Transcripts For FBC Mornings 20240704

Futures, well, to the downside on this first trading day of august ahead of a big week of earnings and economic data. Dow component caterpillar out before the bell along with pfizer, jetblue, uber and marriott, all the numbers as soon as they hit the tape this morning. Jobs on tap this week with the july adp report out tomorrow, the july jobs report comes out on friday. Taking a look at european markets, we have red across the board. The ftse, cac 40, the dax are in the red. To asia overnight, markets mostly higher in that region as you can see, the kospi in korea up better than 1 and a third percent. And selling the biden brand, a bombshell testimony from Hunter Bidens former Business Partner, devon archer. House oversight republicans say he added to the growing evidence that then Vice President biden was involved in his sons overseas business dealings, selling access to the, quote, d. C. Brand. Democrats say they only talked about the weather. Joining the conversation all morning long, former georgia congressman, doug collins is here and optimal capital director of strategy, Frances Newton stacy. Mornings with maria is live right now. Cheryl Hunter Bidens former Business Partner devon archer testifying before the House Oversight committee yesterday, telling lawmakers that hunter and bars ma executives called washington, d. C. In 2015, asking the Obama Administration to help fire the ukrainian prosecutor investigating the firm. House Oversight Committee chairman james comer releasing this statement, quote, devon archers testimony confirmed joe biden lied when he said he had no knowledge about his sons business dealings and was not involved. Joe biden was the brand that his son sold around the world. When joe biden was Vice President , he joined Hunter Bidens dinners with foreign Business Associates in person or by speaker phone over 20 times. Joining me now is congressman jeff van drew. Congressman, good morning. Your initial thoughts on what we learned yesterday from devon archer. We dont have the transcript, we certainly have commentary coming out of the Committee Hearing yesterday, sir. Absolutely. Good morning, cheryl. Let me tell you, joe biden was the merchandise and hunter biden was the salesman. Whether it was actually removing the prosecutor in ukraine, because that prosecutor was going after burisma, burisma wouldnt have survived the investigation so it was paramount they get that done. Hes using public policy, hes using the power when i say he, i mean the president the power of the United States and the influence of the United States to actually help other Foreign Countries whether it be china, in some cases even russia, he was meeting with oligarchs and certainly here with ukraine. It is time for impeachment inquiry. I dont want to wait anymore. We have enough and impeachment inquiry will give us the ability to have more intense investigation, it gives the investigatory body, the Judiciary Committee more power. Lets do the inquiry. This is a tangled web of lies. By the way, hunter biden should have been registered as a Foreign Agent and he wasnt with all that he was doing. Broke the law there. And also by the way, you know, its funny that devon archer actually was going to jail and hunter biden was involved with the same actual issue doing the same stuff to native americans. So there is a lot there. You can see it isnt fair and its hurting the country and i think when you talk about treason, i think this is literally rising up to the level of treason. Weve had enough. Ive had enough. Cheryl okay, congressman. Theres a couple more things i want to get to. Theres two sides, theres two opinions as to what devon archer presented to the committee yesterday. On the other side is new york congressman dan golden, hes dismissing the testimony, he claims it did not prove that joe biden was part of hunters business dealings. Watch this. The witness was very, very consistent, that none of those conversations ever had to do with any business dealings or transactions. They were purely what he called casual conversations. Does it contradict the president s statements saying he never talked to any of Hunter Bidens Business Associates. Clearly he talked, whether about the weather or whatever, but he said specifically he never talked to them. Doesnt that contradict it. I dont know what his comment is. I dont think thats what he said. Cheryl okay. Your response, congressman . Again, were getting two different sides to what was heard yesterday. We dont have the transcripts. We cant read the testimony ourselves. Well, you know, two sides are not i dont believe it really is two sides. I mean, dan golden looks nervous when he speaks about this and goes through his little rendition of what happened. People dont need over 20 times, a dozen times just because they want to talk about the weather. I dont know about you, you can only talk about the weather for a few minutes. I mean, thats nonsense. Were not m not morons. The American People are not morons. I trust jim comer. I trust the chairman of judiciary, certainly these are people that are honest and tell the truth. And we know at least the minimum thats in there is what they told us. Im sure that theres more. This is bad stuff, he should have registered as a Foreign Agent. They were selling america. We need the impeachment process to begin and dan goldens