Transcripts For FBC Mornings With Maria Bartiromo 20240712 :

FBC Mornings With Maria Bartiromo July 12, 2024

Order today overhauling policing in america. Coming up at 8 00 a. M. Eastern, former Senior Adviser to president obama valley Valerie Jared is here and joe biden narrows down his pick for Vice President. Concerns over coronavirus spiking, cases in the United States surpassing 2. 1 million. Now more than 116,000 people have died and the death toll is expected to top 200,000 by october. At 8 30 a. M. Eastern this morning we will get another look the impact is having on economy for the month of may. We will get the numbers to you as soon as they hit the tape and check out the markets impact. Growing tensions between north and south korea, north korea blowing up an interkorea Liaison Office near the border. Mornings with maria is live right now. Maria and stimulus from the Federal Reserve sparking a rally across the globe this morning. European indices high err cross the board. The cac quarante in paris is up 104. In asia overnight markets soared on the hails of comeback and the bank of japan taking action increasing lending to cash strapped businesses from 700 million to 1 trillion in japan. Nikkei average up almost 5 on the news overnight. Some of the stop stories that we are watching overnight. President trump expected to sign executive order on Police Reform today as calls for change grow face wide. It would promote a Community Base policing strategy focused on officer behavior use of force and information sharing about bad cops in an effort to rebuild trust. We have mostly great people, i know so many of them, Law Enforcement, but we will do better, even better and we will try to do it fast. Its about low and order but its about justice also and its about safety. Maria executive order includes creating credentialing and prioritizing services. We will explain this morning. House democrats start mark up their justice in police act today with a floor vote expected next thursday. Senator tim scott who has led effort on gops plan is expected to unveil the proposal this week as well. The nypd says that there was no criminality by shake shack employees after 3 officers got sick drinking milkshakes. Detectives looking whether the officers got sickened by uncleaned machine. The officers discovered toxic substance believed to be bleach. Our team is working hard to get the full picture. All officers are okay from shake shack. President trump slamming seattle leaders from failing to break up unoccupied zone meanwhile. These people are taken over vast part, major part, very good part of a Police Called seattle. Seattle is big stuff. Thats a major city. A governor who doesnt do a damn thing about it and a mayor that doesnt know shes alive. If they dont do the jobly do the job and ive already spoken to the attorney general about it. The capitol hill protest in second week. Seattles police chief says despite claims the area is cop free, officers will respond if theres a threat to safety. And landmark decision for lgbt workers, the Supreme Court ruling a key part of the 1964 Civil Rights Act protect gay and transgender workers in the workplace, chief Justice John Roberts joining liberals on high court of ruling which comes after legalizing samesex marriage. Green light from the government on 5g, the American Companies and hauwei can design technical specification for next generation wireless technology. The Trump Administration put hauwei on a blacklist last year restricting u. S. Companies from doing business with Chinese Companies claiming that it is used to spy for the communist party. Dow futures this morning pointing up, take a look, tripledigit move on reported 1 trilliondollar infrastructure proposal and positive news from the Federal Reserve. The central bank announcing yesterday they would be buying Corporate Bonds and extending loans to small and midsize nonprofit organizations with endowments of 3 billion or less as Federal Reserve chairman powell before Senate Lawmakers today. Joining us phil orlando with us along with fox business Dagen Mcdowell, Senior Writer at wall street journal Jon Hilsenrath and campus reform. Org caleb philips, thank you for being here. Let me kick it off with you phil, your reaction to what took place yesterday and the moves today, is this a short squeeze or a fundamental comeback here for this market . Phil i think a combination of the two. The s p 500 down 8 over last weekover so with weakness yesterday morning and then in the last 24 hours youve had 3 significant fundamental developments, number 1 this morning, yesterday morning the index went negative 78 in april to break even in june and in the middle of the day powell announces the fed will buy Corporate Bonds and in this morning trumps trillion dollar infrastructure announcement. We were expecting that next month as part of proposed phase 5 so we are getting, you know, 3 or 4 weeks earlier than we thought. All of those things suggest that the correction is done and we will start to grind up again. Maria all right, so you have been pretty bullish throughout all of this. You do expect longterm. This market youre estimating contraction of 28 for the Second Quarter of 2020, consensus is all the way up at 32 , how damaging is that longterm, phil, because i know in