protester lobby individual members of the high court. that's not how they're supposed to make decisions. elizabeth: we don't have to supreme court justice in if not why not, the supreme court investigating itself it seems really strange. charlie hurt thank you so much. monday were debuting the exciting new our with a few of the best including mike huckabee, former senior counselor president trump kellyanne conway, mick mulvaney and more we want you to join us we will have a great show starting at 5:00 p.m. on monday. i'm elizabeth macdonald, thank you for joining us and have a good weekend. ♪ ♪ ♪ >> happy we can to all, welcome to the program that analyzes the week that was in position to for the week ahead. i'm a maria bartiromo coming from dava switzerland, business

and thought leaders from across the world carlyle group cofounder and chairman david rubenstein will join me with the strength, use economy and investing in china. meanwhile the green energy agenda front and center from john kerry's extraterrestrial plans to save the world and al gore's warning about rain bombs and climate activists protesting oil and gas companies, chevron chairman and ceo michael worth here to respond. semiconductors are used for everything now intel seal on the geopolitical impact of the global chip wars and what his company is doing now to boost manufacturing in america. but first here's a look at where markets ended at wild week more negative economic data fueling fears of recession. this is the reaches its debt limit this week treasury secretary janet yellen employing extraordinary measures to keep the lights on for the time being

as congress is at odds scrambling to come up with a plan to cut spending or lift the debt ceiling i asked the carlyle group david rubenstein how this all plays out. >> when i left the white house in 1981 under president carter we had 900 billion of debt that we have 31.4 trillion. tax cuts were so extensive in the early part of the century and we never really paid for by having spending cuts, the result is we now have more debt than we probably should have in the only way out of this is increasing taxes or cutting spending or inflating your way out of it. right now were probably inflating her way out of it. in the end our grandchildren will have to pay for this, we don't have to fix this until june the 15th. by then we will fix it a day before we have to fix it the probable get solved but not until then. maria: i don't know why time and time again were off the cliff. you have all this time you're saying everybody saying they can move money around and it's not a problem until june have the

conversation now and boundaries in terms of spending is not just tax cuts yet 5 trillion of borrowing in the last two years you can't tell me the spending packages did not include waste. >> i can't tell you there's no waste in government spending i think that would be ridiculous. we have a budget of $7 trillion so i'm sure there's waste. the real problem were living beyond their means, were spending more than we can afford. most people who pay their bills sit down and pay their bills and wait till the last minute to pay them as well, have any pay their credit card bills the first day. >> i do. >> your rare. >> usually people wait until the end and that of the u.s. government is doing and will wait until mid june until we have to pay it and we will work it out. the congress is not going to allow the default occur the results will be to quiz mick. maria: you say taxes will have to go up or spending cut do you worry that higher taxes now will actually accelerate the slow

down to everybody's expecting how do you assess the macro spending. >> there will be higher taxes because republican house is not quite up as higher taxes that's the traditional way to deal with the problem. the only way we'll deal with it right now is inflate our way out of it that's what we gotta do but we don't want have too high of inflation we gotta get that down as well. in the end we have a printing press and the rest of the world is willing to let us keep printing dollars, people like to buy u.s. dollars because another reserve currency so we don't have a wealth fund we have a printing press and that's why were able to do this. if we didn't have the reserve currency we would not of been able to borrow this much money. >> what your sense of markets i know you said 2022 was a disaster for technology, real estate, crypto clearly, are you expecting a rebound this year how do you expected to play out. >> market usually rebound when you think things are bad that's a good time to invest the best time to invest is when people see blood in the streets, people are nervous and walking out away from markets that the best time to invest so i think really good

deals done now but you won't know what they are for three or four years. >> in terms of the deal's investment banking was a nightmare last year do you expect capital raises debt and equity in ipo to combat the issue. >> not in a great level but it'll come back from where was because it was bad last year. as interest rates go data people borrow more i think the banks rate size themselves, ultimately seymour deal done. maria: i feel like there's a little bit more positive assessment on the ground than i expected this week. >> when i started coming years reading the newspaper and everybody was pessimistic but when i got here wasn't so bad people to get is not the end of the earth and we've had worse times than this year. >> china big topic of conversation bridgewater associate saying they'll double the assets under management china they are doubling down and investing you say china is likely to grow dramatically this year. >> china reopening is a big economic story the last couple weeks because china decided to

change no covid-19 represent now they want natural beauty and everybody on get covid but the economy will stay open i think ago 6 - 8%. maria: that's a big number but they used to grow 8 - 10% given the population and the growth policies in the government i think 6 - 8 is not unrealistic. maria: what about the risks associated with investing in china would you invest in companies tied to the chinese military given the provocation that we see increasingly out of the communist party? >> that's like asking me if i want to be my wife or something like that. the truth is you can find things that don't help the chinese military but the real problem not new investments is existing investment that american investors already have so a lot of private equity and nonprivate have a enormous amount of money already there and it's frozen you can't get it out so that's where the efforts going to be to figure out how to lick of high the investments. >> is a western company ever going to get the same quality of a chinese company operated on

