Transcripts For FBC Cavuto Coast To Coast 20240712

Overwhelmed hospitals in those states. Now the near is that is could, that is all really wall street had to hear. People are picking up out of stocks, theyre moving into things like gold, bonds. A 10year note, for example, where you want to know if people park their cash if they are nervous, remember this was starting the week at around 1 . We were getting very, very close. Gold up 25 bucks there but the 10year note for a while flirting with close to 1 . Now down to. 67. Yield goes down as the price goes up and thats what is happening right now. This could be shortlived. Could be a recognition we run up very far very, very fast, they are selling first, asking questions later. Particularly about the ramifications about all of this it this were to persist. This is not a coronavirus crisis. I hasten to here the levels are very low. Hospitalizations i checked out all the states theyre talking about. The actual hospitalizations themselves are very, very contained. It is the caseload that seems to get everyones attention. You can quickly seize on that, a lot is really built on better testing methods we have, naturally the cases rise. Well pick apart a lot of the medical data in a bit. I want to go to my buddy Connell Mcshane what is happening within the market. He is the host of after the bell. Taking a look what is happening hours before that bell. Connell . You know it is interesting, neil, you can probably make the case day like this was inevitable given the run weve seen off the lows of march 23rd. Many investors say stocks may have been over extended after that. We saw larry kudlow talking to stuart, that the dow, s p, nasdaq, are still 40 plus above those lows and he is right about that but the concerns you outlined over the virus are working their way in. Nasdaq dipping below the 10,000 milestone it closed First Time Ever yesterday. Before we get into some of the medical concerns, groups of stocks that are moving today. Lets highlight travel stocks first of all. They seem to be so wellconnected to what weve gone through the last few months. What i will say as we look at some airlines, down, nine, 10, 12 1 2 , is that many, if not all of these stocks youre looking at on the screen, united american, delta, southwest, jetblue are still up significantly from the lows of march 23rd f this negative sentiment stays around a little bit longer, these stocks could move a fair amount lower. But they are down significantly today. Energy, same deal. Remember we had negative oil prices at one point in crazy times we were going through. Oil shoots back up to 40 bucks before blocking, backing off of that. And the Energy Stocks are big losers today doubledigits as well percentagewise. Occidental, halliburton, declines were seeing among the Energy Stocks in the s p 500. Final group well talk is medical and financials. As we deal with lower Interest Rates, looking at the 10year note for extended period of time, looks like we will, tough for Morgan Stanley or goldman sachs, or jpmorgan to make a lot of money. There is the 10year at 674, 0. 674. That is is it. On cases we have 20 states seen a 20 or more increase in their sevenday average of coronavirus new daily cases from yet, from memorial day through yesterday. Now a lot of these are misleading quite frankly because theyre still very low number of overall cases. Where the concerns seem to be, some Larger Population centers like florida, like an arizona, texas, california, north carolina, theyre all up 20 or more in cases. So, investors the question will be, whats next . How do governments react to that if hospitalizations to your earlier point, neil, spike significantly as well . Maybe the government reaction is bigger. But if the spike in cases continues to be at least see a slower pace of reopening, if not a second shutdown. All of that working its way into a market that had runup a lot from march 23rd lows. Were down a lot, 1100 plus points down today. Neil, back to you. Neil very good summation, connell. Of course catch connell 4 00 p. M. Eastern time today on this fine network. I want to let you know, we are waiting for the president. He will be departing for dallas, texas, he is supposed to outline the plan to address Police Violence issue that has come up, certainly since the death of george floyd. There is talk as well the president could issue an executive order to go on his own way here. He might respond to these latest developments and the selloff today and fears of these coronavirus cases that are spiking here. There is a, caveat i want to stress with that. The spike in positive cases, in other words those who tested postively for the virus, that is barely budging. Number of new cases is catching the medical community attention. If youre testing more people, you will get more cases up. Certainly not trying to minimize that. Putting it in perspective. Blake burman with the latest on president s plans later today to head to dallas and importance what he might have to say. Blake . Reporter neil, very interesting comment larry kudlow made to Stuart Varney moments ago here at the white house talking about that second wave certainly caught the attention, potential second wave caught attention of market today. Larry told stewart the following, talk to debra about, about that, she doesnt seem to think so. Senate democrats that is exactly who they want to mare from. Top democrat in the took to the senate floor, Senate Democrats want to be brief by dr. Birx and dr. Anthony fauci and other members of the Coronavirus Task force and briefed by next week. The senator says the group needs to be brought into the limelight. The president always interested in himself, not for the good of the country, was too quick to dismantle the Coronavirus Task force. The country needs, dr. Fauci on billboards but the president wants to put him on a milk carton. Reporter he will have a fundraiser later this evening in dallas texas and he will talk in part about Police Reform. The white house not yet saying what executive actions the president might take or what specific policies he will support. Were at the point of approaching various stakeholders, insuring that this is the right way forward, making sure that we hear the voices of all of those. This is an appropriate piece of policy prescriptions that protect Law Enforcement, make sure theyre able to do their job and protect our communities but also has the appropriate amount of reform to take into account, to address what we saw in that horrendous, horrendous video of the death of george floyd. Reporter neil, not to give you a Weather Report but it is important for the next hour here at white house. We had a change in weather here which is important because we believe that means the president will get on marine one to go to dallas, texas, which leaves open the possibility that he stops and talks to reporters on the south lawn. So that the is direction this is potentially pending. Bottom line we could hear from the president as he leaves for texas later this hour. Neil . Neil all right, my friend, thank you very much, blake burman at the white house. Well see what happens on that front here. I want to go to alicia levine, bny mellon chief investment strategist. When you take a look at this selloff, based largely on concerns about the second wave of the virus or pronounced jump in cases is the market overreacting to it or is the fear that, governors see this and slow the reopening process and that is what is stuck in their craw . What is it . Hi, neil, nice to see you. Look, this is really interesting situation because the truth ever the matter is, the new case numbers have always been a plateau. They were never really ever coming down nationally. They werent coming down in the northeast and some of the state has took these very, very strict measures but overall, for the u. S. , it has been a plateau. It is not entirely surprising to see cases move upward from there. The real issue is not really the health issue. Its what is policy going to do about it and if we can keep the economy open, and i do think the bar to closing is much, much higher than it was before given what we saw the economic damage was, then in a sense it is something that will live in the backgrounds. As you said, we dont want to minimize what happens with the health issue but if the economy stays open it is not going to be the same kind of effect on the economy or on businesses. Neil depends on what people do in response to that, even colleges, School Systems debating do we have inperson classes, virtual classes. All of this is psychological, right . Look, its a little bit. Everybody has their own personal risk curve. What are you willing to do, what is most important to you . I think for larger, broader economy, the key variable here is whether schools open because it is very hard to get parents back to work when their children are at home and for younger children, parents are homeschooling their kids for the most part. So that is really an important thing to keep schools open. Weve seen that in europe as well. The economies that kept schools open tended to do a little better than the economies that didnt but lets just talk about the fed for a second because i think part of the selloff has to do with the message from the fed yesterday, which is were going to get a recovery. It is going to be a vshaped recovery but it is a soft v, meaning it is not sharp upward trend, but almost like a nike swoosh, that will be a two or threeyear recovery to get back to the place where we were. Neil i didnt know there was such things as soft vs, but now i do. Alicia, thank you very much. Thanks, neil. Neil i want to go to liz peek on this same theme. Liz, it is interesting what were seeing happening on the jobless front because the Economic Activity goes again and again from its worst levels to better levels. This is the 10th straight week weve seen decline from the prior week, 1 1 2 million jobless claims in the latest period. I know more than 44 million now, but trend still seems to be the economys friend. What say you . Yeah. For sure, neil, that the trend has been downward for all those weeks consecutively and that is good news. I think disappointment today, it wasnt a sharper drop. The number, 1. 