Council of economic advisors director scott good speed. President trump is showing up in bidens backyard. Trumpbacked candidates continue to win major primaries. We have one of our favorite guests who happen to be one of those winners. She joins us on the show next on making money. Charles breaking news, folks, Fund Managers discover the bull market thats right. It is a president ial, political season. So we should expect a lot of flipflops. By the way were getting a lot of them. I got to tell you i lost count on the political front but the one that caught my eye, the flipflop of the week came early in the week when 200 Fund Managers in charge of investing half a trillion dollars changed their positions dramatically over the last few months. These men and women have become more bullish as a plurality of them see a bull market, not a bear market bump. Also they see a doubledip recession. The stock market is more about the economy a year from now, not a proxies for main street today. Because of this epiphany, the fun managers arepping bonds, using cash, selling stocks. I have been giving them a hard time for the last few years. Investors we need to get their money in the market to keep the rally going. Keith fitzgerald, shana sis sell, and point view Wealth Management david dietze. Let me start with you. Quite simply, new bull market, bear market bounce . I like the bull market label. I mean basically investors and professional Money Managers are coming around to two things, dont fight the fed, dont fight the tape. You have got some of the lowest Interest Rates ever. You have got really still a commitment by the Federal Reserve to keep Interest Rates down. But the number one thing for investors to look at, progress on the vaccine front. We heard wonderful news from j j today they will expand their trial to 60,000 people around the world in september. As long as we keep making progress toward as vaccine i predict we will have it this year. It will be distributed next year. This market will continue to rally. Charles shana, your thoughts, bear market, bull market, where are you . I think its a little too early to tell but i am leaning more towards the bull market. As was already pointed out the market is focused on the progress towards the vaccine as well as treatment that is working for covid cases. As long as that progress continues i think were definitely going to continue to run with this market. And valuations i think look expensive but when you peel the onion back what you see is that Companies Earnings are being underestimated by analysts. Even this past quarter 89 of the companies that reported as of august 7th, 83 of them had a positive earnings surprise. 64 of those companiessitive re. So if youre looking at the valuation in the market it, looks expensive, you have to consider that is based on earning estimates probably too low. I absolutely think theket can can keep going. Charles let me piggy back on that. The i guidance has been before i ask this question, shana, if youre not sure how are you positioning yourself . Were starting to get slightly more aggressive buying stocks that continue to be undervalued, those quote, unquote reopening trade, things more in the Consumer Discretionary realm, things that benefit as the economy continues to improve and people continue to be more active in their lives, whether that is be through travel or consumption. Charles right. So were getting there. Where were definitely starting to be a bit more aggressive. Were particular where we place our bets. Charles okay. That is no doubt that is where there is a lot of upside. Keith a note earlier, you were in the reopening trades. You kind of bought some. I think you stopped. Where is your focus now, keith . Im sorry, charles . I had a momentary glitch here. Im focusing on those companies now. Charles no problem. Im focusing on those companies that are going to survive even with a second outbreak, even if we dont reopen. The reopening trade is played out. I think capital is looking for a new home. I will stick with the best, not the rest in here. Charles i tell you what, if we get the vaccine i want to be long norwegian cruise lines before that news hit. All im saying. I dont care where the share price is. I want some exposure. Keith, apple, first 2 trilliondollar company. We know it is exciting, fun to talk about. By the way bigger than the gdp of almost half the countries in the world. I think viewers want to know what is the next two trillion dollar stock . I tell you what, i think it is going to be split evenly between amazon and microsoft. That is where i have got my money, where im placing my bets. I dont think it will take to much to push over the limits. People need to get over the shock of what happened and figure out where the rest of the market will catch up. Charles shana, i want to ask you about the Federal Reserve yesterday, right around 2 00 when the minutes came in, the markets started to sell a little bit. It wasnt anything dramatic. What do you think wall street is looking from . What is wall street want from the fed it hasnt gotten so far . I think you saw the slight pull brac because the comments from the fed were less dovish than they have been in recent months. I think wall street needs to know, and well be fine as long as they believe the fed will continue to be accommodative and there is no reason to believe that isnt the case which is why you saw a slight selloff but almost immediate rebound because