kong, to raise capital country more than 2%, move coming amid pressure from beijing the crackdown on companies trading in the united states, look at markets futures trading again we've got a mixed story we had -- last night as you can see dow under pressure s&p nasdaq
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holding gains at least for now looking for santa claus rally, the s&p 500 hitting a new all-time high before closing in red for the day, lookout for november pending home sales due out later this morning, will bring in now cfra chief investment strategist, joining the conversation all morning steve moore nancy tengler this is the week investors look to 2022, i mentioned last part of the show that you know you is it a tort rebalance your he portfolio where can you make changes put money to work, what is your strategy? >> the good morning, cheryl, almost happy new year to you. >> basically investors should be looking for a good but not a great year in 2022. i think that we will have a lot of challenges, in terms of continuation of different covid variants as well as the
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fed a negative correlation could see p/e contraction would look for areas that are likely to do, that are regarded as value stocks, energy, material that should do well as economy continues to expand, that have not been the outperformers in prior year. cheryl: new jersey, as well as s&p what are you expecting as far as earnings, obviously, the banks are going to be feed off on interest rates hikes inflationary story companies has been a headwind. >> a sure. well, we're expecting to see a little more than 20%
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year-on-year gain, for sectors within s&p 500 looking for sectors about -- 80% subindustries to post positive returns for the fourth quarter going to end up with 44% year-on-year increase, in s&p 500 profits, but as we move into 2022 there will be a deceleration from 44%, to 7 1/2% looking to see -- nine of the 11 sectors in positive territory financials reits expected to show year-on-year declines, continuing upward a trajectory in earnings, as a result share prices. >> a steve earnings story to talk about economic and growth story to talk about in 2022, go ahead.
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>> i wanted to ask our guest about omicron surprising the market continues to fly high despite worries about omicron maybe those worries are you know, exaggerated but we are seeing that i don't know if you saw cheryl the washington post reporting people are going to cancel potentially new year's eve parties i wonder why it is -- do you think the market just doesn't believe that this is a serious health problem? i don't think it is actually i think it is something that probably is -- is a much, much less serious variant but why has this not affected in market. >> good morning steve i that i ping-pong ball dropping on payable first bounce first reaction the greatest, subsequent once muted the
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greatest bounce -- decline i should say response to the covid variant virus got delta variant omicron variant realization not as severe omicron might end up having incubation period only three days versus five for original covid people get over it quickly people are tired of locking down. nobody wants to be locked up once again i think really more of a response, it is an interesting headline event but i think wall street is assuming not going to be a major problem line event. cheryl: a quick, before you go i want to ask you about from president reportedly considering sarah bloom raskin, former treasury
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department official eyed for chairman of supervision u.s. banking industry i want your take on this because already there has been criticism against this potential candidate. >> she is focusing on the, risks within the banking system, making sure that not only that we have the right regulations but we have the enforcement of regulations i think in many ways it was probably, a decision that was focused on the proves progressives many concerned about chair powell's renomination so this could in a sense be an offset to that. cheryl: interesting, sam stovall good to see you appreciate you joining us this morning, we've got a lot more coming up this morning, a change in leadership in the new york city, finally coming on saturday. throwing to throw a party, mayor bill de blasio leaving office friday everybody the
quote
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city in state of disarray, crime a lot to talk about new york congresswoman nicole malliotakis joining me, look at red-hot real estate market prices surging that continues. that is later in the hour. . ♪♪ ♪ .
