tv Mornings With Maria Bartiromo FOX Business September 27, 2019 6:00am-9:00am EDT
peleton falling, entertainment company endeavor pulling ipo, expect today start trading today, taking a look why it's been sufficient a rough road on what could be ipo, mornings with maria begins right now. ♪ ♪ maria: big show this morning, joining the conversation fox business dagen mcdowell and john, and pollster and president of maslansky + partners lee carter is here, great to see everybody this morning. dagen: we were talking about opening friday morning with alman brothers. original top gear.
[laughter] maria: big show this morning on deck this morning, ohio congressman and member of the house intel and ways and means committee member brad is here on yesterday's hearing, darrell issa joining us on new run fur the house, intel committee devin nunes on the whistleblower come print and philadelphia federal reserve complaint patrick harper, on economic data, backdrop on the economy, we will talk about rates as well, don't miss a moment of it. top story this hour, whistleblower hearing, joseph mcguire sealed question from lawmakers yesterday, intel chief showing some support for whistleblower also had warning for democrats going forward, watch. >> there's an allegation of a cover-up, i'm sure an investigation and before this committee might disprove that right now all we have is allegation from secondhand from a whistleblower.
maria: now we've got the media, new york times say they know who it is but the republicans want to know who is the whistleblower, maybe he's from the cia, what's your reaction? lee: it's a tough situation, democrats, they are out for red meat and energize their base, i don't think they will handle in a way that will make people forgiving thousand ohm. they started impeachment proceedings too soon without having enough information and make it seem -- it's not going to be credible to a lot of folks, now, the investigation needs to happen, we need to know what happened but started before we saw the transcript. let's think about in and of itself is making hard for a lot of people to believe there's any there there. maria: aren't there rules that you need the whole house to move forward for impeachment, that's what happened with nixon and that's what happened with bill clinton? >> yes. maria: they didn't have a whole house vote, they don't want
people to know, she doesn't want to put members on the spot saying yes, i vote for impeachment and no i vote no. dagen: they want to use the impeachment vote without moving to full vote, again, at some point the rubber needs to meet the road. the committee needs to draw articles of impeachment, move them to judiciary onto full house vote. again, if they are going to make a show of this, they are going to need to do something in terms of full vote, i want to add this, how are the american people going to understand the seriousness of this according to the democrats when you have adam schiff opening a hearing doing a what i want call thetical or dramatic rendering. maria: he made it up. dagen: complete fiction, i'm sure we will get it it as the morning wears on, if you look at congressman's face, his face sums up what my reaction --
personal reaction was to this fiction that adam schiff and just to -- for viewers who didn't watch the hearing it was concocting a phone conversation between president trump and zelenski, the president of ukraine, i don't know how the american people will take seriously if schiff says it was a parody, if this is the behavior from the democrats. maria: i will not take adam schiff seriously until he starts acknowledging what took place in 2016 and the fact that people were wiretapped and informants were thrown at people for no other reason than being in trump campaign. fisa abuse runs deep, we are waiting on ig reports, i can't take any of the people seriously until thack i don't imagine wrongdoing on what went on in 2011. i think it's a fair statement. >> i think it's a fair statement
but it's not going to happen. i don't see any chance that it's going to happen but i think the problem the american people have right now and you're angry about that there's a fatigue about this, everything, it's like another thing, another claim, another accusation, seems that if you support the president nothing is going to stick, if you hate the president, you think every one of them is true and then there's a lot of people in the middle, two-thirds of americans right now putting their head in the sand because they are tired and exhausted. maria: grow up, there's another election vote the way you want to vote but stop with the craziness, everything he does taking on hearings and -- and trying to make this huge deal over everything, it's just -- how do you see it. >> nothing of substance is getting done in the u.s. congress, the house refuses a house on almost everything, we have trade deal with méxico and canada at that time waiting to be voted on, that's not happening, that's not helping the u.s. economy, you're correct, i think the average american could care less about
this particular matter. maria: yeah, house speaker nancy pelosi actually did sound off, sounded optimistic of the future of usmca, listen to this, see if you screen anything from this. >> move get away in u.s.-méxico-canada agreement, pushing to be on a path -- continuing path. maria: she says we are moving ahead, does that mean she is going to bring it to the floor, do you think? what does that mean? >> still on the table. moving ahead, there's no timetable, nothing like that. maria: if they don't get it done by canadian elections in october, that's one barometer, thanksgiving, if it's not done by thanksgiving, it does not get done. dagen: getting back to whistleblower complaint, is the mcguire, are allegations true by the whistleblower, were phone calls moved to basically this
secret -- basically covert actions were -- were moved, i'm looking at my notes. maria: apparently there was a secret place on the computer where only a handful of people could see. dagen: the secret service for covert action was this phone call and other phone calls moved, john roberts on bret baier show last night alluded to this that this -- that the white house started doing this after calls with -- with the leaders of australia and méxico were linked very early in the administration, that the white house started to button up the phone calls but their allegations, they should be -- their allegations in this was complaint and treated with seriously, adam schiff given performance and would the american people believe democrats at this point.
maria: he opens up the hearing, makes up whole narrative, creates something that was not there and then asks a question, right? dagen: right. and then the issue is they very clearly used the phrase cover-up in whistleblower complaint, multiple people, at least a dozen people in the white house on the call according to the complaint and the -- the use of the word cover-up, if the transcript of the phone call with ukraine, the president is out, what are you covering up then? that's the issue. i think that we need to find out is the transcript that we got earlier this week, is that the exact original transcript. the integrity of that. >> bottom line the american people would be willing to go through if they said this is a journey to the truth, what we want to know is what really happened and right to know what happened and let's just find out, but that's not the way this feels, this feels very much like
democrats are going, got you. this doesn't feel like they are looking for the truth and that's what the american people deserve. maria: yeah. >> and the american people also want to know what happened in 2016, why were these agents, security branches of the united states so interested in trying to block trump. moreover, i think the end, the big loser of all this is joe biden. dagen: there's no question about that. maria: now we are looking at what went on in ukraine and, you know, he's on tape, i mean, he's on video bragging about the fact that he got -- he took down the prosecutor who was prosecuting the company that his son was on the board of. lee: i think it's going to hurt him but heist hurt himself by the way he's running the campaign, i think elizabeth warren is running a much better campaign than he is. maria: she is, wall street has a thing to say, ipo hitting a snag, endeavor pulling ico as
peleton deal down 11%, we talked about nothing getting done, i want to get your take on the ipo situation as well, peleton fell flat basically. >> investors are getting tired of putting money into these business that is have yet to turn a profit and a lot of this is maybe extreme comparison but bringing back memories of what happened when the dot cop -- com bubble. in some ways they can borrow money to keep burning cash but that's not going to be the case forever, eventually you need to make more money if you want money from valuations. maria: a lot of people questioning the valuations in the private market, right? >> thank goodness a lot of investment have powder that keep entities paying their bills,
paying workers for the time being. quite a bunch in leverage loan issuance, a lot of is private-ly held companies, who know what is the future hold. >> this is crack in the market, though, i hate to compare it to the dot com bubble because there were companies that went belly up, hysteria and man around the companies, these are legitimate businesses, they're asking investors to pay money more femme. maria: let's take a quick break, peleton there. on the move british oil tacker seas finally heading back to port, details. then wework plans to tighten itself, a lot more ahead stay right here.
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maria: welcome back, the british oil tanker seized by iran now in the move, good morning, cheryl. cheryl: iranian authorities confirm the vessel left the port where it's been held for months, now heading towards dubai, iran captured and crew back in july, this was 2 weeks after the british navy seized an iranian tanker, we are tracking that, we are also tracking shares of micron taking a dive after warned of disappointing holiday season coming up. memory chip maker fell on weak
guidance, numbers decline for demand, products are slipping prices are rising, also trade dispute between u.s. and china hurt its sales to hauwei. and then there's this wework reportedly plan to go push out about 20 friends and family members of now former ceo adam newman and sell his private jet that reportedly he and his family were using to travel around the world on, wework expected to cut thousands of jobs preparing a slimdown company for a possible public offering likely that's going to be now next year, remember, that's supposed to be now and newman cast vote against himself when wework directors voted this week to oust him, again, so many issues, softbank has big investment, the behavior of the ceo can sometimes completely derail.
maria: it's about leadership, even more than that, wework dressed up as being special thing, what was so special, if it looks too good to be true it probably is, what was so special about wework in the first place. >> people thought it was a total disruption and change the way we work, i think a lot of people thought it would be a whole different way of doing things and maybe it did disrupt but the business model is one of the things that people need to look at, it's really heavy, expensive, carrying costs, how are they going to recover that? >> largest owner of real estate in the company, what's the big deal here? dagen: it's a leasing business, business model that goes back to 50's, the only disruptive is ceo las long hair, kind of wacky. [laughter] dagen: company is littered with those guys, not gals, men not so
much. >> you're exactly right, dagen. a lot of empty office space, a lot of competition in this particular industry, this business, what was the big deal? dagen: your viewers know this because we talked about this literally for months and months how the business model was not up -- maria: quick break, gm and the uaw reported near final stages of negotiations, striking workers hit picket lines for a 12th day today, it is ladies night, jennifer lopez and sharika they will be at the half-time show. back in a minute. ♪ -i'm sorry? -what teach here isn't telling you is that snapshot rewards safe drivers with discounts on car insurance.
