that space. to read more, check out this week's edition at barron's.com. see you all next week. wear your masks, be healthy, and we'll be right here on "barron's roundtable." ♪ fox studios in new york city, this is maria bartiromo's "wall street." >> welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm charles payne in for maria bartiromo. coming up in just a few moments, i'll speak with georgia congressman jody hice about the future of the republican party, and then ask andy puzder about the future of capitalism under the biden administration. but first, a dramatic weak in washington. >> we were told that we couldn't win this election. but tonight we proved that, with

hope, hard work and the people by our side, anything is possible. >> it is with humility that i thank the people of georgia for electing me to serve you in the united states senate. [background sounds] [bleep] [inaudible conversations] >> they broke the glass? >> everybody stay down, get down! >> we had an election that was stolen from us. it was a landslide election, and everyone knows it. >> joseph r. biden jr. of the state of delaware has received 306 votes. donald j. trump with the state

of florida has received 232 votes. charles: despite chaos in the capitol, growing calls to out the president and a democratic sweep of the two georgia senate seats, markets still hitting all-time records this week. here with me now anthony khan and daniel decan martino booth. demartino. the stock market is looking at all of the stimulus money coming in. are we just too stagnant on wall street? >> charles, there's a lot of stuff going on, as you can see, but i just finished some exciting research that that actually finds when we leave a recession, and i think we clearly left a recession in 2020, we will see a big bounceback the year after. in fact, what my research finds is when the s&p 500 goes up less than 23% in the year we're leaving a recession, the next year you get a double-digit rate

of return in the s&p 500. and last year we got a return that was below that. so i expect at least a 15% rate of return. we do have a lot of turbulence out there politically, but outside of that the fundamentals suggest that as the economy leaves the recession and we improve and the vaccine, of course, in the driver's seat here and we get that onboard, we should have a double-digit rate of return in 2023 from the equity markets. charles: you know, dan yell, it's hard to argue at least in the first half of the year that everything anthony's saying, you've got to see it coming. savings through the roof, debt to disposable income ratio is at the lowest point, perhaps another stimulus check, another $1400, corporations a raised a lot of money, so there's a ton of dry powder, and as vaccines make the rounds and people feel comfortable, they're going to spend it. but you have been really worried about this a little bit longer term.

why? >> well, you know, for starters, charles, consider the fact that we're still not -- chuck schumer came out yesterday and said that he was going to make sure that that $2,000 in full was given to american families in january. you know, i know people very gotten, you know, a family of five x they've just now gotten a check for $3,000, and so you're going to inject more money, it's still not going to be targeted at any particular people on a need basis. so i do agree with anthony. i think that we have, i think that we have a very high probability of continuing to see this melt-up in stocks because there's absolutely no fighting the amount of taxpayer money that's going to be injected into this economy. but i do have concerns long term. if you look back to 1881, valuations on the s&p 500 are in the 100th percentile. so we are certainly pushing forward a lot of future returns.

and any little thing that goes wrong in the economy is going to have a larger ripple effect with these high valuations than it otherwise would, and you also have to bear this mind this could pull the federal reserve into a tightening mode earlier than expected if we get true this rough patch -- true this rough patch in the labor market in the spring and bounce back really hard. the fed could anticipate see that coming, they might talk about slowing that quantitative easing process. charles: let's table the fed for a moment, because i want to go into that even a little more deeper. but, anthony, let me just pick up on manager here. the pro -- something here. the pros and cons. with the biden administration, it's obvious that wall street's cheering up to $3 trillion coming in. infrastructure, households, material stocks, everything is up bigtime that should benefit from that. but you also have to pay for it, a. and, b, what's going to -- the other side of the biden agenda means higher taxes, and a lot of

folks are anxious about raising taxes with the backdrop of a pandemic. we just got a jobs report, 500,000 people in the leisure industry alone lost their jobs. so how do you juxtapose if the knowing that it's going to be great initially, but as we layer on more regulations and taxes, and to danielle's point, any bump in the road, how do we keep it going smoothly beyond the extra flow of cash? >> charles, you're spot on. we are just kicking the can down the road. the equity market is celebrating the fact that all the stimulus is going to lead to higher profits, but we know there's no free lunch, and at some point we have to pay for it. when we have to pay for it, we're going to see that life is not so great. in the near term, i think that there's no doubt that even though the democrats picked up two seats in georgia, it's still pretty rough sledding out there.

