Transcripts For FBC Cavuto Coast To Coast 20240712

So were keeping a close eye on that. We have David Rubenstein joining us from the carlyle group. He has a great book out about Technology Giants who lose their worth after they get over a billion. It is gravy apparently after that according to him. Well get the latest on new york city. We know the possibility restaurants there will be closed through the end of the year. Now word that schools will open up but not for another couple weeks. It was supposed to happen by the 10th. Now pushed back to the 20 first. Even that looks kind of dicey. The big apple and all the problems apparently cant stop. It feeds on itself. Back to the major story, the lead story, the president of the United States going to kenosha, wisconsin. Normally president s when they hear local leaders are complaining they dont want to see them they back off. Not this president. Not this time. Mainly because not all local leaders feel the same way. Well talk to one congressman who welcomes the president. Says the city and the state needs the jolt and the pick me up. Well go to congressman Mike Gallagher. Ahead of that Garrett Tenney with the latest from kenosha. Hey, garrett. Reporter hey, neil. The president has three stops during his trip this afternoon to kenosha and first up he will be touring some of the damage at businesses from last weeks riot and meeting with some of those business owners. After that, he wit be visiting a Emergency Operations center. He will be meeting with Law Enforcement for a roundtable. The president is is i can making this trip as you noted despite the governor and kenoshas mayor asked him to renegotiate for later date when tensions are not so high. The President Trump wanted to come to thank those who helped restore the peace. President trump time there for Law Enforcement and for the National Guard. They have done a great job in kenosha. They put the flame immediately. As soon as they came in the flame was gone. Maybe it will start up again but in which case they will put out very powerfully. Reporter one thing the president wont do is meet with the family of jacob blake. The white house says it has been reaching out to the arrange a phone call for the blakes mother. The attorneys insisted they be allowed on the call as well. President trump didnt think that was appropriate. For now the call wont be happening. The familys Attorney Benjamin Crump released a statement, if the call had occurred miss jackson was asked to ask President Trump to watch the video of blakes shooting and ask what she asked all america should do, examine your heart. People are concerned that the president s visit will reignite some tensions we saw last week, most of which have died down significantly over the past five or six days. It has been almost entirely peaceful here. You can see behind us though, this will be the site of one of the scheduled protests getting underway the next hour. Right now a few dozen of president s supporters came out to welcome him to kenosha. Already the two groups are starting to get into it a little bit. Smaller crowds. Well keep eye on the crowds throughout the day. Keep you updated, neil. Neil Garrett Tenney in kenosha, wisconsin. We hope cooler heads prevail. Congressman Mike Gallagher joins us now. You were one of those open to the president coming today, a lot of colleagues were concerned about the timing of it. Your thoughts . The president wants the violence and anarchy to end and so does wisconsin. It shouldnt matter, neil, if youre a democrat or a republican. We should welcome the president s attempts to restore law and order in kenosha so no one else suffers. It is simple. Which isites dont want bricks thrown at cops heads. We dont want our businesses burnt to the ground. We dont want anyone assassinated because of their political beliefs. We want the violence and anarchy to end. I would ask our democrat friend to denounce the violence and anarchy. Wisconsin is better than this. Wisconsin is a place where we treat each other with respect and dignity regardless of our political beliefs. Im glad the president provided enhanced Political Support to the governor. I am still shocked that the governor refused that support initially. That the governor issued an inflammatory statement the night that this all started and poured fuel on the fire immediately blaming the police. We cant have that type of rhetoric. It just increases the tension. We want the violence and the anarchy to end. Neil you know it is interesting when you hear the governor in his remarks, he is open now to National Guard troops. You can talk about whether it is too late or whatever, he is open to it. Accepted 1000 guardsmen in your state, kenosha more to the point directly. Do you know of any other plans to send additional troops beyond what have been called for . There had been talk if there are any disturbances today, they might consider that . I dont know. I have Law Enforcement professionals who have mobilized in a guard capacity and gone down from where i am in northeast wisconsin to kenosha. My hope independence that cooler heads will prevail. There wont be any further looting or rioting, destruction or anarchy would necessitate additional National Guard troops but if allow a vacuum to form, allow violence and anarchy to go on, it builds on itself and we need the help of federal troops and National Guard. I hope we dont get to that point again. I urge the governor to work with the president to make sure the good people of kenosha dont have to live in fear. Neil well watch what happens. Congressman, good seeing you again. Congressman Mike Gallagher of the beautiful state of wisconsin. Sits on the House Armed Services committee, much, much more. Well get David Rubensteins thoughts, carlyle group, so much else. He has a great book out. He address various leaders of all stripes, corporate, political, handle crises. It is time. Well get to him in a little bit. Meantime take some attention right now to the political fall out from all of this. Polls nationally are one thing, but in battleground states they have been narrowing a little bit. Keep in mind where a lot of these riots have been going on, protests some get worse than others, theyre all in battleground states if you think about it, and in a lot of those battleground states right now its tight and getting very, very tighter. The National Average right now, real clear politics average has the joe biden, president separated by a little more couple points. The read on all of that, francesca page, mcklatchy correspondent, John Layfield as well. John, when you look at the way this is all sorting out, it is early, polls can change what do you make of what youre seeing now, particularly in battleground states . What i make of it is spending. Joe biden spending as much as President Trump sometimes outspending him in certain states. In month of august, surprising i after the election President Trumps team did not spend much in battleground states. Only response was [inaudible]. But biden now is really doubling down what he is spending, specifically in wisconsin where the protests are going on where the president today. Neil john, were having some problems, were is having some problems with your audio. John, i promise well try to fix it. Meanwhile go to francesca. Francesca chambers. My bad. Very sorry. We talked to each other many years. I apologize for that. Francesca, im looking at some of the numbers in battleground states. It is not coincidental that the president is visiting battleground states where a lot of these uprisings have been happening in their cities. Whatever is happening here, it is narrowed the gap in those states. Still too early to decide one way or the other but what do you think . These are being billed as official events this week in wisconsin and North Carolina. In addition to political outright Political Campaign events the president is doing. Yesterday White House Press secretary Kayleigh Mcenany told me that visit this week to North Carolina was not a political purpose. But neil, it is hard not to view these trips that is the president is taking at this point through the lens of politics were so close to an election. When you have mailin voting, absentee vote by mail, thousands to be sent in North Carolina which is the earliest state that has these this week on friday. So this is, what you could call the incumbency advantage is that the president of the United States can travel to states and hold official events. You mentioned polling. The polling again in these battleground state absolutely is tightening. State like North Carolina it is statistical dead heat between President Trump and joe biden. Wisconsin the state Trump Campaign said if they win that state could lose pennsylvania, michigan and president would be able to be victorious. That is part of the reason why you see the president placing emphasis on these particular states he is visiting. Neil you know, John Layfield, hopefully things are okay with your audio again. The markets are another intriguing thing to watch. Im not saying people vote based on the markets but do they reflect confidence that there is light at the end of not only the virus tunnel but the protest tunnel that better days are ahead . Sometimes market is ahead where main street is in at the moment. At the moment are they seizing on the possibility that were through the worst of this . Im not totally sure [inaudible]. Im not entirely sure you have so much intervention unprecedented from the fed. So much liquidity coming in. So much government stimulus. Normally with an election coming up if the markets is preceding months to the election it means the incumbent will win. Im