aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our clients' portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. larry: thanks for watching, folks. that's "kudlow." please have a great weekend. cheryl: good morning, i'm cheryl casone, in for maria bartiromo who is on assignment. it's monday, may 1st. your top stories, 6:00 a.m. eastern time.

breaking this morning, first republic bank sold to jp morgan after regulators swoop in and seize the troubled bank. this makes first republic the second largest bank failure in u.s. history. we're following this breaking story all morning long. joining me in moments, banking guru, chief financial strategist dick bove. he will have full analysis on the latest crisis to hit the financial sector. meanwhile, the first trading day of may and futures right now are pointing to a mixed open, dow futures up 16, nasdaq down 7, s&p flat. markets in april finishing in the green, the nasdaq eeking out a fractional gain for the month. the dow and nasdaq eeking out decent p gains for the month of april. apple is coming out after the bell on thursday. and the federal reserve's two day policy meeting begins

tomorrow. there's a high chance we are going to see another quarter point rate hike. taking a look at european markets this morning, as you can see, those markets are trading higher. the ftse, the cac and dax in the green. in asia overnight, green across the board. the shanghai composite up over 1%. and joining the conversation all morning long, watchdog on wall street host, chris markowski and gop strategist and tech expert, krisha lenzo. "mornings with maria" is live right now. ♪ cheryl: the sun is rising in new york, as regulators seizing first republic bank. they have agreed to sell to jp

morgan. jp morgan will assume of of first republic's $92 billion in deposits and buy most of the assets, that includes 173 billion in loans and there is 30 billion in securities within that bank. first republic now the second largest bank failure in u.s. history. joining me now, chief financial strategist, dick bove. i'm glad you're with us this morning. thank you for joining us on the breaking news. your initial reaction to what we learned, jp morgan has absorbed first republic. >> quite frankly, i'm a little bit shocked that they actually took this step. i think there are measures that could have been taken to salvage first republic but apparently the outflow of funds was too great and the fdic felt that it had to step in. the fact is, however, that what we're seeing is a major systemic problem in the banking industry in the united states. when the federal reserve started increasing interest rates, what

it did is it drove the cost of deposits up at the banking -- at all banks and at the same time it drove the value of the assets of these banks down. because of the accounting rules that the banking industry follows, banks are now producing financial statements which are not valid. they're not showing what the true assets of the bank are and they're not showing what the you true equity in the banking system is. i think what you can expect to see going forward is that entrepreneurs who understand the market will continue to you attack these banks, seeking out other ones that they can drive into bankruptcy because it's a highly profitable effort to do so. the government is going to have to shore up its major massive weaknesses in terms of bank regulation by going in and increasing the real ebbing which you at this of the banking -- ebbing whiequity of the bankingt the. the banks will have to start

shrinking balance sheets in order to avoid a catastrophe like happened to silicon valley, signature and now first republic and the economy can't avoid being impacted by it. we have a federal reserve which is shrinking its balance sheet. we have the banking system which is losing deposits. we have the money supply of the united states which is declining and you indicated cheryl, there could be another quarter point increase in they the interest rates when the fed meets again. so you know, the question becomes where does the's economy find the money to shore up the banking system? where does the banking system find the money to you assist the economy to grow and at at the moment i think that is totally unclear. cheryl: let me ask you this. in you your opinion, what was te biggest mistake that management at fir first republic made. i understand they serviced the coascoastal elites.

did they make the same mistakes that silicon vally bank or signature bank made or is this a different story. why did first republic in the end fail? >> this is a much different story, it's much worse than the other two. basically, first republic if you think about it is an s & l. in other words, they put the bulk of their deposits into the purchase of fixed rate mortgages. those fixed rate mortgages had rates below the market. the net effect is they were totally if you will exposed to an increase in interest rates because the value of the fixed rate mortgages plunged. i think they dropped in real terms $22 billion in value which is 10% of the value of the whole bank. so the net effect is they couldn't do anything to get the yield on their assets to go up because they had all fixed rate assets whether they were fixed rate mortgages or treasuries. at the same time, interest rates

