>> thank you for joining us have a good weekend, join us again monday night.

>> from the fox studios in new york city, this is "maria bartiromo wall street". >> happy we can do all welcome to the program that analyzes the week that was an helps position you for the week ahead rely maria bartiromo. we have a big story for you, j.p. morgan jv diamond chairman of the house oversight and reform committee james comer and centauri fund founder dan niles are here let's get right to it big banks kicking off the fourth-quarter earnings season on friday with bank of america and j.p. morgan beating expectations on the top and bottom lines wells fargo reporting ms on revenue and city and miss on earnings, and these reports we see they are all ramping up protection for potential reference ahead, i sat down with the chairman and the ceo of jp and jv diamond this week in a fox business exclusive. >> the consumer is still strong, the rapture is in good shape, 10% more than pre-covid and more

in the checking account recovery is in a good shape, that is driving the economy but in april, october and today i'll tell you the things out there which are very uncertain i look uncertainty there's always uncertainty every day of every lives in titan because of russia, ukraine, oil, energy, food, quantitative tightening, is it going to be enough to raise rates to 5% and having a huge effect on smaller countries, poor nations, those relying on imported oil and gas and those insurgencies may very well mitigate with the goldilocks mild recession but they may not. i'm still on the cautious side of this one. maria: this is much more positive than october when you said economic hurricane. >> i shouldn't ever use the word hurricane, what i said we storm

clouds mitigate and people said i didn't think it was a big deal in the storm clouds could be hurricanes so i'm saying this stuff could be nothing, it can be bad and we should understand i'm not predicting one or the other i'm saying be little prepares underprepared for both of them. maria: when we spoke a couple of years ago you said you have not seen the kind of pressure on people on talent on wages that you were seeing in your entire career, where are we in terms of wages and inflation. has inflation peaked at gpm? spinnaker measure wage inflation is going to pick the way people expected to do. you take a step back a little bit lower paid americans hire than the rate of inflation rate i don't think in total that's a bad thing, they haven't had a pay raise for 20 years the fiscal stimulus was so large and still largely unspent with a 5% interest rates are enough to slow inflation i don't know i'm talking about one of the uncertainties out there is a 5%,

my view it may enter mary and jim may be. maria: the gestapo inflation by raising interest rates, we see rates going higher in all sorts of things, you don't see a rate increase on my deposit account. how long are you can capture that loan growth and they raise interest rates higher elsewhere but not raising them into deposit accounts, is there any reason you would raise rates in your deposit account. >> they moved to trigon and a half into t-bills, you have a choice to be locked into the savings account, i think you see competition for a while banks were flushed with deposit and now was not true for every bank you're starting to see banks raise rates, i would expect sometime in the next six months you can see savings rates go up they may be more competitive deposit. >> to support the fed slowing down the pace of rate hikes at this point. >> i think the rate hike was the fastest we overseen is often 0 so i'm not sure i'll include the

first 1% in the world expects 5% and thus a composite and they should, i think we were little slow getting going i don't think there's any harm done 3 - 6 months what the full effect is around the world i'm on the side where it may not be enough the west needs the americas leadership, i enjoyed it. as expected you talked about the bigotry environment, you also talked about increasing military spending any back to focusing on economic growth, develop a marshall plan for the energy industry and for security, restructure global trade, deal with china thoughtfully and without fear. if i did not know you for so long i would think maybe you're running for something with this op-ed, are you looking to run for public office? >> i wrote that because i think we need all those things for another century of american leadership and also make the point america has to lead for

americans. if we get these things wrong particularly growth and global diplomacy et cetera it would be bad for all american citizens, i'm not running for president i just think we need to support rational and conferencing policy. maria: let me get your take on some of the policy on this a administration and that is esg, that is this pressure that the financial services companies have been put under to stop lending to fossil fuel companies, you were asked about and questioned on it during your testimony by the house financial services committee, here's what you said. >> enter with a supple yes or no does your bank have a policy against lending oil and gas products? mr. diamond? >> absolutely not that would be the road to hell for america. maria: what did you been? >> i think we should do climate co2, is not a simple thing like stop financing them, i could stop financing and oil company, that isn't going to help what we need is pipelines, permit, we

can't even get the permits to build solar we need a pipeline to get gas down to louisiana so they can ship it to help our allies in europe, we need very conference of policy and i don't think we have not yet. >> was the risk of expanding into something else, don't lend to gun manufacturers or conservatives or machine tool companies that make things for drillers. >> were getting this from 20 or 30 states and it's hard for any business when you have to deal with different rules and regulations and some of these have may have jumped into legitimate complaints, certainly not as we deal with one by one i'm not to get phonetic over, yup, look at it and will respond and will do what's right for our company and our clients in our country. maria: you're not can shut down lending to these companies that may not be in the narrative of the democrat party i'm necking to stop anyone's near death of any party we will decide what the risk is if they want to do

