tv Mornings With Maria Bartiromo FOX Business March 2, 2021 6:00am-9:00am EST
they want right to work states, which is more efficient and more profitable than they have a right for it without federal presidential interference rate that is my take bread coming up tomorrow on kudlow great f maria: welcome and good tuesday morning, thanks so much for joining us. i'm maria bartiromo. it is tuesday, march 2nd. your top stories, 6:00 a.m. on the east coast. stocks are taking a breather this morning, futures pulling back ahead of the open on wall street. take a look, after a rip-roaring rally yesterday, dow industrials this morning down 71,s nasdaq down 55, and the s&p 500 lower by 14 and-a-half. this after a broad-based rally yesterday. the s&p 500 having its best day since june and look at the dow industrials, up 603 points at the close, thats was almost 2%. the nasdaq up 397 points, that was better than 3%. and the s&p 500 yesterday up 90 points, two and a third percent
at 4eu on wall street. global markets look like this. we are watching weaker commodity prices hitting stocks, dragging down mining and energy sectors. european indices are higher across the board. ft 100 up 38, cac up 17 and dax higher by 41. in asia overnight, markets all lower with the exception of korea. a key chinese economic official warning against the risk of bubblesbursting. a third accuser is speaking out against governor andrew cuomo this morning. now a growing list of democrats say there's only one thing for cuomo to do, resign. "mornings with maria" is live right now. ♪ i'm coming up so you better get this party started. ♪ i'm coming out so you better get this party started.
maria: carbon pricing could be coming to the oil industry. the american he petroleum institute ready to move forward in putting a price on fossil fuel bioproducts. api saying these changes would help meet the paris climate accord, meetings on the proposed proclamation expected this week. senators bernie sanders and elizabeth warren are not giving up the fight for a minimum wage increase, saying that the senate should ignore or overrule the parliamentarian's ruling that it can't be part of the coronavirus relief bill. this coming after senate democrats decided to scrap it from the nearly $2 trillion stimulus package. senate majority leader chuck shy you her says he expects late nights as the chamber begins the thedebate this week. california students may soon be back in class, governor gavin newsom announcing a package of incentives. districts under the state's most
restrictive set of coronavirus rules must offer in-person learning for kindergarten through second grade if they want to get any money. the counties in the next highest tier must offer in-person instruction for all elementary school grades, plus at least one grade in middle and high school. and things are getting worse for new york governor andrew cuomo as he faces now a third allegation of sexual harassment. the latest accuser telling the new york times that he put his hands on her back and face, then asked if he could kiss her at a wedding they both attended in 2019. amazingly, it's caught on camera. new york attorney general latisha james says she can move forward with an independent investigation and she'll select and outside law firm to conduct the inquiry. markets are down this morning, take a look. futures indicating a decline at the start of trading this morning after a huge rally yesterday. the s&p 500 seeing its best trading day since june 5th. all 11 sectors ended in the green yesterday while the dow and nasdaq reached their highest
levels since november. joining me right now is chief investment officer, steven auf. also joining the conversation all morning long is fox business' dagen mcdowell and chief strategist brian belski. thank you for being here. steven, kicking it off with you. let's talk about the riff-roaring rally -- rip-roaring rally yesterday. to what do you attribute such gains? are we still watching investors buy on these rock bottom interest rates or is something else happening. >> i think you're seeing people buying the dip here, maria. this is the second time we tried to crack through 3800 and the market seems supported there. we have this idea of 4500 by the end of the year. we think we're in a synchronized global recovery, mid-summer things look pretty good. you have the fed pouring gasoline on the fire. you've got this stimulus bill which we probably don't need. that's going to add more stimulus. we're leaning as you know into
the cyclical side of the market. so-called value stocks. we think they've got a huge catch-up still. they've had big moves but on a three-year basis, they're still 60% behind the growth stocks. so you know, there's room for them to run, we think. especially with the big wind at their back that they're going to have this year. maria: you know, steven, i could see all of this stimulus thrown at the economy is real helpful in terms of economic growth generating and that has generated a lot of interest in markets as well. but what happens when the conversation turns to higher taxes? you know there's going to be a bill coming shortly that is going to compliment this $1.9 trillion spending package on the revenue raise side. got a senator, elizabeth warren, talking about her wealth tax. you've got lots of people expecting higher corporate taxes, perhaps a higher capital gains tax. does that change the sentiment
in terms of buying stocks? because let's face it. if i'm facing a capital gains tax of 40% versus where it is now at 21%, i might look at my portfolio and say where have i made money, let me get out of this now and eat the tax of 21% ahead of it turning to 40%. what do you think? >> maria, look, i'm not a fan of higher taxes, you know that. i'm more of a supply side type. but i think the market is looking at one of the most powerful cyclical recoveries we've ever seen. we've really never seen something like this where almost on the same day mid-summer the whole world turns the lights on. with all this pent-up stimulus sitting like dry kindling waiting to shoot up a forest fire. i think there will be a reckoning with the taxes, maria. i don't think it's going to be right now. it's just not big enough at least in my estimation. we'll see what they come up
with. i doubt if it's going to be big enough to offset the very powerful cyclical wins we've got coming right now. maria: okay. yeah. because you definitely have -- i love that analogy, turn the lights on at one point this summer. that is such a great analogy. you're right, things are slowly but surely opening. what about inflation fears? the prospect of further stimulus, progressive policy goals, fueling economists' fears that inflation will rise well above the 2% target in the coming years. on friday, the expected inflation for the next five years stands at 2.39%. we are seeing bigger moves when you look at certain food components. so where are you on the inflation threat? and is there a way to make money around areas that have pricing power? >> well, absolutely. you know, you want to invest in companies with pricing power here. remember that higher inflation means higher nominal earnings, really favors stocks over of bonds which are already heavy
tilted towards to begin with. but at least stocks can see higher revenues an a nominal basis, higher earnings on a nominal basis so they can play that inflation game, particularly the companies with prying power where we're heavily invested. as you know. so, you know, that's -- what we think right now, that actually favors equities, provided the fed doesn't panic and right now they almost have taken on a third objectives, let's face it, which is addressing income inequality and it's a big issue right now in our society. so you could argue about whether they should or should not that objective but they've taken it on. that means they're going to be willing to let inflation run a little hot. a lot of people are -- i don't think they're going to change their view on that. maria: okay. well, we've got yields up fractionally this morning of but of course we're back below that high that we reached a week ago at 1.6% on the 10-year. we're now 1.4%.
let me bring brian belski in. we want to look at the state of the consumer today. target and kohl's will be reporting quarterly earnings later this morning. target in particular expected to post strong in-store and online sales. i want to get your take about that as well because retail earnings continue to underline what steven is talking about, brian, and that is this strong backdrop of an economy. brian: well, thank you so much for having us and great to see steven. he's a long-time client and obviously one that has perspective and i think the thing that he added most in my view that i think most people are missing, given the fact that we reared an entire generation of investors that have no idea what earnings are and pricing power is, this whole notion of pricing power. i think people forgot that. that's my number one comment with respect to steven. thank you so much, steven. on the target stuff and kohl's, two stocks heading in two different directions in our view. we owned target in our portfolio that we run in both the united states and canada for several
years. target has a vision and they're implementing that vision, especially they pivoted extremely hard the last couple years in terms of their online presence. kohl's still has a problem with he respect to inventory control and what they're doing with respect to their product. so i think they're heading in two different directions on a secular basis. you may have a cyclical bump in kohl's but i think target is the horse to get on. maria: all right. so steven, what's the word on retail from your standpoint as we await these earnings coming out? does this further underline that strengthening economy that you're talking about? >> absolutely, and i agree with brian on the long-term outlook for target. we're a holder of the stock. we've lightened up a little bit the last several months just because we think they're going to have stuff compares. people will be looking at their guidance today, really. they're going to blow away the numbers on a trailing basis. but, gosh, i mean, they really have tough year over year compares here. my guess is, a lot of these
growth stocks, they're going to take the lockdown -- they're going to take a little bit of a rest. we still like these things. on a longer term price sis, they -- basis, they have a long-term presence. i don't think it's going to lead us higher in the next six months. maria: what did you say? the lights turn on all at once, this summer? what was the term you used, steven? >> we're saying july 4th, maria, i tried to use my wedding anniversary. maria: independence day. >> phil decided to use july 4th. so there it is. maria: i like it. have a great day. thanks so much. good to see us as always. >> likewise. maria: thank you, steven auf. here's your morning mover this morning. zoom video, check out this stock soaring this morning on fourth quarter earnings last night. beating on both the top and bottom lines. zoom says that rapid growth continues even with the vaccine rollout. it sees revenue rising this year
by better than 40%. the stock is up 8 and two-thirds percent. wow, zoom video at $445 a share. that's up 35 this morning. we are just getting started this morning. we have a big show, coming up, california congressman ro of conna is here, explaining the push for the minimum wage. in the next hour, wyoming senator john barrasso will join me to break down stimulus negotiations. in the 8:00 hour, matt schlapp joins us to talk about cpac 2021, the former council of economic advisors chairman, kevin hasset is here, breaking down elizabeth warren's' proposed billionaires tax. don't miss of moment of it, you're watching "mornings with maria" live on fox business. (vo) ideas exist inside you, electrify you. they grow from our imagination,
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maria: welcome back. more now on u.s./china relations going forward, the biden administration's plan to confront china put to an early test. officials show support for countries with conflicts with china, such as japan, india and australia while enlisting european nations who see china as a trading partner. brian, let's talk about this strategy. because over the years of the trump administration, it was very hard to get europe to best understand things like huawei, things like national security risks around the chinese communist party. do you think the biden administration will have better luck with the europeans who in some corners still use you huawei telecom. 30 countries have stopped using huawei because of the conversation around national security risks. brian: yeah, maria, it's an excellent point and i think there's a chance, especially given that the platform actually
is quite similar to what president trump had. it's just a matter of whether or not president biden can actually build that coalition and understand things. canada is another country that's had problems with huawei and i think, if you go back to australia, think about how many chinese businessmen have moved their families to sydney because of the pollution and their kids go to school in sydney and the nonstop flights back and forth between australia and china. people have not talked about that enough. so i think that there's a chance to kind of right this a little bit but it's going to take some time, especially given the fact that supply chains have already changed and that changed well before covid hit. maria: there have been some people, dagen, who have asked and called on the administration to pull back on the tariffs but the administration hays committed to -- has committed to using tariffs and other tools as a response to china's trade practices, unfair subsidies to create certain industries, the use of forced labor by uyghurs
and other ethnic minorities, we know what that 1 million uyghurs are locked up right now in china. beijing has defended its trait practices and treatment of the uyghurs, dagen. i'm really interested in seeing how this administration reacts as responds to what's gone on in china in that area where the 1 million uyghurs are locked up and tortured. dagen: the secretary of state, tony blinken, did use the word genocide in describing what's happening to the uyghur in china. it depends what their priorities are. is it fighting climate change, again, rejoining the paris climate accord which lets china kick down the road for a decade beginning to reduce its emissions, at the same time it's building enough coal-fired power plants to power the whole of germany. so what are we willing to give up? i'll just point out, there was
an article in the new york times a couple of days ago. i'll just read the headline and the sub-headline. china appears to warn india, push too hard and the lights could go out. as border skirmishes increased last year, malware began to flow into the indian electric grid and a blackout hit mumbai. it now looks like a warning from china to india. will the biden administration continue to cultivate the relationship that was strengthened by president trump and his administration with india? again, this idea that anything trump did was bad, we need to jettyson is, could be very harmful to the united states and our pushback with china. keeping the tariff as much as i don't like tariffs in place, is a part of maintaining that tough stance. with a nation that really wants to destroy the united states.