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maria: welcome back, markets are higher this morning, take a look at futures indicating gain of 80, s&p futures up 11, nasdaq up 28, investors are waiting economic data, durable goods out later, investment bank chief u.s. economist zeth carpenter, great to have you this morning. tell us where we are in the economy right now. >> right now actually doing okay, 2 and a quarter, reasonably solid number. maria: 2 and a quarter percent growth? >> pretty temporary good spot because last year the economy was at 1.1% and if you look at domestic spending, bounce back as we head to forecast and big chunk of that, the tariff that went place last year all on capitol goods and you saw employment and manufacturing states and we bounced back from that because there's strong resilience nature to that part of the economy and so we are
hanging out now and i think the question becomes, you know, what happens next, where this is confidence for the rest of the business spending. maria: so what do you think? we are we are not overoptimistic. maria: about business confidence? >> yeah, so you're seeing last month we had a big negative on the core capital shipment data and that goes right to business equipment and investment numbers, gdp numbers, we are looking for positive, two tenths today on the number and that should be for a little while, the last couple of increases in tariffs that will hit the manufacturing sector, what's that going to do to business confidence. dagen: what about consumer, we get retail -- not retail, personal income spending later out this morning, based on what you see in jobless claims numbers, are companies not begin to go lay people off, is business confidence translating
into hire, more greater willingness to fire people and this economy basically pushed through with just the consumer sitting in the driver seat with his or her foot on the gas. >> right, i think that's key, we have seen in 2015-2016 where consumer spending did hold the rest of the economy even though we had a slump in manufacturing, i think that's very much the key question and the consumer has been very strong, we are looking for continued reasonably strong consumption growth but when it comes to employment picture last month we saw 96,000 private payroll, that's a horrible number, we think it's going to bounce back up for the next to mid-30's, we are not seeing waves of firing, off previous low but still fine, but it really is sort of net job gain that we need to stay strong so consumer spending hold up.
dagen: i will point out something that michael has said on the program that we have seen because the federal reserve started cutting very early and we have two rate cuts under our belts without signs of real serious rise in the jobless claims numbers which is suggested that the fed is ahead of the curve. you might disagree. >> well, no, i agree, we are beginning to see signs of life in the housing sector, residential construction activities turning higher, home sales, new existing home sales are beginning to grow again and that's a good sign, i think that could help consumer spending in 2020 as people after they buy a home and they have the derivative expenditures, appliance, furniture and other items. >> i think that's a place to look for optimism, we sort of got the initial hints of an upturn after housing market being in for so long. >> i want to add one thing, people talk about how
manufacturing now is suffering because of tariffs and what not, but if you look at the data you will find out that construction spend asking doing much worse than manufacturing not only residential construction spending down but also commercial construction activity was down significantly and that's where the weakest segments right now of business investment spending, that's business spending on structures, we actual it commercial real estate. >> no, no question there, the structures, not just decline but accelerate in their decline, part of that from my reading of it is the concern of the oil producers especially in -- in -- around the world, the u.s. with the fracking just not seeing huge amount of demand for oil because the energy consumption coming from manufacturing is going to tail off. maria: are you expecting another rate cut? you're not seeing a recession certainly not this year but fed
another rate cut in december? >> so we don't have that in forecast but boy is it a close call, fracture within the committee, i think you all are going to have patrick later, just over half of the participants that sit in wooden tables in washington, d.c., just over half of them didn't want to cut in july and didn't want to cut in september and if the data remains solid for the next quarter or to, i'm not sure sure they will get to the point where they want to cut rates especially since given money market, they will decide to start growing the balance sheet after october meeting, i think the ones who don't want to cut it, look enough is enough, the data looks fine enough to me, let's wait. >> i think the market is telling the fed to go ahead and cut rates. the financial markets very much want that.
they want 1.625% by the end of this year. maria: if they don't cut in december selloff in stocks? >> conceivable, depends on how the economy and how things are improving, you know, it's possible that we are at a turning point now with business sales, they begin to pick up speed and that's going to improve the outlook for hiring activity and cap x, we will have to wait and see. maria: it's all going into 2020, so there's a lot of fireworks around the company's performance coming up great to get your insights, go ahead. >> i'm going the see if there's one more rate cut. maria: this year? >> yes. >> great to have you, thank you so much. coming up sparks flying on capitol hill yesterday, lawmakers demanding who lead president's phone call, congressman is coming up next. tesla positioning itself as streaming wars, often software update can summon your car, we are taking a look at that, stay with us.
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maria: welcome back happy friday, everybody, good friday morning, i'm maria bartiromo, it is friday september 27th, your top stories right now 6:32 a.m. on the east coast, markets higher on friday morning, check it out, markets poised for opening up on dow industrials, we are waiting on economic data this morning, personal income spending out later this morning, we will see what does to markets, s&p up 9 and nasdaq up 25. this after a down day yesterday, investors were watching washington and democrats and the push for impeachment, dow industrials at the end of day down 79 points and nasdaq lower by 46, global markets this morning look like this, european indices higher across the board. ftse 10 better than 1%, cac quarante 14 points and dax higher by 106. political uncertainty in the
united states putting pressure on markets in asia, markets were down in japan fractional and in hong kong, but look at kospi in korea better than 1%, it is days 2 for gm strike, both sides could be nearing an agreement, we will take a look on where that is going, modern take on the drive-in, tesla adds hulu to vehicles. then there's this, get excited for super bowl, j.lo going to hit the world's biggest stage, the super bowl, she's teaming up with shakira for half-time show, all the stories coming up friday morning, first top story this half an hour, whistleblower hearings, tense moments yesterday as joseph mcguire faced tough questions on capitol hill, watch this. >> i want to make it clear that i have upheld my responsibility to follow the law every step of the way, i want to also state my support for whistleblower, i believe that the whistleblower
and the inspector general have acted in good faith throughout. i have reason to believe that they have done everything by the book. >> whistleblower says i have received information from multiple government officials that the president of the united states is using power of office to solicit interference from foreign country in the 2020 u.s. election, you would agree that should be investigated, would you not? >> chairman, the horse has left the barn, you have all of the information -- >> but if there's a serious and credible -- you agree there should be an investigation? >> i believe that it is a matter to be determined by the chair and this committee. maria: our next guest was at the hearing, joining me right now ohio congressman house intelligence committee member brad and congressman good to see you this morning, thank you so much for joining us. >> thank you, good to see you. maria: give us your reaction, what did you take away from the hearing yesterday? >> well, what i did take away you have something like acting
director mcguire trying to do everything that he possibly can to make sure that he is following the law. we have an office of -- of legislative council that he went to to get an opinion, what the action should be that he should take and that's what he did and that's binding. i can't fault him for that. he's not an attorney, he's been thrown into this job, he's a man of honor and integrity and he did what he was supposed to do. as you know, one of the more disturbing things is the representation that adam schiff gave of the conversation between the two presidents which was a false narrative that he later called a parody that was disturbing and diminishes chairmanship, we have a lot to deal with this, i will say this too, everything is out there, we had the olc report, their decision. maria: yeah. >> you have the complaint and you the and the conversation, i don't understand how nancy pelosi can possibly say there's a cover-up going on when
everything is out there in plain sight now. maria: well, a couple of things, first off the adam schiff parody, he's the chairman of the committee, how does he come out and -- and read fake stuff that actually never took place and it was his version of the phone call which did not take place at all and get away with that? i mean, that seems to me -- and the second thing is you're on the intel committee, where is the investigation into the investigators, what's going on with the 2016 election, i can't take any of this seriously until i actually get acknowledgment that you are actually focusing on the real wrongdoing. >> well, that is the point i have tried to make for the last couple of years, i said, you know, any of this that you are doing would have some level of credibility if you were looking at everything, keep in mind, you can go back to the russian collusion investigation and when we wanted to find out who paid for that dossier, he was against
it. so at one point did he know that his money, for example, if he contributed to the dnc went to paying for phoney dossier which let to the fisa court farce, don't look over here, only look at the narrative i'm trying to create, you know, maria, as a serious player on this committee, when he does that, it diminishes the chairman championship, diminishing the entire committee and diminishes the trust that people could have in congress when they see that and recognize that. maria: when you say he, you're talking about adam schiff, correct? >> yes. maria: the american people are not stupid, we all recognize at this point what took place, they tried to frame then candidate trump, they tried to take down then president trump and you're talking about inform antidepressants, wiretapping, anybody on either side of the aisle should be outraged by an american citizen getting
wiretapped because he was on a political campaign that the opponents department like. >> that's an american problem. maria: isn't it working, congressman, look what is going on, the public is talking about a phone call that the president had with the ukrainian president, is this all to cover up what was coming out in the next couple of weeks and that's the fisa ig report, is this that the public gets all wound up the way we got wound up around russia collusion for 2 years and now we are just going to get wound up so report of fisa abuse by the top of the fbi and the cia, by the way, is -- is just like ignored? >> that seems to be the playbook, right? we have seen it time and time again, you know, something about the break, let's change the news cycle, you know what --
maria: you keep getting rolled over by the democrats and their strategies, so what are you going to do about it, you're on the intel committee. >> well, you know, we are out there doing everything we can, you know devin nunes is, we are doing everything we can to bring light to american people and if you look at the odds stacked up against us with media and with the behavior of those on the other side of the aisle,le by the way are doing exactly what russia wants them to do which is to divide us as a country and we keep piling forward and so does this president, that's what it's going to be take and i appreciate the morning being on the show with you to talk about it. maria: we will see what happens, do you think the president is in jeopardy of getting removed from office, bottom line? >> well, let's put it this way, if donald trump did what joe biden bragged about doing, i think he would be in trouble but otherwise i do not. i didn't see what other -- what adam schiff is claiming to have seen in this report, you know, i saw two presidents who were
talking about cleaning up corruption in their country. maria: yeah. all right, real quick on government spending in terms of the senate passed the bill in terms of avoiding a government shutdown. any thoughts there? this now just needs the president's signature. >> well, it'll get the president's signature and buys little time. maria: yeah. >> i would hope that we would have appropriation's bills, i've always said that. i've been in favor of no appropriations, no way, here we are again in the same situation and probably, unfortunately we will will be for some time, it would be nice, you know, i will try to be optimistic that we will get something done as far as regular order and process but my unfortunately my gut feeling is that the democrats have so focused on the next presidential election that they don't really want to proceed with doing anything that has possible
resolution. maria: do you think usmca will come to the floor? >> i think so so because there's a lot of democrats that need to have this passed too, lighthizer has done great job with democrats in ways and means committee. isn't easy to have happened. maria: i believe he's meeting with them again today, meeting with the democrats today, we will follow that, we will get the latest on usmca, congressman good to see you. cheryl casone with that story in headlines. cheryl: that's right, maria, the administration planning to slash the refugee limit to all-time low, that's new proposal allowing 18,000 refugees year compared to cap of 30 thousand.
more than 32 million noncitizens living in the country. negotiations focusing on big picture issues like wages, benefits and the use of temporary workers, official said both sides are looking to finalize new contract, drive-in coming to your car, tesla updating software adding netflix, youtube and hulu to in-car entertainment, the vehicle needs to be in park to watch on the display, upcoming features will keep you jamming, spotify something the company calls careoke, right, anyway, they are going to look at tesla spiked yesterday. elon musk has basically shot at delivering a hundred thousand vehicles for the quarter, we are doing everything but driving in the cars. maria: you're right.
it's funny, we are jamming, thank you, cheryl. coming up deepening drought, dry conditions taking a toll on the south, how no rain is affecting farmers, we will take a look, ladies night at the super bowl, j.lo and shakira rock on taking on the half-time show, we are brack with more details on that, stay with us. so chantix can help you quit slow turkey.rkey. along with support, chantix is proven to help you quit. with chantix you can keep smoking at first and ease into quitting so when the day arrives, you'll be more ready to kiss cigarettes goodbye.