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but i spoke to our advisor, and our vanguard investments are on track. “we got this, babe.” so go do what you love. thanks for being our superhero. only at vanguard, you're more than just an investor—you're an owner. giving you flexibility to follow your dreams. that's the value of ownership. maria: will come back, more fallout from the discovery of several batches of classified documents and various unsecured locations tied to president biden. amid the special counsel probe the house oversight committee is launching its own investigation into what happened and why it's taken so long, months for the america people to hear about this, joined me the chairman of the house oversight committee james comer, mr. chairman thank

you for spending the time and things are being here this weekend. >> thank you for having me. maria: tell me about your assessments of what you know so far, we have several batches of classified documents, joe biden seems to think it's okay that the classified documents were near his corvette sports car in his garage that he claims was locked. >> it's a joke we know classified documents have been located in at least three different locations at two different premises, we have no idea who had access to those locations. all we know according to joe biden's lawyers found them when they were moving documents. that alone doesn't make sense how many people hire high-priced lawyers to move their furniture or their documents and do things like that so that doesn't make sense. it doesn't make sense that they are scattered all over america, there is a lot of questions here, the bottom line we wouldn't even know about this

until investigative reporters hadn't covered this, the administration never told the america people, the national archives never briefed me to we have a lot of questions and that's why we're going to try to get answers. >> that brings me to another issue, that is the complicity of lawmakers and the d.o.j. we know right before the 2016 election they had this wild notion the wild story that donald trump colluded with the russian government to win the election and right before the 2020 election the fbi had the biden laptop with all the evidence of all the influence peddling and now we know before the midterm elections the d.o.j. was hiding the story and all of the

classified documents. what about the d.o.j. and the fbi what is the plan in terms of oversight there? >> is another blackeye on the d.o.j. and the fbi that's why we voted this week in the house of representatives to create a special select committee led by jim jordan to investigate the weaponization of the d.o.j. and fbi this is a pattern of the d.o.j. getting involved in our elections on behalf of the democrat party it has to stop we've seen the twitter files that the fbi was actively involved in suppressing conservative speech from our investigation of the oversight committee of the influence peddling, the fact that the fbi was telling twitter that the laptop story published by the new york post was russian disinformation when they had the laptop and they knew darn well

it was legitimate and had damaging information about the biden families influence peddling schemes with china and russia is very concerning and this is good to be a priority for the republican majority to try to create a sense of transparency at the d.o.j. and fbi and enact reforms and hold people accountable for wrongdoing. i think the american people are going to see very soon the level of impact that foreign money has had on the biden family. anonymous donations to the biden center for diplomacy from china, anonymous wire transfers from china to hunter biden shady business dealings, anonymous buyers of art for hunter biden's artwork from china, there is a pattern here with the biden's taking excessive amounts of money from china, russia and ukraine. maria: underlined this for a second because joe biden put some classified documents were somebody put classified documents in the biden penn

office, which was paid for by china, our number one adversary how are we supposed to trust that the commander-in-chief is going to make the right decisions on behalf of america of china's aggression when they paid him tens of millions of dollars. >> that was joe biden's primary source of revenue during the four years that he was a vice president were present at the four years in the private sector that money was coming from the biden center whose funding was almost exclusively from communist china anonymous sources. you think why are we investigating joe biden we fear joe biden's compromise because of the millions of dollars that his family has received from adversaries, here's an example we now learned that the university of penn successfully lobbied the fbi to drop their china initiative which was an investigation by the fbi into all the reach that china has with research universities, even

the most liberal university presidents will tell you their concern that china has infiltrated all of our universities with spies who are stealing our intellectual property and stealing all of our research development and technology and things like that, the fbi took the series a they were investigating penn successfully lobbied them under the biden administration to drop the investigation because it was racist, they were recently profiling the chinese students. there is an example of how the chinese have made a successful investment in the biden family and there will be many more. maria: that is extraordinary. mr. chairman we will be followin ♪ ♪

