Transcripts For FBC Making Money With Charles Payne 20240713

Come through with a monumental deal without vowing to special interest . I will check in with Mike Huckabee. Weve got a big show for you on making money. Charles the markets are rebounding after the were selloff since 1987. Waiting to hear from President Trump when he gets a News Conference and its about an hour for now on the coronavirus. Right now major averages are higher. This after the bank of japan, the peoples bank of china, all of them pumping more into their Financial Systems. Joining me now to discuss all of this, is heather and foxbusiness contributors scott martin. Let me start with you. It seems like the Central Banks are doing their part although President Trump did put out a tweet about the fed doing more. Everyones looking at the government here at home wondering if democrats and republicans can get their act together and do something that will not only stimulate mainstreet but also this market. Yes, were getting stimulus from both sides of the aisle from a monetary perspective of injecting and providing up to 1. 5 trillion to banks and shortterm funding. That will provide liquidity to the marketplace. On the other side you have fiscal policy coming out, this is not a partisan issue. Both democrats and republicans are working very well together and markets like to hear that. Scott you been cautious, but you know what weve sold off a lot since the last time we spoke. Are you seeing any light at the end of the tunnel . Before you answer that we had a number that came in today better than expected. We also claims where they actually declined. These initial readings that we need to monitor very closely still showing the public is not exhibiting the panic, not yet. Theyre not. Those are historic numbers when you see public panic of signs of a bottom when you cant take it anymore and when those sentiment numbers drop off the face of the earth, thats really when its time to buy back in because everybody sold. To your question of seeing light at the end of the tunnel, yes we do. The problem is at the end of the tunnel could still be far away and the question of how closely we get to the end of the tunnel, if we could get the train to speed up a little bit, by getting a little bit more of a medical hand on this, to get ahead of any issues the banks are going to have Going Forward around loans and Small Business issues, those are things that bring that light to the end of the tunnel or us to the end of the tunnel, and a better way and faster way and allow us to maybe be a little more confident to pick up some stocks. Im just not quite there yet. On that topic, almost every day we are up we are being led by stocks that have been hit the hardest. Really beatendown. For instance Royal Caribbean hit 37 bucks today. It was up six or seven dollars. Then it was up to 31. The bottom line is theres a lot of people trying to pinpoint the bottom, a lot of people attracted to the beatendown thoughts. Hold that thought. Lets listen to nancy pelosi. Its a great and accelerating challenge. One that tests are compassion, ingenuity and resolved. The coronavirus crisis. Sadly and prayerfully we have learned that the tragic deaths of at least 41 americans from this Public Health emergency so far. The American People expect and deserve a coordinated science based and holistic government response to keep them and their loved ones safe. A response that puts Families First. To put Families First, last week the house passed a strong bipartisan 8. 3 billion emergency funding package. We made an evidencebased investment in Public Health in developing treatments in the vaccine available to all and prevention preparedness and response measures in helping state, local, tribal and territorial hospitals and health systems, and in supporting impacted Small Businesses with sba loans and helping families by extending Telemedicine Services no matter where they live. Democrats took action to pass that emergency funding was essential to our nations longoverdue response. Next, Senate Democratic leader schumer and i last weekend called for further action to put Families First. Today, we are passing a bill that does just that. Families first Coronavirus Response act which is focused directly on providing response for American Families who must be our first priority. The three most important parts of this bill are testing, testing, testing. This legislation facilitates free coronavirus testing for everyone who needs a test including the uninsured. We can only defeat this outbreak if we have an absolute determination of its scale and scope so we can pursue the precise science based response that is necessary. To put Families First our legislation secured paid leave with two weeks of paid sick leave and family medical leave for those affected by the virus. For those who lose their job and strengthening Unemployment Insurance to protect economic security. Putting Families First our legislation protects our children. In particularly the tens of millions of middle children who rely on the free or reduced lunch they receive at school. Schools are being close, these childrens will be deprived