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cheryl: top stories we are watching for i this morning, formerly senate mitch mcconnell leader harry reid died had been battling pancreatic cancer four years served in senate from 19877, 2017 as top democrat known for blocking president george w. bush from privatizing social security and helping
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en affordable care act, he did it he gave you his word you could bank on it how he get things done for the good of the country for decades senator hare was 82 survived by wife and five children. >> coach broadcaster madden has died one of the most iconic recognizable names in football history, he was a winning head coach oakland raiders leading team 10 seasons seven title games a super bowl in 1977 cultivated love of football for generations of fans congressman burgess trade tribute saying the raiders lost a legend today he had known john madden impact knowledge love for the game never forgotten he was 58
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years old no cause of death given. cheryl: airlines canceling flights strugglinging with staff shortages severe weather issues 737 flights in to out of u.s. off the board this morning, only 8 a.m. eastern time, even as cdc guidance shortens quarantine time for testing positive airline dealing with staffing shortages due to omicron. >> gas prices national average $4 a gal by memorial day gasbuddy, gallon 3.28, steve moore the biggest concern this is inflation don't give food and energy story with pc -- this is what businesses are paying trucking companies every other industry is -- suffering under higher gas prices. no doubt about it cheryl i call it biden inflation tax,
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right now looking at gas prices today that are roughly about a dollar teb to 1.20 higher than a year ago think about that in terms of filling up your tank 20 dollars more every time you fill your containering you truck driver o delivery person, 2500 dollars, extra cost per year, that is really damaging for the finances of middle-class workers. and, the solution to this is, obviously, we have to start producing more energy here in the united states as we were under donald trump. we are two million barrels of less being produced in united states today than under trump. that is costing u.s. economy about 50 billion dollars so we've got to drill drill drill, produce more oil here
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so we are not dependent on saudi arabia, and russia and opec. . >> i agree with you 1,000% on that, nancy part of reason making predictions two refineries in louisiana, off-line, here is a president, who you know shut down the keystone pipeline goes after other pipelines that are crucial pipelines needed. and because everything is climate change nancy, nancy every problem we face in the country is climate change. >> cheryl, the same president went to middle east asking for -- to pump more oil a apparently climate change only exists if the united states i thought that was rich but steve raises the point if we went from new jersey
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independent when president biden was elected en. >> dependent, leases not renewed not granting new leases will take years i think to dig our way out of this terribly cynical as demand was rising these policy were put in place, you know we are seeing what europe -- it doesn't end well, so renewables are not reliable when we have storms and or not enough wind and that is stall with a we've we been experiencing. . >> can i ask -- >> this is really an important issue not just with respect to the to gas in the tank but there is many cities, for example, like new york, that are preventing new buildings from using natural gas for heating lecture pour i am worried about blackouts, brownouts this winter because of restrictions, on using natural gas and other coal
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other forms of energy that are droil energy source if you have blackouts brownouts remember what happened last year during the polar vortex in texas, over three million people loss of electric power we cannot allow that to happen this winter. >> i agree with you great point coming up red-hot real estate market, we are watching the surge in home prices the past year what we can expect in 2022 predictions are going to be pretty surprising, plus, a peek into what is inside robert e. lee 1887 time capsule the big buzz of the morning. ♪♪ ♪♪ ♪ .
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. cheryl: home prices extending gains, report showing prices jumped he more than 18% october hottest markets phoenix tampa, miami -- joining me now is ceo friedman
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good morning to you always love having you to talk about one of my favorite topics the jump we've been seeing, in 20 1. i was getting the sense that valuations on homes are going to start to fall a little bit. because of the interest rate jump. but, do you agree with thattor not big debate happening right now. >> i i mean it is really, it is a challenge, because, in the suburbs, for example, where supply has been diminishing, since when pandemic hit, has pen a real challenge for everybody, because people want to apply there even though rates have gone up and we know they are going up again, in 2022. the demand is there. people want to buy to invest in their homes i think we saw during the pandemic cheryl people started universally
