this is something that bob nardelli just said.companies and they had interest payments of $2 million now they're up to ten, 11, $14 million and that is the stuff that leads to bankruptcy for certain companies, layer on top of that an economy that is slowing and the pressure of higher oil prices look at where oil is right now you join me years ago in you expected oil would hit $100 a barrel it looks like you are getting your wish at $93 a barrel as automakers in the united auto workers strike enters a fifth day. the price of crude at 92.70, what does this tell you? >> that will market i'm not sure if it's a canary in the coal mine in terms of broader commodities, certainly there are specifics about the oil market relating specifically to russia and china and the demand slowdown out of china and the war in ukraine and so forth. i think the fed certainly has to be concerned about the high price of oil and what is going on with the uaw right now this isn't an isolated case with the uaw we saw ups and airlines so when we see wage infla

bob nardelli, thank you so much.see chrysler not one of the big three. forced to sell off chrysler because barack obama decided that was the right thing to do. maybe you will get investors and get it back. bob, thank you so much. >> thank you, brian, yes. it was a tough nut to swallow. let me say that. >> brian: absolutely. should be for all americans. thank you. killed in the line of duty, police mourn the loss of a los angeles sheriff's deputy gunned down in a suspected ambush at just 30 years old. we have a live report as police search for the gunman. ♪ uriva ultra. unlike some others, it supports 7 brain health indicators, including mental alertness from one serving. to help keep me sharp. try new neuriva ultra. think bigger. ♪ limu emu & doug ♪ what do we always say, son? liberty mutual customizes your car insurance... so you only pay for what you need. that's my boy. now you get out there, and you make us proud, huh? ♪ bye, uncle limu. ♪ stay off the freeways! only pay for what you need. ♪ liberty. liberty. lib

will: joining us to discuss is home depot chairman bob nardelli.s does president biden have the diagnosis right? >> thanks for the opportunity. it's not correct, i will share some points with you and talk about this? household income, i support the need for making that right but how did we get here? inflation. energy is up 40%. what caused that? they surrendered energy independence. this is the same administration that is forcing the auto companies to advance electric vehicles. jim farley, they lost $6 billion in the last few years, they got a $9.2 billion grant to build a battery plant, proof positive that ford is not trying to punish the uaw workers. a lot of this is self-inflicted. very glad to hear they will try to negotiate. this has become very polarized. of 40% wage increase, 40, 36, it is 18% in the first year alone. what i think overreach, getting paid 40 hours for 32 hours a week, technology has advanced but i don't know how you make a car when you don't have workers there, the pension program another overreach, impossible to step back an

former chrysler ceo and home depot chairman and ceo as well as accelerate llc founder and ceo, bob nardelli to see you. thanks very much for weighing in on this important issue. you've depa dealt with unions yr entire career. how do you view this. >> maria. >, thank you for havingme on. i was encouraged that stellantis put an offer on the table over the weekend. i was disappointed to see a flat-out rejection. i think this thing, given the tone of it right now that both sides have become very polarized, i think this is going to go on for a while. i think the uaw has dug in. i think the companies are now dug in. i think we are woefully underestimating the financial impact of this strike. i lived through this, to your point. customers will become jaundiced when they order a car. what will the quality be? if you own a car, what's the service ability from the dealership, this is bigger than three plants on strike. every city, every state has dealers that will be affected by this. they'll start depleting their inventory. they'll start laying their salesmen off they'll eventually lay off technicia

the major impacts with bob nardelli in a minute. first to fox business's edward lawrence who is in wayne, michigan where it's all going down right now. edward? >> yeah, charles, this is where president joe biden came to meet with the picketers. there's not many strikers here at the moment. the president on his way right now to mountainview, california for a campaign event. he brought here a message of support. also he would not say specifically if he's supported the four-day work week or 40% more pay. >> you guys saved the automobile industry. made a lot of sacrifices, gave up a lot. the companies were in trouble. now they're doing incredibly well. guess what? you should be doing incredibly well, too. >> well, the uaw was not -- has not at the moment endorsed president joe biden. those on the picket lines had a message for the president about his force transitioned to electric vehicles. >> talk all day about researching all of that. but to see us here, see what we do and see that we mean -- we stand behind these companies. we have b

