Refuse to go back to work you will not be eligible for those fat unemployment checks. Unintended consequences when you make more money not to work. Well get reaction from governor Mike Huckabee himself. That and so much more on making money. Charles stocks are higher as connecticut becomes the last state to partially reopen as number of coronavirus cases are drifting lower, and number of people getting back to work drifting higher. Yesterday was a different story. We saw the dow, losses actually accelerate into the final hour of trading, on two things. Headlines from the omb that talking about how bad the Second Quarter will be. There was an article that questioned efficacy of modernas new covid knight, the vaccine trials. Here is the question, did you sell into the late swoon yesterday . Clearly the market was spooked. Im sure many did probably cut bait. If you knew history you would, you might have held and might have even bought. According to spoke research, the market had 14 sharp declines just like yesterday in the last half hour of trading in the last 10 years. The following session has always seen strong rebound. Every time it was up in the mornings, every time it was up for the entire day except once back in 2011. I want to bring in kaltbaum Capital Management and fox news contributor, Gary Kaltbaum and joel schulman. Gary, let me start with you. The wild gyrations are tough. They have shaken a lot of people out of the market. How are you adjusting . Welcome to my spastic world. Im not immune. I taken out a couple times recently. Even today there was announcement that the Senate Passed some bill about chinese adrs not being listed in the u. S. And Something Like alibaba drop the 10 before you can say boo. It is pretty much a thrill a minute. What you just try to do, keep the big picture in mind. Right now the big picture is tech, nasdaq, nasdaq 100, software, internest and the like. Realize still areas near crash lows, financial, near crash lows. Airlines, cruise lines, many others. Very, very split tape. You have got to be on the smart side. Charles related. The xal, the airline etf though up 36 from the march lows. Joel, a lot of things made the big moves. Were seeing a lot of resistance and then we see the markets bump up against the resistance, and pull back. They dont pull back gently though. That is what is scaring a lot of people. Yeah. The market rally is daytoday. It never really stopped for a number of Entrepreneurial Companies like amazon, facebook which hit new highs, netflix. It goes on. It has been kind of a diversion for the markets. This is the new paradigm where health and technology have been leading the way and probably will continue to lead the way for the foreseeable future. We have a Distinct Group of winners and losers. Half of investing seems to be dead right now because they have to hold baskets of stocks and charles sure. That is what we havent had before. Charles yeah, im not a big fan of passive investing. A great thing on the way up but awful thing on the way down. I want to talk about some micro things were seeing, including number of Small Business employees getting back to work. That is on the rise right now. Of course it will impact the markets. Gary, how are you handicap, not this monthly data we look at, talk about all the time. But any signs we get weekly, daily . I saw a report. Intermodal traffic is now picking up, only down 14 yearoveryear. It was down more than that. Are you using that as guide also . That is something i am always watching. I put out a little note in my sampling of central florida, even though tourism knit back which is a huge part of central florida, streets are busy. Stores are busy. You go on, there is a plenty of cars out there. There is plenty of people out there. There is much different feel now than just three weeks ago. It is exciting the heck out of me. I think im going to end up being wrong because i thought the demand may not come back as quick. With the amount of people out there, what im seeing at some restaurants here, things like that, dont get me wrong, there are restaurants that have closed demand is definitely up and hopefully it stays up. Charles joel, one of the biggest things people are grappling with, do we get over our skis with respect to optimism, excitement . Still in a covid world where there are restrictions and there will be limits how far we can grow at least in the near term what are the biggest risks for you . The biggest risks when the fed stops spending money. They have unprecedented 3 trillion infusion including bonds. Large cap stocks, small cap stocks. I see opportunity right now continuing in health care and caps, small cap names in the u. S. If risk capital returning to the markets but the big risk is when fed stops spending, if we see overnight cases rising, covid globally. Those are the big risks overall. Charles right. Sure. Well be watching both of those very closely. Speaking of the fed, the fed just releasing minutes moments ago from the last meeting. Want to go to Edward Lawrence with the details. Edward . Reporter charles, were getting some of what the Federal Reserve here is saying. They were basically saying very uncertain economic future. The Market Participants see on a whole, very uncertain economic future. The fed says there was improvement in Market Conditions by the end of march after some of the announcements the Federal Reserve was making related to the facilities and how they were