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more than $2 billion encoded testing money has been used to house illegal migrants under southern border. congressman mike gallagher is demanding answers in the white house. he will join us coming up. and i am speaking one on mount j.p. morgan chairman and ceo jamie dimon this weekend. his response to the labor shortage. the irs spying on your bank accounts per you'll hear hear his answer as well to this. >> you said you thought j.p. morgan would outlive the chinese communist party. but then you walked it back. who told you, jamie dimon the chairman and ceo of one of the largest banks to walk that back? >> that is coming up first take a look back at some the top newsmakers on mornings with maria in this edition of the week stalkers. maria: you were the first to file against this controversy don't mandate. >> there's no constitution is

no statutory authority for osha for example which was charged with making sure shower when you are working with chemicals to force a medical procedure and tens of millions of americans by. >> how important to get some bite like joe rogan to open the door to other big names? rex last night we added the great tucker carlson who again as another massive boost to the platform. i think we are seeing right now is the wholesale rejection of a big tech people saying we have to have alternative platforms. >> have you felt the issues around labor? >> the biggest thing is labor right now. everybody i talk to her talk to her ranchers out in kansas city yesterday. talk to our fishermen, our farmers, and everybody is talking about they just cannot get enough labor. >> take a look of the market till the end of the week after we did get new inflation numbers consumer price index

prices their surgeon 7%. the biggest jump in 40 years. wholesale prices up almost 10% year-over-year. the consumer price index did come a little better than expected even here you're talking about a 10% increase year-over-year on inflation right now at the producer level per drama right now is found in portfolio manager dan niles. dan it's great to have you this weekend. you have been a masterful engineering this economy, investing around the things living there. how are you investing now obviously is not transitory. >> yes unfortunately it does not. so, if you look at her top five picks coming into this year to are actually focused on inflation theme. we like oil a lot so the u.s. so, if you look at the demand

for oil it was around 96 million barrels per day this last year. we think that is going to surpass the 2019 peaks to get to about 100 million barrels this year as we all go on vacations and start flying again and business is more fully reopened by the end of the year. so that has already had a strong start of the year we think that's going to continue. the second one is the regional bank etf a very. >> you are expecting the fed to raise interest rates this year between five and six times is that right? >> yes i think so. you've got to remember the last time unemployment was below 4%, the fed had already been raising rates for two years in the already started working down there balance sheet. their way behind the curve not waiting for this they're going to have to be a lot more aggressive than people think.

for 13 years because there was no inflation the fed could afford there's no downside. now the 45% of the population does not own stocks getting absolutely killed for cpi inflation up at 7% which is a 40 year high. maria: jamie dimon was very positive on the story he also told me maria, this is the first time in my lifetime i'm seeing this huge enormous pressure on wages and people. that means their expenses are going up. you still want to own and 2022 after the incredible performance last year? you picked it at the beginning of last year on this program. >> yes sweet wrote this up on dan niles.com. we have switched to the kr eat which is a regional bank index. we don't have going to

increase this next year in terms of china and how they act with taiwan or russia with ukraine or iran. the regional banks from the fed raising rates and there without the free money people are going to have to go to the banks to take out loans for. >> nobody knows technology the way you do in terms of the backdrop and what drives these stocks. these are two stocks in your portfolio how did that jive knowing inflation is going to be a problem. tell me on mornings with marie it's going to sell off 20% this year you still want to own a big tech. >> i think what you want to do is you want to have some big tech in your portfolio like facebook and google. but you want to pair that with unprofitable tech. we have about as many shorts fun as we do longs. ten to 15% of the revenue

facebook for investment in the meta- verse by. >> on the federal reserve they are underestimating this transition aren't they? going from easing the massive stimulus that created the massive liquidity to a tightening phase. >> i think they are one 100% underestimating this. for 13 years you really have not had high inflation. so the fed has been able to expand their balance sheet from nine to billy before the global financial crisis to 8.8 trillion per that's almost 40% of gdp. i think with inflation at near 40 year highs i think it's going to be a lot more persistent than people think. the fed is going to go from being way more easy than expected to weigh more aggressive than expected rate that's what's going to cause problems for the markets. five to six rate hikes a 20% correction and stocks a lot of breaking news predictions, dan great to see you will be checking back with you

throughout the year. quick break but as americans struggle to million dollars meant to be is for testing to house illegal migrants at the border congressman mike gallagher is demanding once upon a time, at the magical everly estate, landscaper larry and his trusty crew... were delayed when the new kid totaled his truck. timber... fortunately, they were covered by progressive, so it was a happy ending... for almost everyone. i have moderate to severe ulcerative colitis.

