Maria good thursday morning, everybody. Hangs very much for joining us this mornings. I hope youre having a good morning. Im maria bartiromo. It is thursday, october 5, 7 00 a. M. On t east coast. Former President Trump is slamming the Biden Administration after Alejandro Mayorkas announced there is an immediate need to waive dozens of federal laws to build more border wall. Trump says biden sees our country as being invaded. What will he do with the people that are already here. The Biden Administrations move is a complete 180 from what President Biden said on the campaign trail back in august of 2020 and what hes been saying ever since. Watch. Trump campaigned on build that wall. Are you willing to tear that wall down. There will not be another foot of wall constructed in my administration. Maria what a reversal, todd. Do you believe it . Are they really going to put theres all that material sitting on the ground in texas, right . And a its already been paid for. I believe theyre going to try but not because theyre interested in controlling the flow. I believe theyre going to try because everybody look at your calendars. We are 13 months out from the 2024 president ial a election. They see how horribly joe biden is polling in everything, specifically the economy and definitely the imflation issue. Democrats and republicans now blame this white house for what were seeing in our cities. Theyre trying to go out there and say maybe a wall is a good idea, so we can not maybe squander the entire quote. What donald trump was talking about there, thats not ramblings of donald trump. You have talked to individuals on the show who said terrorists are coming across the border and we are not tracking them. That is not the ramblings of donald trump. That is real and we sh all be concerned. Maria theres chinese nationals coming in who are military aged men. Why . Mark green, the head of Homeland Security thinks its being directed by xi jinping. Its incredible hear Karine Jeanpierre try to blame republicans for the border. Its laughable. They try to word smith it, its not a wall, its a physical border. Look, the prior peak for border crossings in American History was 1. 7 million in 2000 last year it was 2p 2. 7 million. We havent gotten last month, already 2. 86789 2. 8 million. Theres a reason scandinavian countries have very strict border patrols, because of what goes into the system is what comes out. Ma. As evidenced by the inflation rate. You cant can turn the money printer on because we have chinese nationals who need free housing. It is a National Security risk. Its a real drain on these blue cities, these blue states. Their tax fun fungibleity. Maria now youve got aoc, alejalexandria ocasiocortez, sg we dont want to raise taxes on the top 1 , we want to raise taxes on the top 5 because they need money to pay for the illegals. This is absolutely crazy. We were talking during the commercial break. People would think differently about where their tax dollars went if the irs or local governments were to give them an itemized list of where their tax dollars went every april 15th. Theres obviously a huge migrant problem, its not just happening in texas. Its all over the country. How many migrants do we think have entered this country since Biden Took Office . Maria 7 million. We know its 7 mill zone this whole aboutface on building the wall, it makes perfect sense to me. They played the game the way they wanted to play it. They let 7 Million People come in who are hopefully going to vote for him. Now gets to be the hero and build the wall. Now chicago will have half a billion dollar deficit this year. And thats a third of which is because of the money theyre spending on these my grants this is why you have kathy hochul, far right White Nationalist kathy hochul saying you need to stop the border crossings. They were fine when it was in el paso, in the red flyover countries that nobody cares about. Smartest thing greg abbott and ron desantis ever did was export it all across the country. Maria i totally agree. Theres a real fiscal cost to this. Maria good for them. Good for these governors for put being them on a bus and sending them all over the country, in particular the blue states. Let them understand. This is more outrageous, this newsweek story, they are reporting that supporters and followers of former President Trump are being targeted by the fbi as the 2024 election nears. They reviewed classified data which shows that the vast majority of the fbis socalled antigovernment investigations are of Trump Supporters. The uh fbi pushing back on this, they claim they dont target Trump Supporters. President biden was pushing for more bipartisanship yesterday. He yells about the maga group on one end of his mouth and then says both parties need to come together. Watch this. More than anything, we need to change the poisonous atmosphere in washington. We have strong disagreements but we need to stop seeing each other as enemies. We need to talk to one another, listen to one another, work with one another and we can do that. Maria right. What happened to the maga as extremes. Work together. Lets go kumbaya. Youre a fascist, youre a climate denier, also vote for me, because i love everyone, were all americans, kumbaya. Maria union joe. Now the healthcare workers are now on strike. Hes causing all of this. Its his inflationary