the ground in china? >> is a chinese copy going to get the same equal treatment of the united states of america company, probably not i think is more difficult to operate in china the many other countries. >> you can't compare this government to the chinese. >> no party operating in china cannot can operate the same way as a chinese company, that the same with most countries. but right now it's difficult to extricate yourself or chinese investment, no doubt about it. because of that there will be less money put in by americans of the china for the next year or so. maria: in terms of private equity, is now a point there are no exits you invest in a company with thoughts that perhaps down the road you take a publican exit out you don't have the opportunity right now, right. >> people have expectations of making two or three times their money when they do private equity deal getting that rate of return is harder to get the started exit people will lower the return expectation but you

reasonably well may push it out a year beyond what they wanted to do. >> my thanks to david rubenstein. climate change high on the agenda and davos liberal left an activist protesting fossil fuel companies. getting chevron ceo mike wirth's e myr on energy next. aaaaaah. got it. earning on that éclair. don't touch it, don't touch it yet. let me get the big one. nope. - this one? - nope. - this one? - yes. - no. - what? - the big one. - they're all the same size. wait! lemme get 'em all. i'm gonna get 'em all! earn big with chase freedom unlimited. how do you cashback? chase. make more of what's yours. (vo) the fully electric audi e-tron family is here. with models that fit any lifestyle. and innovative ways to make your e-tron your own. through elegant design and progressive technology.

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the u.s. is second largest in fuels can drop right into existing infrastructure we don't need new charging stations or hydrogen refueling renewable natural gas and diesel that can be used in today's infrastructure and can make a difference today as we invested other technologies that can make a difference tomorrow. >> you really need policy to set the tone for the industry for the country in the world but in policy you're hearing a lot of attacks on the oil industry continuing you even have protesters here now at the world economic forum the president keeps talking about the 9000 leases which i know were still unaware of the leases tell me about the regulatory backdrop and whether or not it is stopping you from making the discoveries that you may be able to. >> we need policy that incentivize investment energy production requires investment whether traditional energy or new energy we saw a big bill

passed last year which has a lot of incentives for new energy and we also need to be sure that we don't this incentivize investment in the energy that runs the world today. we need lease cells, access and producer products that is environmentally responsible and safe and we work with the administration to advance policies. maria: has a permitting process loosened up a bit are you encouraged that the gop the republicans are pushing for opening up the energy independence of america? >> i think the opportunity for the united states to be more energy independent is something were all excited about the permitting process hasn't changed there is talk, last year there was an attempt by senator manchin to make progress on this but it was not successful and is a vital improvement in the regulatory environment for all types of investment in this country whether energy infrastructure or other types of infrastructure we need permitting reform.

>> there's places like california not want to do a big profit tax on the oil company so you're getting this pushback that continues even as the world is growing and in need of fossil fuel related energy. >> there's an inherent contradiction sometimes in the things that you hear people talk about, raising taxes on something that doesn't encourage more investment and production, you want less taxes on cigarettes, if you want more energy raising taxes on energy is not likely to deliver the results. >> in terms of the story of europe and what you see in terms of demand. >> europe seems to have made it in pretty good shape for the rest of this winter, gas inventory is holding up well the weather has been mild than typical in industry has reduce the consumption of natural gas. my best guess would be europe would make it through this winter and the challenge will be

resupply and rebuild inventories you have to remember the gas being used in europe today much of it came from russia before and during the early days of the war, gas is not flowing anymore it's good have to come from other places a lot of it came from asia because the chinese economy was slower in the chinese lng imports were lower than they typically are, we can see that reversing the coming year which could be a challenge for the winter at the end of 2023. maria: what about the macro story what are the latest numbers telling you with tight inventories and the price of oil right now and a number of people and davos expecting a recession this year. >> our best view recession is more likely than not how deep it is there are different opinions. the slowness we've seen in china the slowdown we certainly seen in europe and even in the united states you can feel a slowing

underway. if it gets quite likely we see a recession this year and commodity prices would tend to tell you that is true because commodity prices have eased which is typically in a market that is fairly tightened assigned that the economy is slowing. maria: what does that mean for your investments, you been disciplined in terms of capital investors in the analyst want to see you continue the dividend buyback and be even more disciplined. >> we have a very balanced approach to the way we allocate capital, we increased her dividend 35 years in a row, second priority to invest organically and grow future cash flows to support the strong balance sheet and low single-digit net debt and were buying shares at $15 billion a year so we can do it all with a very balanced approach. maria: one of the reasons the

stock did so well in 2022 can you do a repeat issue. >> i think there's an upside if you look at our sector we may be well valued compared to others if you look earnings portables but in general it has single digit earning multiples in the market hit double-digit in a couple days higher than that. oil and gas represents 5% of the s&p 500 for the market cap standpoint and more than 10% by earnings so i think there's a lot of room to run. >> my thanks to mike worth the fight for digital dominance taiwan the number one semi conductor producer in the world under threat from chinese invasion i'm asking the intel ceo what he's doing right now to boost american production. that is next. ♪

