Transcripts For FBC Cavuto Coast To Coast 20240712

[moment of silence] [moment of silence] [moment of silence] [moment of silence] [moment of silence] [moment of silence] [moment of silence] [moment of silence] neil we have just completed what is one of the longest moments of silence ever recorded on the floor of the New York Stock Exchange, 8 minutes, 46 seconds to indicate aicers knee before he ultimately died two weeks ago. This being simultaneously recognized around the world as exchanges in towns, protests all stopped in their tracks to honor the victim who is now become a cause and a big cause at that. Already we heard from new York Governor Andrew Cuomo says hopes to move rapidly on legislation that will reform the Police Forces in the state of new york. There is a similar move afoot to do the same on the federal level. Some going so far as to advocate totally defundings Police Forces all together. They are a minority of the Progressive Movement but a powerful and vocal element within that call to change business as usual within Law Enforcement across this country. Welcome, everybody, im neil cavuto and this is fox business coast to coast. We are focusing on a nation now that will be recognizing the final moments not only of that africanamerican, george floyd at the hands of a white Police Officer but how that has changed the way we think on racial relations and even the markets think about whether companies are doing enough to address this situation. Weve got you covered on all fronts. First of all with Kristina Partsinevelos in new york. That state, that city in middle of continued reopenings but not missing a moment to sees what is significance of all of this. The move by the governor and the mayor to crack down on Police Forces and to change their behavior. Kristina . Reporter thats right, neil. You have officials that are listening and reacting. The latest is Governor Cuomo saying there is a going to be a complete overhaul of the police. He is looking to have a legislation turned into law and it would potentially be, in his words, i quote, the most aggressive reforms in the country on policing. So again, that would include banning chokeholds. That would also include, there is several states look at his twitter feed, he outlined some of those, but again this is to reform the police here in new york. Hopes to turn that into law by this week. So like you said moving very rapidly. You have mayor de blasio of new york also painting the streets, change name of certain intersections to commemorate black lives matter, to join in on movement. You also had mayor de blasio weigh in on the coronavirus tests happening across the state as well as the city. We hit a new milestone. Out of everyone taken the test thus far we hit only 1 who tested positive. So definitely much, much, lower numbers. He also weighed in on safety. Listen in. Were trying to do something so difficult in these next few weeks, bring back hundreds of thousands of workers and insure that we keep the coronavirus down and then bring back many hundreds of thousands more. So i said july because i wanted to keep expectations a little lower but if we can get there sooner of course. We owe those restaurants guidance very quickly this week, next week. Reporter why phase two is top of mind for a lot of businesses here in new york. Im standing in times square. Many are still boarded up and closed but social distancing protocols are of top of mind which is why some city officials are looking at new technology and that new technology is drones. We have a Company Called dragonfly. They have released these pandemic drones that fly roughly about 190 feet above your head. They can detect whether you have fever, sneezing, coughing, heart rate, your breathing rate. We reached out to the nypd. They have not denied looking into this but they did say they are no looking to purchase it just yet. This is after Westport Police in connecticut were looking into the pandemic drones but citizens were very concerned about privacy. So they scrapped those plans. We know privately, neil, is a major concern and the company says these drones at this moment are not designed to identify people. So lots of information to take in. I will throw it back to you with a lot of city officials listening, trying to respond, take care and concerned about Public Health as a top priority. Back to you. Neil all right. Thank you very much as kristina pointed out here this, is occurring at a time, the backdrop in new york and five boroughs that make up the Greater New York city area have been dealing with protests and in fact thousands of people have been crammed together in a lot of the protests. The governor himself acknowledging acknowledging that you cant stop that, they should be aware of Wearing Masks and the like. New concern afoot by cdc officials that these protests themselves going to trigger new cases of coronavirus in this country. Too early to say but its almost irrefutable now given the fact that hundreds of thousands of americans across the country have been packed together to remember the significance of what happened to mr. Floyd and to risk their health in doing so. So that message is alive and well. Also the governor is saying were getting a if you more bulletins what he wants to do. They will pass, that is in new york, the most aggressive reforms in the country. He went on to say hopes to sign this package of overhaul legislation into law this week. The devil is in the details. We dont know what the details are. We did talk to the new York City Police commissioner yesterday who told us exclusively at the time that everything is on the Table Including the 6 billion that is allocated to new york for Law Enforcement help. The mayor has already indicated he would like to take some of that money, put it into youth and related services. There had been talk that the mayor around the police chief are not seeing eyetoeye on this and that the commissioner, even threatened to quit. He poopooed that talk with me yesterday but it is a hot and volatile issue. As it is in the nations capital. Chad pergram on what democrats are planning to do there on this. Chad . Reporter good afternoon, neil. Democrats kind of got crosswise on their own message yesterday. They released this Police Reform bill. Then you had all this conversation about trying to defund the police. Theyre stepping on their own narrative here. That is not in the piece of legislation that they released yesterday but that is all people are talking about and it is something that many Democratic Leaders i will underscore want to avoid talking about including karen bass, chairwoman of the Congressional Black Caucus and architect of this legislation. I cant imagine that happening. Part of that cry is there desire to be significant higher investment in communities. A lot of people feel when it comes to the defense budget, maybe that money could be used in different ways. Reporter this is why the mantra of Defunding Police could spell trouble for democrats. The democrat parties has tenuous coalition between moderates and suburbs and liberals in the cities. The idea of disbanding police could emerge as idea too extreme to suburban swing voters. The secretary of housing and urban development, ben carson, appeared on capitol hill today. Well it is low income communities where police are needed the most. There is a lot of criminal activity. They dont think them through. That is what this is. It will go away, when people have time to think it through and realize how irrational it is. Reporter former Vice President biden opposes defunding the police but that could undercut support for biden among black voters. Expect republicans to run microtargeting operation trying to stoke embers on the left and depression energy for biden. Neil, just a couple days ago politically republicans were reeling. They were dealing with the pandemic, dealing with the economic downturn, dealing with protests in the streets but what this defunding the Police Conversation has stoked it is basically changed the narrative in favor of the republicans for the timebeing. Neil. Neil all right, chad, thank you very, very much. Well look at that here. A lot of people are saying this could be a note 1968 where riots, protests, a hard lurch to the left for whatever political reasons took what could have been a victory for democrats that year, although it would have been an uphill fight to put it mildly, it turn it into deget. The republicans are hoping president s ground on this to support Police Departments and tough law and order will work as it did back then for richard nixon. Way too soon to tell. But were on that. The dow down 263. Youre watching fox business. