go. i mean, that's part of it. now, tom homan is the ultimate solution, i guess. but meanwhile, it's appalling to me that a voters in places like this elect people who support that. jackie: i know. larry: these judges are all a elected. they're not chosen, so forth and so on. jackie: alvin bragg -- taylor: quickly, this is the revolt of the low performers. recently laid-off a meta employees are claiming the latest round of job cuts were more about a money than performance. they want low performers -- they weren't low performers, just high earners. your take. brian: the best way to show you're not a low performer is go get at even better job, and everyone has to believe you. larry: or sign up with caa. [laughter] brian: there's a talent agency out there there. go check on the west coast. a. taylor: you know who's full of talent, charles payne who's looking at a, i think, any gain on the s&p will be a record, the second day in a row, if these

gains hold. hey, cheryl, sorry, tossing to you. cheryl: look, taylor are. i mean, look, charles payne if is talented and all, but you know what? everybody is stuck with me for the next 60 minutes. thanks, guys. good afternoon, everybody. as we just said, i'm cheryl casone in for charles payne today, this is "making money." markets are looking like this, not a good day at the office right now. the s&p is higher by just a point, but the nasdaq is lower by about 6 points, russell is down as well and the dow is taking it on the chin. joining me announcer empower chief investment strategist mario norton. i want to start with kind of what the market is looking at today, and that is the tariff threat. we got these new comments from president trump, 25% on these tariffs, in particular this is pharmaceuticals. this is autoa motive. automotive. and particularly with the automotive industry, they've been lobbying in washington for the last three weeks because they are very worried about this exact threat. >> that's right. i think that's one of the areas

where when we think about the tariff threat, the industry is in that epicenter of concern when you think about the supply chains and some of the areas that president trump is talking about. you know, what i think is super interesting on the tariff threat is that, in general, markets have looked at this -- maybe rightly so up to this point -- as a negotiating tool. but when you look at the expanse of what president trump has said about a tariffs, yes, he talks about them as a negotiating tool, but he also talks about them as a great way to raise revenue for the federal government, as a way to address trade deficits here in the u.s., and he also a talks about them as a way to encourage u.s. police officer manufacturing. so all those last three elements really suggests the idea that a tariffs could be broader based, could be longer lasting and form a bit of a cornerstone of the america first agenda. so i think this is the thing that the markets might have to grapple with a bit with more than they have so far in the administration. cheryl: well, certainly when it comes to these different sectors

in particular, it seems that i mentioned with the threat with the auto industry, they're the ones that are most concerned, bun of the things the president has said, he's going to give them time. >> that's right. cheryl: and with the reciprocal tariffs, in addition to what we're talking about this morning, when the markets opened up morning was the fact that these reciprocal tariffs, we have until april 1st. >> that's right. cheryl: look, you've got time. even over the next year, move your production back into the united states. that's something that this corporate america can't do on a dime. >> that's right. he is giving time for that. and we also know that that april is the due date for a lot of the reviews that he established as a part of his day one order around trade. and so a lot of those reviews are on china, a lot on trade partners in general. that's all going to be coming due, so a big tariff bonanza right in april. cheryl: markets are watching it. you say consumer, discretionary

technology are the weak performers. a lot of these stocks have been weaker, but is it time to buy or do you think that the hype is starting to fade with these sectors? >> well, it's interesting, so when we think about consumer discretionary, it seems like a whole other sector than technology. tesla sits in consumer discretionary. amazon sits in consumer discretionary. so these are somewhat related names to technology, and they've come under pressure really since mid if december as a evaluations have gotten extreme and investors have continued to grapple with the a.i. narrative. i don't think valuations are that much improved in those particular areas, and as we take a look at the broader u.s. market, there are some areas that are cheaper tan those areas, but it's the not as though they're screaming opportunity. so as we take a look forward at 2025, our expectation is that this is a year for balance over conviction meaning there's no one particular place to really or you know, move into. cheryl: sure.

