but you need that logistics to get stuff around. thank you both. don't forget to follow us on twitter @barronsonline. that is all for us. happy muck. >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy weekend, everyone. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. coming up, more than a dozen states' attorneys general are fighting president biden's orders to kill the keystone pipeline. arkansas' a.g. leslie rutledge is here on what legal actions they may take. and how long until we actually see self-driving cars on the road? you may be surprised to hear what emil michael has to say about that all coming up right here. but first, let's take a look at

some of the week's big moments on some of the big newsmakers on "mornings with maria" on this week's petition of talkers -- edition of talkers. >> a lot of restrictions around gamestop. >> if you start with the fact that people are entitled to speak their minds about a stock and that's a guaranteed right under the first amendment -- maria: what do you think that means, that joe biden says he's going to approach china differently? >> i am encouraged, maria, by the new secretary of state, tony blinken, taking a firm stance against his interlocutor in china. maria: checks are going to go out to individuals making up to $75,000, couples, $150,000. >> it would be good for the democrats to look at how really incapable their bureaucracies are before they go rushing out to send even more money to

people who don't exist. maria: is there a chance of conviction here? >> the hill that the managers have to climb is very steep and very high not just because most of us think this is an unconstitutional exercise altogether. maria: and on wall street, it was a major, record-setting week as we saw several new record highs driven by stimulus hopes, strong earnings, guidance as well as comments from the federal reserve chair, jay powell. i'm joined by the chairman of the investment committee, dennis gartman. dennis, thank you for being herement you say stock -- here. you say stocks are illogically high, but they are going to keep climbing for now. >> yeah, because the monetary authorities continue to be aggressively almost unprecedentedly expansionary. the growth in the monetary aggregates, whether it's the fed's balance sheet, whether it's m2, m3, any of the broad

aggregates just going from the lower left to the upper right at an increasingly arched pace, and as long as that continues, stock prices want to go higher. i find them unprecedentedly high, extremely expensive, but as long as the monetary authorities continue to be expansionary as they have been, they shall continue. and powell made a statement two or three months ago that they haven't even thought about thinking about tightening monetary policy. this week they thought about thinking about tightening monetary policy. soon they have to think about tightening monetary policy, and eventually they shall are have to tighten monetary policy, but that's a long way in the future, and as long as they're not thinking about it and continuing to expand the fed's balance sheet, that money money makes its way into stock prices, and stocks keep going higher. maria: because investors want a return, and there aren't many alternatives to companies that pay dividends that you could get

a return versus the bond market where interest rates are at near zero levels. and that's after a pretty good creep-up for some of those rates, right? >> there are some places out there, there are some etfs, some bond funds that pay dividends on a monthly basis that are reasonably well covered. i don't want to give particular names, but there are a number of bond funds that you want to hedge the risk of rising interest rates against them. so you take a short position in the bond positions to hedge that position, but there are places. they are few and far between, and keen is the operative word. there is no alternative. stock prices keep going from the lower left to the upper right, and as long as the monetary authorities continue to be as expansionary as they are -- and there's no question they're going to continue to be -- stock prices have to go higher. it's amazing to me, and as john maynard keynes once said, the market can remain illogical far

longer than you and i can remain solvent. maria: a lot of people take on a lot of risk when you look at the junk bonds market where you're seeing that area break 4% for the first time in a long time, yields, i'm talking about, or you could also look at bitcoin. you know, bitcoin has been soaring. are these some examples, in your view, of the fact that there aren't any alternatives, and people are searching for yield? >> well, they're searching for something. i'm not sure -- in bitcoin, you're searching for anybody to buy it at a higher price than you've already paid for it. bitcoin has never made a good deal of sense to me, compared to gold that has add had a 2,000-year,5,000-year history. somebody was talking about this is the tenth anniversary of bitcoin breaking above a dollar. to me, it's just another tulip. phase as the great tulip

speculative bubble of, what, the 15th century in holland. we have a bubble in stocks, we have a bubble in bitcoin, we have a bubble in commodity prices. there are bubbles bursting, bubbles going up everywhere, and one of them have burst yet. eventually, they all shall. maria: so there was a great op-ed in the journal this week, junk has never been so valued, and the editorial board writes: if you're an overleveraged company at risk of default, now's your moment to load up -- >> absolutely. maria: the average yield on junk bonds dropped below 4% for the first time amid this market scavenger hunt for yield. your reaction to what's going on in the junk bonds market. >> i think that's -- "the wall street journal" is absolutely what should be done. if you're a corporation can, you should be funding as much debt as you possibly can for as long as you can. the united states government should be doing exactly the same thing. we should be extending the term structure of our bond portfolio at the treasury out to 50 years and 100 years. if or argentina can fund a

100-year debt -- which went bankrupt a couple years ago, but they were able to do it -- we should do the same thing or at least at a 50 rear. and -- 50-year. you should be raise liquidity in the bond market as aggressively as you possibly can. rates will be higher three, four, phi years from now, and this is a great opportunity if you're a corporation to fund, if you're a government to fund debt at the long term, no question. maria: all right. dennis, we will leave it there. it's great to catch up with you, see you soon. thank you so much. >> honored to be had. thank you. maria: dennis gartman joins us there. of president biden killing the keystone pipeline and the thousands of jobs that go along with it. 14 states' attorneys general are fighting back on behalf of the workers including arkansas' leslie rut eleven. he will join me next. >> i don't want to draw unemployment.