policies that have all of these workers demanding higher wages because theyve lost quality of life over the course of the last two andahalf years. This is exactly what preceded the decline of the detroit auto industry, to use a very small micro cosm, the unions were in power, they got lazy, benefited from protectionist policy and japan ate our lunch. Biden wants to replicate that in every industry. Thats why were seeing the explosion of strikes. Were doing it when we have a massive labor shortage and we know its jacking up the inflation rate. Good luck to him explaining that in the election. Theres definitely a sense that this is all part of a we need to protect democracy at all costs and that to the left means going after Trump Supporters because they want to impact your vote, we need to be clear about that. Maria this is outrageous. Were going to keep a spotlight on that quick break, how markets are moving ahead of tomorrows jobs report. We have all hands on deck tomorrow. Dow industrials down 85 as we begin the word on wall street panel, they are here with expectations, then more of my interview with double line ceo jeffrey gunlock, later in the program. Youre watching mornings with maria live on fox business. Stay with us. Oops i did it again. I played with your heart. Got lost in the game. Oh, baby, baby sfx stone wheel crafting the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Maria welcome back. Time for the word on wall street. Top investors watching your money. Joining me is Asset Management president and chief Investment Officer kevin mahn. Also with us this morning, mark tepper. Thanks for joining the conversation, kevin. We appreciate it. I want to talk with you about whats going on in the market. This morning we see futures lower again after the market broke that three day losing streak yesterday but yields are an issue here. This morning, were looking at Interest Rates pulling back, the 10 year yield is at 4. 718 , down about two basis points, down from a 16 year high yesterday. How do you see rates playing out and the impact on the stock market. Maria, the intended consequences of all the federal reserves aggressive rate hikes that started in march of last year are now coming to the fruition. Weve seen demand for new mortgages fall to its lowest level since 1996 as the average Mortgage Rate in the country is close to 8 . Weve also seen credit card Interest Rates above 24 , the highest amount on record and the pace of early delinquencies on credit card balances hitting the highest level in the last decade in the Second Quarter and then finally, earlier this week we learned that payrolls have actually slowed to their lowest level since 2021. The economy is slowing. The rate hike was in july, rates will stay higher for longer but not much longer than the Second Quarter of next year and if thats the case and the fed starts cutting rates towards the second half of next year as they say theyre going to then better days may it metally be ahead for ultimately be ahead for stocks and bonds. Maria look where we are right now, 7 andahalf percent on the 30 year hurts on the housing market. Were about to hit the earnings season. Whats your connection station. Expectation. Theres a day o, that is clear. Thats going to lead the fed to have to consider cutting Interest Rates towards the second half of last year. They forecasted 15 basis points of cuts next year, another 125 basis points in cuts in 2025 and another 1 cuts in 2026. Its going to get worse before then. The next six months is going to be choppy. We dont know what the fed is going to do or not do. If they raise by another 25 basis points i believe they push the economy into a recession early next year. Maria i was so struck by Jeffrey Gundlach the other day when i interviewed him, the leading bond investor side hes expecting the economy to go into a recession and a real slow down but the fed comes to the rescue with a rate cut of 100 basis points. Thats what Jeffrey Gundlach said. That would be tough for the fed to do when inflation is obviously in my opinion going to accelerate over the course of the next several months, maybe year. You look at the strikes that are happening. You have the uaw strike which is gaining additional momentum. You have the kaiser permannte healthcare strike. These strikes are infectious. If youre a plumber, electrician, school teacher, whoever it may be, youre going to go to your employer and say if a truck driver is getting 170 170,000 a year, i want that too. Were looking at a situation where i expect inflation to accelerate quite a bit because of all of these wage increases and i think its going to be very difficult for the fed to meaningfully cut rates like that. Maria well, then youre thinking that the economy goes into recession then. The United Auto Workers strike is in the third week. General motors says this historic strike has cost the car maker 200 million. Thats only in the first two weeks, prompting the company to secure a 6 billion credit line. Ford announcing an additional 400 jobs, bringing the total to 1300 workers laid off. So up until now the jobs market has been so tight that its sort of masked any upset underneath the surface in terms of the macro story. But im wondering when that actually changes. Well get the jobs numbers out tomorrow. Are you beginning to see some cracks in this job story