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tv   Maria Bartiromos Wall Street  FOX Business  October 16, 2021 11:30am-12:00pm EDT

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worried about bottlenecks. as growth starts to get better again, i think the stock can do pretty well. jack: thanks for that. to read more, check out barron's.com. don't forget to follow us on twitter @barronsonline. that's all for us. a great weekend. ♪ ♪ >> from the fox studios many new york city, this is maria bartiromo's "wall street." maria: welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm jackie deangelis in for maria bartiromo. the supply chain crisis rocking the economic recovery with empty shelves and higher prices. the white house warning that your christmas gifts may be on the line as one member of the administration is under fire for minimizing the situation. we'll hear from kenny old carry. southwest recovering from
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chaos, the airline blaming weather and air traffic control issues. is this a sign of things to come this holiday season? i'm asking frontier airlines ceo barry bissell. and another massive migrant surge on the way to our southern border. maria's surveying the situation on the ground and in the air from del rio, texas. first up, here's a look at where markets ended the week after a slew of strong earnings from the big bank. but there are big concerns that our economic recovery is in real trouble amid a growing worker shortage and a supply chain crisis driving up inflation. here with me now, slate stone wealth chief market strategist kenny pull carry. kenny, always great to see you. >> nice to be here. jackie: white house chief of staff ron klain retweeting that our economic issues are high class problems.
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these are kitchen tables issues, kenny. they affect you and he. they don't affect if jeff bezos as much. >> that's exactly right, and i think it just shows how tone deaf that the administration is, right? that he would go out and although he didn't write it, he reiterated what was written. and it is completely tone deaf because it is the middle class and the lower class that's going to get hurt the most there rising oil prices and food prices you. can't go to the grocery store without spending $100 for half a dozen items. jackie: yeah. i look at the inflation crisis there a personal if standpoint but also from the numbers that we're getting. c, i was up more than -- cpi was up more than 5%, but producer prices up more than 6%. it's costing them more to make goods, so it's going to take a while to trickle down even more to us. >> right. it takes about two or three months to work its way through the system. but what was interesting yesterday is that the number was strong. it wasn't stronger than what the
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estimate was, so they're trying to pare off -- if you heard jen psaki, well, it's strong, but it's cooling off, right? it's not any stronger. it's cooling off. and so, therefore, that should be the plus. i think she's completely tone deaf as well. jackie: well, you can argue why isn't it cooling off faster if inflation is supposed to be transitory. >> right. well, it's not transitory unless you define that as two or three years. transitory, to he, met six, seven, eight months. we're already into this by six month, and there's no end in sight. so i don't think it's transitory at all. jackie: you look at those prices, bacon up 19%, fish and seafood up 10%. then you add to that the fact that we're seeing oil prices rise as well. look, you and i have talked oil for years. it's very possible we could see oil up to that $100 level. >> i think it's absolutely on its way going there. and, look, last night the saudis came out and reiterated that they are not increasing production until at least
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january which is what was the original plan. so between now and the end of the year, you're going to see more upward pressure on natural gas and on oil as demand heats up, certainly as the northern hemisphere goes from fall to winter, right? people are going to pay more for oil, her to heat their house, more to drive their car, more everything. i think you absolutely could see oil at least toward the 90 level. whether we get to 100 is really going to depend on what happens in the economy. jackie: so bottom line are, what it means for you at home is you're going to see your heating costs rise as we head into the winter, you're going to see consumer goods rise because we're dealing with shipping issues and transportation costs moving higher. and let's be very clear about the situation with to pick countries -- with opec countries that president biden is begging to ramp up output when our output has gone down. they want to see a higher oil price. they are government-run countries that relief on oil -- rely on oil revenues, and the
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higher price works for them. >> it didn't work for, certainly, opec or any one of the opec countries. they want to see oil at $100 barrel, certainly, and we turn around, we've got more oil in this country to mitigate that problem, yet we're being collared not to do it. the biden administration has slammed the brakes on it so, therefore, be prepared because prices are going up. jackie: jen psaki said we cannot guarantee that you'll be able to get the items that you need in a timely fashion. why are they addressing this problem so late? that's the problem that i see here. you can't do it in mid october, try to address it, and expect everything to be okay for christmas time. and these are not, you know, first class problems, this is not a third world country. people want to celebrate the holiday. >> right. and i, but i think, once again, it goes to the administration was tone deaf. they weren't paying attention. they didn't really think it was going to spin this far out of
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control. but now we're into the end of october, and like you said, is anyone going to be able to fix it by christmas? the chances are if you listen to all the talk that's around, probably not, right? so it may not necessarily be christmas full of christmas presents or at least the presents you wallet. but i think also, you know -- you want. i think you have to look through that because do something different. do experiences, right? do something else with your children. take them to the theater, take them traveling, expose them to other experiences that maybe will help round out -- jackie: it's a nice suggestion, ken think, but kids look -- kenny, but kids look for the presents under the tree. and, of course, the biden administration saying, companies, fedex, you need to work 24/7. you need to fix it when we put all this pressure on you. kenny, great to see you today. southwest recovering from massive flight cancellations this week. are other airlines at risk of suffering the same fate, and what can we expect during the holiday travel of season?