not sure that is the case. [inaudible]. Not sure, i dont know if it is indeed different this time but i think the markets are confident that the fed will do everything they can. You see a lot of Global Growth around the world. I think america has problems going forward, once stimulus ends and businesses propped up by the government, not having to succeed on their own. We have issues ahead of us whoever is the president. Neil you know, francesca, i mentioned the markets, joe biden made a point as did Kamala Harris before, he talks up the markets, the president quite a bit, but in the scheme of the violence going on, as well as ongoing concern about the virus where it is headed, School Delays all of that, that most americans dont connect with that market runup. What do you think of that . Well the economy and coronavirus have been showing going to still be among the top issues for most voters in this election cycle but certainly what we see going on in the various cities and, as you were talking about is an issue and the Trump Campaign had thought to make that a key issue in this campaign. You two candidates they have taken very different approaches to this. President Trump Campaign has chosen to make this an issue of law and order. That is something that he is pushing very heavily and seeking to separate himself from joe biden who looked at this more of a Racial Justice perspective and pushing the message more along the lines of what protesters are out there for. Those are just how the two candidates have pushed it differently. This will come down to how voters end up perceiving this. Neil all right. Final word on that, francesca, i want to thank you very much. Francesca, chambers. I also want to thank John Layfield. I apologize for the audio difficulties buff you were great regardless. Were following a couple other developments here. There would be some pushback new york citys plans increasingly they want to keep restaurants closed at least for Indoor Dining through the rest of the year. New york Governor Cuomo said Something Interesting today me thinks could be a sign of overruling the mayor on that subject. After this. Its easy to get lost in the economic uncertainty. The volatility. The ambiguity. The moment calls for more. And Northern Trust delivers more. With specialized expertise. Proven strategies rooted in data and analytics. And insights borne from over 130 years of successfully navigating economic turbulence. Giving you clarity. Inspiring confidence. And helping you uncover new paths forward. Northern trust. Wealth management. Im a delivery Operations Manager in san diego, california. Weve had a ton of obstacles in finding ways to be more sustainable for a big company. 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How to get safely kids and teachers back into the classroom safely in the smartest way possible. Now even though the plans ha been to make, to go forward with a blended learning plan, Remote Learning and blended learning together on september 10th. Not everyone was comfortable and on board. This called for the head of united federated Teachers Union to call nor a strike. This morning new york city mayor bill de blasio announced the city reached an agreement with the union to delay the full start of the school year as you mentioned to september 21st, to get schools, teachers, health care workers, to make sure everyone associated with the school is healthy and safe. The announcement coming at a press conference with the uft president , that the 10 days delay is in part to die vert eyeteethers strike. Starting 15th of september, well have a threedie transitional period, only three days. For three days, the instruction begins remotely for all students. On september 21st, monday, the School Buildings open full strength. We go to blended learning. Reporter the president of the uft which also had been sounding the alarm from the start on the previous plan had this reaction. It is not going to be easy but im very proud to say that we did this at this moment but now it is up to all of us to be there to support each other, to support our kids and to make sure that we are the ones keeping the largest and best School System in the United States open, running and safe. Reporter mayor bill de blasio also announcing there will now be a monthly medical Monitoring Program at schools and the city will make sure that every Single School will have the program in place and also will be mandatory. The idea, according to the mayor is that the testing will be convenient, easy, and most importantly free for everyone. Neil . Neil laura, great job. Thank you very much. Laura ingle in new york on all of that. Speak of new york, you know in new york city there might be pushback all the way to the end of the year before restaurants can resume Indoor Dining. Just the opposite in new jersey across the river where Indoor Dining will be allowed come friday, something that caught the attention of governor andrew cuomo. Take a look. I understand that means people can go through the tunnel and go over the George Washington bridge, go to a restaurant in new jersey where they cant do that in new york city. Im aware of that competitive disadvantage for new york city restaurants. Neil was that the governors way of intimating, maybe telegraphing, while the new york city mayor bill de blasio might want to push that back, that is Indoor Dining in the big apple, the governor can overrule him and decide to change that. Lets get a read from solina who says i hope so. She is owner of celines brooklyn, a bar owner. Good toe have you. Sounds like the governor, this is me taking the lead, celine, not you, sounds like the governor is saying i dont know, keeping this going toe the end of the year, i dont think that is going to happen. What do you think . Were hoping that that is what he means and that hes doubling back because it is just arguments are not realistic in regard to density, compliance. We want to comply. Were trying our best with vague rules and regulations and heavy enforcement. Unemployment is going to go crazy. We employ members of the community. We pay our taxes. We want to do this right. We want his help. We want to raise awareness to the fact that we want help and we want to do this together. Collectively versus punitively or criminally and the amount of pressure they are putting on us to police our own establishments like according to margarita marsica, council of the sla saying we lack supervision if we dont chase people out within 100 feet of our establishment. I think it is completely unfair and it is not really fair that he is saying just because new jersey is open it is posing a concern. Because as the governor of the state of new york he is already let westchester open, long island open. Neil youre right. And our five boroughs. Neil youre right. Let me ask you, celine, if the mayor had his way, i think he is waiting for a vaccine. Until a vaccine comes he felt uncomfortable, im paraphrasing here but he felt uncomfortable beginning Indoor Dining. That could mean a real long wait for you. How do you feel about that . First of all for us to have to wait for vaccines for something that is so new when normal vaccines can take years to test, i think is unfair and puts us even bigger risk. To even more questionable moral and ethical dilemma, are these vaccines going to be mandatory . Do we have to make sure that our employees are vaccinated . Do we Start Talking about hipaa . Im confused how that is even a conversation for restaurants and bars but not a conversation for schools where, these are our kids. Neil you raise a good point. I wish you well. I know youre trying to hang on, doing everything you can to apply the rules and the safety and distancing standards that would at least get the lawyers off your back. Well be watching this very, very closely. Celine rasado. Sweet brooklyn bar owner and much more. A very popular place. How this is delaying our lives and in resuming our lives. Stay with us 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. These days, businesses are adapting to new ways of working. And innovation is at the heart of it. Verizon 5g ultra wideband is the fastest 5g in the world, with speeds up to 25 times todays 4g networks. Its massive capacity and ultralow lag time is already available in parts of select cities around the country. Which means businesses both large and small can innovate like never before. Neil Coronavirus Relief stimulus measure still going nowhere. It is something that might come up, probably will come up with steve mnuchin, treasury secretary when he testifies. Chad pergram with more from washington. Hey, chad. Reporter they keep in mind steve mnuchin, the treasury secretary, he was coming to capitol hill with mark meadows the chief of staff on almost a daily basis late july and early august and they have not been up here since basically because those talks have been stalled. Steve mnuchin, treasury secretary, he is frustrated. Listen. Unfortunately the speaker and senator schumer dont want to negotiate in good faith. They refused to meet. We reached an agreement on many, many issues but they said unless we come out with a top line, they wont give us details what theyre interested. Reporter todays hearing comes as airlines are threatening to furlough tens of thousands of workers, plus state way Way Construction and transit jobs are set to be idle. Because state coffers are bare. Democrats want to send hundreds of billions of dollars to states. House Speaker Nancy Pelosi says schools need money for spacing and ventilation in the classroom. This is appalling, yet again, another reason why if only they would Pay Attention to the scientists. Instead the president