SIMONE DEL ROSARIO:

PRESIDENT BIDEN OFFICIALLY LAUNCHED HIS RE-ELECTION BID THIS WEEK, AND POLL AFTER POLL SHOWS THE 80-YEAR-OLD’S AGE IS A CONCERN. BUT IN THE BUSINESS WORLD, AGE MEANS EXPERIENCE. WE’VE GOT THE EXECUTIVES GETTING ON IN YEARS IN THIS WEEK’S FIVE FOR FRIDAY:

78-YEAR OLD FREDERICK SMITH FOUNDED FEDEX WITH A $4 MILLION DOLLAR INHERITANCE FROM HIS FATHER. THE COURIER IS PRETTY MUCH EVERYWHERE NOW, BUT GETTING OFF THE GROUND 50 YEARS AGO WAS TOUGH. IN THE EARLY DAYS, STRUGGLING TO PAY THE FUEL BILL, HE TOOK FEDEX’S LAST FIVE GRAND TO VEGAS AND TURNED IT INTO 27K, KEEPING THE COMPANY AFLOAT. SMITH WAS CEO UNTIL JUST LAST YEAR AT 77, AND STILL SERVES AS EXECUTIVE CHAIR.

85-YEAR OLD ALAN MILLER MUST’VE KNOWN HEALTHCARE WAS THE PLACE TO MAKE MONEY IN THE U.S. HE FOUNDED UNIVERSAL HEALTH SERVICES WITH SIX EMPLOYEES IN 1979 AFTER LOSING HIS FIRST HEALTHCARE VENTURE TO A HOSTILE TAKEOVER. UHS RAKED IN MORE THAN $13 BILLION IN 2022 AND IS ONE OF THE 400 LARGEST PUBLIC COMPANIES IN THE NATION. MILLER LEFT HIS CEO POST AT THE END OF 2020 AT AGE 83 AS PART OF AN ESTABLISHED SUCCESSION PLAN. HE STILL SERVES AS CHAIRMAN OF THE BOARD.

86-YEAR OLD ROGER PENSKE MADE A NAME FOR HIMSELF AS A RACECAR DRIVER AND LATER STARTED HIS OWN TEAM, WHICH HAS MORE INDY 500 WINS THAN ANY OTHER AT 18. HE’S SO DOMINANT THERE, HE BOUGHT INDIANAPOLIS MOTOR SPEEDWAY AND THE INDYCAR SERIES IN 2020. HIS DRIVERS HAVE THREE NASCAR CHAMPIONSHIPS TOO. PENSKE SERVES AS BOARD CHAIR AND CEO AT PENSKE AUTOMOTIVE GROUP, A FORTUNE 500 COMPANY, WHICH DOES ALL KINDS OF CAR STUFF, EVEN SELLING EM AT DEALERSHIPS THROUGHOUT THE COUNTRY.

92-YEAR OLD RUPERT MURDOCH IS THE MEDIA MOGUL BEST KNOWN FOR FOX NEWS. HE HASN’T BEEN CEO OF ANY OF HIS PROPERTIES SINCE 2018, WHEN HE FINISHED A YEARS-LONG ACTING CEO STINT AFTER ROGER AILES RESIGNED IN DISGRACE. BUT MURDOCH’S STILL THE CHAIR OF FOX CORP, WITH HIS SON AS CEO, AND THE EXECUTIVE CHAIRMAN AT NEWS CORP. HE EVEN STILL ENDS UP IN THE NEWS, BE IT A PHONE-HACKING SCANDAL INVOLVING THE BRITISH ROYALS, OR THE FOX-DOMINION DEFAMATION CASE. MURDOCH WAS DEPOSED IN THE LATTER. AND IN THE AFTERMATH, HE WAS REPORTEDLY BEHIND THE DECISION TO PUSH OUT TOP-RATED HOST TUCKER CARLSON. FOX STAYED NUMBER ONE AFTER OUSTING BILL O’REILLY, WE’LL SEE IF THE 92-YEAR-OLD CAN SWING IT AGAIN.

WARREN BUFFETT FINISHES OFF OUR LIST, HE’LL TURN 93 THIS YEAR. HE’S THE LONGEST SERVING CEO OF AN S&P 500 COMPANY, HAVING BEEN AT THE HELM OF BERKSHIRE HATHAWAY SINCE 1970. HE SAYS BUYING UP BERKSHIRE OUT OF SPITE WAS ONE OF THE DUMBEST THINGS HE EVER DID. BUT THE FORMER TEXTILE COMPANY IS NOW A MAJOR CONGLOMERATE WITH 90 BILLION IN PROFIT JUST LAST YEAR. RIGHT NOW THE ORACLE OF OMAHA’S THE WORLD’S 5TH RICHEST PERSON. AND HAS NO RETIREMENT PLANS OTHER THAN NAMING A SUCCESSOR, BUT COULD FACE PRESSURE TO RELINQUISH SOME CONTROL AT THIS YEAR’S ANNUAL MEETING.