bob nardelli, thank you.e've got to run, but we are going to have you back because it doesn't look, in day 12 now, that this thing is close to being over. we shall be watching. >>> jamie dimon has yet another warning for investors as the markets right now recoil9 from the fed ooh's higher for longer interest rate stance. wait til you hear how high the jpmorgan chief thinks rates could actually go. hint, much more than 5%. next, blackrock's -- is about to reveal what she says are the best etf ifs to give you some green in this sea of red. the dow still down 372 points, "the claman countdown" is coming right back. stay with us. ♪ ♪ ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. say goodbye to

here's bob nardelli with me just a few moments ago.nds that are being put out by this administration for electric vehicles. we saw the inflation reduction act. that finally came true, has nothing to do with that. it's all about the green movement. so we're under tremendous treasure in this economy right now with inflation out of control and nothing's being done by the administration except the feds who are raising interest rates that are just pounding the mid-market companies. interest rates at some of my middle market companies have gone from 2 million to 14 million, basically 100% of free cash flow is going to pay interest rates and it's causing tremendous dislocation in our economy. maria: so that's the point, garrett. you're talking about interest payments skyrocketing as the federal reserve raises interest rates. we haven't seen the crux of the impact of 11 rate hikes so far. does the macro story get worse in your view, garrett? >> i think you're really getting to the crux of why the uaw is so upset here. their real wages have bee

. >> we will see how long this lasts bob nardelli joined us a couple weeks ago worried this is going on and on, the longer this takes more pressure on the economy mark do you think this is going to become an issue for markets. mark: uaw have the ability, to hold thank you automakers hostage can pay people several weeks if not months, with regards to president biden, potentially, heading down to strike with these workers, i hope somebody lets them in on a secret the reason they are really trying to negotiate higher wages is because of president biden's highly inflationary policies, reckless fiscal spending that leads to high inflation, that leads to demand for higher wages when leads to more inflation, and one of the big you know -- pete buttigieg calling president biden pro-union joe things like that, but in reality, you know president biden, when you are accountable to everyone, you end up being accountable to no one, right now he is trying to be pro-union joe climate change joe stimi check joe you will do things working against each other, one of the biggest issues, the autoworkers

. >> bob nardelli on recently said some small mid-cap companies he invested in on -- they've seen interesttwo million dollars to 14 million dollars. that could be a game changer put you out of business. i saw your interview with bob i think so early days we had decent numbers come out, in terms of the economy, and you know this has been most anticipated nonrecession in many, many years, put off put off numbers continue to be good. and hopefully, you know so-called anticipated soft landing which you know everyone anticipates which makes me more nervous, because when everyone thinks about it may not be reality. >> where we began on cap markets what areas industries do you believe we will have see increase in m&a initial public offerings. tech and healthcare is going to consistently in here right now, clavio, first in two years, arms first in chips tech healthcare to some extent industrials a none of transactions, people like smurfit, theme six months. >> good to see you, we'll be right back. stay with us. . what do we always say, son? liberty mutual customizes your car insurance... so you on

maria: bob nardelli added great insights earlier we can't conversation slip in a break we are own countdown mode to potential government shutdown or agreement on spending cuts with lawmakers having 8 days working days left ahead that have september 30 deadline, big hagerty is here to give the latest on negotiations you are watching "mornings with maria" live on fox business. . ♪ this girl is on fire ♪ ♪ this girl is on fire ♪ ♪ ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. m house rules committee will meet today on an interim spending plan there was a proposal this week would include gop border security legislation, it does not include funding ukraine. house speaker kevin mccarthy discussed this possible government shutdown, with me on "sunday mor

will: bob nardelli the former chrysler ceo and inflation as well in the strike. >> what cause that had and day one of the administration and they surrender energy independence and the same administration that's forcing the auto companies to advance electric vehicles and think about all the dealerships out there and what do they do, starting to raise prices for the inventory and they're going to run short and this woefully underestimating this impact and this is all the result of this administration forcing the impact on these household incomes not keep up with their administrative flaws. flaws. will: i don't know that my history is exactly correct and there was a point where there was an overlap between knee and that wills and humans and they were probably going what's going on and look at all these other being and they seem to be taking over and that's what's happening with this -- what's happening with joe biden right now and we're starting to see the glacers crack and we're starting to see a tide turn against joe biden. i'm not just talking about the auto union strike and the way he

