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tv   Mornings With Maria Bartiromo  FOX Business  September 11, 2019 6:00am-9:00am EDT

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what could it mean for the face-to-face talks that take place in just a few weeks. markets as morning are higher. take a look at the fractional gains we are looking at. nasdaq is lower it's down three half points. the streaming wars deepen apple is announcing the streaming service that will be just a for 99 a month. and they will be able to get their first year for freight for some people. all that coming up "mornings with maria" begins right now. [music] i will gladly stand up and defend her still today because there ain't no doubt i love this land, god bless the usa. [music] with a big story this
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morning. great to see everybody this morning. welcome. a lot to talk about and we have a big show in terms of our lineup. we have the former ceo of the new york stock exchange. also joining us. a former secretary of state in the co-author of to build a better world. we will talk about foreign policy with condoleezza rice this morning. washington examiner chief political correspondent. the exit from the white house.
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dr. mike talking about the dangers of the pain. we kick off this morning with the remembrance a day we will never forget. that is september 11, 2001 at the date the united states suffered its worst terrorist attack in history nearly 3,000 americans died on that day in new york city in washington dc. , in pennsylvania, present trump takes place -- takes part with a moment of silence. of course, we have our own stories we know we have our own memories. the spin was given to meet with my dick carrasco. it signifies at the number of first responders that died on
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that day because of course we know as we were coming out they were coming out the fire department of department of new york was going in. i wear this today in honor and remembrance of their legacies. >> i did not live in new york at the time i lived near the pentagon but i think we all remember the heroism of the first responders. the security people in the towers along with the fire and police who stayed in there trying to rescue people and we do appreciate that we have not had an attack since then. i think that gets into the current debate about afghanistan. do we need to stay there to prevent it or is it time to come home. and that something obviously the president has been wrestling with. will talk about that with condoleezza rice this morning. >> it is a time for people who were too young or not even born to sit back and listen to the stories of people who were
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there families who lost loved ones. the last appearance. her lost siblings. and remember the heroism that day. the heroism of first responders. of the fire department. a police officers. but of everyday folks. who put other people's lives ahead of their own. >> i wanted to wear this pen because as you see is a shot of the towers and then it says 343 across the number of firefighters who we lost. and then you've got 23 the number of nypd. and 37 the first responders. nypd. and 37 the first responders. i clearly have a hard time talking about it. it was terrifying. it was absolutely terrifying for anybody in the city particularly because you thought the world was coming to an end. i don't think people in this
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day and age 18 years out. a lot of this people cannot get the heads around this. what the sacrifices are that people made. and the sacrifices that we won't need to continue to make as a nation to ensure that we are never attacked in this way again. >> i never forget eric. the security guard at the new york stock exchange. eric i'm thinking of you today. i was at the new york stock exchange. and i ran out after the first plane to the corner of wall street and broadway. and i watched for the rest. i was on air on cnbc. i was on the phone. when i went back when i went back to go into the new york stock exchange. everything was boarded up. i was covered in set. because i was outside. and i stood there on the corner and it was incredible moment when i was in the quarter when it went into the first tower. all of these people around.
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people's phones weren't working. they were borrowing each other's phones. to call family. we just saw a plane going to the first tower. the world will never be the same. we did not yet know that because it was a small plane but he said it all the sudden and hour later when the buildings collapsed there was other set in the air. you have to keep the eyes close. i started running. the new york stock exchange was all boarded up. i went across the street. in the metlife building. it was a little overhang. i was there with a lot of people. we did not know what was going on. and i looked at the stock exchange. eric saw me. and he's like what you doing out here.
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i went inside. and i reported for the rest of the day inside and then i took a walk outside with bob because cassano later on in the day. in the set in the dirt in the debris from the offices was just incredible i stayed at the stock exchange that day until 9:00 at night and bob and i walked to the bob and i walked uptown to the 14th street train station we got on the train and we both when our ways. my heart goes out to all of the families that lost loved ones and friends. it's terrible. the only thing we can do is honor their legacy. in honor the people who went in and try to help like the first responders in the fire department of new york. and cherish their legacy. and continue to protect the united states. >> honor the memories of people who sacrificed their lives by doing the right
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things in terms of protecting the united states. we will never forget we have coverage this morning of all of the events going on across the country in new york, on wall street in at the pentagon. as we remember 911 and the new york stock exchange the hong kong stock exchange has made an offer to acquire the lung london stock exchange. they're putting at $36.6 billion. and of course we have seen consolidation in the exchange space. this would be a big deal. we will have them coming up to react to this. in my experience of the stock exchange i started at the exchange in 1989 but at that time there were 5,000 people on the floor of the exchange. today there is one room and in about 500 people. some people refer to it as a
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museum now. you take it to her rather than observe somebody trading. so much consolidation. those trading jobs are actually gone. and we've automated so much. it also shows how powerful hong kong and and how much assets are there. and the power of some of those countries looking to diversify across the world. we will see more consolidation. we will see what london says. didn't the lse just make a bid not long ago for $27 billion. that raises the spread of questions about that deal that the lse was trying to prevent. >> you might want to diversify at this point if you are in hong kong but it also tells you something about the enduring value of london as a financial center.
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obviously some people in hong kong think london is gonna be important can be important for a long time. knowing that we had 28 years left in the autonomy that hung conch has pushed ahead. does that play into anything here. what london thinking about getting acquired by hong kong. the overreach by china maybe you would prefer an all-cash offer. >> maybe you are a little bit more optimistic after the decision. the chinese regime through its chief executive pulling back a little bit. obviously not nearly far enough. china has announced certain u.s. products will be exempt
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from the tariffs. the most important to america's farmers. that was questioning. that is such an important factor here. our farmers are looking for some relief. they have got some relief from the president. friends who had farms in the midwest. it's very difficult time for some people. i think as the trade work goes on its it's good to see some reprieve here and there. overall, things are looking for relief and long-term strategy. >> that would be one of the first things on the table. basically lifting the tariffs on her agricultural products by more. there is a much taller list.
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nevertheless this is one of the first things that they will hit on. there is a story earlier this week that the agreement that china put on the table that we do not get any confirmation about this. it would buy more agriculture. and of no if that is a deal that the president would go for. one of the big stories the president ousted john bolton. the president said he's given name a new one in the next couple of days. first less switch up to the explosion in the u.s. embassy in afghanistan. there is an explosion outside
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the embassy. and then the latest offerings what you can effect with the affect with the new iphone 11. all of that right after this. we are back in a minute. [music] ♪ that one?! no! what about that?! no! what about now?! no! that do it?! [ buffer stops ] still not working! how 'bout now?! no! i just don't know. i mean, i don't know who labeled this thing. yeah?! no!
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all in one place. expedia. >> a rocket explosion near the u.s. embassy in afghanistan. minutes into the anniversary of the september 11 attacks. good morning a plume of smoke you can see it here. billowed over central kabul. nobody was hurt. but this is the first major
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attack in kabul. so far no one has claimed responsibility for this. charles swab is coming to cut about 6,000 jobs. it is happening as they are dealing with the impact of lower interest rates and laughs also hitting huber. that represents about 8% of that company. >> the number of uninsured americans has arisen for the first time in a decade. that is a rise from $25.6 billion. this increase driven by a drop in coverage. it's crucial to watch.
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beeping dangers. as the fda looks at marketing practices we will tell you about it coming back. the watches and ipads. what they are saying about that. we are back in a minute with all of that. at synchrony,
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line. the inyo product launch day. a lot of hype around that. they debuted near new ipads and iphones. apple taking aim at disney and netflix. undercutting all of them with the price. let's talk all about it. in july, great to see. i think you so much for joining us. what's the big take away from your standpoint. the first one of course mean the lower price point on the iphone 11. very unlike apple. very unlike apple. typically they are in the hunt of increasing prices and actually helps offset some of the challenges. i'm sorry the smart phone industry. that was interesting we think it will help them in terms of the overall china market. that along with the trade program out there.
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the second is the service side of things. i think this buys them a lot of time the fact that you can bundle that with the purchase of an iphone 11 get it free for a year. i think it is a great move by them. and i think it's only the start. it gives them time to increase the content. those investors and consumers that had that service now have the ability to see what is next for apple in terms of that side of things. apple had to price it at 499 a month. it will only have a handful of shows when it debuts. disney plus is going to be 699 a month when it shows up in november.