WE WANTED TO GET IN NOBUTSUGU SHIMIZU WHO STEPPED DOWN AS CEO OF LIFE CORP IN JAPAN TWO YEARS AGO AT AGE 95. BUT SADLY HE PASSED AWAY JUST A YEAR INTO RETIREMENT. MAYBE I SHOULD HAVE THOUGHT OF A MORE UPLIFTING WAY TO END THIS, BUT THAT’S LIFE? AND THAT’S FIVE FOR FRIDAY, I’M SIMONE DEL ROSARIO. IT’S JUST BUSINESS.

SIMONE DEL ROSARIO: WHEN IT COMES TO THE NATIONAL DEBT, FDR IS PROBABLY THE KING. THE NATIONAL DEBT WENT UP OVER A THOUSAND PERCENT DURING HIS 12 YEARS IN OFFICE BEFORE HE DIED. HE TOOK OVER THE PRESIDENCY IN THE DEPTHS OF THE GREAT DEPRESSION, PURPOSEFULLY ENGINEERED A DEBT DEFAULT, AND BETWEEN THE NEW DEAL AND WORLD WAR TWO, SPENT A LOT.

BY THE END OF HIS TERM, THE NATIONAL DEBT HAD JUMPED UP TO AROUND A QUARTER OF A TRILLION DOLLARS, WHICH EQUALS ABOUT FOUR TRILLION IN TODAY’S TIME.

BUT HOW DID THE COUNTRY GO FROM THAT TO 31.4 TRILLION? IT’S QUITE THE BIPARTISAN EFFORT, LET’S TAKE A LOOK AT THE PILE ON.

DEMOCRAT, PRESIDENT HARRY TRUMAN KEPT THE DEBT PRETTY STEADY IN HIS EIGHT YEARS. HE DID HAVE THE KOREAN WAR ON HIS BOOKS BUT OVERALL THE DEBT WENT UP LESS THAN 3% ON HIS 8-YEAR WATCH.

UNDER REPUBLICAN PRESIDENT DWIGHT EISENHOWER, DEBT ROSE ANOTHER 8.6% IN 8 YEARS. HE FACED MULTIPLE RECESSIONS, WORKED WITH DEMOCRATS IN CONGRESS TO TRY TO CURB SPENDING, AND LEFT OFFICE WITH THIS WARNING:

PRESIDENT EISENHOWER: We cannot mortgage the material assets of our grandchildren without risking the loss also of their political and spiritual heritage. We want democracy to survive for all generations to come, not to become the insolvent phantom of tomorrow. 

SIMONE DEL ROSARIO: JFK INCREASED THE DEBT BY NEARLY 8% IN 3 YEARS. PRETTY WORRIED ABOUT HIS SLIM MARGIN OF VICTORY, HE PROPOSED TAX CUTS THAT WERE EVENTUALLY SIGNED BY HIS SUCCESSOR. AND IN 5 YEARS, LBJ TACKED ON ANOTHER 13% TO THE DEBT. BY THEN THE U-S HAD GOTTEN INVOLVED IN VIETNAM, WHERE THE TOTAL U-S MILITARY COST CAME TO $111 BILLION, AROUND A TRILLION IN TODAY’S DOLLARS.

BETWEEN REPUBLICANS NIXON AND FORD, THE NATIONAL DEBT DOUBLED IN EIGHT YEARS’ TIME. THE ADMINISTRATION WAS PLAGUED WITH SOARING INFLATION. NIXON IMPLEMENTED WAGE AND PRICE CONTROLS, WHICH TURNED DISASTROUS ONCE LIFTED. AND HIS SUCCESSOR GERALD FORD’S ECONOMY WAS MARRED WITH STAGFLATION; WHERE HIGH INFLATION MEETS HIGH UNEMPLOYMENT.

DEMOCRAT JIMMY CARTER TOOK THE REINS WITH A UNIFIED CONGRESS BEHIND HIM, AND TACKED ON A 43% DEBT INCREASE IN FOUR YEARS. DESPITE CLAIMS HIS BUDGETS WERE “LEAN AND TIGHT,” THE GOVERNMENT REPEATEDLY UNDERESTIMATED THE COST OF DOING BUSINESS AMID SKYROCKETING INFLATION AND SOARING INTEREST RATES. HE NEVER ACHIEVED THE BALANCED BUDGET HE DESIRED, AND THOUGH INFLATION STARTED TO COME DOWN THE COUNTRY SOON ENTERED ANOTHER RECESSION IN CARTER’S SINGLE TERM.