i dont think anyone believes that the fed will stop be accommodative of the markets and that is positive and bullish for stocks. Charles there is no doubt, david dietze. Wall street has these little tantrums if you will, all the time around the fed no matter what the minutes say. They are used to pushing the Federal Reserve around. I want to talk about pushing congress around. Initial jobless claims were disappointment. Week to week jump since march. You dont think we need a massive deal, socalled skinny deal, would that be enough to keep this rally going . Absolutely. Weve seen not all the money from the prior deals have been used. If we get a skinny deal now that kicks the can down the road another six to eight weeks we will have a better sense where we are with the vaccine. Where we are with trade issues. If necessary we can do another skinny deal. Would i settle quickly for something smaller that can be added to, as opposed to something too big, then you have trouble pulling back if in fact j j gets approval on the new vaccine very quickly. Charles keith, what is the big deal that the next big catalyst, if you will for this market . Well, i will tell you that is very hard. There is a number of them t could be china at this point t could be a vaccine at it could be a calming down or break out of civility in the politics. I cant put my finger on it. Breakdown of civility or incivility. Were already living in incivility. A breakout in civility. Katybarthedoor, there is something wrong with the world that politicians are nice to each other. I cant mare keith. I dont know my end or his end. Shanna, you are somewhat cautious. Momentum is build together upside. A lot of folks are making a big deal where the stock market is visavis where society is. Do you think it is such a major discrepancy there has to be a massive change, correction in the market or somehow main street need to cap up quickly . I think this belief that the market and the economy in current times should being connected is completely wrong. Historically the market is always 12 to 18 months ahead where they think the economy is going to be and this is not unusual. I think people are paying more attention to it. Things do look pretty rough. So they dont understand the disconnect. But the market is not paying attention where we are now. The market is paying attention where we are 12 to 18 months from now. Hard to believe but i think we will be in full recovery mode, well have a vaccine and things will return to some sense of normally. Charles ding, ding, ding. They have a winner. No wonder they invited you back. Thank you very much, david, shanna, keith. Well talk to you real soon. You guys were fantastic. The white house will be responding to todays jobless claims when im joined by their top economist at 2 20. We have a lot of questions for him. The feud between goodyear and President Trump is revving up. Some wonder about the political fall out, what about the First Amendment . I will get reaction from President Trumps attorney jenna ellis. President trump the people that work for goodyear, i guarranty i poll well with the workers. Reporter if there were alternative would you want the tires swapped out . President trump i would do that apps are used everywhere. Except work. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. President trump im not happy with goodyear. What theyre doing is playing politics. The funny thing the people that work for goodyear, i can guarranty you i poll very well with all of those great workers. Reporter if there was an all tern tougher would you do that . President trump i would want to do that, i would swap them out based on what i heard. You will have a lot of people not wanting to buy that product anymore. Charles President Trump panning goodyear tires over a trainingside that allows apparel like black lives matter but bans hats. Good year says it was not distributed by goodyear corporate it raises questions about the First Amendment. I would like to bring in trump attorney jenna ellis. Also a constitutional expert. Jenna, weve talked about this so many times on this network. The notion of corporations being able to do what they want but should there, can there legally be of unevenness of application of free speech . One group can voice a certain opinion, other group of workers, employees are banned from doing the same thing . It really raises an interesting First Amendment question, charles. When you see private companies. This, goodyear is not the government but when they are freedom of speech ingettably for their employees, when one viewpoint like black lives matter, they endorse that is okay when it is political, maga hats but anything trump supporting is out right banned for the employees, at what point does the employees say this is disparate treatment . That is something the president is simply raising to show continued hypocrisy i of liberals, that they are completely fine with the political viewpoint they prefer but they want to censor conservatives in every context by these private companies. Charles yeah. I mean, there is sort of the vilification of anything associated with President Trump, from elitists in hollywood and elsewhere, down to where you work, it is pretty tough. We already know that conservatives are so intimidated by voicing their opinions in the work place, it already seems like a dispiriting place to go every single day to have to go somewhere, hey, by the way i like soandso without being