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tv   Maria Bartiromos Wall Street  FOX Business  February 28, 2021 7:30am-8:00am EST

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>> going to a basketball game or rock concert looking forward to those days again, good luck with the new house, check out this week's edition at barron's.com. that is all for us, >> from the fox studio in new york city this is "maria bartiromo wall street". >> happy weekend everyone will come to the program that analyzes the week that was in position you for the week ahead i am maria bartiromo biden's massive stimulus bill stripped of a major component in the senate. i will speak with north dakota senator kevin cramer on what happens now and later president trump takes the stage at cpac this weekend karl rove is here what we can expect as republicans look ahead to 2024. first let's take a look back at the week's big moments in this edition of the week stalkers.
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watch. >> you are going to be among those questioning garland on the floor today what you want to hear from him. >> i'm going to have some questions about the durham investigation, the hunter biden investigation, i also have some questions that center around china. maria: texas saying you can't come in like a king and decide to blow off the laws that congress put in place. >> that executive order was unconstitutional, unlawful on its face. this demonstration has been clear from the white house they are systematically dismantling every single effective tool and policy. maria: why 4000 people a day are showing about our borders. >> absolutely right on the numbers about 3500 per day that were seen crossed the border illegally, we are in a crisis on the southwest border at the moment. maria: president biden challenging critics say the
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1.9 trillion other coronavirus relief package is too large. >> california will get $40 billion from this bill they just announced they have a $10 billion surplus, my challenge to joe biden when he agreed to take out the things that are not related to covid. maria: meanwhile markets ended the month of february at a high note but it was a wild week this week for stock to begin with new record highs followed by a major selloff as bond yields bite. joining me now chief investment officer donald luskin, it's great to see you thank you so much for joining us. how do you invest in a market that was all over the map this week from new record highs to selloffs because interest rates spiked? >> you have to recognize the basic environment we are in 2020 was the year of death, 2021 is going to be the year of life, we
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have been through so much darkness, so much fear, so much pain and so much death we can barely remember what normal is like and when we get back, we will and they will give us herd immunity in the next 60 - 90 days people will flood back into the marketplace, they will be together after a year of being in solitary confinement went to the people do, they spend money together and there's $3 trillion of savings that's been accumulated in part thanks to stimulus and more might be coming but because people been locked down and could not spend the money this is the first recession in history were households did not have to dawned on their savings, there is pent-up demand that is going to go berserk this will not be a v shape recovery this will be a downright boom and you invest accordingly. maria: this is interesting we did get personal income and savings out at the end of the
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week, savings was up 10%, investors, consumers have an entirely pent-up demand situation going on and spending numbers up 2.4%, how do you think that looks in terms of what's ahead, do you think people will be using some of the savings and putting it to work and where? >> i think they're going to spend it and the reason i say that the fed every quarter puts out data on how much it cost american households to service their debt and their other financial obligations. those obligations and that debt service is now at the least burdensome in the history of the data that goes back over 50 years, this is not a world like 2007 before the financial crisis hit and everybody was over leveraged into much debt service this is a world where people have no debt service at all last credit capacity and $3 trillion
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burning a hole in their pocket are they going to spend it yes they'll simply spend it there's nothing else to do don't tell me they will open robinhood accounts and by gamestop, they are going to give up doing these things you can do stayed home, we had a year of that, people can go to bars, restaurants, stadiums, this is going to be like 1945 when world war ii was over. maria: what do you make about the backup and interest-rate, this week we sell the yield on the ten year get all the way up to 1.6%, i say that with a smile because 1.6% is the obviously incredibly low but this move and how aggressive it is been in a short period of time got stock selling off, is there a level in your view that creates competition for stocks where investors say why would i risk putting money in the stock market would have the safety of treasuries i'll just put my money in treasury and get a 1.6%
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return for sure. >> i suppose there is some level that you could deposit but it really depends on how you get there if you get there because a big surge and inflation, that is one thing, but if bond yields go up because there's no longer a safe haven needed, that is good for stocks isn't it, there have been 21 times since world war ii ended when there have been big backups at the long end of the treasury curve in 18 out of 21 of those times the stock market went up, the stock market and bond yields are friends, they are not enemies they go up to the same reason because were coming out of recession going back into expansion and you cannot argue that that is bad for stocks. maria: what about inflation we seen spikes in commodities in particular food items whether orange juice or soybean or even things that are used in
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industrial metals for construction of homes and et cetera, do you worry about inflation? >> rising prices are not the same thing as inflation. is a monetary phenomenon, is a great milk freedman said. these price rises were seen now are the result of covid lockdown driven shortages in a sudden resurgence in demand or supply has not stepped up yet that will be temporary, that's not the same thing as inflation and upbringing i witnessed the tips market with a five-year five-year tip spread has fallen over the last two weeks. maria: that is interesting, that also underlines what jay powell told us that rates will stay low for a long time, they are worried about inflation either. >> far be it for me to agree with the federal reserve chair, but i'll make an exception this
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time. maria: john luskin, gray tabby this weekend. we'll see you soon. a big blow to progressive democrats as a 15-dollar minimum wage hike is kicked out of the wage hike is kicked out of the covid release bill in the wage hike is kicked out of the covid release bill in the wage hike is kicked out of the covid release bill in the wage hike is kicked out of the covid release bill in the ♪ ♪ ♪ when it comes to your financial health, just a few small steps can make a real difference. ♪ ♪ ♪ guidance on your terms. confidence feels good. chase. make more of what's yours. (vo) ideas exist inside you, electrify you. they grow from our imagination, but they can't be held back. they want to be set free. to make the world more responsible, and even more incredible. ideas start the future, just like that.