maria: absolutely. and overtake the u.s. as the number one super power. india really great example and australia, brian, great example. australia has been so strong, pushing back on the bad behavior in china, even pushing back against big tech. i keep giving a big shoutout to officials in australia for really standing tall to the bullies across the world. let's take a break. a third woman has come forward to accuse governor andrew cuomo of sexual harassment. what this means for his future in office as governor, coming up. then, preparing for a travel rebound, united airlines with a new deal with boeing. we'll tell you all about it when we come right back. stay with us. it all starts with an invitation... ...to experience lexus.
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harassment. 33-year-old anna roush says the governor grabbed her and asked her for a kiss while they were both at a wedding in 2019, this as new york attorney general la latisha james confirmed her office is formally proceeding with an independent investigation. your reaction now to a third woman coming out, dagen? dagen: we should point out that this woman, this third woman never worked for the government or andrew cuomo but that does not diminish her accusations against the governor. the calls are growing among democrats for andy cuomo to resign. congresswoman kathleen rice becoming the first democratic member of congress to call on governor cuomo to resign after the third woman came toward with accusations of inappropriate behavior. there have been other democratic lawmakers in the state who have called for him to step down as well. i could go through the list. politically, his career is over.
but i don't want -- i don't want us to forget the fact that andy cuomo's nursing home order killed more than 15,000 elderly new yorkers and he lied about it and he stonewalled and he covered up the number of dead and he stonewalled even the department of justice and an inquiry that they were conducting into the number of dead elderly in nursing homes. something needs to be done about him. and we need to address that and of course the harassment allegations at the same time. maria: yeah. well, that was my thought earlier. you know, a lot of times you say why now, why is this happening now. and yesterday i said, well, maybe it's happening now because some of his democrat, quote, unquote, frenemies. are basically trying to get him out of the way because they don't want any he come competitr kamala harris or maybe there's a theory that let's talk about
these harassment claims and put the nursing home scandal in the backdrop. he hired a lawyer to defend him on the nursing home situation, dagen, right? i mean, there's not a lawyer defending him in this harassment situation but for under-reporting nursing home deaths to the tune of 50%, from a crime or from a legal standpoint, that would be where he has more vulnerability, right? dagen: yes. and i want to point out -- john dawkis who was on the show with you, who worked in the justice department, pointed out that it's a crime. there are a number of crimes, potentially, with stonewall the justice department request for nursing home data. and this was private nursing homes in new york. it's a crime to make false statements to the federal government. it's a crime to conceal information and obstruct government investigations. but even as john dawkis wrote,
new york's willful failure to provide information may itself constitute a criminal offense and you're right, the attorney's name is elkin abromowitj, confirming he's representing the executive chamber, including the governor and his closest aides in the justice department inquiries about the state's nursing home deaths. we've known all along he was stonewall people. it was the attorney general who came out and said the nursing home deaths are 50% higher. we know there was a coverup because melissa derosa told fellow democrat, i think the reason that the women are coming out and saying i was sexually harassed by andrew cuomo is because his bullying, his threats, his harassment, his horrific behavior toward anyone who challenged him was starting to come out. we know that his flunky, rich
asaparti went after janice dean verbally and even her sister-in-law, they both their loved ones, a mother and father-in-law for janice dean in nursing homes and we know he harassed ron kim, we know he called him on the phone and was screaming at him while he's bathing his three daughters and everyone starts coming out and saying yeah, this is typical behavior from andy cuomo. once the dominoes start falling, it allows women and protects them to come forward and say this is how i was treated allegedly by the governor. i know you want to get to something else. maria: we heard from his brother, we heard from cnn anchor, brother to the governor, chris cuomo this week. he addressed the elephant in the room on his show last night, saying he will not be covering his brother's controversy. we weren't expecting him to. the network facing accusations of hypocrisy, since chris cuomo
featured his brother on the show several times during the height of the pandemic. we talked about the way the governor went on the show with chris cuomo and they had jokes in the middle of it. a lot of people criticized that appearance. any thought on that, real quick, before we go. >> with the giant nasal swab yucking it up, the love gov, single and ready to mingle. when in fact we already knew that elderly -- covid positive patients had been sent back into nursing homes. i was talking about this last may. here's a quote on twitter from chris cuomo last june. not objective but true, the facts tell the story. new york had an has its struggles but they're doing way better than what we see elsewhere. and no way that happens without the love gov dishing the real 24/7. he works with relentless intensity and new york's better for it. and as a brother, i am proud.
new york has a higher coronavirus fatality rate than any country in the western world. and andy cuomo with his signature sent deerly new yorker -- elderly new yorkers to their death, he lied about it and a he covered it up. they're both liars. maria: let's take a break. i want to get to big tech. we've got a lot to talk about around the dominance of big tech, we'll talk with congressman ro khanna when we come back. stay with us. we'll be right back. nnouncer] ds leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down?
maria: welcome back. good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. i'm is tuesday, march 2nd. a look at markets this half hour where we are looking at markets under some selling pressure this morning after a huge rally yesterday, dow industrials right now down 64, nasdaq down 47 and s&p lower by 13. ahead of the open on wall street this morning. we had a huge rally, money moving into stocks yesterday. it was a broad-based move.
the s&p 500 had its best day since june. look at the nasdaq, up almost 400 points at the close yesterday, up better than 3%. the dow industrials up 2% with a gain of 603 points on the day as interest rates pulled back and it becomes clearer that ultimately the normalization of an economy will mean economic growth. investors still buying on that notion. global markets this morning look like this. european indices are pretty strong. weaker commodities prices are an issue. that's dragging down mining and energy sectors across the world. but europe is higher with the ft 100 up 48, cac up 25, and the tax index higher by 63. in asia overnight markets were lower with the exception of korea. a key chinese economic official is warning against the risk of bubbles bursting in foreign markets. the hang seng index is down 1 and a quarter percent and the shanghai is down 1 and a quarter percent.
meanwhile, the two men accused of helping former nissan chief carlos ghosn escape are now in japanese custody. cheryl casone with the details. you know we've covered this story. it's incredible that these two are headed back to japan now, in japanese custody. cheryl: it really is, maria. good morning to you. michael taylor and his son, peter, landed near tokyo overnight after being arrested by japanese authorities following their extradition from the u.s. you spoke with michael taylor back in november. let's take a listen. >> our attorneys are doing the best they can but it's a difficult situation because you don't have the same constitutional rights with the extradition treaty between the united states and japan as would you as a normal citizen. cheryl: prosecutors say they helped the former nissan chairman escape the country in december of 2019. ghosn was hiding in a box and a private jet before reaching
lebanon. last month the u.s. appeals court denied a delay to the extradition. united airlines put in an 0rd or for 25 new jets as it prepares for a possible travel rebound. united has a firm commitment for 188 maxes, let's take a look at united in the premarket. stock is up more than three quarters of a percent. boeing, dow component, down more than half a percent. let's take a look at apple right now. apple is just fractionally lower in the premarket after jumping more than 5% yesterday, that coming after warren buffet disclosed berkshire hathaway owns much of the stock. apple has reopened stores across the united states. those are some of they'd lines from here. back to you. maria: well, the fight for $15 minimum wage continues, a group of progressive democrats led by california congressman ro khanna writing a letter to president biden urging the administration
to overrule the decision to not include the $15 minimum wage in the senate stimulus bill. joining me right now to make the case is california congressman himself, budget committee member ro khanna. congressman, it's a pleasure to see you. thanks very much for being here this morning. >> thanks you always for having me on. maria: so let's talk about $15 minimum wage. i mean, the parliamentarian said it's not in the rules, it can't be in this bill. you say put it in the bill. do you worry that there's an impact on small business, forcing them to pay up for minimum wage? >> i do. and that's why we need to make sure that there are tax credits for small business, we need to make sure they have the proper assistance. the issue, maria, is that the wage of $7.25 is just not one that people can survive on and target, amazon, walmart, they get paid $15, not just in
california, but all across the country. maria: i guess one argument is that you can't have one level of a minimum wage as a brush stroke across the country, right? i mean, the living costs are very different from new york and ohio or wisconsin. so can you really come up with one number for minimum wage that is supposed to address all different income levels, all different cost of living across the country? and is 15 too high if you're trying to come up with one number? >> maria, i hear the argument. i think the second point is the more concerning one. we've had one number since 1938 and so we do believe there should be a national floor. now, the debate is how high should that floor be. in my view, $15 is reasonable. that if you have $15 especially for big corporations, even people like josh hawley said big
corporations pay $15. there is a concern if you're a small business, if you have 10 1-rbgs 5 employees. that's why it should be gradual and there should be special assistance for small businesses with the higher cost. maria: what about the $10 minimum wage that republican senators have unveiled to counter the $15? would you look at that as perhaps coming in the middle and a solution? you're up from 7 and a quarter but not 15. do you think anything of that $10 idea? >> it's better than $7.25. but i don't think it's high enough, especially when you look at the fact that the wage hasn't been increased for over 10 years and probably is not going to be increased again. it's very hard to raise these things. i appreciate the proposal. it's not clear if there's 60 votes for a proposal like that. i'm not opposed to dialogue. i do believe $15 is the right floor. i think it will ultimately improve productivity, improve
retention, happier employees and create a better nation. maria: let me get your take on paying for all of this. you've got the $15 minimum wage idea. you also have this $1.9 trillion overall cost. at some point you're going to have to come up with a way to pay for all of this. senators elizabeth warren and bernie sanders have outlined a proposal for an ultra millionaire's tax, calling for 3% tax on any wealth exceeding $1 billion and a 2% tax on households worth between $50 million and $1 billion, congressman. are you expecting to have a tax raise plan to debate within the next month or so? >> i do support that. it would apply to many as you know millionaires and billionaires in my district. i think many of them would be fine with it from people i've spoken to. i think there's an easier way. larry summers said you could
raise $1.2 trillion over 10 years by enforcing the existing tax laws because of people who are evading taxes. i have a plan on that. i think that is the simplest way to start raising tax revenue. maria: well, who is evading taxes. tell me about that. because you're talking about a situation where you're not going to get the money that is needed to pay for all of this stuff just by raising taxes on those billionaires. i mean, do we agree on that? it's going to have to be a broader pool of people that you raise revenue from. >> i do think you can raise a lot of revenue from the very top. but larry summers' paper shows that the irs, because they don't have sufficient resources, often don't audit the largest corporations or the most wealthiest taxpayers and those taxpayers are simply not disclosing their business income. so this is not tax avoidance, this is tax evasion.