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gets better, u.s. drought monitor shows conditions intensify ago cross 5 states, louisiana to south carolina with the worst of it in alabama and georgia, some areas have not had substantial rain for weeks, the chicago tribune this morning writes chicago teaches you to invoke strike, walkout could begin october 7th, the first step toward any job action, strike would affect 25,000 educators, 360,000 students and represents huge challenge for pay raises and that's at the heart of impasse. new ucla institute will study and spread kindness, apparently science to being kind, ucla wants to advance with first interdisciplinary research institute, explore among other things how and why being nice reduces depression and risk of cancer and cardiovascular disease, that's what you kids will be studying, take a look at the moments from this program.
>> now there's no quid pro quo, no money, proper action by a president, they might say improper, but certainly not grounds for impeachment. >> in terms of ukraine call, you will see democrats move toward some kind of impeachment inquiry here and the transcript will come out. >> from day one of the presidency they have totally negated the voice of the american people, they didn't accept donald trump, they boycotted the inauguration, they've had the russian hoax, investigation after investigation and now they have to do impeachment because aoc and 3 run the party. >> the american people say the only thing you were concerned about was impeaching the president, we don't agree with that, we have a right to vote him in or out in november of 2020 but you wasted all the time. now, there are important things to be done and you're right, that's why the markets are reacting, they don't want to see us plunge into unnecessary constitutional crisis and that's exactly what's happened. >> let me call things by their name, maduro is sponsoring and harboring terrorists in their
territory and that's comparable to what we saw in the 2000's when the taliban regime was supporting al-qaeda. so what he does is exactly the same. >> the future is exciting to me. ai is one of the opportunities that we have to be able to do things with our computers, to be able to save our children's lives or make their lives better, for me that's incredibly exciting. >> senator bernie sanders looking to outdo elizabeth warren, wealth tax is higher than elizabeth warren's wealth tax and apply net worth of $32 million, raise estimated $4.35 trillion over the next ten years, what do you say to sea -- to that sandi. >> giving my money away. maria: good for you. >> willing to sit down and talk about a wide-range of issues not only with privacy but also beginning issue of antitrust and that's where the investigation of the house judiciary committee has been coming from, it's to say where are we in this new
environment, how do we relate to companies that have a different source of income, a different source of media, how do they dominate their marketplace we are -- >> you can rip into the whole thing, there you go. everything falls out of the bottom. look at all that. [laughter] >> yeah, kids have a lot to look forward. [laughter] maria: my dog dusty is here in studio offering her opinion on the fresh food for dogs, come here dusty, come here dusty. [laughter] maria: come here, dusty. >> all pet food is highly processed we know that feeding highly process food to our pets every single day of their lives is unhealthy, we decided to change pet food.
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so, can it help us fall asleep faster? yes, by gently warming your feet. but can it help keep me asleep? absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable. will it help me keep up with him? yup. so, you can really promise better sleep? not promise... prove. and now save up to $500 on select sleep number 360 smart beds. plus 0% interest for 48-months. ends saturday maria: welcome back, fourth week of nfl season underway, jared max with more on the upset last night in green bay. jared: packers brought undefeated 3-0 record to game against eagles, favorite to beat 1-2 philadelphia. second quarter, eagles would go in front by score of 14 to 13 as tight-end dallas might play for philly, the signature celebration for packers.
early fourth quarter, the eagles would go in front after 27, 34 to 27, packers would get one last shot, forcing overtime under 30 second to go and rogers would be looking in the end zone. eagles underdoing, 34-27, 5-0 in thursday night game. hey, we now know who is going to play half time at super bowl 54 next year. ♪ ♪ jared: jennifer lopez and shakira, j.lo tweeted she's going set the world on fire, she will play half-time report february 2nd on fox to be joined by shakira, jay z partnered with
nfl which company rock nation will produce the show, shakira tweeted it doesn't get any better than that, we are all set for half-time show. maria: i cannot wait, i love j.lo. [laughter] dagen: did you see the video of her with version of the green versace dress? >> amazing. dagen: as long as it's not adam levine. keep your shirt on. [laughter] maria: catch jared sports report fox news 24/7 or radio siriusxm 115, take a break when we come back we are looking at markets, this morning markets are rallying 70 points on the dow, cashing in jerry seinfeld cashing all the way to the bank thanks to new deal with netflix, next mornings with maria.
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maria: welcome back. good friday morning. tgif. i'm maria bartiromo. thanks for joining us. it is friday, september 27th. your top stories right now. markets are high r this morning. take a look. we are awaiting key economic data this morning. we will get the august durable goods report out at 8:30 then we'll get personal income and spending out later this morning. the dow industrials are up 80, nasdaq up 26. this on top of a down day yesterday. investors were keeping an eye on washington and the democrats' push for impeachment. dow industrials were down 79 points, the nasdaq was lower by 46. global markets this morning look like this. and the marchs gets in europe are higher a-- markets in r europe are higher across the board. the dax index is up 112. political uncertainty in the u.s. putting pressure on markets in asia he overnight. the markets were mixed overnight
asia. vaping illnesses on the rise, alarming numbers from the cdc as states look the to ban the products. we'll take a look at how many states are banning those products. returning boeing 737 max to the air. calls for average pilots to test the grounded jet before it's returned to service. seinfeld's big payday, a look at the big money the show creators could be getting. we have breaking news on wells fargo. joining me to break it down, dagen mcdowell, chief economist john lonski and lee car he tear. great to see everybody this -- lee carter. great to see everybody. so the breaking news on wells fargo. dagen: wells fargo name named charles sharf chief executive and president. this is a job few people wanted in the banking industry.
they finally found someone to replace tim sloan. but they had been talking to people including the head of consumer bangin bang -- bankingp mormorgan, as well as richard davis, those individuals passed on the job. maria: he's a long-time executive at jp morgan, before going to bny melon. dagen: it's a tall order coming into the job as the ceo of wells fargo, trying to fight back from basically the abuses be in its retail banking system. >> it's a very, very big job. i think it's an important job. i think they needed the stability, they need to have somebody there at the helm to turn this ship around which i think they can do. i think that's going to be good for the company and ultimately -- maria: investors look like they like it, it's up 2 and a quarter percent. dagen: it was a long hunt for a
new chief executive. they're still trying the to recover. the fake account scandal was in 2016. then you have the heat coming from washington in the wake of that and clearly a reputation that's been damaged. the businesses have been damaged because of that. and so now somebody is finally in the top job. maria: all right. there is the breaking news and wells fargo shares are up on this news bny melon ceo charlie sharf becoming the new ceo of wells fargo. our top stories this hour, the whistleblower complaint. republicans are racing to plug the latest white house leak and identify the whistleblower they say responsible for divulging the details of the phone call. this follows fireworks on capitol hill yesterday. house intel adam schiff sparked outrage, calling for fabricating his own version of the ukraine transcript.
watch him make up the events that took place in the call. watch. >> this is the essence of what the president communicates. we've been very good to your country. very good. no other country has done as much as we have. but you know what? i don't see much reciprocity here. i hear what you want. i have a favor i want from you, though. and i'm going to say this only seven times so you better listen good. i want you to make up dirt on my political opponent, understand, lots of it. on this and on that. maria: joining me right now is former california congressman, darryl issa. always a pleasure to see you. thanks so much for joining us. >> good for having me on. i have a hard time recognizing this former u.s. attorney that i came into congress with in 2001, when he literally makes up fake news and tries the to to get it
into the dialogue. maria: i mean, how is that possible? he's the chairman of the committee, congressman, and here you haved a da haved adam schifg the whole process by fabricating, saying this is a version of what took place and it was all just made up. >> you know, you can't make up things like what really happens on capitol hill. remember that adam schiff is the person who said he had read all of the stuff related the to russian collusion and the president was clearly implicated. he had it. the only problem is, the special counsel didn't find what adam says he has and now he doesn't talk about it anymore. maria: i said earlier, i can't take any of these people seriously and there's no credibility until they actually acknowledge the wrongdoing that went on in 2016, the fact that carter pages was wiretapped because he was part of the trump campaign. the fact that george
papadopoulos had informants thrown at him in march of '16, way before any official beginning to an investigation, whichs tells us the investigation was going on way before the fbi said it was in july of '16. so when is that actually going to be looked at and when are we going to get the fisa ig report so that the public can understand what really took place? >> well, it's a great question. and i think that the answer probably is you're going to be disappointed. this president and this administration primarily -- they're racing to continue their accomplishments, they're racing to continue fixing the things that the president said he would fix and in many cases they simply can not put the time into, if you will, tit-for-tat with the democrats. and i actually applaud the administration for that. i know it disappoints a lot of people in the base because they want to have all of that but the reality is, when the president said he was going to make
america great, i think he found out that four years is a very short period of time and so every day, and i was with him last week, every day he is focused 99% on what he promised the american people and that doesn't leave a lot of time for going after, if you will, those who fabricated false accusations about him. maria: do you believe that the president is in jeopardy of being removed from office, given the impeachment per suit of the democratses. tell us where you think this is going. >> for a while i thought that they had realized impeachment was bad. but i think al green from texas said it really well when he said essentially we're going to have to impeach him because he might get reelected. i think the president's reelect numbers, the belief by the democrats that they cannot beat him, unless they go further in impeachment, and when i say further, i suspect that there's a little bit of a we're going to do this inquiry to muddy him up and then we'll make the final
decision about whether we have a vote that could or might not affect him in his re-elect. at the end of the day, they're still trying to impeach over a crime they haven't yet found out what it is. the latest one, of course the president completely destroyed by simply releasing the p transcript and saying read the real transcript. it's not something that you normally do. but he was forced to do it because of this illegal leak. maria: so it sounds like you think this is all about -- actually, that's what i said a minute ago during the commercial break. i said they see that he's going to get reelected because they're looking at the people on the stage with no plan for the economy and very much trying to one-you eaconeup each other on s and they figure we better impeach him now because he's going to get reelected. you're running for congress
again, challenging duncan hunter, charged with misusing campaign funds. congratulations. how did you come to this decision? >> well, you know, part of it was that i was being endlessly held up on my confirmation by the senate and -- but the other part really was that in this particular case, one of my colleagues is in real jeopardy of not being able to win re-election under the circumstances and this is a seat we have to hold in addition to taking some of the seats we lost in the last cycle. so this is one that i know i can hold for the american people but it also puts me in a position where i can campaign both for the president's reelect and for the many seats that we need to pick back up in california and around the nation. maria: yeah, let me ask you about california. i mean, some of the pictures that we've seen in some parts of california, congressman, are just horrible. you've got the homeless problem getting worse and worse in la. you've got san francisco -- i
mean, i've said this before. there's a digital poop map, people are defecating on the street there. the cities are really trending down. what do you think is behind this? >> well, part of it is just liberal practices. if you look at the work that rudy giuliani did to clean up your city, to clean up new york, he applied tough love. he would literally threaten to lock people up if they wouldn't come in to centers to quite frankly get rehabilitated, get to where they could get off the street. people objected at first. then it fixed new york in a way that so far hasn't completely backtracked. this is the challenge we have out here l. in san diego, we have a republican mayor who is trying to do it over his city council's objections at times. but in los angeles and san francisco, those mayors are just totally just trying to figure out how do you register these voters, much more than do you want to get them off the street. maria: i think it's going to happen in new york, because we
are seeing some moves coming up in new york. they're going to close rikers island. i'm told an enormous number of the inmates will be let out, which we haven't heard a peep from mayor de blasio about but it is his plan to close down rykers. our viewers know how i feel about that. when you're hitting on liberal policies, i want to get your take on what you're hearing from the 2020 hopefuls. former vice president, presidential candidate joe biden you now reportedly weighing a wall street tax on financial transactions, similar to the sale of stocks and bonds. there will be a tax on that. you're a successful entrepreneur yourself. you created and led your own businesses in addition to being a member of congress. we've heard from senators elizabeth warren and bernie sanders on their l wealth tax. give us your sense of what this does to business, to an economy and what you're expecting out of these plans. >> well, what i'm expecting is for the american people to reject these plans.
