tv Mornings With Maria Bartiromo FOX Business February 9, 2021 6:00am-9:00am EST
maria: good tuesday, everyone, i'm maria bartiromo, february 9th, top stories 6:00 a.m. on the east coast. the record run on wall street takes a pause this morning, futures pulling back from unchartered territory yesterday, take a look, dow industrials down 57, the nasdaq down 18, s&p right now lower by 5 and a half, this after all 3 major indices hit all-time highs on stimulus, progress on vaccine, dow industrials closed 237, nasdaq up 131, about 1% and the s&p higher by 28ment reddit on the
rise, social media form doubled valuation and role on gamestop craze. elon musk tweets about other currencies driving the digital marketplace to new heights this morning. impeachment 2.0. former president trump second impeachment trial will begin today as many call into question the constitutionality of it all. jason miller is here next hour to preview. and china seeks influence once again, the 28 of hauwei to have open policy and he welcomes a call from president biden. carl bass is here at 8:00 a.m. hour on what's at stake if the u.s. changes relationship with
china. then it is pizza day, happy national pizza day, we are celebrating favorite dish all morning long where you can snack delicious deals making a buzz this morning, mornings with maria live right now. all right, let's check european markets, ftse 100 down 3 points, cac quarante down 2 and a half, dax index lower by 78. this amid growing concerns over the euro zone economy. are we seeing a further slowdown right now? asia overnight markets finished mostly higher. indices with best performer in china. now, top stories that we are watching this morning. house democrats are moving forward today with coronavirus relief bill.
that would give 1,400-dollar direct payments without lower the income thresholds from earlier round. the checks will go to kings make-- individuals making $75,0a years and bill extends child credit and 400 unemployment payment through august. raising the minimum wage to $15 an hour would have mixed results on the one hand, it would lift 900,000 people above poverty line by 2025 but would cost more than 1.4 million jobs to do so if an implemented 17 million workers would immediately see a pay increase. just hours from now second impeachment trial for former president trump begins in senate. both sides of the i'll come to go an agreement over the structure of the trial ensuring
a, quote, process. the former president is facing article of impeachment after last night's riot on capitol hill. the u.s. picking up the pace of vaccinations meanwhile. the wall street journal reporting that ten states have vaccinated at least 10% of the population with the first shot. alaska is leading the charge with at least 15% of the people there vaccinated. and all-time high 2.1 million vaccinations given across the united states on saturday alone. and the chicago teachers union voting tonight on plan to get teachers back to the classroom, mayor lori lightfoot pitcherring staggered approach which kids can begin on thursday and some teachers staged unusual protest. they bundled off and taught outdoors. other protestors arguing teachers need my safeguards
before return safely. new york city making some progress. we will keep following the schools and teachers unions. markets shown slightly this morning after yesterday's record run for markets, investors anticipating economic stimulus, house democrats released biggest piece of covid relief and that includes extending unemployment insurance by $400 a week and sending 1,400-dollar stimulus checks to any individual making $75,000 a year. er share ceo joe and joining the conversation all morning dagen mcdowell, fox business contributor brian brenberg. thank you so much for being here. joel, kicking it off with you, your thoughts on the stimulus coming to markets and what it would mean for markets. we have been at record highs, we are looking at a pullback this morning, though. >> today's pullback is very
slight and we are coming off a great run. much of the stimulus has been baked into the market. some people are worried about inflation, we are not. we have to remember that for many years we've not been able to use the policy or not many years, many months because the interest rates are so low, having interest rates so low with new stimulus package is probably not a big problem. interest rates high and markets went up 18%. we are not concerned about stimulus cause inflation. we think it's going to move markets along. we see small caps doing really well. internationals also doing well. so far so good. the interest rates are so very good. the economy is doing great. we will see some exodus because of fear of inflation, modest, money from fixed income into equities, small caps
international we think are going to be the beneficiaries. maria: what do you make of what's going on in terms of trading around the stocks with robinhood, reddit's big raise, the social media site gained 250 million in capital, doubled valuation to $6 million following the retail frenzy, joel, the company plans to invest in video and advertising product and double employee could want to 1400, do you think reddit could cement its role in moving markets? >> they've already done so and we have seen it in the last couple of week. we have seen last year 5, 10 million came in during covid era. they are active in social media. reddit is doing the same thing others are doing. they take advantage of the high valuation which doubled last year. get money to the markets and then plow back in trying to attract new users. they have about 50 million users. probably going to go higher.
no question the retail ambassador is moving the market. we have to go back decades to see this type of influence among retail ambassadors. it's here to stay. whether it's reddit or other channels. they like to talk about investments and like to talk about games, losses, they share information, it's a completely ball game with the new millennial-type of investor and we think reddit is right now in perfectly position to take advantage of it. if they don't raise money and plow back in, they will lose them to some of their customers to somebody else. maria: brian brenberg, jump in. brian: you are talking about the changing profile of the investor and retail investors in particular. people have been looking at what's happening in the last couple of weeks and say t going to get more volatile but we are seeing volatility come down in broader market. is it the case now that we have to look for micro volatility even as the broader market
settles down over in the last year? >> great point. volatility index doubled almost overnight. so overnight it ran doubled, came back down. volatility spooked the markets 2 weeks ago. we saw a selloff and we came back very strong, small caps were up, over 11% last week and they continue to run today. they create a little panic in the marketplace with volatility spiking but we see as you mentioned, came back down. volatility is the lowest level since prepandemic levels. it's back to january, february, 2020 levels and periodically we will see the micro bubble as you kind of point out. maria: joel, do you want to put new capitol work in this market here even with the record highs? >> we actually are doing so and,
in fact, we are seeing u.s. small caps, we have to remember that u.s. small caps while they had, you know, a good run so far year to date. they are up 13% for the russell, we are up 23% for entrepreneurial stocks. many stocks, small and mid cap are having a good run. we have to remember that over the last 5 years, the russell 1,000 beat the russell 2000 by 60%, 6-0%. the small caps have a lot of room to run. we look at the fangs being high valued like tesla and so far had big runup last year, 700%. the small cap have a lot of room to run and we are seeing money move to asia. hong kong is a market that's well positioned. there's not money moving from mainland china and honing on the. the u.s. has talked about
regulatory issues where they may disallow from china. much money is going directly u.s. to overseas particularly to hong kong. 60 billion move into etf's year to date, 40 million or two-thirds going to international markets and much of it going to asia. we are seeing extraordinary -- top 10 stocks right now are coming from china and so and these are mostly based in hong kong. last week we saw one of the top -- in fact, top ipo which 300% in a single day. a lot of excitement. in small caps here in the u.s., small mid-caps, a lot of excitement, particularly asia. we think the markets are still ready for another run. interest rates are still low. markets gain stimulus. we see the markets continuing to go further but pockets that people haven't been to in a couple of. maria: joel, there's so many
issues around investing in china. you have the companies that may very well be off limits after the trump administration banned anybody from investing there because they are tied to the chinese military. you have the issue we are not getting the truth from beijing. look at looking coffee, they just went bankrupt. we think that's the growth story with american business with 1.4 billion people, but is it all about money or do you think we will see the companies recognize that china does not play by the international rules of the road? >> you know, i'm not going to defend the way they play their games. you're absolutely right. there's some problems in terms of the regulatory problems and the way they behave. in fact, they are cracking down in their own country in some of these companies. maria: right. >> when we talk about the companies that delist in the u.s., there's a lot -- the defense companies and so forth, i'm not going to disagree with some of that -- those arguments,
but we've got to remember there are companies like tencent and jd and other companies, whether, you know, they play by the rules in terms of the listing requirement in the u.s. or not, many of the companies here in the u.s. are going to direct into those exchange in hong kong and going directly into those investments. maria: i just want to point out -- let's not forget what happened -- let's not forget what happened with jack ma, you say some of the companies like tencent, and you can say about alibaba and the founder of alibaba was disappeared for 2 months. >> there's no question about it. maria: yeah, i think -- so you want to go in with your eyes open, i guess, we both agree. >> i'm not disagreeing with you. maria: right, right. >> we are not interested in the mega caps. maria: i got you. thank you, joel. have a great day, joel, thank
maria: welcome back, we are watching capitol hill as former president trump's second impeachment trial will begin today. house lawmakers voted on one article of impeachment claiming that he helped incite last month's violence on capitol hill. they say the proceedings represent, quote, political theater. senate majority leader chuck schumer spoke out on the senate floor yesterday, watch. >> following the despicable attack on january the sixth, there must, there must be truth and accountability if we are going to move forward, heal and bring our country together once again. sweeping something as momentous as this under the rug brings no healing what so ever.
let's be hear about that. maria: joining me bureau chief, susan page, good to see you, your reaction and anticipation of the beginning of this trial. how long does this go, susan? susan: well, senate sources indicating that it will probably go through next monday. that's pretty quick impeachment trial probably going through the weekend. never had a former president going on trial in the senate. that doesn't mean it's going to be a dramatic one because we think we know what the outcome is going to be, former president trump is unlikely to be convicted because of his continued support among enough republican senators. maria: well, also you have the issue of, you know, when the planning for that siege happened. there are reports that they were planning on going and sieging and breaching the capitol before president trump made that speech and then there's the issue of
all of this national guard protection around the capitol, that's going to be in place until mid-march. there's going to cost $500 million almost and senator ron johnson joined me this weekend questioning what is this money for and why are we paying half a billion dollars to have a police state around the capitol. do you think these issues come up if they call witnesses, susan? susan: well, we don't know if the house impeachment managers are going to ask to call witnesses. some signs they are not going to do that, but i guess we will seement i don't think those are the issues that will be at the center of the impeachment trial. the president is going to be arguing, the former president is going to be arguing that it is unconstitutional to have the trial. to impeach him once he left office. that's a process question and not what happened and what took place. maria: that's a good point.