i think we can all agree that you should pay the tax you owe. why don't we come around that as a starting principle and let's collect the taxes that people owe. maria: but you know what, you just hit on something that's really critical to this conversation. and that is, money is mobile. you know, when you're talking about the ultra rich, they have the money to hire the accountants, hire the lawyers to ensure they use every trick in the book or every -- it's not even a trick, it's an opportunity to save money on taxes and make sure you're using every opportunity and loophole to do so. so if you're going to strangle people with higher taxes, they're going to leave. that's what we saw in -- with the corporate tax rate being all the way up at 35% under president obama. what happened? you had a string of companies acquiring other companies and moving to ireland, congressman. remember that? because ireland had a corporate rate of 9%. so how do you look at this and say okay, the united states has to have a competitive tax rate
but if we're going to go up to 35% and ireland's at 9%, it's just going to happen all over again and then you lose all the revenue because money is mobile and it's going to go where it's treated best. >> maria, i had people look this up. 93% of american wealth is invested in the united states. there's 1.5% in the cayman islands, 1% in the united kingdom. the reality is, we are the greatest economy. no one is going to go put their money in china. it would be a dumb bet. people should be betting on the united states. europe, you're going to put your money in europe? we are the innovation engine of the world. a new president gets elected, people say they're going to leave because they disagree with them. they don't. they stay in the united states because it's the best place to raise your family and invest. i don't think we'll keep capital flight. maria: maybe. but how about the fact that we did see the needle move when the trump administration cut taxes. we saw a growth story once again
resume. so you are looking at an impact when you lower taxes, you've got more investment. when you lower taxes you get more revenue because people move to those areas. i mean, how do you explain that? and also of, i've got to get your take on social media censorship. are you or any of your colleagues going to say anything about blacklisting, about this pushback on anybody associated with the trump administration? that is not the american way. and yet president biden talks about unity all the time and you've got books being canceled, attacks on conservatives. are you going to say anything about this? >> i'm 100% opposed to censorship. i believe the only justification for restricting speech is illegal and inciting violence. i think the people who disagree
with -- the hallmark of america is debate. social media companies should not be censoring people because we have a difference of opinion. let's invest in people's productivity and the workers in this country, get them the education. i believe that that's what's really going to make us competitive in terms of the resources. we've seen our corporate profits have soared. the challenge for this country in my view is how do we get those who are left behind to be part of this success. maria: congressman, great conversation with you this morning. please come back soon. congressman ro khanna. we'll be right back.
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maria: welcome back. home security in focus, adt reported fourth quarter earnings last week, missing on earnings but beating on revenue, $1.31 billion in revenue for the fourth quarter. it also announced several new partnerships with companies like google, lyft, instacart. joining me now is the ceo of adt, jim devrys. it. is great to have you on the program this morning. i love this story because this story is so indicative of what's going on throughout housing, throughout national security. tell us what's driving the growth at adt, jim. >> so first, thanks for having me. happy to be here this morning, maria. there's really three things that are converging to drive growth for adt.
the first as you referenced are these external demand catalysts, home builds are up significantly, about 20% year over year. we have deurbanization, we have smart home adoption and those external demand catalysts are a driver for demand for our products and services. secondly, we've done a lot of work internally over the course of the last couple of years to drive improved capital efficiency, revenue payback, improve customer retention and essentially go to market in a more efficient way and then, lastly, we have developed a number of partnerships. dr horton, ackerman security, dish, and none more important than google. maria: well, the dl horton deal is really exciting to me because that tells you really what is possible with home building. because if you see another or a
continuation of this home building boom that we're seeing with interest rates where they are, people are going to want to have that security element in there and you're right there partnering with dl horton. i love that. does that indicate that we're going to see a further building partnership growth story at adt? >> absolutely. we are doing some work right now, piloting our services with other builders. we're incredibly proud of the relationship that we have with dr horton. they'll be an adt smart home system put into every dr horton home that's built this year and then we'll be working with that new home buyer to seek to convert them to a professional monitored customer of our services. maria: all right. jim, we've got to talk about google and this incredible investment.
google september 2020, $450 million investment in adt. what is google and adt's partnership look like? the future? let's take a short break and then get into that. i know this is a big part of the story as well. i'm talking with the ceo of adt and we'll be right back. it all starts with an invitation... ...to experience lexus. the invitation to lexus sales event. get 0% apr financing on the 2021 is 300. experience amazing at your lexus dealer. living with insulin requiring type 1 or 2 diabetes? how does no daily insulin injections sound? omnipod delivers insulin through a tubeless, waterproof pod. and the best part.. no more daily injections! plus, omnipod is covered by most medicare part d plans.
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maria: welcome back. i'm back with jim devries, ceo of adt. we were talking about the google partnership and the huge investment, jim. before we went to the break. google in september announced $450 million equity investment in adt. let's talk about the market opportunity that you see and what's possible with google. i know about looking at your alarm remotely, seeing cameras that you have around your house. i love it and i know
increasingly people like this kind of surveillance to check on their security. what's possible with google? >> with the google partnership really, maria, for us creates an opportunity to create just an outstanding customer experience. as you mentioned earlier, google invested an equity investment in us last year, $450 million. but more importantly, we have a 7-year commercial partnership with google. they were attracted to adt because of our national scale, our number one brand, 5,000 technicians. and we were obviously attracted to google because of their innovation, data analytics, video analytics. later this year, we'll be selling the google products in our product suite. so the thermostats, the cameras, mesh wi-fi, various sensors will
all be part of the smart home offering that we present to consumers and we'll be going to market as adt plus google. maria: jim, i think your story gives us such insight into what's going on in the world and in the housing market and national security. we appreciate you joining us this morning to lay it all out. come back soon, jim. thanks very much. >> thanks, maria. maria: jim devries joining us this morning from adt. we'll be right back. i have the power to lower my a1c. because i can still make my own insulin. and trulicity activates my body to release it. once-weekly trulicity is for type 2 diabetes. most people taking it reached an a1c under 7%.
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maria: welcome back. good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is tuesday, march 2nd. your top stories right now, 7:0. stocks are taking a breather this morning after yesterday's rib rip-roaring rally. futures pulling back. the dow industrials are down 57, nays dock -- nasdaq down 49. this after a rally yesterday, take a look at numbers, the s&p 500 having its best day since
june with a gain on the session of 90 points. it was the nasdaq that really blew away expectations with a gain of 400 points at the close, 2% higher. the dow industrials up almost 2%. 603 points higher yesterday. global markets this morning are mixed. european indices right now are higher across the board. we are watching weaker commodities prices dragging down mining and energy. but the ft 100 is up 32, cac is up 29, dax higher by 70. othernight in asia, all markets were lower with with the exception of korea. a key chinese economic official has warned against the risk of bubbles burring in foreign markets, with that the shanghai composite traded down 1 and a quarter percent. the senate taking on stimulus, wyoming senator john barrasso is coming up as democrats are promising to fight over the $15 minimum wage. we just heard from ro khanna on that subject. "mornings with maria" is live right now.
and first some of the top stories we're following this morning. senators person been and elizabeth warren are -- bernie sanders and elizabeth warren are not giveing up the fight to raise the minimum wage. they say the senate should ignore or overrule the parrel parliamentarian's rules that it can't be in the coronavirus relief bill this after senate democrats decided to scrap the plan and take out the minimum wage increase from the stimulus package. senator chuck schumer says it expects late nights as they begin the debate. cracking down on china, the biden add medicine duration says it will use all available tools to respond to beijing's unfair trading practices, it did not outline the exact steps they would be taking. former president trump's trade deal with china required the country to increase purchases of u.s. goods and services by $200 billion over two years, a promise the chinese still are yet to keep.