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Neil corner of wall and broad where sell off is underway, even dow industrials down 243 points it had been a lot worse earlier on, we were swooning 200 points. We had six heady days of advances for the dow in a row here. So a little bit of pullback is probably in order here and not a big shock but what is interesting is what has, sort of cap at that putted the markets to this optimm about states reopening with new about reopening in states with coronavirus. What is big concern, even with stores and others reopening the fact of the matter is, Industry Retail Group predicts time year is over, 25,000 stores will have been shulerred. We have the Citizens Bank chairman and ceo joining us via skype. Bruce, when you hear that, you know about the pent up consumer demand you can make a argument, maybe theyre taking a dim view that the 25,000 is overstated. That there is disconnect between people who want to get back and shop, those who have given up hope they ever will. What do you think . Look at different sectors within retail. I think businesses able to stay open, that were essential services, Grocery Stores, hardware stores, theyre, going to make it through i think okay. Those stores invested in ecommerce, picking up in the store, homeompanies that actualy didnt have Great Concepts and great momentum coming into this pandemic or that had too much leverage and not enough liquidity, they struggled. They will likely go out of business but, i think the broad picture is, we are seeing the consumer coming back. Theyre starting to spend money. We look at our own data, inside citizens at peak of the lockdown our credit card usage was down 35 . As of last week the debit card use year on year is only down 5 . Credit card usage only down 10 . Folks are back. Theyre starting to spend money. May be on Different Things than they spent before. May be home improvement, backyard furnishings, not so much on travel and entertainment but we are seeing the consumer coming back and spending. Neil not surprising when this all started people were literally hunkering down, to your point, spending less, savings built up rather dramatically. You build that argument, like a coil spring ready to pounce. They cant quite pounce a lot of regions. New york city, for example, it is sidewalk delivery and pickup and all of that for a lot of stores and the like. Malls are still not quite there yet. Thats a theme that plays out across the country. To your point, some capacity is better than no capacity but play this reopening out for me for the economy. What do you think . Well i think you see some really big geographic call differences. So the Southern States are much more open, going through the phases. Certain parts of the midwest as well. Really the major cities on the east coast and the west coast that are still in a heavier phase of lockdown but i think that does give you some optimism that, as those regions continue to open up, that will sustain some of the momentum. So were looking for a pretty good rebound in Economic Activity in the second half of the year. Neil you know, later today, if you indulge my Bank Chairman question for you, were told that the Federal Reserve will outline the fact that 0 Interest Rates will be around here a while. That the improvement not withstanding, get used to very, very low rates for a long, long time. Are you in that camp . Yeah. I do agree with that, i think the, the fed is going to keep rates low, probably not move them through 2021. If i were a betting person. Neil wow. So, that will help, i think, stimulate the economy and provide some support to the economy. As a bank we need to think about how to operate in that environment and well be looking for sources of innovation. There is really interesting things were doing at citizens, focus on fees and try to do more for our customers and then also look to digitize and take out expenses. So we have a playbook for that environment but it will be a bit of a challenging for sure. Neil well watch it very closely. Bruce, thanks very much for taking the time. Citizens Bank Chairman. Very big in new england area, itself having a pretty robust turn around as we speak. Were also following developments right now about this congressional effort to rein in Law Enforcement agencies around the country. The devil is in the details as chad pergram said. One thing were hearing about this measure it wont call for Defunding Police departments as for preprioritizing money meant for them. A legal question bound to be asked, can you do that really . Can you take money meant for one agency and just lo and behold throw it into another . What the constitutional question begins. music neil it is not just states reopening in this country, it is countries reopening on this planet and some are screaming for americans to understand that in mexico, jamaica and greece. Theyre putting a fullcourt press to get americans to visit their countries, offering tantalizing rates, combination plane fares, anything they can do to get you to, well, go there. That is easier said than done as Jackie Deangelis reports. Hey, jackie. Reporter good afternoon, neil. Back to business means back to travel. Throughout the whole pandemic, we were talking about would people feel scared back to traveling . Would they be worried about covid19 or another spike of it . It appears nuances are very interesting, when it comes to the countries you got mexico, jamaica, greece, places people like to vacation with resorts for example, as you said theyre incentivizing people to come on over. Mexico particularly is a draw when it comes to cancun and cabo. Those are two of the hot spots there. While leisure and travel will resume between the two countries next week, passengers are expected to have their temperatures taken when they land, again when they arrive at the resort. So extra precautions there. That may be too much of a hassle, little too soon for some people. There are signs americans say they will travel but stick closer to home. You have the Vacation Rental sites like airbnb and vrbo, theyre seeing increased traffic, local bookings compared to this time last year. Vrbo, Vacation Rentals by owner, beginning in april, there were signs that demand was increasing, longer durations. People are working from home. They are not going back to school. Home can be anywhere you have a Internet Connection at this point inn time. Having said that vrbo said around memorial day the number of people searching for rentals, going to the site had reached highest levels since march outpacing this time last year. Despite the facts that flights are being added, air travel and Hotel Bookings are way down from where they have seen them. They want to venture out, maybe not too far, maybe a place you can drive to. Travel to europe is big in the summer. Italy one of hardest hit by covid19. It wants tourists back. It wants to incentivize. If youre willing to be adventurous going to sicily, they will pay for half of the flight and pay a third of your hotel rooms costs as well. There are people with wanderlust taking advantage of these deals. Neil some are eye propping. Jackie deangelis on all of that. A trend were looking closely in this country as americans slowly return to