55 million, was about in line with expectations, maybe a little bit better, but you know, some of the data weve seen recently has been shockingly good such as the jobs report last week. We have had great sentiment numbers from the nfib, the Small Business association, better consumer sentiment. We had a whole string of better than expected numbers come in. I think that is juicing the market. I think the biggest problem today, what you already talked about. The market was so far ahead of where the economy is, in terms of recovery. Almost back to alltime highs and think about that. There are big sectors of the economy that still really are pretty much at ground zero like the airlines. So i dont think it is too surprising that people are taking some profits and, i actually, on the covid side, there is zero chance were going to shut down the economy again, not just because of the damage it has done, it did, but because there is so much momentum reopening in terms ever sentiment and activity. By the way, neil, we saw there was a lot of damage done by the shutdown in terms of the nations health. We cant have Cancer Patients forgoing their treatments for months on end. You know, there were awful lot of reasons to reopen the economy. And weve learned a lot more about this bug. We know how to treat it, even if hospitalizations go up somewhat, my guess is that the fatality rate will continue to come down. Neil you do wonder about the, how this affects those state has are in the middle of this reopening process, not that they will reverse it but they might slow it down and that could have an impact on the economy. I mentioned with alicia levine, our prior guest, the issue of maybe giving colleges and School Systems a pause whether they resume classes in the fall virtually or in person, news like this, could make them think, gosh, i dont want to be sued if we open things too soon. So kind of feeds on itself, what do you think . Well, no doubt and, look, there is some big states including the one that you and i are in, new york, which still is only halfway open and the authorities have been pretty cautious and yes, they will be taking this kind of indicator to be the more cautious. As far as schools are concerned in new york we know they havent made any decision yet either at the College Level or also at the Primary School education in new york. But, boy, i think there is a lot of pressure to reopen schools. Much parents want it. Even if there is a moderate health risk. I think they are concerned not only about their own livelihoods, the ability to go out to earn a living, but also the fact that the kids are losing so much ground because try as they may, teachers have not been able to keep up with their curriculums. Neil very hard to do. My son Start College in the fall and last thing he wants to do is stay here virtually. He is rolling the dice here. Let me go. Liz well follow it closely. Thank you very, very much. Were waiting possibly to hear from the president. He will be going to dallas with his own Police Reform proposals. Stay with us. Robinhood believes now is the time to do money. Without the commission fees. So, you can start investing today wherever you are even hanging with your dog. So, what are you waiting for . Download now and get your first stock on us. Robinhood. Neil this push now to defund Law Enforcement, what do you think of that . Well, i dont know what that means. They can defund but the lowest possible denominator is always 911, and when you call 911 were going to respond because thats what we do. After they try these experiments with defunding a couple years later they will be refunding because there is going to be mayhem. Neil all right, new york state pba president mike omeara says be careful what you wish for, you just might get it. I wonder whether my next guest feels the same way. James craig, the Detroit Police chief joins us right now. Thank you for taking the time. Thank you, neil. Neil do you think some of these calls neil thank you, for Defunding Police departments and the rest, maybe yours included is, is a strategy that is going too far . I, i absolutely agree that it is going too far. Fortunately here in detroit that is not something that the elected leaders have talked about. Now certainly i have heard there are some who sit in seats, some at the federal level, who are talking defunding but, lets face it, neil, it is a kneejerk reaction and, if your true agenda is to move funding over into programs that have been overlooked for many years, especially in impour impoverished communities. Let me say this let me say this, i was appointed seven years ago i learned very quickly a city facing bankruptcy. Our Police Department was defunded. We were facing bankruptcy. Police officers before my employment, lost 10 of their pay. Forced them to work long hours. The men and women here know what defunding looks like. I can tell you this administration, this mayor, has been very open, that that is not an option. I have direct conversations with many of our men and women on the protest line who said that is not an option here in detroit. So we fully support that, this is just a kneejerk reaction and there is no real plan. I havent heard one plan, exempt lets move money into Community Programs which not against that. Im all for, you know, Youth Programs but, do you do it at the expense of our Law Enforcement and what impact are we going to have in delivering services to our community . He especially those communities, that really really experiencing high crime. Neil chief, i wonder how a lot of your men and women, you led a real drop in crime in your seven years at the helm here, and you have obviously varied the police force to more reflect the community. That was, you know, a big task, and you did that. Im just wondering now, with this federal fix that is proposed, you can go as far as many in Congress Want to go, where theyre going to issue orders and guidelines on everything from chokeholds to Just Department policy, that will be blanketed for all, do you think that might work, lets say in a new york, would not work in detroit or what does work in detroit might not work in a smaller city, lets say macon, georgia . How do you feel about some of these things that theyre pushing . Well, you know, let me say this, neil, detroit, like so many other major cities have been under federal oversight, consent judgments and basically that is nothing more than adopting best policing practices. So i look at he detroit right now and we successfully came out of federal oversight and we are a modern Police Department and there are some things that are universal like, mod fell use of force policies, certainly can be replicated in any city in america,. The municipality can guide that. Those things work out, how you interface and interact with the community, building trustbehaved relationships here in detroit, those strategies can be implemented anywhere. I have good fortune, this is my third city as chief of police, portland and later cincinnati, a lot of what im using here, worked in other cities. Working in l. A. , another another city under federal oversight adopting best policing practices. There is opportunity. What i dont like, neil, we shouldnt paint the entire profession with a broad brush. I think wisest course of action, as a practitioner for 44 years, to find that model Police Department, work with the executives and chiefs of those municipalities, and see what you can learn, or hire the right chief. I often said, i have had some disdain for these monitors that would come into the cities to monitor, the policing, i say if you hired the right police chief, you can adopt best policing practices instead of you know, cities paying large sums of money to have a federal monitor to come in to say youre compliant or not compliant. What is a great study. Look at oakland. Oakland has been a disaster, they have had a federal monitor in place for 13, 14 years. The question is it oakland pd, or is it the monitor who is getting fat pockets . Neil that is a very good point. Chief, you must be doing something right. A lot of people tell me you have enormous calm and insist that in the men and women handling a lot of this. That tone comes from the top. It might be a good sort of reminder. Chief craig, thank you so much for taking the time. We appreciate it. Appreciate it. Appreciate you so much, neil. Have a great one. Neil you too. James craig, the Detroit Police chief. Again the president is going to outline some of the things he wants to do. Were told maybe the executive action on this very issue is getting some guidance from South Carolina republican senator, tim scott, the only africanamerican senator, republican senator who will offer some ideas of his own that dont call for an over all, as much better, smoother, clearer, more obvious thinking. After this. We design and engineer in america. And assemble more vehicles here than anyone else. Its why at moments notice we can take American Ingenuity and our manufacturing capability and put it to work. Building respirators, ventilators and face shields. Building what weve been building for over a century. An unbreakable connection between the Ford Motor Company and america. Some Companies Still have hr stuck between employeesentering data. A. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Neil i guess this shouldnt be too surprising, a sign of our times, gun sales are booming as the protests have been accelerating. They continue to be going very strongly, Doug Mckelway following all of that for us as well. Doug . Reporter hi, neil. I want to start off showing you a little Video Surveillance clip given to us by local momandpop Convenience Store owner, given to us by him. It was just after midnight on the night of the heaviest rioting in washington, d. C. William kim was alerted at his home. Looters smashed the front door of the Convenience Store he owns. They took what he wanted. It was an hour before overwhelmed police responded. Kim would not tell us whether he own as gun but he does not like d. C. Restrictive gun control laws. It makes the criminal calls to get it. Process should be much easier. Reporter turning now to the other coast. Los angeles, megan manly watched protests on tv and she fully supported what the protesters are doing until rioting came to the next town over. Do we have that . I guess we dont have that. Megan did what she never thought she would do. She bought a gun. Michael schwartz, who is with the san diego gun owners Political Action committee, said just in the month of april, 70,000 firearms were sold in the california area. That is just california. But it is happening across the country. First spurred by the covid19 epidemic and fears of supply shortages. The rioting produced a second spike in gun sales. A third spike is now underway as americans hear serious talk of Defunding Police, even dismantling police agencies. Fbi National Criminal background check system has processed 15 million background checks first five months of this year, besting the previous five month record by over three million. Areas often hard hit by rioting, looting, tend to be Progressive Democratic enclaves of cities. Certainly the case in washington. We have spoken to a lot of businesses in some of those areas, Small Businesses who are confiding in us, off camera, never on camera, theyre taking protection into their own hands. Neil . Neil doug, thank you very, very much. Doug mckelway on that. I want to get read on all of this, we wait to hear from the president. Leaving shortly from the white house to dallas, texas. Sometimes he takes questions from reporters on his way to marine one. We know he will outline plan to address a lot of police abuse issue the white house seems to think has not been really fair to the police. He will try to find a perfect balance meeting with a number of community leaders. Clergy, those in the africanamerican community. Law enforcement personnel. The read on all of this from the Utah Attorney general joins us from salt lake city. Attorney general, thank you for taking the time. I would be curious what you want to hear out of the president . Wer hearing a lot of this might some Via Executive action. How do you feel about this . Well, neil, i think the president has shown grade leadership up to this point on this whole issue and were taking this as a Law Enforcement community very, very community. The president has been clear and consistent, first decrying as inhuman and brutal act killing of george floyd and saying were standing with the 99 plus percent of good, honorable Law Enforcement. While as a nation we look at serious reform because we need to do better as a Law Enforcement community, let peace not overreact. Lets not defund Police Departments or dismantle them. In fact lets give more resources to them, so they can do better training, better prepare and empower Police Officers to interact with communities of color. Even Bernie Sanders has agreed to that. I believe that President Trump again, has shown that he is the person to lead us. Im looking forward to him meeting with even more stakeholders who have input. For us, i want to draw that contrast in Law Enforcement. The leadership the President Trump exhibited on this issue versus joe biden, the presumptive nominee of the Democratic Party who has given at best a tepid, nonendorsement, sort of endorsement for defunding, dismantling police, it shows that he is not in control of his own party. And so President Trump, i think he is right on point. In utah, we have been leading out, training on violence deescalation for the last five years. We use a virtual simulator that my office helped create curriculum on proper use of force. All these things are type of things we can do to help make sure we empower our Law Enforcement men and women out there to protect themselves and communities that they are asked to police. So, looking forward to hearing what President Trump has, and neil, this is a business show, one thing that we dont talk about alot, humanitarian, Public Safety issues are the most critical, but there is an economic impact. Imagine if you were a Small Business owner and i have been a Small Business owner, helped run a venture fund for a time. Imagine if youre a Small Business owner in the heart of minute minute right now, Small Businesses which are the lifeblood of our economy, need predictability. They need stability. And if youre thinking, i probably dont want to open my doors for business today, because im not sure if there will be Police Officers who will respond to looters and rioters or any other type of violent crime, that is going to hurt our ability as a nation to get back on track. So again neil you have to find the right middle ground, right sir . The reason why i say that not everyone is as, you know, confident as you are that the president has handled this well. Even general mark milley, the chairman of the joint chiefs of staff has apologized now for his role, what he called that trump photoop in lafayette square. He just regrets being with the president there because, it just looked bad. He said that i should not have been there. My presence in that moment and in that environment created a perception that the military involved it is in domestic politics. I guess what im saying without getting into the weeds on this particular issue, whether the president has sort of, you know, spurred very divisiveness that youre trying to address that you think that we as a country have to address . Did he help matters any in the tone he has taken, even people like jim mattis, former defense secretary argue he has not led on properly . Im looking forward to hearing what the president has to say and i know he is taking this issue as seriously as the Law Enforcement leaders in my state have. I can talk to and speak to neil, whats going on in utah. We brought, i helped convene naacp Police Leaders to come together and really address this issue. As person of color, ive grown up around discrimination, hate, been target of it. I understand, these communities, they are our communities as a nation are feeling. I understand the angst and the deep resentment that many of them feel. So it is an issue we have to address with, as you said, sensitivity and, one thing i want to bring up, is there are a number of proposals for people who are saying lets defund the police. I think your previous guest, the chief addressed this. Law enforcement would welcome even more citizen intervention programs. Funding of Youth Programs. Restorative justice. In many jurisdictions were currently working those programs compliment traditional Law Enforcement. There is no need to disband Law Enforcement in order for those to work. Police officers across the nation would prefer not to deal with as many Domestic Violence cases as we do or drug addiction cases. On that i think the president has taken leadership. He has helped in terms of opioids neil people can disagree on details, to your point but i do want to thank you very much. Words do matter and higher up you go, people like you and attorney general of a fine state all the way up to the president of the United States, what you say carries a great deal of weight. Well have more after this. Yeah yyeah yeah hey, hey because when you want to create an entirely new feeling, the difference between excellence and mastery is all the difference in the world. The lexus es. A product of mastery. Experience amazing at your lexus dealer. 