Transcripts For FBC Cavuto Coast To Coast 20240712

But you have to think of where we were and even with todays selloff, it is not really affecting all sectors. In fact more than half are still up. The fact of the matter technology, we just cant seem to pause even for a nanosecond, continues to advance. Well go over all of that, including things that could be weighing on stocks, including some extended shutdowns and restrictions everywhere from texas right now, what is going on in florida as well. Then there is hope on the virus front. That of course is something that is not seen all the time here but on the vaccine, more to the point of the virus, we keep track of this thing. There are about nine premier offerings or combinations being touted by various governments or biotech concerns of that, that are promising everything from an antiagain, quickly can tell you whether you have the virus in matter of minutes all the way up to vaccines potential curse that could be available soon as end of this year. The u. S. Investing a princely sum of about 1. 6 billion in novavaxs offering on the belief that maybe lets get going on 100 million doses that could be ready by 2021. Well detail you on all of that. In the meantime were focusing what is happening with the white house right now and the president is set to talk about the constant reopening theme, namely for schools because a lot of states and municipalities theyre perplexed whether it is going to happen this fall. The president sending a message out, it is important, it must happen this fall. Edward lawrence following all of that. Hey, edward. Reporter neil, from the white house the president and the first lady will host a National Debate here at the white house later on this afternoon, moving schools, reopening schools. Economic advisors here believe that opening schools will keep the economic momentum moving forward. Here is the heart of the debate here, 29. 1 of adults say they had to skip work or stay home from work to use child care, to do child care according to the centers for Disease Control during this shutdown. In fact under the payroll protection program, 4100 child care businesses needed loans of more than 150,000 to stay afloat. Some political experts say it is easy for president to win election with better economy. Going back to school means spend spending on school supplies. The president saying corrupt joe biden and democrats dont want to open schools in the fall for political reasons not health reasons. Yesterday new york governor Governor Andrew Cuomo says its a fluid decision. We want kids back in school for a number of reasons. Were saying we dont want children to go back to school until it is safe. Im telling all School Districts to have a reopening plan. Reporter 1 3 of homes have a child under age 14. When expanded Unemployment Benefits run out and 50 million workers will have to decide whether they stay home or go back to work. Gender gap could widen from two incomes. Online casts may be less effective. Education inequalities may widen as higher income families have more resources to have their kids learn in other ways. The Vice President will talk to the governor in a phone call and probably mention a few of those things. Back to you. Neil good job my friend, as always edward lawrence, go to phil keating, florida, that turn into a hotbed of difficulties, and reopenings, particularly miamidade comes to mind. Phil what is going on . Reporter south floridas reopening plans are seriously on the rocks, heading back into the direction of that super may shutdown that wrecked the economy as covid19 cases keep on criming. Miamidade is retracting 50 capacity for Indoor Dining rule that restaurants have been doing for five or six weeks. No more. Starting tomorrow, only takeout, delivery or Outdoor Dining if they have it will be allowed, another crushing blow to the service industry. Beaches are back open today after closing up and down the coast for the 4th of july weekend. Miamidade countys mayor has brought back the nightly 10 p. M. Curfew. Movie theaters, bowling alice, strip alleys and strip clubs are back to being closed. New all time oneday high on saturday of 11 1 2 thousand. That is the most of any state since the pandemic began. Todays number out about an hour ago, 7300 new cases. Floridas governor expressing calm and not rolling anything back. Showcased the bar graph showing floridas fatality rate for positive cases is much lower than many other states, including connecticut, new york and michigan. This is a virus that does not affect all age groups equally. It is much more lethal for people who are in their 80s and 90s. Reporter miamidade has a third of all the states surge in cases. Testing is up but so are covid hospitalizations, icu admissions and ventilator needs, all up double. Five orlando area hospitals now reported to be totally full, no more capacity in their icu units. However there are available beds in the area at other facilities. To date florida has had 214,000 covid19 cases and nearly 4,000 fatalities. Neil . Neil thank you my friend, very much. Phil keating. Phil touched on governor rohn desantis. He will be addressing reporters in another hour. Well dip in if there is update to a lot of revised restrictions fill got into. Meantime the markets are weighing other developments far more promising on the virus. The very low death counts were seeing that might be a lagging indicator. You like to see that happening even as the expected rise in cases with all the testing going on is going to materialize. You dont like to get all the positive cases were getting. That is a bit of a problem. But that is one one of the thins markets other people look at, doctors more favorably. Because of those who are getting hit with this, are dealing with it. It is still early here as we get the numbers, follow the process but hospitalizations nationally are actually down. It is in the problem states like texas, florida, arizona, particularly arizona where there is a limit on the icu beds that are available. I believe theyre at roughly 90 capacity right now. Well keep you posted on that. Also keeping you posted on some promising vaccines and treatments an antigens are coming to the fore promising at end of this year. I want to get intoth with joe durant, Goldman Sachs personal management. Joe, remarkable how talk much vaccines and treatments, whether it is regeneron and novo wax or Becton Dickinson antigen you mention progress on that, and people get excited, rightly so what do you think . Like of coming to peace after war, you have to think what were going through with the pandemic like a war. Were in the midst of it. There is no resolution. Talk of finding finding a cure, october to go back what was normal allows for the ability to imagine getting through it. So it is really helped to think of it, in that pairable. It is like a battle. Signs after peace treaty we can go back to normal. The question is, will the recovery once we even get it look the way it did . What youre seeing in all the tech stocks this, is accelerant to fundamental change a structural change how we work. So it does matter a lot we find a cure or a way to measure and identify sooner but for the meantime were still living with this, with some uncertain involved. As you can see from what weve had in california and florida, the reclosing, that the recovery which we had assumed was going to be a 33 increase, quarter over quarter, were not dialing back to 25 and who knows what happens if we continue to see these spike in cases. But yes, talk of a resolution is always helpful. Just like finding peace in the middle of a war would be helpful. Neil yeah. You know what is interesting too . You look at the state has are delaying their openings or in some cases reversing them, it does call into question that vshaped recovery and all of that, i get that but throughout we keep getting surprising data on the home sales front and just this morning a big increase in job openings in may that was significantly stronger than most thought at about 5. 4 million versus the 4. 8 million estimate. We keep getting data like that. Im wondering what you make of that, whether that will provide a foundation for nervous markets . Yes. Well two things are true here. One, two things happened on a federal level that have been very helpful. Number one, all of the support that was given in a fiscal sense blunted impact that most people felt financially. Many of the people in the Service Industries are making more not working than they were working. That is helpful. That comes to an end. Looks like there might be an extension of some form. That is the first. The second the feds put a lot of money in the system and reduced Interest Rates to zero which makes stocks being the only viable alternative. So when you have a really no good place to put your money, that pushes you to the stock market, but the economy itself has not really suffered a lot because we pumped trillions of dollars into the economy. You cant keep that on forever but we know that this will pass. This wont stay with us for five years or 10 years. This is a temporary thing, even if we dont get a cure, it will be resolved probably this time next year. Again im not a doctor, but these viruses do pass, even if you dont get a cure. The more that time passes neil were still dealing with this next year at this time, joe, man weve got more problems than we were originally counting on. Thank you my friends. Always good seeing you. Continued good health. Joe durant. We were also looking some other ways washington is trying to stimulate things. You heard a great deal