are rising so as interest rates are rising, first republic is asked to pay more and more for the deposits that it holds and it can't do it. it can't do it because the cost of the money is greater than the yield on their assets. simply stated without going into all this other stuff, this is an s & l. all of its money in theory, almost all of it, was invested in fixed rate mortgages at a time when interest rates were rising. that's what collapsed the s & l industry in the united states. that's what collapsed first republic. cheryl: really quick, i've got about 10 seconds. i've got to ask you this. did jp morgan chase and jamie dimon get a good deal or a bad deal on first republic? >> i think they got a good deal. i believe the customer base of first republic is is is superb.

jp morgan has the ability to hold the mortgages until rates adjust or mortgages are paid off. i don't think they'll take a major loss on the mortgages. cheryl: thank you so much for joining us. we'll be talking about this breaking story throughout the morning. and we're just getting started. coming up, we're also following this story for you. the bombshell allegation from ron johnson that antony blinken, quote, lied to congress under oath. hear what he told maria. that's coming up next. plus, president biden's new mortgage rules could punish you if you've got good credit. we're going to talk about that. don't miss a moment of it. you're watching "mornings with maria" live on fox business. ♪

and i remember kind of thinking like, "oh my gosh, i think we could be sisters." because i think we looked... yes. right. yeah. and i don't think at that time- i think you're the one to tell me that we had the same birthday. yes. it's really unbelievable when you think about it, because it's been, like, really over 20 years that you were my mother and father's banker, you became my banker and now fran is in her third year of college and you're her banker. it's so unbelievable because i'm just 20 years old. [laughing]

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maria: just to be clear, you just said you believe antony blinken lied to you under oath? >> yes, he did. he said he did not e-mail hunter biden. now we have the e-mails. we know his wife using her private e-mail address when she was an employee of the state department was basically a conduit between her husband and hunter biden as well. cheryl: that was wisconsin senator ron johnson speaking to maria on sunday morning futures, he is accusing antony blinken of lying to congress about his communications with hunter biden. he is calling for lawmakers to subsubpoena blinken as his wife. officials say blinken and the biden campaign coordinated a letter claiming hunter biden was

disinformation. joining us now, the federalist senior contributor benjamin wine garden. good morning to you. your reaction to what ron johnson said to maria yesterday. >> good morning. and this looks like another instance of a senior level official in a democrat presidential administration perjurying himself and the question is, will there be any accountability for it and what will it look like? let's note that the house subcommittee on weaponization has already asked tony blinken to produce records of all of his communications around the conversations with those who created and signed that intelligence community so-called letter calling the hunter biden laptop story disinformation. this was not only the ultimate dirty trick on the eve of an election and huge abuse of the trust of the american pool and the intelligence -- american

people and the intelligence community, but tony blinken seems to have played a pivotal role and it's the height of election interference and somebody has to be accountable. maria: to accuse the secretary of state of perjure is a very serious accusation. ron johnson and anyone else that will question him on this will have to come up with proof. do they have the evidence to support theal he lee gas station. you can -- allegation. you can say something, but you've got to back it up. >> i think it's ultimately going to come down to a political question rather than a legal one which by the way if you look at impeachment, high crimes and misdemeanors is a political judgment, not a legal one. and ultimately i think where this goes is the american people are going to have a choice at the end of the day to hold leaders to account for being dishonest with the american people because obviously a justice department isn't going to take criminal referral of the secretary of state or the president of course and

ultimately then i believe it comes to the american people, that will be the choice for 2024. do you believe the country is better than four years ago and do you want principles in the administration like those that lie to the american people and abuse our trust. cheryl: this could be something that we don't see with hearings or blinken being called in, it's a political story, maybe not a he legal one against blinken. >> i believe there will be hearings and extensive oversight with respect to blinken but i think the american people have the final vote. cheryl: 2024, the american people will have the chance to have their voices heard. former president trump and florida governor ron de santis expected to be in iowa on may 13th. trump will hold a rally. de santis will hold fund raising events.