helping to support the treasury market and so forth. The participants judged that the effects of the coronavirus and outbreak to the on going Health Crisis weighed heavily on Economic Activity there was Strong Demand for the u. S. Dollar theyre saying as there was global flight to safety. They is said Strong Demand caused distress in that marketplace. That is the reason the fed had to go into the dollar marketplace, secure that area. The projects, the staff prepared for, the fomc, it was downgraded notably from the march meeting in terms of the economy going forward, because of the coronavirus. They say that the measures that were undertaken did solidify some markets but the economy plummeted, words theyre using here, plummeted. Unemployment rate soared in that economy in march. Back to you. Charles edward, thank you very much. I want to go back to one of my favorite fedwatchers, Gary Kaltbaum. Gary, the question here, three weeks old, a lot has happened since then. Things have gotten to the point where you have jay powell, chairman powell, the same guy that hiked rates four times in 2018 now he is saying there is no limits what the fed can do and he wants to do more. How do you feel about that . I know youre not a big fan of the fed but is he on to something . Here is my problem. I dont think he is doing anything for the economy. I think what mnuchin has done, what d. C. Has done, does a heck of a lot for our economy that they built a bridge. All he has done, he took rates from 1 down to zero which hurts savers. Now he is buying up bonds. Whoopie do. What does he do to the same savers want to buy a bond, they have to pay up because he is interfering with it. I wish they would go away. I think theyre overrated. I think theyre great for markets. You go back left years, every time he printed markets have soared. The numbers they come out with are gargantuan. I dont think he will be able to roll it back. If he stopped tomorrow, were stopping printing, roll back the six, seven, 8 trillion we did the market was be down 3,000 points. He needs to get out of the way to let markets be free again. I doubt he would do it. Charles you underscored they cant though, they crossed the rubicon. They cant go back across. To your point, i dont know how these measures theyre calling temporary, that they will put them back into the tool box, i dont know. We know the temper tantrum markets had in 2018 particularly in the Fourth Quarter when Jerome Powell was pretty firm about hiking rates, the market was saying dont do it. We went into a tailspin. I guess we cross the bridge when we come to it. Also question about the banks. Have banks become too reliant on the Federal Reserve . Absolutely. You said it best in late 2018, all the fed did was raise rates up to 2. 25 . Markets couldnt even take that the reason is because markets have been too used to easy money. You said we have crossed, i dont even know what line to even say. I just dont know how you roll it back. Markets do matter. I just think when youre one person doing what he is doing, of course other central bankers around the globe also, i dont know where this ends up. I keep fingers crossed im nuts. Every time they ease up markets go up and every time they tighten markets go down. Now they go nuclear wit. Charles i always said the fed chairman is most powerful person in the world. We show rates as youre talking. 10year yield, if it crosses and closes above 75 basis points, that will be a buy signal. If it gets back to one, might signal finally real rotation out of bonds into stocks. Is that the kind of thing we need to get a sustained rally, not a one hot group on monday and not a Different Group on wednesday . Anything that shows the economy will pick up again is a help. I tell you, financials have been mostly dead, i watch jpmorgan as a proxy, and it is just off the lows, if Interest Rates start backing up that will help their margins and perception will get the stocks moving and some of these things off the lows will get moving. Yeah, that is something to watch very closely. But, again, were in a situation where you have got one guy spending trillions of dollars buying up, i dont even know what the heck he is buying but buying these things but we dont know real price discovery. Therein lies my worry. I thought markets were supposed to be free an obviously theyre not. Charles theyre not and havent been in a long time. Gary, thank you very much. Thank you to joel as well. Nyu is considering opening back up face to fast. We know that the eppy center of the crisis is new york. But as i question the numbers i came to the realization that maybe cities should be treated like states. Im calling it surgical reopening and i will explain it a little later. Steven mnuchin warning americans they cannot live off increased unemployment forever. In fact, if you refuse to go to works you will lose those benefits. We have reaction from Mike Huckabee after the break. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Seeing the break in the clouds before anyone else. Together, well weather this storm. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Charles treasury secretary Steve Mnuchin issuing a warning to workers about their eligibility for unemployment as states begin to reopen. Lauren simonetti joins us with those details. Lauren. Lauren good afternoon, charles. So an unintended consequence of this massive federal effort to shore up the economy during coronavirus is the collision of the Payroll Protection Program that lends money to businesses and the cares act that is sending relief checks to out of work americans. Those 600dollar checks on top of state unemployment are often greater than the paychecks workers receive when they are actually working. So consider this. We crunched some numbers. The average unemployment check last year was 370 a week. The average salary, 970 a week. So the Trump Administration took the difference, 600, they sent the amount to furloughed or layed off americans to make them whole until july 31st. Here is the rub. That sum is more than half of fulltime workers make when theyre actually working. Democrats want to keep the extra money flowing until january. Republicans say thats a problem for Companies Looking to hire back workers as states reopen. The treasury secretary has this warning. If you offer back a worker and they dont take that job, they will be required to notify the local Unemployment Insurance agency because that person will no longer be eligible for unemployment. Lauren already unemployment offices in states including tennessee, iowa, oklahoma, have asked employers to report workers who refuse to return to work. Another potential solution is just giving people a smaller percent of their income while theyre not working, but that might be difficult to actually tabulate as state unemployment offices are already under pressure and tomorrow under more pressure. We are expecting another 2. 4 million americans to file for jobless benefits bringing the coronavirus total to just about 39 million americans out of work. Charles, thats reality that were in, but you got to get people working again in the safest way possible. Charles absolutely. Lauren, thank you very much. Joining us now to discuss, former arkansas governor, fox news contributor, Mike Huckabee. Governor, when the news was announced, i mean this is one of the reasons some folks, some republicans in congress were worried about this program. Obviously adding 600 bucks to so many people are making money theyre upset at the employers calling them back to work. Charles, the only people i know get paid for not doing anything, fired coaches and members of congress. The rest of us have to work in order to get a paycheck and the worst thing we can do to any American Worker start paying them more to not work then we pay them to work at jobs they have been hired to do. Mnuchin is absolutely correct. This is exactly with has to happen. Otherwise nobody will go back to work. They will wait, go check the mailbox, the only job they will have is looking at the mailbox every day to see if their check has come in. This is not a way to build a great america. I understand people had to have temporary relief because the government shut them down. So the government is paying them. Charles sure. But the jobs are back, in many cases people have to go back to work. That simple. Charles yeah. And anyone that i think, that tries to claim it is a meanspirited approach i think it is more meanspirited to have people sitting at home, never being part of the economy, never getting on the ladder of success, never using skills they have never being able to tap into. That is a greater sin against the american working public. You made a great point and i will tell you who it is a sin against. It is a sin against the people who got up early today, got dressed, went to work, and their taxes pay for the people who slept until noon and went to the mailbox. That is why you cant have an economy based on people getting paid more to not work than they get paid to work, especially if their job is available. Unemployment is to be for people who cant go to work for whatever reason, not for people who just dont want to. Charles governor, let me squeeze this in. Jb pritzker, governor, ruled on friday that they would like to have punishment for businesses that are trying to open up right now. Maybe a criminal charge. Maybe fine, maybe possibly jail. What do you make about some of these heavyhanded approaches that these governors are taking towards Small Businesses that want to survive . I think some of these governors need some punishment in the form of getting unelected. My gosh what kind of idiocy runs in these peoples veins, when they think a business opening up is a criminal act . That is pretty bizarre thing. One thing to say you have cure fuse, so you violate it, well fine you a few hundred bucks but to say you will criminally charge somebody because they are trying to feed their families. God help us when that becomes america because i dont recognize it as america anymore. Charles i got to go, but real quick, yes or no, on two twitter questions, can you drink the milk after you have eaten the cereal and does Five Second Rule still apply when you drop the food . I am glad you read my twitter account. My answer is yes you can. Just dont let your wife see it. Charles thank you, governor. Always appreciate your sage advice. As america starts to reopen hazard pay for some retail workers beginning to disappear. Well give you retails. Next, a story that will have economic implications for generations, folks. The u. S. Birthrate hitting an alltime low. Those sad details are next. Do you have concerns about mild memory loss related to aging . Prevagen is the number one pharmacistrecommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Charles while americans face economic crisis here over the covid19 crisis another potential relapse