Transcripts For FBC Cavuto Coast To Coast 20240712

We are talking about at a given moment but keeping you on track with market averages and how they are doing today and how they have been doing over the very last couple of rough days and how they are your today and certainly from the march 23 lows. We have come back for example s p 500 tech sector came back about 70 from those low so even with the ground a loss we are still up in that sector north of 30 year to date with all that die ration so we will keep giving you all of that perspective as well. Also, looking at whats happening with Political Development that may or may not move the markets we will get into the employment report that looks good on the surface, still looks good, but right now its being ignored for other features such as the technology downdraft. Always going into the Labor Day Weekend you worry about these things were seated people locked themselves in place and thats a traditional argument you here, but regardless, we will keep you uptodate on this as we expect to hear from the president shortly on a big policy announcement. No doubt he may be talking about whats translating in the markets right now the stimulus measure to keep the government open to avoid a shutdown, thats a separate issue sort of boiling in the background. Again, they think they have. Geary is with us. With nancy davis from capital management, founder and cio. Nancy, your thoughts just today and yesterday its a lot of ground lost here and im just wondering what you make of it whether we should worry, whether it has staying power, what you know . I think it just shows that markets go up and markets go down and investors need to be diversified and prepared, so one signal date doesnt disturb their Asset Allocation and i think the jobs number we saw this morning shows america is getting back to work. The 8. 4 unemployment was still high, but its better than the 10 we were expecting and i think americans love to consume and as schools hopefully reopen and to stay open more people will come back to work and that will increase things and going back to before the pandemic, the economy was really redhot. We were doing great, so all of this is healthrelated, not economic so im pretty optimistic, but i think investors need to prepare themselves for volatility and position their portfolio so they can weather these bits and bobs that are inevitable. And they will have been. This is similar to if memory serves me right to what was going on in june where we had although it didnt get quite as close to correction territory we are seen, but it was bad experience of this long bull market has been even though it ruptured back in march is that if you stick with it you will do okay. What do you tell clients now . It simple for me. Its a normal ebb and flow in the markets and the nasdaq was 14 of 1600 points above the normal ebb and flow and eventually between the house and have not in the market was going to narrow and this is what youre getting. Not much has changed except he got to over owned and to overleveraged by the biggest institutional crowd and now they are really not bad. I wouldnt be surprised if this ends in a few days. I dont think the melt up is over yet. I remember and 99, we had two small drawdowns of 12 and 14 over a weeks time and we were off to the races again then so well i think damage has been done im not ready to call it a day and the big name im watching his amazon. So part still hanging in there though it is under pressure with Everything Else right now. Neil the last two days it surrendered close to 6 so when you see the numerical hit it sort of jolts you right now the way the numbers are but it has been on for example 200 a share earlier today and now about 109. Nancy, is this maybe a changing of the guards . Do we have seen this before where Technology Stocks go through a swoon only to come back. Are we seeing financials by and large if they arent gaining they are holding up a lot better, a lot of Energy Related issues were benefiting yesterday to a lesser extent today. How do you play this, is it a shift . I think obviously the tech sector has done very well and has been a benefit down beneficiary of consumer spending, but i think investors need to be positioned for what is the next class of value that is out there and in my opinion i think Inflation Expectations are very undervalued because everyone thinks almost universally at the pandemic will be deflationary but if we get people back to work come a we have had this dump of infinity around the world coupled with massive fiscal spending, i think the next value play is inflation for investors to be thinking about because text already moved and obviously banks and energy in other sectors havent had that rising tide, but its time to diversified and not just be all in equities. The rates market is actually the largest market in the world, five times bigger than the us stock market and the reality is with most americans, the bulk of their net worth is in their home and their home is very tied to Interest Rates which is sensitive to inflation. Neil you know, gary, it does bear repeating and i just want to know how you define it and that is if you are longterm investor, stick with stocks, but you know longterm to me as i jumped on air and im not really joking that much is lunch tomorrow so i dont know where you stand on this. How do you advise clients that you dont lose anything and you normally excel. A lot of people on paper in march were losing their shirts; right . But if they didnt sell and whether that even through the today they are up increasingly on the money, so whats longterm to you . I always add one more to that equation and that is stick with good stock. We have seen over the last 10, 15 years a name that had to be owned forever, ge, citigroup, down and 90 odd percentage but names like apple and amazon have just absolute skyrocketed so you want to stay with these companies that continue to grow. Their revenues and earnings far above what everyone else does because they are such Strong Demand and big lines around the corner for their product, i mean, before the pandemic apple stores you had to make appointments to get into meet with their geniuses could thats the stuff you want to look for and get away from the things that arent working, so just a matter of being in the good stuff. You talk about it a lot, you get a chart of 100 years in the market and it speaks for itself. We have had the pressures, crashes and when all is said and done capitalism has worked out well and markets always end up higher. My bigger worry longterm is whats going on with the debt and deficit and central bank and hopefully im wrong on that, but so far so good. Neil nancy, the election will adjust add to this volatility here . Theres a piece in the wall street journal that says just gets ready for serious whip, but would it be driven by the election by the way, hang on we are going to the white house as the president is addressing reporters on policy development. A full year before the pandemic will regain. Is that good enough. I think what is happening is you will see tremendous growth in the near future. We are rounding the curb and coming up with vaccines work i think the vaccines will be announced soon and i think you will see Great Companies announcing these vaccines. I spoke with pfizer today and i speak with the different companies, johnson and johnson as you know doing well. Its a transfusion or a shot people get better, that is something that i think right now is really incredible jerk the numbers are way down as you know. Florida is doing very well, arizona has been actually a little bit of a miracle how quickly went down because it went up and then went down quickly, too really great governors. Texas, great governor, same thing. California the numbers are way down, so we are starting to see those areas that popped up really going down. The mortality rates you look at the percentages of whats happening and thats because of the convalescent plasma, because of the remdesivir. For a lot of Different Reasons we do have therapeutics that are having an impact and you look at whats going on. I have seen numbers 50 to 85 better, so that is something. We are very proud of the job we are doing. I think in particular, not only the Great Companies, but the companies everyone have said to me if this was a more typical kind of presidency i will be nice. If it was a more typical kind of president getting these approvals would take two or three years and they will have them, i mean, as far as we are concerned they are close to announcing some big news, so we are honored by that. I have a team whether Vice President mike pence and the task force and all of the people on the task force and they have really done a great job. I dont think they have been recognized for the great job they have done and at last night i was in pennsylvania, the home of the great Arnold Palmer and i was reading some statistics compared to other parts of the world and we are doing phenomenally well and if you took new york because new york really made a lot of mistakes in new york, but if you took that out, you know tremendous number of deaths in new york took if you took that out, our numbers are just as bout as good as anyone in the world and even without that, without taking it out you see the numbers we had. We have done a great job. We have done a great job in helping governors, i think, every governor is very happy. Not everyone expresses it to the media but they do at the task force meetings. We have had meetings where they lay praise on us and then they go out and talk to the press and they arent as generous, but thats okay. For the most part i think we have in every case we have helped every governor and we have helped them a lot and some we have may look very good and some of done a great job and others havent, but as a country we have really done a terrific job. I want to thank Vice President pence, but i wont think too much right now because we like to get the job finished first in the vaccines will come out soon and that therapeutics continue and thats why were having the kind of numbers we have. I will be doing a News Conference today at 5 00 p. M. , so i will see you there. Do you need to apologize to Service Members and veterans . No, its a fake story written by magazine that was probably not going to be around much longer , but it was a totally fake story and that was confirmed by many people who were actually there. It was a terrible thing that someone could say the kind of things especially to me because i have done more for the military than almost anyone else. You look at how the va is doing and its doing incredibly well. We got all sorts of things done from accountability to veterans choice to everything and its got right now the highest Approval Rating that its ever had, 91 Approval Rating. Its never been anywhere close to that. And no ones done what ive done and that includes salary increases, but really includes the rebuilding of our military because as you know when i came our military was totally depleted and we spent almost 2. 