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roux reassess how do you theylived where they live what they wanted people want a piece of the pie even though rates have gone up people are still waiting in line, saving on homes, we're seeing that that hasn't died off at all there is exuberance in the marketed incredibly strong. cheryl: i agree i just wonder if that is going to continue obviously, more and more buyers getting priced out, if this you know, dichotomy continues with interest rates, and prices rising and rising before building issues even bigger in 2022. >> no, i agree with you, i think i -- i agree with you on that, i think a lot of people have gotten priced out and in connecticut, a lot of people waiting on sideline similarly in hamptons, palm beach new jersey, people just can't afford it, because, you know there is that too much money chasing too few goods,
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inflation. so people are waiting and even the rental market tight was flexible during pandemic you can't get a deal on rentals in new york city we're seeing there is no incentives anymore so, new york has ample supply which is good, so people are still the market is very fluid but we're seeing a slowing down, in the suburbs in hamptons connecticut that sort of thing because people have been priced out. and i think i think of '22 a slowdown if i was to guess i think rates going up fed announced i think maybe two or three times people pulling back a a little bit borders open for international buyers, wall street bonuses cheryl historic, phenomenal so a lot of discretionary spending a lot of money in the economy so people are spending. cheryl: you are right about
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the borders opening not to get to new york centric, the foreign buyers coming in with cash pushing market to new heights i have been here 17 years, still seeing it happen, let me bring in steve moore into all this steve housing obviously, fascinating hot markets obviously, not new york it is miami, phoenix places like that but jump in. >> that is right cheryl, by the way, i am in miami right now, i am in south florida. and my wife and i have been looking at may be a second home in florida, you can't there is no inventory here i mean you can't find homes, any place, literally realtors knocking on doors asking if they would sell their home, that is the definition of a hot market but i want to raise, a caution price here, i know if you look at the cpi index talking about lags in
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cpi is howevers costs i am wondering whether you think the rental because of hot market we are going to see rising rents whether that is going to -- this is my high poth citizen -- hypothesis pushing up the rates i wonder if you agree. >> we're seeing a little bit of that, here in new york city, because, if you remember, when pandemic hit i mean, the vacancy rates were scary people left, two and three months offers for free everyone renegotiating leases, so much flexibility, now, to where housing market tight demand heightened level you are seeing a different environment with rentals people are i can't afford to rent so expensive here no free month no incentive there is
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nothing. so we're seeing a little bit of that new york, i think you are seeing some in miami as well. i mean, as you said, miami is such a hot market. and people want to be there, so it is we're going to have to wait and see what happens, i think we are seeing a a little bit of that in new york. cheryl: steve moore, miami tried-and-true -- thank you very much good to see you. >> good to see you. thanks so much guys. cheryl: we've got gas prices on the rise, talking about inflation, and lines oement a new jersey refinery coming up next, big tech's battle, apple you offering incentives to keep employ frez flocking to the meta rebrand. we will tell you about that
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cheryl: welcome back i am cheryl casone for maria bartiromo. it is wednesday,december 29. look at market this half hour, futures mixed following the dow 5th straight day of gains right now the dow is barely, barely higher, s&p as a well really flatlining the nasdaq as well petering between losses and gains this morning, a lot to watch, european stocks mixed this morning, the 5100 only market in green closed for boxing day, yesterday, as you can see, there is a -- france and germany markets in red the asia overnight, red across the board all markets there -- fractionally lower. >> headlines this morning,
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americans crisis continues to surge at least 16 cities set new homicide records this year includes nearly every region of the u.s. from portland to atlanta, in washington state lawmakers a bill that would take away o mandatory life sentence with drive way he homicides in name of racial equity, new york police department taking a hit 17% of force out sick behalf flu like symptoms other 1300 or so with covid 19, not getting regular days off over the holiday going to work all weekend regardless of their shift we thank them. apple sending out bonuses to key employees rolling out bounces from 50,000 dollars up to 180,000 dollars, in
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repaying workers to avoid defections, like meta. >> 100 engineers, a high he note jackpot 441 million dollars drawing third largest of the year, 35 weeks since a win 317.5 million dollars i always say can't win till you play, president biden, going from saying no federal solution ending pandemic to touting a federal plan, yesterday tweeted this, my administration has back of every governor fighting covid-19 in state last week i rolled out a traditional plan to tackle omicron adding vaccination boosted capacity hospital equipment staff and
