you want, mail or female. they get sent across and then they are delivered and our government -- our own government delivers them. jackie: cover so we are out of time it's good to see we will have you back soon. >> thanks for recognizing the problem. >> i am jackie deangelis you're watching the evening it jumped at it. that does it for us have a great weekend. parts of the fox studios in new york city this is wall street. >> happy weekend to all welcome to the program that analyze the week that was an helps position you for the week ahead. i am maria bartiromo. at death and destruction as russia strikes military and civilian targets in ukraine. for national economic council director on a white bidens economic sanctions on russia are tough enough. and how the war in ukraine could impact markets going forward.

plus the president said his administration will try to minimize the pain at the pump. but oil and gasoline prices are spiking to new heights probably speak with house minority whip who says biden needs to stop the war on american energy. and later, the fbi is bracing for russian cyber attacks in the united states. where are we most vulnerable? i'll mess cyber security expert theresa payton coming up at all that had plus the markets this week. but first let's take a look back at some the top newsmakers on mornings with maria and the week's edition of the week stalkers. ♪ >> the european union is proposing an initial package of sanctions targeting moscow. >> think they have to start looking at some of russia's hard assets. particularly their carbon exports of various kinds whether it's oil or natural gas per. >> criminals know this at this point, this bail reform program that was put in place under

andrew cuomo and built the bellagio has a failed break. >> how is that no bail situation work? how is that deep on this police situation work question for cows that defund present situation work? and you are local officials are digging in pre- >> you mentioned moments ago if we were to see these rate hikes the fed will take us to recession? >> exactly inflation global tension in the ukraine are creating contraction in consumer confidence and spending. maria: is another wild week on wall street that markets are wild swing selloffs in rebounds and reactions to debbie's invasion of ukraine. oil prices surged past what are dollars per barrel since the first time since 2018. their gaze hit the highest since genera 2021 per join me right now is for national economic council director larry lindsey. larry it's great to have you

thank you for being here i've been reading your reports from the lindsey group all week in the market as well as the happenings in ukraine. what is your assessment of what we saw in terms of russia's invasion? >> oh well i think we are back to what was kind of the basic case all along. we do not have a very strong hand to play. in part that is our fault our allies prickly germany are really not with us. germany would not even the overflights of its airspace that's hardly the reaction of a strong ally it should be said that way. i do not think we have a lot of cards to play. i think we have to do is find some honest broker i know jinping i would not call an honest broker but he may be a

broker has suggested high-level talks and that putin would be open. i don't think there's an obvious way out. maria: we have seen a real market reaction here. partly because investors are wondering whether or not this invasion is going to impact the economy. it has already impacted the price of oil. do you think what took place is going to change the federal reserve's plan? many people expecting multiple interest rate hikes. you were with me a few weeks ago you said the fed is not going to able to institute multiple rate hikes then the markets will respond. what your thoughts today about the fed's moves coming up? >> first and foremost i think they really have to adjust 25 bits. the fed knows it is way behind the curve. it is a little embarrassed about it. and so it wants to get as much a

tightening as it can. what will stop it as you just said is going to be a bad market reaction. you do not want to create that. and so you do not start off with a 50 per think we are most likely to see 25 basis point hikes at every meeting until the markets make the fed cry uncle. >> so, what kind of a reaction would you expect? it's hard to believe multiple rate hikes are not price into this market already. >> i think they weren't until the recent cell offer. it's very hard for me too imagine that we are going to be at anything like what we are going to have to be at it order to bring inflation under control. you have never had a case of disinflation without fed funds being higher than cpi.

that is so far from where we are now. we've got a lot of rate hiking we need to do. >> him to get your take on the back drop the consumer data out on friday. we did see the gdp this week also broke at 7% what is your assessment the economic data was on friday and what are you expecting in terms of the growth story for the united states? there are some who are predicting recession, larry. >> i think the december gdp that came out on thursday over fourth quarter i think that is really old news. i think the more important number was the january personal income data which was horrible. we had a pce rise .6 which is now pretty steady which means even that measure is between six

and 7%. that tends to be the lower measure of inflation. personal income did not increase. we had another big drop in ria percival income both in terms of with transfers and without transfers. so the consumer income situation is deteriorating rapidly. they do have savings. but when i take a sharp pencil tote i don't think the savings gets us through it certainly does not get us into next year. so the chances we have a recession next year i think are quite high. and it may begin in november or december of this year. we hope not. maria: well you're looking for recession one of the reasons markets will be reacting negatively to the federal reserve raising rates in an economy that slowing down. >> the federal reserve does not have a choice. they were way, way, weight too