5 trillion dollars, much more than you spend on your military, slightly more, 2. 5 trillion all made in the usa, f35, brandnew jets and rockets and missiles. Hoped to god we never have to use it, but our nuclear now is in extranet or shape including new weapons. I just hope we never have to use that because its a level of power that you dont even want to talk about, you dont even want to hear about. Its a fake story and its a disgrace they are allowed to do it and very, i hate to bring up this book, but john bolton, no friend of mine, didnt know too much about what he was doing. Didnt do a good job. He wrote a book and he talks about this incident and he doesnt mention it and frankly, a lot of reporters even some pretty bad ones read that and it was the end of the story. No, there is no one that considers the military and especially people that have given their lives in the military to me they are heroes to me they are heroes. Its even hard to believe how they could do it and i say that, the level of bravery and to me they are absolute heroes. Thank you very much, everyone. Neil the president disputing that story thats getting the buzz right now in the latest addition of the atlantic in which the president claims to have said repeatedly that americans who died in the war in world war i were losers and suckers and the visit to france in 2018 the magazine went on to report the president said, why should i go to that cemetery filled with the losers and the president disavows that remark. Other remarks he disparate, john mccain called him a loser and during the campaign he said of course that john mccain being captured in action and being stuck in a North Vietnam prison for the better part of six years that he doesnt admire those who are captured but this goes further than that to say that he was doing everything to block a formal Funeral Service for the Senate Senator when he passed away. As you know the president ultimately did agree to that and a full honors given to the senator upon his death. Back and forth over what the president claimed. Of course, he denies these attacks. Hes also talking optimistically about a vaccine that may be available, still optimistically october or november. He sees it coming. We will have more after this. Im hector. Im a delivery Operations Manager in san diego, california. We were one of the first stations to pilot a fleet of electric vehicles. Were striving to deliver a package with zero emissions into the air. I feel really proud of the impact that has on the environment. We have two daughters and i want to do everything i can to protect the environment so hopefully they can have a great future. So youre a smallct tbor 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 we will be going pretty soon we understand joe biden will be getting an economic speech in wilmington, delhi. Hillary, what you expect speed mcneil, the democratic nominee joe biden will talk about the number one issue on a some voters minds according to a new poll that talk to voters in key states florida and pennsylvania who said they are most worried about the economy. The poll also said the majority of the voters trust President Trump to handle the economy more than biden so part of bidens Mission Today is to try to convince voters that he would do a better job handling the economy are today he try to capitalize on covid19, slowing down the economy with the idea to hit trumpet the economy is down and unemployment is up so biden will talk about the new jobs report out today, but the president said hes happy with the report and white house economic adviser larry kudlow said there is more relief on the way for workers. We got back half the jobs we lost. There is still the other half and there is a lot of hardship out there so hence i would love to see some support for the ppp program which is a big priority and i think the president payroll tax deferral would be helpful. Biden will attack the president on the economy overall. Last night he pointed out President Trumps record on trade tweeting in 2016 President Trump promise to reduce the trade deficit instead you will see a drop like never before in the reality is the highest its been in 12 years with American Workers cannot afford another four years of his failed leadership. Part of the jobs in demand for us products has to do with a pandemic in some part as other countries hit hard by the virus arent buying as many us goods, but biden bringing up trade takes him into touchy territory because he did support nafta, a trade deal many say ships of thousands of jobs overseas, many of those jobs from key battleground states like pennsylvania. We are learning the timing of this event is flexible. Biden has not left his home yet to head here to give his speech. It was supposed to happen at 12 15 p. M. And we are waiting on an updated time. Nila . Neil do we know when he will take questions . We are waiting to get some on the record and visine from the on it that and if so it will be a wait and see at this point, neil. Neil thank you. The former Vice President s remarkable ability to this hour on the economy. We will follow that. The president will have a press conference 5 00 p. M. Eastern, so we will monitor a lot of things happening concurrently and with us right now is wall street journal gary sides. Jerry has a great book out right now where he talks about this populous wave that i guess it still exists, jerry. We should have seen it coming, thats the book out now. Jerry, you know there is a difference between populist talk and of course economic results. Of the president likes to think has delivered both and thats his onetwo punch this election year, something that obviously joe biden wants to dismantle may be in his a few minutes from now. Your thoughts . There is a different mood in the country now than 20 years ago, certainly 40 years ago when Ronald Reagan arrived with a more conservative economic prescription and i think one of the things that happened and that i came to realize is that over time a lot of workingclass americans moved into the Republican Party pork journal reasons and then once arriving there they worked entirely satisfied with the economic prescription of globalism, free trade and basically embracing immigration good for the economy and that sort of moved up from the grassroots and thats actually true on both parties with some of these strains in the walk occupy wall Street Movement and in the Bernie Sanders movement so theres a populist move in the country, antiestablishment and questioning things like globalism and free trade in a way that didnt exist at 10 years ago. If you want to know why donald trump is here, thats as good of a reason as any. Neil a lot of people say if you were to lose, jerry, the Republican Party will be doing soulsearching wanting to know what it will be at about. We are nowhere near that point, obviously, but hes not your typical republican and hes not following typical republican fare conservative fare and maybe thats what goes forward what you think . I do think that whenever the trumpet era and said whether this november or four years from this november it will be the quest for the conservative movement in the Republican Party. I dont think you can put trumpet some back in a bottle per se. Had you marry that with a more traditional republican conservative message and interesting there are bunch of younger smart conservatives out there trying to figure out how to do that now. Marco rubio within congress trying to do that in one of the things they talk about is how do you get away from the rotarian economics and have an Economic Policy that gives more government help to workingclass americans. Conservatives who talk about how to construct an industrial policy and as we know those are fighting words for conservatives for a long time, but you now have conservative saying the government should intervene in the marketplace to help manufacturing industries. Is too important for the country and communities in the culture we are trying to protect to just let it go so i think you will have a search for a post trump conservative message that tries to marriott with a more conventional economic message to see if those things can be brought together. Neil what a late selloff in the market, not making a big deal about it as we have been through this before and markets have rebounded. If this has more traction to it, and the president is fond of quoting these markets, then what . You and i have talked about this over the years and if you are politician you can live by the stock market but you will also die by the stock market and i think the concern in the administration probably has to be the second wave consequences of the coronavirus, all this talk about av shaped recovery, but theres also the reality that a lot of things that were temporary layoffs are turning into permanent job losses to cite one example. Businesses will not be a would you survive the end government assistance and we have not seen that wave yet but i have to believe you see the markets now trying to get their brains around that and frankly theres a little bit of me that is surprised it hasnt happened before because there is a benefit a sugar high with 2. 