of their meal. We will take aggressive action to strengthen Food Security initiatives including student meals as well as senior meals and food banks. We will continue to listen to and benefit from the expertise of scientists, healthcare professionals, Public Health officials and Community Leaders so that we can craft most effective evidencebased response. Our great nation has faced crises before, and every time my thanks to the courage and optimism, patriotism and perseverance of the American People we have prevailed. Now, working together we will once again prevail and come out stronger than before. God bless you and god bless america. Thank you. Speaker nancy pelosi outlining the Families First Coronavirus Response act saying it will be focused on testing, testing, testing, of course we talked about other measures including special unemployment benefits, helping children who will miss schools or meals because they cant go to school. I want to bring back heather and also scott martin. Real quick, the market is drifting just a little bit. I think wall street wants to hear about the stimulus that will go into mainstreet. Instead of focusing on the unemployment may be keeping businesses open or operational to some degree. What you make of what she had to say. Youre right. I think that should involve some confidence into the economy as a whole. Markets may be looking for more specifics in terms of the stimulus plan, kudlow called it targeted and timely working incarnation with the Small Business administration. In addition to what they had done up to 200 billion of liquidity will be injected because of Small Business loans and loans provided to those who have to stay home who cant work, the hourly employees taking care of the sick or the elderly or your parents who have the virus. That will be provided, thats what the markets want to hear. From a clarity standpoint, testing which is to Speaker Pelosi mentioned is very important, the more testing we get out, whether its good or bad the markets know how to handle it. I think a lot of people are excited about testing because there certainly anecdotal evidence that some of these countries got that if you assumed like the governor of ohio said theres a hundred thousand people in his state who have the coronavirus, you start doing the math there and mortality rates start to drift lower and lower, we may be dealing with something thats not nearly as dangerous as we think it is, although precautionary moves is smart at this point so we do want testing, but by the same token, wall street is wondering how do we make sure these people get back to work. Forget about unemployment, i think the idea is how do we get the employee back on its feet because this economy was an absolute juggernaut january february. How do we reignite that as fast as possible. You get those recovery numbers to back online are higher than they should be or that theyre showing online which it gives people confidence to do exactly what you said which is get back to work, and also those recovered people can maybe be hit up for some anti bodies to create some serum and possibly extend the time frame we need to wait for vaccine and do it that way. Ill tell you one thing that i did like, what shocks me given what we see these days, she didnt make it partisan. Thats another thing we have to see Going Forward from anybody in d. C. , talk about coming together, talk about solutions, talk about the workers and stop making this a democratic and republican fight. She did begin by saying the 8 billion past was democrat swift action. She cant help herself. Have a great weekend. Always appreciated. Misinformation continues to spread for faster than the coronavirus on twitter. This after the fed launched a trillion dollar repo operations. You saw the headlines, there were so many things out there like a tweet that earned more than 10000 retweets. It went like this. The government is giving 1. 5 trillion to wall street, not to healthcare, not to childhood education, not to student debt relief. People die and they dont care. People lose money and they open the floodgates. But of course that is not how it works. Joining me on the phone, liz is right next may. To a degree, that tweet almost sort of echoed in a more crude way what nancy pelosi was sort of pushing here that the little children will suffer without food and the idea is that theres a link between wall street and main street and they both have to be serviced so they both survive and thrive. Absolutely. What do we really want . We want people back to work. Thats not going to happen. Our cities are basically shut down. You can walk the streets of new york. Theres nobody out there. Theres no one going and the local restaurants and hair salons and all these companies that are individual entrepreneurs and they they are running with a very close margin. The difference between survival and nonsurvival is going to their local bank, asking for an extension of loan, getting a new loan to tide them over. I think we all can agree that this is a situation where there is a valley. An economic valley. We dont know how wide it is or how quickly it comes back to where we were, what