the Third Quarter youre expecting growth and better than consensus and 11 growth higher than consensus, what contraction youre looking for in quarter we are currently in, 38 or so . Phil we flip the off switch in the u. S. Economy in the middle of march as means of saving lives, so you had a negative 5 in the First Quarter with the economies shut for 2 weeks. In the Second Quarter we had the economy shut for almost 2 months so that number will be historic but we have now flipped the onswitch again. People will be going back to work and you see the empire number i just referenced. The movement from april to june, every data point we look at is showing the same kind of recovery. We are comfortable that the recession will be contained in the first half and we are looking for strong rebound starting in the Third Quarter that we think will continue in calendar 21. Maria Jon Hilsenrath. Jon phil, i i want to send that question about what kind of rebound we are going to get. As you said, we have really sharp declines in the Second Quarter and we are going get some balance. Oneone of the things im tryingo understand is how do you know what kind of rebound this represents . If we get a snapback, how confident can we be that this is a vlike recovery that brings us back to right where we are and isnt necessarily a shortterm bounds that just doesnt have a lot of followthrough to it. Our case is not v bottom recovery but ubottom recovery and we are at the bottom in april we think and starting to look higher. As we look across the horizon, we are looking for a return to record economic record corporate Earnings Growth but thats probably not going to be until late 21 or early 22. What we are seeing right now is just the recovery. The triage is behind us. We stopped the bleeding, thats good. We are now starting to recover and in the second half of the year we think we start to grow, so we were at, you know, 3200 or so, 3400 before, you know, everything started to collapse back in february. We think we will get there looking out over the course of 6 to 12 months but its not going to happen tomorrow, jon. Maria Dagen Mcdowell. Dagen one thing we are missing here phil, we are talking about the recovery and the surge in asset prices as if its happening organically, its not, its because of the Federal Reserve intervention, massive and unprecedented and particularly with the announcement that the fed, details on its move to deploy what a quarter of a trillion dollars to buy Corporate Bonds. The fed is creating vast distortions in the market and is literally propping up what the wall street journal editorial page is calling Zombie Companies and the fed will be there forever in order to make sense of the skyrocketing stock and debt prices. Phil i will take that one step forward. I dont think its just the extraordinary policy response from the Federal Reserve. I think washington, the administration and congress have set their end of the bargain as well. Weve already got 4 phases. Phase 5 we think is going come somewhere in the middle of july and thats another trillion dollars and theres been enormously policy response from the fed and washington in order to get the economy right back on track. Theyve quite literally ripped the page out of bernankes playbook. There was no way they were going to stand on the sidelines and watch destroy the american economy. Dagen people dont know understand the risks they are taking. Phil the greatest risks is the risk of second infections this year. Thats why the social policy, the progress that the medical community in terms of development of testing and antiviral drugs and potentially vaccines are so important because we have to have some confidence that if we exit this recession over the next couple of months as we think likely, do we run the risk of going back in a recession with this dreaded second wave later in the year so thats clearly is a risk and watching it closely. Maria so real quick as you go, do you want to allocate money then to health care as those companies are searching for vaccines and treatments or technology, these two areas were where the highs were and certainly big gains or do you want to look for undervalue, real quick, phil . Phil the large cap stocks, now this is starting to now we are looking at lagered and the economic that have not performed as well. Maria all right, we will keep watching. Phil, great to talk with you, thank you so much. Phil orlando joining us there. We have a big show coming up. In the next hour we will speak with former White House Acting chief of staff, Mick Mulvaney, what is all the stimulus going to mean for debt, deficits to help quick start the economy and then at 7 00 a. M. , 8 00 a. M. Hour first on fox Business Interview with former Senior Adviser to president obama, Valerie Jared, the short list of presumptive candidate joe biden, Vice President and a lot more. Valerie jared coming up. Dont miss it. Big couple of hours coming up right after this. Maria welcome back, changing police practices, President Trump is set to sign executive order today on Police Reform. It is expected to create a Police Database to keep track officers with multiple misconduct violations as well as provide resources for dealing with issues like homelessness and mental health. The president speaking out yesterday