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tv   Mornings With Maria Bartiromo  FOX Business  May 29, 2024 6:00am-7:00am EDT

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it further kudlow thanks for watching folk.
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♪ ♪. maria: good wednesday morning everyone. thank you for joining us and sporting. i am maria bartiromo wednesday may 29, the top stories, 6:00 a.m. on the east coast, texas the tongue futures are pulling back a bit of a selloff underway, aftermarket momentum on wall street, the subsite evaluations are getting in the way of the market momentum, yesterday the nasdaq of all-time record topping 17000 for the first time ever the second straight record close driven by nvidia and a.i. optimism the definition got better than 200 points at the selloff continues this morning with another trigger point selloff right now investors are keeping a close eye on key economic data about the next reader first quarter gdp in the april pc out this week as another inflation reading will signal the next
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move interest rates, commodities look like this, oil prices up, metals are pulling back in momentum and commodities incredible moves on the upside throughout the last several months, copper and gold pullback european is in the red take a look at the eurozone we have declines across the board in europe, and asia overnight markets finish mostly lower as well the one bright spot was the shanghai composite flat upper for act and refraction, doctor anthony fauci said to testify in front of congress after explosive e-mails show his top aide tried to hide current virus information from the public, were talking about it this morning. all eyes on president trump new york courtroom today as we expect the judge to issue instructions to the jury after the prosecution in the defense made the final arguments yesterday. joining to the conversation michael lee strategy founder michael lee is here, gop political strategist and boundary stone partner senior
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vice president emily dobbin etches here, "mornings with maria" is live right now. ♪. maria: time for the hot topic of hour former presidential patch many trial resuming today at 10:00 a.m. eastern, judge mershon will give instructions to the jury which should take an hour then they will begin deliberating, jurors heard eight hours of closing arguments yesterday the court went late to accommodate the prosecution five hour-long presentation which focus on mainly whether the star witness michael cohen can be trusted, trump attorney todd
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blanche spent attacking his credibility calling him the gloat, the greatest liar of all time and after weeks of avoiding the child the biden campaign showed up outside of the courthouse for the event of their own they took jobs of the former president with the help of hollywood actor robert de niro, watch this. >> i love the city, i love this city i do not want to destroy it, donald trump not only wants to destroy the city but the country and eventually he could destroy the world. i owed this city a lot and that's why it's weird that donald trump is across the street because he does not belong in my city but this is pretty accommodated and would make room for clouds but not a person like trump who will eventually run the country that does not work.
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maria: after the bizarre event, de niro lashed out at trump supporters, watch this. >> were trying to be gentlemen in this world, the democrats, you are denseness. >> you are a nobody your movies [bleep]. maria: what is seen the jury will deliberate until 4:30 p.m. and it will continue if a verdict is not reached, deliberations could last from a few hours to a few weeks, emily, michael great to have everybody, your reaction. >> is insulting to see robert de niro stand there and act like he is an average common man, this is in goodfellas he looks like a grumpy old man and is out of touch with americans today because most know this is a sham trial and is blaming trump or what biden created and biden is a dictator and he allowed for a
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raid at mar-a-lago and continues to allow millions of dollars to flow to iran who is our enemy, he's a mosque cheerleader and has not stood for jewish students at universities, he does not know crt it's shocking to see what's happening. maria: it was shocking to see robert de niro downtown yelling at trump supporters it's really bizarre. >> it's wild i don't what to get my political advice from robert de niro and get idle want to give him active device, makes a lot of sense to try out by the left to be put on the table to say everybody should be worried about president trump in reality as you said people are concerned about the economy lawmakers are not hearing from the constituent about the child or hearing about gas prices. >> it seems like the democrats always do or attack their opponent with the what they're actually doing biden has been the threat to democracy. >> this is unbelievable in
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things that de niro was saying trump was going to do to the country is what biden is doing right now, the democrats are turning the country into a third world hellhole. it's unbelievable to watch this play out, even the most vitriolic trump haters cannot believe how weak the case is and all the things that are, in the court case in the crimes of michael, has confessed on the stand are far more severe than what they're accusing trump of. another thing of all the actors maybe we should not take political advice or life advice from adults who pretend for a living. maria: a great point karine jean-pierre sidestepped the question about the report that president biden will speak publicly about the trump verdict even the biden will speak from the white house, he wants to speak from the white house setting not a campaign setting to make us believe that the statement is not political,
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watch this. >> argue to be super mindful as i always am when it comes to especially this ongoing case and as you know the former president as a presidential candidate, i'm not going to comment on that or speak to an ongoing case into someone who is a candidate for 2024. maria: how rich, she doesn't want to talk about it, somebody that's a candidate but those do a press conference with robert de niro and president biden will do a whole statement from the white house was a verdict is reached. >> the gas lighting the american people it's an illegitimate case and were constantly seeing joe biden allowed for the third person in the justice department to go and prosecute the case should you so biden allowed the show trial and he's been speaking from the bully pulpit from the start of the case it is a sham. maria: let's take a short break. were watching the case closely.