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i'm asking frontier airlines' ceo barry bissell. >> -- it is my if birthday week, i'm on vacation, i have all my family -- >> they ended up nicorette knows, quitting smoking is freaking hard. you get advice like: just stop. go for a run. go for 10 runs! run a marathon. instead, start small. with nicorette. which can lead to something big. start stopping with nicorette.
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from code to cloud. so you can get cloud security right, the first time around. we've got next. ♪ jackie: southwest now giving out vouchers to passengers strand thed when more than 2,000 flights were canceled this week. the airline denying flights were grounded because of pilots calling out sick to protest the vaccine mandate, but rather, that it was bad weather and air traffic control issues. many industry analysts are now worried this could be a sign of things to come this holiday travel season. joining me now, frontier airlines' ceo barry biffle. barry, thank you for your time, sir. >> thanks for having us. jackie: all right. first of all, let's start with the southwest mess. obviously, they're blaming certain factors, and everybody else is look at the picture and saying labor shortages and
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vaccine mandates, that seems to be what was really driving this. >> look, i can't speak to what happened there. i can just say in our case we're very cognizant of the challenges that everyone has had with getting people to come back to work, but we're seeing a lot of those pressures aside now. jackie: when you look at the labor market this all industries, there are 11 million jobs that need to be filled. when you add the pressure of vaccine mandates, many of the airlines are doing it. your airline said by october 21st, 2021, employees need to be vaccinated. that could make it more difficult. >> well, i think, you know, it could make things challenging, but i think we're getting past a lot of that. i think, you know, if you look forward to the holidays, i think the biggest challenge is will there be enough seats for all the demand that's out there. everyone's talking about traveling at the holidays, and you've got a trifecta of demand. you've got the merck pill as a treatment that should be available by then, kids under 12
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can get the vaccine, and you've got a lot of demand coming for the holiday period, and i think more than anything there probably won't be enough seats. jackie: the demand definitely is there, but a lot of folks are are worried that, as you said, maybe the seats won't be there or that the prices will be sky high. a friend of mine wanted to go to new orleans with her family, it was $800 a ticket, and she had to stand down. >> look, i don't know the given route but, you know, look, you should expect that, yes, i think you're seeing higher prices in a lot of things in travel. but you've also got higher incomes. so to you see a fare that you like for the holidays, you should book it. jackie: do you think that the higher income balances out when we're also seeing inflation higher? you're looking at the cost of jet fuel, for example, probably on the rise. we're looking at consumerred food prices on the rise, ticket prices on the rise. incomes aren't going up as fast as we're seeing the prices of these things go up, the things
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that we need. >> well, it depends. i mean, you know, when you look, you know, at the lower skilled and more entry-level positions, you're seeing large percentage increases in income. so that's just creating her people that can afford to travel which further increases the demand. and as far as the fuel increase, you know, problem tier, we're in the unique -- frontier, we burn less fuel than anyone else. so when you're looking for value as prices go up, you can look to frontier to not be as expensive because we don't have to raise prices as much to cover fuel. jackie: right. look, the airlines really took the pandemic hard, it was very challenging, and you all navigated it. when we talk about sort of a full recovery or being back on the upswing coming out of this pandemic, delta is obviously still very real -- the variant, that is -- so i'm wondering when you think a full recovery for the airlines is likely. >> well, i think the delta variant was unfortunate. you know, the vaccine was unlocking the demand when we
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went back to the spring and the early part of the summer, and the delta variant kind of set that a back. but you've got several things that are coming together that, i this i, put the end to -- i think, put the end to this. the merck pill could be a total game-changer. you're looking at 10 million courses by the end of the year. you've got people going back to their offices hopefully by the beginning of the year. you couple that with the incomes and kids getting the vaccine, i think by spring break you should see pretty normal travel patterns. jackie: there's also the booster shot, so people are optimistic about that. in the last moments that we have together, barry, we've seen so many videos about unruly passengers not wanting to wear masks on planes, getting into altercations with the flight staff. how have you managed this? do you see this subsiding as things start to get better? is there a point where we can go maskless on a plane? >> well, i think, you know, again, i think you've got to get past the pandemic, but a lot of
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this unruliness is, i think, people being cooped up for the last year and a half. so i think you should see this subside, and some of these behaviors improve. i know the faa's been really working hard on this and working with us and other carriers to make sure that the most unruly potentially are banned across the industry. jackie: barry biffle, wonderful to see you. thank you so much for your time, sir. >> thanks for having us. jackie: another massive group of migrants heading to the united states border. maria is on the ground and in the air in del rio, texas, talking with law enforcement and property owners about the impact of the border crisis on this country and their lives, next. ♪♪ maria: how do you protect yourself? >> i have to carry a gun all the time. maria: is there anything you want to say to president biden right now? right now? [bleep]
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♪ jackie: another scene like this one at the del rio bridge could happen again soon. panama now warning the united states that 60,000 migrants may be heading towards our southern border. maria traveled to del rio to see what our customs and border patrol agents are up against. maria: right over there is mexico. it's an easy trek, obviously, because there is a cement path here. so this is where the 17,000 migrants who were under the del rio bridge crossed. in the afternoon the river rises, so it's tougher. so in the morning and at night you will find more migrants coming across because it's easier. when you flood the area with people, that is forcing the border agents to go deal with