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♪ muck if. >> it was canceled for environmental reasons. that's what i really want somebody to show me the proof of that, you know? the oil's coming in by rail cars, we try to get that out there, and i think we have. but you're looking at a company like kc energy who was going to invest another $1.7 billion in green energy projects for american workers, another $10 million in training. so show me the of proof that this was canceled for environmental reasons, not political ones. that's what hurts us the most. maria: keystone pipeline workers speaking out in arkansas this week after president biden's executive order canceling

construction of the pipeline, and that cost them their jobs. joining me right now is arkansas attorney general leslie rutledge. leslie, it's great to have you this weekend. you are one of 14 a.g.s who sent a letter to the white house urging president biden to reopen the pipeline. here's a quote: we write with alarm regarding your unilateral and rushed decision. the real-world costs are devastating. leslie, are you and the other 13 states going to take legal action in order to reopen construction of this pipeline? >> well, potentially, if need be. we're hoping that president biden will reconsider and cancel his cancellation of the keystone pipeline because these are real americans, real arkansas kansans whose jobs are being lost because of this decision by president biden. it's also an economic impact for those workers and particularly here in arkansas. we have a company called wells fund who was manufacturing the pipes that go into the keystone pipeline, but it's also about energy independence for all americans and for the united

states of america. maria: yeah. i think this is a great point. economic security equals national security. will you assess the impacts so that our viewers have a clear understanding of what this means for arkansas? i know that there are thousands of jobs directly related to the keystone pipeline, but then there are others, thousands of other jobs, if not millions of jobs, that are impacted but the activity in an indirect way. >> certainly. here in arkansas it could be 500 jobs, again, with the manufacturing of the pipe itself, but also those other jobs that are connected to it. the construction sites, the restaurant workers. yesterday i even spoke to a pipeline worker from south arkansas who's losing his job, losing his income, and that's a family being impacted. this isn't just about joe biden's plan and john kerry's plan. perhaps john kerry developed this on his big carbon-emitting jet, this policy, but they have a plan that a hope and a prayer

for these workers that are impacted. that's not good enough. we can't run the american economy and the arkansas economy on a hope and a prayer. we have to have real, good paying jobs with low cost energy, and that's what the keystone pipeline allowed for us to have. maria: yeah. i mean, you know what's really interesting, if you don't have a pipeline transporting that oil and gas, you're going to have to do it above land, right? then you're talking about transportation being on rail cars, and when i think about whether or not it should be in a pipeline or on the rail cars, clearly on the rail cars seems to be more dangerous. am i right? >> well, not only more dangerous, but also takes that many more rail cars to move the same amount that goes through the pipeline per day. it would take 6 of 45 rail cars to move the same -- 645 rail cars to move the same amount that moves through the keystone pipeline. they're preaching through

environmental lands, however, they're not looking at the actual impact and what it would cause, again, in terms of cost as well as what it would do to the environment. so it's absolutely hypocrite9 call of this administration to shove through this policy and cancel the keystone pipeline when, in fact, it's low cost energy, energy inagainst, more jobs, less environmental impact. maria: a.g., let me ask you about the cost of this. what is the cost to arkansas? you have got montana's a.g. estimating the move could cost his state $58 million in annual tax revenue, not to mention the jobs. do you have an estimate in terms of what this is going to cost arkansas? >> i don't have anything that specific, maria, but i do know that, again, when you're looking at 500 direct jobs as well as the indirect jobs, the economic impact, the cost of the increased price for this energy, that's going to have a dramatic impact, probably in the millions. with a tate like montana, even though they have a large part of

the pipeline going through it and workers, we could see several million dollar impact in the state of arkansas alone. maria: you know, at this point with all of these executive orders in a very short period of time by the biden administration, you've got the last line of defense being the states' attorneys general. that's why ken paxton from texas is pushing back and sued the administration over the immigration policy, that that's why the above of florida, ron desantis, is pushing back on big tech. do you see yourself in the final, sort of last line of defense in terms of protecting people from some of these job-killing or potentially bad economic policies that we are understanding and learning about in the early days of the biden administration in and will you be participating, for example, in what governor desantis is doing on big techsome. >> -- tech? >> absolutely, maria. we're actually already pushing back against big techs, and i am

