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>> good thursday morning. thank you for joining us this morning. i am maria bartiromo thursday january 9. your top stories, 6:00 a.m. on the east coast. wildfires tearing through california. five wildfires burning across los angeles killing five people. with more than 130,000 residents under evacuation orders the pacific palisades fire is now the most destructive wildfire in l.a. history, the very latest update all morning long. markets are mixed, take a look the dow industrial data fracture, a point on they're down. the nasdaq 1035 an s&p 500 that were by six and a quarter markets this morning are closed in honor of president jimmy carter's funeral we can show you what features are doing but the market is closed all day today the december jobs report out tomorrow morning 160,000 jobs expected to added to the economy last month the european markets

are trading this may take a look at the eurozone with s&p 100 allotted up 50 points the cac appears at 19 and the dax index in germany but were by 24. in asia overnight the markets finish this way, take a look the one bright spot in korea although the cosby index was flat up just a fraction the worst performer was japan, the nikkei average down 1% majority the conversation all morning long president zelenskyy and partners poster and arthur lee carter is strategic while partner mark tepper former federal prosecutor and actin secretary and pa here "morningsh maria" is live. five people are dead as five active wildfires devastate the los angeles area "fox weather" meteorologist live from the pacific palisades with the very latest. >> it is devastation in every

direction, the pacific palisades this morning the dark of night, look at the size of the structure that is burned to the ground part of it is standing and there are flames coming from the center of it you may or may not be able to see that but smoke inundating this area over 17000 acres burned in the pacific palisades fire. remarkable 1000 structures decimated in the number may go up. five people unfortunately have lost their lives ended containment as we stand here right now because of the wind they were not able to get the choppers and planes up with 100-mile wind gusts that is category 2 hurricane force winds. look at the video from last evening that we captured as another fire ignited in the hollywood hills called the sunset fire we made our way and

there and found firefighters in those hills as they drugged the hoses up fighting gravity the water pushing through and huge palm trees with embers sparking and flying everywhere. evacuation order, people jump into vehicles waiting in line to get down off the hills putting animals in the backseats taking garden hoses and spraying them into the vegetation apartments and anything to get moisture on the trees. unfortunately i can't believe five fires burning right now. this is the broken containment right now. it may change when the sun comes up in four hours in los angeles. 12000 personnel firefighters many women on the ground trying to contain all of these in a tough topography the geography in the los angeles area is not simple. it is dense. a lot of people live in this area. down the hill pch, pacific coast

highway where malibu is to the north and so many of the homes on the pacific ocean gone burned to nothing. incinerated, here we are a fourth day with the winds dying down we will see wind gusts as the sun comes up but nothing like the region has experienced in the past 48 hours so we expect to see air traffic and water being dumped to get some of the fires out but this is one example of one major structure destroyed across many neighborhoods and pacific palisades. just extraordinary, robert ray on the ground firefighters are working around the clock but reportedly running out of water as tens of thousands flee their homes the fires could cost $50 billion in damages so far president trump has been blasting the handling of the

wildfires, trump road on true social what are the best and beautiful parts of the united states of america is burning down to the ground. it is ashes and gavin newsom should resign this is all his fault rates president trump. critics are slamming governing new some for a photo of the palisades fire in this video on your screen. take a look, responding to trump's criticism. watch this. >> people are fleeing people have lost their lives, kids lost their schools, families, churches burned down in the sky wanted to politicize it. i have a lot of thoughts and i know what i want to say but i won't. , i stood next to the president of the united states of america and i was proud to be with joe biden andy on the backs of every single person of this community and politics cannot divide any of us.

