good friday morning thank you for joining us. i'm maria bartiromo. welcome back friday, january 17 it is 8:00 a.m. on the east coast hope you are having a good friday morning let's kick off with hot topic of the hour three days until inauguration day, when president trump will begin second term key cabinet picks a busy week on capitol hill for senate confirmation hearings department of homeland security secretary choice kristi noem will sit before senate homeland security committee 9 a.m. eastern yesterday interior secretary pike doug burgum and energy secretary choice chris wright highlighting plan to unleash energy. >> energy dominance vision will end wars abroad make life

in other affordable for every family in america driving down inflation, and president of trump will achieve those goals, clean air, clean water, and protecting our beautiful lands. >> previous agencies viewed energy a liability in ansted of immense national asset it is we must companion energy production concluding commercial nuclear liquefied natural gas cut energy costs for americans. >> closely watching nominee scott bessent presenting case for why current economic policies are not working, how president-elect trump will make it better. >> i believe, that president trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth prosperity for all americans. we are spending about 24, 25

percent gdp so as you said, 6.8 to 7% deficit we have never seen this before, if we do not -- fix this -- if we do not bring limits down then we will be facing an economic calamity the american people should think about tariffs in three ways one unfair trade practicals industry or country two may be for more generalized tariff as a revenue raiser, for the federal budget probably got over skis on sanctions sanctions maybe driving countries out of the use of u.s. dollar. so, the tariffs can be used for negotiations. >> you believe president trump's policies will -- further increase wages? >> so that and lower

inflation? >> i believe that they will increase real wages and lower inflation closer to federal reserve 2% target as it did during president trump's first administration. >> all right, john bring on golden age. >> golden age step number one to increase energy production very help help rein in price inflation to lead to price instructions without damage to the economy, earlier i mentioned deregulation, greater sense of freedom how u.s. economy operates will create more upside potential. for the young people in this country. >> the deregulation we bigger impact this time than last time inlast for you years joe biden slapped on rules and regulation, attached to climate change agenda worst inlast for you years. >> very coastal my goodness. you have management has to spend all this time, trying to

one form to the regulations even throw regulations perhaps hurt efficiency hurt profitability, as a result, regulations supply fewer good jobs than otherwise. >> president biden had final mainstream media at msnbc touting economic vision enlightened the quote/unquote oligarchs are warned about farewell oval office speech, watch this. >> -- decisions made, billionaires super, super wholesale wealthiest in the world began to control apparatus from the media to economy, and who do i get to fight back for me? i think everybody deserves a shot. not a guarantee it is a shot, you don't have access to the opportunity to -- have a job,

that you can handle when you can make ends meet. we changed basic formula how to make economy work, trickle down stuff about other let's make a lot of money, and benefits flow from that will trickle down to middle-class working class people. >> there he is amtrak joe most americans not happy with bidenomics 52% say biden made economy worst 28% say better 89% said inflation is a huge concern a 3 point jump from december 202370% see concurrent economy fair or poor, caroline talking about billionaires it was him and his administration worked with the billionaires at facebook, to censor american citizens who itself fighting for us? you aren't. >> absolutely sweeping

government programs big legacies administration preach corporate welfare disantagonized as social causes environmental protection but really only helped his cronies in a lot of corporations as well talking about, the little guy give him a shot you know o who did not have a shot small businesses crippled by regulations trump going to undue entrepreneurs not something to be proud of. >>, he said exactly what his administration did. cheryl: i want to go back to questions, that the senate was giving remember he made this point not in that sound bite but later in testimony, that even though, joe biden continued the china you know china policy, that what in theory they did not enforce it phase one. >> sanctions against iran -- >> and same thing happened, if you don't enforce provisions you were hand what had trump gave him first term what bestent said when i come in this administration is going

