wead next tuesday. in the meantime, maria bartiromo joins you right now for her "wall street week" beginning right now. i'll see you monday. have a good one, everyone. ♪ ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy weekend, everybody. welcome to program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. my one-on-one with sales force founder marc benioff, we're talking about technology regulation potential, what he sees as the new need for the new capitalism and the dangers he sees in social media. later on my exclusive interview with the executive chairman of the santander group, ana botin. but first, joining me right tow to the pro -- preview a wild

week, david banson is here, and it is great to have you here. >> good to be with you. maria: thank you so much. you are focused on dividend payers, growth stories. how do you want to allocate money on the heels of what we've seen from the third quarter earnings season and ahead of the fed meeting this coming week? >> what's interesting is we think it's an all-weather strategy. but i honestly really believe it's particularly appropriate now. there's a really compelling argument to make for increasing deespecially thive -- defensiveness. you've had a huge runup in growth. you do have uncertainty around the 2020 election, around global growth conditions and, certainly, we know the china trade war is not fully fixed and the resolution's not readily apparent. on the other hand, i believe there's plenty of opportunity if you get resolution on the trade side. you don't want to be overly defensive. we think that dividend growth space provides investors yield

in a low rate environment and, of course, they want something defensive on the equity side. mcdonald's was one disappointment, but you look at intel just up dramatically in their result9s, you look at gp morgan, procter & gamble, verizon. high quality companies delivering great results even in a challenging environment. maria: so you think that the earnings season has been better than feared. >> overall, it's been better than feared, and it's been particularly better in the dividend growth space that we're in. maria: let me go back to what you just called the low rate environment, because investors or are focused on next week, october 29 and 30 when the federal reserve's going to have its upcoming meeting, and the second date is november 16th and 17th, and that's the apec meeting, the asia-pacific economic council meeting, and that's where president trump is supposed to meet with president xi of china, and they're going to sign a deal for phase one of a trade agreement.

your thoughts on the federal reserve first. does the fed cut? >> yes, they do. the market's quiting in 96 -- pricing in a 96% chance you get one cut next week, one quarter point. december looks more questionable now. it'd been about 40% implied probability in the futures market, it's down about 25%: i don't want care if they do or not -- i don't care if they do or not, but i understand the arguments. it's really irrelevant, they're going to do it. that's priced in. you get one cut in october. the issue in november that's really -- i think a lot of investors or are not appreciating the very high probability that, in fact, this deal gets forward, phase one gets inked and those december escalations do not happen. i think that becomes base case for the trade issue and, frankly, i thought that vice president pence yesterday was more dovish in his comments at the talk. i think that you could even get a better trade resolution going into 2020.

maria: peter navarro joined me this past week on "mornings with maria," and he said if we have an agreement with china where they stop stealing our intellectual property, where they buy more goods and open up access to china for american companies, we're going to see dow 30,000. he thinks markets react positively. >> i agree with him completely. the issue is what will get us there. and i've always felt the intellectual property enforcement is the biggest issue. i have it on good word that that's really what hung things up in may. they were 90 president of the way there -- maria: going into 2020, how do you assess the field? i know you're writing a book on elizabeth warren, and i think businesses are quaking in their books right now at the possibility that she becomes president. obviously, she's got to get the nomination first but, i don't know, is there somebody who's beating her? >> right now -- and joe biden has been remarkably consistent in kind of hanging in there. he's still there. i think that anything could

happen in the next couple months. but i believe she will be the nominee. and i would be terrified of it. but it's not because i think that she will actually get done all these awful things she's threatened to do. i don't think it's good for our country to have that rhetoric and tone come back from the oval office week after week demonizing entrepreneur, demonizing energy production, deeing monoizing the whole -- maria: well, putting the conversation aside, she actually has policies that are going to, some say, destroy the economy. you're talking about a wealth tax, higher income tax. we know what happened when the president instituted a drop in the corporate tax rate expect rollback in regulation. it actually moved the needle on economic growth. >> absolutely. the hedge we have there, of course, is our founding fathers who don't allow us to do that without the support of congress. that wealth tax is not going to happen, and i've already written that chapter in the book, i will tell you. i can't wait to have a public argument about what a disaster that is.

maria: yeah. david, fors great to have -- it's great to have you. thank you so much for joining us. my one-on-one with marc benioff is up next. stay with us. >> sales force's marc benioff pulls no punches -- >> capitalism as we know it is dead. >> maria goes one on one with the tech giant when "wall street" returns. ♪ ♪ ♪ ♪ market, it's down about 25%. market, it's down about 25% ♪ ♪