we need is financial help to get Companies Across that valley. Think of it as a national bridge loan. Its very fresh in everybodys mind is the 2007, 2008 financial crisis and the bailout of the big bank which was wildly unpopular. This has nothing to do with that. The banks are in terrific shape. Im not just saying it, the the fed wants to push them to make loan. I think its hard for people to believe theres not enough cash in the system and thats what the fed is trying to make sure that that cash is in the system so when people show up and they need it its available to them. I also want to ask you about, eat what you been talking about, you wrote about facts and we talked a little bit about that with heather and scott and even the idea of more testing, i think we all would appreciate more testing because right now the markets assuming the worst Case Scenario and everyday mainstreet is assuming the worst Case Scenario. And forgive me i think the emphasis on testing is probably a appropriate but also very partisan because thats where people are attacking the administrations handling, theyre accusing basically the fda and this white house of really underplaying the severity of this disease and setting it up so we dont have enough tests available. Not deliberately. You fired someone a couple years ago, there has been some overture that this is a deliberate thing not to test folks but there were some issues. There were. Thats what shes zeroing in on. In the months to come i think we will hear a lot about this. Everyone agrees the more we know about this the better. I was particularly struck, forgive me, i think the World Health Organization is so far behind the curve it just makes me anxious. Having them come out and declare a pandemic when basically everyone in the world already agrees thats whats happening but the worst thing they did is talk about three or 4 mortality rate knowing that those numbers were coming from really besieged countries without Adequate Health facilities. That was irresponsible and it really made people very nervous. To your point china has a smoking rate of 47. 6 . America less than 20 . The average pollution level is 41, ours is nine. Their pollution level is four 100 higher. There smoking rate is three 100 higher. Theres no way you can couple those numbers with our numbers. Same thing with iran and south korea. And italy. Italy is a big smoking nation. This is a respiratory disease. The World Health Organization waited for china to get better before they called a pandemic. They did not want to anger china and i dont know what thats about because this is the biggest contributor to the who. Liz, thank you very much. Charles the United States is pushing for social distancing but across the pond they want to build up their immunity. Which is best. Emergency approval from the federal government for highly automated coronavirus test. Many are wondering what does this mean as mankind races against the clock for vaccine and treatment. I meant to ask doctor safire all about that and of course were staying on these markets including investors in need of emotional rescue. Well be right back. Its popping after getting emergency approval from the fda for a highly automated coronavirus test. This could speed up the ability to test patients by tenfold. I want to bring in medical analysts and author of the book make america healthy again, doctor nicole safire. This is huge news. What does this mean for people watching. The test is ten times faster, but what does it mean. So a lot of the talk has been why arent americans able to be tested. This is great news that came out early this morning that said there giving emergency granting to start using their machines which can actually test over 4000 people a day. Its an Automated System that can do batch processing and really help us get the amount of testing we need to really mitigate spread. So apparently this is the third test, the first commercially available one. So theyre doing things i guess we dont hear about but they are trying now to catch up with this issue on testing. Its a very important point. Theres a lot that goes on behind the scenes that we dont know about. Its okay because we dont naturally need to know about it but the point is we need communication and transparency so its great that we continue to see the task force in front of cameras giving us the update. But i will say were a little behind when it comes to the testing. South korea was the reason, there seem decreasing cases is because they had the test available so fast. They mass tested their population. Im looking at these tustin people sitting in cars a good driveway, and thinking is this test even, is it legit. Thats part of the issue of why were. [inaudible] the test that the chinese were using there could be close to 50 falsenegative. Lets also remember the chinese officials were telling people this is of not very highly contagious person so they would test someone and send them out into the world and then wait for results. The reason the United States did not use the test that the chinese did is because the u. S. Did not feel they lived up to American Healthcare standards. The