with all these strikes happening . I have seen cracks before the uaw strike and i mentioned this on past shows. Over the course of the last few months weve added a million parttime jobs while losing 670,000 fulltime jobs so im seeing the cracks certainly when you look at this uaw strike i read a Research Report last week on this, and what it said is that once these strikes last four weeks or longer, so were halfway there, right, once they last four weeks or longer you start to see five job losses for every one person thats striking. Maria wow. It starts to extend into the supply chain. Maria thats right. You have all the ancillary jobs that are lost. If there were 150,000 auto workers striking which were not there yet. Theyre all striking. That means 750,000 jobs have been lost in this economy. So thats concerning. But i mentioned this last week, maria. Adam jonas, one of the top auto analysts out there, he kind of sort of recommended last week when he rolled out a Research Paper that the detroit three, it might make sense for them to just exit the ev battle. Theyre losing money on every single ev theyre selling. The auto workers are concerned because evs require 30 less labor. Theyre forced to destroy their own jobs which would obviously help in these negotiations. So i found that very interesting that they said maybe evs should be left to tesla and china to battle it out. Maria which is why it was hypocritical for joe biden to join the picket lines because its his agenda thats creating the upset because they need fewer workers for ev vehicles. Would you trade anything around this . The auto stocks, is this an area that you would look at or is that too so sensitive to higher rates that you want to stay on the sidelines . Its extremely sensitive to further deliberations around the strike and also just the difficulties u. S u. S. Automakers have had historically. Other areas we like, i agree with mr. Gundlach, is healthcare, Consumer Staples and information technology. One name we like is cisco systems. As we know, theyre a major provider of Cyber Security solutions, pay a yield of 2. 7 and have a valuation below 13. Maria way down than the 20 plus that were seeing for the rest of the market. Kevin, its great to see you. Thank you so much. Mark, youre sticking with us. Were gr grateful. Congressman jim jordan and Steve Scalise announcing a run for the speaker job. Kentucky congressman andy barrs is here to weigh in. First an update from Hillary Vaughn, shes on capitol hill. Reporter good morning, maria. The Government Faces a possible shutdown on november 17 if congress does not pass all 12 spending bills. Its a race against the clock but time is standing still on capitol hill until the house elects a new speaker. Well have the updates coming up. Before and bath fitter. Before and bath fitter. If you have a before bath, nows the time to call bath fitter to get a beautiful after. With our unique tub over tub process, theres no mess or stress. Spend smart on a beautiful new bath done right backed by a lifetime warranty. Join over 2 million happy customers who know it just fits. Bath fitter. Visit bathfitter. Com to book your free consultation. aidyl hi, im aidyl, and i lost 90 pounds on golo. I struggled with weight loss and weight gain my entire life. With all the yoyo dieting i did in the past, i would lose 20, 30, 50 pounds just to gain them over and over again. Thanks to golo, ive been able to steadily go down the sizes in my closet and keep the weight off. For the first time in forever, i feel in control. announcer change your life at golo. Com. Thats golo. Com. Goli, taste your goals. Maria welcome back. The path forward for the house is unclear this morning as lawmakers face a midnovember deadline to fund the government. Fox business Hillary Vaughn is live at the capitol this morning. Reporter good morning, maria. A lot of people, republicans are saying that congressman matt gaetzs motion to vacate actually backfired because his big gr gripe was former speaker Kevin Mccarthy was not doing enough cut spending with debt limit deal he reached with biden and the shortterm spending deal to avoid a shut down. Now the house without a permanent speaker they cant officially vote on the floor on any spending bill so in effect theyre paralyzed. The people that started this whole thing did it under the use auspices of the fact theyre trying to reduce spending. Their efforts once again have actually thwarted our ability to save taxpayer funds, to reduce inflation. We cant even act to cut funds. This was so stupid. Reporter but the problem is no one really knows how much power the speaker pro tem, Patrick Mchenry has. Its possible he could try to conduct official business but no one knows. The house rules says mchenry can act as a speaker and exercise authorities as speaker of the house that are necessary and appropriate. One could argue those powers could be as broad as members let them be. Theres no indication that mchenry is willing to do so since he put the house on hold until a speaker vote next wednesday. Theres talk of getting rid of the motion to vacate by members who think it was abused by gaetz to exact revenge on mccarthy over a personal beef, to avoid this happening Carlos Jiminez tweeted im not supporting anyone for speaker until theres a commitment to stop the motion to vacate. No one can govern by being