tv Maria Bartiromos Wall Street FOX Business June 18, 2022 10:30am-11:01am EDT
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it's also with at least volatile in the tech sector. think it's up 1% this year it has barely moved rate that might make it a good place to hide out from the market storm. but i have not heard that name for a while, ben, carleton, jack, great ideas read more check out this edition of barron's are comp recovered us on twitter at barron's online. that is all for us. we'll see you next week on barron's roundtable. street. maria: and happy weekend to all paid welcome to the program that analyzes the week that was it helps position for the week ahead. i am maria bartiromo. president biden doubles down on false claims about sky high inflation while targeting oil and gasoline companies we are look at the fax with congressman steve scalise this week and bird plus another volatile referee on wall street journal bikers the
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u.s. economy might already be in a recession. float mcdonald's and were headed for another lehman brothers type momenta laid out forthcoming up. [background noises] is going as a presence planned visit to saudi arabia. kt mcfarland on what if anything can be accomplished bird and the message it sends to the rest of the world. but first present by jon the associated press, republicans claim that his spending is to blame for record high inflation is quote bizarre as the white house tries to convince us it is not his fault. >> the president did not take the actions he's taken the past several months, the prices that we see now would be a lot worse. it is actually blunted some of the increase that could have been. and so the president has taken action. he has been a leader. now he is asking congress clearly to act in certain ways. and also asking for the oil refineries to do their part and not make money off a time of
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war. maria: houser public a whip steve scalise joins me right now. congressman, i'm not sure if the white house press secretary understands the market and business at all based on that answer. the president certainly pointing fingers about the blame of high oil prices. >> maria great to be with you. president biden is really good at trying to blame everybody else. if you just unpack her statement, she blamed multiple different people in the same sentence about who to blame for inflation. none of which include her boss it's republicans, it's the war, putin. my goodness everyone knows what's going on for joe biden came out that he wants to attack american energy as a candidate for president. he has carried out pulses to attack american energy. prices are through the roof. people are angry, he's trying to blame other people and nobody is buying it.
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maria: wish to point us not just joe biden it's a democrat policy. so tell us about this policy of the climate change agenda and how it is permeating through government. you're talking to collects all the time they continue to push new rules on corporate america, on investors about esg and numerals to follow on climate risk. >> you are saying this with the sec the consumer protection all of these agencies directed by president biden to go after things like esg with a pressure companies to say what is the carbon footprint of everything you're doing in in america. they exempt foreign countries. president biden is going to fly to saudi arabia, 5700 to beg them to produce more oil. whether it was the carbon footprint of that trip, they are not solar panels on air force
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one it is jet fuel. he can stay right here in america pick up the phone so would you produce more energy in america? he will not let us produce more energy in america is a talk about the cult religion everything is climate change, global warming. they keep changing the name of it at all in separate higher prices for families in countries like china. countries like india, countries like saudi arabia who do not have the good environmental standards we do producing more of our goods, more of our energy at higher emissions. is that nuttiest thing i've ever seen. their increasing carbon emissions abroad while shutting things down an american crushing our economy and crushing middle-class families. maria: that's why it's a head scratcher he thanks he can get away with blaming oil companies when it is in fact all of this spending that we have seen over the last year. we've got the inflation timeline that shows inflation was a 1.4% when joe biden walked into the white house. now it is at 8.6% for there are many things buy that are worse
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than that. a dozen eggs is up 32% year-over-year. so what could you do and republicans do if in fact we see the republicans take the majority in november? what could you do to actually change this inflation issue? >> the first thing to stop the madness. all these multi trillion dollar bills with their spending money to pay people not to work to bail out failed states to force people even under what they call infrastructure you can only build the road if you use union workers with the jacks up the costs are. are you have to follow all these new regulations and jack up the cost and do not achieve anything real. that is what is driving up inflation people are fed up with it. so stop that and start reversing it. let's get back to the thing that worked. we had a great energy policy where we were paying less than $2 a gallon. this >> to those policies relet secure the border buried these are the kind of things we can do. we'll be rolling out this agenda over the summer. the commitment to american show
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people what would be of republican majority is in place to counter all these disasters and crises joe biden is creating. maria: impartially check shivers trying to push through another reconciliation package with more spending a one half truly dollars and higher taxes. i want to another big storm the on your radar in the security of the border but it's getting worse by the day. we now have an all-time high record number of migrant encounters in the month of may. agents there are catching a stunning number people on the terrorist watch list. fifty so far this fiscal year compared to 15 last year. we do not know who is coming in, what their intentions are. we also have hundreds of thousands of got a ways, people seen on surveillance that have gotten away and did not want to be apprehended, congressman. >> it is an alarming crisis that was self-created by joe biden. again we had a secure border under president trump and joe biden came in and deliberately
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reversed all those things that works breakout rid of remain in mexico. cancel construction of the wall. sent the message out to south and central america that the borders open. didn't just come from there we are seeing over 160 different countries are coming across our southern border. afghanistan, he turned it over to a terrorist organization. they are to infiltrate her southern border. there is just an attempt on george w. bush's life. one things they found in the intelligences are trying to infiltrate some of the people they're going to try to carry out this execution of a former president because the border is open along mexico per they're going to bring some of people in there. thank god they stopped it. how many more things like that are we seeing? how many should point out people on the terrorist watch list who already come across our southern border when joe biden opened it up. this has to stop. it is a major crisis the fentanyl, the drugs that are killing people all across the country are coming to the southern border. and it is no wonder that florist
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become the first republican to be elected over there on that border with texas and mexico in 100 years. she ran as the first mexican born woman to come into congress. first time that republican one and she ran on border security cleaning up the mess that joe biden created. spent big victory for this past week. congressman good to see a part will be watching all the developments, thanks so much. >> right to be with you, thanks maria. spent the headed for another lehman brothers moment. this big warning from the bear trap report founder and editor larry mcdonald. larry mcdonald. join me next to wow! it's been 38 years since we were here. back then we could barely afford a hostel. i'm glad we invested for the long term with vanguard. and now, we're back here again... no jobs, no kids, just us. and our advisor is preparing us for what lies ahead.