>> but there are areas to maybe be a little more cautious about a, and technology is one. cael cheryl and maybe be bullish on the energy sector yet keep an eye on the consumer discretionary. really quick, inflation. >> yes. cheryl: how high is that on your wall of worry right now? >> you know, inflation is something where it really felt like that dragon was being slayed. and then over the past six months, this stickiness has a really shown itself to be persistent particularly around the super core. so as much as i would like to say that the inflation story is dead, i think it's going to be with us particularly in this first quarter as we see what the price increases look like over the start of the year. cheryl: ec ooh prize -- egg prices aside, which is a different animal if, we are talk about general services inflation, wages in particular. >> that's right. cheryl: yeah, those reports were rough last week. marta, it's great to have you. thank you so much. >> oh, my pleasure. cheryl: let's bring in private wealth management cio michael

landsberg. michael, i want to to follow up, talk about earnings as we're winding down q4 reporting. you say you believe in earning growth, but do you think that trend continues for the rest of 2025, or do you think there might start to be some kind of cracks in the armor for q1 is? >> cheryl, earnings are what we seem to go by. a lot of of noise around tariffs and this and that. at the end of the day, stocks trade on what earnings are going to do, and is we've seen double-digit growth in the s&p is, over 20% in nasdaq and actually, finally, the russell 2000 showed up to the party and they even got earnings growth. i think the earnings growth story is intact, and i think it should continue. there's a possibility for a hiccup here and there, but realistically, this is a fundamental story of corporate america doing the right thing and making money. cheryl: yeah. but also having to kind of weed through an uncertain and political environment which is what march that and i were talking about, to be clear. do you have any insight into how

we're supposed to navigate this from an investor if -- perspective? >> i think the nice thing is we already had four years of trump. i saw the fed trying to use the statement we are unsure about tariffs. inflation was 2.5% for the four years, so to blame him for the possibility of inflation coming later because of tariffs is a way for them to try to scapegoat. we had inflation in our models going from 2.4 in september to 3.5 a year later irrespective of who was going to be president. so i looked at a inflation as inflation's going to be here, you need to be investing to take the advantage of that. and the tariffs may or may not if be here, but realistically, inflation is here to stay. cheryl: we didn't let our viewers know that the f if omc minutes did come out a little over six and a half minutes ago, 2 p.m. eastern time. i want to kind of reiterate what the fed did say that you just referenced. that that's basically that trade and immigration policy change,

seen as potential risks on inflation. and if they're having a careful approach, that's in quotes, to cuts. you know, we got the decision, the minutes always give us a little more color as to at what the conversation was behind the walled federal reserve. let's talk about large caps. you say that's the mace to be. i mean, is that -- should that be a bigger weight in our portfolios right now as we kind of weed through some changes we're seeing? >> yeah. i think typically for most viewers large caps should be your largest allocation simply because it's predictable. it's a lot easier to model some of those names. and also if we do have any if hiccups internationally, i think there's a large amount of business basically being done by some of these multi-nationals. now, with that being said, uh-uh think there is a huge concentration in some of those kind of mag 7-ish names that i think people should look to diversify lower in the large cap space, not just mega-cap. i think it's going to deliver

consistent earnings, and you have the ability i think with better management to steer any hiccups we do have. cheryl: you're still op on that cybersecurity train with palo alto networks. is that still something you're recommending right now?have. cheryl: you're still op on that cybersecurity train with palo alto networks. is that still something you're recommending right now? >> yeah. i think last time i was on about a two months ago, crowdstrike, we loved it. the stocks in the space because they all fit a different niche. this happens a to be a the most afracktive from the price standpoint, it hasn't had the big rally that that a crowdstrike the has. a.i. becomes more and more predominant, you're going to have smarter computers trying to steal your stuff at the corporate or personal level, cybersecurity's a safe play for us. cheryl: and they're going the need data centers, power, energy services, you also like ge vernova. is that because of the data center buildout that a we're looking at? >> ensign's actually more of a