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apple is essentially trying to tell the customer you don't need to choose between us and them at least in the interim. until we can ramp up amount of programming that we offer. >> look at all the products you get a disney. the library is so extensive at disney. >> i think that's absolutely true. i think this is a power move in terms of apple. then being able to come by and the hardware side of things. this is just the beginning for them. in terms of the actual content here. they can go a lot higher than that in terms of the amount that they're spending. >> couldn't this cause a pricing more to the bottom
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though. it could bring the other competitors down conceivably. >> there is no content right now on apple. the competitors they don't need to compete on price. reese witherspoon. this is the thing i don't think anybody doesn't buy it. that is a reason they are bundling it for the first year. the 499 price point is what it is. the people buying this are the ones that are getting good to go out and buy an iphone there can get the apple tv or the ipad. they're gonna try that service as they are buying those hardware offerings.
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it buys them more time to build up that. >> i thought they were always second to the market but with an impressive offering. sounds like they're rolling out the video without much video content. >> when were talking about content it really takes time for them to build content unless you are going out and making an acquisition in a big splash to try to buy some of that. this is one of those things. we are very slow when it came to the apple music side of things. a lot of people thought they were to fail in that side of things. i think of to give them time and the approach they are taking is actually the right one. the tv device is not that great compared to the amazon i have i have the apple and the
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amazon device. the prime content does not work through it. it's a huge pain in the you know what. you can get it for cheaper on the amazon side of things. a word about the earnings power of apple. here we are now ending the third quarter at the end of the month. we will have guidance at the end of the year. what are you expecting in terms of earnings. in terms of the september quarter and you're actually starting to have some easy comparables going to the december quarter. due to some of the challenges we saw in china a year ago.
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even they have the lower price point starting on the iphone 11 i think they are very safe here in terms of the upcoming quarter as well as the december quarter. coming up a white house shakeup. john bolton is out as national security advisor. powering down game stop takes it pre- market hit. that's down 16%. the stock alert. dave and busters down. that is the one down 16%. work and had more on that when you come right back. what a time to be alive. the world is customized to you. built for you. so why isn't it all about you, when it comes to your money?
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it is wednesday, september 11. your top stories right now. 632 on the east coast. later this hour we will see the giant flag unfurled at the pentagon. we will take you there life. next hour we will reflect on the day that changed america forever. in the former secretary of state condoleezza rice we remember the legacy of those lost. they are watching some easing on china tariffs. the futures indicate a higher open. that nasdaq is now also positive by just a quarter point. this is after the dow industrial extended the winning streak. take a look. the nasdaq was lower by three and a half points.
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take a look at the fta 100 right now. up to 60 points. the index in germany is up at 94 points. the asian markets overnight. mixed performances. up about a% in the shanghai in china was down half a%. as you know we had been reporting. hong kong has been making a bid for the london stock exchange. with the very latest on bp. bloomberg reported that the ftc is investigating amazon over the marketplace. we know that it is going to broaden out. game stock -- game stop is a stock to watch this morning. we will tell you i coming up.
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this wednesday morning our top story this happen our john bolton is out as national security advisor. he disagreed with many of the suggestions. and ask for the resignation on monday night. he resigned with a two sentence letter. thank you for having afforded me this opportunity to serve our country. the president is entitled to the staff that he wants. and his efforts in judgment benefit him in delivering american format policy. journey me right now is the washington examiner. thanks for being here. your reaction. actually they looks looks kinda happy yesterday. this is can happen.
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they disagreed on too many big things around north korea to make this a long running relationship now. bolton did last 17 months there which is no small accomplishment sometimes. it does appear that the issue of the peace talks in afghanistan really did in the end they opposed this negotiations to reach an agreement with the taliban. it is being run by the state department. and clearly there were a lot of people who were appalled by the idea of actually inviting the taliban to camp david to finalize this deal. when word of that came out. it was in all points bulletin conservative foreign-policy world.
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now we have seen that it was too abrasi and aggressive. it was neck and it last forever. that was a little bit of a surprise to me. what he think in terms of the successors here. you're right about the president having differing viewpoints around. i think we are can a c in some of the tick-tock's and explanations of this that this didn't relate to personal reasons to arguments that people have. more than simply just disagreed on the issues themselves. trump made fun of that.
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there was a time that the irish prime minister was visiting. is ireland one of those countries you want to invade. he treated some of these disagreements with humor sometimes. organ have an unbolt anish successor here not sure who that is gonna be. if you do disagree with the president don't talk about it. the republicans winning twice last night. in the tar health state.
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democrats hoped that if they can pick that seat up. that would be a huge thing. it has been in republican hands since 1963. we would've seen in list stories about how this is a forecast of disaster for republicans. what we saw here and what was kind of interesting. they have now run twice and lost twice. he actually fell in a number of areas between those two elections. and i think everybody believes that the visit on monday night helped juice up turnout of it. >> what about 2020.
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fighting and that that president trump is losing in texas. i'm not a fan of some of these polls. i did not believe them on election night. you are seeing this narrative deepened because of the retirements on the gop side. that maybe it believes that they can gain back at the house. what is your take on 2020 right now. >> i think that retirements do make a really heavy left. they were a huge factor. in 2018. that is clearly a problem. especially the one on one pole. and what we basically had is a pole pitting trump who was unknown quantity versus this democrat. and people at this point are
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not prone to say that there minds are completely made up. to undermined him or her. the states that really gave him the victory narrowly florida, pennsylvania, michigan, there's no guarantee that they will do it again. the candidates are gonna be on the stage tomorrow night. they could not be giving the president an easier path with these plans that we are hearing about whether it is the green new deal or medicare for all.
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what about that. and compensate geisha of guns as well. vote for a democrat is a vote for a new socialist order. you're right. whatever he or she have to do to win the nomination is going to stick with him. for the general election. the dangers of bp. beeping. a sixth person has died from illnesses. we are observing 911 all
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morning this morning. we are standing by for the unfurling of the american flag at the pentagon at sunrise. we will be right back. i wanna keep doing what i love, that's the retirement plan. with my annuity, i know there is a guarantee. it's for my family, its for my self, its for my future. annuities can provide protected income for life. learn more at retire your risk dot org.
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the federal reserve it should get our interest rates down to zero or less and we should then start to refinance our debt. it could be brought way down. the great currency power. and the balance sheet. no inflation it is only the naïve of jay foul. i a once-in-a-lifetime opportunity. we are missing because of boneheads the president writes this morning. >> the federal reserve is not in control of long-term interest rates. they have gone up nicely and that last few weeks. it is the is the health of the u.s. economy. we can't hire -- we cannot handle much higher interest rates because of our level of interest in debt.
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i think the zero rate is not the answer. they should treat it as an executive order to start refinancing our debt. and lengthening our term. i think the goal obviously is to keep the economy out of a recession. their number one concern is traded. it's pulling down their businesses. i think that needs to be the priority at the moment. we will take a short break when we come back the dangers of the pain. the new warning over its marketing that's next.
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health officials again are using people -- encouraging people not to be. a six person has died in the united states. the death in cannabis raising even more concerned about safety and industry regulation. the cdc says the number of possible illnesses has more than doubled in the past week to 450 cases in 33 states. dr. mike, good to see you. we're plenty to say about this.
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>> health officials are really is scribbling to figure what is going on in the lung related injuries. we certainly have a strong suspicion that that's what's going on. is this a baby in general. is it a specific product. we do have an answer to that yet. the two maisuspects in this pattern. and those that had high levels of vitamin c acetate. they had narrowed down as being the main culprits. what is concerning to me and of all of this. they are ending up in icu. there is otherwise healthy. the is likely to be the
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cause. i don't think we need deep investigation to figure that one out. it is skewing in the depth. if you get so early to say. what i don't like from the cdc is that they said we have the deaths. and injuries. let's consider stopping beeping. okay the warning is that. consider evacuating the building. it is a confusing message. they are very clear on this. we should stop the beat until we figure out what's going on. when we have a salmonella crisis we make an announcement do not eat this project until we figure out what's going on. >> but we don't say don't eat all chicken.
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rather than nobody can eat chicken in the unit states which is what might be happening with this. a lot of the lung illnesses apparently related to black-market thc markets. not the mainstream. that is really a great critique. all of the major companies jewel included in this are saying the majority of these cases are thc related. these are black-market product. it is using the active vp and
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device or pen. to consumehc. or to get high. that is a lot of what we are talking about. 37.3 percent. where are the parents and all of this. that is the two major points that we are trying to get focused on. the fda actually sent them a very stern letter. they have 13 days to act. why are they telling them that this is a safer alternative in the coming days and we we will have 99% evidence that this is better than smoking. we need to step in and stop allowing these companies to take a page straight at the playbook.
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this is clearly seen as a new mark. a market of people who would never had spoked -- smoked cigarettes. the majority of the people that are using this never smoked cigarettes. do they have to put the save vpn devices. >> have to warn that it is a very addictive target. that was a great one. thank you for joining me. still have the former new york stock exchange is joining me live. the next hour right here on mornings with maria.