just wants to have herd immunity, which is totally discredited by anyone who knows anything about epidemiology except his advisor who knows nothing about it. Reporter Senate Republicans they are pushing to have some sort of a vote next week on what theyre terming a narrow focused coronavirus bill. Remember, Senate Republicans have not been able to get on the same page with that sort of piece of legislation here. So that remains to be seen. They will have to have democrats. Here is the other problem, they have to fund the government by the end of the month, september 30th. Is the deadline. What im starting to hear on capitol hill is the possibility they would try to glom maybe a coronavirus package together with an interim spending bill to avoid a government shut down. Some people are telling me that may be inevitable. As one aide said to me this morning, the calendar will set the agenda. Neil. Thank you very much, chad pergram. A lot of criticism from both sides, the leaders in charge, act like adults, quit pointing fingers, a timely reminder with our next guest, David Rubenstein, the cofounder of the carlyle group, he has put together some of his inimitable conversations with some of the mightiest and profound people on the planet. Among them, jamie dimon, bill gates, melinda gates, tim cook, george w. Bush, bill clinton, nancy pelosi. But david, i notice no donald trump. What avenues the deal . Well i did interview donald trump when he was getting ready to run for president and, i was at Economic Club of washington. I think he was very happy with the interview. I have since talked to him about doing another interview. We havent argued it yet. I didnt interview him in the context of this book. This book has 30 interviews of leading people in business, politics, culture, philanthropy. It is designed to show what leadership is all about. I go through my own struggles with trying to be a leader and trying to do as well as i could. I made a lot of mistakes in this area but i tried to give a road map for people who want to be future leaders what current lead have done, tell them what some key characteristics are. Neil what is interesting about it, some of them, you know, luck played a role, but more often than not hard work cemented it. These are folks who worked their heinies off. I wonder if you dont mind my leaping to this Election Year that it is who will put out the most effort to get voters to the polls. You heard about, you know, concern that joe biden has been reluctant to leave his home. The president is out there every day, you know, maybe, stirring up trouble but certainly going out. Others look at that and say, you know, thats not the strategy. So i guess im curious how hard work do you think, that work ethic, really wanting to get something done makes a difference or could . As a general rule of thumb i think there are a couple of criteria that are very important. Hard work is one. Luckies another. Focus is another. Persistence is another. He integrity is important, rising to the occasion, hard work, i dont think anybody won a nobel prize working five days a week, 9 00 to five. If you want to do something significant in your life, make a mark, you have to work longer than 9 00 to 5 00, five days a week. You have to work hard. Hard work is the end that will pay off more than anything else. You make your own luck by working hard. Neil let me be clear, david, if i wanted to work less than 9 00 to 5 00, since you didnt stipulate that, would that get in the way of success . I think if you worked less than 9 00 to 5 00, five days a week you might have a very enjoyable life. You might play a lot of golf and tennis but i dont think you will make a big mark on the world. Obviously some people would disagree. Some people have written one book, all they had ever done, had a big mark on the world. But as a general rule of thumb i think working harder is better than not working hard. I dont you have to be brilliant. I dont think you have to be creative. You have to be reasonably intelligent but working hard is very important. There are other criteria. Focus is important. You cant do 1000 things at once. You have to focus on one or two things. You have to know how to communicate with people. You cant lead people if you dont have followers. You have to learn how to communicate with them, by good writing or good Oral Communication or by leading by example. The most effective thing is leading by example. If you want to be a leader, not everybody wants to be a leader. I tried to outline some of the most famous leaders in our country have done. They didnt do things perfectly. They all made mistakes. They had some luck. They worked hard. They had persistence, overcame a lot of obstacles in their youth. Neil what is interesting in a lot of your conversations, that some of them it is not about themselves. They have become very, very successful what they do, but they readily share the credit with other people. And im, that is, not among everyone you profile, but certainly most. What did you make of that . Yes. Ronald reagan famously said there is no limit to what humans can accomplish if theyre willing to share the credit. That is certainly true. The most important thing if youre a leader trying not to convince everybody that you are the superstar, that youre making all the decisions. You have to convince them they are helping you. If they follow you, they will be better off. That is a key to leadership but i do think that sharing the credit is very important. As president kennedy said, victory has 1000 fathers and defeat is an orphan. No doubt everybody likes to take credit for things. In the end when things dont work out, people are looking in their shoes and pointing fingers elsewhere. That is not the mark of a leader. When president kennedy made the mistake of bay of pigs. He have went on television, i made the mistake. I bear responsibility. His popularity went up. Neil we try to tell our kids the same thing. What i found fascinating, david, people overcame enormous doubters, naysayers. Jeff bezos was literally laughed at, some of the ideas, imparted by president clinton early on, that you could be sort of a moderate democrat and entice more people into the party. That was dismissed, pretty readily here. Right. Neil but they had the corerage of their convictions, of all stripes. Even george w. Bush, profiling him. I know he was dismissed. He relished the dismissiveness. I am wondering if there are lessons for all of us here . John kenneth galbraith, the famous economist said conventional wisdom is almost always wrong and he is right. When people say you cant do something, in the end they are probably wrong. Somebody who comes along does what jeff bezos did or bill gates did or steve jobs did, proves that you can overcome conventional wisdom. That really mark as great leader. Overconventional wisdom and persisting, persisting, persisting. If people tell you no, no, inspired to do it. Not everything will work that way but generally the people ive written about, and other leaders are people that overcame what they said they couldnt do what they wanted to do. Neil how did they get to the point of still working so hard . I could ask the same of you, david. Right. Neil when you netted your first billion dollars you could have said im done. I could kind of slow down. But you havent, you didnt. Im i thinking the same about about jeff bezos, tim cook, you could argue with the success, look at tim cook of late, post your book coming out, his wealth has gone up fivefold. Jeff bezos is the 200 billiondollar plus man. Im not saying it is unimportant to them, but does not take the fire out of their belly . Well the implication of the question is, work is not as much fun not as much work. For people driven, work is the most pleasurable thing you can do. The trick is have time for Something Else because you want a balanced life. Bill gates loves what he is doing. Steve jobs love what he is doing. I dont want to just play golf or tennis, neither which im good a at. I want to do something i think am making a contribution of the those that build Great Companies think they are making a contribution to the world and probably are. In your own career, for example. You worked very hard. Do you think this is work or pleasure . You enjoy doing it. If you enjoy doing it it is not work, it is pleasure. Neil then again i just found out the other anchors at fox are paid, david. That is Something Else im looking into here. But let me ask you, and i dont want to sound fawning, but i will sound fawning because im a great admireer of yours. My dad said if you cant laugh at yourself you will miss the fun of others doing it for you. You joke about it, but your financial acumen is never in doubt. You were among those saying carlisle invested in this upandcoming company, amazon. As soon as it went public, cashed out, i think after it went public, you got whatever it was, i think, what was it about 80 million. That same 80 million might be worth, 4 billion today but i thought that was very humanizing moment to say, you know woulda, coulda, shoulda. Even you. Some people look back, other people always look back. I look back these are the mistakes i made, i should have done something better. Maybe it is not an endearing quality but i cant resist it. Some cases it is easy to say i never made a mistake. That is not the right thing to do. People should look back to be honest about the mistakes you made. You can learn from the mistakes. In addition to i made many of them. Passing on facebook. My daughter at harvard met a young man she was married too to, i heard about facebook and said that was never going anywhere. That was a mistake. Neil success