retirement plan. it's actually a smaller cap, mid-cap name. they're in the retirement and skilled nursing home business. cheryl: okay, yeah. >> aging of america, for us, is a big theme. we love that. we think if they live hoppinger, they're going the need these facilities, skilled rehab. ge ge vernova, they've got a good gas turbine business and exposure to nuclear. and i think nuclear seems to get bipartisan support. and you want to have a play there. it's a lot less risky than the pure play nuclear names because they've got other businesses to support it. cheryl: again, we're going to need all the a energy for the buildout of these centers across the nation, and that's definitely been on the minds of to investors. michael, thank you so much. we appreciate it. >> my if pleasure. cheryl: all right. well, here's a question for you, let's stay with a.i. for a second. does nvidia have the midas touch? kenny polcari is here to share how you can cash in on the tech

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>> you see is, mr. powers, i love gold! the look of it, the taste of it, the smell of it, the the exchurch. cheryl: you have the ask yourself sometimes, is everything that nvidia turning to gold? the trillion dollar tech giant giving its midas touch to to two artificial intelligence companies, weride and nevius. nevius up nearly 15% just from getting the nod. slatestone chief market strategist kenny polcari. i guess the new favorites, is that that what we're looking at here? >> i'm so is glad you're talking about weride, i didn't even know that name. that's been amazing after the news came out about nvidia. it's kind of got that same, enjoying kind of that same

boost, right? they got this $700 million capital raise back in december in data that, excel, a couple of other names. really fast tracking its deployment of comprehensive a.i., right? the infrastructure. and it really enhances the commitment by the company to launch a specialized a.i. platform that they s.t.a.r.t. ised -- started in the fourth quarter, and it's built on, guess what in the innvidia accelerating framework. that alone has done winds for the stock. it's up 80% since mid if december when the news came out. it's, you know, it was trading kind of a tight range, 25-40 on the chart if you look at it. it backed off a with the deep fake, the deepseek, you know, drama that happened earlier this month. but then it has taken it all a back and now started to break out. so, yeah, i think it's a great name. i like the story. it's in the a.i. space, for sure, but i don't think having it associated with nvidi chair

michael barr said -- he was giving a speech about a a.i. he said firms that heavily invest in gen-a.i. could see stock the corrections and in the short term that maybe may be overhyped. there's been instances where asset is bubbles cause wider harm. you tell me. i mean, should he be staying in his lane and not making these types of comments, or does he have the point? >> did he become a wall street analyst that that i missed along the way? if i'm trying to figure out why or how he made those comments. a.i. is not going away. i don't think it's hype or a bubble because it is changing the world. it's not like it's -- we've got this bubble and and there's no hard facts that that support a.i. in the work around it. so while i think there may be names that are stretched that will come back, i don't think it's as megaif by any stretch the way he makes it sound -- negative. now, look, if we have a complete meltdown in the market, all bets are off. i don't see that happening, and i don't necessarily see these a.i. names coming under a

tremendous amount of pressure, because i think there's a lot of money out there that's looking to be put to work. and some of these names, some of these very, very aggressive names in the space, every time they back off, investors are looking to put money into them. i am not on the same page with him when he made that comment, and i'm a little bit -- i'm trying to understand, you know, what exactly he meant when he was saying it. because i think it was a little bit -- he made it sound like, you know, there's going to be this crash in the a.i. names, and i just don't see it. cheryl: okay. maybe a little nervous nelly on his part. you could actually predict, you know, and think there might be some volatility with only of -- some of these a.i. names -- >> 100%. cheryl: not anything negative, that bad, but at least there could be a little -- it depends on the market overall a, right this in. >> look what happened, the day you had the deepseek news, which came out of left field, look what happened to the whole group, right in they all got hammered on that a one day because they, you know, the market got hit by surprise with this suddenly this deepseek, and

