Morning. Thanks very much for joining us. Im maria bartiromo. It is thursday being october 58 00 a. M. On the east coast, time for the hot topic of the hour alexandria ocasiocortez, group of fellow democrats, are calling to richest new yorkers to share more tax burden they want to raise taxes now not on top 1 but top 5 of earners in new york state the center for Public Policy calling out aoc in oped saying she is trying to redefine who is actually quote unquote rich, top 5 earners begin little above 250,000 dollars in earnings, translatelying into married couples making 127,000 dollars apiece, is that rich . Alexandria ocasiocortez . The New York Post borrowed slamming congresswoman writing first they came for top 1 , now they are aiming for the next 4 down, mark we could have called it from the beginning. They were going. Mark further. Maria we said it. Mark not only further down the scale but there is wasteful spending with roads are to tax dollars as well dipping down to 250,000 dollars of income, while that might be rich in cleveland, ohio where i am from that is like that is a decent lifestyle in the city no, not good if you are combined 250 with two people maybe family you have roaches in your place i am not trying to say make a joke there, you are not living in a nice apartment you cannot afford nice apartment on that 127 for each person i dont want to jump on your point you are considered, by many respects poor in new york city on that salary. Mark working apartment costs probably 10,000 a month two bedroom two bath. Maria pulling off average income in america, because average income in america from 2019 is 31,000 dollars i want to be clear in terms of the average, because, you know talking about, rich 250,000 dollars a lot of money, we know that but when you are the actual prices that were paying for everything, and the inflation, as a result of bad policy this has cut into earnings, a big way you are right, the can go costofliving you are going paycheck to paycheck. Tiana republicans overuse idea this will pay for yes, it is new york is a place could hold, new york city metro lost 5 population in two years, from 2020 to 2022 because of the covid and continuing fallout from this instruction cap aocs mother moved from south bronx to florida, i am guaranteeing not just because of covid but because of tax inflation, the higher you tax if you continue to have outward migration tax could pay for itself, how bad situation is in new york. Mark how paying for migrants when high income earners leave. Maria 2023, the median salary 89,000 dollars this is more realistic. The mediaman salary 89,000 per year 50 usa population earning less than 9,000 dollars a year others earn more, so if you are individual for married couple you are median, they are saying 50,000 youre rich. If you want to examine complete spiral in the new york city you are seeing it the difference between connecticut a high tax state where i live in new york state high tax, i dont have to pay for private schooling in accountability my taxpayer dollars give you an education, if you want your kids to have any semblance of an education in new york city making 250,000 and paying, a ridiculous amount for rent you need to pay private school you cannot afford that i can tell you those numbers will never, that is a horrific idea. Maria our audience is very affluent audience, what i also want to say about our audience they give away a lot, so, there are ramifications of taxing us to death, okay because it ripples down across all Different Things they give away to healthcare, give to cancer alzheimers disease, if you are paying more cancers stop paying elsewhere, there is that. To your point you said you predicted on this show never going to stop it is always going to be next time top 10 top 25 that is called socialism marxism at its best. Maria much more ahead market moving ahead of initial jobless claims number out 25 minutes time, we are also you previewing highly anticipated jobs report first thing tomorrow morning, chief global strategist jay woods with expectations. Day 3 Sam Bankmanfrieds trial, kelly . Good morning, maria. That is right prosecution has begun presenting their case calling their witnesses, after the break i will tell you who we are expecting to hear from today how the prosecution plans to prove Sam Bankmanfried built everything on lies that is a direct quote, coming up. Bean cocoa maria welcome back federal prosecutors telling jurors Sam Bankmanfried power influence was quote built on lies, how he stole billions from thousands of customers kelly ogrady live this morning outside Southern District courthouse new york city, kelly. Good morning, that is right the prosecution case underway, i want to emphasize right off the bat this is played out in the court of public opinion, but the prosecution to convince beyond a reasonable doubt that this was done with criminal intent how are they doing that yesterday called first witness a victim, Human Element a cocoa trader lost 100,000 dollars couldnt withdraw it november last year defense tried to suggest it was vested he wasnt comfortable with that