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. 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We know times are hard and were here for you. Find support at trelegy. Com. Neil all right the selloff is all about a spike in cases, fear of a second wave of the coronavirus. That has us down better than 1400 points right now, but particularly perplexing now for markets that have been merrily going along assuming we had this thing under control even though we did have reports of sporadic spikes in certain states, at least about a dozen. It is what is happening in the states, especially those who aggressively reopen now they are aggressively looking at reemerge ends. Could be just the fact we vet per tests available to get, report more cases leave it at that. Best to go to a medical expert. We have a jimdandy one right now, dr. Roger klein. Doctor, maybe you can help us with this, the idea that the spike in cases is indeed worrisome and the idea of a second wave is indeed possible . That is what people are trading off on but these guys are investors. Youre the real deal. Are they legitimately concerned . Are you . Hi, neil. Thanks for having me. You know, i think its, it is a cause for concern but i dont, i dont think it is unexpected and i dont think its a cause for alarm. As you suggested some of the increase in cases is due, simply to increase in testing. So part of the conditions for reopening was to expand testing. In some of the increases in cases were seeing strictly due to increases in testing. I think the other thing we have to understand is, many of these states, theyre are 19 states increasing in cases. Many of these have not been hit at all. They have been hit very, very narrow way. 29 states in the United States still have under 1000 deaths. 22 states have under 500. So i think we need to keep this in perspective. This virus is not going away. It is probably going to end up being part of our traditional or regular seasonal viral repertoire. Well have to live wit. Were dealing with it well. We had a bunch of protests. People together in mass gatherer rings. Median incubation time is five days. 50 after. So i think were going to see, were going to see effects from that as well but it is not a cause forte harm. I dont think we should be panicking. We have to expect it and learn to live with it. Neil as a doctor then, would you advise states so affected, governors of those states dealing with this up tick to go slow on reopening process, not reverse it, not shut down, but if youre looking at a phase three next week, you push it off a week or, i dont know, but i think you get my point, to slow the reopening process, where are you on this . I would not. I would encourage them to go forward. I think that, first of all, people are taking measures. People are just, stores, restaurants, are implementing measures for protection. I think it is unrealistic to believe that were going to simply wipe it out by not, by not going on with our day. We just have to do so safely this is with us. What we need to do is protect Nursing Homes where were seeing about 40 of the deaths. We need to make sure that people who are at highrisk, stay away from crowds. But i, i would move forward. After all, what were seeing now, and this is, this is something some may disagree, but were seeing a lot of confirmmation of it. Were seeing a lot of tumult. Were seeing riots and now protests. There is no question that the groundwork for that was laid by, by lockdowns deprived entire communities of income and confined people to their homes for months. Neil yeah. I know youre right about that. I always learn a lot. Dr. Roger klein, thank you very much, my friend. You always save us when we need calm stand back a little bit. A lot of doctors do. Thank you again, sir. Were following up on this, the selloff that ensued about the concerns about this reignition of cases in this country. We should add were in and out of the session lows for the dow. All 11 sectors are down. But what is happening on travel front, leisure stocks, some really run up far and fast, that is scaring the you know what out of investors including a good sense of that scare, of the socalled cbo volatility index, the vix as you might have heard about it. It is now jumping the highest it has ever since may, early may. Again on concerns that people are selling first and asking questions later. So that goes up. Stocks go down. And well be back after this. I just love hitting the openoad and telling people that Liberty Mutual customizes your insurance, so you only pay for what you need [squawks] only pay for what you need. Liberty. Liberty. Liberty. Liberty. You say that customers maklets talk data. S. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Neil all right. We were just talking here in our office not only about the selloff but what is benefiting in the middle of the selloff because what is hurting the dow is certainly helping bonds. 10year treasury, which had been getting oh so close to 1 , i make that sound like hyperinflation moment but considering the fact weapon had been touching zero, it was very close to that, right now it has since gone up in price and down in yield, to bring us where we be right now, at. 672 . Of the Mortgage Rates which dont dovetail to the 10year which many mortgages are fixed to 3. 21 . You would think in this environment, housing would be selling like hotcakes and all this. Not doing that badly. Mortgage demand is very strong but in this environment as we come out of this sheltering here, maybe well get a gauge where things go from here. The home depot chairman and ceos joins us. Former etrade ceo. I think it is safe to say he knows what he speaks when it comes to this industry. So anthony, your thoughts on what has been happening with Interest Rates because you could pick your day but theyre still very, very low. Mortgage applications are still running at a doubledigit clip. How long do you see that continuing . Well, we need to understand, a little bit, neil, is that the, the relationship between the 10year yield and Mortgage Rates has somewhat dislocated a bit since covid started. So there used to be a lot closer relationship but now, you know, it seems like there is a new trend because, keep in mind, that the feds are heavily buying mortgages in support of, supporting the Financial System behind our housing market. So although Interest Rates are moving up and down based on what is happening in our economy, particularly as to sort of how we think there is a vshaped recovery, you will see the yields spike, for example, went up to 85 basis points i think or 95 basis points. Many predict in may you go back up over to 1 . It hasnt really moved Interest Rates or mortgages much. There is not a direct correlation, and volatile of a move as before. Neil so a lot of people are applying for mortgages, theyre definitely hot to get a home or at least get the process going. Do you see that continuing . I do, i do. I mean one of the things that industry has reported that more and more people are home and theyre getting on websites looking for homes. You know, this is where we exercise, this is where we look for investment. This is where were conducting school and, i think, a lot of folks that have accumulated wealth through their entire life as well as the last boom cycle which has gone on arguably, 10, 11, 12 years now, many are making decisions, maybe this is time for to us explore something a little different, a little bigger, that matches our lifestyles a lot better. Also keep in mind, neil, listings are down, right . Not a lot of homeowners want to go through the market. So your inventory is down. Builder business is up. The resiliency of this country has been fascinating to watch since the start of covid, but real estate right now surprisingly is actually very strong. Neil all right. Hopefully the underlying fundamentals remain. Anthony, thank you very, very much. Cutting you a little short. Were at session lows now. The dow down better than 1500 points. All 11 s p 500 sectors are taking it on the chin. The fear index, a gauge of volatility, is also jumping because lot of people are selling. 