>> i'm not sure that's going to be the central thing. maria: that's a great point because initially they are first going to debate whether or not this is constitutional. that's first order of business. let me ask you about the 1.9 proposed stimulus package, susan. your thoughts on this, extends unemployment insurance by $400 a week through august and send 1,400-dollar stimulus checks to individuals making less than $15,000 a year. a fair amount of republicans saying, well, there's already so much money not spent, we don't need another 2 trillion-dollar in debt, your thoughts? >> at the moment i don't think democrats are looking for republican support. that means debate is among democrats. what does joe manchin want to go for, those are the discussions going on with the decision that -- the apparent decision not to try to get to a bipartisan bill
and try to do on partisan vote of reconciliations. we are going to see, i think, a big bill pass and it's going to pass pretty quickly within quicks and not within months. maria: yeah, a lot of stimulus, 5 trillion in a year. susan, great to talk with you. susan page are washington this morning at u.s. today. coming up the fight for 15, the congressional budget offices grim outlook on the job's market. should the federal minimum wage get raised to $15 an hour? we are on that. happy national pizza day. the top deals today with everybody looking for a slice. it's making a buzz this morning and we will tell you all about it. stay with us. after hormone therapy.
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15. democrats are looking to more than double the federal minimum wage to $15 an hour. now a new study by the congressional budget office shows that this increase in pay could have poverty reducing effects. it could come at the cost, however, of 1.4 million americans losing their jobs over the next 4 years because dagen mcdowell, we know what happens in business when a business is faced with more expense and that being $15 an hour being forced to pay double the amount to those jobs, what do they do? businesses look around business and see what to cut. oftentimes what to cut means jobs. so while some portion of it will be making more money of it, it's good, many jobs will be cut, dagen. dagen: right, or you don't get a job in the first place. and this would hurt disproportionately younger and less educated americans that it would also do this, this is according to the congressional budget office.
it would raise prices for goods and services that rely on entry-level labor like food service, food prepared in restaurants. the fed will budget deficit would go up by $54 billion because more people would be reliant on unemployment benefits and government healthcare and quite frankly, these estimates, they are pulling them out of where the sun doesn't shine quite frankly because 20 states right now have the federal minimum wage at 7.25 an hour, we have as the wall street journal editorial page points out today, that we have local and regional labor market where is the prevailing wage rate is in the journal are based on the cost of living in those areas. when you impose the -- the minimum wage that you might see in a new york city or a los angeles, california on local, it
could damage much more than the cbo has about. maria: such an important point because you can't put a brush stroke of minimum wage across the country and think that's going to suffice for different states that have different costs of living, brian. brian: yeah, just to build on what dagen was saying a second ago. here is why the cbo really can't predict this. there's one big variable that's arisen in the last 10 to 20 years and it's automation. when you raise the cost for the businesses today more than ever they have the opportunity to look for automation and other ways to get the work done that doesn't involve humans. you don't have to pay a minimum wage to machines. they get squeezed out of a job. the real minimum wage like thomas said it's 0, if you can't get a job, your wage is zero and that's what we are running into. the job loss could be bigger
than what cbo is projecting because they are undercounting what automation can do in this situation. maria: that's such a good point and we are increasingly going to automation, go ahead, dagen. dagen: this is in the weeds points that i want to make whether the 15-dollar minimum wage is shove intoed the covid relief bill. the democrats are trying to push through this senate based on budget reconciliation and so the question falls on the senate parliamentarian, does a 15-dollar minimum wage can be included in budget reconciliation can pass with a simple majority, 5 democratic -- 50 democratic senators an kamala harris breaking the tie and bernie sanders is trying to push to have the minimum wage hike to put in relief bill and other
democrats that don't think should be included in the reconciliation of covid relief bill even nancy pelosi and joe biden. however, if they can shove this there, it opens the door for so much more to be addressed under budget reconciliation. things that have nothing to do with money. maria: which is why senator ron johnson was happy to hear joe manchin the other day talking about larry byrd from west virginia, i'm from west virginia. i mean, that -- maybe that suggestion that he was going to follow the byrd rule. it's up to senators joe manchin and senator sinema. we will see about that. you're right. it's so many tricks to get as much as possible in this bill and to get it through with as
easy path as possible. we are going to take a break. when we come back, we are looking at iran countering the iranian threat. the biden administration is going the keep the heat on tehran but joe biden also says he wants to get back into the iran deal. general jack keane will give us his take. kicks making for president obama, it's making a buzz this morning. we will tell you all about it. ♪ ♪ ♪ rafted by lexus. lease the 2021 rx 350 for $429 a month for thirty six months. experience amazing at your lexus dealer. this is decision tech. find a stock based on your interests for thirty six months.
maria: welcome back, good tuesday morning, thank you very much for joining us. i'm maria bartiromo and it is tuesday february 9th, a look at market this is half an hour. we are looking at a decline in wall street, record run taking a pause with dow futures down 57, nasdaq futures down 21 and s&p lower by 6 and a quarter ahead of the opening of trading this morning. this after a record run yesterday. all three major indices hit all-time high yesterday through strong earning, stimulus hopes
and vaccine. europe and markets low as well as you see record close with dow up 237 but today the european indices set the tone amid concern of euro economy. the ftse 100 down 3, the cac quarante down 2 and dax index down 61, quick correction earlier. i said larry byrd, i meant robert byrd. robert byrd was a u.s. senator, democrat senator for 51 years, he's the individual that the byrd rule is named after, robert byrd. all right. asian markets mostly higher overnight as you just saw and it was fractional moves with the exception of korea, shanghai composite better than 2%. breaking news overnight, world health organizations are issuing new report on the origins of the coronavirus. cheryl casone with the details. cheryl: that is right, maria. world health investigations are investigations whether the virus originated before december 19th,
but they are seeing no evidence of outbreak before then. it's, quote, extremely unlikely that the virus came from laboratory incident. well, sad news this morning to report. texas congressman ron wright has died from click cases of covid-19, he contracted the virus 2 weeks ago and admitted to the hospital as he was battling a cancer diagnosis, first sitting member of congress to die from covid. well, another headlines this morning. electronic art is expanding its reach, the game company has bought glue mobile. behind kim kardashian and door
dash expanding kitchen by buying shellbotics. makes the refrigerator size robot called sally that can make salads and bowls used in universities and door dash is looking to expand it to restaurants and maybe kitchens. those are your headlines from the newsroom, maria, back to over to you. maria: wow, more robots in the kitchen, cheryl, we will be watching that one. thank you so much. let's look at the middle east this morning. president biden says that the u.s. will not lift sanctions on iran in an effort to bring country back to the negotiates table. iran has -- enriching uranium
levels and will only come to compliance on nuclear enrichment once the sanctions are lifted. joining me right now fox news strategic analyst general jack keane. thank you very much for being here. game of cat and mouse here. they will not stop with enrichment until sanctions are lifted. jack: the biden administration certainly recognize that is the leverage that they have are the sanction that is the trump administration has imposed on iran. they are crippling iran and they've caused significance social unrest inside the country against the regime, not against the united states or our allies. so, yes, we have leverage here and we should use it. the other thing is the abraham accords and -- that is the normalizations of relationships and the coming together of the arab states with the israelis. those two points give us significant leverage. my concern here is the team that's going to be dealing with
iran is the same thing that negotiated the 2014-2015 original nuclear deal which i think most observers recognize as fundamentally flawed. this administration wants to improve that deal. that's a good thing. i just hope that they will be tough enough. they certainly was not the first time in 2014 and 2015. maria: all right. well, we will have to wait and see on that. the president has said he wants to return to the nuclear deal, but they're pushing back at least to see if this enrichment continues. let's turn to china jim lai was denied bail and first charged for fraud for allegedly violating leasing terms. that was just thrown in there and later he was charged under the national security law on suspicion with colluding with foreign forces. general keane, your reaction.
we have not seen jimmy lai in a long time. he's been in prison and this is the fate of anybody who pushes back on the chinese communist party, right? jack: yeah, no doubt about it. jimmy lai in full disclosure, personal friend of mine, one to have bravest people i've ever met in my lifetime and pro-american and committed to democracy inside of hong kong. he's in jail simply for those beliefs and the fact that he was willing to stand among the protestors and just stand there quietly and also with no physical demonstration whatsoever other than his presence. that's what he's in jail for, because he's a symbol. he's independently wealthy and no other person of his means has ever stood in those streets and defied the communist regime. he's quite a symbol for hong kong and -- and for the free world at large. i think what happened here is the higher court overruled the lower court that had released him for a week around christmas. and now he's been back in jail.
