jack: i really got hammered after that, the 1927 it was founded, it's almost as old as barron, thank you for those and check out this wheeze addition at barron's.com, don't forget to follows on twitter at barron's online, that is all for us, happy mother's day, we will see you next week on "barron's ♪ >> from the fox studio in new york city this is "maria bartiromo wall street". maria: happy weekend everyone, welcome the program that analyzes the week that was in helps position you for the week ahead. i am maria bartiromo, the big shock in the market, why the economy added so few jobs last month relative to expectations. plus giving china exactly what it wants, the biden administration supported the relief of intellectual property

from american covid vaccine makers to the world, more on that coming up, plus the fight to take back the house next year why republicans are pushing to oust liz cheney from house leadership in backing elise stefanik, will hear from house minority steve scalise coming up, surging demand for new homes shrinking inventory in record high cost of lumber now driving up home prices at the fastest pace in 25 years. i'll be speaking with the head of the largest homebuilders in the country in a fox business exclusive chairman and ceo on where things go from here. but first let's take a look back at the week's big moments with the top newsmakers on morning with maria on this additions of the week's talkers. >> your reaction to a 4 trillion in spending, unprecedented except for war times they need

to pay for it somehow and there massive increases. >> the federal government is going to throw stimulus, higher taxes, and may very well throw higher interest rates. >> the house is on fire, there is no crisis, there is no economic crisis, there is no longer a vaccination crisis. maria: mark we are big fans of yours, let me kick it off with you, have you sold number bill you yourself. >> you can do what you want and set your old price and have everything that you own stored away. maria: a big week for markets, let's take a look at where everything ended the big story, record for the dow jones industrial and the dow transportation on average and at the end of the week the big miss on april jobs report the economy added 266,000 jobs in the month of april, expectations were close to a million jobs added. the unemployment rate went up instead of down, joining me now

associates chairman and founder louis, it's great to have you this weekend, businesses have been telling us that they want to hire people but they can't find workers because of the expanded benefits, is that what's behind this myth? >> apparently, leisure and hospitality created virtually all the jobs in other categories, even healthcare declined. it looks like some people don't want to come back to work, could be childcare related, because some schools are still closed but there is going to be big revisions to this number just like an upward revision in february and a big downward revision in march, rightly or wrongly the labor department cannot hit the broad side of the barn. maria: even if this is self-inflicted because schools are not open and growing so much money that people does this

change expectation for the macro story, the atlantic federal reserve expecting 13% growth for the second quarter, nancy lazar at cornerstone macro has a high expectation for growth for 2021 of 9%, your thoughts on the macro story. >> first of all the adp report on wednesday which is private payrolls was much better and they actually do payroll processing and they don't have the wild adjustments of the labor department has, i think the labor market is a little bit better than payroll shows, also unemployment fell below half a million for the first time since the pandemic. so that is good news, i think this is a bad number that's going to get revised but i think where we step back and look at everything yet to realize productivity exploded during the pandemic and if i'm a business and making more money now with less people, i may not have the people i once had, the other

thing is the adp economist pointed out some small businesses may not come back and small businesses were the main creator jobs until the schools are all open another working moms can go back to work, we will not have a good handle on how the labor market has been currently disrupted. maria: i want to ask about allocating capital, the dow transportation and industrial average at record high this past week pharmaceutical stocks under pressure, one of the big stories were watching as president biden is supporting a waiver of ip protection allowing the world access to intellectual property used to make the covid vaccine from u.s. pharmaceutical companies i felt the ceo of the pharmaceutical research and manufactures of america, here's what he said about this. >> the message they are sending to scientists is terrible is potentially saying when it's

time to run into the fire, the more important invention, the more likely we will give it away to competitor countries. maria: why do you think about this china has been stealing our intellectual property for decades, now going to give it to them from the incredible performance that the pharma sector did coming up with the vaccine in ten-month. >> china likes to point out how are hypocrites, we had the incident in alaska that did not go over very well. they're getting uses against us so obviously intellectual property does not mean a lot in the biden a administration and that's very sad because that'll have long-term consequences for multiple industry, i realize are trying to help people but it would just for the u.s. committees to make all the vaccine. >> from an investment standpoint does this change how you want to allocate capital, what about the transfer tower you allocating capital.