late to the game. they have to go at least 100 bits to have any credibility at all, the central bank. even if the data come in bad. that is the earliest in my mind they could possibly stop. i do not know what it will be that will force them to stop. but they will be entering probably a recession still thanks already inflation yes. maria: really quickly before you go, i know you have a staffers, russian-speaking staffers that have been reading the tea leaves in russia. what do you want to say about the cyber threat? >> the one thing i think we have to be careful up there were some voices in this town that i live in, that we should start a cyber attack on russia. i think they'll be very foolish we have very good cyber capabilities paid but our economy is more vulnerable to cyber than the russian economy

is. about three weeks ago putin went out and rounded up some of his best to cyber people and brought them in. i think they're probably sitting in front of a terminal instead of a jail cell and are ready to pounce any time. the biden administration was not exactly helpful on this. we had one of the major cyber criminals of russia in our possession we extradited from israel. biden simply returned them to russia last summer. that was along with lifting our sanctions on the line. i think we've been sending mixed signals i think biden is taking full advantage of that. he really does not think we have what it takes to go the long haul. >> when an extraordinary moment, larry thanks about her being here and talking with us this weekend. >> my pleasure maria take care. maria: will see us in the ceo of the lindsey group at present by

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and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care. >> he has much larger ambitions and ukraine he once was reestablished the former soviet union that is what this is about. the other thing i am convinced that if we don't stop now he will be emboldened. >> present biden were in this regression's invasion of ukraine may be the tip of the iceberg. and vladimir putin must be stopped. but is biden doing enough to keep food from his dream of rebuilding the soviet union? meanwhile puts in our life decision paying the voice of reason say he supports crisis talks between the war and countries.

he has his own designs on taiwan try to me now to sort out house minority whip steve scalise. thank you so much or bring with us this weekend. please tell us your reaction to joe biden's sanctions on russia? >> maria it's great to be back with you but if you look at present biden sanctions first of all it's always been after the fact. he has allowed putin to move four months to this point. everyone saw this come he could have taken steps along time ago. ukraine was asking for some basic defenses system surface-to-air missiles for example so they could at least protect themselves better he denied that there were other things he denied. but most important, maria, if you want but real sanctions on putin take with the leverage she has with energy. joe biden took american energy off the map as a tool to help our allies help our own country too. and so if you look today at with prices over $100 a barrel, putin is pocketing tens of billions of

dollars he otherwise would not have had because of biden's weak energy agenda at hobart i've called and present biden to pull back and reverse all this anti- american energy policies he put in place that would take leverage away from putin. by the way you would take money out of putin's pocket. using those high oil prices to help finance this invasion. we should take that away from him. >> yes. all you have to do is look at the market reaction to figure out these sanctions are weak pretty soon as present biden announces the sanctions on thursday, marcus rowley. the nasdaq was down 3.5% before the sanctions were announced and it rallies up it ends up 3.3% on the nasdaq. soap markets are reacting here and oil prices hit $100 per barrel. first time that has happened since russia invaded crimea back in 2014. what is your take on what needs to be done?

>> maria it was not just the market reaction which clearly as you pointed out indicates nobody takes that seriously. look at what president zelensky said in ukraine. he basically said we are alone over here the u.s. does not have our back pre-saying that for reason because he's been asking president biden performance saying this coming. not troops on the ground by the way. basic defensive weapon systems that president trump had for provided those javelin missiles the ability to busted tanks appeared zelensky was asking a year ago for some other defense capabilities and present biden said no. he did it because he was afraid of provoking russia. why is president biden afraid of taking on russia? you need to be tough when you bullies out there and they are seeing the weakness or to take advantage of present biden's weaknesses out in afghanistan, should pointed out earlier he's looking at his own desires in taiwan and all of this leads

from eight weakness by president biden. needs to be tough, take the leverage away he could today turn on the >> of american energy intake leverage away from putin. he gave that leverage to putin when he approved nord stream2 after killing keystone pipeline banning drilling on federal land he could reverse that right now and you'd probably see oil drop at least 20 -- $30 a barrel. by the way putin would lose billions of dollars if a present biden spent more time in the press, so after the invasion the tactic american energy companies and did attacking russia. maria: that is right he would reverse it to go against his climate change priority. congressman i was very taken aback to see the blackstone group announced this week that it is no longer going to fund oil and gas exploration. this odyssey a page out of joe biden's book that says get away from fossil fuels.