not telling the truth. Hes a shill for joe biden. Cheryl i want to say your former colleague, doug collins is on set with me in new york this morning. I want to bring you into the discussion. Youve been nodding your head, listening to the congressman. Good morning. I think one of the interesting things that golden was actually the attack dog for adam schiff when we did the impeachment in 2019. Dont you find it interesting the things we were talking about in 2019 with joe biden and hunter biden are now being brought out in this light and hes on the other side basically saying it didnt exist again. Absolutely. Its totally 100 hypocritical. Ive had a belly full of this stuff. I mean, to expect, doug, that they believe that we will believe that they just sat around and talked about the weather when all this was swirling around, when joe biden went to ukraine and said hey, you dont get rid of this prosecutor, youre not getting the money you want. Come on, joe was even proud of it. I mean, we know its there. We know theyre tangled up in a web of lies that gets sicker and sicker and theyre going to get all caught up in it. I think we need the enhanced power now of moving forward with impeachment inquiry. It is time. Its enough. We have to be a little tough about this. We cant be weakkneed as republicans. Cheryl thank you for weighing in on this developing story this morning. Thanks and its great to see my former colleague, he looks better than ever. [laughter] cheryl i think he agrees with you on that. No, no. Thank. Cheryl all right. Well, thank you, congressman. Were just Getting Started this morning. Coming up, Governor Ron Desantis releasing his economic plan. Why critics say his ideals are not in alignment with fixing the issues. Thats coming up next. Plus, the white house keeps saying bidenomics is working but how does the average american feel . Thats making a buzz this morning. Dont miss a moment of it. Youre watching mornings with maria live on fox business. Kicking w kick em when theyre up, kick em when theyre down. Moving forward with node positive Breast Cancer is overwhelming. But i never just found my way; i made it. And did all i could to prevent recurrence. 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Tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, and rapid breathing or heart rate, or if you are nursing, pregnant, or plan to be. Im making my own way forward. Ask your doctor about everyday verzenio. upbeat music woah. Constant Contact delivers the Marketing Tools your Small Business needs to keep up, excel, and grow. Constant contact. Helping the small stand tall. He snores like an angry rhino. Youve never heard an angry rhino. Baby i hear one every night. Every night. Okay. Ill work on that. Save up to 500 on the new sleep number® smart bed. Plus, free Home Delivery when you add an adjustable base. Shop now only at sleep number®. Cheryl 2024 president ial candidate Governor Ron Desantis unveiling his economic agenda yesterday. He is vowing to take aim at china, government bureaucrats and the elite. He also wants the u. S. To aim for 3 growth but the wall street Journal Editorial Board is taking issue with how gets there. They write that the florida governor, quote, undercuts his growth message with other policies that appear driven by politics instead of economics. Doug, to you first on this. Ed rollins, a respected gop operative came out and basically said desantis is a bad candidate. He was supporting him and now hes kind of not. Hes talking about tim scott. What do you make of all of this . I think its an early campaign. Its interesting for someone to say its not the campaign, its the candidate. I thought that was an interesting comment. He went past what we see as the problems in the campaign. He said its the candidate, i think thats the issue of connection. Thats desantis biggest issue. Hes not connecting. Cheryl frances, what i thought was interesting the journal said, hes offering voters a substantive agenda while talking about floridas successes. That is a more president ial look than brawling with disney. Yes, thats true. The thing is, these economic things are mechanical. You cant say you want real wages to go up without realizing that affects inflation. You cant say that you want to rein in the Federal Reserve and not have them tighten and stabilize the dollar. Some of them are opposed. His thing is to differentiate himself from trump. The dynamics are a little different economically now. These guys have to stick to the mechanics. Otherwise theres something that doesnt ring quite true. Cheryl maybe thats why were seeing the polling were seeing right now. We should say that desantis has cut 38 campaign staffers. That was last week. He explained his reasoning to bret baier on fox news last night. Lets watch this. Im not a political operative. Im not a campaign professional. You set out the vision and you execute on it and if its not being executed you make the course correction. Cheryl doug, did that land, that comment . Look, Governor Desantis is a political operative. Hes been a congressman, hes a good political hes one of the best ive seen sometimes in reading the political tea leaves, knowing what to say. You see it in the economic platform. We talked about this that theres a blend between the populous, making the Student Loans dischargeable in bankruptcy courts, were going to put it back on