maria: good tuesday morning. thanks very much for joining us this morning. i am maria bartiromo. i hope you are having a good tuesday morning, tuesday april 16, 8:00 a.m. on the east coast, time for hot hot of the hour former president trump speaking out after first is a so-called hush money criminal trial jury selection began yesterday trump ripped into judge's decision forcing him to appear in the courtroom every day, and miss his son's graduation, watch this. >> -- high -- looks like -- my son has worked very, very hard -- and, did so well, i was looking forward to hearing graduation with his mother and father there looks like judge isn't going to allow plea to

appear it is a scam. a scam trial. maria: completely different picture of trump's opponent president biden is starting his twin state campaign in pennsylvania will attempt to tell voters the economy and inflation would be worse under president trump even though it was better. the president also expected to tout new tax plan wants to raiser taxes 5 1/2 trillion dollars claims president trump is only going to provide tax breaks for just the wealthy americans at expense of the middle class cheryl i know this is popular with broad public to come up with rich versus poor trump only for the wealth, but it really false on deaf ears doesn't match to reality. cheryl: this plan from president biden i told mark pepper in commercial break you might cry when you go through it, the tax hikes proposing on small businesses, of course, corporate tax rate i talked about that last hour tax gains

dividends regular being income taxes energy tax price a second death tax first death tax apparently wasn't enough to satisfy them, it is they say wellt will lower deficit three trillion if you look at analysis from tax foundation maria, they say this is antigrowth, going to kill 800,000 jobs, obviously, going to talk about 2.2% out of output in the country kill wages 1.6%, i don't understand maybe popular trying to i guess trying to grab votes, but this is -- affects everybody egregious piece of this is that corporate tax rate hike you know donald trump was 15% not 21%, wants 15%, even -- you know just -- a killer, really is. maria: mark how about that tax that they want to put on gains on paper? this is the one that is

totally freaked out if you buy a stock it is up by the time tax day comes you got to pay daksz you have not revised gains you haven't made moint is on paper next year if it goes down giving you money back? mark: you know not going to do that taxation, a lot of small business owners don't have a lot of money outside the business don't have the a lot of liquid assets they've illiquid seats then tax those big problems for small business owners as relates to them employing people regardless with whether or not biden is able to get his tax plan through it is important that viewers tax cuts subset regardless will revert to pre-trump tax rates obama had

in place not nearly as generous we do not have a taxation problem in the united states we have a spending problem, we need to rein in spending cut stupid costs stop hiring more people for government we need to rein in spending the most important thing we can be doing. maria: you can't like rein in spending or fix the problem until you acknowledge there is a problem, the white house is not acknowledging there is a problem, we know that because he is still talking about student loan debt forgiveness of student loan debt more surplus throwing more dollars at too few goods that is inflationary. mark: biden claims growing the economy from the bottom-up? and middle out. wages have not kept up with precise increases since biden took office kjp, talking inflation moderating i think what she said? it is accelerating, then, to blame inflation on trump the

very last month trump was in office, month-over-month cpi number was 0.2, then biden's first three months was 0.4, 0.5, 0.7 we know where that is going on. maria: yeah he is trying to say he even though when he walked into oval office cpi was 1.4% on his watch went aup up to 9.1% mike baker this idea trump tax cuts only help rich doesn't add up grover with me yesterday he -- >> biden's tax increases not just on rich he wants five trillion dollars, he wants to take taxes on install businesses up almost 40% capital gain tax to twice china's will make us uncompetitive the damage of biden's taxes on the american economy and your job, he wants to take the tax on businesses

corporate income tax from 21% kind of average with europe, higher than china's higher than france, higher tran than britain to make us not competitive in the world. >> yeah, mike, let's remember we are in election year so biden is going to keep saying it misinformation of yeah trump's tax cuts only for rich going to hear a lot this year. mark: keep banging on same note you are absolutely right. >> and they do that because it works, you do give democrats credit for ability to unify stick to messages, right a little bit like you talked about earlier with trump's trial, right show you that chart about is it campaign calendar how going to be wrapped up in various trials. you think about about what we talked about with protesters on the streets yesterday how they want you to think it is spontaneous it is koortdz, if

anybody thinks trialed were spontaneous happened to line up through to november they are insane democratic strategies got together following a plan. maria: we are getting started a lot coming up congressman jim jordan accusing secretary alejandro mayorkas of when holding files on illegal criminals, house to delivery impeachment articles today don't miss that you are watching "mornings with maria" live on fox business. we'll be right back. this girl is on fire, this girl is on fire ♪ ♪ , walking on fire, this girl is on fire ♪ . .