mistreated . Yeah absolutely. You look at the case law that is saying that employers are required to accommodate people who prefer to show up at work in transgender apparel, for example. That case that just went up to the Supreme Court on the title vii question. So you see all of these accomodations that christian and conservative employers are having to make for employees according to their sincerelyheld beliefs are not even provided specific protections within the context of the civil rights act, and yet you see that some other viewpoints are not equally protected, there is clearly a disparity there. Charles yeah. I just wish companies would evenly apply, whatever rules they have across the board. I do want to ask you about this new jersey case. Governor phil murphy accusing trumps Reelection Campaign of fullthroated propaganda for your lawsuit against that states plan to hold mostly vote by mail this election. Of course we also got news an election in new jersey was invalidated. And apparently there was some hankypanky with mail in votes, patterson, new jersey. Eyeironically it is reason to be concerned. This is not propaganda. This is concrete fact. The may primary shows the governor embraced full universal vote by mail. He shut down polling places. 10 of the mailin ballots in mays primary were discounted and discarded. That disenfranchised voters. Governor phil murphy issued executive order 177 that required universal mail and ballots sent to every voter. This includes dead people, pet, people we dont know. This is completely failed process. You look what happened in patterson. The governor cannot do this by executive order, circumventing the legislature. Circumventing the equal protection and disenfranchising voters. Charles, for the postmaster general to come out to say to congress that he is going to put on suspension on any protocols moving forward just so they dont even at appearance of affecting the november election, why arent democrats and governor fill murphy willing to do the same . Our lawsuit is very wellground. We want to protect, preserve, safeguard Election Integrity for all registered and eligible voters to have the vote counted and counted once. We live society of free and fair elections. Charles it is hard to imagine there will not be some major issue with mass mailin voting. Total chaos. Thanks, charles. Charles coming up, folks, the white house top economist will weigh in on todays jobless claims which are a lot worse than anticipated. What it might mean for the stimulus fight. Lets face it, the post office it, needs revitalization. A giant in the Banking Industry though has a plan. Here is the question, folks, would you bank at the post office . Tweet me cvpayne. 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Com learn charles weekly jobless claims unexpectedly rising to over 1. 1 million last week. That is the largest single weekly increase since march since the pandemic lockdowns began. 56 million americans filed for unemployment. 36 of the workforce. I want to bring in Council Advisors chairman tyler good speed. Thanks for joining us. Its a tough number, no matter what, when you see that kind of a bump it is disspiritting considering how well we have done during this period. What is the reaction at white house . What is the gameplan to get us back on track . Certainly we were hoping to observe a third successive week of declining initial unemployment claims following two successive weeks of declining claims in excess of 200,000. We were somewhat encouraged to observe continued big decline in continuing claims for the weekending august 8th. That was the third successive decline of continuing claims greater than 600,000. Were definitely watching closely the movement in the not seasonally adjusted numbers because at times, because seasonal adjustment factors are multiflick tiff, in periods of ever high unemployment we think the numbers might be less representative than urge. We observe ad smaller increase in initial claims and continuing claims. Look, we would very much like to be observing a faster labor Market Recovery than weve been experiencing. That is why weve been very disappointed not to see a greater sense of your urgency in congress on phase four agreement on issues where there is bipartisan support. Charles what are those im glad you brought that up. Give me a short checklist where there is bipartisan support. Maybe we can get that approved tomorrow. There is bipartisan support for continued enhanced Unemployment Insurance benefits for unemployed americans. There is charles not the same dollar amount . There is still disagreements about the actual dollar amount. There is agreement on second round of Economic Impact payments there is agreement on a reload of the Paycheck Protection Program to help preserve employment by small and medium sized enterprises. There is bipartisan support for child care assistance. There is bipartisan support for some degree of state and local assistance. There is a lot of bipartisan support for a number of these provisions and also reemployment bonuses and Employee Retention tax credits. Charles there is a major gulf between how much any of those particular bipartisan efforts should be. What would make, what makes this happen . Is there a sense, are you growing, are you beginning to feel that maybe there wont absence of urgency until there is more Economic Data . I applaud the administration for leading amazingly swift recovery or rebound at