so i think over the near term we're likely to get a lot of the stimulus, a lot of the adrenaline, but we're not going to get a lot of broccoli, we're not going to get a lot of tax hikes. so further down the line are we're going to see that all this debt has to be paid back, the federal reserve is going to realize that all the stimulus at some point could lead to a potential bubble. i already expect that inflationary pressures will gradually creep up. so we are going to see some pain and a payback. i'm -- the only thing i'm saying is that with all this stimulus so front-loaded, we're not likely to see it early in the first half of the year, maybe not even in the entire year. but in the future we're going to have to pay for this and, of course, people will reflect that at some point. but for now it's the marching bands. charles: all right. well, and i've got to tell you, i don't know, i think this is a new fed that's more concerned about social justice than they are about some of their

traditional mandates. we'll see what happens there, but i think everyone agrees coming into the year a lot of cash cascading. anthony chan, danielle dimartino booth, thank you both very much. coming up, my interview i with georgia republican congressman jody hice on this week's violence in washington, the outcome of the georgia runoff election and the legacy of donald trump. don't go anywhere. ♪ ♪ this is andy, my schwab financial consultant. here's andy listening to my goals and making plans. this is us talking tax-smart investing, managing risk, and all the ways schwab can help me invest. this is andy reminding me how i can keep my investing costs low and that there's no fee to work with him. here's me learning about schwab's satisfaction guarantee. accountability, i like it. so, yeah. andy and i made a good plan.

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the use of the 25th amendment to oust president trump, but with less than two weeks until the inauguration of joe biden. joining me now, republican congressman from georgia, jody hice. congressman, you know, despite all of president trump's accomplishments during this time in office, how much will this impact his legacy? >> i think it's really tragedyic that the legacy of president trump is ending on such a sour note really. i mean, what happened wednesday was horrible for america and just in every way. i mean, we cannot have political violence, period. and, you know, we need to know why it happened the other day, and we need to make sure that that type of thing never happens again. as you mentioned, this president has done so much good for america whether you like his personality or not. a booming economy, a strong military, energy independence. i mean, we could go down a huge list of great accomplishments, and those things need to be the

legacy that donald trump brought to our country. he did help make america great again, and i hope those things will be remembered as his legacy. they need to be because he brought them to us in times where many people thought it was not possible for him to accomplish those things. charles: you mentioned why those things happened that happened on wednesday. i'm glad you brought that up, because as i look at what happened on wednesday with, as i looked at the summer that we saw in this country with city after city on fire, vandalism and looting, i'm dismayeded at the initial response by the media, the finger-pointing and the -- instead, i think it's a golden opportunity for america to look past those things and not to justify the violence because no one does, but to understand what's happening with a large segment of our population. no matter what the race is, no matter where they live in this country, there's so much despair

out there. and the people that we put in a position of power to fix it, why they keep coming up short. is there any chance out of this tragedy we can make it a golden opportunity? >> well, i totally agree with you. and there needs to be. i mean, when tragedies occur, they should not be used to advance political agendas, they should be used to address the problem and to fix those tragedies from ever happening again. and we have seen riots and burning of buildings and looting and assaults on individual citizens taking place in different cities for months. in fact, just a few months ago washington, d.c. itself was in flames, and we all watched it, and a not a word spoken condemning it. and yet now all of a sudden there is because it can be used now from democrats as a political tool to slap the president while he's going out of office. charles: right. >> it shouldn't be that way. riots are riots. wrong is wrong. criminal activity is criminal activity and should always be condemned. it should always be confronted and stopped.

and so i would think that now would be a time where both sides of the aisle come together and recognize that rioting and looting and burning and criminal activity cannot be tolerated in all of us on both sides of the aisle need to condemn these things every time they occur. this is the time for us to come together as americans around those things -- charles: right. >> rather than continue to use things as opportunities to advance political agendas. charles: congressman hi or ce -- highs, now, of course, along the same lines there's a major push to go after anyone, any elected official that wanted to challenge this election. you know, josh a hawley has been targeted bigtime, he's lost a book deal, he's lost his largest sponsor, and there's talk of taking serious action against him. i think it's only inevitable that anyone who still questioned the outcome of this election in d.c. could be a target.