de santis has a big lead in fund raising, raising 110 million so far. he has not made the official announcement. john catsimatidis is ruling out supporting the de santis. he says the governor doesn't return phone calls and plenty of his friends living in florida feel the same way. your reaction to that? >> first, it's very clear had tt at this point it looks like a two person race even though the second person hasn't yet aannounced. i think it's very clear there has been all sorts of sniping from both the trump and de santis camps through their surrogates and the race is on. as you know, the war chest is substantial. that's why i think that ultimately though there's a huge gap in the polls at this point, that de santis camp has dug in for a long and protracted battle and i think all this scuttlebutt we're seeing, there's a lot of

noise. ultimately the signal will be what happens in the polls when desan you is the does formally announce. ma.cheryl: expectations is once gets the go ahead from the legislature, which i believe he has, then it's probably time to go and we'll see some ron de santis in the middle of the current crop of gop presidential candidates for 2024. ben, thank you very much for being here. appreciate it. >> thanks for having me. cheryl: coming up, president biden making a big joke of things at the white house correspondents dinner. >> tonight he asked me to keep it short, even offered me 10 bucks if i keep it under 10 minutes. that's a switch. a president being offered hush money. [laughter] cheryl: all right. a look at some of the other highlights or, well, the low lights from saturday's big, fancy event. that's coming up next. ♪ turn down for what. ♪ turn down for what.

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>> yeah, i know, i just announced my re-election campaign. i get that age is completely reasonable issue. it's on everybody's mind.

and everyone, i mean, the new york times. [laughter] >> headline, biden's advanced age the big issue. trumps', however is not. [laughter] cheryl: that was president biden at the white house correspondents dinner on saturday. joking about his age and reporters as you heard there cheering when he mentioned his re-election campaign while the president was also mocking them. listen to this. >> a lot of ways, this dinner sums up my first two years in office. i'll talk for 10 minutes, take zero questions and cheerfully walk away. cheryl: how many press conferences has this president given? i think he's one of top three lowest rated presidents or the numbers back up. he doesn't talk for the press but they're cheering for him. >> really, the joke is on the press here, right? i feel like joe biden is coming out, speaking about how he hasn't given press conferences

but he's really laughing at those who are not asking the tough questions. it's a mockery of what is occurring here and the fact that even g jen psaki said he doesn't wake up before 9:00 a.m., the fact he talked about silicon valley bank was a shocker here. when it comes to his age, it's not about age, though. that's the thing i like to differentiate. it's about his mental capacity. and there's plenty of people who are up in age but we've seen the cognitive decline of joe biden even just last week when he was asked questions about where he was. cheryl: yeah. chris? >> my greek mother-in-law is sharp as a whip. she is older than joe biden. >> there you go. >> you're taking a look at some of the statements made last week by hillary clinton and barack obama, cheering the this thing. does anybody actually believe this? this is one of the most well managed presidencies i've ever seen. he's the name on the package that's being handled. who is doing the handling hind the scenes?

that's what i want to know. cheryl: he's getting the questions in advance. >> the irony is, i think the children last week were asking some of the toughest questions and joe biden responded oh, yes, ireland, i wonder if the kid prompted him to say that by the way, the child, i wonder if the child -- i saw somewhere the child asked he was in china, how yowjoe biden would have reacted. cheryl: he has not taken a strong stance against china, whether it's the military threat, the chinese are threatening against taiwan, or whether it's regards to the way they handled covid in the lab or the way they have completely circumvented -- attempting to circumvent banking regulations or s.e.c. regulations. >> police stations downtown. there's a myriad of things that have been taking place. this is coming out right now in these myriad of investigations that are taking place and again, i think it's going to raise