>> trump says he will work with the governor to rebuild california. watch this. >> california will take care of the whole state, what happened is a tragedy in the governor has not done a good job. with that being said i got along well with him when he was governor we work together very well and we would work together. it looks like we're going to have to rebuild it. what happened i don't think there's anything that i've ever seen quite like it in the insurance company is a have a big problem because you're talking about big dollars. >> the mayor of los angeles, karen bass has been silent she was asked about her initial absence as the fires broke out when she was on vacation in africa. watch this. >> to regret cutting the fire department by millions of dollars madam mayor? >> did nothing to say today i'm absolutely nothing to say to the citizens, no apology?

do you think you should have visited ghana while this was unfolding back on. maria: residents are cutting into pointing out how they cut the budget by 20% this year she proposed higher cuts. instead wanting to spend more on the city's homeless population in 2022 the department donated surplus fire department supplies ukraine. here you have the fire department of l.a. donating the fire material to ukraine. your thoughts. >> this is absolutely devastating you cannot get your arms around what's happening but when people question how does this happen how did we get here, is politicizing the event and were trying to understand how on earth can this happen how do we not have enough water how do we not have enough equipment. i don't think we do and to ask

the question and makes a political. all of the search under vessel and understand how on earth in a city like los angeles with all the infrastructure that is supposed to have does this happen. maria: have we ruled out all outside agitators. >> there were videos of arsonists creating new fires. i don't think that's been rolled out and given the terror attacks that we saw on january 1 it is certainly not outside of the realm of possibility that that is happening. what is happening for me is a lack of mitigation standpoint prior to this has to do with the fact that california is effectively a one-party. when you are operating under a one-party system, there is no accountability from the other party to make sure you're doing what you should be doing. gross incompetence and priorities backwards, all that stuff contributed to what's happening not saying it caused it but it contributed.

maria: i would like to know what investigation is underway in terms of outside agitators all these people coming to america and wanting to disrupt our lives i would like to see it investigation to ensure that we know no outside agitators starting the fires we met that's a great point, it's something that shows people that want to do something harmful and how easy to destroy a city in getting back to the politics everyone will say don't make it political but one of the core functions of the city has been fire department and receive what can happen they've not done their job and ron desantis how we handle things in florida command-and-control compared to governor bass and newsom. it is striking. maria: we have to go back to policy and we have to take a look at what policy changes were made and then we peel back the onion and see mayor basco all

the funding and the wherewithal of the fire department. >> politicians work for the taxpayers not the other way around that is important to remember. maria: let's take a short break, live coverage on boarding a quick break and jenny yellow makes a shocking admission about the impact of her covid stimulus money wealth made a judgment geo bollman is here with the reaction on that. watching what is with maria. we'll be right back.

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minutes revealed that officials will hold interest-rate study on lingering inflation fears policymakers express concern how president-elect economic policies will help reduce inflation joining me now wealth management gina bultman. good to see you, thank you for being here. what are you expecting from the fed in 2025. >> good morning happy new year. i think they will remain data dependent. i heard that people are concerned about tariffs driving up inflation and that is a low probability we've seen and trump won .0 that he had 2100 exclusions and we see "the art of the deal". i think his posturing in i think if anything president trump measure his success by how the s&p 500 performs under his

administration. the fed governor christopher waller spoke yesterday and he thought trump's policies would not be inflationary. it is something to keep an eye on in the think the market is trying to get its footing with inflation in the new administration and that's why the ten year yield has gone up so much. tomorrow's job report is going to be crucial and really important. >> i see what you're saying in terms of what the fed has been saying in terms of president trump's policies but there's no evidence that these policies coming in our inflationary we spoke with many market watchers who say trump's policies are deflationary. what is the fed talking about? >> i think the concern we've seen data this week that is come out that wholesale prices are going up. i think there is a concern that

were starting to see inflation where it's ugly head. >> that has nothing to do a trump's policies and what they're expecting from trump's policies and growth doesn't always lead to inflation spending has led to inflation, janet yellen admitted that the budget administration covid stimulus money and all of their spending may have contributed a little bit of the countries mounted inflation, your thoughts? >> i want to know where she's doing her grocery shopping. that is ridiculous. a little bit i did a double take when i heard that but inflation at its peak was at 9% and we are still dealing with the aftereffects of inflation from the invite and joe biden administration. maria: mark kemper jumping. all of the $7 trillion of course it was too many dollars chasing too few goods. >> not only massive inflation

but now we see there's going to be another impact. if we look at credit card debt last month. unexpectedly drop at a level that is consistent with the recession. what we talked about years ago. all the sudden a family of four and you get $12000 in a year and you use that to buy stuff it becomes very difficult with the 12000 is no longer committing to ratchet your lifestyle that were. you. a lot of the people to continue spending about their needs and the finer things in life. the credit cards are maxing out. that's why you saw the drop off. we will see how the future holds in the policies and growth. do you also buy into this idea. the fed governors keep talking about this.