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scomroo welcome back. house republicans deliver impeachment articles against homeland security alejandro mayorkas, today this afternoon to the senate the house judiciary committee, is

pushing mayorkas to hands over documents relating to illegal migrants accused of serious crimes. wavenlts to know background jim jordan saying dhs failure to provided committee is unacceptable prevents from constitutional oversight obligations, mike braun ranking member aging committee budget housing labor sanctions economy thanks very much for being here what is the skoir in terms of getting documents to understand, the backgrounds of some migrants why does jim jordan want these? do you know if you've heard back from mayorkas yet on this? because if you've got a bad rap sheet we should snow before you come here start committing crimes in this country. >> i think this is a case where they drug feet on that

underlying have had until you force them to a point like this they can keep doing that delay not giving them the full information. i think this thing has reached number one maria because it is the biggest issue politically, of course, they are going to do everything within their power parliament, repealedly to sweep under the rug how difficult it is on the other hand they weaponized agencies go after things that are different to executive orders, rules know how to use system we generally are too defensive it came to a point if you didn't deliver articles of impeachment if these aren't high crimes and misdemeanors open borders national security threat canadian border being breached in a way you can get by with it i don't know what

would be maria: a great point i would like to know, what is going on in the senate, frankly, because, you know, we're talking about all doing things that seem to guide in the senate, for example, the impeachment articles against alejandro mayorkas. they are delivered total senate today then what happens? >> so, you can have things die or they can prosper, depending on the attitude of who the majority leader is i have been a believer here that democrats are faster footed, on something more particular, we have to do a better job of building the case that now that it is here, let's watch schumer see if he violates everything down 21 impeaching articles four dismiss because individual left office never

has there been a motion to table they is enter prizer i think going to try to shove in it the door from the moment they arrive over here this afternoon. >> what do you think about of this conversation, about money to ukraine, money to israel, money to taiwan? and you still haven't secured the border. majorie taylor greene tweeted out a maintain ago no, i am not voting for rule ons johnson's bundle of funding bills for billions more to ukraine other foreign wars the white house has been clear it will veto any spending package that does not include ukraine in some colleagues getting frustrated i spoke with rand paul sunday listen to what he said about plooik mike. >> i would say speakerings johnson hold ground show

cojones industrial fortitude actual chuck schumer take it up it is going to be paid for. >> what about that an aid to israel bill on chuck schumer's desk what are you going to do about it in the senate? >> not to mention it is paid for, nothing around here is paid for, again you cannot force that to the floor without schumer orchestrating it use every tool spin it like trying to get rid of the articles of impeachment, because, they feel they can get by with it, the only resolution to all sadly when you orchestrate like open borders to get more political votes in the future vote out people that run government like that when you know how to use the senate rules, and your bold as political enterpriser, try to get by with it democrats generally do we are sheepish about doing it this

is your last push for legislative action before november elections this is it, so is it is the priority now for the next six weeks or whatever, money to ukraine, money to israel, money to taiwan? >> it will be because i think going to flip the switch quickly on impeachment we can't let that go away as an issue the biggest one out there. when it comes to ukraine, and aid and so forth, hold firm there, we as 41 of us of the 49 republicans, can always block moving forward on this stuff s will we weaken -- we will hold our ground see how hard schumer is willing to push when a bill already passed in the house would help israel, and would have been paid for. we got to articulate that better sometimes gets in the weeds, they do it better than we do we got to get better. maria: i tell you you

wouldn't know that chuck schumer is senior jewish person in the congress would you? he is right there running senate, you know, jewish i don't see the priority for israel i want to move to other policies that seem failing with american people, axios with a new piece biden's new take on inflation trump would be worse? really? inflation rate was 1.4% when trump handed white house to joe biden we repeatedly as soon as he this administration blame the former president for skyrocketing inflation despite the fact this the president and democrats spend more than recklessly too many dollars chasing too few goods my colleague edward lawrence tried to get an answer out a of kjp on this watch this. >> the president said, he came into office inflation was skyrocketeting, he was 1.4%, in january 2021 that was 11th executive month at that time under 2% was president misleading.