work, they dont want to physically return to work. A lot of them like exactly where they are now, living where they are now, commuting virtually how theyre doing it right now. That means some of them are seeking out either bigger homes or homes further away, yeah, a lot further away. In places like San Francisco and new york city. The implications of all of this, jerry howard, National Association of homebuilders ceo. Jerry, good to have you. How real is this . It seems to be picking up steam, even act net dote tally to people i talk to. Neil im not keen going back into new york city. I can do a lot of what im doing from home. You hear this repeated and demonstrated in some of the early numbers were getting out of pricey cities like seattle, San Francisco. Whats going on . Well you nailed it, neil. Were starting to hear that all over the country that people who live in urban areas are trying to get out of the urban areas into the suburban areas where they can have a backyard, if youre quarantined it is a whole lot nicer to spend time in the backyard than small urban apartment. People are looking believe it or not for home gyms in some of the newer houses but bottom line is, sort of the bloom gone off the rose, everybody moving in and living to, into the urban areas. People are realizing now that a singlefamily house with a backyard is something thats really, really desirable in these times. Neil you know you and i talked about this trend for quite a while, you were ahead i think than anyone in the industry, one thing that is the differentiator now, that the companies, employer bosses are in total agreement. You can be as productive as you can be inside one of our skyscrapers, fine, have at it. Thats a change that i think will spawn more of this. What do you think . Oh, there is no question about that. Even my own organization, we had 250 people working from anywhere as far as maryland Eastern Shore down into florida. One of our main guys is working up in connecticut and im hardpressed to say he has got to spend five days a week in the office. I think you will see a lot more working from home. That again adds to the desirability of a really comfortable place to live. Neil jerry, while i have you, i was curious, i got to ask jerry this, this virtual home hunting a lot of people are doing, some buying the home outright, just virtually, they never physically see the home, whats going on there . You know, its something that was a trend a little bit prior to the covid19 pandemic but during that time, people people in the industry realized we got to show houses, we got to show apartments. The Technology Upgrades in our industry, that will appeal to the consumers have been amazing, not only in how good they are but how quick we got them up and online. I think it is a trend of the future. I think ultimately people still, for a large part are going to want to walk through before they commit to it but this is something that we have been watching and with amazement, how successful it has been and how big it is getting everywhere. Neil yeah, well, you know, at the very least it can winnow down the potential choices. Then you can absolutely. Neil that is a fascinating development. Jerry, thank you. Good help, my friend. Always appreciate your expertise. Jerry howard, National Association of homebuilders, he is the big choose. He work anywhere they wants, his home bocci ball, he doesnt have a bocci ball court. Were less than a percent but what is interesting about the markets how tech is coming back with nasdaq in and out of record territory yet again. Premier issues, apple, amazon, guess what . Theyre still on fire. More after this. What do you look for when you trade . I want free access to research. Yep, Td Ameritrades got that. Free access to every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. 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Quickly i want let you know boeing surge has stopped. Aircraft maker deliveries fell to four, four plane orders in the month of may and right now cancellations are exceeding bookings. That is not a Promising Business model if it were to continue here. The stock is down 40 from its highs but made up 30 from its lows here. This is coming at probably the worst time, if not for that 3. 3 slide in boeing shares, we would not be looking as dismal as we are on the dow. It is disproportionate attribute tore to the sell off. Go to charlie gasparino. He is following a couple other developments. One doing with Major League Baseball, if, when we see a season. Biggest story to heat off with Justice Department and google, where are we on that . Yeah. By the way, neil, talk about having disproportionate impact on markets, any potential case, depending on severity of case on google that could hit markets hard. Again, google is a huge company. Huge component of the markets. Justice department goes after them aggressively, you can see markets decline with googles stock. Here what we do know. The d. J obviously investigating them. A lot of people saying theyre moving toward some sort of a case against google. The timing of that case now we understand given the coronavirus, the other distractions that the Justice Department has going into, going into the week of, after the week of unrest that we had, from what we understand, that could delay it. So the, summertime table, they were supposed to come out with something in the summer a lot of people thought it would be the case given signals coming out of the Justice Department and attorney general barrs office but were hearing that the summertime table could be pushed out. The other thing kind of unclear, this is where the markets are hyperfocused on and including investors in google is just how aggressive will the case be . Will it be a narrowly tailored case involving googles ad search preferences . That is very narrow. It doesnt encompass the whole company. It is not existential. Whether google gives beneficial treatment on ad searches to people that place ads on google. That can be remedied without major reinstruction of the company or whether it is something larger like their entire search function. Whether that breeds anticompetitive behavior because it is not just ad search, a million other things that excuse ad searches essentially ways google can make money and gain unfair advantage over others and be anticompetitive to the consumer. Those are two the questions. Will it be delayed, how aggressive, i cant tell you where they come out on either of those. Silicon valley, wall street watching this a lot. They dont know. There is mixed signals coming out of the Justice Department and various speeches on both. That is where we are again. Google, watch the story. It will have major impact on the stock and markets. Second thing is Major League Baseball. We were first to report that the owners would have proposal yesterday. They did. Players threw some cold water on it. We understand Major League Baseball is expecting a counteroffer from the players as early as today or tomorrow. Here is where it gets interesting, neil. The players are right now in discussions about a potential counter offer, what they will say at least to the owners latest demands which essentially you get 50 of your salary prorated over 75 games. You get 75 of your salary if we dot world series. The players saw that as a huge pay cut. They probably dont want to go for that. Here is what we dont know . Do players come back and say, listen we want old thing, the old proposal we put out, essentially 100 salary with lesser games, Something Like 75, 80 games. Will they come back with that which the owners will say no to . If they do that, rob manfred, commissioner of baseball likely to say, i will propose a hyper shortened season 50 games, someone doesnt like. It is barely baseball, barely enough time to do anything to celebrate the sport, have the sport. I dont know if you have play offs with the 50game scenario, something nobody really wants but he may do it. It all depends