witness argued never would have vested, also an air of credibility as ad tiesments played in court, multiple witness cited them underscoring safety on platform doesnt help class action suits against all celebrities who supported ftx. The roommate, was hanging out biohiemman we heard about testifying under immunity, in hoping statements said he has power influence all of that was built on lies, when defendant wanted money didnt have committed fraud took other peoples money, their road map in Opening Statements going to blame on ellison exgive, lots of regulations in crypto industry paint ftx acting in good faith, a number of highprofile prosecutors Defense Attorneys say fraud is fraud whether crypto or car wash the prosecution needs to be cafe to present clear evidence talking crypto and coding so it doesnt con fuse jurors. Maria great point thank you. I know youve talked about this on podcast listen to kellys latest trial of Sam Bankmanfried fox news podcast, futures indicating this morning we will see, a mixed opening after the dow end 3day losing streak yesterday we are back down to selling, this morning, dow industrials down 36, the s p down half a point, nasdaq higher up 19 points one challenge for markets look at Interest Rates, yields are pulling back, from what was 16year highs yesterday, 10year, 10year got all the way up to above 4. 8 yesterday, weve got numbers now down about 1. 7 basis points 10year sitting at 4. 7 0 the twoyear 5 looking to jobs report for month of september, that is out tomorrow morning first thing 163,000 jobs expected added to the economy for the month joining us is Freedom Capital markets chief global strategist, how are you dealing in terms of allocating capital will this be a problem for markets. Has been a problem, ep recently this goes back to last fomc meaning do the plot spooked everybody we didnt see higher longer, we were talking rate cuts maybe First Quarter now, 5. 1 july happened last year, we went from i think 2. 7 to 4. 210 year now 3. 8 to 4. 8, quickly, things are calming down, the market is digesting well it is typically to see speed of it is really the point, right mark the fed went from zero to almost 6 in a hurry jamie dimon said it could be 7 . Mark not only speed of hikes but cuts as well, right now fed fund futures are expecting i think maybe two to three cuts next year, i dont know if that is going to happen, jay i want your take on, the market, because, the Fourth Quarter historically a Strong Quarter i think best quarter. But the rally this year s p on cap waetdz baifz up 10 equal waited s p is negative like 2 , if we have a Fourth Quarter rally will it be allinclusive or seven stocks. Important if a Fourth Quarter rally going into holidays maybe one reason doing so well so much consumer but, the expectations for the holidays not so great. Tempered spending habitats going to change this earnings cycle one of the more interesting are, listen to calls i want to see what they are saying as far as Consumer Spending habitats but back to seasonal yes, 10 grade observation i think will broaden out into yearend right now 3, five percent corrections normal in s p 500, we havent had had 10 we are very close i think at that line in the sand moment it could happen next week with cpi, watch how we react to that number because that is the number that moves the market, to me, i think, down to 4200 a washout october known for bottoms, 33 bottoms made in october, 10 more than any other month we all know historically there is some big scary days as well 1987. Okay 19, 1987, macrostory jobs market tight look at strengths, they are getting on picket lines because they can, that is why striking, 75,000 healthcare workers picketing outside it is hospitals mum states healthcare stocks i spoke with sam waksal yesterday he was identifying where growth is right now said healthcare, watch. Where is the growth in innovation and healthcare kay. Our Pharma Companies going to beat earnings or make earnings the earnings arent effective jay what is your take . As we approach earnings season. I think is right two Pharma Companies nova nortisel and eli lilly on a tear weight suppression drugs two i think continue to do well, the broader sector healthcare xlv, the index down 4 yeartodate but i went back last four quarters up all four quarters, 10 1 2 on average then look at unh13 biggest in dow down 4 yeartodate, as technician i look at these above moving afrmz i think rally to 550, seven in cards will hope averages a little bit of broadening out seven stocks pulled back dramatically held on wouldnt shock me a nice rally in nvidia microsoft google into final quarter. Maria i feel ai placed dot com stock would go up happening today great insight from you as usual jaywoods joining us quick break biden border crisis spiraling out of control rick scott is here to join he has been to the border multiple times, we will talk about it. Just keep. Loving this pay bump in our allowance. Wonder where mom and dad got the extra money . Maybe they won the lottery . 