but let's assume for a moment they didn't. i think art laffer who is reagan's economic advisor and still on the scene says it very well. anything you tax you get less of. anything you promote, you get more of. iif we really want to eliminate investment and the accumulation of wealth that leads to the ability to do big things, okay, fine, but that's exactly what has created the opportunity for the united states. if you look at who has been doing those investments that created the silicon valley, i have to be candid. those investments did not come from somebody's retirement fund. they came by people who accumulated worth and were reinvesting it at high risk in these programs. so the answer is, you take it, you'll get less, is that really what the american people want is less prosperity. i don't think so. maria: it's interesting they're campaigning on this. they're campaigning on raising
people's taxes even though we know the tax legislation that was passed into law in '17 did move the needle on the economy, along with the deregulation laws. >> well, maria, there's an old expression. i like it because it says something about people like elizabeth warren. it's when reagan used to say liberals aren't stupid, they just know things that aren't true. socialism doesn't work. but many very bright, very educated people believe that it can if you just do it differently. and at the end of the day, they have to learn again and again, as britain did before margaret thatcher as we did in the years leading up to reagan, socialism doesn't work because it takes away the american people's opportunity to do what we do, which is take risk and be rewarded for it. that lesson has to be re-learned by every generation. i think our generation is now about to learn it. hopefully by rejecting elizabeth
warren and to be honest, bernie sanders and the whole plethora of people who are racing to the left. maria: all right. we'll be watching. good to talk with you, sir. we have breaking news this morning as we told you a moment ago, wells fargo named a new ceo, naming charles sharf its ceo and president. the stock is jumping on the news. he comes from bny melon, before that he was at jp morgan. joining us now on the telephone to talk more about this is the odion capital group chief financial strategist, dick bolve. what do you think about this new role? >> well, i actually feel a bit mixed about it. charlie sharf did a good job at jp morgan chase where he was thought to be a candidate to be a ceo at that company, he then went on to visa where he did a reasonable job. then he wound up at bank of new york, just about 18 months ago.
and bank of new york has been very troubled since that time and the stock price of bank of new york has come down relatively rapidly. but if you put the bank of new york experience aside, his experience number one in running a retail bank, number two in running a company that was heavily involved in the, if you will, technology part of the banking industry and number three, dealing with a company which is facing some significant problems with its basic model, this guy's got exactly the right type of training necessary to take over wells fargo and run it in a very effective fashion. i think he will -- thank wells s fargo is a phenomenally good company, ran into a huge problem but wells fargo should be brought here, and bank of new york i don't know what will happen.
maria: you want to buy wells fargo here. it's interesting to see a former leader of jp morgan go to the competitor, head to head, wells fargo, to become the new ceo after having such a leadership position at the number one rival, jp morgan. >> well, i guess it is to some degree. i don't think jamie dimon would be concerned about it. i think jamie dimon would like to see wells fargo back on its feet doing an effective job and while wells fargo competes with jp morgan head to head in retail banking, wells fargo really isn't a factor in the capital markets businesses, where jp morgan is the dominant player. so i don't think that jp morgan would be concerned about it. what i thinks is more important is that all the questions now get erased, so-to-speak, concerning what the future direction of wells fargo is going to be. the questions are going to be erased concerning how good this company is because wells fargo's
got 70 million customers. wells far he grow is anen nor -- wells fargo is an enormous successful bank you which needed a very good leader which this guy is likely to be. maria: are they going to be able to get through that culture that was sort of ripe which mistakes in terms of those scandals? i mean, do you think he's going to be i'll to turn the ship? >> i think tim sloan already did that. in other words, i think what wells fargo did was horrendously bad and they deserved to get punished for it meaningfully and they deserved to have the government come in and take major swipes at the different businesses that wells fargo had. but i do think that tim sloan, the prior ceo, was doing that. maria: he was trying, he certainly was. yep. all right. we will leave it there. you like the stock, you said the stock should be bought at this point and we so appreciate your look at charlie sharf on this.
good to talk with you. thanks so much. >> thank you, maria. maria: stock is off of the highs but still up one and a quarter percent. staggering new numbers about vaping related illnesses. cheryl casone with details now. cheryl: the centers for disease control and prevention say the number of confirmed or probable illnesses linked to vaping has jumped to 805 you across the country, that is 52% increase from just last week. this as mississippi and oregon each report another death from vaping related illnesses, raising the national total to 13. the national transportation safety board reportedly is saying that average pilots must be used to test out the new boeing plane instead of test pis who know the airplane like the back of their hand. this is part of the ntsb recommendation following two deadly crashes of the jet. the agency is recommending a better understanding about how pilots react to emergencies during multiple alerts, possibly
deploying a tool to prioritize and cut down on confusion in the cockpit, the confusion in the cockpit has come to light in the middle of the investigation. then there is this. an iowa newspaper has fired the reporter who uncovered old racist tweets belonging to carson king, he's the iowa state football fan whose viral beer sign raised over $1 million for a children's hospital. the reporter, aaron calvin, has been let go from the des moines register after it was found he also made questionable tweets in his past. king has apologized for his post. then there is this. netflix is shelling out major bucks to start streaming seinfeld in 2021. that show about nothing, yep. they're paying jerry seinfeld and lavery david reportedly somewhere between 100 to $125 million each. that will make jerry seinfeld
now a billionaire. netflix's deal with sony pictures for the streaming rights reportedly worth more than $500 million. because jerry seinfeld obviously needs more money. i mean, good lord, that's a lot of cash. maria: sure is. dagen: the most overrated television show in modern television history. it's just not that good. cheryl: about nothing. maria: he show about nothing. dagen: way to go, he netflix. maria: impeachment inquiry and the workplace, what hr experts are saying about the political battle's potentially toxic effect. the galaxy fold is out today and we have that and the latest iphone in studio. we're going to do comparison shopping here. back in a minute. ♪ jesus, save me. ♪ blue jean, baby. ♪ born in the usa. ♪ trailer park, truck stop, new york to la. ♪ we were teenage dreaming [ soft piano music playing ] mm, uh, what do you do for fun?
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maria: welcome back. as democrats pursue an impeachment inquiry against the president t process could become a major headache in the workplace. deirdre bolton with that angle. >> it seems as if we were fighting with our colleagues more as a nation than ever before, so the society for human resource management actually says they are fielding more phone calls on political diversity, political arguments than they are for sexual harassment. so just so you know the numbers, 1% of their calls are on sexual harassment which i find rather low and then the political conversationses and the to toxiy that it can breed is about 4% of their overall calls. they're saying in the past five years it's cost companies a total of $223 billion and we saw that very famous case with google and maria, you actually spoke with the guy who was fired
from google, so google says -- maria: that's right. >> -- he was fired because he jo loaded a secret document to a personal device. he says he was fired because he had conservative-leaning colts and then basically they recently settled with the national labor relations board, settling with google. neither side has to say what the terms were, but essentially saying google has to post notices about worker rights. when you discuss politics, a, you lose productivity, but b then b, just know the law doesn't really protect you. so it's this kind of brewing nest in the sense that everybody has an opinion, everybody's opinion is strong, and there's really no legal framework yet. so companies are trying to address this as a business issue and try to put some p parameters. you can speak about it but in this context. >> this is a really big problem. i get questions about this all the time, how to have productive conversations. it's if you disagree with me,
you are he evil. >> in the past, they were saying hr execs would say don't talk about those subjects at work. there you go, problem solved. now they're saying it's so pervasive with social media, sometimes colleagues connect via facebook about political issues so it's very hard to keep a separation. >> also, you've got companies increasingly taking stands politically. so then it becomes how do you have those conversations internally because you can't just say we can't have conversations anymore when your whole company is taking a stand. dagen: if a company if you're anti-trump are you basically creating a hostile work environment for conservatives or anyone who did vote for the president. part of the problem is the culture in many ways has turned into if you say anything about positive about president trump, then someone else in the room with you will you say ow, words are hurting me and they go to human resources.