THAT’S WHERE REPUBLICAN RONALD REAGAN TAKES OVER…AND THE NATIONAL DEBT BREACHES A TRILLION DOLLARS. THE REAGANOMICS ERA INCLUDED TWO MAJOR ROUNDS OF TAX CUTS IN THE NAME OF ECONOMIC RECOVERY, BUT REVENUES TOOK A BIG HIT. HE ALSO INCREASED DEFENSE SPENDING, PUSHING THE DEBT UP 186% IN HIS EIGHT YEARS.

PRESIDENT GEORGE H.W. BUSH: Congress will push me to raise taxes and i’ll say no, and they’ll push and i’ll say no, and they’ll push again and i’ll say to them read my lips no new taxes.

SIMONE DEL ROSARIO: UNDER GEORGE H.W. BUSH, THE NATIONAL DEBT WENT UP ANOTHER 54% IN A SINGLE TERM. BUSH TRIED TACKLING THE DEFICIT HE INHERITED, BUT WITH DEMOCRATS CONTROLLING CONGRESS, THEY REFUSED TO CAP SPENDING WITHOUT RAISING TAXES… A CONCESSION AND BROKEN CAMPAIGN PROMISE THAT LIKELY COST HIM A SECOND TERM.

BILL CLINTON TOOK BUSH’S PLAN AND RAN WITH IT. THE DEBT WENT UP SLIGHTLY LESS IN TWO TERMS THAN HIS PREDECESSOR’S ONE. CLINTON FAMOUSLY BALANCED HIS LAST FOUR BUDGETS WHILE IN OFFICE DURING A TIME OF ECONOMIC PROSPERITY. THOSE YEARS OF SURPLUS ARE THIS COUNTRY’S LAST. THE DEBT STANDS AT LESS THAN SIX TRILLION.

THE NATIONAL DEBT MORE THAN DOUBLED DURING GEORGE W. BUSH’S TIME IN OFFICE. HE CAME IN AND QUICKLY CUT TAXES, BUT THEN SPENDING BALLOONED WITH THE WARS IN IRAQ AND AFGHANISTAN, AND THEN THE 2008 FINANCIAL CRASH CAPPED OFF HIS TERMS WITH A $700 BILLION DOLLAR BANK BAILOUT.

BUDGETS UNDER BARACK OBAMA ADDED ANOTHER 70% TO THE DEBT. COMING INTO OFFICE UNDER THE GREAT RECESSION, THE AMERICAN RECOVERY AND REINVESTMENT ACT ALONE COST HUNDREDS OF BILLIONS OF DOLLARS. HIS AFFORDABLE CARE ACT HAD AN EQUALLY EXPENSIVE PRICE TAG. OBAMA FACED TWO DEBT CEILING CRISES DURING HIS TERMS.

IN FOUR YEARS, DONALD TRUMP ADDED NEARLY AS MUCH DEBT AS OBAMA DID IN EIGHT. THE NATIONAL DEBT RISES ANOTHER 40%. TRUMP’S TAX CUTS AND DEFENSE SPENDING HAD FIGURES SOARING EVEN BEFORE THE PANDEMIC, WITH COSTLY COVID RELIEF ALSO ON HIS WATCH.

IN A SHORT AMOUNT OF TIME, JOE BIDEN HAS TACKED ON SOME TRILLIONS…THE AMERICAN RESCUE PLAN AND TRILLION DOLLAR INFRASTRUCTURE BILL ON HIS PLATE. BUT NOW, HE’S AT ANOTHER CEILING, AND THE DEBT STANDS AT 31.4.

SO THAT’S HOW IT ALL BALLOONED. FOR DECADES NOW, EVERY PRESIDENT’S BEEN GUILTY OF RUNNING A DEFICIT. AND THOSE DEFICITS ADD UP.

HERE ARE THE ANNUAL BUDGETS. IT MIGHT SURPRISE YOU TO SEE THAT SOME OF THESE BIGGER DEFICITS ARE HAPPENING UNDER REPUBLICAN ADMINISTRATIONS. BUT AS WE’VE JUST WALKED YOU THROUGH, YOU CAN PICK OUT SOME OF THE CRISES THAT HAPPENED THAT LED TO SOME OF THESE SPIKES.

AND WHILE WE ATTACH DEBT ACCUMULATION TO THE PRESIDENT THAT PASSED THE BUDGETS THOSE YEARS, WE KNOW THAT CONGRESS AND COMPROMISE ARE AT PLAY. AND THAT THE COST – OR BENEFIT – OF A POLICY THAT PASSES ONE YEAR, CAN RIPPLE ON FOR DECADES TO COME.

JASON MARTIN | EXECUTIVE DIRECTOR, AMERICAN ALPINE INSTITUTE: “As I was walking in with my client, a hiker was standing on a cliff and stepped backwards and fell off and was killed right in front of us.”

KARAH RUCKER: FREAK ACCIDENTS, RAGING RIVERS, WILD ANIMALS, SEVERE WEATHER. AS NATIONAL PARKS SEE MORE VISITORS, THEY’RE SEEING MORE CLIMBING ACCIDENTS AND FATALITIES. 

