Hope you can join us for that. Less than an hour away. You might have heard there were a couple of Crucial Supreme Court decisions today and they did affect the mood at corner of wall and broad. When we to the news that the supremes are you know what, mr. President . , you will have to hand over your financial records to a group sympathetic with a grand jury looking into the president s business dealings for years. Now they also balanced that out by saying so far you dont have to hand them over to congress. But you know how this goes. The fears this gets out to hurt the president. Politically doesnt matter where you come from as much as money they were making on the president and whether those days could be numbered. They are weighing down on stocks. They are down 400 points. The losses picked up measureably on news this decision. Edward lawrence own why that might be and what this decision, these decisions i should say could mean Going Forward. Edward . Reporter a win and a loss as you said for the president of the United States. The win, against House Democrats for the s p there, in a decision that was 72, the Supreme Court, the decision written by justice john roberts, the chief justice, he says basically the subpoenas thrown out by congress too broad and didnt take into consideration, special consideration needs to be considered when the president is involved in subpoenas. They believe that the lower courts did not take into account the separation of, separation of the powers of the three branches of government when looking at this. House Speaker Nancy Pelosi says this is not over. He is not above the law. The point, the path that the Supreme Court has laid out is one that is clearly achievable by us in the lower court. We will continue to go down that path. Reporter this is an Election Year. That is exactly why representative andy biggs says democrats want to keep this going. There is it really no probable cause of any kind of criminality here. What they want these records for to be able to go through them, see if they can come up with some kind of a misbehavior, misconduct. That is a witchhunt in my book. That is an abuse of power and abuse of the system. Reporter now on the second case the High Court Ruled 72 the president s tax returns and financial records could be turned over to the manhattan District Attorney. Justice roberts writes in this decision, no citizen, not even the president is categorically above the common duty to produce evidence when called upon in a criminal proceeding. However the case could go back to the lower court if the president s attorneys want to make additional arguments. Jay sekulow says in a statement this, were pleased in the decisions today. The Supreme Court temporarily blocked both congress and new york prosecutors from obtaining the president s tax records. Well proceed to raise additional constitutional and legal issues in the lower curts. Manhattan District Attorney says it will go forward t was delayed for a year by these proceedings. He will go after his investigation of the 2016 money handed out to accusers of the president. Back to you. Neil edward lawrence, thank you very, very much. As edward pointed out the big decision was 72 decision. So some reliable republicans, conservative justices ended up going against the president on that. The significance of this with ian prior the former doj Deputy Director of public affairs. Ian, 72, not 90 decision in watergate, entire Supreme Court voted unanimously that then Richard Nixon had to turn over the tapes but its a smack at the president. What do you make of this . This is not the legal win the president hoped for but i dont think it is as devastating a lot of democrats are portraying. What they said was, the president s two arguments, absolute immunity and absent absolute immunity a higher standard of proof for subpoena do not apply. This was a very narrow decision and now the president has the opportunity in the lower court, the state court or federal court, if he chooses to challenge that subpoena on traditional grounds. No one is getting documents just yet. Nobody is going to get documents until after the election anyway. So i think this is a very limited legal decision. If you look at both the majority opinion and concurring opinion, it was a very specific warning i think to the manhattan District Attorney that said, your subpoenas have to be, cannot be overbroad. They cannot be intended in bad faith. These are arguments the president s legal team will make in the courts below. Neil still the president s financial teams a lot of firms working on their behalf, Deutsche Bank and host of others do have to comply with this order. I wonder more, regardless of the timing, that this stuff will get out there, even when it came to the congressional reprimand. No, you cant get your hands on these yet. Ive already seen through, you know, documents, somehow finding their way to the New York Times and all, theyre going to get out there. Is that a safe conclusion or no . I think it depends. Depends on what documents are subpoenaed and how he fares in those arguments. If they get out there, i question whether this will be Effective Campaign issue this time around. Were currently dealing with the coronavirus. Dealing with mass protests. A lot more issues on front and center on peoples minds than the president s tax returns. One point i want to bring up, say joe biden, wins the election, if im a state attorney