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we'll take a break and take a look at markets are selling off after the nasdaq hits another new record high fueled by technology and a.i. optimism, chief investment officer john lynch is here on where investors are poised ahead of the economic data dropping, homebuying how the younger generation is getting assistance to buy their first property. we'll talk about it, you're watching "mornings with maria" live on fox business. we'll be right back. ♪
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b1 welcome back a selloff underway but markets are green across the board so far the
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sure, take a look at the number the dow industrial 3% 2024 s&p upper level did a quarter percent, the nasdaq of 13 and a third% year to date, the ten year treasury yield right now is trading up two basis points, investors are expecting that the federal reserve will not cut interest rates, the yield sits at 4.57% and will beat up, futures market pricing of 50% chance that the federal reserve will cut interest rates for the first time in november we have a big week of key inflation data on deck the second reader first quarter gdp out tomorrow economists are expecting it to grow 1.3% that would be down from the initial read of 1.6% were also getting april pce on friday the federal reserve favorite inflation reading co-american chief investment officer john lynch great to see you and thank you for being here how important are you focused on the numbers in terms of the
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impact on stocks. >> most important on them the fed is data dependent and continue to emphasize that in the gdp revision is not that important but what were focused on his sharing with our investors and think about what ppi and cpi was tracking for pce consumption index in the 2.8% range maybe three times of 1% increase but on the gdp i think it's more important to focus on what we seen with claims and durable goods, businesses are spending on employees and capital so consequently there is a confidence factor that can help her in the 2% dish gdp pays for this year. maria: a selloff after the record close for the nasdaq, the nasdaq down 112 right now, dow industrial.222, mike lee jump in
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i want to get your take on where the stocks go i'm reading fun strat from thomas lee he said despite the dip in number one high probability that june is a product at your probability market and inflation data points. not only to pce friday but the cpi coming out on june 12. he says $6 trillion and growing cash is on the sidelines still good wiggle room. >> the new highs mean one thing more new highs if you look at where the fed is there is a debate but there is no chance that were going to get another toy to five basis points are 50 basis points increase in reach engine interest points. we have expanded economy debatable whether the solving down or how much growth but were not looking at a recession or anything falling off the cliff, the earnings were raised intra- quarter in terms of estimates.
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that almost never happens in estimates may be too low for the year, when all they converge into tremendous time for stocks to run in the fact that were seeing new highs, really means the bullish factors where nobody is out there in bullish. i seem to think that we will continue to rally far past what will people expect. what are your thoughts? >> thank you michael, you make a good point on earnings having been guided up during the quarter some basic good point, it's also important to watch what treasury is doing if we have go down it could be another combined with fed balance sheet and additional borrowing we could see another three or
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400 billion and the economy to keep things going. a lot of investors are concerned about the seasonal weakness. and i'm sure when you enter maine that trends devote well for the next three months though if you've pretty encouraged in the sap traded the 49 - 50, 52 range breaking out of that, i would suggest we could go to 5500, 5600. i just want to make sure the math works the earnings can justify that. maria: is a great point, tom lee thinks we will see the s&p 500 touching 5500 during the month of june and the bullish call similar to mike's bullish call, we lied and that estimate hits another all-time high powered by nvidia and optimism around a.i. one item to look at is earnings season in our earnings season.
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maria: what about the tech sector in the leadership should we count on that to keep the momentum going? >> yes, anytime you see capital investment that is a positive investors must arrive from those decisions and what i also think it's impressive in attack se sector, semi conductor is relative to software, software will be the defensive aspect of technology and semiconductors can be viewed as a cyclical aspect in the fact that it's outperforming software bodes well for the tech space going forward. maria: oil prices are inching higher how shareholders approve the $53 billion merger deal with chevron despite the dispute with exxon mobil over the aspects in guyana under a joint operating agreement.