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♪♪ smooth driving pays off you never been in better hands allstate click or call for a quote today maria: welcome back the controversial 15-dollar minimum wage stripped from the senate covid relief built a big blow to the democrats. he joined this right now, great to have you without the minimum wage increase the bill has more support for moderate democrats and perhaps better chance of passing when it gets to the senate, should it? >> that's a great point thank you for having me, i think as the bill gets better and it will continue to get better and no
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big surprise that the 15-dollar minimum wage policy does not fit into a budget reconciliation bill as per senate rules it becomes appealing to moderate democrats it is far from appealing to any republican that i know so far but the interesting thing, even if it becomes moderate enough to gain enough support to get 50 votes in the senate and maybe 51 or 52 doesn't lose votes in the house, does the progressive and aoc say it's not enough, they are pretty well known for saying it's not enough, the politics of budget reconciliation with narrow margins is a tricky one for leaders to deal with. maria: let's talk about this bill kevin mccarthy ahead of the gop on the house side is pretty much saying it's largely unrelated to covid it's only 9% related to covid it, he says democrats please stop calling this a covid relief bill it's
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actually a pelosi pay off he goes to the list of things that are non-covid including money to the union pension in the blue state bailout money to plan pair had, university, the arts getting 200 - $300 million schumer's bridge pelosi's tunnel getting another hundred million, is this an opportunity to gm stefan that the democrats want money for? >> it is exactly that budget reconciliation is a tool that is able to be used in the senate to pass a major bill with 50 votes plus a vice president in rather than the normal 60 votes, they have the emotional advantage of a pandemic where people are hurting and need help, that is one thing but they have advantage of a tool that allows them to pass something in the senate without the minority party having any input, we have
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had no input in temps to provide input have just been pushed back by everybody from the president to senator schumer in speaker pelosi. there is no question there is an opportunity for a very targeted relief package that would aim at the people on the lower income levels unemployment benefits words absolutely necessary but does not have an incentive of keeping people from going to work who could and should go to work, reopening schools there's a lot of opportunity to do something together we passed five very bipartisan covid relief packages in the last year now they want to pass this and that's why there stacking these payouts to the unions and teachers unions especially and others as well as the blue state. i think california alone is spreading to get $27 billion and most of the states are showing increased revenue, the reality
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were about to have a breakout in our economy rightfully so understandably so as a pandemic gets better under control with vaccines and herd immunity, what we ought to do is open the economy up so we can provide jobs then rather than extended unemployment benefits. maria: is extraordinary 5% of this bill is going through k-12 schools and kids are not even in school the teachers union will not go back to work it's extraordinary i want to give get your take even though your budget committee stands on how america's money is being spent what are the priorities out of this administration now that we have a $1.9 trillion spending bill will we have a revenue raising the next bill in our audience in the business audience speak to that in terms of what taxes will go up that they face. >> a really important point, while were a 50/50 senate obviously democrats are the
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majority because they have the presidency and the vice president in the chairman is bernie sanders so if you wonder how big it can get think about bernie sanders being in the chair, the priorities are going to be without a question on the revenue side taxing wealth, taxing businesses and taxing people that make a lot of money producing a lot of goods and services and jobs for people bernie sanders was one of the main architects for the 15-dollar minimum wage which fortunately will not be a part of this bill, i think we can expect from a business standpoint people being paid to not work which will be hard to attract the workforce you will see payments going to places like cities and communities in blue states and blue cities that will be incentive to keep their businesses close rather than generate revenue the old-fashioned way with productivity and businesses and people paying taxes from property to income.