general in republican state, becoming governor, i no longer have a limitation what i can do going after a president. So again, i would be very careful if im democrats talking about how great this decision is, when it is their turn in office, theyre going to be on the other end of this. Neil you know i wondered too, that is an interesting angle on that, be careful what you wish for, democrats, you might get it, this might be more embarrassing than illegal. I mean for that, for years i covered donald trump a businessman, he was always arguing with the likes of Forbes Magazine when they would have the richest list, other guys would hate notoriety because it would draw attention of irs, donald trump would address forbes on stating his wealth. What if the returns show that forbes was right, then what . Look, i think youre right. I dont think that is a legality issue. I think its a pr issue. Certainly if that is the case, hypothetically, then his opponents will use that to try to embarass him. But will it really have an impact on his Reelection Campaign chances . I dont think so. I think that people are far more concerned about Different Things than they were in 2016. If he does win reelection i think this will eventually it, will probably peter out on some level, i dont think once he secure as second term, if he does so, that this will really capture the attention of the american public. Neil yeah, you might be right on that. Barring blatant illegalities, it might be a stretch. Ian, thank you very, very much. Thanks for having me. Neil when i was saying a little earlier here, when news of this broke the stock market went into a little bit of a freefall. It recouped 150 points it was losing t goes like this, anything that looks bad for donald trump looks bad for stocks. Whatever your personal opinions of the president the wall street likes amount of money it has made under this president. Anything that doesnt look good in that regard or could build a head of steam is creating a steam of selling. Is that warranted or is that justified . Danielle dimartino booth joins us now. Former fed advisor, much, much more. Danielle, the street reaction to this, the market equity reaction, the fact that treasury yields are coming down, what are we, what are we to take from that . Well i think its a combination of factors. There is a lot to be said for the fact that week in, week out, every thursday morning were kind of becoming inured to seeing a million plus americans applying for unemployment insurance. This is a situation on to which as youre detailing, youre adding another element of uncertainty. On top of that, you have got these constant covid headlines and seeing record deaths in florida today. There again, there is just a lot of uncertainty on investors parts. They want to see clarity. They want to start to see a pathway forward for the economy and for the nation. So, it will be interesting to see what happens with this town hall meeting later on this afternoon, neil. Neil you know what is interesting too, danielle, looking at Interest Rates coming down, that has proven a safe haven for a lot of investors, if in doubt, park my money there, i might get very little return on it, beats losing my shirt, i get that. If this plays out, become as nonstop drama. Youre quite right to mention, legitimate, scary issues what is going on with the virus, et cetera, play that out for me. If were still talking about the president s returns, potential illegalities, things that go beyond embarrassing stuff, then what . Then i think that the country in that case is looking for a distraction, neil. And thats really what this amounts to at this point. I think that we need, we need adult, adults in the white house. Adults in congress. People that focus on what the real issues are, real policies that need to be implemented. As were still in the thick of very deep economic crisis. The worst weve seen since the great depression. So if this is what markets want to focus on, then i think its a way of saying, you know what . I want to be in denial about the real problems. So i cant really, cant really condone such behavior. Neil you know what . Real estate forum is about 45 minutes away, you know Interest Rates are lower. In fact Mortgage Rates i believe at or near record lows. So the backdrop of all of this, if youre looking to buy or refinance, whatever you make of the president s, you know, political and court troubles, thats kind of the wind at their back, isnt it . It is. You know, we saw the conventional 30 year Mortgage Rate today fall to 3. 03 . We have never seen it, Mortgage Rates at this low of a level. Americans can refinance at will and pull money out of their homes. That provides an element of financial security. But i would say, in advance, i have just written extensive paper on commercial real estate, in cities where there is high denty, cities where Public Transportation is required to fill up big buildings it, will be extremely problematic Going Forward to get the same levels of rents and real estate prices that they got before this. Neil look what happened to corporate real estate, sort of crashing these days. You were calling that a few months before any of this started developing. Danielle, thank you very, very much. Danielle dimartino booth, uncanny read of these markets and what is happening right now. Were watching too for any reaction on capitol hill, nancy pelosi, saying the president is essentially getting