could be brewing and were talking about the american birth rate. It is at a 35year low. It is falling fastest for women 24 years and younger t means tremendous consequences for the society down the road for many years. I want to bring in independent womens forum policy director hadley heath manning. Hadley, when i see these numbers i immediately think of japan, and now the two lost decades of economic growth. I think about an article i read about italy 20 years ago, they werent having any kids, they would have to import a lot of people to do work because there were no people in italy that even wanted to make pizzas for restaurants. I wonder what our futures look like with birth rates at this level . It has been a worldwide problem. It is not new. I think the joke was at the beginning of quarantine nine months after the beginning of the pandemic we would see a big baby boom in the United States but i think there is good reason to be skeptical about that, Many Americans are looking at the future of our economy and that certainly informs their family planning. People dont want to have children they cant afford. We saw huge downturn in fertility after the widespread availability of the pill, first type of Birth Control that was hormonal Birth Control, oral contraceptive. Now were seeing the explosion of use of more longlasting reversible forms of Birth Control like iuds, contributing to an increase in unsafe pregnancies as well. Charles to the economic part, if you break it down among age groups, we actually have seen a rise, steady rise in age group 30 to 34 and also pretty modest rise in 35 to 39. Are those consequences of women having to get firmer place in work and jobs, to say okay, i can take off maternity leave, still have my place, be up for a promotion . Are those things a factor . Certainly a factor that women have advanced not just professionally also in related way in the educational sphere. Women are earning majority of every type of degree whether a phd or bachelors degree and as women focus on higher levels of training during what is typically child bearing years of their life, they are delaying motherhood. When you start later in life with child bearing you ultimately end up with fewer children. You also see interesting social trends i think are increasing fertility, more higher levels of religious people, tend to be higher levels of fertility. As americans participate in traditional organized religion less, fewer americans take that mandate be fruitful and multiply. Charles i knew you were going to go there. I want to run this buy you, right . Yesterday we know in new york the governor is reopening the state but just region by region, in new york city, still mostly on shutdown, but if you look at the way it has been impacted by sip zip code, there is case reopening neighborhood by neighborhood. Nyu will have a fall schedule. I looked at nyus covid19 numbers versus my Old Neighborhood in the bronx, forget about it, it is night and day why couldnt Small Businesses in the Greenwich Village neighborhood open right now . I dont get it. That is great question. Universities are facing the same questions other Large Organizations are facing. When i think about it, when i dig into some research maybe universities are better positioned than most large employers and other organizations to make decisions about social distancing policies on campus because it is typically universities themselves who are doing research. Charles thats true. I just dont know, the neighborhood again, the Greenwich Village neighborhood has only had seven deaths. My Old Neighborhood has had 172 deaths. A stark business. Let those businesses around there, others why dont they open as well . Hadley, always appreciate you having you on. Thank you. Charles folks, some retailers at least, were talking kroger, target, amazon, they have been to end the hazard pay bonuses you remember the announcement for workers. The hazard is not exactly over. What exactly is going on. I want to go to Cheryl Casone for the answers. Reporter charles, several retailers are ending pay for workers on the front lines, think cashiers, warehouse workers. There is a bit of outrage for this especially from unions, they still face extra risk even with states reopening. Amazon, kroger, rite aid, already plan to end higher wages for tens of thousands of these workers. One union leader telling the journal, as long as were wearing gloves, were Wearing Masks and social distancing were working in hazard does conditions. Rite aid ended 2dollar per hour bonus pay after extending it two weeks. Amazon will extend pay only until the end of this month. Kroger extended 2 but only until june third. Walmart, lowes, target, home depot, they all communicated securing people safe. Sanitizing stores, reformatting Distribution Centers that extra pay was costly. Home depot for instance, spent 850 million on extra pay, benefits and Safety Measures just in this latest quarter. Charles, that is only the First Quarter were talking about. One bright spot, target. They will extend the 2dollar an hour increase until july 4th. Walmart went the bonus route, two rounds actually. Again, charles, that is something that is going to end. That is the question, if youre still wearing a mask at work, standing six feet away from coworkers, isnt that kind of a hazard . Charles yeah. We just spent the last two, three months, celebrating those kind of workers. I would like to see it extend