is by far out numbered any problems. Real quickly while i have you, what do you think of what is going on with the market right now . The dow wants to complete the hat tricky guess. Only a few Percentage Points from a record itself. S p and nasdaq are already there . What is the market telling us . Does it get you worried or get you psyched . I think the market is getting near a peak. The markets are very from the think right now. In our own business we see prices are very expensive. Inevitably there will be some correction. When that happens people will say i knew it was coming whether they actually acted on it or not. I feel at some point the market will correct, whether right before the election or after the election i dont know. I dont think it can keep going on forever. I think something will change. As herb stein, famous head of Council Economic advisors under nixon said if something cant keep going on forever it wont. I dont think this can keep going on forever. The economy is in reasonable shape because of the fed and congress has done but at some point i think the markets will take a breather. Neil david, real quickly, the president echoed again before hopping a plane to go to kenosha, you elect joe biden, markets will crash, your 401 k will be decimated. What do you think of that . I think trying to predict what the market is going to do is very difficult. I think the market will take a breather but i dont know exactly when that will be. If i did i would take action relating to it. I dont really know. Would i say that the markets are probably going to tolerate whoever is elected president but whoever is elected president will probably have to deal very high defecits and debt. At some point i expect we address the point, half our budget is coming from borrowing. Over the course of United States history weve never been able to sustain a situation where the entire budget or half of it is being financed. At some point well have to increase taxes or get higher growth. It is not easy to do either of those things. Neil got it. All right. David, very good catching up with you. Really enjoyed the book. The company you keep. Thank you. Neil obviously the insights they share. David rubenstein. How to lead, wisdom from the worlds famous ceos, founders, gamechangers, theyre all split can stripes, all backgrounds, very much success stories. To each and everyone, confiding what makes it happen. Sometimes luck. More often, hard work, tenacity. It is the way, the only way. Stay with us. E that. Well have you tried thinkorswim . This is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. Hello, im michael youssef. Lately, we are hearing so many conflicting voices and i dont blame you if you are anxious and worried and troubled. But if i told you that theres only one voice that you can absolutely trust. After all, he wants nothing from you and wants to give you everything. Im talking about the lord jesus christ, who said, come unto me, all who are carrying heavy burdens and worry and anxiety. And i will give you rest. Hes the only one who can give you true rest and peace. Will you come to him . [female voice] are you waiting to find a trustworthy voice in the midst of the chaos of this world . Visit findingtruepeace. Com to find a voice that will never let you down. Again, thats findingtruepeace. Com. Neil you know the beauty industry, you know, might make people feel happy, and beautiful and all that, but it is right now a hurting industry. There is no other way to sing about it, more complain about it, it isnt getting any better, the whole virus shutdown didnt help. Kristina partsinevelos following how it hopes to turn things around or whether it will see a turnaround. Kristina . Reporter makeup in the era of masks. When you get up a lot of people are working at home or wearing masks. Usually the incentive to get glammed up are is decreased that doesnt mean people are not buying beauty products. Look at industry, sales have declined quite dramatically, down 25 last six months, in the last year, makeup taken a huge hit, down 50 . People are not buying lipstick, neil. I have know you wanted to know that but consulting firm, mckenzie predicted this will be the worst year ever for the beauty industry, saying global revenues could call anywhere between 20 and 30 . It doesnt mean were not buying things, it is just these patterns are starting to shift. That was exemplified in the latest earnings for estee lauder. We saw skin care sales actually up 3 . Because we care a lot going on over here. I guess we have more time to take care of our skin. That came at the detriment of makeup sales down dramatically this is similar trend we saw with loreal. That trend may not be over anytime soon. Women had become less concerned about the makeup and more concerned about beauty as a whole, radiating from the inside out, wellness, et cetera. So as we move forward i think that that is going to continue and that the makeup sales really are going to be soft for the foreseeable future. Reporter soft for the foreseeable future. Were buying expensive face masks, expensive gadgets, even spending a lot more on eye makeup, mascara, specifically. People are spending 20 on mascara. That was not help to help the u. S. Beauty, multinational coty. They are the ones who own in cover girl and invested heavily in Kim Kardashian and makeup. Dropped 60 in the quarter. You really know this, the makeup industry in order to sure jive right now, the trends you have to invest heavily in products like face masks or these gadgets where they charge you a lot. I brought this on air about five hours ago with maria, but this is a portable high frequent glass node where it shoots electricity or electric shocks into your face. There you go. Neil what does it do . Why would that be helpful, shocks into your face . It is supposed to stop the redness and inflammation. A viewer said dont put it directly on the face. It tightens the pores. I dont use it. I bought it during the pandemic, thinking i would take care. But it just sits here. It is good prop for tv. Neil dont need it. None of these props are going to help me. I need a mask for the whole head, throw in the body, see what happens. Kristina, thank you very, very much. We have a lot more coming up here as we reset the clock, dow up 63 points. S p, nasdaq in and out of record territoriries themselves here. Technology stocks having a grand ol time. The adjustment in the four for one apple stock flit, amazing how it reconfigured peoples stray thegy investing in proxies for the dow and all that. Were looking at Political Developments as the president makes his way to kenosha, wisconsin. A fascinating comment out of jpmorgan, investors should be prepared for the rise of a trump win. That is pretty interesting comment out of jpmorgan. Stay with us. Tada did you know Liberty Mutual customizes your 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. So youre a small bor a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Neil all right. We are waiting for the president of the United States to arrive in kenosha, wisconsin. He wanted to see for himself and support people affected by some of the violence that happened earlier in the week. Things have been pretty stable since, but the local mayor there, certainly the governor said this was not the time to visit. Many other local leaders have said just the opposite, but the president will be there regardless. Well be on it. Also looking at whats happening with these markets on a day the dow continues to claw ahead. Stay with us. Im a verizon engineer, and im part of the Team Building the most powerful 5g experience for america. Its 5g ultra wideband, and its already available in parts of select cities. Like los angeles and in new york city. And its rolling out in cities around the country. With massive capacity, its like an eight lane highway compared to a two lane dirt road. 25x faster than todays 4g networks. In fact, its the fastest 5g in the world. From the network more people rely on. This is 5g built right. Only on verizon. Neil you know, it is a sign of our times that even on a Business Network like fox business that law and order issue has become such a front is and center issue. Even with the improving economy, eastern with the improving even with the improving market, even with the improving cases were seeing on the views, but law and order cuts through a lot of stuff. Out seems to be resonating and connecting with voters. Hence, the president s visit today hell be there within the hour to kenosha, wisconsin. Grady trimble there right now. There are local authorities who dont want him there, others who are open to having him there. Bottom line, he will be there. Do we know his plans . Reporter any minute now he should be landing in illinois before making his way over the border to kenosha. By and large, were seeing supporters of the president who have lined the streets here and are eager to see him when he arrives. When the president does get here, he plans to tour the damage and meet with local business owners, some of whom have lost everything in the past week or so. Hell also meet with Law Enforcement officers and hold a round table discussion with them. As of right now, he has no plans to meet with the family of jacob blake. The president says the family of blake didnt want to get lawyers or, rather, the president didnt want lawyers to get involved in that phone call or meeting. In talking with supporters here, neil, one thing is clear, as you mentioned, that law and order message is resonating. I hope he sees that he has a lot of support. Theres a lot of people who didnt come that support him because theyre afraid. But i think that people need