it's the personal responsibility, it's up to each individual to create an environment where you can have a conversation and they can steal this phrase because i've used it on the show, policy over personality. i will not debate an individual's personality. a politician's personality. i will not debate president trump's personality. if he says something offensive i'll call him out on it but let's talk about policy so they end up walking away from me. >> even policy can be political. i think there's a problem here that when you have a poll arrestized work sharon -- polarized work environment in the political sense, it leads to breakdowns in communication and teamwork. >> people are working. if i were a manager, i would be like please do your job. that's why i'm paying you. i'm not paying you to hear you views on anything. just do your work. >> companies have to be careful not to take sides on political issues, stay neutral. >> they are more and more. that's the thing. if you look at some of the
purpose studies, 90% of consumers are making decisions based on a company's political position and all of that. so more and a more companies are taking a stand. >> if you work at google, you have the finance chief crying about hillary clinton losing. what message does that send to anybody who considers hem self to be a conservative, if any work at google at this point. maria: i'm not going to say a word. >> marias is like i'm working, i'm working. maria: we're going to take a break. when we come back, heading to a lock-up, another parent facing actual behind bars, not funny. stemming from the college admissions scandal. we're going to take a look at that. and 2019, the ipos that are hitting a snag. talonly agency --talent agency g its listing. we'll take a look. back in a minute. ♪ don't go for second best, baby, put your love to the test. ♪ you know, you know you've got
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maria: good friday morning. welcome back. thanks so much for joining us. i'm maria bartiromo. it is friday, september 27th. your top stories right now. we have breaking news this morning, wells fargo named charles sharf the new ceo and president, he comes from bny melon and jp morgan before that. stock is rising on the news. a warning sign for the ipo market, peloton plummeted 11% in the first day of trading and endeavor is pulling its offering all together. markets are higher this morning. we're waiting for key data on the economy. we're get the durable goods order out in about an hour, also get personal income and spending out later this morning. dow industrials are up 56, s&p up 8, nasdaq up 16. this on top of yesterday's selloff, markets were lower yesterday as investors kept one
eye on washington and the democrats' push for impeaching president trump. global markets this morning are mostly higher, european indices higher across the board. fq100 in london is up 79, cac is up 10, and dax is up 105 points. political uncertainty in the u.s. did put pressure on markets in asia overnight. it was a mixed bag, fractional moves but down. kospi down better than 1%, worst performer there. the college admissionses scandal, another parent is getting time behind bars after pleading guilty. what it could mean for actress laurie loughlin as -- lori loughlin as she continues to fight the charges. samsung's folding phone is available for purchase today. we'll compare it to apple's phone on set. our top story this half hour, ipo woes in a market that's close to all-time highs. endeavor slamming the brakes on
the initial public offering the night before it was supposed to start trading, after pelpton's disappointing debut, down 11% in the first day of trading. let's talk valuations and growth this morning with david kelly. it's always a pleasure to see you. >> glad to be here. maria: thank you for joining us. what are you telling clients today in terms of investing in this market, what's most important from your standpoint? >> i think the most important thing is actually to have a balanced view on this. we are seeing huge plight l call division in america -- political division in america, more than i've seen in my lifetime. if you look at the story and the economy, it's right down the middle. it's not 3%, it's a 2% growth economy but it looks like it will keep doing that through 2020 and maybe into 2021. we're going to muddle forward here. i think people need to recognize that's kind of what we've got here. maria: do you want to invest in stocks in that environment? >> well, yes. i think you do want to be in stocks more than bonds because long-term interest rates are low in terms of -- it's just very, very hard to make money in the bond market for the long run.
stocks look better but frankly international stocks are better than domestic stocks. they're much cheaper and i know right now you the rest of the world is having a lot of trouble because of slowed down trade and so forth. i've got believe within the next year or two we will get less trade tension and when we have that, i think that will help the rest of the world more than it helps the united states. dagen: what is your portfolio makeup look like then? stocks versus bonds, what kind of bonds, what kind of stocks, international versus domestic. give us the pie chart. >> well, i think everybody should have their own pie chart. you have to have an appropriate portfolio for where you are in life. relative to that normal portfolio, a few things. first of all, we would be overweight stocks versus bonds because bonds really are expensive here. international more than the u.s. for long-term investors. i realize in the short run, over the next six to 12 months maybe that's a controversial call but if you go five years out, go through whatever happens on trade, whatever happens with a slowdown, slower growth in the
united states, international stocks do -- maria: are you looking at europe? europe is having a hard time generating growth. do you want to own european equities. >> >> i think you do for the long run. they're cheap, pay a good dividend of. the euro is still too low. and the u.s. dollar is too high. and when the u.s. dollar comes -- as we get past the trade uncertainties, get past brexit eventually and move on to more certainty, i think you can get income producing stocks in europe. >> i'm wondering why the russell 2000 stock price index, that's for small to mid-size companies, that's lagging the overall market. is that telling us a story about the underlying u.s. economy? >> no, i think it says more about the way investing is moving. i think there's a lot more money moving to passive funds, to index funds and that tends to help big cap companies more. there also is a certain nervousness about the economy. we've got -- if at some stage we have a recession, recession
risks have risen, small cap companies will hurt worse many i'm a long-term value investors small cap value is looking at the cheapest of the squares and i would want money there. >> we look at the markets and it seems like the president isn't going to let the markets go too far. when the markets dive, he seems to do a course correction, whether announcing a meeting with china or whatever. tell me about how you think that this is all going to play out. >> we can see that from the twitter feed relative to the market. maria: you have the volfefe p index. >> we having like that internally. this is a message that washington hasn't got. the biggest tax levied against businesses is uncertainty. we've seen a drag on investment spending because of uncertainty. it's important to have a consistent policy and find a way to an end game in the
negotiations. not just a pause. if we can get to that, i think we'll be in better. dagen:in better shape.dagen: tw until the election next year probably won't just be driven by president trump. it will be driven by the democrats and what they do in terms of impeachment proceedings and the like. >> and a if they're going to put the trade bill forward. >> i think th the market's not going to be that core read about impeachment -- worried about impeachment. they'll be worried about who the democrats tom nate. on impeachment, the answer is clear. the house may well impeach the president. the senate will never throw him out of office. maria: right. >> we're only 400 days away from the election anyway. i think the big issue is do you end up with -- the he key issue here is the corporate income tax. do we keep the corporate income tax rate at the rate it is now or does it get pushed back up sort of a swing to the left in american poll si politics and td
be damaging. maria: all the democrats they want to raise taxes, those people on the stage. >> and i have sympathy for the fact we need to do something about the deficit. there is no excuse to be raising the deficit in an economy of full employment. it's atrocious. and we need to do it gradually and we need to do it in a way that doesn't hurt investment spending or the stock market. i'm actually -- i'd rather increase individual taxes, wealth taxes, state taxes, but not the corporate income taxes. dagen: i want to point out, that's why the republicans made the corporate tax cut permanent and it was the individual tax cuts that expire as they did during the bush tax cuts. so even some of them can go away just naturally. >> well -- >--dagen: as they sunset. >> will anything ever sunset? dagen: they did under barack obama. barack obama let the individual tax cuts expire for the top -- >> the problem is there's no pushback on big deficits today.
nobody's paying any price and do i really think that a democratic government will be more aggressive in bringing down the deficit than the republicans have been? maria: probably not. they're all spending too much. >> as long as treasury bond yields are low, why should there be a pushback? maria: that's the argument. you want to hold debt now, with the rock bottom rates, right? >> that's sort of the mmp, modern monetary argument. dagen: she just called you alexandria ocasio-cortez. >> the key is had this. the reason it's not causing inflation is because we have a rather unequal income distribution. i'm not saying the answer to the left would fix this but that's what we had. money is in the hands of people who don't spend it. if you take the money to people at the top and give it to people in the middle or bottom, they will spend it. there is no such thing as a free lunch. the reason we don't see inflation right now, nobody's eating the lunch. middle income and poor people will eat the lunch and we'll have the inflation penalty that
we've avoided. >> dagen: almost half of the country pays almost no income tax. i'm not asking if you're advocating for basically greater welfare through the tax system for lower income americans but is that what other people are talking about? you want to put money in those peoples hands, they don't pay any federal income tax. >> that's right. there are structural forces which are making this economy less equal. a lot of it's technology. a lot of it's social forces. maria: do you want to own tech right here, even though we're hearing lots of talk about the potential for regulation on tech? what are the sectors you would favor? >> i like old tech more than new tech. i don't want something that's terribly exciting, i want something that's relatively well priced. i like financ financials and en. financials are well capitalized and energy just bounces much less than it did. those are stable stocks hidden in a cyclical wig and i do think had that there's value there and
you should hold it. maria: we will leave it there. david, it's good to have you. thanks so much. coming up, facing time, another parent headed to prison for their role in the college admissions scandal. what it could mean for lori loughlin coming you. we're comparing th comparing thg galaxy and the latest apple in studio. stay tuned for that. reach today's goals... ...all while helping you to and through retirement. um, you guys are just going for a week, right? yeah! that's right. can you help with these? oh... um, we're more of the plan, invest and protect kind of help... sorry, little paws, so. but have fun! send a postcard! voya. helping you to and through retirement.
