Transcripts For FBC Mornings With Maria Bartiromo 20240713 :

FBC Mornings With Maria Bartiromo July 13, 2024

Markets pointing to lower opening. Major averages. Take a look. The nasdaq lower by 65, the s p lower lower by 34 after the markets rallied last week, the dow, nasdaq and s p 500 second straight week of gains with market up on the session as you can see about 2 higher on the dow industrials for week. Oil prices having a rough morning, take a look at this. Taking a steep dive as the coronavirus slams demand. Crude oil now at 13. 54 a barrel. Holding china responsible, questions are swirling this morning about the origins of the virus. Chinas lack of transparency. Congressman andy barr to investigate chinas handling of the pandemic. Mornings with maria begins now. Noble markets look like this. Germany taking a step with reopening the economy. Some stores. The white house is allowing some companies to delay payments of import tariffs if they can demonstrate significant financial hardship, tariffs on chinese goods are not included in the interruption of the white house tariff program. In ash overnight. Markets mostly lower. Happening high composite, that index up half a percent overnight. China boosting stimulus by lowering oneyear loan by 20 basis points overnight and beijing selling 141 billion in bonds to pay for stimulus spending. The other majors fractionally moving. President trump welcoming signs of improvement, some businesses in texas and vermont are reset to open today with some guidelines in place. Those positive signs says President Trump will introduce swabs needed to test for covid19. Governors repeatedly call to increase testing supplies. The the death toll in the United States topping 40,000 people. Protestors will storm pennsylvanias capital today rallying against the States Coronavirus lockdown. They want the economy back up and running. In nashville hundreds of people ignoring social distancing guidelines waving signs at a demonstration yesterday. Tennessee, the 20th state to hold a protest against shelter in place orders. They feel the orders are impacting their civil rights. Rallies coming as massive job losses are caused by the pandemic. Unemployment benefits continuing up. More demonstrations in maine and in missouri. We will keep following it. The head of wynn resorts to reopen strip by the end of may. Ceo maddocks said that it depends and Safety Measures in place, thermal cameras, hand sanitizeer. Thats part of the planning in las vegas. Meanwhile severe storms breaking out across several Southern States this morning sparking tornado warnings again and flash flooding. Hail battering parts of alabama and georgia overnight. Thethe power storm forcing trees down and the tornado threat remaining high in mississippi, alabama and in georgia. Just last week severe storms pounded the deep south on Easter Sunday. 36 people died as a result of that. Meanwhile this, Nieman Marcus expected to file for bankruptcy protection this week. Carrying 5 billion in debt. Coronavirus pandemic forcing the closure of all of its 43 Stores Company reportedly negotiating a loan worth hundreds of millions of dollars that could keep it afloat during bankruptcy proceedings. Lets look at markets this morning. Futures pointing to a decline at the start of trading weighing coronavirus news. Dow industrials down 349 points after major averages ended up. Take a look at fridays close, you can see the market finished the week on a strong note with the dow industrials up 704 points. The nasdaq up 114 and s p was up 75, joining us ubs ceo Vice President kathy, kathy, good to see you this morning, thanks for joining us. Joining the conversation fox business Dagen Mcdowell and Mitch Roschelle and president of maslansky partners lee carter. Kathy, i want to kick it off with oil, thats the disaster of the morning. Sharp selloff coming in slumping demand of covid19. When the fight took place between saudis and the russians, you saw oil prices come out and now most recent fall is clearly about demand. Oil prices down 25 right now, kathy, how significant do you see this . Kathy i think its very significant and again we know supply and demand, thats always been the thing that we look at and right now theres so much supply and so little demand its an issue and we know the more supply the less demand, the more prices will go down, so very much affecting the markets and affecting confidence. The problem, Dagen Mcdowell when you see a price so low you know that will trigger bankruptcies. This is going make the Economic Impact so much worse because of the price of oil and what its going to do to job creators in the sector, do you agree . Dagen absolutely. Comes down to Paycheck Protection Program will get refunded. This is in tandem. Reopen the economy and do it with speed. People are coalescing around that idea. The only way to save america is to get back to work in some, way, shape or form. You can see a bounce back in the price as you see an opening in some of the states if people are able in small way drive to work again. Maria yeah. Kathy, whats your expectation on that . The president haslied out 3 different phases. When would you expect a little more sign of revenue grown as things begin to open . Yeah, i think thats a great question, again, its the unknown. We are im in the new york metropolitan area and we are shut down till may 15th right now, hopefully we will start to see movement there. Im starting to see people get restless as well and they want to get back to work. People are saying theres the Health Crisis and i need to feed my family, so the quicker we can get back to work, the better that will be for the