Transcripts For FBC Cavuto Coast To Coast 20240712

That were thought to benefit if we have a slow and healthy unwinding of all of this but dont be surprised if these weigh on the markets because in the sixblock area of a beautiful city its unsiege as occupy seattle if you will, dan springer knows it well, he hes been reporting better than anyone else, dan its a tough position for the mayor to be in, the police chief to be in because they dont seem to be on the same page and id imagine people who live and work in the area but how are things going today . Well neil, this is bizarre and concerning and yesterday the mayor had her first News Conference since this began monday night and she basically said she doesnt know how this is going to end and she likened the people inside to a gay pride festival and she said afterwards she was asked by cnn how this is going to end and she said who knows we could be in for the summer of love but let me take you behind me to one of these barricaded entrances that theres six of them and look at this guy. Hes got a shield out there, hes got his mask on so hes being covid safe but this is one of the places that people are being kind of barricaded from as they look inside this autonomous zone. Weve been inside. This is not an area thats under armed siege. There are guns inside there, but its basically been a peaceful protest, you do have lots and lots of different people in there. Theres tents in there, lots of Homeless People have camped out in there now, and you have coop with food being donated but you also have concerns from some residents. People who live in side there, have to come and go past these barricades and we also heard from somebody who has lived in this area and shes not at all happy about whats going on. Ive lived on capitol hill for 30 years and the amount of graffiti, the amount of trash, the lack of respect for the Small Businesses that are here. Neil you mentioned the businesses. I would say theres maybe 20 or so inside the barricadeed seven square block area and id say all but a couple are closed. Lots of them have boarded up windows so they dont want any more damage to their windows, but theres not anything going on in the way of commerce, so if i was a business person id be concerned about my business, and now the governor has finally said they can start to open up and have people come into their bars and restaurants, but that type of stuff just is not happening as you have still hundreds of people inside there, camped out and they say that they will not be leaving until their demands are met and they have a laundry list of demands. Among them they want to abolish the Police Department, the court system, they want to do away with juvenile jails, they want Free College Education for everybody in the state, so anyway, long laundry list of things that they want and the mayor basically is saying i dont know how this is going to end. The police chief does want this to end. She clearly wants to get her people back in there. Yesterday, she said, that Response Times to major crimes like rapes and robberies have tripled because they dont have their officers in that east side precinct any more, so they want to get back in there, morale in the Police Department is at an alltime low. These officers feel like they have basically surrendered part of their territory, and so its an interesting time here in seattle, neil . Neil i would imagine and for you dan who knows it so well its got to be a little weird where the less chief and mayor are not on the same page. I know the police chief used tear gas on one riot night just to keep the calm against the mayors orders and i guess he was concerned things were escalating but that the two are, you know, obviously have a pretty frosty relationship. What do they do in that vacuum . Well its interesting, because both are being called on to resign, for Different Reasons mayor durkan has been called on to resign by the protesters and also three of the councilmembers and chief vest has been called to resign because she did order that tear gas the other night even after the mayor said were not going to use it for 30 days. The chief has got to respond to her officers. Theyre on that front line or they were before it was vacated monday. They are on that front line, they have projections thrown at them and they have people with umbrellas poking them in that front line and the police have a choice. They can either retreat and do what they did on monday and give up their building or they can go a less lethal measures and they did that. They did that time and time again and with tear gas, these flash bang grenades and it worked. It got the crowd out of there and it dissipated the protest area and the violence for that night, but almost every single one of the nights ended with that scene afterhours and hours of peaceful protests, it was really weird but you can almost see a pattern developing where it was going to end with tear gas. Neil . Neil just in credible. One more youve been very patient but this capitol hill autonomous zone or chaz or these protesters with there were rumors they were demanding payments from local residents and businesses to act as their local Security Force. I dont know if that got to be sort of seattle urban legend but do you know anything about that that they are trying to deputize them sells selves as the Law Enforcement in place. Its a good question there are people with guns who are taking on the position of sort of a security detail and in some part they want to make sure that east precinct does not burn down as far as them going out and extorting money from businesses again as i said theres not many Business People who are going in there right now, but the Police Department has backed off on that. They were hearing rumors about that. They were hearing social media posts about that, but no person has come forward to them and reported hey, i was extorted out of my money by these people who were saying they want protection money, so they are kind of walking back that idea of extortion, but again there is still people inside with guns and still out there as a Security Force trying to keep the peace and again, its not, you led in with saying this is under siege. This is not a war zone with war lords running around and gunfire and all that stuff. Thats not whats happening inside. They are trying to keep this kind of a selfcontained peaceful autonomous zone where its kept, police are kept out but they can stay in there for as long as they can, until some of these demands are met. Well the city since backed off on some of this and say here well give you some things or try to take this over again, thats the big question. What will police do and what will the city do . Neil yeah, and that moment is going to be an interesting one to watch because that could take something relatively peaceful thus far and turn it into something else. Dan springer, your reporting has been impecable on this it helps you know the area and you clearly do inside and out but its surreal, my friend dan springer well be getting an update later this hour and right now, he knows this very well because i think you grew up here, right . So tell us a little bit about what youre thinking, how youre feeling, the fear that this could be spreading, what . Absolutely, you know, and to dans point this is a very tight knit community. I did grow up on capitol hill. Its a loving community. Its a Progressive Community and always a community where youve been free to voice your ideas. So in terms of city history this is a logical place for them to establish a zone, if you will now, how that plays out, i dont know. Seattle for better or for worse has always had interesting discussions around issues that much of the nation doesnt want to touch, so where we go from here is anybodys guess, but so far, im very thankful to see the neighborhood has not been destroyed and that there does seem to be some sort of civil behavior inside the area even though they detained it. Neil im very aware of the area myself, and they are not, i was there not too long ago and they do have a big homeless problem that predates any of the george floydrelated protests, the demonstrations so theyve already had that as a back drop and now its a bigger backdrop. This economically comes at the worst time, doesnt it . Well it does, neil. And between this crisis, in the horrific george floyd events , you know, those officers need to be held accountable. There is simply no way around that. What they did was wrong but seattle has always been, again on the edge with a number of issues, homelessness being one of them and the city has tried. Theres not been a clear solution to deal with it so far, but again, if we can make some progress here, im very very optimistic that perhaps, just perhaps, neil, it might serve as a model for the rest of the nation. Neil all right, i hope youre right, my friend. We shall see. Normally we talk about stocks, but we wanted to take your expertise on this area to take stock of whats going on so thank you for that, keith fitzgerald. I want to switch to blake burman you probably heard in washington the good news is that republican s are moving the venue at least for part or at least the very big part of their Republican Convention. That, instead of in North Carolina will be in jacksonville , florida, the big part i should say is when the president accepts the nomination and the speech and all of that, so North Carolina robbed of that blake burman on the fallout from that so blake its sort of like a two part convention, right . Reporter some of the Party Business that gets done behind the scenes, the platform which gets some discussion from inner Party Workings thatll be taking place in charlotte, North Carolina but what me and you and most people neil, know as the convention the big celebration, the president s speech, Vice President s speech et cetera down the line that wont be taking place in charlotte instead now jacksonville, North Carolina. The rnc, neil says this is a 200 million or so win for the northeast florida win area, conversely a 200 million or so loss for the charlotte area. So why jacksonville . Certainly one of the question, well this is what an rnc official told me earlier today as it relates to the thinking behind that. First off, florida, the president s home state as you know its also of course a critical state for the path to reelection with that, neil they also almost get a bit of a twoforone as georgia is in close proximity as well. This official also said to me its a good event Space Options between the Veterans Memorial arena along with the Minor League Baseball stadium there and of course the nfl facility too, and they described the local leadership and this is perhaps the most important thing is, extremely welcoming. Here is why. Because President Trump wanted to accept the nomination, still does, in front of a large crowd, but the democratic governor of North Carolina said he was going to let the Health Experts and the data guide that decision. As for florida right now, the data shows, according to that States Department of health, that the testing positive iterate is at 5. 