Transcripts For FBC Mornings With Maria Bartiromo 20240714 :

FBC Mornings With Maria Bartiromo July 14, 2024

Hilsenrath. No, no. Never. Also on deck this morning fox news senior strategic analyst and retired four star general jack keane, at the bottom of the hour talking about iran, pesm congressman member of the house of judiciary commit yes and services committee, former toysrus, former vice chairman, gary on china and consumer, Fat Brands International chairman ed ramsey is here. Saturday night live alumni talking about eddy murphy, right now checking on futures this morning, losses slight on the dow futures down 7 points after major turnaround in the markets yesterday as cooler heads, calmer heads prevailing in the trade fight between United States and china yesterday. President trump softening his stance toward china after announcing new heightened tariffs on friday saying yesterday at g7 saying he sees a trade deal happening. China wants to mick a deal, now, whether we make a deal, has to be great deal for us you know, i tell this to president xi who i really respect, i said, look, youre starting up here and youre making 500 billiondollar a year and stealing our intellectual property, we are down in the floor, lower than the floor, 50 50, this has to be deal thats better for us, if its not better, lets not do business together. I raise and he raises, we have to catch up, we have to balance our trading relationship at least to an extent. They were unwilling to do that. Its going to happen. Dagen president said u. S. Representatives had two phone calls with chinese officials about restarting trade talks but China Foreign ministry say its not aware of any, did they call, did we talk on the phone, jon, what do you make of it . Jon the real problem for markets right now isnt the tariffs so much where thet itst all, its the uncertainty that whats going to be the cost of doing business a year or two year, 5 years, 10 years down the road. You know, if the president just said we are done talking, we tried, its over, we are will leave the tariffs in place and im done, i think the market would rally on that because at least executives would have cost of business doing forward. This back and forth and back and forth, you can see it on in the market every day, its not helpful for someone to plan out how to do business in the long run. Dagen its the nature of the presidency, its not something thats happening behind the scenes, again, you get a tweet that it was the tweet and then the declaration of china as a currency man nippulater in manipulator starting the beginning of the month and some of them delayed until december. The fact that these negotiations and these grenades are happening last weeks tweet about hereby looking for other places to do business, legal possibilities of Something Like that are in question. You would think that in a different environment you would think before putting it out there. Dagen i spent the weekend of reading about economic powers action of 1977. [laughter] thats where a lot of people were and things seemed to calm down saturday and sunday. How much more can the market take today even though its closed, a barrage of tweeting coming out, its had not come to the table before President Trump up the stakes,le and hes reallg the market through the ringer, but if it works strategically, all of a sudden they want a peaceful resolution to all of this, perhaps there was a method to the madness. Dagen voters are not voters are slightly different than investors and thats what President Trump and the campaign are focused on, the article, jon, in the wall street journal, i want to get your reaction that trump is gambling that the china trade war will pay off in 2020. If you look at the gallup polling from a short while ago, 62 , to 32 believe china has unfair trade practices. They see this as a winning issue, he cant just step away and do kind of a half deal, if you will. They will keep pushing it until china changes its practices on stealing intellectual property. Jon that that clip that we played, 80 of folks around the country believe, even donald trump critics believe that thats the case. The problem is with the style and and the tactics, right, the imposition of tariffs, the pulling back, calling xi an enemy and now hes a great man, it plays out publicly on twitter and elsewhere and so it is causing a lot of congestion im sorry anxiety among voters, trump supporters, farmers in the midwest. Jon we talked about how this plays with investors and plays with the market, i think what matters how is it playing in board rooms and executive suits because the way the rebounds back on the president negatively if it does, if Companies Start saying, i dont i cant invest more in this environment or i dont want to increase my hiring when theres so much uncertainty, then it starts to affect the economy and potentially hurts the president , so i think it plays both ways and the real important thing to watch over the next few months is how is it playing out in board rooms, their uncertainty result in less investment. Just really quickly, i will point out in campaign trail, Elizabeth Warren would say i dont believe in fighting the trade war by a tweet, im paraphrasing, but she and Bernie Sanders kind of agree with the president on taking on china. So this cant based in a corner and cant win on the issue essentially because they do agree with the president. They will say stylistically they would do it differently. To jons point, china is suffering, their economy is suffering, but our economy is doing great, everything is great, the more pressure we put on china, the tougher it is for their economy and the more chance we have being connected globally of suffering a slowdown possibly tipping into a recession here in america jon the leverage here is all playing out economically, on the one hand we know china is suffering leverage that the u. S. Has on china, on the other hand, they know theres an election coming up, if they can shet shortterm economic pain out of this, that helps their case, so its a longterm versus shortterm pain. Dagen we will talk about the china pain, i want to turn to Johnson Johnson, major decision yesterday, the pharmaceutical giant has been ordered to pay more than half a billion dollars in the oklahoma Opioid Crisis, we will get that 572 million, the state has been seeking as much as 17 billion, billion, to fight the Opioid Crisis but instead 572 million, Johnson Johnson planning to appeal, oklahoma was the first of hundreds of caseses looking to hold drug makers, Retail Pharmacy chains and distributors accountable, the judge wrote j j is eminent danger. [inaudible] misleading and promotion of opioids created as defined by section 1. Legal issues at play here, in this case Johnson Johnson guilty or liable for its marketing, not for the actual products they created but for the way it marketed them, i think this is a long story of volatility that we will see in medical Care Companies like Johnson Johnson and pharmaceuticals over what responsibility they claim. By the way, theres a china angle on this too, people think china sending fentanyl to the states. Dagen