and from the biden administration. >> that was highly inflationary. we need to grow as economically to square with the deficit. into chisel away at the data over time we cannot do it by cutting costs we need to do that but we need to grow. >> we have the jobs numbers tomorrow morning the december jobs report out and expected to see growth in job sakata mr. expecting 160,000 non- foreign payrolls to be added to the academy without appointment at 4.2% how much of the job stories is priced into the market. what are you expecting. >> is a crucial report but if it's over 200,000 or less than 150,000 jobs created i think it'll rattle the market but the tenure has already gone up in great severity gone up so much i think it's going to have to be a big outlier in either direction to be a market mover.

we are seeing the job market is slowing but it's still healthy. maria: would you allocate money to stocks, do you want to buy stocks and 25? >> absolutely i would. what we are seeing is earnings growth is continuing to be there it's going to be a good year for the stock market. as the third year of the bull market i think we could see 8 - 10% on stocks in if i'm wrong and goes much higher. maria: we will be watching, good to see you. gina on markets. my next guest is headed to mar-a-lago this weekend to discuss reconciliation plans with president trump south carolina congressman ralph norman is here with his expectation ahead of the visit. your watching "mornings with maria" live on fox business. we'll be right back.

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a majority leader john thune told trump that the senate will start with one bill they will approach this with one bill to start with, however, there prepared to split the bill into two parts if things get bogged down and they don't see the support that they need he wants to have one bill containing tax cuts, border funding and raising the debt ceiling on trump's desk by april, the latest may, joining the south carolina congressman off norman house by financial rules committee. thank you so much for being here. you will be traveling to mar-a-lago this weekend to discuss this with president trump, is that right. >> that's exactly right. >> what are your thoughts, how do you think things should go in terms of how to put this on reconciliation strategies. >> first of all it is great president trump is pulling everybody and from the senate to the house in endless meetings and he hasn't taken office yet, that's a great part what we plan to do in mar-a-lago with our

freedom caucuses reinforce the fact that we want to push the programs we want to make sure the reconciliation and everything from controlling the border to inflation reduction of regulation reduction in all of the above. we also want to press the deficit reduction needs to be a part of all of this because the american people are ready for change and stop spending more than we make. that is our message. maria: do you worry it's too much in one bill. i spoke with some senators and they said is no way i'm voting yes to raise the debt ceiling. others said there's no way i'm going to agree to any salt deductions. all of this stuff is expected to be in the first bill along with the border money in the defense money and energy permitting. is that too much for one bill? >> time will tell, we will see an aggressive date were trying to get on the same schedule the

house in the senate in burger work five days a week instead of three and a half days and we have a short timeframe we have 12 - 13 months to make this happen before the midterms and i like president trump's message to those who are holding hostage. all hell will break loose. any republican that does not vote to cut spending and really promote president trump's agenda. all hell should break loose and i believe that in president trump will make that happen. if it's one bill or two bills we will see but there is a move now, tax policy takes a while you have to get an agreement with that. at that to the day it's gotta happen and i think it will. >> when you say holding congress hostage is that basically what were seen happen with new york and california lawmakers who are insisting on getting the salt deduction in there and lifted will they not buy into the border money without that.