economy. I think thats clear. The more that we have to postpone that, the more we have to rely on the fed, the government to come in and provide more fiscal stimulus and at some point we have to start producing again. Maria after all the stimulus, already, lee carter 35 of the gdp. If this economy stays close down you will see the protesting also go up throughout the country as well. People want out. Everyone if they see start to open, the problem will be are people comfortable doing is it going to be pulled back too much and what kinds of things to see in order to get comfortable in getting out there again. Do you have any kinds of feelings about how long its going to take once things are open to go to level of activity that will impact, you know, these kinds of prices in oil . Maria kathy. Kathy yeah, no, i agree. It has to be a moderated going back unless we get we have to figure out this coronavirus. You to contain it. We still dont have a vaccine and we dont know for sure if tools or medicine that is can help this. Wewe are starting to get good news. We got news last week and the more that we move forward that. The easier to get people back into work again, but, again, until we have those answers its going to have to be very slow and steady and we are going to have to do it in a very different way than the way we were at 3 months ago including masks and social distancing. Maria kathy, real quick, would you buy stocks right here . Markets will open down 300 points, would you buy or stay in the sidelines . I think we all have to consider slowly but surely going fully into the market. Right now we are taking an opportunity, we are up in the market to reposition, get rid of anything that i dont want in the portfolio and to position clients for the next 6 or 12 months, 2, 3, 25 years, so i would always be a buyer in the market when we were down because eventually the markets will go up again. Its always its always like a longterm view, where do you think you will be in 3 years. If you want tab an owner of the particular company, than buy now. Maria kathy, great to see you. We are just getting started, pizza hut president Kevin Hoffman is here on how his company and restaurants and the industry is adapting to new realities of the covid19 world. Dont miss that. 7 00 a. M. Hour kentucky congressman andy barr on chinas mishandling of the coronavirus. Nfl super agent drew rosenhauss on virtual draft. At 8 00 a. M. , kevin hasset on weighing the realities of opening america. David is here on how his Company Changed and tom on the state of the auto business all with opinions on how to open the economy coming up. The lockdown debate continues. Thats next. We zero in on that. Back in a moment. Maria back, we are expecting a vote either today or tomorrow helping Small Businesses further. Treasury secretary mnuchin saying hes close to a deal with democrats for more money toward emergency loans. I spoke with senators John Borrasso and tim scott and both will vote yes to second raise of funding for the Paycheck Protection Program, watch. You say it needs more money. Its run out of money, right . It ran out thursday. There are Small Businesses and paychecks needed to be gotten taken care of. Theres people still applying for the loans. I see it in wyoming, its been very successful. 350 billion already spent. Its helped 15 million americans stay on the payroll. I like to say that the democrats are holding this up. Realize youre not negatively impacting businesses as much as youre negatively impacting peoples ability to pay rent, pay utilities, this is a serious situation that we should not have a lapse in funding for the ppp program. We should tell nancy pelosi, please give us our paychecks. Maria joining me right now Senior Editor of federalist, chris bedford, chris, great to see you. Chris good morning. Maria whats your take, you wrote a piece that government is destroying our cities but trump might be onto a cure. I want to talk to you about that piece. Your reaction of what youre hearing on the pushback of additional money going to Small Businesses. I understand there could be a vote today or tomorrow in the senate and likely pass pretty easily. Chris right now washington is scrambling to come up with ideas and for Paycheck Protection Program is insufficient bill and doesnt give businesses a lot what they need to survived. I talked to business owners, the people who have accountants, large amount of debts to banks are getting the money, lots of money. A lot of places that you see on main street are shut down and they will stay shut down. Businesses have begun to close and a lot of that, and they will never open again, and a lot is because the senate and the house crafted the Paycheck Protection Program to basically just way to give unemployment money to employees as oppose through federal program but thats not going work if youre out of business and your doors are shut which is what our economy is seeing. Maria thats exactly right. Thats what i pointed out from the getgo. You cant give me a timetable and say im going to take this money and itll be forgiven if i send it out the door in 8 weeks during the shutdown. My employees are fine. Chris makes no sense. Maria makes no sense for the health of the business, i may still go bankrupt and reopening the president are where people are looking to get. President trump layed out a 3phase plan. I spoke with Peter Navarro and he talked about the time frame. Watch this. The president has come up with 3 phases, you do think that some areas of the economy can open up under a phase 1 . We dont have a timetable on that, though, yet. What i can tell you from a supply chain level is thatter