and it could wake at any time. think you're not at risk for shingles? it's time to wake up. because shingles could wake up in you. if you're over 50, talk to your doctor or pharmacist about shingles prevention. what if there was a community of like minded people ready to support you when you need it most? christian health care ministries is an organization with over 40 years of trusted care who understands the importance of family. a group that sees you for who you are regardless of your health history. offering values-based affordable health care cost solutions for people just like you and me. learn more today at your chm.org about healthcare that puts you in control. >> thank you, god bless. >> i am jackie deangelis emperor elizabeth macdonald. you want to "the evening edit" on fox business. that does it for us. what a wonderful week. i really enjoyed this, thanks for watching. >> from the fox studio in new york city, this is "maria bartiromo wall street".

>> happy weekend to all and happy veterans day, welcome to the program that analyzes the week that was in helps position you for the week ahead. i am maria bartiromo. americans battling sky high inflation but the president says sit tight his policies are working, steve forbes and andy poster here with their take on that have republican control on the house could impact the biden agenda. a wild week on wall street, dan niles on where to put your money now. incredibly positive biden says elon musk's relationship with other countries should be scrutinized while he is laughing at republican plans to investigate his son hunter senator tom cotton is here. first inflation in the economy were the top issues at the polls this week, consumer prices climbing 7.7% year-over-year off of the highs that were seen. look at food prices surging as we head into the holidays. president biden taken a victory lap after the midterms saying he's equity change anything about his policies they just

need more time to work. >> i know it's going to take timetable to our entire economic agenda which we already passed. for folks to feel it in the day-to-day lives but i think folks are going to see in the next few months. maria: joy to be now forbes media chairman steve forbes and restaurant ceo andy puzder. great to see you both, thank you so much for being here. steve let me kick things off with you, get your reaction to joe biden, he's not changing nothing, he says the midterm elections were a mandate for him to continue this climate change agenda. >> that's right he things is very popular and that will show up in the polls as he says in the months ahead and they think a lot of democrats actually unhappy because they thought they would be able to shut him out for the 2024 elections, now he's determined he things he has a mandate, that's going to be

something weighing on the democrats in terms of the cpi what are the reasons it looks relatively good if you count 7.7% being good because it went down for the fourth month in a row slightly is the way the government calculates healthcare inflation they really do each year in october it went down 6 cents of 8%, that's not going to happen in the months ahead in apartments those rents are still going up and that will move up the housing costs. take a victory lap joe it's not going to last very long. maria: i think you make a lot of good points steve, andy when you look at fuel oil year-over-year you're talking about prices up 68.5%, yes the cpi was up 7.7% with some of the components within the cpi are showing significant moves like fuel oil, take margin up 47.1% up year-over-year or a price of a

dozen eggs up 43% year-over-y year-over-year, airline fares up 43% as well year-over-year, hardly 7.7%, how would you characterize things? >> 7.7% is better than it was last month but is still over three times the fed's goal of 2% and even core inflation was up six-point to percent which again is over three times the fed target. what the client was durable goods like appliances and that's because were not building as many homes as we were before, people aren't going out and spending like they were before, when you look beyond durable goods and you look at things like fuel this fuel increase was up 20% month over month, as you said it was 70% year-over-year, that's going to matter a lot to people when they're trying to heat their homes this winter for

a particularly if we have a cold surge this winter, you can see that price spike you are seeing services continuing to search, using energy prices continue to surge, food continues to go up but we did have a drop in durable goods because what the fed is doing is starting to work at slowing the economy down and i know that something joe biden can take credit for but it certainly doesn't stop him from taking credit, he was talking about the improvement in a few months you could run a video from april he was saying the same thing. he's hoping it'll improve, i don't think there's a lot of policy to make it improve. maria: lots of predictions about an economy that is going to be in recession next year given the fact that inflation continues to outpace wage growth. >> that's right the latest consumer report had the number 2.8% decline in real earnings, people may do a little spending because of the christmas

holidays but importantly the federal reserve's believe the only way to fight inflation is by trashing the economy making people poor. working ahead for a severe downturn, if you look at money supply numbers and is been flatter down since last december, that's a harbinger of tough times ahead. gold price had a big boost yesterday way off of what it was a few months ago. that's a harbinger that money is still tight the markets are still counting that the federal reserve is going to say happy days are here again they are still going to hurt the economy. maria: what is it going to take to get inflation under control. >> both food and labor killing restaurants, we have to get labor costs down, we have to get food costs down, the only reason we didn't have a third quarter of negative economic growth, the only reason even the white house could argue three quarters of negative growth is equally recession but the only reason