everybody's gotta give some i'm not going to get everything that i want to if it were up to me and would cut $15 trillion and give it a good shot for the financial house in all of america. there are no red lines. everybody's going to have to take the position that will make this happen we had four years of misery and four years of betrayal of america. now it's time to come together and i think mike johnson will lead the group, or house members and not everybody's going to get what they want. apply has a lot of different ingredients and we have to come to finalize it. maria: have you spoken with colleagues in new york and california. do they understand that or are they digging in that they're not going to vote on the border money unless they get the salt deduction. >> that's important for them. every dollar spent in washington has an advocate. resident of the runway as far as

getting this out in order but i think they will come around they have been elected. how unified is the party, obviously you were a no vote on the house speaker mike johnson and then you spoke with president trump and voted on the first ballot. what happened what changed your mind? >> what changed my mind, the reason i did that as far as objects in the media asked me it looked like you were confused in this unified. i don't care about objects i care about outcome and the fact is i was tired of 1548 page bills and 12 hours to read it, the happen after the november election. i was tired of not taking these things seriously as far as cuts in different communities. can we put a stop to excessive spending can we put a stop to suspension bills with democrats

to vote and pass it, democrats are not for any cut at all and i think were unified in will be. we are one shot particularly reconciliation and i think will be unified and we will come together. maria: do you think you're going to put an end to the 15 page bill and forced to read them in 48 hours? do you think you made the point in do you think you'll be able to make change? >> for your listeners, who would senate 1548 page bill and rita and 12 hours. president trump said all hell auto break loose if that happens. i'm at the end of the road with making excuses you can spend the taxpayers money if you want now is the time to use accountability and cuts it has a company be in this reconciliation but i think it will be. >> i was struck you have the item in their work congress could block a subpoena of

records and that put the kebabs on any expectation that trump would want to see what this cheney was doing with the january 6 commission. was not killed at the end of the day or was that still in the bill? >> i think that was killed and we had a pay raise for congress how does that work out what kind of return on investment is that. it worked out 116 page after that. no excuse for that, we need to stay after seven days a week if it takes it, now is the time, there is no backtracking on this now. maria: thank you very much great to talk with you. ralph norman. we will be watching you work. the los angeles wildfires expected to cost $50 billion in damages and economic loss. it's engine insurance expert kay stanley is here with more on that in the impact to california's insurance industry. you're watching "mornings with . we'll be right back.

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maria: five people are dead as five active wildfires the end of it and to devastate the los angeles area joining a slide with the pacific palisades with the very latest. >> last night we had seven fires burning in l.a. three of them were new to in studio city and one in brentwood and one in hollywood. because the winds are down and helicopters are up we have almost twice the number of firefighters as we did a day and a half ago. that is all making a difference. closer to 25 miles per hour not 75 palisade has a lot of celebrities tom hanks, steven spielberg, bradley cooper, reese

witherspoon and this is where you would see them the center of town where i am right now the walking street, the boutiques the nails of on an antique store. as you see it's all been destroyed it's been turned to rubble basically about a thousand homes and businesses destroyed. one issue water or lack of it because firefighters ran out of water, the dwp has 31 million-gallon takes, those ran out mayor bass said it did not happen in the dwp says it did. >> we were pushing so much water and so much water was being used we were not able to feel fill the tanks of the consumption of water was faster than we can provide water. >> water remains available in the palisades through hydrants and water tankers that have been

deployed. claims that the tanks were not full or false. hours ago dwp said don't use the water unless you boil it that's going to be odd because they don't have power in they don't have gas to run the generator because that was cut off they have no cell service or internet because elon musk said he will bring in starlings because people want to know how the goblins are doing admit he didn't want to leave because they can get back in. and one near pasadena the eden fire was 11000 acres and that's where the five fatalities are there not identify those individuals yet and they're trying to bring in canines to make sure there are not more by the leader hers fire north of l.a. that is 13% contain i'm going to send it back to you, things look better but the origin of the cause that remains under investigation.

>> that's what i wanted to ask you what our official saying on how these fires started. >> the one in the palisades this started at 1030 in the morning three blocks from where i am right now and residential areas. landscape equipment. the los angeles wildfires can cost 52 and $57 billion in damage and economic loss according to preliminary estimates from accuweather, state farm one of california's largest insurers canceled hundreds of homeowners policies last summer in the pacific palisades area seeing the worst destruction and l.a. history the insurance agency justified the move as an attempt to avoid financial failure as california sees more wildfire.

the announcement coming nine months after state farm declared it would not issue new homeowner policies in the golden state private insurers has cut coverage for at-risk areas across the state in the last three years causing an insurance crisis forcing thousands to truly state back system called california fair plan for property insurance, joining benassi are ceo and insurance industry expert, thank you very much for being here, what are your thoughts on the insurance copies canceling the homeowner policies a year ago. >> this is going to create a ripple effect of devastation that goes beyond the loss of life and buildings in residence because the ripple is going to keep impacting the people who think that they have insurance and their actually underinsured which will be one of the biggest problems that we see as well as the skyrocketing insurance premiums that are going to happen because of the catastrophic loss that there is no surplus to cover this.

