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tv   Maria Bartiromos Wall Street  FBC  March 16, 2024 10:00am-10:31am EDT

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>> i like cement and rocks because everything is heavy and you have to get it from nearby, you cannot amazon aggregate, you have to get it from the local core, decent margins. >> easy business. don't mess with ben, he has ideas on cement that you don't want any part of. ben, meghan, al, great ideas. to read more check out this id on barron's.com. don't forget to follow us on x at barron's online. that's all for us, see you next week on "barron's roundtable". enjoy the saint patty's day weekend. ♪ from the fox studio new york city, this is "maria bartiromo wall street".
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maria: happy weekend all, welcome to the program analyzes the week that was in position you for the week ahead. i am maria bartiromo as congress wrestles with the fate of tiktok another pressing national security issue with china is happening at her own backyard, goshen a chinese electric vehicle manufacturers building a manufacturing in michigan that could be used by the chinese communist party to spy on the united states were worse that's according to top officials. watch. >> i don't think there's any question the get to take advantage of the situation and add to be very vigilant of what the hell is going on. that is just the way they operate, they will establish a manufacturing unit in whatever they can and then they will use that for their own intelligence. they will engage in espionage, that is top of the list and they
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will use this in ways that will leverage chinese advantage these plans are deeply dangerous to our national security and not be built. maria: the michigan plant would only be 100 miles away from camp grayling michigan's largest national guard training facility. despite all of this construction is moving forward in michigan has approved more than $700 million worth of incentives for the project joining me from house board affairs and energy in congress committee is michigan congressman john james great to see you thanks so much for joining us. i want to get your take on this plant being constructed right now in your home state. >> i been in the automotive supply chain for over a decade and i've seen this come for quite some time china has been at war with america for decades they want what we have they think in terms of centuries and dynasties were thinking about election cycles and borders. in 1949 the beginning of
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communist party they were a hundred year plan to be the preeminent defense power and economic power and because of democratic leadership in the beijing biden i believe the timeline has accelerated justin the second would have designs on the united states in building the middle class and also using espionage and intellectual property theft to get a leg up, you are seated right in your own backyard in places like gotion and they tried to fly spy balloons over the country and as they're using bytedance to tiktok in the propaganda arm of the ccp to twist her minds of the youth that's a reason why we must remain vigilant and hold the administration accountable and holding china accountable. >> what does that mean holding them accountable urine elected official, can you stop this. we know the communist party of
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china is in the gates of america, this is one more way they can answer their influence. >> that's exactly right that's the reason why i drop my no american tax dollars of the ccp act last year. and that's why i supported not banding but forcing bytedance to sell tiktok this year, this is why the tenth congressional district the main number one manufacturing district remain vigilant of the single points of failure in our supply base and recognize as not just the big plans we know about with the brand names but it's a mom-and-pop shop up and down in the tool and die and the machine and fashion that have owners who are 60 and 70 years old and they don't have the children come succeed, china is going to start buying up the critical chokepoint in our defense supply chain and they will be able to shut us down they cannot let a shot them down and you have
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wuhan witmer the michigan governor who is giving the tax dollars they can build the plants under our noses and not only threaten our economy but our national security. were pushing back from the u.s. house and it would be great to have the senate hop on board with us. maria: another big story we are following the number of americans trapped in haiti as a powerful gang does the country into chaos. there admitting they don't have any u.s. citizens need to be rescued live no plans for any evacuations. i spoke with one of your colleagues cory mills went into haiti to rescue ten americans himself he's done this before in afghanistan and israel and he said the state department has tried to stop them from doing so, watch. >> there is a lot of times you gotta keep in mind with afghanistan or haiti where they try to dissuade us from being able to go and rescue americans
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in the state department as a whole has failed the american people. maria: your thoughts? >> cory mills has it in the bags it's an honor to serve with to put our money where our mouth is and we have to backup our statement with action. cory's going afghanistan, israel and saving hundreds of people he went to haiti to bring back a precious michigan son but we still have a lot of people who are still over there and the fact that the state department has no clue how many americans are in harm's way we seen this in sedan and israel and ukraine and all over the world. this administration has lost control and i thought part of the business plan was essentially putting somebody with a steady hand on the wheel and somebody would restore trust and civility all over the world and we have a border crisis and inflation above 20% in the world on fire years ago before the