cdc did make their own test but unfortunately it was proving somewhat faulty once it was sent out. And now weve dealt with shortage and some of the supplies for the testing because of whats going on globally. I do expect more private sectors to continue to increase. You mention the cdc, they along with doctor fauci, they been highlighting the importance of social distancing, but in the uk it appears something opposite to help boost their citizens immune system. Parent help me out here. Could that be real . The chief science advisor saying they want to reduce the peak of the epidemic and suppress the illness rather than a lemonade it. I think there are a lot of variables that go into the uk decision to not close everything down. One we have to remember they are in a massive shortage of nurses and doctors and it still flu season. What theyre saying is were not going to shut everything down, we want to try to get through flu season and at that point we will deal with the coronavirus however they already have a lot of cases. I feel like this is very backwards thinking because if youre not going to enforce social distancing they will have more patients. But theyre saying its a positive so that people will be. [inaudible] this sounds like measles party. Thats where the families used to get together instead of vaccinating. Because they are thinking that they think the overall case fatality will be much lower which we dont necessarily know, but we all suspect it might get down to below 1 and theyre saying were gonna risk it. In the meantime. Heard immunity which is a different way of thinking but im not sure i like it. Meanwhile, President Trump is holding a News Conference at 3 00 p. M. Eastern. He is expected to declare National Emergency. What exactly does that mean . I will be asking governor Mike Huckabee at 230. Plus, are investors in need of a market rescue . I will explain, next theres smart and then theres street smart, like a hybrid with best in class epa estimated range of more than five hundred eighty two miles. And ford copilot 360 technology to help you outsmart some of the things youll encounter on the road. With more available second row leg room than a chevy suburban. This is the completely reimagined, street smart 2020 ford escape. Hi. What a surprise, youre here early you know life line screening assesses your risk of stroke and cardiovascular disease. Looks like somebody should have gotten screened. Life line screening is the easy and affordable way to make you aware of undetected Health Problems before they hurt you. We use Ultrasound Technology to literally look inside your arteries for plaque that builds up as you age. After all, 4 out of 5 people who have a stroke, their first symptom is a stroke. 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Expect various investors are in one of those stages including nancy who wrote me her letter of fear of losing all her money and the difficulty of not panicking which is being urged by her financial advisor. She says a lot of people are in the same position and shes absolutely right about that. As we can see what the individual sentiment soaring, 51. 3 . This is the highest level since december 2018 but that turned out to be the bottom of a major. After a freefall. Such a sentiment as we can see from yesterdays session. New york stock exchange, 98 are down. 2377 stocks made new lows. Two made new heights. Meanwhile the socalled indicator, the fear indicator rocketed to its highest level since the market meltdown during the financial crisis. We are told the bottom market is rational. So while everyone was stampeding out of stocks, new deals began to firm up and others began to expand. Folks, this signals diminished view of recession. Now the bottom line is reaching the bottom of the process and climbing out of it. Its long. We are in the eye of the storm which means we are in that phase right now and it also means wild swings and fearful moments. We are in the middle of it. By the way have got your breaking news, disney suspending production of all live action movies over the coronavirus. The company said while there have been no confirmed cases of it on our productions, after considering the current environment and the best interest of our cast and crew we have to make the decision to pause production on some of our live action films for a short time. We will continue to assess the situation and restart as soon as feasible. Meanwhile arizona, florida, ohio and illinois are not postponing tuesdays primary although illinois announced it will do so. Earlier today. We are just about 30 minutes away from President Trumps News Conference and we are getting the details from the house coronavirus bill. This as our elected officials are finally getting the message that we need strong strong action but how strong, we will ask former governor Mike Huckabee who is here to react next. Come on thats it, left trade right trade. Come on another trade, i want to see it more 80sstyle training montage . Yeah. Happens all the time. The house winning the vote on the coronavirus stimulus bill. We finally get to see whats inside of it. 500million for a food program if schools