7 trillion of government assistance plus what the fed has done on top of that has kept things afloat and sustain the economy to some extent, but even more so the markets and at some point that goes away and then reality hits and i think there will be a bit of that in the next few weeks. How far that goes i dont know because theres also good to signs in, but there is a post covid reality that i think we havent seen the full effect of yet. Neil i think you are right about that. Theory jerry, thank you very much. He is a great big picture thinker and obviously a great debate moderator and how to pleasure of joining him for a couple of those, but he gets it without either talking down or getting lost in a lot of technical stuff. In other words he speaks english, which is a rare. Buying stocks today is very rare also, but some are in the green, which ones and how much . Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. 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. 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Neil they werent expecting this market reaction, but we had a good employment report with the overall jobless rate down from 10. 2 to 8. 4 . Job market continuing gains that have now allowed us to replace about half the jobs that have been lost. We are still a long way from getting back to where things were, but i went to get a read on this from charles, former philadelphia charles its always good to have you and thank you. Your thoughts on this job report. In the context of the reading we have been getting from the Federal Reserve lately that it will keep rates doubt, very low for at least another five years and not a kneejerk response every time a number picks up steam or looks better that we will raise rates. What you make of that strategy in this environment right now . Well, lets start with the jobs report, looked quite good and i think you were right that almost all the statistics that came out were pretty positive showing the economy is recovering. Having said that, there is a long way to go. There is still some fragility there think in terms of how covid plays out and vaccines and other things so i think we its a good place to be from that standpoint, but there is a lot of uncertainty left. In terms of the fed, i guess the best way to put it is i was disappointed in their statement. They will try to keep rates low, but the policy they articulated was one that i found a bit confusing and vague and probably leaves them in a position perhaps where they want to be which is a lot more discretion to do what they want to do when they want to do it. Im not sure that will help much. We may hear more from them as time goes on about how they will implement this and how they will try to make up for inflation. Its unclear whether for example this new strategy people complain the fed had a ceiling of 2 and now it looks like they have a floor at 2 . Im not sure what they will end up doing. I guess we will just have to wait and see. Neil charles, im probably showing my age, but inflation used to be a legit met worry and i remember hyperinflation wildly out of control on the date era that brought in paul volcker and Alan Greenspan looked at it, complications everything. Now, we say a little inflation is good, get some of that, but we have a whole generation here who doesnt remember inflation period, and it can be nasty. Your thoughts . It can be. Certainly been 1970s was not a good time for businesses or consumers because of very high rates of inflation took i think we are a little bit naive to think that is so distant past it cant happen again. There are inflation and lots of parts of the world so bad policies can lead to more inflation. I think its a bit dangerous to presume that it can never come back. I think what is missing from the fed now is they spent what, 70 years at zero Interest Rates trying to get inflation up to 2 and were very successful at it, so what makes us think and how are they going to get inflation about 2 to offset to do as they say to sort of counterbalance the under shooting . Didnt tell us how they were going to do that except to say we will keep Interest Rates low forever. Has that worked . Hasnt for the last eight years. I just think there is a lot of presumptions going on and i guess the last point i would make is the fed is operated for years, decades if you will under the presumption that what causes inflation is a Strong Economy or a hot labor market and of course, that hasnt happened. It didnt happen in the 70s when we had loss of inflation and a weak labor market and it didnt happen in the last eight years when we had a strong employment market, low Unemployment Rates. Inflation stay low, so how are they going to move inflation around now . Whats going to be there strategy for achieving counter inflation targets they want . I am all for that, but the communication from my perspective has been its not matched that as of yet. We will have to say waitandsee when they come out with specifics and more explanation about how they will go about doing it. Neil charles, you know we look at the markets and the craziness of the last two days and it went to hearken it to your days i heard various takes on who wins the election and how that affects the markets, but one common theme among people whether from the left or rights, the bullish point was the fed will always be there. The fed will be the adults in the room handling the extreme rightwing views, extreme left wing views and im paraphrasing to say there is faith in the fed to make everything right no matter who is in the white house. What you think of that . Well, we have known each other long enough to know that ive said many many times that im worried. I was worried when i was in the fed that the market and the public and politicians have come to expect too much, and Central Banks unfortunately wildly accepted those response abilities for doing things that perhaps arent wellsuited to do and when that happens theres the moral hazard effect where people say the fed has our backs. Markets tend to be more volatility. They tend to expect the fed to step in and rescue them, and sometimes the fed does that, more often than not they have been doing that, but it leads to the wrong kind of risky taking. When the markets worry more about what the feds are going to do that it worries about fundamentals and Capital Markets arent making the contribution to our economy that they can make because they are too worried about what the fed does or doesnt do and i dont think that makes for a healthy economy. Neil i got you. Charles, we are waiting to get an economic speech from joe biden and i know you avoid political divide and hats off to that, but the fear is that joe biden hiking taxes and all that could actually depress the economy especially these days with a fragile recovery. I just wonder how the fed i dont know when you are there, how you way that type of thing. Obviously not exclusively. Some people will put that in their forecast at one way or another depending on how they think the economy functions and there can be different disagreements about that. I think one of the things we have witnessed over the last eight or 10 years is the potential growth of the us economy is gradually declined to. Mostly because of productivity and other things and i think that its important if we want to get growth up emily want to improve the lot of all americans , then you have to have more growth that a minimum. We need to focus on things that can promote strong productivity growth and a healthy economy and i think those are the things that the feds would think about in terms of how it affects their outlook in particular and the economy in general, so you can say that is political or not, but i think its the reality of what the economy is capable of doing and how do you elicit that with policy. Neil charles, i always learn so much listening to you. You are a straight fair shooter. Thats a rarity in our world today. Charles, a former Philadelphia Feds president. These are in strict teen times and two the Federal Reserve is in the Audit Division of being the fall back guy in case everything hits the fan. We are waiting for the former Vice President of the United States and how he hopes to avoid that sort of thing. Stay with us i had saved up some money and then found the home of my dreams. But my home of my dreams needed some work sofi was the first lender that even offered a personal loan. 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This is faster than estimates as you see the full screen. 8. 4 Unemployment Rate but if you look inside those numbers its been interesting with sectors that have seen those job gains, 29000 jobs in manufacturing, healthcare 75000 jobs, leisure and hospitality 174,000 jobs, 77 of those from the food and drinking places, professional and Business Services 197,000 jobs, about half of those temporary workers and this is something to watch and future job reports. If the recovery continues some of the temporary jobs could be permanent and if it slows down then it could be cut. You can see the whole of the economic downturn took in the jobs report, 24 Million People say they couldnt go to work because they are employer closed or had lost business because of the coronavirus. This is down 7 Million People, still a huge number and now on the shift in the economy many think working from home are talking about. 4. 