about i Paycheck Protection Program was to help Small Businesses get a little dough to help them, all the ones getting funds, theyre not hurting. Kanye west looking at potential run for president , his yeezy Clothing Brand got dough from the government. P. F. Changs chinese bistro, girl scouts of the United States. Five guys enterprise delicious burgers. Do you need our tax help to keep churning them out. Lets get the read of all of this from chris bedford. This is a long list, a whos who list, you wonder about all the people that didnt, what do you think . It was difficult for little guys to get loans. The way congress wrote this was relaxed last minute by lobbying the banks that wanted money to move easier. While the Small Community banks are phenomenal getting money to their community, they rely on and a part of, incentives for bigger banks have not lined up that. The law was firstcomefirstserved once the loan is submitted to the bank for the Small Business administration, before that banks were choosing companies that owe them money. Companies more likely to survive. Companies where they could make a higher profit than the smaller loan for giving this loan. They were polluted in that way. These are moneymaking institutions. Because of that, because of the lackness of some of the law to make money move more quickly, Big Companies got taxpayer money that was meant to keep main street alive. Neil we should stress here, chris, none of this was illegal. They could do this if they wanted to, if they met the criteria. They had a s. W. A. T. Team of lawyers and accountants at the ready to put this together like you said small momandpop concerns are not so prepared but it will raise questions Going Forward beyond expanding this program who you expand it to, right . Absolutely. Congress had to move quickly on this i understand they had a lot of pressure. The banks were never an ideal way to deliver this money but they were in the business of making loans. Fortunately the government is not in the business of bailing out the entire u. S. Economy at once. So they went this way but congress will have to do a postmortem on this, and say where did the money go . Fortunately secretary mnuchin has indicated that companies did not deserve the loan, did not actually need it, he will claw back and investigate them. A number have already given that money back. Some have refused. Neil this could be a big issue for kanye if he runs for president , right . They will raise this issue, kanye, your first, your first crisis, right . What do you do . Like donald trump said. I used the system because im smart. Neil yeah, that is exactly right. Chris bedford, great catching up with you, my friend. As chris was speaking you might notice the dow accelerated some losses having nothing to do with chris, down 209 points here. It is the issue of a potential spike in cases that is rattling folks. All these reports of violence in one American City after another. Each and everyone apparently unprepared how to deal with that. When we come back, well be looking what is going on in seattle right now. You would think with all the concerns of sixblock area taken over by renegades, they would look at legislation or something to address the crime problems and all the problems that came with. That you would be wrong. You wont believe what theyre looking to do in that fine city that speaks volumes about not paying attention to whats going on. We created massmutual healthbridge, a free Life Insurance program. Its specifically for healthcare workers battling covid19. And its our way of showing thanks. Wind blows through my hair dont care if people see me dancing in my car i got you stuck on my mind and i feel so alive and fly and freely floating through the open sky and if it shines or rains oh i cant complain its still a Beautiful Day because i got love, got love got love, got love its a Beautiful Day got love, got love got love, got love can i be washed away [vocalizing] as long as i got love, its a Beautiful Day. Iredefined the wordng thschool this year. As long as i got love, its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. Neil you know, seattle is a technology mecca to the world. Probably some of the smartest folks live there but not necessarily when it comes to the local seattle council, in the middle of all the crime and violence and the disruption, zoning off a sixblock area that resulted in, still more violence, in the middle of that, given the first actions it could make as it regrouped, that is the council it, comes up with a tax on big businesses that pay high salaries. Im not saying that is not an unimportant issue down the road but it is sort of like ignoring the fire that is right outside of your house. Rebecca walser, i dont know if this solves anything. We can get into wisdom of taxing companies, but seattle seem to have more immediate problems on your streets. What do you think . Neil that is a big problem. They tried this in two years ago in 2018. They were faced with a voter referendum, repealed it automatically. But what happened since then, five Council Members probusiness, were supportive of amazon before were replaced and now you have 72 vote basically said yes, were going to tax any company that pays more than 7 million a year. Im seeing these big business, 7 million a year we would consider a middle market company. Or even small to middle market companies. This is not amazons. This will impact a lot of businesses. For anybody being paid over 150 thousand charge them a tax from 1. 7 to 2. 4 . That will put seattle top tax rate for state sales tax or local tax what we call it in the tax world and it is shocking, neil and heres why it is shocking. It is almost punitive tax at this point. What are we getting for the tax or services . Class action business lawsuit going on against the city of seattle filed by businesses that were basically considered held hostage in the autonomous zone they were completely without services. They were left to their own devices, abandoned by the city. Theyre coming back, theyre saying now we want to increase your taxes if you are paying more than 7 million in payroll out a year. I cant believe it im shocked. Neil well theyre also separately looking at an asset tax as well. Amazon is headquarters are there. He is the richest man on earth with runup in his stock well over 3,000. Were taxing some assets. From what i have read and seen in seattle, issue is not lack of money, it is more issue of wasting a lot of money. Getting more of it wont alleviate the homeless problem. Wont alleviate the disruptions that the city saw, pretty violent ones they saw in the past month. So im wondering if theyre just making business out to be the villain here. They get plenty of dough. It is just going to weird places. You know, neil, there has been some great documentaries on seattle that are nonpolitical. They have no political bent but it actually tracked Police Officers and one guy, i watched one documentary the guy had been with the force of seattle for over 20 years and he just said, you know what . It is pointless because we arrest these people. They literally get released immediately with no bond, no jail time and it is just, there is no point. What they have in seattle is a very big heart for Homeless People but what that has done, they have all the drug programs where they can have their safety for their drugs and all these things, all that done is attract the Homeless People. Theyre getting more and more people coming and less and less businesses because there is no protections of staff. Like some cities in california consider theft under certain level as not a crime. They will not pursue it. They will not actually prosecute it. So, when you have these kinds of policies it attracts those kinds of people and businesses get pushed out or they get turned out because theyre clients come into their door without fear of you know, having to deal with that kind of population. So theyre has to be some sort of law and order for these services or businesses, not just agree to pay these taxes. They will move. Amazon is, as great as jeff bezos might be the weve ever seen, amazon still has to answer to shareholders. They will have to say, hey, does it make sense for us to continue to remain in seattle . If this keeps going, they will say no. At some point they are going to say no. This is not logical. Neil yeah. It is one thing to sort of bite the hand that feeds you. It is quite another to gnaw on the arms and rest of the limbs as well. Well monitor this. Seattle is potential blueprint of things to come as states and municipalities grapple paying for everything after this. The most common tactic to go after companies, go after wealth and maybe go after you. Were having the dow down 211 points. Jarring developments including on the virus front. Including brazils president , jair bolonsaro, 65 years old, routinely masked at the coronavirus, he just tested positive for that virus. After this. Introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Stocks by the slice from fidelity. About medicare and 65, ysupplemental insurance. Medicare is great, but it doesnt cover everything only about 80 of your part b medicare costs, which means you may have to pay for the rest. Thats where Medicare Supplement insurance comes in to help pay for some of what medicare doesnt. 