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30,000 for the first time since to generate 2021 for joy to meet right now to talk about the macro story in investing today is the founder and editor of the bear traps report, larry mcdonald is here. eric, great to see it. thanks so much for being here. >> hi maria it's a pleasure. maria: when we spoke about a week ago you said this is troubled times we are expecting eight lehman brothers moment. why did you mean by that? tell me where you see that weakness right now? >> in 2008 it was like a fire in the walls of your home. you don't know where it is, you cannot see it. and what happens is, when there's a deleveraging process in the markets, body sinnott floated to the service there's a lot of wounded people, a lot of wounded asset managers and crypto, private equity capitol, high-yield bonds. there's so much destruction in a short period of time that when
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that happens people so first, ask questions later. takedown risk there's no visibility where the risk is. spieth there's a whole host of people out there who now say the earnings estimates are way too hyper the estimates have to come down. the marks have to come down. because evaluations are just not what people think, what do you think? >> i've been on the street from us 40 years. there is a lot because it is safe to stay in groups and groupthink is very, very crowded. in a bull market that is great because everybody is writing the same boat. but when you go into a bear market the groupthink changes slowly. there is usually come to jesus moment for that is right where we are now. 228 for s&p earnings this year. it is absolutely ridiculous when you talk to companies who see what's happening in the earnings report. you see what's happening with comments from cfos. it is pretty clear s&p earnings are going to come in at 200, 190. he put a multiple on that you
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are in that 3200 -- 3400 range that is where the market probably ends up. >> you think the stock market continues to sell off? we're just coming off the worst weeks in several years. to think there is more pain to happen? >> i think what happens in that markets, maria and you have seen this in your career. you've done such a great job in this area where there is that pressure at your systemic risk arises it puts pressure on politicians and the fed. and mr. powell tried to throw the market a little bit of an open door toward a shift. he basically said in the last meeting the economy is on sound footing. it basically like the economy is strong. he's not thinking it through. i talked to asset managers sharpest tightening sharpest
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fall and job creation the problem is i see a moment and the next couple of days take oil for example oil is so high that's putting it massive pressure on politicians. the probability of a fred is an tran fed slight walk back or do something to contain oil prices that could give us a nice bounce rate 15 -- 20% in the next couple of weeks. but once again in a bear market you want your money back. a bull market want to make money. at the end of the day have the countertrend rally there's a lot of supply up there. that is a ♪ ♪ for their lows. maria: is there anywhere to hide in this market in the second half of the year? even if you are expecting a balance of trade in a bear market? >> gold and silver -- not what happens when the fed over promises and the under deliver,
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gold and silver do really well but yesterday this week the gold miners have been up. that is a great place to hide buried bombs are getting attractive and yields her up. i could go into a recession which i think we are in a recession now i think it's like 95% probability that bonds start to do well. bit coin the old bit coin ratio was 38 -- 40 -- one in november it hit 11 -- one this week. i talked to a famous distrust in baxter last night this is a legendary investor under stress he's never about bitcoin. he's a billionaire and he is dipping his toe in the water which blew me away. he is trying to lend information comes look around the street he thought about 78 -- 80% of the deleveraging across the celsius platforms and the whole crash, all of the deleveraging is almost done for now. and he's to buy into that
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capitulation. i thought that was pretty interesting. hitler it's great to get your insights thank you sir. >> thanks maria. maria: all right larry mcdonald the backlash against biden's plans to visit saudi arabia now. kt mcfarland's writing is next. but first here's the response from the fiancé of the slain "washington post" journalist. >> i'm disappointing as this is, >> i'm disappointing as this is, and it overvalued, this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like...