at the white house. We will be talking about things that weve been watching and seeing for the last month and we are going to have some solutions. I think some Good Solutions and some of it as you know is great people. We need great people in our Police Departments and we have mostly great people i would say that. I would say that with certainty we have mostly great people. I know so many of them, Law Enforcement, but we we will do better even better and we are going to try to do it fast. Maria joining me right now Nassau County new York Police Commissioner patrick, commissioner, thank you very much for being here, we appreciate getting your thoughts in all of this, first reaction to the president and executive order that he will be signing today which would include a database of infractions of officers . Well, good morning, maria, thank you for having me. When you look at what the president is going to sign about the database and and how we track things, a lot of Law Enforcement agencies already do that. We do that here in Nassau County, its part of our blue team system, automatic report comes in, once the report comes in, it then generates flagging system, if i have two or three complaints about a certain officer, the officer gets called in and reinterviewed so tracking the incidents is good, it helps us as management to make sure that we keep our officers on track and we dont start to see those go outside the lines of where they should be, so that change is not a bad thing, we already do it in Nassau County and i know the city of new york does it also, some of the changes are good for other departments around the country. Maria yeah, because thats not a national thing, the officer who had his knee on George Floyds neck and and now hes dead, he had 17 infractions, that officer, so its not a national policy, right, youre doing in nassau and you say theyre doing in new york but not all over the country . Thats correct, so many agencies may be behind the 8 ball and need to catch up with it but just so you know and you heard the president we are not all bad, its 99. 9 of us are not bad. What happened to george floyd is horrific. Maria yeah, which is why we also want to talk about concerns for Police Safety as well. 3nypd officers were hospitalized yesterday. They drank shake shack milkshakes and possibly contaminated. They had bleach in them we understand. The nypd says this morning there was no criminality by shake shack employees, they were looking into whether or not it was an accident. Whats your reaction to what took place . The antipolice sentiment thats out there in this country has got to stop. We are not the bad guys, we are the law and order people. We have bad officers, we have those that make mistakes and we have to take a look at that and we have to reevaluate and look at ourselves, reform is coming. We know that. Weve been seeing reform all year when it started with justice reform, but what we have to do is make sure that one we are communicating with the community, we are breaking down those lines that have been put in front of us and stepping over and working together with our community to make sure the reforms are done correctly to protect the right of the officer and protect the right of the community. Maria so what do you need to do to prove that to the country where the tone of the country is just negative around the cops. In minneapolis 7 Police Officers have quit, another 7 in the process of resigning citing lack of support from the department and ongoing protests and you also need to feel that you the support. Patrick, have you heard from officers expressing these kinds of concerns that they are not getting the support of the mayor, of the governor, is this a nationwide problem and how do you prove that yes, 99. 9 of cops are good people . You have the first they keep saying protest, protests, this is not protest, this is a movement. These are young adults that wants changes and its not just against the Police Department, many things that they feel is an injustice to them as the young adults in a movement. Ive walked in many of the marchs, its about 50 makeup of black and white. Maria yeah. Its in the just black lives matter. The officers are all working maria its a really important point. Patrick, thank you, patrick, ryder, we will be right after all these years back. cause youre not like everybody else. Thats why Liberty Mutual customizes your car insurance, so you only pay for what you need. What . Oh, i said. Uh, this is my floor. Nooo only pay for what you need. Liberty. Liberty. Liberty. Liberty. You say that customers maklets talk data. S. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Maria welcome back, European Union antitrust authorities launch two probes into apple over potential violations of competition laws. The probe focus on apple paid service and the app store. If found guilty can be forced to share right now shares are up 1 and a half percent. Getting back in the game, Colin Kaepernick on the sidelines since 2014, scored endorsement from commissioner roger goodell, watch this. Listen, if he wants to resume his career in the nfl, i welcome that support, a club making that decision and encourage him to do that. Maria Jon Hilsenrath, whats your take

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