to come out and stop being awe grade. Afraid. Reporter things did get a little tense for a moment here as protesters and supporters of the president were arguing. There are people who believe that this visit by the president will enflame tensions, including the governor here, a democrat, tony evers, who wrote a letter to the white house saying im concerned your presence will only hinder our healing. Im concerned your presence will only delay our work to overcomedy vision and move forward together. Meanwhile, the family of jacob blake is gathered in kenosha, several miles from here at the shot where blake was shot, and they have intentionally chosen that area to avoid all of this, neil, and they say they want to keep politics out of it. Neil all right. Thank you, my friend, very much. Again, the president will be there this hour. Well keep you posted on that. I want to get the fallout with marie harp, fox news contributor, Chris Patrick as well of the federalist, Senior Editor there. Chris, we want the get your take on the president , you know, not heeding the warnings9 from the mayor and the governor not to come. To be fair, other republican legislators have urged him to come. How does he handle himself here . What do you think he should do . How do you think he will be handling this issue . Its a dicey one. I was struck by the part of the governors partisanship at the opening of the dnc two weeks ago where he talked about discarding republicans votes and saying they never supported him, theyre never going to, and he doesnt care, frankly, because theyre republicans. Hes not exactly a unifying figure. Obviously, donald trump is divisive in the state, but he is the u. S. President , and the president s allowed to go the places that need his support. There are a lot of people who you were playing the clip from who are afraid to show support, who are afraid to come out, who are afraid to say this is not okay. We stand with the blue, we stand with law and order, we stand with our Small Business owners and innocent people who are being impacted by this. To have one of their leaders, the president of the United States, to come here and say i stand with you and give some voice the those people who are afraid of criminals in the street is a very good thing. I understand the criticism from the governor, but also as you had on your show yesterday members of the county council say its important to back us up, to back up the blue and the Small Business owners and all the other people who are afraid right now to come out and say that this is their town, and you cant burn it down. Neil marie, in these highlycharged times, hed be criticized for not coming out. Leaving that aside, i do want to get your sense of how big an issue this has become, so much so that joe bidens spoken out about it several times with a big speech yesterday in pittsburgh, Kamala Harris has as well. Do you think democrats are worried theyre late on this issue and they dont appreciate the magnitude of this issue . Well, i dont think theyre worried theyre late, and i do think they appreciate the magnitude. Joe biden spoke very forcefully yesterday about that. But, neil, the question about President Trump coming to wisconsin isnt whether or not he should go, its what he will say and do when hes there. And most american president s see it as their duty to be a comforter in chief, to try and bring together different parts of our country. And if President Trump goes there today, like we expect him to, and talks about Law Enforcement, talks about his supporters, really doesnt try to broaden the message, doesnt speak to the black residentses who are scared to come out because of police violence, then that is what people are concerned about. Its not that hes going, its that he will not use this trip to be comforting, that he will not use it to come together, to bring people together, but that he will continue the divisive rhetoric hes used throughout his entire presidency and that he used this morning when he talked about this. He has given every chance to be empathetic towards black americans and jacob blakes family, and he never takes it. He always talks about the left wing. He never takes that opportunity. Thats what im concerned about today. Neil you know, a lot of americans who watch these images of, you know, whether its in portland and buildings burning, institutions, you know, burning as well, the shootings that have claimed lives in portland with a rightwing guy apparently killed and, certainly, in kenosha where someone, you know, a 17yearold sympathetic to the president was culling people. I mean killing people. I mean, on both sides its the crazy. And im wondering does the president need to address that . I wonder when you look at all of this, chris, if you just talk about the one without the other, i could apply the same to and her argument, the one without the other, youre not bringing people together, are you . What do you think . I think theres a false narrative going on here about black residents anywhere being, living in fear in their homes. Make was shot at a house he wasnt allowed to be, attempting to kidnap the children of his children. He didnt is have any custody over them, he wasnt allowed to be there because hed broken into the house, sexually assaulted the mother viciously and stolen a car. This is not someone the president should meet with. Its a very difficult line to draw here. Whats the difference between someone whos trying to deten themselves and someone whos trying to burn down buildings and carrying a handgun . These are not moral equivalents. However, to your and marie point exactly, donald trump could cause trouble here if he decided to throw bombs and simply talk about his support, that would not be a healing message as opposed to support for those who are afraid and those who are standing on those lines and trying to defend their community. Thats the kind of message it could be here, and we have to wait and see exactly what he says on that. Neil you know, marie, a lot of people who arent in on the details of these tragic shootings and the aftermath, all they know theres a dot of dis a lot of disturbances. Similar to 19689 when a lot of americans, the silent majority we were toll at the time, were watching all of this and were nervous as hell. Is there a sense that thats something democrats dont appreciate . Beyond what triggered all of this, right now the aftermath is violence, and its scary, and its playing out in city after city . I think democrats are going to take whats happening, and you saw joe biden do this yesterday, and try and make very clear that this is a product of the political environment that donald trump has created as president. Its not all his fault, neil. Thats not what theyre saying. But these cities were run by democrats for decades, and this wasnt happening until donald trump stoked, you know, this divisiveness in our country that has sort of exploded in many ways and that joe biden when he said yesterday, i thought the most powerful line, one of them, was do i look like a radical . I dont want to defund police. I think most police are good people. Joe bidens going to lose that neil but, or marie, but, marie [inaudible conversations] neil if a black man was killed by white police, regardless if he was president , youd get the same fallout from that. It wouldnt matter who would be in the white house, youd get that same reaction. Donald trump didnt stoke that. You would certainly get some of it. We saw it in ferguson, of course, neil, its not that this never happens. But the scale and scope of the divisiveness in this country right now is undeniably e higher, and joe bidens argument is im the choice for stability, youve known me for 40plus years, and donald trump is the chaos president. Thats the argument biden will make designed for swing voters and independent voters. Thats what youll see biden do politically with this, neil. Neil all right. Well see. Still early in the game. Well watch it. We will. Neil to chris point, what he says. Guys, want to thank you both very, very much. In the meantime, we are focusing on the markets as well. They continue their heavy advance here. We have, obviously, as someone who follows these markets very, very closely who had, you know, an interesting take. This is a billionaire read on these markets. Take a listen. The president said again today before hopping a plane to go to kenosha that you elect joe biden, markets going to crack your 401 k s going to be decimated. What do you think of that . I think trying to predict what the markets going to do is very difficult. As ive said, i think the market will take a breather, but i dont really know when thats going to be. If i did, i would take the action related to it. The markets are probably going to tolerate whoever is elected president , but whoever is elected president will probably have to deal with very high deficits and debt. And at some point, i suspect will have to address the fact that right now half of our budgets coming from borrowing. Weve never been able to sustain a situation where the entire budget or half of it is being financed. At some point well have to either increase taxes or get higher growth, and its not easied to do either of those things. Neil David Rubin Stein to talk about some of the great business luminaries and how they got to be that way. What hes essentially saying i want to go to my friend, charlie gas prix know is right now some of this might be reflective of the political race. But regardless who wins, there are going to be bigger issues that could be a problem for the markets. What do you think of that . Yeah. I mean, we neil, theres deficits occupant there, were coming, were