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penn democrats and the donald trump had this nation heading in the right direction we need to make sure the were doing everything that we can't address the root causes of why in our own hemisphere we have this chaos that will threaten stability and peace at home in very short order because the open borders how does this administration expect the gang violence and cartel violence in haiti and mexico respectively will not spill over into american borders with the open border. joe biden has the power right now the same power that he had to repeal the trump era border security measures that were working he has the same amount of power to reimplement and to secure our border and make sure that we stabilize the western hemisphere so we don't have the cartels and the gangs are permeating our communities and trending americans. maria: it's incredible, before you go president biden was campaigning in michigan on
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thursday he's trying to sure up the blue wall that is on 2020 after president trump flipped the state that in 2016. the latest poll shows leading in the crucial state despite this biden did not hold any big events in michigan on thursday he would not take any questions your thoughts on the support going into the election? >> biden support is waning in the state of michigan and he knows it, they are frankly, it makes me wonder what they know that they don't you have alarm bells going on in swing states like michigan all around the country and democrats need to be really calm makes me think that we need to make sure that we turn out and make sure our voices are heard we need to make sure that we don't believe the lies in the gas i did this biden administration is peddling. right here in michigan we know were paying 30% more for
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electricity and 20% more for groceries and 20% more for rent and we know joe biden is sending our jobs over the mexico and china and we know the uaw workers know directly across my office uaw region one we know the future an opportunity of less jobs because of the automation without a plan of repatriating in the criminal supply and the strategic petroleum are being sold to china and that we know beijing biden is selling out the american people he could not gaslight us into voting for another four years of this chaos in michigan is waking up with the rest of the nation is waking up to. maria: unbelievable, great points all around we appreciate your time. thank you, sir. inflation rising more than expected as more americans are using credit cards and 401ks to make ends meet ♪(sung) limu emu and doug.♪ hello, ghostbusters. it's doug... ...of doug and limu. we help people customize and save hundreds on car insurance with liberty mutual.
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where markets ended the week after consumer and wholesale of prices came in much hotter than expected producer prices at the highest level since september, janet yellen telling fox business that inflations pass lower may not be a smooth one, former atlanta federal reserve bank dennis lockhart, great to have you, thank you for being here, your reaction to the hotter the inspected inflation reading this week. >> you learn from being part of the feds that you don't overreact to one month it looks like some of the inflation numbers are going sideways a little bit but i think the disinflation story continues intact and i think that is the assumption of the federal reserve. maria: you have inflation elevated, oil prices elevated and growth slowing down. how do you see the rest of the year playing out in terms of the
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macro story. >> it is important not to conflate high prices with inflation, high prices are the result of previous inflation and we have a number of prices that are high and we mention gasoline prices, my reading on that there could be seasonal factors at work in the last numbers that we saw last month as well as a scheduled maintenance of refinery assets across the country. i don't think we overreact to one-month numbers, this is a pretty solid economy is growing above the long-term trend. employment is quite good and i believe we continue to see disinflation so i would say overall is a positive outlook for the year. maria: meanwhile household debt is at a record high we see a rising credit card delinquency
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there is a report from vanguard showing a record number of americans are making early withdrawals from their 401ks, you also got worries about by now pay later schemes a lot of credit card usage, does any of this alarm you in terms of the macro story? >> it's worth watching it's not a good omen that people are contacting the retirement for current consumption, it reminds me of the. back in 2007, 2008 were people were using the equity in their homes as an atm that's not a good sign, i don't think necessarily that is the total story so i will look at those developments in the context of what is an overall positive picture. maria: an overall positive
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picture, even though inflation is elevated and you have economy indicating that some slowdown from the peak, do you expect the fed will be able to get inflation down to 2%. i spoke with jim grant, the founder of grants into street observer and he said maybe the fed will change their target and realize you're not going to get to 2% anytime soon maybe they will realize the cut is not in the cards we need to see an increase in interest rates, your thoughts? >> look at the total story, inflation peaked at 9.1% in 2022. is not running according to the fed's preferred measure at 2.8%, that is down substantially, i think there is a reasonable argument to continue to see progress as economy comes into better balance.