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Now we get reports that out of at least eight states, its a little more severe than we thought and that the number of new cases is coming at a time when so many have been reopening and going from phase one to two and three, you know the drill here, but again, much of the markets rally has been based on the idea we have passed that apex, that things were getting better. Now concerns that maybe we got a little ahead of ourselves. We are following all of this from los angeles and whats got them worried right now. Reporter yeah, well, initial hot spots like the state of new york have seen a decrease in new infections. Here in california, hospitalizations are up and the golden state isnt alone. New Coronavirus Infections are up at least in 20 states. Governors like californias gavin newsom has made it clear they expected to see an increase in the number of positive cases partly due to increased testing. Arizona, the carolinas, utah and arkansas now find themselves with higher numbers and texas, one of the first to reopen, setting new records for coronavirus related hospitalizations for three Straight Days this week. More than 2100 patients were admitted just yesterday alone. Its still here. Its still a risk for us. We still have people hospitalized. We still have people dying. That doesnt mean people have to live in fear. What we do need to do is take this seriously. Reporter Johns Hopkins university predicts 100,000 more deaths linked to the virus by september and beyond the u. S. , the virus continues to cause havoc around the globe. The United Nations Economic Group says we are going through the greatest recession since the great depression. Despite the numbers going up, states like california are still phasing through their reopening process, things like gyms and campgrounds are set to reopen tomorrow. Neil . Neil all right. Thank you very very much. Before i get to Connell Mcshane on all this, we should say in the middle of all this, the Dow Jones Industrials moved below its 200 day moving average. Lot of technicians look at that as a fundamental development. You want to see that hold if you can. If it doesnt hold, often it portends further selling. Not all the time but oftentimes. Bank stocks are taking it on the chin. Virtually every sector is taking it on the chin. Oil prices right now are continuing to tumble as well. That is not helping a lot of energy issues. Of course, a lot of it is built on the idea if the economy were to slow down or the virus persists, obviously demand for oil in a big recovery subsides as well. All of this is alive and well today. To Connell Mcshane, who has been picking apart through the rubble to see whats really happening. Connell, what are you finding out . Connell well, the thing is we have momentum that can drive stocks on the upside as we have been so familiar with the last couple of months. You are talking about moving averages that can drive us to the down side and once the selling starts, sometimes its tough to make it stop. We did see an aggressive move up off of those march 23rd lows, remember when the dow was at 18 and change, moved all the way up above 27,000, then yesterday we had this big day in the market where the headline was nasdaq 10,000, we have never seen that before. Now we have pulled way off those highs. So a lot of it, i think, is that, that the market was a little bit overextended. Now we will see what the next few days are. I dont think anybody that was looking at this didnt think we would have some sort of increase in the number of coronavirus cases as we started to reopen the economy. Work in the protests we have seen over the last couple of weeks and that was certainly going to add and might add further to the cases. Its a question of government reaction and you know, when we talked last hour, i said you dont have to look at all these states, there are 20 states where we are seeing an increase in the sevenday average of cases memorial day through yesterday, but its the big ones. Lets watch what they do in florida. Cases are going up there. That doesnt necessarily mean they are going to turn around and start shutting down the economy. The Governor Ron Desantis has not shown that hes likely to move in that direction. Lets watch what they do in arizona, what they do in texas. California is a big one because remember, they shut down early and now that they started to open up, they are seeing a spike so that might be a place where they have already seen in a city like San Francisco or even in the state where governor gavin newsom has shown he will act aggressively, that you might see some sort of pullback. Again, big picture, wait and see. Something that wasnt necessarily unexpected but certainly the market had not priced it in yet and its starting to kind of hedge its bets here a little bit with yhi makes some sense. Neil thank you very very much. Picking through this again, we are seeing some of the contributors to this are big names here, with the dow they are all big names. Boeing off 12 , dow chemical, dow inc. Right now, down about 9 . Caterpillar, about 10 . Travelers down in excess of 8. 5 looks like. All 30 dow components are swooning on this. This is something that all goes back to the coronavirus and whether cases are peaking. We have heard anecdotal evidence of this certainly abroad, countries like russia and india but we did not think it was going to be an issue with this country and it still might not be. Many have added a lot of these states are seeing an uptick in cases because they have got more aggressive testing going on. The key element to watch, we simply dont have reliable data on this, is how many of those cases are positive cases where people are testing positively for the virus and a lot of these states that are dealing with this, the goal was to continue the reopening phases here, if the number of people that were testing positively was going to be at 3 or less. You want to keep it under 3 . You can do that, no matter how big the overall number is, if only a small fraction, again, 3 or less, is actually a sign that people having the active virus, that that again is a different matter. We are following that very very closely. We are also following developments on the fallout from all of this and where we go with all of this. So we will keep an eye on that. The president will be heading off to dallas later today on a separate issue to deal with obviously another issue. That is kind of tied to the virus, if you think about it, because we have hundreds of thousands of americans, you know, in very tight confines across cities, the entire country here. Governor andrew cuomo of new york just moments ago saying that we will probably see an uptick in cases just as a result of that. We just dont know how much. We are monitoring that. Also monitoring what we might see and hear from the president on this whole protest movement and dealing with some cases of police abuse. We are joined by the detroit news editorial page editor. Nolan, one of the things that you have addressed here is not necessarily going case by case on Police Issues of abuse, because in percentage terms, its very very small, but the underlying issues that this is about. Could you explain what that means . Well, yeah. You know, first, i want to say, neil, at the risk of putting myself in front of the pitchforks, i agree that most Police Officers are good, committed people who are interested in doing their jobs properly, keeping us safe and oftentimes willing to risk their lives to keep us safe. But having said that, there is plenty of room, i believe, for changing the way we police and the way we operate our Police Departments. I wrote many years ago when the federal government first started giving military equipment to local Police Departments that it was a bad idea. Youve got a big shiny hammer, you are wandering around looking for a nail. I dont think any citizen, no matter their race, should have to be afraid or should feel afraid of their Police Department. These are taxpayers. The Police Officers are Public Servants serving the taxpayers. Taxpayers of every race deserve to be treated with respect and you know, i think instead of talking about Defunding Police, we can bring people together on both sides of this issue around the very positive conversation about how we change the way we police. Neil im wondering, we do know the president wants to steer clear of sort of a federal formula to address this, that does seem as he should. Neil to go back to maybe behavioral issues, no chokeholds, that sort of thing. Where you are and elsewhere in the country, im wondering how that would go over. A lot of people, to your point, want to see something far more sweeping. Theres even a movement to defund Police Departments around the country. Where do you think this ultimately goes . Most people do support their local Police Departments. I think the polls are unequivocal on that. People who support the Police Departments dont have much of a megaphone right now. But i think, you know, we will see some changes. One of the things i hope we see change, neil, is that the Police Unions stop serving as a shield for bad Police Officers. The percentage of Police Officers who are bad, who go rogue, very very small. We have heard that over and over again from police advocates recently. But its extremely hard to root those rogue officers, those officers who do treat citizens with disrespect, very hard to root them out because of their union protections. I think its in the Police Unions best interest to sit down with the departments and create an easier path to identify and mustering out people who present a danger to the community. Its a very small number but its a number thats causing a great deal of problems. I think thats one reform that the police should get behind and local communities should press. Neil all right. We will watch very very closely. Always good catching up with you. Sorry under these circumstances, my friend. Thank you again. Detroit news editorial page editor. Great thinker and sort of steps way back from the impassioned on both sides to say all right, this is the next thing we have to do and maybe do so calmly. Not everyone is in that camp, no matter what extreme youre on. Lauren simonetti following very very closely some of the ideas that are being bandied about here and they are fairly sweeping. Lauren . Lauren hi, neil. Well, Seattle City Council is the latest to talk about Defunding Police, redirecting money from the Police Department to other areas that could protect Public Safety and then seeing what that looks like as protesters in seattle block streets, set up tents. Youre looking at whats going on. They even have an area they are calling the chazz, the capitol hill autonomous zone. Here in washington, alexandria ocasiocortez is calling to defund the police, arguing that money should be spent on school funding. Listen. So the problem is not a lack of resources here. In fact, many folks here in our Community Say that the problem is the opposite. Its that not enough resources are being put into the very kinds of social programming and investments that prevent crime and social discord in the first place. Lauren how much do we spend on education . 