to do we are going to dual enforce and, by the way, back to that energy production issue remember, we have completely despite joe biden saying best friends with all european leaders we actually hurt western europe, when they came down nine, tun months ago shopped lng exports the energy, you want to know why you lose will the pennsylvania kamala harris you he wouldn't distans yourself from energy toilso policies that hurt overall economy you blew off shapiro a better candidate i like scott bessent brat up china the fact says china is starting behind the eight ball, so many words he said because it never met its 2020 deal, remember all those promises going to buy agriculture they never did it i wonder what that means day one i understand one of the

first executive orders from trump freezing all pending regulations that biden put in place, including, regarding china. >> i would go ahead tell cline listen tariffs are on the way, unless you reform, unless you change your act that is very important. and if i am trump i would also go to china would i go to leadership ask them, what in the world are you guys thinking of? my goodness! we are your biggest customer europe biggest customer you choose to take sides with russia? iran instead of us? insanity. >> benjamin netanyahu office we are told right now, is his cabinet is recommending approval of the cease-fire detail huge news, that we are in fact going to see the hostages begin to get released beginning sunday, again, we are told, that benjamin netanyahu's office says cabinet is recommending proovrl of this deal, talking about that this morning going to slip in a short break just getting started this hour

quick break the house considering upcoming reconciliation plan floating corporate tax hike for california new york, new jersey in exchange for easing the salt tax mike lawler here weighing in on that where they are on that salt discussion you are watching "mornings with maria" live on we'll be right back.. ♪ ♪ . car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com (vo) weight loss. for so long, i felt stuck.

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maria: welcome back breaking news moments ago i'll cabinet recommending the cease-fire deal approval your reaction. i think benjamin netanyahu put in impossible situation he was trying to square these two exclusive goals free every single one of these innocent hostages in captivity by hamas we also need to defeat hamas permanently proved very hard to do, so, all things considered it is a joyous day

in both countries hostages coming home now that israel withdrawn as condition of this deal presumably does not leave a power vacuum for hamas to rebuilt. >> disgusting about what was it john kirby called them political prisoners victoria coates right they are not political considers they murdered americans and israelis. cheryl: great point hamas prisoners reefldz, the soldiers but going to re-- re-- rebut will their ranks, kind of mentioned this is controlling the control will have gaza, the issues in west bank, but gaza being completely cut off from israel not having checkpoints the away it used to be there has

to be anticipating up i don't think israel with an walk away from gaza. maria: new york congressman mike lawler member house financial services foreign affairs committee what is your reaction to this news? israelis recommending they do go forward with cease-fire deal. >> look. as just saying i mean, never ideal, obviously, when you are -- releasing terrorists back into the arms of hamas. but we have had 467 days, americans and israelis held hostage. seven americans are still being held or deceived, three presume living, i met with every one of their families on multiple occasions, and obviously, you know i think with president trump coming in, his teams steve witkoff to middle east, i think clear, to

everyone involved, that the hostages need to be released or as president trump said there many be hell to pay. and so, while it is not ever perfect in these situations, i think that it was paramount get hostages out, obviously,, as we move forward, for peace in the middle east arab majority states must recognize israel's right to exist normalize relations, iran must be contained. that means going after the, oil between china and iran exploded to over 200 billion dollars under joe biden that is what is funded hamas, hezbollah houthis a lot of work to do president trump knows that we are going to get to work as soon as he gets sworn in. maria: you've been working on the economic issues, republicans debating best way to push forward the freedom

caucus floating corporate tax idea, raise taxes, in states like new york new jersey and california in exchange for easing salt tax deductionor individuals and families you already had a bill you wanted that salt deduction cap all the way up to 100,000 but met with president trump, now he said to come back with a number do you have a number you would like to see in terms of salt tacks what about freedom caucus idea? >> we are working through number with the ways and means staff as well as the salt caucus members, to come back to the president with. and we will do that in short order. as you mentioned i introduced a bill would lift cap to 100,000 for individuals, 200,000 for married couples would cover most everyone the only people wouldn't be covered would be, the very, very wealthy the fact is we're not going to, you know, rob peter to pay paul here the