americans could start receiving johnson & johnson's covid one shot vaccine as early as today. millions of doses are being shipped nationwide. j&j hopes to get 1 billion doses out by the end of the year. the vaccine receiving emergency use approval from the fda over the weekend. take a look at j&j shares in the premarket this morning. and they continue to add to a pretty good rally yesterday. up another quarter of a percent this morning. we are getting retail earnings on the screen as you can see. and then there's this, new york governor andrew cuomo facing a third allegation of sexual harassment, the latest accuser telling the new york times he put his hands on her back and face and asked if he could kiss her at a wedding they both attended back in 2019. amazingly, it was caught on camera. new york attorney general latisha james says she can move forward with an independent investigates and will select and outside law firm to conduct the inquiry. time for the word on wall
street. joining me now is chairman dennis gartman, payne capital management president, ryan payne and strategist brian belski. first up, ryan, futures are lower this morning after that strong rally yesterday. yesterday the s&p saw its best trading day since june 5th. all 11 sectors ended in the green while the dow and the nasdaq reached the highest level since november. what do you believe is driving this market? yes, we're seeing weakness this morning. the bull market has been in place and continues. do you see this continuing in the future, for the coming months? >> i absolutely do. i mean, it just come down to again, the amount of money is astronomical. we're going to have more rocket fuel upon rocket fuel as we get this other $1.9 trillion worth of stimulus. it gets mind-blowing. we talked about this a lot, what the end of the year is going to
look like. consumers are saving 20% of their savings, they've got $1.9 trillion sitting in savings. and literally there's so much stuff we're going to spend money on once we see the economy reopen. i think the important thing is, we have to start to realize no matter what a reddit strayeder -- trader tells you, profits are going to be really important. we'll see a reacceleration of the profit cycle. the business cycle has not been repealed. we have to be careful about where you're putting your money. the one thing we've seen over the last six months, i called this on your show, is big tech is starting to tap out. their earnings were so big last year, it's going to be so hard to improve on that. like if you're amazon and you did $20 billion in profits last year it will be hard to go to $40 billion in profits. if you look -- i talked about this on your show, things like energy, financials, consumer discretionary, we're going to go out and eat g to hotels, all those trends are going to be huge because all those companies right now have been bringing
their costs down a lot because they were hurting last year. and now they're going to see huge boom in their profits. so eventually that's where money is going to go to, that's where you have to have your cash right now. i think it's a big mistake not to. maria: you mentioned all the money thrown at the economy. we're talking about a total of six covid-19 bills to address this covid disaster. equaling 25% of gdp. so this $1.9 trillion takes us all the way above $5 trillion, 25% of gdp. yeah, that's a whole lot of stimulus for sure. and markets have reacted. but dennis, is the bullishness predicting a downturn? that's according to bank of america's sell side indicator, straits gists noting the last time the indicator was this close to a sell indicator was june of 2007 after we saw 12 month returns of minus 13% as
economists fear increased inflation due to stimulus and policies. you are expecting a pullback dennis, right? >> i actually have an opinion that nature get made its high -- market made its high two and-a-half or three weeks ago. i look at correlations. markets have moved together at the same time. we've seen lumber prices that have gone up, as stocks have gone up, lumber has collapsed. crude oil is starting to turn down. we're starting to sore layings that's mother me, -- correlation that's bother me. we have 30 year bond trading at 2.22%, going to 2.25%. when it goes to 2.5%, that i think is going to be detrimental to stock prices. i think given the level of speculation that occurred or spacu latoin, the level of speculation bothers me greatly. we know there's a lot of savings on the other side and there's no question the economy is going to be strong through 2021 even into
2022. but i think that a lot of the money that has been created is going to go into plant and equipment and labor and come out of stock prices. so i like ryan a lot. but i have a sneaky suspicion that he is wrong on the stock market at this point and i think that you would rather be avoiding the long end of the yield curve, you would rather be avoiding the stock market generally. and as the chairman of the university of akron's investment endowment committee moved us into gold for first time in history last friday. we'll see how that plays out. reduced our exposure to stocks at the market. we put on a position in gold for the first time in history. maria: well, ryan, are you going to take that sitting down? i mean, look, you make a really good point. [laughter] maria: you make a good point, dennis, because brian, we are going out on the risk curve more and more. it's not just junk bond valuations. it's not just tech valuations. it's also bitcoin. and now you've got goldman sachs taking up the bet on bitcoin,
doubling down. the bank now reopening its cryptocurrency desk. it's going to begin dealing in bitcoin futures and non-deliverable floors for clients next week. goldman is going to explore the potential for a bitcoin exchange traded fund, brian. what are your thoughts on what you're hearing here and do you think bitcoin continues to move up? brian: wow. there's a lot there, maria. thanks for adding me to the conversation. always great to be on with the great dennis gartman. it's an honor. i would say this, as you know and as dennis knows, i used to work at merrill lynch. i don't put a lot of faith in that survey. the reason why i don't, the survey size is small, the sample size is small. no disrespect. number one. number two, the majority of my bretheren pander to the hedge funds. they're excessively short dark term. hedge funds underperformed by 20
percentage points. of course they're bullish now because they've chased up the market. and they so dramatically underperformed. i think the true gauge of sentiment is actually looking a client in the eye and discerning what they're asking and why they're asking. i think most clients that i talked to long only money managers are nervous and skittish and they're believing a lot of the rhetoric with respect to bubbles. with respect to bitcoin, i would love to hear what dennis says about that. i can't get behind bitcoin. i don't understand it. i'm nervous how many people are trying to chase it here. >> i'm with us on bitcoin. i don't understand it. never have understood it. will not understand it in the future. other people have made money in it. god bless them. i hope they continue to do well. but they will do so without me. it's something i shall never understand. maria: ryan payne, you want to jump in here? >> i would say don't spaculate,
invest, i think is the bottom line here. i think there are bubbles that are brewing right now. maria: i love this. >> you can't ignore the fact that have you a lot of asset classes that are cheap right now. if the s&p is tapping out, which it could be, bought the s&p 500 is a tech fund in drag now, like 50% tech, i have to think that places like energy, financials, consumer discretionary still have a lot of value, valuations are very, very cheap. so if you're discerning here there's a lot of great value in the market, regardless of the bubble that's are happening in some places. maria: this is a great conversation. absolutely, guys. i would just say don't forget about what i keep looking at and that is the possibility of much higher taxes. throw that on the whole spaculatoin conversation, that will lead you to the same place, ryan, dennis, great to see you. brian, you're sticking around throughout the morning. we're so happy you're here. wyoming senator john barrasso is here to break down the stimulus
negotiations, what it means for the minimum wage debate. next hour, math schlapp with all that is cpac. plus kevin hassett breaks down the proposed billionaire's tax. also breaking down the conversation all morning long, dagen mcdowell and brian belski. we'll get to them when they come back. you're watching "mornings with maria" live on fox business. stay with us. so you're a small business, or a big one. you were thriving, but then... oh.
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that if you have $15, especially for big corporations, even people like josh hawley said big corporations could pay $15. there is a concern if you're a small business. if you have 10 employees, 15 employees, that's why it should be gradual and there needs to be special assistance for those small businesses with that higher cost. maria: joining me right now to talk more about it is wyoming senator john barrasso. it's wonderful to have you on the program. welcome back. you heard congressman ro khanna, he said let's do the $15 minimum wage, have this brush stroke, one level across the board and then just give incentives to small business and you say? >> well, a couple of things. this whole coronavirus so-called relief bill, look, it is packed with pork and there is bipartisan opposition to what you just talked about in terms of raising the minimum wage. this is a piece of legislation
that is a wish list of liberal democrats for a long, long time. you know what's loaded in there. payoffs for big cities and bailouts of the blue states. money for flailing pension funds. this whole bill, in my opinion, gets an f grade because it fails to do what it's supposed to do which is get people back to work, getting kids back to school and getting the virus behind us. the specifics of the $15 minimum wage, that certainly doesn't work in my home state of wyoming. small businesses that i talk to and the owners say, look, if they do that as a mandate out of washington, we're going to have to just close down or lay off people. that's why the congressional budget et office says 1.4 million americans will lose their jobs if they do what these progressive democrats, liberal democrat, scary democrats are trying to do. maria: yeah. look, i understand all of the points that you make and i tried to make those same points yesterday when i had
congresswoman debbie dingell on. she said no, no, no, the arts and humanities have gotten hit hard during covid. they should get $300 million. no, no, no, museums got hit hard, they should get $200 million. so i said to her, look, how do you absolutely support something that's only 9% related to covid. she said it's all related to covid. what do you say to that? also of, i've got to ask you, i mean, i'm always looking at what's next and i know that at some point you all are going to have to come up with a way to pay for this. and i know a big tax increase is coming. already we're talk about taxing the wealthy when you look at senators elizabeth warren and bernie sanders, outlining a proposal for ultra millionaire's tax, a 3% tax on wealth exceeding $1 billion and 2% tax on households worth between 50 million and $1 billion. senator, where are the plans for
paying for all of this? are you expecting that you are going to be debating a revenue raise plan including higher taxes within the next month? >> well, there's a lot of questions there, maria. first, you were terrific with debbie dingell yesterday. i saw you yesterday morning. when you were talking about the fact that we're spending all of this money, only $1 out of 11 goes actually for coronavirus, and you're still keeping the schools closed, she had no answer on that. that's where we are now. we need to get the schools open. you were terrific. and, yes, the democrats want to raise taxes. that is not a surprise, never has been. the chief of staff of the white house calls this coronavirus relief bill, he says it is the most progressive piece of domestic legislation he said in a generation. that's how you get the kind of money in there for nancy pelosi's -- what i call the tunnel of love to silicon valley. there are terrible things in this piece of legislation. the more people find out about it, the worse it's going to be.
you're also right about the democrats wanting to raise taxes. this is a continuation of elizabeth warren's presidential campaign. maria: are you going to be able to do anything about it, senator? your constituents are counting on you in wyoming to fight for the energy business, fight for gdp, not ppp, and you've got the senate vote this week. it just seems like they're in control. they're just going to roll over of. so is there anything you and your colleagues can do to stop these progressive policies? >> well, we're fighting every day to stop these ridiculous policies that are -- they're not just radical and extreme. they're dangerous and they are scary and what elizabeth warren is talking about is not just raising taxes, she's talking about actually going out there and confiscating wealth, money that people have already earned and paid taxes on. so it's tax raises on steroids. this is awful. in terms of energy, look, joe biden has taken an axe to
american energy and he's chopping into paychecks all across the country. in wyoming, we produce energy, we consume energy, we do it responsibly. take a look at what's happened to gas prices since the first of the year. gas prices are up 50-cents a gallon. consumers are going to be paying, first the democrats want to raise taxes, second they're paying at the pump, they're going to be paying to heat their homes. all of these things are having a terrible impact on mom and pop at home trying to get the kids back to school. maria: you're right. senator, i'm so glad you brought that up. that's such an important point that you just made. you're talking about senator elizabeth warren coming up with a tax on income you've already been taxed. okay. you have -- you have created a life for yourself. you've built wealth over years. you bought a home, maybe you bought a second home. now she's adding it all up, after you already paid taxes on it, saying, well, you have $50 million in assets.