are closed for five days or more. 82million for health services, 160 million for Home Delivery for the elderly and a big one, a billion dollars related to the coronavirus to include payroll tax cut for paid sick leave, family and medical leave as the president is also expected declare Emergency Declaration in just a few minutes. Where do we go from here . We want to bring in former arkansas governor Mike Huckabee. Governor, help me out. Nancy pelosi spoke moments ago, she said the democrats, she harped on eluding the fact that its been a big problem and saying we should help the children and food insecurity. She also tried to sneak in and abortion funding in her earlier attempt at this whole process which was not only ridiculous and absurd, it was insulting to the people who actually might have coronavirus. But heres the best thing congress could do, block grant money to the state and let them distribute it according to where the needs are in their state. Theres no weight nancy pelosi knows what the needs are in all 50 states. The reason we have the concept of federalism in the tenth amendment is so that the best decisions in government can be made closest to the people who will be affected by them. Thats why we have states, the best thing nancy pelosi could do is quit trying to micromanage as if she knows what every state needs, block grant the money according to populations and according to the number of people with coronavirus in those dates and let those governors and county officials and mayors decide how much needs to go to the children and some that most certainly does, how much needs to go to infrastructure of the Health Department and testing. They are in a position to know. She is not. Thats what should be done. Governor it felt like this started off as a traditional freeforall in washington d. C. And all the goodies lined up on one side, the things are gonna sneak in there as well. There was even talk of going on recess. Do you get the sense of understanding the urgency factor that they should supersede all of those things, and what happened to the democrats that believed that in the payroll tax cut when president obama was around . The payroll tax cut was a great idea when he proposed it. Suddenly when President Trump proposed it its a terrible idea. People are not stupid. They can see through that and they recognize that some of the things they are saying no to they are saying no not because they reject the idea but they reject the person. We dont have time for those games. No we dont. I know they wouldve came up for a fancy name with the bill instead of family first, and putting those letters together and it doesnt form a word, you know. Let me ask you about this other thing because you have talked about this, gop lawmakers have been called racist for calling the illness the chinese chronic virus or the wuhan virus. Listen. This is where the pandemic started. So why do you think the media and democrats are calling republicans racist over this. They got nothing else. Charles, when youre reduced to not having an argument, you just throw the word racist into the discussion, and that supposed to end it. Its supposed to bring shame to the republicans. But thats as stupid as saying french fries is racist toward the french or that italian bread somehow is an insult to the people of italy. This is nonsense. The reason its called the wuhan viruses because thats where it started. It has no racist connotations whatsoever, it just has to do with describing it and giving attribution to where it came from for heaven sake. We know exactly where it started, the Seafood Market and we know exactly why it started. Thank you very much. We appreciate it. You bet. See you soon. Stocks are rallying most the day, this in hopes that the stimulus and fiscal stimulus help pump us up and avoid global recession. By the way there was no word of where to put your money. Everything got hammered. Safe haven, bonds, gold, even bit bit coin was down. I want to bring in Agf Investments greg because we been to this before. Investors are told to set up your portfolio in a certain way so its balanced. Theres those rare occasions when theyre all getting flushed. It was pretty scary yesterday in particular. On wednesday in particular when the stock market got crushed, you would think bonds would rally. Bonds fell. You would think gold would rally. Gold fell. It looked for a while as if there wasnt any safe haven at all. I suspect there were margin calls and ice suspect some investors had to raise money in a hurry and they sold whatever they could sell. Sometimes that means selling your winners. Too that point, i was shocked at the volume. Clorox is the biggest winner in the coronavirus situation and that got hammered yesterday. They took out and shot the survivors. Nobody really was left. Its a little bit better today. If theres a change overnight or in the last two days its the assurance from the fed that they will provide mammoth liquidity. Theres nothing that scares a central banker not more than a liquidity freeze with the whole system freezing up. I think they will talk positively more when they have their meeting next week. Talk