Week, david banson is here, and it is great to have you here. Good to be with you. Maria thank you so much. You are focused on dividend payers, growth stories. How do you want to allocate money on the heels of what weve seen from the Third Quarter earnings season and ahead of the fed meeting this coming week . Whats interesting is we think its an allweather strategy. But i honestly really believe its particularly appropriate now. Theres a really compelling argument to make for increasing deespecially thive defensiveness. Youve had a huge runup in growth. You do have uncertainty around the 2020 election, around Global Growth conditions and, certainly, we know the china trade war is not fully fixed and the resolutions not readily apparent. On the other hand, i believe theres plenty of opportunity if you get resolution on the trade side. You dont want to be overly defensive. We think that Dividend Growth space provides investors yield in a low rate environment and, of course, they want something defensive on the equity side. Mcdonalds was one disappointment, but you look at intel just up dramatically in their result9s, you look at gp morgan, procter gamble, verizon. High Quality Companies delivering Great Results even in a challenging environment. Maria so you think that the earnings season has been better than feared. Overall, its been better than feared, and its been particularly better in the Dividend Growth space that were in. Maria let me go back to what you just called the low rate environment, because investors or are focused on next week, october 29 and 30 when the Federal Reserves going to have its upcoming meeting, and the second date is november 16th and 17th, and thats the apec meeting, the asiapacific Economic Council meeting, and thats where President Trump is supposed to meet with president xi of china, and theyre going to sign a deal for phase one of a trade agreement. Your thoughts on the Federal Reserve first. Does the fed cut . Yes, they do. The markets quiting in 96 pricing in a 96 chance you get one cut next week, one quarter point. December looks more questionable now. Itd been about 40 implied probability in the futures market, its down about 25 i dont want care if they do or not i dont care if they do or not, but i understand the arguments. Its really irrelevant, theyre going to do it. Thats priced in. You get one cut in october. The issue in november thats really i think a lot of investors or are not appreciating the very high probability that, in fact, this deal gets forward, phase one gets inked and those december escalations do not happen. I think that becomes base case for the trade issue and, frankly, i thought that Vice President pence yesterday was more dovish in his comments at the talk. I think that you could even get a better trade resolution going into 2020. Maria Peter Navarro joined me this past week on mornings with maria, and he said if we have an agreement with china where they stop stealing our intellectual property, where they buy more goods and open up access to china for american companies, were going to see dow 30,000. He thinks markets react positively. I agree with him completely. The issue is what will get us there. And ive always felt the intellectual property enforcement is the biggest issue. I have it on good word that thats really what hung things up in may. They were 90 president of the way there maria going into 2020, how do you assess the field . I know youre writing a book on elizabeth warren, and i think businesses are quaking in their books right now at the possibility that she becomes president. Obviously, shes got to get the nomination first but, i dont know, is there somebody whos beating her . Right now and joe biden has been remarkably consistent in kind of hanging in there. Hes still there. I think that anything could happen in the next couple months. But i believe she will be the nominee. And i would be terrified of it. But its not because i think that she will actually get done all these awful things shes threatened to do. I dont think its good for our country to have that rhetoric and tone come back from the oval office week after week demonizing entrepreneur, demonizing energy production, deeing monoizing the whole maria well, putting the conversation aside, she actually has policies that are going to, some say, destroy the economy. Youre talking about a wealth tax, higher income tax. We know what happened when the president instituted a drop in the Corporate Tax rate expect rollback in regulation. It actually moved the needle on economic growth. Absolutely. The hedge we have there, of course, is our Founding Fathers who dont allow us to do that without the support of congress. That wealth tax is not going to happen, and ive already written that chapter in the book, i will tell you. I cant wait to have a public argument about what a disaster that is. Maria yeah. David, fors great to have its great to have you. Thank you so much for joining us. My oneonone with marc benioff is up next. Stay with us. Sales forces marc benioff pulls no punches capitalism as we know it is dead. Maria goes one on one with the tech giant when wall street returns. This is the age of expression. But shouldnt somebody be listening . So. Lets talk. Were built for hearing whats important to you, one to one. Edward jones. Its time for investing to feel individual. I am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. Anna, do you yes those plans . I