MARTIN: “That’s probably the biggest hazard for everybody being out and unprepared. Not having the right clothing, not having the right food, being out unexpected, not preparing properly, not having a map, not having the training to use the map. And, and going to a place that is maybe less well known.”

JASON MARTIN HAS BEEN ROCK CLIMBING AND MOUNTAINEERING FOR 31 YEARS. HE SAYS IN THE LAST 5 YEARS, THE SPORT HAS SKYROCKETED.

MARTIN: “The number one reason is the Oscar winning film Free Solo, but also the access to climbing gyms in every metro major metropolitan area.”

AND WITH MORE CLIMBERS, COMES MORE CASUALTIES. 

MARTIN: “So when it comes to climbers, the biggest hazard for climbers is falling. And when we talk about falling climbers, technical climbers are using ropes, and so the way that they use the rope, if they’re using the rope appropriately, a fall is not a big deal. But if they’re newer and they’re not using the rope appropriately, sometimes a fall could be quite catastrophic.”

STEPH ABEGG | DATA ANALYST, LONGPATH: “I think it’s a lack of experience. Maybe the biggest danger is people who are going out there who just don’t quite know what to do and things aren’t picture perfect. So if the weather turns or if they happen to trip and get a little injured or if the elevation is a little bit more knee difficult to handle than I thought it would be. I guess I feel like a lot of the accidents and stuff occur from people who were in a little bit over their heads.”

STEPH ABEGG HAS BEEN CLIMBING FOR 28 YEARS. SHE SAYS STRICTER REGULATIONS DON’T ALWAYS MEAN SAFETY. 

ABEGG: “You have to get your permit so far in advance that you don’t even know if the weather’s gonna be good. And then you have this permit for this certain date. And you just go because you have it and the weather’s not good. And that bad weather and bad conditions lead to accidents.”

MARTIN: “There’s a limited amount that they can do given the staffing issues that the national parks have right now. It’s hard because they have a lot of budget constraints. And so not every park has a helicopter, for example, on call very easily. Some parks share a helicopter to pick up an injured person. And so it would be great if they had more funding, so they had the ability to monitor this stuff. Is it the park’s fault that a tree branch fell out of the tree and hit somebody or that a rock fell off of a mountain?”

SIMONE DEL ROSARIO:

THE WASHINGTON COMMANDERS JUST COMMANDED SIX BILLION DOLLARS TO SELL. IT’S QUITE THE RETURN ON INVESTMENT FOR PROBLEMATIC OWNER DAN SNYDER, WHO BOUGHT THE TEAM IN 1999 FOR 800 MILLION…WHICH AT THE TIME WAS A RECORD PRICE FOR A U-S SPORTS FRANCHISE. TURNS OUT – SPORTS TEAMS MAKE GREAT BETS – HERE ARE THE MAJOR MEN’S TEAMS WITH THE FASTEST GROWING VALUES IN THEIR SPORT IN THIS WEEK’S FIVE FOR FRIDAY.

THE NEW YORK YANKEES ARE EASILY THE MOST VALUABLE MLB FRANCHISE. LOOK YOU’VE GOT THE GREATS LIKE THE BABE, MANTLE, MARIS, AND JETER ALL DONNING PINSTRIPES. THE YANKS’ VALUE JUMPED TO $7.1 BILLION IN 2023, A 78% INCREASE OVER THE PAST FIVE YEARS. TV REVENUE FROM THE YES NETWORK IS A BIG PLUS. PLUS, AARON JUDGE BREAKING THE A-L HOME RUN RECORD WITH 62 AND A DEEP PLAYOFF RUN? THAT’S GONNA KEEP BUTTS IN THE SEATS TO PAY FOR THAT STAR-STUDDED ROSTER.

NFL TEAMS ARE THE MOST EXPENSIVE IN ALL OF SPORTS. AND THE LAS VEGAS RAIDERS HAVE GONE FROM A $2.4 BILLION DOLLAR VALUATION TO $5.1 IN LESS THAN 5 YEARS. THAT’S A 113% INCREASE. NOT TOO SHABBY AFTER BEING THE SECOND CHEAPEST TEAM IN 2015. ALL IT TOOK WAS MOVE TO VEGAS AND A STATE OF THE ART STADIUM AND BAM, THEY CRACKED THE TOP TEN. (VO – ALLEGIANT STADIUM FULL – ADD IN HEADLINE REVEAL) IN FACT, THE RAIDERS LED THE LEAGUE IN TICKET SALES IN 2021 AT $119 MILLION. THE COMMANDERS? WERE SECOND TO LAST.