he was only out of jail for a week and eventually he will be tried and it's likely given that they are using the national security laws as the basis upon which to adjudicate his situation that they'll probably impose some kind of jail sentence on jimmy, unfortunately. maria: well, i mean, how does the chinese communist party keep getting away with atrocities? the navy says drills are aimed at increasing commander control capabilities while a chinese ministry spokesperson is calling the move a show of force, general. we have heard the world health organization and starting to believe that the coronavirus did in the start in wuhan lab which we have evidence and they are rolling over for the chinese
communist party and the ccp bullying neighbors in the south china sea, bullying taiwan, disappearing jack ma and then you have president biden the other night on cbs saying he's going to do things differently than what president trump did in regards to china, your thoughts? jack: well, first of all, the presence of the two strike groups is a good thing. the u.s. nimitz is back from a ten-month tour in the middle east and home port is in washington. certainly our commanders are using that navigation home to also deploy that force in the south china sea along with the strike group, the uss teddy roosevelt which we are all familiar with because of the outbreak of covid. this is the right thing to do. maria, we have a real problem in the indo-pacific region militarily because we are outgunned. the prc, the chinese have more ships, more airplanes and the largest missile arsenal in the
world deployed in the indo-pacific region. and because of the erosion of our military budgets over time and the rapid development of the chinese military, most recently under president xi, they are -- our deterrence has eroded and we have to put it back together. this is part of what is needed. maria: general, okay, but, i mean, we are outgunned right now, general. are we -- where are we going to be in 5 years after americans and the world invest in chinese companies tied to the chinese communist party's military? this was the reason that the trump administration said don't invest in these companies, don't help expand and fund the chinese military, right? if we are outgunned now, where are we in a year, where are we in five years, where are we in ten years? >> we have to reposition military capability as soon as possible into the region. i'm hopeful that the biden administration moves rapidly on that, under the leadership of
secretary austin. there's no doubt that we need to decouple some of our business entities that operate inside of china because they are contributing as you indicated to the development of chinese military capacity and that's -- that's a mistake. and those companies have got to be identified as well as those industries. china is seeking military dominance, economic dominance in the region and also political and diplomatic dominance. all of this is taking place comprehensively. i hope this administration puts together a very comprehensive hold of government plan with our allies and will take a while to get to the efforts of it. the proof is going to be in the details and the plans. and most importantly, their ability and willingness and resolve to confront china. that would be the test.
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instructions for use and free trial terms and conditions. consult your healthcare provider before starting on omnipod. simplify diabetes. simplify life. omnipod. maria: welcome back, to the moon or mars, bitcoin surging after tesla announced 1 and a half billion purchase yesterday, plan to accept it as payment, that was tesla's plan. will other companies follow
suit? joining me right now president and founder perry, thank you very much for being here. elon musk bullish on the crypto currency and then he does this, does a move like this move the needle at all in terms of making bitcoin more mainstream? >> absolutely. just to give you a little bit of context of where this demand is coming from and where we sit in the economic landscape, covid has created a war on currency. we are in an era what jones calls the great monetary inflation and one of the biggest challenges that corporate treasurers are up against today is the hidden tax on inflation and we all know that money goes where it's treated best. bitcoin is a stored value and hedge against inflation and we are seeing unprecedented demand
for bitcoin from investors across the board, retail, institutional and now we are seeing corporate. on the retail side, square launched their bitcoin trading app in 2018 with cash app and last year bitcoin revenue was up 11x year over year and paypal opened and up 900% since the start of the year. moving to kind of the institutional investor, grade scale is -- over 90% of their investors are institutional investors, they grow 10x. maria: yeah, no -- >> tesla being the third. maria: yeah, i mean, the entrance of corporate certainly lends credibility to this idea
that we are going to have a digital currency. people want digital payment platforms, but you've got a few crypto platforms struggling with an overload of requests following tesla's news, issues like this, volatility scaring investors off. how do we know which crypto is the right crypto? there are a lot of different cryptos. why would bitcoin be better than another one? what needs to be done in terms of explaining this further, the pros and cons of which one, whether it's like etheriam or bitcoin? >> yeah, bitcoin has emerged as an asset class in its own. it is unique. one of the most powerful characteristics of bitcoin is that it has a limited supply. it's fixed. there's 21 million. so if you have a lot of demand for bitcoin, the only way to address that demand is the price
is going to go up. bitcoin has emerged as the winner of a store of value. you mentioned the theriam that's a platform and there's many crypto currencies out there. in terms of a store value, additional gold, bitcoin has emerged as the winner. >> okay, perian, thank you very much, we will keep watching. thank you very much. here's aj! when are you going back into the office? i don't know dad... ♪
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dominoes, papa john's, little cesars have you covered with deals. dagen: you know pizza better than i do. i am not going to turn my nose up at any kind of pizza across the country because if you love pizza hut, love pizza hut. i'm digging the detroit pizza, rectangle -- maria: that's thicker. dagen: if you get it with wisconsin, it's all american, but, you know, it's still delicious. it's not new york but it's awesome, nonetheless. maria: yeah, i agree. there's me making pizza with my dad because my dad is the best pizza maker ever. my sister and me made missa and there's a special way to do the crust.
you to put your knuckles underneath. [laughter] maria: like my dad does it. i will show you one day because we make pizza on the weekends. next up presidential -- yeah. dagen: i'm laughing because i love when you do knuckles, knuckles, knuckles. i just love that. maria: knuckles, knuckles. yeah. next up presidential kicks, brian. the special size 12 and a half nike designed for barack obama, new buy now website on friday. two pairs in existence but this pair wasn't worn by obama, just nike samples. are you a buyer? they do come with free shipping, you know, brian? brian: free shipping on $25,000, i think they are pretty cool, actually. i want to wear them if i get them. i can't 25,000 bucks for sneakers and put them on the shelf. if you have size 12 and a half
feet, is that how big president obama's feet are? that's impressive. maria: i didn't know that either. quick break, the constitutionality of impeachment trial for a private citizen. former trump senior adviser jason miller as second impeachment trial will begin today. ♪ the lincoln family of luxury suvs. how am i doing? some say this is my greatest challenge ever. governments in record debt; inflation rising and currencies falling. but i've seen centuries of rises and falls.
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maria: good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo and it is tuesday february 9th, your top stories 7:00 a.m. on the east coast. record run on wall street takes pause this morning. futures pulling back ahead of the opening of trade with dow industrials down 54. the nasdaq futures down 13 and the s&p futures lower by 4 and a half. this after all 3 major indices hit all-time highs yesterday due to strong earnings, stimulus hopes, promise on the vaccine. the dow industrials up 237 at the close on wall street. nasdaq up 137 and the s&p higher by 28. reddit on the rise.