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maria: welcome back, marcus ended the week after fourth-quarter earnings, the season kicked off on friday with a major bank beating expectation by the way, consumer prices moderating in december as well also market catalyst joining me to talk about investing for today in the year the founder of visitorial funds dan niles is here, happy new year to you. i know you had a good year 2022 even as you bet against the market you made money with averages going down. i want to get your take on the big issues you're looking at in terms of 2023 how and what will shape investing. >> i think it's going to be a continuation of what started last year so big picture to think about it during covid of 2021 everybody was stuck at home, all businesses have to get

online, all people have to get online to stay in touch with each other to learn and then after the two years, last year people started to do things again, they started traveling and going out so you sell business for the consumer companies, e-commerce, amazon, netflix, streaming, peloton et cetera starting to slow down, now as you look at 2023, the problem is going to be the slowdown at the companies is going to translate in business spending so i think you will see enterprise demand slowdown in the earnings season coming up you will have some really ugly forecast for growth in 2023 for the big tech companies. i think that's what you need to be concerned about. maria: let me get your assessment of what you've heard we've only heard from the bank so far in the earnings season just kicked off, they're talking about higher expenses, that was an issue putting more money aside for loan losses, suggesting they are expecting a macro story to weaken investment

banking has yet to come back that was an issue for the major banks how are you assessing the fourth-quarter earnings receipts and so far. >> i think everything that you said is accurate, people want to believe because over the last 13 years after the global financial crisis every time the economy slows down the federal government has thrown money at it and then the federal reserve has stimulated but that was during a period of time when inflation was low, now inflation is high so unfortunately everybody's going back to the playbook over the last 13 years of low-inflation and that's not the case going forward. i think you can see the fed stay higher for longer as you talked about with the banks there expecting loan loss provisions to go up as more defaults and rates are higher in the economy slows and with big tech the high multiples especially in enterprise technology you are going to see a lot of multiples

come down as earnings get cut pretty drastically as they give guidance for all of 2023. maria: how do you allocate capital do you shorten the market in 2023 or are there areas to hide. >> i think you have to do a combination of both we went about this on dan niles.com for more details. the areas that we like, healthcare was only down 2% last year, if you look at 2000 in 2001 the market was downtube entered 20% healthcare was up the same amount. that is an area you can hide, treasury you can get 4.6% on a three month treasury, that could be way better than what the markets going to give you during the middle of this year, i think the s&p goes to 3000 at some point during this year, we like uranium people want energy independence from russia so ura is a good name to own and we

like japanese banks so we own visit enter mitsubishi, financial group in yield curve has been in place since 2016, that is going away because of inflation there, that's a good one and then we like a pair of facebook added 13 pe, expenses under control doing well against tiktok and peering that against a short google added 18 pe were advertising is going to slow down with the recession and people were optimistic on google than they are on facebook. maria: what are you expecting in terms of nasdaq, you said you looking at a number of tech stocks to trade down because of the worries about growth slowing is that were much of the damage will be? >> i think absolutely. if you look at this last year the s&p was down 19%, the nasdaq was down 33% but if you look at the big tech stocks, the s&p is about trailing 18 times, if you look at microsoft, that sitting at about 26 times or so and you

have apple sitting at about 22 times and obviously amazon in the 70s. so you have a lot of people hiding in these names thinking what could possibly go wrong, these are products that i use all the time so it must be fine and i think the problem is for a lot of the enterprise names especially in software yet skyhigh evaluations and those are all consumption based, if you have as many people online, as much growth online you don't need as much consumption based models so amazon web, google cloud, you'll see big slowdowns there and that's where the multiple comes from for a lot of these companies. maria: is good to see you, thank you so much. >> thank you maria ♪ well, the stock is bubbling in the pot ♪ ♪ just till they taste what we've got ♪ [ tires squeal, crash ]

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maria: one thing you need to know about next week the world's biggest names in business, finance, politics will be making headlines at the world economic forum beginning this weekend i will be there bringing it all to you on mornings when maria live, my live guest next week the head of glaxo, carlisle, bank of america the un secretary-general, imf managing director, the ceo chevron and intel along with the president of the stock exchange and more to ninja fox business six to 9:00 a.m. eastern all week next week, this week and we will see you on fox news channel "sunday morning futures" live the first interview the house speaker kendra mccarthy giving us the house judiciary committee jim jordan, matt ten evi all with me sunday, live on fox news channel. i will do it for us, they get so much for watching, have a great rest of the weekend. i will see you nex