questions in people's minds. cheryl: i want to get your thoughts on what we talked about earlier about ron he de santis, looks like he's going to be announcing soon as far as the money raised between he and president trump, vivek ramaswamy, he also raised a lot of money so talk about that. >> certainly ron de santis raised a significant amount of money. i think he needs to at this point because the polls are showing he is facing serious declines in terms of what he's going around the country saying and he's actually losing some donors too with respect to the disney lawsuit that's come out and also some of his comments on abortion. he doesn't have the n name recognition. vivek ramaswamy is taking a swing at it in terms of maybe taking on ron de santis with a lot of his commentary, even last week putting some comments out there about race and gender so he's gotten a significant amount of attention. cheryl: so if vivek goes after

de santis, that ends up helping donald trump. >> it does. cheryl: final thought? >> listen, it's going to be a battle for who gets the vice presidential nomination or are we going to see some actual debates between the various different people? we've seen the ads tearing each other apart. i think ripping apart the republican party is not the way to go at this point. cheryl: august, get ready. the debates will be this year. coming up, homeland security secretary alejandro mayorkas shifting the blame over the border crisis ahead of title 42's end next week. we'll talk about it. plus, an attempted fix at new york city's -- for new york s city's crime crisis, featuring apple technology. we're going to tell you about that. stay with us. we'll be right back. ♪ all he wants to do is dance, dance, dance. ♪ wild eyed pistol wavers who ain't you afraid to die. ♪ and all she wants to do is,

all she wants to do is dance. maria: this week on "mornings with maria," tomorrow we take you live to the milken global conference in los angeles. you'll hear from luminaries from a across the business and political spectrum including congressman michael mccall and darrell issa, mark weinberger and john kidunis and charles hosskinson and much more. it's all right here, join us on "mornings with maria what if you could make analyzing a big bank's data... no big deal? go on... well, what if you partner with ibm and red hat, use a hybrid cloud solution to connect data across multiple systems globally, then analyze all that data with watson. okay, but this needs to meet our... security standards? yup.

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and bath fitter. now's the time to call bath fitter to get a beautiful “after.” with our unique tub over tub process, there's no mess or stress. bath fitter. it just fits. visit bathfitter.com to book your free consultation. cheryl: welcome back. i'm cheryl casone, in for maria bartiromo. it is monday, may 1st. breaking this morning, first republic bank sold to jp morgan after regulators swoop in and seize the troubled bank. this makes first republic the second largest bank failure in u.s. history. we are following this breaking news all morning long. as you can see, there is the stock of first republic, 46% decline but again, as of this

morning, all those first repub republic branches will be jp morgan chase branches. the race for the white house is heating up. gerri willis has all the details. good morning. >> tim scott teasing a major announcement about this intentions for 2024. listen. >> two more years, it's going to be hard as a dickens to suffer through. six years, somebody give me a seat. [laughter] >> lord have mercy. can't do it. to no way. no how. that's why on may 22nd you should be in north charleston, talking about solutions. >> the republican senator launched his exploratory committee last month. armed drones and navy ships are resrescuing hundreds of americas from war torn sudan over the

weekend. brunswick arrived to assist with the efforts. two americans have died in sudan since violence broke out the in the country. several attempts at a cease fire have failed. back here state side, new york city b planning to hand out 500 free apple air tag trackers in an you attempt to curb carjackings. they will be distributed to neighborhoods hardest hit by rising crime. in san francisco, employees at a whole foods reportedly are forced to make nearly 600 911 calls because of the city's ongoing crime crisis, according to the new york times employees say they were regularly threatened with weapons and violence. the grocery chain announced plans to close the store after little more than a year, guys. i want to talk about those tags for just a second. 500 tags donated, already this year, 4500 cars have been stolen

so not going very far with what. cheryl: we're going to put apple tags on your car instead of going after the people that potentially are going to steal your car? >> we're going to make sure that everybody is kind of a quasi police officer now because you have to report your own car, it's on you to tell the police officer where it is and at what time. cheryl: why do i pay taxes again? >> you have to be a vigilante to get your car back, you have to chase it down the street, following the apple air tag. >> what is the punishment for grand threat auto? it's out of control. i'm going to let them go anywa. >> it is indeed. cheryl: another brilliant day for eric adams running new york city. aphe pell air tags saving your car. thank you very much. well, the manhunt in texas for the illegal migrant who allegedly killed five people including an 8-year-old child in