threatened by hostage takers. Mccarthy was criticized for letting the house go home for a week. Some members say if they got together this week that fists may fly. Congressman graves said there could be physical altercations and members needed time to cool off before getting back together. Maria that makes sense. Hillary, thank you very much. Jim jordan and Steve Scalise have announced they will run and are running for the job of house speaker. Joining me is kentucky congressman andy barr, a member of the Financial Services, china select and Foreign Affairs committee who do you support for the speaker . I support Steve Scalise for speaker. I spoke with jim jordan last night and i have tremendous respect for jim. Hes doing a great job as chairman of the judiciary committee, focusing on oversight of the Biden Administrations weaponization of government but we need as we can all see, we need a unity right now. We need someone who is a uniter and Steve Scalise is the uniter in our conference right now. Someone who has a proven record of bringing our conference together. He is a trusted conservative, as the majority whip he was consistent in bringing together 218 votes. As our majority leader, he has transformed a conservative agenda into legislative action through regular order with member input. Nobody knows every member of this conference better than Steve Scalise and as i said before, last week was a very disappointing week for our conference. Its a critical moment in our majority. And we need someone who can unite the conference. Thats Steve Scalise in my judgment. Maria where do these investigations stand in terms of the investigation into the weaponization of federal government, in terms of the investigation into the biden family influence peddling and then of course youve got all of those bills to finish by november 17th. What is the odd what are the odds that you can do that and not have the government shut down again on november 17th in. Well, this is the problem. The problem with the misguided tactics of a few members last week was that we cant act right now. We cant act on anything. We cant if the goal was to reduce spending, we cant move conservative appropriation bills that cut spending, we cant continue the critical oversight of the Biden Administration. We cant continue the investigation into the weaponization of government, we cant continue impeachment inquiries, we cant move a Border Security bill. We had a handful of members last week vote against a conservative bill that cuts nondefense Discretionary Spending by 30 and would have enacted the toughest Border Security mesh in your the history of the congress and we had socalled conservative the vote with democrats against that bill. Maria right. So we need unity right now. The advantage that we have in the majority is to stick together. And tactics matter in a narrow majority. And joining with democrats to vote against a conservative outcome is not wise. In fact, its totally foolish. We need a speaker who will unite this conference and get everybody on the same page. Thats Steve Scalise. Maria i want to get your take on the bill that you are pushing, your bill would require sanctions on Chinese Military and Surveillance Companies to try and stop them from Access Global financing. The bill moved out of the Financial Services committee with bipartisan support. This is an issue we talk about on this program a lot, the fact that many of these Chinese Companies are embedded in etfs an index funds and investors in america buy those and so what we have here is individual investors and Institutional Investors like blackrock are pretty much funding the expansion of our number one adversary. Tell us about your bill. Yeah. Every day that we dont have a speaker, we cant deal with the major threat facing the United States and thats the rise of the Chinese Communist party and the fact that americans are unwittingly financing the Chinese MilitaryIndustrial Complex. As you say, americans right now, they the dont even know it but they own about 1. 2 trillion of chinese debt and Equity Securities in their 401ks, in their 529 plans, in their iras. We need to stop that. So my bill, the, will be part oe discussions in the National Defense authorization act. What it would do, it would unleash the powers of the Treasury Department and specifically the office of foreign asset control which implements and enforces sanctions, it would authorize treasury to sanction these Chinese Companies that are on the military Industrial Complex list, theen p the entity list e commerce department, the list that the department of defense publishes. Americans should not be financing these chais niece c ce companies that threaten our security. Its red light, green light. If they get sanctioned, they cannot be in these index funds. If its green light, then its okay. But we require in this bill treasury to report to Congress Every year why a company is on one of these lists, why they wouldnt get full blocking sanctionses from the government. Maria is it the same russia . Right now there are Russian Companies embedded in index funds. They can continue to trade. How you pathetic are the sanctions on russia with the war in ukraine. How pathetic are the sanctionses if we have Russian Companies that can trade. Theres a loophole against russian banks. Theres a general license on the major source of