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to bringing you loyalty programs, our technology and financial solutions are changing what's possible in all sorts of ways. so, how can we change what's possible for you? maria: welcome back. good wednesday morning, everybody. thanks so much for joining us i'm maria bartiromo. it is wednesday, september 11th. your top stories right now. we are remembering 9/11 this morning. a giant flag unfurled at the pentagon in the last hour. coming up, the ceremonies will begin at ground zero. we're reflecting on the day that changed our world and changed america forever. we're watching market action this morning, watching easing of some of the china tariffs. futures are mixed, pointing to a higher opening for the dow industrials. the s&p and nasdaq are negative. the dow industrials yesterday extended a winning streak to five days of gains with the dow up 74 points at the close yesterday, a quarter of a percent. the s&p was up 1 point, nasdaq
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lower by 3 and a quarter. the european indices are higher across the board, fq100 is up 1%, cac is up 22 and the dax in germany is up 87. in asia overnight, mixed performance, it is hong kong that is the big winner, the hang seng is up 1 and three quarters percent. breaking news this morning, a takeover bid for the london stock exchange, hong kong exchange is offering $36.6 billion for the london stock exchange. shares are soaring on the news. we have the latest coming up. the road ahead for ipos, peloton set to kick off its road show as wework reportedly looks to make changes at the top as its valuation continues to come down. all those stories coming up this september 11th. joining us to break it down, dagen mcdowell, james freeman and former new york stock exchange chairman and ceo, dick grasso is here. great to have you this morning. >> thank you for inviting me. maria: thank you for being
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here. i showed the pin that you gave me earlier to viewers and i worthies specifically and i know you have yours on as well. you want to tell us a little about this pin? >> thank you for honoring the first responders. that pin represents the twin towers, a heart in the background and the numbers 23, 343, and 37. 23 new york police officers parished that day, 343 firefighters from the city of new york, and 37 port authority police officers. in hin total, 403 first responds performed the greatest res new the history of this -- rescue in the history of this country. people were able to get out alive thanks to the sacrifice of those 403. i remember them as we all should remember them, because those 25,000 people went home to families and friends, but those
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403 never went home again and it is in their memory that i created that pin with the geniuses at london jewelers here in new york. and i wear it only on this day each year to never forget the sacrifice that those wonderful men and women made. maria: amazing that it's 18 years ago today, 2,977 of our brothers and sisters lost their lives. we are commemorating the september 11th attacks this morning. you experienced the terror firsthand. i was with you at the new york stock exchange. you showed incredible leadership, dick. thank for your leadership on that day. your take-a aways today, 18 years later. >> you're very kind but it's all about those first responders who were going up the stairs when people were evacuating the buildings and my folks who were in the building actually tower two, i had 149 people there, those who would talk about it
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would only ever mention the fact that each of the first responders, whether they were firefighters or police officers, would grab their arm and say keep going, you're going to be fine. and so many, so many people who are today alive, who were coming down those stairs today thank every day of their lives thank those people who made the ultimate sacrifice. we over at 11 wall street, we were 1,000 yards away from the second tower and my first concern was of course the -- my own people who were in tower two and thank god they all got out alive. but you look at the day and you look at the tragedy and it's a terrible reminder that freedom is not free. there are people around the world who are so envious of our way of life and the american dream. i was privileged and blessed to
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lead the ope epitome of capitalm for eight and-a-half years and it was that if you will symbol that was so important to get back up and running and i have to thank all of the first responders for what they did that day and in days following. but also, the great people at verizon and con ed, who made it possible for us to resume business under the most heinous of circumstances and of course the leadership that was provided by rudy giuliani and george petaki and certainly the president, but locally here, bernie karik and tommy van esse and richie shearer are all heros and gave us the inspiration to get back to business because getting back to business wasn't about business. it was about saying to the terrorists, you failed. you've killed thousands of people, destroyed billions in property but america lives on. maria: i'm glad you mentioned that, because one of the most
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important recollections for me, aside from what we endured on that day and watching this take place from the street corner of wall and broad and being with you in your office later that day, one of the most important recollections i have will be monday, september 17th. because on monday, september 17th, i was on the floor of the new york stock exchange and it was a scary day, the markets were going to open again. dick grasso, you pushed the idea that we needed to open and we needed to make the world know that we would go on and we were strong and i remember looking at that podium and that's the picture right there, when you were up there at the podium with the mayor and the governor and all the first responders, the firemen were there and i was standing in the crowd on the floor and all i could think was we were in mourning, we were so upset, we lost our friends, we lost our families, we were down, but we were not out. >> that's really the message that that opening bell sent and
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how poignant it was that none of those politicians from the mayor, the governor, the treasury secretary, our two senators, none of them got to ring the opening bell. it was a firefighter, a police officer, an ems person and they were the heroes and they were the ones that said to bin laden and all of his merry terrorists, you failed. you cannot beat the american way of life with this attack. killed thousands, destroyed billions in property but the american spirit lives on and those great four first responders, you see them on the bell podium with me, including billy fisher u after he rang the bell, he's a police officer from esu, he pumps his bicep as if to say you're never going to stop us and he was so right. maria: and then they came down on the floor and you i interviewed you all to talk about that and there was such strength in that room and
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leadership, to make sure to send that message. >> that was what it was all about and it was one of the -- perhaps the only moment in my history on the financial markets that everyone had a common purpose. whether you were goldman sachs or merrill lynch or morgan stanley, you took off that jersey and you put on the american flag and everyone worked for a common purpose. and that opening bell said america lives on. and it lives to honor the memory of those we lost but also to send a message that freedom can never be beaten by terrorism. maria: unbelievable day. dagen: maria, i don't mean to interview you, but people need to realize what the conditions of that part of the city were like when you reopened. what it was like for days and weeks and even months after that. the acrid smell in the a air, it
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was devastation everywhere. for people to go to work every day, i think that unless you were down there, people don't realize what that was like. maria: the stench was with us for, what, months after and i know that the exchange -- you were giving everybody masks. we were wearing white masks as we were coming in and out of the exchange because it was such a stench of fire. >> ironically, dagen, to your point, the second day we were open, the 18th, we opened the front doors for the first time and the odor really was directly coming from tower two and ironically i got a call that morning -- and people were very upset with the odor. i got a call that morning from steven mcdonald, okay, the new york city police officer who had been crippled, he was in a wheelchair for years, having been shot on the streets of new york, performing his duty. and he said to me, dick, is there something i can do. and i said steven, -- he was at
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ground zero. i said come on over here, i want you to come on the floor and lift everyone's spirits and sure enough, when he rolled onto that trading floor, people said you know what, this is what strength is about. this is what bravery is about. and i was so proud to be behind steven's chair. he has since passed away. but boy, he helped us resolve that nothing would stop our way of life and i'm very proud. you know, to your point, dagen, about weeks and months of really adverse conditions in terms of electricity, in terms of air conditioning. whatever it was. but all of the providers, the verizon folks, the con ed folks, the oem people from the city of new york, i mean, they worked as a team to make sure that the stock exchange could function. only time in the history of the
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exchange that the opening bell warung by the chairman together with the ceo of nasdaq and the ceo of the american stock exchange and the closing up at nasdaq i was there. as i said to mary ya maria, evek off their respective team jerseys and we all played at americans. it's a very proud moment for everyone in the financial community. broker dealers, great tragedy at my dear friend herman sandler's firm, he lost so many people, as did howard lutnick. but everyone came to their aid and said what can we give you to get you back in business. maria: the world came to our aid. it's true. dick, we're so grateful that you're here today to talk about this and give us firsthand information and looking back at -- and cherishing the memory of our brothers and sisters. we want to get to business with you as well. when we come back, i've got to
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ask you your reaction to the hong kong exchange making a bid to acquire the london stock exchange for $36.6 billion. i know you've seen a whole host of consolidation in the industry. you were part of it for a time. we're also talking about the ipo situation with you after so many years of being a showman and getting international stance at the stock exchange to list on the big board. we'll be back with dick grass he sew thigrassothis morning. ♪
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at national, i can lose the wait...and keep it off. looking good, patrick. i know. (vo) go national. go like a pro. hour 36 in the stakeout. as soon as the homeowners arrive, we'll inform them that liberty mutual customizes home insurance, so they'll only pay for what they need. your turn to keep watch, limu. wake me up if you see anything. [ snoring ] [ loud squawking and siren blaring ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ maria: welcome back. more trouble for amazon. cheryl casone on headlines now. cheryl. cheryl: ftc investigators are looking at the company's marketplace for possible anti-trust violations. this is according to a report this morning in bloomrg.