3 , and that is slightly above the benchmark figure of 5 . Jacksonvilles mayor though says they are going to be looking at a different figure. Listen. So while we know the virus is with us and its going to spread, the key to watch is hospitalizations and our hospitalizations are down. Were going to continue to monitor that. Reporter meantime back at the white house the president s top economic advisors have been saying today that the Health Experts are telling them that fears of a second wave at this moment are overblown. I spoke to our Health Experts at some length last evening. They are saying there is no second spike. Let me repeat that. There is no second spike. There is no emergency. There is no second wave. I dont know where that got started on wall street. Reporter of course that was one of the big stories yesterday on wall street, neil and one of the Big Questions looking forward is what might the situation be like in the upcoming months especially late august, for that Republican Convention and of course the democrats have theres as well this summer too. Neil . Neil thats right, just a week before. They moved theres back all ready thank you very very much for all that blake burman in the middle of some big changes coming up here and its kind of a confusing convention. Lets go to kevin brady the texas congressman although Ranking Member of the house ways and means committee. I keep telling folks if not for kevin brady we would not have had the tax cuts. Others take credit he did all of that, and congressman, theres talk now or a push for more stimulus and im wondering, given what youve been seeing in the markets, some look at yesterday and say gosh, maybe they will be upset if we dont see more stimulus. Others point to that employment report, and the steady improvement on jobless claims from their worst levels that maybe we could just, you know, continue to see the benefit of the money already spent. Where are you on this . Yeah, so i think one, the may jobs report, the unemployment report was very encouraging and trend matters, and so looking at the may number s and the continued, thats a good trend clearly, but i think more will need to be done. First, weve got to help local businesses rebuild their workforces. Right now the federal Unemployment Benefits are a barrier. They are so generous its preventing people really from returning to those jobs and so my return to work bonus is about creating new incentives for people to come back, re connect with their employer. Secondly, weve got to make sure neil by the way i dont want to interrupt you congressman but im sorry, sir your return to work bonus im told has to be better than the 600 in federal extra benefits folks are receiving right now. Is it . Because its going to take a lot to get them especially if this continues as its presently planned through the end of july to get off that. Yeah, so what our thinking is to allow people to keep two weeks of their Unemployment Benefits 1,200 when they return to work. The laws in most states require people to accept suitable employment, so this is an incentive for them to re connect. We may want to adjust that approach but we need to be able to help people reconnect, or we are going to lose more businesses, this recovery will be much slower. And then the Second Thought was a lot of businesses are spending a lot of money making sure their workplace is safe for both workers and customers. We think we can help them there and thats why i think the Liability Reform is making sure were incentivizing, rewarding businesses for creating that safe workplace i think thats incredibly important to the recovery and then the third thing is the ppp as we see , has done a tremendous amount of good for the economy, but i think too well have to look at for the remainder of the year, from the late summer on, mid sized businesses i think are going to need more capital. We may need to extend the Employee Retention credit so were encouraging businesses and there may be some small but targeted help we can give to make sure this recovery is strong through the end of the year. Neil do you have your doubts that it will be now . No i think it will be a steady recovery. I watch here in texas. Were on the third phase and the governor has been very cautious and deliberate about the reopening but you can see a completely different attitude in states that are reopening. Theres a light at the end of the tunnel. The biggest barrier as ive said local businesses are really struggling to get their workers back. Theyre starting to see the orders flow again. Starting to see that Economic Activity but weve got a few barriers we need to address. Neil well youve also had a spike in cases, right . So maybe there isnt necessarily a tradeoff there but do you think the governor slows down these reopenings to see how that goes . No, because i think youve got to keep this in perspective. So texas has been testing really aggressively. 100 testing in Nursing Homes which almost no state is doing as well as our prison system. Weve had really, the increase has been in two cities, houston and austin, and experts believe that it could be related to the memorial day beaches and reopening there but again our Healthcare System has been over prepared, good for them. Testing has dramatically increased and again, our fatality rate which weve continued to focus on in texas, for example, is the lowest of all the 10 states with the most covid cases and to put it in perspective, it is 23 times safer as a resident in texas than in new york state. That allows us to continue to reopen safely. Neil all right kevin brady, always good chatting with you my friend. Thank you, sir. Neil be well, be healthy. So well follow some interesting items there about more down the road and its almost a gimme the more stimulus is coming and thats kind of what the markets like to see as well. They are never going to turn down stimulus after all and were seeing some of the beneficiaries of that could be travel and related stocks, airlines, Hotel Operators and the rest, they were getting pummeled yesterday, just the reverse today were on more of it after this. Neil all right, we were just talking about the soaring market here during the break were up about 503 points here, and that is making up close to about a third of the loss yesterday so were not out of the woods here but collectively the comeback in the market is still on, still up as the case of the dow close to 40 from those lows, and the s p , the nasdac, it could be revisiting highs reach a little more than 48 hours ago, so putting things in perspective here, its remarkable to see the dismal and gloom from yesterday has now become a bit of a shine on the fact that maybe, maybe some overdid this idea that there is all hell to pay on the coronavirus front. Larry glaze has been watching this very very closely. Larry i do notice the same stock s yesterday on the notion that the recovery was delayed because the coronavirus situation is more spikey than we thought is being reversed. What do you make whats real what was going on yesterday, what appears to be rebounding today. Sure, neil look it be easy to say the market got ahead of itself, ahead of the fundamental s and this was simply an overdue selloff but more importantly yesterday got peoples attention and it was return to volatility, it was return to anxiety in the market and what really should have caught peoples attention was the fed earlier in the week with their forecast but also the spike in the number of cases that were seeing in the country nothing cures investor volatility more than the potential for trillion dollars stimulus and thats what we have is the potential outcome from this weeks events, so i think its really important for investors to recognize that not a day goes by that we dont talk about active investors taking performance, behind the market, growth versus have trade all of those are relevant but whats driving the market today is the belief that maybe theres more candy on the way from the fed and again whether thats good or bad in the long run its secondary to the way the market views it on a friday in the summer, and it likes the stimulus, because that stimulus is a bridge towards recovery, or at least thats the way its being interpreted in todays market. Neil you know, also its looking at every news item on the coronavirus, and the spike in cases in a number offer states and the cdc put out a statement saying that if cases go up dramatically more mitigation efforts like what weve implemented referring to themselves, the cdc back in march, majority it be needed again coming from a Conference Call where the cdc outlined where things stand so obviously they are concerned and maybe with the protests and hundreds and thousands of americans who were