financing of this unprovoked aggression against ukraine and that is the Energy Sector. We have exempted the Energy Sector and Energy Transactions from our sanctions regime against russia. Also, we are not going after chinese banks that are facilitating the material lethal support by the ccp of russia right now so maria so its all show. Theres a lot of problems with the Biden Administration sanctions approach. We want to change that. Maria its all a show. Were not doing anything. Were not holding add a veer adversaries to account. I ask if this is because this guy is compromised at the white house. Todd, jump in here. Will wall street lobbyists fight you on this or do you think theyre going to say, look, if the field is level and we have to abide by the sanctions or what the impact of the sanctions could be on them, do you think theyre going to embrace their patriotic duty. As a member of the Financial Services committee ive had many conversations with wall street executives, ceos of banks and asset managers, they push back a little bit on this on the other hand, they do want a level Playing Field. They cant get out of that market without a level Playing Field where their competitors are in there so were going to provide take level Playing Field with my legislation and theyll do their patriotic duty and ofac is the tool to do it. That is a strong and very targeted approach and if a business wants to access the u. S. Financial system, they cannot cross ofac sanctions and one other point of my bill, the virtue of my bill, it has a multilateral effect. We need to send a signal to nonu. S. Investors to stay awas from china. The way to do that is give them a choice, either do this with this chinese black listed company or you can have access to the u. S. Financial system. That is a powerful tool in our arsenal and we need to use it to have a multilateral effect on china. Maria so far the Biden Administration has been unwilling to pull that economic lever because the Capital Markets in america are the deepest, the most liquid in the world. That is such an important powerful tool and a theyre not using it. Congressman, were going to be watching your work of course and the speakers race so you can get back to regular order. Andy barr, thank you, sir. Quick break, second part of my interview with Jeffrey Gundlach on the other side of this. Liberty mutual customized my Car Insurance and i saved hundreds. With the money i saved, i started a dog walking business. Oh. [dog barks] no its just a bunny only pay for what you need. Liberty. Liberty. Liberty. Liberty. Every day, businesses everywhere are asking is it possible . With comcast business. It is. Is it possible to help keep our Online Platform safe from cyberthreats . Absolutely. Can we provide health care virtually anywhere . We can help with that. Is it possible to use predictive monitoring to address operations issues . We can help with that, too. With the advanced connectivity and intelligence of global secure networking from comcast business. Its not just possible. Its happening. The first time you connected your godaddy website and your store was also the first time you realized. Well, we can do anything. Cheesecake cookies . The chookie manage all your sales from one place with a partner that always puts you first. we did it start today at godaddy. Com maria welcome back. President bidens dog booted in from the white house after biting more secret Service Agents than previously exposed. Commander is no longer at the white house after a series of biting incidents. How many times has that dog bitten . I would refer you to the secret service and also the first ladys office. Okay. Its the 12th known incident of this dog biting a white house staffer. A lot of times when that happens theres a lawsuit. Isnt the president worried about getting sued. I refer you to the secret service or the first ladys office. Again, theres been 12 known incidents of commander biting white house or secret Service Personnel according to a report from judicial watch. Well, lets stay with White House Press secretary Karine Jeanpierre. She snapped at a reporter this week who said that he has not gotten to ask a question in four months. Watch what happens here. Im getting a chance after four months so i hope i can ask two questions. After that statement, you just get one question. Oh,. I think youre wasting our time, sir. Can you please ask the question. Well, as you saw, john kirby was speaking, the frontier posts jaleel afridi, he got one question after that exchange. Monday, one asked why there was no seating for disabled journalist as the white house was celebrating the americans with disabilities act. Okay. Uber will now return your packages for you. The Ride Hailing Company introducing package return pickups and promise that return will cost 5 or less for that trip to the post office a or ups that you dont want to do yourself. Online customers returned more than 212 billion worth of items last year. The market this to make money if youre uber. Walmart plus offers at home of return pick up for subscribers. Uber is catching up. But big money maker. I love it. I hate going to the post office. Maria but now they compete with fed ex, right or ups. Yeah. Honestly, is it tough to get fed ex to come to your house and pick up stuff . I dont know. I think so. I live in a new york apartment. I