sean: caroline? >> my mom is susan. she is a dyed in the wool conservative, domestic goddess, wall street banker and now i'm doing media, and she's my absolute role model, and i'm grateful for everything she's done for me because it led he here. >> you've both got the same hair. jackie: lots of amazing moms and women to celebrate. sean: a wall street conservative, i like that. good for for her. well, listen, to all the mothers that are celebrating this weekend, we want to to wish you a happy mother's day. we're grateful for ours. i'm grateful for rachel, just to say that again because, again, nine kids, and she is an amazing woman. jackie: pretty amazing. sean: she does so much. thank you both for joining us. jackie: thank you, guys. >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend to all. welcome to the program that analyzes the week that was and helps position you for the week ahead.

i'm maria bartiromo. a surge of illegal migrants coming across the border as title 42 comes to an end. house republicans trying to stem the tide, passing a bill to boost border security as a federal judge strikes a blow to a key part of the biden plan. tennessee senator marsha blackburn will join me shortly. plus, inflation still stubbornly high for consumers. former dallas federal reserve president robert kaplan on where the economy is headed from here. and then you can add another name to the long list of people fleeing california. why actor scott baio says he has to leave the state after 45 years. but first, this is the scene along our southern border this weekend. as thousands of people are pouring into the country marking the end of title 42. more than 10,000 migrants a day have been caught illegally crossing every day this week. >> i want to be very clear, our borders are not open. people who cross our border

unlawfully and without a legal basis to remain will be promptly processed and removed. maria: but a key part of the biden plan was the mass release of migrants into the country without court dates or ways to track them. they would have had 60 days to report themselves to i.c.e., but a florida federal judge has thousand blocked that from happening. -- now blocked that. joining me now is tennessee senator marsha blackburn. senator, it's good to see you. >> maria, i think it's so important that we do have a judge that will block this. one of the things that is of such concern not only to tennesseans, but to people around this country is that catch and release is taking place. you have these migrants who are showing up, border patrol cannot process them, they do not have the time or the individuals necessary to handle all this processing. and so the thought that people would be released into the

country, in essence, this is people -- the cartel bringing people to our border, telling them to touch soil, put their hands in the air, say asylum and then just keep on going. and then they're in the country. we do not know who they are or with where they are. and this is something i'm glad we have a judge that stepped in to say, no, you cannot do this. maria: yeah. but where is the border czar, kamala harris? >> well, she is awol. and she has been. but we have to remember this is something that is intentional. this is their plan. they want an open border. they want to allow people to illegally enter the country because they do not want to have legal immigration reform. and look at work visas, look at h2a, h-1bs, look at the

process that is going to be put in place for people to legally enter the country. to update that process. and for years we have said we need to do a few things, give border patrol what they need which is a barrier, technology where they can't have a barrier and more agents and officers on the border. they also have recommended that we go through the process of updating our immigration laws. so that we're using biomettics -- biometrics, so that when people are in this country on a visa, they leave when the visa expires. those are things that we ought to be doing. maria: wow. so that's the reason you think they don't want to reform immigration in a legal way? they don't want those things in place? >> maria, i think what they want is an open border, or people

coming across that border and then being able to allow people to be legalized. bear in mind they continue to look for ways to make illegal legal whether it's an app, whether it is stopping in another country. they're saying we're going to find a way to make illegal legal. what we're saying is, no, you have to secure the border, we have to know who is coming into the country and why they're coming in the country. you've had 332 known terrorists a apprehend at the border this year. now, maria, if we have apprehended 332, how many are in the gotaways? how many ms-13 gang members are in the gotaways? how many criminals, illegal aliens are in the gotaways? how many pounds of fentanyl are in those that got away?

martha: -- maria: and this is all a heavy cost on the backs of taxpayers to house these people coming into the country, to give them all of these benefits. we're spending so much money, and the clock is ticking to the debt ceiling deadline. we're about to run out of money. a key meeting with the president and top house and senate leadership has been pushed to next week. watch this. >> and there's only 15 days to go. how has the president handled this? exact same way he's handled the border. he ignores it and hopes it goes away. mr. president, my message is very simple. do not miss another dead doline like you just missed on title 42. our country cannot afford it. maria: senator, sources now say that joe biden will not accept any cuts to his inflation reduction act, that includes his irs agents that he's hiring, his student loan forgiveness. he says he's not budging. all of that stays if he raises the debt ceiling. your thoughts.