universities. Knows what to do there. The problem is how is he connecting to an audience. Thats not as much a campaign dynamic as it is a candidate dynamic. Cheryl the journal did give him kudos. You mentioned the Federal Reserves. The journal said it would focus on maintaining a stable dollar instead of the political pressure of the day, stable money equals growth and income. Theyre not completely criticizing the governor but theyre picking on some things. Theyre picking on him. They are mechanical issues. Any time the Federal Reserve affects Interest Rates that has an effect on the dollar. If theyre raising Interest Rates youre going to get a stronger dollar versus if they lower Interest Rates, you get a weaker dollar. Its a mechanical issue. When youre doing politics and talking points, sometimes its hard to bring that home and i think the voters dont trust some of the candidates as far as how are you going to bring that home. Cheryl stick to the issues. The Federal Reserve has a congressional mandate. Unless its changed, you have to adhere to the mechanics of that. Cheryl some of the talking points about china, hes getting criticized for going towards the former President Trump and anyway, were going to talk more about it this morning. Coming up, the Trucking Industry facing a devastating hit as yellows operations shut down. Were on it coming up. Futures in the red on the first trading day of the month of august. Well the take a look at how markets did in july and how they should fare ahead. If you work hard to get where you are. 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Comcast business, powering possibilities. Sleepovers just arent what they used to be. A house full of screens . Basically no hiccups . You guys have no idea how good youve got it. How old are you . Like, 80 . Back in my day, it was scary stories and flashlights. We dont get scared. Oh, really . Mom can see your search history. Thats what i thought. Introducing the next generation 10g network. Only from xfinity. Cheryl take a look at your money in the morning on the first trading day of august, a busy day of earnings on deck. Caterpillar, jetblue, uber reporting before the bell this morning. Starbucks is going to be reporting after the bell today. Were looking ahead to apple and amazon, that is thursday. Joining me now is venify vice chairman, tom liden. Its good to see you as always. Lets talk about earnings, lowered expectations in a general sense. Most companies have been beating on lowered expectations. Is that enough for you right now . Its been consistent. They have been beating. So far, yeartodate, weve seen 78 of stocks beating estimates and i think thats going to continue, shale. Cheryl. When you look at companie caterpillar that crushed their earnings estimate in the first quarter, youve got to be optimistic that were going to see more of the same. Dealer inventory is down, estimates are high and theyre also benefiting from the infrastructure bill. So things look very bullish for caterpillar right now. As far as uber and starbucks, more of the same. People are spending more money on the road. Theyre also consumer numbers for starbucks are really good, especially increased opportunities in china. Cheryl were probably going to get cat pi caterpillar in the nw minutes. The estimate is a 44cent surge, a year over Year Comparison which would be strong for caterpillar. Earnings right now, this is a big week for jobs data, the jolts report at 10 00 a. M. Eastern time today, economists expecting 9. 6 million jobs opened. That number has been falling. Well also get july adp, thats tomorrow at 8 15. Claims on thursday and the july jobs report on friday. Tom, what is most important to you out of the four things i just liss the ted . Listed . I think theyre all important, cheryl. But the biggest thing is wage numbers. Were seeing wage numbers increase at an amount thats greater than the inflation rate. Thats really concerning for the fed. Getting wage numbers under control will be important. Again, its nice when consumers and workers are making more money but thats just going to fuel inflation that much more which will extend the fed hiking Interest Rates. So theyre looking all over the place to try to get things under control. Unemployment numbers are at 50year lows right now so things are really good for the economy. But most importantly, the feds looking to bring this in for a soft landing. Cheryl i think wages is the one weak data point that we continue to see under the Biden Administration. In fact, wages have been falling as weve been dealing with some points sky high inflation and inflation still is high, 3 is no picnic for anybody out there. But theres a big the market discussion is certainly about where to put your money, especially now. We have such a strong First Six Months of the year. The wall street journal writes that the benefit of owning stocks over bonds keep shrinking as some worry the rally is unsustainable after a gauge of stocks relative value falls to a two decade low. Tom, do you agree with that . Theres a calculation the equity risk premium which is really the benefit of owning stocks over bonds and theyre saying the benefit right now is bonds and theres a couple reasons. Number one, rates are higher. The highest theyve been in a long period of time. So youre getting paid more. However, most Financial Advisors believe a year from