3 percentage of people employed saying they are telecommuting. That is down, the percentages down 2 from july with people telecommuting from work, so it seems as the economy is reopening there are more people going back to work and that speaks to the shift that some people have talked about in the economy. It will be interesting to hear what joe biden says here about this jobs report and the steady pace we have seen on the recovery over the past two months or so. Neil edward, waiting ahead for joe biden. Hes been critical of the republicans slow efforts to keep the federal Employment Benefit checks coming while maybe not as generous of 600, but even three or 400 you could make an argument with a lapse in benefits people went out and got jobs. I wonder how he will frame that argument. Yeah, and this is one of the anecdotal things we have heard in the Federal Reserve book they pay put out where they said more people were looking for work but on the flipside there are are issues related to uncertainty about schooling kids. They say they cant find businesses businesses cant find enough workers because people say we cant work because we have to take care of our children. Its either daycare is not there or their kids may not be going back to school in the fall, but yeah the former Vice President joe biden will have to make this argument talking about that extended unEmployment Benefits, something the democrats have said they wanted and still without that Employment Benefits we see a steady increase of jobs happening in this economy and the president , 41 states have said they have applied to fema adding the extra benefits under the executive order. Those issued start this week or next week in a majority of the states and right now six states are actually sending out the money as we speak. Neil edward, quickly, you talked to so many fed governors, district president s more than any other reporter i know. I was speaking with the former Philadelphia Fed president on how much we put on the feds lapped these days sort of the last standing adult. He didnt like it and felt uncomfortable with this. Do other governors assure that, that fear that they are being encroached upon to do much more than they have in the past when that you are calling out my nerdiness. I have talked to a lot of Federal Reserve governors and the ones i have talked to the Federal Reserve governors as well as the president and the district they do applaud this. I havent heard criticism. Basically clarifying the fact that they just cant inflation up to 2 its painfully obvious this year, 1. 2 or 1. 5 , somewhere in that range, but the last two years they havent been able to reach that threshold and from what i have heard they are trying to get the economy to run a bit hotter to allow these job markets to push a little bit and while having that price stability so not allowing prices to go up quickly, but have the job market run hot and hopefully they hope to get to that to the 2 so of the people currently working in the Federal Reserve havent heard a lot of criticism, only how they will implement this plan, talking about two and half percent, to an a quarter hot, but no more than 3 hot on inflation so they are trying to manage that so doesnt go too high so they can get it back down. Neil edward, you are the expert with these guys, but i suspect they are a bit sluggish to the markets. They follow them a bit to excessively and i get you know the issue of watching for something that may have a market index, but so much so that the market expects them to be devoted to what they are doing. Now welcome there rescues and help. I dont know if that is such a good thing. Your thoughts . I would say on that point that they dont look at the market day today so for instance they are looking at the selloff that what happened thinking we need to act on this, but more of a longterm expectation. If the market longterm thinks it should happen then the fed has historically over the past two years or so basically done that. Cant remember a time in 2018, december, 2018 with actually raised rates when the market would like to see them lower the rates in the market went bananas. It did correct that in the beginning of 2019, but yeah, longterm the fed seems to be devoted to what the market would like to see. Neil thank you, my friend. You are not a nerd, just a very smart journalists. Thank you, edward. I have doctor dino radcliffe right now. The doctor obviously is a boardcertified epidemiologist and much more. We sometimes have to look, doctor, at the Economic Impact of this and the delicate balance between getting people back to work, kids back in school and you know protecting them. More often than not when we get these of spikes colleges, universities, get the kids, ship them back home, say we will go all virtual and they get scared, understandably. How do you as a physician advise them . I know what works. I no space physically distance, wearing a face mask as well as goggles and also keeping away from large groups works for me. Thats what i have done from the getgo and for my family and thats what i advise people. That is something that is tried into group and until we get medications that are 100 effective or we have a vaccine in place. Neil so, when you hear that the president was optimistic, doctor , that we will have a vaccine, maybe a couple by this fall, think he said october, doctor Anthony Fauci is not optimistic, what a jerk estimated timeframe . This was the strategy and framework laid out with operation warp speed earlier that she rather the time administration. Of the goal is to create a vaccine that was safe and effective for the American Public at warp speed which means that the end of this year or early next year so we are right on track. There are teams of experts working on this nonstop. They had to harness the full force of federal government, the medical community, private sector and the military to get this and so we are going in tandem while the research is done we are starting to manufacture. We will start manufacturing even before trials are finished and we are already telling states to be ready, we need to distribute them. Remove the red tape and be prepared to distribute vaccines when its available. Doctor, thank you. Former Vice President of the United States joe biden will address the nation on an Economic Strategy. I was walking out from the office, listening to an interview of former general Barry Mccaffrey and bill cohen, former secretary of defense. Before i begin, i want to speak a little bit to what they talked about, and the revelations about President Trumps disregard for our military and our veterans. Quite frankly, if what was written in the atlantic is true, its disgusting and it affirms what most of us believe to be true. That donald trump is not fit to be in the job of president , to be the commander in chief. The president reportedly said, i emphasize reportedly said, that those who sign up to serve, instead of doing something more lucrative, are suckers. Let me be real clear. When my son was assistant u. S. Attorney and volunteered to go to kosovo while the war was going on, as a civilian, he wasnt a sucker. When my son volunteered and joined the United States military as an attorney general, and went to iraq for a year, won the bronze star and other commendations, he wasnt a sucker. The servicemen and women he served with, particularly those who did not come home, were not losers. If these statements are true, the president should humbly apologize to every gold star mother and father and every Blue Star Family that hes denigrated and insulted. Who the heck does he think he is . Is it true . Well, weve heard from his own mouth his characterizations of the American Hero john mccain as a loser in 2015. Donald trump said he was not a war hero, i like people who werent captured. Well, good for him. And the dismissal of the traumatic brain injury suffered by troops serving in iraq as mere headaches, not too long o ago. He stood by, failing, failing to take action or even raise the issue with Vladimir Putin while the kremlin puts bounties on the heads of american troops in afghanistan. Its a sacred duty and youre tired of hearing me say this, sho those of you who have been covering me for years know, i get in trouble for saying it, i will say it again, we have many obligations, the government. We have only one truly sacred obligation. To support those who we send into harms way, care for their families while theyre gone and care for them when they are home. Thats the only truly sacred obligation the government has. Duty. Honor. Country. These are values that drive our Service Members. Its an all voluntary outfit. President trump has demonstrated he has no sense of service, no loyalty to any cause other than himself. If i have the honor of being the next commander in chief, i will ensure that our American Heroes know ill have their backs, honor their sacrifice and those who have been injured will be in military parades. And always caution not to lose my temper. This may be as close as ive come in this campaign. Just a marker of how deeply President Trump and i disagree about the role of the president of the United States of america. You know, the august jobs report came out this morning. And im grateful for everyone who found work again and found a glimmer of hope that brings them back from the edge, but there is real cause for concern as well. The pace of the job gains in august was slower than july, significantly slower than in may and june. More and more temporary layoffs are turning into permanent layoffs. 28 Million People have filed for unemployment and after six months in the pandemic, we are less than halfway back to where we were, with 11. 