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influence. >> it's addictive. it's bad for you. they want your kids. now they're posting political ads with incorrect information, they're passing your information to 50,000 other companies. you don't even know what's happening x. now they're buying assets like what's app and instagram and commingling all that day eta. and if you saw that netflix special called the big hack, they're creating market segments and shifting elections based on that data. that's not good. nobody wants that. maria: no. >> we want a society based on trust and truth. that's so important. and this is something we all need to be committed to. we have to focus on trust as our highest value. maria: i mean, you would think these companies would have policed themselves and not gone to this point. a year ago we were watching a murder on youtube. you know, i mean, like, there should be in-house policing of some of these companies so that washington doesn't have a bigger hand, but it looks like that's where this is going. >> i think there's bipartisan

agreement that things like section 230 should be abolished and that we need to move ahead by holding everybody accountable for what's on the internet. and it's really about our kids. when these companies started to go after our children, that's when i was like, wow, there is no line that they will not cross. and that's where all of us need to be paying attention to these technology it is like a.i. are so powerful, we don't even know magic that's happening behind the scenes and how we're being influenced. maria: perfect transition to the book because you have been trying to save the world now for 15 years, 21 years actually. i remember when i first met you, it was very important to you to be cognizant of the world and the community around you and to make sure to give back. you've done so much in terms of your own charity, building a hospital with your wife. you write a book, it's called "trailblazer: the power of business as the greatest platform for change. " why did you write this book? >> capitalism as we know it is dead. you know, businesses need -- we

all need a new capitalism, and that is a capitalism that is more fair, more equitable and more sustainable. and that's a capitalism that includes all stakeholders, not just shareholders. this concept that the business of business is over. maria: i want to push back for a minute because this has been in your blood, your dna, this whole notion of stakeholderrings. so you're make -- stakeholders. you're maybe different in this category, but when i first saw the business round table decision, i said, well, wait a minute, does that mean employees in the communities you operated weren't important beforehand? i thought it was a little bit of p.r., and i also said, wait a second is, what about shareholders, what about capitalism? who's going to stand there and defend capitalism? >> this is a new capitalism. it's where shareholders are as important as stakeholders, and it's coming from within the companies. it's coming from within people who are working inside companies today to say, hey, i'm not just here to make money, i'm here to improve the state of the world. i know you feel that way.

it's why you left the other network. you're here because this is your platform, and you use your platform to improve the world. i know that because i've watched you for decades. but i'm also using my platform to improve the state of the world. we are all doing this. maria: you've been giving 1% of profits to charities -- >> day one. and our employees' time and our product and also, you know, our total view of what we can contribute. that's what's important to us. maria: and i like this culture feeds on itself in your company. your employees want to go and give their time -- >> we even got 9,000 other companies to sign our pledge, and they're all doing the 3-1-1 -- 1-1-1 model as well. maria: it's so important. i was talking to congressman barr in washington, and he said when you're talking about this i want to hear, you know, who is going to defend capitalism and whether or not this is an opening for the elizabeth warrens to come in and say, oh, guess what, let's tweak this,

let's change this, let's not be married to shareholders. i know that you're saying, yes, it's one stakeholder, but there are so many others. what about that criticism? what about that, that this is just sort of p.r. out there? not from you, because i know you've been doing it from day one, giving 1% away, but the business round table? >> it's ignorance. it's a lack of understanding of a revelation that is happening among the most important ceos. not all ceos, you know? but last -- maybe not the last generation of ceos, but the new generation and certainly the millennials that are coming that businesses can be this platform for change. you can use your business and your life too, yourself, to make the world better. and we cannot rely on our government to do. this. maria: what are you thinking about the homelessness issues in california right new? and, by the way, our large cities right now, in my view, some of them are crumbling. whether it's san francisco, los angeles, new york. the homelessness is really front and center in your backyard.

at sales force, right? what is it? what is it going to take to change this scenario? now, i do know that income inequality has begun to tighten because wages have gone up over the last couple of years, and wages are up for the bottom earners, but the pictures are heartbreak. any ideas finish. >> oh, i have a lot of ideas. that's why a year ago i spent $7 million to work the path -- actually tax sales force which is called prop decision c in san francisco -- proposition c in san francisco to create more homeless services because we badly need extremely low income housing and social services. it's been proven by medical studies, by clinical studies, and we're just not doing enough. and so 62% of the voters actually passed this, and it's in the courts right now. but we need more services. maria: my thanks to marc benioff. don't go anywhere, a ana botin is next. stay with us.