>> when president took office you know there was a paebd closing down businesses closing schools drastically you disrupting supply chain he said inflation skies rocketing. >> we had a supply chain that was disrupted, so that is what the president was speaking to, and laying out. >> is president being honest about inflation. president mass to take historic action, in dog dealing with disruption in supply chains. >> supply chinese supply chains, turn herself into a pretzel trying to blame inflation on trump we know brevity we lived it, by the way, she failed to say about pandemic was forcing -- closings no, no, no. the mix told schools to skids to stay home forced to us do stuff about covid it wasn't just happened because of pandemic. they told us what to do. >> ironic my first visit on supply chain issues, of

course, biden i think using notecards i don't think really into the issue, again, this is going to be easier should be than border they've got their dream the federal government and government in general about 25% of our gdp. never been more than 20%. they have grown most of these jobs through government jobs, we pushed out private business investment, to a smaller percentage of our economy, the tax cuts jobs act why low inflation back then. this ought to be easier if anybody has done any finance 101 here in background, macroeconomics, to refuture it, again, maetsdz me even more this you they think they can spin that tale we've got something never before that i think good jez jerome powell, jamie dimon finally said federal debt in high interest cost is going to be the

biggest drag on our economy, so you've got two people, that no finance that have said the opposite inflation isn't going away it is getting worse when you borrow and spend you displace a real economy with more government with workers that adopt even come here to work, that is not productive, we got to do a better job of making the case, this ought to be easier than the border. maria: i tell you this administration, you know, really must think everybody is stupid, all you have to do is look at what has taken place in the last three years, inflation reduction act did not reduce oxymoron did not reduce inflation the act was hardly fiscal year responsible student debt fiscal year irresponsible goes on and on and on senator. what will it stop. >> fancy names one intended purpose they pulled that off to replace more real economy

with unproductive side of the ledger government spending, all "deep state" bureaucrats look pre-biden pre-covid easy way to vote in november. >> we will be watching we appreciate your time this morning senator mike braun in d.c. this morning and we'll be right back.. .

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okay, that's uncalled for. maria: welcome back. big banks hit theing the tape with earnings, bank of america morgan stanley double beat on earnings and revenue bank of america profits of down on lower consumer interest payments, the first quarter as morgan stanley ceo, his first quarter as ceo there, the stock this morning up morgan stanley rallied 3 1/2%, joining me right now to access the earnings we talked about engineerar cassidy a pleasure to see you. thanks for joining me this morning. >> you are very welcome. maria: came reading your note, the other day u.s. banks, starting the year off on the right foot. how would you access the earnings that we've seen so far? in financials. >> maria, the earnings so far, have generally be better than

expected. we have a number of banks report this morning you identified morgan stanley bank of america, pnc, a few others, all of the numbers are coming in better than expected. on revenues as well as expenses, credit deterioration manageable credit in general still good with exception of course of the office market still very weak. >> i am glad you mentioned credit deterioration i want to ask about loan growth seems one of the issues for bofa quarter talking broadly speaking about a slowdown in the economy how would you access loan growth here, and who is most exposed? >> it is interesting, maria, that loan growth which is tied to nominal gp growth, was moderated in the quarter first quarter tends slower than other quarters our outlook for loan growth this year,

anywhere from two to four, three to five percent what is interesting what we saw today, was the banks are buying securities, to build up their assets rather than making loans because loan demand is not there, there obviously, holding off on making those loans. so it is interesting to us that the outlook remains i think still very positive for the banks as the economy is still growing, as evidenced by federal reserve data coming out of the -- on current quarter growth, believe it or not, around 2 1/2, to --%. >> you see is that in majors jpmorgan with the most n profitable year ever recorded. in 2023. and continuing, a good report, although there are questions about the rest of the year. with a would you say about guidance and worry signs right now in terms of the 2024.

>> going to be interesting because, reminder of the year this is only april obviously, right now if we can orchestrate soft landing economy continuing to grow combined with federal reserve's policy not raising short-term interest rates the talk maybe cuts later this year the banks have position veried well maria. it is similar to 1995 in our view under greenspan's leadership at the fed orchestrated the state of landing so-called gold looks economy i think the same this year positive for banks. maria: maybe that won't happen we won't get a soft landing, we won't actually see interest rate cuts i spoke with james grant the other day, the editor founder of grant interest rate object vr he through out idea of a like in interest rates here walk in march before anybody was talking higher rates, watch

this. >> you are not expecting a cut in rates anytime soon. >> no, the thing well they say -- the three-ish is fine. >> 3% inflation. >> yes, it is concern over inflation, and to focus on financial stability if they would define it so but i think also a chance maria that the fed raises if they are confronted with an accelerating rate of the inflation, feel they have no choice who is to say that 3.2% thing couldn't go up, to 80 dollar oil price no longer 70. maria: now oil up to 85, so who is to say that we are going to get this you know -- scenario here especially when you got customarily real estate being questioned, interest rates being questioned, i mean is it all capital markets going to save us here? >> it is interesting maria. i am not -- i know would agree