still in a pandemic and thats a drag on the economy, obviously. But lets be real clear here, if donald if binds elected with a bidens elected with a blank slate meaning that lee got the senate and the house, man, the markets will have of to react. They will have the price in just about everything that you hear bernie sanders, Elizabeth Warren and aoc talk about because theyre going to be driving a lot of the democratic agenda in terms of taxing, spending, regulation. I mean, that is whats going to happen. The markets will have to adjust to that. Now, long term markets could recover, you know, it is a dynamic economy. You know, and, neil, if the house stay if the senate stays if trump loses and the senate stays republican, you know, markets generally like divided government. That could put a stop gap on a lot of these policies. And if trump gets elected and lets say reelected and the gop has the senate, you could have a real people selling on that very notion because we have to see what the Futures Holding short term. But lets make no mistake about it, what the democrats want to do is generally bad for business. I mean, if you look at their agenda, its to the left of barack obama, and lets face it, president obama gave us i know he inherited a bad hand, no doubt. But generally with all the fiscal and monetary stimulus you had following the financial crisis, you should have had a better recovery, and we had the slowest recovery on record. We had very low wage growth. We had rich people getting a lot richer because of all the money printing and because people didnt buy bonds, they were buying stocks. Therefore people that could own stocks made a lot of money. So theres going to be a price to pay for the type of progressive politics that biden advocates. One thing i will say is the markets are a acting right now that biden is not going to win, and theres no doubt about that. Its trading up on a lot of things, low interest rates, i get all that, but its also add trading up on the notion that donald trump is closing the gap, he can win, and these sort of policies that scare investors wont be implemented. I mean, its pretty stark, whats going on right now. Im not saying these polls are going to hold forever, im not saying the markets going the keep going on. If it looks like bidens going to win, you could have a selloff. But right now they are trading as if trump could win, this is no doubt about that. And im hearing that its not just from democrats and republicans on wall street, im hearing it from democrats. A lot of democrats on wall street think hes going the one. The social unrest has basically turned the tide in a certain way. The people that were leaning against trump, didnt like the way he handled can covid, that thought he was not doing the right thing on the pandemic are looking at the alternative. By the withdraw, its hard to blame donald trump for what bill de blasio is doing in new york city. I heard marie talk about, you know, the change in the climate under trump. I mean, the stuff that bill deblahs owe was doing, hes a democrat, what he was doing in new york city had nothing to do with trump. He was defunding the police before there was a defunding the police movement. So remember that. Thats key. Neil all right. And i think the public has started to few jest what democratic policies, social and economic policies alike, and a lot of people dont like it. Neil all right. Okay. Thank you, charlie, very much. We should also point out that joe biden had a much bigger lead, and the markets were still advancing through that. Maybe the closer we get to the election, that coulding be whats influencing them. Jpmorgan now is letting investors know they might want to prepare for the rising odds of a trump win. Theyre not always right, theyre not always prescient, but that just seems to be one broker saying, you know, maybe. Well have more after this. Ive always been fascinated by about whats next. And still going for my best. Even though i live with a higher risk of stroke due to afib. Not caused by a heart valve problem. So if theres a better treatment than warfarin, i want that too. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Reeling in a nice one. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily and it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Ask your doctor about eliquis. And if your ability to afford. Your medication has changed, we want to help. Coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions. Touchdown only mahomes. Expect anything different . The big events are back and xfinity is your home for the return of live sports. Neil all right, well, a lot of colleges are doing things virtually this fall, as you know. In fact, the majority of them are doing some combination at the very, very least. Virtual classes, the kids going through the virtual thing are no doubt wondering, well, why am i paying a full tuition rate if im getting it virtually . Harvard says, well, you are because its all a good experience, and you should be grateful. But a lot of those kids are coming back and saying, wait a minute, with College Tuition already outpacing inflation by a factor of two, sometimes three, do you really need that . Rebecca walser, walser Wealth Management with us right now. They raise a good point. Ive talked to a number of these kids and their parents, and theyre all said kind of to a man or woman, wait a minute. Its one thing to keep demanding this in the prepandemic era, quite another to keep pushing it now. What do you think . I think so, neil. U. S. News world report always ranks all the colleges, and they did a study in 2019 over 20 years how much tuitions have gone up and, you know, theyve gone up almost 200 for instate tuition, 154 for private schools. Its just outrageous how much theyve gone up over the last 20 years. And now were going to expect to be paying that with virtual classrooms . You know, neiling one of the things in law school they talk about is that the law school and the classroom is the laboratory of experimentation, like states are to the federal government. Were supposed to have open dialogue and robust discussion, and thats not happening right new in this cancel culture in this cancel culture, and its definitely not happening virtually. We need to have people in the classroom having these discussions and getting what theyre paying for. And its not going to happen virtually. Neil you know, rebecca, i wonder if i dont want to look at them all in the same sinister brush, but i think they push whatever they think they can get away with. Harvard will say that because were harvard. But [laughter] others are are saying if we start making allowances and cuts here for the virtual thing and the virtual thing has to go on a while, its going to hurt our bottom line, and, you know, we cant set that as a standard, that every time were going to do Something Like this, were going to, you know, all of a sudden cut the money coming in here. So theyre betwict and between. You cant have it both ways, okay . So lets say and this is where we might be able to have an ally for me for my get america back to work motive that i always want to push. Lets say that they realize, okay, we cant nickel and dime and cut everything every time we have to do something. Well, then open your campuses back up. Lets look at the true numbers, lets look at what the cdc said this week. Can we not go back safely . Yes, case counts will go up, but are hospitalizations and deaths going up, thats what we care about. Can we keep the sick outside and keep the healthy in the classroom. Get people back into the classroom. If youre not going to advocate for that in something as simple as the coronavirus that we now have so much more data on since march, then you know what . I dont feel sorry for you, you know . If youre going to shut down and stay closed for potentially years, i mean, ive heard some administrations say things like this. Its ridiculous. You should expect your Business Model to change if youre not going to have campus classrooms, and thats just a fact. Theres no way to get around that, neil. Neil very well put. Rebecca, thank you very much. Rebecca kind of seized on this, there was a time when the emergence of all these online colleges that the big boys like harvard and some of these other established universities, oh, but you cant top the Human Interaction experience. Now all of a sudden theyre doing the exact same thing, and they are lying [laughter] well have more after this. Ng. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Neil all right. The president has a arrived, walking in illinois airport there, just a short car drive away from kenosha, wisconsin. He was briefly speaking to reporters, but does, by the way, bring up a point i want to bring up with hillary vaughn, the fact that he does talk to reporters. There might be a little bit of jousting, but the criticism of joe biden is that they, you know, the speech yesterday e talking about law and order, it was brief, to the point, and he didnt take any questions. In fact, he has not formally taken questions more than twice over the last 150 plus days of the campaign. Hillary vaughn has been exploring that phenomenon here about taking on the press, maybe getting to fight with the press versus basically ignoring the press. Reporter what was interesting about yesterdays inperson campaign event, this was a few press and reporters there, no voters in attendance. Hes not only not taking questions e if reporters at these inperson ea events, hes also not taking questions from voters. But what he says at these vents as he pitches himself to voters is coming under scrutiny because yesterday the Trump Campaign is accusing biden of flipflopping on fracking when he told voters in pennsylvania that he would not support a ban on fracking. But his position is not that simple. Biden is betting on the fact that voters understand that when he says he is against fracking, he means hes only against some of it, and when he says he wont ban fracking, he means he wont ban all of it. I am not banning fracking. Let me say that again. I am not banning fracking. No matter how many times donald trump lies about me. Would there be any place for fossil fuels, including coal and fracking, in a Biden Administration . No. We would work it out. We would make sure its i him nateed and no more subsidies to any those. Anybody who can go down 300 feet in a mine sure can learn how to program as well. Give me a break, anybody who can throw coal into a furnace can learn to program, for gods sake. Reporter hes against any fracking on federal lands and would also end new looses for public lands new oil and gas leases on public lands. Now, there isnt a specific breakdown of how that would impact the oil and Natural Gas Industry as a whole, but we are getting an idea of how a complete fracking ban would impact the industry. It would have a huge impact on the gdp in 2022 and world lead to a 7. 5 million job loss. A rot of those jobs a lot of those jobs in key battleground states like florida and pennsylvania, over 550,000, and in ohio, half a million. So, or neil, this may explain why biden has taken a muddled a approach on the issues, trying to appeal to voters in battleground statements that rely on these industries for jobs and also appeal the progressives that are flatly against fracking. Neil . Neil all right. Hillary, thank you very much. Just one more point of clarification too on fracking. If you do not allow it on federal lands, a panel that exists right now, thats the whole kit and caboodle. Thats about 8 out of 10 available fracking opportunities in this country you would clear out. The money to be made is on those federal lands and on those federal properties rnlt take that away, as the former Vice President wants to do, youre not left with much fracking. Much. All right, so i want to go to Edward Lawrence on another development were closely following of the president s move to get the payroll tax cuts going. Remember, he had to do this, said he had to do this because we prins and democrats republicans and democrats werent coming together. But apparently, its proving easier said than done. Whats the latest . Reporter 1. 3 Million People who work for the federal government and some others will get a pay raise starting today, 6. 2 . Thats because the executive order that the president signed last august clearing the way to defer half of the payroll taxes collected by the irs, from the borkers. Anybody whos eligible, those making you were 200,000 a week before tax, that puts your annual salary before tax at 104,000. The catch is employees would have to get a break now, but they would have to pay it back, the deferred part, that is, from january of april next year. Now, employers have to decide to opt into this. Many are not because of the uncertainty around the repayment. In recent weeks, President Trump and economic adviser larry kudlow said they want to make sure that people dont have to pay that back ever. Listen. Well protect the Social Security system, okay . He said that a million times. But he would like a permanent deferral. So, therefore, both employees and employers wont have to worry about added tax liabilities in the future. Reporter that would take an act of congress. Lawmakers would have to passes a bill for that. Kudlows saying that it would be easier in november if the republicans win the house, the senate and the president city in order to pass Something Like that. He also goes on to say regardless of what happens after the november election at some point, another executive order could be signed, most likely by the president before december, to defer that deferral again, to constantly push that off until they could work out an agreement so you wont have to pay it back. Back to you. Neil thank you very much. Edward lawrence. Meanwhile, theres the issue of restaurant Indoor Dining and a battle over the hudson river in new jersey where theyre going to allow it on friday and new york city where it aint happening maybe for the rest of the year. The fallout from that with joe borelli, new York City Council minority whip. Joe, right now its looking like new york city at least will be at a serious disadvantage to new jersey, and a lot of folks in new york city who want to eat out or dine out indoors will have to go over the river to do it. Its a short hop to do, many will do it now and will be more intrigued to do it. Just wondering, does mayor de blasio know that or care about that . I mean, you know, for most Restaurant Owners in the city its like waking up in the middle of the night and stubbing your toe on the bed post every single time mayor de blasio or Governor Cuomo opens their mouth. I live on a border county on statening island, a lot of my constituents would normally go to new jersey, dine out in restaurants down the shore. And its just not, its such a stretch for them to continue doing this once new york keeps the restaurants closed while new jersey opens. But its even crazier than that, neil, because if you live in queens, you can see restaurants perhaps from your restaurant in Nassau County right across the street that are open with Indoor Dining. If you live in the bronx, theres restaurants in westchester county. In fact, the entire state of new york except for the city has restauranted open with no spike in cases, neil, no spike in cases. Neil tests a its a very good point. You mentioned the difference between the state and, of course, new york city. Governor cuomo seemed to telegraph that a lot of businesses could be lost, heading over the river for people to eat in new jersey come friday. Hes aware of that. Im wondering if he would overrule the mayor . What are you hearing . Well, itll be difficult because the enforcement mechanism will still be the City Department of health. And we know just from experience that there is this constant one with up manship between the mayor and governor. When one says x, the other says y. I think more than anything its a lack of this consistency that has been hurting restaurant openers throughout this whole process. We had ppe loans, they saved some jobs, they saved some money over the course of the last couple of months. That has run out. Restaurant owners thought that would be the impetus for reopening, for trying to keep struggling businesses afloat, but it wasnt. Outdoor dining was a shortterm solution. Its a good thing, but just the economics of scale. If you have to bring in your whole kitchen staff to put out meals for a small number of outdoor tables, its just not going to last in the long one long run. These restaurants need Indoor Dining. We just cant get this sense of urgency across to mayor de blasio whos almost conceded that it might not return and has even gone as far as saying only rich people do, so why should we worry about it . Neil yeah, that line really slayed me. But let me get your sense of this is yet another illustration of why people are leery of staying in new york, even working in new york, going to new york. Theres been a clear exodus going on. Rents have tumbled, you know . People are leaving even mid lease. And a lot of people are just saying i dont care, or ive had it. Youve been through a lot of these crises in new york. We go back to 9 11, back, certainly, to the financial meltdown, and i know its always dangerous to say its different this time, but i suspect it is different this time. This is a whole other issue thats come up that not only the safety issue, but the invehicles issue. Inconvenience issue. What do you think . Look, i lived through 9 11, and, you know, on september 12th there was a real boot strap mentality where new yorkers were going to fight through it and rescue our city. Here we have the elected leaders of our city almost taking steps to unsure that doesnt happen. I mean, just in the short term were going to lose all these jobs, were losing all these residents. But in the long term if the mayor and governor get their way and enact some borrowing for new york city, this is going to keep taxes astronomically high throughout the next three, four, five and even ten years. So, you know, people willing to pay a premium to live in new york city, but when everythings shut down, when theres no broadway, theres no restaurants, theres a few museums, etc. , people arent going to be willing to pay that a premium. If we have the borrow and then pay back this massive amount of debt, then the costs are going to go up. That premium will go up, and youll see fewer people remaining as a result. Neil yeah. Anytime you hear people say people want to be here, this is new york, after all, when you get that arrogant and you just assume its a gimme that people will go through any grief just for the views or the excitement, youre already, youre already in trouble. So, joe, thank you very, very much. Always good catching up with you. Joe borelli. By the way, so many things happening today. Tiktok, this was do or die day on a deal, the one most likely that would include a microsoft walmart joint bid, there is a kink wrinkling here a wrinkle here. China would have to okay it. Thats what china says. After this. Turn on my tv and boom, its got all my favorite shows right there. I wish my Trading Platform worked like that. Well have you tried thinkorswim . This is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. Tl you knthower, e ow, a lot one one heof thengse