>> this is "maria bartiromo wall street". >> happy weekend to all, welcome to the program that analyzes the week that was in positions you for the week ahead. i am maria bartiromo kamala

harris capping off the dnc in chicago thursday night with a highly anticipated speech as she is and should accept the democrat nomination for president. instead of key details on the economic agenda we got this. >> we know a strong middle class has always been critical to america's success. and building that middle-class will be a defining goal of my presidency. we will create what i call an opportunity economy and an opportunity economy where everyone has the chance to compete and a chance to succeed. i will bring together labor and workers and small business owners and entrepreneurs in american companies to create jobs, to grow our economy and to lower the cost of every day needs like healthcare and housing and groceries. maria: much like the rumor performance by beyoncé.

details of her plans to remake the american economy never materialized harris spent much of her time going after her opponent. here's how donald trump responded. >> it was a lot of complaining, she did not talk about china she did not talk about fracking, she did not talk about crime or 70% of our people living in poverty. she did not talk about housing the trade deficit, she did not talk about. maria: she mentioned china but just once, we did not get anything else it might not get much more on china joining the point bridge capital founder and ceo and o'leary ventures chairman kevin o'leary great to see you both, thank you for being here. kevin o'leary let me kick things off with you she spoke for more than 30 minutes but we didn't get the clarity of what the policies will look like. >> that was consistent about the entire convention it was clear after the first night that it

was going to be an energizing let's get the volunteers out but were not going to get any substance. that was continued to the entire program. there's quite a bit of frustration amongst the press and the republicans get more details so we can have a clear debate on this and everybody is assuming we will get this going forward. remember i want to point something out there really matters. this is an example of anointing somebody into a position and not running a process. if by chance she loses the selection, i predict that neither democrats or the republicans will ever do this again without running a process. they did this with hilary clinton she was anointed and she was lost. if harris loses it is because they panicked, anointed her and did not run a process that would've chosen perhaps somebody else workers strengthened, this is not how democracy is supposed to work. it's a huge mistake. i think she's going to have to

be tested like she was in 2020 and she flamed out really quickly when the press and people like you started asking her the tough questions about her policies. i think there is a risk that that can happen again. maria: there aren't any details on your website about what she wants to do in the upcoming four years. >> this is the 2020 playbook joe biden head in his basement and did not say much about anything they're trying to do the same thing with, the harrison brought out the clock. it's a run at the clock, don't talk about policies or be specific much try to buy votes with the speech what a lobar is the country, the fawning of the press is amazing to see an amazing to watch and someone reading of the teleprompter that is never done anything that ever be in government is now going to leave the country, the greatest country in the world the most prosperous country and most dangerous world she talks very

little about international policy about what's going on in china and china was mentioned one time, these are very important issues that she's glossed over she doesn't want to talk about it and i predict she will do an interview with you. i hope she does but i don't think she will she will do very little interviews. maria: i want to get back to this there is a lot of legs to the story i want to 0 in her tax plan trump slammed it saying that donald trump would raise taxes on the middle class by more than $4000 a year while she would do the opposite is what she claims. watch. >> instead of a trump tax hike, we will pass a middle-class tax cut that will benefit more than 100 million americans. maria: that's not true she said shall allow the trump tax cuts to expire and that immediately means higher taxes that is help 65% of americans in the top 1%

went from paying 40% of low-income taxes to 45% after the trump tax cuts. trump wants to hike the corporate tax rate and take it up to 20% and raise the capital gains tax to nearly 45%. you want the capital gains tax at 44.6. there's also reports that she is considering a 25% tax on unrealized gains while shein at $25000 to first-time homebuyers and gives a $6000 tax to family with newborn children warning that these can add to dragon dollars over the decade. your reaction? >> or economic plan is a clown show is about buying boats that's all it is she's wondering who i need to get money to devote for me, she voted against trump's tax cuts and she's accusing him of raising taxes which is a complete farce, you talk about taxes, trump is been the one that lowered the tax

