but when you get your tools from harbor freight something about the job feels different - your wallet. whatever you do, do it for less, at harbor freight. ♪ ya know, if you were cashbacking you could earn on everything with just one card. chase freedom unlimited. so, if you're off the racking... ...or crab cracking, you're cashbacking. cashback on flapjacks, baby backs, or tacos at the taco shack. nah, i'm working on my six pack. switch to a king suite- or book a silent retreat. silent retreat? hold up - yeeerp? i can't talk right now, i'm at a silent retreat. cashback on everything you buy with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. this is "maria bartiromo wall street". maria: happy we can do all walking to the program that analyzes the week that was in

hopes position you for the week ahead. i am maria bartiromo, the biden campaign in crisis mode hammering supporters and big money daug donors after the bigs news conference at the nato summit on thursday night making some unbelievable gaffes, watch this. >> i would've picked vice president trump to be vice president to think she's not qualified to be president. it is and gentlemen president putin. president putin. look folks, well, anyway the limits have acknowledged that. >> there's reporting that you need to go to bed earlier and the evening at eight. >> that's not true i love my staff but the ad things all the time. maria: all of this only feeding into the growing number of democrats begging for president biden to step aside. >> he cannot do another four years he cannot be donald trump.

i feel hoodwinked. >> we cannot be here anymore, this needs to be resolved. >> the problem of course he's trying to unring the bell that was wrong in the debate, the real question should be the candidate and i have doubts. maria: the new york times is reporting longtime biden advising campaign officials are now discussing how to get the president to into his reelection campaign including pitting, here's against president trump instead. here's an overwhelming majority of voters that think biden should drop out. 85% think that he's too old to serve a second term, meanwhile donald trump is repairing for the republican national convention that kicks off next week in milwaukee, wisconsin we will be there live all week i'll report on all of the action every morning on "mornings with maria" on fox business weather trump will be naming a running mate into the running mate to is coming here to take it all up virginia congressman ben cline,

good to see you, what is your reaction to the movement against president biden with calls to step out of the presidential race. >> it was an amazing week in washington where reporters didn't pay any attention to republicans and they wanted to quarter democrats and pester them with questions about joe biden, we got to watch as half of the democrats said he should stay in and half said he should stay out in the drip drip drip is continuing and jim hines is the ranking member of the intelligence committee to step up and say enough is enough we should not hang on every word that biden says to see if you going to flub again it is time for replacement. maria: i want to get your take on what's going on with voters, do you think we are going to see president biden is a nominee come november? >> my voters have long thought that biden had challenges,

cognitive challenges so they are not surprised, they have been surprised of the press tried to pull a fast one and now driving the train to force him out. this is the worst place for joe biden to be or democrats to be because joe biden performed well enough at the press conference for those who wanted to stay in and continue on that track and made enough flubs so those who want about can continue to push them out. it's going to continue to drip, drip, drip in the voters will continue to rally behind donald trump who is doing very well. maria: our viewers were also not surprised in any way by all of this as we've been pointing this out for a couple of years now with doctors who have come on this program to say just that. i want us shipped to the election with key states, pennsylvania upcoming critical senate election.

china is taking center stage. several reports are showing the democrat and cabinet senator bob casey has taken thousands of dollars from chinese linked companies and he oversaw a multimillion dollar investment from a state pension fund into a firm back by the ccp. in the list of other connections that china connection goes on and on. what is your take on this? >> china's attempt to really involve itself in every area in our economy has been going on for several years, the democrats have played cozy with china for many, many years, it's no surprise that senator casey has worked to help chinese government affiliate investments whether it is pension plans and their investment or votes when it comes to oil investments, these types of things are all too common with the democratic party so when casey is in a

tough race for reelection, voters are going to be concerned that china is playing too cozy with u.s. senators. maria: let me get your take from the china select committee because house speaker mike johnson is pushing for a new tough on china bill that some on wall street say it will include delisting of chinese company from the new york stock exchange and the nasdaq, what you expect from a potential china will enter china bill and does that mean chinese companies get delisted. >> that's under discussion, the breath and depth of what the bill would actually address, we continue to see on the china committee efforts by china to capture market share and sensitive technology, drones are an area where we continue to see chinese efforts to capture the market in the use of chinese made drones in this country is dangerous. we do have to take steps there