now rates will be lower. We may be in a slight recession. The fed will be forced to cut rates. So that means that youre not going to get the same yield that you will today. And on top of that from a valuation standpoint you look outside the top 10 stocks in the s p 500, and rates are realistic. Theyre in line with historical numbers and most importantly small caps, russell 2000, beat the large caps over time and theyre relatively cheap compared to large caps right now, almost 40 less with a pe of 11. So look to small caps continuing to catch up with large caps. Theyve outperformed the last three months and were seeing this trend continue. Cheryl all right, frances, jump into this conversation. Good morning, tom. Weve had an a inflection in Commodity Prices which will have a lagging effect on cpi. Weve also had inflection in bankruptcies, foreclosures and delinquencies. When you think about where the fed is going and where rates are going, what do you think weighs there, what do you think is the bigger risk and how do you trade it. Foreclosures, delinquencies, thats a number to keep an eye on. Another number that weve seen recently is car loan denials as far as applications, spiking up to 10 . So again, one point in time things have got to slow down and youre going to start seeing a little bit more of that. However, if we can get a soft landing and thats really what the fed is looking for and thats what most Financial Advisors when you survey them now, theyre less concerned about a recession, more concerned about market volatility, still not concerned about inflation as the fed in their mind is seemingly doing a very, very good job. Cheryl tom, its interesting you bring that up. Brian moynihan, the ceo of bank of america was here last week and he said the same thing, he said soft landing, recession, theres more discussion on his side about a soft landing which is i think a good thing. Tom, its good to see you. Thanks for being here. Thanks, cheryl. Cheryl all right. 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Protection that powers you. Cheryl look at caterpillar hitting the tape a couple seconds ago, the stock is up about half a percent, 555 on earnings per share, a nice beat, the estimate was 458. 17. 3 billion on revenue, the street was looking for 16. 49 billion. A big piece of the rise was on Construction Equipment demand. Of course, that is not just a housing story really, a construction story in the United States but also globally, theyve got a global footprint. Before we go to gerri. I want to show jetblue. Jetblue also came out as well. That stock is ouch, more than 6 andahalf percent, this is likely on the outlook. They updated their outlook and theyre talking about credit losses and, excuse me, theyre talking about the outlook and challenges, quote, challenges. Greater than expected shift of pentup covid demand in international markets. That is not jetblues strength. That would be an american or delta story. Jetblue getting hit, did miss on earnings per share, 41cents, revenue 2. 6 billion in line. Weve got other headlines right now. Jack smith revealing additional evidence in his classified documents case against former President Trump and gerri willis has the details. Gerri, good morning to you. Good morning to you, cheryl. The Justice Department giving the defense the new information yesterday which includes cctv footage search warrant data, witness better view and grand jury transcripts, this as carlos de oliveira faces his First Court Appearance after a being charged with four felony counts after allegedly conspiring to delete the footage. He was released on bond and required to turn in his passport for 48 hours. Meanwhile, trump is expecting another indictment as part of the investigation into his conduct following the 2020 election. On truth social the former president saying this, quote, i assume an indictment from deranged jack smith and his highly partisan gang of thugs pertaining to my peaceful and patriotic speech will be coming out any day now. And suspected serial killer rex hugherman is due in court for a bail hearing today after he was arrested last month for the 2010 murders of three women on long island. The accused killers Court Appearance comes one day after his estranged wife broke her silence, telling the new york post, quote, my children cried themselves to sleep. Theyre grown adults but theyre my children and my son has a Developmental Disability and he cried himself to sleep. She also added her family has been left with nowhere to sleep since investigators had to tear apart her home in search of evidence. And tributes are pouring in for peewee herman actor paul rubins who died sunday after privately battling cancer. Youre crazy. I know you are but what am i. Youre a nerd. I know you are what am i. Youre an idiot. I know you are but what am i. I know you are but what am i. I know you are but what am i. Im not, you are. Tim burton who directed the 1985 movie peewees big adventure praising the emmy winner, saying this, quote, ill never forget how paul helped me at the beginning of my career, it would not have happened without his support. He was a great artist. Conan obrien saying this, no tweet can capture the magic, artistry and devout silliness of paul rubins. Another mourning the loss, tweeting this, thank you for my career and your forever friendship all these years and for teaching us