the social media form doubles its valuation amid its role in the gamestop trading frenzy. plus the crypto craze continues, tesla's big investment in bitcoin and elon musk tweeting about other currencies driving the digital marketplace to new heights. look at bitcoin this morning up again. impeachment 2.0, former president trump second impeachment trial will kick off today as many call into question the constitutionality of the proceedings at all. former trump 2020 campaign senior adviser jason miller is here previewing the trial. china seeks influence again. the ceo of hauwei urging the united states to have an open policy toward the telecom company saying he would welcome a call from president biden. payne capital management with what's at stake if the u.s. changes its relationship with china right now. and showing up to heartbreak in style, why divorce fashion is on the rise. it's making a buzz this morning. tell you all about it. mornings with maria is live
right now. ♪ ♪ ♪ maria: european markets this morning slightly lower, take a look. ftse 100 down 2 thirds of 1 point. cac quarante is up half a point and dax index lower by 54. fractional moves, uncertainty over the health of the euro zone economy. certainly people are wondering if have weakened further. in asia markets mostly higher, best performer was shanghai composite in china up better than 2%. now some of the top stories that we are watching this morning. house democrats are moving forward with a coronavirus relief bill that would give 1,400-dollar direct payments to americans without lowering the income threshold from aileddier rounds. the checks will once again go to individuals making $75,000 and couples making up to $150,000 a year. this bill also extends the child tax credit and 400 weekly unemployment payments through august. the congressional budget office is reporting that raising minium wage to $15 an hour would have
mixed results on the one hand it could lift 900,000 people above poverty line in 2025 but it will also cost jobs, cost more than 1.5 million jobs to do so if implemented workers will see pay increase. in hours impeachment trial will begin in the senate. both sides of the i'll coming to an agreement over the structure of the trial ensuring what they are saying will be a fair process which includes up to 16 hours for each side to present their case. the former president is facing one article of impeachment, incredit meant of insurrection after last month's riot on capitol hill. the u.s. picking up the pace on vaccinations. wall street journal is reporting that ten states have vaccinated at least 10% of the population with the first shot. alaska is leading the shot with at least 15% of the people vaccinated. all-time high of 2.1 million vaccinations were given across the united states on saturday
alone. and the chicago teachers union voting tonight on a plan to get teachers back to work. mar you lori lightfoot pitching a staggering approach which class could start thursday and kindergarten through fifth grade would return on march first. teachers staged unusual protest by bundling up and teaching kids outdoors. other protestors argued buildings need more safeguards before students and teachers can safely return. new york city also making progress with some middle schools to resume in-person learning on february 25th, still wondering what the money that they're getting from all the stimulus packages are doing. time for the word on wall street. top investors watching your money, joining me right now the publisher and editor denise, payne capital management president, ryan payne and steve, great to see everybody that morning. gentlemen, ryan, kick us off with futures pulling back from record run. house democrats releasing
biggest piece of relief bill and expanding unemployment insurance, sending 1,400-dollar stimulus checks to individuals making less than $75,000 a year, what implications will the stimulus have on the economy? >> i wrote this week, it's rocket fuel on top of rocket fuel because all we talk about is how much cash is out there, maria. we talked about the 2.2 trillion cares act last year. $900 billion worth of stimulus at the end of the year and 1.9 this will dollars worth of stimulus and this all equates to one thing. we are going to have a huge party come the second half of the year when the economy reopens. consumers sitting on literally $2.4 trillion of cash and i know that you have nancy lazar on the show, she's the strategist, she's calling 7% of economic growth by the end of the year. that's the best economic growth since 1983 and i made this joke before but we will party like it's the 80's and it's not a joke. ly have literally ten roof deck
parties this summer. i will make it a miami vice theme because it's the 80's. you're invited, denise and it's just going to be unbelievable. [laughter] maria: i will wear some 80's outfit. i will wear my 80's look so we could party like the 80's. okay. that sounds good and you mentioned nancy lazar. she's also looking tat global, in fact, she wrote in the cornerstone macro report that taiwan's exports were up more than 36% year over year in january and that china's vehicle sales are up 30%, but the euro zone is not doing as well. it could see a double-dip recession, vaccination is slowing down. investor sentiment falls. steve, what about steve. this is an important component for the global economy, do you too have concerns about europe? steve: well, first off, why am i not invited to the 80's party? [laughter] ryan: you're in. steve: thanks. europe, it's a concern and
opposed to what's happening in asia and you're seeing the growth and the economy picking up and the u.s. certainly looks like 7% growth. every year we have the same conversation. is this the year that europe finally recovers? the u.s. economy beat them 11, 12 years straight now. every year we are disappointed. investors confidence is down. outside of germany, they just can't get it together. they can't organize things together to make it work. deficits are way too high right now and covid rollout is lagging by a long shot. so if i was betting in one area of the world right now between asia, u.s. and europe, europe is on the last piece of the list. i would be wary of it. i do believe in international markets but you have to stay outside of europe with what's going on right but. maria: yeah, look, you make a good point and we should point out why europe has had a tough time, largely because of the structural issues in europe around work rules, around the
rules like $15 an hour, like things that keep an economy handcuffed in many ways that businesses cannot have the freedoms to fire people, make sure that the -- that the hours and temporary work is not bankrupting companies. that's part of fundamental issues in europe. the labor rules is one of the things that keeps holding things back in europe. what about this, the crypto currency topping 48,000 this morning, tesla buying 1 and a half billion dollars worth of bitcoin. it will accept for vehicle sales yesterday. what is this move in crypto mean for the broader market? >> it's just astonishing watching what's going on in bitcoin just stuns me, no end. the fact that mr. musk has said that he's going to accept bitcoin to buy his automobiles,
i find that hard to believe that that's going to take place. something that can move 10, 12, 15, 14% changes valuation of automobile by 14% in the course in one day and trying to buy a house changes 10, 14% in the course of a day. this is utter madness and it's something that everybody wants to trade and everybody is trading, the millennials believe in it. i have to stand back and say in my word, it's not something that i will be involved in but if anybody wants to buy it, i understand why, the momentum is strong. does it make sense to me, no. what'ses or what they call doge coin, whatever you call it. even the creator doesn't believe in the valuation that he has or the market has given to it. this is one of the things that comes around several hundred years, it's tulips again. it's the dot com enterprise in the early part of 20th century. these things end in tears
eventually. right now everybody is happy, everybody is making money, god bless them, they can do it without me. maria: do you believe that there will be a digital currency at some point in america? >> oh, yes. maria: do you believe in the notion? >> oh, yes. the central banks will make sure that there is a digital currency, a digital dollar, a digital euro, they will not aggregate their responsibility to controlling monetary policy. eventually we will walk in one way and they'll be a plaza accord of some sort where they are agreed upon creating their own digital currencies. no yes that shall happen. when will that happen, i have no idea. but it's going to happen. the monetary authorities will never give up sovereignty over monetary policy and so far that's what they've done. eventually they will say enough is enough. they'll be a meeting, a time that we walk in one day and bitcoin trading thousands of dollars lower. when will that happen, i have no idea, but will it happen, absolutely. maria: all right. we will be watching. thanks, gentlemen, great
segment. denise, ryan payne, steve, thank you for the word on wall street, gentlemen. much more ahead this morning. coming up, we are talking with georgia congressman jody heights getting into word on stimulus bill and what he wants to see from the aid package and then former trump 2020 senior adviser jason miller to discuss the impeachment trial for president trump today as the former president's team gets ready to make the case. next hour kyle bass talking about the implications of doing business beijing and the threats posed to american companies. former house speaker nut gingrich on political fallout of impeachment as both parties look for the upper hand. joining the conversation all morning long dagen mcdowell and brian brenberg, we will get back to this fantastic panel when we come back. you're watching mornings with maria live on fox business. ♪ ♪
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maria: welcome back, stimulus showdown. democratic lawmakers are moving forward with their proposed $1.9 trillion stimulus bill. this bill includes extending unemployment insurance by $400 per week through august and send $1,400 stimulus checks. jody hice, thank you very much for being here. give us your reaction and when would you expect the mark-up and the -- the move to signing into law, would this be this month? >> yeah, i believe it would be this month. i believe the democrats will move quickly on this. but, look, the bottom line to me, the biggest concern for me is we continue to dig ourselves into enormous debt.
this is going to take us somewhere in $6 trillion on covid relief. it doesn't matter, 1500, 2,000, at the ended of the day nothing replaces livelihood. that's what livelihoods are based upon. that's what our system is based upon. the greatest economic engine in the world is sitting right here at our fingertips and -- maria: so when do you think we will have any clarity on opening up the economy, congressman? i have notes here from washington sources that say that house committees will start meeting today on the components of the stimulus bill, they'll aim for a full chamber vote and they're expecting wall street is expecting the number to come
down between 1.2 and 1.5 trillion. that's the expectation of cornerstone macro research. 1.2 to $1.5 trillion and that it'll pass on a bipartisan basis. does that sound right to you or do you think we are going to see the larger 1.9 trillion go through? >> i kind of anticipate 1.9 is going to go through. i don't know -- i think all -- what you say that general timeline is probably pretty accurate coming towards the end of the month. but, again, it appears to me that the emphasis continues to be on shutting down the economy and government handing out checks. and i just think that's the wrong approach. we have to focus on -- look, my state of georgia, we are doing great with businesses overall. our economy is booming. we've had leadership to be safe but also open the economy. unfortunately other places in the country -- maria: yeah.
>> that has got to be the emphasis. we cannot continue path of checks every month. maria: well, there's also a significant amount of money that was unspent, right, that's till in the coffers that is supposed to be given to the american people so you've got that and now you're up to like you say close to $6 trillion in stimulus in a year. let me move onto proceedings for former president trump's second impeachment trial congressman, it begins today. house lawmakers voted on article of impeachment claiming he helped incite riots on capitol hill. your reaction. tell us what you're hearing at the house. >> yeah, no question this is unconstitution. how do you impeach a president who is not even president? the tools that we have in the constitution to protect the country against high crimes and
misdemeanors in the presidency. when that person is not in the presidency, how do you impeach them? and what precedence does this set that government can go after a private citizen? and this whole thing is weponizing impeachment but i believe democrats will go into the hearings today and the remainder of the week, in essence, they will kick an ant hill and accusing the president of what they themselves have been guilty of embracing riots all across the country. we will be looking at what happened in portland and other places. democrats have been outspoken in support of those types of things and they better believe every bit of that. they themselves are more inflammatory and more guilty than anything that they are -- maria: yeah, well, it's pretty extraordinary. congressman, good to see you this morning. thank you so much.
congressman jody hice. we will see you soon, sir. twitter's new business, social media giant has new ideas to generate revenue. hear what's on tap when we come back. calling on all farmers, nasa has a cash prize for anybody that can grow food in space. it's making a buzz this morning. stay with us. ♪ ♪ ♪
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including tweet deck and send button, profile customization, the options would be a way for twitter to reduce reliance on advertising at a time when social media giants have exceeded it and targeted ad growth. dagen, interesting ideas. do you think twitter will lose use first they have to pay? dagen: i don't know who would pay for tweet deck. a small group of evidence. this is evidence as i have always said, twitter is a garbage platform and a garbage business. it has no way to monetize its user base because say if your activity doesn't give advertisers a good indication of what kind of sneakers you might buy. for example, if you voted for biden and believe in higher taxes, does that really tell an advertiser what kind of laundry detergent you might like. i tweeted about cancer because of my mother's battle with lung cancer and i started getting
targeted ads for lung cancer drugs that actually my mother took drugs that didn't even work. that's how lousy a business -- i understand with drug companies that these drugs are so enormously profitable. they can just throw ads at you and every extra customer even if it's one it's pure profit but, nevertheless, this is a garbage business model and now that they've alienated so of the thei don't know where they go from here. maria: so you have to pay up, brian to read garbage as dagen puts it on twitter. pay up for it. brian: they're alienated so many people and growing user base is going to be hard which is the only way that you can sustain an
advertising model like they have. they moved to subscription. what happens is twitter becomes more and more insular and people that are willing to pay for tend to have same viewpoint and becomes more what people don't like about it already. it's kind of an admission of defeat. when you go this route in this space and others don't have to go this way, it's an admission that your modeel doesn't work as dagen said. maria: yeah, i mean, you have all activists and mobs on twitter. that's where they live and you're right, they all agree with one another. quick break and then the impeachment battle 2.0, former trump 2020 presidential campaign senior adviser jason miller is here on the president's legal strategy as the trial begins today. and then this, getting divorced in style, the fashion trend takes over the courtroom as couples go their separate ways. it's making a buzz this morning. we will tell you all about it.