and whether it will involve delisting companies on wall street remains to be seen and i differ the speaker and we look forward to hopefully passing a bipartisan bill, all of these issues have been bipartisan when they do with china national security and hopefully password this year and if not immediately when we come back next year. maria: meanwhile a federal whistleblower is sounding the alarm at a senate hearing this week over the gross misuse of taxpayer money at the border, they highlighted biden's failure to protect migrant children from trafficking abuse, watch this. >> what i discovered was horrifying, make no mistake, children were not going to the parents, they were being trafficked with billions of taxpayer dollars by a contractor veiling to that sponsors and process children safely with government officials complicit

in it. maria: you're on the house judiciary the put out the report detailing how this administration funneled tens of millions of dollars to reward illegal migrants with services like legal advice and mental health support, what more can you tell us. >> it's infuriating that we not only have seen complicity from this administration working with those who want to bring as many illegals over the border as possible, in our scene taxpayer dollars going toward human trafficking efforts it's really shocking and is a member of the preparation committee in addition to the committee i've spoken to the chairman tom cole about looking into the office of refugee resettlement where the whistleblower comes from and the shocking allegations about the care of these minors, were get a look at that on the appropriations committee, javier

safir has been a willful job at the department of hhs, he needed to go a long time ago he's been a ring partisan for many years in the house just as partisan in the hhs's real damage that is costing lives and putting children at risk we need to take action immediately in the appropriation bill is probably the best way to do it. maria: these are very serious charges and will be watching your work, thank you for being here this weekend ben cline joining us. thank earnings rolling in friday and were in the upcoming week the june ppi coming in hotter than expected, economists on how inflation will play into the fed's next move in the second quarter earnings season is all coming up. stay with us. ♪

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major banks kicked the second quarter season j.p. morgan chase, wells fargo city beating on earnings and revenue as a quarterly june price index came in hotter than expected year-over-year up 2.6% in month over month to tens of 8%. this after the consumer price index came in cooler than expected annually at 3%. federal research jay powell putting a pre-election rate cut on the table will testify before congress this week pointing to a cooling labor market. he says it's not political, joining me chief economic advisor in ceo of pinko mohamed el-erian. great to have you, thank you for joining us. i want to get your assessment on the macro story, take a look at the inflation numbers we got this week. how do you view them and how would you assess the macro growth story right now for the u.s. economy? >> the main message that is, from the inflation report that you just mentioned his first

demand is beginning we've seen demand destruction with people are simply not buying as much as they can by, companies are losing pricing power and that speaks to a bigger phenomenon that the u.s. economy is weakening at a faster pace than most people expect including the fed. the second element that came out as a supply-side is a problem while demand is weakening, the supply-side continues to result in sticky ppi inflation and it means that companies are going to face is grease on the margin and make really difficult decisions as to how much they want to pass on the high cost. maria: that's what i wanted to get into because were at the start of second quarter earnings season and i'm wondering what the hotter readings are going to show up in margins for corporate america, what is your expectation for the second quarter earnings.

which just began on friday? >> i would encourage everybody to listen carefully to what companies are telling us the reason why the fed and others got a big inflation call wrong in 2021 when they called inflation transitory, they didn't listen to what the companies were telling them and at that point the company were telling them the cost were going up in refacing strong demand and confidence to pass on the cost in terms of higher prices and lo and behold we got the high prices and the fed had directed as it was in transitory. now were getting here something very different in the next couple weeks, were get here i suspect companies confirming that there seen softening demand, seeing consumers turned off by the level of crisis and are going to express concern about the ability to pass on the high cost because of less

pricing power that's what were going to hear it is going to come ahead of the macro data and will start reflecting the weakness in the next few months. maria: how weak can the macro story get, are you worried about the u.s. economy moving into recession next year? >> i put the risk of recession at 35%, the risk of a soft landing meaning we slow a bit but nothing dramatic and 50% in the risk that we get a positive productivity shock from what's happening in life sciences and generative a.i. and sustainable energy at 15%. depending on whether you're optimistic or pessimistic you will think that 50 plus 15 of a soft landing is something better i like that or 35% of recession that is really high for an event. recession is not my base case, it assumes importantly that the

fed starts cutting rates. as you know the impact of monetary policy comes with a lag and if the fed falls behind that it will not deliver the soft landing, we only had one softly ended the last few decades and is 1995 when the fed moved early and recognized its policy asked with a lag, unfortunately right now we have a fed that's overly data dependent. maria: it's great to see you, thank you for your insights on all of that. >> thank you for having me. maria: mohamed el-erian joining us. buying a home got more expensive, new report says a traditional 20% down payment is now a thing of the past, kevin o'leary is here on the rising cost of housing and how you can achieve the american dream. stay with us. so, what are you thinking?