just wanted to show you something ive been wor. James r. And associates. Anna speaking. James r. And associates. Anna. [phone ringing] baker architects. This is anna baker. At northwestern mutual, this is what our version of Financial Planning looks like. Tomorrow is important, but youre ready to bet on yourself today. Find an advisor at northwesternmutual. Com. Hey fred its medicare open enrollment. E. Time to compare plans. Were fine with what we have. Thats what the johnsons thought until they tried medicares new plan finder. The johnsons . We saved a lot on our prescription costs and got extra benefits. How bout it, fred. Plans change every year. Use the new plan finder at medicare. Gov. Comparing plans really pays. Look how much we can save. Maria welcome back. The founder and ceo of facebook, mark zuckerberg, was on the hot seat during his hearing on capitol hill to discuss the companys desire to start its own cryptocurrency. Zuckerberg was grilled over a variety of issues including facebook allowing political ads to run on their site without factchecking. Sales force founder marc benioff has been a long time critic of the social medias giant growing influence. Its addictive. Its bad for you. They want your kids. Now theyre posting political ads with incorrect information, theyre passing your information to 50,000 other companies. You dont even know whats happening x. Now theyre buying assets like whats app and instagram and commingling all that day eta. And if you saw that netflix special called the big hack, theyre creating Market Segments and shifting elections based on that data. Thats not good. Nobody wants that. Maria no. We want a society based on trust and truth. Thats so important. And this is something we all need to be committed to. We have to focus on trust as our highest value. Maria i mean, you would think these companies would have policed themselves and not gone to this point. A year ago we were watching a murder on youtube. You know, i mean, like, there should be inhouse policing of some of these companies so that washington doesnt have a bigger hand, but it looks like thats where this is going. I think theres bipartisan agreement that things like section 230 should be abolished and that we need to move ahead by holding everybody accountable for whats on the internet. And its really about our kids. When these companies started to go after our children, thats when i was like, wow, there is no line that they will not cross. And thats where all of us need to be paying attention to these technology it is like a. I. Are so powerful, we dont even know magic thats happening behind the scenes and how were being influenced. Maria perfect transition to the book because you have been trying to save the world now for 15 years, 21 years actually. I remember when i first met you, it was very important to you to be cognizant of the world and the Community Around you and to make sure to give back. Youve done so much in terms of your own charity, building a hospital with your wife. You write a book, its called trailblazer the power of business as the greatest platform for change. Why did you write this book . Capitalism as we know it is dead. You know, businesses need we all need a new capitalism, and that is a capitalism that is more fair, more equitable and more sustainable. And thats a capitalism that includes all stakeholders, not just shareholders. This concept that the business of business is over. Maria i want to push back for a minute because this has been in your blood, your dna, this whole notion of stakeholderrings. So youre make stakeholders. Youre maybe different in this category, but when i first saw the business round table decision, i said, well, wait a minute, does that mean employees in the communities you operated werent important beforehand . I thought it was a little bit of p. R. , and i also said, wait a second is, what about shareholders, what about capitalism . Whos going to stand there and defend capitalism . This is a new capitalism. Its where shareholders are as important as stakeholders, and its coming from within the companies. Its coming from within people who are working inside companies today to say, hey, im not just here to make money, im here to improve the state of the world. I know you feel that way. Its why you left the other network. Youre here because this is your platform, and you use your platform to improve the world. I know that because ive watched you for decades. But im also using my platform to improve the state of the world. We are all doing this. Maria youve been giving 1 of profits to Charities Day one. And our employees time and our product and also, you know, our total view of what we can contribute. Thats whats important to us. Maria and i like this culture feeds on itself in your company. Your employees want to go and give their time we even got 9,000 other companies to sign our pledge, and theyre all doing the 311 111 model as well. Maria its so important. I was talking to congressman barr in washington, and he said when youre talking about this i want to hear, you know, who is going to defend capitalism and whether or not this is an opening for the elizabeth warrens to come in and say, oh, guess what, lets tweak this, lets change this, lets not be married to shareholders. I know that youre saying, yes, its one stakeholder, but there are so many others. What about that criticism . What about that, that this is just sort of p. R. Out