YOU DON’T ALWAYS HAVE TO WIN TO BE WORTH A LOT, JUST ASK THE COWBOYS, BUT WINNING IS HOW THE GOLDEN STATE WARRIORS SOARED. FORBES HAS ‘EM WORTH $7 BILL, BUT OTHERS SEE IT CLOSER TO $7.5, MORE THAN DOUBLING IN THE LAST 5 YEARS. FOUR TITLES SINCE 2015 AND THE BRAND NEW CHASE CENTER GOT THEM THERE. THAT’S WHY THEY CAN AFFORD THE HIGHEST PAID NBA PLAYER. STEPH CURRY AND KLAY THOMPSON SHOULD BE CALLED THE “CASH” BROTHERS. IF YOU KNOW YOU KNOW.

HOCKEY’S EDMONTON OILERS ARE THE LEAST VALUABLE TEAM ON THIS LIST AT $1.3 BILLION, BUT THE FRANCHISE VALUE’S GROWN 145% IN THE LAST 5 YEARS. FOR THE UNINITIATED, EDMONTON IS WHERE THE GREAT ONE WAYNE GRETZKY STARTED HIS NHL CAREER. LAST YEAR THE TEAM LAUNCHED OILERS PLUS, A NEW STREAMING SERVICE THAT OFFERS FANS EVERYTHING BUT THE ACTUAL GAME. CANADIAN BILLIONAIRE DARYL KATZ BOUGHT THE TEAM 15 YEARS AGO FOR ABOUT $200 MIL. HOW’S THAT FOR R-O-I?

PARIS SAINT GERMAIN HAS THE FASTEST GROWING VALUE IN THE WORLD, UP 280% OVER THE LAST 5 YEARS. HERE’S A CLUB THAT’S REALLY TURNED IT AROUND BY PAYING THE HIGHEST SALARIES! HAHA! WE’VE GOT A FIVE FOR FRIDAY ON IT. WITH SUPERSTARS LIKE MBAPPE, MESSI, AND NEYMAR, THEY’VE FINISHED FIRST OR SECOND IN THEIR LEAGUE FOR THE LAST DECADE. BUT WHAT’S GONNA HAPPEN WITH TWO OF THEIR BRIGHTEST TRYING TO BAIL? SOMETHING TELLS ME THEY’LL COME UP WITH THE MONEY TO BRING IN MORE, THE CLUB IS OWNED BY THE COUNTRY QATAR, AND THE WEALTH FUND IS WORTH NEARLY HALF A TRILLION.

MORAL OF THE STORY, GOT A FEW BILLION AND SOME RICH FRIENDS? POOL IT TOGETHER, A SPORTS TEAM IS A GREAT INVESTMENT. JUST SOMETHING TO THINK ABOUT OVER THE WEEKEND. THAT’S FIVE FOR FRIDAY. I’M SIMONE DEL ROSARIO. IT’S JUST BUSINESS.

SIMONE DEL ROSARIO: THE BIGGEST SHOWDOWN EXPECTED IN WASHINGTON THIS YEAR HAD A BATTLE STOP IN NEW YORK.

REP. KEVIN MCCARTHY: Without exaggeration American debt is a ticking time bomb that will detonate unless we take serious responsible action.

SIMONE DEL ROSARIO: HOUSE SPEAKER KEVIN MCCARTHY – MAKING A POLITICAL PITCH ON THE DEBT CEILING AT THE NEW YORK STOCK EXCHANGE.

REP. KEVIN MCCARTHY: Let me be very clear, there’s two things I will not do. I will not raise taxes, and I will not pass a clean debt ceiling that just won’t pass.

SIMONE DEL ROSARIO: THE WHITE HOUSE – FIGHTING BACK ON REPUBLICANS’ REFUSAL TO RAISE THE DEBT CEILING WITHOUT CONDITIONS, WHICH IS THE DEMOCRATS’ PLAN.

WHITE HOUSE DEPUTY PRESS SECRETARY ANDREW BATES SAID IN A STATEMENT, “There is one responsible solution to the debt limit: addressing it promptly, without brinksmanship or hostage taking — as Republicans did three times in the last administration and as Presidents Trump and Reagan argued for in office.”

THE TREASURY DEPARTMENT ESTIMATES SOMETIME BETWEEN JULY AND SEPTEMBER – THE U-S WILL DEFAULT ON ITS DEBT IF POLITICIANS FAIL TO RAISE THE $31.4 TRILLION DEBT LIMIT.

AND THAT WOULD BE AN “UNFETTERED ECONOMIC CATASTROPHE” ACCORDING TO TWO ECONOMISTS AT RMS.

IN THE EVENT OF AN ACTUAL DEFAULT, THEY ESTIMATE UNEMPLOYMENT WOULD SOAR TO 12% IN THE FIRST SIX MONTHS, IT WOULD TRIGGER A DEEP AND LASTING RECESSION, AND U-S STANDING AND THE DOLLAR WOULD BE AT RISK. 

BUT SO FAR NEGOTIATIONS ARE AT AN IMPASSE. THE REPUBLICAN HOUSE LEADER REVEALING THAT HE HASN’T SPOKEN TO THE WHITE HOUSE ON THE ISSUE IN MORE THAN TWO MONTHS. 