doing Everything Possible to make sure that we have all of the equipment that we need in order to make this opening viable and successful. So thats what my focus is on, but President Trump has been candid with the American People about the risks, we are threading the needle but we have to get back to work. Maria how much of a risk, chris, sit, to open up the economy and then risk seeing another wave of coronavirus . I mean, we are already talking about it slowing down in the summer, coming back in the fall, but if you open too soon now in the next couple of weeks, does that threaten cases spiking . Chris yes, we have to worry about a couple of things in the matter. One you have to be careful of opening the economy, you should go to rural areas before urban areas. Im not a health experts. Looking at the economic part of the matter, turn the economy off and switch it back on its going to look a huge amount of businesses are getting eviction notices, all the places that are shutting down and the ripple effects to the economy that are happening, the car citizenship dealership, the people who make the parts are just beginning to feel this and i fear its going to be too late, there needs to be more money from washington but need to come through a Different Program preferably through pushing Insurance Companies to pay what they owe. Maria good point. Mitch roschelle, one other thing is the Community Banks. Community banks need more money. Lets face it. Main street banks, the yoga studio, the bakery, the Small Business, the dry cleaner, theyre banking with Community Banks, those center banks that need more money and hopefully that will come out of this new vote this week. Chris the Community Banks are scrambling because they are reliant on Small Business community and they want to make that happen but some resources and people have had difficulty maria yeah. Chris they dont have the resources. Maria yeah, real quick, mitch, Mitch Roschelle. Mitch those who have done very well in terms of getting protection loans and you will see more and more headlines i suspect about how larger banks werent there for customers when Community Banks were. Maria all right, we will keep following this and, of course, this morning we have more news about the potential of another major retailer going bankrupt, nigh man marcus, chris bedford, good to see you this morning. We will talk with you soon. Shake shack feels the heat, what it did with government loan and why. Stay with us. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Maria welcome back, shake shack plans to give back 10 million that it received through the Paycheck Protection Program. The chain qualified based on the amount of employees in each of the restaurants but now will give the money back after raising outside capital and seeing pressure from people who said youre not small enough to need this. Lee carter, do you think a move like this will convince other big businesses to help their industries as Paycheck Protection Program runs dry . I mean, they gilded shake shack to give it back saying the company wasnt small enough . Lee i think we will see a lot of pressure in these situations. I think people are really upset with the way things have played out and we are seeing that 3 quarters of americans right now are saying the way that a company handles the situation this time of crisis will impact the way its going to treat the company and are they going to go to be loyalists or turn to support those businesses on the other side of it. I think the extent that larger businesses are taking advantage or taking from the little guy, its really going to be a problem for people when they two back, that the kind of business that i want to support. People are watching this stuff closely. Maria yeah, theres the whole china angle here. We have learned a lot about what china has done, the way they down played the coronavirus from the getgo, the way that it could have gotten out by accident of that lab and then the uyghurs in camp. We understand they are profit profiteering of coronavirus. After cornering the america they are hoarding the ppe, misinforming the public and using it as leverage, watch this. First of all, the virus was spawned in china. Second of all, they hid the virus behind the shield of the World Health Organization. The third thing they did was basically hoard personal protective equipment and now they are profiteering from it and what we know that the ground zero for this virus was within a few miles of that lab. I think its incumbent on china to prove that it wasnt that lab. So thats number 1. Maria of course, this come as we saw major news over the weekend, hong kong prodemocracy leaders were arrested over the weekend highlighting beijings influence in the city. Mitch roschelle, what do you think about that . 15 prodemocracy activists were arrested over the weekend. What does the u. S. Need to do to hold china accountable for its actions . Its remarkable that in the middle of the pandemic you see the Chinese Communist thugs going into hong kong and taking people to jail. Mitch one of the things being kicked around is sending u. S. Investigators to go to the wuhan lab. Its interesting how its covered around the world. They talk about the denials from china but they dont really talk about the allegations coming from the United States, so its going to be sort of us against them or us against the world as we try to shine a very bright light on what is happening in china. Maria even the media in this country seems to be siding more with the communist party than the actual evidence of what we know in terms of

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