there . Not from you, because i know youve been doing it from day one, giving 1 away, but the business round table . Its ignorance. Its a lack of understanding of a revelation that is happening among the most important ceos. Not all ceos, you know . But last maybe not the last generation of ceos, but the new generation and certainly the millennials that are coming that businesses can be this platform for change. You can use your business and your life too, yourself, to make the world better. And we cannot rely on our government to do. This. Maria what are you thinking about the homelessness issues in california right new . And, by the way, our large cities right now, in my view, some of them are crumbling. Whether its San Francisco, los angeles, new york. The homelessness is really front and center in your backyard. At sales force, right . What is it . What is it going to take to change this scenario . Now, i do know that income inequality has begun to tighten because wages have gone up over the last couple of years, and wages are up for the bottom earners, but the pictures are heartbreak. Any ideas finish. Oh, i have a lot of ideas. Thats why a year ago i spent 7 million to work the path actually tax sales force which is called prop decision c in San Francisco proposition c in San Francisco to create more Homeless Services because we badly need extremely low Income Housing and social services. Its been proven by medical studies, by clinical studies, and were just not doing enough. And so 62 of the voters actually passed this, and its in the courts right now. But we need more services. Maria my thanks to marc benioff. Dont go anywhere, a ana botin is next. Stay with us. Breaking the Glass Ceiling, ana botin sees more women in the c suite. When wall street chevys the only brand. To earn j. D. Power dependability awards. Across cars. Trucks. And suvs. Four years in a row. Since more than 32,000 real people. Just like me. And me. And me. Took the survey that decided these awards. It was only right that you hear the good news from real people. Like us. Im daniel. Im casey. Im julio. Only chevy has earned j. D. Power dependability awards across cars, trucks and suvs. Four years in a row. And i recently had hi, ia heart attack. It changed my life. But im a survivor. After my heart attack, my doctor prescribed brilinta. Its for people who have been hospitalized for a heart attack. 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If you cant afford your medication, astrazeneca may be able to help. Hey. Hey. You must be stevens phone. Now you can take control of your home wifi and get a notification the instant someone new joins your network. Only with xfinity xfi. Download the xfi app today. Maria welcome back. This week the European Central bank left Interest Rates right where they are, historic close, as the eurozone continues to struggle to generate economic growth. I spoke with anna bow teen. Super proud of our team here in the u. S. Its been our best performing since 2018. Our profits were up 40 , but very importantly, were doing a much better job for our customers. And this year again the u. S. Is our best performing cup. And, you know, weve made a lot of changes to our business here. We changed the team, the board, and were now running the company here to the standards of santander, and we have a lot of plans for growth. Maria well, im glad you said that, because when you first took over from your father, you said to the Analyst Community on wall street, look, give me a few years, let me see how i can generate the return. If not, ill sell it. Now theres all this speculation, well, maybe santander wants to sell their u. S. Subsidiary. Are you going to sell it . No. We have changed a lot of things, the consumer and dollars, for example, we are managing in a different way for our customers and consumers, and the bank here on the east coast, weve really narrowed the gap with our exit9 to haves. And very importantly, our plan is to bring the scale of the santander group. So if you take santander as a whole, the whole group, we invest every year about five billion euros in technology. Weve announced twenty billion investment in our banks for the next three, four years. That level of investment would put us the third largest, or fourth depending on the measure, of all the banks in the u. S. Maria the eurozone has had a very tough time generating any growth, and today we see the u. S. Really being the jewel of the world where thats why youre seeing lots of assets come to the u. S. First off, hows the u. S. Doing, the backdrop, how would you characterize it . Are we on the doorstep of a recession . So i think the fact that we are expecting lower rates means that the recovery could be more sustainable. You know, full employment, basically, the low unemployment ever or in 50 years. So we see the u. S. Consumer being very resilient and 70 of the economy. So our consumer business in dallas is doing pretty well. Obviously, lower rates will not help margins, but it should help volumes. Overall, were very positive on this economy, and were very positive what we can add. Because were one of the few banks that has a presence in europe, u. S. And latin america with a deep presence. So not just at the top end of the large companies, but Mediumsized Companies and, of course, small companies. Maria what about europe . Negative Interest Rates in many countries in europe. Europe has a very tough time generating