about more but give us more. They want to release 50 basis cutpoint, dont they. Absolutely. Thats the minimum but i think the fed has to do more than just rates. Its an issue of providing liquidity, may be easing up on some lending standards, going to the bank and saying go easy on people who are late on their mortgage, late on their bills. I think its going to be a triage of several proposals not just rate cuts. Charles we heard some of that from the bankers meeting several days ago, zero interest loans perhaps for Small Businesses, allowing mortgage payments to be delayed a couple months, im looking since march 12 of all the things i have gotten hammered. The dow off 27 , utilities off 24 . It goes on and on and on. How do you argue when everything is oversold. I been arguing for the past couple weeks that the turnaround comes when the numbers out of italy start to level off and improve. Were probably another two or three weeks away on that but i think eventually these numbers will improve and people will start say my gosh, theres a lot of bargains right now in the stock market. But im not sure were there yet. Rig, we appreciate you. Thank. Were about 20 minutes away from President Trumps News Conference as the coronavirus anxieties hit a fever pitch. Its more debilitating to the average person than the virus itself, but how do we control anxiety. Im asking a Human Behavior expert next more functional beds than any competitor. The only truck that can compare to a silverado is another silverado. Truck month is the right time to get behind the wheel of the chevy silverado. Now, get 0 financing for 72 months plus 500 dollars cash allowance on all silverado 1500 crew cab pickups. Find new roads at your local chevy dealer. Can you help keep these iguys protected online . . Easy, connect to the xfi gateway. What about internet speeds that keep up with my gaming . 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Everyone i speak to, even for people who have a strong veneer, they say underneath that theyre cracking. Thats whats happening. How we think affects how we feel and how we act. The strongest muscle in the human body is the muscle of the brain. So for thinking with our emotional muscle, what we feed is what grows. Were not cannot think clearly. Our functioning will be impaired. Whereas if we think with our logic mind, our logic muscle, then were going to think more clearly and be able to make more rational choices. Anxiety truly is contagious. Its an anxiety pandemic. It is. Weve seen empty shelves because of it, weve seen folks were buying masks who dont need them, people who need masks cant get them. How you how do you turn Something Like that around when it feels like a general, everyone is afflicted at the same time. Thats a great point. We are seeing all around us anxiety driven behavior. Thats exacerbating our preexisting condition for exide e for those who have it and for those who dont, typically levelheaded are being affected. Number one its so important to have these survive and thrive mentality thinking versus victim mentality. Our lens, how we think and how we view things will affect how we act. Thats number one. Number two, control, control your controllable. Meaning what we feed into our mind affects how we feel, the mind, body connection. If were distancing ourselves from family and friends, isolating if you will, producing our own quarantine if you will, we are going to be affected and not feel well and no that further produces the anxiety. Therefore connect instead of distancing. Dont isolate. That is just going to fuel examples of the things we can do. Also, reassurance to yourself and your family and your loved ones that you are going to get through this. We are going to be okay. If instead the mentality is im not gonna get through this, im not can be okay, mass confusion, mass chaos. All actions lead to further action. Its a Snowball Effect if you will of delusional darkness think thinking. Thats snowball has become a boulder. Doctor, always appreciate it. We will see you real soon. Charles reminder President Trump is set to hold a News Conference in about ten minutes. He is expected to declare National Emergency. This is there is some political fallout. For the first time the odds are in favor of joe biden winning in november. Everybodys talking about your platform right now. Everybodys, from politics to tv, explain to the audience about this argument that biden is somehow in the lead. Its a prediction market, stock market but for political and economic events. It structured as a one dollar winner take all contract. Anyone can come into the market if youre 18 years old or older and you can buy a one dollar take all that something will happen or it wont happen. Youre ahead of us curve when sanders took the lead. Prediction seems to be ahead of these polls and it seems like is this just the collective knowledge of the masses knowingness that they have a better insight than anything else. You know how it is when you have a little skin in the game youre more likely to Pay Attention and it clears your head in terms of what you Pay Attention to and all the noise you filter out. So its accurate