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feature length films in theaters before they debut on the screening service, that's according to the wall street journal. apple's streaming service, apple plus, launches november 1st. a third parent meanwhile has been sentenced in the college admissions scandal. lauren simonetti with all of the details there. lauren, what a story. lauren: more jail time, that's what we're doing here. no one is getting off easy. let me show you the latest in the sentencings. a businessman from la paid $400,000 to get his son into georgetown as a fake tennis recruit. devies sloan, the second dad sentenced paid $250,000 to get his son into college. he also got four months. why am i telling you this? fell us is at this huffman only paid $15,000 and she got 14 days. does the amount of money matter when the judge is sentencing? no. they're looking more at the adas at this of the crime -- audacity
of the crime, the coverup. fell ifelicity huffman who paide lease t and showed remorse does not look good for lori loughlin. she pleaded not guilty. she thinks the jury will show sympathy for her. that's something that was tried and it didn't work. one tried to say he was a victim in all of this. maria: what'ser stance that she's not guilty? we know she paid the money. so is she saying she just wanted to donate to the school? lauren: she's saying as a mother, you know, that's what felicity huffman did, as a mother we're looking out for our daughter's best interest and they were recruiting for crew so that's how they did it. maria: okay. lauren: i mean, she doesn't have a strong defense. maria: it's not a strong defense. lauren: many people are saying -- some of the victims are trying to switch their pleas to guilty because that might work
out better for them and maybe they'll just get a couple months. lori lough lynlori loughlin cou0 years. dagen: i read the complaint, and they were guilty and just being rich and pretty and famous, it doesn't make you not gil tim yoguilty. you look at people who went away for drug crimes in the country and this looks like a walk in the park. maria: people try to donate to colleges under the umbrella of i'm donateing to a college but this was so organized. what happened here was so organized and they came up with stories, oh, my son or daughter's a great -- he was on track or -- and it wasn't true. so it's hard to say it a was just, well, i was just donating to education. >.lauren: a lot of them were trying to pin it on rick singer, the orchestrater of all of this, that they trusted him. dagen: read the complaint. these parents knew what they were doing. they knew that it was sleazy and
illegal. if you read the transcripts of the phone calls, it was an in-depth investigation. it was for themselves. it wasn't for the kids. maria.lauren: the kids are embarrassed. dagen: they were embarrassed by their kids because they don't get in good schools. >> i don't know if they were embarrassed or just trying to help them. the bottom line, it didn't do anybody any good. lauren: felicity huffman's mother said mom, why didn't you trust me that i could do t well on the sat. >> parents and students are putting far too much emphasis on the prestige of the college they want to attend. i could tell you kids that became high ranking executives at major oil companies that went to no-name state colleges. i mean, you either have it or you don't. you either want it or you don't want it. maria: i'd rather see the fire in the belly of somebody who worked hard from a state school or -- than somebody who came
from one of these ivy leagues who has the incredible entitlements. >> i know a guy who ran a trading operation in new york city who would take a ki kid frm yale and sit next to a kid who was very hungry and it worked. maria: samsung tax on a apple. the galaxy fold is on set. we've got it. we'll do a comparison shopping when we come back on the lateest phones. stay with us. ♪
and they said we've got this phone coming to market and journalists got their hands on it and when they started to unfold it, it was a big problem. the display started peeling apart. i'm pleased to tell you that samsung after you shell out about $2,000 has done it right. they've fixed the screen. and now this device, which will have a 7.3-inch screen across can fold in half, go in your pocket, it's great for a commuter, can act like it's a phone. it's got six cameras. they've done a real -- maria: six cameras? >> yeah. they've done a really good job of showing the latest and greatest possibility of ad folding display. don't think it's like the iphone or regular samsung galaxy with a super strong glass. this is polymer. it's going to scratch really easily. you don't want to put credit carding near this phone of. it cannot tolerate dust or water very well at all. this is for the person that just has to have the bragging rights of having the latest thing. i was out last night and i had
it out, just to show it and people were like whoa, this is great. >> totally. maria: i like the bigger screen. it's more than bragging rights. i actually like a bigger screen. >> in terms of how we live now, when you have a mobile device that you wish had a bigger screen and didn't want to bring your tablet with you, that lets you solve that, lets you watch video content. dagen: don't take a picture of my fingernails, i look like i dug a grave. >> i think what you'll notice, it's a lot more durable. if you saw the first one that came out a few months ago, four, five months ago, it's a lot more durable but still, a tag -- maria: how does it fire the other one? is that the 11. >> i this is the 11, this is e 11 pro max. maria: what do you think of that one? >> feel that glass. what i wanted to do, the apple people about had a cow, i wanted
to hammer a nail in it and i think iiwould have gotten away . this one has he three in the back, one on the front side. maria: this also has a mirror. dagen: you don't need a compact anymore. >> you could put your concealer, your blush in there and -- maria [ laughter ] >> it is funny how people are responding to the mirror aspect of it. >> i think you said something interesting about this, this is a l signal that they have this new technology. maria: can i see the 11. >> we wouldn't have wanted to do that five years ago. this phone is super durable. maria: what were you saying? >> in terms of -- for samsung, this really says, look, we can makes displays. we can do things -- this could be a whole new category. whose to say we're not going to go to a tailgate party in a couple years and have a tv we fold out from a small bag and we're watching a giant screen at
the game. maria: why do i need six cameras? i'm just -- >> because you don't want to miss out. if you're pointing it, you get three different sides. maria: thank you, kurt. we'll be right back. at synchrony, 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. and you can offer them the perfect products. that ceo gets it.
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. maria: welcome back. good friday morning. thanks for joining us. i'm maria bartiromo. friday, september 27th top stories 8:00 a.m. on the east coast, issue markets higher this morning, take a look, futures indicating a gain start of trading, the dow to open up 60 points s&p up 8 nasdaq futures you were 18 and one half we are waiting on economic data, durable goods orders out 30 minutes' time we will check capex important personal income spending 30 minutes as well marketing closed lower yesterday investors keeping one eye on washington, democrats push for impeachment, global markets this morning mostly higher european higher across the board ft 100 up of 9 cac
quarante up 10. >> political uncertainty put pressure on asian markets fractional across the board, top story this hour is whistle-blower hearing, acting director joseph maguire, testified yesterday tense moments acting director intejs joseph maguire support for whvsh caution democrats over impeachment inquiry ranking member devin nunes grilled him over who is source of the white house leaks watch this. >> i want to make it clear that i have upheld my responsibility to follow the law every step of the way in the matter before us today i want to also state my support for whistle-blower, and rights and laws. >> how would it run in all mainstream jeed outlets even though got a lot of it wrong had basics of it that it involved the president of the united states, talking to a foreign leader. so did anybody you or anybody
in your office leak this to "the washington post" or nbc news? >> ranking member -- we know how to keep a secret, as far as how that got into the press, i really do not know sir. >> i just want to make sure because i am just i i mean we are going to -- foreign leaders have either, the president of the united states not talk to foreign leaders, or we should just push lish all transcripts because that is what is happening here. >> ranking member -- >> somebody is leaking this likely accommodation from -- from the as as you oversee. >> ranking member house intelligence committee devin nunes thanks for joining us, i think you made your point this was leaked from inside the government. >> yeah this isn't the first time so it is important for everyone to know that there was a conversation with mexico president, a conversation with the australian prime minister,
and now -- another leak, from inside this is an inside job of someone who appears to be in the vicinity second and third hand i think everyone has to remember that, of contents of a phone call with the president of the united states having with foreign lead remember all of those conversations are classified, all of them. so how is it that this classified information somebody has a clearance, thinks it is okay to go you around and talk about that so this thing this really smells and there is going of to be a lot that we are going to have to get to bottom of. maria: is there going to be an investigation of how this did get into the press? and the leaking? >> well -- likely not unless the fbi is going to do it, i think that is a fair -- a fair question because you know we were told that the -- you knowive asked the dni, asked that yesterday did you do it dw your people do it? no, i asked iciif they did it
they said no the only person lowest is complaint themselves so supposed whistle-blower so if whistle-blower have kooeb him or people that gave it to "the washington post" what this looks like, there is a lot of people who knew about this, previously, this is this is information warfare, it is i think i -- i am going to copy something that matt gaetz says on you're show before funnier than i am said he did not like first yoeepisode russi hoax and zhufrnt like uranian redux same people same reporters now you are going to have some type of investigation done here in house of representatives, yellow what senate is going to do we had a trial. yesterday. public trial for whistle-blower, i have never
heard of such a thing. you know as relates to classified information. in the senate they did it behind closed doors which is this way it is supposed to be done. >> who is the whistle-blower? >> well, even if i we don't know we haven't been told yet we don't know officially i don't know that we will be told until the whistle-blower supposed wants to come and testify. maria: there is speculation that he works in the cia, right? >> well, look, once again, where does that break mainstream media breaks that we don't talk to mainstream wrooed i don't do interviews with them i don't talk to them on background i give them no information i am quite sure most reps have knowledge from my committee do not talk to them either, so -- so where are they getting this from not from idoctor inspector general, not getting from it director of national intelligence they are getting from it someone, within that community, surrounding the whistle-blower about who clearly is part of this information --
>> i wrn if part we all knowig is coming out with fisa abuse report, the inspector general at fbi going to come out with fisa abuse report soon and this is another way to say sort of look over here, nothing to see over there because we know where the real wrongdoing was in terms of the 2016 election but let's talk about wrongdoing here, did the president do something wrong? >> no. what is -- what happened, look i wouldn't go -- do the way i would say things the way the president says things, sometimes, but, you know, he is a new york business guy you know them well, they talk differently than the rest of us in united states. so he is probably treating it as business decision. now look, what does that mean number one he doesn't like the fact that other countries are noted paying their fair share he doesn't like united states fronting money to these countries, that is number one. maria: number two, people have to understand that the origins of the russia investigation begin in
ukraine, okay? this is only slightly in the weeds but i think most viewers know fusion gps the firm that was paid by the democratss torque dig up dirt, on the trump campaign, most of their dirt original dirt if you go back to so-called steele dossier comes from ukraine. maria: i see. >> so the president was under this investigation in, this cloud for you know since late 20150 early 2016, finally gets cleared by mueller why would he not i mean i know if i was the president i am talking to ukrainian president i want to say hey what's going on over there why did all your people give all this dirt to these bad guys on me? i would like to know what you know. so i think he has every right to ask the president of yu crepe wh ukraine what was going on 2016 i thought we ail wanted to
know about 2016 election. >> origins of the russia probe origins as to why fbi decided that donald trump had anything to do with russia meddling in the election, comes into focus on this as well so this has been needling the president now for two and a half years that the country was in -- in hysterics over collusion, and he is asking the president of ukraine what the heck is going on over there because it i i is bothering him three years having to be on defense because they put him in the russia meddling story. >> don't forget this is -- if you look at the russia hoax, you know, 1.0, this is the sequel. same players same people, intelligence agencies leaking to press say will reporters politicians in washington that are you know this is crazy, look they want to use this for impeachment, russia hoax is
dead they basically this is med mor of the into something they can use. >> schiff the chairman of your committee came up with his own version of events and download of what the president said to the ukraine president let's listen to that i got to get your reaction here it is. >> okay. >> all right. >> this is -- thens of what the president communicates we have been very good to your country very good, no other country has done as much as we have. but you know what? i don't see much reciprocity here. i hear what you want. i have a favor i want from you, though. and i am going to say this only seven times so you better listen good, i want you to make up dirt on my political opponent understand, lots of it, on this and on that. maria: so was that all made up?