his just desserts on all of that. Joe biden is had a chance using it on the same day, he is announcing his own Economic Initiative to give the economy a boost. Hillary vaughn following that closely out of pennsylvania. Hillary . Reporter hey, neil. We have getting a subtle response from biden on twitter about the Supreme Court ruling that the manhattan prosecutors can get access to his financial records. Bidens retweeting himself, tweet that he sent out in october of 2019 where he told the president to release his tax returns or shut up. And his retweet response, as i was saying. Kind of i told you so response to this ruling this is happening on the heels of the 110page plan a product of a joint Bernie Sanders and Joe Biden Task force that was released. The plan though, was really, is serving as a roadblock for progressive who hope to hitch a ride on a path to a potential biden presidency and shape his agenda in the white house. Biden making it clear those progressive ideas, a lot of them didnt come out of this Task Force Meeting are on the backburner for now. Instead calling for moderate take on rebooting economy. That is getting grudging support from bierne any of. Joe biden and i my supporters have strong disagreements about important issues facing our countries. Those the end results is when i or my supporters written alone the task fores created a good policy blueprint. The task force left out things that spook wall street, green new deal, and medicare for all, and back up what biden tried to do yesterday, investors nerves. If prounion biden will hurt things. One of the Main Operations to know it will help things. Reporter biden rolling out another plan to encourage americanmade manufacturing and innovation. Would invest 400 billion during his first term federal purchase of u. S. Products, clean steel, American Products and a. I. It includes American Tax Credit to provide tax red for small and medium manufacturers. It wants 300 billion anyone investment for r d, National Institute of health, department of energy. Technologies like 5g, a. I. , biotech. The plan in some parts, neil, sound familiar to agenda items, President Trump has been pushing for during his administration. Bidens plan today calls for a crack downon china, to target them and other trade abusers. They say they will take trade Enforcement Actions against china. They want to bring supply chains back here to the u. S. He also says that he wants to try to stop china from stealing our artificial, intellectual property as well. These are things that President Trump has been working on. Biden today is saying he wants to do the same. Neil . Neil hillary vaughn, thank you very, very much. Vice president , former Vice President very dismissive the president s argument against the release of these records that will soon be at least in a District Attorneys hot little hands here. Its a matter of time were told congress will try to make sure they get their hands on them too. The real read the Supreme Court that cant happen, not in the near future, not before election day. Those kind of assurances often fall on deaf ears publications somehow get their hands on this stuff. Stay with us oh, we love our new home. Neighborhoods great. Amazing school district. The hoa has been very involved. These shrubs arent board approved. You need to break down your cardboard. Thank you. Violation. Violation. I see youve met cynthia. At least geico makes bundling our home and Car Insurance easy. And it does help us save a bunch of money. Two inches over regulation. Thanks, cynthia. For bundling made easy, go to geico. Com its a thirteenhour flight, tfifteen 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. Iredefined the wordng thschool this year. 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 all right. Short and sweet. The president making it simple in a tweet just now saying that its a political witchhunt. Of course he is referring to the Supreme Court of the United States in a 72 additional howing a grand jury to subpoena trump taxes and financial records. It effectively blocked Congressional Democrats from doing the same but the fear seems to be, certainly within the trump camp, that this stuff gets leaked out, even though it is not supposed to happen. I want to get the read from all of this, with governor mike leavitt, the former utah governor with us right now. Governor, always good to have you. First on the developments from the Supreme Court, were you surprised especially the 72 decision . Actually i think the decision should have been expected. I think theyre balancing obviously the separation of powers but also the need to have discipline in the way information is available. This will play out still. I dont think we heard the last of it. Neil you know, the markets were originally tanking on this news when it first broke, governor. The eased back a little bit. Down 384 points is easing back. Have been a lot worse. Why do you think that is . Kneejerk interpretation is this, is yet another impediment for the president and his reelection push. Do you agree with that . Well, i think the markets clearly bake into them the future view of government and the roll of government in our lives. I think they have seen the president generally being friendly to business, with a low regulation platform and movement. They have seen real action. I think there is nervousness about Vice President bidens agenda and particularly his joint work with