here's another tax. >> that's where you are. you're talking about trod to socialism finish -- about the road to socialism. that's where the democrats want to take this country, republicans are fighting them every day on this to let americans keep more of their hard-earned money. that's what the fight's about in terms of the future for our country. maria: senator, good to see you this morning. thanks for the fight. john barrasso joining us. we'll be right back. lately, it's been hard to think about the future. but thinking about the future, is human nature. ♪♪ at edward jones, our 19,000 financial advisors listen and work with you to create personalized investment strategies to help you get back to drafting dreams
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no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now. maria: welcome back. we continue our focus on american jobs. blue collar jobs remaining on the rise even with the pandemic's negative effect on the overall jobs market. fox business' lydia hu is in new jersey covering this story. lydia, good morning to you. >> reporter: good morning, maria. i've got to tell you, i'm
sweating this morning because i'm at the dhl e-commerce pavilion and i'm trying to help out 40 packages, making sure the labels are facing up so when they go down the conveyor belt they're ready to be scanned and sorted. the packages wind their way through the facility in a matter of minutes and the business tells me that they have been booming. running on all cylinders since the pandemic, in response to everyone staying at home to stay safe and doing all of their online shopping. in response, the company added 1500 jobs across the country, permanent jobs. in addition to seasonal jobs that they added in the fourth quarter around the thousands. the ceo says that they don't expect the volume or the pace to slow down any time soon, that these are permanent changes that they're making. listen to what he had to say. >> just continue to ramp up as we got into peak season. so we really managed peak multiple times during the course of the year and as for now, in
2021, we're seeing the volumes hold and we don't see that it's fog go back. >> reporter: now, another similar category of blue collar job that's seen growth is couriers and messengers. they added 50% since last year. the other is warehouse, they're seeing growth, adding 97,000 jobs since last year. not all sectors are seeing the hiring just yet. there are others like manufacturing and construction, but they are seeing an increased number of jobs being added flew job searches on sights like indeed. so that's a good sign there. the message here this morning from dhl e-commerce is there are glimmers of hope for people that are looking for jobs in light of the pandemic. blue collar jobs, some sectors are adding. when i was here at dhl coming into the building i saw a big sign on the front that said they're hiring for mail sorters and encoders. maria. maria: i love it. yes, that is a great story. we'll continue to follow it.
lydia, thank you so much. lydia hu this morning, that manufacturing plant in jersey. coming up, president biden's security and exchange commission pick going before the senate panel today. what his confirmation could mean for regulation on wall street. we're going to take a look. and then buddying up in hard times, we're introducing you to a new platform that matches surge call patients with someone who has had the same procedure. that's next. stay with us. labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world loves a hybrid. so do businesses. so, today they're going hybrid with ibm. a hybrid cloud approach lets them use watson ai to modernize without rebuilding, and bring all their partners and customers together in one place. that's why businesses from retail to banking
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ideas start the future, just like that. maria: welcome back. good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it. it is tuesday, march 2nd. a look at markets this half hour. futures are pulling back from very strong performances yesterday. the dow industrials actually off of the lows of the morning, down 18 points right now. the nasdaq down 27. the s&p 500 lower by 5 and-a-half. pulling back from a broad-based rally yesterday where the s&p 500 had its best day since june. the s&p the best performer.
it was up 2 and a third percent, not as strong as what the nasdaq showed us. the nasdaq was up better than 3% on the session yesterday. 400 points higher, up 396. the dow up 603 points at the close. that's a gain of almost 2% yesterday in that rip-roaring rally. global markets are mixed. european indices taking a cue from wall street and trading up. we're looking at weaker commodities pricing, dragging on mining and energy. the ft 100 up 50 points, the cac up 37 and dax higher by 75. in asia overnight, markets were mostly lower. china's top banking regulator made a comment warning against the risk of bubbles burst in foreign markets. the shanghai down 1 and a quarter percent on the session, as was the hang seng. california, meanwhile, on track to see a state surplus despite setbackses from the pandemic. cheryl casone now with all the numbers. cheryl. cheryl: that is right, maria. by july 1 the state is expected
to see a $19 billion surplus after collecting $10.5 billion more in taxes than originally predicted. this despite the state losing 1.6 million jobs and business property values plummeting by 30%. well, the head of the texas public youth tilt commission deanne walker is resigning after calls from republicans and democrats for her ouster following the power crisis. this aztecs as attorney general ken paxton is skewing the -- suing the electricity pro providernearly 400,000 texans al under boil water advisories. president biden's biden's nominee for the chair of the securities and exchange commission will be on the hot seat, gary gensler will be questioned. this comes as stock trading drama led for calls for tighter regulations for wall street n a
published statement, gensler promises to strengthen transparency and accountability in our markets. and finally, this, maria. lady gaga's dog walker is speaking out for first time after being shot last week. ryan fisher saying he had a very close call with death in an emotional instagram post. fisher is expected to make a full recovery. the dogs were found safe and returned to gaga by a good compare taken. the -- samaritan. the suspects have not been captured. maria: what a story. best wishes to mr. fisher there. thank you so much, cheryl. meanwhile, we want to look at the future of healthcare and technology, the marriage of healthcare and technology very exciting. patient partner is changing how people prepare for surgery. matching surgical candidates with, quote, surgical mentors. people who have been through you the same procedure, helping guide them through the experience. it's already active in several states. the company is looking to
expand. this innovation is putting the co-founders on forbes' 30 under 30 list. joining me now is patient partner co-founder, patrick frank. patrick, great to have you. congratulations to you. what a great idea. how did you come up with this? >> yeah, thanks so much, maria. it's such a pleasure to be here. and yeah, i mean, i came one the idea -- my co-founder, he spent his entire career in healthcare in a variety of different surgical settings and he saw a gap in patient experience, patient support, and patient connection. and my background is entirely in consumer technology and there was a lot of correlation that we could make from other industries that have really led with the consumer first. you look at real estate, you look at finance, innovations they've had and it's a simple question of when you're working with a realtor, you're going to ask your friends, family and network about what that experience is like. or maybe something as simple as going to a restaurant, you're going to ask your friends, family network what is the experience like, how is the
food? the question has to be asked, why is it when it comes to the most important thing, most important decision in your life, healthcare, that this isn't available? and so we actually went out to the market, talked with several patients that had been through the surgical process and every single one of them came back to us and said i wish that i had someone else there, someone relateable that i could be able to talk torques be able to connect -- talk to, be able to connect with. maria: i love the idea. patrick, is it largely orthopedic surgeries? what kind of surgeries would lend itself to the sort of buddy-buddy system. >> right now, we're in orthopedics and bear -- bariat bariatrics. even things like fertility, spine, plastics, so many -- it's almost every single aspect of healthcare is applicable here. there's so many unknowns while going into any type of procedure there. are so many people that have the answers for patients who are on the other side of it.
right now, we are across the majority of the southwest region of the united states. we're really looking to expand that geographical footprint and the additional surgical verticals that we're going through. maria: we were all worried about the pandemic and its impact on surgery, on regular checkups, because i think during the pandemic people were locked at home and they said i'll go for that mammogram later. you know, i'll do that check that i had with my doctor in several months. so did you see an effect on your business as a result of the lockdown, patrick? >> yeah, you know, covid has played a very unique role with our company. it comes in three different ways. it's been an unparalleled accessibility to surgeons. electric surgeries have been canceled in majority of areas in the united states. we've been able to work directly with surgeons to figure out how to integrate the program with their practice and connect with
prior patients. patients have never been more isolated in their surgical journey, providing the perfect time for us to bring a network of relateable experiences straight to them. something we can all agree on, the industry of healthcare is having to innovate faster than any other industry in history and that's really providing the fact that all eyes are on healthcare right now is really providing us that opportunity to move quickly and expand fast. maria: yeah. and innovation leads to growth and i know you know that firsthand. how does it feel to be on the 30 under 30 list? congrats to you for that. it's very exciting. and do you have plans and a growth strategy longer term, are you looking to take patient partner public at some point? >> yeah, i mean, like i said earlier, this company has a potential to impact every future patient across the united states. and it doesn't matter what the
surgical vertical is. we have the ability to impact every single person going through any type of procedure and the market size and the opportunity for that is truly -- is truly amazing and so i think that we -- we want to really live up and we owe it to the opportunity to not only do this for the company but also to be able to do this for all of the patients out there who are looking for support. maria: all right. patrick, good luck to you. we'll keep watching the story and have you back soon to check in. good to see you this morning, patrick. thank you. patrick frank joining us. >> thanks so much for having me. maria: we'll see you soon. thank you. coming up, welcoming back fans, we're taking you inside the prudential center as they get ready for guests to return today. we're going to find out what to expect and then the first hotel opening in space, when construction will be completed and what guests can expect inside. yes, it's making a buzz this morning. you're watching "mornings with maria" live on fox business.