and more accurate than polling in many cases and thats because its asking what you think will happen rather than what you want to have happen. Great point. Biden now leading President Trump. Is it because of the coronavirus. I dont know the exact reason for it, keep in mind they are very close. Both are just under 50 , in the high 40s, and thats been going back and forth and will continue to all the way. What you make about this biden rise. For a while i was looking at Bernie Sanders who had a monster league, then sanders and bloomberg was at the bottom. Have you seen anything like this before. I havent seen a reversal that dramatic since we operated predicted four years ago. Its quite remarkable, but remember its a lifetime to the election, to the general election and lots of things can happen, new events will take place. Its fantastic. Ill check it out at least once a day. Congratulations and thanks for much. Folks were heading into whats usually become the most extreme volatile hour of trading, certainly this week its been. This also as President Trump is about to go to press conference in a few minutes. Stay with us here can we go get some ice cream . Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. 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He is expected to declare a National Emergency and wall street is waiting with bated breath to hear what the commander in chief will offer. I want to bring in rob luna. Rob, all eyes have been on President Trump all week and, you know, the presser that he gave or statement to the country the other night was focused more on the medical aspect. This is a twopronged thing, of course. Theres the Health Medical situation, then theres the economic situation. He chose to focus on that. The markets opened lower. Today, i think the markets are hoping that President Trump and of course, washington, d. C. Gives us something. What do you want to see and hear . Yeah. I think like you said, what the president was addressing i think was the immediate concern which is obviously this is a Health Care Issue first. That being said, im here to talk about Financial Markets and i think what we saw out of germany today was extremely positive. I think what we saw the other day with the fed coming in to not necessarily impact the stock market but make sure that we had the liquidity in the normal Financial System i think was huge. But i think what we need to hear out of mnuchin is something on the fiscal side, something to come in that is concrete, supports Small Businesses. One thing i have been talking about also, to be quite honest with you, we are in a crisis now, nothing very different than we experienced during 9 11 in terms of the Economic Impact that we are facing here. Even looking i think at some structural issues like potentially in the short run, banning short sales i think in the market could potentially be a good idea. I think what investors need right now outside of obviously hearing something around on the health care side of a cure, meaning a vaccination, they need to hear something that theres a backstop in place and the markets going to function properly. Charles Steve Mnuchin has been on tv a lot today. One of his recurring themes is that this is going to be okay, its going to be shortlived and that the markets are going to be up. Hes pledged or declared that the markets would be up a year from now. But from getting from here to there for folks who have seen a lot of money go away, vanish, what are you telling them . Is there a way or strategy to even try to get some of that back if indeed we are going to be up one year from now . First and foremost i want to say look, every client in our firm is individual. Everyone has different needs. So this is money you need in the next year or two or three years, we both know that should not have been in equities, it should have been in bonds, cash, those type of things. Most investors from previous crises have realized that and positioned for that. The thing is now not to make kneejerk reactions. We were talking to clients yesterday about some of the stocks they own, disney, procter gamble. These are companies that will be around a year from now. Stay the course with those positions but look to be opportunistic. Charles are you beginning to nibble just a little bit here in equities . Yeah. We absolutely are. You cant pick the bottom. Theres extreme opportunity out there. Charles always appreciate it. Dow jones industrial average up 764 points. We are not at the highs of the session but theres this last hour of trading. Liz claman, i think it will be another wild one. Liz it could very well be. We are still looking at heavily leveraged sectors like energy names. For now, investors luck may be shifting on this friday the 13th, one day after wall street saw the biggest selloff since the 1987 crash. The dow has clawed back 760 points of thursdays stunning 2352 point loss. There is still a long way to go. The s p 500, well, up 90 points, lost 260 yesterday. The nasdaq is attempting right now to erase at least some of the 750 point loss. Its up 240. Whether this rally holds or fades depends on what happens in the next few minute