The ground it lost during the first half of the year, during this pandemic. That many economists remain wary. Because the figure comes as a country still entering the period of rising coronavirus cases. And the economy is not entirely healed. So lets begin with these new numbers. Do you acknowledge that these record gains follow record losses . Well of course i do. The pandemic contraction because of the shut ins last winter and spring. It generated a very heavy economic toll. Very happy. Now outlook, you have a 33 increase, annualized increase in the third quarter. That is a record. And i want to go underneath the hood here. Because i think this is a selfsustaining recovery. The numbers are gargantuan. I will read them off. You have Consumer Spending of 41 , housing up 59 . This is investment and equipment up 70 . An automobile production up almost 12 100 . So my take, robert, is this. This is selfsustaining. It is going to spill over into the Current Quarter and into next year. Policies permitting. But the one missing link, and a lot of people of not talked about this, you are going to get a big inventory rebuild. I dont mean too go into the grass and weeds on the economics. But thats the way the economy works. You have rising demands liberated by the reopening of the economy. And now inventories have to be rebuilt to meet those demands let me jump several quarters maybe a good year of more production, more manufacturing, more construction, more jobs, more wage increases. Thats the way it works. Larry, you talk about your positive outlook book. You say this is selfsustaining. But i have to contrast your comments just now with what dr. Fauci said on cnbc on wednesday night. I sense its going to get worse because of the pandemic. We are going into a colder season. Got to do something different, we cannot let this happen. He has a pretty bleak view about how this will unfold with the pandemic. In the pandemic is connected to the economy, is it not . Yes of course. I would also say that dr. Fauci, and the last virus task force meeting, mrs. Monday or tuesday, he said that we mustnt and wont advocate shutting down the economy. That is a big difference from what happened last winter. And i think we are all agreed that another shutdown would carry cost and consequence way beyond the problem. We dont want the cure to be worse than the problem. That is the president s position. But the experts are saying the same thing. Instead, let me offer you a better alternative. I am not denying that the virus is popping up. Particularly up in the northern midwestern plains state street i dont deny that. I also do not deny this a lot of hardship from it. Having said that we know how to protect the vulnerable. Weve got more equipment and testing than ever before. More experience. We are doing a million tests a day right now. We have therapies coming online. And the principal mitigation efforts are mean the same. Testing, masking, distancing, good oldfashioned hygiene washing your hands. And i will add to this, ambassador burks and others discussed not so much big crowds, but people coming home for the holidays or whatnot. I am not saying they all have to were masks all the time in their homes. But distancing issue is probably important and people have to be on guard for that. Sue and i do agree though speech it let me finish this thought, bob. I do not see another shutdown parade that is not a mitigation technique that we favor. We cant dictate to every state. They have the ultimate authority. But that is our view. I know is going on in europe. And im not going to tell them how to live either. I just dont think another shutdown works. And that means the outlook for the economy is going to be better. Because we have proven that these kinds of mitigation guidelines, when followed do contain the virus. That is an important point. I dont think a leads to be in that logic. That is all im trying to get across. I dont think a leads to be. I dont think youre going to have a shutdown. And i do think its going to recovered several jobs and wage wages. Of your not going have a shutdown the coming weeks or months, does that mean your view is this administration has the virus under control . I dont like the term under control. Im not sure what that means. I can tell you stu mack contained. Contained is a work i like. You go for mitigation to containment, that is our strategy. Look, i think ultimately, ultimately the vaccine is going to be so important and probably that is the ultimate fix. Now again, the virus task force meeting, dr. Fauci and others suggested late december early into the new year for the vaccine. Nobody knows, i am not the scientists. In the meantime, in addition to the mitigation i do think the new therapy is coming online. Regeneron and so forth. Its very important. Esparza vaccine is concerned its approved by the outside independent counseling and reviewers, already used a plan to distribute vaccines in large, sevenfigure numbers across the country. I might add it will be done for free. Anyone who is not covered by insurance, anyone with prior conditions and so forth they be not on medic cadence so forth we will give it to you for free. Weve got the distribution down will wait for the final goahead. Thats probably the ultimate solution. Bring back the economy and that gdp my suggestion we get selfsustaining recovery. We are not going to shut down. But ill tell you what else, we are not going to raise taxes and were not going to really regulate were not going to an oil and gas electricity and power. That we are not going to do. The stock market had a rough stretch. It slid, and recent days. Is President Trump concerned about that . Are there any plans policy wise to address the stock market in the coming days or weeks . Not specifically bog. I spoke with the president last evening about the economic releases. We know the market is correct. We know the market is fearful about the spread of the pandemic in europe once again. I get that in corrections are probably appropriate. Im not going to secondguess the market. I do think our view is the policies that have tremendous prosperity pretense pandemic i. E. Rollback of unnecessarily regulation, independent Energy Sector oil, natural gas all the above but including renewals. Better trade policies. That stuff which gives a three and half Unemployment Rate gives the highest standards in 20 years gave the biggest benefits to middle and lower income classes and to minority groups. Those are facts. Those are facts from census bureau. Those policies need to be contained im sorry continued. Need to be continued. And that is his intent if hes reelected is to continue those policies and build on them. We are formulating right now middleclass tax cuts. We are forbidding right now tax incentives to bring companies and supply chains back home to the usa. We are looking at additional trade deals like usmca. All that will help create