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i spoke with chairman and ceo of chevron the global institute conference. even as regulators are watching this. watch. >> this is a good deal for both companies, it's good deal for the industry in a good deal for the country of guyana will close were working our way through the ftc was sure hoping it will be completed in the shareholder vote at the end of this month in a contractor she will while the other partners that will be preserved for o. you think this coaster despite the obvious pushback from government on big deals recently? >> i think it will go through and i think that will be positive for the industry. in spite of what the sector has done, it is still not where historically it's been relative as opposed to energy as a
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percentage of market cap for the overall index. when the five, 6% anywhere from 8 - 10% range. getting animal spirits back in the tech sector. i think overall market that would suggest that were nearing a top and to the degree start getting to my point of capital investment and m&a activity in the real key is not opec producers. maria: john lynch joining us on markets. thank you, quick rate cast in public is a ready to move on market of 12 funding bills as democrats accuse them of shutting down the government before the election. ralph norman is here with the house stands before the august recess. stay with us.
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a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works. maria: welcome back house republicans planning a
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government strategy for fiscal year 2025 aiming to markup 12 spending bills before the august recess, the appropriation committee approved legislation to fund military construction, veterans affairs and related agencies last week. house minority hakeem jeffries go after the gop spending plan. >> extreme maga republican majority has unnecessarily decided to engage in political stance and gamesmanship by markina appropriation bills. the extreme maga republican to understand the dynamic are trying to set down the government there sooner americae in advance of the election. maria: south carolina congressman ralph norman that budget financial services and rules committees. how do you respond to hakeem
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jeffries? >> that is laughable, for him to say that. he's laying the groundwork for more spending. higher taxes here was the trial of approach to come up while the democrats control the house in the set. let's put this off to january with the new president. i think the control of the house and the senate and bring fiscal sanity back into what's happening in washington, d.c. and get americans relief, it's not happening now. maria: why is it been so hard for the republicans to get out of nancy pelosi's budget and secure the border?
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>> it should not be that hard. maria: it has been. >> that's why we pressured and tried to ask the speaker mike johnson to put border above everything to basically say were not doing anything until you show the border down and making do that with rushers are in place and up until now, speaker johnson has been unwilling to do that. maria: after same shall be voting for president trump, haley visited israeli gaza border and met with victims of october 7 attack, haley leaving words of encouragement for the israeli defense forces are laying finished them on a rocket shot, haley is still wanting to become trump's secretary of state perhaps or something she could be trump's running mate, roger marshall pointed out
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people in primaries are voting for haley suggesting truck needs to find to appeal to the cooper people. what do you say you were a supporter of nikki haley can trump get nikki haley supporters to vote for him. >> absolutely. i think most americans know another four years of joe biden will completely derail the observer in this country we cannot stand another biden administration. >> you cannot just like all the voters that follow her. whoever brings the numbers over to get him into a second term. that is the whole ballgame in nikki haley brings out, does she wanted, no, she did not start out wanting it but she wants america to be successful in america to get out of the train wreck that joe biden put the country and. maria: will her supporters follow her lead and vote for
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trump regardless of whether or not she's on trump team? >> absolutely, this is better than the democrat republican this is to save it where. >> he said he would not discount haley as becoming trump's vice president saint trump was a ready made the woman who wore her in the trump administration. you want him to make her his running mate? >> that is up to president trump. but i think he needs to pick that person who will bring the most firepower to him being reelected. it may be that person. nikki haley comes to the top of the list however, you want to
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capture. i think she would take it. it's not something she wanted with this history then she will. he wrote on truth social it's not hurting what is here of secretary of state? >> she will add value to any office of the administration that she takes him that she decides to do, here what president trump has, it may be one person that brings more strength to the ticket that attracts young or old people, that is nikki haley. but it's a presidents decision and help make the right dec decision. maria: i like what she said i want to be in fairly, she does not want the biden team to take his name off the ballot. our focus on the hush money trial, the trial resumes at 10:00 a.m. eastern judge mershon will give instructions to the jury and they will deliberate the prosecution closing argument trump took to true social writing boring and he called a
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president biden before heading into the courtroom. watch this. >> make no mistake about it. i am here because of cricket joe biden the worst president in the history of her country he is destroying our country, it's been destroyed rapidly, not slowly, rapidly on the border and energy, inflation, everything you can name. afghanistan removal, he also destroyed nuclear weapon authorization. maria: i know you attended the trump trial and supported him going down there. do you think you can get a fair decision from this jury but did you learn from us, the judge for him is not what you become a
