Transcripts For FBC Mornings With Maria Bartiromo 20240713 :

FBC Mornings With Maria Bartiromo July 13, 2024

Take a look, winning week better than 1 . Nasdaq turning positive for the year with gain on the session yesterday of 125 points, the dow industrials up 211 almost 1 and the s p yesterday 32 at 4 00 oclock on wall street. On the trade front top u. S. And china negotiators holding a call agreeing to implement phase 1 of the trade deal as and bombshell on Michael Flynn case. Justice department dropping the case against National Former adviser Michael Flynn after serious memo raised questions about the investigationment we have all the details. Boeing ceo David Calhoun, special guest live at 7 00 a. M. Eastern and look at Airline Industry and the latest of the still grounded 737 max fleet, mornings with maria is live right now. Global markets look like this. Take a look. Easing of trade tensions to the United States and china where the two sides agree to finish out the phase 1 deal, cac quarante 36, dax index up 88. German experts down nearly exports down nearly 12 on record. Best performer japan, nikkei up 2 and a half percent. Oil prices on the rise this morning. Take a look at crude oil, it is 24. 25 a barrel. Its up 3 this morning. The other top stories that we are watching this morning, more u. S. States will begin first state easing stay at home restrictions beginning today. In california bookstores, toy stores, Clothing Stores and florists can reopen for curbside pickup. The governor also announcing that theyll allow some computer and tech manufacturers to return to work as well. Michigan extending stay at home orders meanwhile for two more weeks, Governor Whitmer gave go ahead to go back to monday. President trump will be tested with coronavirus after personal valet tested positive of covid19. The president says that the daily testing regiment will apply to Vice President mike pence and top officials as well. President trump weighed in on this, watch. We could do things through executive order or otherwise that could help a lot of people like delays, delays of various filings and yet i could see that happening. Maria the white house reportedly considering a september extension for taxes, the deadline was already pushed back to july 15th from april 15th due to pandemic, now we are talking about the fall. Father and son in georgia charged with ahmaud aubrey. Two men accused of shooting and killing aubery. They thought aubery was a robber. That video has gone viral. Uber seeing an increase in ride request as more States Reopen this week. Company ceo says that he thinks uber will return to profit of a matter of quarters, not years due to covid19 pandemic. Ride requests to the United States rising 12 justweek. Shares of uber this morning rallying in premarket gain 6 right now. Futures this morning have a firmer tone. Investors anxiously awaiting numbers in 2 and a half hours from now. Unprecedented 22 million jobs in the month of april with Unemployment Rate hitting 16 , the full impact of covid19 pandemic and we know this is coming given the jobless benefits news we have been talking about for the last six weeks. Here with me to talk more about that cfra chief investment strategist sam stovall, dagen mcdowell, courtney and steve moore. Thank you very much for being here. Sam, let me kick this off with you, 22 million jobs expected to have gone away in the month of april. We have 32 Million People having signed up for Unemployment Benefits and yet this market is trading up, go figure, can you explain this . Sam good morning, maria, good morning, everybody, the economy is opening up and thats what investors are focusing on, yeah, they realize that we are going to show 22 milliondollar job loss and probably 17 Unemployment Rate but the market figures that the fed will have our back plus i think the market is looking beyond the valley, meaning its not looking at the numbers for the next 6 months or even for the full calendar year, we know how bad its going to be, what we have done looking at 2021 for earnings and see if we get a vshape recovery and the lowers reading in the aaii survey in the past 7 years that investors are basically saying, look, we are probably looking at good contrary indicater and at least near term the market could continue to work its way higher. Maria steve forbes, jump in. Look, my view is that obviously we are going to see the massive job losses but the important thing for investors to keep an eye on is what you were talking about, maria, which is that businesses are starting to reopen and that means that youre actually going to start to see hiring again, so i actually think the more important indicater is not how many jobs have been lost because, remember, that statistic that comes out today is 2 or 3 weeks old, its our businesses bringing workers on and estimate about 3 million more workers will be hired which is a very, very good sign. Thats not thats people that have jobs that didnt have jobs 2 weeks ago. Maria i think you really make a good point, steve moore, i confused you with your buddy steve forbes. Steve hes my hero. Maria your colleagues an good friends have said many months for now you have seen payroll tax holiday, do you think the president is going to implement that in next stimulus or relief package . Steve i dont think he will. The other Big Development that we will have to talk