leagues. that means it traveled about 70000 miles. the real life novels past that in 1957 and kept on going. in all, she traveled 145,000 under the sea. ♪♪ the courage to make america great again, again. >> from the fox studios in new york city, this is maria bartiromo wall street. maria: happy weekend everyone welcome to the program that analyzes the week that was an helped position of the week for a head. i am maria bartiromo a better than expected jobs report boosting stocks to new heights. coming up the vice chairman of bank of america on what this means for our economic recovery in the market. then, the election that sent a shockwave throughout the country. virginia's republican governor

is here after his historic win. when he planted her the next few weeks and beyond her gop winners take a victory lap after the red wave. democrats are doubling down on the big spending in high tax agenda republican supporting democrats will face a bloodbath in the midterm election. steve scalise will join me coming up. but first take a look at markets and verbally ended another week of highs for the dow industrials rising above 36000 for the first time in history. the october jobs report blowing away expectations with 531,000 jobs added to the economy in the month of october. the unemployment rate falling to 4.6% georgia may now bank of america vice chairman he is head of the investment solutions group keith banks. thanks for joining us this weekend. >> it is a pleasure thank you. so, once you get your take on the macro story after sally

jobs report. yes the headline number was better than expected. we also have that participation rate, stubbornly at 61.6% per we show wages move up on the month by four tenths of a threat reminding us of that, your thoughts? >> overall i think it was a good report certainly higher from a numbers standpoint then consensus was looking for per we also got a revision on last month's numbers. but to your point, one of the challenges has been the labor force participation allowed a movement we are seeing right now on the employment market was zero-sum. keith banks leaves bank of america to go work with maria bartiromo that costed than to replace me as opposed to some a new coming into the force to do that is kind of that rotational movement too. we ultimately need to see new people come back into the workforce, get that labor force participation rate up. otherwise you will continue to

see what we are seeing now which is the manifestation of that and average hourly earnings which are running year old for year old to the high number. >> it is interesting to look at where we are in terms of spending. going into the holidays the savings rate back under pre-pandemic levels indicating people are spending their savings. what is your take on the inflation threat? >> living more in the camp of greater persistence of the inflation numbers that i think even the fed has been saying and consensus is thinking. look, the economy is going to re- accelerate here. we went down to 2% real growth in the third quarter from 6.7% in the second quarter, maria at we think the fourth quarter this year goes back up to 6%. we probably see a similar number in the first quarter

they were on on the same% for the next couple of court. nominal economic activity overlay inflation is really going to be strong, double digits. when you layer on top of that the supply chain constraints, the rising energy prices we are seeing and as we just discussed, the reluctance of people to come back into the labor force. all of that means inflation will continue to be going to be more persistent than not give us your take on oil if that crumbs growth even more your analysts looking to $120 a barrel. we've been averaging around 80 right now. if we see a big move upwards from here, doesn't that zap up disposable income? >> it will definitely be a factor if we see numbers approaching that level from an oil price standpoint. it is something we have to

keep an ion. the good news is if you look at the consumer today, maria, they are in really good shape. we have seen an absolute surgeon net worth for the collective consumer in this country over the past 15 months, net worth is up to $42 trillion. it is up $30 trillion in the last year. typically you see a 5 trillion-dollar lift. for the net worth standpoint they are doing well. again, for those in the workforce average hourly earnings are 4.6% probably going higher. but as you suggest it's already beginning to draw down excess savings. there are a lot of moving parts here as energy prices go up, especially for lower income individuals at the regressive tax. maria: how do you want to be position going into 2022?

what about the record highs all week? >> one lesson has been reinforced and spaded is the fact the most important determinant of equity prices are profits. if you look at the third quarter and these numbers tell it all, the expectation now is the third quarter this year, revenues will be up 16%, earnings will be up 37. although it could be a chance as much is 39%. that is what you saw a quarter real growth decelerated down to 2%. we think that dynamic or analysts and investors have been missing is the fact we have not seen inflation for a song that forgotten the impact of strong nominal growth on revenues which allows you to absorb material cost increases that helps operating leverage gap out in a positive scent that turbochargers profits. we think the profit story will

remain very much intact. obviously this quarter, next court into next year especially for a growth up to about 6% nominal double digits. having said that the position for that is you want to be in the sectors, you want to be balanced to be growth and value. you will see more purposeful moves towards encyclicals, value and reflation plays a. maria: keith it's always a pleasure thanks so much for being with us this evening. >> thank you maria. maria: keith banks during from bank of america but cap next the race that shocked america the race that shocked america dad, we got this. we got this. we got this. we got this. we got this. yay! we got this.

