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tv   Maria Bartiromos Wall Street  FOX Business  August 3, 2019 12:00am-12:30am EDT

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there and they been so good to the seals it's created a huge shark population. that does it for tricia regan. you can catch me every, 5:00 p.y show. "bulls & bears". trish will be back. have a great weekend. >> this is "maria bartiromo's wall street". hello happy weekend welcome to the program that analyzes the week that was in position you for the week ahead. coming up in just a few moments my messy interview with the cofounder of home depot. along with nyu health ceo bob grossman. were talking healthcare in america and a lot more coming up. another solid month of gains for jobs, the u.s. economy added as expected 106 and 4000 jobs in the month of july. the n appointment rate held steady at 3.7%. a stellar performance for the
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month of july and joining me too react. equity strategist barry. >> gotta get re-your reaction to the federal reserve interest rates. let me start with the job numbers. what was your reaction to what we saw on friday? >> it was a good number. if you think about the use six or underemployment rate dropped to 7% below its 19 years. the number came in line with expectations the economy is strong. maria: the economy is strong and we are looking at the federal reserve lowering interest rate. there was some indication that yes, we got a quarter cut this week by the fed but there are more cuts to come. >> one of the things that we've talked about that there is this concept that they call a neutral rake, tighten or lose. it's like the border between day
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and night which is dust. the fed crossed the level when the hike to times, december of last year. they took back the december mystic which we said would trigger us and we had a 20% drop in the fourth quarter. but they really do need to take back september just to return to a level that would stabilize conditions on a global basis. remember it is not just u.s. money, it's a dollars, the world currency. >> i think this is a really good point. when you 0 through the job he put, you have jobs and services, 133,000 jobs in construction, jobs in manufacturing, healthcare, 30000 jobs crated there. the fed is lowering interest rates even without employment at a 51 year low because of the rest of the world is stimulated. you have 13 or 15 central banks across the world stimulating in some fashion whether lowering interest rates or buying equities and bonds.
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>> yeah, the u.s. cannot maintain an oasis of prosperity in a troubled world. what happens ebola back to the u.s. of a lagging world is a weaker inflation rate at a stronger dollar which is the same thing. and so the fed has to consider everything, every data point, hard and soft. another thing to have to consider is trade, trade policy can turn on a dime as we saw yesterday. as a consequent, there to be calm extent that they need ammo on the right side by strengthening the economy without slightly lower rates. maria: a major development this week. trade talks breaking down in shanghai and the president announced that he will in fact but a 10% tariff on the $300 billion remaining goods coming from china into this country. what do you think the impact of that is going to be? >> the thing about it is, there
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is some prodding of the fred's to cut additionally by bring up the trade issue but i think it's bigger than that. the disposable personal income in the united states is growing at a robust 5%. with the best appointment market in two generations. that gives their ministration currency, currency in which to deal. so when you think of what goes on during the negotiation, the start and the end are the most volatile. and i think the ministration would like to bring some resolution on china and iran by the end of the second half of this year before the 2020 election start. maria: you think see things goig down? people seem to think it'll make things more expensive everything from toys to clothing, all sorts of things that we buy every day will go up in price because of
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these tariffs and that will slow down the economy. how do you see? >> real incomes are growing in inflation is very low. so we have some reserve here. we can have a slightly higher inflation rate from trade policy and still not even really hit the fed 2% goal and we have undershot 2% pce core for many years. so therefore some overshoot would be necessary to correct that. maria: how do you want to invest today? what are you telling clients in terms of allocating capital? >> we have been in the camp and i was saying this on your show, earlier this year. the ten year yield will go down, down, down. it is now below 2%. we have been pushing the bon bod proxy stocks like utilities and some consumer staples quality dividends. the other thing, we have to step back and look equities as a
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whole, what they're asking us to do is buy expensive assets with even more leverage funded at negative real interest rates. what could go wrong. so we should be a little cautious with respect to equities at this point. maria: good to have you thank you so much. stay with us. my interview with karen and bob with healthcare in america when we come back. ♪ the u.s. is facing a potential shortage, what can be done to fill the gap? maria's interview with kid and this is the couple who wanted to get away
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america continues to be a top story for the 2020 campaign. the state of california with a shortage of positions. they are offering to pay off medical school debt as an incentive. this comes after billion or home depot compounder recently announced a 100 million-dollar donation to nyu to make the middle school under medical school free of cost. i spoke with ken and health ceo bob grossman. the healthcare crisis in this country. but disclosure i'm a member of the nyu board of trustees. >> his idea, the first day he had the job we walked into his office and i said okay boss, what is first. he said if we can think of some way out to have our kids come here and pay the tuition we will do it. it took us some time but here we are. he was the guy driving the whole thing. it is unbelievable.