longer. Cheryl, thank you very much. Reporter you bet. Charles folks we have breaking news. Nba is apparently making Great Strides to begin action. Yahoo reports that disney world is reworking their space to hold basketball play. It is looking at a return destination for them to return to play without fans thanks to the hotels and sport the complex. Nba is confident they will host the nba in some fashion. Las vegas also being considered. All right, folks President Trump once again doing what he promised he would do, cut red tape. How he is making it easier to reopen america, especially Small Businesses. Also next, a new cold war as tensions between america and china reach a new Tipping Point but this time the rest of the world is joining along our side to fight. Dont go away. What if business as usual means putting people first. And understanding their needs . 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Charles well folks, it has begun, the new cold war has officially begun as sabrerattling on both sides continues to increase but you know what is really intriguing . When President Trump announced he would have a trade battle with china to make them be a fair trading partner, our allies backed away, they did not join into the fight. This time it is different. Maybe because of the egregious nature of covid19 and how many people decide, perished around the world because of coronavirus and misdeeds of china. Australia now leading the way. The country that relies on chinas economy perhaps more than any other western nation but theyre not alone. 122 other countries. The man who saw it coming chris garcia. Before you start, i want to share with the audience, you were not here long ago, you actually predicted or called this new cold war. Lets take a listen. Business know that we frankly can reorient the supply chain away from china. We can move to neighboring countries that are more favorable to our supply chains this could very well lead to the next cold war for the United States between the United States and china and american charles so, chris, i mean, spot on, my man. But you know, it was there, but i think what is really saying to when i hear australia, which by the way, china is already trying to intimidate, saying they dont care. Right is right. They finally have stood up, stepped to the plate now, 122 other nations. What does this mean for china and their grand ambitions . Well i think weve known, charles, and you said it very well yourself just a moment ago, you know, this is the world waking up to what chinas true intentions have been. It is my opinion that not only is this the continuatino of the escalating trade war between the United States and china but we are in fact presently in a fullblown cold war with china. I think the action today, that were seeing considered by the white house and the senate bill that was just passed that would require the same account, same accountability from chinese listed firms in the New York Stock Exchange and nasdaq, is a good indication of that. Why are we doing that . Number one, because weed into to do it for investor security, investor protection. Investors need to know what profitability, and what kind of long term p l looks like for a chinese listed firm just like any other country. The second reason is for national security. Many of these companies are involved in military applications. They convert civilian applications to military applications. We cant allow that to happen. Thirdly, as you said, charles, this is about rebalancing the entire trading relationship with china. It is very important to we hold them accountable, that you do something very simple. Play by the rules. Charles im reading this morning, chris, the headline in the wall street journal, chinas warriors, diplomats, are ready to fight. China will not go away. They made the debt diplomacy, they essentially own a few countries, own a few ports but theyre going on the offensive. Theyre sending their diplomats out there. Theyre saying theyre taking on all foes, big and small. So where does this go . This sounds like it will get really ratcheted up before it calms down . It will have to get ratcheted up, charles, for one reason. We have the upper hand because were doing whats right as a country. Were doing something very american, very, this is a principle that we have, not just in business but in government and politics. You do the right thing, right . You have, you negotiate in good faith. Beijing has failed time and time again. The Chinese Communist party has failed time and time again to play by the rules. If we push this now, this, this important effort that we have to level the trade playing field, level the entire relationship between the United States and china, it is going to bear long term fruit for the United States. So we want to avoid a trade war. We want to avoid an allout kinetic war. I dont think it will come to that. But the Economic Warfare is happening now. We want to avoid that. It is, we have very simple solution in front of us. Play by the rules, free, fair, reciprocal trade, play by the same rules when you trade with the United States. Beijing doesnt want to do that. That is the solution in front of us. Play by the rules. Well get along just fine. Charles sounds great when you speak to another american like that, it didnt sound great when i hear and read what china is doing around the world. They seem like, chris, to be quite frank with you, theyre not going to change. Thank you very much, my friend. Bring jobs back to the United States. Charles okay. When the news came out about china, the dow was up over 400 points. So, even though not only did all the chinese stocks go down but our market pulled back just a little bit more but weve got enough firepower i think to get a big rally into the end. Day. Well talk about what President Trump is doing now to help Small Businesses even more. Deneen borelli will break it down. Well be right back. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. With millions of americans forced out of work by the virus it is more important than ever to remove burdens that destroy american jobs. I will sign an executive order instructing federal agencies to use any and all authority to wave, suspend, eliminate unnecessary regulations that impede economic recovery. Charles that was President Trump signing an executive order yesterday telling federal agencies to eliminate and suspend unnecessary regulations in order to help jumpstart the economy. Fox news contributor Deneen Borelli joins me now. You know, deneen, i love when President Trump talked about having agencies pull back, to use the honor system, right . We dont need to be at war with Small Businesses trying to jump through hoops on rellations making it harder . This is huge. The president signed off on the executive order to roll back unnecessary regulations. There are 600 under regular review. When you look at it, the fact that when the president declared this coronavirus regulations were changed with trucking industry. Amazing men and women driving food, medical equipment, essentials up and down the road to make sure they got to be where they were delivered. There were changes made with that i dont think folks are familiar with the fact that truck stops are now called, are essential because, beneficial for our Truck Drivers to be able to take their breaks, pick up food for them, to regroup and get back on the road. So there are number about things that had been changed under this president to help businesses and to help america. Charles right. You know, what is interesting, brookings keeps what they call a deregulation tracker. They show 12 actions in the last month, two specifically to covid. So the administration was already, to your point, making big strides here but when President Trump says he wants to respond by giving people power back to the people, and to entrepreneurs, we know in the past whenever there have been crises government has taken more power, not relinquished it. Well, you see what is happening in the a lot of states around the country, how americans are ready to go back to business and it needs to be done responsibly and slowly, but there are some onerous regulations and rules that are taking effect, like in new york and on the west coast, where folks are ready. You have governors that are just putting their boot on the neck of hardworking americans, not allowing them to open their doors. People are being arrested unnecessarily. People are ready to get back to work, charles. Look, we know that democrats love power and whenever there is a crisis, democrats definitely exploit. That. With President Trump were seeing the opposite. Charles there have been a few Republican Administration liked that power too. Deneen, always like it when you break out the boot analogy. Boot on the neck. Video industry setting a brand new record as players play from home during the pandemic. Well give you preview of a Major Company reporting earnings right after the bell. Speaking of earnings. Target reporting online sales more than doubling. What you will need to know as we head into the always crazy fine at hour of trading. Through ancestry i learned so much about my grandparents that i never knew. Im a lawyer now, but i had no idea that my grandfather was a federal judge in guatemala. My grandfather used his legal degree and his knowledge to help people that were voiceless in his country. That put a fire in my heart. It made me realize where i got my passion for social justice. Bring your Family History to life like never before. Get started for free at ancestry. Com charles the u. S. Video Game Industry setting new sales records as players stay at home and sales during this pandemic nearing 11 billion. Kristina partsinevelos is with us with more. Kristina . Kristina we know esports, the rise in esports is coming and theres really nothing we can do about it. Like you mentioned, you are seeing u. S. Consumer spending on video games increase almost 10 . Thats almost over 10 billion in the First Quarter alone of this year. Sony has more than doubled its subscribers from a year ago on play station now which is its gaming cloud subscription, i should say, then you also have Microsoft Xbox live that has nearly 90 million monthly active users in the month of april alone. A lot of it has to do with the pandemic, of course. Its shares of game publishers that are also up too since the lockdown including take two interactive. They are set to report after the bell today. We are expecting revenue, the street is expecting revenue to increase by 20 . The stock is up over 3 today. They are the owners of grand theft auto and theres a game that is very very popular because epic games, a retailer, offered a version of grand theft auto for free very recently, and so many people went to the website to download it, it crashed, showing how popular it is. Its not only the game makers that are pulling in record