passes settlements by two other Companies Reached in runup to the trial, 270 million and then agree today pay 85 million, but, again, the next step could be if youre not Johnson Johnson you may want to be tempted to settle . I think it was a landmark ruling in some ways, they were going after 17 billion and the charge ed them with 572 million, the stock is trading higher, it starts this sort of slippery slope if you will to pin liabilities on the companies, the Opioid Crisis is a crisis and a lot of people involved in it. Theres, you know, potentially with doctors and prescribers, a lot of people that you can point the finger at besides Johnson Johnson and pharmaceutical companies. Dagen this was based on public nuisance laws in this ruling as it pertains to the oklahoma case exclusively on the public nuisance laws, they vary from state to state. Jon theres a question of whether this is going to hurt Small Pharmaceutical Companies and whether our access to improving drugs is is going to be diminished by the rulings, so many fa credits of this, important story to follow. Dagen also talk about personal responsibility in all of this and how this has hurt people who actually need vital drugs to treat pain. Coming up, crisis at boeing, the air space giant facing first lawsuit connect today 737 max jets, details ahead and streaming may be king but netflix with major milestone without it, stay with us. If you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. 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Theres boeing, boeing facing lawsuit over 737 jet, russian Aircraft Group accusing boeing of breach of contact and withholding information from safety inspectors, a result of quote of negligent actions and order for jets to be canceled and max has been grounded since march. And long live the bbd, netflix may be king of streaming service but disk groups, not dead yet, shipped 5 billion, this is 21 years after delivers began, 2. 4 subscribers, dagen, someone told me to get rid of disk player and i said, no, i might still need it, maybe im old and school, i dont know. Dagen you dont know need your disk player. [laughter] dagen i think my brother still has one to have giant laser disk player, the giant disk player. Okay. [laughter] cheryl i cant find my calculator, thank you very much. Dagen really nice turntable, what are you talking about, jon . Jon youre saying get rid of the dvd. Dagen you cant give up jon i should have kept my mouth shut. Dagen thats okay, thank you, cheryl, hong kong unrest, leaders starting a dialogue with protestors who arent budging on demands, the latest fun fact 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt into one Monthly Payment. You can get your Interest Rate right by locking in a fixed low rate today. And you can get your money right. With sofi. Check your rate in 2 minutes or less. Get a nofee personal loan up to 100k. Dagen welcome back, the Housing Market in focus, home sales ticking up slightly as Mortgage Rates fall to multiyear lows, joining us managing director jeff taylor, jeff, what does the road ahead look like for housing . Good morning, when we came into this year predicting 1. 6 trillion year, right now as we sit here potentially 2. 4 trillion market this year. Thats 50 more than we came in year looking like, if you also take a look where Interest Rates are now, 3. 7 on the 30year fix and 10year is 1. 5, right now everything that was originated in 2018, if youre a consumer, you can refinance that loan and probably pick up an entire percent on Mortgage Rate reducing the Monthly Payment by about 10 , its incredible time for Housing Market if youre a lender and if youre a borrower right now first time to make first purchase or buy a house. Jon you know there was a lot of talk a few years ago about how millennials we wanted to stay out in big cities and be in suburbs, are you seeing movement, im asking this in part because i live in suburb, are you seeing any movement out in suburbs or is it in big cities . Youre in luck, you will see movement in suburbs, what people are realizing they can afford a house what they want in suburbs, also working remote, working from home or wherever you are, thats much more in trend, Large Companies and Small Companies are offering, if you get the ability to get the house that they want and work remote and so thats going to actually provide for how they continue. Dagen u. S. China trade tensions could rattle the markets, what do you expect in terms of supply and especially new home supply . Great question, starters new home sales 10 of the market every single year, so Home Builders have doubleedge sword, they have a great demand but yet their supply chain comes globally, a lot from china and other place where is tariffs are, how do you gauge what the house is going to be, thats the moving target that we are dealing with right now. Its had great runway ahead of them right now, it matter the price point where youre going build the house at 200 or 250. People are taking advantage of that rate with respect to mortgages they already have but not necessarily new buyers getting into the market. Look at the space, you do see people refinancing homes they have 4. 7 million houses that were bought last year, such a huge part to the market, on the purchase side you have doubleedge sword. Youre currently renting and want to buy, buyers market, if you have to sell your house first, most have to and buy a new house, you sort of have finding and when you can you sell your house and what can you buy in the marketplace, thats what the sentiment is towards refinance, again, we are alltime refinance highs right now over the last 3 years. Dagen thanks for being here, jeff taylor. Thank you for having me. Dagen Tropical Storm doria threatening to become hurricane, getting political, taylor swift calls out washington, thats next. When i lost my sight, my biggest fear was losing my independence. Mmm. Good. 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That way, you can help them buy the things they love instantly and pay over time. And that turns them into serious fans. Hang on, theres more. Want Customer Insights . Weve got those, too. We use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. And you can offer them the perfect products. That ceo gets it. From adding unique capabilities to your companys apps to bringing you loyalty programs, nd Financial Solutionsapps are changing whats possible in all sorts of ways. So, how can we change whats possible for you . Said china we wanted to come to the table, the word calm cooler heads prevailing. Hong kongs leader says no need for china to step in, her ad dorian, First Atlantic hurricane of the season, look at latest path up next. We will tell you how. And mtv music video awards, taylor swift getting political on stage calling out President Trump, more highlights. U. S. Iran tensions, iranian president rouhani says iran has no intention of talking to the u. S. Unless sanctions are lifted. The sanctions are absolutely hurting them horribly. We cant let them have a nuclear weapon. I think that theres a really good c

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