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maria: welcome back, good tuesday morning, everybody, thanks so much for joining us. i'm maria bartiromo, and it is tuesday february 9th, a look at market this is half an hour. we are looking at some selling under way. the tone was set in europe, dow industrials down 52, nasdaq down 8 and a half, and s&p down 4 and a quarter as all indices pull back from record run yesterday. futures pulling back after a 3 major indices hit all-time highs yesterday, progress on the vaccines, dow industrials were up 237 points yesterday at 4:00 o'clock on wall street. nasdaq up 131. about 1% and the s&p higher by 28. the tone was set in europe, markets slightly lower in europe amid growing concerns over the euro zone economy.
ftse 100 is up 3 points. cac quarante is up 1 point. dax index in germany lower by 57. in asia markets mostly higher, best performer shanghai composite. impeachment 2.0. former president trump's second impeachment trial will begin today. lawmakers voted on one article of impeachment claiming he helped incite riots on capitol hill. trumps lawyers argue that it's unconstitutional. senators on both sides of the aisle spoke out yesterday. watch. >> ultimately senators will decide on the one true question at stake in this trial, is donald trump guilty of inciting a violent mob against the united states. >> simply put the snap impeachment raises serious questions about fundamental fairness, due process or more
accurately, lack thereof. maria: joining me right now former trump presidential campaign senior adviser jason miller. fundamental fairness, jason, is what the senator just talked about and senator schumer said the question is, did -- is president trump guilty and you say? jason: not at all, maria. in fact, what we are going to show as we dive into the second impeachment trial of president trump today is number 1, you mentioned this entire trial is unconstitution. the fact of the matter the constitution very clearly spells out the only point of impeachment is to remove someone from office. well, president trump is already out of office. so for the democrats to go and push this, it's pretty clear it's a vindictive effort to try to beat him for futures elections. the things on trial, maria, first amendment and freedom of speech. in fact, i think you're going to see this week where a number of
democratic senators, in fact, most of them have used far worst language and much more actual insightful rhetoric and when you compare that, we would have to go and impeach hard or two-thirds of the democrat caucus if we go by that standard. the other thing we are looking at real true and accurate timeline of events from january 6th, you'll see the bad actors that were involved in horrific attacks up at the capitol were planning and plotting activities long before president trump said anything. i don't think president trump did anything wrong on january 6th. i think he was talking peacefully, told folks to go up to the hill and cheer on lawmakers but be patriotic, be peaceful. if you know anything about president trump, you know, he deplores any aspect of violence. maria: yeah, and i guess we do have these reports of the plans from these perpetrators, what they wanted to do before president trump gave that speech, but you've got barbed
wire and 8-foot fencing right now against the capitol. we spoke from a spokesperson from the pentagon that securing the capital will cost $500 million just to secure the capitol until mid-march, that's what nancy pelosi wants. senator ron johnson says this is an effort to show to the world, to show to america that the democrats have to protect themselves against trump supporters and trump associates who are going to represent a risk, perhaps domestic terrorism. this is actually what they're talking about and taxpayers are paying for these 8-foot fences and barbed wire around the capitol right now even though ron johnson is investigating this and not getting answers from his colleagues. in fact, what is the intelligence that they know or they have seen that would require such protection? jason: well, i would like to know it. in fact, maria, i think you see
what the democrats have done to washington, d.c. they've completely destroyed this city. i mean, the city is completely shut down, small businesses, restaurants, hotels, completely wiped out and the other thing i would ask too, maria, why didn't democrats want to take stronger action going back to last summer, going back to last fall, rejecting numerous attempts from the white house to try to help the capitol, try to make sure that we had security in place for a number of different measures, but, again, nancy pelosi and capitol hill democrats had rejected that. and so i think as we look going forward here, what we have to get back to, maria, what really brings the country together and i think pushing ahead with some vindictive impeachment effort after president trump has left office and so think about this for a moment. they are trying to change the constitution to go after one person, president trump because if the constitution says the only impeachment to remove him from office and they are going for it now, this is just out of spite.
maria: will this stop president trump from moving forward to any other political office? have you spoken with him? do you think he's going to run in 2024? jason: i sure hope he does. no decision has been made here but we will see what happens. i think the president is going to be involved in making sure we win back the house and senate in 2022. a number of the gubernatorial seats and a lot of work to make sure that we get our elections cleaned up and that's an effort working with the state legislators. we saw abuses in last election and we have to get cleaned up but president trump will stay active but i think it's going to take a little bit -- rest and relaxation at mar-a-lago and we will see him right back at it shortly. maria: john durham will remain in place to investigate the russia probe as special counsel
and david wise, attorney for delaware will remain to oversee tax probe of hunter biden. jason, this is not an uncommon move, i guess, but what's your take on canceling all that was trump including judges? jason: well, it appears that only with -- excuse me, only with president trump was it a big deal when you ask politically appointed attorneys to go and step down. this is really the normal practice. usually at 12:01 p.m. on inauguration day you have most of the u.s. attorneys going step down or put forward their letter of resignation but seems like joe biden is looking to focus jobs, keystone was the big one, looks like we are going to u.s. attorneys next and who knows what joe biden will be on the next effort. maria: i'm jooking at a john sullivan report, jason, and the department to ask to resign with
two exceptions however, john sullivan is reporting that senior doj official told the washington examiner that we could actually see john durham also step down. your thought osen what we are going to see on john durham as he investigates the criminality that took place in 2016? jason: i saw the report also and seems like john durham will remain in counsel role in investigating. maria, i have to tell you, i'm disgusted on what they allowed the democrats to get here. the person sitting in the white house was screaming logan act in 2016. president trump had not been sworn yet and undermine him and saying election was illegitimate and that's why we see impeachment nonsense, it's so hypocritical from the democrats.
in the room with barack obama, susan rice and james comey, they are going after general flynn. we have to make sure that we flush out what happened in 2016. people have to have confidence in our government and in our law enforcement agencies and right now, maria, because of what the democrats did in 2016, i don't really think that they do. maria: well, i think that's right. i think because of what we know took place in 2016, this effort to -- to destroy trump, take him down by a cabal of individuals at the fbi working with hillary clinton. i think because of that, people don't trust and you're right, you need to see accountability in order to trust that the system is fair. here is the line from the washington examiner piece that i was referring. to john durham who was conducting a criminal investigation into the russia inquiry is expected to resign. however, he was appointed special counsel in the final months of the trump administration and will continue his role in that role even after
leaving his post. how can he continue as special counsel as he's being encouraged to resign from the biden doj? jason: well, i'm not sure. i think that's going to be part of the interesting thing to see how they work the gymnastics on that one. maria, the other one u.s. attorney that looks like joe biden will leave in place is the one that's investigating hunter biden on his tax issues and, again, when we talk about tax issues that's a polite way of saying that they think he wasn't paying taxes on a lot of the foreign income he was making from china and a number of other countries. this is the one, maria, that we need to pay close attention to. we go back to tony bobulinski and we know that this was covered up and the democrats were saying that this was russian disinformation and yet joe biden is leaving in place the u.s. attorney investigating this very thing they tried to brush off as so-called russian disinformation. i think this is going to
backfire on the democrats. i think people are going to end up in jail on this and i think president trump is going to be the one that looks like he was right all along. maria: we will be watching, jason. good to catch up. jason miller joining us. stay with us. when we come back we will talk about a lawsuit against robinhood by investors who were not allowed to trade with those restrictions. we will have that next. ♪ ♪ ♪ ♪ ♪
ngfacingfacifaal tub t latformmla w a a erer ofsslalact anawsu lsits it teobhohoes ricesdictedd adestrnntostocks incdincdi gastgaopmendop a a mwo twoks w o e fra froerawm f csuiiled filedb e,qu robhood newewctio inn ksoclummet.mm ey wereer looki lngki a a wl stt hedgehe fdgds atds t eensef indiviindialviindiviinhat wertue to rinhoodinhoodin weeachea to t t rinhoodin o ee lawit and a offer toff t havh em j us but we did not get a reply from robinhood. joining us the attorneying from the ferraro law firm representing plaintiffs, jeff and sean, gentlemen, great to have you both. thank you so much for being here. jeff, kicking it off with you, explain the lawsuit, what do you think took place when robinhood came out and said, here are restrictions, you are not allowed to trade what you want and you certainly cannot buy the
stock? >> well, obviously something like the decision he's done on air, vlad, the ceo, did press tour and gave 5 different reasons for doing it. that's one of the reasons, you know, we don't knows 00% and need to get into it but none of them are good. you know, he built a platform that has consistently had problems and, you know, "the new york times", you know, said last march they went down -- we owe it to you to do better. in june, they unfortunately had -- they didn't understand and read correctly their option position and he said, it's devastating and in december they got fine bid the sec for not being transparent and they were
buying which apparently he's not even licensed by, you know, for not getting his people the best prices. so they built a platform that's designed to go down essentially. maria: so in the complaint your firm writes robinhood is restricting security from its platform in order to slow growth and help benefit individuals and institutions that are not robinhood customers but robinhood institutional investors or potential investors. sean, explain how robinhood's actions explained large institutional investors. >> sure. one of the biggest issues that we have with -- with robinhood is by the time there is a disconnect between its customers interests and the institutions thatport it and the institution that is it will need to support it when it has an ipo, it turned its back on its customers. this case isn't about simple
restrictions like suspicious activity, identity fraud and the creation of an account, this case is about robinhood having exposure to gamestop shares and when that came up, it basically had a meltdown. tree noble has an agreement to limit how much electricity it can provide. that's not an excuse of total meltdown and that in a financial market sense is what happened to robinhood. robinhood had a complete meltdown and then after the fact once everybody had suffered, they said, well, there's a provision that says we can make some adjust rents here and there. this was absolutely not contemplated by that provision and if that with provision were used in a court to exculpate robinhood, i don't believer any court would go for that and i would say as an attorney that would be inconsistent with the applicable law. maria: yeah, we had harvey pitt,
jeff, former sec chairman and he agreed we should let the free markets roll. can you quantify the amount of money that your clients may have lost as a result of not being able to buy these stocks? what -- you've asked for a jury trial. what damages are you hoping for? >> i mean, you know, we have name clients in the lawsuit but our clients are everybody in the class. and, i mean, we are talking numbers in the billions. we know that hedge funds were bleeding about 18 and a half billion until they got the lucky break that somehow robinhood's trading went down january 17th which basically cut off all buyers which as you know, when you're executing a short squeeze, which they should be commended they should be able to do, but stopping from buying, that's the end of the momentum
and that's the end of the short squeeze. the numbers are in the billions. we still have a listening way to go to figure out exactly how many people were affected. we are told that they now have 20 million users, that's in the wall street journal. and, you know, i think it's important to realize that these guys came on with this let's democratize and give access to millennials and younger people. they didn't take the responsibilities when it comes to something like that. you know, massachusetts is coming for them for exactly that and not having proper protections such as short squeeze when you're on a platform that can't handle it. you know, and they -- you know, your audience knows the practice of buying order flow doesn't exactly set up the right incentives to get the best prices and look out for your customers.