>> it is extraordinary the fact that you're dealing with five fires the massive losses that insurers are facing from the wildfires could lead to increased rates how significant are you expecting the rate increase to be? >> its way to be catastrophic and here's why there will be enough coverage because that's where we have reinsurance they cover up to a certain amount and then they go to the reinsurance level but the entrance copy passes on the reinsurance increase to the consumer i think the biggest issue that people don't realize most people think that they have insurance for replacement cost for their home and they do not for a variety of reasons, one of them they think they valued their home at a certain amount and they find out later their insurance carrier

was using an algorithm that had nothing to do with the replacement cost of their home in the massive level of devastation. when they go to rebuild an entire neighborhood and say a limitation that the houses have to be rebuilt in the same way with the same evaluation into certain amount of time but the skyrocketing cost of labor and materials. the devastation that is coming is something that we cannot even underestimate. maria: that is incredible, what about businesses you see businesses burned to the ground. what should business owners be doing. >> one of the things that businesses are operational they still need to think about worker's compensation they are required to keep employees safe from any smoke inhalation and smoke damage that is something that business owners need to be thinking about. in terms of businesses receiving damage they need to be talking to the carriers immediately and documenting and documenting and taking photos that goes for

residents and business owners. maria: lee carter, your thoughts. you're talking about the replacement value but also premiums coming down the road, some people say it's going to impact california but want this impact the whole country. if it impacts the whole country doesn't that impact the housing market as a result because people need to get homeowners insurance is to get mortgages. >> absolutely right. the point of insurance is to spread risk. we are collecting money from the many to cover the losses of the few but when you have a catastrophic event for the hurricanes in florida and offsets the balance. even though there's reassurance that's going to cover it there is going to be a ripple effect where the premiums go up and like you pointed out carriers are going to leave the state and the state of california the insurance commissioner has implemented a regulation where

they're going to require carriers that do business in the state of california to cover fire. however, is not going to happen quickly and is not going to cover enough. it could be higher premiums for less coverage. maria: we will leave it there. thank you claudia stanley with the cost of this disaster. stay with us we'll be right back.

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maria: new york prosecutors have hours to respond to trump's house many case filing to the supreme court, cheryl casone with the details, good morning the manhattan das house until 10:00 a.m. eastern time to respond after president-elect filed an emergency petition asking the supreme court to block the sentencing and the near criminal trial which is scheduled for tomorrow. trump's legal team argues it should be delayed over presidential immunity the decision will come as attorney general merrick garland says he intends to release the first volume of special counsel jack smith's report on the federal election case if and when the 11th circuit court allows them to do so. the deal has been struck between the dockworkers and shipping companies ending months of bitter negotiations and a strike that could've paralyzed ports across the country and includes a 62% pay raise over six years

with both sides saying to protect jobs well support monitoring station at three day strike last year that disrupted the ports of new york, new jersey gratification is still need a buffer now dockworkers will keep going to work under the current contract. president biden studying californians yesterday during a wildfire briefing meant to address the deadly destruction of the state. instead the president announced good news that he's a great grandfather. he then speculated his son hunter's malibu manchin may have survived the flames. watch. >> is astounding what happened. good news my son lives out here and they got a notification yesterday and today it appears it may still be standing were not sure. but the good news is i'm a great grandfather. as of today.