no one was expecting it. and look what happened to the whole group. but then look what has happened since season. they've all taken it back and gone higher, and nebius is a perfect example. it kind of found found its chi, and it's starting to break out. if you look at nvidia, the same thing. could there be sol it? for sure, there's going to be volatility especially if we get hit with a headline that no one expects. but i to not think that -- when i hear people talk about it's in a bubble, you know, i keep thinking the dot.com bubble of the 19 is 90 and 2000 which was a disaster, but they had nothing to bring to the table. a.i. and a lot of these a. a i. names actually have stuff, and they're changing the world, and they're bringing a lot to the conversation. cheryl: yeah. pets.com didn't really make it past the the dot.com bubble, to your point. i was there, i was a concern -- i was a reporter. i think i'm going to steal your

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cheryl: well, housing data for january out today, kind of sent some mixed signals, as you can see. housing starts declined by a more than expected 9.8% month over month. building permits actually ticked up slightly versus expectations for a decline. there's a question, could the chill in the housing space be thawing out? a lot to parse through. i want to bring in for more on that and the broader economic picture qi research ceo and chief separate is gist danielle dimartino booth. let's start with that data because the housing starts, i thought, was the bigger concern out of the two numbers this morning. >> well, the housing starts feed into gdp. we saw a temporary reprieve, a little bit of a bump in recent gdp reports, and it looks like

that's going to be trailing off. we'll see. i think demand, though, might be the bigger issue. we saw the mortgage bankers' associate weekly application data this morning that showed applications to purchase a new home have given back nearly all of their gains for 2025 the back to where they were in early january. cheryl: well, if you look at this chart here, there were some months where you had some really big jumps and then equal falls. >> right. cheryl: 2024 as a whole was very volatile. do you think that's going to the happen this year, or do you think we're going to have more stabilitying? >> well, it's been really one by. "the wall street journal" had a good story last week that showed a tremendous number of american home sellersed that pulled their homes for sale from the market. so if you're listening to, if you've got your ear to the ground, a lot of people in the housing community see a major bump-up coming in inventory, for sale once we hit the spring selling season -- cheryl: that's going to be existing. okay. >> but we know it's happening in

the sun belt which is still too many homes where we don't necessarily need them in addition to many apartments. cheryl: well, at least that'll help with some of the housing crisis -- enter well, we want -- [laughter] we want to see a affordability improve, don't get me wrong. this is not bad news for buyers. this is increasingly becoming a buyer's market. that's good. cheryl: that'sed good. yeah. let's get those interest rates down just a little bit. let's talk about hud because this is interesting, they're denying reports that the fha is about to set -- it's going to lay off about 40% of the staff. that's' a pretty large cut to that a agency is. what would that mean for the house -- housing market, if we did see that type of work force cut? >> i don't think any of us know. we've seen precedent set where we have large layoffs and don't seem to have any discontinuity in the services that are offered. we don't know, we won't know. but i will welcome any kind of an audit of the fha the same way i would welcome an audit of the

federal reserve. and that's because in recent years i think a lot of people have tapped into an organization that was really designed just to help first-time home buyers, people who are really struggling whereas it's become a go-to, and it's even heard to be kind of one with of the areas where we're seeing mortgage fraud. cheryl: what do you make of this conversation that we're going to see, the privatization of fannie and freddie? is that that -- i think that's still kind of out there. >> it is. i'm not -- i wouldn't necessarily -- a, it's going to take year wheres. cheryl okay, okay. >> it's going to take years and, b, because fannie and freddie have tended to have, have always had the implicit backing of the u.s. government, i think we're in dangerous territory to suggest a complete privatization. that really would revamp the way mortgages are approached in the united states. cheryl: yeah, yeah, yeah. okay, that's good to know. good to see some movement in the mortgage market, if nothing else. retail sales, this is

interesting because we've seen that data, actually, really pressured recently. you've got inflation higher, retail sales you should pressure. the december -- under pressure. the necessary number was not -- december number was not great. there's a lot of concern about the consumer right now, a lot. >> and there should be. in fact, if you dug into that new york fed report, we're seeing that american families are derev languaging. -- leveraging. this is the first time we've seen them cutting back on their debt. the last two precedents are 2001 and 2008, you know those are not good precedents. so we really are tracking this closely. and for everybody who said that the retail sales report was some kind of reflection of the weather, why on earth did we see see a 1.9% decline in online sales? we learned that during the pandemic, yet that was one of the weakest areas that we saw. cheryl: and really quickly, we've also seen in all the a data the personal savings rate a has been declining every month.