going to be on the front lines of that last line of defense. i was during president obama's and vice president biden's administration, and here we are again in the same sort of job-killing joe that we saw before during 2015 and '16. now it's back in '21 and with his administration. so whether it's the keystone pipeline, the big tech, immigration or girls not having the opportunity to play in sports because now they're being pushed out by young men who are going to take over their sports because they want to have those same college scholarships. i grew up playing sports, and i think young women under title ix should have the opportunity to play sports. so all of these things we're looking at, and i'm working with my colleagues across the country such as ken paxton in texas, all of us are working together to aggressively push back against president biden's out of control agenda that hurts opportunities for americans, hurts economically, it hurts americans. maria: yeah. i'm really glad you brought up

the sports issue because there's so much upset about that as well just from a competitive standpoint and a fairness standpoint in terms of the strength of the body. arkansas' a.g. leslie rutledge, it is great to have you this weekend. thank you very much, we'll be watching the developments. >> thank you, maria. maria: we'll see you soon. covid rockdowns taking a -- lockdowns taking a bite out of uber's bottom line. uber's bottom line. what's driving the succe hi, this is margaret your dell technologies advisor to listen, is to hear more than what's being said...

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130%. i spoke with the senior vice president and chairman emil michael on how the ride-sharing company was able to successfully transition during this pandemic. >> the growth story's incredible. uber eats is now about the same size as uber rides, which is quite incredible in terms of revenue. it just shows you the difference between uber lift which has rides only and any other ride-share company around the world that doesn't do food delivery. maria: yeah. but, emil, will uber be able to keep up with companies that do only that? i mean, you look at somebody like a doordash which went public or other delivery services that only focus on that, delivering food, does uber have the wherewithal to compete and gain scale given that that tease not its primary business, as successful as it has been?

>> well, you know, uber was ahead of doordash in 2018. they sort of lost the lead, but they got a great new leader earlier in 2020, and they've made up some of the ground. they've got a hong way to go, but uber is leading in food delivery in mostly all parts of europe, mexico and lots of other places, so they've got a lot of wood to chop in the u.s. but in ride sharing they still maintain a 70-30 lead against lyft, for example. so they can win in both parts of their business, but they've got to focus. maria: let's talk about the driving part of the business as we wait for what's being called the i car. apple announced it more than doubles the road tests for its awe on autonomous tests in 2020 but likely will not launch a car for at least five years. but there are competitors, you know, alphabet's waymo, tesla right there doing self-driving cars.

emil, how long do you think it will be before we actually see drivers relaxing behind the wheel -- [laughter] and don't you need the regulatory framework to actually be there and change in order to actually expect driverless vehicle on the road? >> so that second point, maria, a lot of people miss. it's not just the technology working, it's the regulatory piece accepting it. and the regulatory piece could take longer than the technology piece. my bet is before you see, you know, a third of the cars on the road be autonomous cars where truly a driver doesn't have to be in that seat, it might be 7-10 more years. so it's going to be -- yeah, it's going to be a while. maria: yeah. that's what i thought. and what changes do you expect to actually facilitate that? i mean, do you need everybody on the road to be self-driving as opposed to, you know, some self-driving and then some not self-driving, regular cars? because i'm thinking to myself,

it can't possibly happen unless we see everyone doing it, and that is, yeah, 7-10 years is sort of, i mean, that's the most optimistic. >> i think you're at least going to have to have sensors either in other cars that are traditional cars, or you're going to have some sensors on the street that are going to talk. these cars have to talk to one another, and other cars have to react to one another. i don't think every car on the road has to be autonomous, i think that'll happen in 20 years maybe. be you're at least going to have to have them talk to one another. you can see the government saying, hey, every car has to be retrofitted with a sensor so it can talk to one another, something like that. maria: don't go anywhere, more "wall street" right after this. ♪ muck. ♪ ♪

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(money manager) so, what do you provide? cookie cutter portfolios? (naj) nope, we tailor portfolios to our client's needs. (money manager) but you do sell investments that earn you high commissions, right? (naj) we don't have those. (money manager) so what's in it for you? (naj) our fees are structured so we do better when you do better. at fisher investments we're clearly different. maria: welcome back. we've got another big show in the works for next week. tune in every friday night at 9 p.m. eastern. hope you'll join us this coming friday. i'll see you this weekend on fox news on "sunday morning futures," 10 a.m. eastern. we've got exclusive interviews with the governor of florida, ron desantis, ric grenell, jim jordan and harvard professor emeritus alan dershowitz. sunday morning futures, 10 a.m. then start smart every week today from 6-9 a.m. eastern on fox business for "mornings with

maria," fox business, 6-9 a.m. eastern. thank you so much for joining me, i will see you again next time. have a wonderful long weekend and valentine's day. ♪ ♪ gerry: welcome to the "wall street journal at large." americans waited 80 years for the first impeachment trials and over a century for the second. now they seem to come around every february. there's no halftime show or un-funny commercials. so watching yet another senate trial this week, you could be forgiven for dismissing it. but it would actually be a mistake not to pay real attention to this case. it's not that there's any