on what the players come back with. If they come back with sort of a compromise on the 75 , maybe they want 90 , they settle at 80 of their salary, not 100 , you know there will be, there is wiggle room for negotiation. Again well have to watch this. It could come today. Could come tomorrow. They will come up with something, at least word im getting from both on players side and owners side. It will be interesting to see where it is, if there is a real negotiation, then you could have a real season. If there is no negotiation here by the players, you could see rob manfred turn around almost immediately, 50game season, tough luck. Move on. Back to you. Neil that would be idiotic. You win the world series but have asterisk next to your name, you won a 50 game season versus 162game season. I am in agreement. Rubber is meeting the road now. Neil i hear you. Were more bocci ball versus baseball. Im sure you won the bahchy Ball Championship throughout our childhood. Neil not one to brag but in the cavuto family, yeah youre looking at the champ. Want to know training regime for bocci. Neil the same asacoling a subway sandwich. Explain it to you later. Charlie, thank you very much. The whole baseball game, 50 games, 162game season, who will count it as real. I dont know. It is what it is. Well have more after this. The dow skidding off 222 points. But off the lows. If not for boeing it would be significantly off those lows, after this. Incomparable design makes it beautiful. State of the Art Technology makes it brilliant. The lexus nx experience the crossover in its most visionary form. Experience amazing at your lexus dealer. 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. Neil . You know, in state of michigan, if youre a salon or a barbershop, beauty parlor, anything like that technically you cannot open just yet but then there is carl menke, who made a case of it, a Supreme Court case of it by arguing you know, he was losing his livelihood, threatening fines, everything else, suspending his license. Ultimately he won out. He can still operate. He is not in violation of the governors executive order or the health code but remarkable testament to just being stubborn and not giving up. Carl joins us right now. Carl, good to have you. Thank you, neil. Neil how did you do this . Because i think, i hope im right, you still technically have to wait until all salons, barbershops are allowed to open, that is aways off, right . Neil, honestly i have never seen anything like this in my life. I was born in 1942 under Franklin Delano roosevelt. That 14 administrations ago. I have never in my life seen michigan or a governor act like this governor has for unilaterally deciding that she is going to make rules for business. I have never seen anything like this. And when our legislature told her that she was out of order and didnt assign her 28 days she decided to take it anyway. I decided im going back to work. Rules of legislature i will be governed, i will not be ruled. In this sense this is what she was trying to do with the type of police state tactic. Neil so youre open now . Oh, im open. I will be open until jesus comes. I dont care. Thats, for me, this is a, constitutional right. As long as i obey the constitution and i know she is in violation of the constitution, just like the you know, the people in the cattle cars during the holocaust, they willingly got in there, i will not willingly get into one of those cattle cars for the promised safety. My physical safety, by locking me out of my house for 40, 50, 60 days, 90 days in this case. Neil well you lost your license though, right . Or its suspended for the timebeing . Yeah, my license is suspended but they didnt take my hands. I can still cut hair. I still have the ability to be able to make a living. And thats my livelihood. Neil good for you. To have a governor decide unilaterally she will take my livelihood, you know, to me, that unconscionable. That is sign of a person who doesnt govern well but desires to rule. Neil all right. Carl, an amazing story. The guy who beat the governor. More after this. Yeah. music look, this isnt my first rodeo. 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Of course he was killed two weeks ago, you might recall, on that famous incident that now warranted an 8 46 moment of silence on the floor of the New York Stock Exchange to remember the time he was under a white Police Officers knee on his neck that ultimately killed him. This is a family and Close Friends only event in houston. The reverend al sharpton, the major eulogist today as he was in one of the opening events in minneapolis. In the meantime, moves are afoot in cities across the country to rein in Police Departments, some going so far as to defund those departments. On the federal level, its a little bit different strategy. Hillary vaughn following that battle as we speak. Hey, hillary. Reporter hi, neil. Highranking democratic law makers in d. C. Are distancing themselves from the debate over defunding the police after top House Democrats hosted a call with their members encouraging them to dodge talking about the issue so that that issue doesnt become one for democrats on the ballot in november. Have those debates at the local level as that is a local decision, a local level. I think that we need to avoid being obsessed with labels like defunding. Reporter that sidesteps the subject that young progressives in congress are going all in on. Congresswoman ilhan omar whose district includes minneapolis, she called for the Police Department there a cancer, saying it is rotten to the root and that it needs to be dismantled. Those remarks joining ranks with her colleagues new york congresswoman alexandria ocasiocortez who is suddenly warning her colle holding the e Police Structure responsible for the actions of certain officers is wrong. Reporter not every democrat on the ballot in november is backing down from the debate. Presumptive democratic nominee joe biden has one thing in common with president trump. Biden telling cbs news last night he does not support calls to defund the police. Biden also says he does support tying some federal aid and making it conditional so that Police Departments have to meet certain standards before they are given that federal money. Neil . Neil all right. Hillary, thank you very very much. Hillary vaughn in the middle of yet another protest in washington, d. C. On this whole matter. We are joined right now by the former ohio secretary of state, former cincinnati mayor as well and very close confidant of president trump. Ken, its always good to have you. I want to get into, if you dont mind, this issue of defunding versus cutting funding. It was an issue i raised with the new york Police Commissioner yesterday on this idea that is it okay to do what the mayor wants to do. Commissioner shay was of the view a little bit of cutting might be okay but defunding entirely, not okay. I want you to react to this. So much going on in your city, including this nationwide push, it seems, to cut back funding and or support for Police Departments, including the monies that you and your men and women get. What did you think of that . We can find the money to fund Youth Programs in this city. I think we can do it. I think we can do it without neil by taking it out of, commissioner, by taking it out of monies right now allocated to police. Absolutely. I stand by it and i think its Crime Fighting. Its just Crime Fighting in a better way. But any calls to defund the police i think is, you know, lord help us if that ever came to pass. Neil so he is open to reappropriating funds meant for police exclusively, i think 6 billion we are talking out of the overall budget for Law Enforcement but not for cutting it outright. Your thoughts . Neil, for over 40 years, ive worked with communities and Police Departments across the country and i fundamentally understand as a former local official that the first order of business of local government and