739 billion was spent on public primary and secondary education. Thats about seven times more than is spent on Police Departments across the country in 2017 year. The next question is are we getting enough bang for our buck, when you consider how the u. S. Ranks versus the rest of the world. If you look at the ranking of 15yearolds worldwide in math, science and reading, the u. S. Goes to the bottom of the list, number 25. And we spent almost 15,000 per student on education. Were not really getting enough bang for our buck. But in terms of funding our Police Departments, crime rates are going down. If you look at the 20172018 year, the murder rate is down almost 7 . So as we talk about moving away money away from police that protect us to teachers and programs that educate us, it remains an open question if that shift will provide the desired results. Neil thank you very much, Lauren Simonetti on all of that. We are gleaning more bit by bit from what the president , republicans in general, might be planning to do on this front. Again, they dont want to do anything sweeping. They dont want to, you know, throw out the baby with the proverbial bath water but they are looking at police increasing the use of body cams to collect more data from police when they are forced to arrest someone. Deescalating the tension and understanding how to do so in certain situations. Some city Police Departments have been better at that than others. I dont know what ones they are specifically referring to but the model here will be to get everyone on the same page to rein in cases of abuse which the president will presumably argue are few and far between in the scheme of things but when they happen, as they did in the case of george floyd, something has to be done. Now the signal from the president in dallas, texas later on today is that something will be done. More after this. vo at audi, we design cars that exhilarate with versatility, whether on the track, or the everyday drive. Today, that philosophy extends to how we connect with you. We call it, audi at your door. Whether a remote test drive, shopping, tradein, or even service pickup, audi at your door can do this and more at participating dealers. The premium audi dealership experience, on your terms. Audi at your door. Sawithout evenon yoleaving 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 all right. Continuing to follow this market selloff here. A good indicator of that is how anxious people get. Theres a measure for that. Its a psychological measure, but it has a very real number attached to it, up about eight points right now. Thats the equivalent of about a 30 spurt in fear. The socalled volatility index or vix, now 35. 5. Again, we are at our highest since back in the middle of may, may 14th, i believe. We are also looking with this selloff, the dows single day worse selloff since actually the middle of march. When you think of that, we were at the real throes of this whole virus sheltering and shutdown, that a lot of people talked about a prolong sort of freeze in Economic Activity that proved true, when you think about it, but we were thought to be coming out of that. We might still be. A lot of this is built on fear that cases are accelerating. U. S. Oil prices, for example, slipsliding about 10 on the fear that if this were to continue, obviously its going to sap demand for oil. Theres a Federal Reserve outlook on the economy. People are sort of chewing over that again and really parsing Jerome Powells words in which he had warned this is going to weigh on the economy for quite some time. We are just not going to be one and done with it. Then i dont think its got much attention but i certainly noticed the World Health Organization putting out a warning about the pandemic accelerating in m so parsome pa the world, including most notably africa. That has not gotten a lot of attention but cases there accelerating at a very rapid pace. The concern in this country is that in a number of states, they are picking up an Alarming Number of cases. Hospitalizations, another matter here. They seem to be relatively contained but the fact that cases are reversing, in some cases now way beyond what the guidelines, the metrics used for either speeding up or slowing down the various reopening phases, thats given a lot of folks pause. I said this many many times. A lot of folks could be using this as a chance to take some profits. I know thats an overused cliche but thats maybe whats going on here. We have had enormous runups, the nasdaq just hitting a record and a host of others, that we are just a few Percentage Points away from records. Again, you can weigh that as you wish. But im just alerting you to some of the reasons for what we see going on. In the meantime, want to go to my buddy Charlie Gasparino on some other developments, including deals, including major league baseball, but this tmobile dish thing, im wondering how that is affected by any of this or whats going on there. Charlie well, clearly Charlie Ergen, the head of dish, famously tough negotiator, was supposed to buy from tmobile its prepaid carrier known as boost. By buying that, it helped pave the way for tmobile to essentially merge with sprint and pass regulatory muster. He is now balking. We have been reported this for days now. He is balking at this, that the doj is in there trying to mediate between tmobile and Charlie Ergen as he seeks better terms. One of the reasons clearly hes seeking better terms is because of the pandemic and the shutdowns and the hit to the economy that its caused, particularly to low income people who buy prepaid services. So hes in there renegotiating. Its very interesting, as we start to do this reporting on this, as to how its happening, why its happening and how important it is. If he backs out of this, okay, then tmobile has to get rid of boost. The deal with sprint, its not going to be unwound but it throws a Monkey Wrench into it. They fought very hard to get Regulatory Approval of that deal. What we know is as of now, kind of some interesting aspects, that ergen and tmobile apparently did not have final terms when they did a handshake on the deal to buy boost. Dishs ability to buy boost. Apparently it was some out in this. Now, maybe its a force majeure out of a pandemic or 9 11 type situation but theres some out that allows him to renegotiate it. We also know in not finalizing the deal, then he does now have the ability to renegotiate and hes asking for different terms on the 1. 45 billion purchase. Again, doj is in the middle of this. If this thing blows up, its kind of a black eye for mackim delrah delrahim. In order to get sprint and tmobile to merge and pass regulatory muster, he called up ergen and said can you help me out, you have unused spectrum, we will give you some time to use that spectrum before we take it back, thats under the law, but we would also like you to buy boost and put that as put all that together as part of a new wireless carrier. If he backs out of this deal now, its making it basically casts some doubt on delrahims negotiating ability. Did he have the whole thing finalized. Lot of people told him to watch out dealing with Charlie Ergen. Hes a guy thats a very tough negotiator, poker player and likes to take things down to the last minute, try to get the best terms he can. So right now, what we do know is as we reported yesterday, tmobile is putting out feelers for additional, maybe other buyers because it has to get rid of it, maybe private equity might be interested from what we understand. Want to switch gears to the mlb. Rob manfred, yesterday, the commissioner of major league baseball, confirmed our earlier report that there will be a season and as he prefers, a negotiated deal with the players. What does that mean . He doesnt want to impose the 50game schedule which is a very short season, which he can under the march 2020 contract that he has with players. So what he wants to do is negotiate something. What we understand is that means hes going to come out with a counterproposal. We understand that counterproposal is likely to come tomorrow. The reason we have a draft right now. What