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and what these kids are what they sacrifice, these are the brightest in the world. and here there giving up anywhere from 6 - 13 years of their lives. one of the reasons you did it was because we were facing a shortage of doctors and nurse practitioners. primary care short. 30000 trading short. ob/gyn short. while talking about affordability but we better worry about availability. >> you been able to do a lot not just re-medical school. >> we actually -- it's fascinating to follow-up, the number of under underrepresented minority applicants increase 102%. the number of self identified african-americans increased almost 140% in our schools. it is amazing because it gave
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people opportunity, they perceived opportunity and they applied for this institution. >> what was the perception, not only did you give 100 million but then you got people you know to give money and it got up to 450 million. >> we are still count. if anybody wants to get more we could use more. >> what was he reception when you first tell people. >> i announced to these kids who were coming in starting the first day of medical school i announced as of right now has free tuition and there was a silence at the port amounting. and i have to tell you, at the very moment my first thought was, holy [bleep]
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>> all of a sudden my success meant something. >> let me ask about technology, you are using technology in a lot of ways. you talk to me about robotic surgery. robotics are using it, a.i., tell me what you're doing. >> obviously, we are on the cutting edge of using robotics for surgery which is very interesting because it increases the time of surgery a little but decreases the length of stay in mobility significantly. we are fans of robotics. we also use robots to deliver linen entries. we have robots that work the hospital 20%. maria: i saw that at the cleveland center two. >> so we do that. we are using artificial intelligence to help make diagnoses and make radiologist diagnosis and increasing sensitivity of screening studies. in using it to speed up imaging.
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and i think that is an underappreciated usage of artificial intelligence. >> so a doctor has to write off certain things and say, it's not this, thought that but looking at a picture but this machine can do it air program and somebody is doing screening and biography, they can point out all of the things on the image that may or may not and they can click and say yes no yes no. maria: i want to make sure to differentiate what you are doing to the social programs where you got people like bernie sanders and elizabeth warren saying we want free everything. this is coming from wealth in america, can gave his own money. let's talk about some of these proposals. medicare fraud, free education.
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>> let me say something, bernie sanders agrees, he made a million dollars on his book, i would love to know how much he specifically gave to charity. okay. i would rather be remembered not for the wealth i have in these nonsense list but what i have given away. staggering sums of money. forget what we need. joe biden gave a total of 3000 some dollars to charity. i know he was in tough straight because of the debt his son costed him. but the fact is, let these people come forward, and about
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all the wonderful things they will do about with our money. how about what you are going to do with your money. maria: my interview with them more on that when we come back. >> the trump economy is there a danger on the horizon. >> i'm very worried about the low interest rates. they do not have a happy ♪ all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. makes sense. pet insurance, wait, let me guess... flea flicker. yes! how'd you know? studying my playbook? yeah, actually.
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unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. maria: welcome back. more of my interview with home depot cofounder and nyu health ceo. in addition to healthcare he shared his opinion on the trump economy and the possibility of recession. >> isaac were probably going through one right now. but let's understands of the.
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i think for possibly at the 2% gdp rate which is very good considering where we are with unappointed, we have a shortage of people now. maria: 50 year low on unemployment. more important for the minority, that is the thing that excites me. their lowest since we have been keeping records. in the more we make our economy widespread and beneficial to everybody the better we do it. that is what is going on in america. trees don't grow in the sky. at some point, we are going to have a slowdown. at some point we may have a recession. that is okay. i'm very worried about one thing. i'm very worried about the low interest rates. they do not have a happy ending. gogod for bid there's nothing to do about it. maria: and yet here we are talking about the federal reserve cutting interest rates. >> these people are living on retirement and income during their retirement. these people will get hurt badly because 2.5% interest, come on. so that to me, is what we have
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to work on. i think a little bit of inflation or more inflation will help. but overall, everything that i see, things are good. maria: a couple weeks ago we had rick reeder he managed the $2 trillion at blackrock and he said the ecb has really no wiggle room. but ecb has even less. what will they do, they will buy european equities, would you buy european equities? >> i think the $13 trillion of negative yield securities out of the market price. that is what they're trying to do, are trying to say don't save your money spend it. to pump priming, but that is my one concern. my big concern. maria: the hospital sector had its own issues and one of the solutions is consolidation. you nyu have done a fair amount.