they made 670 million on order flow this year according to the wall street journal. 80% of revenue is water flow, selling to other people, selling to other people to do the trades. two-thirds of that is from options. so they are pushing people into, you know, i lost a lot of money in options back in 2001, and i learned my lesson. but, you know, i'd never seen a platform that on entry you could immediately be able to -- to buy options and you could do it on margin. maria: yeah. well, we will see what the securities and exchange commission says about this and we, of course, will be following the lawsuit. jeff and sean, thank you so much, come back soon. we appreciate you joining us. we did reach out to robinhood for a comment and offered to have them join us, no reply. the invitation remains open.
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maria: all right, time for the morning buzz. we are talking about snacks in space. nasa teams up with the canadian space agency for the deep space food challenge. one lucky innovator can win cool 500 bucks for finding out the best way to transport, produce and distribute food in space. brian, this is pretty cool, are you going to enter? brian: i'm not going to enter because i don't know how to grow anything on earth and i definitely can grow anything in space. they have the tomato plant, clipping it and the dirt starts floating everywhere. it sounds like a tough deal.
i can see why they want it and i was reading on what astronauts have to eat up there and doesn't sound as good as pizza on the show. maria: if one person knows how to grow food, it's dagen mcdowell, what do you think, dagen in. dagen: first thing i love the freezed dried ice cream that you can buy at smithsonian, it's crunchy but it does taste like ice cream. and number 2 the only thing i know about growing anything in space is watching the martian with matt damon and i won't go into details but it's kind of gross. brian knows what i'm talking about. maria: tech threat to american companies, chief investment officer kyle bass on doing
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you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. maria: welcome back. good tuesday morning. thanks so much for joining us. i'm maria bartiromo, tuesday, february 9 top stories right now 8:00 a.m. on the east coast, a record run on wall street takes a pause futures pulling back ahead of opening of trading with dow industrials at lows of the morning down 67, nasdaq down 15, s&p 500 lower by 7 this, after all thee major indices hit all-time highs strong earnings stimulus hopes progress on vaccines, dow industrials at close yesterday up 237 points, nasdaq up 131 s&p higher by 28. reddit on rise the social media doubled valuation in
gamestop trading frenzy crypto crazy tesla investment want in bitcoin elon musk tweets about other currencies driving the incidentally marketplace to new heights this morning. impeachment 2.0 former president trump second impeachment trial will begin today, as many are calling into question constitutionality of it all former house speaker newt gingrich to react, china seeks influence continues to is to being influence, ceo huawei is urging united states to quote have an open policy, toward the telecom company, saying that he would welcome a wall with president biden, we are celebrating black history multiple highlighting black owned businesses we are talking to one business owner, loans between family and friends builds greater financial trust with loved ones, "mornings with maria" is live right now. maria: a european markets this morning slightly lower, as you see mixed story ft 100
up 2 points cac quarante down 2 points the dax index lower by 58, there is growing concern, over the health of the eurozone economy whether or not it has weakened again, in asia overnight markets mostly higher take a look best overnight in asia, china shanghai composite up better than 2%, china is seeking influence has been for decades, huawei ceo, telling reporters that he would welcome a phone call from president biden, as he hopes to reopen the door to using american components in his products. china telecom giant on u.s. entity lift restricting american firms from exporting technology to huawei president biden told cbs on sunday he sees u.s. in extreme competition with china has not spokento xi jinping will approach china in a different way than president trump joining me founder chief investment officer is a kyle
bass thanks very much for joining me this morning what don't think that means joe biden says going to approach china differently than president trump did? we know president trump was very tough on china, and bad behavior. >> yeah, i -- i don't know what president biden means by that particularly statement, i am encouraged maria, by new secretary of state tony blinken taking a firm stance, against china, in most recent conversation first conversation with chinese, so, i am still optimistic that the u.s. will stand on core principles of o democracy and protection of human rights with china. maria: what is your take in terms of the -- the risks here and threat of communist china i feel several tests recently for joe biden and biden managers in terms of silence heing jack ma, disappearing
him for two months, sending -- sending planes into taiwan airspace, as well, as sanctioning former sector of state trump officials not to mentioning all other stuff we know theft of intellectual property, the uighurs locked up in reeducation camped talk about thes risks why what you think is most important, in terms of policy. >> i mean, i think we all know whether president biden called him -- strategic competitor, or national security benefits that he oversees will probable call china the largest existential threat united states in next you know decades to come. you know, ideologically we couldn't be more -- misaligned with china, given their -- socialism with china characteristics one could call it communism virus our
functioning democracy, so i think when you look at risks president biden responding to a ceo of a company, company itself has had many executives around the world con viethdz of briberiry coercion type in huawei and bribery on google, just read litany of data that comes up that is just the that we know about when you have a state actor reaching out to new president i think president biden needs to be very careful about his -- conversations with ceo of a chinese company that had many people convicted of bribery his daughter currently under house arrest in canada awaiting extradition to united states for committing crimes against united states felonies i think we needed to be careful with huawei. >> what we know in any case there has been instances where there are these backdoors
where data goes back to the chinese communist party, when using huawei telecom infrastructure we know that happened with vodafone, in europe, we know that is why so many companies from motorola to cisco others settled lawsuits with huawei. the question now is will the policy change aggressively? it doesn't appear the corporate sector has gotten the o memo in terms of you know the threat here cornerstone macro new report points out the taiwan exports were up more than 36% year-over-year in january china vehicle sales up 30%, are as eurozone could see double dip recession vaccinations slowing down there investor sentiment false american corporations looking for growth, and they are looking at china to grow their businesses, do you think they are going to see a realization, that they need tome up with another growth
strategy and not continue to fund the chinese communist party expanding military? >> a jack keane just with me said we are outgunned already when it comes to -- with china. >> i think maria, we better not rely on the private sector, to police u.s. national security, private sector is out there, are to a enhance shareholder returns make as much money as they can, this is going to require leadership from president biden, you know again when we look back to huawei it is even worse than you are talking about with lawsuits, right? documented cases of huawei selling equipment below market prices around our military bases, to the -- many military bases in rural areas they sell quietly to regional exchange carriers to monitor all traffic our military numbers this is national security 101. and president biden has to take that step, in actually
you know leading our country, not allowing the private sector to lead them, unfortunately, the private sector led president trump in many ways. >> well this is this is why we spoke in so many times about hunter biden, hunter biden's ties to chinese companies, he still has that investment, in this energy company in china, do you think that relationship that partnership that he has and has been paid for it, gets in the way of u.s. policy? >> maria i think you know i am nonpartisan, you know without jumping into the hunter biden issues, i think it is important to note that if there were lace broken people should be prosecuted, and, if -- if anyone commits you know -- crimes against our country they should be prosecuted, and conversely if they are a corporate entity,
breaking our laws we shouldn't allow them to operate in our country i believe that all that will come out in the wash. and i think ip our justice department also is partisan here to protect our country let's just get back to that moment, where we just follow our laws, those that break our laws are punished. >> what is your take when you look at the backdrop right now, cornerstone macro we have been talking about looking at gdp, 7% this year due to more stimulus, but you the vaccine rollout, has trouble you in europe and america, when you see the issues around china you see strength in america you see the potential weakening in europe how do you allocate capital as an investor manager kyle. >> i think you know i would never -- allocate capital to china maligned around the world to work against our country, also there is no telling how much fraud is in chinese numbers, i think, even
the most ardent china bull will tell you they don't believe numbers that are posted by chinese, when you look at stimulus in -- in pumped into not only u.s. economy the chinese economy south american economy look at global central a banks in u.s. alone one in every five dollars in our system wasn't -- in america think about how much money is printed, in the last year, and now we're talking about turning another i don't know one and a half to two trillion? at a moment in time we are awash in capital? i think that some point in time we will get to inflation, and inflation is not a friendly animal weeds you unleash it. >> we are seeing certainly pictures of inflation across the commodities land slaip look at pocketbook issues orange juice copper, things