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There are 3 key things you should keep in mind. One if youre turning 65, you may be eligible for medicare but it only covers about 80 of your Medicare Part b costs. A Medicare Supplement plan may help pay for some of the rest. Two this type of plan allows you to keep your doctor as long as he or she accepts medicare patients. And three these are the only Medicare Supplement plans endorsed by aarp. Learn more about why you should choose an aarp Medicare Supplement plan. Call today for a free guide. Neil all right. Well be monitoring Florida Governor ron desantis who is addressing reporters right now on news of new restrictions in the state that included dialing back on, in dining and the rest and continue to keep a number of beaches shut. Well monitor that for you. Meantime monitoring the conundrum for a lot of employers who want their workers to come back. Many of those workers are leery about it, mainly because some of them are getting those extra federal government benefits that total 600 a week on top of their state benefits. Theyre crunching numbers, saying wait. Kristina partsinevelos is following that. For the folks who want them back it makes things rather difficult. Kristina . Reporter right. The coowner of this Grocery Store chain behind me says some former workers are taking advantage of the system. With 16 locations around the city Morton Williams says theyre trying to rehire workers. They say the extra cash from the government makes the rehiring process a struggle. The coowner actually said some workers are doubledipping, working while claiming benefits, or some workers who left voluntarily are also filing for unemployment. You have the chain refuted claims to the state but new york state has not responded. We talked to the coowner, who said it is amazing how many people filed for Unemployment Insurance. Over the past four months we let go total of three or four people, can you imagine that . Three or four people total in our entire chain of 1200 people. We now have 600 unemployment claims of which 1 off have already been paid. 160. It is just mindboggling. Reporter not just Morton Williams. I spoke to the owner of a new york city bar, some employees are demanding 20 an hour to enhanced benefits, or working less than 30 hours a week to get the benefits. We reached out to new york state with this quote. Unemployment benefits are a life line for workers that lose their job. It is unacceptable that dishonest individuals would seek to defraud the system for their own gain. Make no mistake, cheating the unemployment system is a crime. A lot of people are staying home not returning to jobs because of Health Concerns and care giving. But you said it could also be from the combined income from the government benefits. You get 600 a week from the federal government. There is additional amount from the state level. Here in new york, the minimum amount is 172. That is adding to the struggle for a lot of businesses to rehire. New Research Shows 32 of Small Business owners for the month of june are struggling to find employees. So you have struggle of rehiring, the piles of paperwork for unemployment claims and the possibility that rates could increase for Unemployment Insurance that a lot of these Small Businesses locations. That further adds to the woes of Small Business owners. So doors may be open, but business is far from those precovid levels and the struggle to rehire continues. Back to you. Neil wow, how much more can these guys take . Kristina, thank you very, very much. Kristina partsinevelos on that. I promised you we would continue to listening to Florida Governor desantis. Were getting news now that 54 florida hospitals in some 25 counties are now at full intensive care unit capacity. This is something they follow very closely because its a situation that they bumped into in arizona, in texas, depending on the city and the county. The number of icu beds is getting higher and higher and higher and those occupied on a percentage basis higher and higher. Not all covid19 patients i might add but a full icu is a full icu. Its a worry. Were worrying in florida as well with 25 counties reporting among 54 hospitals that they are stuffed to capacity. Well follow that. Were later on watching the president will ought line what he wants schools to do. He is very scoon on it. You heard earlier on this network, that Governor Andrew Cuomo is keen on schools opening as well but he wants to make sure it is done safely. This is the defining issue at the moment in this contest and president s response will probably decide which way this thing goes. A little too early to decide it on a single issue. This one is front and center for the timebeing. Jerry seib joins us, wall street journal executive washington editor. Much more to us, crackerjack writer and thinker. Jerry, on the virus and the commoditilycations around it and businesses have tough time for people to get waned off government help to come back to work, up surge in cases for a number of states it is looking kind of bumpy. Nationally not as much but whats your take on how its affecting this Election Year thus far . First of all i agree entirely what you just said. In conversations with Trump Campaign folks and Biden Campaign folks it is striking they dont agree on much obviously, but they agree the coronavirus is back as the paramount issue in this election. Maybe a few weeks ago that didnt seem as likely. Maybe the virus grip on the country would have faded or eased by the fall. Now it doesnt look that way. I think both camps see the strategic landscape the same way. This is now the paramount issue. Now their prescriptions are obviously way different, the message will be way different. I think trump message will be im the guy who can reopen the country and not let us get paralyzed by the virus. By reopening, he doesnt just mean businesses as you just suggested, he means schools. The biden message you have to have a more robust government response because you will not reopen the economy and not reopen schools unless the virus is in better control and that requires a more aggressive federal response starting now before it gets worse. It is interesting that the virus is back as a political issue as big as ever. Neil you know, the markets might of today, jerry, have been storming nicely. Nasdaq record after record after record. With a backdrop of polls that dont look good for the president. Im not making a personal statement here to say, wall street made a lot of money under this president just as it made a lot of money under bill clinton. So i dont think they cast political aspersions here. They like making money. They made a lot of money under donald trump. Im wondering polls that show the president might not get reelected dont seem to jar these guys. Why is that or is it just a matter of it being early . Well i think it is early but i also think the reality is, youre talking about markets being now buoyed by what you can pick your figure, but 6 trillion of government cities assistance. That is nonpartisan idea. You put that much additional help and stimulus into the economy and thereby the markets i think you get an effect and that is not a political judgment and i dont think what youre seeing in the markets is a political call necessarily one way or the other. It is reality, depending on your standards for success the Government Intervention here has worked and thats the reason youre seeing what youre seeing and different than what i would have expect the four months ago but thats the reality where we are. Neil nevertheless, youre right i think stimulus is still out there even if its late, it is debated, it will be out there no matter who is elected but if you think about it, joe biden will be raising taxes. Depends who you talk to how much. We know the corporate rate by his plan would go to 21 to 28 . It would reslap the hightaxed measures we had on the wealthy, maybe go after some others yet the markets seem to digest that and im wondering whether theyre not paying enough attention, if that sinks in do they start guarding against that, what do you think . I have two thoughts on that, one of the other realities is here if youre a market analyst and looking at picture in washington where i live down here, one of the things you say to yourself nobody in either party cares anymore about the deficit. There is not going to be any boundary how far the government can go to keep things propped up. Every president wants things propped up. That would be donald trump or joe biden. That is one reality. The darker reality, there is some things in the preceding segment talked about this, happening in the real economy not fully reflected in the market yet. Small businesses as previous piece indicated are still struggling. The programs have helped and not have been effective and targeted or precise as the government hoped and things are not taking into a account yet. Potential of waves of foreclosures on mortgages, for example. Peoples job lost turning from temporary into permanent as this plays out. I think there are some dark undersides to what were seeing right now maybe arent fully reflected in the market because theyre not quite there yet but they are going to get there. Neil all right. Well watch closely. Jerry, always good catching up with you. Continued good health. Be well. Jerry seib of the wall street journal and much, much more. Confusing times for real estate too. We have a jimdandy special coming up for you, virtual town hall 48 hours from now. Barbara corcoran will be my specs guest. When we look at real estate and opportunities there, that is percolating not too far from where i sit in manhattan is not percolating. Some swanky condos and penthouses are not moving. The only way they get them moving is dramatically slash their prices. Are average millionaires and billionaires doing what everyone else is doing, rethinking where they want to permanently be . Why the suburbs are looking hot. Cities are not. Were exploring that. Looking forward to your questions. Invested in you foxbusiness. Com. I reminded a lot of folks i seen some of your questions, some have been personally nasty and some have made comments about my weight. I told you a thousand times that the camera adds 50 pounds. Unfortunately for me i bumped into a few of you in my local time see me, say, no, it didnt but im telling you i dont need the nastiness. Constructive questions on housing and economy on thursday. Stay with us. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Neil all right. Everyone focused right now on Ghislaine Maxwell. Xi is expected to appear for a court bail hearing next week. Not so much what she knows but who she knows in concert with the whole epstein case where it is going. Bryan llenas following this better than anyone i know, joins us right now from brooklyn. Reporter neil, good afternoon. Former girlfriend and long time confidante and alleged madam Ghislaine Maxwell was sent to the metropolitan Detention Center in brooklyn. This is a far cry from luxury she is used to. She was arrest the at one Million Dollar estate in New Hampshire last thursday. Week long power failure forced inmates to live in very cold temperatures in dark cells during a polar vortex. This facility though is just 20 minutes from the Metropolitan Correctional Center where Jeffrey Epstein was found in his jail cell in apparent suicide last year. Reportedly the bureau of prisons is doing everything they can to insure that maxwell does not suffer the same fate and actually makes it to trial. According to the new york post, maxwell is guarded by the prisons highest security variable. Shadowed every time she leaves her cell and a surveillance camera is focused on her cell as well. Maxwell is said to know a lot of information about epstein. She introduced him to britains Prince Andrew hot who the fbi is trying to interview. Reports that maxwell has videos from inside of epsteins new york mansion. Attorney Glorida Allred represents epstein aabusers thinks maxwell will plea. She could decide she wishes to cooperate, become a cooperator with the prosecutors. She knows quite a bit about the powerful men who were close to Jeffrey Epstein. Reporter and all of this, neil, as today, Deutsche Bank was fined 150 million for their associations with Jeffrey Epstein, the first time that a bank has been punished for its association with epstein, alleged for essentially enabling him while he was making all these payments to coconspirators and other women. Neil . Neil bryan llenas thank you very, very much for that. Meantime here, we should let you know about all the violence that has been occurring in cities and states across the country. Georgia Governor Brian Kemp says he wants to deploy 1000 National Guard troops, declare a state of emergency because of all the violence especially over the fourth of july weaken which an 8yearold was killed among others. We have joseph pinion following this closely. Joseph, if you add up deaths and shootings the past four days, were close to 50 deaths and were well over 300 folks that just got shot. Im wondering the president made it clear to those states and city where this is happening, you cant control it, i will. Are we at that stage now . I think were 100 at that stage. I think again if were going to have people who criticize President Trump and tell him that Justice Reform has to mean more than pardoning alice johnson, we have to know that justice for black people has to mean more than tearing down statues of people who are no longer here. We have to talk about 3yearolds being shot dead in driveby shootings. We have to talk about the fact in new york city in the month of june alone, every single murder victim was a minority. Were looking at homicide in the city of new york city up 27 alone yearoveryear last. Go to a place like chicago, were up 83 over the last month in homicide. So we are a nation coming undone when it comes to law and order, talking about safety and security for people who need it the most. So if were going to make this moment a chance to stand here and say that we need equality for black people, security for black people and justice for black people and most assuredly we need law and order to keep black people safe and individuals running around yelling defund the police are clearly missing the forest from the trees. Neil i think it was you who said all black lives matter, not just some black lives. This increasing escalating violence is a reminder of that, huh . Yeah. I mean i think, when you really break down the core issue here, i mean what is this moment going to be about . Are we going to talk aabout symbols of racism past or are we talking about substance of reform to have the 21st century all people deserve . When you talk about what is ailing black communities, it is not really talking about statues. Were not talking about mrs. Butterworth or uncle ben. Were talking about families in the midst of a covid19 crisis where youre seeing more black people affected. Seeing more black people lose their jobs. Seeing more black people unable to pay their rent or mortgage, have to contend the fact that children are being fitted for coffins. If we dont have that stark conversation, none of the other conversations really matter. When i have to sit here listen to bill de blasio talk about were the safest big city with families over here trying to put loved ones in the ground where family members cant even attend, they have to have a funeral via zoom, it shows me how out of touch some people are with the actual pain and suffering afflicting people each and every single day. Neil man, thats powerful my friend, thank you very, very much. I cant top that. So i wont. Well have more after this. I got an oriole here. Eh. Common bird. Ooh look over here something much better. There it is. Peacock, included with xfinity x1. Remarkable. Fascinating. Very. It streams tons of your favorite shows and movies, plus the latest in sports news and. Huh run the newest streaming app has landed on xfinity x1. Now thats. Simple. Easy. Awesome. Xfinity x1 just got even better with peacock premium included at no additional cost. No strings attached. Just say peacock into your voice remote to start watching today. Neil you know, walmart did very, very well through the whole virus thing and people staying at home and ordering things and then now getting opportunity to order some more online but this news it is taking on amazon prime with a 9dollar 98 a year, service include grocery delivery and gasoline perks, that is taking on more. Amazon is such a behemoth where competitor from a single entity doesnt do anything one way or the other. It is down more than 16 bucks. It crossed 3,000 a share just yesterday. The stock effectively doubled in the last 10 months. The fight is on online. For these two who are now trying to pursue the shopper theyre trying to make it as entices as possible. Stay with us. Youre watching fox business. R Car Insurance so you only pay for what you need . Given my unique lifestyle, thatd be perfect let me grab a pen and some paper. Know what . Im gonna switch now. Just need my desk. My chair. And my phone. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Neil all right. As you have been hearing, let the reopenings continue. They have been a bumpy ride. Floridas governor just finished speaking with reporters in which he said some of the Indoor Dining reversals will remain in place, especially for multiple counties in the southern part of florida. You are seeing this played out pretty much across the country where some new hot spots in the likes of texas and arizona, where they have been experiencing rocketing use of icu beds and the like, not all covid19 cases, but they worry when that gets very very high and we are about 90 plus capacity in a couple of those, particularly arizona. We will detail you on that. Nevertheless, there is still a full push to reopen this economy and the president now setting his sights on the fall, saying its important that all schools reopen in the fall. Margaret spellings joins us, the former bush 43 education secretary. Secretary, very good having you. I guess they will work out the details how you go about this. The argument is that its safer to do because kids dont get the virus or they are largely resistant to it. That doesnt mean they cant carry it to older teachers and administrators. I dont know what the medical details are. But the president still wants to see those schools open in the fall. How doable is that, in your eyes . Well, i think it is with great care and caution and great planning and great communication. I think we have all seen how integrated functioning of our schools is with the functioning of American Society and business. Parents who are working from home cant do so very effectively whether they are trying to manage a couple kids and teach them how to read. I think we can do it. It will take a lot of planning and communication. Neil you know, all the way up to the college level, when you think about it, i was curious that harvard, for example, will be going pretty virtual in classes this fall, but charging the full price of tuition. A lot of people are sort of recoiling at that. Its unique in that respect. How do you think of the way colleges are preparing for this . Well, this is the beauty of american higher education. There are so many options. I think people who are pricesensitive more than they are brandsensitive will maybe take a look at that. But