♪ maria: this week on "mornings with maria," tomorrow, andrew cuomo's nursing home scandal leads to a federal investigation. janice dean on her fight for accountability. thursday, old friend and new colleague, larry kudlow reacts to the biden administration's approach to china. and friday, we are all about jobs, what the february unemployment report tells us about where the economy is going now. it's all right here on "mornings with maria." metastatic breast cancer is relentless, but i'm relentless every day. and having more days is possible with verzenio, proven to help you live significantly longer when taken with fulvestrant. verzenio + fulvestrant is for women with hr+, her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe,
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maria: welcome back. the new jersey devils opening their doors to fans once again. starting today the prudential center in newark, new jersey is approved for 10% fan capacity. fans eager to get back in the stands will follow strict new safety precautions and try to open. joining me right now, from the prudential center is harris blitzer, sports and entertainment president and new jersey devils and philadelphia 76er's executive, hugh weber. thank you for being here. hey, i like that banner in the background at the prudential center. thanks for honoring "mornings with maria" with that banner. >> i got to ask you, maria. how many of your guests come to your show with their own four
story billboard. i've got to ask. it's got to be a first, right? f. .[laughter] maria: you're right. you've got 10% capacity. thank the heavens above that you're able to open once again. what can fans expect when attending the game? >> it's hard to believe it was a year ago this week that we had our last host of fans here at the building. it's been a long year, long anticipated return for fans. we have had pent-up demand, calling us week after week, when can we get back. working with government officials in the state and city, we've been able to put in the protocols and rigor to make sure that fans will be safe through social distancing and masking. obviously we're going to have pods of fans in groups of two and four that will be able to enjoy the games. we have these games going on sale for march, sold out in hours. and again, so there's i think a bright future for people to get back to what they think is normalcy and we hope this is a
path to where we'll have not just 10%, but this will be able to grow to a plan where we're able to bring back 15, 20 and obviously a full building over time. maria: yeah. and i think you make such an important point and it's the right point. okay, so it's a path to normalcy. you've got 10% capacity. hugh, how are you going to get the prudential center back to a point where you can actually have a profitable situation beyond just 10% capacity? how long do you think that takes and when do you expect you getting back to normalization when it comes to profits? >> just like all businesses that have been impacted by the coronavirus, i think there is a lot of contingencies we've had to work through. obviously, how quickly the vaccines will come on the market, the ability for us to have a track record of showing that fans can gather in places like this, and safely do so.
we've had zero incidences across sports where fans have contracted the virus through attending an event. so i think that those things will build confidence over time. as i said, i think the consumers, the fans themselves are ready to come back. this is not a situation where we're seeing that we're putting the opportunity out there and they're not taking it. so again, i think just continue to track how the united states in general is doing in terms of being able to bring people safely together and then you'll see sports take a leading role in that. right now we have 20 teams in the nhl that are hosting fans at different levels and i think you're going to see hopefully in the next few months that concerts and other events will come back online. maria: that is very good. you've got all of the safety precautions in place and then you've got lots of positives in the marketplace. new jersey passed nevada's yearly record for sports betting handle last month, betters in
the garden state wagered $6 billion in 2020, nevada brought in 5.4 billion. the devils partnered with a number of mobile sports books as well, including caesars and unibet. hugh, how important are these things? give us your outlook for sports betting in the u.s. and beyond amid this recovery, the covid recovery. >> yeah, it's really fascinating to see how sports and betting have become part of just the experience, right. so in 2018 when new jersey was the first state to go ahead and legalize sports betting, they did so on a digital and mobile path as opposed to bricks and mortar. i think it was really smart. they have already surpassed nevada which is a long mainstey, having been approved for decades out there. to be able to do $6 billion right now, on track to do more, surpassing las vegas. the devils have been seen as kind of a -- because of new
jersey's leadership role in sports betting, the devils, which is the only team that represents new jersey in name, has been really a great platform for our partners and so we've seen our fans adopt sports betting in the mobile use of being able to place bets even in the arena during a game as being part of the experience. i think that's going to continue to grow especially with younger fans as they see sports betting as just something they do as much as just watching the game and watching statistics. maria: yeah, and how can you enable that further with technology, hugh? because you're right, this is a whole other path for potential revenue, pointing the company toward further growth. have you gotten any sense from customers in terms of how significant that piece of business could be? >> yeah. so i think, again, we're just at the very, very ground level of what the opportunities are here. i think that if you look at the demographics across the board,
you're seeing adoption of these platforms. there's over 20 that are approved in new jersey. we just have three here. we promote the experience in the building. when you're here, you're doing your sports betting on one of the three platforms, play hub, caesars or uni bet. they're seeing adoption rates and the new customers they're getting through that as being important. so i think you're going to continue to see those platforms use teams here in new jersey to, again, adopt new customers and make this part of the experience of attending a game. maria: i mean, young people want to see interactivity and that's what you're offering. hugh, we'll be watching your opening. good luck with that and please come back soon. thank you, sir. >> we would love to have you guys out here. we'll hold a pod for you. just come on over. maria: okay. okay. >> thank you. maria: we'll be in touch. hugh weber joining us there in new jersey. thank you, sir. coming up, the first hotel
opening in space, really. when construction will be completed and what guests can expect inside the hotel in space. it's making a buzz this morning. we'll tell you all about it. stay with us. it all starts with an invitation... ...to experience lexus. the invitation to lexus sales event. lease the 2021 is 300 for $359 a month for 36 month's and we'll make your first month's payment. experience amazing.
maria: welcome back. it is time for the morning buzz. first up, fuzzy friends make everything better. companies are looking to spice up boring zoom meetings by bringing the animals in as special guests. workers get to watch animals from petting zoos and sanctuary farms do what they do best, adding much needed levity to the work from home life. dagen, interesting idea. what farm animal would you like a good zoom guest? dagen: any animal is okay by me. baby goats, i have -- cam
edwards and his wife, missy raise goats. so i enjoy seeing them on their instagram. i give money to animal sanctuaries. i would have one even in my one bedroom apartment if i wouldn't get evicted. my tip for the day is to follow a guy named steve greg on -- it's wolfgang 2242, 224 had 2, , wolfgang 2242 on instagram. he has 11 elderly rescue dogs, a rescue pig named bikini, a chicken rescue named betty and tofu the tour kirks all in his -- turkey, all in his house in colorado. that's my tip of the day. maria: i love that. i'm going to follow him for sure. i would say follow dusty on instagram, dusty steinberg. i posted a great shot of dusty last night on insta.
there is a space tourism business taking shape. orbital assembly corporation says it will begin construction on a space hotel in 2025. its circular station could welcome up to 400 guests. it will feature restaurants, a theater and a space spa. they hope guests can blast off by 2027. brian, is this your next trip? what do you think? brian: no, i keep thinking about arnold schwarzenegger and total recall in the '80s and the mars thing. i say no, i would rather go on a plane and go to greece andplay and layon a beach. i'd rather do that. maria: i'm with you on that. definitely with you on that. we'll see. dagen, space, would you do it? dagen: you know, i would. it's very hard flying. i had a very stomach-turning
experience going up with the thunder air force, thunderbirds. so it's more than just a vacation, put it that way. maria: all right. we will take a short break. we've got a big next hour, coming up, stay with us, more "mornings with maria" live on fox business when we come back. all right that's a fifth-floor problem... ok. not in my house! ha ha ha! ha ha ha! no no no!
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or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. maria: good tuesday morning thanks so much for joining us. i'm maria bartiromo. it is tuesday, march 2 your top stories right now 58om on the east coast, stocks taking a breather in morning after a rip-roaring rally yesterday futures pulling back this morning, over real well off the lows of the morning and we may very well see this market turn positive, dow industrials now down just 12 points nasdaq down 5 s&p 500 lower by 3 points, after what happened yesterday, this is the victory take a look at this broad-based rally s&p 500, having best day since june of last year. s&p was up 90 points that is 2
1/3% real winner with a nasdaq up better that about 3% almost 400 points higher dow industrials up almost 2%, 603 points higher yesterday, at 4:00 on wall street global markets mixed asia indices higher across the board investors are watching weaker commodity prices there, dragging down mining and energy sectors but still ft 100 un47, cac quarante up 37 dax is higher by 69 points in asia overnight, most markets lower, china pop banking regulatory warned begins risk of bubbles bursting in foreign markets with that shanghai composite traded down one and one quarter percent taxing wealth the proposal he this morning, from senators elizabeth warren and bernie sanders. that could affect your bottom line "mornings with maria" is live right now. now some top stories that we are watching this morning. carbon pricing could be coming
to oil industry american petroleum toout ready to put a price on fossil fuel byproducts would help meet paris climate accord meetings expected this week senators elizabeth warren,bernie sanders 3% total annual tax on all wealth exceeding one billion dollars, then he the ultra million on air tax act 2% tax on all households trusts between 50 million to one billion dollars, they say this bill would affect 100 thousand americans would help close the nation's wealth gab. >> senator sanders warren not giving up might for minimum wage increase saying should overrule parliamentarian decision to the to put it in the coronavirus relief bill democrats decided to scrap it
from nearly two-billion-dollar stimulus package the a senate expected to debate this week, california students may be back in as in class gavin newsom announcing 6.6 billion dollars package incentives as part of of a deal he with lawmakers districts under most restrictive set of rules must offer in-person learning from kindergarten through second grade if they want money, counties next highest tier must offer in-person instruction for all of elementary school grades plus at least one grade in middle and high school, a third woman has now come forward accusing new york governor andrew cuomo of sexual harassment says he grabbed her asked for a kiss at wedding they attended in 2019, governor cuomo brother cnn anchor chris cuomo addressed the controversy last night on his cnn show, watch. >> obviously, i am aware what is going on with my brother. and obviously, i cannot cover it because he is my brother.