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Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Back, florida senator rick scott calling out Chuck Schumer ahead of Upcoming Trip to china, senator scott releasing this statement, how many senior u. S. Officials will journey to you communist china before washington wakes up understands that we are giving xi jinping evil regime exactly what they want since Chuck Schumer got elected to the senate communist china gdp has grown from 1. 1 trillion dollars to more than 18 trillion dollars, today. Florida senator rick scott joins me a member of the Senate Homeland security committees we talk about this all the time do not understand why this administration continues sending people to china i understand you are planning taking action to limit congressional trips to china tell us about it. You know this is really fundraising, i had a mom lost her child to fentanyl, call me said, about what is Chuck Schumer going to have peking duck with xi for when my kid died of fentanyl from china i have a bill would say not using any taxpayer money to do any trips of government officials to china, they kill our citizens with fentanyl spend spy balloons build militarily threaten allies steal our jobs, they lie, cheat and steal, were going to appease them . Biden administration doing it Chuck Schumer doing it disgusting a slap in the face to moms that lost kids based on fentanyl. Why . I dont understand all of us can see plain sight that there is a National Security threat underway with communist china you mentioned surveillance Balloon Police stations in new york, Cross AmericaChinese Police stations youve got bullying international waters, International Air planes and our ships i dont understand what is Biden Administration trying to do here what is Chuck Schumer think he is getting out of this . Schumer generally travels to get awarding maybe this could wards for passing chips bill allows intel to continue expanding china with tax dollars maybe, blocking a bill that would stop, you know america from importing solar panels, for slave labor in china what he did i dont know why it is pure appeasement why individuals are going. China lies cheats and steals there is nothing good about their government, they are despicable i believe John Ratcliffe told me strategy is simply rob, replicate, replace what they do to Companies Want to open up shop in china, rob, replicate, replace so Corporate America needs to be, wideeyed about this it starts at the top administration, there are not doing enough to push back on this threat are they . Is it because joe biden is compromised. As soon as he got into Oval Office First thing he cancel china initiative, did he get paid for that . Sure looks why come out say exactly, how did all money come from china to his family disgusting, when i tell check where you buy products dont buy anything dont do business with people that do business in china dont buy from china, when you buy from china they take that money to demolish your way of life each, every o. Maria gordon chang thinks they want to go to war with us i want to ask about washington, President Trump, is slamming the Biden Administration, after department of Homeland Security secretary Alejandro Mayorkas, announced that now going to be an immediate need to wave dozens federal laws to build more borderwalls trump told fox news digit biden cease our country being invaded what is he doing about 15 Million People from prisons mental shugs insane sigh aluminums, terrorists into the country do you see this as a change, in sentiment, tone, policy from this administration . That now talking about building a wall . You would hope, right . When you have eric adams mayor new york saying cant take any more governor saying cant take or any sanctuary states, cities you hope would change mayorkas, just complete liars i have again to border, they basically paid people not to build the wall you have sitting there gate not finished, lights not turned on the cameras road not finished all of a sudden change of heart must be election time, mayorkas coming to testify the first thing i am judging in living daylights has not he resigned this is despicable what he is doing what biden has done amount of people dying because of crazy actions along the border i say why dont these people have why doesnt biden care about people dying of fentanyl o overdose i dont get it. A serious dereliction of duty leaving our southern border wideopen, of course, the republicans tried to make that their centerpiece issue continuing resolution failed with border number one, prourt, republican congressman jim jordan Steve Scalise announced they will run for spark of the house former President Trump also entertaining the idea although said that now focused on the presidency, wrote oped for journal the victory republicans may be squandering you argue the continuing resolution was success for fiscal conservatives, how come the Republican Party cannot get on one page . I think what were doing up here is fiscal, are working together holding dinners at house every wednesday, to say how do we Work Together, to have a achievable goals trying to do cr was not was better than option, so, we have the opportunity