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maria: welcome back home affordability takes another hit according to is that the report you can say goodbye to 20% down payment, the real estate company saying you will need roughly 35% down before taking on the mortgage, this is the latest nar data shows existing home prices jumped 5.8% from last your, the highest number ever recorded, o'leary ventures kevin o'leary joins being right now to talk more about it, great to see you, thank you for being here what is going on with the housing cost continuing to spike. >> multiple factors, number one, mortgage rates have gone from 3.752 over 7%, in the last 24 months, that is a problem. for affordability metrics you don't want to spend more of a

third of your free cash flow per month and the average salary being $60000 you need to put up 35% more equity to keep your monthly at a place that you can afford. this is reflection of rising rates they've not come off yet people are optimistic in the senses delta undercut rates in the habit. good cpi but the ppi hours ago doesn't look so good we don't think rates are going anywhere for a while so this problem is going to change. maria: major home insurers are creating headaches for making homeowners, state farm threatening to leave california if the state does not allow the company to raise insurance rates by 52% they say they have to reset their to cover from natural disaster risks. i know you have a home in florida were a similar story has been playing out from 2017, insurance companies are leaving the state entirely. >> in california which is a dumpster fire for business for all whole lot of reasons this is another evidence of what's

happening there this is around fire primarily occurring there a lot of fires, we had relief on water there recently florida is a different problem it is flooding, the whole idea of ensuring for a long period of time insurance companies have to look at 15 year cycles, they're looking for the trends in the have to get their costs back, were seen major increases, not just in california or florida any coastal state has issues. you cannot blame the insurance companies if they can't make money they're not going to ensuring you cannot force them to do it but california is unique all whole bunch of policy mistakes around taxation, minimum wages, environmental issues. it is a mess and absolute mess and i think it's really her gavin newsom chance of being considered as a presidential candidate because he owns the dumpster fire, the state is a

mess. maria: talk about dumpster fire and bad policy, did you see what's going on in europe a wealth tax brewing overseas as a left-wing coalition in france is proposing a 90% income tax on citizens making 400,000 euro or more and let's do the math, $430,000, u.s. dollars, 90% of $430,000, what do you think happens here a flight of wealth out of france, could this be a warning to politicians in america pushing for excessive taxes on the rich will mean they're going to move out? >> that's what happens, the french have tried this before it's not the first time and that's what occurred the previous administration tax passed 90% and they moved to monaco and other places or switzerland and they made sure their domicile was not france. you could see this happening stateside, elizabeth warren supertax of massachusetts i left there and i moved to florida and

most of my neighbors where i live are from hometown boston we cannot afford to live there anymore and good luck with her, same thing with aoc, the ideas do not work. maria: policy matters you said that umpteen times in new york, i know you have some advice on how to survive, retirement on $500,000 without having to do anything else to make money. it's a big difference from the 5 million that you suggested last august, what do you want to say. >> i think what i'm learning quickly in the feedback from the statements is pretty interesting. if you really think about it long term it's very simple i teach the stuff and colleges, you have to say between ten and 12% of the average salary of $68000 a year during your career and you'll end up with a million and a half at the bank, the market gives you 5% for cash or 8% for equity, a blend of that and you can live forever as long

as you don't buy stuff that you don't need. it turns out consumer behavior. i always asked the kids to do this, go in your closet how many sneakers don't you where habited genes do you not put on, have any t-shirts that you never worn. it's about two thirds of the clothing great place to start. maria: i love that you sound like a dad and i like it. it's good practical advice, great to see you. thank you so much, kevin o'leary joining us with serious practical advice, thank you. one important thing you need to know ahead of next week. wi that is next. i h us. ahhh...ooh. look, no line at the hot dog stand. yes! only pay for what you need. ♪liberty, liberty, liberty, liberty.♪ when the sawdust settles and the engine roars the thing you care about is a job well done. but when you get your tools from harbor freight something about the job feels different - your wallet. whatever you do, do it for less,

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♪ ♪. maria: welcome back, one thing you need to know ahead of next week, sticker shock for your next book of stamps, prices on the rise for the second time this year as of sunday, it will

cost 73 cents for one first class forever stamp, 7% increase from the current and a jump of 10 cents from a year end a half ago. it is part of the u.s. postal service ten year plan to boost the agency financial health, to put this in context when biden took office in january of 2021, one forever stamp would set you back 55 cents, go out and buy some stamps before sunday that will do it for us on fox sunday, thank you for joining me i'll see you next week. i hope you'll join us at the rnc for "mornings with maria", 6 - 9:00 a.m. eastern, great rest of your weekend. i'll see you again next time. ♪ >> "barron's roundtable" sponsored by global x etf's ♪ ♪