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maria: more intellectual than oil and shaping geopolitics over the next 50 years intel ceo says the location of where semiconductor chips are built will be crucial in the fight for digital dominance for decades to come. i asked him about his plan to boost production in america. >> we've been on this journey since i've come back to rebuild manufacturing to get back to process technology leadership but then as we saw encoded the criticality of semiconductors what aspect of your life is not becoming more dependent on technology. >> i don't think any aspect. >> that's the point everything is becoming more digital and everything digital runs on semiconductor, this is critical to every asset of human existence and as i like to say where the oil reserves are, where the technology supply chains and semiconductors are located will define geopolitics for the next five it is that important. >> that's a great analogy.

taiwan remains the leader in the industry chip exports increased 18.5% 2022 we are all worried about the potential for china communist party to go into taiwan and disrupt world production how are you dealing with that tell me about the investment that you are continuing into factories in america. >> clearly as we laid out our plans in the u.s. we've been active with the u.s. chips act quite active in getting that across the line and getting that past last year and without enabling us to make the massive investments in arizona well underway building out we did the groundbreaking and the president there late last year to have this moment. as i called it the rust belt ends in the silicone heartland begins. maria: i like it. >> largely the technology boom has been on the coast and hasn't been on the center of the

manufacturing hub of the nation and our bringing technology it's thrilling and these investments are huge but to be competitive in the world and as i like to say the senate never voted to get rid of the semi conductor industry but the governments of asia voted to get it they made strong industrial policies to pull the industry between u.s. and europe we used to be 80% of manufacturing now or 20% in asia is 80% we need to rebalance the supply chains we need resilient supply chains and our investment in the u.s. are a piece of that get back to technology leadership in the manufacturing capacity to build and satisfy our industries for the future. maria: the survey out of the world economic forum has the majority of ceos expecting a recession this year, where are you on the macro story, are we slowing down. >> we don't see good news in the near-term, i think the first half of the sure will be pretty rugged because china covid,

europe, energy in ukraine, u.s. inflation. when you look across the three major markets i don't see any good news, that said we believe there could be second-half recovery but again these investments are the second half of the decade did not for the second half of the year that's why it's important that you invest in downturn something the intel has always had at the center knowing these are four, five, six year factory buildout i can't decide on one quarter bad economic data we are investing for the long term and that's what were committed to. maria: great point will we look across industry were to succumb from in terms of sectors there is a transition going on in vehicles and auto sector is doing so much with tech, where else do you see the real growth happening regarding intel in terms of sectors. >> to some degree every aspect of your life is becoming digitally driven its every aspect will healthcare be more digital, you bet it's one of the most underpenetrated segments

for technology is healthcare. maria: i love that story healthcare and tech. >> you mention auto today the average car has 5% semiconductors of its billable materials, by the end of the decade that's expected to be 20% as it becomes ev electric and otago miss. a huge increase in that sector of the market and cloud computing everything is becoming digitally connected areas like metaphors, the consumer experience but also the business application of immersive ar and vr personal computers everybody needs connected in the hybrid work will the need for a.i., the breakthroughs that we are continuing to see one after the other in the use of advanced a.i. and there's a lot of computers that go behind semiconductors. maria: can we stay ahead of the game and turns of china they would be number one in a.i. and

quantum. >> i think the u.s. has so much going for it. i think the partnerships that we can have across academic the public sector and the private sector we have a lot going for us and clearly the technology that we have and we are the leaders in somebody domains i feel very optimistic in the chips activity was a turning point, we saw the most significant legislation and industrial policy since world war ii. maria: my thanks to pat, i have one important thing that you one important thing that you need to know about ahead of next week, that is next your entire portfolio. with an eye on taxes and risk. doors were meant to be opened. detect this: living with hiv, i learned i can stay undetectable with fewer medicines. that's why i switched to dovato. dovato is for some adults who are starting hiv-1 treatment or replacing their current hiv-1 regimen.

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of fourth-quarter gdp is out on thursday. expectation call for growth of 2.8% down from three and a quarter% in the third quarter it's going to impact everyone from wall street to main street and i'll be covering it for you every weekday "mornings with maria" 6 - 9:00 a.m. eastern all see you on fox news channel "sunday morning futures" at 10:00 a.m. eastern live i have excuse of interviews with joe manchin, house majority leader steve scalise, congressman james comer and trump media and ceo devin nunes join us live sunday on fox news. i will do it for us now thank you for watching have a great rest of the weekend and i'll see you again next time. ♪. gerry: this week on the wall street journal large we are in dabo switzerland for the annual meeting of the world economic forum with the conversation