now to pass our budget, weve got 40 some days the only days fulltime between now and then senate, 10, Chuck Schumer, you know without working any more this week, were not working next week, Chuck Schumer doesnt want to have a budget he wants to blow out omnibus, spend like going out of style what republicans have gone along with every year i have been up here exactly what theyve done all of us that are fiscal year responsible going to fight tooth and nail prevent this from happening. Do you think, the house will lawmakers in general are able to get remaininging Appropriations Bills done by november 17 . Government can run out of money again. I dont believe somebody is speaker if not committed to getting that done avi have talked to is committed to getting that done now get it done in senate, i asked schumer to focus one dont go on recess focus get Appropriations Bills done, we can do it we can do it we can be fiscal year responsible, by the way, we have to, if we want to get inflation down we have to be physically responsible do you think. Ive got Good Relationship with Steve Scalise, jim jordan i think others whoever i am going to figure out how we Work Together to get something done not been happening up here. Maria yeah, exactly. We are waiting on economic numbers we spoke with one leading bond investor yesterday expecting a recession, so while all of this is taking place the economy is worsening, worse ink pg due to bad policy bike inflation stoking inflation reduction act. Yeah, why dont they care i wish my woman wouldnt even worry about inflation if you bought a house before biden got elected same house today Monthly Payment would be up 1600 dollars. Think about a young person getting out of school, trying to buy first house making this ridiculously expensive, Mortgage Rates 7 1 2 , good to see you. Thank you for joining us this morning. Senator rick scott joining us bought on Economic Data cheryl has job claims about to hit tape. Cheryl start with claims, came in a little bit weaker than expected, we came in 207,000 street looking for 210,000 continuing claims falling to 1. 664 million, and. , 1. 664 million to be correct, that is a little bit, lighter than street expecting the trade balance for the u. S. Coming in a little bit lighter than expected, negative 58. 3 billion looking for negative 62. 3 billion, reminder here, obviously, adp came in 89,000 was well below range of estimates weve get jobs tomorrow 170,000 estimate, rate 3. 7 so we shall see all this plays out in september jobs report tomorrow so many revisions so much volatility, in numbers this year, really, for the market it is anybodys game tomorrow morning when we do this together. Maria we will be watching marks move also looking at, a decline in stocks this morning, cheryl, thank you dow industrials down 66 nasdaq down 18, s p lower by 7 on heels of that data. Stay with us. Well be right back. Let newage products transform your garage into an area of your home you can be proud of. Modular steel cabinets let you pick and choose the Storage Solutions to keep your garage organized, with overhead racks and shelving, slat wall, workstations and flooring that let you create a showroom garage to call your own. Designed for diy installation. All you need is one weekend to take your garage from unusable to unbelievable. Visit us at newageproducts. Com. upbeat music awww. Awww. Awww. Nope. Constant Contact delivers the Marketing Tools your Small Business needs to keep up, excel, and grow. Constant contact. Helping the small stand tall. Maria welcome back, now to border my sources at the border telling me Texas Department of Public Safety took over a 170 acre island cartels had been using that land previously authored by texas land admiration as texas land, the cartels took it offer they say it will take 4 to 6 weeks to completely clear out island but planted texas flag on island again, texas land commissioner buckingham joins knee to talk more about that commissioner good to see you. Thanks very much for being here you had a meeting with texas border board of Law Enforcement yesterday to discuss this clearing the brush, vegetation, to better patrol protect that island tell us about it. Absolutely, good morning to you, thanks for having me on, just imagine right across the river from 170 iraq island is most violent part of mexico along the border, full all thes weapons heard every night warning cartels leaving dead bodies in the street 170 acre likelihood nomansland a reason fighting each other over it ref um from mexican Law Enforcement from american Law Enforcement, so we took it over declared it texas. Able to clear it taking away that sanctuary from most violent criminals. Weve got drone footage showing right now from texas, and, i am told going to take a while how did the cartels get access to that just came in started using it . Well, the island was formed, river, treaty from 1800s anything north of the center of the river, is, of course, texas and United States one of our jobs were in charge keeping all maps determining that territory, when the island formed nobody claimed it, it wasnt accessible