at the point of the spear is the Police Department. Its public safety. What we know from just decades upon decades of experience is that communities that are prosperous, that grow and have a great quality of life are communities that have sound infrastructure, Safe Environments and are attractive to capital investment. So any notion about scaling back funding to Police Departments is kind of foolhardy. Every department across the country always has to be under constant review to see if there are ways that they can improve their perform anance, their may and Police Chiefs and City Council Members and Township Trustees that are constantly looking at how do we become more transparent, how do we have more accountability because we invest Police Departments with the power to use lethal force, deadly force, and thats a very, very major investment that we make in these departments so we have to make sure that were constantly working on getting good solid high character personnel, that we have transparency in our operation and that when you have bad actors, they are held accountable, but you dont paint with broad brushes and you dont begin to chip away at your Safety Forces without understanding that youre going to do real irreperable harm to the overall safety of your residents. It just doesnt make sense. Neil you know, a number of Establishment Republicans have been blasting the president beginning with jim mattis, former defense secretary, for being divisive. That was kind of a similar point former president bush echoed and others that said the president s rhetoric has not helped matters any. You know the president well. You are friends with him. Do you ever advise him cool it . Well, look, what i know in working with this president , that he is more about healing than he is about hatred. He is in favor of justice, not in favor of chaos. As you know, when you put the safety of our nation and our neighborhoods in the forefront of your thinking, when you go to make sure that things like schools are improved by focusing in on those who have been underserved by poorly functioning schools, you then give your community a way to go upward and prosper. And this president is in the forefront of that. He is never going to cower in the face of a direct threat not only to our nation but to our Safety Forces and more importantly, to our citizens. Ive walked a lot of neighborhoods across this country in the aftermath of civil unrest and chaos, and the neighborhoods that are more frequently than not that are hurt the most are those with citizens that are underserved and underappreciated and need a hand up, not a handout. Neil but shouldnt the president be above that fray . Should he not be disparaging the mayor of washington, d. C. Because she disagrees with him on guard troops or the governor of new york because, you know, he might have a different view of how to keep the peace . As the leader of this country, does he have more of an obligation to just not sound so divisive . I think i think the president has an obligation to lead this country in an effort to make sure that folks are safe and that those men and women in fact, i have watched in the 70s, we were fighting to integrate Police Departments. I have watched as Police Chiefs across this country have included more black and hispanics and women. Ive watched these departments not just yesterday, not just ten years ago but 20 years ago embrace community policing, communitybased policing. The president , theres nothing that ive heard him say except he is ready to take on looters and rioters and menace, this president is basically saying hes not going to take a back seat to any leader, national, statewide or at the local level, to making sure that we arrest chaos, establish a climate where justice can take place and in leading the effort to make sure thats why he told the attorney general get on this, make sure that you put all of the forces and resources into play in minneapolis to make sure that justice is met. So thats what i expect of this president. Thats what ive seen. Hes taken a strong step to make sure that we have the tranquility and the peace thats necessary to make sure that we can have justice. And he said he was horrified, he was horrified at that wrongful death in minneapolis. He turned to his attorney general and said get on it. Thats leadership, neil. So folks who want to get, you know, worried about him saying this word or that word, im looking at his overall behavior and his overall behavior is one of a leader that is committed to keeping our neighborhoods, our states and our nation safe from threats abroad and internal. Neil i dont know. He could take a cue from you on how to make that sound better. You just did it right there. Ken blackwell, very good seeing you again. Be well, be safe. God bless you. Neil all right. I want to go to lauren simonetti. Shes following another development in this reopening thats going on. We told you about airlines that are going to be in disarray because advance bookings dont look good. Imagine what its like for Small Businesses, many of whom even with these reopenings might never get the chance themselves. Whats going on here . Lauren but they show that they are resilient and also optimistic. You saw this morning the National Federation of independent businesses put out their latest may optimism index and it rose. Small Business Owners are showing they can reopen, they can reopen safely. The question remains will customers return to their stores. Thats the worry. We have seen it from many Small Business administrations, we have heard it from the chamber of commerce. They are predicting it is entirely possible that 12 million Small Businesses will not be around in the next six months. And thats why Small Businesses need to unleash their innovation and their adaptive spirit. I spoke yesterday to the Vice President of policy at the u. S. Chamber of commerce and tom sullivan said this. He said close to 80 of Small Businesses are reopening and the quest for survival is prompting disruption and innovation. Key attributes of American Free enterprise. There will be incredible examples of entrepreneurship that will arise from this pandemic. He goes on to say that congress and lawmakers right now must have policy that is simple, flexible and direct. You cant weigh Small Businesses down in, you know, what does this mean, what does that mean, what paperwork do we have to file, what are the rules on this. Its too much. Mark zandi also agrees that more needs to be done. Listen. Policy makers have done a good job i think to date but theyve got more work to do. I dont think they can sit back and say oh, you know, the recoverys now under way, we dont have to do anything more here because if they dont, the odds of going back into recession later this year are pretty high. Lauren from Small Businesses to big businesses, did you see macys preliminary earnings this morning . Look, theyre not good. First the shares were up because people were saying and macys said look, we have 450 stores that are opening and folks are shopping again. But look at the stock reaction. Its down almost 4 today. Yes, shoppers are shopping, but not nearly as much as they did in 2019. So getting customers to feel safe going back to any business, small or big, is the question mark that remains for this economic recovery. Neil . Neil all right. Lauren, thank you very very much. Also back to the virus and whether now is a safe time to go back, its a moot point because many states are continuing to roll out these reopenings, but some disturbing news on that front, when 14 states have now hit their highest sevenday average of new infections. Those states include alaska, arkansas, arizona, florida, kentucky, north carolina, new mexico, south carolina, utah and texas. In fact, in the case of texas, right now it is looking at a Record Number of hospitalized virus patients. Is this a matter of people coming back too soon . Its probably too soon to say that is whats