that go into making homes up in price you know that, you mentioned the chinese companies investing there, look we have bands on those we know they don't follow accounting rules in the united states, of course, fell luckin coffee fell apart reversed big ipo all of a sudden now, it is bankrupt we don't he honesty because not following accounting rules in america your take an gamestop situation reddit gaining additional 250 million capital doubles valuations 6 billion dollars ceo said the company plans to invest in video advertising products it would you believe double employee count to 1400 then we heard from jeff, suing, robinhood because, they couldn't trade, they've got a suit for investors, that are complaining that they couldn't trade because of restrictions in place your thoughts on
reddit as well as robinhood. >> i mean look robinhood when you get into the nuts and bolts of what happened robinhood was opening so many accounts, retail trading up 358% year-over-year retail the money trading is only up 58% so these are much smaller investors coming into the market trading things that they either know little about or are just joining i guess a frenzy or any kind of lawsuit begins robinhood restricting trading don't understand what happens robinhood had two problems, problem with their capital contributions, to the clearinghouses, were -- were being required to be raised on a daily basis given the enormity of capital balances also volatility of the stock that customers were trading is
to, robinhood is going off to a -- a defense that works, and i don't think going to april in these cases, there might be extenuating circumstances i am not aware of as far as reddit is concerned i believe everyone should be able to enjoy free speech i believe reddit group, they might have acted quote in concert, but i don't see any laws that they broke other than you know, buying broken retailers that were going to come back to earth some point in time as we've seen in gamestop, what it does fundamentally alters the landscape or architecture of our market short sellers that do lots of work police the market of fraud, are going to pull back their horns, and possibly not take concentrated positions in health
regulatelators, ponzi schemes, frauds management malign intent in many cases that unpopular speech -- you know must be -- must be allowed. maria: that is a really good point in it did of all the work that hedge funds are doing, also about the capital issues are on robinhood great to see you this morning thanks so much addressing all the issues of the day with you, kyle bass stay with us. we'll be right back. .
maria: welcome back, stimulus showdown democrat lawmakers moving forward with their proposed 1.9 trillion-dollar stimulus bill includes extending unemployment insurance by 400 dollars a week, through august, they will also spend 1400 dollar stimulus checks to individuals making less than 75 thousand dollars a year joining me house budget committee member good to see you. thank you so much for being here your thoughts on how this plays out expecting a vote the
week of february 22nd. >> maria good to be with you this morning i think what i would say in general about this process is they are pushing this through with prospect doesn't provide full budget committee over site not first official meeting that that is later today i am disappointed taxpayers didn't have a seat at table i through the budget conciliation process to push through 1.9 trillion-dollar package filled with blue state bailouts 350 billion dollars going to states california new york, are illinois that have chronic budget mismanagement problems i can tell you one thing own on road in iowa my district out idea they don't want tax dollars going to blackmail out blue states i am trying to make that very clear in my work on the budget committee. maria: that is one portion of it the other portion is 15 drars an hour a new report from col burnl office increase
to 15 dollars will reduce number of americans in poverty will cost 1.4 million jobs lost over the next four years, your reaction to what you are hearing, as your colleagues on the left put push for 15 dollars an hour. >> -- think wrong for iowa might be right for blue state like california new york illinois cost of living higher but iowa first district about half of the jobs here are small business jobs, it would be a job killer -- 15 dollar minimum wage would mean hours cut into jobs cut more automation exactly what i am hearing from business owners on the ground yesterday in gren isla iowa someone built business from ground up wants to continue growing building that would stall progress in a time when all businesses are already hurting they need that relief ppp program, and things like that, that are included in these bipartisan covid
relief packages none of that is talked about in a bipartisan manner in this package democrats are trying to push through right now. >> so you've got spend tags and cancel, as three keywords, for the biden agenda. spending looking at 1.9 trillion dollars right now he probably going to a vote third week in february, february 22nd what i am hearing next is revenue raise right what kind of tax increases are you expecting can you do anything to stop this. >> definitely loud about this maria when you look at budget reconciliation bill i went through it last week in my office i can tell you, i couldn't believe what i was looking at the instructions to raise the deficit to committees, so when you look at targets how much they want to increase that deficit it is large, and i think the only way that they are going to be able to pay for it reconcile all that spending to look at tax he increases so i am doing
everything i can to fight against that we are hearing that they may be looking at the tax jobs act repealing provisions rinow is not time to pug routing from small businesses exactly in my minded what they're trying to do here that is not right, iowans worried about relief feeding families kitchen table issues what is important you might think folks in washington lost sight of that i am fighting against any tax increases i ran as taxpayer when i came to washington, back in district i can tell you that, i am continuing to fight for taxpayers every day,. >> look bernie sanders, is the chairman of the budget committee, in the senate, elizabeth warren is increasingly very important voice, she wants a wealth tax so these are some of the ways that they are talking about, paying for this. do you expect tags to go higher this year given the fact that you are in minority can't stop it? >> well, i think that there
are some -- reasonable folks out there in congress hopefully will help me fight back our minority is almost a majority we are very close, so i think we will be able to fight back, hopefully there will be reasonable people who will say "no" to raising taxes we don't have a blank checkbook. >> congresswoman we will watch thanks so much, we will be right back.
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treated who let the dodge out snoop dogg tweeted back this picture of snoop -- who let the dogs out. dagen: i know how to pronounce this i lived in venice many years ago, and the do-- if you are taking investment advice from simmons my dog has stock tips. >> funny started as a joke, the guy who created this, being funny created it now 7 cents may be for one of these coins what you are betting on you can bet on this stuff make money but what you are betting on, is that celebrities keep tweeting about it basically
snoop dogg simmons keep in news val goes up if they stop value goes down you got to decide do you want to bet on a cult following if you do may be make a little money but boy you can lose a lot in this quickly, too. maria: a conversation. >> i've got old pet rocks to sell you. . >> what will a incidentally currency look like in the future digital currency look like the merits going digital, digital there are a because does seem like we are going -- i don't know if bitcoin, who let them out or what a conversation to be had digital dollars are coming. >> you your guest mentioned inflation monetary authorities with an reliably manage monday without sparking flakes less they get less they trust flock to cryptocurrency droej note
dodgecoin but bitcoin could become a competitor,. >> have a beltway battle second impeachment trial against president trump underway today former speaker of the house newt gingrich will weigh in when we come back, then, are you getting divorced? well divorce in style, is a new trend, taking over courtroom couples go separate ways making a buzz this morning we tell all about it when we come back. state of the art technology, makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $359 a month for thirty six months. experience amazing at your lexus dealer.
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maria: welcome back. good tuesday morning. thanks for joining us. i'm maria bartiromo tuesday, february 9 a look at market this half an hour ahead of opening bell futures indicating a decline about 70 points dow jones industrial average at open the nasdaq down 23, s&p 500 lower by 7, european markets really set the tone this morning they are mixed, but slightly lower, as you can see, the ft 100 up 2 points cac quarante just in
positive territory a quarter of a point the dax in germany lower by 53 growing concerns over the growth of the eurozone economy, asia overnight market mostly higher take a look best overnight in asia shanghai china up better than 2%, kospi korea lower, fox corporation apparent of fox business network fiscal second-quarter earnings cheryl casone with numbers. cheryl: good morning, strong numbers about from fox corporation it was a double beat the earnings per share estimate loss of 3 cents coming in with profit of 16 cents on adjusted basis revenue a beat also, 3.99 billion estimate coming in 4.09 billion jumped 8% on news actually, as revenues up 31% capable revenues up 19%, 1.49 billion -- 2.5 -- the return of life support an elections
helping numbers fox corporation parent of this network, headlines for you this morning, are new overnight the world health organization issuing a new report on the origins of coronavirus officials say they are investigating whether virus is circulating before december 2019 but so far no evidence of a large outbreak before that time they say virus likely spilled over to humid about you animal likely bats extreme unlikely virus came from laboratory incident. >> robinhood facing law enforcement being sued misleading communications from robinhood led to the college to apply robinhood sold currency incorrectly a negative balance more than 700,000 dollars that needed to be paid he was unable to get in contact with customer sport, robinhood added more educational tools requirements to platform, as well as live customer support.