idea that we're going to lift the corporate salt tax we need a tax bill makes it more affordable for the american people, and allows us to grow our economy. and so it is a massive we have to work through it obviously, have to have pay-fors within tax bill there is a number of ways to get there, we are going to wk through it but if my freedom caucus colleagues just think okay. we will give you a little salt here but taking it away over there that is not going to fly. maria: not going to fly meaning if you've got a tax reconciliations package extending trump tax cuts doesn't include salt you are not going to support that. >> look. i have been very clear, maria, that last sunday, if there is not a fix for salt i cannot support a tax bill that doesn't do that but that is why negotiating in good faith, i have every reason to believe

we will get there, the president reiterated that, the other day, that he supports the effort to lift expect a on salt he understands the impact we have to get this done no room for error a very tight majority we all have to work together there is going to be will compromising along the way i am willing to do that but people have to do it in have good faith on the other side too we are going to get there but i am not. i am not concerned about whether or not we get there. we will. maria: what about compromise from governor new york i am a new yorker, i would like to see cap you know lifted, but people emin south carolina like lindsey graham, people elsewhere don't want to subsidize new york, my feeling is if we need a state and local deduction, just because our taxes are too high go back to the source can you get governor hochul to make the call to cut taxes in new york?

what about that maybe just too darn high. >> you have no disagreement with me here, we have the highest tax burden in the country. governor hochul is the most if heingless, incompetent governor in the country no question about that new york does need to make changes, are i wrote op-ed in "new york post" this week, outlining that, the need to cut taxes in new york, and rein in spending they increased spending by 61 billion dollars in just the last four years, there is no question about that but the one point i would continue to make new york is a donor state to the federal government, we send more money to federal government than we receive back. states like south carolina receive more federal dollars than they send to federal government when people talk about subsidizing new york we subsidized a lot of states in this country, so, turnabout is fair play if folks want to take a cut, in their own

state, federal dollars that is fine let's have that conversation. maria: congressman, are you bottom line about you going to run for governor. >> we're looking at it, maria, looking at it i was in albany the stay of state to state on tuesday delivered rebuttal to governor state of address looking at it strongly as you point out new york needs to change, a -- a disastrous economy in new york is not good for the country, we need real leadership. and so i am looking at it for sure >> we are going to check on that want to know latest new york city mayor adams meeting with trump to discuss priorities including illegal migrant crisis yesterday 145 colleagues house democrats voted against a bill to deport illegal migrants kwiektsdz of section crimes 274 to 145 all republicans voted yes what is dow the problem with

colleagues on left do to the believe that illegal who committed a sexual crime on americans should not be deported? i don't get it. >> listen, maria, we live in new york, the disastrous cashless bail law allows violent sexual felons to be released this is fundamental problem. they don't believe criminals should be held accountable, the fact is if you are a criminal alien, in united states period, you should be deported and the fact that even after this election 145 democrats voted against -- you have hundreds democrats vote against laken riley act speaks voluminous to what a disaster -- through this issue, eric adams right to meet with the president and john fetterman did should not be resistance 2.0 should be working with president trump has challenges

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let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ . >> welcome back los angeles wildfires killing at least 27 people taking a devastating toll on california's economy of course, on track to be

costliest wildfires in u.s. hit madison alworth live with the very latest. >> good morning, maria, containment continues to improve eaton and palisades fire in fact some palisades evacuation orders have been lifted allowing 11,000 to go back to homes, many of those people are going back to nothing. thousands have been december placed from fires we are beginning to understand the magnitude of the financial problems that this wildfire brought to california taking a look at that financial impact, we are looking at price tag with a loss of 275 billion dollars. part of that is the over 12300 structures have been destroyed. this is making los angeles housing cries even worse. before the fire realtorcom said a gap of 200,000 units when you look at street in