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at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. maria: where's the money waiting in long lines and democrats are asking more money to combat the coronavirus, we are learning more than $2 billion of relief moderate may need to help illegal migrants at the southern border. congressman it's great to have it this weekend thank you so much for being here. what happened were expecting the money should go for testing point is that why we have got snake lines all around the country waiting on

tests because the money was not allocated properly? >> i think all americans saw the images. you cannot help but be reminded of a gap lines under jimmy carter. this time it's covered testing lines in. it's not just the lack of requisite testing we did not have at-home test. we do not have treatments like monoclonal antibodies. begs the question where did all of this money go? trillions of dollars evaporated. we are learning some of it went towards illegal immigrants. people have demonstrated contempt for our law that is a slap in the face to working-class americans who are struggling right now. do not have the luxury of staying at home because a public school is shut down. they have to work in persian with their hands. this is an absolute fiasco but we need answers particularly president biden is going to request a another trench of relief. this is getting so bad that the confidences so low invited

their talk about bringing hillary clinton back to run in 2024 i just cannot believe this. >> the lawlessness and the lies seem to know no bounds. we know their secret flights and dropping off a migrants in different cities across the country and the dead of night. now we find out they were using the money that was approved and was supposed to be allocated to co- void to house these migrants. what can you tell us about where that money went? >> we have asked the administration simple questions where did it go? how many tests could have been purchased with the money that went towards illegal immigrants? again you've got to look at this in the context of what did this administration do in the very first week in our office? they started opening up the border parade they started reversing the trump administrations commonsense policies likely remain in mexico policy turned up commonsense agreements so we could process and adjudicate asylum claims there it's

incentivizing lawlessness in our country again it's an insult to law-abiding american citizens were struggling right now pretty had a friend, maria who lives in your complete on the floor it recently and joked he was crossing the wall and to free america, i don't think that's a joke increase that we have one side of america where you can send your kids to school in person, you can make decisions about your own health give another america lit by the locked out left we need a permission slip from anthony fauci to do any of those things it's insanity in the debt is becoming a massive, massive crisis right now. >> what are you going to do about it? the republicans are in the minority for those of us counting you've got 297 days left until late november 8 the midterm elections. what can you do in the interim? >> i think we need to do everything humanly possible to

prevent another round of wasteful coronavirus relief that's going to be diverted to non- coronavirus projects going forward and part of that involves shining a light on all of the waste, fraud, abuse and all the ways this money is not actually helping americans with with the coronavirus rates absolutely essential we fight with every weapon at our disposal to make sure this does not get worse but you are right we ultimately need to take back the house for a strong position to do that. i do not want to get complacent at a minimum we can pull the emergency brake right now. we are witnessing a very bad combination of a bernie sanders domestic policy and barack obama's foreign policy. that is a toxic mix right now. >> you make a good point. no wonder defense spending is actually declining in joe biden and bernie sanders and budget. congressman will be watching the developments my thanks to congressman gallagher. j.p. morgan chase expanding in china despite the risks we

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spirit will come back. no laughing matter jamie dimon criticized for walking back the joke he made about chinese communist party. set out jamie dimon earlier this week and asked about that. first we talked a bit about the tight labor market and the economy. this huge pressure and wages. maria i think that's good. part of capitalism is human freedom. human capitalism but you get to work or you want. people compete for your services.