net exports added about 2.8% in gdp, that's because were not importing as much because our economy is slowing, business and consumers are not buying as much but our overseas customers aren't hurt as much, we are exporting we are not importing and that adds to the economic growth but is not a sign that the economy is improving restaurants in any retail business is suffering right now you could go on talk to any of them you'll find out things have not improved, inflation is killing everybody and while he got better we still gotta see what the employment numbers, not we have to see what ppi, the wholesale inflation numbers, not everybody's thinking the fed is not could increase interest rates as months, we have more information coming in the surging stock market isn't going to help the fed keep interest rates down is a catch-22, the lower they think interest rates are going to be the more the market surges and it makes it so it's harder for the fed to lower those rates. were facing real economic

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week and said if you look at the week of midterms on average the market is up 1.4% and it is up 83% of the time which is an extraordinary number and then from there to the end of the year the market is typically up an additional 1.3% s&p 500 in the hit ratio on that is 61% of the time it is up so you expect a very positive seasonality in the cpi number cayman lower-than-expected following the much higher than expected the month before, that added a lot of optimism to the market and set off his big rally. maria: you write about internet and advertisement potentially suffering i'm talking like disney and netflix, because of this macro story which is slowing advertising slowing down, you also talk about the big tech names you call them investors shooting the generals,

what that may tell us about the upcoming holiday season, what do you see in the coming six months to a year. >> you rightly point out you get this year-end rally typically but then you have to go back to focusing on fundamentals as you get towards the end of the year because then the fourth quarter is over and you're looking to the next year our view is very simple, the fed has to induce a recession to get inflation down because you have about 10.7 million job openings versus 6.1 million people unemployed. that is going to happen and the impact is going to feed through, the second big thank you could have a big shift from goods to services, during the pandemic all you can do is sit at home and buy stuff you can go on vacation in movie theaters in restaurants, bars, whatever you like to do that was not available i think what you going to see this holiday season everybody getting out enjoying

life making up for the past several years where they really couldn't, revenge pending et cetera that's going to be really tough on the big tech companies that rely on a big holiday quarter to make the business work. in addition to that when you look at 2023 with less people on the internet less people using streaming and doing all of these things there's less consumption of tech so the enterprise tech companies and software et cetera are going to suffer, that's why our belief the bottom sometime in 2023 in the middle of a recession and evaluations are still very high and those need to come down. maria: i want to get your take on the ftx group getting the voluntary chapter 11 proceedings a massive collapsing crypto this week you say there is a tail risk of a european bank failure following the developments in the uk, connect the dots for us.

>> i think there is to tail, went to the negative one to the positive. we have small shorts and european banks that will be adding some back again probably in the crypto related areas potentially because those with long memories may remember long-term capital management in 1998, you may remember the lehman brothers as well, obviously closer to our time but the ftx was an unbelievable collapse in a couple of days from a firm that was going around saving other firms not that long ago that were in trouble with crypto collapse you don't know where the dead bodies are. in addition to that obviously there are very high-profile funds that are down over 50% in the market given the collapse in the very speculative names that is something that you need to worry about on the negative side, the positive there could be a peace settlement in the ukraine that is gap risk to the

upside and that is the thing that you need to balance it out with. maria: you buy into the camp that the federal reserve is going to look at the inflation data and say maybe we can get closer to the end of the aggressive tightening maybe the next couple of hikes next meeting december 13 to 14th, maybe there will be 15 basis points in 202325 basis points, do you see that happening as the market suggested this week. >> to think that the fed is going to pull back more quickly, you are missing the big picture, they may need to take rates closer to 5 percent and leave them there for six months to a year versus expectations that they slow down and all of a sudden start cutting i don't think that's in the cards because such a strong labor market and the fact that the u.s. economy 75% services based in labor is the biggest component of that. maria: dan miles, biden's first

face-to-face meeting with china president xi's in pain is happening next week and isn't it ironic biden says elon musk's foreign ties may be a national security threat, hear what he says about republicans investigation into his own son influence peddling and foreign business deals, tom cotton takes it on next. >> what is your message to republicans who are considering an vesta gating your family in particular your son hunter's business dealings. >> lots of luck in my senior