packed together across states and rallies both the george floyd tragedy, that there could be just that to worry about. Then what . Well look, neil theres no question that thats a driver of that investor concern right now, and i think what weve learned if anything is to be humble when it comes to interpreting medical information and we dont want investors to try to become medical experts and interpret that data. What we want to do is recognize there are going to be pandemic plays in this market, the zoom of the world, the technology plays, the amazon that really in some ways in a market cycle benefit from this shutdown, but theres also companies that are obviously directly impacted by any thought of reopening and those reopening plays are where weve seen the action in the market. Its the cruise lines, its the airlines, its the casino stocks, its all of those and the reality, neil is theres a lot in the middle for sane people and when this is over, investors are going to be looking for income and dividend yields. You dont have to play on the fridges of this market and try to have a crystal ball. You could focus and keep it in the fareway, and in that trade theres plenty of places for investors to look for dividend yields in the environment where the fed told us there will be no income, pandemic aside theres no yield to be found in highquality securities from the fed and the fed is in effect as they say , there is no alternative, theres no alternative to invest in that money, because if you leave it in cash youre going to earn a zero yield and the fed has at least given you that green light to put that money to work here. We know, unfortunately, that were not out of the woods when it comes to the economic recovery and were certainly not out of the woods when it comes to the medical situation, but those issues aside, we want to focus on highquality, focus on resiliency, focus on Balance Sheet and put that money in a place where were rewarded over time despite the peaks of volatility that well see now and into the fall and look, most people are looking for resurgence in the fall. Its particularly troubling if thats showing up over the summer months but all of that aside, we dont want to be a slave to the headlines. We want to commit to a plan and we want to make sure that we maneuver in these market actions neil all right well watch it very closely larry, thank you very much two quick things i want to remind you about were going to look at some of these states and cities that had the spike in cases and whether its worrysome, and cities that know a thing or two about how bad this can get like allentown, pennsylvania and how they get out of this any time the headlines like these pop up about a spike in cases obviously if you were a city that was caught really with quite a few cases of your own you get worried again, again we want to stress here with these new cases being reported its all about the number of positively tested patients in other words you tested positive for the virus, the case number will go up dramatically because were testing a lot of people. What you want to keep an eye on is the percentage of them who have tested positively for this. A lot of states like to keep it at 34 , some states like texas, arkansas are closer to 67 . Well talk about that, more details to come. Limu emu doug [ siren ] give me your hand i can save you. Lots of money with Liberty Mutual we customize your Car Insurance so you only pay for what you need only pay for what you need. Liberty. Liberty. Liberty. Liberty. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Thats why ive got the power of 1,2,3 medicines with trelegy. The only fdaapproved, oncedaily 3 in 1 copd treatment. With trelegy and the power of 1, 2, 3, im breathing better. Trelegy works 3 ways to open airways, keep them open, and reduce inflammation for 24 hours of better breathing. Trelegy wont replace a rescue inhaler for sudden breathing problems. Trelegy is not for asthma. Tell your doctor if you have a heart condition or high Blood Pressure before taking it. Do not take trelegy more than prescribed. Trelegy may increase your risk of thrush, pneumonia, and osteoporosis. Call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. Think your copd medicine is doing enough . Maybe you should think again. Ask your doctor about oncedaily trelegy. We know times are hard and were here for you. Find support at trelegy. Com. Neil all ready, the reopenings continue to spike with concern about a spike in cases but people do get worried especially when they hear these reports of states that were doing very very well that maybe could have a surge in cases to consider. The cdc watching that. Christina partsinevelos in allen town pennsylvania, a city that knows very very well what happens when things kind of get out of control and briefly they did. I dont know how things are there now, but you do, how is it looking there . Reporter well, theres certain parts of town that are pretty dead at the moment and a major message is a cry for help. A lot of small towns around america were left out of that almost 2 trillion Coronavirus Relief package. Here in this particular town, in allentown the Third Largest city in pennsylvania, they are worried they are going to fall into financial ruins which is why they are asking for a cash infusion from washington. Listen in. Weve done what we can do to try to sustain and try to maintain our local economy and our Small Businesses which are really the backbone of allentown but we only do so much. Were broke ourselves. Reporter the issue is that allentown has 120 or 121,000 People Living here, but its still not big enough to get funding. You need to have at least 500,000 in your population to qualify which is why theyre estimating that cities and towns in pennsylvania could see a drop in revenue of about 40 , more specifically here in allentown, i spoke to one councilman, who said they are expecting a budget loss of roughly 9 million, almost 10 million. This comes at a time, neil, when its trying to reinvent itself. I spoke to a woman who gave me coffee and she told me a lot of the people here call it little apple because so many new yorkers are moving out to allentown and so they are trying to reinvent themselves going from a manufacturing hub to a place where businesses can thrive but unfortunately, and this is just one example, a lot of that is put on hold. Many shops have closed up for good after the lockdown and many of them are still closed even though theyve entered this owe reopening phase so well end with the message acrosstheboard is that towns have to make tough decisions, are cutting budgets and they feel like most of that relief money is going to larger municipalities instead of hometown america, and thats why theyre asking for help. Neil . Neil all right, christina thank you very very much, christina partsinevelos on all of that. We are seeing spikes in cases being reported in cities and states just a little while ago. Florida saw its highest number of cases in a single day, with the data, the most recent data were getting from thursday. The States Health department recording 1,698 new covid19 infections and thats about 20 higher than the prior record of 1,419 cases recorded just the prior thursday, so the trend is up, as the state is reopening quickly. This state started sooner than a lot of others on may 1 to begin that process. No plans to slow that process down, no changes in plans the part of the big operators, amusement parks in the state like disney world and universal to begin reopening theme parks in july, so that has not been changed but you do get the stubborn uptick in cases in places like houston reporting, a deluge of new cases even though the percentage is still relatively low, dr. Nina rad cliff on what she looks for in some of these numbers coming out and doctor last time we chatted we got into this notion that there was going to be a surge, almost inevitable a spike, thats exactly what were seeing. Are these numbers in line with what you saw theyd be, or any more disgusting than others . Well its never a question of if this is going to happen but a question of when. Now the way that new york and new jersey have gotten hit was like a tsunami but this is not necessarily the case. We are wiser today from where we were back in february and march we know a lot more so yes this is concerning, and theres a number of things that have contributed to this not just the testing. I know we are doing improved testing and that accounted for some of the cases being picked up but its also a majority of community spread. You know, the states have started reopening back up because they want to get their residents back to work. They want to get life back to normal but many have not followed President Trumps reopening america again, where they had to wait 14 days of decreased number of cases and the hospitals need to be able to manage any type, but they went ahead and reopened and this is a highly contagious illness so this is contributing to part of the spread, and were also see ing pockets like of outbreaks like in prisons, were testing them more. Also Nursing Homes, these are our most vulnerable populations, they are older they have high Blood Pressure, they have diabetes, and even in meat packing businesses, this is an essential function and its part of the protection act that trump ordered to continue working as part of our food supply so we saw a double in the number of cases over the last two weeks, so we are seeing an increase but again, we are wiser and we know what to do , so its a matter of enforcing that. Neil all right we will watch it closely doctor, thank you very very much on that. We should point out you see the dow is surrendering some of the more heavy advances still up about 338 points here, but the participants are not as many and they are not as robust, but its still early so we have three and a half hours to go just noting that right now. Well have more after this. Yeah yyeah yeah hey, hey i come face to face with a lot of behinds. So i know theres a big need for gasx maximum strength. It works fast. Relieving pressure, bloating, and discomfort before you know it. So no one needs to know youve got gas. Gasx 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 people you can rely on. Im a Dell Technologies advisor. Me too. Me too. Me too. And if youre a small business, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. Now every bath fitter bathbath fis installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. 