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♪ maria: welcome back. this week the european central bank left interest rates right where they are, historic close, as the eurozone continues to struggle to generate economic growth. i spoke with anna bow teen. >> super proud of our team here in the u.s. it's been our best performing since 2018. our profits were up 40%, but very importantly, we're doing a much better job for our customers. and this year again the u.s. is our best performing cup.

and, you know, we've made a lot of changes to our business here. we changed the team, the board, and we're now running the company here to the standards of santander, and we have a lot of plans for growth. maria: well, i'm glad you said that, because when you first took over from your father, you said to the analyst community on wall street, look, give me a few years, let me see how i can generate the return. if not, i'll sell it. now there's all this speculation, well, maybe santander wants to sell their u.s. subsidiary. are you going to sell it? >> no. we have changed a lot of things, the consumer and dollars, for example, we are managing in a different way for our customers and consumers, and the bank here on the east coast, we've really narrowed the gap with our exit9 to haves. and very importantly, our plan is to bring the scale of the santander group. so if you take santander as a whole, the whole group, we

invest every year about five billion euros in technology. we've announced twenty billion investment in our banks for the next three, four years. that level of investment would put us the third largest, or fourth depending on the measure, of all the banks in the u.s. maria: the eurozone has had a very tough time generating any growth, and today we see the u.s. really being the jewel of the world where that's why you're seeing lots of assets come to the u.s. first off, how's the u.s. doing, the backdrop, how would you characterize it? are we on the doorstep of a recession? >> so i think the fact that we are expecting lower rates means that the recovery could be more sustainable. you know, full employment, basically, the low unemployment ever or in 50 years. so we see the u.s. consumer being very resilient and 70% of the economy. so our consumer business in dallas is doing pretty well.

obviously, lower rates will not help margins, but it should help volumes. overall, we're very positive on this economy, and we're very positive what we can add. because we're one of the few banks that has a presence in europe, u.s. and latin america with a deep presence. so not just at the top end of the large companies, but medium-sized companies and, of course, small companies. maria: what about europe? negative interest rates in many countries in europe. europe has a very tough time generating any growth. how long do you expect we're going to the see these negative interest rates, and what are the risks? >> it's hard to say. so, you know, clearly, there's not just -- this is not just about interest rates and monetary policy. i would say, you know, there's few things we need to be working on. one is interest rates. on that i'm not saying that there is no experience of a long-term -- except in japan -- long-term negative nominal rate. and what that means for consumers, you know, what will

save us. i believe it's important that savers get rewarded, but that also people that is ask for loans have discipline. so we need to be a bit careful on that, what the net effects are for the economy. what it means for can banks -- for banks, what it means for overall jobs and growth. but it also needs to work with fiscal policy, and we've seen germany announce a program, so i think that is something which is also going to be helping. structural reforms, how much does europe need to change. this is a question that i think we should be able to answer, you know? my view is that the european model has a range of options. when you're on the right side in the terms of policies, you actually generate very good growth, and spain is a great example. you know, spain has grown for the last six years for, you know, within 2-3%. actually, not very different from the u.s. maria: as a woman in business, we see successful women, you

have been able to do it all. you have a family, you have this career, you are running the chairman of santander, group santander bank all over the world. what do you think it's going to take for women to break, truly break the glass ceiling in a meaningful way? why aren't we seeing more ceos in the c suite like yourself? >> well, first, it's great to be interviewed by a woman. [laughter] and i love men, by the way. it's not that i don't like men -- maria: we like them. we'll keep them. [laughter] >> yes. but in the proper place. maria: got it. >> and the fact is that men rule the world. i was at a meeting in paris of the top financial companies in the world a few months ago. there were 100 ceos. guess how many women? 3. maria: 3 out of 100? wow. >> so i do think we have to speak up. and i think as a business, it's not just about gender and diversity. we have to make sure when we see

something that's not working, we speak up and try to make it better. maria: generally speaking, women don't like to speak up. >> no. and this is one of the things. we find internal promotions. men put themselves forward when they're 50, 60% qualified. and this, by the way, is empirical in the whole world, not just the markets we operate. women, unless they're 100% or more qualified won't put themselves forward. is so this is happening. and so we need to make sure that we give that extra help. i've always said there's a family tax which is paid by woman. and so, again, to how to we fix that. so i think there's things we can do better. maria: i agree with you. >> i think affirmative action does work, and i think making public commitment helps. maria: don't go anywhere, more "wall street" right after this. ♪ ♪ when you look at the world,

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and right here on fox business weekdays, start smart every weekday from 6-9 a.m. eastern, and join me for "mornings with maria". that'll do it for us right now. thanks so much for joining me. have a great weekend, everybody. i'll see you again next time. ♪ ♪ gerry: hello, and welcome to "wall street journal at large." the impeachment investigation of president trump and who will challenge him in 2020 once again dominated the headlines this week. on tuesday the top u.s. diplomat in ukraine, william taylor, went before congressional investigators and said he was told that president trump had held up military aid to ukraine as well as a meeting with the country's new president until kiev announced it would investigate the business dealings of former vice president joe biden's son and the alleged ukrainian interference in the