>> well, the federal judge rejecting the request to keep excerpt from 2016 deposition under wraps lawyers argue the excerpt could undermine criminal trial on charges recruited teen girls for convicted sex offender epstein a settled a defamation suit, rock on before making it big in wiflt we, playing rock johnson played college football in a days university of miami car sold for 45,000 made by -- 10 out of 10 ratings some headlines from the newsroom back over to you. maria: thank you so much cheryl, we are looking at impeachment 2.0 day former president trump impeachment trial will again lawmaker voted on one article impeachment claiming he helped
incite last month's rite on i capitol hill the lawyers argued trial unconstitutional proceedings representative quote political theatre former spark of the house fox news contributor newt gingrich, always a pleasure to see you thank you for being here thoughts on what we will see today. >> this is -- absurdity, this is citizen trump is no longer president trump the idea that u.s. senate is going to prosecute a citizen is extraordinarily bad precedent, the fact is clearly a lynch mob you don't have a judge the person presideing senator leahy said he is convinced trump is guilty reminds me of my childhood a lynch mob drunken judge committed they said bring guy in listen for 30 seconds before we hang them this is not a trial this is mock trial not a real trial, but something more i think
deeper about this, by what right he do a bunch of guys in washington for years and years look how long leahy has been there what right do they sell 75 million americans you are not allowed to vote for candidate of choice, this is an example of on the ground oligarchy has gone crises length of time in washington guys would tell the rest of us who are allowed to vote for? the undermining of american system. >> they don't want another outsiders in there don't want president trump coming back a as outsiders calling them out so close to the fire what i mean so is close to corruption newt what about the issue the capitol is in police state 8 -- barbed wire protecting capitol snon ron john asking
intelligence has anybody seen to require protections to spokesperson for pentagon told us costing almost 5 hundred million dollars, 483 million dollars to protect capitol in this way with wires until mid-march. talking about domestic terrorism, ron johnson said nancy pelosi wants to world to believe that their protecting themselves from the trump supporters, because they are domestic terrorists. >> look. the democrats got themselves in a box don't believe in a wall to keep foreigners owed outside the united states but believe to keep americans outside their capitol i tweeted over weekend ronald reagan's 110 birthday speaker pelosi tear down that wall i think that republicans in house and senate should go on full offensive about this it
is stupid indulgent insulting to american people unnecessary embarrassment around the world the will endorse america the capitol surrounded by bashed barbed wire paranoid fantasy of left wing democrats led by pelosi ao.c. schumer and others, a total lie there is no reason to have this going on between capitol police, who i once -- worked with, when i was speaker we he modernized it the fbi, we have more than enough assets to quietly calmly protect the capitol, without this kind of bizarre -- i think literally is paranoia. maria: or just telling americans that you know they need to be protected because of trump supporters, look they are going to spend 500 million dollars for this, then going to spend 1.9 trillion on surplus house democrats moving forward with this coronavirus
relief bill will give 1400 dollar payments to americans without lowering income threshold from earlier rounds what do you make of this checks going out to individuals making up to 75 thousand dollars, a couple 150,000 dollars extending child tax credit 400 dollars weekly unemployment payments through august. >> i think first of all, congressout to hold hearings biden unemployed responded from market. >> presided over 6 hundred million dollars -- unemployment money state of california now believes that they paid out 31 billion not million, 31 billion dollars unemployment compensation to people illegal including 1700 checks he to same address, you know, it would be good for democrats, to look at how really incapable their
bureaucrats are before rushing out to condescend out american people who don't exist nigerians were grateful better than foreign ayed crazy to have in bureaucracy this incompetent i am skeptical they may ram it through if they do from republican standpoint that sets the stage for 2022 to be enormous victory making kevin mccarthy the next speaker. >> close obviously, because they had so many victories in 2020 election, how about this really, it is -- it is comical it would be funny if it weren't so scary the world health organization says they are done with investigating covid, the officials say they will no longer pursue research into when coronavirus originated in a lab in wuhan, china not enough evidence to support the claim, came from bats president trump pulled out of because it is controlled by chinese communist party. of what do you make of what
the who is saying done with investigation newt we shouldn't ask any other questions, and by the way, listened to president biden do not call it china virus that is not allowed anymore. >> of course, look, what you have is a complete sellout of the world health organization as subsidiary of china totally controlled by chinese. failed disasterously in january and february failing now we really need an honest national conversation about how well the chinese are doing, are taking over international organizations, how bad the united states has been trying to compete with them, in multinational organizations, real long term problem for us, this is just one more example, and we have no way of knowing how many people died unnecessarily because chinese communists refused to share information lied about disease locked up doctors who tried to tell the truth, i mean i did a podcast
with dr. fauci in february when based on information available this then he thought this wasn't going to be a big deal people listen to he said o this will be fine why did he say that? the world health organization siding with chinese were lying to the rest of us. maria: right, and the chinese communist party would not allow the cdc in there, to investigate, what took place. >> right. >> what do you think about biden policy toward china the other night on cbs, super bowl sunday, joe biden said he is not going to do what president trump did he is going to do a different approach than president trump, are with regard to china. what does that mean. >> it means if you are look at biden's speeches in china as vice president, he was totally pro chinese. it means doesn't appreciate this is a dictatorship doesn't appreciate how aggressive they are becoming flying military
aircraft over taiwan doesn't appreciate what they have been doing in south china see aloaded with giant international corporations basically fronting for chinese while they use slave labor they clearly do, and, you know, products in america cheaper nike, for example, apple developed by slave labor in china degree to when our rich elites are in collusion with chinese dictatorship biden represents ideologically comfortable with left wing dictatorships, interest group support in many ways comes from people made very rich by chinese i think it is very dangerous for the country. maria: it is very dangerous, i will end on what john ratcliffe told us on this program a couple months ago that is the elections over can we just agree can we put politics aside agree with the most important challenge threat for america the fact
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celebrating black history month spotlight on businesses, today focus loans you can trust a relationship based lending app simplify loans between family and friends builds financial trust between loved ones, joining me right now cofounder ceo dennis, great to have you this morning you have been in this world since days in the navy. tell me about this idea, what led you to it, how does it work? >> sure, thank you maria appreciate you having me this morning i kill a up with this idea several years ago friends and family would borrow money from me i had limits success getting money back so the process was how make it more secure process more accountable, first relationship -- on applications to drive financial inclusion financial freedom one relationship at a
time, bank are in the world lending almost 184-billion-dollar annually, so what zirtue does transparency to see that process, with corporate partners when you borrow money so -- actually for purpose. >> we take at&t others borrow money to pay water bill, for example, instead going to person borrowing the money that money is sent directly to that creditor, transparency system plus transfer throughout -- a long process we keep a incidentally paper trail exactly how much is owed. and what time. >> i love it i love the way you came up with idea the fact you were lending money you needed to have some kind of a
structure, to get the money back, what kind of loan requests are you seeing snost what is breakdown of who uses the app what kind of size loans are they looking for. >> varies from sector to sector we look at this, a measure of success based on approval ratios in health care seeing 74% loan approval ratio in health care -- he mortgage, others, those are 60%, in fact since covid seen enough -- mortgage, rent assistance, back to -- people borrowing money, small business loans to start a new business, friends and family typically first source people look to if looking to a business -- processed over 10 million loans so far. and we are continuing to see that growth, in the market.
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>> claudia conway 16-year-old daughter of former trump counselor kellyanne conway, and lincoln project cofouven george conway you can see parents make an appearance during audition will air this week. >> i see name in news occasionally usually not great things kind of maybe helpful if she can do singing have success, a productive outlet for her energy i don't know what else to say a celebrity bizarre thing that you see good luck to her i guess. maria: absolutely, next there is a new conversation brewing as more legal proceedings modify only instead of in person, that is how one addressed during divorce popped up after a screenshot of mayore kay olson comfortable calm during new divorce went viral as divorce a major life changing event many say women making statements showing off
whatever makes them feel best your thoughts. >> mary, how stylish is that what mary kay olson is wearing they have line high end fashion line the rose 2000 dollar turtle neck unbrushed hair welcome to pandemic lockdown i don't know how stylish that is people don't do people will grow to courthouse like marilyn monroe in white gloves black suit when shed go divorced from joe dimaggio? i don't know how stylish it is. you -- maybe put bells on happy to be rid of the but many? i don't know. >> more mornings modernize live on fox is about right after this stay with us.
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say? dagen: it's the joke about where the origin of the wuhan, china virus from the debbie choe. maria: exactly. exactly. i agree with you. dagan and brian, great to see you. have a great day. "varney & co." begins right now. take it away, stu. stuart: good morning. the investment frenzy returns. you can call it cross, irrational, you can call it what you will, but it is back that would be stunning rapid gain. right now, it's a cryptocurrency's. elon musk got the ball rolling monday when he treated support for bitcoin. tesla has put one and a half billion dollars into it. this morning it actually touched above $48000 according to bitcoin now at 20-- 46800. read it