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more schools have a plan ramping up testing to limit closures any testing negative can stay in class -- i bring in new york congresswoman transportation infrastructure committee member nicole malliotakis good morning congresswoman so much to get tolet start with basic flip-flop, with president biden, i mean that was a quick i can 24-hour turnaround criticized on monday for performances with governors. >> we see a lot recently the 450,000 dollar payments to illegal immigrants said not case administration said it was we got him to just totally drop that plan, but in this case, one thing interesting about that tweet is he didn't mention anything about treatment this is where i think we need to be going we need to adapt to this virus, and you know you can test if you continue to do that, important to know if you
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are positive, to stop spread, but treatments therapeutics where we needed to be going if we really want -- this virus minimum mutations variants i asked president to make that priority new york city hospitals a shortage of monoclonal antibodies antibodies need to get stuff out he can help increasing to production. >> i would say backlog the problem part of the fda, would you agree or disagree with that? >> fda has been very slow even when they had an advisory panel approve a drug they sat on it for weeks and weeks. now the production i believe, that really needs to ramp-up get to cities get to states, so hospitals are equipped to treat patients. look. it is clear covid is not going
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away. various forms are coming, but the at the end of the day, if we have the treatment to be able to help those who are sick, because a lot of positive people right are vaccinated, so, if we can just give people, a pill, medication monoclonal antibodies we could see need to shut down restricting dissipate if they president wants to get out of the way in terms of states repeal that vaccine mandate that we know will be up before supreme court next week. cheryl: and already going through courts has been victories losses for president, here in new york in your city and my city maybe de blasio term to end this friday, keeps on giving when it comes to to de blasio i love that, you know you've erik miami going to reevaluate that policy once sworn in
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dying to hear if he -- adams might do with mandates the city is suffering the economy of the city is suffering. >> yeah, new york city 8 year nightmare finally comes to end in three days certainly something to celebrate i am hopeful that eric adams is going to address these issues said he is going to reevaluate the vaccine mandate policy, said and nypd officers short staffed, ferry running at reduced capacity because of staffing shortages because those vaccinated staffers are even testing positive why i say we need to focus on treatment he should be hiring, back, all those workers that were fired for refusing to vaccine number one secondly revisiting this policy speaking to business groups they are hopeful at minimum he will allow for testing option, that way people can remain on the workforce do the weekly testing companies have said they would be willing to pay
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to keep that workforce because there is short staffing other things new mayor needs to look at. crime. we need to address this reinstate nypd plainclothes unit responsible fore getting drugs guns criminals off streets advocate to fix bail, a completely disaster we can get crime back to, you know, low levels give police a tool resources to do their jobs, address the homeless issue, by rekwin stateing some giuliani bloomberg policies giving work opportunities and training vocational training i think that would be a very good start so also, education, reinstating the program, that mayor trying to do away with ridiculous, children need to be challenged. cheryl: it is unbelievable what what eric adams is
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walking into i will say there is a "the wall street journal" piece out this morning is a that is adams is quoting bigs groups working with aides of former mayor michael bloomberg hope there talked about businesses with adams, with regards to crime i mentioned maria is hot on this topic i want to follow up with you on this -- comes from albany your right nypd can arrest criminals albany billing springs are you hearing anything about that changing at all? >> governor hochul said she would take a look at it, the incoming mayor did say at least consider someone's dangerousness, a dozen, two dozen, three dozen prior arrests multiple convictions back in streets at least consider that and people work very hard to get -- homicides think about homicides -- back
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to list judge can use discretion they need to add more crimes back on to list if not repealing altogether, more crimes the judge can use discretion the other thing is appoint better judge de blasio has history of appointing far left judges who are on their own discretion, releasing people on streets despite extenseive criminal history mort importantly, adams should understands let the miff do jobs stop handcuffing them a big difference making new york safer a place people want to do business ride subway get back to work i think that should be the first thing that he is evaluating why is incoming mayor i am hopeful for that. cheryl: a good i am too i will tell you congresswoman, on friday night i am not
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celebrating new year's eve i am celebrating the end of bill de blasio's run as mayor of this city, good-bye. >> you see my friend -- >> love talking to you happy new year. >> happy new year -- >> happy new year all right. >> we have a lot more coming up think i am ready for friday night? do i oil and was prices surges oil production dropping half u.s. pipeline space empty we've got more jeff good morning. >> good morning, to you, and happy new year, though may not be such a happy new year. if you got to drive a car in new year yes, i am at refinery here where gas comes from, bad news today on gas front take a look at the numbers, from our friends at gasbuddy out with