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welcome back from private equity to glenn youngkin shocked over the victory over the governor of virginia it's hard to believe he began his

campaign right here with me on foxbusiness. i spoke with glenn youngkin after his big win and asked about his party for the state and his message for republicans running in the midterms next year. >> we are going to raise expectations in our schools they been watered down over time. children should be held to high standards not low standards. cliff to help those that might be helpful going to find in the largest pointer raise teacher salaries liberally suffered during this pandemic but we are going to launch an aggressive charter school program as well. virginia has had a poor in charter schools with any choice in a public school system. we are going to launch right out of the box 20 charter schools record apparent choice within the public school system. and then our curriculum is going to make sure we were getting the political rhetoric out of the classroom and really focus on how to prepare

our kids how to think as opposed to what to think. maria: that's wonderful news for the same time, glenn, if not a bureaucracy to deal with for the bureaucracy of the schools. how are you going to ween that bureaucracy out of the radical ideas? even when you look at other states it is tough to deal with any change from the union standpoint. so give us your sense of the planned overweening weaning those radical ideas out of the bureaucracy. >> it start first with the leadership we are going to appoint. and then it really moves on to engaging at the grassroots level with teachers and school administrators and parents. parents are going to be engaged in their schools and were going to make sure we have a really, really effective communication loop with the parents and take input. with this election really demonstrate his education is not a political issue.

it is a fundamental concern of parents from all parts of the political spectrum. we brought together democrats, republicans and independents, folks from all walks of life around is a fundamental desire for their children to have a great education. a vermonter for the workforce of the for virginia were going to get our economy growing. virginia's economies been stalled out. we are going to get it moving in the jobs of the future going to require a whole new approach to k-12 education. these charter schools are going to be innovation charter schools partnering with universities, partnering with employers to make sure we have a curriculum that prepares our kids either for college or careers. this is a real opportunity to make a big step onto change in how we think about k-12 education. maria: 11 factor talk and innovation, technology, giving kids of tools you need. i've watched you in business and that's what it is in business you get the tools you

need to execute. tell us what you learned running carlisle or in business, identify growth stories in height can tap into that and take it to richmond? >> where the big opportunities for us is to identify industries that virginia should be incredibly competitive bid and can provide opportunities for outside growth. we think about the opportunity, high-tech logistics and pharmaceuticals in the marine industry we have got great, great foundational capabilities forget the press forward and turn them into competitive advantage so we can create the real centers of excellence. not just in the mid atlantic but around the world. >> spent over top of the gop sweep this week it was not just the governor but you also took an incredible number of seats within the house and in virginia. you also have this close race

in new jersey. when you think this says about the country? is there a shift going on? are people rejecting the woke policies? not just virginia but wait beyond. >> this reflects the kitchen table issues of low taxes, great schools, safe communities and oh by the way a safe opportunity these kitchen table issues and voters in virginia said no these are the most important topics for us we laid out our agenda what needs to get done. for those that elect us to go serve them? we are going to get our taxes down. we are going to make sure schools are excellent. were going to make sure schools are safe and have a growing economy of great jobs for people. i know that sounds difficult, maria, the sweat voters in

virginia and around the nation are speaking very loudly about. >> a lot of people look at your race, the virginia race as perhaps a telltale of what we'll see 2022 and 2024. what can you tell us people getting ready for their own campaign? >> most importantly listen to your per the people i'm going to go work for either eight and half million bosses in virginia right after likely ran a positive campaign those expressing a vision for the future. we stayed away from being negative and divisive and brought people together. maria: your name is being floated as a potential candidate for the presidential election with its 2428 less than a day after your victory. a lot of people say you're going all the way. are you in politics for the long haul do you see yourself running as president some point? >> i've got a big job ahead of meat which is to get virginia moving but that's were in focus i've not thought about any of that.

i'm one 100% committed to serving virginia's governor for the next four years. we are going to make a big difference in the future virginia. maria: my thanks to virginia governor elect glenn youngkin april take a break, we come back to bite it on her way is d.o.j. is working to pay migrants for under $50000 each? house republicans now moving to block this with the new bill. house democrats are adding more to the massive spending bill despite what seems to be a clear message from the american voters birdhouse republican whip steve scalise sounds off on all of this, next too. >> here in washington the same big government socialist whoho as someone who resembles someone else, i appreciate that liberty mutual knows everyone's unique. that's why they customize your car insurance, so you only pay for what you need. [ ferry horn honks ]