other democratic candidates, the progressive left, trying to pull it left. I think there is a genuine nervousness about that. Neil you know, governor, here im tapping your expertise as a former health and Human Services secretary under president bush, the consensus up until this Supreme Court decision was, the course of the virus and how it is deemed the president handled it for good or ill, will decide this election. Do you buy that . I actually do think it is going to have a profound impact on it. I say that not just because of whats happening today. If you look back across history virtually every pandemic has been, has brought serious change economically. It has changed the sociology and it has clearly rejiggered the politics and part of the reason is because it is difficult to find contentment in a pandemic. You can see it in our, in our situation today. You have those who are deeply concerned about health. You have those who are deeply concerned about the economy. Anytime that you use Something Like social distancing, youre applying the equivalent after medical intervention. The medical intervention always has sideeffects. So there is this constant dilemma between, are you working to prevent sideeffects or trying to cure the ailment . Were in that dilemma and anyone who leads in that atmosphere is at a bit of a disadvantage. Neil you know, governor, i dont know presumably how things are going on in utah with the virus. I do know nationally of course, the spike in cases, particularly pronounced in places like texas and arizona and florida, where some of the governors are rolling back reopening phases, the president is already indicated as of yesterday all schools across this country that are reopened. Those that dont do so are doing it for political purposes. Further if they dont reopen, im going to take School Funding away in those states. What did you think of that . Well, look, i think it is part of the theater around this because the reality is 95 of funding for schools comes from the state government, not the federal government. Secondly, it is a very republican principle if you will to have local control of schools and reality is low logistically there are 14,000 School Districts all who have a different situation. Controlling that at a central level is just impossible. It is difficult for a governor to sort through the various circumstances in a state at any given time. So i think what is being made here is a idealogical statement and schools are a symbol and standing on the side of the symbol that we ought to reopen. As a logistical matter that has limitations. Neil well watch it closely governor, secretary. Thank you very much, very good catching up with you. Continued good health. As the governor was speaking here were getting a few more details on the Financial Firms around donald trump both as a businessman, later on as he became a candidate for president around president , they will comply with the Supreme Court order that the financial documents that are pressing here be handed over to a grand jury, but not to congress. The fear seems to be from those that allied with the president that in getting these documents to a grand jury they will leak out. That is big nono. That would not be good. That is the fear right now. Were on top of that. After this. Just over a year ago, i was drowning in credit card debt. Sofi helped me pay off twentythree thousand dollars of credit card debt. They helped me consolidate all of that into one low monthly payment. They make you feel like its an honor for them to help you out. I went from sleepless nights to getting my money right. So thank you. Neil all right. Let me cut to the chase here right now. Essentially the Supreme Court of the United States has allowed a new york prosecutor to take a look at the president s taxes and financial records. We dont know over which one, what period they will cover. That it will soon be in his hot little hands but not in congress hands. That is the idea. They will have to wait on this. Chad pergram on how likely this will go down. Chad . Reporter democrats when you talk to them on capitol hill they think this is a win but as you say they dont have the documents yet. Theyre arguing that the court basically reaffirmed their article i responsibilities and constitution of oversight. In some respects high court kind of did congressional democrat as favor. Nancy pelosi was dragged by her leftwing, democratic wing of the her caucus into impeachment t was something that a lot of democrat would not pursue. If she got the financial records, would she face the same road again when she thinks they have the president right where they want him. Listen to nancy pelosi this morning. By all accounts, many of shall we say constitutional authorities, this is, there was never any way they were going to give us the records. Reporter by not getting the records directly democrats can continue speculation and conjecture President Trump has something to hide. By not getting the records pelosi doesnt have to boy to her left flank which pushed for impeachment. February 2019 testimony by former trump associate Michael Cohen fueled the pursuit for the president s tax records. Im sharing with you two newspaper articles side by side that are examples of mr. Trump inflating, deflating his assets, as i said to soothe his financial interests. These are exhibit two to my testimony. Reporter neil, i want to cite for awe Supreme Court case from 