100 online car buying. Carvanas had a lot of firsts. 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. When this crisis is dongoing to be over and we dont know exactly when the stock market will reach its bottom, weve got to be prepared for this to last a long time. If you assume that youre out of work for nine months but you end up only being out of work for. Neil all right, you know, we always talk about the ramifications and fallout from the coronavirus. It has effected people not only job security issues, but those were looking at retiring, all of a sudden, seven out of ten americans say, you know, theyve been impacted by this , so much so that a good majority are saying you know, i dont know if were ready to do this. I dont think we can really handle this retirement thing. Chris hogan, the expert on the matter, multiple best selling author on how he can get you straight on this. Chris its always good to see you how is it that seven out of 10 suddenly find themselves in that position . Did this just come together in the last eight to 10 weeks . Well, neil, i think this has existed prior to covid to be honest with you, but as we look at this , we still see and hear that 43 of people still feel that theyre trying to recover from the Great Recession in 2007 2009 so this is essentially almost like a perfect storm. Youve got a situation where covid definitely has contributed to hindering retirement savings. We had job losses. We had companies stopping their Company Match with retirement, and people that became unemployed and didnt have money to be able to put away, but we also have a situation where peoples actions are also contributing to this. A recent study showed 58 million americans, 58 million, are doing comfort buying and so theyre spending on all types of things, 29 of it is being spent on entertainment, 22 is being spent on alcohol and thats not to make any hand sanitizer, neil so weve got to take back control of the situation and be aware that the decisions we make with money are going to impact our future. Neil yeah, i think the thing with you is that a lot of people sort of understate the money theyre going to need in retirement. There used to be a rule of thumb that you could go on half or less of what you made and a lot less than half and now people are saying you know, i dont know if i can do that. You do say that your commuting costs go away and all that i get that but they might have to restrategize, right . Well they are going to have to, neil. Here is the reality. The government isnt going to come in and save the day. People have to get their own cape. The days of pensions are long gone, neil. Those days dont exist any more, so if you dont save, youre not going to get to spend later so its on us to put money away, so weve got to wake up to this. Weve got to take back control. Im telling people, youve got to get intentional with your money. Get on a budget. Youve got to start telling your money where to go instead of wondering where it went. Weve got the best budgeting tool on the planet go to every dollar. Com, itll help you but weve got to reduce spending weve got to be aware that comfort buying is dangerous to our future and weve got to stop pulling money out of 401 k s to try to clean up the mess for today. You are stopping compound growth when you do that and it needs to stop. Neil real quickly theres a generation dealing with older relatives as well as kids coming back home. What is your view on that of the kids particularly that should you be looking after them or just say hey, youre on your own. Well i think it all depends on your financial situation. As a parent youre always going to try to take care of your kids and to be able to help but you mentioned the unique situation of the Sandwich Generation where youve got aging parents coming back, or needing to stay with you as well as kids, so people need to be smart, be aware, and do what you can do but dont do it at the risk of your future because if you dont take care of yourself youll become a burden later. Neil well said. Ive already told my kids, chris youre not getting anything. Youre mother and i are spending every last dime. [laughter] make sure you put me in on that plan as well. You have a lot, so put my name as a line item on there and ill take care of the kids. Neil i know you do, my friend, but just some advice, in case the kids are watching. Zero. All right we have a lot more coming up. Finish that thought, go ahead. I was just going to say to young people out there be aware. The best time to start getting serious about your money is yesterday. Get plugged in, get on a plan, start saving, and be intentional for your future. The money you put away for retirement dont touch it. Let it grow and youll be grateful you did later. Neil all wise words, thank you very much, my friend chris hogan he marchs to what he speaks. All right well have a lot more after this. The dow up about 300 points well get into whats going on after this. 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. 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. 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, its not just a big big cities that are worried about whether they will have as many people working in them, when people return to work, if they return to work. Its hitting medium and small size u. S. Cities as well, the great exodus is on, and not just from the uber urban centers grady trimbul on whats happening in illinois for example. Hey, grady. Reporter hey, neil two of the top 15 fastest shrinking cities in the last decade are right here in illinois. Charleston West Virginia tops the list but decatur, illinois and rockford, illinois where we are not too far behind losing 7. 1 and 5 of their population between 2010 and 2019, respectively, and these two cities share similar histories to many rust belt cities. They once had booming manufacturing and Farming Industries as you can see in this video that we dug up from 1949 thats a promotional video for the city of rockford, but those jobs have long disappeared and with it, the people went as well. The Unemployment Rate here in april, about 7 higher than the national Unemployment Rate, and thats all compounded by the fact that illinois has relatively high taxes as well but we talk to people here in rockford, they say this city is undergoing a transformation just like many midwest cities are they are revitalizing downtown and adding jobs with Big Companies like amazon and ups. Listen. I purchased this building in downtown and people were like what are you crazy for purchasing its downtown but anyway, so i did and im so glad i did because its become one of the establishments that Everybody Knows about. Reporter so where are people going . Well you might be able to expect this theyre going to the areas with sunny skies, both figuratively and literally, cities in arizona and texas are growing in part because of their higher temperatures and lower taxes. Neil . Neil grady thank you very very much. In the meantime were talking about classes resuming in the fall. So the congressman is saying no classes, no cash. Representative joe banks of indiana is looking to do just that, in a bill that would halt School Funding for the fall and if systems ultimately decide to nix opening up as scheduled in the fall. I think that ive got the gist of it, congressman, can you explain how this would work . Well neil theres no doubt about it our kids are getting a raw deal. The studies show that Online Learning isnt being retained. Its not working, and america is a land of opportunity because we guarantee a free Public Education at each and every one of our kids and we have a whole generation of kids were leaving behind if we dont get them back in the classroom in the fall so im trying to find a way as a member of the House Education Committee to incentivize and help our schools to prod them along to do the right thing and get our kids back in the classroom in the fall. Neil some are in districts and superintendents in areas where they are seeing a spike in cases , so theyre saying well the congressman might want to push us to reopen but were worried that doing so will endanger our kids, endanger our teachers et cetera. What do you say to them . Well the study of statistics show, neil, that our kids are the lowestrisk category to get covid19. They have the least amount of cases, they are at the lowest risk for not only getting it but spreading it, and really, if were able to reopen all other parts of our society, our schools should be reopened as well and if you really think about this reopening our schools and getting our kids back in the classroom is a lynch pin to get america back on track. We cant expect our parents to go back to work if their kids are left at home during the day, but at the end of the day, this is all about our kids. They deserve the good education that theyre going to get in the classroom. I havent spoken to a single teacher who doesnt believe that kids are better off in the classroom or not just going to get superior education but the social skills, all that they receive in the classroom that theyre not getting in this Virtual Learning environment. Its a shame, and ours are better. Neil well see how things go congressman, very interesting congressman jim banks republican of indiana, on forcing the issue , open up or that spig ot is shut down, and the president is weighing in on whats