>> republicans have given an option. republicans have come to the table. we have to find a way to work this out. you have to have pend -- spending cuts. one of the key drivers of inflation, maria, we've talked about time and again, it is the out of control government spending. and the fact that they have spent an additional $6 trillion under biden and they are flooding the marketplace with all of this money. you've got too many dollars chasing too few goods, and it is imperative, absolutely imperative, that they work with the republicans mt. house that we -- in the house that we be able to put that a house debt ceiling bill on the floor in the u.s. senate and call the vote. this business of we just want to keep printing money, our country cannot afford it.

maria: well, look, joe biden is going to the g7 meeting next friday. he's going to japan. we don't know if he's going to bring along hunter biden to do deals with japanese business people, but we're learning more about hunter biden's business deals. newly-released e-mails obtained by fox show divorce lawyers for hunter and his ex-wife kathleen, they were aware of the payments from a wealthy row main january businessman -- romanian businessman. she was informed of a deposit of more than $120,000 into one of hunter's accounts labeled romanian deal. all of this we learned from the house oversight committee chairman james comer. your thoughts on what happens next, because the white house is still denying that there was serious influence peddling going on even though comer has identified $10 million in payments that went to biden family members. >> that's right. and they're continuing to find more deals, more bank accounts, more shell companies that were

receiving this money. and james comer is doing a terrific job leading this panel. they are very thoughtful, they're very thorough, they are double checking everything that comes to them. maria, the interesting hinge to me is whether it's the romania deal, the ukrainian deal, any of the china deals that are out there, this family had a system where they would use joe biden's name, the brother, the sister, hunter, the siblings, the children all were trading on joe biden's name. and what a tangled web of influence peddling they have woven. it is astounding. and i give a lot of credit to james comer, jim jordan and those in the house that are beginning to unravel this. maria: yeah.

we're trying to understand what he was being paid for. senator, thanks very much for being here on all of that, we so appreciate it. marsha blackburn in tennessee. >> you got it. maria: inflation is still stubbornly high as confidence against jay powell hits a record low. former dallas federal reserve president robert kaplan will join me next. ♪ (electronic music) ♪ ♪ ♪ the journey isn't about where you're going, ♪ it's who you'll be when you get there. ♪ the new 2023 lincoln corsair

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we're talking about cashbackin. we're talking about cashbackin. not a game! we've been talking about practice for too long. -word. -no practice. we're talking about cashbackin. we're talking about cashbackin. i mean, we're not talking about a game! cashback like a pro with chase freedom unlimited. how do you cashback? chase. make more of what's yours. maria: welcome back. here's a look at where markets ended the week after we saw consumer inflation drop below 5% for the first time in two years this week. investors also though wrestled with concerns over the health of the regional banks, also worrying investors, gallup came out with a poll showing confidence in federal reserve chairman jay powell is at a record row for any -- low for any federal reserve chairman. only 36% of americans believe he will do the right thing for the economy. joining me now is the former president and ceo of the dallas federal reserve bank, robert kaplan are.

so i know that you kid not -- did not agree with raising interest rates at this last meeting. you do not think the federal are reserve should raise rates at the june meeting, and you also were not buying that inflation was transitory when the chairman told us it was. why do you believe thed fed should take a pause? >> the fed's raised rates now ten times, fed funds rate's 5-5.25. the issue is at this point as the fed is raising rates, the yield curve actually is getting more inverted, not less inverted. what i mean by that, the gap between the 1-month and 3-month treasury and the 2-year and the 10-year is widening. big companies borrow based on the yield curve. they don't tend to borrow based on the fed funds rate. small, mid-sized companies and small, mid-sized banks rely very heavily on the fed funds rate.

and what i don't like about the current situation is more rate increases, i think, will disproportionately hurt small, mid-sized banks and companies. i also think that the fed would, if i were there, i would flag that the fed can't fight this inflation fight alone. you need other parts of the government to do their role in terms of fiscal discipline, energy transition policy. i think it's going to be sticky to get rates below 4%. i'd rather hold the line here and keep rates here higher for longer. and i think the more the fed raises rates, the more they make it more likely that the yield curve gets more inverted and they may even have to cut rates sooner. maria: small banks are really feeling the effects of this, and those are the banks that lend to 90% of the small business population out there. how long does it take to

actually feel the impact of a rate hike? is it about a year? and we've got ten rate hikes to the have this economy digest. >> well, the small and mid-sized banks i can tell you first now. their funding costs have gone up on average about 200 basis points in the last 8 weeks. they're worried with about deposit instability, and they are pretty much across the board, from what i can tell, shrinking their loan books, scrubbing their loan books. and that's happening right now because they know we're about to head in to a credit cycle because the economy is likely to get weaker. if the fed is successful, hay want to weak withen the economy -- they want to weaken the economy to cool inflation. and so the banks right now are very much in guarded mode, and

it makes it very hard to get a loan if you're a small or mid-sized business. maria: what are your expectations for the rest of the year? every time this issue comes up, the administration points to, you know, the jobs numbers which are holding up even though we've got this tight labor market. and i know that the federal reserve's efforts if terms of slowing down inflation is going head to head against what you're seeing on the fiscal side with all of the spending. we actually saw the white house and the house speaker postpone their meeting on debt negotiations until next week. so take on that issue of this slowing economy and and potential recession, robert. >> so you would have thought that if the fed raised the fed funds rate to 5-5.a 25 this quickly you'd see more sluggishness in the economy. to your point, the reason we haven't seen it is the fiscal spigot is still open, and a lot of the programs that were

initiated during covid, the money hasn't been spent yet. it's sitting in bank accounts of sate and local municipalities who have to spend the money, for example, on the american rescue act by the end of '24, and this is in the hundreds of billions of dollars across the country. so right now you've to got a little bit fiscal and monetary policy and a little bit at cross-purposes. and so that's one factor. and that's one of the reasons why if i were at the fed, i'd be flagging we need a whole of government approach. to fight inflation. maria: robert, thanks very much for joining us this weekend. >>ing goo good to to talk to you, maria. maria: democrats' failed policies driving out one more person from california after 45 years in the golden state. actor scott baio making the tough decision to move his family out of california. he'll join me next.