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those people, and so they will leave their ohses and leave 220 -- posts and leave 220 the hills wide open. and that is what took place -- miles wide open. 30,000 people were apprehended. >> we appreciate you visiting the border once again. it's very important not only to law enforcement, but also to the american people that they get a better understanding what's taking place along the border. maria: we've got a structured place where we issue one million green cards every year, and yet these people doing it illegally, they're able to jump the line. >> right, you're right on point. the issue is that the federal government has pushed out that message that right now is the time to come to the u.s. because you will be released into the country. maria: where are you from? >> [inaudible] more colombia. how hard -- maria: colombia. how hard was the trip? [speaking spanish] maria: cold? very cold. [speaking spanish]
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>> translator: it was cold. maria: how, how -- i mean, was it easy? looks like it's easy to get across. [speaking spanish] maria: where -- donde, where are you going now? [speaking spanish] >> boston. maria: how come? what's in boston? >> [inaudible] [speaking spanish] >> my friend. maria: your friend. do you have more people coming? [speaking spanish] maria: so where will you go now? [speaking spanish]
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maria: that's it? you've got all your stuff, you're just coming to america and you left? [speaking spanish] maria: you're not going back. [speaking spanish] >> translator: no. maria: why? [speaking spanish] >> translator: very dangerous, and if you go back, there's a chance of getting killed. maria: how much did you have to pay to get here? did they charge you? dinero? [speaking spanish] >> translator: $8,000. maria: to get across. 8,000 each? you had -- $1,000. >> translator: 8,000 each. >> this is the rio grande right
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here: most of the crossings that we've been seeing starts happening about right here all the way down to the poe. mexico's, you know, a hundred feet that way. this is all mexico, and on this side of the river is the u.s. here's the border wall. you can see the gaps in the wall. so the, this little wall has been here for a while. that big wall is the one that started when president trump was in office, and then you can see it's just not done. maria: what are the biggest numbers in terms of the biggest groups that you've encountered? >> i've had 50, 100, stuff like that. maria: how many gotaways would you estimate have gotten away this year? >> oh, i wouldn't -- a lot. maria: hundreds of thousands? >> probably. maria: are you expecting another caravan on the way? >> last i heard was 60,000 on the way. we're looking for groups. the ones that are turning themselves in we're not
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concerned with as much as the ones that don't want to get caught. maria: more than $100 million of border wall material rusting away here in texas. take a look at these pictures. about 10,000 steel panels sitting outside, going to waste since president biden took office in january. these materials, just to be clear, they were already bought and paid for by taxpayers. that's one of the reasons that you're paying taxes, to pay for things like this. >> even if they didn't think it was the best idea, it was already paid for. maria: right. >> all the materials sitting there, they'd already been paying contracts for months and months, sometimes years. why not go ahead and let those walls be built? >> the wonderful men and women of the u.s. border patrol, texas law enforcement, our national garden troops that have been down here are experiencing all the effects of the biden administration policies. and they all affect national security, and they all affect every law enforcement agency here in this country.
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our crime is up, our mass chaos is up, a all of these things are exponentially increasing. imagine yourself that you're in your backyard, and you see foreign nationals on your property. you're afraid to let your children go home from school. you have to rearrange your schedule for that. you have to constantly go in an armed state. you have to be very vigilant about what you're doing because you don't know who's on your property and who isn't. maria: i had the opportunity to meet with property owners, ranchers, whose land has been in their family for hundreds of years. but now they are under attack. they're carrying pistols around their home out of fear because of the explosion of illegals right this their backyard. the gotaways are going to them. how do you recollect yourself? >> i have to carry a gun all the time. maria: is there anything you want to say to president biden right now? [bleep]
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maria: we understand that there's people coming in that want a better life. >> there's a better way to do it than the way that it's happening down here. and we shouldn't be afraid in our own homes. we live in the united states of america. jackie: heartbreaking stories. we are going to keep following the situation there, but we don't want you to go anywhere. more "wall street" after this. ♪ ♪ before discovering nexium 24hr to treat her frequent heartburn... claire could only imagine enjoying chocolate cake. now, she can have her cake and eat it too. nexium 24hr stops acid before it starts for all-day,
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more welcome back. maria's got another big show in the works for next week. make sure to tune in every
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friday at 8 p.m., and you can catch her live at 10 a.m. this sunday morning on the fox news channel for "sunday morning futures." she's got more from the boarder and -- border and interviews with senator ron johnson and congressman roh can a that. plus, every weekday from the 6-9 eastern with "mornings with the following is an important paid program about humana medicare advantage prescription drug plans, sponsored by humana. life keeps changing. and so do you. but as your lifestyle evolves, is your medicare plan keeping up? does your healthcare company treat you as an individual, or a number? a humana medicare advantage plan may save you money. many combine medical and prescription drug coverage all in one plan for as low as a zero-dollar monthly plan premium in many areas. if

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