i think we all hope that this is a temporary situation, that at harvard you still have access to a world class faculty and world class peers and that well be back online within a year, lets say. So you know, certainly weve got to make the financial aspects of this work as well and they are still paying their faculty and frankly, a lot of things are even more expensive with the need to clean and the need to filter and the need to distance people and on and on. Anyway, consumers can vote with their feet on that. But still, its a great time to invest in yourself and invest in learning and to do something that no one really can take away from you. Neil all right. We will watch it closely, secretary margaret spellings, thank you for joining us. We will get details of the president s plan to reopen, this is largely elementary, middle school, high schools hes talking about here, not so much in the college arena, but we will be looking out for it. Dr. Nicole safier joins us now. Doctor, this push to get schools to reopen, Governor Cuomo has said he would like the idea, he wants to make sure its safe. Do you think as things stand now, its safe . Well, neil, i mean, when it comes to reopening schools, you cant just its not a big blanket answer that i can give you. Its going to really come down to not even state by state but School District by School District. The American Association of pediatrics or American Academy of pediatrics, they said that any plans Going Forward need to strongly consider inperson classes, especially for the younger children, and its because inperson interaction is just so vital to their development. So as a mother of three, of course i am strongly encouraging schools to be creative and come up with ways that they can safely have children come back to sdochool. That being said, a lot of School Districts will have a very hard time funding some of these measures that they may need to take to keep children safe. Neil so for those schools that have to change things around, lets say you normally have a class of 30 and now its going to be a class of 15, i dont know how they are going to do it, to be honest, how would you as a doctor and a mom, three kids, how would you advise handling this . Well, theres a lot of things that can be done. It definitely differs depending on the age, level of development of the child, but that being said, it sounds silly but hand hygiene, something we have been talking about for a really long time, is really the most important thing. Its not just about washing hands and making sure children arent touching their face which let me tell you, thats very difficult to get kids not to do, but its also about how close they are with other children in indoor confined spaces. We need to communicate with our children, we need to make sure they are aware how this virus transmits and we need to have the classrooms think of different seating charts. How can it be so that children are spread apart a little more, can there be crossroom ventilation by opening up windows or having a stronger ventilation system, should there be a stronger symptom check for children coming in. A lot of kids get sent to school because their parents just think they have the common cold. Thats not going to be the normal Going Forward. We really need to continue to strongly encourage people to be getting their entire family flu vaccinations as we enter the fall. Neil i would like to just end on some news that has come out of this florida presser, doctor. 54 florida hospitals in 25 counties are kind of at the max on intensive care beds. We have heard similar reports i believe out of arizona. I understand theyre not all covid19 cases. I get that. But they are filling up fast. What do you make of that . Well, you know, it really varies. I have reached out to a lot of my colleagues in arizona and texas and even in florida, and one, florida hasnt necessarily been as forthcoming with some of their hospitalization data. Its just been harder to get some of that from them. But heres the thing. When we were talking about new york and new jersey, about saying that we were running low on ventilators and we were at max capacity, we had already transformed nonicu areas into icu er s they are not there yet. Even though they are at near capacity, we have to remember that most hospitals run, they are usually somewhere between 60 and 80 capacity as is. That being said, they are now playing catchup because of the elective surgeries that were stopped so you have patients who are trying to get in right now getting their health care, taking some of those beds, and we also have people being treated for more severe disease because they put off their medical care when maybe they shouldnt have during some of these heavy lockdowns. Again, we need to keep an eye, look at these hospitalizations. We know theres viral transmission out there. We still have rising cases. There is a little bit of lead time bias because people are saying the deaths are still low, which they are, and thats great news, that means we are protecting the vulnerable, but theres going to be a lag with the deaths, one to three weeks, so we need to make sure we are still vigilant, people are doing what they can to decrease the spread of this highly infectious virus. Neil doctor, thank you very much. Good catching up with you. As the doctor was saying, you want to be careful how you go about things but there is the economic frustration when things are delayed, for example, amc now is suing the state of new jersey over an unconstitutional closure of the state that is extended a number of weeks. Governor phil murphy has not detailed when those theaters will be allowed to open. They had the opening for next month. Meantime, a lot of people are doing what they have been doing throughout the crisis not only in jersey but elsewhere, streaming. A lot of thats a chance for those of you who get the opportunity to stream the hamilton play on disney plus. Apparently millions did and millions who would see something that would cost more if they were waiting for tickets for the opportunity, theres a counterweight to that, a lot of people who claim hamilton was a racist and supported sl eed s. He did not, by the way. Leaving that aside, they were leading a cancel hamilton approach. I dont know as i see right now that disney has not taken the hamilton show off its offerings here but its part of the fabric of the new life around us. Connell mcshane following all these fastmoving developments right now, joining us from new york. Connell . Hey, neil. Let me start with the Movie Theater lawsuit because thats interesting. Theres been a lot of backandforth between companies that are allowed to open versus the ones that have to stay closed and how is the decisionmaking process being handled in the individual states. Amc, cinemark and regal getting together on this lawsuit in the state of new jersey. You mentioned the constitution. Their argument is on First Amendment grounds, that they should be allowed to open, thats keeping them closed is a violation, the theaters argue, of their First Amendment rights. So they talk in the complaint about how indoor shopping malls are allowed to open and places of worship are now allowed to start opening up and say what about us, what about Movie Theaters. It will be interesting to watch this work its way through the courts and see if it goes anywhere, if it forces the hand at all of the Governor Phil Murphy in new jersey. The thing about hamilton that we were wondering once disney plus announced it was moving up the date from 2021 to release the movie version of the broadway show on friday, what kind of impact would this be, would it really move the needle in terms of downloads of disney plus. It looks like it has hundreds and hundreds of thousands of downloads around the world. In fact, they compared it in the u. S. To an average weekend in june, people downloading the disney plus app, and the increase is about 74 versus an average weekend in june and that was, you know, element like that around the entire world. It was up around 50 globally. You announce a show like this with the popularity of this and even when it was on broadway, tough to get a ticket, lot of people not able to go see it so now anywhere you have disney plus, you can see it and it really moved the needle for disney plus in terms of downloading their app. One more story before sending it back to you. We are watching it in the newsroom today. That is this Data Analytics company palantir which has filed to possibly go public. Peter thiel is one of the backers of this company, software is used by governments and businesses alike. Thiel has backed facebook and so many other companies over the years, had actually urged palantir to stay private as long as it could and it still might. This filing that has come out does not necessarily mean the company will go public. We have seen other companies file and then not go public. But this is out there. Its been a long time in coming. Theres always been rumors around this company which has been around i believe since 2004 whether it would enter the Public Markets and now it might. Back to you. Neil yeah. He made political news sort of, teasing that even though he was a big backer of donald trump first goround, hes not necessarily raising funds for him this goround because hes not optimistic of his reelection chances. Has he spoken any more about that . I havent heard anything to add to that but that was news when it came out, because youre right. Thiel i think, surprise might be an overstatement but certainly grabbed peoples attention, at silicon valley, when he came