REP. KEVIN MCCARTHY: Had the President agreed to negotiate in good faith we’d already be done. Unfortunately, I have not heard from the White House since our very first meeting.

SIMONE DEL ROSARIO: AND WHILE HE SAYS THE DEMOCRATS PLAN IS A NONSTARTER, REPUBLICANS HAVE YET TO PRESENT THEIR OWN. THAT IS ABOUT TO CHANGE.

REP. KEVIN MCCARTHY: Okay, so here’s our plan. In the coming weeks, the House will vote on a bill to lift the debt ceiling into the next year, save taxpayers trillions of dollars, make us less dependent upon China curve our high inflation all without touching Social Security and Medicare. 

SIMONE DEL ROSARIO: IN EXCHANGE FOR LIFTING THE CEILING FOR ONE MORE YEAR, REPUBLICANS ARE EXPECTED TO PROPOSE SOME TYPE OF CAP ON DISCRETIONARY SPENDING. 

MCCARTHY TOLD WALL STREET OUT OF CONTROL SPENDING WAS TO BLAME FOR INFLATION, WHICH HAS LED TO THE FEDERAL RESERVE’S TIGHT MONETARY STANCE NOW SQUEEZING THE ECONOMY.

REP. KEVIN MCCARTHY: It’s not a revenue problem. We’re bringing more money in percentage than anytime before, but we’re spending and there’s no curve on that. So the fed is their own entity, they get to make their own decisions, but they have to make decisions based upon what we did to create inflation. So I have a responsibility to curve that so the Fed wouldn’t have to act.

SIMONE DEL ROSARIO: BUT TWO REPUBLICAN BILLS MCCARTHY IS BEHIND AND TOUTED AT THE STOCK EXCHANGE WOULD REPORTEDLY DO THE OPPOSITE OVER THE NEXT DECADE. THE CONGRESSIONAL BUDGET OFFICE SAYS REPUBLICANS’ H-R ONE BILL TO LOWER ENERGY COSTS WOULD INCREASE THE DEFICIT BY $2.4 BILLION OVER A 10-YEAR PERIOD. WHILE A VOTE EARLIER THIS YEAR TO REPEAL IRS FUNDING WOULD ADD 114 BILLION TO THE DEFICIT BY 2032.

I’M SIMONE DEL ROSARIO. IN NEW YORK IT’S JUST BUSINESS. 

SIMONE DEL ROSARIO: WHAT BANKING CRISIS?

THE BIG BANKS, AT LEAST, SAILED THROUGH THE START OF THE YEAR.

JUST LOOK AT JPMORGAN CHASE…WHICH DEFIED ANY GRAVITY CAUSED BY THE BANKING TURMOIL. ITS PROFITS SOARED 52% IN THE FIRST QUARTER OF 2023.

THE NATION’S LARGEST BANK POSTED A QUARTERLY REVENUE RECORD.

WHILE BANK CUSTOMERS SCRAMBLED TO PULL OUT FUNDS AT SMALLER INSTITUTIONS FOLLOWING THE FAILURES OF SILICON VALLEY BANK AND SIGNATURE BANK…CHASE SECURED AN ADDITIONAL $37 BILLION IN DEPOSITS THE FIRST THREE MONTHS OF THE YEAR.

FRIDAY KICKED OFF A SERIES OF BANK EARNINGS THAT WALL STREET IS CLOSELY WATCHING TO TAKE THE COUNTRY’S ECONOMIC PULSE.

SO FAR, THE INDUSTRY AT THE CENTER OF MARCH’S CONFIDENCE CRISIS AND CREDIT TIGHTENING, IS DOING BETTER THAN EXPECTED.

WELLS FARGO’S REVENUE AND EARNINGS PER SHARE BOTH SOLIDLY BEAT FORECASTS.

CITIGROUP ALSO BEAT THE STREET IN PROFITS, REVENUE AND EARNINGS.

WHILE PNC HAD BETTER THAN EXPECTED EARNINGS GROWTH.

EACH OF THESE BANKS IS CASHING IN ON HIGHER INTEREST RATES.

NET INTEREST INCOME IS THE MONEY BANKS EARN ON LOANS MINUS WHAT IT PAYS OUT TO DEPOSITORS.

ALL FOUR BANKS POSTED DOUBLE DIGIT GAINS IN Q1 AS THE FED’S RATE HIKE CAMPAIGN ALLOWED BANKS TO CHARGE HIGHER INTEREST RATES ON LOANS.

BUT DESPITE THE GREAT QUARTER, BANKS STILL SEE “STORM CLOUDS” BREWING. BANKS REPORTED SETTING ASIDE MORE CASH THIS QUARTER TO PREPARE FOR TOUGH TIMES AHEAD.

I’M SIMONE DEL ROSARIO AND IT’S JUST BUSINESS.