happening here but a fellow who would know a lot better than myself joins us now, the emergency Medicine Specialist over at the Medical Center hospital in texas. Doctor, what is going on, particularly in texas, where you are right now . This is an uptick that i think you said last time was a possibility. What do you make of it . Good to talk to you again. Its kind of what we expected. We dont expect this to be a flat line. We expect it to go up and down and thats what its doing right now. What we are doing is reare doing a very calculated reopening but we are also testing more. For example, in our town, we are aggressively testing the Nursing Homes and more and more people are coming in to the emergency room and getting tests that they could not get in the past. I expect the numbers to go up because we are testing more people. Whats more important to me is whats coming into the doors of the emergency room. And the icu. You saw the images yourself of overcrowded Emergency Rooms and icus filling up and people being on ventilators, so that thankfully is mourned control than it was when we spoke in the past. Even though the numbers are worse. Neil right. Got it. There was some confusion over the World Health Organization at first saying the asymptomatic spread of the virus is going on here, in other words, people not exhibiting any of the symptoms of the virus that would normally, you know, be able to target them and know whats going on. They dialed that back to you such cases are very very rare in the first place. Can you help us out on this . How rare are such issues . Sure. This is a confusing issue for many people. Who can spread it, how do you know if you have it, if you are spreading it. So i can tell you what we know and i should rephrase that, what we think we know, because in covid, everything is changing all the time. So theres a number called the r r0, rnaught, how many people we spread it to. Its probably two to five for this virus. Each person, if theyre in a room, can spread it to two to five other people. Compare that to, for example, measles which has a way higher number of 18. So you go into a room with someone with measles, you are probably going to catch it. This is a little less contagious. So what im seeing in the emergency room is the people who are coming in are the ones who had a household member who was sick, or they had exposure to someone who had symptoms, and it seems like we should focus our efforts where they matter the most. So if you have someone getting sick in your household, thats not the time to be cavalier. Thats the time to quarantine them off, give them a separate room, separate bathroom. If they come out to eat, wipe that area down afterward, get them back in the room. Thats how we are seeing it spread in the emergency room. You know, the mortality of this looks like its about 0. 3 . Ill be able to tell you a year later or when this is all done what the true mortality is. But we need to do what matters, protect the people who are succumbing from this which is the elderly, the Nursing Homes i mentioned, people with comorbidities, the obese are a little higher risk. Those are the populations we should really focus on, not as much the asymptomatic. So for the asymptomatic people out there, i tell you are still important in this whole picture, because by wearing a mask, if you do sneeze or cough, you can prevent spreading it if you are, you know, shedding some virus, when you sneeze or cough, and then do the social distancing and other matters. But lets focus on the people who are really succumbing from this the most. We can get the best of both worlds by opening parts of the economy and targeting the people who are suffering the most. Neil got it. Im calmer just hearing that as i always am after chatting with you. Thank you, and for all your hard work, keeping us safe. We appreciate that. Guy never gets any sleep. Thats the Health Care Worker these days, isnt it. More after this. When you say what youre in the mood for, the xfinity voice remote will find exactly that. Happy stuff. The groups happy, im happy. You can even say a famous movie quote and it will know the right movie. Circle of trust, greg. Relax, the needles are jumping. You can learn something new any time. Education. And if youre not sure what youre looking for, say. Surprise me. Just ask what can i say to find more of what you love with the xinity voice remote. 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. Neil all right. Want to let you know, new jersey has just dropped its stayathome order, quoting a tweet from the governor, phil murphy. Today im signing executive order lifting our stayathome order. Please continue to be responsible and safe, wear face coverings and keep a social distance from others when out in public. All thats well and good but for a lot of New Jerseyans, they have no place to go because new york city, where a lot of them still work and in some of the urban areas in new jersey, trenton, newark come to mind, bergen county, the Northern County in new jersey, theres no place to go because those businesses are still opening up on a case by case basis, but again, the sheltering provisions have technically been lifted by the governor. I dont think they have lifted the requirement for masks going in and out of stores or being in public. I dont know what hes done beyond on the beaches. There are limited openings there but fairly across the board openings already in place. Not all stores, shops and restaurants along popular boardwalks are open but many are. But again, the significance of this cant be lost on a lot of New Jerseyans who know full well the severity of the covid19 virus and the fact that new jersey registered the second highest number of cases and deaths, only second to new york, but a light at the end of the tunnel there. And light at the end of the tunnel in neighboring new york, as new york city retailers in particular are now being advised to slowly reopen albeit with Curbside Pickup, that kind of stuff. Its a little limited but its a start. For mckenzie parkway, you know, it is an important start at that. Shes the owner of a series of five Different Stores that have grown in appeal. I think in your case, two have reopened or maybe you can update me. So we have only opened two for Curbside Pickup out of our five locations. Neil what was behind keeping the other three for the time being closed . We are working on extremely limited resources, staffing resources, the ability to move people around safely in new york city and honestly, the capital it requires to run the store. So we found it better just to tiptoe back into the water. Neil not a bad strategy. How do you think this is all going . How did this whole thing affect you . I mean, you had an expanding, thriving business, all five of these stores, and im wondering how youve held up through it all. Well, and not well. I think that all of us could answer that question differently day to day. I can tell you just from metrics we have lost about 80 of our revenue year to date. Mothers day is a critical sales time for us and we really lost the bulk of those sales. So it has been challenging. Neil its weird in another way, too. Im sure you are happy for some opening. I get that. But its fairly limited. People still cant come in your store, right . So they can pick something up but how do you organize that . So we have spent the bulk of our quarantine time building our website, making it more robust so they can shop on lockwood shop. Com. We will prepare those orders and send an email when its ready. We also have been doing a good job private shopping for people. They can send us an email or chat on our website and we will put together a custom gift or bundle for them because we realize they really cant come in the store and sort of selfselect items like they used to. Neil all right. I wish you luck, obviously you have a very loyal, avid following. Im sure that will be in your favor as people slowly return. From what we can tell, they are going to slowly return. Hope springs eternal. Thank you very much. Thank you. Neil all right. You are a trouper. Thank you very very much. We are getting a few more details from governor murphy of new jersey on exactly what this desheltering plan is. Citing fewer infected people and deaths in recent weeks, hes moved to lift restrictions that were in place, out of place. That does not mean that they are out of the woods. Hes saying that in his regular briefing today, when you go out, please continue to wear face coverings and honor social distancing provisions whenever possible, but this is a step in that direction. Its a phase one move. Phase two would be then retail establishments and the like, allowing you to come inside versus you pick up the items you want or order online, outside. For the garden state, it is a start. Stay with us. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. music there are times when our need to connect really matters. 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Im proud to be a part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. So you can. Retire better. Neil all right. Were talking about changes that are being made in a number of states, including new jersey. We are told that Governor Phil Murphy among other things released the sheltering in place provisions there. Also wants to slowly allow more people to gather for nonreligious events, up to 500 can gather by july, if everythings going according to the metrics here and they are keeping the numbers same. Im sure a lot of religious groups are coming out saying whoa, whoa, whats so bad about us, why cant we do that. We are still waiting to get more details on that. Its something gerri willis is following very closely because of all these protests that have gone on not only in new jersey and new york and across the country, add them up, we are talking hundreds of thousands of people who are crammed, you know, into very tight places, obviously exercising their Constitutional Rights but maybe spreading this virus around as well, right . Gerri well, thats right. I think whats so interesting is the impacts to real estate. We are starting to hear that rural and suburban properties, those listings, those sales are surging. Online Real Estate Broker redfins page views for homes in small towns has more than doubled over last year. Urban areas up just 16 . Forget page views. Real estate firm Luxury Portfolio International says sales of Rural Properties are higher. The hamptons, case in point, up 39 year to date for sales. Now, back in the city, another story. One major residential building smack dab in the middle of manhattan facing its own problems. An apartment there just sold for 28 million which sounds like a lot but not when you hear its last price was 47 million. Just six years ago. The buildings apartments have reportedly been consistently selling at a loss. No surprise there. According to the ceo of redfin. Listen. Demand has been strong in rural towns, especially with populations between 50,000 and 100,000, because people can live anywhere now and still have a highpaying job. I never want to count new york city out. I love the big apple. But we are seeing people moving out of there in spades. Gerri now, this is realtors across the country saying that early signs of this trend, while they make sense, people want more space. Listen. People want more space, they want private outdoor space, they want private offices, backyards. We have seen across the board, searches for higher square fo foota footage, searches for pools, tennis courts. People want lifestyle amenities. Gerri not everybody agrees this trend is for real. A real estate tech strategist tells me this. Quote, most of the data coming out is very low intent browsing behavior which makes sense after people have been locked up for two plus months. They want to get away but theres a big difference between browsing and buying. Mike tells me that hey, it may be several months before we understand whether this trend we are seeing emerge really has legs. Neil . Neil yeah. It remains to be seen because so many cities are not following through on that. Gerri, thank you very much. Its a point i want to bring up with jonathan hoenig, big chicago fan, big chicago guy. I dont want to hit you broadside with something here but we are learning from the Chicago Tribune that chicago has announced it is canceling a number of special events, i guess all summer through labor day, including the taste of chicago, the air and water show, the chicago jazz festival. So thats pretty much the whole summer. What do you think of that . Yeah, it really is. In chicago, despite oftentimes a pretty sordid reputation, sometimes undeservedly, has a wonderful reputation for exactly what you are describing, those very packed, very busy, very active summertime events that draw in many cases the air and water show, a million plus people to that lakefront. Thats going to have a followon effect surely on the local economy. Lot of businesses who rely on that element of tourism and even local attention. But i have to say, i have to imagine among local leaders theres two factors at play here. One of which is the very serious issue of coronavirus, with coronavirus, which hasnt gone away, and the other is the unbelievable looting that we saw a couple weeks ago associated, not caused by but associated with the recent racial unrest. The city has never seen anything like it, even back to the 60s Democratic Convention riots, we have never seen widespread looting like we saw before. Lot of city leaders, whether justifiably or not, are very concerned about what we have recently seen here in chicago. Neil that makes sense. You know far better than i. I do find it interesting that nowhere in these latest stipulations is there anything about reining in such protests. Obviously you are wise to distinguish between peaceful and the more violent type but again, that is being encouraged. The peace ful protests, still people jammed close together, okay for protest here, but not in these other venues. What do you make of that when we are already seeing Companies Like ibm who are under enormous pressure, cool it on the facial Technology Recognition software, you have microsofts employees who call out the ceo on comments on the police contracts, whether they are wise to have. What do you make of all that . Neil, what we are seeing here with these Big Tech Companies and their Technology Used by Law Enforcement is exactly what you have often identified is that coming together of main street and wall street and how they are not so far apart. The fact is that for better or worse, a lot of people have lost trust in the Police Department. Recent poll shows about 20 of all americans, 50 of african americans, have no trust in the police. Of those people, they either own stocks of big corporations or work at those companies and are bringing their politics to the workplace saying look, we dont want to be involved with the Clients Technology when they see images such as they have seen on the news in recent weeks or even going back to patriot act. Unfortunately, the people who have been given a lot of reasons not to trust police in recent weeks, and thats why youre seeing exactly this. A lot of employees of corporations saying look, we dont want our Technology Used for any type of Racial Discrimination so lets pull the plug. Neil thank you, my friend, very very much. You are on top of everything as you normally are. Jonathan hoenig following all these fastmoving developments. Separately, chicago is indicating here it wants to get those Business Owners that were zapped because of the looting jonathan alluded to to open up but of course, in an environment where a lot of peaceful festivals are now shut down, again, for the entire summer, that might be easier said than done. Stay with us. Just over a year ago, i was drowning in credit card debt. Sofi helped me pay off twentythree thousand dollars of credit card debt. They helped me consolidate all of that into one low monthly payment. They make you feel like its an honor for them to help you out. I went from sleepless nights to getting my money right. So thank you. Quadrupled their money by 2012 . 