happening in seattle socalled autonomous zone he wants it stopped immediately but what is he threatening to do . After this. Neil you know, maybe in this age of protests and some violence, even though that has been less the case, certainly of late, whats going on in seattle is just surreal. The markets are kind of weighing it in, hoping that cooler calmer heads prevail and doesnt escalate into the autonomous zone thats already been created in a radius there on that beautiful city otherwise beauty actual city here, but the police are not involved in this , and in fact, the local precinct was forced to shut down because of this , so you really have independent citizen rule here, some i think that i dont think were at that level here yet but it is a little disconcerting and dan springer has been following this very very closely. Dan im just wondering on that six block radius i dont know if thats exact, what happens if they decide to make it seven blocks, eight blocks . Whose there to stop them . You know, i think, neil its actually gotten beyond six blocks because if you take that parked area that is kind of a baseball turf yield and a soccer field if you take that and the area behind that where ive seen a lot of new tents pop up in the last couple of days this is much more than six blocks. Now, if they came out beyond this barricade out into this area, no indication that they are trying to increase their territory, but i have to tell you we just after the last time i talked to you we got inside the autonomous zone, and i got a very interesting interview with a black man whose a resident of this area and he lives just outside the gate on the other side of the zone, and he said hes lived here for eight years and he said this is not about black lives matter. He says this is about a party for people who have nothing else to do, that they are out of work because of covid19 and they come here every night and they absolutely just kind of wreck the place. He said if the police really were caring about black lives matter they would have stayed because they have lost their Response Time and we got that from the chief of police yesterday, that they have gone from a five minute Response Time to priority one calls, to 18 minutes, so if somebody is being robbed, or if theres a rape in progress, it will take over three times as long for the police to get to that crime scene. We also talked to a business manager. Hes out there painting over the graffiti. Hes outside of the autonomous zone, but he knows this area really well. Hes talked to a lot of Business People, and hes out here, paint ing over the graffiti on plywood. He says i wish i had a paint store and i wish i had a plywood store because you cant get plywood any more, so imagine if you had a business in there or around here, and you were trying to open up. Youve just been hit with about 2. 5 or three months of covid19 where you cant run your business and now that you can open up you really cant because you have an area that is unhospi table for business so thats the situation in seattle. We have no idea when this is going to end or when or if its going to end. The mayor yesterday hold her first News Conference in three days since this east precinct was given over to the protesters and she says basically that this could be, we dont know when its going to end and she was asked later on cnn and she said we could have the summer of love in seattle so shes not taking it that seriously. She doesnt believe this is an imminent threat to the community. Talk to other people and they have a very different perspective though, neil . Neil do you have any difficulty going into that zone . Do residents who live in this radius, do they have any difficulty getting in or out . It depends on who youre with. It depends on if you have a camera with you because if you have a camera they are asking who youre with, and you can tell them fox news, its not real easy on you. Its also depends on the time of day. So we got in today, we got in yesterday at this time, very few people are all crashing in their tents and a look of lookers going innout taking photographs of the scene in there so yes you can get in and out but ill tell you when you go later in the day and theres hundreds of people inside there, and it gets a little more difficult to maneuver, yeah, its not real easy and so right now, there are people at these barricades and they will just let you through but we have been hassled and asked for identification, who were with, all that stuff, so you can come and go depending on if you have a little help and what time of day you go. Neil and what Media Organization you might be with. Dan, thank you very very much. Stay safe, be well, dan springer in seattle with the latest on that. The president has already weigh ed on the mayor what he calls the mayors anemic response to this as well as the governor. Take a look at this. President trump whats going on is i will tell you, if they dont straighten that situation out, were going to straighten it out. Were not going to let seattle be occupied by anarchists. Neil kelly jane is with us right now, what do you think he is threatening here . Well thats a good question, neil. He obviously wasnt very specific but he certainly had been talking a lot in recent days about sending the National Guard into various places that have seen rioting after protests following the death of george floyd from police in minneapolis , so i think we can sort of suspect that that is what he is talking about doing. Neil so whats weird, you have had protests in the past but these are, this quarantine whatever they are forming, the mayor is supporting it. The governor seems to be supporting it, so that puts the elected officials at odds certainly with the Seattle Police chief. Yeah, its quite something isnt it, neil . I lived in vancouver, canada for a few years which went down to seattle quite a bit and they had very similar tones, these cities. They are very liberal, they are very progressive, and those are the kind of officials that get elected in seattle. You do have to wonder, what is it going to take for the mayor and the governor simply to wait up. As your reporter mentioned, police Response Times have gone up three times. What happens if theres a Sexual Assault or a rape . What happens if theres a murder or attempted murder . I certainly dont wish that on anyone, but you worry that its going to take Something Like that to happen before the governor finally does something and its incredible to me that the anarchists were able to do this because the mayor ordered the police to pull out that free thinking was under fire for some days, the protests and they actually decided to just board it up and leave. Its incredible. Governments greatest responsibility is to protect rights with safety of citizens and thats certainly not what were seeing happen in seattle. Neil im just wondering what this does to encourage others to do the same in other cities. Well youre right, neil. They see that this is happening and nothing is being done about it, i think it does. Now whats going on on the ground there i dont know if anybody really wants to be in that situation. Its not a laughing matter but i have to say when you see that they invited Homeless People and then took all their food and protesters were complaining about that, it is a little funny an archism is a little difficult to live under maybe they will discover that but they have an incredibly same list of demands about 30 demands they have including degentifying seattle and more arts and culture and incredibly that only black doctors and nurses treat black patients its a bizarre list of demands that obviously no politician even in seattle that progressive paradise could ever satisfy. Neil yeah, its a beautiful city. I hate to see this morphing into something this crazy but all right kelly jane thank you very very much good seeing you again. Great seeing you, neil. Neil also keeping track, same here, of the covid19 spikes that rallied the market yesterday. A little less so today, but we are well off our highs today arent we . Connell mcshane on all of that. Connell . Connell yeah, were up 800plus points shortly after the opening bell, neil and now only 250 some points on the dow, but generally speaking, the theme of today is a bounceback, if you look at individual stocks after the big selloff we had yesterday that happens, the selfcorrection when you go too far in one direction or another. Remember the selloff yesterday came after a huge rally off the march 23 lows with the nasdac topping 10,000 the other day for the First Time Ever and again to go into that theme, the travelrelated stocks probably your best example if you were a big loser percentage wise yesterday, odds are youre a big gainer percentage wise today, carnival, norwegian and the airlines, american and united as well. All these travelrelated stocks were down yesterday but in the dow boeing is probably a good way of illustrating it, it was the worstperforming Dow Jones Industrial industrial average stock down more than 16 getting a good part of that back today with an 8 rise so lets sort through the headlines we did have Consumer Confidence am could in betterthanexpected and weve heard from the treasury secretary Steven Mnuchin a few times this week and it hasselberg been a rough week for markets overall and the major averages all down, but interesting another stimulus could be in the works and hes ruled out another national shut down, no matter what happens with the coronavirus, and speaking of the virus, neil we were talking about this you and i yesterday as we look at the map of some of these states that are seeing a spike. We talked about florida, and North Carolina, i think the concerns coming in here is states where we see hospitalizations on the rise arizona is about 80 of capacity this week, texas three days in a row setting hospitalization records, utah has also seen more people going to the hospital, so those are