that, for me, along with what the banks are telling us about credit card debt and i forget which bank it was this morning saying that some of those unforgivable loans, the ones they're never going to get the money back, basically, they're writing off more of those types of loans. >> and i think we are going to see more charge-ups from the 4re7bders. even credit card debt they're going to end up rolling back into delinquencies and further chargeoffings. so i think the consumer's going to be faced with tighter lending standards into 2025. that's not good because our economy lives and dies based on debt creation. cheryl: danielle, it's great to see you. many studio, always a great to have you in new york. well, let's take a look at this. >> the american dream is your children are going to have better lives than you? we've had four years of making energy more expensive and getting in the way of this next generation from realizing the american dream. we want all energy sources that can lower the cost of energy, expand job opportunities and

have more stuff made in america. that requires more energy and lower cost energy. and, yes, america and the world run on fossil fuels today, and they will continue to. cheryl: so that was energy secretary chris wright this morning on the future of u.s. energy including rowerring costd expanding job opportunities. my next guest warned investors not to sleep on energy stocks coming into the year. i want to bring in b riley wealth management chief market strategist art a 40 michigan -- hart hogan. you've been -- art hogan. do you think there's still room for the sector to run? in particular, these a.i., the data centers that we're talking about building those data centers hard going to be manufactured in this country are going to need all the energy. not just some of the energy, every type of energy. >> yeah. we're going to need it all. and that's certainly been true for, you know, the last year we've been looking at alternative sources, reinventing nuclear, making small module

nuclear reactors and roping nuclear. i think -- reopening nuclear. coming into the year, nobody had energy as a sector on their bingo card a for one of the top performers in the s&p 500, and there it sits right next to financials and materials and industrials. and that surprised a lot of people. and i think part of that prize came from the fact that we have such a pro-fossil fuel administration that, you know, drill, baby, drill. expect last time we had that, it didn't work out well for the industry. and i think what's different this time around is the folks running the energy companies have really gotten the fact that they need to return cash flow and capital to their investors. so they're not going to overproduce. but i would say a lighter regulatory touch is certainly going to help them be more productive, get permitting done faster and perhaps even some pipelines from the places we have plenty of energy to the places we need energy. i think the sector looks bright, and it's unchallenged in terms of valuation. so i think there's plenty of

room ahead. cheryl: do you say senate sector, or you mentioned pipelines. do you go for a driller? you know, fracking companies. do you look for, you know, gasoline production if? i mean, is there any specific carveouts that you like there? >> yeah, i them -- tell you, three of our favorite names, one of them is the fully-integrated chevron. only trades at 15%, has a very nice 4% dividend. another north american player is devon energy, and they're more gassy than oily, as we like to say, but natural gas is going to be the the bridge to to our future. and they're trading at about a 8 times and allow off a 3.5% dividend. very unchallenged multiple there. and the third and probably the most important this year, cheniere if energy. lng is our future. we're going to be the number one exporter to places that need it from a friendlier price and trade at 20 the times and, clearly, turning the corner on making a lot of money and throwing off a 11th dividend. --