5 million americans not getting their jobs back. Were still down 720,000 manufacturing jobs. In fact, donald trump may be the only president in modern history to leave office with fewer jobs than when he took office. I talk to a lot of real working people, ask them, do they feel like theyre being left behind, ask them how do they feel about the economy coming back. Youll find they dont feel it. Thats why im here today, to thank Paul Calistro and his team for hosting us here in wilmington. You continue the tradition of doing gods work for this community is important. Its been around for more than 130 years. Through pandemics, wars, depression. West end has been here for generations of people who are just looking for a chance, not a handout. Just a fair shot at a good job, a safe place to live, and a better life to pass down to their kids. This is a special place for the biden family. My daughter ashley, a social worker, was a caseworker here helping young people who were aging out of foster care. When my son was the attorney general, beau came here, right here, to learn more about job Training Programs for those working toward a ged or certificate for a goodpaying job. While i was senator and Vice President , there were plenty of economists i had around me to talk about every aspect of the economy, but i always think about the people who walk through the doors here, working people, white, black, brown, latino. What are they doing, are they okay . I knew if they were okay, they walked through these doors, the economy was doing okay. If they werent okay, we werent doing well. Thats what we should be thinking about with this latest jobs report. But the report reinforces the worst fears and painful truths. The economic inequities that began before the downturn have only worsened under this failed presidency. When the crisis started, we all hoped for a few months of a shutdown would be followed by rapid economic turnaround. No one thought they would lose their job for good or see Small Businesses shut down en masse. But that kind of recovery requires leadership. Leadership we didnt have and still dont have. And as a result, economists are starting to call this recession a kshaped recession which is a fancy phrase for whats wrong with everything about trumps presidency. The k means those at the top are seeing things go up. Those in the middle and below are seeing things go down and get worse. Its no surprise that at root of this, the fact trump has mismanaged the covid crisis and thats why its a kshaped pandemic. First, the president s chaotic mismanagement of the pandemic is Still Holding us back. Compared to other Major Industrial countries in europe and asia, during the pandemic, our Unemployment Rate is still more than double while other nations have only gone up by half. Why . Because the president has botched the covid response, botched it badly. Ive said from the beginning we cant deal with an economic crisis until you beat the pandemic. You cant have an economic comeback when almost 1,000 americans die each day from covid. When the death toll has reached about 200,000, when more than six million americans have been infected, when a million more worry about getting sick and dying as schools and businesses try to reopen. We all know it didnt have to be this bad. It didnt have to be this bad to begin with if the president just did his job. If he just took the virus seriously early on in january and february as it spread around the globe. If he just took the steps we needed back in march and april to institute widespread testing and tracing to control the virus. If he provided clear national scientificbased guidance to state and local authorities. If he just set a good example like social distancing and wearing a mask. Thats not too much to ask. Its almost like he doesnt care, it doesnt affect him, because it doesnt affect him or his class of friends. Anyone with a big enough checkbook can get rapid tests on demand. If you dont, you might have to wait in line for hours and wait for weeks to get your result. If you can get them at all. You have the kind of job where you can work from a laptop at home remotely, risking getting covid is very small at work. This job report shows that 37 Million People reported teleworking in august, but if you work in an Assembly Line or checkout counter or meatpacking plant or drive a truck or deliver packages, you are at much greater risk and the job report shows that more than 27 million workers reported that they couldnt work or lost hours because their employer had to close or lost business due to the pandemic. If you can hire a private tutor or have a livein child care, you can balance being a parent and remote schooling. If you cant, you have to do your job and be a teacher all at once. Jill and i have held briefings on reopening schools safely two days ago. Asking the question, as we hear so many parents call and ask us, educators as well, who feel like theyre in an impossible situation. What are they supposed to do with our children . When the president has made it so hard for schools to reopen safely. Whats the alternative when its devastating to keep them isolated from their friends and their support system . I also said earlier this week to the shock of many, we lost more cops this year to covid than on patrol. Its a reminder how an already dangerous job, law enforcement, has gotten more dangerous because of trumps mismanagement. What may be just as shocking is many other jobs have also become dangerous due to covid. Being a Health Care Worker is now more dangerous than ever. We have lost hundreds of them this year because they werent protected from covid on the job. Being a meatpacker is more dangerous than ever. So many have died due to getting covid at work. Work for waitresses and waiters, transit workers, have become more dangerous with so many dying of covid. Ladies and gentlemen, no matter what he says or what he claims, you are not safer in Donald Trumps america. Youre not safe in Donald Trumps america where people are dying at a rate last seen when americans were fighting in world war ii. Donald trumps malpractice during this pandemic has made being a working american a life or death work. While theres a disproportionate impact on black, latino and Asian Americans and native americans in working class communities, White Working Class communities are being hit hard as well. Opioid deaths, for example, are up during the pandemic, another crisis that trump continues to all but ignore. In the meantime, trump and his friends have strong views about what the rest of america should do. Quote, cut unEmployment Benefits to force people to go back to their jobs, end of quote. Defund Social Security and eliminate obamacare in the middle of a pandemic. Reopen Public Schools without resources or guidance. Reopen main street businesses without protection for workers so corporations can continue to soar. This is their plan . Second and similarly, the economic pain remains unrelenting for millions of working people of every race and background who arent getting relief they need. Meanwhile, wall streets doing just fine. Some, better than ever. This divergence of forces is unique in a recession in recent memory, and the painful truth is, we just have a president who just doesnt see it. He doesnt feel it. He doesnt understand. He just doesnt care. He thinks if the stock market is up, then everythings fine. His wealthy friends and donors are doing well, then everythings doing well. If corporations see their valuations rising, then they must be hiring. But the best economists know what i know. I learned growing up in scranton and claymont, delaware, up the road, places where folks arent invested in the market like wealthy americans. A measure of our economic success is the quality of life of the American People. And if your stock soars, families teeter on the brink of hunger and homelessness, and our president calls that success, what does that say about what he values . When you see the world in such a narrow prism, its no wonder he doesnt see nearly 30 million americans on unemployment, 1 in 6 Small Businesses that are closed right now. He doesnt understand what life is like for people walking by their boardedup shops. Educators afraid at doing their job, that job they love, will bring the virus home to the people they love. Or a parent searching for Health Insurance now that the furlough has turned into a layoff. Its no wonder he doesnt see the single mom forced to wait in a threehour food line for the first time in her life, so she can feed her family because shes now part of the 1 in 6 households with children that dont have enough to eat. He wants us to believe that we are doing better, to keep it up and not notice that this remains the worst Economic Situation since the great depression, and our country faces a historic divergence in our way of life. Which gets me to my third and final point. And what the American People really need to understand. All pain and suffering stems from President Trumps failure to lead. His sheer inability and unwillingness to bring people together. He likes to sign executive orders, actions for photo ops, but they are illconceived and can do more harm than good. He says protecting renters from eviction. Thats what hes doing. But hes not giving them any support to pay their rent when it comes due. Millions of americans will be left with a terrible choice between eviction and living in the streets, or paying back rent they simply dont have. When there was an answer offered and rejected. He says hes continuing to provide enhanced Unemployment Insurance payments, but he cut the amount that everyone on it received, leaves them on the edge when it runs out in a few weeks or sooner. He should be doing his job of calling congressional leaders together immediately to get a deal and deliver real results for the American People. This is the first president in the middle of a crisis i have never seen has called congress into the oval office. If i were president , thats what i would do and i would get it done like previous president s. Rental, food, unemployment assistance, tens of millions of struggling americans, student loan relief, Small Business support, aid to schools and state governments that are going bankrupt. And as long as this pandemic and the accompanying economic