least along with the Federal Reserve. Go back to the great recessions, it took months before there was any fiscal help t led to massive longterm damage. D. C. Reacted in unity this last time but, you know, you have got some republicans who say we dont need to do anything else. You got some democrats obviously asking for far too much money. Do you think the economy is going to have to fall apart before we get a deal . Certainly one of the lessons that we learned in the aftermath of 20082009 is that once those employeremployee matches are severed, it can be a long road to a full labor Market Recovery that was part of the motivation for the Paycheck Protection Program in phase three to try to preserve some of those employeremployee matches. I think moving forward we definitely want to insure we have a full recovery in the u. S. Labor market because at the end of the day, labor income is 60 of the u. S. Economy and house hold spending is 70 of the u. S. Economy. We want continuing provisions such as continuation of Paycheck Protection Program and reemployment bonuses or retention tax credits to try to sustain a labor Market Recovery as swiftly as possible. Charles its a shame those folks on recess. It is really an embarassment. Tyler, youre not on recess. We appreciate you spending team with us. Were all hopeful. Thank you very much. Thank you for having me. Charles meanwhile folks, democrats continue to make saving the post office now a major part of their platform. It has been all over on the dnc. Many on the far left are rejecting most ideas that actually help the struggling agency in many ways. In fact there is a report that the usps, the u. S. Postal service considering a plan put forth by Jpmorgan Chase that would lease space in post offices for atms or other sort of banking apparatus. Aoc and company said no. They dont want any sort of profits involved in the ultimate solution. But lets face it, the post office has not turned a profit since 2006, recording more than 80 billion in losses since then. Joining me, president of walser Wealth Management. Rebecca walser. Rebecca, it is another one of those things you put an idea some people consider farfetched but you say okay, lets take it seriously. We love the post office. They have a 91 approval rating. Everyone loves the quaint post office even though they dont go there. So what is the solution . You know, charles, this is the perfect opportunity for a Public Private partnership and for the people that understand economics, you know they understand that you dont saddle an already losing proposition. We lost almost 9 billion in 2019 on operations. That is not something you take have the u. S. Government venture to do more things. What were looking for really, truly is a Public Private partnership. Jamie dimon leasing space, bringing revenue to the u. S. Postal service where it otherwise is not getting revenue is a great idea. Charles there is just no doubt in my mind considering the footprint, you know, there is some way there can be, it doesnt have to be screaming for profit, right . Some way they can actually generate profits, maybe reverse things that have happened. They let go 200,000 workers in the last 20 years. By the way the mailboxes people are complaining about . They gotten rid of thousands of them, thousands of them. It is not a political conspiracy. They cant operate the place. What do you say to aoc who rejects the idea of Public Private intervention . Well she is discounting offhand, that 35,000 potential locations could be leveraged for bringing more services to the community and the government, u. S. Government should not get into the banking business outside of the Federal Reserve and where we already are. We should not get in the banking business to make lending decisions. That is a big problem for discrimination. We cant have that. You have to have private partnership coming in to offer banking services. When someone like her completely discounts offhand revenue, that makes no sense we have to do something. The post office is supposed to be selfsufficient. It is not. It has got 160 billion of debt now. We have to do something to modernize it. We have to. So to discount Public Private partnership is uneconomic. Charles i marvel at, you know, look at shares of fedex this year, ups, i marvel how theyre competing and why theyre making so much money and why the u. S. Postal service isnt. Let me switch gears with you, since i have you here. Youre one of my favorite financial people as well. The market, were at alltime highs on the nasdaq and the s p. The dow made movement to the plus column. I think it is almost a worthless index these days. What do we need . What do we need most right now . Is it a vaccine . Is it more stimulus . What is it that is going to take this economy and this market even higher . Charles this, is not meant to sound anything other than it is. We need a reality check. We absolutely need a reality check. We need to get an assessment on the impact of people going back to work normally with or without a vaccine f a vaccine does not come out that is safe people are willing to take, then we need to really divide our population into those that have compromised immune systems and elderly and those people need to be protected. And the rest of america, including our children should get back to work. Weve got to get back to normal. Short of that, charles, we have to continuously more government stimulus. The government stimulus will run