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maria: do you think the fed cuts rates this year? >> the conventional wisdom is probably sometime in the summer started in the summer i think it will depend on the inflation reports and whether we see a continuation of a sideways drift in the inflation numbers, i think the feds default motive at the moment is to be patient proceed cautiously. overall rate cuts will be justified this year. , right now there is more doubts than there was a couple of months ago. maria: we will leave it there, great to see you. thank you so much. >> thank you. maria: dennis lockhart joining us moderna mechanical emergencies for boeing this week. some airlines are changing their flight plans to deal with the issues all talk to
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i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi on the xfinity 10g network. maria: welcome back. the woes but when continue with seven recent incidents resulting into emergency landings. the plane manufactured expensive everything from mid air fuel leaks to blown tires, the issues are taking call on airlines preparing to receive fewer boeing planes issue than expected southwest is cutting flight capacity and reevaluating the guidance for the year. alaska air says his planes are in phlox and united has paused hiring new hiring while the looks of boeing's competitor airbus in my next gases ahead of the curve, joining us the ceo of frontier airlines. the full, frontier and all
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airbus fleet. thank you for joining us. >> thank you for having us. >> has boeing issues decrease for frontier flight tell us how you are viewing all of this. >> we seen interest in all airbus travel. it's hard to isolate. we are doing somebody other things this year end big changes that have made it more attractive, it's hard to isolate how much benefit from being all airbus but we believe there on the margin that there is benefit. maria: when and why did you make the decision to go all airbus. in retrospect a brilliant call from a safety standpoint people want to feel more comfortable giving all the issues that were seen for boeing, what lead that decision? >> i cannot say what happened originally airbus was installed into frontier when i came ten
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years ago but was subsequently madmade two additional orders wh were all airbus and we've been all airbus for a long time is not because of the current challenges that we benefited from that recently but we do wish but we well i know they have a lot of challenges but we are fortunate today to be all airbus given the situation. maria: you sure are, as an observer what do you think is going on is this an oversight problem, an faa issuer specific to boeing, what do you think? >> i'm not an expert on the challenges there and i don't think i would be the right person to, what's causing the issues. but all i can say is were excited about what were doing and were having a great airline ourselves were number one in completion and have some flights through february year to date.
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maria: jetblue and spirit have agreed to terminate the three-point billion-dollar merger after a federal judge blocked the deal, frontier tried to merge her spirit before jetblue actually came in how do you view what is taking place now your thoughts on the failure of this deal? >> i think the merger is over and i don't think you're going to see another low cost merger anytime soon. the big story in the airline industry and low cost basis is a reduction in competitive overlap that we've seen in florida you will continue to see that happen and that will unlock profits for low-cost space and that is something not all these carriers need to focus on but i don't guess you merger anytime soon. maria: you recently discussed near-term catalyst for the company and the stock because of your redeploying capacity from highly competitive markets such as las vegas and orlando to underserved markets, tell us about that. >> that's what i mentioned above it ago i think that will be the big story this year end the airline space how they had too much overlap if you will and we
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have been aggressively leading the charge and move it away from florida and vegas and moving into the cincinnati and the cleveland's of the world and giving them nonstop service with a good habit for especially with low fares, a big story for us cleveland and cincinnati and san juan and other places in bringing low fares to places that didn't happen. maria: it's a big deal for flyers, you're not suited to program for flyers up front plus you keep in the middle cmt? >> that is right. we watched up front plus a european business class if you're familiar and we block the middle seat so we offer up front plus two in a premium economy and another way that people can get extra space in a more comfortable experience. maria: where you believe growth
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comes from in the next three. >> five years? >> i think you're going to see a lot of growth, from what i mentioned which is moving away from florida and vegas and more into the heartland of the country the other two thirds of the country needs low fares and stop service and i think you will see us continue to exploit the and the gateway to the care pn in puerto rico that will be the big story for us. maria: congratulations to you and your team, thank you for joining us. 'you for happiness. frontier ceo barr barry biffle h welcome to ameriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcía's, love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence. my sister's told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial.
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study finding the tournament cost employers more than $17 billion in lost productivity, the decreasing output coming from employees taking the time from the workday to watch games and fill out last-minute brackets and while you wait for your games to start tune into "mornings with maria" 6:00 a.m. eastern join us every weekday. i'll see you at 10:00 a.m. on sunday morning on the fox news channel join me for "sunday morning futures" live have exclusive interviews with james comer, department of defense chief of staff kash patel, anna paulina lul luna and ken paxton. i will do it for us. thank you for joining us have a great rest of the we i will see you next time, happy saint patty's day we can to all of those who are salivating. >> "barron's roundtable" sponsored by global

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