numbers. You have no live sporting events as we know, so that means streaming platforms like twitch which is operated by amazon, saw a 23 increase in viewership in the month of march alone, which shows its not just the gamers now. Youve got traditional sports fans that are increasingly moving to the virtual equivalent to satisfy that competitive itch, charles. Charles all right. By the way, take two missed by 12 cents last time. Amazing that its up going into earnings. We will see what happens. Kristina, thank you very much. Well, folks, stocks are rebuilding that momentum from earlier today as we head into the final hour of trading. Dow, s p and nasdaq are up four of the last five sessions. According to bank of America Merrill lynch survey, this is a global Money Managers, they are loaded up, guess what, in defensive assets, health care, cash, bonds. Meanwhile, they have jettisoned positions in industrial names, equities in general and energy. This seems to be, you know, smart if you consider that all the unknowns are there, but you know, the market is counterintuitive. You dont want to necessarily follow the crowd. I want to bring in a money manager who is blazing his own trail. David bahnsen. David, when i see this, you are one of the first guys i thought about because in part, you talked about energy at least specifically mlps but i just think these Money Managers seem to get it wrong so much more than they get it right. Well, what they are getting wrong is the thing thats motivating them which is to be safe. Its to stay out of the way and to basically avoid getting fired on a quarterly basis. Im even more critical of why they are doing this, than what they are doing. Its a safety play thats more about career safety than portfolio safety. If you look, charles, since that march 23rd bottom, the stocks that have performed the best have been the ones that were the worst performer in the month of march. So youve had a total reversal trade, energy has been a huge performer, top sector. I get why people want to own health care right now. We own some Great Health Care names that we owned long before the covid crisis. But i dont get hiding in the names just because it feels safe to talk about. Charles lets talk about the Federal Reserve. They just put out their minutes. I want to ask you your thoughts on two things that stood out to me. First, we just talked about energy. They voiced some serious concerns about an uptick, major uptick in bankruptcies in that space. We know rig counts have come down dramatically. Can we keep this fracking miracle, this american Oil Producing miracle alive and is it still a viable place to be invested . Yeah. The key is not whether or not fracking is viable. Fracking is absolutely viable and the shale revolution is going to continue. The question is whether or not some of the smaller players are going to be able to stay in their position or are they going to have to sell out to the big players, or sell out to banks out of bankruptcies. The reality is that if they get a little liquidity help through the next year or so, their Debt Maturity is not out until 202324. Most of the small players can get by at 35 to 50 oil. They obviously couldnt at 20 oil. I think some of the liquidity provisions the fed is providing can help some of the smaller players get through and keep them from having to get swallowed up by the exxons and chevrons and private equity players on it there. Charles i think there is still a glimmer of hope that President Trump and the administration will come to the rescue. In fact, i think he retweeted something positive about the oil industry. The fed also said that they expected Consumer Sentiment to decline. While the Consumer Sentiment reading we got was the exact opposite of that. In fact, it went up. Current conditions led the way. Is there something surprising in your mind about the way consumers are reacting to this about the optimism that people are feeling about maybe is it an american thing or is it legit in your mind . I get so many things wrong, i never want to say i told you so, and youve gotten so much right throughout this covid crisis, charles, but look, i dont understand people that have been acting as if the consumer all of a sudden never wants to go out in public again. Its contrary to everything i know. First of all, about human nature, but second of all, about the American Consumer in particular. The idea that americans are going to literally hide in their bedrooms and never go spend money again is by far the dumbest thing im hearing right now coming out of various analysts mouths. This consumer is going to spend Charles David even apart from the spending charles got to leave it there. We ran out of time, my friend. We ran out of time. I dont want to bleed too much into lizs time because im handing her a pretty strong market and not like yesterday, when i handed you a dud. Liz not really. You know, it was a slow motion dud, if there is such a thing. But charles, we are seven points away from nearly wiping out yesterdays entire final hour loss so dont feel too badly. You are handing me a real winner here. All 50 states now plan to reopen their economies postpandemic lockdown and that of course has the bulls stampeding through those Opening Doors as we head into this final hour of trade. Youve got to stay with me. The dow jones industrials, up 387, needs to be up 390 to erase yesterdays losses. Three more points. Got to look for that. We havhe