you still put up your objection. you didn't have the senator to go with you, but what do you make of this path also of going after now lawmakers and the media saying that you're culpable for what happened on wednesday, that you bear some of the blame for that? >> yeah, that's just absolute insanity. look, we have a right to legally, lawfully and peacefully object when we believe that that there have been fraudulent elections. at the heart of the foundation of a free society is free and fair elections. and as we all know, there are many states where that is in question. and who's going to stand up for that? someone has to. and we were in process, as i said legally, lawfully and peacefully objecting, to the electoral votes coming from our various states. we have a right to do that. we have a right. in fact, we have a responsibility to stand up for the citizens of this country who

themselves expect free and fair elections. this is a country for the people, by the people -- charles: yes. >> -- and the vote is that part of by the people. and we cannot allow that to be compromised. we must defend the integrity of the voting booth, and we have a right to do so. so to somehow take that and -- charles: right. well -- >> -- blame those individuals for the riots totally inappropriate. charles: but that's the path that we're going down. i appreciate you coming on. thank you very much, congressman jody hice, and we'll talk to you again very soon. folks, in the meantime, new regulations and tax hikes with businesses already struggling amid the lockdowns, the question is can capitalism survive the next four years. i'm asking former cke restaurant the ceo andy puzder. he's next. ♪ ♪ broken windshield... take 1...

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senate, they will have a tough time pushing through all their big agenda items. they will get through the federal minimum wage, they'll be able to increase leglations and, of course -- regulations, and, of course, an individual and corporate tax hike. joining me now, author of "it's time to let america work again," andy puzder. by the way, you're also joining me next wednesday for our town hall on the future of capitalism under the biden administration. let's talk about the threat to american-style capitalism. it's been a long time coming, but i think the people who have had distape for capitalism are now not only in the driver's seat, but i think they've got, obviously, the power to go with it. how do you see the outcome? >> look, i think american capitalism and the entrepreneurial spirit are strong enough to survive a joe biden presidency even with the nominal control they have in the senate and the house. we really need to get through the next two years.

but, look, if you're going to look back at 2019, 2019 was an incredible year for american workers. we saw family income increase by an historic amount to a new historic high. the poverty rate dropped an historic amount to a new historic low. and for the second year in a row, income inequality declined. the the pandemic that really put the -- it was the pandemic that created the problems we're facing and really empowered the democrats and those opposed to capitalism, opposed to free markets, opposed to relying on individuals instead of relying on the government, they're now in control. but these things go back and forth. i think we'll survive the next two years. charles: i wish i was as sanguine as you are. we're talking about now, yeah, 2019 was wonderful, but it made no difference to the outcome of the election, and now we're seeing where the government is stepping up, pouring trillions

of dollars into the economy where people are saying, hey, this works, the government should play a bigger role. the federal reserve should play a bigger role, we should have universal basic income. to me, more and more people believe it, to me more and more young adults believe it and so the trend, i don't know. i know the path has gob up and down, but -- gone up and down, but how does business say to the world, how do american businesses say to the world -- by the way, these same businesses who have succumb to the notion of stakeholders and that maybe profits aren't the most important thing, when or how do they take a stance to preserve what's made us the greatest country in the world? >> i think we're going to find out very quickly that this approach to the economy doesn't work. it didn't work during the obama era. you know, we ended up in a situation where everybody was predicting, even people that supported president obama, that we were going to have stagnation for years to come, for decades, that america had stopped growing. president trump came in and proved that that wasn't true.

for a number of reasons in 2020, i think the other side was able to make arguments that we needed expanded government aid for people, expanded government aid for businesses, and that was true. we needed it during the pandemic. and the democrats are very open about this. even joe biden said -- charles: yeah. >> -- it's an opportunity to fundamentally transform america. that's what they're trying to do. we need to keep making the arguments -- look, their policies are going to fail. they're not -- this is not going to work. charles: andy puzder, can't wait to see you on wednesday. folks, don't go anywhere, more "wall street" right after this. ♪ ♪

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charles: welcome back. you can catch maria this sunday on the fox news channel for "sunday morning futures." she's got exclusive interviews with senator marco rubio and congressman devin nuñes. do not miss it, 10 a.m. eastern. catch me monday through friday hosting "making money" at 2 p.m. eastern time right here on fox business. and coming up this wednesday, you just heard me talk about it, i'll be hosting a virtual town hall on the future of capitalism. this as the incoming biden administration looks at new regulations and reshape how the free markets operate. we want to hear from you. send us your questions. we'll read as many of them on air, message us@fox business on facebook or instagram and e-mail us at invested in

you@foxbusiness.com. that'll do it for me, thank you very much for watching, and we'll see you next week. ♪ ♪ ♪ ♪ gerry: welcome to the "wall street journal at large." a shocking challenge to american constitutional government that ended in infamy and tragedy on capitol hill wednesday began on the early hours of november 4th. on that night, it was becoming clear that joe biden had won a hard-fought presidential election by a narrow margin in the key states that would give him a majority in the electoral college. at that moment president trump declared that he wouldn't accept the results. >> this is a