Simone Del Rosario: THE STREAMING WARS ARE HEATING UP THIS YEAR AS MORE COMPETITORS TRY TO MAKE A SPLASH FOR YOUR CASH. ON ONE HAND, THERE’S A CAPTIVE AUDIENCE TO GO AROUND. THIS YEAR A MAJORITY OF STREAMERS HAVE AT LEAST THREE SUBSCRIPTIONS. HERE ARE THE OFFERINGS FIGHTING FOR YOUR DOWNTIME IN THIS WEEK’S FIVE FOR FRIDAY.

AS ONE OF THE OLD GUARDS, HULU IS A STEADY SURVIVOR. NBC AND FOX JOINED FORCES IN ‘07 TO BRING TV TO WEB – AND SKEPTICS DUBBED IT CLOWN COMPANY. NOW DISNEY’S THE MAJORITY STAKEHOLDER, THEY’VE GOT 48 MILLION SUBSCRIBERS, AND HULU’S PAVING THE NEW CABLE AGE WITH LIVE TV ALONG WITH TOP TIER ORIGINALS LIKE THE HANDMAID’S TALE… A BIG STEP FOR ANYONE WANTING TO CUT THE CORD BUT STILL WATCH LIVE SPORTS. IT ALSO OFFERS BUNDLES WITH ONE OF ITS FRIENDS ON THIS LIST.

WATCH OUT FOR HBO – MAKING MOVES THIS YEAR TO JOIN WITH DISCOVERY PLUS FOR A COMBINED 96 MILLION SUBS. BECAUSE WHO DOESN’T WANT TO BREAK UP A SUCCESSION BINGE WITH DOCTOR PIMPLE POPPER? THE NEW SERVICE WILL GO BY … JUST MAX, AND IT’LL COST THE SAME AS HBO MAX FOR AD FREE. PRETTY MUCH EVERYONE’S STILL LOSING MONEY IN THE STREAMING WORLD, BUT WARNER BROTHERS DISCOVERY THINKS THIS FAMILY COMBO COULD HELP IT BREAK EVEN SOMETIME NEXT YEAR.

LESS THAN FOUR YEARS IN THE MAKING, DISNEY PLUS IS SURGING WITH MORE THAN 160 MILLION SUBSCRIBERS, THOUGH THEY LOST A FEW MIL TO START OFF THE YEAR. STAR WARS AND MARVEL ORIGINALS HELPED MAKE IT A MAJOR PLAYER. THEY SHOOK THINGS UP, RELEASING BLOCKBUSTERS LIKE BLACK WIDOW STRAIGHT TO STREAMING, WHICH LED TO A LAWSUIT. AND THEY’RE LEANING IN TO LIVE CONTENT LIKE DANCING WITH THE STARS AND ANIMATED ESPN HOCKEY COVERAGE TO GET THE KIDS IN ON THE ACTION…AND MAKE ‘EM FUTURE ESPN VIEWERS. IT’S ALL IN THE FAMILY.

AT LEAST ONE FIRM THINKS AMAZON PRIME VIDEO HAS TAKEN THE TOP SUBSCRIBER SPOT, WE KNOW IT AT LEAST SITS AT 200 MILLION, ACCORDING TO THE COMPANY’S LATEST TALLY IN 2021. BUT HERE’S THE THING, IT’S BUNDLED WITH PRIME 2-DAY SHIPPING, SO ON THE STREAMING SIDE, IT’LL ALWAYS HAVE AN ASTERISK. PRIME VIDEO HAS ORIGINAL HITS LIKE THE MARVELOUS MRS MAISEL. IT ALSO HAS THE MOST MOVIES OF ANY SERVICE, BUT ANALYTICS FIRM REELGOOD SAYS LESS THAN 6% OF ITS MOVIES ARE ACTUALLY GOOD.

FOR NOW NETFLIX IS STILL THE KING. IT MAY HAVE STARTED BUSINESS BY MAILING DVDS, BUT THE WORLD’S BIGGEST STREAMER HAS 230 MILLION SUBSCRIBERS. THE COMPANY HAD A ROUGH GO OF IT LAST YEAR AFTER LOSING CUSTOMERS BUT GROWTH IS COMING BACK. FROM STRANGER THINGS TO COMEDY SPECIALS, THERE’S NO SHORTAGE OF CONTENT. NETFLIX IS THE ONLY PROFITABLE PLAYER IN THE GAME, BUT WITH MORE COMPETITION, THE O-G TOOK A PAGE FROM ITS COMPETITORS, OFFERING A LOWER-PRICED SUB FOR THOSE WILLING TO SIT THROUGH ADS.

PARAMOUNT PLUS BARELY MISSED THE LIST. IT’S CURRENTLY THE FASTEST-GROWING STREAMING SERVICE IN THE U-S AND IS EVEN IN ITS OWN STREAMING WARS FIGHT OVER SOUTH PARK. BUT HEY GOTTA BE IN THE TOP FIVE FOR FIVE FOR FRIDAY. I’M SIMONE DEL ROSARIO AND IT’S JUST BUSINESS.