1% dividend. there are several dividends -- things you can play. but i think the sector in general for the first time in three years is going to be a -- cheryl: sector overall. i'm glad you brought up nat gas because what we're seeing, of course, under president trump is he is reversing the biden ad mrgses which had -- administration which had to stops, basically, completely shut down lng exports over to europe, and europe needs that lng. that's going to, hopefully, get restarted very soon is. let's look at oil right now. crude prices are rising. this is a little bit of supply uncertainties after drones from ukraine attack thatted a pumping station over in russia. that potentially does cut oil flows through that pipeline by 30% maybe for up to two months. do you think this is a story we should be watching right now? >> yeah. most of russia's production is going places like china and india, but it's important on a global scale that that it's part of that production. when we, when the russia-ukraine

war started a couple years ago, there was concern with sanctions we wouldn't see any of that russian production, but it's gone to other places and going at a discount. if you take out 600,000 barrels a day from russian production, that's certainly going to have an impact on the overall supply. luckily, we're at a place right now where we're pretty well balanced between supply and demand, but if there's any pick-up in demand in the short term, we're going to see an elevation of prices. with no economic benefit to it. i think the demand coming out of china is certainly picking up with some of the incentives that that they pushed through, but we're pretty well balanced right now. we can handle that much of a loss and certainly make it up with new u.s. production and saudi arabia seizing -- easing some production on their quo concern quotas. i think it's about a china a demand coming back online. we haven't seen on indiana crease in demand from china for about a three years now, and we're likely going to see that in the back a half of this year. cheryl: if their economy picks

up, that's manager to watch. art hogan, great to see you. >> good to see you. cheryl: doge is making huge strides, but there is still wok to be done, and the -- work to be done,es and deeper they dig, the more they uncover. we're going to break it all down and what it means for you. that's coming up next. >> social security won't be touched other than -- if there's fraud or something, it's going to be strengthened, but it won't be touched. medicare, medicaid, none of that stuff --? >> nothing. >> now, if there are illegal migrants in the system, we're going to get them out of the system and all a of that fraud. but it's not going to be touched. ♪ ♪ smoke on the water and fire in the sky ♪ ♪ [sofi mnemonic] can a personal loan unlock your ambitions? oh yeah. consolidate bad debt and save money for your next goal.

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♪ cheryl: president trump telling reporters there is massive fraud within the social security system is. hillary vaughn is on capitol hill with those details. hillary. >> reporter: having people who are actually dead listed as alive in the social security administration's data base is a big problem because even if these people are not getting benefits, the inspector general warns that other agencies who rely on this data base like the

treasury could be sending checks to these people. as recently as 2023, the social security administration had over 18 million people born before 1920 with no death date, putting them at 105 years old and older. >> and how many of them were getting paid social security? because it's, if that's the case, it's a massive fraud. how many of them are being paid? i mean, maybe millions of them. but it's a total fraud. also a lot of illegal immigrants are in social security that shouldn't be there. >> reporter: according to the congressional research service, there are noncitizens who are eligible for benefits paid out through the social security administration. 365,000 noncitizens received these benefits in december 2021 getting about $500 a month. half these people also collected an additional social security benefit. and that's what we know about that is happening legally. democrats, in the meantime, not impressed with what doge is finding. they want elon musk to testify in front of congress.

>> it's not even just fares ifism, it's just that they're idiots this is nothing more than a money grab. he's not out there trying to save money for the american people he's lining his pockets. elon, if you're watching, come through, boo, because you haven't shown up to the doge -- >> that's right. >> -- subcommittee yet. >> reporter: there is an outside push for a doge dividend. all these savings divvied up and shared with taxpayers, but that would ignore the fact that we are currently $36 trillion in debt. cheryl? cheryl: something we talk about every day, hillary. thank you so much for that live report from capitol hill. want to bring in republican congressman from ohio and member of the house financial services and foreign affairs committee, warren davidson. congressman, thank you for being here with us. i first want to get your initial reaction to the what we've learned over the last 48 hours about a suspected fraud within the social security system. >> well, look, it's always an honor to join you, and thanks so

much for highlighting it. not just in the context of the debt we're in and the work doge has done. the shocking thing is people are more shocked by elon musk uncovering this than by what he's uncovering. and they're trying to avoid the reality that there really is fraud here. and it seems crazy to me that people would be not alarmed. and thankfully, i think most fox viewers, most fox business viewers, anyone in the market would have to say how could this possibly go on and be justified? we've got people that don't even have social security numbers receiving social security checks, and then supposedly at least one person, 360 years old. i remember watching the highlander, connor mccloud was the highlander. maybe that's who the recipient is, but it's just as fake as the movie and not even remotely entertaining. so congress really does have to to follow through here and take action to pass funding that addresses the findings they're having.