out. You will see the true impact of the shutdown if we do not get back to normal to some kind of level. Charles rebecca, thank you very much. You know, one of our favorite guests just one a primary. I dont know what it looks like in your neck of the woods but you might want to consider it. Later in the hour new proof when you smile, the world really smiles with you. Objections and money from the establishment, that person i just talked about, she is reinventing the Republican Party at least in her neck of the woods. One of my favorite guests, Anna Paulina Luna, will talk about her big primary win next. calm inspirational music i cant stop worrying. Why cant i sleep at night . How do i deal with all this stress . When did the world get so scary . Hello, this is michael youssef, there can be no doubt that our world is filled with troubles right now. And yet, there is one person who said, i can give you peace that can never be shaken even in the worst of your circumstances. Jesus is the way the truth and the only giver of eternal life and he is inviting you to come and surrender to him. And he will give you unbelievable peace, a peace that seems too good to be true, but its true. Will you come to him . calm inspirational music [female voice] are you looking for a peace that can withstand any hardship life can bring . Visit findingtruepeace. Com to find answers. Again, thats findingtruepeace. Com. calm inspirational music now every bath fitter bathbath fis installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Charles as Republican Party stalwarts med over to the dnc, and more than 70 normer gop National Security officials endorsing joe biden, trump backed candidates are raking in primary wins especially in florida. From lara loomer to our next guest Anna Paulina Luna victory touted on twitter. Watched race from the very beginning. Very impressed. Next opponent Charlie Crist is pelosi puppet, bad on crime, military vets and second amendment. You have my complete and total endorsement. She joins me now. Congratulations. Absolutely phenomenal. You know what i love about you, anna, that youre straightforward. Your platform is prolife, progod, progun, antsy socialism, antiillegal immigration and amnesty. Youre put out there in world people are intimidated by saying those things and you won. Thank you. Youve been a supporter through and through. People thought they could come into the seat and buy it. Ultimately not washington, d. C. , that votes for you, it is the people, in my case the people of pinellas county. I went to them. I spent hours door knocking, phone calls, hand written notes. It paid off. Im very proud to say i raised over 1. 1 million on small dollar donations even though the odds were against me. Im very, very honored to be here today. Charles was there a point during the campaign, maybe one of those doortodoor meetings, someone opened the door, you had a conversation with them you said i really think ive got this . Yeah. About a week out when i started going door knocking to the undecided voters, every Single Person i talked to you said we see the attacks youre getting but we see your platform. We really looked into you. Were going to be voting for you. Were telling our friend. At one point about two days prior to the election we were going doortodoor. I only met one person in 100 houses that we knocked on saying they were still undecided. Every other person said they voted for me. I was still at the polls until 6 30 the night prior to the election. Polls closed at 7 00. I was not done doing my hair i had won and it was officially called at 7 30. Charles i got goosebumps there. I do want to ask you about, i got to tell you, i long argued that the establishment, right, what we call the establishment elite, that theyre the same for both parties. More and more i think were finding out that is true. Theyre interchangeable. In fact your opponent is a prime example right. He was once considered a gop star. He didnt get his way. He lost an election. He pouted of moved over to the next party. Were seeing this all week at the dnc at their convention. I dont want to see the republican establishment ever have the power they had before. Do you think theyre getting the message that, because you mentioned money . I think they believe that President Trump loses they will be able to write enough checks and resume sort of the ruling over Republican Voters . What were seeing is that people regardless of Party Affiliation no longer want the d. C. Established and elitist politician. I can tell you matt gaetz is very key. I think he is nationally one of the most key figures for gop. He is really stepping outside of what has been considered something that congressman are supposed to do. He came down to my district. He is working with new candidates. Even sometimes candidates other people dont believe in. Because i think he sees something special. He realizes the struggle we have nationally at our doorstep. I think the gop is on board. I definitely feel their support now. I know moving forward it will be a rebranding, fighting back against the message of identity politics that the dnc uses. Im really happy to be leading that charge alongside with matt gaetz and president donald trump. Charles well you made history already but, you can do it again. Anna, thank you very much. Congratulations one more time. Thank you. Charles all right. Folks, make sure you tune into fox business for complete coverage do night of the dnc