about as the morning progresses is nancy pelosi sort of showed her hand yesterday probably in a way that she wishes she had where she basically made the point where she 2 trilliondollar stimulus or after 3 trillion we have spent and liberals, democrats are now saying, hey, we know the way it passes and cancel trump tax cut of 2017. That has been the agenda all along and now using pandemic crisis for canceling tax cuts that trump passed what 2 years ago and then using the money for passing Unemployment Benefits and republicans better stop that. Maria you know, dagen, Kevin Mccarthy came on and said here is my plan to get congress back. The more we stay home nancy pelosi is working on 1 trilliondollar plus and bring it back with no voice in it and want up and down vote. Republicans are trying to stop this, dagen. Dagen well, the republicans are trying to act like they got religion on spending now and its hard to given the fact that one out of 5 workers overnight had been put out of a job, they didnt have religion on the speeding up to pandemic, this economic, Health Crisis and now they are going to get tough on the spending when you got the 2year treasury bond yield. The treasury build year at record low, so, steve, then President Trump should stop talking about Infrastructure Spending and he brings that up. One more thing, i said this before, a payroll tax cut doesnt help if you dont have a payroll. So you need to stay focused on the facts that these businesses need to reopen and you have to make sure that these jobs dont disappear forever. We will talk about the retail bankruptcies but a lot of the jobs particularly in retail and restaurants are not coming back potentially. Maria well, you know how you continue to penetrate and steepen this jobless issue is if you continue the ppp program where youre paying people more to stay home than you are to go to work. I mean, this is a major issue and we brought it to everybodys attention weeks ago. The fact is that some people are making 23 an hour with 600dollar flat fee. Dagen thats separate maria why would anybody go back if youre making more to stay home and this program goes until the end of july . Dagen thats separate from payment protection program. I said this before, thats separate from payment protection program. This was trillion dollars with extra 600 per week coming from the federal government. Thats separate. The Paycheck Protection Program and i pointed this out in recent days, the Treasury Department wrote rules this week that said to employers and included a line in there, if you offer to bring a worker back to your business using a paycheck protection loan grant and they refuse, they could potentially lose their Unemployment Benefits if they refuse to go back on the job. Its going to be up to the Business Owners to enforce that. Maria final word from sam stovall, sam, youre not getting guidance from companies, 80 of s p 500 Companies Reported First Quarter earnings, 67 beat expectations but no guidance because very few have visibility into 2021 right now. Real quick. Sam absolutely, beginning of the year expectation 8 rise in earnings, now 22 decline where the second quarter, the one thats coming up expected to see a year on year shortfall of more than 40 , so Companies Just dont know whats going to be happening in the near term. Maria all right, we will leave it there. Sam, thank you so much. We will slip in a short break. We are expecting a rally at the start of trading, coming up next exoneration, dropping charges of Michael Flynn as my sources correctly predicted and you heard a week ago, we will discuss it, stay with us. Maria welcome back, Justice Department is dropping its case against Michael Flynn. The department saying that prosecutors would not be able to prove the case just days after leaked internal fbi memos, show agents were discussing efforts to get flynn to lie. Flynn pled guilty in 2017 to lying to the fbi. They set him up. The conversation had to do with conversations he had with a Russian Ambassador to the United States. President trump speaking out about general flynn yesterday at the white house. He was an innocent man, he was targeted by the Obama Administration and he was targeted in order to try and take down a president. Its treason. Im very happy for general flynn. He was a gate warrior. Maria joining me right now the Washington Examiner chief Political Correspondent Fox News Contributor byron york, your reaction to all of the developments . Byron welshing this is a huge admission of failure on the part of the Justice Department and Robert Mueller. Basically what happened on the flynn case. This all stems from a division by top fbi officials on january 24th, 2017, four days into the Trump Administration to go question flynn at the white house, to go around protocols, get in there, question flynn and then later charge him with lying on that and what weve seen in this new assessment of the case is that Justice Department officials now believe they had no legitimate reason to do that, to go question flynn. Everything else stem from that and the case finally fell apart yesterday. Maria yes, thats absolutely right. Jim comey told us exactly his plan in that interview that he did where he basically said, well, we thought it was chaotic so we sent them over trying to corner flynn. Look, this is the theme throughout this investigation for the last 