. >> i mention bob nardelli comment some businesses he invested in interest payments from two millionbreaker, we got a minute before gdp go ahead. >> i am interested to hear how you think that the current strike factors into economic outlook uaw strike on everyone's mind one of three bigstrikes this year i see as sort of a symptom of economic uncertainty unrest how do you think this nooshgz into outlook. >> last week i said not that big a deal i thought would solve over the weekend they, obviously -- >> longer it goes on. >> timing length of strike biggest factor in this so you are going to have, disruptions people's index disruptions to supply chain, all of that will have a negative effect, long term if we see protracted strike playing catch-up like -- >> markets right now about, just couple seconds away from gdp, we've got dow industrials up 46 points right now, expectations for gdp up 2.1% also jobless claims out, that is typically a market mover market fractionally moving ahead of this number as soon as it hits going to cheryl, get that number to see if it is going to inform on an

what was the expectation that 10 days is going to cost the economy 5.6 billion, the other day bob nardelli told us going much longer than 10 days. >> if you can hear rhetoric out of uaw going on a long time doesn't look like negotiations we have seen a little bit of progress i understand not what they want the automakers you fund-raiser 18 to 21%, much more ahead the government funding fight is on, on capitol hill, heating up is some congressmen tolling us would it be upwards of two dozen no votes on this continuing resolution we just heard from one law enforcement who said it is exaggeration scott perry going to weigh if give faction on where we are former pitcher in the house with us his take on where baseball has gone long with wokeism, stay with us you are watching "mornings with maria" live on fox business. ♪ ♪ so much, more ♪ . ♪ . . . >> it is same thing as wrong with any cr maria it extends the current spending levels, with the same policies, these are spending levels that nancy pelosi established policies that joe biden established. >> why would o government shutdown help. >> firs

that's an important question to bed and bringing bob nardelli on and ask him that and our own grady trimbleas incredibly telling and she's got to care about those communities that are dramatically affected by what's happening and un-pressodenned and all three major auto and this is an urgent situation and can the president rise to the moment and say that they're going to get this done and get it done in a timely fashion? there's a lot of peep, a lot of livelihoods affected by that. stuart: what impact will that have? i know that'll be on american reports. >> ron desantis will be on. stuart: really? >> yep, stuart: now she tells me. >> what do you have for him? stuart: no comment from varney at this point. sandra, thank you. stuart: jonathan hoenig is back in the big apple. >> recession is not just my opinion but an indicator with 100% success rate looking back and sounds won i can and longer term interest rates and yields higher than shorter term interest rates but shorter term interest rates hired for a record 235 days and never gone that long and every indianapolis day torr is that a rece

ago where you're seeing this economy slow down and the issue is higher interest rates because bob nardellithe united auto workers strike. here's what he said. he's a former ceo of chrysler as you know. watch. >> there's no installed base to support the demands that are being put out by this administration for electric vehicles. we saw the inflation reduction act, finally come true, has nothing to do with debt. it's all about the green movement so we're under tremendous pressure in this economy right now with inflation out of control and nothing's being done by the administration except the feds who are raising interest rates that are just pounding the mid-market companies interest rates in some of my middle market companies have gone from 2 million to 14 million, basically 100% hoff free cash flow, maria, is going to pay the interest rates. and it's causing tremendous dislocation in our economy. maria: so larry, that's the point i was making earlier when you're talking about the impact of higher rates, i said are you saying that we're going to see bankruptcies. a middle market company that

bob nardelli made that remark a couple of weeks ago that some of his companies are looking at interest $2 million and they gone to $14 million. that is a complete game changer. john lonski that is the worry but soon that will be replaced with concern and worries about third-quarter earnings. >> that is correct. we will see a slowdown by the economy in the final quarter of this year. the third quarter if are looking at real gdp growth of roughly 3%. perhaps the growth rate was down to a range of one half to 1%. that is quite a slowdown in that will be the big worry going into 2024. what happens to revenue growth, equity analyst are optimistic they cnx elevation by revenue and on the other hand economists warn us of a d celebration by nominal gdp which is roughly equivalent to slower growth by business sales. higher interest rates will take their toll not only at the cost of debt for companies as debt matures but it will hurt consumers. let's face it, the 30 year mortgage yield is 7.3%, that is the highest it has been since late 2000, 23 years ago. this is going to hurt, pending home sal