by Law Enforcement from the either country cartels knew this took advantage exploited weve found cachets of weaponize all kinds of things arrested multiple people there most Violent Cartel members frequenceing it, flood to tame sanctuary away from Violent Cartel members. Maria what are housingr houses is that used for stash houses, drugs . Or weapons. All kinds of things drug weapons bullets across the border frequently so our guys taking fire there were going to clear that make it in in accessible to them. Weve got them planting a foreign flag on the island, before you were able to take it down, put a tornados flag up there, commissioner i mean these drug cartels are, obviously, quite sly strategic how much do you think they are taking home . They are the ones deciding who you comes into america and who doesnt; right . Youve got it exactly right everybody across the border has wristband tells you which cartel they belong to paid, making more money off Human Trafficking than through drugs captured enough fentanyl to kill every man woman and cruellied in United States product difficult o to smaller understand the very easy to ask for coor i am not using insane what is happening the word on air but not very violence, the way spread across the entire country, debehaving values of our good beer that is bud lights. Country was founded on, i tell a destroyer of shareholder value no one should listen to you were fighting back with her anymore i think everything weve cannot, when anheuserbusch lost 20 to 25 a Foreign National plants a flag on our soul we fight back billion of market cap, because of five years from today 10 hard complete disrespect of years from a today this is a veterans the ones made case study at harvred business ultimate sacrifice going to school how you can go through keep fighting the good fight every away we can. 0 years being the best tiana i dont like throwing advertiser in the world of around the world invasion best branding in world destroy lightly when one plants a overnight with one bad lgbi foreign flag in area clearly Sovereign Land where are the feds . Is it entirely up to statute of texas to get sovereignty not just tornados. Friend lived, everybodr homosex federal government is failing every day defending our border one of their primary duties state of texas going to ten in dedicate billions of dollars every year, weve got operation, our Department Public safety weve texas guard, we are stepping in filling gaps in fact meeting with some texas guard leadership the other day very clear on the fact that it is state of texas that is providing the bullet the proof heterosexual, divide and con vests for military on the kwr. Tiana bulk for rallies border the taste texas, that summer george floyd, the shop is defending Department Public all white people, capitalizing safety to fill gaps border on blm, name only. Patrol agents cant manage it, maria take a break the buzz i like this in perspective for watchers across the United States mayor of new york of the morning right after complaining about, 100,000 this. Migrants. When you compare what our small towns eagle pass along the border put up with like city new york getting 2. 7 mill Illegal Migrants a week, this is a huge, influx, of humanity, it is not safe. Everybody needs to wake up to ask sanctuary cities not right for United States. Tiana is the bigs issue with Border Patrol the federal. Government, is it a lack of staffing, a pure Staffing Shortage or directive from up on high Biden Administration doesnt want them to interfere wants to leave it dont be confused the biden policies drawing everybody here our Border Patrol agents, doing very best they can my heart goes out to them, i talked to several yesterday it is the biden policies hydraulic people here joovk. They were telling me yesterday you come across the border get in boarded by Border Patrol, then next court da 27, set many years down the road. Maria a joke we spoke with governor last week on this program Governor Abbott he went through, what he has done, what he has seen today watch. A o three years ago lowest crossings in 40 years joe biden eliminated all policies last year alltime record illegal crossings this year is going to set another alltime record illegal crossings americans have had it, texas is stepping up to do everything we can, by putting razor wire border barriers to prevent people from coming in only to have President Bidens staff cut razor wires, allow people to enter our country is outrageous. Truly is this morning we are hearing Alejandro Mayorkas saying a must now that we have an emergency, that we will have to build border wall, are you seeing this as reversal are you buying this from administration what mayorkas is selling here . Tiana laughable be honest complete hypocrisy they sand one second say border is complete secure no problem then see the results of their actions, they see the democrats across the country inconvenienceed managers in their backyards texas dealing with this for years i think speaks to the fact that our border is not secure, it is the bidens policy driving people to come across, they are tying hands of their Border Patrol. They are failing at fundamental duty to protect our borders our national sovereignty, so, they are waking up trying to reverse as fast as possible but until biden changes policies, that brings people here they are going to Keep Streaming cross. 