any growth. How long do you expect were going to the see these negative Interest Rates, and what are the risks . Its hard to say. So, you know, clearly, theres not just this is not just about Interest Rates and monetary policy. I would say, you know, theres few things we need to be working on. One is Interest Rates. On that im not saying that there is no experience of a longterm except in japan longterm negative nominal rate. And what that means for consumers, you know, what will save us. I believe its important that savers get rewarded, but that also people that is ask for loans have discipline. So we need to be a bit careful on that, what the net effects are for the economy. What it means for can banks for banks, what it means for overall jobs and growth. But it also needs to work with fiscal policy, and weve seen germany announce a program, so i think that is something which is also going to be helping. Structural reforms, how much does europe need to change. This is a question that i think we should be able to answer, you know . My view is that the european model has a range of options. When youre on the right side in the terms of policies, you actually generate very good growth, and spain is a great example. You know, spain has grown for the last six years for, you know, within 23 . Actually, not very different from the u. S. Maria as a woman in business, we see successful women, you have been able to do it all. You have a family, you have this career, you are running the chairman of santander, Group Santander bank all over the world. What do you think its going to take for women to break, truly break the Glass Ceiling in a meaningful way . Why arent we seeing more ceos in the c suite like yourself . Well, first, its great to be interviewed by a woman. [laughter] and i love men, by the way. Its not that i dont like men maria we like them. Well keep them. [laughter] yes. But in the proper place. Maria got it. And the fact is that men rule the world. I was at a meeting in paris of the Top Financial Companies in the world a few months ago. There were 100 ceos. Guess how many women . 3. Maria 3 out of 100 . Wow. So i do think we have to speak up. And i think as a business, its not just about gender and diversity. We have to make sure when we see something thats not working, we speak up and try to make it better. Maria generally speaking, women dont like to speak up. No. And this is one of the things. We find internal promotions. Men put themselves forward when theyre 50, 60 qualified. And this, by the way, is empirical in the whole world, not just the markets we operate. Women, unless theyre 100 or more qualified wont put themselves forward. Is so this is happening. And so we need to make sure that we give that extra help. Ive always said theres a family tax which is paid by woman. And so, again, to how to we fix that. So i think theres things we can do better. Maria i agree with you. I think affirmative action does work, and i think making public commitment helps. Maria dont go anywhere, more wall street right after this. I get it all the time. Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. When i found you i just knew we have our own style and our love is one of a kind strong brilliant unbreakable you found the one, now find the ring visit zales, the Diamond Store seeing what people left behind in the attic. Well, saving on Homeowners Insurance with geicos help was pretty fun too. Ahhhh, its a tiny dancer. They left a ton of stuff up here. Welp, enjoy your house. Nope. No thank you. Geico could help you save on homeowners and renters insurance. My hands are everything to me. But i was diagnosed with dupuytrens contracture. And it got to the point where things i took for granted got tougher to do. Thought surgery was my only option. Turns out i was wrong. So when a hand specialist told me about nonsurgical treatments, it was a total game changer. Like you, my hands have a lot more to do. Learn more at factsonhand. Com today. It made her feel proud. Ancestry® specifically showed the regions that my family was from. Greater details. Richer stories. And now with health insights. Get your dna kit at ancestry. Com. Maria welcome back. Coming up next weekend right here on the program, join us. Former ceo of ford motor, mark fields, my special guest. Along with palmer lucky the guy who sold his company to facebook for 2 billion, and he went on to create anderall. Join me on sunday morning features fox news channel, 10 a. M. Eastern, we will talk with john ratcliffe, he is my special guest this weekend. As we know that the john durham investigation is now a criminal investigation. Thats 10 a. M. Eastern live sunday morning on fox news. And right here on fox business weekdays, start smart every weekday from 69 a. M. Eastern, and join me for mornings with maria. Thatll do it for us right now. Thanks so much for joining me. Ill see you again next time. Gerry hello, and welcome to wall street journal at large. The impeachment investigation of President Trump and who will challenge him in 2020 once again dominated the headlines this week. On tuesday the top u. S. Diplomat in ukraine, william taylor, went before congressional investigators and said he was told that President Trump had held up military aid to ukraine as well as a meeting with the countrys new president until kiev announced it would investigate the business dealings of former Vice President joe bidens son and the alleged ukrainian