altadena home after home is gone. that includes one behind me belongs to be michael johnson looking for a place to rent for days, had no luck. >> not just mourning an individual house but a whole community of -- of you know things that have been lost, and so yeah we are you know, but we are also, by default competing for same resources now too, you know. >> and competition for jobs will also be up we spoke to multiple businesses have no idea whennor if they will reopen leaving staff unemployed goldman sachs analyst projects knocking upward of 25,000 positions from labor market january report you can expect the job a creation is going to be even worse than that maria: madison thanks very

much madison alworth in los angeles praying for safety there people's corporation chairman cep bono don peeples what is your reaction in terms of real estate perspective? >> of course, i am very what happened to real estate sector more californians are leaving last year nearly a quarter of a million californians will have the the state to go to other states top states texas, florida, tennessee, business friendly low being income taxes zero personal incorrect states quality of life people are leaving california, have been leaving the last several years since beginning of covid now what is happening is housing shortage going too a perpetual problem california

that is heist price of homes in country usual artificial barriers to entry antibusiness antigrowth antidevelopment what is happening consequence, by the way, housing shortages further than 200,000 units, about 400,000 l.a. alone a shortage of 200,000 housing units >> do you expect this to mean increase mass exodus i know people were leaving before, but don, do you think this picks up in that regard out of palisades area. yes, i do, because unfortunately, there is nowhere for residents to go, because of the artificial barriers it takes five years to get land and title to begin construction in southern california, so it is criticized a housing shortage so in a situation like this, there is nowhere for residents to go. so, i think, that in the times to rebuild will take years to go through that process, go

through the bureaucratic process i believe they are leaving going other places, we are already seeing, people from los angeles, displaced by these fires coming to miami, looking for property in miami, so i think that these residents will leave and not come back. maria: this is also about policy i spoke with devin nunes the other day, former california congressman, and he laid it out simply in terms of what went wrong to get us here, and he pointed right back to policy, watch this. pretty simple, water, grazing, logging, those industries have all been hampered if you look at agriculture, we're down in, land because of lack of water this means when farmers don't get water guess what l.a. basin also doesn't get water as building out adding people he had aing homes in los angeles basin if you don't have an adequate abundant

water supply you are rationing water the planners not putting in green areas running firebreaks if you run farmers, ranchers out of state of california guess what? you don't have animals to sit there an graze a combination of proper land management would solve all of this problem. now, what is going to happen? they are going to just like they've done last 20 years california is going to run to the federal government. and they are going to ask for money i think this time hopefully i think president trump and republicans in congress will say look. we're not going to keep doing the same thing again california is going to need a lot of money. >> so, don, this is policies regarding land management, but you've been talking about other policyholders you say rising taxes strictest regulations antibusiness policies, have pushed with developers out of the state making it unattractive what would you like to see to hope with this rebuilding effort.

>> one thing to do like most country that is productive if you look at california, look at texas, you look at new york those matter of life developments, so land use plan, and those plans set guidelines what one can develop on sites, you can buy that site be in construction as soon as you can get a building permit going through the normal process from acquiring site to commencement construction in new york city city less than a year, five years in california, just in terms one of federal government helping california, of course, federal government should but doctorate should be strings attached they have to start delivering the product they are elected to deliver, services, for example, the fire department of los angeles, the year i was born 1960 more fire stations then than now. in los angeles. population near double. >> wonderful point don always

good to catch you as you sir. >> thank you. >> don peeples joining us bank of america reporting double beat fourth quarter earnings bank of america global markets president is here to break it down for us coming up next you are watching "mornings with maria" live on "fox business" stay with us. ♪ .