-- james grant the risk to the scenario this inflation is not brought under control, wage growth continues to be, challenging i think for the fed. and should inflation remerge on this chairman powell they remember what happened under arthur you burns in the 70 positives mot probable ought definitely a risk. >> customarily real estate stand by you march house starts looks like a major miss. cheryl: yeah these are pretty bad numbers the number lower than expected 1.321 million, the estimate was 1.487 million, a drop 14.7% for starts. so that is not good news some

would be weather likely a lot is market talking probably interest rates, permit, also coming in weaker-than-expected, 1.458 million, and street looking for 1.515, drop of 4.3%, so these are again this is the interest rate, interest rate story. maria: weigh in here who is most vulnerable to these weaker-than-expecteding housing starts numbers what about the commercial real upset, that has been tell gravrd has yet to materialize. >> i would say a smaller regional banks have greater exposure the investment commercial robust we saw you that from yesterday

diversified ren not as effected by housing numbers lower than expected would be more directed at smaller banks, but the big regional banks are also diversified most lenders are commercial, industrial lenders they are not real players in the construction lending market. what housing, of course, starts apply to on commercial real estate you are right the office market particularly so-called class b, and c space in large cities, that is a real problem class a, office in most markets still quite resilient. >> quick i know morgan stanley stock was heavily shorted into this maybe also contributing to big rally we are seeing in morgan stanley today do you have a faifrnt jpmorgan or bofa what do you want to buy in financials right now. >> bank of america name to own we heard of to it risk on

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maria: welcome back jury selection for former president trump so call hush more than trial expected to resume today in new york, less than an hour, trump has pled not guilty to 340 felony counts falsifying business records, in alleged effort to cover-up payment to stormy daniels before 2016 election since indicting trump manhattan d.a. alvin bragg collected 850,000 dollars

campaign donations, former new york xham lee zeldin rights instead of fighting crime manhattan d.a. alvin bragg launches a str show trial joining me for political panel republican political analyst campaign strategist, democrat skrunlt former house judiciary committee chief counsel thank you so much for being here i want to kick off with you your reaction. >> well shouldn't come as surprise to nobody the biden n bragg manhattan case legal absurdity scam never should have been brought in the first place election interference abuse of law to get trump starts, alvin bragg state prosecutor should not be prosecuting federal election law has no authority to do so the legal gymnastics you have to make from a misdemeanor to felony even a first year law student can see through. >> thank you for having me

again, i think this is a completely abusive prosecution by prosecutor campaign raised money going after trump there is no precedent for use of the law, the way alvin bragg is attempting to use in this case using a business, records miss neenor alleged invitation hush money not reported, under the law, there is an intent requirement, so follow me for a second, two fec chairs federal election commission chairs agency enforces election law have said on separate occasions hush money is not a campaign finance violations, therefor by definition impossible for trump to meet intent standard if federal enforcement officials say hish money is not a campaign as i violations

this is completely abusive use of the law by political left, i civil libertarians for decades arguing against selective application of the law would not be brought if last name of defendant were anything other than trump, democrats should be very aware there are plenty of theories if trump wins election in 2024 could be used to go after joe biden, on the classified records and could be used against hunter biden, on tax evasion, you know people argue on left that would be selective he enforcement of the law political prosecution, but i don't think they will have any leg to stand on given what is happening, in this case. the left should be screaming about it and it is not. maria: and everybody knows it right all we're doing is watching what is, obviously, playing out to be election

interference, two screens joe biden beginning swing state campaigning going to pens veina trump sitting in a courtroom answering questions about something that the statute of limitations run up somehow has you said for gymnastics whatever allowed to prosecutor to turn it into a criminal situation. >> exactly right want to tie up trump in a crewmember, judge merchan should be recused he has to recuse himself if donald trump, on spectrum in week to hear big case talking about immunity can't could to baron trump high school graduation again all about harming trump they want to drag trump up in front probably get a conviction talking manhattan 90% a democrat also democrats can run ads in fall say donald

trump convicted felon they can't beat donald trump on issues now going to abuse the rule of law undermines republic. >> policy of the left failed anti-israel protesters basically shut down traffic yesterday travel delays cross multiple states blocked bring abouting lynn bridge golden gate road to chicago o'hare airport i have friends taking a flight from florida to new york told me on the at airport all flights canceled delayed you couldn't land in new york "the wall street journal" reporting israel created norms political trouble for president biden before iran's attack quote faces pressure from his left and his right on middle east conflict is trying