an execution style mass shooting friday night is stretching into its third day. an i.c.e. source telling fox news digital, francisco orpesa was previously deported and reentered the u.s. illegally multiple times. there's an $80,000 reward from governor abbott's office. state agencies and the fbi, to tips that could lead to his arrest. joining me now, former acting director of u.s. immigration and customs enforcement, fox news contributor, to tom homan. your reaction to this horrific shooting we saw in texas and a fox confirming he is an illegal immigrant in this country? >> yeah, i also verified he's in the country illegally. he's been deported numerous times. every time he came back after being deported, that's a felony. the sad thing, under secretary mayorkas, he's not a priority

for i.c.e. i.c.e. wasn't even looking for him. he didn't meet the secretary new mamayorkas priority memorandum. now he's a priority. i can et bet you he's in mexico. it's sad the i.c.e. agents, they would like to find this guy and arrest him. secretary mayors mayorkas said, being in the country i illegally on its own is not enough for i.c.e. to affect an arrest. this goes back to the policies, not allowing i.c.e. to do their job. cheryl: this is not the first instance we've seen of an illegal immigrant committing a crime in this country. there are too many to list. i think about the murder of the young girl in san francisco by an illegal immigrant, migrant. what we saw, there was another similar story that played out down in los angeles, whether it was -- there's too many to list.

over and over we get these examples, we get heart breaking stories, this one in texas, unbelieve ability hey heart -- unbelievably heart breaking and nothing happens. you've got calls in washington to impeach mayorkas. at least with this -- would this get his aear attention, this sty from the weekend, any reaction from mayorkas to change the crisis at the border. >> he'll continue to lie and cover up. he did several sunday shows yesterday and he was asked about the immigration status of the suspect. even though he was briefed two days ago, because my sources at i.c.e. said they briefed him, he refused to talk about it yesterday. he said it's under investigation, knowing damn well the die was here illegally. knows damn well he was here illegally because of his priorities i.c.e. couldn't arrest him. i've been calling for his impeachment for two years. he needs to be impeached. it's one more day of lying and

covering up. >> you mentioned impeachment there. my question is if you impeach mayorkas who are you going to replace him with? it's like the old who song, meet the old boss, same -- meet the new boss, same as the old boss. it's the policies. who do we replace him with? >> i get that, i get that the president makes the ultimate decision. here's what i'll say. secretary mayorkas is the secretary of homeland security. he know os in the last two years they've got five and-a-half million illegal entries. knows known suspected terrorists, they've arrested 178 of he them. 178 them. they've got 1.7 million got aways, they've arrested people from 171 countries, some of the countries are sponsors of terrorism. knows some of that 1.7 million that got away came from countries that sponsor

terrorism. we've got 106,000 dead americans, 1700 dead migrants dying on u.s. soil in the last two years, all historic records. at what point does the secretary of homeland security tell the white house i can no longer support these open border policies, it's a huge national security issue, the biggest national security failure since 9/11, i can no longer support it and resign or protest but he can't keep remaining silent when it's become such a big issue for the nation. cheryl: the city of el paso is expected to declare a new state of manage he sigh -- emergency,s going to be today because border facilities reached capacity. title 42 ends on may 11th. brownsville, texas, declaring a state of emergency. you've got alejandro mayorkas, he refuses to take responsibility fors this. he's blaming congress. i want you to watch this real quick before we go. >> we are seeing a level of migration not just at our

southern border, but throughout the hemisphere, that is unprecedented. the president on day one delivered a solution. he delivered immigration reform legislation that we had hoped congress would act on swiftly. they haven't. within the constraints of a broken immigration system, we are doing so much. cheryl: final thoughts, tom? >> well, the trump administration, i was part of a group that sent legislation to congress too and they failed to act on it but what did we do, what did president trump do? he created policies like the third safe country and remain in mexico which was a game changer and moved immigration to a 45 year low. we reduced immigration by 83%. so they got the playbook. they can put remain in mexico back in play next week because of federal courts already said remain in mexico is legal. they could fix this tomorrow if they had the will power dust off the trump plans, they could fix this tomorrow.