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have%, 1.47 billion dollars, bank of america seeing records for all sales trading equities international markets stock this morning, looks like this take a look at bofa shares up a third of% 46.81 bofa global markets president jim, good to see you. >> great to see you -- >> thanks for being here i want to get your take on environment, first off assess the quarter what struck a comu the quarter? >> yeah. for us, from a performance perspective you know pretty excited banks done well in general like our cylinders firing markets fantastic, 11th consecutive corporate, many businesses hits record highs wield a record fourth quarter never had revenues four billion dollars or higher fourth quarter that is terrific talk about revenues a

lot net income growing steadily, we are in a very good position 11 state quarters of growth off in your business of congratulations that is incredible. >> thank you. >> so momentum for markets last year look at numbers double digit gains averages in 2024, '25 starts off rocky do you see same bullish sentiment on trading desk for your clients for '25. >> yes, i i mean i in postelection, there was a lot of enthusiasm, whether relief of uncertainty, and we had a very, very supportive market for risk assets the u.s. stock markets up depending when sector next up 3 to 7%, you know right out of the box cared through through the end of the year, quite frankly, i think healthy that we've sold off a bit coming into first couple weeks of the year, and, you know everybody wants to

talk to you about know how expensive u.s. equity markets are trading high moumdz are earnings going to grow into support multiples kind of one level that simple maria: i want your take on that, what would drive you but let me get your take on yields, because when we had that i guess i would call it hawkish fed cut in december federal reserve cuts rates then not in hurry in '25, did that impact things back down to 4.57% in december down 4 basis points today did you see impact spiking rates ways expectation for rates circulate they continue to hover around these levels. >> we that had conflicting policies stimulus fiscal side eggs monetary policy until a year ago fed starts to reposition itself, you know, start to cut rates.

it is hard. the policies are hard to match you don't have conflicting policy expect material slowdown in the economy, this fall of 2023 if sitting here market pricing in 7 to 8 cuts over 18-month period. maria: crazy. >> very, very aggressive taking out most cuts i think need to wait to see what policy looks like, with the new administration things to talk about, immigration, tax policy debt ceiling deficits, geopolitics you know we can all sit here days talk about all things that could go wrong the reality i think most investors are optimistic, waiting to see what these policy changes will be. and then you know we're going to, you know, sitting here, six months from now going to be talking about how effective policies have been or have not been. maria: i think we've already seen a little bit of deal

raking people expecting the ftc having a change of estimate of in terms of killing so many deals, so what would you expect through '25? are things on shelf coming off the shelf in '25 because of a pivot in policy. >> yes. i think you know people often forget whether p/e multiples or detail activist about confidence, levels of enthusiasm. so i think if we can get those to continue, on just past where we are today, it is going to be continue, if you look at deal, deal activity, you know one of the things that is required, you need to have confidence, and boards others, can move forward with an opportunity but you also need robust capital markets so finance that activity. and despite talk about financing being higher rates over last couple years that financing being more expensive that is all true.

but reality is financing has been available difference between more expensive versus not available i there i that is where people are getting more comfortable with the environment is, being optimistic about you know confidence levels we've seen even from small business to large corporations, ceos are optimistic consumer strong, businesses are you know continue to have you know strong sales. you know profits still there, we have a global -- you know a lot of questions still out there i am not suggesting that, here comes you know -- you know a 30% return in stock market u.s. stock market there are things we need to detail about but i think the environment is very constructive. >> golden age new policies animal spirits i am wondering if those animal spirits play out. because last year it was so concentrating in the markets, right in i could look at trading, situation, say well it walls all about math mag

seven i looking at m&a say did not see options do those change have you ever seen a stock market so concentrating in so few stocks. >> no, no, not -- not in recent history there is a lot of you know, theories why this is happening whether increase the taxes you know etf, next investing high growth technology, companies technology sector i think the real question, a lot of excitement around ai what that can do for productivity for companies, very early stages, there is no question that there was hay degree of enthusiasm for some periods of time, maybe some companies weren't valued appropriate. cheryl: have come to earth i think the real question for -- investors the stock market, and economy how much you productivity can ai really bring i think we are very early stages, phase of determining what that impact