1962. It was hutchinson versus u. S. Maurice hutchinson, he was a labor official called before a Senate Committee to testify. He said he really didnt want to come to testify because all they were doing is making him look back to ask for his documents. This case went toe the Supreme Court. The Supreme Court ruled basically congress can have you in, make you respond to a subpoena, ask for your records if its a for a legitimate legislative purpose. Basically what the Supreme Court said today, basically yes, this is a legitimate legislative purpose. Congress can have the documents but they just cant have him yet. Neil. Neil significance of justices gorsuch and kavanaugh voting against the president on this, what did you think . Reporter this is the problem weve seen in the past month or so. Weve had these decisions coming down, at least a problem from the republican side of the aisle, the nominees the president put in, other president s put in, ruled against the president and generally gop interests. You know, dont forget that old quote by dwight eisenhower. He was asked by a reporter if he ever made any mistakes. He said yes, two. Theyre both on the Supreme Court. He was referring to Justice William brennan and also warren berger, the chief justice. Neil i forgot that. You are an encyclopedia, young man. Chad pergram, following fast moving developments on capitol hill. Tom bevin, following all of this closely at real clear politics. Obviously the president is not eager the stuff sees the light of day and Supreme Courts especially decision regarding congress will have to hold the fire for a while because theyre not going to get it anytime soon. You know how that city works. You know how documents do get out, how likely is it this will find a way to get out . Well, that is the concern obviously of trump and his allies, particularly the new york city, the manhattan d. A. s office. They believe is allied against them and you know, looking to hurt them politically any way they can. So that i think is their bigger concern. This is a decision, if trumps twitter feed tell you anything about it, he has been on a tear last hour, tweeting how unfair the rulings. The president is concerned about these rulings but overall politically doesnt seem to be, from what ive been able to gather neil, any of this stuff will get decided before the election. Most likely happen after, unless, something gets leaked beforehand. Neil im even taking a leap here, youre the expert, certainly not i, that say anything proof of grossly illegal acts, these might be a case, even if theyre leaked of more embarrassing to the president. There is talk that they might show that he paid little or no taxes over a number of years to write off large losses. I know that was one of the things ironically provided by the president s niece, in a book out, she happily gave over to the New York Times. There might be other concerns that he wasnt as rich as he said he was. That is widely debated whether you like or dislike the president. Would it have any material value in the race as an issue . No, probably not. Youre exactly right. Weve seen controversies like this, even bigger than this come and go. Impeachment and all sorts of things. They really havent moved the numbers. Youre either on team trump or on team antitrump. Very small slice of people are truly undecided may swing one way or the other come election day. By and large, folks have pretty solid opinions about donald trump right now. Nothing seems to be able to move those in any significant way heading into the election. I suspect this wont do that either. The. Neil tom, mentioning with other guests, wanted to pick your brain real quickly on this, this notion that what will decide this race this year, despite the market concerns this will be a big issue that hurts the president , that is the demands on part of the Supreme Court to release his records, it is how he is handling the virus, whether things get back to something approaching normal. Whether recovery continues. That will decide this, this election and thats it. What do you think . Yeah. No, i agree. His handling of the coronavirus and where the economy is. Right now the public has got different opinions on that. His handling of the coronavirus, his job Approval Rating is down around 40 . His handling of the economy is still above 50 . He is still above joe biden in terms how voters think he will do a better job than biden in terms of handling the economy and jobs. So but they think biden would do better job handling a crisis like the coronavirus. It is those competing interests are the backdrop to this election. Will certainly be the deciding factors on election day. Neil tom, always good catching up with you, learning from you, tom bevin, real clear politics, cofounder. Big smart at this plants on all things political. As we were wrapping up there, the w. H. O. Is warning, the world health organization, this pandemic that tom and i were talking about is not under control by any means. Were getting reports out of seoul, south korea, mayor of seoul reported missing last couple days. He has died, found dead. What intrigued a lot of folks following this, he was a big critic of north korea and some of the overtures the country had been making to north korea especially with its more vigilant attitude. Not that had anything to do with this, we simply dont know. What we do know, one of the most influential mayors on the planet is dead. Well have more after this. And because we dont know exactly when this crisis is going 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 three, well thats great. But if you think youre going to be furloughed for three months and it lasts for nine, well thatll be emotionally devastating. So, weve got to prepare ourselves. Tangibly and practically, as well as psychologically and emotionally. [camera man] actually anyone 50 or over is at increased risk for shingles. The pain, the burning my husband had to do everything for weeks. And the thing is, theres nothing you can do about it [camera man] well, shingles can be prevented. Shingles can be whaaat . [camera man] prevented. 