what a true original is. Rubins prepared a statement before his death, expressing his gratitude for his career. And that show, peewee hermans play house, won 22 emmys over its fiveyear run. He was just an original. Cheryl he had his controversy as we know and remember but very talented and that a was a really fun show. All right. Rest in peace, sir. Thank you gerri. Commerce secretary Gina Raimondo will reportedly visit china later this month, making her the fourth high level Biden Administration official to visit beijing since june, this coming after her emails were breached in a chinese Espionage Campaign over a month ago. Beijing announcing new export controls on drones and drone related equipment. Joining me now retired two star general, ar arnold punaro. Good morning. Privileged to be with you this morning, cheryl. Cheryl lets start with these drones. On one hand the thinking is that china is responding to u. S. Concerns about this technology ending up in other countries as in russia using the drones. Whats your take on this . Well, thats very disingenuous in my book. China behind the scenes is supplying aid to russia against ukraine and so thats pretty hypocritical. I would say as a general rule we are way too p dependent on china for parts and elements of key military systems and we depend on them for Critical Minerals that we need some of which are related to our new anythings munitions and some related to rockets and things of that nature. We need to move away from that, we need to restore our strategic critical stockpile that used to have tens of millions of dollars of materials in it that we might need and now has under a million of. We have to basically rebuild and shore up our own Defense Industrial base. My view is i dont think china is motivated by goodwill here in doing this. Cheryl this seems to be sometimes a bipartisan issue depending what side youre talking to. But the fact were sending another Administration Official over there, i mean, the fourth if you count john kerry is pretty disturbing considering what china has done to the country over and over, whether stealing ip or the moves on taiwan, the human rights issues, the jailing of jimmy lai. You have ron desantis, the florida governor, he took aim at china in his declaration of economic independence, his plan he announced yesterday, his plan calls for revoking chinas permanent trade status, banning the import of chinese goods made from stolen ip and restricting u. S. Companies from sharing critical tech with beijing of. When he joined bret baier and discussed china he talked about it further. Watch this. I would prioritize the china threat first. I would have more resources and a power in the indopacific. I would also deal with issues in our own hemisphere, starting with our border and some of the threats there and then im willing to work with the europeans but i think the goal needs to be lets bring it to a sustainable conclusion. I think the europeans really need to take the lead, well help to try to bring it in for a landing. What. Cheryl what do you make of that opinion. Im not an expert on the overall economics but i think the principles that you outlined that he has in terms of solving their preferential trade status, banning imports of equipment where theyve stolen our intellectual property, beefing up in the indopacific, these things are consistent with our Current National military strategy that was actually started under secretary man yiss and the trump administration. China is the principal adversary. I think the principles are very consistent with the mainstream and the bipartisan support of congress, particularly led by congressman Mike Gallagher on the China Select Committee so i would say in terms of going after china, recognizing them for the threat they are, beefing up our posture in the indopacific, strengthening our military resolve, strengthening the deterrence of china visavis taiwan, those are very much in the mainstream Political Support in the congress and around the country in my view. Cheryl ive got doug collins with me, former congressman here on set. We were talking about something. I want to bring it to your attention as well. Theres a new poll finding americans confidence in the u. S. Military is the lowest in 25 years, general, 40 of americans say they have some or very little confidence in our armed forces. 60 say they have a great deal or quite a lot of confidence. General, your thoughts on this . Doug collins was saying this is a true, true issue that the military needs to address and its not being talked about enough. But first to you. I totally agree with congressman collins. This is a very, very worrisome development. We come from georgia. Georgia ships more recruits than any other state in the union. Were struggling in recruiting, the propensity to enlist the target population, the 18 to 24 yolds is way down 24yearolds is way down. I think its a very worrisome trend. 