cheryl: tom homan, don't think they will. but we'll see. great so see you. thank you for being here. >> thanks for having me. cheryl: coming up, president biden's new mortgage rules could punish you if you've got good credit. jeff flock live in new jersey with more. hey, jeff, good morning. >> reporter: good morning to you, cheryl. yes, sounds like a bit of a perverse incentive. we'll have all of the details on the new mortgage rules when we come back in just a moment. ♪

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cheryl: the biden administration's new mortgage rule goes into effect today. jeff flock live in princeton, new jersey, princeton junction, excuse me, with more. hey, jeff. >> reporter: hey, cheryl. good morning to you from lovely princeton junction. it's not going to affect the house behind me which is pending sale. they've already got their mortgage. if you haven't got a mortgage yet and you've got a good credit score, i having less than good news for you. yeah, your fees are going to go up to try and subsidize perhaps some of the fees for folks with

lower credit scores. take a look at what the federal housing finance authority says about it. it says, and i quote the director there who says higher credit score buyers aren't being charged more so that low credit score buyers can pay less, but we took a look at the numbers. it's kind of not what it looks like. if you have a 640 640 credit se and you put 20% down on $350,000 mortgage, you are paying -- you were paying about $10,000 in fees. now you'll pay less than 8,000. but if you have a 740 credit score whichs is very good, you were paying less than 2 you th2,000 infees, now more than 3n fees. the folks in the real estate industry, economists and real estate agents say that's just not fair. >> it's an idea of fairness. it's really the responsible people who have done the right thing, who have kept their

credit in check, they're being hit with yet another fee. >> reporter: and cheryl, it's not just fees, it's also a little bit of a break for low credit score buyers when it comes to interest rates. if you have a 740 credit score, that's not good because in this example because the fees for you are going up and over the life of a 30 year loan could be as much at 30 of $30,000. former obama administration hud officials say they support the idea of trying to help people out with low credit scores but this isn't the way to go about it, especially now. >> we're all seem the home sales data, seeing how much home sales are declining because of the rising interest rates. now we're adding the second wham whammy to good credit worthy home buyers who have to pay for other people's mortgages. >> reporter: i know you follow

the real estate industry pretty carefully. sort of sounds like a a pervere incentive. used to be a good credit score was a good thing. cheryl: now it might not be that great. that's true. thank you so much for that live report. joining me now is america's agent and real estate broker, brian lewis. thank you for being with us this morning on set. your reaction to what jeff reported on. >> thank you for having he me. does my industry need one more boot on our neck to hold us down? interest rates have gone up. we're just getting our stride and now this. it's unusual because it's like my daughter makes an a in class but she has to s to subjugate ty to help someone who gets a c. you how is that fair? i believe the biden administration endorsed this plan and this is happening.

it's a little bizarre. i just -- i can't wrap my head around it. >> it's a question of fairness. when i look at what's going on in terms of the mortgages, it reminds me of the student debt cries circumstance also potentially the bailouts, what's occurring with the bank. but i think it's equity versus equal aity, the question of equl opportunity versus equal outcomes. it's very unfair, doesn't make rational sense and you're penalizing people, specifically the asian american community. i read one report they're suffering because of this because they have good credit. how that fair. >> i don't believe it is fair. i believe everyone in america deserves opportunity, i believe everybody deserves to they their fair go. i believe there are other ways to do it through the institutions themselves. years ago when i was an actor, i was trying to get a loan. my credit worthiness wasn't what it is today.