now,, of course, cnn has to cover it covered it extensively will continue to do so, i have always cared very deeply about these issues. and profoundly so. i just want to tell you that. maria: joining me right now new york congresswoman house homeland security committee house small business committee member andrew, good to see you this morning thank you for being here your reaction to what you heard from chris cuomo, and the situation now with governor cuomo, where a third individual has come forward. >> well it is funny that creates cuomo can only report news when it is good news, us know now that it is bad news about his brother, he has nothing to say, you know it is -- it is o totally
rediculousness i don't know how anybody cakes cuomo seriously the attorney general of new york has power to appoint independent investigator i think this is tip of the iceberg here image not sure how many women are going to come out but i think we are going let he attorney general do the job the deviation is go to find a lot of dam is broken i think a lot more. >> attorney general leticia james has already announced her office will pursue with independent investigation, into he allegations against cuomo there are also more calls for the governor to resign. congressman do you expect governor cuomo to resign? do i expect him to resign? no, i think though investigator has to do its jo we need to find out all the facts, of what happened, how many women this has happened to, but -- the real problem is
it is not whether he should resign or not it is what it is doing to new york state the entire state has the government shut down nobody is reporting on this but the state assembly has shut down over last two weeks at an two cancels canceled session yesterday going to cancel today instead avenue tough vote ginz governor rather do nothing travesty schools trying to reopen businesses trying to reopen in new york state government has shut down how much pour governor has in new york over democrats, they don't want to take even everything has come out against him nursing homes, sexual harassment allegations no one wants to stand up to him no one in the democratic party at lease they will not -- let a o vote got against his powers it is -- it is disappointing. >> this is a really important point that you are making, because new york was already in a hole, you are looking at massive numbers in terms of
people fleeing new york, they are sick and tirade of high taxes sick and tired of homelessness situation no cash bail has allowed criminals to get right back on streets, shootings murder up in double digits in new york, congressman what is more important in terms of actual crime and wrongdoing, criminality? is it underestimateing the number of covid deaths by 50%? or is it these new allegations of sexual harassment? >> well for the first times it wasn't underestimating they new they hid information knew information was damning didn't want president trump's -- the attorney general to use it against him so they hid the information. that is a cover-up that is obstruction of justice now sexual harassment allegations another this is going on for years i spent will years ez in albany, i saw this firsthand,
how governor cuomo treats -- not just people but elected officials likes to rule with absolute power. and now chickens are coming home to roost, in new york. >> his father was the governor and you know he is living in that house that he pretty much grew up in, in albany while his father was governor i am wondering if some of his colleagues in democrat party are continuing to put the spotlight on sexual harassment issues and in doing so, are lessening the importance of the cover-up, lessening the importance of the fact that they underestimated the number of covid deaths, isn't that where the real potential problems are for this governor? obstruction of justice? >> absolutely, and -- first, these sexual harassment allegations have to be taken seriously have to be investigated i think there will be there will be serious
issues after the independent investigation looks at the them you are right obstruction of justice they did purposely withheld information it needs to come out the governor, the biden administration needs to fully look at it. >> andrew cuomo chief of staff his secretary came out you the with information, after biden won. she is not a stupid person one of the smartest people in albany the fact she said this she said what she said, shows that you say they were hiding this information, for months. they know how damning it is felt that now that biden is president they can get away with it the biden administration needs to fully look at obstruction of justice charges they need to make sure that someone pays for them, this is this is -- a travesty what is going on in new york the fact the governor and his
administration think they can get away with it is unacceptable. >> your colleague congresswoman rice asked for his resignation she is a democrat you have democrats trying to stop him and asking him to resign, does have anything to do with them not wanting to him compete with kamala harris for the president's role in 2024. >> i think it has to do with every democrat has called on andrew cuomo to resign, are they were his best friends, six months ago, they couldn't get their to a picture with him quick enough now they just they want to separate themselves from him as soon as possible. it shows what we all have seen in albany we've all seen they were his best friend now want to separate themselves from him as fast as possible. maria: all right congressman good to see you we will keeping watching this thank you so much joining us there
in, d.c., much more ahead coming up the american conservative union chairman matt schlapp with his take. >> economic advisory chairman kevin hassett here breaking down proposed new taxes from senators warren and sanders also joining the conversation all morning along dagen mcdowell and brian belski back to this fantastic panel when we come right back "mornings with maria" is live on fox business. but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up.
♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ (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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the best part about cpac this year is we got to have it. we had to leave maryland where still in shutdown mode, and go to ron desantis' florida open for business opened up conference with me i think most important thing to thousands of americans who flocked to cpac just wanted to be with people. people want to be with people. it has been a long year was a wonderful thing to be a part of. maria: well, i will tell you i want to get to some of the issues issues ask if minimum wage conversation was taking place at c pac let me ask you this i saw on fox news other night while cpac was o going on somebody tried to tweet out #cpac or twitter flagged it saying this could be -- questionable content. what do you know about what happened in terms of social media trying to being no out cpac? >> you know i ten saber are
theling television interviews will social media platforms canceled so many of us so consistently, and certainly president trump, will they carrier his speech will they carry other speakers we had a lot of say behind scenes there was lot going on i think at the end of the day most people covered almost all of it we had moments when people were -- seemed a problem, and let's just say conversations occurred, i think most of the content went out theme of the conference was america uncanceled this is all about the fact first amendment maria on politics we all have to be able to speak if we can't speak we will never unify. >> that is right devin nunes continues to say look you are to going to being no us out blacklist us censure respects puts republican party at disadvantage you want speak to each other can't economic a major issue plus we know that, matt what were the
conversations behind the scenes let's talk first about this minimum wage, do you think they are going to figure out a way to corporate that minimum wage increase in whatever plan goes forward senators warren saunders want? >> mar avenue i want to put in perspective, we were in orlando they thanked us for coming think about this if you are a restaurant or hotel in places around this country like orlando you had so much -- business they can't to compound that with 15 dollar minimum wage some parts 15 dollars my home state kansas, wichita healthy wage i want people to make more money this, of course, the wrong way to do it on very businesses that have already been shut down, and, yes, we are going to see these -- the new way the socialist the democratic party operates will kamala harris be able to overrule the senate parliamentarian on questions of what is in this bill we've never seen that
before will socialists of democratic party the demand this wage will put millions of americans out of work in insanity of this new party. >> i want to ask you about taxes the insanity continues this morning, with new proposals for mill on air's tax, wealth tax all your money has already been taxed, throughout your life, elizabeth warren says well, now we are going to add up all your wealth add up your homes everything you own in terms of access and put a tax on that. she wants to get this through right now. >> she wants to get it through, and the -- the proper legal way to do that whether whether on reconciliation another question for parliamentarian this is a double hit not only is it not only retaxing money that has already been taxed not only are you robbing people of nest he egg thut away chipping away
at it every year in cancel culture if you're a republican conservative trump supporter commercial opportunities narrowing over time that is real problem for a big swath of the country there is a lot of republicans that didn't like donald trump that have been -- he helped joe biden get elected what do they think now one thing we all agreed on lower taxes. now confistry taxes, disto put money away. >> democrats have to understand if they don't go along with blacklisting cancel culture tritrump supporters tomorrow you the way bullies activists thinking work run you out of town because they don't like you tomorrow run somebody else out of town the way they work hopefully democrats understand today republicans, tomorrow probably
them. matt let me ask you about former president trump he spoke hinted at running in 2024 did you get an opportunity to talk to him behind scenes? do you think he is going to run in 202024 take on speech. >> i thought a great speech did settle some scores talking about wrongdoing around elections i was fwien that spent time on that mostly talked about new coalitions republicans supports maga supporters, republicans saying get rid of maga people i say no, no, no i want to expand my coalition i want conservatives on supreme court and win white house i had a couple chances to talk being to him careful with kfs i don't think he would have a problem with me saying i think he is sealings looking at it also true hasn't made up his mind four years away a campaign wouldn't start in earnest in two years i love
what he is doing new coalition thought just elephant all of us including those who aren't even republicans we are going to keep it together we are going to go out take it to nancy pelosi and chuck schumer going to get majorities back even if that means he has to play in primaries to do it the thing for him to do. >> maybe but nancy pelosi is hoping a republican never gets in office again has got that as priority. look at new op-ed lead op-ed in journal this morning this is something we've been talking about for the last several weeks, here it is making every election like 2020 highlighting hr-1 democrats paement to keep pandemic voting rules in place mail-in ballots a practice of elections to come, matt no matter what nancy pelosi has spoken about income and equality covid that and other thing number one priority election reformer wants mail-in ballots to be the
standard. >> that is right think about this kevin mccarthy was on cpac stage, and he said it was 35,000 votes that separated republicans from taking back the house it was less than 100,000 votes for donald trump winning white house a little bit of fraud can change all history, and we got to make sure hr1 never sees lighted of day i am very fearful it will pass thank you so much we will spotlight it we'll be right back. the invitation to lexus sales event. lease the 2021 nx 300 for $359 a month for 36 month's and we'll make your first month's payment. experience amazing. as you get older, staying sharp we'll make your first month's payment. is more important than ever. where's my tablet? you have to remember the names of your grandkids, pets, your son-in-law. favorite son-in-law. and the eternal question, where did you put your glasses? sure, you can spend the day looking for things that you misplaced. or you can take natrol cognium. cognium improves memory and recall in healthy adults.
households worth at least 50 million dollars, between 50 million and one billion senator warren wrote on twitter a wealth tax is critical for raising revenue, that revenue is critical for raising opportunity, we build a future for all our kids, by investing in opportunity, this is one way we can make this government work, for everyone, not just the rich and powerful dagen we knew this was coming i am expecting a bill they are going to be to be debating by end of march that includes upwards of four trillion dollars in in higher taxes, not just for billionaires and 50-million-dollar aseats broader population because you are not going to get enough money if you just tax the billionaires. >> right, it is about the children. you got to invest in kids -- it is going to hit 0.05% american households cow potatoes we know is that not
true why do two left wing liberals socialists ignore what went on over decades in europe? austria got rid of wealth tax in mid 90s because it couldn't -- it had trouble valuing the assets, that had to be taxed. say homes, and art. germany got rid of its wealth tax france got rid of its wealthy tax after the dawn of the new century tens of thousands millionaires leaving france sweden fame outstanding elie got rid of wealth tax the founder of ikea left sweden for switzerland goes to point not only hard to calculate value of assets it is hard to collect it but drives people away, the very entrepreneurs you want living in your nation. >> we talked about this a lot whole idea that you have to
tax the rich to make things fair. brian we already know the top 10% pay the majority of the income taxes today so to say rich are not paying their fair share is something that just plays to the populous works because it plays up narrative but in fact numbers don't bear it out. >> no, they really don't a wonderful point in terms of that high percentage always been that way the story has never changed, administration after administration, party after partying dagen brought up a wonderful point with respect to the to europe europe next japan we don't want to become europe in terms of how we are distributing income, what this the thing that sets america apart that is we are still innovating, growing even with all this again, i think the biggest the biggest deal right now is this whole minimum wage that i
think that has to be put to bed. maria: brian quick, you are a numbers guy a money guy you have great ideas on investment do you think that if capital gain capital gains taxes go to 40% we see distant sell-off in stocks up 21% the proposal to take it 40% close to 40%. >> well remember gains are gotten; right? if you sell, so depends upon what happens kind of midterm what happens with next election. people can hold on not take -- high net worth clients have done very well last few years. >> we take a short break when we come back a market that is -- trading lower but off lows. we'll be right back.