1 of americans actually serve in our military today. We dont have as many bases around the country. But frankly, theres some things that our military needs to totally stay out of the political arena, they need to give their best military advice, our civilian leaders supported by the Congress Make the final decisions. If theres a decision they dont agree with, they should resign. Weve had some crossing of that line and i think thats contributed to this. Its a to me, its a very, very worrisome trend. Cheryl doug. General, i love your bluntness there. This is the issue weve got to deal with here. Youve got independents, democrats and republicans and military, most of the branches will miss targets again. What you said about the political aspect of this, weve got to get back to where our military is what its there for, to fight our nations war and defend our borders. We see a falling away from that, general. Thats a real concern. Totally agree. You hit the bullseye just like our great championship, university of georgia bulldogs, youre spot on in terms of what we need to do in the area. Weve got to rebuild trust in our military. Weve got to basically peel the sacrifices our military make individually on a daytoday basis is incredible but weve had some decisions that have been made where the American People see the withdrawal from afghanistan, the failure to shoot down the chinese balloon when it first crossed into u. S. Territory, it erodes our confidence in our leadership. Cheryl general, go bulldogs, ill give you that one as we say goodbye to you, sir. Thank you very much for being here. Always a pleasure. Any time. Cheryl all right. Well, coming up, the white house keeps touting bidenomics as something working for the American People but their wallets say different. The new poll making a buzz this morning. Youre watching mornings with maria, live on fox business. Theres just so many things that i cant touch. Im torn. Im all out of space. This is how i feel. Im cold and i am shaped. Lying naked on the floor phone typing message sound message sound shut it down blackpink in your area shut it down whatwhatwhatwhat . Hey all, so i just downloaded the experian app because i wanted to check my fico® score, but it does so much more. This thing shows you your fico® score, you can get your credit card recommendations, and it shows you ways to save money. Do so much more than get your fico® score. Download the experian app now. Goli, taste your goals. 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Com. Cheryl time for the hot topic buzz. Cbs poll reveal 41 of people know a lot or some about buy bn aboutbidenomics. We have heads line cpi at 3 . Is that going to continue is the question. Its unlikely. So heres the thing is that theres a lag between prices going up and down and cpi. Oil is up 15 this month. That has a one to two month lag. Gasoline is up 18. 4 this month. Okay. Thats huge. Oj is up 24 . Bacons up 11 . Eggs are up 17 . The commodities, Commodity Index is up 8. 2 . So these things arent being reflected in the cpi numbers but on a lagging basis four to eight months from now, timing around the election, cpi is going to reaccelerate. The fed is going to have to get tougher. 60 of americans living paycheck to paycheck, putting escalating prices on credit cards with apr above 20 , there is a breaking point, folks. Its coming. Its coming. Look, the Economic Analysis here is perfect. You look at numbers, ill take it to my world, the political arm. We see the desantis economic plan coming out. We hear other people talking. What theyre missing is discussing in very real terms to people, we sort of gloss over that. What is my pocketbook issue. Lets stop the theoretical. If youre a republican, say look, heres whats happening, heres what we need to do, we have to put your back to work, do the things stymie inflation, putting inner independent back, that a say youre paying more in your gas tank, your food bill, if people hear that its more relateable. People dont relate to the macroeconomics. Thats what they leaves us to talk about. They relate to whats happening in their checkbook. Until we Start Talking about it, people will still have cheryl so shocker, the election will be about wallet issues. Always. Cheryl really. Huh . I mean, thats the thing its going to help trump, really. Hes going to go remember when i was in, we wont be talking about some of the mechanical differences that hell have to contend with in a new unit of time. But yeah, thats going to help trump. Cheryl bidenomics is going to be a problem i think. Even Vice President harris over the weekend somewhat contradicted him on buy donnomics. Bidenomics. I dont think we have the sound bite. We talked about it yesterday. Gravity is gravity. The Biden Administration seems to be saying gravity doesnt exist. Oh, yes we have 3 inflation here. But it was 9 . Thats like causing the flu and saying im giving you medicine to make it better, look at me, im happy. Cheryl nobody talks about that im glad you brought that up. Youre right, nobody hones in on the fact that inflation got to 9. 1 , a record, because of all of the spending under the Biden Administration. And now theyre oh, my favorite, im reducing the national deficit. Well, guess what, a lot of that, the deficit reduction was put in place by the last administration. Dont watch what im doing here, its okay. Cheryl im going to take credit for it anya way. Okay. All right. Coming up, the Trucking Industry facing a devastating hit as yellows operations shut down. Im speaking with freightways founder and ceo craig fuller all about it coming up next. This thing, its making me get an ice bath again. What do you mean . These straps are mindblowing they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. And you are . Im an investor. In invesco qqq, a fund that gives me access to. Nasdaq 100 innovations like. Wearable training optimization tech. Uh, how long are you. Im done. Im okay. The chase ink business premier card is made for sam who makes, everyday products, designed smarter. Genius like 2. 