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the commission reportedly is interviewing small businesses that sell on amazon to see if it's stifling competition, part of a larger probe and the control that big tech giants have over the economy in general. amazon slightly lower in the premarket right now. general electric is parting ways with baker hughes. ge will sell the majority interest in the company, unloading millions of shares to help pay down debt. that move will raise nearly $3 billion in cash, also result in a charge. taking a look at shares of ge in the premarket, as you can see,ly they are lower by a quarter percent. those are your headlines. back over to you. maria: thank you so much. dick grasso is with us this morning. we have to get your reaction to hong kong offering to acquire the london stock exchange for $36.6 billion, dick. >> that's a lot of money. but there is a lot of money in
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exchange these days. i think that hong kong has been very successful because it's int integrated both its transaction business and its clearance, comparison and settlement business. i think the attractiveness of london would put hong kong in a position to be a 24 by x market. 36 or $37 billion, though, is a very big premium and i guess the work has been done which suggests there are both synergies that can be taken out and great cross-trading opportunities. you know, hong kong has always been a market with a capitalization right up there at the top, top three or top four. and i think it's a logical move on their part. it will be interesting to see what london's reaction is. you know, this is probably one of those rare moments where we may see a reverse pac man again.
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we haven't seen one in a while. but london might turn around and bid for hon kong to make it interesting. the question becomes can you make money, given that premium? and the premium is rich but there is a lot -- particularly in london on the back end that can be very profitable. so it's going to be interesting to watch. i'm certain this is not the final bid. >> as far as that, the hong kong bid, though, you mentioned the rich premium, is this an endorsement of london as a financial center, regardless of how the brexit deal works out or doesn't? maria: that's good question. >> it's an excellent question. i think that brexit is kind of a side show with respect to exchanges. exchanges can't be country-centric anymore. that's why you see hong kong bidding for london. london has a terrific business as it is, but it also has been -- it predates the new york and the american markets by a couple
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hundred years. london has a geographic advantage that they could be, together with hong kong, a 24 by five market. maria: is there any retan relun your view, given the fact we're watching hong kong push back on china's thochina's rule. people are pushing back on china in hong kong. do you think of hong kong any differently than you did years ago? i always thought of hong kong as this international finance hub, equal to london, equal to new york. in recent months, my own perception has changed because of the china power grab. and we only have 28 years left, right, james, 50 year pact from the handoff. >> i think -- well, first, most importantly, hong kong doesn't make this bid without beijing's approval. okay. so you know that beijing was involved. it's a wonderful diversionary
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tactic. whether or not the deal actually happens, it takes a little bit of the heat off beijing to know or to say to the world, hong kong really is independent. look at the bid they made for london. on the commercial side, though, it makes a lot of sense. i mean, whether it's hong kong buying london or london buying hong kong or someone else stepping in and buying both of them. you know, which is not to be discounted. maria: wow. you brought up some really good ideas this morning and interesting takes where london's going to come back and maybe be the acquirer man. we'll watch this. got to goat your take on ipos today and the state of business. we're look at the state of the ipo market. we're looking at what's on tap, peloton, it's about to go public as well. we'll have that, because the peloton road show is happening. then we're taking on uber and lyft, california passes a law that will have a major impact on how those companies operate, their response coming up. as you see the stocks are down
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maria: welcome back. ipos in focus, peloton the latest to begin unveiling public offering plans. the road show will begin this week with plans to price shares between 26 and $29 apiece, a $1.16 billion ipo at a valuation of up to $8 billion. joining us right now is renaissance capital founding principal, kathleen smith. kathy, always a pleasure to see you. >> thank you. maria: characterize the market for us in ipos right now. >> well, the headlines say it's -- we're having problems with uber and lyft but if you really look at the returns on our index and other ipos that have done very well for investors,
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including trade web, zoom, there's so many more that have performed well, so the march he get is functional. it is valuation-sensitive which is nice as we look at the companies come out, there's a lot of criticism of the we companies. maria: of wework. >> yes, and what the financials look like and the path to profitability. this week there are a couple deals that will price above the range or at the high end of the range. they're under the radar, worth looking at ipos, investors should be attentive to what's happening in the ipo market. >> the investors, they seem to have particularly punished money-losing companies, they may be growing revenue quickly but losing a lot of money. the next few out of the gate, are they in the money losing. >> the market is working. the ones that we're seeing this
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week, they do make money or they have positive cash flows, sometimes the net income may be negative but the cash flow is positive. so these are -- they're better companies. they're not such big loss-leading companies that are problematic for investors and investors should be cautious about these companies that have high losses. dagen: the problem with wework is a lot of it is the corporate governance. it might be legal in this country but it stinks to high heaven. maria: not having a woman and then putting a woman on the board three seconds before you have your road show? dagen: that. the founder having invested trademarks related to wework in a separate company and selling those rights back to we company in exchange for shares worth millions of dollars. my personal favorite is the founder, newman's wife, it's adam newman, his wife is designated his successor in the case of injury or death that prevents him from running the company. who had in this day and age would tolerate that as an investor? >> that is the reason why
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wework is going to be priced at a very low -- investors are not going to put a high premium on a company like this. there's a healthy dose of skepticism and a that should be the case. maria: so it will go public, you think, do you think it stays or is it shelfed? >> the question's always been well, soft bank does not want it to go public. the real issue are investors willing to invest in wework. i think at the right price, they are. it would be a mistake for the company not to proceed. being public is a great avenue for additional capital raising. so this company should proceed if it can get investors and also remember, soft bank, they could come in and buy on the ipo as well. maria: there was not a better marketer than dick grasso when it comes to ipos. i remember you getting on planes for three hours just to convince the italians, a company in italy or in asia, just to go list on the new york stock exchange and you got them. >> well, it was easy in italian, pitching in italian.
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[ laughter ] >> kathy, tell me, the private market, has it gotten out of hand in terms of valuation? because that seems to be what the problem is with soft bank wanting to stop the h wework ipo. they came in at a valuation that's not close to where we're talking now. >> there has been a huge disconnect between the excess capital in the private market and a more discerning public market. it has to be resolved. we're seeing it now. there are companies the that are -- many companies, including pinterest, other large companies have been priced below their last rounds or significantly below their last round which will be the case of wework. so this is just the resolution and it's kind of interesting. it's upside down. we haven't really seen this before. typically, you'd see a premium over a private valuation but it looks like the public market's a little more discerning than the private market at this point.
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we'll see how all that works out. >> finally the public wins? >> we hope so. we're on the buyside. we think that should happen without returns. there will be a boycott in the market for ipos. there has to be attractive prices. investors have to make money. maria: it's great to have your insights this morning. kathleen smith joining us. coming up, we're remembering september 11th. of i'll speak with condoleezza rice next about that day 18 years ago and today's foreign policy. back in a minute. ♪ you know, baker, i can help you with -- with that. oh, no, it's fine. thanks, though. a man should cut his own lawn. [ lawnmower engine rattling ] [ engine starts ]
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affect blood clotting. 2.3% of patients reported joint pain. ask your doctor about vascepa. prescription power. proven to work. fun fact: 1 in 4 of us millennials have debt we might die with. and most of that debt is actually from credit cards. it's just not right. but with sofi, you can get your credit cards right - by consolidating your credit card debt into one monthly payment. you can get your interest rate right - by locking in a fixed low rate today. and you can get your money right. with sofi. check your rate in 2 minutes or less. get a no-fee personal loan up to $100k. maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, september 11th. 18 years later. your top stories right now, 73:07:32 a.m. on the east coasts on the china story, easing some china tariffs. futures are pointing to a higher
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opening, dow industrials up 32 points, s&p up 2 and the nasdaq is positive, up 8 and a quarter points after the dow industrials extended a winning streak yesterday, five straight days of gains at the close. the dow was up 73 points, s&p was up 1 point, the nasdaq was lower by 3 and a quarter. global markets this mornik like this. we are looking at gains in the eurozone. the fq100 is up 68, cac is up 25 and dax is higher by 93. in asia overnight, big news there, hong kong is making a bid to acquire the london stock exchange. hang seng index is up 1 and three quarters percent. our top story this half hour, we are remembering september 11t september 11th, 18 years later. nearly 3,000 americans lost their lives in washington, pennsylvania, and here in new york city. in the largest terrorist attack on american soil. september 11th changed the course of history. altering the global landscape and foreign policy protocol. the effects are still being felt. my next guest served as national security advisor under president
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george w bush at the time of the attacks, before becoming secretary of state during his second term. joining me right now is former secretary of state and author of the new book, to build a better world, condoleezza rice is here. and dr. condoleezza rice, it's always a pleasure to see you. >> pleasure to see you. maria: thank you for joining us. remembering september 11th, were you in a bunker when you got the news. >> i remember september 11th and first of all, today is a day to remember all of those who lost their lives and the effects are still being felt on those families. it's also a day to remember the resilience the country showed. i remember standing at my desk and hearing that a plane had hit the world trade center, thinking it was some kind of accident. then hearing that a second plane had hit the world trade center, now we knew it was a terrorist attack. trying to reach the national security principles, colin powell was in peru, george ten meant hatenant had gone to a bu. we looked behind us and a plane
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had hit the pentagon. i was escorted to be with vice president cheney. i remember the president having to make choices at this point, should we shoot down aircraft that were not responding even if they might be civilian aircraft and that awful moment when we actually thought we shot down flight 93, but learned that it had been the brave passengers that drove it into the ground rather than let it hit another building and so it was an extraordinary day. the city more than any experienced it. but we pulled together as a country the terrorists something that i saw in a sign as i was headed up to the service at national cathedral, there was a man standing there that said god bless america, we will not be terrorized. and that for me summed up american resilience at that moment. maria: we were talking about that with dick grasso. one of the most important recollections for me, being on the floor of the exchange when the attacks first happened, was september 17th, monday, after
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we were down and out and we knew that we would rise again and you saw that resilience on the podium of the new york stock exchange. as a national security advisor at that moment, you're being tested. the president was tested. the country is tested. you've got to make serious leadership decisions. talk us through that. tell me what happened. >> i have to admit, the first thing is that you have to get out of the shock, the sense that this couldn't have happened and you obviously never lose the sense that it happened on your watch and that 3,000 people died and even though i think we believe we did everything that we could, obviously we didn't do enough and you have to live with that. but almost immediately, the president's thinking was i have to help america get back to normal. i want americans to feel that they can go back to normal. it's one reason that the story that dick grasso told about the stock exchange was so important, america getting back to work, telling the terrorists you have not succeeded.
