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 nai