as joe biden accepts the nomination for president of the united states. It all starts at 9 00 p. M. Eastern time, hosted by our very own neil cavuto. If im done with my lander dry i may join in with the discussion laundry. The pandemic stopped in its tracks but staycations are boosting air fbn towards an ipo. Is it the right time . In the tough times, there is new study that says smiling does really help. What makes you smile today . Tweet me cvpayne . What makes you smile. Well be right back. Now, the woe to be is stuck inbetween. Accelerate your investments or pull back . Change the plan or stay the course . Thats why Northern Trust is here. With specialized expertise. A history of success through every economic climate. And proven strategies rooted in data and analytics. Giving you more control. Clarity. And confidence. For now and whatevers next Northern TrustWealth Management. Charles airbnb is back from the brink. Certainly they were in trouble just when investors would doubt if the company would ever go public. Well, they have filed with the sec for an ipo. Jackie deangelis is live with more. Jackie . Reporter good afternoon to you, charles. Thats right. Airbnb announced it filed a confidential Registration Statement for the sec for an ipo. No statement on shares being offered or what the price would look like. It is a debut some investors thought it would never get off the ground. The initially remember the coronavirus pandemic cratered the bookings for the company and triggered layoffs. The private valuation of 30 billion was cut nearly in half. As restrictions started to be lifted and people were opting for home stays, rather than hotel stays, the company sees increase in shortterm rentals and staycations. That is briefing life into an ipo dead on arrival just a few months ago. The trends that boosted airbnb business have stayed. Past unicorns are seen struggling but its a little bit of a test. Are the Public Markets ready . Do they have confidence particularly as we see that skepticism over moneylosing startups . Also the wall street jol noting that the companys ceo brian chessky under pressure from employees to list this year, before many Stock Options are set to expire. On a side note the Company Issued a ban on its properties. In a release stated this, today were announcing global ban on all parties and events at airbnb listings including cap on occupancy at 16. This also applies to future bookings on airbnb. Will remain in effect until further notice. Airbnb certainly looking at situation, we dont want to be part of a controversy here. No parties at our properties. Back to you. Charles at least they put it in writing, wink, wink, there will be some parties. Lets look at another story that will have people talking today. With me now cheryl casone. First, cheryl, the gig is up, lyft will suspend ridesharing in california tonight. Thats it, right . Cheryl they came out with a statement today. This is all revolves around the issue whether or not that people that work for uber or for lyft, the drivers are employees. Right now uber, lyft, and these other companies are being told they have to classify their drivers as employees. That means the Business Model in the state of california doesnt work so theyre going to suspend it tonight. This is basically going to end up, it will be in court. The challenge in this court system down the road in november there is a ballot, prop 22, that voters will have to decide whether or not these ridesharing companies, uber, lyft, even instacart, whether or not they classify the employees, other drivers, excuse me as employees. But as of tonight, look, were out. I think the public outroar will overshadow the court battle if if you will. Charles when the people vote on it, they will have a lot to consider. Another tech company fleeing silicon valley. Planeteer is it moving headquarters from california to colorado. This is not the first one. Do you think a lot more will follow, cheryl . Cheryl elon musk is talking about doing the exact same thing. Why not . Companies are leaving california in droves, going to places like texas, colorado, states with much better tax environments and regulatory environments if you will. Think about it the cost of living in colorado versus california and plus you get all the mountains you get to ski on. I dont blame the company at all. I think palantier is making the right decision. If im a lawmaker in california and the governor, i thinking twice about the tax situation. Charles taxes are 70 less. Could buy four houses in denver than you could in palo alto. Sounds like a nobrainer. It is official, when you smile the whole world really does smile with you. There is a new Research Report that finds smiling can trick your mind into being more positive. Cheryl, let you know you have one of the best smiles on tv. It is infectious . As do you, charles payne. I love the fact it came out of australia. A Research Study showed by manipulating the muscles in your face and smiling it tricks the rest of your body. It produces positive emotions. So it is kind of like that fake it till you make it today. Im not really happy today, but i will smile anyway. Maybe that will get me through the rest of the day. Charles i love it. I love it. Something to remember. Cheryl, well talk real soon and keep smiling. All right, folks, wall street, theyre not smiling but dissing individual investors and they wont stop. When these elites circle the wagons big time, you know what i say . Examine the risk of their actions, not shawl investors. Are they doing that is harming us . Well be right back get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Some Companies Still have hr stuck between employeesentering data. A. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. Charles all right, folks. All the major indices in the green as we head into the final hour of trading but congress is still on recess and theres still no stimulus package. Republicans proposing a skinny plan including unemployment benefits, 300 bucks a week. For more on this, i want to bring in Edward Jones Investment strategist neelan richardson. How much is this market depending on some sort of real concrete deal out of congress . I think it works wonders along with work from the Federal Reserve and its crazy they are dropping the ball right now. You know, the rally we have seen so far, and its been an impressive one, up 50 , near and at record highs that we saw in february, has been [ inaudible ] in the market. One, that the recovery this time would be quicker than usual and two, that Interest Rates will be very low for a very long time. Now, the market has had a lot of confidence around number two but number one is still in play, because it is still depending on that fiscal stimulus to ensure a steady handoff between an ailing economy and sustainable recovery. So yes, the markets are counting on more stimulus to keep rising. Charles my worry is that congress may wait for this market to start crumbling, maybe a couple days, sessions where your major indices are up 2 , 3 , 4 and you know, again, i worry about what can be reversed at that point. We have a wind at our sails. I like to see it going. What signs of a deal do we need or does that not matter as much as getting something done . You know, the markets can wait. Low income families who are hit hardest by this pandemic, who we need to keep spending in order to ensure recovery, they are the ones that are vulnerable right now. You think about what congress has already done. 2. 7 trillion. This has been the most explosive stimulus package we have seen. Even at the end of this debate, 1 trillion for the republicans, 3 trillion for the democrats, thats still a lot of money even at the lower end. I think its more important to get something passed that is a lifeline and bridge to the people hit hardest, then the markets will be rallied on a more sustainable delivery of that relief as opposed to ad hoc and all this uncertainty. Charles you know, i have always considered edward jones to be more main street than wall street. I love your Business Model. Your firm wants people to invest, right. You go to them and you are all over the country. Take a look at this headline from the wall street journal. It says confetti, does robinhoods design make trading too easy. In my mind, its circling the wagon bigtime. Millenials have seen a couple stock market crashes, a housing crash, their parents never got a pay increase. Many of the people that lost their homes, never got them back. The stock market is at an alltime high so why shouldnt millenials get a piece of the action . What do you make of this rejection of millenials wanting to be involved in the stock market . Absolutely millenials should be investing and investing should be made simply. We think as longterm investors, investing without a plan doesnt make any sense. You need a plan and a market that has a lot of volatility and you need a plan to reach your financial goals. For us, it means yes, if you are young, you can take more risks in your portfolio but have a portfolio thats balanced, so you know what your risks are and all risk is is knowing what you can stomach losing. If you go into investing without a plan in place, then you may make an emotional decision that doesnt work out in the long run, and thats why having a plan that takes that emotion out of it will help you in the long term instead of chasing todays leaders or your favorite stock. Charles right. Right. Its interesting because the American Association of individual investors just came out with their update, this is mostly older investors. Does this explain then why older investors have sort of been afraid or intimidated with this rally, certainly they are not making the kind of money millenials are making now but thats okay for you because they are older investors . I think older investors, those who have seen a couple market cycles, those we work with understand how the dynamics work. Its time in the markets that matter more than timing the market. They know theres ups and downs in markets. Thats why you need equities and bonds. They know charles ive got to a pullback just means an opportunity to invest more. I think older investors are hip to this in the markets, actually. Charles got to let you go because i got to hand it over to liz. Before i hand it over, we are getting word that uber and lyft have been given an emergency stay to continue to operate in california past midnight tonight. This is not just a california issue. The gig economy was flying, people found ways of making extra money, making ends meet. I think this is a question thats the answer for many folks out there who want options, work options. Liz well, at this point, can you really shut down peoples ability to make a living any way they can, charles . Millions and millions of americans unemployed. I think thats a pretty fair decision. Yeah. Not at all. All right. An actionpacked hour