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we obviously had to plan also to take away al-qaida's safe haven in afghanistan. that meant going to camp p david on that friday night after the national prayer service and planning for the invasion of a country that was the fifth poorest country in the world, high mountains everywhere, we knew it was going to be hard and trying to figure out how to deny al-qaida that safe haven by expelling them from afghanistan. that meant we had to take on the taliban and, yes, we are still living with that war in afghanistan. it's been a long time. but at least we've never had an you attack the size of 9/11 and i think that is really thanks to great leadership but also the men and women of intelligence and first responders who have -- and our international partners, who have really bonded together to deny terrorists doing an attack of that kind ever again.
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maria: when you think about that and where we've come, the longest war in afghanistan, what is your reaction to now these plans to take many of the troops home, to try to end this longest war, knowing that the evil still exists? >> well, i certainly understand the desire to want to end this longest war. i will say, though, that america has benefited tremendously when we have been patient about our role in creating stability. you mentioned that philip zeliko and i have written this book to build a better world. it is about the end of the cold war. it's about the unification of germany. we were in europe 45 years before we were able to see unification of germany, keeping the peace, making sure the soviet union couldn't advance. we have been on the korean peninsula for six decades to make sure the north doesn't overone the south. when we have been patient and willing to stay the course, we've been able to bring stability and i know that 18
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years sounds like a long time. but i was frankly relieved that we didn't make a deal with the taliban that seemed on the surface to be one in which the taliban was not going to recognize the legitimate government of after a began afgt going to recognize the constitution. can we really trust them to not allow terrorism to rise on their soil again? so i think the president made the right decision to call this one off at this time. maria: yeah, but i mean, look, in the book you talk about china. i'm going to get to that. i think what you write about huawei, we need to discuss that. but when you think about the fact that we are negotiating with killers, we're talking to the taliban, i mean, i have naivite on this, i recognize that. some were taken aback that there was even a meeting scheduled to talk to the taliban. >> i know the negotiator. he was the a ambassador to afghan and to iraq.
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he's a sound diplomat. i felt good with it in his hands. but i will say, it's a little bit of a shock to talk to the taliban. you rarely, though, have to negotiate with your friends. you negotiate with adversaries. but if you're going to try to bring an agreement with the taliban, it's going to have to be on the right terms. i think the problem right now is the taliban really believes that we want out more than -- so we want an agreement with them, more than they need an agreement with us. and they believe this result, they really didn't have to get very much and frankly, maria, this language goes back well before the trump administration. in the obama administration, we were talking about with drawing troops, getting out of afghanistan. i would hope that if we're going to continue to try to get to a different political set of circumstances in afghanistan, that we will back that up with a sustainable military force, long enough to be -- right now our role is training and equipping
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the afghan fces. our role is intelligence so we don't have the rise of another isis in this territory. i hope that the military will be asked what is a sustainable number of military forces that could help us keep the peace and prevent the rise of territory again from what happened here 18 years ago. maria: a few thousand is what people are talking about. the numbers they're talking about in terms of leaving troops there, are you comfortable with that. >> i don't know enough. i'm one of those people who will not -- i used to be inside. but the president should be asking his military, what is the sustainable number and it's probably in the tens of thousands or less, it's not -- we're not talking about an american presence of 100,000 troops. he should ask them what is a sustainable number for train and equip, for support to the afghan forces, for the kinds of counter
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terrorism and intelligence missions we need to continue to carry out, so the 18 years of investment in afghanistan and investment in an afghanistan that would not become a problem again for our security, this is about our. maria: right. >> yes, i want to leave a decent afghanistan for the people. yes, i want to make sure that women can function again in a afghanistan. this was a regime, the taliban, that executed women in a soccer stadium given to them by the united nations. this was a regime that killed people if they listened to music or if men didn't have beards. and so we need to leave a decent afghanistan but let's never forget that this is about our security and what happened 18 years ago. maria: and of course the breaking news of the morning, john bolton is out as national security advisor. a secretary john bolton worked for you, held a position of national security advisor under president bush. i've got to get your reaction on that. let's take a short break and then we'll hear from secretary
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rice on john bolton. stay with us. kevin, meet your father. kevin kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. every curve, every innovation, every feeling. a product of mastery. lease the 2019 es 350 for $379 a month for 36 months.
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we're changing what's possible every single day. but what does "changing what's possible" mean anyway? ♪ well... if you run a business, it means a lot. for starters, we provide you with financing options for your customers. that way, you can help them buy the things they love instantly and pay over time. and that turns them into serious fans. hang on, there's more. want customer insights? we've got those, too. we use data to show you what your shoppers have already bought so we can tell you what they might consider buying next.
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and you can offer them the perfect products. that ceo gets it. from adding unique capabilities to your company's apps to bringing you loyalty programs, our technology and financial solutions are changing what's possible in all sorts of ways. so, how can we change what's possible for you? maria: welcome back. i am back with former secretary of state conned lea condoleezzae in our studio. john bolton is out as national security advisor. your reaction to john bolton resigning. >> he's a person of great i thinlintintellect.