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2022 fuel price survey and analysis, not good for consumers, this past-year average household spent less than 2,000 dollars, to fill up its car over the course of the year. next year, that is going up by 364 dollars a household, to more than 2300 dollars over the year they say june worst-month average go, go as high as 4.13 a gal well above what we saw this year, not a good year at all we talked to friend andy lipow oil guru about what is driving what we see on the horizon take a listen. >> they are up about, 60% since last december, because the economies around the world are reopened on one hand. but on the other hand a lack of investment in the oil patch
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in order to get more oil out of the ground. . >> you know biden administration policies everybody loves environment wants to keep it safe, and clean. but the focus on electric cars, nonfossil fuels has taken investment dollars out take a look at numbers from way instead swaefd oil reserves in ground past year 4.7 billion new barrel of oil that sounds like a lot but actually just a third of what we discovered across the world last year, and the lowest amount of new discovery new oil since a 1946, a that is 75 years lowest in 75 years i mentioned pricelines at the outset cheryl. we find now mckenzie keeps eye on this, 50% pipeline
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utilization right now 50% pipelines empty, right now normally about 70%, full, we built a lot of pipelines last four years and now, not using them. could be a tough year out there. cheryl: you are right, that is exactly what we're seeing happen with prices in louisiana texas, absolutely a big issue that we're having with prices, jeff flock, thank you, sir. for that live report good to see you jeff flock. all right coming up -- happier champagne shortage causing a headache not happy but i am trying we are going to watch, the wine industry is facing -- don't forget fox news -- americans legend -- followed by pursuit john rich you are
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watching "mornings with maria" live on fox business. . ♪♪ ♪♪ you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire when it comes to autism, 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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. cheryl: just a few days whole world will celebrate the new year, supply chain issues hit wine industry hard including a champagne shortage, joining me one spectator senior editor the supply chain i remember a report that bottles stuck on ships outside of ports los angeles, and long beach that was really hurting the wine industry in california in particular. is that still happening. >> -- still happening, this -- just kind of a perfect storm of a lot of factors. you know. you think about okay you've got ships for champagne coming over but trucks plants that need to get from winery to the port, shipping over need trucks -- not even just basic
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trngs we are looking at things like shortages on top of your bottle labels boxes to put wine in you put that together with sparling wines holiday season could be tough to find some favorite labels this year juror that is interesting, so i know you've got bottles with you on wet i want to bring in nancy tengler as well, i know you are from -- >> you bet i am i have been known to have glass -- from time to time. cheryl: [laughter]. >> yeah, i am, the cocktail chardonnay -- eager to hear what allison has to say about that. >> absolutely, so, starting
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with cocktail chardonnay, 4 wine top 100 list of 2021 you can find that on my spectator.com plus a lot more the cocktail chardonnay we took, really top 100 out of 12,000 reviews because of four factors quality 91 points second a sliding scale of price point availability, this case 26 dollars a bottle wallet friendly, more than 28,000 cases in u.s. of you a chance of finding the price final facetiousing x factor makes grape varieties a chardonnay specialist epitomizes what chardonnay is about, i am going to jump to this the brut champagne i am a
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fan, the extra dry prosecco, love prosecco -- the ones you've got in front of you systematic right. >> exactly, yes. good value with prosecco, perrier, solidly 2016, great vintage i imagine almost anything you find. >> allison i have heard champagne for breakfast now nancy has me thinking about wine for breakfast, al sorn great to see you happy new year thanks for coming on. >> thank you very much. >> -- we've got a peek at, what is inside robert e. lee's time capsule, don't miss it. it is after the break.
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bank. ask your agent, or get a quote at easyaspie.com. >> time for the big buzz of the morning. a treasure trove of civil war artifacts like medical unison and books were discovered in a time capsule found at the former site of the robert e lee monument, then someone grieving over abraham lincoln's grave from in 1865 edition of harper's weekly. the statue of the confederate general was removed following a
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protest for racial justice. what do you think? >> imagine what those dollars are worth today. those confederate dollars or us dollars? cheryl: they were confederate dollars. >> don't think they are worth anything today. cheryl: final word, nancy. >> i love this. it was an unhappy situation to take the statue down but we found a trove of treasures. cheryl: "varney and company" is up next. ashley webster is in for stuart varney. i will be booking line segments to let you know. ashley: you have on your cornflakes? not so sure. good morning, everyone.

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