likoeikee. E ed at is e arere doing. Airl stocks,tockat jatet ks aksnythksinnygks havg to do hat wle w are. Rererere might m md md tsrazy,rararats looking really good right now. Global jets etf among one of the star performers. I want to get Jonathan Hoenig to talk about that because that would seem to be a financial oxymoron here, but what do you make of it . The Airline Stocks right now remind me very much of the automakers back in 2008. Very distressed industry. Unfortunately, heavy Government Intervention, remember the automakers were bailed out. Youre already seeing a lot of bailouts, if you will, for the airlinings. And a lot of eager potential investors. You know, a lot of investors bought gm, bought ford on the way down. Therethere is speck laughs wer there was active speculation. One of the benefits is the etfs that attract the airlines back. I dont use this as a pejorative term, but the robin hood, younger, more speculative type of traders. So its an easy bet to make, neil. Now, whether its a good bet long term, i dont know. You could be waiting a long time for some of these airlines to get back to their early 2020 highs. Neil no, im with you. On the year, you know, most of this year weve been dealing with the virus, on a year its down in excess of 40 , the pickup is noteworthy of late. I am wondering though do you think a lot of that is based i think we could extend this, jonathan, to a lot of business sectors on the federal government coming to the rests cue. Im a hell of a lot holder than you, but there was a kind of laissezfaire view on this stuff, no government interference unless you had to bail out their little hypenies, and now all of a sudden im seeing this sector pick up on the focus its going to get potential lu e a rescue. Im not here to judge that, im just saying that wall street with responds to, you know, the federal tin cup here. Yeah. Youre exactly right. You saw the same thing, for example, when the government announced that they were going to start buying Corporate Bonds and Corporate Bond etfs. Neil right. Youre seeing the same type of speculation with airlines right now. As investors we not only have to try to figure out are they going to fly again, are they going to make money, are they going to get people in the seats, we also have to figure out hows government going to be involved. Government essentially gets company you remember they were behind the chevy volt that was roundly a sales failure neil thats right. I think its part of the fear, that you could see that same type of Government Intervention when it comes to the airlines, and that never goes well it didnt go well for gm it wont go well for the airline. Neil if i could switch gear, todays also the day, i think, and correct me if im wrong, that were going to get some deal announced on tiktok. Where am i . Im very tired. One of the things they talk about the deal will be the one between walmart and microsoft. Their deal gets approved. But then a late wrinkle in this with china having to okay it. Now, that doesnt seem like a gimme. I dont know that its required in this, but what do you make of it . Its extraordinarily hairy, neil. Everything about this is hairy. Most obviously isnt even the question of chinas approving or the u. S. Governments, its tiktok u. S. I mean, neil, you remember vine, tumbler, flicker, myspace. In the social media world, its extraordinarily fickle. What the kids are into now they might not be into six months from now or even six months from now. Walmart is at a 52week high, no doubt largely helped in part by this news that it might be getting into the social media game. But long term its a russ key business. And, neil, even more risky which, as you alluded to, we need trumps approval and the chinese approval for kids to go on a web site that ultimately is privately own by chinese, maybe american investors. Very prickly situation, indeed. Looks like microsoft or walmarts going to be walking away with the prize in this case. Neil well watch it closely. Although chai i that china, itd be easier to buy tictac. [laughter] youre the best, my friend, jonathan hone ugh. There are a lot of technology plays, amazon is racing ahead. Jeff bezos with, of course, a little more than six weeks has added 100 billion to his value. Adding to that today. This might be a reason expanding into delivery with drones. Can you imagine that out on your front lawn . How they gonna pay for this . They will, but with accident forgiveness allstate wont raise your rates just because of an accident. Cut is that good . No you were talking about allstate and. I just. When i. Accident forgiveness from allstate. Click or call for a quote today. Accident rgiveness from allstate. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save 400 a year on your wireless bill. Plus, get 400 off when you buy the new Samsung Galaxy note20 ultra 5g. I appreciate what makes each person unique. Thats why i like Liberty Mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Neil all right. Its going to happen, you someday are going to get a package delivered by a drone. It might already being happening right now, but amazon has cleared faa approval, and it is ready and raring to go. Susan lee with more on what we might expect. Reporter a step closer to reality, neil. Thats right, drone delivery. This is seven years after amazon started its prime air venture and, yes, its a big step closer to unmanned package deliveries. Amazon says it will use the faa certification to begin testing customers deliveries, but it doesnt mean regular backyard package drops will start tomorrow. Amazon says itll take time before its a common practice for the company and really across the world. [laughter] in a statement they said, we will continue to develop and refine our technology to fully integrate delivery drones into the air space and work closely with the faa and other regulators around the world to realize our vision of 30minute delivery, how cool is that . Amazon isnt the first to get approval, alphabets wing unit, also ups have already gotten the okay last year. In fact, our research, mine with our producer, eleanor, suggests that ups might be leading this new innovative service. They have just partnered with German Company wing cop to bring these sleek drones, making medical delivery taking place at two North Carolina hospitals. Amazon trading higher in spite of the fact that theres more competition when it comes to delivery and, yes, from big walmart. Announcing their new walmart plus membership. 98, you get a discount on gas, free delivery, 130,000 instore items, starts on september 15th. Remember walmart joining the tiktok deal is really primarily to really amazon rival amazon when it comes to advertising and ecommerce. Im wondering if you will fill up your gas tank at a costco or walmart with cheaper gas instead. Neil so does it pay for itself . That sounds like a lot, thats something that walmart can offer that looks like an amazon cant. How much of a gamechanger could that be . Thats a lot of you know, a yearly package. Reporter its a big number, but this excludes the items and the millions of items that are sold on walmart. Com which is their online store. Free delivery on any order above 35. So you really have to make it worth it for grow, especially if you want your toilet paper and your electronic goods and diapers. I guess thats how you do it. Neil well, if they can guarantee youll get the toilet paper and the paper towels [laughter] chlorox wipes, i think. Neil if they can guarantee that, i think the whole nation will sign up. Susan, great seeing you an owl of this. Susan lee. In the meantime, amazons stock racing ahead another 45 points. One of the star performers. I used to have this Little Program on my desk where i could monitor how much rusher bezos was for richer bezos with us, and i forgot it. Anyway, hes standing a little north of 200 billion, and no one is close. I mean, no one. Tesla, of course, thats making some big moves, that stock just split. Elon musk is a sharecropper by comparison at about 100 billion. A lot of money, shipping stuff on line. Stay with us. 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. So youre a small bor a big one. You were thriving, flourishing, but then. Oh. Ah. Okay. Time to think, plan, pivot. S and reliable internet that lets you go bigger and better, with more sharing, more making. Whoa. More that. More talking. The entire time, you got this okay, less talking and more doing. All driven by the largest gig Speed Network in america. And even if the power goes down, your connection doesnt. But what if no ones in the office . Bring the office to them. But is it secure . Sure its secure. Okay, sounds great. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Neil all right. The president just about in kenosha, wisconsin, right now. He will visit that beleagured city. He wants their back. Will keep them safe. The mayor didnt think it was a good idea. The governor thought the same thing. The president is there regardless a lot of people are glad he is. Depending you talk to. Here is charles payne. Charles neil, thank you very much, my friend and good afternoon, everyone. Im charles payne, this is making money. President trump is in kenosha, wisconsin, the latest hot spot over the reckoning of racial injustice. The area erupting in violence over the shooting of jacob blake. President trump shooting the damage from the recent riots. He is set to hold a roundtable with local Law Enforcement later in the hour. A new crop of hot stocks join existing juggernauts to lead the way. Wall street coming around to the notion after trump victory. Hear from the analyst who made the call a month ago and why h