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ahead of the opening bell stocks pulling back this morning dow industrials down 56. nasdaq down 28, the s&p 500 lower by 8 points, pulling back from yesterday, broad-based rally in fact, yesterday we had gains across the board, with nasdaq up about 3% global markets this morning are mixed european indices right now, are higher across the board, although as you can see ft 100 up 31 cac quarante up 28, dax indices up 57. there are weaker commodities prices this morning dragging on mining and energy sectors, as you can see, not effecting the broader indices in europe in asia however most markets lower china pop banking regulator warned begins risk of bubbles bursting in foreign markets shanghai composite down 1 1/4% breaking news historic partnership between to major pharmaceutical companies to help get meshes vaccinated cheryl casone on story. cheryl: that is right
"washington post" reporting biden administration is going to announce today a broker partnership between merck and johnson & johnson merck will help produce jnj vaccine after unable to produce its, companies he fioe. rce competitors greater good at work going to give up two facilities to this for production of the jnj vaccine merck up almost half a percent premarket trading, horizon is being sued by a former manager for racial and gender discrimination charlotte newman senior manager says former executive sexuality harassed assaulted her newman who is black said she was a assigned to work consistent above the one hired for amazon tell fox business it is investigating allegations. confidence in air travel seems
on the rise, the tsa joined month of february, one million passengers every four i can't say on last day 1.19 million people passed through the nation's airports, this uptick signals many feeling more at ease with vaccines rolling out, finally, enormous iceberg he larger than new york city breaking off in antarctica measures 494 miles, 492 feet thick researchers keeping a close eye on iceberg do not believe it poses any immediate danger, it is really, really big maria headlines. back to you. maria: thank you so much we are looking at the push for 15 dollar minimum wage this morning, senator bernie sanders says he wants to overrule the senate parliamentarian force a vote on the democrats proposed 15 dollar an hour minimum wage told reporters quote we have to make that decision, not a
staff unelected joining me right now former council economic advisories chairman hoover institution distinguished virtualityiting fellow, lindsey group kevin hassett thanks so much for being here you studied this economy so long. so first i want to start on the 15 dollar minimum wage, case you've seen cycles the impact of even conversation taking minimum wage up you heard what bernie sanders wants to do your reaction. >> eye think it is a o catastrophe waiting to happen way to think about it i know you cover this almost every day if you look at percentages of small businesses that have had to close down, because of covid, it is still -- 34% small businesses last january still basically closed for business right now. for those guys when they finally open up thinking okay. i lose money now when i open up make profits of finally why
i am going to keep treading water try to keep business alive then sell them all of a sudden labor comfortsing go to skyrocket because of 15 dollar minimum wage a bunch give up right now, it really, really is a devastating blow to the all small businesses that just had incredibly challenging year as they look ahead what are they going to do next summer it is really something that i think that can lead to a wave of bankruptcies the final thing restaurant worker might well make them worse off. because of the way they are treating tips sometimes you basically tip in the bill, the bill is a little bit higher kind of what will have to happen, workers getting 15 dollars an hour not getting tips i think for a lot of them that is a trade down so that there is also uneven impact this is something that i spoke with congressman ro khanna about in the show if you are going to force 15 dollar minimum wage for everybody, then that really puts those
small businesses 10, 10 even 100 employees under severe pressure because they may not be able to keep up with the walmarts and amazons of the world who are better, able to pay 15 dollars an hour. >> also regionally maria again, something you know well, but regionally there are some states wages aren't that high koests aren't that high you can apply a house for 100,000 dollars, in new york you know i don't know what you are going to bring for 100,000 tlardz if manchin voted for 15 dollar minimum wage people of west virginia would revolt i can't imagine you would ever vote for it bernie sanders tilt against businesses i gotten think this has a chance passing, would it be -- devastated especially west virginia by this proposal. >> now, now we're talking about taxing the wealthy which is exactly what i expected,
but when does it stop because if you start taxing people on the upper end doesn't that trickle down eventually, senator sanders joined by senator elizabeth warren and slew of other democrats cosponsors backing a wealth tax this bill would with levy 3% annual wealth tax on those worth more than a billion dollars, and additional 2% tax on anyone worth between 50 million, and a billion, you see examine economists estimating tax could raise trillion dollars over he have 10 years affect 100,000 americans kevin. do you believe that? we're. >> a no. >> talking about stimulus package right now 1.9 trillion dollars that is a sixth covid-19 bill when you look at all bills, together, this is 25% of the gdp you've got to pay somehow so i am fully
expecting a revenue raised package to come out, within next month or so, first your take on the wealth tax and raising taxes. >> the wealth tax is about stupidest idea ever berkeley economists o who the done revenue estimate have no, he credibility at all the bottom line way to think about wealth tax if you put money in treasurys you get less than 2%, a year, income. it is a wealth tax 3% a year that means that you've got 150%, income tax on wealth, if tax bigger than hundreds on income from wealth what happens, dozens around the world everybody stopped right away once you tax wealth that much people emfind ways to avoid it or get their wealthy the heck out of dodge, you know that is what will happen price of art go up a lot people buy paintings a shift prood people are going to hide wealth what you want to do if
you want to progressive veef in income progressive consumption tax some type, tax people when they buy stuff if they apply more than 100,000200,000 a year what countries around the world do trying to close revenue gaps, a wealth tax only a couple i think france, switzerland might be one still have a wealth tax everybody else found doesn't raise revenue causes all sorts of -- >> can they pull it off taxing ultra wealth? most people say that person is a billionaire they can afford it okay fine, even though the top 10% every earners still pay majority of taxes, but when you consider that we've got -- what? i mean so much money thrown at this economy last year, 5 5.3 trillion dollars in money that is enough to raise top end or do you expect other tags to
seep into the rest of us. >> absolutely there is a massive, massive helicopter drop of cash in economy about to spend 1.9 trillion dollars fed is going to buy most of that so it is kind of like a helicopter drop, to get ahead of the curve is virtually impossible with fiscal policy in perspective maybe you can close half gaps if introduced 20% value-added tax? i am not kidding. it is so basically looking at the the deficit they've given us only way out really is is huge, huge reduction in spending then probably there is a big increase in inflation as well to get to you cover every day in markets basically you know 10-year rate, is really starting to factor in much hire inflation than talking about because we've got a helicopter drop here oning spending 1.9 trillion fed -- >> yeah, we will expect higher
taxes waiting for this bill to materialize kevin i am really glad you went to lindsey group larry lindsey does fine work we will watch out for your research. >> thank you. >> and analysis kevin good to see you this morning thank you. >> thanks, maria. >> lindsey group. >> buying cheaper with an renting top cities for those looking for new homes plus a rare winston churchill painting sold for a record price wait till you see this incredible much more than people thought, and the celebrity that sold it you are watching "mornings with maria" live on fox business.
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maria: welcome back. home have buyers no need to be ware analysis from realtor.com shows buying a home is cheaper than renting in cities due to historically low interest rates top area that favors buying includes cleveland, chicago, pittsburgh riverside california and miami, work if home opportunities favor renting in technology markets such as san jose california, austin, texas sacramento california seattle and san fran joining me right now ceo it is great to have you this morning thanks for being here tell us what you are seeing in terms of buying a home i know very geographic different depending on cities what are your most important takeaways right now. >> a no i think you mentioned
good morning, maria. by the way, you know rates are very low, historically, so, first-time home buyers taking advantage of that miami as opposed to renting where taxes are reasonable, they prefer to buy even seeing some of that here in new york city, seeing a lot of first-time home buyers, because as you probably know we have a good amount of supply rates are low, so, people want to take advantage of that. we're seeing a good amount of that. >> okay. so has prices come you on or going up as interest rates have come down. >> it depends, i mean prices here in new york city have corrected a bit, because we do have an over supply but in other places like palm beach, greenwich connecticut, parts of new jersey, i mean prices have gone up because there is not a lot of supply so, as you know, supply and demand controls our real estate market.
it varies, but everyone is trying to take advantage of rates, and there is understand the all over the place. >> all right let me bring in brian belski. brian: just a quick question in terms of he correlation tags suburbia mass transit are you seeing flyover country in midwest are people moving out of big cities taking advantage of tennessee with knowledge south dakota in terms of taxes or is that trend over already? >> no, that trend is not over we sell a mot of migration from new york city to florida because of the taxes remains very much an issue as we know during pandemic because new york city is such an epicenter for that last people left went do hamptons, connecticut
florida for various reasons still seeing that an issue we have to be careful with taxes in new york city as you probably know a lot of city council seats are coming up determine the budget in new york city don't want to punish rich have the be er terra taxing i think hurts our city damages greatly as we know. >> an important point pierre de terre taxing how is that impacting people deciding to buy, sell rent what has new taxes done in term of business? >> it hurt us tremendously, maria i mean not a good thing, we don't want that -- that hurts people from coming here investing, having second homes new york city relies on that
it gives people jobs developers will not build people will not have jobs we don't want to punish people just because they are wealthy. they won't buy here, if you have punitive taxes taxes should be based on economics not politics. i hope that we can move away from new york city a bit, because we want to have, we need to be more moderate, moderate voice in new york city has been lost last decade loss to the democratic socialists agenda and i think we want to get back to the middle because that is the sweet spot. >> yeah. that is why you are seeing people move to florida. because money is mobile what we say every day on this program, they don't have to stay and put up with with this, beth friedman come back soon we love having you we will continue the conversation we will see you soon, we'll be right back thank you. lease the 2021 rx 350 for $429 a month for 36 months and
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maria: welcome back. time for the morning buzz so angelina joliescoring a huge payday not for acting a landscape painted by winston churchill, during world war ii. owned by actress just sold at auction for 11 and a half million dollars, christie's presale was between 2 and 3.5 million dollars, churchill gave this paint to go president franklin d. roosevelt has gone through several owners since i love this story because i love churchill and i just love hearing all about what he has gone through his story i know dagen you studied art history, what do you think of this painting. dagen: that is my major in art history wake forest people mock me for that this painting was worth this not because
winston churchill was great artist but because winston church hill was great leader brad pitt bought this for angelina jolie only paid less than million dollars for it 10 years ago, so went for nearly four times, what brad pitt paid for it has a very interesting provenance churchill gave it to franklin delino roosevelt made its way into hands of a movie producer bought it from antiques dealer in new orleans this is a testament that this sell a price how much money is sloshing around the global economy you might be over paying for bitcoin overpaying for gamestop somebody overpaid for that. >> well it also shows the regard and respect held for winston churchill, you would expect as well.
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maria: big thank you to dagen mcdowell and brian. have a wonderful tuesday. that will do it for us. "varney & co." begins right now. take it away, stu. stuart: it's a tuesday all day, maria. maria: yes, it is, all day tuesday. stuart: yes-man. good morning. a leading democrat, a man who wanted to be the president of the united states, andrew cuomo, governor of new york is indeed political trouble front page of the "new york post" tells the story, the governor came on strong to a woman he did not know at a wedding and she felt intimidated and a comfortable. is there is an investigation and while that's in progress the government of new york state is in limbo