i have a granddaughter. 10-pound for ounce baby boy. i'll remember this day anyway. >> according to the daily mail photos reveal the hundred 15800 month rental along with the taxpayer-funded secret service property did indeed burn to the ground. celebrities in l.a. area are facing devastating losses from the wildfires devastated the region. the high-profile names whose multibillion-dollar properties have been destroyed include paris hilton $8.4 million estate malibu has burned in the pacific palisades, billy crystal, john goodman, heidi montag, spencer pratt, eugene leavy and anthony hopkins all losing multibillion-dollar homes. over a thousand structures upward to the pacific palisades fire along but going to the property values like anthony

hopkins, the sale price 6 million, billy crystal nine-point to million, john goodman 4.6 million adam brody, pacific palisades six and a half million. he thinks up until celebrities can rebuild i think i'll be okay but william lodge and is made really good point. you think you have a housing affordability crisis now, just wait in the l.a. area. >> also the inflation component, prices are about to skyrocket for insurance that is going to be another element that will stoke inflation further as we worry about the fed trying to rein it in. >> you know when we have these disasters and the cost of rebuilding goes up, the demand is so much. you know some of them can afford to rebuild but is not about rebuilding their homes you think about the devastation of the communities they lost their businesses and everything so

much more it's going to be years and years. >> it's would be decades and some people want to rebuild. >> it's never going to be the same. >> we talked about the celebrities but how many non- celebrities that aren't making seven figures a year lost their homes that are probably still two or $3 million in value even though they might be meager homes in that location what happens to them that's the toughest part. >> at this point people are trained to stay safe i spoke with a major producer in l.a. yesterday he said he had to evacuate. he's now an apartment in the hills buddy thanked god that he was safe. >> what my good friends was in pacific palisades. she and her husband were during the remodel the home is gone to the rental home is gone, her children school is gone.

i said can i do anything for you and she said it's going to be okay. they are safe, they are alive in this could've been much that they are. maria: i would like to know how this started. i don't know if this is partly outside agitators i would like you to enter an investigation on how it started. >> we need to know how it started and it shows how easy it is to disrupt so many people's lives. i want to get back to the biden, that was breathtaking when he said yesterday it was a win-win for the biden family. it is truly astonishing that that is the message that he brought to the people california. >> i'm surprised they did not bring up the kitchen fire. maria: we know he has mental issues but is it a baby boy or a baby girl. >> i didn't even look. first he said a baby boy then he said a baby girl.

>> read the room. maria: he's really leavy is a administration and leaving the white house with massive questions about his well-being and they basically have bidden a shadow of president trump presents president trump is talking about all of the issues that we talk about everyday and doing things and meeting with people already. biden is calling out a picture. >> it does leave the question who is in charge. or nobody. president trump is in charge and you saw him yesterday he was taking charge of the situation he is not in yet. maria: that's why i would like to seal the started i want to know things outside agitators and ball. this is extraordinary. thank you we're going to take a look at the hurricane force winds that are fueling the pop electric wildfires in l.a. county, five people have been confirmed dead burning more than

27000 acres. "fox weather" meteorologist stephen morgan with an update. >> it really is extraordinary when we look out the fires began. it was a well forecasted vet know when the winds are going to be very strong. pg&e electric gas company in california preemptively shutting off power to some. as the understanding and the investigation to determine what caused the fires. that will happen. we are working to fight the fires, 0% containment. compared to what we saw this time yesterday there are two additional sweat started, notably in the hollywood hills, incredible images of the hollywood sign the fire in the distance, 40 acres with the sunset fire in the hills, 0% contained. as far as where the destruction has occurred. two specific fires, the palisades were more than 70000 acres have burned. this will be the most destructive fire that we have seen an l.a. county history and also the eaton fire two distinct

towns, pasadena as well as also need to they have seen significant damage as a result of the eaton fire, more than 10000 acres have burned, these will change as cal fire continues to work. the problem we have another day of wind advisories with a critical threat of the fire spreading, that is an elevated risk that we have today. maria: thank you very much, we will follow and check in with you. we'll be right back. a quick break and a big hour ahead. "mornings with maria" live on fox business. stay with us. ♪ after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" bacon and eggs 25/7. you're darn right. solar stocks are up 20% with the additional hour in the day. [ clocks ticking ] i'm ruined. with the extra hour i'm thinking companywide power nap. let's put it to a vote. [ all snoring ] this is going to wreak havoc on overtime approvals.

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