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never dinners a huge bummer. honestly, if anything, i think the results show the limits of trying to run a fully one 100% super moderated campaign that does not excite, speak to or energize the progressive base. maria: claiming the democrats election defeat in virginia it was because their campaign was not progressive enough. democrats doubling down on their spending and tax agenda. speaker nancy pelosi pushing through her massive spending bill without knowing how much is actually going to cost per donee right now house minority whip steve scalia spread congressman is great to see you again thanks for being here but. >> always great to be back with you, maria. maria: how long is that take the score to understand how expensive this plan really is? that was north score but nancy pelosi is pushing and pushing

to get a vote. >> i think it's clear they do not want to see a score before they have a vote in the house. we've been seeing some of the reports the school of business came out the summary of their own that similar and it's pretty devastating. it shows that got $1.5 trillion in new taxes. but also they have about $4 trillion in spending when you annualize it over ten years, 4 trillion in new spending both would be devastating. you look at the irs agents alone 87000 new irs agents. they would have to go snooping into your bank accounts to generate almost $2 billion of money they're going to be getting and that's going to be from hard-working people met the millionaires and billionaires is are going to be lower income people. they clearly did not meet read the message from virginia what you just show it is not a moderate campaign that terry ran when he said parent should not be involved in their

parents education, that is a far left radical socialism that is what was rejected by virginia voters. >> i'm glad you mentioned the snooping and all of that. when you look at this agenda from the biden and administration got vaccine mandates you got bank surveillance or got censorship of speech, if that is not totalitarianism i don't know what is. your thoughts on whether or not the bank surveillance makes it end? last i checked it was out the 87 auditors were in. got 87000 new auditors would also they going to the going to be snooping. >> right there not going to be there to try to mow your lawn or something on the weekend 87000 more double the size of the irs. he has never it rang off the hook please hire 87000 more agency only reason i'm it is to generate hundreds of

billions of dollars they are estimating $400 billion based on that. every time we try to bring something, an amendment to block them from snooping on your bank account the adamantly block it it's clear they want to do it. otherwise they would let us bring the amendment. >> you are also trying to block this while bags of money going to illegal migrants. his in menstruation plans to pay migrants separated at the border was based on the form $50000 price tag for each migrant pretty said he is on board so you and your federal republicans have introduced a bill to block these payments from happening. clearly this is an ongoing negotiation within the department of justice. they went to pay migrants after they broke the law and crossed into america illegally. >> how nutty is that?

i've you come here illegally it will give you half a million dollar check? what is going to do with our border now texas and arizona is going to only make it worse. has a bill to block this i'm a cosponsor on it so many of us are. so many of overlooking the other way they're hoping people would not find out about biden tried to mislead people say it was not going to happen until his own justice department spokespeople said we are having these negotiations. this is lunacy, maria. think about this too in the bill, they are going to have a tax on natural gas it. if you heat your home this winter news natural gas, which is maybe half of americans you are going to see a dramatic increase in your taxes so dryden's out joe biden can give half million dollar checks the people came here illegally, how crazy is this question work seniors on fixed income will have the iris snooping on their bank accounts paying more for they are on a fixed income for natural gas so that hard earned tax dollars can go to

people across the border illegally. this is madness and they are trying to do it they do not want anyone to read the bill, 2500 pages known as read the bill. you know it pelosi's adage is you have to pass the bill to find out what is in it. people are hearing about what's in it they, really do not like this. >> is just extraordinary it's on top of all the other inflation we are all feeling every day right now. house minority whip steve scalise it's always a pleasure thank you very much for being here this weekend. wealth is your first big investment. worth is a partner to help share the load. wealth is saving a little extra. worth is knowing it's never too late to start - or too early. ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪ principal. for all it's worth.

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i am robert strickler. i've been involved in communications in the media for 45 years. i've been taking prevagen on a regular basis for at least eight years. for me, the greatest benefit over the years has been that prevagen seems to help me recall things and also think more clearly. and i enthusiastically recommend prevagen. it has helped me an awful lot. prevagen. healthier brain. better life. walkabout would have the big show the works for next week and makes you turn into wall street every friday night at 8:00 p.m. eastern. we'll see you this week and over and fox news channel 10:00 a.m. eastern for sunday morning futures live on the fox news channel. i've got exclusive interviews this weekend was senator john barrasso, former director of national intelligence john ratcliffe. photo congressional candidate army veteran corey mills.

and editor-in-chief of just the news john sullivan. plus start smart every weekday on foxbusiness 6:00 a.m. until 9:00 a.m. eastern for mornings with maria on foxbusiness we hope you'll start your day, every weekday with us. in the meantime i hope you have a great rest of your weekend everyone, thanks so much for watching and i will see you again next time. ♪ ♪ ♪ ♪ ♪ ♪. gerry: hello this without wall street journal large red alert the democrats as voters reject them, their policies and that radical ideas and critical elections across the country. could the resulted virginia, new jersey and elsewhere spell doom for joe biden's agenda? hope for the republicans in next year end hope for the