>> obviously we picked up more cyclicals in the steel stocks and the copper stocks, i don't have a lumber stock yet, i would like to find one, the amazing thing we have a lot of shipping stocks and container companies because of the global supply chain bottlenecks and the fact that there's not enough shipping containers. were having a big cyclical recovery but i like mike tech stocks that have blowout earnings and things so we have a good mix. we've also had retailers announce stunning same-store sales report and gap higher, i feel very, very good that were on a robust economic recovery. maria: always a pleasure, thank you very much for being with us as we can. >> thank you. we will see you soon the push for house republicans, president biden family plan could cost hundreds of billions of dollars more, then he first told us the details of a new study in the

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investment strategies to help you get back to drafting dreams and building your future. edward jones. it is time for investing to feel individual. maria: welcome back the fight to take back the house, republicans are pushing to out liz cheney and her role of gop commerce chair, elise stefanik gaining support to replace her, former president trump and steve scalise are among the first to back the phonic. here's what scully's told me this week. >> we had a conference retreat, we had over 150 members of the house republican got together in florida to start talking about unifying a rounded agenda for next year to take the majority back not just to be the

opposition party, were opposed to the socialist agenda pushed by speaker pelosi president biden but starting uniting around the principles we can all agree on moving forward to get our economy back on track to push against what they're trying to do with high taxes and heavy regulation to confront covid but those are the kind of conversations we were having and it just seems like there's a few members that are talking about things that happened in the past, not really focus on what we need to do to move forward and when the majority back next year i think you saw congresswoman cheney given a press conference and talking about the last election when the vast majority of our members are talking about the next election what it's going to take because were going to have to be unified if we defeat the socialist agenda in washington. i started hearing from a lot of members about that, ready to move forward. maria: a new study showing the presidents proposals, $700 billion more expensive than the estimate coming out of the

white house, the broken family plan is to have training dollars, you're talking about more than $6 trillion thrown at the economy since january 20 and he's going to use the massive tax increases, we all have to pay for because they want to send all the money to the arts in schools, how are you going to stop this? >> i think continuing to expose as they go around the country i talk about this everyday, people know there's no such thing as a free lunch, everybody wants all this free stuff until you asked them, you know you're gonna pay for this, if they raise taxes it's good to be low and middle income jobs that are lost when we lose jobs to america, we have no inversions since we cut taxes. you know this as well, companies were leaving all the time and taking jobs, we were losing our middle class before we worked with president trump to cut taxes, if joe biden increases as the capital gains that means companies will leave america again, the biggest contrast look

at new york and florida, look at california and texas, the difference in policy makes a big difference where people move them jobs move in when those jobs go away you're the middle-class family you think it's not can apply to you but it absolutely affects your pocketbook if you lose your job and don't get pay raises like you were getting, we have to expose this and you see the public turn when janet yellen lets everybody know what the truth is in joe biden says stop talking, people know interest rates are going up, inflation is going up, you see lumber, steel prices, food prices, they're all going up because are spending trillions of dollars and you cannot keep doing it and expect of the american lifestyle that we are used to ensure demand. maria: congressman, why is joe biden blowing off intellectual property rights, i'm wondering if the chinese communist party wrote this one, he is obviously agreeing to the waiver of property rights for american vaccines, waiver proponents say

breaking the patent protection is necessary to expand global access to vaccine, that is not true the journal writes wto allows low-income country for drugmakers to license their patents during emergencies. >> we've been really critical for china for intellectual property, the last thing we need to do is embrace china's policies, joe biden is sending jobs overseas by going into the pierce accord and letting china also for that but we should not be embracing china communist type policies, waving patents, we have vaccines because president trump worked with companies and operation warp speed to develop the great life-saving drugs and vaccines and don't undermine the effort. maria: my thanks to steve scalise, the red-hot housing market is soaring, demand sparking bidding wars across the country, my interview is next with one of the largest homebuilders, will get insight from ara hovnanian when we come back.