dont have that option. You tell me. I dont know how to do it and i have a house. Maria fed ex, theyre not going to pick it up. I like it in principle. I worry it will incentivize my wife to buy more. The shopping problem during the pandemic has not really abated. Maria stocks and bonds struggling this week as investors turn their focus on jobs and Third Quarter earnings. We are about a week andahalf away from the Third Quarter reporting season. Leading bond investor and Doubleline Capital ceo Jeffrey Gundlach talked to me about Investor Sentiment declining. Watch. I you want to ask you about investing in this environment because Interest Rates have cut into growth everywhere. Were about to see Third Quarter earnings season. Im wondering if were going to hear some of that slowdown talk in the guidance that were going to get from executives. What are you expecting . I dont have any particular expectation. I think it will be informative to see how the tone develops as the earnings season kicks gets underway. Again, its always a strange thing that theres kind of a collective mindset and so if they start off saying oh, of Interest Rates are a problem, oh, the Energy Prices are a problem, oh, these issues, it becomes okay to say that. And you dont get get penalizedm saying it. I feel like the social moodies in a declining trend and i feel that goes along with difficulty in maintaining skyhigh valuations that were all basically balanced on zero Interest Rates and just so not the case anymore. Companies are paying three times, four times as much on their loans and thanks to the regional banking problems, cant get loans anymore. Credit card rates are up. It takes a long time. And the world of economics and Investment Business one thing i learned after 40 years is you can be quite right on your ideas, but you might be well, its a synonym for wrong, it might be early, things take a long time to development and novice investors, novice economists they dont have the patience for it. They want to be right immediately. And if youre right immediately, thats gratifying. Ive had a few cases where that has happened but usually it takes longer than everybody thinks. The wheels grind fairly slowly, particularly when you think about the impact of the feds rate increases because takes time to work through the economy, particularly on the treasurys interest expense on the federal debt which is 33 trillion. You know, that works through over time because you still have a lot of borrowing that happened on threeyear debt, fiveyear debt, years ago and thats sitting out there with 50 basis points or lower Interest Rates. Thats going to be 5 andahalf percent. A 500 basis point increase. You do that long enough, 33 trillion, thats 1. 7, 1. 7 trillion per year. Thats incredible. And the deficit is already hovering at about 7. 5 of gdp. It will get a little better as taxes get paid in california and federally. When the recession comes well add many Percentage Points to the deficit as a percentage of gdp. We could be running easily at a 12 to 15 budget deficit as a percent of gdp which means the interest expense will go up by hundreds and hundreds of billions of dollars. It could get to the point, if Interest Rates stay where they are, it could get to the point where there is no money left in the coffers once you take interest expense and other mandatory payments. All the other budget items would have to be slashed to zero and thats something that will take longer than people think but were already now coming on two years, year andahalf fully, into this process and the fed has sounded their resolve repeatedly and clearly that they are not going to honor the pivot desires of the stock market that were there in june and july and so we have this big repricing and with a recession, i think that its going to be very, very difficult to hold pes at this type of level because e will probably go down and p may go down but i just dont think you maintain the pe. I think that were probably looking at economic slowdown in the first half of next year. Maria and recession . I think recession is what i mean, yeah. Next year. I think also people have to pay their taxes again which wasnt happening for a while. People have to pay their Student Loans again which wasnt happening. It will be interesting to see what the nonpayment rate is on Student Loans. I think it will be higher than people expect. People think its a right to not have to pay back student loan debt. Theres people that can easily pay it back that are complaining about it, not wanting to but also people when they have to pay their rent, to have to pay their student loan, they said hey, i feel rich. I have all this money i used to pay in interest expense. I know, ill have the same interest expense but ill spend it on a trip so now theyve got the Credit Card Debt from the trip and now theyve got on top of that the Interest Payments and the rent payments. I think thats a pretty rough one, two combination so between the repayment of taxes and pump pumping up of debt repayment, no more free money until the next recession comes. I think when the recession comes, i think were going to go back to the same playbook. I feel the layoffs are going to start coming, particularly middle management positions where the workfromhome zoom meeting world gave a new prism through which to evaluate employee performance. I know because im a soavment i have to do that sort of thing. And i notice that a lot of people either were working a lot less or always worked a lot less than was assumed. Maria so some dire predictions from Jeffrey Gundlach. Your thoughts, mark . I agree with a lot of what he said. As far as our country goes, i feel were in a precarious situation where weve got over 32 trillion in debt, 50 of that debt is coming due within the next three years. Its going to have to be refinanced at higher rates. All we have known as a country for the last 40 years has been whenever the debt comes due, were going to pay less because Interest Rates are going down. If you look at a 10 year treasury today, yielding 4. 