rate from the corporate tax rate under 21% which spurs economic growth, she's an office right now let's talk about that the fact that she's going to do this and that. she's there now, if you want to stop price gouging stop it right now why are you waiting until january of next year to stop price gouging. do it right now this is all about buying boats and not real policy as kevin said this is economic a farce. it's not going to work it'll never work. it'll actually cause shortages around the globe working on bureaucrats on d.c. with the price of butter this is a joke. they couldn't even build the infrastructure that they pass money already to do and now she's talking about what she will do in the future. maria: i think it's a great point that she's an office right now and it's not like, they say they want to turn the page but you been in charge. i want to get your take on the

taxes, the 25% tax on unrealized gains that's going to hit a lot of people in capital gains tax of 44.6%. if she wins i would expect a lot of activity at the end of the year so investors, anybody wants to do anything, buy anything or sell anything to get into it at the end of the year so they avoid the 44.6% capital gains tax, what do you say. >> is a modern-day example in recent months, the canadians raised their corporate tax rates and they lost billions of dollars, people sold out their assets and moved it to the country and i watch that happen we had some holdings up there we removed everything weak except one investment that was a recent 20% increase in corporate. here's the problem with the corporate thing and if you recall last ten corporate rates were high under 22% proposing 28%. they were moving headquarters to dublin ireland it created a huge

boom for the irish economy primarily pharma companies is that it's not competitive we're going to have to move. we don't have that happening because you put ourselves back in the middle of the g20 corporate tax rates are not just domestically concerning they are globally. if you raise corporate tax rates the way she's suggesting you get back to the transition were american companies have to move to be competitive with global competitors. it's an incredibly bad idea and another situation won't happen but the whole idea of taxing unrealized gains, that's been tried so many times before and countries and it doesn't work, capital just leaves these are populist ideas and i get what she's doing it. a chance i would argue that her 0. we have a check and balances to mid-america on capitol hill that stops insanity and works most of the time. maria: great conversation, we appreciate you both how lambert

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(♪) (♪) maria: welcome back the markets ended the week after we heard from federal reserve chairman jay powell from jackson hole on friday morning. the chairman gave his strongest signal the interest-rate cuts are coming soon saying the central bank intends to act to save off a further weakening of the u.s. labor market. joining me global investment ceo and cio bob dall. thank you for being here. >> here's the quote we do not seek or welcome further calling in the neighbor market conditions. the time has come for policy to adjust. your reaction from jay powell?

>> is a little more divided even any of us thought announcing rate cut is coming and we expected 25 at the end of september. is he signaling more with his language were announcing a series of cuts over the next bunch of months. obviously he used the word data depend also but it is clear the risks have moved in the last month or so from fighting inflation to be concerned about economic weakness. >> the next meeting is septembee expecting in the key question how big of a cut will we get, will we get multiple cuts, 25 basis points and 50 basis points, based on the macro story what do you think it will be. >> i think it will be slow but regular. having said that on the way up you remember a few 50s and a few 75's but i suspect they will start with 25 if they go with 50

somebody will say what does the fed know that i don't know and get concerned. it'll be regular but small. maria: what is the impact if we see 25 basis point cut in september and a couple more before the year is out, what do you see the impact being? >> almost nothing outside of psychology, monetary policy operates with long variable legs on the economy. my deal with the fed did a year or two ago is impacting the economy now and what they will do for the next few months other than to repeat and improve psychology and lowering rates for the future and getting rates down toward nominal growth and x inflation. most of those are in the 2% area and the fed is at five plus they have to cut rates. >> the direction of travel is clear and the timing of the

incoming data and evolving outlooks. let me look at what are those pieces of data and what we learned this week with the bureau of labor statistics downgraded all the jobs 818,000 jobs that they told us was created in the last year that were not created at all. and they overdid it saying there was all this job creation and there wasn't. what does that tell you about the labor market right now. >> it really doesn't matter only kidding. >> the revisions month by month were almost always negative, to get a further big revision for the last 12 months tells us academy has not been quite as robust as many people thought gdp is finding earnings are better that's all true, jobs in the consumer of the determinates of the direction of economy over the intermediate term. maria: nvidia will report

earnings on wednesday. big shoes to fill, the stock is but on fire the last several years. what about the maga stocks in nvidia going into the quarter, how do you want to invest around that? >> those stocks are login overall market, a lot of stocks are at or near all-time highs but not this set of stocks. a lot of them had noticeable pullbacks and rallies. and it's gotta be broader, part of the problem with some of those names and more broadly second-quarter were just fine thank you and they were being released slowly but surely, third quarter earnings and next 12 months were being taken down slowly but surely. maria: thank you for weighing in on that. bob dall joining us a new handout for homebuyers is kamala

harris plan aims to boost the housing market. critics say it's going to backfire, we will hear from the ceo of the national association of homebuilder can i have another pancake? from full house... ...to empty nest... ...to free birds. vanguard personal advisor can help you prepare for every chapter. we got this. that's the value of ownership. your best defense against erosion and cavities is strong enamel. nothing beats it. i recommend pronamel active shield because it actively shields the enamel to defend against erosion and cavities.