out so publicly in support of the president , and if thats the type of voter that you are losing the next time around, that certainly could be a problem for the president. You know, both just looking at the type of business swing voter that thiel might represent but also to your point, the amount of money he could raise although if you look at the fundraising numbers, doesnt look like the president or joe biden is really hurting for money right now. Neil they dont really have to worry about that. Thank you very very much. Appreciate the update. Connell mcshane. Catch him less than three hours from now on this fine network. We pelt you with a lot of Economic News but the one thing thats been very consistent is the boom in housing related activity, not only those applying for mortgages but what you have been seeing on general home sales, promissory sales and commitments and the rest. No shortage of demand, a lot of it fueled by people throughout the coronavirus who are rethinking the homes that theyre in and looking to move a little bit further from where they are now, or in safer locales. What benefits in this environment, whats going on in this environment . David dworkin of the National Housing conference, the big cheese there, the ceo, with us now. David, what is driving this . What is making people look at this . Thanks for having me, neil. Theres a couple of factors. One of course is that we have far less supply than we need. So the law of supply and demand is never repealed and thats going to drive the housing market. The other factor is that housing has led us out of a recession in every recession since 1960 with the exception of the great recession. So thats something in our favor. And definitely at least anecdotally you are seeing some people a little stircrazy in smaller apartments and saying i got to get out of here, i would live on a farm if i need to. I think a lot of factors in that. But really, for millenials, that is much less of a factor than they form households later than genxers or baby boomers. So they are about five years behind, a lot of them are pushing 30 right now and when youve got a couple of kids, that one bedroom apartment seems awfully small. So we are seeing that at the same time. Neil i noticed in the latest pending home sales, they have spiked more than 44 in the latest month. Did you expect that and who is behind the spike . Whats driving it . So i did not expect that. I think its very healthy number. As i say, i think that the lack of supply is really driving this. We have a lot of pentup need out there for more housing, especially what we call work force housing, and we are very short of housing thats affordable to people in lower incomes. The good news for the economy is thats a lot of potential construction jobs to put people back to work. I think that we really need to look at the markets and say we need bigger apartments and homes that are proper for our growing families and they need to be more affordable. Thats the Growth Market today. Neil all right. We will watch it closely. Good catching up with you. Those are incredible numbers. Lets see if they continue. National Housing Conference ceo. By the way, we will be addressing this in a lot more detail on thursday with a special show, with the likes of barbara corcoran. You talk about a real estate guru. Shes very good at seeing trends. One of the trends she was on very very early in the middle of this pandemic was the waiting time for pricey Manhattan Properties to sell. Penthouses that went begging and prices that went dropping. Sure enough, within weeks of that, that is exactly what has happened and continues to happen. By the way, not only an expensive urban locales like new york city but chicago and atlanta and some of these other big cities, where a lot of people who have been sheltering at home have figured i dont want to go back. Barbara corcoran on that. We look forward to your questions on this and get them to us. We are getting them together right now. Some of you have really got some doozies. Even talking about the ones that got a little personal with me. Thats fine. I love you all. But this should be a good show. Just a step back and look at the real estate impact of all of this thursday at 1 00 p. M. On this fine station. Stay with us. Usaa is made for whats next were helping members catch up by spreading any missed usaa insurance payments over the next twelve months so they can keep more cash in your pockets for when it matters most find out more at usaa. Com neil you know, every day it looks like more of a sure thing for boeing regarding the 737 max. It is announcing that it is scheduled for yet another test in the coming days. There are a series of tests coordinated with the faa and then on its own with customers to make sure that it plays out and that all safety issues are addressed. They are going on to say here that this will include all intended changes to the fleets Flight Control system according to people who have the details. You might recall there were some quirks to this or deemed to be quirks where pilots had to be wellbriefed on the special thing they had to do when they would take off. Apparently they have mitigated that right now and have included a vast new training procedure but all this gets a little ahead of ourselves here. Right now this is being tested under the auspices of the faa and others multiple times but its the closest the company has come now to getting these things potentially back up in the air. Well see steps in that direction. The dow down about 205 points even with all of this news here. A lot of it has to do with whats been happening on the virus front, concerns right now with these states that are getting new problems, including icu bed space that is filling up in places like arizona and in florida. We will detail that again for you in just a little bit. I want to go to my buddy Charlie Gasparino right now on markets that are weighing the possibility of a president biden. Hes gotten into that, about people building a biden portfolio and what happens if he continues to lead in the polls well into fall, and Money Managers start taking it much more seriously than they might be right now. Charlie, what do you think . Charlie i hate to say the Mainstream Media because i consider us the Mainstream Media, but lets just say our competitors neil i consider you the main of the mainstream. Charlie okay. Thank you, sir. Our competitors at the New York Times and elsewhere are now picking up on the fact that wall street and what we have been reporting for weeks, wall street is quietly coming to terms with the possibility, im not going to say likelihood because remember, they got it wrong in 2016, the possibility of a biden presidency and what that would mean for portfolios. The papers are filled with columns today and stories about how Capital Gains taxes will go up, how obviously the Corporate Tax rate will go up. Biden himself has spoken about that. Regulations will go up. All those are negative factors for stocks. Heres what i can tell you, neil. Because i have been talking with people at the major brokerage firms. Again, as we have been reporting for weeks now, there is that fear. It hasnt totally settled in with the investing public or with clients. Clients are much more concerned that stocks are much more trading these days off of stuff like the stimulus package, whether we get more or not soon, Interest Rates obviously at 0 so theres not a lot of places to put your money and on top of that, coronavirus and the containment of the spread of it or the spread of it in these hot spots that we are talking about is having an impact on markets. But at some point, the brokerage people know, the brokers know and Financial Advisers and the people running these firms know theres going to be they are going to have to take a potential biden presidency seriously, particularly if he stays well ahead in the polls as he is now. Again, we are early. They were wrong the last time. I think this is what you are probably going to see before the end of the summer. You are going to get some research on exactly what the fiscal policies of the Trump Administration which is lower taxes, keeping Interest Rates steady, and biden, much higher taxes on individual corporations, massive regulations, the possibility of Elizabeth Warren being treasury secretary also looms out there. Thats a market negative, by the way, given the way she has gone after banks and other companies and similar positions on in corporate america. You might see that. At least thats what im hearing from the brokerage firms, before the end of the year. Real published research that used to in an Election Year be put out after labor day. Thats where we are right now. Again, markets, the one thing i can tell you this, and you know, you will freak out over joe biden being president and Elizabeth Warren being treasury secretary, you know, in terms of your portfolio, take out the economy, i think both would be net not good for the economy given their fiscal policies and what they stand for. A lot of the markets trade off of Interest Rates and if Interest Rates are going to be at 0 for the next two years, theres not a lot of places to put your money. Borrowing is cheap and markets generally do okay when theres very very low Interest Rates for those reasons. Remember, before you freak out, say im selling all my stocks because of joe biden, you know, there are other things to worry about right now, including the spread of covid which is obviously moving markets and anything changing with Interest Rate policy and another stimulus package which could jack