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maria: welcome back home prices surging as builders for your bowl to keep up with demand joining me now in the fox business exclusive ara hovnanian, it's great to have you this weekend, thank you so much for being here, you are seeing record i build lumber cost right now, tell me about the price of lumber, how that is affecting your business in the price of homes your building. >> there is no question lumber prices have been really skyrocketing, surprisingly so, historically so, fortunately the housing market has been so

strong we've been able to raise prices to offset it, our margins were great last quarter and we think we can still improve upon that. maria: your margins were great and you have zeroed in on focused on your operating results, congrats on that was talk about the transformational improvement in operating conditions at your enterprises, what is behind the story in terms of surging house prices, assisting environment for us right now,. >> first of all in the historical perspective, we just finished a decade of record low housing prices, the last decade we averaged under a million housing starts, that is unheard of, people are finally now with covid focusing on the house and driving demand up tremendously, people want more zoom rooms, more rooms and outdoor space a

millennial finally jumping into the market on top of that limited supply and supply constraint with high demand means robust pricing. maria: what do you look at in terms of metrics on whether or not this sustains. what are you expecting the rest of the year 2022. >> average housing starts if i went back all the way back to world war ii, every single decade is averaged about a million and five. we look at how were doing as a country in terms of housing starts, right now we really spiked up a bit but rather million six, peaks are well over 2 million housing starts per year, were well under that, the other thing we look at is affordability it basically measures and measures medium family income compared to what is needed to buy a median priced

home, that is very strong thanks to low interest rates right now. maria: i would ask about low interest rates, jay powell chairman of the federal reserve told us were likely going to continue to see the rock-bottom rates until 2024 what your expectation on what it will take to get the fed in the foot off the pedal and start talking about tapering we know are looking at a stronger economy, the alien to better avoid their target with 13 plus% growth, what your take in terms of the federal reserve next move. >> my assumption the gonna make absolutely certain that this vaccine is well under control, covid is well under control because of the vaccines in the economy is back to hiring in all sectors. i gotta remind everyone that back in the 80s we had mortgage rates over 18% and

there was more housing produced then they were doing right now. mortgage rates concern us, we like lower rates more than higher rates but i'm not concerned about an uptick in the coming years. maria: i really glad you put this into context to look when rates were 18%, what are we talking about the average around 3%. maria: you're getting free money here. >> when you consider my most homeowners in the leverage are getting from the mortgage, 3% and the homes of been appreciated it's where wealth is created in the united states. maria: for sure that's a big booster for the market, was it

that largely the has stimulated the housing market, is there something else i know were beginning slowly but surely getting back to normal post covid, what are the real reasons for the strength of the market right now. >> i think after being locked down and people being in their homes and the likelihood that there's going to be some flux ability at most people's jobs that will allow them to be in their home more or at least a couple of days a week, people are looking at their home saying i could use an upgrade and with rates at this low, it is getting people to step up and either move out of an apartment to buy their first home if they have a small home, buy a bigger home, it is stimulating change right now. maria: i know you made a decision make paying down debt even before maturity a priority

in your last sales numbers at the end of fiscal year 21 implied growth of 11% year over year, is that the right number, tell us where growth comes from in the coming 3 - 5 years. >> we've been stepping up land purchases last quarter were up 50% compared to the same quarter last year, were expecting revenues between 2.6 and 2.85 billion in this fiscal year, and we've got the land and place for that and we got the land in place for profit growth in 22 as well. were feeling very confident and we do intend to pay off our 22 maturities early in july when were allowed to, and even our 24's as we intend to pay those down early as well.

maria: do higher taxes put a dampening on any of this for looking at efforts to get the corporate capital gains rate up there you think that dampens a strong backdrop? >> not our customers, our average prices over $400,000, it is not likely that our consumer will see much change in their prices. excuse me in their tax rate. that higher priced homes, they might feel the difference but not our typical customer. maria: we will leave it there, maria: we will leave it there, great to see you ♪ ♪ ♪ ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪

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timothy shea on the drugs coming into this country. start smart every weekday from n "mornings with maria" on fox business, we help you start your day with us every weekday. that will do it for us this weekday, thank you for watching, wishing you a happy mother's day and ocu again next time. ♪ererererer larry: hello welcome back to "kudlow." i'm larry kudlow. i want to continue our discussion about the extraordinary importance of senator tim scott's rebuttal to president biden state of the union message a week ago. last night we had a great discussion with katie pavlich and guide bands and send about the significance of his remarks. when can anyone remember her

rebuttal speech that was more important and