5 cash back on purchases of 5,000 or more, so sam can make smart ideas, a brilliant reality chase for business. Make more of whats yours. Wake up, achievers. Youre making the most of every hour of your life. Except the hours that youre sleeping. So why do we leave so much Untapped Potential on the table . 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Com cheryl it is the end of the road for trucking giant yellow after nearly a century in operation and over a decade of financial turmoil, the company shut down its operations and filed for bankruptcy. Yellow strugd end to re struggled to refinance debt and faced a sudden drop in business. The company sued the Teamsters Union claiming they blocked restructuring plans necessary for yellow to stay afloat. Joining me now, freightways founder, craig fuller. Reaction to all this. Darren hawkins was on the program in early july. He said to me at the time, we offered these employees 22,000 of these teamsters pay raises and better benefits. They wont come to the table. They will not come to the table and negotiate. Thats what he said. Do you agree with that . Yeah, i mean, certainly the teamsters have some responsibility, particularly at the end, for sort of dragging on the negotiations and putting yellow in a really precarious position. But yellow, this story, this situation is really a decade plus in the making. Yellow is an Underperforming Company that tried to do a rollup of Union Carriers in the mid2000s and unfortunately it was saddled with a lot of debt and trucking is an incredibly volatile market. The teamsters, the way they operate our contracts dont allow for the flexibility and when youre dealing with multiple companies that were not consolidated, it created a lot of challenges for yellow to survive. It was the low cost leader simply because thats the only way they could do freight. Because service wasnt dependable. It didnt have a Flexible Workforce and the ability to respond to market conditions, it just struggled for well over a decade and here we are where now its shut down. Cheryl well, i mean, theyve got 30,000 workers, 22,000 of those were teamsters. I mean, those jobs are gone. I mean, in the industry, i moon, this is the biggest trucking failure weve seen, Company Failure weve really ever seen. I want to play you really quick lets play Darren Hawkins in his own words. I want you to listen to what he said. This agreement has been over the modernization a of the company. The first phase went in over eight months ago and had union allowed the second phase has not had union alignment. That brought us to where we are today with the immediate need to negotiate and to open and not only talk about modern sization but also keeping the Company Competitive moving forward by raising wages and addressing all employee concerns. Cheryl that was his message. Do you say that was not enough . Because what he said to me was, look, we were trying, we were reaching out over and over for nine plus months. Yeah, its a travesty. I think the teamsters have a lot of responsibility, particularly sean obrien who is focused on ups negotiations, didnt seem to be concerned with yellows position. The company was out of cash. The concessions the Company Offered were not responded to. Some local Union Stewards that did not have a voice in washington to really influence the National Teamsters organization had told us at freightways that they didnt have a vote or a say. They were not aware there were some concessions being made by yellows management to really address the situation so teamsters are certainly responsible for the lack of flexibility to enable yellows profitability and enable it to survive, certainly didnt do it any favors in the situation and the question is where do these jobs end up . We have 30,000 jobs. Its one of the largest not just trucking bankruptcies in history but just in terms of companies shutting down in terms of employee count, 30,000 people are losing their jobs and the teamsters failed to come to the table and failed to negotiate and didnt seem to be concerned about yellows precarious position. Sean obrien cheryl sean obrien tried to come back to them 12 hours before the shutdown to try to call off the strike. It was too late. He made his bed, lets be clear here. Every single shipper, anybody that was dependent upon yellow pulled its freight because the last thing you want to do you dont want freight inside the yellow system. If you know its going to shut down, you dont want the freight inside their network because you may never get it back. If the terminals shut down and theyre unsecured, that freights going to end up on ebay. I think thats what every shipper whether talk l walmart, home depot, amazon was concerned about. They pulled their freight and thats what put yellow out of business. Cheryl Frances Newton stacy made a comment about the debt, the refinancing wasnt going to happen. Thats the thing that gave the teamsters their leverage. Do you see any other Trucking Companies that are this overlevered that are at risk for having teamster attacks . No, i mean, this is a situation where yellow is a really financially, it was not viable. It had been bailed out o