>> [laughter] yeah, i don't know -- when i was i was sitting there i couldn't see the screen but my colleagues and i kept listening to that that went on and of on you only played a short part that went on about a minute, meant and one half. >> wasn't in the transcript. >> it is fabricating it is not real then later i am sitting there looking at my colleagues we are going wait, wait, what's going on? then later, after we called him on it said that is not what was in the phone call that is not what was in this transcript, he comes back later says oh it was a importaparody only in democrats fan as theland a parody they are accusing the president of the united states of crimes you fabricate nonsense that is what they did all nonsense what you just played. none of that happened you come back say once you get busted on it oh just importaparozparod
problems in this country. >> the wrongdoing where wrongdoing did joe biden do anything wrong. >> well that needs to be investigated not just president trump trying to get information from ukraine we've too. we have long want to know who were fusion gpss sources. we have been trying to track that information down, there has been some he reporters have been out there trying to get this information, for the last year or so. that is john solomon on your show before has done he has done a greet job looking into ukraine. maria: he has. >> this ought to tell people a lot okay, when he is breaking this news you've got the republicans looking to try to find this information, as what are origins russia probe you've got some he reporters a few not very many you and a few or the others covering
this now all of a sudden this concoct abouted ukraine ukraine good guys russia was bad guys now only in their fantasyland would they turn around say oh now trump favors ukrainians not putin mainstream media didn't want to know anything about ukraine now want to know everything about ukraine that is joke? it is a serious joke because lots oof implications is the president he going to be feed off from in office your view what do you think viewers voters are taking away you connected dots for me really important that the beginning the origins of the russia probe started in ukraine that is such a big, important point. and i am glad you made it is the president in any jeopardy? >> no, because look the reason he was in jeopardy last time because they ran information
warfare campaign dirty cops at fbi, are right, actually had fbi investigation going into the president of the united states, based on information the democrats gave them this time at least we've got adults over at doj fbi there is not an investigation going on. okay? so you've got a congress the democrats in congress who are using this, to feed their never ending impeachment, impeachment appetite recommend they poisoned american people got base poisoned on this so much so they have to keep he throwing out foreign jet fuel to keep base coming in really going on? what is ig fiez abuse report coming out are we ever, ever going to focus on the real wrongdoing? >> yeah look, that ig report is finished, it is going through a declassification process now. >> all right. >> remembering mueller report came out took about what about a month or so.
maria: yeah. >> my guess going to take some around a month look in the difference, the mueller report was fantasy just garbage we poked holes in that the ig is doing, is -- has been done, with professionals not politicized might take longer he to unredact make it available for american people. >> they looked at stage of the dplashth hopefuls said true a d hopefuls said trump is going to win we've got to impeach him. >> they've said that members of congress have said that. maria: dn gunman in washington philadelphia federal reserve bank president is here joining me on set outlook on economy trade interest rates later this hour back in a minute. 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.
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looking at that broad markets look opening higher. >> good news right the market loves this naming of charlie scharf ceo wells fargo going down well shares 3% hire scharf properties jay dime dimon résume board of microsoft, mellon naming gibbons appointing him interim ceo good news for a company scandal plagued for sure. >> ipo market last night endeavor pulled ipo from market supposed to come public on the floor of new york stock exchange this biggest talent agency, want to raise 6 hundred million dollars why in weak demand, peloton disappointment yesterday, as you can see, want you to hear directly from ceo. listen. >> the stock coming out middle of the range trading down a
little bit, are you satisfied with the way this came off? >> obviously, there is some disappointment you always want to trade up, but we are you know this is a marathon we are in it for the next 10, 20 years building one of the special consumer brands, andu know, influential media companies we talked about, of all time so we have money on balance sheet to -- hopes and dreelz delight more members around the world that is very about fantastic day. >> told me too that getting earnings semantics won't be probably until 2023 prefers to invest in the business, rather than to drop dollars and cents to the bottom line i spoke to smith at capital last night says, professional investors institutional he professionals -- see what happens today back to you maria: gerri thank you so much on the floor of the new york stock exchange coming up president of the philadelphia federal reserve bank on set
his take on growth trade uncertainty race monetary political the feud with fed chairman jay powell, what is at stake for a deal as protesters wrap up week two, back in a minute. ♪ ♪ is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things
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maria: welcome back, markets higher this morning, we are off the highs the dow industrials right now showing a gain 54 points we are getting economic data seven minz issue durable goods out expectation is for decline of 1% on august durable goods, also on expect a expenditures tiger 21 chairman great to see you thanks for joining us, give us your take from your
members at tiger 2 1 how are they invested. >> members are still pretty fully vested over 70% real estate public/private equity buttain real estate off the top in terms of hedge funds 10-year low allocations in terms of sentiment those concerned six months ago more concerned today those that were concerned are even more concerned today. a lot of things going on trillion-dollar deficit not the least of them. do you sense any speculative access in underlying economy might push us into recession. >> one sign we might be seeing ro takesal shift look at ipos last couple days not very happy i think i we are moving a little towards value when
our first of all, our members are are en trespass ourselves meet and potatoes you can get the dairy industry colorado wi zooming if holding cash an opportunity sometimes cash is a buffer sometimes an opportunity clearly sentiment is moving wework seems canary in the coal mine people aren't going to put up with that anymore. >> horrible corporate governs presenting leasing company as if a ground breaking technology company why are investors just waking up to that anybody who really knew the business, understood that is exactly what it was, and a company again, that until recently until the founder was -- the founder got to decide who would replace him. >> unbelievable, in terms of
the policy members what do they think about wealth tax now joe biden trying to up elizabeth warren, on instituting a wealth tax. >> i don't think there is any belief that attat a wealth tax s possible would kill off investments that have long term an investment to pay a wealth tax on is a killer we can survive with higher income taxes a trillion dollar deficit have to get that down no interest via wealth tax. >> not taxing income this is you work whole life accumulating wealth taxed on it. >> i unconstitutional straight out of subjective subjective welcome aboard to the back in the ussr train. maria: . we'll be right back. august durable goods number. oing? nationwide's teamed up with amazon to bring you the all-new echo auto.
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friday, september 27 breaking news on u.s. economy awaited august durable goods number numbernumbers numbers, economists expecting deadline 1% those numbers if you will illness markets higher dow industrials up 54 s&p up seven nasdaq up 16, about global markets also mostly higher european indices higher across the board right now the durable goods number is expectedity down one percent this is for month of august, don't forget, we are also going to get the capex number in that people want to fo what capital expenditures are doing going to be those durable goods up 2/10 of one percent to deirdre bolt more on durable goods. >> okay durable goods maria is up 2/10 of one percent versus what economists looking for as a drop of 1%, so this should
be reassuring to markets sending futures even hire durable goods orders rising third straight month, so just bolstering this idea that we are clearly in this 11th year economic expansion are durable goods up going strong consumer spending i want to health this a separate metric breaking at the same time minus .2 consumer spending slowing sharply, of course, in august that is not what was expected we expected he personal spending up 3/10 of a percent this is important in the sense that you know we have seen the u.s. consumer two-thirds of gdp really bolstering economy holding it up so this is -- that is a bit of a surprise there to the downside, a headlined durable goods stronger than expected up 2/10 of a percent versus economists expectations drop of 1%. >> deirdre bolton markets are
improving dow industrials up 64 points, the nasdaq up 19, joining me right now president of the philadelphia federal reserve bank patrick harker thank for joining us. >> how would you characterize the economy we saw durable goods number better-than-expected expecting a deadline capex we wanted to zero in on capex down 2/10 of a percent for the month just one month. >> generally series are volatile look through one month to a trend, generally i think the economy is still in very good shape there clearly headwinds downside risk if you looked at consumer number a little weak the consumer holding up quite well confidence number last numbers weak, but i am not worried about that right now consumer continues to hold up in the economy quite well. maria: do you think that u.s. economy can continue to see
growth moving forward even as the rest of the world seems he to be slowing down trajectory 2% growth caffeinated trend a little above that we think hit 2% going forward. >> okay, i know there was a big debate at last federal reserve meeting, you were not a voter, at that last meeting i know that, but there seems to be a real debate within the federal reserve, in terms of lowering interest rates what is the debate about this? . >> i think just really looking same data obviously, interpreting it differently, i think the economy right now we should be on hold with respect to rates see how headwind resolve the main is uncertainty broadly trade uncertainty other uncertainty in policy i think we can see how that resolves it's with near at neutral right now in terms of rate just hold. >> holding rates steady so we have had two cuts, as we await more information from trade war because obviously, the tariffs, have been an issue, has that been one of the reasons things have slowed
down? because in the first quarter you had 3. % economic growth so he can quarter 2.1% economic growth do you see things slowing down as a result of that or smvrg elometh else. >> parse a bit consumer not really but is before investment sure the prudent thing to do sitting in a aboard room instead of momentum-billion-dollar investment wait see how things evolve. >> can you talk about what happened in reopro market about why the federal reserve had to put in new stimulus for five or six straight days. >> sure always volatility in repo market tax time quarter end, this was a little larger than we expected, the market expected possible causes of this, you see the reserve level wasn't high enough that is we are thinking about, or the reserve, dr. reserves across the banks, was such that banks weren't trading we need to understand that or treasury issuance primary
deals, needed the cash to buy new issuance out of treasury lots of likely suspects we can take some time put in place, the tools we need to create liquidity in the major averages -- in the major averages. >> understand what happens. >> last year was focused on unwinding balance sheet raising rates, so when you say hold rates steady do you also say hold off on the unwind or you want balance sheet -- >> i think close to the unwind finishing we knew when we put this in place we were going to come down, with respect to levee reaves growing organically liabilities, we are close to that right now. >> chairman jay powell the president had back-and-forth president is taunting chairman of the federal reserve, to cut rates president wants more stimulus. is there any reason to believe
the federal reserve is -- is moving on the president's urging or do you feel federal reserve remains independent in its thinking. >> i can only speak for myself i just look at numbers where the economy is make my best decision. >> yeah. the economy seems to be looking very strong, still even in face of some headwinds and yet debt deficits are an issue i know important to you to mention this as well, 22 trillion dollars in debt a trillion-dollar deficit that we are faced with us it now the time to hold debt given the level of interest rates? >> yeah so,my concern is debt overly not just fiscal dent at federal level states are struggling even good economy i worry about more broadly if you look at long-term economic growth only two things that move that needle more people working, and productivity growth if not making the investments individual companies or as a nation or states, to improve to productive of our economy, we