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In fact, we have never seen it before in the history of the nasdaq, that techladen average just hit 10,000. Now, 10,174, up about 77 points. It started out the day in a selloff after it had been running up record after record. This obviously would be another record if it holds here, well into positive territory for the year, to put it thats an understatement but its even taking some of the other averages that had been down substantially along for the ride as technology stocks, there are some premier names within the Dow Jones Industrials including microsoft and apple that are benefiting from this. But if not for them and if boeing werent getting clobbered so much on signs that its orders are not keeping pace with cancellations, we would be a lot better off. But tech leading the parade. That has the nasdaq in record territory. So we will be following that. Also following some of the changes going on in chicago. We told you in the last segment about a number of big events that have already been canceled for the summer, including a big boat show that is quite the draw, many, many other things that have now been shelved until after labor day, if it even comes to pass then. Grady trimble following these developments, where i guess a lot of the unrest here has prompted this type of talk and these type of plans. Grady . Reporter the looting has by and large stopped but a lot of the businesses hit by it are still boarded up, as you can see, and closed at least for the time being. There was a call last week between mayor Lori Lightfoot and the citys aldermen, that called obtained by the local pbs station, you can hear them expressing their dismay at what happened in pretty dramatic fashion. Listen. Im ground zero. Thats how i feel about it. My Major Business district is just shattered. You lose the two biggest icons, why would walmart or cvs come back to our community . Reporter we did reach out to walmart. They reopened one location. It hasnt made a decision yet on others, though. Several of the aldermen expressing their concern that people wont be able to get groceries or prescription drugs without these Big Box Stores and chain pharmacies. Lightfoot vowed on that call to fight to get those businesses back. Its going to take a herculean effort on the part of all of us to convince businesses not to disappear, to come back and were prepared to fight that fight. Reporter the city put out this interactive map that shows you which Grocery Stores are open for the time being as the city tries to figure out what to do, and tries to get these closed businesses back open. Over this past weekend, chicago hired 100 security guards to keep watch especially in the hardhit areas on the south and west side. The good news is that by and large, it was a peaceful weekend. There were peaceful protests. Not a lot of looting. Neil . Neil thank you very very much. Grady. Grady trimble in chicago. Real quick peek at the dow before we take a break here. The nasdaq is the story of the day, in and out of 10,000, first time it has ever gotten there, now a little beneath there. Technology is the theme again, in good times, bad times. It does seem to be a favorite investment strategy. We have been richly rewarded for buying on the dips. You could say that about the markets in general, given up for dead and never coming back, little more than ten weeks ago. Now all the major averages flirting either with records or recouping all of those losses and then some. Stay with us. Its a thirteenhour flight, thats not a weekend trip. Fifteen minutes until we board. Oh yeah, we gotta take off. You downloaded the Td Ameritrade mobile app so you can quickly check the markets . Yeah, actually im taking one last look at my dashboard before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. Neil all right. This looks like texas congresswoman Sheila Jackson lee speaking right now at the george floyd funeral in houston. The final goodbye after a few days now of services all around the country that started out in minneapolis, where he was killed, and extended to north carolina, now wrapping things up in his home city of houston. Im going to explore this with Lieutenant General jerry boykin. You might ask yourself what would the general have to say about Something Like this and we normally talk to him about foreign encounters and all of that, but the reason why, he really has great book out right now, mantoman, rediscovering masculinity in a changing world but theres a passage where it talks about all of us getting back to our biblical roots in which he says if men take up biblical mandates ordained by their creator, no matter their color, nationality, station, upbringing or education, the new vision can be cast and executed that will restore a civil and prosperous america for all. The thing about the general, he wrote this long before this incident with george floyd, long before some of the issues that are now gripping our country. He was way ahead of the curve and talked about them going back to something more basic and more decent for all races, all people, all walks of life. General jerry boykin with us now. General, when you are watching all this play out, i dont want to put words in your mouth, sir, but you seem to be saying were missing something. What are we missing . Where are the men, neil . Men are supposed to be leaders. Men are supposed to step up and confront danger, confront things that threaten our values, threaten our society. Where are the men . Part of the answer to that, in fact, a large part of the answer to that is that the whole concept of masculinity has been denigrated, its been ridiculed and men are confused today as to what theyre supposed to be in the home and the community and the church, and their businesses. Men are confused. And it is time now for men to step up and be what god created them to be which are leaders, in all these sectors of our society. Im afraid that because we have so many absentee fathers in the home, you see to some extent, you see a lot of people out in the streets doing nefarious things, rioting and looting because they have been raised in homes without fathers, black and white. This is not just a black thing. I mean, this is an endemic problem in the United States without fath adults more. I guess that can apply to anyone and everyone. Yeah, no question about that. Look, neil, i think that its important for americans to remember that in gods eyes, you know, we are equal, men and women are equal, but were not the same. Now, thats something that america is having trouble coming to grips with, but were not the same. Were not the same. We have different instincts, we have different capabilities, we have a different composition in terms of our emotional sentiments and that type of thing, and it is time for us to recognize that men have got to step up, men are got to get out of their distractions, you know, men today are distracted with computer games, with pornography, with sports on television, of course, thats not a case right now, but they are so distracted that theyre not providing the leadership that they should and weve got to get neil thinking about general boykin when he said about class action, what you have to do to be a good human being. This next guy embodiment of that, charles payne. Take it away, my friend. Charles thank you so much, neil, appreciate it. Good afternoon, everyone. Im charles payne. This is making money. After dizzying run, nasdaq touching 10,000, this is opportunity to for investors to reassess everything an clyde you yellow flags on what the next step for the market might be. We brought in dr. Nicole saphier because were so confuse confused right now. I will ask alveda king is