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Get your slice today. Neil all right. We dont know exactly when but sometime soon the new york prosecutor has been investigating donald trump and his business ties, his financial connections, payoffs, that sort of thing will have his hot little hands on those financial records. Then there is the issue of the case building against the president at the Southern District of new york has been looking at for quite some time. You might recall chris christie, former new jersey, governor, confidante, said forget about the mueller report, what is going on in that court is far greater significance and worry to donald trump. Charlie gasparino, i think you might agree with that. Youve been following all of this. What are you hearing . We should point out i dont think, i agree with your last guest, i dont think this is Election Year issue donald trump will be automatically charged with a crime this year. I mean that is not where we are right now. I think the real problem for trump, im speaking, i spoke with just, december decent pflum before legal experts, lawyers, Democratic Party operatives, the real problem trump if he loses, post election, he will face investigations. Where will those investigations come from . Probably in new york. You have one with cy vance. You do have one with tish james, the new York Attorney general and you could have the Southern District. The new york state investigations are very troubling for him in this way, neil. In new york, there is something known as the martin act. Its a criminal statute passed years ago. Essentially gives any new york prosecutor, particularly the new York State Attorney general very expansive powers to indict and charge a target. In federal courts you have to prove a very high level of sienter, that means intent. With martin act you can show much lower levels of intent to commit a crime and still charge. So that what makes cy vance, that is what makes tish james, particularly problematic for trump postelection. As president , you know, the laws are the laws. The president can almost pardon himself. But postelection, if he loses, youre going to see more investigations. Youre going to see i believe tish james will launch an investigation. It has been rumored for a while. And, you know, donald trump is going to face, listen, i cant tell you they are going to indict him, but with the martin act they could charge him with stuff and they dont need that high level of sienter that federal prosecutors have. Chris christie mentioned the Southern District of new york being a real problem for him. It may be. Remember on a federal level to show a crime you have to show a very high level of intent. Everybody looks to lower their tax bills. Thats, thats a bottom line. But on the state level, with that martin act, that is where i think he really has his issues postelection if he loses. Again cant tell you he did anything wrong. He says he didnt. We point out this will be highly political. Not that, it wasnt in the past. Neil absolutely. Eliot spitzer was notorious for politicizing the new York Attorneys general office. He did it with great success. Before he was found with his, a prostitute that would cost him his political career, Eliot Spitzer was known as the sheriff of wall street, using the martin act forcing wall street firms into settlements and charging people. You could see donald trump coming under that same scrutiny. And by the way, once this thing become as fullfledged investigation, even if he is charged civilly, theyre going to release his tax returns. There is no doubt. That will be part of the charging document. I think the real issue for trump here, neil, if you know anything about new york prosecutors, is postelection and if he loses it could be real rough sledding. One other thing i want to say, part of the whole rumor mill about trump resigning is over investigations, resigning before the term is up, getting a pardon from mike pence presumably. That is what is fueling all this, all that speculation. At least part of it, not just that he is losing. So there is a lot of to chew on here. I think its a postelection thing. Then i think it gets really crazy. Back to you. Neil all right. Charlie, thank you very, very much. Charlie gasparino. Dow down 351 points. Had been down a little more, largely concern that the markets dont know for any certainty what will happen. They abhor uncertainty. This is another wrinkle to really have them look at right now. Much has been decided on the course of the economy and recovery which has been fairly solid and particularly in the housing area which were going to explore in the next hour with Barbara Corcoran and a host of others but it is this new, sort ever wild Card Development has a lot of people wondering, but, but, if your ship has come in if youre looking for low rates because this just added to the excitement to own bonds as a safe relative investment when the world seems to be very confusing and if youre looking to buy, well thats good news. More. Experience the joy of a bigger world in a highlyconnected lexus vehicle at the golden opportunity sales event. Lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. Liberty mutual customizes your Car Insurance, exso you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. I geh. Common bird. E. 