the types of states people are watching, neil not necessarily at an alarming pace because many of these states didnt get hit as harderly on in the pandemic but again the medical experts and the investors are keeping their eye on that, many pointing to yesterday as sort of a wakeup call on that front with the Market Selling off so aggress every. Well see how much we get back to you. Neil on to your point the cdc warning that were not out of the woods here, so something to watch. Connell thank you very very much i want to go to steve sadof right now the mastercard Senior Advisor former sachs chairman and ceo, so he knows quite a bit about people coming out to buy or not buy, the rollout of this process in one state after another. Steve, the worries in the markets at least yesterday were that these spikes in cases will still be manageable. Will slow down the various phase s the governors employ to reopen their states. If that is the case, then what . Well, i think were in a situation where the consumer wants to get out. They want to shop. Youre starting to see it as states have reopened, the may data from Mastercard Spending pulse showed the consumer improved from a minus 14 in april to a minus 5 in may, so the consumers they are ready to go but theyve got to feel safe. Thats why social distancing is so important. Its really interesting, the Mastercard Spending polls are doing these recovery insights, talking to help the cities and the states understand whats really going on with the consumer, and were in an environment where digital is king. Its gone from basically 11 of commerce to 21 of commerce almost doubling. Now what we have though is the opportunity to start getting brickandmortar, the actual stores growing again. The consumer wants to go, the covid19 cases, the resurgence is the concern that be the risk that be halting a little bit the recovery but right now, my instincts are that if we get open safely, that the consumer will come back, the numbers that youre seeing in the stores that have opened are better than what people had anticipated. What time after again ive been talking to retailers theyve been seeing better numbers when theyve opened than they planned for. Now in my career i never thought id be thinking a minus 40 or 30 in a power business was good but its better than when they were at minus 8, so i think this is about security, safety, health, but the insights are telling us that they have been in a mode of wanting basics. It was about want. I mean, about needs and now were moving to a time when with the opening up people are going to start moving towards want and they will move away. They have been nesting and cooking and buying hardware, home goods now things opens up i think the opportunities for the other categories to start getting an opportunity to grow as well. Neil i always wonder though, steve, if theres a good chunk of those people who say, you know, i didnt have to walk into a crowded store, wait on long lines, put up with the potential risk of getting this infection, by just ordering online and whether they continue doing so. Im not saying all, youre right i think theres some people who have almost this gene to go to malls and stores. My wife is one of them for example, and im not in that camp no offense and i love what you do and all. If its easy if i can do it on lane i will and there were a lot like me who discovered that this online thing is a game changer and im wondering if that changes the game coming out of this. No question. Absolutely will. No question, but remember, weve gone from 11 to 21 in terms of percentage of sales. Weve probably seen three or four years of change in four months. Online will be important, but if youre at 21 that means 79 is still done instore and stores, but its convenience. People want product anyway they want to get it so its buy online pickup instore. Curbside has become big. I never shopped online for groceries, now im buying online groceries but also do Curbside Pickup. The companies that made the Technology Investments to be able to let the consumer get it any way they want are the ones that are winning and those are the big a lot of them are the big Box Companies that were open during the pandemic, the walmart, target of the world , and the amazons, obviously, theyve done really well but others are making those investments as well, and their store footprint will be a place of distribution, its going to be allow them to be able to satisfy the consumer, so i wouldnt count the physical store out but digital and the trend towards that is going to be there. Neil well watch it very closely, steve very good catching up with you thank you. Be safe, be healthy. Good seeing you. Neil all right in the meantime i want to let you know i talked about a number of people who were angry in various states at their governors behavior, new jersey and separately in virginia where governors were routinely saying go out and protest its your american right they really didnt say and do the same for those who just wanted to open up their businesses. Well one virginia Business Owner is so ticked about the whole thing. Hes suing the governor. In this world where people are staying at home, many of lifes moments are being put on hold. At carvana, we understand that for some getting a car just cant wait. Thats why the new way to buy and sell a car is also the safer way. At carvana, you can do it all 100 online from home with a touchless delivery and pickup process to keep you safe. And for even Greater Peace of mind, all carvana cars come with a 7day return policy. So if you need to keep moving, its our goal to keep you safe. Check out carvana, the safer way to buy a car. 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 its all about the number of cases in this country of covid19. You hear of this fear of a spike in cases and some surge as more people go back to work and those get out of their homes. The new york state Governor Andrew Cuomo just indicated right now that in new york state they have the lowest rate of covid19 transmissions of any state in the united states. He was specifically saying that right now, in the latest count the death toll stood at 42 versus 36 the day earlier, but that the overall trend has been i dont see the socalled seven day average where they take seven days obviously divide by seven to get that rolling daily average im sure thats been on the decline as well. A lot of these states that responded to the uptick in cases would cite these promising rolling day averages, so well keep on top of that as you know new york as already new york city looking at the average americans outside fox offices by the way, that is already in phase i of a reopening process that is limit ed on outside, Curbside Pickup and the rest will soon extend if things go as schedule in a another couple of weeks. To restaurants Outdoor Dining and the rest and then everything moves inside in the phase iii that will call for inside retailers to resume operations, inside activity and restaurants, but a step at a time. In the meantime were following other things that were sort of waiting for and that includes major League Baseball. The more time they talk the less time they will be playing, even if they can make a deal. Charlie gasparino are they any closer to making a deal . Charlie i dont know, [laughter] but thats such a great question , and its such a lame answer but it tells you exactly where we are right now. Here is what we know. The mlb is going to put fourth as we said its proposal today. From what i understand, its due out imminently and it may come out before your broadcast is over or even before i finish speaking, but here is what we know about this proposal. It does not quite, at least based on whats been leaked out to us and other news outlets, meet the standard that the players have always set which is a days work, a days pay for a days work, meaning they want their full salaries they dont mind having it prorated based on the number of games, for example, you can get twothirds of your salary if you play twothirds of a season. Obviously its less than twothirds but you get half the salary and you can have less than half a season but they dont want a percentage of that kicked in. What we understand the major League Baseball proposal is going to be Something Like given the players 80 of their salary prorated over about 75 games, so thats where we are right now and again, neil, ive reached out to the Players Union and they are already throwing cold water on this and its also by the way a 75game season that the league will propose as well. Again, you have to see the details. This is whats been leaked out. One thing i will tell you is the players arent tote atly ruling out accepting this plan because they want to see whats in the details. Obviously if theres a lot of ways to make money if you can make up your salary, you know, that days pay for a days work if you can get there through other means they may well accept this plan, but already, i could tell you, neil, they are throwing cold water on it to us and to others, and well have to see exactly what the details say before they officially accept or reject it. One thing we will say is there will be baseball, and it may be a 50 game season and i think if they reject this one, i mean, my guess is that based on just the body language i am getting from major League Officials and baseball executives obviously body language im not seeing them, were not zooming, im talking to them so im assuming they are surmising their body language is that this thing will probably impose the 50 game for a shortened season depending on how much they reject this. If they reject it, leaving a little bit of room they come back with another proposal, then there may be a deal to be had where you play more of 50 games and its not this fact check, a factor of what baseball was, just to have the teams out there, you know, we may get something much more hefty, but well have to see what the proposal