bob nardelli made the point that you're making last week that some of the middle-market companies thatpayments go from $2 million to $14 million because there feeling the impact of the higher rates. i agree we have not felt the full impact and layer on top of the uaw strike and tuesday seven stellantis and general motors laying off more than 2000 workers that announcement yesterday after stellantis cut 370 jobs when the strike began. the stocks are down this morning but we are also watching fedex, fedex shares are up this morning. a mix quarter the company profit under profit expectations for your expectations and they say they benefited from the ups labor talks and the yellow bankruptcy, the stock is up 45% year to date under the 5% this morning although a mix quarter, your reaction whether the uaw strike or the impact on profits. >> sure it is about within a short period of time and we have the situation which you covered on the government side and the potential shutdown and would pull it back for investors and what does it mean for the economy and the fed and yesterday powell was as

this is an issue that bob nardelli has brought up that amazon is so big that it can dominate. >> normally say good luck, right. it's so easy for anyone to open up a store on a website. super easy. but there's some smoking guns there. there are e-mails received by sellers from amazon who are selling merchandise, essentially saying we found your product cheaper by five cents on a competing site, you need to lower your price by five cents or else, i don't know they're directly threatening this but there's a lot of speculation that they're making you virtually invisible so they're essentially shadow banning you off the amazon marketplace if you don't make sure your prices -- that to me, that's where this potentially gets anti-competitive. that's dangerous. maria: we'll keep watching this. bob, it's been great having you this morning. we appreciate you being here. come back soon. mark, you're with us all morning long. quick break and then fireworks in l call california for the sp debate, candidates duke it out on the border, spending and bringing it back are from the fringe. robert cahali is h

we spoke with bob nardelli the other day, he said because of higher interest rates, some of the companiested in or on the board of or dealing with they've gone from interest payments of $2 million to interest payments of $14 million. i mean, john, that's a game changer. that could lead to bankruptcy. >> and you're bringing up an important point, maria, and that is how monetary tightening affects the economy and businesses with a lag. the fact that the fed increases interest rates or bond yields move higher does not necessarily imply that businesses automatically face higher borrowing cost. often they have even with bank loans variable rate loans, a period of time passes before they have to adjust the interest rate. and when they have to refinance outstanding debt, which companies do almost all the time, all of a sudden they're looking at significantly higher bond yields, junk bonds, investment grade bonds as well as higher interest rates for bank loans so it's going to be in 2024 that we begin to see the full impact, the full detrimental impact of higher interest rates. maria: yeah. and y

maria: that's what bob nardelli said when he joined me last week. here he is, former ceo of chrysler. >> there is no installed base to support the demands that are being put out by this administration for electric vehicles. we saw the inflation reduction act that finally come true has nothing to do with that. it's all about the green movement. we're under tremendous pressure in this economy right now with inflation out of control, and nothing's being done by the administration except the feds who are raising interest rates that are just pounding the mid-market companies interest rates in some of my middle market companies have gone from 2 million to 14 million, basically 100% of free cash flow is going to pay the interest rates and it's causing tremendous dislocation in our economy. maria: yeah, lilly, i'll say it again. bad policy results in bad outcomes. >> exactly. and it's bad for business. the economics are simply not working. there's two things in conflict here, on one side we're hearing evs. evs for the sake of the planet when the experts con

bob nardelli, i appreciate your perspective. >> thank you, phil. >>> our next hour, vanessa yurkevichl speak mary bara in the next hour. poppy? >> interesting what he said about who has the leverage right now given all he went through the middle of the crisis. great interview, phil. thank you very much. >>> also, let's talk about hurricane lee from new england up to canada, hur can lee on track to bring heavy rain, wind, coastal flooding through today and the weekend. parts of new england feeling conditions. dangerous surf and rip tide conditions. the governor of maine declared a state of emergency. they're requesting federal assistance to prepare for lee. michael brennan. good morning to you. we have been watching this all week. and now what are we in store for this weekend, both in the northeastern united states and up into canada. >> we're going to start to see those direct impacts start to move into portions of southeastern new england as early as later this afternoon, this evening and then spread north ward up into maine overnight tonight and into saturday. but, the big story wit

. >> i spoke with bob nardelli the former ceo of chrysler and they said they administration forces dueack to bad policy because bad policy results and bad outcomes, will take a break when we come back we stayed on the break of the story of morning autoworkers striking this morning but first the bite-size new way adults are saving money when they go out to eat it is making a buzz, you're watching "mornings with maria" live on fox business. stay with us. when better money habits® content first started coming out, it expanded what i could do for special olympics athletes with developmental needs. thousands of bank of america employees like scott spend countless hours volunteering to teach people how to reach their financial goals. it felt good. it felt like i could take on the whole world. ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. ♪ explore endless design possibilities. to find your personal style. endless hardie® sid