to appease both sides is everything political. >> he is trying to appease both sides mistake useful idiots of the terrorists believe they are doing something cool but really in fact have no idea what they are supporting aligning themselves, with facists targeted at civilian women, children burning be heading of children, they kill women in their own country not habab, the city center, those who he disagree with regime should not only be forcibly moved from protesting disrupting they need psychiatric counseling as for biden a

moment, of -- of where that the sort of a demands winston churchill rather than neville chamberlain joe biden should say hamas terrorists attack on iran we stand behind israel behind israel any way to respond rather than placating left for preliminary purposes what winston churchill would do but joe biden looking more never ill chamberlain. >> the administration says don't retaliate, israel don't retaliate wens woerz attack since holocaust another efforts over the weekend, israel supposed to sit in like a sitting duck i guess? >> even worse than what julianne is saying i think antisemitism democratic party rampant gallup first time

history of gallup polling democrats support palestine hams over israel, i am a free speech absolutinist, what is happening at airport not exercise in first emailed to is essentially organized anarchy this, also -- to america, too. >> great point al a pleasure thank you great conversation we appreciate your time, quick break then colleges across the country are rolling out the red carpet for none other than communist china. folks business kelly saberi. >> 2.3 billion dollars spent by china around the universities amid concerns about a national security threat we will have that after the break.

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old problem but getting worse colleges across the country

opening campuses to communist china kelly saberi live in chicago with more kelly. >> maria chinese businesses have spent 2.32 billion dollars, in american higher ed last 12 years same time period, the top spend er at u.s. universities kas qatar followed by united kingdom, germany, china and saudi arabia. universities required to report any contracts worth 250,000 dollars or more congress tells me china corporations steel more ads, amounts need to be reported to 50,000 dollars, generally, and then a requirement to report any contribution from china venezuela iran or north korea. >> they are the biggest tleet the united states and they are biggest threat to the world we really have to watch them we

have to protect our united since enterprise in universities. >> college research intertwined into major local industries the lone star state all three chinese government owned oil companies the ties to universities of texas at austin less than hour drive from motor city university of michigan says it has about a million dollars worth of contracts, with chinese led share company dd global pushed uber out of the market more broadly one of the greater national securities dramatize mass, the chinese biotech tirm in a quarter of the drugs used in u.s., homeland security committee advanced the bill last month. >> kelly saberi mark getting our arms around this problem ccp has been stealing

intellectual property from the american companies, for three decades, we were getting arms around this problem under trump administration, but so-called china initiative, okay remember when the head of the chemistry department at harvare was indicted because he did not tell anybody that he was sending information actual got getting paid for it pompeo took others down in university world because of the same thing when joe biden walked into the oval office he canceled the china initiative. no more indicting any university o professors no proer keeping china accountable to theft of intellectual property mark: china they have influence over our educational system right nowed we know that from tiktok. and the videos that they are pushing out to our children, versus the math and science videos they push out on tiktok to people in china. right? so that is, obviously, an

issue. now look at you know, qatar, china, some biggest donors of these various universities they are going to influence the curriculum, the professors, the culture, these are big deals in universities unfortunately going to answer big donors. >> are we surprised mike that communist china is coming out with the same products that american businesses have come out with after years of stealing their intellectual property? i will say it again john ratcliffe told us long time ago what china strategy is rob, replicate, replace. >> trump administration put focus on it people imagined a new problem, but you go back generations, they made the decision, years and years ago from chinese regime perspective the way to get to top of food china bypass heavy lift cost of research and development, so the he

aggressiveness i can't overstate aggressiveness of the chinese regime pla, intel apparatus in terms of stealing research and development, intellectual property economic intelligence damaging to u.s. economy national security from the military perspective also allies equal opportunity take and steal information, from anyone, and make a determination as to how best to use it. maria: james comer chairman of the oversight committee told me he is still investigating, whether or not joe biden got paid for cancellation china initiative, that is from oversight committee we'll be right back. you're watching "mornings with maria" live from fox business. ♪ ♪

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maria: welcome back. we are 30 minutes away from the opening bell. check markets here h dow industrial ares up 2323 points right -- 232 point e points at the moment final thoughts, cheryl casone, mike baker, mark tepper, great to have you this morning. >> thank you. >> more earnings this week, maria, we'll keep on 'em. maria: thanking -- thanks, everybody. "varney & company" ticks it up. stu, take it away. stuart: good