is, have to see what the players say, and again, if they reject it my guess is were going 50 games but anyway expect the mlb proposal imminently, neil back to you. Neil now, if it is rejected, then what . Charlie thats when manfred could and will likely again based on the what im getting from people, the feeling im getting from baseball people, is that and it depends on the type of rejection if they reject it saying were coming back well give you another proposal, theres a way this thing could keep going and maybe early next week reach some accommodation but if they say a flat no, were not moving off in this 100 prorated salary deal, then he will impose the 50 game season i think, and itll be baseball, but it youll be a far cry from what it used to be but listen all these franchises and the mets are for sale right now, all these franchises are losing money. Its hard to valet franchise when theres no games and when you dont know what the future is going to be like. They need some certainty, the owners do, for their, to basically value their franchise, and they know this as well as anybody else. No one can really tell you what the mets are worth in this environment. I dont care what anybody says how much they pay. They cant tell you what its worth so thats why i think they may reject this, back to you, neil. Neil fifty it game season is id iotic to me but who knows. Its something that some baseball fans would say better than nothing but man oh, man after all this time . Stop it. All right thank you, my friend. Charlie gasparino on that, very close to the story when it happens well think about that, would you want to watch an abbreviated baseball season, if there are no fans in the stand or separated, or i dont know. I dont know. Is bocci ball effected by any of this . Stay with us. Hey you, yeah you. I opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. I just discovered sofi, and im an investor with a diversified portfolio. Who am i . i refinanced my Student Loans with sofi because of their low interest rates. Thanks sofi for helping us get our money right. Now every bath fitter bathbath fis installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Neil all right forget about the drama on capitol hill over how long to continue those generous federal unemployment checks. How do you deal with the fraud around them thats right there has been fraud and apparently a lot more than we earlier thought, Edward Lawrence on that. Whats going on here . Reporter yeah, well when you push 2. 3 trillion into the care s act into the economy criminals eyes lit up and now we have the state of massachusetts reporting a rise in the unemployment fraud based on the extra benefits of 600 a week that the federal government put into those state benefits and the state of washington is saying that theyve paid out 550 to 650 million in fraudulent unemployment claims, Law Enforcement now has been able to get back 330 million of that, but that leaves a quarter of a billion dollars basically in the hands of criminals in one state alone. Rhode island, florida, maryland, seeing same scans and that list will grow. Now, bruce stabinski was the governments forensic accountant in the case against Bernie Madoff and he thinks the lure of free money is too great. Its a total numbers game if they file 1,000, 2,000, 3,000 fraudulent claims, and say 100 make it through the system, thats big money. They just won the lottery on that, and thats with one state. Now they will go do it with another state and another state because the states dont talk to each other. Reporter criminals could just use the same information for that and the state of maryland found a fraudulent website offering to help people with Unemployment Benefits but all it did was collect personal information to file for fraud and since the week ending march 21, 44. 7 Million People have filed new unemployment claims, and seeing states are overwhelmed by those numbers. Many of them date back to the 80s when they were written on mainframes and have not been updated to current protocols, so when you know that you want to explore the system as a fraudste r, you look for those weaknesses and this is the perfect storm. This is all of those things are coming together, controls are down, and some existence controls never really even existed and the fraudsters are simply exploiting that. Reporter and dubinsky thinks its very moment it gets some of that money back, for him the solution is upgrading technology and also upgrading training, because for instance a Computer System could just look for the same number, phone number, on thousands of filings, because the criminals would want them to call the criminal not the person actually attached to that personal information. Back to you, neil. Neil you know, you have to have a special corner in hell to be the person who does that, you know . I mean, to do that . Especially for the folks who actually, yeah, to take that away. Neil absolutely. Yeah, i dont know. Theres a day of reckoning my friend, whatever. Edward lawrence thank you very very much great report a sad but true report at that. Want to go to john tiggs right now. We talk a little bit about governors and the pushback openings in their state and phases in their state, but for most of us who still get a paycheck and we still go on with our lives, its one thing, but what if its your business or what if you need a job and you dont have it . What if its the money and youre not getting it . What if you are, lets say, john and youre running zion springs very popular bed and breakfast and you cant open. You cant do anything . Well in johns case he sued the Virginia Governor and said enough is enough and he joins us right now. John very good to have you. What brought you to this , or you had enough, im suing . Well, pretty simple. I mean, we were bleeding multiple clients a week because they had no certainty this was ever going to end, and our primary cash flow even though were a winery and a Tourism Business is weddings, and so our clients are coming to us saying we cant even imagine that we can do this any more. How are we going to get married with a mask on our face or not more than 10 guests and on and on. Neil so im sure you looked at a variety of other options, you wanted to open sooner. Everything was a go for an earlier opening and then that was pushed back by the governor and that played out una number of states not only virginia, and the argument always is as you know, john, well were doing this for the publics safety and you say . [laughter] well lets be honest. I mean this started out as the Zombie Apocalypse and its turned into a bad case of the flu. Public safety for years, weve never shut down our entire state or commerce, or worship, or anything else for the sake of a bad flu, and thats what we know now, the data has changed. The people who originally told us it was a terrible thing are saying that maybe not so bad, and the way weve always dealt with that is we allow people who take care of the health and safety of their clients to take care of the health and safety of their clients. Thats all were asking im on 24acres. I think we can social distance 150 people on 24acres and yet were being treated like a bar in alexandria, and thats really the point here is we got a singular person, whose deciding for the entire state what the rules are, what the violations are, and you can go to jail now if you dont wear a mask. Its ridiculous and were very very fortunate. Im fortunate to have a delegate here who stood behind us, looked at options, got some lawyers together who said, you know, we think there is a good case and then ironically a democrat lawyer, my personal attorney, took this after his own friend, Governor Northam and we think weve got a rock solid case, and were going to have to stop this in the courts because theres no other way to do it right now. This governor is committed to burning down the house here. Neil unless he opens up like tomorrow. But having said that as you know , jon, there are a lot of medical sites and the cdc who might quibble with your characterization of this virus and the 112,000 deaths in this country and the 2 million cases in this country and the fact that we could have a couple hundred thousand deaths by the fall. Having said all of that, you do offer an argument up of the distinction on your business on a lot of land where people can spread out, youre not some small shop on a busy street, and yet you were lumped into the same group, so how much longer do you think you can go on this way . Oh, we cant. Ive already lost half of my clients for the year, i just lost another one yesterday and its going to continue because people dont plan a wedding next week. So theyre looking down the road trying to figure out what they can and cant do, so were probably 30 days out from being done, because everyone else is if they continue to get the word and this is the word from our governor is that hes keeping it in a state of emergency if i went into school hes already put restrictions and hes personally going to decide what happens at schools and who can play sports and who cant and who can go on a bus and who cant so hes seized control based upon emergency powers, theres no legislature being brought back and we are being taken down this road probably until the election it looks like neil but doesnt the phase ii part of this that starts at least benefit you more than going from zero . Do you know what i mean . Like theres a modified opening i guess, up to 50 people. Would that impact you in a positive way . All my weddings are for customers to have 125or 150200 people. No it doesnt help and worse they still got to wear masks and social distance based upon their rules and its completely unacceptable. In fact the whole Hospitality Business is being treated this way, whatever events, concerts, wineries, restaurants its an unsustainable model and we got one person unthable who is deciding what we can and cant do. Thats not the way a government is supposed to work. Were supposed to have a legislature that tells us what it is. Were supposed to have public comment. It hasnt happened. Not even the board of health got back together for the first time in three months last week and they did not go through anything related to business in six hours session. Its not going to happen without the courts. Its the only way things are going to get done at this point. Neil well watch it closely, jo n tiggs, we did put out a call to Governor Northams office, weve not heard back stay with us what youre seeing is real on the corner of your screen. Weve surrendered about an 800 point gain to about 70 point, after this. 