will it be . It will be something closer, i dont say exact, but something closer to what the players put forward last week, which was they want an 86 89 game season and full pro rated salaries. That means they get their whole salary pro rated based on how much of a season is played. The league wants a percentage of that. Doesnt want full. Well see how close they get to that, both in terms of number of games and the type of percentage of salary, but for all intents and purposes, what were hearing is they are trying to come up with a plan and as of now, the plan is likely to be announced tomorrow, friday. Again, they didnt want to do it today or maybe they will do it later today, but they dont want to do it as they are in the middle of their 2020 draft. Neil, back to you. Neil all right. If its a 50game season, save yourself the trouble. Charlie why do it, right . Neil yeah. Why do it at all. 162 games normally the case. 50 games . You and i could do that in our sleep, charlie. Maybe you. Maybe not me. All right. Thank you, charlie. Charlie gasparino. We are getting a little bit more here, the president apparently calling the fed wrong so often, the dow was careening here. Some have seized on that, a couple of my analyst friends are getting back to me saying he has maybe lost faith in the Federal Reserve. Theres been like a detente between the white house and Federal Reserve, Jerome Powell in particular here, but the comments that were getting from Jerome Powell yesterday seem to be being picked apart by the market today after the fact. That often happens. The interpretation of his remarks was hey, Jerome Powell is kind of bummed, theres a reason why hes keeping rates near 0 for a couple of years, he isnt coming up with anything more creative to deal with this situation, and the president , who has been criticizing him of late, said, you know, obviously this isnt winning him over here and the fed has quote, been wrong so often. Here we go. More after this. 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. Neil all right. Well, in new jersey, you can go to church again. The question is how many will be in that church with you. Kristina partsinevelos following it all from hoboken. Kristina . Reporter right now, we are only four in here but states across the country are reopening but there are many that are saying houses of worship will not be able to reopen just yet or they are placing strict capacity limits after months of closure. Here in new jersey, there was at least 70 churches that have decided to join together and file a petition to sue the governor of new jersey over his closure orders. Right now, they are allowed to operate at 25 capacity or 50 people whichever is lower, and we spoke to the pastor on that petition, one of the pastors, i should say. Listen to why they are filing that federal lawsuit. We do believe that the core issue is that the church is beyond essential and we do feel that there are discriminatory actions against the church, not just the church, church is one institution but because we are under First Amendment right, we do feel we have the right to be able to gather at our discretion. Reporter republican senator josh hawley believes the department of justice should be investigating states that are allowing for Mass Gatherings for protests, for example, but are placing restrictions on religious institutions. In the interim, you have a lot of churches across the board that rely heavily on donations and when closed they arent getting that money. I spoke to the pastor at our lady of grace on how they are trying to get by. Listen in. The archdiocese helped every church open a go fund me page. With all of that, we probably got between 25 and 30 of our weekly total. We had staff here during that time and we made some accommodations but theres a lot that has to be done. Reporter the governor of new jersey at the moment has not issued any type of statement regarding the lawsuit. However, they have said that churches can start to reopen this sunday, june 12th, and theres going to be word that maybe the capacity limits might increase but right now, its still 25 or 50 people. Back to you. Neil all right. Thank you very very much. Very interesting. Kristina partsinevelos on all that. I want to go to senator martha mcsally, republican from arizona. Arizona is among those states that has apparently experienced a spike in cases that is scaring many in the markets, not just arizona alone, but nine to 12 others that are in a similar situation. Senator, always good to have you. Do you think this should slow down as some are looking at now, the reopening process . Not only in arizona but elsewhere . What do you think . Well, i think the coronavirus is going to be with us. We learned a lot more about it. We have greater capacity to protect the congregate vulnerable in Nursing Homes and assisted living. We need to do everything we can to support our Front Line Health Care workers while allowing people to safely work and put food on the table for their families. So in arizona, we trust people to be making good decisions. Im out and about. I have gone to restaurants and gotten a pedicure and gotten my hair cut. There are Safety Measures in place but i think some people are a little frustrated and they still need to remind themselves social distancing, wash your hands, all the things that we need to do to protect each other while youre safely returning to work, returning to worship, we have to be able to do both. Protect those vulnerable, the most vulnerable, and also allow people to work safely. The governor is monitoring it. When im back on the weekends, im watching and doing things safely myself as well. But we trust arizonans to make good decisions and theyve just got to be reminded this virus is still out there. Neil i think what scared the markets today, you are quite right, it could be a oneday event and the Bigger Picture is that things are a lot better than they were. That might be the case. But the fear seems to be in the markets that this could delay the economic turnaround thats very much in place right now. Or push it back a little or slow it down a little bit. Are you worried about that . Well, i think its too early to tell. Again, we have greater capacity for testing. We have a greater capacity, we understand the virus more and we are just encouraging people to still be mindful of the guidelines and if you yourself are vulnerable, if you have an underlying condition, you are going to need to stay home. Others need to continue to support you. So we have got to still be careful in how we are conducting ourselves and our lives, while allowing people to safely work. So i think its really too early to tell. The governor and his team are monitoring this and continuing to put out guidance as we move forward. I know a lot of my neighbors are really grateful to be able to get back to work and they are doing that as safe as possible while we also protect the vulnerable. Neil senator, thank you very much. I apologize for truncated time. We are just keeping people abreast of what is happening in the markets. To your point, senator, you know, in the scheme of things, this could be just a bump along the comeback in the markets here or there could be some real fears being realized here about the pace of the recovery and those states that are reopening. Not a single governor from any one of those states involved has talked about slowing reopening plans. They do this in various phases. We have gotten no word out of new york, particularly new york city, where the reopening process has already begun for the first time, what, in about ten weeks, that any of that is being scaled back or slowed down. But for now, the fear is that maybe this is the start of something. Well see. announcer carvanas had a lot of firsts. 100 online car buying. Car vending machines. And now, putting you in control of your financing. At carvana, get personalized terms, browse for cars that fit your budget, then customize your down payment and monthly payment. And these arent madeup numbers. Its what youll really pay, right down to the penny. Whether youre shopping or just looking. It only takes a few seconds, and it wont affect your credit score. Finally a totally different way to finance your ride. Only from carvana. The new way to buy a car. Neil all right. Still following the selloff here. The nasdaq had just hit a record, over 10,000, thats selling off here. Even out of the steepest levels of the day, the dow down about 1500 points here. People are running into gold, they are running into bonds right now. That has proven to be the haven du jour of the day. We will keep an eye on that. Meantime, we are keeping an eye on things changing since all of these protests and a lot of them have to do with just changing any symbol that is deemed to be racially offensive. That includes the Confederate Flag which is the case, nascar now officially banning its display at all of its events and properties. We have more on that. Jonathan . Reporter you have to understand, this is a bold move for a sport that is deeply rooted in southern tradition and whose fan base is predominantly white. But the nations anguish over the death of george floyd and other