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judge marsh on his partisan talk about a conflict of interest. i hope the jury will get it and they will end the tragedy of justice which biden administration has terrorized the country with. maria: real quick, emily is with me this morning. go ahead. >> he talked about wanting to influence speaker johnson, do you think the passports of president trump had damaged the ability to freedom caucus to influence a speaker particularly with president trump endorsing john mcguire over the freedom caucus chair bob good in virginia the past weekend? >> that was a surprise. but again president trump does what he thinks he needs to do and i think most people the freedom caucus is leading the way with trying to get the country back on track. donald trump is only one that
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can do that. politics are secondary to this. this is not democrat republican, this is to say the republic and we have got to have a change politics is something we gotta get past. maria: it seems to be politics laced and everything in this administration of the democrats that will be focused on so much. we appreciate your time will be watching all of the above, ralph norman joining us. a quick break israeli tanks enter rafah for the first time as the white house remains vague about the redline on the ground incursion, former state department christian whiton and is here to weigh in. you won't believe how much robert f kennedy junior spent to get his name on the new york ballot, wait until you hear this, stay with us. ♪
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the number of muslim and arab boats and turned off by what's going on in gaza. so the administration. obviously, this is the rafah and it goes very slowly
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partly because of the administration now pushing up against nine months but is happening to the administration of that does not want to say that is fully opposed to what is israel is doing even though it's been pretty unhelpful thro throughout. maria: the administration is been criticized in telling israel how to deal with their retaliation, the u.s. military is suspended the use of the to pray floating off the coast of gaza after it was damaged during the severe storms, is expected to take a week to repair it, the administration spent 30 to $20 million to construct the. , here's the state department and what had to say about that, watch. >> they put a lot of money into this event lasted for less than two weeks. >> well, and those two weeks what i would say is over a thousand metric tons of aid got to the people in gaza so i don't think that is a total loss.
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if you want to characterize as a failure, i leave it to you. what i can tell you, we don't control the weather. maria: the pentagon admitting while the. has been used to transfer 600 metric tons of aid, none has been delivered to palestinian civilians with some of it being intercepted by looters and terrorist groups, your reaction. >> this was a complete joke nobody heard anything about the spear and tell 15 minutes before the state of the you did address was locked in preparation and delivery by president biden this was purely a political gesture on the state of the union inviting can say were doing something more than israelis were doing on humanitarian aid in their going to build the. without ever putting any troops on the sea side of the. and building from the ground in an is purely nonsense and the fact that is washed away with no
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impact whatsoever in the humanitarian situation is not a big surprise and never was intended to make a debt in the situation and it was intended to create the appearance of activity by the white house. maria: how do you see things. >> i have to agree this is clear as mud because you're seeing joe biden lawful israel has been clear ensuring that they wipe out every single military installation this far in the white house as signal that they're willing to step in and stand with israel it's another step were seen hamas protesters on college campuses and were disrupting what americans believe to be safe and secure and extended that by not providing safety and security for israel who is a greatest ally. maria: it was disappointed the way the joe biden waited so long to weigh in on the anti-somatic college protest and of course it
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has to do with the election because he is answering to the pro-palestinians. >> i think president biden is stuck between a rock and a hard place. on one side the reliable democrat use a boat that has sugar for democrat candidates who is abandoning in droves. on the other standing bipartisan support for israel that makes a very, very challenging for president as weak as joe biden to walk away from israel and the context. maria: then there is ukraine president zelenskyy warning a president biden mississippi summit in switzerland next month washington president putin will applaud his absence and they signal the support for the summit and biden will attend, they are quoting the bad policies and weapon shortages hurting ukraine's fight and they feel abandoned, your thoughts? >> the summit itself is weird it reminds me to end the syrian
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civil war were the main combatant to isis another combatant that the warrant invited in this case the conditions that would require it to attend acceptable in the peace summit with the combatants russian president in what is completely lacking from the administration beyond what's going to happen in switzerland to win or in the ukraine war, how are we going to get into negotiation with russia which is a requirement unless you have a plan for unconditional victory or defeat, this administration doesn't seem to have any more vision but to provide the minimum amount of weapons and funds in ukraine to prevent a collapse. it's more a political strategy that a military strategy as we seen in so many parts of the world would disasters. maria: great analysis, thank you so much. christian whiton and, i'll be speaking with human rights
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foundation in the 8:00 a.m. hour with more on ukraine in the middle east tensions, join us for the interview coming up. i have the younger generation is reaching out for help in buying their first home. you are watching "mornings with maria" live on fox business. that is next. ♪ daughter: hey, dad. dad: hey, sweetheart. daughter: what are you doing? dad: i'm gonna clean the fence. daughter: it's a lot of fence. dad: you wanna help me? dad: aim at the wall, but get closer. daughter: (gasps) what the?! daughter: alright. dad: side to side. when you work with someone who knows a lot and cares even more... you can do this. ...you're unstoppable. (♪)