are ---eding feed corn right now bad place to be. >> i like to focus on capex to see what investment companies are making how would you characterize the capesqx. >> i am glad we have that number generally has been soft because again people are waiting, not that they don't have plans not that they don't want to make the investments, they are waiting for uncertainty to resolve itself. >> is it going to resolve itself i don't know how china story revovgz yes, it is when you sit on cash a stagnant. >> is. >> that is right what have we are seeing. >> where do you say that the real growth is coming from? >> i know manufacturing has -- has slowed down quite a bit. >> yeah. again some is due to headwinds if you look for example another philadelphia manufacturing business outlook survey our numbers continue to hold up quite well why? we don't have much exposure to china the trading partner, in
say pennsylvania, so that is another piece of evidence, that the trade winds hitting us pretty hard. >> interesting the uncertainty of where this is going, let me ask you about philadelphia, because the last time we spoke, or couple years ago we spoke you were working on economic mobility package, what has happened with that, how would you characterize mobility of your region in pennsylvania. >> i think philadelphia is a microcosm what we're seeing across the country if you ask employers one of the biggest needs is workers they need workers, skilled and unskilled workers. and good news right now is that we are bringing more people offside lines, that is not always an easy thing to do sometimes people are not living right place don't have a car to get to work, through community development activity we are working with communities, to solve their problems help solve problems package off as tool kit others can use. >> i was so impressed with your package when you first came here and talked about it, today when i look at what is going on in philadelphia, the
improvements, compare it to l.a., i'm sorry san francisco, i mean some cities the pictures of the homelessness, and garbage everywhere is really horrible, i mean, have our cities begun to take a step down? what's going on. >> i think you have to look city by city, it is not one-size-fits-all, philadelphia i think, philadelphia is on the rise a lot of good things happening we still have challenges, there is still deep areas of poverty we need to help those people get into the game get into the workplace. >> all right let me get you back to the broad economy where growth is technology, is one area that people look for growth do you still see, pockets of growth in this country given that we are looking at 2% growth for the quarter -- >> again, i think productivity so how are you going to move overall growth? again more people, or productivity, basically a service economy we are a service economy seeing investments in health care really starting to see needle
move on prou. brand-new technologies, and things revolution in health care led out of philadelphia, these are kind of things that are going to make a real difference in the economy forward. >> what are your expectations going forward later tie giving a speech on economic outlook before the open market committee can you give us a preview. >> i just stayed it i think economy is pretty good i think we should hold on rates see how things turn out over time. >> um-hmm in terms of the private market, any thoughts on what is going on in private market in terms of so much interest in terms of investing in unicorns before going public a feeling looking at excesses again in terms of valuations. >> that is a concern in terms of macropolicy we have to worry about are we economying financial he excesses having rates too low too long the balance at the fed. >> what would be the i mean of got to look at rest of the world right that is one thing,
when you look at europe negative rates, when you look overseas such low level impacts our currency. >> sure, what is long-term solution there are short term things in macroworld but lurn macroeconomics is not affecting those things it is demographics, what is driving a lot is sifrm demographics if population is declined there is not a lot macropolicy can do about that. >> the rest of the world is dealing with different issues than america europe for example talking about they need changes better structural like labor laws. >> yoe. >> so i think those things are outside our wheelhouse but critically important to growth in the american economy and global economy. >> u.s. continues to seal beach jewel in worto be the jewel. >> who you do you keep it that way he leave,hold is it watch developments, because we've got a lot of of them around trade what would be the most
important metric would you look at that perhaps could change your mind in terms of whether or not, we should see another rate cut? >> if inflation and particularly inflation expectations start to drift down would i be worried about that. >> or if we see job numbers unusual right now 100,000 jobs a month where we would be, so there is job numbers coming down, what we predict i worry about if we see those things drift down significantly i would be open to a rate cut but not right now. >> inflation fish with you surpris -- inflation picture are you strived nonexistent so low. >> that way for a while global lots of reasons this is -- happening, one of those is measurement one of the reasons i think also global competition a whole host of reasons why inflation is being held down, but that said ares the most recent reading there is movement up to 2%, so i'm
in the camp of holding seeing how that turns out. >> what about wages, wages are up 3% 3.1% year-over-year, is that becoming problematic in terms of the inflation conversation. >> not really because again if you look at wages grow with inflation plus productivity pretty much where they are. >> do you expect wages to continues going up. >> yeah markets are tight we are seeing wages go up high skill and low skill the area in the middle one being challenged, and that is where technology particularly things ai, machine learning are affecting those jobs pretty significantly. >> why so many companies are ramping up skills plaining needed employees to have right information to compete with ai computer learning replacing their jobs. >> no question, that is a lot of work doing in economic growth mobility project is coming up with creative modeled a. he interest is assist other models to get workers skills they need for the future. >> great conversation president patrick harker
president philadelphia federal reserve. >> washington in your wallet senator elizabeth warren rising in polls wall street sounding alarm substitute substitute weighs in on policies then to detroit as general motors workers remain on picket lines what is at the stake for a deal as protesters wrap up week two back in a moment. >> what i want ♪ ♪ ♪ you're going to be seeing a lot more of him now. -i'm not calling him "dad." -oh, n-no. -look, [sighs] i get it. some new guy comes in helping your mom bundle and save with progressive, but hey, we're all in this together. right, champ? -i'm getting more nuggets. -how about some carrots? you don't want to ruin your dinner. -you're not my dad! -that's fair. overstepped.
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maria: welcome back, investors watching washington and 2020 race many growing concerned about elizabeth warren and recent rise in the polls, given her increasing taxes idea joining us right now host of "varney & company" stuart varney to weigh in a wealthy tax increase taxes on income what do you say stu. >> never met a tax she didn't like wealthy tax whole new form of taxation the moment, i think the market is slugging at whole idea of impeachment but down the road the process may work against joe biden against the moderates and very much in favor of the about socialists enterprise like i said like i said wealthy tax higher income taxes higher estate taxes green new deal all corporations to get a lines to do business why warren white house that i
understand could of thing puts wall street off. and i think as we get closer to the election, if it looks more and lower likely elizabeth warren is the candidate then perhaps the possibility that she wins i don't think wall street is going to take that very well at all. now it is a long way to go, obviously,. the market i know the market shrugs but down the road if waep presidency looks remotely possible i see a sell-off he everybody watching will have 40 k hit very hard, by a warren presidency. >> i think that is what the democrats, that is why they say you know we better impeach now, because he is going to win again. >> maria i just like to see a vote i like to see house democrats stand up say impeach or don't impeach get on record let's have liability accountability here. >> absolutely, i know more in 10 minutes see you top of the her to every day 9:00 a.m. join stuart after "mornings with maria" first we are going to take you to detroit, strike
against gm work errs on picket line second straight week we go live to detroit take a look at what is at stake. ♪ your car insurance, so you only pay for what you need. nice. but, uh... what's up with your... partner? not again. limu that's your reflection. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ i'm off to college. i'm worried about my parents' retirement. don't worry. voya helps them to and through retirement... dealing with today's expenses ...while helping plan,
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and zero artificial colors. go to 5hourtea.com to buy a week's supply of 5-hour tea. that's a week of more get-up-and-go, feeling alert, and more energetic. if you try it, and you don't think 5-hour tea gives you the boost you need, you'll get a full refund. go to 5hourtea.com. . maria: welcome back striking gm workers on picket lines for a 12th day in a row health care a major sticking grady in detroit with latest. reporter: contractor negotiations continue in the billed behind me this morning, how quickly the two sides reach a deal that is a big question this morning, and as you mentioned, health care a big issue in those contract talk we first told you last week, that general motors decided to stop paying for health care coverage for striking workers, that did a few things it forced the union to pick up the tab, and also caused workers to lose their
vision and dental insurance on top of that caused a lot of confusion as well but general motors reversesing course announcing keeping all benefits for striking employees fully in place uaw not exactly thanking comm gm for that responding harshly with this if stories about uawworks face losing cancer drug postponing surgery date for gm to see workers as human beings not pawns on chessboard how long will this drag on at least one person thinks it will continue into the weekend, is mayor pete buttigieg southbend indiana visiting workers striking outside plant in reno, nevada a parts center if you bring vehicle in for service they say we don't have parts to vie
you could see waits if going to dealership for service into the weekend. >> we will to will that, grady trimble in detroit quick break then final thoughts from all-star panel back in a minute. ♪ ♪ at fidelity, we believe your money should always be working harder. 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.
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president. i think people right now would have liked to have seen an investigation without it going this far. i think there's so much fatigue around the attacks over the president that i think people are tired of it. maria: you certainly don't want the chairman of the committee making up stuff like adam schiff did yesterday. john? >> political risks aside, i think at this point in time the downside risk exceeds the upside potential for earnings-sensitive securities. i have yet to see any convincing evidence we are about to see a turnaround of the performance of profitability or business sales. i want to see business sales begin to grow more rapidly and likewise profitability improve before i take on more risk. maria: all right. >> the political risk is who might run for the democrats and if that individual would actually win and tear up the very policies that have been -- have spread prosperity across this country and sent the unemployment rate down to its 50-year low. when these candidates talk about wall street, we're coming for you, we have it in for you, they are literally talking about
investors and who are investors? people in 401(k) plans and pension plans. this is the bread and butter and the grease for our entire economy. you are basically praying for the u.s. economy to stink. maria: you're right. good point. great show. have a great weekend. have a great weekend. "varney & company" begins right now. stuart: you have a great weekend, too. good morning, maria. good morning, everyone. beware the toxic workplace. okay. i understand that is rather strange way to open our show but on this day three of the impeachment drive, the society of human resource management warns that the divisive political climate at work is going to get worse. the h.r. people say worker turnover is rising, in part because of political fights at work. the h.r. people have a problem. how do you manage an office when people are at each other's political throats? 60,000 inquiries this year on how to handle politics at work. now, i will say this.