so now businesses it's much worse in a recession they complain about wages going up too fast but we have to compete more with people. we have to be very competitive bessette paid for best performance that we can. there is competition. technology and a bunch of other areas. i think the american citizen who have jobs and wages are going up. maria: you said if you throw a lot of money infrastructure that fixing the regulations that cripple it won't work. tell me what you think is great policy of the spending going on and on the national debt. >> when something is one 100% partisan and it gets passed, but defied about for 20 years. it's compromise get to fight about the next 20 years

compromise as part of the democracy. you cannot have democracy of a compromise i'm thrilled with bipartisan. in the infrastructure bill i think two things were good. in the infrastructure bill some things about streamlining regulations cost building a highway is four times what it was all because of regulation it may not be enough. you could be in democrat or republican to deliver even if you don't agree with what they're doing at least they do it effectively. >> yes. what about policy in her own industry this week were going to see the hearings in the confirmation hearings for jay powell and you also have president biden considering sarah raskin as the chairman of bank supervision this to be

the person who had complete oversight into the banking industry. what should we watch for? >> i'm going to do the best i can for my country, my company 's legitimate complaints want to fix things like that. i do want to be more collaborative business is not the enemy. business is hard to do and navigate. in working together we can solve a lot more of the country's problems were to see how this things turn out. maria: what about this idea bank surveillance? president biden listed higher 87000 irs agents pretty once the idea of surveillance and reporting peoples transactions. it was supposed to be in the "build back better" bill that failed. but now i see it and then mow, paypal are going to start reporting transactions to the irs. specific transactions like what the president wanted. is that what j.p. morgan is doing? >> the proposal was that the

should report cash and cash out types of things. the irs would have some to go look at on the taxes you declared are dramatically different than the checking account. you're absolutely right there's a been a big uproar about that. i do not see then mel or paypal doing that voluntarily. that's only going to be by legislation has to be by legislation for whole bunch of different reasons. it's part of a legitimate thing that gets people paying their taxes it will be fine. they overdo it would be how to get more people paying their taxes but not overburdening both companies and individuals worthless type of reporting. maria: jamie i've not talked about china intentionally in this interview because the last time we spoke we really did a deep dive on china. you handled some tough questions from me for that i say thank you. now you have 2 feet in china

you own the company one 100% out and out j.p. morgan does. the world has watched what has taken place the chinese government sort of crushing dissent and hong kong and the mainland. what risks if any do you see operating they are economically or? what can you say? >> we work to get his license for 15 years. with all due respect to all these angry folks out there we do visit a lot of countries but we follow american foreign policy and all those countries. a lot of difficult ones in other countries too. we have to be very, very careful we have to be deliberate in engaging with the american government in particular in this case. if you're doing business in china you should have detailed strategic security and national security comes first. but detail strategic economics. negotiate something that makes

sense for our country our people are employees. letterheads. >> a couple weeks ago you made a joke. think it was half serious. you said you thought j.p. morgan would outlive the chinese communist party. but then you walked it back. who told you, jamie dimon the chairman and ceo of one of the largest banks to walk that back? >> he got feedback from folks, employees and stuff like that. it occurred to me i do not make fun of the republican party here or the democratic party here. i do not go to italy and make fun of their country. i don't think i should ever be making fun or criticizing parties or countries. i want to help lift up those countries and that's all it was. i don't think i should be denigrating and making jokes about parties. political parties. that does not mean i cannot make statements about capitalism. i am a red blooded free market

country guy. that is different. i can comment about any specific policy but not making fun of people and people should respect that. any one of you go to other countries you probably understand what i mean. that is the way we should approach conversations with other people we should collaborate, be respectful in a detailed way sometimes by a company more often by the company. >> with all due respect the democrats and the republican party are not committing genocide. genocide. i'm going to leave it there. we gotta tell people that liberty mutual customizes car insurance so you only pay for what you need, and we gotta do it fast. [limu emu squawks] woo! new personal record, limu! only pay for what you need. ♪ liberty, liberty, liberty, liberty. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.

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maria: we've got another big show in the works for next week and prediction turned into wall street every friday night at our new time of 7:00 p.m. eastern. we will see on fox news channel sunday, sunday morning futures is liable to fox news channel. sundays at 10:00 a.m. eastern big interviews include congressman jim jordan senator

lindsey graham, do not miss it live at 10:00 a.m. freight start smart every weekday right foxbusiness six -- 9:00 a.m. eastern for mornings with maria, every weekday we hope you'll start your date with us every weekday. that will do it for us this weekend, thank you so much for joining me. hope you have the great rest of the weekend. i will see you again next time. ♪ ♪ ♪ ♪'s. this becomes journal at large, joe biden descends deeper into the swamps of his own mind and that of his party he tells half the country including some of his fellow democrats apparently they are committing treason and unsupported policies. meanwhile the world world is a 40 are high but do not worry, the administration says everything is under