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he cares deeply about the country. national security advisor, working in the white house to try to bring the government together, it's a very difficult job. the final analysis, when the president and national security advisor lose faith or trust in one another, it's not the president who is going to go. and i'm sure john understands that. but he did a good job and i wish him well. maria: the president likes to talk about the fact that he wants lots of disagreement around him. he likes to have the hawk. he likes to have the whe dove wn it comes to china, when it comes to iran. john bolton is a hawk on a lot of these things. did that hurt him in the end? >> i don't know the inside story of exactly how this happened. but the president apparently believed that they were not on the same page, that they had deep differences about the direction of american foreign policy and when that's the case, it really can't continue because
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the national security advisor has to be the person who is bringing the government together around the president's priorities. i think john will be missed. i think he was a great voice for a strong american role in the world, maybe for a little skepticism about some of the deploy massey that -- diplomacy that we were trying to do. john was skeptical of a lot of our diplomacy. i know that about him. the president will get a national security advisor and national security advisors like all cabinet officers serve at the pleasure of the president. maria: who do you think would be the right pedigree for this job? i recognize you're not going to start naming names, hire this person, hire that person. give us a sense. you've done the job, you know the issues the country faces today. >> i think finding someone who can organize the american foreign policy process, the president has good options before him. it's going to be very important that it's a person who works closely with the secretary of state, the secretary of defense,
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secretary of the treasury. and the national security advisor is always a little bit of an interesting position. you're just down the hall from the president of the united states. you can talk to the president of the united states. but the cab net secretary -- cabinet secretaries have to know you understand the role of a national security advisor is not a cabinet officer to execute the policy. you're not trying to run foreign policy from inside the white house. that really can't happen. and so national security advisor who is always being sure to empower the secretaries to go you out and execute the president's policies, so those relationships are really quite critical and those are the ones that make it hardest for a national security advisor, if the he relationship with the secretary of state and secretary of defense isn't working very well. maria: we're going to take a short break. the president has his own approach about things. he's changed the conversation on china, that's for sure. i want to talk china, iran, north korea, all of the things that you mentioned in your new book, to build a better world. i want to get your take,
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condoleezza rice, on how president trump is doing. we'll be right back with that. devices are like doorways
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maria: welcom i'm back with sy rice. you're out with a new book, titled to build a better world, choices to end the cold war and create a global commonwealth had. you examine the end of the cold war, you analyze those events in relation to present day. you talk about the ongoing competition with china. you write the question of china's challenge to the united states in frontier technologies, artificial intelligence, machine learning, quantum commute computincomputing ismore compli. xi-jinping we think made a mistake, you issue a warning to leaders in the united states. tell me about the rise of china. >> china is clearly a rising power. and it was going to happen given
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its size and economic growth. i think the disappointment with china, the frustration is that china having been admitted to the international economic order, the world trade oranization early, before it had conformed its laws or its practices to the free market practices that characterize the international economic system, china now has disappointed because people believed that they were going to become responsible in opening their markets, in protecting intellectual property and in fact we've experienced just the opposite. they steal intellectual property and in fact use joint vein p ve, any company will tell you the joint venture becomes a front for stealing intellectual property. we have problems in large segments of the chinese market that are not open, we have problems in chinese preferences. there's disappointment. what president trump tried to do is change that conversation and say all right, now we are going
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to make certain that you either playy the rules or wre going to continue to punish until you play by the rules. it's a high stakes game. because nobody can really imagine long-term international economic growth without chinese economic growth or american economic growth without international economic growth. so it's aigh stakes game. but i think for the time being, at least, it's having an effect on the chine economy and perhaps it's having an effect on the debates, whatever they are, in beijing about how china ought to respond to being now a responsible part of the international economy. maria: they break promises all the time. they break promises with the wto, break promises with the u.s. now the chinese are saying we'll buy more agricultural products but you have to lay off huawei. >> that has always been the playbook. when we would say something to the chinese about the trade imbalances, well, we'll buy more planes, we'll buy more agricultural products. it's about chinese industrial policy, a conscious way of
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taking from the international economy without giving back and that has to be dealt with and we mention here the technological competition with china. maria: they're ahead of us in ai? >> there are some who say they are. the united states can win any competition in innovation. i'm confident of that. but we have to do it in our own way. it means that we're not going to be able to do it in a state-controlled way that china does it. we don't want to. but i'll tell you one thing, the u.s. government could do, just increase the national science foundation budget by 25% and say all of researchers out there, go after it. i understand, china is going to have access to large amounts of data. that will make the progress in ai for them more rapid. but we can't out-china china. our strength is innovation from below and we've got to support that. maria: they're tracking citizens with facial recognition. on the president, how is he doing in terms of foreign policy from your standpoint? >> i think on some issues i
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would not at all disa agree with them. i don't mind he's trying to do city blow massey with north korea -- diplomacy with north korea. on iran i'm closer to the administration. iran is the most dangerous power. they needed to be challenged. maria: we'll leave it there. it's great to see you. thank you so much. we'll be right back. award winning interface. ♪ ♪ award winning design. ♪ ♪ award winning engine. ♪ ♪ the volvo xc90. our most awarded luxury suv. ♪ ♪ should always be working harder.oney that's why, your cash automatically goes into a money market fund when you open a new account. just another reminder of the value
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. maria: welcome back. good wednesday morning. thanks so much joining us. i'm maria bartiromo. it is wednesday, septembers september 11th top storied 8:00 a.m. east coast remembering 9/11 this morning i smoke about day that changed our lives forever with former secretary of state condoleezza rice. >> we pulled together as a country, and we showed the terrorists something that i saw in a sign as i was headed up to the service. at national cathedral a man stand there go with sign said god bless america we will not be terrorized. >> ceremony begin ground zero we are watching market action
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this morning, investors are watching easing of china tariffs futures higher opening dow industrials up 50 points s&p up 4 1/2 nasdaq right now up 18. this after dow sustained winning streak yesterday 5 straight days of gains, dow industrials at close yesterday up 74 points quarter of a percent s&p up one point the nasdaq lower down 3 1/4 points yesterday global markets like this european about nshgs higher across the board ft 100 up 71 cac quarante up 31 dax up 107 points lot of conversation this morning on major exchanges as hong kong made a bid for the london stock exchange asian markets overnight hong kong, hang seng index up 1.78% on news hong kong stock exchange wants to acquire london stock exchange a massive recall at general motors nearly 3.5 million vehicles affected brake issue could increase risk of a crash
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gm is recalling those vehicles, the stock is down one and a half percent take over bid for london stock exchangeong kong offering 367.6 billion dollars shares soaring on news this morning we are talking about that this morning president donald trump versus federal reserve the president once again calling for fed chair jay powell to get interest rates down, to zero the president says, this ahead of next week's rate decision, the federal reserve will meet on september 18th all stories coming up this wednesday morning joining me to break it down fox business network dagen mcdowell, the assistant editorial page editor "the wall street journal" james freeman charmer chairman chairman new york stock exchange dick grasso here thanks for joining us. >> delighted to be a here. >> great panel james a pleasure to see you dagen, of course, today remembering september 11th 2001, 18 years since deed the alleviate terrorist attack on american soil president trump taking part in memorial at pentagon
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blake burman live at the white house with more on this day ahead blake. reporter: good morning to you not only at the white house but across the country as we begin to look back on 18th anniversary of thes september 11th attack i want to show you part of the scene over here at the white house, this morning as flag above the white house, this is a live picture here, flying half-staff i got to tell you mara walking in here this morning, something when you look at building american flag notice walking into white house on this day it was something to see as it always is on september 11th the american flag above white house, at half-staff. just a couple miles down the road, over at pentagon as well, a different but similar scene american flag draped above that building there as have you well know. thousands died in 9/11 in new york city final plane came down in pennsylvania also one of the planes went into the pentagon, as well.
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>> 8:40 this morning about 37 minutes from now we will see president trump, in the first lady as american presidents have done, for the last 17, 18 years as will head to south lawn to participate in a moment of silence. the president and first lady will then head over to the 9/11 pentagon memorial that is just across the river here, in or lingtin arlington v.a. virgi south fied of pentagon part of festivities we will see from president the only public events for the president but he is also setting his sights continued criticisms today on the federal reserve, as the president has been tweeting this morning, and these were the tweets from the president writing one point quote the federal reserve should get our interest rates down to zero, or less, and wes this should then start to refinance debt interest could be brought way