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>> we will end america's housing shortage. maria: that's all we got on housing from the dnc speech on whatever major platforms solving the housing crisis. we do have a plan that she released last week that includes big promises packed with far left policies that she valves will lead to the construction with 3 million new homes in three years, the national association of homebuilders

criticized the proposal this week for not tackling the key issue. there chairman pointed out it makes no mention on onerous federal regulations that drive up the construction cost by as much as 41%. jim tobin joins me now to talk more about that. thank you very much for being here this weekend. give us your take from kalama harris is in touching on what you're chairman said in onerous regulations. >> were pleased to see both political candidates for president trump and vice president harris talk about housing and more portly adding more supply and the only way were going to combat housing affordability or in affordability is to build more housing units, go ahead and see that. i really think the challenge of course is going to regulation, 25% of the cost of single-family home is almost 44% of the cost of multifamily unit is embedded

in regulation across all levels of government. she had a great opportunity lowering the federal bill when it comes to regulation and she did not do that especially when we see this administration through more regulation on top housing that'll raise the cost. maria: let me get your take, she is talking about the $25000 for first-time homebuyers, how significant is that. >> first-time homebuyer, the hardest thing is to come up with they're down payment, they're down payment assistance is an important piece. however, is good to be really, really expensive and is going to have to get through congress, more importantly we don't need any more demand and sentence we need more incentive for production. that's why we like her idea about a tax credit to build fo first-time homebuyers but the devil is in the details we haven't seen much of that is about building not about demand, demand is there as interest rates fall but of course this

year end next year it's going to come roaring back and that's when the homebuilders are going to be able to respond like building warehousing. maria: let me get your take on the regulatory side of things and feels like she's going to be amp it up regulation as president trump says he's going to deregulate you how onerous are those regulations. tell me what the regulations are that are so onerous. >> i'll give you three to president trump's credit we saw the next four years are going to look like in looking back the first four years of lower regulatory environment and higher economic growth and housing boom under president trump and we see a three half years under president biden are regulations that are impacting the cost of housing in america and i'll give you my favorite one and it's can add between 18 and $30000 with the cost of new single-family home in a borrower

that uses government-funded refinance for a new home those again have to meet the latest energy code going to talk about adding 20 - $30000 and the cost of a home for that regulation alone. it's good to do away with states rights and localities they establish energy codes and is a pathway to a national energy code in this country. as tens of thousands of dollars to home for the exact segment of the population were trying to help. kamala harris announced she was given support president biden's redcap proposal a month ago. it wasn't in her plan that she announced last week. seriously she's talking about along the lines of food caps and government price control we oppose that. in the past week the u.s. commerce department and also doubling the tariffs on canadian lumber which is a major building

component in building material supply chain and doubling the cost on tariffs when it comes to major home component. maria: thank you for that gm, good to see you. jim tobin. one more harlem has everything. but i couldn't find pilates anywhere. so i started my own studio. and with the right help, i can make this place i love even better. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business. gum problems could be the start of a domino effect parodontax active gum repair breath freshener clinically proven to help reverse the 4 signs of early gum disease a toothpaste from parodontax, the gum experts. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer.

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to book a room during finals week is 16% higher than average. we will follow all of this on "mornings with maria" 6 - 9:00 a.m. eastern weekdays on fox business. i hope you will join me here with "mornings with maria" i'll see you on the fox news channel on sunday at 10:00 a.m. eastern for "sunday morning futures" i have exclusive interviews with co-chair lara trump, senator ron johnson, government accountability institute peter schweizer in florida congressman byron donalds. i'll see you on fox news on sunday morning. thank you for joining us have a great rest of your weekend. have a goo "barron's roundtable" sponsored by global like cts. ♪