you'd like to share with us? we'd love to hear it. send me an e-mail or go to our website -- strangeinheritance.com. mamamama. have a good weekend. ♪ ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy weekend. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. thanks for joining me. coming up, the ceo and chairman of southern company, tom fanning, is with us this weekend. later, my one on one with nato secretary-general jens stoltenberg is here as we talk about the burden-sharing and the growing threats of china and russia. the u.s. economy added 196,000 jobs in the month of march. the up employment rate held steady at 3.8%. markets rallied on the good

report. chinese officials are in washington hoping to finalize a trade deal with the united states. spoke with secretary of state mike pompeo. he said the most important thing in this trade negotiation is making sure there is an enforcement mechanism in place to insure that beijing keeps etc. promises on ip theft. >> president trump has called out china for this theft of intellectual property, hundreds of billions of u.s. dollars stolen by the can chinese over the past decades. president trump is addressing it. the work that's being done is about this enforcement mechanism. what is it you do if you don't live up to your word. maria: joining me to react to all of that is mike murphy, it's always a pleasure. great to see you. >> great to be here, maria. maria: great news on the economy, right? >> great news on the economy. i think the report that we got from the jobs report on friday, maria, was the best it could have been. it wasn't too strong where the fed was going to have to come

back out and talk about raising rates, and it wasn't too weak where this recession story would start popping up again. it's very good for investors and the economy. maria: yeah. i mean, you're seeing job growth which is consistent, and that's what you want to see. and the federal reserve on the sidelinings. meanwhile, we're all waiting for news out of this china/u.s. trade negotiation. do you think the president is going to be anal to get that enforcement mechanism in there as well as get the chinese to buy more stuff, to open up its markets to u.s. companies and make sure they don't steal ip for us anymore? >> i think betting against the president is a bad move because he's gotten this far, and i think we're very close to a deal. so, yes, i think he will get a deal done. the enforcement part, as secretary pompeo said, is going to be the hard part. i think a deal will be done, but how do we enforce the deal going with forward. maria: are you expecting a good year for markets? >> i am. it's been a great year already -- maria: yeah, it has. >> we're not going to just go up

forever, but i think the economy supports the type of growth we're seeing. so i think for sure we'll take out old highs, but i think we can see a lot more growth because there's a lot of technology out there that's changing people's lives where companies are going to increase in value. maria: and you're experiencing firsthand with your venture capital fund, and you've got a lot of ipos this year. that kind of activity is just a positive, right? talk to me about what's going on, is baa -- that because there's so much venture capital money around that's been supporting these companies as private companies, now they want an exit strategy or what? >> so the playing field has changed a little bit. it used to be years ago with a company like amazon when they went public, they had raised $9 million in the private market, and now you fast forward to today where a company like uber has already raised almost $20 billion in the private market. maria: wow. >> billion dollar valuation companies are going to come public this year. you've already seen lyft, uber

soon and a lot more of them coming. when that happens, typically in the past individual investors watching your show at home would get a chance to invest this these companies. but now the difference is, maria, the real growth in the ubers and the lyfts and the casper mattress of the world, they're happening in the private market so investors want to come into the private space, and that's good for us. maria: you say the $55 billion raised in 2019 is better than the 1999 dot.com boom because there's all this money from various areas like venture capital. >> yes. so there's a lot of money coming into the space to support these companies. but now using lyft as an example because it just came public, they came public at a $26 billion valuation. a lot of the growth has already been made there, so the big returns you expect in venture capital, those come from investing in the lyfts of the world earlier and then let them go public and see what the company can do from there. so there's a lot of companies now that have been on the

sidelines that have raised a lot of money that will come to the markets this year and a lot of investors and founders cashing out in the ipos. maria: mike, you see so much because of the fund, you see lots of companies who are looking for money, invest in a lot of various companies. tell us where you see the growth in the economy right now. where are the exciting deals out there? >> so many, maria. one area that i think you and i have spoken on that's close to both of us is fin-tech, financial technology. what type of companies are going to be able to change how people are saving, how people -- for retirement, to pay their bills or how are people paying for things, how are transactions being done globally. so fellowship-tech's one that's -- fin-tech's one that's very big, but another one is consumer tech. how you go and buy a product and the type of product you buy has changed so much since we all have a phone in our pocket. that change is going to continue -- maria: so it's all about technology changing the way we do things. >> absolutely. and doing things for the better. so the winner, for certain, is

the consumer because you can -- if youen want to buy something right now, you can pick up your phone during a commercial, order order it, and it can be at your house when you get home. [laughter] that's good for the economy. people are spending money, but it's easier and better for the consumer, and the people who figure those companies out are cashing in. maria: we are now on the doorstep of the second -- the earnings for the first quarter, calendar year, and they're going to be down. we're expecting a decline in s&p 500 earnings for the first quarter, but slowly but surely things will pick up by year end. is this going to be a surprise for investors or? is this going to impact markets negatively? >> i don't think so. i think the market's looking past that. already been baked in that the numbers are coming down from very high levels, again, we've talked a lot about over the last six months the looming recession because it's been a long bull market, there's definitely a recession coming. a recession will come9 a some point, but it may not -- doesn't