can be. looking forward to see how that plays out. that is so interesting on m&a backdrop are there sectors you think more poised to consolidate more than others you have technology starting to look at deals even mining deal that we think is happening on journal glencore is doing a detail reuters said talk is off sectors in terms of m&aization what would you look for. >> i think regulatory, you know -- constraints around technology biggest limiting factor past few years we have concerns about monopolies large companies growing to disproportionate size we what happens whether a change in perspective is from ftc i think if you look at -- you know you mentioned mining but if you look at mining industrial sectors, related energy you know those are sectors where companies have you know, in general, you know, good earnings, strong

free cash flow you know good stock prices meaning they have good medium of exchange to acquire other companies i suspect that is what we are going to continue to see. >> final question what do you want want to say to investors merrill lynch merely your clients about 2025 in terms of putting more than to work. i don't think a steady linear increase in risk assets, meaning, i think we are going to continue to see volatility, there is a lot of change that is occurring, globally and did domestically you could say policy, technology, i remain constructive we are in a very good position just you are not dog fear higher in equity prices day after day we are having days down 3% down 2%, multiweek periods down 5% but in general i think the environment is pretty constructive. >> yesterday if we see that buying opportunity we will see about that, great to have you this morning. thank you so much, we'll be

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let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ . >> welcome back, florida rv super show shifting into full gear as blue compass rv on pace to set all-time record for sales blue rvpresident ceo, john great to see you,

you joined us on wednesday gave your predictions about what you are seeing, tell us about the show how is it going? what can you tell us? >> yeah, thank you, maria, we are off to a great start, this is the kicks off rv season in high gear down here in tampa. this is the 40th annual florida super show largest rv show in the country. and off to a great start we've seen good crowds wednesday and thursday we are expecting, big crowds this week end, and most importantly, the customers coming in, the rv enthusiasts definitely in buying had no blue compass record sales pays momentum into the weekend >> tell be your customer is this is your average person's important second most important buy what they will

buy second to their home, what is the pricing who are you really speaking to? >> yeah. so -- the price points run from 12995 dollars for lightweight travel trailer all to a million-dollar luxury motor homes, very interesting seen high end lusciousry buyer out buying but consumers are also looking for, you know great value good price points. what we're seeing this week is -- customers coming down from all over america, up and down at the east coast, even from canada to the north. and their excited about rvtravel this year i think all about, travel experience in america, and there is no better way to do it than in an rv. >> of course, i know there is lots of bells and with whiz

eflz you've got nearly 75,000 attendees there trying to explore more than 1500 rvs for sale, tell us what the bells and whistles are what do people want in rv today. >> looking for value, high quality products, manufacturing producing highest quality rvs motor homes travel trailers, than ever before, we had a patch through covid everything took off how much you can produce now great quality great prices solar, wi-fi, we have control systems where from app you can control everything, in your rv. so just a wide array of great features and benefits, for every possible rv buyer. >> what 25 year expecting for the business john? >> we are looking for a great year, this is -- we've come off a couple years macro

challenges now i am seeing buyers down here have renewed confidence, in america. and the economy. and that bodes well for stepping into a very large purchase to buy an rv people feel good. there is interest rate relief, and this week, that is good indicator i think it is very positive the crowds are good. and we're seeing really great sales of rvs, so far so very good indicator about -- vehicles, energy, confidence, in america. >> great to see you this morning thank you, sir. . root rite you are watching "mornings with maria" live on "fox business." . . great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management

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maria welcome back. chinese state media reporting that xi-jinping and president trump had a call today. we'll have more later on. markets up sharply. 30 minutes before the opening bell sounds on wall street, john. >> yeah, biggest risk facing the economy, 2025 has to be the possibility of overheating. maria wow okay. good point dow industrials up 248, nasdaq up almost 300. thanks everybody great panel, right to "varney" & company we go and stu, congratulations to you! 15 year anniversary take it away. stuart: thank you very much indeed good morning to you, maria and good morning, everyone. today is the day. we celebrate "varney" & company's 15 years on the air. oh, where does the time go? we'll take you back to the very first show. we'll bring you some of our memorable celebrity guests. we're no