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. I come face to face with a lot of behinds. So i know theres a big need for gasx maximum strength. It works fast. Relieving pressure, bloating, and discomfort before you know it. So no one needs to know youve got gas. Gasx and let me tell you something, know yrodeo. T gas. I wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. Call now and get your free info kit. Other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. Discover the option thats best for you. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Youve probably been investing in your home for years. Making monthly mortgage payments. Doing the right thing. And its become your familys heart and soul. Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. 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, we had the s p briefly in negative territory first time all day here the dow had slipped sub stan stallly from its highs although it had been up better than 800 points easily making up more than a third of the ground lost yesterday, but the latest of selling a little bit might be coming from the Federal Reserve, of which said not too long ago that covid19 recession is already putting downward pressure on wages. You might recall that Jerome Powell and his comments the day before yesterday about the fact that his covid19 thing is not going away and its a serious issue, will be a drag on the economy, prompted a very very, you know, very brief and to the point from the president as the fed is bouncing it again, so theyre back on those speaks terms but the idea that additional comment on the Federal Reserve that this puts downward pressure on wages, while people want to see inflation might welcome that , they really dont like to hear that this is going to be yet another negative for workers down the road. That and the fact that the global case us have just topped 7. 5 Million Worldwide more than 2 million here just has people on edge. Thats part of whats going on here, but still the reopenings continue in this country, the spikes in cases notwithstanding and most states handling it here and countries handling it all over the world, that these spikes are going to be expected and manageable, so the back to work trend continues , and that would include by the way hollywood. Gerri willis with more on that. Gerri well, we had planned to show you the trailer for tenant , do we have it . I suppose not. Its a thriller that has all of the ingredients to be a summer blockbuster there it is. I hear it in my ear. A respected director Christopher Noland and actors John David Washington and Robert Patterson and a heavyweight studio. And the good news starting today , movie production and movie theaters allowed to reopen in california, after 13 weeks due to covid19, and notable in other parts of the country the industry has not reopened. Now, the stakes for tenant director noland in the industry could not be higher. Listen. Its an innovative original concept sort of time travel thriller and hes convinced that this is the film that well sort of have the public and get them out of quarantine into theaters. Gerri but it also impacts la county, where the movie business is the Third Largest industry employing 5,000 small mom and pop businesses and 260,000 people and the losses to the industry globally is 5 billion, but life in the industry for movie fans will be very very different. Movie theatre chains, some like Amc Entertainment warning of possible bankruptcy are expected to spread out seating for audiences and require masks unless youre eating popcorn of course and some shocking changes in hollywood for movie production, sex, for one may be out of the picture. Listen. We dont think well be see ing a lot of scenes written for romance, close physical contact between actors, at least in the immediate future. We do know that frequent testing will be required for actors, because they will be in closer contact than most of us will. Gerri its not just romance being written out of the scripts either, neil. Guess what theres a big battle scenes, they will all have to be cgi. Back to you. Neil all right gerri thank you very very much again keeping an eye on these markets as gerri was speaking here a lot of hollywood players were taking it on the chin by the way in the entertainment houses as well as the air lynn and other stocks that were soaring earlier, not doing quite as well right now. I did mention airlines i do want to let you know that people are committing to flying again, but its going to be a different world, forget about when they get on the plane. How about when they get to the airport . Well explain, after this. Neil well, if you were getting a little stir crazy here you probably have already booked your next flight out, somewhere, anywhere, but its going to be a different world when you get on that plane and by the way long before you get to that plane, in the nations airports, its a whole new world. Denver International Airport ceo kim day on some of the changes. You might want to be prepared for , and ms. Day good to have you thank you. Thank you. Neil what will change certainly at your airport, its a big one, what will change . Well i think, you know, right now everyone is Wearing Masks for one thing, but what we hope will change is we hope we can implement some technology to make the Passenger Experience better. Today, were seeing very few people, we are able to social distance people and keep them safe that way but as passengers return, were going to have to rely on other methods. Neil so right now, i mean, the crowds are manageable, probably more than just manageable but obviously, as you know, people come out and they start making good on the reservations to fly again, im wondering if you are advis ing they get to the airport earlier than normal, what do you tell them . So i think no were not advising you to get there earlier because right now were running at about 20 of our normal traffic. As the summer progresses we hope that grows, but still, its not enough people to warrant you getting there extra early but we want you to know is that the airport is extra clean. The airplanes have never been cleaner, and right now, by wearing a mask and social distancing, you can be safe on your travel. Neil you know, on the security lines and the older rules still apply . Obviously liquids and all of that stuff, but you talked about distancing provisions in effect. How long will that whole security line procedure take right now. You did talk about the smaller crowds i guess 20 of what they normally are at your airport, but they will build and im just wondering what are some of the changes people can look forward to . So the tsa put in place some protocol to reduce the amount of touching that goes on both with the passenger and with their employees, but no, theres nothing that is lengthening the time of the process. Neil and your workers at the airport, it must have been like tumbleweed at its worse but now people are coming back and they must be excited about that part of it, right . Yes and all of our workers are doing selfhelp checks. We are making sure that the entire experience is safe, were working with our Airline Partners some of whom are requiring masks, some of whom are taking temperatures, some of whom are testing their own employees, so everyone in the Airport Community is making sure that its as safe as possible. Neil well you know, ive been to your airport many times its a pretty cool airport. Thank you. Neil it can also be a destination in itself, kim day, denver International Airport, that big tent is outside, very very interesting. Enough of my amusing on airports , after this. Were carvana, the company who invented car vending machines and buying a car 100 online. Now weve created a brand new way for you to sell your car. Whether its a year old or a few years old, we want to buy your car. So go to carvana and enter your license plate, answer a few questions, and our technowizardry calculates your cars value and gives you a real offer in seconds. When youre ready, well come to you, pay you on the spot, and pick up your car. Thats it. So ditch the old way of selling your car, and say hello to the new way at carvana. Neil with two hours to go here, it is all done. You know, stuart varney, at the start here, he left me with like a 700 point rally i have taken it from you, havent i . There is good news, Charles Payne is coming up here. I guess it is often times very very difficult to see a oneday turnaround so well still see two hours to get it, but its getting to be a crazy day. To you, my friend. Charles the most volatile year in american stock market history continues, neil. Thank you very much my friend. Good afternoon everyone. This is making money. Im Charles Payne. The rally has evaporated at least todays rally. We had a big route yesterday, the biggest since mid march. Coming up, why you must reconsider the narratives from the Financial Media which i think has an agenda thats increasingly disrespectful of the intellect and goals of individual investor. Meanwhile america is getting back to work. Congress cant though sit back and wait for a downturn. In ten minutes a special guest who says more help is needed to be on the way. It must be here by next month or th w