look like he's going to be next quarter or a few quarters from now. i think as an investor right now you have a very strong market to invest in, and that's what you should do. maria: mike, you've got to come on fairly regularly here to tell us about where the growth stories are and what kind of deals are exciting you. >> for sure. maria: good to see you. mike murphy is the founding and managing partner at rose cliff. more "wall street" when we come right back. don't go anywhere. ♪ >> our cybersecurity or is under attack, so is america doing enough to combat this growing threat? >> it is a significant impa pact to our national security and impact to our way of life. >> the ceo of southern company breaks it all down when maria bartiromo's "wall street" returns. ♪

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♪ ♪ maria: welcome back. my next guest oversees one of the country's largest energy providers since 2010. tom fanning has been chairman and ceo of the southern company, the second largest utility through its various subsidiaries like georgia power, southern company gas and gulf power, southern services the power needs of more than nine million customers nation wild, and tom fanning, it's wonderful to welcome you -- >> dynamite to be here. maria: thank you so much for joining us. you have a lot on your plate right now. you're appointed to a hardship commission in washington, we want to talk about cybersecurity. first, tell us about the economy and where you see the major issues. >> yeah, sure. it's fascinating. look, when we've had tax reform, reduced regulation, the economy has become unleashed, and we've seen growth potential we haven't seen in years. now, we still have some issues about companies being unwilling

to deploy long-term capital. i think a lot of that is tied up in the so-called trade skirmishes or what have you. if we can settle those waters down, i think the economy could take another leap forward. but right now we've hit a good growth spirit. we're kind of plateauing out. maria: yeah. when you look at the capital expenditures, it doesn't necessarily include what companies are spending on technology, right? >> oh, sure, right. maria: when you look at what the spending on ip, that's a significant increase, and i don't think that has slowed down all that much. >> no, i think that's right. you know, business hates risk, and they hate uncertainty. the more we can kind of calm the uncertainty with respect to trade, the more i think we have of a chance for another jump forward in growth. maria: all right. we did see good numbers on the economy this week. >> sure did. maria: let me ask you about your business because you are involved not just in the nuclear power plant and where that stands right now, but cybersecurity, you were with

kirsten nielsen with the homeland security office talking about this being the biggest threat that we face as a nation. >> wow. there's a lot of threats we face as a nation. but, you know what? there's a funny metaphor about this. it's almost like a war of submarines. you know, you and i can stand on the coastline, and everything looks pretty normal. people don't see what's happening in that space unless it's in a disastrous fashion. so cyber warfare is going on all the time. it is a significant impact to our national security and impact to our way of life. the so-called existential threat. i'm talking about threats that are not pinks, thugs and criminals -- punks, thugs and criminals, i'm talking about people that would have an interest in disrupting our way of life. those are the ipg this is we are -- things we are particularly focused in. i help lead the electricity sector under homeland security, kirsten's done a great job, but

now we've brought together something we call the tri-sector group. so we're working very hard comprehensively to really protect america. the other thing that's interesting, under homeland security we are charged with preparing for and at the end of the day responding to a disaster. in the middle are the folks that hold the bad guys accountable. dod, fbi, nsa, u.s. cyber command. we're working with them now to better create a seamless response to this threat. maria: you say you're working with the jamie dimons of the world, the business sector. tell me about that in terms of what you're doing to secure the data, to secure the electrical grid. >> sure. well, the whole thing is when you think about this existential threat, we have to understand that electricity doesn't reside in its own silo and that if something happens to us, it would have a cataclysmic effect potentially on finance.

telecom is inextricably intertwined with our response, so those three industries we've pulled together, we've created a joined threat matrix. in other words, what are the threats, how likely are they and what consequence would they have if they were brought to bear on american commerce. by that now we can create a set of priorities, just as we do in business, and now we create what we call a wish list. these are the things that we would need from this administration and from congress in order to better protect our citizens. maria: are the bad actors the usual suspects, china and russia? >> well, generally people refer to the big four which would be china, russia, iran, north korea. but let me tell you, there's an emerging issue here that's fascinating where someone working for one of the big four will take their state craft after they check out of work in the night and go off on the dark web and collaborate for criminal enterprises. so it's a very complex issue,

this attribution aspect of what piece -- of what's going on in cyber. and believe me, there's a lot of other players as well. maria: where does the growth at southern company come from in terms of the next five years, let's call it. when you see electricity usage, the demand and then you hear things like the green new deal and these other alternatives which don't make a lot of sense, frankly -- >> right, right. maria: when you look at how to get this and how much to spend on it. give me an assessment. >> wow. so there's really a couple of issues there, green new deal. a guy who joined our board, ernie muniz, coined this phrase the green real deal. that's kind of what i believe as well. that is, what we have to do is think about transitioning the generation fleet of america which must include as a dominant solution nuclear, we have to deal with 21st century coal. gas will be a very important resource for america, and then the emergence of renewables and energy efficiency.