but i went to the actor's federal credit union. they gave me that opportunity. you know what? not many people default in that credit union at all because there's not many choices. i do think that some of these people who will benefit from this program are not necessarily people who will not pay their loans back. but nobody paid for my ticket. right? i worked for it. and i worked my way up and i think that's the way to do it and i don't think it's to pee pe the people who are facing higher interest rates. i don't think we need one more fee on america to subsidize somebody who hasn't done what they should be doing. cheryl: to be clear, now you're one of the top brokers in new york city. >> i worked hard for that. cheryl: you took that help and you made it into something. >> i did. cheryl: not everybody is going to do that but you did. >> we didn't learn our lesson seems like from 2007, 8 and 9

and the fact that you're pushing people into homes that they might not be able to afford and that's not a good thing. you get themselves into all sorts of trouble. >> i think that that putting people in a position to take a place that they really can't make happen is a recipe for disaster. so again, i think some of these people who will benefit, they are -- they don't have good credit worthiness. doesn't mean they're going to be bad per performs. i don't want to pay for that experiment because i worked so hard. if i'm an institution, perhaps the institutions, the banks themselves can create incentives. that could be a nice business flow for a bank, to have this be their jam, to be the thing they focus on. but to add it to the american consumer who is already saddled, insult to injury, punch in the gut. cheryl: i mentioned new york city. office vacancy rates, record high, 16.1% in the first quarter

this year. that's a record. multiple properties in the city are trying to now convert these empty office buildings into rental apartments but owners are saying it won't be easy and there's the zoning regulations you have to deal with in the city. your reaction to what's happening in manhattan. >> i love the idea of converting to more residential property becauses that's my jam. that's what i do i want that and i welcome it. however, it's not a new thing. we've seen one wall street converted beautifully. in new york, they converted hospitals and schools and a i like that, old factories, but the challenge with the office spaces is that they have to do so much retrofitting, the windows have to open, there's air requirements and the city makes it tough to change the zoning into a residential neighborhood but the city is going to work to headache some of this happen. -- make some of this happen. philadelphia has had success. washington, d.c. is jamming on

this. san francisco right now, i think it could use this. so it's not a new consistent c ihseptember -- concept. everyone's attention is on it. i'm going to challenge developers to make middle income housing. the high end luxury is always a happening. i love had that part too. cheryl: it's your bread and butter. >> the middle income, police officers, teachers, firefighters, i think they could benefit most from this. >> can they do it without any sort of tax deal? >> i believe you've got to give tax breaks to the people who are going to buy the buildings and develop them because if the numbers don't make sense for the buyers, they won't do it. so you've got to incentivize buyers of the buildings who want to transform these into residences to have a tax break, to fast track those zoning changes, to get it right so that the environment exists where they had the can really thrive on this. and then another thing, it takes a lot of political bravery. because a politician's life if they're lucky is, what,

political life, four years, maybe eight if they're lucky. we're looking at a whole art. this requires broad-based thinkingthinking that will outle politicians political life. cheryl: thank you so much for coming in they this morning. >> thanks for having me, always good. cheryl: we are going to take a quick break. we'll be right back. ♪ 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? ♪ ♪

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cheryl: time for the "hot topic buzz." bud light being accused of cowardace for turning off comments on its new commercial. they are attempting to appeal the traditional consumer. they were left on damage control by customers who were outraged after their partnership with influencer dylan mulvaney. your reaction to another company who went woke and is paying the financial price for that. >> i'm going to tie this in. we were talking about de santis and trump earlier. again, this is something where private company decides to do something like that, they're paying the price. okay. kind of like disney is paying the price. people aren't seeing their movies to the same degree as they did before. let the companies screw up. with this thing they did, shutting off comments on a youtube page, i think it's silly. i think bud light should go away for a while, just be quiet and

let things slide and maybe eventually people will foreget. but the the cowardly nature, i k it's nod good. >> free market capitalism, let it play out as it will. it's interesting when companies go against the consumer. it's clear the consumer base of bud light is not the woke, 1% progressive individual. they are basically firing their consumers. i don't understand the marketing perspective, the marketing -- head of marketing resigned at bud light or took time off. it's clearly problematic. cheryl: leaf of absence is the official word. they alienated customer base. it's an attempt to try to get them back. people aren't you s stupid. they see what they're doing. i don't think it will work with their consumers. >> it won't. the fact they have to go through crisis communication to get it back on track it's a