up the economy and take unemployment below 10 , its at 11 plus right now, and that would be a net positive for the market as well. And again, this is really early. Neil, heres the thing. Joe biden and donald trump havent debated yet. Joe biden, if you think about it, doesnt get above 50 in most of these poll numbers. Theres a little runway left. I have been speaking with biden people. They are confident, obviously, trump people are worried, clearly worried they are going to lose right now. But you know, if you are the frontrunner and your opponent is donald trump and he hasnt had a great couple months and you dont get above 50 , in polls and thats where he is right now, right at 50 , guess what, this is still a race. No matter which way you cut it. Back to you. Neil im old enough to remember, going back 32 years, around this time Michael Dukakis had a 20 plus point lead. Charlie absolutely. Now george bush was riding on the breaking economy. Its a little different. But you are so right. One other thing, by the way. Watch thursday. Bids for the mets come in. Steve cohen is hovering and watching those bids. He may come in at the last minute and win the deal. Just keep an eye on the mets as well. Neil ive got a lot going on because im doing my virtual town hall. So i really dont have time. Got to prioritize here. All right, my friend. Charlie i will keep you appr e apprisappris apprised no matter what. Neil you always do. He breaks more business stories than anyone on the planet. Im not saying that just because hes a great journalist which he is or that hes italianamerican, which he is, which is a relief, but he just does. He might grate on some of you, i hear the nasty stuff, hes the best. A lot of you who criticize him and by extension, sometimes criticize me, we are human beings. We take it personally. More after this. vo were all moving at our own speed. From essential workers. To frontline responders. To you. Whenever youre ready to get out there, enterprise is ready, too. With our complete clean pledge, youll have the peaceofmind that well get you safely on your way. Wherever. And whenever that may be. Enterprise. When youre ready, were ready. Neil all right. Health experts really are undoing with this virus, warning of so many things that can go wrong, such as fears of a pandemic building or a surge in cases that is frightening or saying that violating social distancing or capacity provisions are going to lead to, well, more problems. Some people say they are scaring the wits out of us and they want to rein that kind of talk in. We are following all of this from san francisco. Claudia . Reporter as covid19 has put Public Health officials in the spotlight, many have experienced intense criticism, even threats, over their handling of the outbreak. Some have quit or been fired in west virginia, for instance. One doctor was filled out after governor jim justice accused her agency of inflating virus case numbers. Others left in the wake of high profile pressure. Ohios now former top doctor amy acton had protesters show up at her house for her role in stayathome orders that kept businesses closed for weeks. Some still on the job are facing intense backlash. I, like hundreds of other Public Health officials across the country, have in fact received threats and have in fact received a lot of hate mail. Reporter in los angeles, dr. Barbara ferrer says she handles press briefings herself to shield her staff from attack. She and others understand why people are so angry but they say the backlash is misguided. Theres an anxiety based on who they think are the Decision Makers so Public Health i think is has been brought into focus. Reporter Public Health officials are taking heat for acting too slow on things like travel restrictions and Contact Tracing and too fast for imposing lockdowns and face mask requirements in places with relatively few cases. Not that the advice and the guidance that was given was wrong or incorrect. Its that we are learning more and as we learn more, that informs and is able to allow us to better give better advice and give better guidance. Reporter she says that Public Health officials walking a fine line, trying to save lives without upending them. Neil thank you very very much. We have been reporting, claudia touched on it as well, the spike in cases going on across the country. Some that are pretty relentless right now, certainly talking about arizona and southern florida, where they are cracking down on the number of things including use of beaches and keeping distances at restaurants if they are lucky enough to be open. San diego has been doing soul searching itself on this very issue and reining things back. The mayor joins us right now. Mayor, good to have you back. I think this involves shutting down Indoor Dining and im wondering what happened to prompt that decision. Well, you know, that just came down yesterday, neil. Its good to be back with you. You know, thats been part of the issues, obviously, that we are dealing with, and particularly looking at it from all of these restaurants that particularly over the last month have spent a lot of time, effort, capital, to get ready to reopen, to follow trulihe rules to do it safely so now to see Indoor Dining shut, thats going to make a big impact on folks that are literally living paycheck to paycheck. One of the things that i announced yesterday here in san diego was an executive order that will allow restaurants to expand out into the sidewalk, other areas, parking lots, with one goal. How are we going to help keep some of these Small Businesses alive, how can we keep Outdoor Dining happening safely, to get through this pandemic. Neil you know, mayor, from what i heard, there were 19 counties, i could be wrong, sir, my information might be dated, where there were spikes in cases that warranted in some cases closing down beaches and the like, but is it an overreaction . Some californians who had it, particularly Business Owners, say it was. Well, we are seeing a lot of frustration, particularly from some in our Small Business community. You know, because people have been doing the right thing. They have been following the rules and thats all you can ask people to do. As long as we have tried to communicate very clearly, as we reopen, its not going back to normal, how things were. Its going back to that new normal. So whether thats small retail establishments, whether its, you know, practicing social distancing out in parks and public spaces, or certainly from a restaurant standpoint, the ability to do things differently, and i think its been tough as folks have, you know, gone back and forth in some of these things but look, we are all in this together. We have one goal which is to make sure that we can keep people healthy, we can keep people safe but also, that focus on keeping people earning a paycheck because thats incredibly important to keep our economy going for hardworking families, not just in san diego but all across the state of california. Neil all right. I hope it works out, mayor. As i said, you have a beautiful city. Some hardworking people who continue to make it a beautiful city. I trust you will. Hang in there, mayor. These revised shutdowns are coming at the worst time for folks who were just getting their sort of feet back in traction here. We will keep an eye on that. We are also keeping an eye on how our behavior is changing as we are coming out of our homes. Apparently when we were sheltering, some of us were doing a lot of eating. Some of us were having a lot of chocolate. Now that we are coming out, we are not. For chocolate, those who are involved in candy and everything around it, its a world of hurt. After this. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Me too. Me too. And if youre a Small Business, were with you. Standing by you every step of the way. Bye bye. And geico loves helping riders get to where theyre going, so to help even more, geico is giving new and current customers a fifteen percent credit on their motorcycle policies with the geico giveback. And because were committed for the long haul, the credit lasts your full policy term. The geico giveback. Helping riders focus on the road ahead. Neil all right. Heres another case of how tough relations have gotten with china. The state department eyeing tik tok right now and restricting access. Thats just the tip of it. Susan li on the latest controversy and where this is all going. Susan . Susan neil, they might even be completely banned. We know tik tok has been growing in popularity, that is ever creeping into the everyday zeitgeist when you hear about these tik tok challenges, also tik tok now a serious player when it comes to the music industry, deciding which songs are big sellers but also posing as a National Security threat, according to secretary of state mike pompeo. Listen. We are taking this very seriously. We are certainly looking at it. We have worked on this very issue for a long time. Would you recommend that people download that app on their phones tonight, tomorrow, any time currently . Only if you want your private information in the hands of the Chinese Communist party. Susan in response, tik tok says we have no higher priority than promoting a safe and secure app experience for our users. We have never provided user data to the chinese government, nor would we do so if asked. They also point out their service is based in the u. S. And backups are in singapore and they recently hired away disneys streaming boss as its new ceo. Tik tok is one of the most downloaded apps on the planet, downloaded over two billion times, and despite the