cheryl: i want to drill down on something hillary reported. of course, now everyone's asking, well, where is the fraud, where are the checks going if these checks are going to the home of somebody who's deceased and there was no dearth certificate filed or the system -- death certificate filed or the system didn't record that debt, is it a family member? is it a neighbor? is it going where else and being cashed? the that's one issue. but the other thing she brought up, and i think this is a bigger problem, could be these social security numbers for noncitizens. we know 15 million illegal migrants came into this country, gotaways, for example, that if they can get ahold -- ark ka bu, they can then file for benefits. i mean, this is where, i think, we need to do more investigation. correct me if i'm wrong. >> no, i think it's exactly right. and, frankly, it goes even into the work force because there's not really a coherent system. you could be doing payroll withholdings on multiple of the same social security is number.

and these are basic corporate functions like de-duplicating a a database. and those are the kinds of things doge is highlighting. how is it that you have duplicates in this data that base? how is it you can do more than one action on the same social security number? when you drill down and look at it not just in social security, but when you look at it across the rest of the economy, think about the means-tested programs. we have over 90 means-tested programs. we have spend right around a trillion dollars a year just on our poverty assistance programs, and that a doesn't count social security and medicaid. or medicare. finish if you look at medicaid care and -- medicare and medicaid, the existing long-term accountants for the government say that's hundreds of billions of dollars a year. and why wouldn't we get after it? a lot of it is as a elon musk has highlighted, we don't have the computer architecture to detect and protect these kinds

of things. and heene to -- even when congress sets up parameters, they never stopped a single payment. so we built an office and stand -- staffed it, and they stopped no payments. that that seems crazy. cheryl: yeah. and elon elon musk used the word with insane when it came to the actual computer system itself at social security is. that's why, in my opinion, he needs access to the payment system within the treasury, because that is where this would all, you know, come to light. might as well go to the source, right in i want to move on to this, president trump, obviously, he's said many time he wants one big, beautiful bill led by the house. but senate majority if leader thune just saying the senate is going to the proceed with its budget resolution. they're going to have a vote tomorrow. what do you make of this move by senator thune? >> look, i applaud the senate for moving as well, and that's not uncommon. the house passes a bill, the senate passes a bill. you go to conference committee to work out the differences between the two.

and the reality is senator thune has a slightly different coalition of senators than we do in the house. there is only one elected representative in new england who's a republican. that's susan collins from maine. but on the other side, you don't have any if senators from new york or connecticut in the house of representatives, but you have lots of members from new york that are republican. so they deal with different issues. same with, like, new jersey if or california -- cheryl: it sounds like -- can i interrupt you? if it sounds like, congressman, you're talking about s.a.l.t -- >> yeah. s.a.l.t.'s one of those -- che cheryl that's the problem for mike lawler are. he's going to say no. >> yeah, he is. and, look, in the house we've got our own dynamics. and part of this is, look, the senate's budge resolution and the house budget resolution, neither of them have the votes the pass currently because it's the only part of the plan. the discretionary if budge, the part that we normally pay for like border security, like usaie

kind of woke and weaponizedded government, a military that's not focused, all that's the normal spending, and that expires march 14th. neither of these budgets truly deal with the underlying prop problem of march 14th. and, frankly, leadership on neither the house or senate has put forth a plan on that a yet. i don't think there are going to be the votes in either house. cheryl: okay. fair enough. we'll see how this goes with this vote tomorrow the under thune. you mentioned usaid. i want to ask you this. the halt on funding at usaid has some worried that china is going to start to fill the holes. do you think that that is a concern? is that a discussion that that a we should be having right now as we, as usaid is basically dismantled? >> yeah. i mean, it's the idea that does usaid really do nothing useful? well, there are problems aside from usaid that fund all sorts of things that are supposed to focus on america's interests.