catastrophe persist, no one, no one should have their water or power cut off because they cant afford to pay the bill. Bottom line, mr. President , do your job. Get off your golf course and out of the sand bunker. Call the leaders together in the oval office. Sit with them and make a deal, make a deal that delivers for working americans and eases their anxiety and pain. In july, i laid out my build back better plan for an economy that works for everyone. Over the next three weeks, i will be laying out the sharp contrast my plan has with the president s nonplans. Ill be asking the American People three basic questions. Who can handle the pandemic, who can keep their promises, and who cares about and will fight for working families . Like the people here at west end, throughout this pandemic, they found their way to keep the center open safely and provide for critical services. No one here has been laid off. They adjusted their spaces for social distancing and started programs to help local businesses, hair salons and other Small Businesses. They continue their Child Care Services which is critical for so many working families. By pure courage, heart and grit, they never give up and they never give in. As they pursue the full promise of america. Thats the story of the people of this community and this country. Thats who we are. Give ordinary americans half a chance and they never let the country down, they will do extraordinary things. They will never let us down, unlike the current president and unlike the current president , i wont let you down, either. Thats what this election is about. Helping people unite, get together, and move this country back in the direction that we can be. Theres nothing beyond our capacity. Nothing. If we just do it together. Thank you all. I will now take your questions. Are you calling on people . I dont have a list. You go ahead and call. Reporter thank you, sir. This morning in reference to that article in the atlantic and a call convened by your campaign, khizr khan said the comments demonstrate President Trumps life is a testament to selfishness and his soul is that of a coward. You talked about this as a different view of how you see the job as president but when you hear these remarks, suckers, losers, recoiling from amputees, what does it tell you about President Trumps soul and the life he leads . Im going to try to be measured in my response. If its true, based on other things he said, i believe the articles true, i would ask you all a rhetorical question. How do you feel . How would you feel if you had a kid in afghanistan right now . How would you feel if you lost a son, daughter, husband, wife . How would you feel, for real . I know thats not your job to express that feeling, but you know. You know in your heart, you know in your gut its deplorable. Its deplorable. As ive said many times, ill say again, these folks are the backbone of america. Theyre the heart, the soul, the gr grit. Thats what patriotisms about. I just never have been as disappointed in my whole career with a leader that i have worked with, president or otherwise, that if the articles true, and it appears to be based on the things he said, its absolutely damnable. Its a disgrace. Reporter somewhat related topic, what would you say to the supporters of the qanon, the people who believe in that conspiracy, what they think is true about america, that theres sex trafficking and conspiracy against President Trump, and what would you say to President Trump for not rejecting that conspiracy and the people who believe in it . I have been a big supporter of mental health. I would recommend the people who believe it maybe should take advantage while it still exists in the Affordable Care act. Its bizarre. Totally bizarre. And now, have you guys found that planeload of people in uniforms and weapons and flying around . Have you found them yet . By the way, i respect conservative and liberal points of view in the press. Anybody found that plane . What in gods name are we doing . Look at how it makes us look around the world. Its mortifying. Its embarrassing and its dangerous. Its dangerous. If the president doesnt know better, which he has to know better, then my lord, we are in much more trouble than i ever thought we were. Its bizarre. And you know, this is a case where i have been surprised, pleased but surprised with folks ive had political arguments with like the former governor of michigan, coming out and endorsing me. All the republicans who are endorsing me. Theyve reached where i am, that this cant go on. This cannot go on. Its a deconstruction of a democratic system. They know it. So i just ill conclude with what you heard me say many times before. The words of a president matter. Even a lousy president. It gives succor, it gives encouragement to people who are spouting irrational views that no one has even close to ever presuming or showing ever existed, and its done for a simple reason. From the very beginning, hes understood the only way he can win the first time and can win this time is if he fundamentally divides the nation, puts the nation divides it so were at each others throats. Thats not who we are. Thats not who we are. Reporter thank you, mr. Vice president. Last night, President Trump mocked you for wearing a mask and said that this is a sign that you must have some quote, big issues. He says this even though he knows that according to scientists and Public Health officials, Wearing Masks saves lives. I wonder if you worry that this kind of language that comes from the president of the United States could deter some americans who are tuning in to him to not wear masks. Well, im a smart fellow. I listen to scientists. This is not a game. Life and death, life and death. The reports that were going to have maybe, some reports say another 100,000 dead, as many as 100,000 dead more by the end of the year. I mean, i dont i dont get it. I just anyway, its hard to respond to something so idiotic. Reporter before my second question, just quickly, have you been tested now for covid19 . Yes, i have. Reporter how many times . I have been tested once with a deep test and im going to continue to be testing on a regular basis. Reporter could i just ask quickly about attorney general william barr saying on cnn this week, he said that his assessment right now is that china poses the most aggressive threat to u. S. Elections, even more than iran or russia. Do you believe him . Is that also your understanding based on the Intelligence Briefings that you have received . No, its not consistent with the briefings i have received, and hes a lousy enough attorney general but hes a really bad intelligence officer. Reporter its not consistent because you believe because i believe what i have been told. And you all know it. Look, you even have facebook taking off look, there are a lot of countries around the world i think would be happy to see our elections destabilize but the one whos working the hardest, most consistently and never has let up is russia. And again, its unfair to say to you guys but ask yourself the rhetorical question, what is he so afraid of Vladimir Putin about . I mean, whats the problem . I mean, nothing, nothing, its almost obje almostobsequious. Anyway, i just want to make it clear, i believe any country that engages in any activity to delegitimize or impact on american elections is a direct violation of our sovereignty and if im president of the United States, there will be a response. Reporter sir, its been a couple weeks now since you announced senator harris as your running mate and we havent seen her out very much, including yesterday in kenosha. Why is that and what role do you see her playing in the final shes been on the road. Shes out herself. The role is just like when barack and i campaigned, we tried to cover as much area as we could. She is an incredibly competent candidate. She is doing a great job. There will be times when we are together but theres a lot of territory to cover. I talk with her almost every day. I speak with her, we Work Together and i have great confidence in her. Theres nothing about not campaigning together. Its about being able to cover more territory. Reporter just as a second question, do you know when you will have another covid test . Do you have any plans . Well, what theyre doing is they are going to do it on a regular basis because everyone on my Service Detail and people who come into the house with me, they are all tested so im just show up and put my head back, you know, when they tell me. Reporter you know when it will be, next one . Pardon me . Reporter you dont know when the next one will be . I imagine it will be sometime this week. I just dont know. It will be a regular basis. Reporter thank you. Reporter thank you, sir. He asked you about another thing the president said last night. He once again suggested to his supporters that they should consider voting twice if theyre in one of those states that can allow you to request an absentee ballot, fill that out, then go try voting again in person. State officials have said its a felony in some cases. Just curious what you make of it. It is a felony. Its a felony here in the state of delaware. Look, i mean, how many times does this president have to suggest things and say things where you all dont just write hes a fraud . Not an opinion. He wanted to maybe we should delay the election, maybe we should, you know, writein ballots are fraudulent. Not a single bit of evidence. I mean, it just is and i think its all designed to create so much chaos that no matter what the outcome of the election is, that its thrown up in the air. I mean, that must be his reason, because i mean, he says and does things that no other president that im aware of in American History has ever done. We all go well, theres another ridiculous illegal inappropriate thing he said but he says so many of them, it doesnt matter. I mean, it is just it just undermines the legitimacy