it is actually impacting business decisions right now. real quick, does this come up in the upcoming week in the state of union address the present biden will deliver this week? do you think he's going to mention the open border? will he mention the spike in crime, inflation for your highs? >> we are surely going to be calling on him to mention those things. i would be surprised if he did because he created all of those crises that you just mentioned read this out to secure the border but we had a secure border. he does not want to open up american energy because he shut down american energy. but again as you pointed out you look at the action of blacks on their other financial companies that are doing the same thing for their going after american industries especially energy industry. i've called on president biden to reverse that as well but he could do that putting pressure through treasury. he does not want to buy the way when they're talking about global warming and climate change i wonder if any of them are going to do a carbon footprint of putin's invasion of ukraine? they could have stopped that.

they could have reduce those carbon emissions you do not see them caring about carbon emissions when it applies to bad actors around the world they are turning manufacturing in america over too china who emits a five times more carbon to make the same things we make in america. you want to lower carbon emissions? make more things in america including oil buddies begging opec they emit more carbon to make the same oil. make it in america, tickly putin's leverage and by the way will reduce carbon emissions. seems like he forgets he signs when it comes to things like that. mystics have a great analysis on all that congressman pays great to see this we can thank you so much. >> always great to be with you, maria thanks. specifics are it congressman steve scalise for a quick break and then ukraine successor using cyber attacks to cripple its infrastructure to the usb the next target? i'll be talking cyber with security expert teresa payton, next.

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maria: at a welcome back. the russian invasion has ukraine not only battling attacks on the ground they're fighting a war in cyberspace. this week several of ukraine government and banking websites were knocked off-line. they say russia is to blame. now, the fbi's warning financial institutions and local governments here in the united states could be the next targets. get ready for the cyber attacks to get active prejudgment right now a cybersecurity expert theresa payton. and teresa thank you very much for being with us this weekend. we so appreciate your time. >> absolutely. how can i help? the eight have you seen any activity in terms of cyber attacks in the united states? what should we be looking for in terms of potential activity?

>> short. there are no confirmed reports of any major attacks underway against u.s. businesses. but it is not hurt to remind businesses to double check their defenses and offenses the famous through sink to exculpate attack voltaic old password data dumps of dew water to log its attempt to know that when i get locked out the no come back later. so for a nuance perspective, make sure everybody is checking how many paths were attempts to allow? or hit your logging failed attempts? it may be of somebody at your business a little extra care over the next few weeks make sure you're not -- i think your

multi offensive vacation is truly on and actually working think about your backups are they stored out of band not connected to your production. perhaps as a second vendor. multi factor authentication factors so they cannot be hacked into the sales anyone on when there's some sort of check and balance as to who is accessing the backup that can help your business and your life be more resilient and able to recover if you are a victim of an attack. maria: teresa one of these attacks about? are they looking for money? do they want your identity? are they just trying to jumble up your content and gesture create disarray? >> your multiple-choice option as in all of the above, maria you are spot on. a lot of times the ransom ware

syndicate is not just about money. it is also about money laundering. moving money around. and being able to take in money and move funds around. stealing identities is typically not something russian cyber operatives are as interested in as organized criminal indicates if you are a bip. if you are a news media person. if you are a politician for if you are ceo of a company nor identity may be incredibly interesting to russian cyber operatives. the other pieces they love to create mayhem denied service attacks. >> theresa great advice. i so appreciate the content. thank you very much we will be following all of that, thank you take care. maria: don't go anywhere, or wall street after this. ♪♪

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plus right here on foxbusiness start smart every weekday six to nine am eastern join us for mornings with maria on foxbusiness we hope you'll start every weekday with us. that's it for now, thank you so much for joining me this week impaired have a great rest of the weekend we talked again next time. ♪ ♪ ♪ ♪ ♪ >> this week on the wall street journal at large, war in europe vladimir putin this russian forces into ukraine are we about to embark on a cold or .0 or should the u.s. move on leaving a bumbling europe to its own devices and focus on other bigger maybe 21st century priorities at home and abroad. plus president biden reviews his first year in his state of the