all those things have to be brought to bear. the other thing that must happen is an investment in not rhetoric, but solutions, and that's what southern company is all about. so two big issues we have to deal with this. one, what are we going to do about the carbon atom. with these wonderful resources that america has whether it's coal or gas or oil, we still have to deal with the carbon atom. we just can't say we're not going to use carbon-emitting resources anymore. maria: great to have you on the program. >> god g good to see you again. maria: don't go anywhere, my one own one with u.n. secretary-general jens stoltenberg is up next. stay with us. ♪ ♪ >> president trump wants nato members to pay their fair share for defense. is his tough love stance working? >> all nato allies have now started to invest more. >> maria bartiromo's exclusive interview with the nato fact is, every insurance company hopes you drive safely.

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♪ muck. maria: welcome back. this year marks the 70th anniversary of nato, the north atlantic treaty organization. this week nato secretary-general jens stoltenberg was in the nation's capital to meet with president trump. the two discussed burden-sharing, the russian threat and the rise of china on the global stage. here's what he told me. >> what you have seen is that the clear message from president trump on defense spending, on burden-sharing is having a real impact because all nato allies have now started to invest more. european allies and canada have added since 2016 $41 billion

extra to the defense budget, and by the end of next year, this figure will rise to $100 billion. so this is making nato stronger, and it shows that we are now moving in the right directions, the european allies and canada are doing a hot more. maria: and really at the beginning it was to shield against aggression, aggressive nations, in particular the soviet union. so assess for us russia, because we have a situation now where many people believe that russia is trying to replace the united states as the main outside force within the middle east and, of course, is doing deals in european nations and many times being questioned in terms of its loyalty to the globe in terms of alliances. how do you see russia today? >> nato has to deal with a more assertive russia because we have seen that russia has heavily

invested in new, modern military equipment including nuclear weapons. they have used military force against neighbors, georgia and ukraine. they are increasing their presence in the middle east, and they're also using cyber and what we call hybrid tactics to try to meddle into our democratic processes. all of this is of great concern and, therefore, nato has implemented the biggest reinforcements our collective defense since the end of the cold war with higher forces, with accommodative troops in the eastern part of the alliance and also modernizing the command structure how nato is working because we need to be able to respond and to maintain credible deterrence and defense when we see a more assertive russia. maria: yeah, which is why the president has questioned the arrangement where germany is getting, for example, gas from russia. shouldn't germany be looking toward a nato member, an

alliance partner like the united states for such a purchase? >> so, first of all, i realize that, nato allies realize that energy price has security implications, and, therefore, we welcome that allies are attempting to diversify their supplies of number. we have seen some allies really making progress, for instance, poland and lithuania. the issue of the new pipeline from russia is an issue which divides nato allies, and nato is not an energy institution, so we don't make decisions on concrete projects like that. the most important thing is that we see that allies are tenning up, and germ -- stepping up, and germany's part of that. germany leads one of our -- [inaudible] in lithuania, and germany's also increasing defense spending as a response to the more demanding

security environment that surrounds us. maria: secretary, let me move on to china as this, of course, has become more important in terms of the agenda of nato. secretary pompeo just back recently from europe talking about the china threat, in particular huawei where many nations there, including poland, have the huawei infrastructure which has been said to be really an espionage platform for the chinese government. what are your thoughts on the threat of the rising china situation? >> china is a rising power with a growing economy investing heavily in new military capabilities, and we're also seeing that china's coming closer to europe, to nato allies in europe in cyberspace, in the arctic, in the mediterranean and several nato allies have expressed concerns about also huawei and chinese investments in critical infrastructure. and we take these concerns very

serious, and that's also the reason why nato allies have to address the security implications of the rise of china. maria: my thanks to nato secretary-general jens stoltenberg. don't go anywhere, more "wall street" right after this. ♪ ♪

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♪ i'm working to make connections of a different kind. ♪ i'm working for beauty that begins with nature. ♪ to treat every car like i treat mine. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ maria: comeing up next week right heren the program, former scis chairman sheila bair is my special guest. tune in sunday for my must-see interview with secretary of state mike pompeo. plus, congressman devin nuñes, sunday, 10 a.m. live.

then every weekday on fox business, mornings with maria from 6-9 a.m. eastern, weekdays on fox business. thank you so much for joining me. have a great weekend, everybody. i'll see you again next time. ♪ ♪ gerry: hello, and welcome to the "wall street journal" at large are. this week america spent a lot of time thinking about and talking about joe biden. now, we weren't discussing the record of the former vice president in almost half a century in public life or what policies he may propose if, as seems likely, he runs for the democratic presidential nomination. no, the big issue was apparently whether he's a little too physical in his interpersonal habits. we heard about various or instances of his tendency to grab women's shoulders or,