4 years, where there were informants that ran into Trump Campaign people and tried to entrap them. We learned that as well from the House Intel Committee releasing transcripts last night of the russia probe including interviews with steve bannon, jared kushner, brad pascale and evidence that the Trump Campaign attempted to cover in 2016 election, adam schiff continues to lie about this. Adam schiff told us that collusion with trump and russians were in plain sight, thats a quote from adam schiff and he will not stop. He and jim comey have been tweeting about this with more lies. What do you make of all of this . Byron well despite overcollusion and the nonexistence of collusion is the underlying foundation of every single interviews. Whats very interesting to see is that in every one of one thea Administration Official or was in Obama Administration, in the time that you were there or before the time you left did you see evidence of conspiracy, coordination, whatever you want to call it between the Trump Campaign and russia and they all answered no to varying degrees. Some of them didnt know anything and some didnt see it and the reason republicans were asking those questions were that at the very time adam schiff, the ranking democrat at that moment was going out in public and saying what youve just said, theres collusion, theres solid evidence of collusion and what was happening is in all alf the questioning sessions, the interviews, they were not finding collusion. Maria thats right. And you know now there are real questions about the Mueller Investigation, so on my show on sunday, sunday morning futures lindsey graham, jim jordan, trey gowdy, all questions number 1, the Mueller Investigation, because it was personal counsel was brought on with no evidence, no predicate whatsoever. They knew in may of 2017 that they had no evidence of collusion between trump and russia and they still named mueller. Kim strassel with great oped the mueller coverup, there are also questions about Christopher Wray is doing about this 2 years ago and said you can sleep well at night, we will take care of everything, he hasnt done anything. These two subject matters are front and center, the Mueller Investigation and what Christopher Wray is doing. What do you see happening and we are all waiting on john durham and criminal probe. Byron Mueller Investigation was always crippled by the fact that they couldnt find collusion, there was no underlying crime and a lot of people think that mueller did not press in the end to try to interview President Trump was that he never could cite an underlying crime as a predicate for the interview. So the question is what will the the durham investigation find out about this. We know now that the Flynn Foundation crumbled yesterday and he could not establish he called coordination with trump and russia and what we are going see in the durham report, hopefully, more evidence about the foundation of all this, the reason the fbi started the investigation of George Papadopoulos or carter page issue and see if there was any foundation at all to start the thing in the beginning. Maria there wasnt, i could tell you that right now. Byron, good to see you. Thank you and the dominoes are beginning to fall. When we come back america reopening, california among several states to get things rolling again. What we can expect when we come back. Stay with us. [announcer] weve all seen it. The story where the chances are low, and the cost is high. The sacrifice is real. Its all around us. But this isnt a story about how tougher times beat us. This is our comeback story. The time when we rally and come from behind. The time when we defy the odds and get back to work while the whole world watches. Yeah, this is your comeback story. And when its time to come back, well be ready. Staying connected your way youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Maria welcome back, reopening america as the country anticipates its worst jobs report in history. Manufacturing power houses california and michigan are ramping up plans to reopen factories and businesses. The golden state allowing some companies to begin operations as soon as today while the home to americas auto giants ons on monday. Disney announcing that retail and Entertainment Complex in orlando, florida, Disney Springs will partially reopen on may 20th, shanghai disneyland will reopen may 11th and tickets for that day sold out in minutes. Courtney, jump in here, massive loss of jobs in april and you have handful of important job creators reopening this week . Yeah, maria, you know, it is optimistic and i will say excited to see some of the states starting to reopen, but we need to realize its going to be, you know, a gradual reopening. You can see the governor of california talking about kind of a phased approach on how they are going to do this. We at employ bridge opened a few of our offices in georgia and colorado this past monday and we have seen employers start to open up again but i want to say we are having a challenge getting these people to show up for work and theres two reasons why, one is the stimulus, the cares act, some people that are making more money staying at home, you talked about it before and the second reason is people are scared, people are scared to come back to work so we need to give the

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