concerns over the u. S. , they ahave now pulled out of hong kong because of the new National Security law which means beijing can enact laws, jail and arrest people without hong kongs input but also, internet censorship and the likes of google, twitter, zoom and also facebook saying they are reviewing now some of the requests coming from the Hong Kong Government for user data trying to understand what this National Security law means and its impact on human rights but we know that many prodemocracy activists have either been canceling their social media accounts or scrubbing them of any posts that might mean any jail time or being arrested. Tik tok, meantime, pulling out i guess taking a look at the market itself as they werent making money in hong kong. They only had 150,000 users out of seven million residents and said were not making money, might as well cut down on our costs and hedge on the down side. Neil . Neil here we go. Susan li, thank you very very much. Following all those developments. By the way, with all this backandforth with china and concerns about things heading south, we have, you know, two aircraft carriers in the south china sea, letting it be known we do not really think kindly of china with some of the actions you have taken to militarize some of these islands and the friction with hong kong. You think the chinese are going to make good on their promises to buy more goods from us . Its a worry that could turn into a bigger one. 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. 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Well, the Washington Nationals are back at the batters box today but this is after they, along with several other mlb teams, had to cancel their practice yesterday while waiting for the allclear from their covid19 tests that didnt get there on time. The houston astros, st. Louis cardinals and Washington Nationals all canceled workouts on monday when the results for the players did not come back in time for practice. The anaheim angels actually had a different problem when their sample selectors didnt show up so the l. A. Times report the team did its own swab test and mailed it to the mlb lab in salt lake city. The nats general manager mike r rizzo blasting the league for what he says are reliable, fast results that the league needs to get players back to bat safely, saying it puts the season in jeopardy. They are starting with a shortened roster. Two of their players tested positive for covid19 so they are out. Three of their players had decided to opt out of the season out of safety concerns for their family. Major League Baseball does say there were delays this weekend but they say it was because of the Holiday Weekend and that these issues should not continue further. Neil . Neil all right. Hillary, thank you very very much. For those of you following the energy industry, by the way, this has not been a good time for pipelines. You had all the builders [ inaudible ] essentially quit. It was going nowhere. Then you have the Dakota Access pipeline all but shut down by a judge. Where is this going . Mike summers is the American Petroleum Institute President and ceo. Not good times for your industry, mike. No. Its a very difficult time, particularly for Energy Infrastructure. We are very concerned about these activist judges really standing in the way of the infrastructure that America Needs to continue this Energy Revolution that we have had over the course of the last 20 years. Particularly on the heels of the covid issues, we need to get this infrastructure back up, because we know the demand for these products is going to continue to grow in the United States. Neil Warren Buffett must believe what youre saying. Hes invested 10 million in dominion energys business. He sees something maybe the judges and courts and those quitting it do not. Who wins out here, do you think . Well, look, one of the things that we know is that a World Energy Demand is going to only increase over time. In fact, we expect that World Energy Demand is going to go up 50 in the next 20 years. As population grows throughout the world. And really, what the American Voter has a choice between is whether that energy is going to come from the United States, as we currently are the world energy leader, or is it going to come from foreign hostile regimes to the United States. So we need this Energy Infrastructure to be online so that consumers can get access to safe, affordable and reliable energy. The choice is clear. Its either American Energy or Foreign Energy in the United States. I think most American Voters and most American Consumers know what the real answer is, thats american fuels, American Energy and thats from american jobs. We are really focused on making sure that infrastructure gets built as quickly as possible and of course, we have been disappointed in some of this obstruction thats been going on and that means we need real permitting reform in the United States as well. Because we need this infrastructure neil you need higher prices and right now, the collapse has not helped. Real quickly, and prices have rebounded, but are you worried that its just costprohibitive to be in the business . What we know is the demand is going to be there. As demand increases over time, we expect that costs, prices for our products are going to increase as well. And the one thing that we know is that American Consumers are going to continue to demand these products, particularly natural gas and oil. And that demand is going to continue. What activists have done, what they have been able to do, is really stand in the middle of the supply that has come online in the United States in the last ten years, because of the Energy Revolution, and the demand that exists by American Consumers. Weve got to fix the permitting process if we are going to get this infrastructure online. Neil all right. We will see, one step at a time, to your point. Mike summers, thank you very very much. The dow down about 165 points. Energy not exactly a contributor right now. More after this. Its a thirteenhour flight, thats not a weekend trip. Fifteen minutes until we board. Oh yeah, we gotta take off. 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Two this type of plan allows you to keep your doctor as long as he or she accepts medicare patients. And three these are the only Medicare Supplement plans endorsed by aarp. Learn more about why you should choose an aarp Medicare Supplement plan. Call today for a free guide. Prices collapsing, now that were deshelterring and were trying to be fit and i dont know what is going an, jeff flock is joining us with the phenomenon and the postsheltering wave. Jeff . Reporter wish you were here, neil, the wonderful aroma of chocolate is in the air. The Chocolate Factory behind me that used to be the smell of money. Not so much today. Take a look at latest numbers, 21month low on cocoa prices yesterday in new york. And today, a new 21month low. Yes, youre right. Why is that . Because some ways too much of a good thing. Demand down, production up. Citigroup put out some guidance which indicates there are about 300,000 metric tons over in the ivory coast where a lot of chocolate comes from. Prices are expected to be down 7 to 10 . Chocolate hoarding was going on when we were hunkering down and toilet paper and chocolate, those two items. The dutyfree shops are still closed. That is a huge piece of the chocolate market. People are not going out. What does that mean in the chocolate stocks . A bitter taste in the mouths of investors i suppose. Companies like hershey, nestle, the rest, not so hot right now. So as long as you have your own chocolate hoard you should be fine. Maybe you get a break in the price. Neil . Neil is this a worldwide phenomenon, jeff, or largely here . The whole world was sheltering, right . Reporter that is true. A lot of chocolate comes out of switzerland. That is an issue. They thought for a while that the rains in the west of africa would hurt the crop. Not so much. So there you go. Too much chocolate out there. Which suits me just fine. Neil i dont know. I covered you, known you for decades. You have not gain ad pound in your life so do you even eat chocolate . Can you relate to this story . Reporter i eat chocolate all the time. Forget the wine, women and song. I can do without all those things, but dont take my chocolate. The dark chocolate, all seriousness, pretty good for you. Neil thats right. Reporter you should try it, neil. Neil dont i know it. Dont i know it. Thank you very, very much. The last scale i stepped on said one at time. I dont know what youre referring to. Jeff flock is the best. He has stayed that way before i knew the guy, working with him, following him, bugs me, you know . Not really. Some people have that kind of metabolism. I do not. Were down about 170 points on the the dow industrials. Following this closely. Charles payne continues through the next hour to see whether nasdaq can continue to hold and. To you, my friend. Charles i had that kind of metabolism a few years ago. Good afternoon, everyone. Im Charles Payne this is making money, breaking now, s p and dow on pause. Nasdaq composite continues its record breaking run, wall street firms, here is the problem, folks, they cant keep up with evolving fundamentals. How to chase breakouts this is major money making way in this market. When will individual investors get out of cash into this market . Turns out the ppp, you know the program to save Small Businesses . It was financial freeforall with a lot of wealthy Business Owners grabbing as much money as they could, while too many small