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 all right. With numbers like these its no wonder that housing is suddenly looking very, very hot right now in the latest period of record low for 30 year fixed mortgage, barely over 3 . 3 , 15 year fetching around the 2 1 2 neck of the woods and that could explain the big surge weve seen in mortgage applications, big surge in home refinancings up, double, triple digits what they were year ago. The trend continues to be housings friend. Jerry howard, National Association of homebuilders ceo. Jerry, good to have you. We talked about this, well get into it next hour when we take a look, step back, whats hot, whats not, where its hot, where its not. A lot of buying is going on outside of cities, outside of chicago, new yorks, urban at lan tas. Im wondering why that is . Is it post virus thing where people say the heck with it, what . I think it is clearly a postvirus phenomenon, being driven, neil, frankly some of the violence in americas cities. People are saying we dont want to be cooped up in a small Apartment Building in a highrise, three months at a time, when were allowed to come out on the streets have to face violence. The building, selling is going out in the outer suburbs and even some of the rural areas. It is kind of an amazing shift. Neil you know, can banks keep up with all of this demand though . There are no shortage of folks interested in buying, certainly refinancing but im hearing again and again a lot of banks are hardpressed to keep up with it . We havent heard of a problem specifically. Obviously were watching it very closely. Were working with the federal government to make sure that the secondary market stays strong and viable but right now, we dont see any real headwinds on the horizon in that regard. Neil where are you noticed people are looking, if not in the cities, a lot of them might be saying i just dont feel like it. Ive been doing okay either working from home or staying closer to home, where are the hot spots . In the new york region connecticut is going very, very well right now. You touched on it. People have found, particularly in the whitecollar jobs, that are so prevalent in new york city, that they can work from home very, very effectively. So where the connecticut area is doing well. New jersey is doing well. Outer suburbs in atlanta and georgia are doing fine. Other than that phenomenon, the states and the areas that have express ad desire for growth, the carolinas, texas, idaho, nevada, are coming back really, really well. Neil i noticed those names are very lowtax states. Lowtax, low regulation, progrowth. There is a pattern. Neil jerry, the Federal Reserve has had a role not only buying a lot of commercial papers, roeschry treasury bond, municipal bonds, helping out the housing industry as a result. Play this out the remaining of the year. What are you looking at . We want to give the fed all the credit in the world. We think they got into this quickly, aggressively and helped forestall a systemic banking problem you alluded to. We dont believe there will be any significant rises into Interest Rates this year, well into next year. Maybe through the entirety of next year. Were looking for some pretty progrowth monetary policy. Neil some talk about people want bigger homes or with more features than they typically had in their own. Whats that about . We are seeing a change. I think you will find it interesting again, covid19 related. People are looking for a house where they can definitely create in their own environment a office or work space. People are looking for a place to get exercise. A room they can put some gym equipment in. Those are two really noticeable shifts. We are for the first time in a long time, seeing a trend, a desire for larger homes. Neil jerry, thank you very much. Barbara corcoran on this. Ara hovnanian on this. I wanted more from my copd medicine, 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. 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With so many vehicles of so many kinds, you can count on us to help you get everywhere you want to go. Again. Whenever youre ready, were ready for you. Enterprise. But what if you could stdo better than that . K. Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Neil who would have thought in the middle of sheltering going on, that our sheltering, where we are doing that sheltering, would be as hot as it is . Well, it is. In fact, its been hotter than stocks. Welcome. Im neil cavuto. You are watching fox business, a special virtual town hall today that takes a look at the oddity that has been housing. Because of all the economic figures we have been seeing, it has been consistently robust for anything, almost everything having to do with real estate. You have to pick and choose your locations and the city behind me right now aint one of the hot spots, new york city, but t