SHANNON LONGWORTH: DID FOX NEWS DEFAME DOMINION VOTING SYSTEMS WITH ITS CLAIMS THAT THE COMPANY RIGGED THE 2020 ELECTIONS?

THAT’S FOR A JURY TO DECIDE.

WHILE DELAWARE SUPERIOR COURT JUDGE ERIC DAVIS DENIED A JUDGMENT ON THE ALLEGED DEFAMATION, PUSHING IT TO A JURY TRIAL…HE *DID* RULE THAT FOX’S CLAIMS ABOUT DOMINION WERE FALSE, SAYING,

“THE EVIDENCE DEVELOPED IN THIS CIVIL PROCEEDING DEMONSTRATES THAT IS CRYSTAL CLEAR THAT NONE OF THE STATEMENTS RELATING TO DOMINION ABOUT THE 2020 ELECTION ARE TRUE.”

MARIA BARTIROMO: “SIDNEY, WE TALKED ABOUT THE DOMINION SOFTWARE. I KNOW THAT THERE WERE VOTING IRREGULARITIES. TELL ME ABOUT THAT.”

JEANINE PIRRO: “WHY WAS THERE AN OVERNIGHT POPPING OF THE VOTE TABULATION THAT CANNOT BE EXPLAINED FOR BIDEN?”

SIDNEY POWELL: “THEY USED THE MACHINES TO TRASH LARGE BATCHES OF VOTES THAT SHOULD HAVE BEEN AWARDED TO PRESIDENT TRUMP. THEY USED THE MACHINES TO INJECT AND ADD MASSIVE QUANTITIES OF VOTES FOR MR. BIDEN.”

WHILE FOX MAINTAINED ITS BROADCASTS WERE PROTECTED BY THE FIRST AMENDMENT…

DAVIS BARRED THE NETWORK FROM USING SOME POTENTIAL ARGUMENTS, INCLUDING “NEUTRAL REPORT PRIVILEGE,” WHICH PROTECTS OUTLETS PUBLISHING NEWSWORTHY ALLEGATIONS IN AN UNBIASED WAY AND “FAIR REPORT PRIVILEGE,” WHICH PROTECTS THOSE PUBLISHING INFORMATION FROM OFFICIAL PROCEEDINGS OR DOCUMENTS.

DAVIS ALSO SAID THE NETWORK COULDN’T USE “OPINION PRIVILEGE”–THAT PROTECTS PURE OPINION CONTENT. DAVIS WROTE, “IT APPEARS OXYMORONIC TO CALL THE STATEMENTS ‘OPINIONS’ WHILE ALSO ASSERTING THE STATEMENTS ARE NEWSWORTHY ALLEGATIONS AND/OR SUBSTANTIALLY ACCURATE REPORTS OF OFFICIAL PROCEEDINGS.”

THIS IS ALL A SETBACK FOR FOX NEWS, AFTER THE DEPOSITIONS AND TEXT MESSAGES REVEALED EXECUTIVES AND HOSTS KNEW THEY WERE BROADCASTING FALSE INFORMATION.

FOR EXAMPLE, MUCH OF THAT FALSE INFORMATION CAME FROM TRUMP ATTORNEY, SIDNEY POWELL. POWELL HAD SENT FOX HOST MARIA BARTIROMO AN EMAIL WITH HER SOURCE OF THE ELECTION FRAUD CLAIMS BEFORE THEIR INTERVIEW ON NOVEMBER 8…

AND BARTIROMO LATER TESTIFIED THAT IT WAS “NONSENSE” AND “INHERENTLY UNRELIABLE.”

THE NETWORK’S LAWYERS TRIED TO GET FOX CORP. CHAIRMAN RUPERT MURDOCH EXCUSED FROM TRAVELING TO DELAWARE TO TESTIFY IN COURT. DAVIS, CITING A LETTER THAT CLAIMED IT WOULD BE AN INCONVENIENCE, SAID MURDOCH WAS “HARDLY INFIRM.” AND POINTED OUT THAT THE 92-YEAR-OLD WAS RECENTLY ENGAGED AND HAD TRAVEL PLANS TO VISIT HIS VARIOUS HOMES.

ATTORNEYS REPLIED, SAYING MURDOCH HAD ALREADY COMPLETED SEVEN HOURS OF DEPOSITION.

ULTIMATELY, DAVIS RULED THAT MURDOCH CAN BE COMPELLED TO TESTIFY. AND, ACCORDING TO FOX, TUCKER CARLSON, SEAN HANNITY, AND MARIA BARTIROMO WILL BE AVAILABLE TO TESTIFY.

THE TRIAL IS SET TO BEGIN APRIL 17TH.