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straight democratic senator dick durbin warning the president about his upcoming trip to saudi arabia meeting with saudi crown prince. the man the cia says is responsible for the brutal murder of the "washington post" journalist. u.s. officials say the presence looking as gasoline prices more oil on the global market rejoinder right now national security advisor mary conservative board member kt mcfarland. thank you for being here. if anything make it the president's trip to saudi arabia? >> its rank hypocrisy. one had since audis are going to pay for the alleged murder of the "washington post" reporter. now is going to go to saudi arabia hat in hand and say please pump more oil we have a big inflation problem in the united states. we need their help. first of all the saudi's are not going to do if they're going to do it to the very high price.
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why? why should they do us a favor? we have just allowed basically allowed a run to get nuclear weapons. certainly they'll have them by the end of biden's term. and saudi arabia and iran are mortal enemies we help saudi arabia's mortal enemies were going to saudi arabia for a favor. doesn't work that way. space there's also a china policy has been incredibly soft. tcp what is her things on by the administration i gave it to them. china initiatives for they want to take paris out there obviously bending to them in terms of investing a chinese company with the ccp as well. >> yes the chinese have been pretty clear their own internal communications they think they have the united states over a barrel. because of inflation come because the bad economy because of stock shortages in the grocery stores in the department stores with each icing thing kinda get with anything they want right now.
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and present biden will lift the sanctions no matter what because once looked like he is doing something but i think in both of these cases whether it's in the saudi's or whether it is with the chinese or even with the russians i think present biden's always looking for scapegoats. with this set is left to go to saudi arabia doesn't quite get what he wants and he can say i tried. it's the saudi's fault it is putin's fault. the dog ate my homework. i think that is where he's going with this because the saudi's don't do many favors and neither will china. >> it and take a skull initial in this administration for another star we are following to american veterans possibly three now volunteered to fight with ukrainian forces are now missing. they may have been captured by russia. the estate of herman said the report is unconfirmed of their closely monitoring the situation how should the white house
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respond except don't think they should respond and public initiative got not negotiate dreck with the russians by the russians are going to want exchange for those american citizens. they want to have sanctions lifted we don't want to go there. far better way to do would be have the ukrainians, who we are continuing support of the public only continuing to support equating a very significant way. have the ukrainian organize a prisoner swap urges british, americans other nationalism taken prisoner. this is something that gets some of the fighting stops. that is why it is so important to have the fighting stopped. maria: could see mentioned iran. planning to test other solid fuel rockets showed that a desert launch pan. tensions remain over two rounds advancing nuclear program for the state department had this to say, watch. >> we do not believe it is inevitable that iran will have a nuclear weapon affect present
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biden is made a commitment that i wrong will never acquire a nuclear weapon. maria: never acquire quest mark meanwhile on carrying others are saying there two weeks away weapon they've been singing for two years. a year end a half. xers a couple things you need to have a nuke there weapon but one you need the bottom part of it the nuclear part of it, the weapon part. the other thing is the delivery vehicle. that is where the missile comes in. fraud of the original around nuclear deal president obama now present biden's try to negotiate never did anything about the missile part. in fact iran is now moving to multiple stage rocket launchers but what that means there's a nuclear weapon could be put on the top of that missile, it could reach your potential united states. the whole iran nuclear deal is a complete fraud. even so the iranians are not
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ones below the complete fraud. they want everything. when president biden and his spokesman made statements like that, i think they are either lying or think maybe the press will never catch them up on it. it's very likely arrival have nuclear weapons before the end of present biden's term. maria: thank you so much for being here. being here. it kt mcfarland joining us don't liberty mutual customizes your car insurance, so you only pay for what you need. [submarine rising out of water] minions are bitin' today. (sung) liberty. liberty. liberty. minions: the rise of gru, in theaters july 1st. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
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we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones spent welcome back i got another big show of the works or next weekend. make sure you tune into wall street every friday night at 7:00 p.m. eastern right here on foxbusiness. i will see you over on fox news channel on sunday 10:00 a.m. eastern alive sunday morning on the fox news channel for sunday mining preachers. i've got with former secretary state mike pompeo exclusive former kansas city federal reserve president thomas. house intel committee ranking member mike turner print all that was his texas congresswoman
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alexis myrick floors big victory in texas last week replace start start right foxbusiness every weekday from 6:00 a.m. -- 9:00 a.m. eastern from lawrence with maria on foxbusiness we help you start your day with us every week day right here. that will do it for us for this weekend pray thank you so much for watching for help have a great rest of the weekend. happy father's day to all the fathers out there. wishing you the best i will see you next time. ♪ ♪ ♪ ♪ ♪ ♪ ♪. gerry: hello. this week on the wall street journal at large, inflation surging, interest rate soaring markets in freefall plus the plot we are the ones paying the price. plus, more oil please? after two years of treating saudi arabia like a pariah in telling u.s. oil companies they're destroying the planet the biden frustration is now going to beg
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