africanamericans has prompted the sport to take action. Bubba wallace, nascars only fulltime africanamerican driver, has been racing in a car with black lives matter printed across the side. Hes rallied many fellow drivers to support the cause. Our love for all mankind that will unite us. As we Work Together to make real change. To make real change. As we Work Together to make real change. Reporter the ban yesterday, explaining the presence of the Confederate Flag at nascar events runs contrary to our commitment to providing a welcoming and inclusive environment for all fans, our competitors and our industry. The announcement that took place a little while ago for nascar. Bravo. Props to nascar and everybody involved. Reporter stock car racing fans have mixed reactions to nascars efforts to remove the Confederate Flag. Take a listen. I think its time, to be honest with you. I do. I think its all right they are trying to strip away what them folks want to do. It just aint right. Its just history. Thats all it is. Its a piece of cloth. Reporter Bubba Wallace acknowledges the backlash but says nascars decision ultimately will bring the Community Together as one, which he says is the real mission. Neil . Neil thank you very much, jonathan. In the meantime, we are following after these two plus weeks of protests since the death of george floyd, there is a huge demand building for private security and from a variety of folks. Right now, Grady Trimble is following that. Reporter hey, yeah, this guy right here getting handcuffed but hes not a criminal. Hes a Security Guard in training. In fact, there are 19,000 Security Guard positions open across the country. More on that coming up. Facing leaks takes strength. So heres to the strong, who trust in our performance and comfortable, longlasting protection. Because your strength is supported by ours. Depend. The only thing stronger than us, is you. Neil all right. The need for private security is skyrocketing since all the protests, the looting, all the rest. Grady trimble with us in chicago on how business has be. Hey, grady. Reporter yeah, this is law dog security in chicago. They are doing baton training right now. I want to give you a listen as you watch the type of training that they go through. Wouldnt want to be on the receiving end of that. You are seeing the baton training. Lets talk about the numbers. They get about 30 calls a day here right now because of all the looting and the unrest, and they cant fill all those calls. They can only do about a third of those. The demand is just so high with all the looting that weve seen. We are talking about business owners, everything from retail stores, liquor stores, even private homeowners calling to try to hire private security to protect their property. Now that more businesses are reopening, the owner here at law dog security says business is booming even more. Listen. People are getting back to work and opening their businesses, and now theyre afraid somethings going to happen as theyre opening up. The shelves are stocked again and now they are looking for security to ensure they stay that way. Reporter they cant train guards fast enough, either. They say they are training more guards than they ever have and thats still not enough to keep up with the demand. Neil . Neil i agree, i would not want to be on the receiving end of all of that. Grady trimble in chicago. The demand for private security is skyrocketing. That probably wont surprise my next guest. Remember the volucia county sheriff. He got a lot of buzz the last time he was on because hes a nice guy, delivers pizza in his community. Imagine when he shows up at your door. It was a reminder of some of the Better Things Law Enforcement can do and certainly what the good sheriff does. Obviously some of the latest developments we have seen bothers him, maybe on a personal level as well, that that is not indicative of the way he goes about things or his department goes about things. The sheriff was kind enough to join us again today. Sheriff, how you doing . Were doing well, neil. Thank you for having me back on. Neil well, you know, its great timing because, a, we want to remind people that maybe youve got this harsh view of Law Enforcement in general so i guess im tempted to ask you, you have seen what happened to george floyd and the video. Your thoughts on that . Neil, i have been a cop for 33 years and like most of us, this is our profession. What we saw in minneapolis was an absolute abomination of what we do in Law Enforcement but even further, what kind of human being, badge or no badge, would allow another human being for nine minutes to suffocate while youre ultimately putting pressure with your knee on his neck . It was despicable. I dont use the word police officer. Hes arrested and let the criminal Justice System deal with him. Unfortunately, out of this, all the great work that Law Enforcement does day in and day out, we have now become public enemy number one, the fact that we are being assassinated, shot, stabbed, beaten and its unacceptable. Neil im wondering if because of that incident, there are a lot of reforms being looked at, some going as extreme as Defunding Police departments. But more in the lets change the behavior category. First on the defunding thing, how do you feel about that . I think that thats politicians are trying to feed an idealogical base red meat and say we will defund the police. Lets see how that would work, neil. This week alone, i have received seven complaints about traffic issues in certain neighborhoods throughout the county. They are requesting more Police Officers out there. Second, you have the Monmouth University poll that just came out that said 7 out of 10 americans regardless of race have an overwhelming view of satisfactory relations or opinions of their local Police Departments. Thats better than they View Congress right now. Lastly, goes into some of the folks who are out there, we are not in any way saying we are not open to change or cant do things better but look at the big picture here. When it comes to mental health, homelessness, and school issues, the federal government, state government, county government, city governments have turned around and said we dont want to deal with this, we are going to give it to the cops. And the cops have tried to do their best to handle all of these problems that nobody else wants to deal with. So i think mr. Floyds death is a turning point here that if we can shut out the extremes, the extreme left and extreme right, take a deep breath and have a debate, we can have positive change not only in Law Enforcement but in our country. Neil real quickly, do you think chokeholds should be barred, knee holds, like what happened obviously to george floyd, that absolutely. Neil basic themes like that, ending that would be advisable . Absolutely. When i get elected sheriff, we brought in the Police Executive Research Forum out of washington, d. C. , they did a years study on our department. Force, policies, procedures, training and culture. Out of that 90page report we instituted two of the biggest changes. We banned chokeholds and put the line in there about the duty to intervene. The question for america is what kind of policing do you want. Do you want a warrior Police Department or do you want a guardian Police Department. I think overwhelmingly, they want us to be guardians. We are not at war with ourselves here. Neil all right. Sheriff, very good seeing you again. Volusia county sheriff. Be safe, be well. The president will be addressing this in a forum today with members of Law Enforcement, local and civic leaders, clergy, in dallas, texas later on today. He doesnt want to, you know, just throw out everything in Law Enforcement, but make some needed improvements. What they are and what he proposes. Its his first salvo in response to this. We will see how it goes. Republicans and democrats have unusual Common Ground on some of the bigger themes here. Well explore that after this. Turn on my tv and boom, its got all my favorite shows right there. I wish my Trading Platform worked like that. Well have you tried thinkorswim . This is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. 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They include warner music, a host of others here. But i should point out in all of those individual cases theyre up over their offering price. So there is that. Whether this has much staying power really depends on data you get from the states. Whether you see a spike that is something normal course of events or something more severe. We shall see. To Charles Payne right now. Hey, charles. Charles neil, thank you very much, my friend. Good afternoon, everyone, im Charles Payne. This is making money. Stocks are sharply lower, hitting a pause on twomonth rally. I will give you my take why the markets are down today. Probably something you have not heard just yet. Nascar making a huge announcement banning the Confederate Flag from its races. As President Trump is set to put his plan to address racism in this country. He will put it out there. Well hear from his attorney jenna ellis. That is coming up. Amazon putting pause on cops using their facial recognition