of our democratic process and its dangerous. Reporter you said today is the angriest youve been as a president ial candidate. But you said you were trying to restrain yourself. I think a lot of people out there who are supporting you are inclined to not vote for the president , would say why isnt joe biden angrier about all of this. Because president s of the United States should be president ial and should lead by example as well as make clear exactly where they stand. Getting down in the gutter like the president does, saying things that i would be inclined if we were behind a barn somewhere, it would be a different thing, but thats not the job of a president. The job of a president is setting an example. My anger is real because i must tell you, i carry and i deliberately didnt bring with me today, the Delaware National guard had a pin made up thats a gold star that was made up for my son beau, who didnt die in the field, and i always carry it with me. I didnt carry it today because i was worried that i focused too much on it, that i would engage in some of the kind of language the president has used. I mean, but i just think it is sick. It is deplorable. It is so unamerican. It is so unpatriotic. And watching him this morning, i was shaving with the tv on, talking about he never said anything like that, he hoon nor john mccain, hes the reason why flags are flown at halfmast, wasnt that noble of him. Hes the same guy that when the ship went into harbor, he made sure the u. S. S. Mccain was covered, he couldnt see it. Hes the same guy that denigrated john. Hes the same guy who did a similar thing the way he talked about george h. W. Bush who was shot down in the pacific. I mean, but he just stands there. Its almost pathological. I never said anything like that. No ones been better to the military. Ive just got to focus on what has to be done, not what he did, what i do from here, what gets done from here. Reporter thank you, sir. Reporter thank you, mr. Vice president. If i could follow up on eds question about voting. We know the president has been attacking mailin voting, hes even now suggesting his suppo supporters vote twice. We know russia has been trying to sow doubt about the system. Are you concerned this message may be working, that your supporters may give up on voting by mail because theyre concerned that its maybe rigged . Yes, i am. Thats why i try not to talk about it too much. Because the more we talk about, theres two things he wants us to talk about. This election is legitimate and the whole countrys up in flames. Everything is burning. Law and order. Because he doesnt want to talk about anything, anything at all, about the job he hasnt done. So its a conundrum. Theres a lot we could talk about the specifics of what russia is doing and not doing. But when you do, all it does is undermine what people think may be legitimate. What i dont want to have happen, i dont want people reaching the point where you can understand sometimes its not worth voting. You know, it seems to me that one of the things i keep trying to say to people is go to i will vote. Com. Figure out i will vote. Com. Figure out where you can vote, how you can vote, whats available to you, where you can vote early, where you can vote in person, where is going to be safe for you, et cetera. Plan now. Plan now. But the more chaos that is sown here, its going to disincline people to show up. In a sense, every time i speak about it, i feel like im playing into his game. Not that you agree with me, but does that make sense what im saying . So i think thats all part of the deal. Reporter [ inaudible ]. Reporter thank you, mr. Vice president. Going back to the jobless report from this morning, you had acknowledged that less than half of the 22 million jobs that were lost this spring because of the pandemic have been recovered. What do you think the 1. 4 million added back in august says about just the general direction of the economy . I think any job added back is positive. I think it matters to the people who got that job back. You know, maybe you all werent raised in households like i was where my mom or dad was losing a job because of the economy, whats going on in your community, you could feel the tension and unease in the household, just everything. Worrying about whether you can provide for your family. Along the way, also look at the people who youve got, you know, a couple Million People out there, close to, who are parttime workers who still cant make it but are listed as employed, and a lot of them also are in the process of wondering whether or not, i mean, there are a lot of people lined up in food lines. They are the people, many of who have lost their health care, their health care provided by the employer. They are the same people out there worrying if this president is able to win in court and wipe out the entire Affordable Care act, all the hundred Million People with preexisting conditions who wont be able to get insurance even if they had the money, i mean, its just the anxiety is enormous, is enormous. Look, again, im not being solicitous. Among the brightest people ive dealt with my whole career have been the press. Not a joke. You all are extremely well educated, well read, you have significant backgrounds, and the vast majority try to report the news, not just opinion. But not democrat, republican, okay, you dont feel the same anxiety because you got a brother, sister, mother, father, son or daughter who is going through what went on. We have jobs. I dont have a job now, but we had jobs. So its a real concern. This has moved beyond democrat and republican. I think its moved to trying to put this country back together again so we can move. Reporter President Trump has Just Announced a serbia den eco between serbia and kosovo. Part of that deal is israel and kosovo having diplomatic normalizati normalization. You said you report a twocountry solution in the middle east. Even though it means the palestinian would lose leverage in their fight toward a twostate solution . First of all, i dont know what the deal is you are referring to, okay . What i have argued relative to serbia and kosovo is that kosovo should be an independent country, not a part of serbia. I spent a lot of time there, so i dont know how, i assume that would reinforce that independence but i dont know based on whats being said. I think normalization of relations among countries is a, by and large, in almost every instance, a good thing. To have a muslim majority country, normalizing relations with israel seems positive to me. But i have to know the detail of whats happening, whats going on. And i dont know that, it may, you may be right that that would cause the palestinians to lose leverage on a decision in a twostate solution. Reporter support more countries recognizing israel . Oh, i do. Absolutely. I do. I do. And i think thats the thing, recognizing israel as an independent jewish state, i think thats important. But also, i believe that israel has to be prepared to work toward a genuine twostate solution. Thank you all very much. Reporter thank you, mr. Vice president. Neil all right. The Vice President wrapping up his remarks. I think hes still talking. Lets listen in. [ inaudible ] neil all right. I thought he was going to Say Something else here. Man, oh, man, there was a lot in there, whether you like the former Vice President , dislike him, whether you like President Trump or dislike him, these were decidedly friendlier questions than the president ever enjoys. Just paraphrasing here, why are you holding back your anger over the president s remark. You keep talking about holding back your anger. Why arent you more angry. Someone else, how do you feel about the president s offensive remarks about military figures and how did that make you feel after you heard them. I want you to contrast that with the stuff the president gets, when hes questioned, its all fair game, anything and everything is thrown at you, sometimes the president gets whats coming, sometimes he doesnt, but obviously joe biden has a far more friendly relationship or at least in this latest giveandtake than the president enjoys, but man, oh, man, it is remarkable. We are going to get into a couple of the key points he mentioned about his own economic plan and questioning whether the president s Economic Strategy is working, saying the president would be the first one to leave office likely with fewer workers than when he came in. We had a good employment report today but again, the Vice President saying that is not enough and that the president should work more closely with other lawmakers to broker a stimulus deal. But our problems at their core are all because the president is incapable of leading. Okay. So we have jessica tarlovwith us, brian wesbury, kat timms. To me, its a very different tone, two different leaders, what do you think . Yep. Yeah, it is two different leaders. Im going to agree with you, if i were to run for president , im not, but i want those questions. Those were all hey, you gave a speech, now let me let you add more to your speech and it was all about hey, heres a softball so you can attack President Trump. I dont think they helped us figure anything out about joe biden other than he knows how to play politics. I thought he was strong today. But let me go talk about economics which is where i focused on. He said europe is doing better than the u. S. And that is simply not true. The Unemployment Rate in euro zone went up in july. The Unemployment Rate in the United States came down. Dont forget, we started all of this with europe, europe had a 7 Unemployment Rate. We had a 3. 