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technical relationships with other countries is worthy of being looked at. maria: the irony of it all, president biden says elon musk foreign relationships are worth looking into after his purchase of twitter and amid reports, elon musk offer confidential rights into high-profile foreign investors. but this comes as biden himself is facing a potential investigation from republicans in the house the focus on influence peddling in shady foreign business dealings involving his son hunter and brother jim. joining me right now the senate judiciary committee member army veteran and author of only the strong reversing the last pole to sabotage american power, tom cotton is here. senator it is great to see you.

i want to wish you a happy veterans weekend and i want to thank you for your incredible service to our great country, thank you, sir. >> thank you maria that is very kind of you i also want to acknowledge and express my gratitude to the great veterans out there. maria: thank you. what is your take on what we heard from joe biden. he wants to investigate elon musk, does he have any basis for this? >> i'm not aware of the basis, of course we should always be mindful about the risk of foreign influence in our country, i write about this only the strong in what i call the china lobby and how pervasive it is and hollywood, big tech in college campuses and the media. i think the investors in twitter come from friendly nations in the middle east like qatar and saudi arabia but the real irony here is you have joe biden's

family members like hunter biden, his son and jim biden his brother who had been deeply enmeshed with state owned or supported enterprises in china with chinese communist potentially having access and influence all the way up to joe biden, that is certainly something that needs to be investigated in the new congressional majority will be investigating that in the new year. maria: the ccp has been able to infiltrate all sorts of places in america and that has enabled them to steal intellectual property, trying to get ahead of america on some very important technologies. i'm talking about universities, professors that are sending intellectual property, made in america to china, i'm talking about embassies were secretary pompeo had to close them down because of surveillance programs underway, what can you tell us? >> the china lobby is pervasive, hunter biden, jim biden, joe

biden story is one example that chinese communist using the lore of chinese money to influence and gain access to american decision-makers, i want to be clear what were concerned about is not hunter biden his personal troubles whether drug use or adultery in the past, whether or not his business dealings with chinese communist could have any influence on the president. you see and other ways across the country as well member with the houston rockets general manager read to you did for protesters in hong kong. his fellow nba owners and executives in lebron james came down on them like a ton of bricks. they want access to the chinese market. consider hollywood when was the last time you saw a bad guy from china in a movie, you don't because all of those theaters want access to chinese consumers. maria: this is something that all americans need to understand better, my problem with all of this the fact that joe biden has to make serious decisions about

protecting america against the chinese communist party which has been very adamant and vocal about wanting to overtake the united states as the number one superpower. biden is holding his first in-person face-to-face meeting with chinese leader xi jinping on monday. are we supposed to believe he is going to press xi jinping on the origins of covid-19 were millions across the world have lost their lives because it was likely leaked from a lab in wuhan very early on educated us on the evidence around that. are we going to be surprised that the subject doesn't come up or the subject of intellectual property theft, how is he going to be tough on xi jinping when he is taking in money from china? >> suffice it to say i have my doubts how tough the line joe biden is going to draw wish each

and paying in the upcoming summit meeting. that's in part because joe biden going back to his days in the senate has been soft on chinese communism in the very beginning. when he is vice president as well barack obama deputized him to handle the relationship which xi jinping in literally toasted him throughout the administration celebrating china's rise in the 2020 campaign president biden said china was not competition for us when in reality as you say china views itself as her chief competitor and they want to surpass us economically, financially and militarily, what we need to draw is a strong line on china and make clear that were not to tolerate their unfair trade practices were the technology theft and be especially clear on the most urgent matter which is we will support taiwan if communist china goes for the jugular trying to invade taiwan to the mainland. maria: senator, thank you so much for your leadership on the subject we so appreciate you and your book could not be more important at this moment in time

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maria: welcome back the most important thing you need to know going into next week the big retail names reporting earnings most important walmart but also target, home depot, lows, the so give us insight into the inflation impact on the consum consumer, the housing market the supply chain, it is alright there, i'll be covering it on "mornings with maria" next week. i'll see you this weekend on the fox news channel "sunday morning futures" his life and of exclusive interviews with rick scott and ron johnson congressman byron donalds and gubernatorial candidate lee zeldin all live 10:00 a.m. eastern on fox that will do it for us. i want to say we are so grateful for our brave men and women who serve this country on this veterans day weekend. thank you. we will see you next time. ♪