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so you don't have to compromise. powering smarter savings. powering possibilities. maria: welcome back. half a million people without power in texas this morning after another round of severe weather in deadly storms battered the state with heavy rain and hurricane force winds, serial console new with the detail. >> seven people were killed in cook county when it ripped through a mobile home park that happened saturday leaving the community in shambles and a series of severe thunderstorms killing one other texan in damaging dozens of buildings with baseball size hail and hurricane force wind gusts, heavy rain and winds down trees because multiple car crashes on interstate 35, two homes in frisco were struck by lightning and one caught fire, grounded more than 700 flights in interfered with state primaries
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as voters was forced to stay home, it the force may be over but texas will likely get 2 - 3 more inches of widespread rainfall throughout the work week reaching up to five more inches. one of the americans detained in turks and caicos will be released on time served, virginia native has faced up to 12 years in prison on the island for knowingly leaving to stray bullets in his luggage, he was arrested in a cruise ship late april when they found the animal and took him to local police, he pled guilty and sentenced to time served, he must pay a $9000 fine and four other americans have been arrested since february for having a mediation in their bags, the rest at the airport in the string of arrests of travel concerns for americans due to the territory strict gun laws. presidential candidate robert f kennedy junior shelling out more
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than $1 million to get on the ballot in new york the camping gathering 45000 required signatures paying workers $90 per hour to do it, the campaign writing the state of new york has stacked the deck against independent candidates in the worst fight possible to stop what we achieve today. and jobs pay about $35 an hour or so that's according to zip recruiter, kenny says a collect and turn get 135,000 signatures, he is now on the ballot in seven states. finally this first time homeowners are asking for help to buy the first dream home from their mom and their dad the kids are asking the parents to cosign their loans or help them come up with a down payment. according to economist the housing market credibly unaffordable and those that are succeeding are using a lot of
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cash, large down payment to getting the family support to do it, high interest rates and tight supply on the market out there. and there has been more building of new home construction in a picture of a new home being built. that is helping in certain states. and there is a crunch of the market and a little bit better than a year ago. word is coming out in the spring buying season is a hot time. maria: mortgage rates are 7% or above, mike has locked out many people from actually taking out the mortgage, the walking away from deals. >> there is still stress in the banking market because you could see wanted to 75 basis point spread between the ten year treasury and the 30 year mortgage between trigger 50 - 30% in the range right now you have the stress of the banking market in the large part to the feds manipulation of the mortgage market buying so many mortgages during the pandemic and the balance sheet and tried
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to reverse that make it a really hard for things to go on the market and the developer. maria: that's a good point. >> the developers also need to borrow money to build homes in most people in the building industry remember 2008, 2009, 2010 and will gladly build slowly so they do not have the trauma that they had in their lives almost losing everything get a lot losing everything in the post financial crisis world. the new supply is awkward to come on the market that quick. >> you point out about new homebuilding. the new homer offering the incentives and will give you a couple points of the mortgage and we will give you extra things in the kitchen and garage component. they are working more than i've seen in past years to get buyers in the door that's a developers. >> the stocks are doing well and
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the number of homebuyers versus supply coming on the market nowhere near. this is an issue that is going to play out in the election with the use of voters becoming more disenfranchised, after the financial crisis they wanted to live in apartments and on top of each other injuring 2020 you would a decade of that reverse itself quickly, crowding out a lot of the people from the housing markets. it's going to take years to sort out if it gets sorted out in the next decade. >> at the grover complicating the high interest rates that we see as a result of joe biden's academy make it difficult for renters to buy a home. it's something that makes it impossible for the market. >> when you look at the youth voters everybody's paying joe biden's tax 20% since he was inaugurated weather on restaurants or leases or basic
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groceries and gas and now you want to take that and ask young voters to scrap dollars together to afford a home it is unaffordable unattainable and the american dream seems further and further away under joe biden's america and this is why biden is losing voters right here right now. maria: that's why they're going to mom and dad, here comes the parents to the rescue. on top of all the other inflation and expensive items, were to take a short break, when we come back democrats and full-blown freak out mode were talking about at the hot topic of hour, "the big money show" brian bromberg will join the panel in the 8:00 a.m. hour getting his thoughts of the biggest stories of the day "mornings with maria" live on fox business. we'll be right back. ♪
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maria: wednesday morning. thanks very much for joining us, i'm maria bartiromo. it is wednesday, maybe 29, just before -- it is 7:00 a.m. on the button on the east coast. time for the hot topic of the hour. the white house giving

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