5 . So the bottom line is u. S. Gdp is outperforming europe, unemployment in europe is still going up, and the reason our economy is recovering slowly is because states are keeping things shut down. Last i checked, we have a difference between the federal government and the state government, the governors wont let, you know, the National Guard come in, they wont let schools open or businesses open. This is not the president s decision. So blaming all of it on the president i think is a political play, if you will, but i just dont buy it. The u. S. Economy is bouncing back. One last quick point. The atlanta Federal Reserve is now saying gdp will grow 29 at an annual rate in the third quarter. That is a huge rebound and it will come out late october just before the election. Neil jessica, i know where youre coming from and the president is no fan of mine, lot of his backers no fan of mine, but i do think, i do think the press is very different with joe biden. It just is. And it was glaring to me. Maybe its because i actually listen to each and every question closely and i kept shaking my head, man, oh, man, in the press we should be tough on everybody. I didnt see a lot of that there. No, i think the tougher questions were around whether Vice President joe biden has now had a covid test. That was something that no one could really figure out why he hadnt had one, now here to hear he has and hes going to continue to do that. But that was really the only moment where i felt any kind of tension, right. Even the question that joe biden swatted back just saying thats ridiculous was about President Trumps strange rambling last night at his rally in that hangar in pennsylvania where he said i have never seen a man who loves to wear a mask so much, which is just kind of President Trump riffing. So im not going to deny the stark contrast that you saw in the line of questioning and we will see if this continues at this clip. We are two months out from the election. Its only been a couple weeks since joe biden started taking questions. I think with the news of the day being the jobs report, the unemployment numbers and that story from the atlantic that i understand that was going to be the focus. So not denying your point whatsoever, i would just like to add that it seems that biden was very cohesive, very strong, as brian pointed out, and was really trying to underlie an empathize the fact that donald trump has not shown the level of empathy or care for americans who lost over 190,000 now to covid19. We can talk about great numbers on the economic side and actually, the unemployment level is where the Obama Biden Administration won reelection in 2012. Those numbers were good enough to get them reelected. But that this president has really failed in terms of dealing with covid19 and showing any demonstrable sense of care or empathy for the American Public. Neil well said. Kat, my only thing is as soon as he started mentioning the president , whether he was responsible for all these deaths, where were you on this, mr. Biden, when you were ignoring the same kind of warnings that a lot of people missed the severity of this and you know, this job situation is all on the president , when it was really all virus related . We can go back in time and correct what the president should have known and should have done, i get that, but we should also, at least the journalists in that room, should say you were the one who never raised this issue. You were having crowded Campaign Rallies in march yourself. I just wonder where is that zeal to hold both sides accountable . Right. I think thats an absolutely correct point. I was thinking the same thing. People love to point out how wrong President Trump was about the coronavirus pandemic and what would happen. Thats true. He was. But so was everybody else. Almost everybody. Certainly joe biden, if he had been out there this whole time saying nope, im not holding these rallies, this is so serious, we need to shut everything down, that didnt happen. So i dont think that you should be getting so much credit for being able to essentially do a political version of, you know, monday morning quarterback, little sports analogy that i learned. Thats what joe biden is doing because even when trump was trying to do things like, for example, the chinese travel ban which was of course too little, too late, but he was saying focusing on only that that was xenophobic in his words. Yeah, if he had had all these other suggestions and he was saying he would do it differently at the time, that might be something that he should be out there talking about. But thats just not the case. Again, i was also struck by the questions, too, if i had just joined for the question portion, i would have had no clue that the speech that we all just listened to was supposed to be about the economy. Because we didnt get into the economic plan too much in the questions. I think that is what matters to a lot of americans right now. Trump says a lot of things a lot of people dont like, a lot of things that i personally have not liked. I would also like to live in civilization again and thats kind of whats always at the top of my head. That is a lot of people, im still working but i missive civilization. Never thought i would say it but i do. Neil civilization misses you. Thank you, guys. Thats all im saying when it comes to the media, by all means, rip up the president , when he says stuff thats outlandish or foolish, call him on the carpet on the issues that matter, give a tip of the hat of things that matter that are going on that are going on well, but by all means apply the same standards to the guy who wants this job. Man, oh, man, im not taking sides here, that was not fair. That was not balanced. That was not right. More after this. Im a sustainability science researcher at amazon. Climate change is the fight of our generation. The biggest obstacle right now is that were running out of time. Amazon now has a goal to be net zero carbon by 2040. We dont really know exactly how we are going to get there. Its going to be pretty hard. But one way or another were going to reduce our Carbon Footprint to net zero. I want my son to know that i tried my hardest to make things better for his generation. I want my son to know that i tri my hardest the big events are back. Xfinity is your home for the return of live sports. Neil all right. The former Vice President wrapping up his economic statement, where he wants to take the economy. Edward lawrence was doing a little bit of factchecking of his own on that. Edward . Reporter yeah. Just the stories that i follow here. He did say on the jobs report, 27 Million People say that they had lost a job because the Company Closed or because the business lost work for the pandemic. Its actually 24 Million People. Seven Million People less than in july and also, he highlighted the west end Neighborhood House where he was giving that speech as not laying anyone off, as being able to stay open and in this, he asked a couple things where he says who can handle, he was asked a couple questions, who can handle the pandemic, who can keep their promises and who cares and whos fighting for families like people here at the west end throughout the pandemic. They found a way to keep this center open and provide jobs, no ones been laid off. They in fact got a Payroll Protection Program loan so 350,000 to 1 million which in turn would allow them to keep that open as a forgivable loan for nonprofits like that. They also, you know, republicans came up with that program. It was passed in the cares act by both the house and the senate, and the president signed it into law. So theres just a little fact sort of that the Vice President sort of maybe glossed over there. Neil you know, edward, we always try to call balls and strikes and the accuracy of the statements, the economic numbers you just relate a couple, but im wondering if this is kind of the stage of the Fall Campaign where the former Vice President gets largely a pass from the press. Im wondering how thats slant ed coverage continues and its impact on the race. I mean, thats kind of what worries me. Be tough on both of them, by all means. Have at it with the president , what he said, have at it with the Vice President over what he said but theres not that balance there. Reporter to your point, he was letting his assistants make the call as to who could ask the questions. They never got to peter ducey who was always in that room for fox news channel, wrahereas Kayleigh Mcenany and the president of the United States call on other networks who are not as favorable to the president himself. It will be very interest toiing see how this plays out in the American Public, if they do want to see those tougher questions. Sometimes i would like to see somebody be able to handle that tough question, whether its the president or whether its the person who wants that job. You know, i want to know what they can do under this type of pressure. Neil yeah. Because the way its going right now, you are never going to know that. But thank you very much, edward. Good factchecking on this stuff. Thats all were here to do, folks. No matter what you hear otherwise, keep track of everyones accuracy, the statements theyre making and hold them both to those same standards no matter where the chips may fall. More after this. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. So youre a small businor 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. 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. Before i pass it along to my buddies, charles payne, the nasdaq is down but its down about will. Apple, amazon about half the earlier losses in the day but we still have a couple of hours to go. The financials and some energies and biotech, its not across the board but its better than it was. Charles. Charles hours to go, sounds like a challenge. Ill take it. Good afternoon, everyone. This is making money and stocks are slumping again today, a severe drop in Technology Stocks. Lets look at the major themes of the week and what it means for your portfolio. We are seeing a market selloff despite news on Unemployment Rate falling sharply. This is joe biden getting the economy to say its President Trumps fault. He issues once again, we g