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the tell us what you did in brooklyn, you required lutheran you're about to acquire another hospital. >> we acquired lutheran and are going to do the merger of lutheran because we have patients out there and it's very important to serve our patients with the same type of quality that we have in manhattan. and at lutheran hospitals, it's now nyu and brooklyn, were incredibly proud of the quality, so we took a hospital in a community, sunset park that has the largest concentration of medicaid in the united states and over three years transformed it with the help of some incredible leaders and physicians into hospital that has the same metrics as we do in manhattan. maria: that's incredible. as a hospital operator do you need scale in this economy? you
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need to have bigger? >> absolutely with incurred under commercial insurance. to be able to implement certain programs that are important. but the first thing we did started in 2007 was both infrastructure on which we could build the scale. and that was it, and business software. and we spent a lot of her aspects at the time trying to build the foundation on which we can build on a solid system. maria: technologies underlining all of this. and it's allowing us to get in front of disease and have wellness and live longer. i want to know what your secret is. >> it starts with bob's realistic view of opportunities. bob embraces technology and technological change and change in general.
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that is cargo for your leaders to be able to say i can do better and i will be better if i embraces. >> let's talk about what you're seen in the healthcare area, lot of focus on drug prices. what do you think of the future is? >> if the club located answer. because you have the pharmacy benefit managers who are under a lot of scrutiny because there not paid the same discount from the pharmaceutical managers from the public. you have some drug manufacture manufacturers, but on the other hand the united states is the place where drug development and innovation takes place. so you can't take away the profit motive. maria: if you are going to save government regulate prices of drugs can who is to say the next guy is going to invest in something to try to go into a clinical trial to get th the net life-saving drug. >> first of all on the spirit of full disclosure, i'm a major
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major stockholder in eli you copy. i have been for 42 years since i sold a medical device copy. i'm a major investor in healthcare field. devices princely now. you look at the quality of life in america, look at people today with hips, that 50 years ago they walked around in agony because there is no alternative. today you going think god that joe and his team put a new hip, new shoulder and let people tell you about the quality of life. this nonsense, literally spent $55 billion between 2005 and 2016 on r&d and did not have much to show for it. it's a high risk business. remicade which was invented at nyu, look at the quality of care with inflammatory arthritis, crohn's disease, colitis, irritable bowel syndrome, these
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are all conditions that people are able to live better lives, and more portly remain competitive and remain productive. that'll happen through science. so yeah you can sit. maria: private investments. my thanks to ken and bob. don't go anywhere or wall street right after this. ♪ ♪ that i won the "best of" i casweepstakes it. and i get to be in this geico commercial? let's do the eyebrows first, just tease it a little. slather it all over, don't hold back. well, the squirrels followed me all the way out to california! and there's a very strange badger staring at me... no, i can't believe how easy it was to save hundreds of dollars on my car insurance with geico. uh-huh, where's the camel? "mr. big shot's" got his own trailer. ♪
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maria: welcome back. that will do it for this week. it's been a busy week. you can catch a show every friday at 9:00 p.m. eastern on fox business. on sunday morning joining me for
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sunday morning futures, catch me life 10:00 a.m. eastern on fox news this sunday. a big show with kevin mccarthy joining me sunday. starts every weekday from six to 9:00 a.m. eastern on fox business with mornings with maria. we set the tone today all week long we hope you will be there with us. thank you for being with me. have a great weekend i will see you next time. ♪ >> hello and welcome to wall street journal at large. i'm the executive washington editor of the wall street journal. filling in for gerry baker. 20 democratic presidential candidate met in back-to-back debates in those debates laid from ideological in the party. first ideological's but, democrats are deciding whether they should be a party of bill and hillary clinton, centerleft or elizabeth worn and bernie sanders. the large field


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