new incentives for a strong economic recovery. I say dont change course is midstream. Stay with the guy in the policies that brought you to this prosperity dance. And the other team disagrees, i understand that pride we are going to have an election on tuesday. At some future point we will do the outcome. But that is our point of view. We are not aiming it sucks particularly, but we are saying in general after this big jump in gdp we should be growing at five or 6 next year. Then we should grow at 3 plus the following years. That is the normal prosperity cycle, we did it once we can do it again. He said the stock market is in a correction paired how does that play out the rest of this fall . You are asking for an Investment Strategy are you sure you and hear that . You are the president s top economic adviser but you are a correction, how far is it going to correct . I dont know robert, nobody ever knows. Im not even get a hazard a guess. I do think as the economy recovers under this scenario, and i know its an optimistic scenario. You know i am an optimist. I do think the facts bear out for the stock market will take care of itself in the long rally will continue. I always believe in buying stocks for the long run. I do not believe in shortterm trading. And i think most of the hundred million plus investors around the country, whether 401k and their iras and so forth, stocks for the long run. The economy can, not only get back to normal it can surpass normalcy. Were in a great prosperity cycle prepandemic and i believe it can be rebuilt. What is the plan though for the millions of americans are still not recovered their jobs who are not feeling the celebration today . Guest that is important. About half of the workforce its unemployed is come back to work. But that still leaves half, that is not good enough by a longshot. Theres still too much hardship. And by the way, that is one of the reasons we wanted a narrower, targeted decisions package. I can give you two items there were always the top list. One of them was unemployment assistance. Because not having gotten the deal this summer and fall or so far, we put President Trump took the lead, generated executive order to provide a 300dollar with 100 in the states. But that is going to run out. We is that by repurchasing funds rate thats going to run out, we need congressional appropriation to ensure those people will remain covered by a federal program during this difficult. Second point we wanted was to aid Small Businesses. The ppp, payroll protection plan, which probably saved 50 million jobs. You can see any numbers, we have had a good increase in jobs. A letter and a half million payroll and 14 at halfmillion civilian employment. Temporary layoffs about half of them, more than half of gone back to work. But ppp had 135 million unspent. Unspent. It wouldve been so easy. Congressional appropriations to repurpose those monies into a new cycle. I just never understood that. We can debate the ideological and political differences. We can litigate that we have an election for that. But in terms of economic insistence to help the very group you just mentioned, the unemployed which i agreed with you is way too high we must deal with that. While the economy is recovering we need to help them. We should have had a deal. We should have had either standalone bills or something, bob. We should have had a deal to help them in the Small Business that are most vulnerable. Enhance the workers in the Small Business. And i just think it is a mystery web could not have reached a compromise agreement. You know today, secretary minasian calls me up at 7 30 a. M. This morning. Speaker policies sent a letter, like we need a letter talk to their everyday for the last three or four months. This letter mysteriously is published in political before the secretary himself even gets a copy of it. Thats a said okay. Civic white isnt trumpeted what is the what . What isnt President Trump call speaker policy himself . Because secretary minasian is a terrific negotiator. And that process was working. But unfortunately did not reach the outcome. All of the issues on the table it became all nothing. And again, this is about the letter and so forth. Secretary so frustrated on the phone. We just think shoestring is a long freedom sorry to say that, it is not personal. But i dont think seans a deal or a compromise preelection. So maybe postelection. Civic thats why i asked about call and the speaker herself, having the president do it. You say youve respected the process. But you been griping about that letter from speaker policy in previous interviews today. Clearly the process is broken down. So whos going to put it back together if not secretary minasian . Who brings us back but President Trump . Were going to have an election in a couple of days. That is the line right now. And hopefully we can go back to work at some form or another right after the election. Because again, robert, i really believe, for all of the issues out there and the potential package the unemployment assistance on the Small Business assistance but let me add, we had 105 billion outlined for k12 reopenings, covid assistance machinery and so forth. I think those are the three most important maybe add airlines. Those are the key areas we should have done this last summer. Now, the election looms and we will wait until after that to see what happens. Lets say it is the lameduck, larry is leader mcconnell on the same page as you and President Trump . Is he going to politically speak and handcuff you during the lameduck on any stimulus deal . Mitch mcconnell of known for a long time, he is a very wise. He told us during this process that if there was a genuine bipartisan bill, and many of his asks are part of that bill, that he would be foraged. But we did not get those asks. You know one of them, you know swells anybody, you cover the beat. What is the issue of Small Business liability insurance. We should have built in some safeguards that would help reopen the sector. And rehire the workers. Why did we do that . Gross negligence is one thing, okay youre going to go to jail. But we dont want to get caught up in a maze of trial lawsuits, trial lawyer lawsuits. This would help the economy immensely pray the republicans are not want to spend a lot of money. That they thought was unnecessary to bail out states and localities. President trump agreed that sort of. Its an all or nothing package here. But look, ive said my peace. I believe i have respected the secretarys view and the president s view. Theres an election and hopefully a go to work right after the election. Because i agree with your points, that the unemployed is an issue. We come back 50 . And the rest of the city comes back, frankly over 90 from the pandemic lows. We have to protect the unemployed will the economy reactivates them back to work. So lets get it done and lets help the Small Businesses.