7ish percent. Eight years ago it was yield 2g. 3 . So in 2. 3 . So in two years that comes due, youre not paying 2. 3, now youre paying 4. 7, 5. 5, depending where treasury yields go and that is going to eat into this countrys ability to continue to provide a fiscal tail wind. Maria its a game changer. Thats why i mentioned what bob nardelli told us when he was on a week ago that some of the companies hes invested in have gone from Interest Payments of 2 million a year of 14 million a year. That could put a company out of business. Thats why were seeing partly the string of bankruptcy as well. Its happening on the country you level, the corporate level, on Household Level as well with the student loan payments coming back online, credit cards are maxed out, credit card Interest Rates are 21 . Maria yeah, yeah. Its going to be touch. Maria when we come back, a sea of suits making an appearance at a womens Technology Career fair, causing an uproar among attendees. Hear who crashed the conference. Wait until you see this. 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Release works with your body, not against it, so you can put dieting behind you and go live your life. Head to golo. Com now to join the over 2 Million People who have found the right way to lose weight and get healthier with golo. Maria welcome back. Time for the morning buzz. A Technology Conference for women held last week was crashed by men claiming they were nonbinary, except they werent. The conference was filled with so many men that the events chief impact officer had to talk about it on stage. Watch this. Theres stacks and stacks of resumes youre passing out, you did so because you thought you could come here in this space and get a job. If youre standing in line, instead of all of those are limited resources. [ applause ] maria he was straightforward about it, tiana. The patriarchy is so sneaky, anything a woman can do, a man thinks he can still do better. You just slap on a nonbinary label and all of a sudden its woke. This is an issue with making perceived classes of victimmed and h hierarchy of oppression. I remember being in college with mckenzie has a specific internship but you have to find Cherokee Heritage or something. It makes people want to try to find something that makes them more diverse as opposed to using a womans space for just, you know, have women in a field where theres probably theyre probably underrepresented. They have a way of saying diversity is good and turning it into a clinical obsession that gets hijacked by nonbuy 2345nonbinary men. This is what happens when you dont have rules, like a understanding of what buy bulgey is. I would like to think some of these guys are trying to prove a point, this is what happens when anything can be anything they want, all your rules go out the window. On a serious note, i hope this gets figured out in the next 18 to 20 years when my girls have to enter the workforce. This is unacceptable. This is the problem the Progressive Left has cost. Its a result of no rules. Its also a result of dei being pressed on people in the workplace. Which is a result of larry fink being the largest shareholder with our money, largest shareholder of every Major Company out there. Maria hes got all the index funds. Hes got all the blackrock money. Maria youre right. We need yeah, we need to get to the point obviously where we stop pushing these radical forms of dei and we get back to promoting merit based hires and diversity is great but diversity of thought, have different thoughts. Maria its not supposed to be what a university is. Quick story. I have a friend who had 800 million at major firm. 800 million. He says to his guy at the firm, look, my son needs an internship this summer, can you give him an internship. The guy says im sorry, we cant, we can only hire interns this summer who are black or women. He took the whole 800 million and brought to it a exeat for. 2021 fortune 500 companies hired 6 that were white in 2021. Maria this is the reality of the status we are in. When we come back, new yorkers better watch out ooc and other social aoc and other socialists are coming for your money. They want new tax increases. Its the hot topic of the hour. Its coming up after this break. Stay with us. Ah, these bills are crazy. She has no idea shes sitting on a goldmine. Well she doesnt know that if she owns a Life Insurance policy of 100,000 or more she can sell all or part of it to coventry for cash. Even a term policy. Even a term policy . Even a term policy find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. 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. Treasures treasures. Agent go