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down substantially lengthing the term we have great power balance sheet the usa should also a pay lowest rate no inflation only navy tay of jay powell and federal reserve that doesn't allow to us do what other countries are already doing, once in if a lifetime opportunity that we are missing, because of buttof boneheads on twitter this morning. >> thank you blake burman at the white house, i am with dick grasso with james freeman dagen mcdowell this morning your reaction to that defeat? >> well its colorful tweet. >> colorful it is. >> we expect nothing less from the president. i think its highly likely we will get a 25 basis point cut next week, there is certainly nothing keeping u.s. government from refinancing right now, once they do that 25, if they do 350 would be even better they do a 50 or a
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hundred-year bond take out higher cost debt i think probably very smart thing to do. you know i am a supporter of this president he has to revise our capital markets in part areed a mired around the world because of the way we structured the independence of the fed, and it can't be that we are going to have fed policy made in the oval office. that will discredit capital markets, i think that president quite rightly j jawbones as he should jay powell will do what he believe in economic interest of the country next week we get quarter point or 1/2 point cut hopefully refinance entirety u.s. debt a net savings we don't need to be zero economy is not faltering as some economies where interest rates
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are zero or negative. dagen: the president has talked about how -- somehow negative rates in germany are gravy no because economy otherwise contracting you want zero% rates in united states do something to drive our economy into the toilt that is upside down may bes no sense our economy is strong because of your deregulation, and your tax policy so, again, it is actuallies a testament to the strengthen of the u.s. what white house has done not doing to it basically stick to it the president. coming into election year. maria: yeah. >> it is interesting even the european central bank saying data shows they are rock-bottom negative interest rates are not doing much to help their economy so that formula doesn't work the president justifiably talks about great job mark i think should talk about strong dollar isn't it great worth something we get a lot for our
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money. maria: why wouldn't they be changing the interest payments now why not rearrange the debt day? >> they should. >> assist absolutely this be no-brainer like any person refinancing house when rates are low we've got opportunity for u.s. to lock in very cheap financing for 50, a hundred years the market would be receptive judging by rest of the world to do whatever maturity want to put you down to. >> great message from president i think one that secretary mnuchin will pick up on, you know when do we cut rates 25, 50 next week as jim says we are at interest level now reflects what our economy is doing, yes, we slowed down but we are still growing between 2 and 2 1/4%, that is pretty good compared to the rest of the world refinance the debt i think that accelerates our gdp growth, and, of course, we are gonna get, despite the doubters going to get an agreement with
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china, when we get that agreement they see markets will take off this economy, will grow between 3 and 4%, more i hope to the higher side, and the rest of the world is going to be dragged positively by what we do here in this country. maria: for away too long corporate ceos so interested in getting product in front of 1.4 billion people in china for got to protect their product chinese stealing so many decades. >> i think beijing had a model said you come here you can tap consumer market we're going to lift all of your intellectual property all your consumer excellence that you have defined in the united states. now the game is over this president has said we're not going to be a doormat, good for him. >> we also want to talk about immigration debate, because federal judge rewarded national injunction on president trump's asylum ban ruling administration cannot
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reject applications from migrants on away to u.s.-mexico borrowed judge napolitano good to see you -- >> getting a little bit in the weeds i'll try simplify third time same judge has lifted looked at this issue this is not a resolution on merits, this is a primarily injunction predicts by judge how case will end up first time looked at it sait wait a minute we have a tready requires us to accept the application of migrants when they knock on door legitimate asylum application we have to permit them in then do investigation if not legitimized asylum application means they want a better life who doesn't want a better life economic improvement not a basisor asylum in treaty only political legal repression in home country is we have to answer the knock at the door the trump administration, the department of justice, the department of homeland
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security proposed regulations that says we don't have to answer at it the door the judge enjoined them from doing it everywhe wwhere everywhere ms rounding numbers off 2000 mile border between mexico and united states, 1200 miles of which again rounding numbers off is mexico and texas the balance is arizona, california here is the significance. the 90 ninth criteria judge tigar sits is arizona and california. he said what good does it make if i only stop these rules a violation of the treaty in my opinion judge's opinion in california and arizona because they are still applying the texas said no they are going to apply every wherever that is what wanted two days ago. >> why should one judge on west coast be able is to set national immigration policy. dagen: i can than those. >> system that acquiesce if
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government violates a treat or constitution, or federal law of the appropriate plaintiff brings that violation to federal judge the federal judge can enjoin the violation, be absurd to en joy it only in two states and allow the government to do this in other states then constitution means different things to different parts of the country that is the answer. >> have don't you think this demands review from higher court. >> yes. >> why. >> one judge in charge of that you will. >> that is where case days filed candidly to jim's argument he is being a more diplomatic than i would be they chose this court people that are filing this -- this application. because they were able to anticipate how it is goinging to. the president, has put a number of new judges on the ninth circuit, 35 judges on is that court will eventually move the center of integratigra
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never call you jim it is james. >> whatever. >> okay to call you jim. >> okay. >> have i have known i 10 years called you jim. >> -- >> thank you. thank you. >> i am going to call that hand so many guy next to you richie. >> -- back in my neighborhood. >> back. >> a minimum with apple refresh technology sun on giant unveiled line of brand-new products what is in store we are remembering september 11th years later, annual september september 11th day in manhattan we will take you there. ♪ i get it all the time.
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president trump tweeting on recent poll says this in a hype thetd cal poll by one of the worst poll rssters amazon "washington post" abc
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predicted i would lose to crooked hillary by 15 points how did that work out pock habitos all others would beat me in general election a phony suppression pole i haven't even started campaigning fighting fake news russia, russia russia, dan bishop wins year ez yaer than 2016 support for bishop. >> big news out of there, republicans as you know, of course, scored two major victories in north carolina, and chair of democratic congressional campaign committee said that president trump's rally there monday did help this is victories dan bishop hotly contested special election beating democrat dan mccready republican greg murphy claimed victory over democrat alan thomas, apple to take on netflix as strategic wars heat up company
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announcing going to launch its streaming tv service november 1, deal $4.99 a month apple unveil iphone 11 model featured three cameras on the back, and then the new apple watch has always on display can help protect your health many ways apple announced new ipad apple art a kid game strooeng shares of apple up more than quarter percent in premarket. and in cupertino let's stay in california passed landmark bill for economy workers state senate approved to require companies to treat contract workers as employees if signed by governor will affect at least one million workers headlines back to you.
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>> remembering september 11th 18 years later live coverage of events coming out of new york city this morning. stay with us. at synchrony,
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oh beautiful o gracious skies ♪ unfurl american flag at pentagon remembering september 11th pgc cantor fitzgerald annual charity event honoring employees lost in the attack. >> good morning to you.
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>> maria every single worker at this 18 years ago showed up to work 0 to 105 north tower trade center did not make it out live almost 700 workers what a day a story one of those worker ceo howard lutnick dropping his son kyleoff at kindergarten did not show up that morning his brother gary died and since then they have pooled together their resources, every trader on this floor today, every trade they make all of that revenue one hundred percent going to the pgc charity fund can't candor fund, right here in office hi. the danny telling me the question i get because you have to remember the kids, of the parents that worked here grown up now some knew parents some did not have questions
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what they were like what working was like some do still work here. and it means a lot to himing to back and share stories of his friends, and their parents. to them. so 18 years later sometime raising money for the victims of 9/11 many other charities as well first trade today will happen by tony blair most likely right here at fx options desk or latin american desk over there tony blair host of celebrities, including sean penn cindi crawford expected here today, i have been covering this story a while it brings you back. >> really does, so good that they do that every year, to raise money dick grasso isn't it beautiful to see what they do at cantor and bgc.
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>> great tragedy comes great charity howard colleagues are to be congratulated never or go notten families of those whom they lost as the case with so many other firms who lost people, herman sadler's firm jimmy did you know does a wonderful, wonderful support for those that were killed in his firm. of the you know a time when america at its darkest moment becomes a shining light. and i think what howard jimmy dunn have done are indicative of that throughout financial community people don't think about profits today they think about what happened 18 years ago, how we can help people who were impacted by the tragedy. >> so unimaginable just unimaginable what happened to this country, and to all of us, and to the victims 2977 people loving lives you can't teach leadership when you are
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thrown something like that you have to react, you reacted. the first responders reacted we are indebted to them forever. >> maria people, people can kind of outside of new york city have kind of put this behind them, but if you were in new york city certain if in financial district as you were with me, you know what an incredible searing in mind and hearts of people who were down there this produced, i can never forget midnight that night con-ed veer don workveers workers trying to reward order incredible, incredible reaction. darkest of times the greatest of people react. >>. we'll be right back.. u to meet someone. this is jamie. you're going to be seeing a lot more of him now. -i'm not calling him "dad."
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should always be working harder.oney that's why, your cash automatically goes into a money market fund when you open a new account. just another reminder of the value you'll find at fidelity. open an account today. welcome back. good wednesday morning.