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maria: welcome back. well, the happy days are over for many americans living in democrat-led cities and states. actor scott baio making headlines this week when he tweeted out that he was exiting stage right california. due to out of control crime and homelessness. scott joins me right now and, scott, it is great to see you again. thanks so much for being here. you've now move your family to florida. tell me what did it, what was the straw that broke the camel's back for you? is. >> i don't know if it was one -- nice to see you, maria. i don't know if it was one specific thing, it was of just the culmination of homeless people defecating on the sidewalk in the middle of the day and doing drugs right out in the open, illegals, the crime, the graffiti on everythings that

is stationary. but i -- the big thing, the big thing, maria, was for me above all else safety is the issue. and if you don't feel safe, it's not worth living in the town that you're in because -- and we didn't feel safe. my wife and my daughter and i. and it's become, it's become a city and a state where the victims are the criminals and the criminals are the victims. and i don't know what to do anymore in that town in terms of just walking around and not having the look oh my shoulder anymore. i just had enough of it. and it's unfortunate because it's a beautiful place. maria: yeah, it's so upsetting. i feel the same way in new york, walking around there's homelessness everywhere and you're worried about crime. everything is locked up in the walgreens and the cvs shops because of all of the theft. how different is it in florida

right now? what have you found after your movesome. >> i've found that in all the best possible ways that florida is pretty much what america was like 50 years ago. maria: wow. >> it's just people hanging out, everything's wide open, it's free. the people that i meet are all just nice. and there's, there seems to be no attitude down here. i mean, listen, no place is perfect, but it's just a different feel here. it really is. and somebody told me that a little while back and i went, oh, come on, come on. and they're right. it's clean. you don't see graffiti, you don't see homeless. it's just, it's fantastic. maria: but there's also a cost. it's gotten very expensive. they're raising taxes, they're pretty much crowding out businesses and individuals because of all of the expenses, right?

in california. >> yeah. the amount a of money that that you save which really kind of was, wasn't even on my radar screen when we first decided to come down here, is a lot. in terms of car insurance, health insurance, home insurance, car registration. it's maybe half and more than half of what it was, of what it is in california. and you don't realize it because you live in these -- you know, i live in california, and it's so incremental, and all of a sudden what am i paying for car insurance? how much is it? oh, my god. it's crazy. but when you go to states that are not as tax, as high taxed as california, you realize that it's a more, infinitely more affordable place to live. maria: yeah. and what the lawmakers are

realizing now is that money is mobile. you can go wherever you want. you weren't born in california. you were -- well, you lived in brooklyn, where i lived, growing up. >> yep. yep. so you -- if you -- i am lucky enough, maria, and i've been blessed, god has been good to me that i have the means and i had the window to do this. and, look, am i going to be here forever? i don't know. i thought i'd be in california forever. maria: you're doing the best for your family. great to see you again, scott. thanks so much for being with us. neighbor, back in the day we were neighbors back there in brooklyn. love talking with you. thank you so much. >> always a pleasure, maria. take care. maria: see you soon. scott baio joining us. i've got one important thing you need to know about ahead of next week, and that's next. and proactive alerts on market events. that's decision tech.

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and we'll send you this st. jude t-shirt that you can proudly wear to show your support. christen: i think it's the most worthwhile place to put your money when it comes to childhood cancer. lachaka: because it takes a heart for somebody to say that i'm willing to give to st. jude so that they can help save more lives. that's huge. damon: our giving to st. jude is right up there with our mortgage. that's the priority that we put on giving to st. jude. announcer: please call or go online right now. become a partner in hope today. maria: welcome back. one thing that you need to know about ahead of next week, the kansas of celebrating your mom, just like everything else, is

costing you more than in years past. according to a recent study, the overall price of mother's day gifts is up 11.5%, that's candy, perfume, flowers all up in the double digits from this time last year. we're keeping an eye on inflation on "mornings with maria," weekdays 6-9 eastern on fox business. and i'll see you over on fox news channel this sunday, 10 a.m. sunday, i've got exclusive interviews with house oversight committee chairman james comer, house intelligence chairman mike turner, exiled iranian crown prison reza saw paf love i have and florida attorney general ashley moody. that'll do it for us here on fox business. thanks so much for joining us. serving you best wishes for a wonderful mother's day. happy mother's day. i'll see you again next time. ♪ ♪ ♪