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>> the president was a party's nominee, would you support them? >> the nominee of the party, absolutely. maria: welcome back senate minority leader mitch mcconnell answering question of support of former president trump ahead of 2024 trump scheduled to speak this weekend and it comes at a crucial time in the risk within the republican party i spoke with karl rove form advisor to george w. bush about mcconnell's comments and what it means for the gop going forward. >> i thought it was wise for mcconnell to say he would support the nominee of the republican party, why create unnecessary controversy, he made his point the speech on the senate floor how we felt the president was responsible for the riders on january 6 anymore some responsible to for that but why get into a discussion further animosity and put a little gasoline on the fire and
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sam going to support the nominee of the party which is exactly what he said, smart move. maria: going into cpac speech on sunday, what do you expect to hear from this year's gathering from the gop, assess the party if you will? >> the pack is not the republican party is not even the conservative movement i don't think there's ever been a cpac presidential straw poll that has actually been the nominee, 2011 when donald trump spoke for the first time congressman ron paul won the straw poll and i don't think he ever won a single caucus were primary thereafter. you have to be careful of reading too much into, see packet cpac and it represents a people who come to cpac as per the president speech i don't know i wrote my column in yesterday's journal the president has strike me two ways to go, one is the way he went on january 5 in georgia in january 6 on the national mall,
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anger, resentment, grievance i lost the election it was stolen from me, he went after week republicans, if that is the way he goes he will excite the crowd but i don't think he's going to be adding to his numbers were starting to restore his luster candidate to her defeated people who got on the mat and came back and win again have to change they have to show that they learned from it and that they are different and if he were to show up on sunday and say here's my agenda here's what i'd be looking to do if i were president and contrasted with biden and harold in his pre-covid economic achievement, maybe finally display compassion about the people who suffered and died from covid but in that he was proud of what he was able to achieve in the help with lots of people and operation warp speed, getting the vaccines and reaching the final week of his administration the number of vaccinations, a million plus a day that joe biden was going to
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attempt to do in his first 100 days security achieved, we would have a different guy appearing and he would start to get on the mat and add to his numbers if he repeats what he did on january 5, he's awkward to be adding to his numbers. maria: there's a new op-ed i want to get your take on the censorship party saying house democrats are targeting conservative media outlets getting silence or approval from the media the editorial board argues the response would've been different if the roles were reversed. >> i thought it was a great editorial i like the idea of flipping the script, powerful democrat from california and another democrat from california sent a letter to 12 tech operations same basically why are you curing fox news and other conservative outlets and allowing them to be heard mike doyle the chairman of the commerce committee a democrat from pennsylvania who is the chairman that has oversight says we need to hold these institutions to a higher standard in other words we need
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to dictate the coverage that fox and other conservative outlets might give and flip the script, what if republicans and conservative words doing this, what if they said not only russian collusion but all the media outlets that covered that and kept that myth going to be sanctioned in rain did what about the media outlets in the coverage of last summer nonviolent actions in portland and seattle i would go there others what about the institutions that said brett kavanaugh we gotta believe these people who turned out to be not telling the truth about charges of sexual harassment, what about the people that said bush lied we had a national commission led by respected jurist and former democrat senator the said that was civilly not true and yet we had the new york times and lots of liberal put to the gators, commentators, msnbc crowd same bush lied what if consumers say
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we need to shut down the voices in the institutions and sanctioned the writers and commentators for pushing the wrong thing, the world would be going nuts but we have three prominent democrats in the house trying to be the new authoritarians to turn government into the controller of speech and take voices they do not like him outlets they do not like in silence and because nman: "fender bender," take 1.e tonight's matchup: me versus an ugly fender bender. if i can eke out a win, it's going to be a miracle, baby! uh, mr. vitale? it wouldn't be a miracle because geico gives you a team of experts to help manage your claim. it's going to be a nail-biter. no, the geico team is there for you 24/7. geico is awesome, baby! (shouting) too much? i think we got it. yeah. thanks. thank you. geico. great service without all the drama. it's not “pretty good or nothing.” it's not than “acceptable or nothing.” thank you.
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(judith) at fisher investments, we do things differently and other money managers don't understand why.
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(money manager) because our way works great for us! (judith) but not for your clients. that's why we're a fiduciary, obligated to put clients first. (money manager) so, what do you provide? cookie cutter portfolios? (judith) nope, we tailor portfolios to our client's needs. (money manager) but you do sell investments that earn you high commissions, right? (judith) we don't have those. (money manager) so what's in it for you? (judith) our fees are structured so we do better when our clients do better. at fisher investments we're clearly different. maria: welcome back another big program in the works for next weekend make sure you turn into wall street friday night 9:00 p.m. eastern for another big show next friday. i will see you again on fox news 10:00 a.m. eastern for "sunday morning features" live on the fox news channel and exclusive interview with kevin mccarthy, congressman devin nunes coming from cpac, acte dhs secretary chad wolf and white house trade
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advisor peter navarro. join us sunday life on fox news. and on fox business every weekday start smart during the h "mornings with maria" on fox business every weekday. that will do a for us to larry: hello everyone. welcome to "kudlow" dude i'm larry kudlow. there is an economic womb being spurred on by the promising developments in the fight against covid-19. it's a story no one in official washington wants to talk about. just today the head of the pfizer moderna j&j astrazeneca and novavax promised lawmakers a huge increase in vaccine deliveries, huge, 140 million more doses delivered in the next five weeks alone. and even more are being lined

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