130,000 migrants new york city more in other big cities causing real strain financial strain potentially crime as well. Just imagine if instead of 100,000 migrants you have. 7 million migrants a week what our small towns in texas have been for years tiny towns hardly resources are. Maria ro 2. 7 million a week, dr. , thanks very much for updating us we appreciate it. Have a great day. We will keep a spotlight on it what americans think about it starts with a grill. But it becomes so much more. An extension of your home. Not just a weekend retreat, but an everyday getaway right in your backyard. Newage makes it possible with beautiful allweather cabinetry, grills and appliances that transform your backyard into a complete outdoor kitchen. Visit newageproducts. Com to book a free Design Consultation and create the Outdoor Living space youve always wanted. If. Maria welcome back. Time for the big buzz of the Companies Taking political political stand, you are morning. Dont spill the beans. Watching mornings with maria live on fox business. A minnesota pastor parking an online dethe bait asking x users stay with us. Whether it is okay to drink coffee in church. One user responds coffee absolutely fits, another writing. I will not tolerate the concept. During a you are church service. What do you say, todd in. At the risk of going full rage like john fetterman, we do need to have some sense of decorum. You can suck it up for an hour. Just give god that hour. Maria well said. Tiama. Youre talking to someone who has two red bulls [laughter] i saw it. My husband is mainstream protestant, does, like, rock and roll church, plays drums for the band. I am old school eastern orthodox where we have been doing our liturgy for the same way for 2,000 years. Even for that, if you can be quiet and keep the coffee under your chair, its very similar to the Catholic Church in terms of getting up, going down, hymns, all of that. Its all about, i think, the decorum, and i really care more about how people dress. Yeah, thats a good point. Dont roll in in your pajamas. Comb your hair. Maria so you do have rules. Exactly. I dont have an issue with the coffee. Its not the like someones sipping out of a flask, drinking booze or Something Like that. Laugh were talking about coffee here. You want your parishioners to be alert, pay attention. Why choose a sleep number smart bed . Nothing wrong with having a cup because only the sleep number climate360 smart of cappuccino or no. Bed lets you each sleep up to 13 degrees cooler or maria dont order cap chief warmer on either side, while you both sleep at know for lunch when youre with your ideal level of firmness, comfort and support. Italians, it is not good. I had that mistake, i made that your sleep number setting. And now, our new next gen smart beds have mistake. So as a eucharistic minister, temperature benefits, so you sleep better night after night. When mark comes up to me in now at its lowest price ever. The allnew queen sleep number® c2 smart bed is only 880. Church, aisle go the body and macchiato of christ. [laughter] sleep next level. Maria love it. Shop for a limited time at sleep number. We are to 30 minutes away from the market, down 95 on the dow industrials as Interest Rates continue to upset e investors who are looking for alternatives with 5 on the 10year. Thank you, mark tepper, todd piro, tiana, lowe. Stu, take it away. Stuart good morning, everyone. Talk about a reversal, President Biden will build a border wall. Okay, only 20 miles of goli, taste your goals. A poll finds majority in the country. The issues american most in favor business taking a stance on include Climate Change mental health, free speech healthcare the latest areas include abortion political candidates, and reasonabling, todd. I agree dont wade into areas your job to make more than for shareholders for me your job the best best product possible to extent doing it inclusive bringing more under tent okay. I think need to look no further than Current Events taylor swift nfl trying to bring an audience underneath the tent not driving me away as a football fan the reason not watching football not because of taylor swift because my giants are adomination disgrace, that is the reason not because of taylor swift. Used to be companies had a roll to play, in terms of you know, pushing good philanthropy you say one thing activists call transgernz Dylan Mulvaney demanding series about progressive activism to did i verse talent not abandon them when things get tough, the transmovement, the gay Equality Movement being conservative we want same rights you have want to have right to have our privacy, stay in our lane fo out right . It is you think about electoral clinical you can win with 50 country hitting a you with 45 country even lineing you, that is not how you win in the very easy substitution based