and just like usaid a, they're not funding our interests. we've got world bank, international monetary fund, we've got the inter-asian development bank of funds that the u.s. supports making loans to the people's republic of china. we have got china as a part of their bass if debt of currencies on the international monetary fund while their belt and road initiative the exists to undermine the international monetary fund. so there really has to be a more coherent approach. secretary rubio knows that, and donald trump is laser focused on getting it resolved. will there be some disruptions? i think, probably so. but we have to extract china's influence from the if western hemisphere. cheryl: well, and from africa and parts of europe as well. it's global. congressman, thank you very much for being here. >> thank you. i appreciate it. cheryl: all right. well, it is the retail report of the season. ♪ cheryl: guess who's reporting tomorrow morning at a 7 a.m.

eastern time? the you're seeing it on your screen. walmart. we're going to talk about it, what you need to know ahead of these earnings and what are we going to learn from the content of that report that could be a very big tell for the sector? we'll be right back. ♪ ♪ at harbor freight, we do business differently from the other guys. we design and test our own tools ..ly t. year, we are finally updating our kitchen... ...doing subway tile in an ivory, or eggshell... —cream?... —maybe bone?... don't get me started on quartz. a big big island...

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cheryl: all right here we go. big box retailer walmart is going to be reporting earnings before the bell. that is at 7:00 a.m. eastern time. streets expecting earnings per share $0.64 there is the estimate. that's up 7% from a year ago if they hit that number, and they are anticipating revenue to have risen 4% year-over-year, at $180 billion. walmart imports a lot of its goods from china so analysts are looking at that conference call about a discussion or signs of any tariff impact that the company will talk about or what they have seen. i want to bring in now for more kb advisory group

founder kristin bence. of course you're in arizona with the nice shoulder showing, i don't have that here in new york. let's talk about these numbers, because you know, most analysts are saying what walmart says about tariffs is what the industry is going to be saying about the tariff situation. what do you say? >> here is the thing. tariffs are used to induce behavior, right? countries behavior, so everyone is so baby with the bathwater on this tariff thing they need to calm down. does it matter? of course it matters, but for the u.s. consumer, before those tariff starts literally being resilient and starts flowing through it takes some time, so i think that walmart has completely outperformed. remember if you remember all of those christmas promos they did in october they knew the u.s.

consumer was strapped before even the u.s. consumer knew they were strapped, so i'm not worried about tariffs. i think you should acknowledge them obviously but i don't think this something that they need to worry about. really don't. walmart has been outperforming. cheryl: also to be clear here walmart has a lot more negotiating power than some of the smaller companies and businesses out there. let's look at nike. i want to ask you about this now. there is walmart $103. we'll watch that tomorrow. nike, the stock is actually down. on that partnership with kim kardashian's skims. i don't know, what do you think about that collaboration between the two? >> i was very surprised. so this is a boom for kim kardashian. she hired a lot of smart people for her private equity company and then did all of the apple watches for tim cook, so she has smart people. this is good for her. i don't think it's great for nike. i would literally, nike is one of my favorite picks. i be on the sidelines here until

i see what happens. for athleisure it's very competitive so the fact they would go to someone like kim kardashian it's not alarming but raising eyebrows for me but cheryl, skims, the product, i need more support in my life and i don't think that skims, for my girlies out there you know what i'm talking about. cheryl: i do but i won't com comment, i'll just let that one lie. so obviously we'll be watching these numbers coming out in the morning from walmart. kristin, always great to talk to you thank you, ma'am. >> thanks for having me. cheryl: that is it for making money charles is back tomorrow. liz claman over to you i'm not talking about skims again. liz: listen, never mind. wearing. okay, cheryl? you and i know apple shares rarely make big moves after a bi