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thanks for joining us. i'm maria bartiromo. it is wednesday, september 11th emotional wednesday 18 years later top stories right now just before 8:30 a.m., on the east coast, we are remembering 9/11 this morning, taking a look back at events that took place 18 years ago today. the day our country was changed forever we have breaking news on economy produce price index out for august expecting unchanged reading month-over-month year-over-year up .7% numbers coming out markets so far are steady up 52 points dow industrials, s&p up 4 1/2, the nasdaq, is up 167 and 3/4 points to deirdre bolton for breaking news on produce price index. >> maria all these configures coming in a little bit hotter we should call it than expected if you look at august ppi month on month basically expecting completely flat we have an inflation read .1% if you look on year-on-year
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figure instead of 1.7% economists expected, .8% if you takeaway sort of -- some of the energy you go just focus on core, you do have 2.3% year-on-year read, versus 2.2% so across the board, if you remember one thing just they are all hotter all indicating the presence of a a little bit more inflation, and, of course, this is extremely important as we work towards the fed next meeting as we know september 7th and 8th key decisions there -- 17th, 18th i would stayed so you employment read flex most important deponent for fed. >> up 1.8% year-over-year one-tenth like deirdre said hotter than expected markets here off the highs 42 points on dow industrials joining us right now merrill and bank of america private bank chief investment officer chris hyzy
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thank you for weighing in reaction give your segment of backdrop. >> i think as expected, i know the broad consensus looking for flat we should see cyclical uptick few months some due to tariffs not soaking all the way through some due to wage growth producers don't have pricing power any one data point is going to give you, structurally or strategic basis, there is a lot of supply chain movement going on, and sometimes producers take that as an opportunity to nudge up a little bit of prices because you get that knee-jerk reaction j-curve effect comforts going up for them before they come down, i believe this is as expected,s cyclical inflation not structural inflation. >> your sense of the market here broad backdrop the economy? >> finally we are getting rotation that everybody was looking for. >> big -- >> it has been last couple days so not like it has been a few months, we have to see how this affiliateers out. >> rotation from overexpensive
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i wouldn't say higher yielding not completely higher yielding across the board but defensive neighbors consumer staples utes, received a lot underneath broad indices to hide away interest rates coming back a bfrn up in interest rates on longer end in anticipation of a few inflationary activities around the world dominated by fed ecb cybering cals all of a sudden start to pop started with semis a few months ago filtering into real economically sensitive areas dagen: does that move up in longer term rates we have seen last week or so again on 10 year, you have had yield go up about a quarter of a percentage point 25 basis points roughly does that continue could do you think still very low again do we get back to 2% on the ten year. >> i think it does continue because of flows so from a flow perspective, we are at the highest level of long
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duration we have ever been most is long-term money but on margin some he shorter temperature money to long end believing would continue to go down a weather blanket effect on prices owning long as a hedge on equity a risk big theme for many multiasset investors i are going to see some of that begin to unwind we saw them last few days that naturally means yields in long run go up, is it sustainable? not likely. >> your are you still seeing a lot of money from outside the united states pull into u.s. securities so that no question the large insurance companies pensions, wealth funds the united states happenings to be higher yielding treasury sovereign bond market in the world, and need for long duration assets to match any
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liabilities you have are increasingly going up as reits go by. >> may be 50 or 00 year treasury bond. >> i think there is debate about that, would make sense to given the refinancing emptied i think officially the knee-jerk reaction not to do it happens to be because the actual percentage increase or the initial movement lower is actually a higher rate than they are paying right now so there is apprehension to have a makes lunn sense short-term sense might be bunch on interest comforts they are monitoring how much can they actually do demand is there probably higher than it has ever been but would it really make a difference if you are doing a few hundred billion? that is probably what they are wrestling with. >> how important is china situation the potential for a deal, china announced now, that certain u.s. products will be exempt from retaliatory tariffs, soybeans corn items most important to american farmer that is not on the list this is we read into
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this maybe two sides are talk things motivating closer to deal how do you read it? >> i think you are going to see a lot of these small movements in on the way to a no detail. >>. >> no deal? yes a truce, a detail is on the way structurally towards the sole interests of each country the move that just happened overnight is more or less because china realized that might have been hurting them. versus we're going to relax some of this because there is a broader deal coming the way we see it is -- it is a dual track world led by u.s. consumer and u.s.. and manufacturing or industrial activity outside united states the supply chain who dominates supply chain next ten year is is absolutely important around the world you are likely to have a western led supply chain in eastern led supply chain it is very difficult to see that a substantive deal is going to
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be reached. >> what does that mean for markets isn't the market waiting for a deal? i mean you talk to art laffer as soon as we get a deal 5,000 points on dow industrials are we having a sell-off if markets starts realizing there is no deal. >> i think the machine nicash nation could take on many flavors a deal could be no additional tariffs that have not been announced that as years go on allows companies to actually change the way they manager supply -- >> conversation we are having over summer, though? -- in august just pointing that out. >> yeah then so question is is the market comfortable at that seems like it is 2% away from all-time high, and it is not because there is possibility that a deal is coming. it is more or less people getting about comfortable with that this is reality. >> and they are now getting
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comfortable putting risk to work on premise that a substantive deal is probably not in cards. >> is another reality long term rock-bottom rates? >> it is demographical. >> that is a rattled how do you deal with rates where they are. >> so in very short term if you are managing multiasset portfolio right now there is too many port follow yovrs still too defensive investor sentiment too bearish one reason short of new high snenlt is far too bearish if investor fully allocated if overly laetdz defense areas begin to rebalance to cyclical easier if overlylead the to high momentum growth diversify the most diversified portfolio is more than likely big winner that maintenance have bonds as hedge not getting the yield there, have your bonds as your
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hedge and equity risk, search for some yield in equities some growth economic sensitive balanced off by good value defensive growth use cash to buy on weak days. >> chris hyzy greats to see you thanks for advice, bank of america merrill lynch remembering september 11th this morning awaiting the moment of silence marking the time the first plane struck north tower in new york city approximately we will have that live. back in a minute. ♪
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september 11th awaiting start of annual ceremony world trade center sight national anthem sung followed by moment of silence marking the time the first plane struck north tower dick grasso with us former chairman ceo new york stock exchange again we have to honor and remember all who were lost particularly those 403 first responders who rescued 25,000 people in that at a, amazing story maria: it really is, and i always like to say that when they were coming out of the building the fire department first responders well they were going in, and we need to cherish them cherish borrowers and sisters we lost that
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fateful day we take you to world trade center site where the observance will begin with the national anthem, and, of course, you have been to this ceremony before dick grasso we are going there, now. >> ♪ oh say can you see, by the dawn's early light, what so proudly we hailed at the twilight's last gleaming, whose broad stripes and bright
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stars through the night o'er the ramparts we watched were so gallantly streaming, and the rockets' red glare the bombs blasting in air, gave proof through the night that our flag was still there. oh, say does that star-spangled banner yet wave o'er the land of the brave and
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the home of the free ♪ [applause]
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[bagpipes playing playing]
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. maria: we are watching the 9/11 commemoration as us see watching the white house as well as in new york city, the first plane struck the first tower at 8:46 a.m. the second plane hit the second tower at 9:03 we are here with former chairman ceo new york stock exchange dick grso reaction just hard to watch again sometimes, because, it just brings up all those feelings that we felt and we still feel. >> it is important to watch though maria it is important to watch and to remember, and
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to take from that tragedy and move to the what makes america so different from the rest of the world which is our resolve, our freedom, and our willingness to be just a gracious giving society. and as tragic as that day was look at all heroes whose names we will never know all right -- made it possible for so many people to live and to live their lives. and you have to -- you have to just thank every day a first responder be it a firefighter, a police officer because they make our society work. and certainly on that day they allowed 25,000 people to continue their lives. maria: i hope our viewer thank a first responder today, go up and say thank you to an officer to a firefighter, dagen, your thoughts? >> i remember that day the
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sound of sirens get choked up to this day even if it is a -- a kind of standard fire call if you will. those sounds of every single fire engine heading toward the twin tower after they had been hit by those planes, just the an incredible day to remind us of what we are capable of as a nation, if we come together. the power of unity in the days and weeks and months after those terror attacks, i only hope we can get back to that point. >> we are taking a break when -- come back i want to show you pictures that i took of the twin tower site today 18 years later going to show you those pictures a beautiful memorial then we will take you live to the trading floor as we representative september 11th 18 years later. kevin, meet your father.
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maria: welcome back. we are watching shares of general motors this morning. the stock is down in the premarket after the company announced a massive recall. gerri willis is on the floor of the new york stock exchange with the details. gerri: that's right. the massive recall, a recall of 3.4 million big pickup trucks and suvs, a problem with braking. the stock is down, as you can see, nearly a percentage point. among those items recalled, chevy silverado and gmc sierra, cadillac escalade. the yukon, suburban and tahoe. 3.4 million, it's increased stopping distances and the risk of a crash. this being investigated for over a year. i have to weigh in on 9/11 down here.
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it is a very emotional day for traders down here. what your audience may not understand is most of the guys who work down here, and there are many of them, were here that day 18 years ago. the emotion is still raw. i have heard so many stories. there were ten nyse members and amex members, everybody was touched and knew somebody that died that day. i heard stories that traders went out and saw people jumping from the world trade center to their deaths. so emotional for these people down here. and i have to tell you, the stories i'm hearing 18 years later just amazing. you will remember these are the guys who very bravely reopened the exchange seven days later and that was a big moment for capitalism in this country, and an amazing event.
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i will toss it back to you. maria: yeah. incredible leadership. i was there and we today cherish the legacies of those lost and the families impacted. final thoughts from this all-star panel, next. l right brn 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. 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic.
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that ceo gets it. from adding unique capabilities to your company's apps to bringing you loyalty programs, our technology and financial solutions are changing what's possible in all sorts of ways. so, how can we change what's possible for you? maria: it's been an emotional day today. dick, thank you for joining us on this important day. >> honored to be here. say a prayer for all who are lost. thank a cop and a fireman. to you, maria, happy birthday. maria: yeah, no, let's not do that now. i can't believe you -- thank you. thank you. you brought this cake. thank you, dick. >> i have the worst birthday ever. my husband calls it the international day of sadness all the time but i appreciate you thinking of me. >> it's canoli.
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maria: oh, my goodness. thank you. it is such an honor to have dick grasso on the show today, especially. >> thank you. maria: for this pin you gave me 18 years ago. thank you. >> my pleasure. maria: have a good day, everybody. stuart varney is up next with "varney & company." stuart: let me second that to dick grasso. good man. good morning, maria. good morning, everyone. here we go. republican dan bishop won the north carolina special election. president trump had campaigned for him monday night and even the democrats admit that helped. more than that, the election was seen as a referendum on the president. the republican win is a plus for his 2020 campaign. that's not the only one, either. on the show today, we are following the census bureau report that shows poverty in retreat, incomes rising sharply, and big wins for women in the work force. the trump economy is looking good. w

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