Media. But it turns out not only did they keep vital Economic Activity moving, they also seem to have been able to get the virus under control. Its clear the economy now has real momentum. The wave of covid cases that we saw over the summer waning, and people are getting back to work. But some local and astronaut leaders seem determined to keep people from resuming normal life. Here in new york city, for example, restaurants and bars are still closed for Indoor Dining despite the fact that covid cases have been minimal for months. Much more damage has been done to the economy than was necessary given the actual threat from the virus. Later in the show well be talking to an investor whos done some Detailed Research on the impact of lockdowns and other measures imposed by authorities and who finds, that, for the most part, theyve been no effect at all on the spread of the virus. But, first, the other big news of the week continued to be the unrest in American Cities. Joe biden made a couple of rare trips out from his delaware basement this week. For months hes been content to stay home, say little and nurse husband opinion poll lead his opinion poll lead. But rising concern among voters about the violence in American Cities finally force him out of his basement. On monday in a speech delivered to an almost empty room of journalists from the Mainstream Media but i repeat myself mr. Biden gave a speech designed to present himself as concerned about the violence. He decried the looting and burning of cities that weve seen over the summer. But the speech was remarkable less from husband broadlygeneralized remarks that he is, of course, against violence and how brave a statement is that for a politician to take. It was memorable more for who he blamed for the violence. He singled out not black lives matter, antifa and the leftwing idealogues who have been nightly terrorizing neighborhoods and confronting police. Instead he identified three main culprits for specific condemnation. The incumbent president is incapable of telling us the truth. Incapable of facing the facts. And incapable of healing. He doesnt want to shed light. He wants to generate heat, and hes stoking violence in our cities. And now we have to stand against violence in every form it takes, violence weve seen again and again and again of unwarranted prison shooting police shooting, excessive force. Seven bullets to the back of jacob blake. Knee in the neck of george floyd. Killing of Breonna Taylor in her own apartment. Violence and extremists and opportunists, rightwing militias. Gerry did you get that . So the three culprits are donald trump, the police and rightwingers. So while the media lionized the speech as a brave condemn nation of violence, the very violence, by the way, that the democrats and the media denied for three months was even happening, in fact, it was nothing of the sort. On thursday mr. Biden visited kenosha, wisconsin, two days after President Trump to express support for people who had seen their businesses and livelihoods destroyed. Mr. Blake, of course, was the man shot by police who said he was resisting arrest on charges of, among other thicks, Sexual Assault things. Once again he blamed the president. Theres a reason why this administration doesnt want to talk about, wants to only talk about dividing the country and about, about law and order. They dont want to talk about all those people that dued. They dont feel its their obligation, so theyre trying to divert us. Gerry so mr. Biden wants you to think that hes just a regular guy whos on your side, but the history of his 50yearlong career in politics is, yes, hes been a Loyal Party Man all along, rarely channeling the consensus or stepping out of line with the democratic party. Does anyone really think that is about to change now . Meanwhile, of course, sadly, the violence just keeps escalating. On thursday night, police shot and killed the antifa member suspected of killing trump supporter Aaron Danielson in portland last week. How do we deal with what seems like an escalating cycle of violent confrontation . How can we bring an end to the to terror thats a reality in cities . A couple months ago, we had a chief of police on the show. Since then, detroit has been largely calm. Its one place where the phrase mostly peaceful protests hasnt been a media myth. But the end of last month, at the end of last month, violence flared up again when some protesters attacked the cops in detroit there. So whats Law Enforcement now doing to keep cities safe . Here again is detroit chief of police james craig. Chief craig, thank you for joining us. Glad to be here. Gerry you had a retively quiet relatively quiet summer, youve managed to keep things in detroit which, obviously, has got a history of unrest and some racial tensions, but you kept things relatively quiet. Tell us how you think youve been able to do that. Well, a couple of things. First of all, i have to applaud the men and women of the Detroit Police department who have just tone a superb job, you know . Done a superb job. They understood our mugs. We dont retreat here in detroit. Ive repeatedly said that. But also the relationships that weve developed not just after knowed, but after floyd, but throughout my time here. Those relationships are paying off because the community has stood by us and with us throughout the weeks of protest. Like, we know like now, we know like in so many city, taters what could be peaceful protests are agitators, call em domestic terrorists, antifa. But weve worked well here because our Community Stood up, stood up to them and let them know in no Uncertain Terms you are not going to burn our city. Youre not going to attack our Police Officers. And they dont support these notions of defund and dismantle the police department. And so we have a community that stands with us. And i i think thats one of the great things. But also the fact that we are not going to allow this group of terrorists come in and set up a seattlelike zone in our city. They tried. We gave them we showed a lot of patience, a lot of warnings, and then we made a arrests. And they responded by resisting, and so we ended up arresting 44 of these individuals. Gerri that was a couple of weekends ago, think, chief. Right. Gerry it sounds pretty, if i may say so, very well done for having maintained the peace, but its very common sense, right . You dont let people, you dont you keep on top of the agitators, you dont let people take control of the streets. Thats right. Gerry Law Enforcement should be keeping control. Why does that seem so difficult to do for other places . You know, as much as i dont want to criticize some of the other cities, i think when i look at what happened in seattle and i know chief best. Shes a wonderful person. She was in a very difficult situation. But when that nocop zone was set up and established, their little experiment failed. In fact, two individuals lost their lives in this c. H. O. P. Zone. But more troubling was the fact that the police could not go in and conduct a proper investigation. And so right then it needed to end. It should not have even got started. This was not a summer of love, as we now know. It failed miserably. But we have to take a step back and understand whats the real agenda here. Is it really, certainly, the tragic death of mr. Floyd or the shooting of mr. Blake . This group, these individuals who hide behind groups who want to have their voices heard have a very different agenda, gerry, very different. Gerry weve got to take a quick break, but coming up next, i want to talk more about the lessons that can be learned from detroit and whether they can be applied elsewhere. Take it up with the chief when we come back. Motorcycle riders love the open road. And geico loves helping riders get to where theyre going, so to help even more, geico is giving new and current customers a fifteen percent credit on their motorcycle policies with the geico giveback. And because were committed for the long haul, the credit lasts your full policy term. The geico giveback. Helping riders focus on the road ahead. Gerry im back with detroit chief of police james craig. Chief, as well as, obviously, very effective Law Enforcement overseen by yourself, it does sound as though you had Political Leadership in detroit who have been supportive of the police. You know, that doesnt necessarily seem to be the case in many cities. Defunding the mishere in new york city, weve had the police here in new york city, weve had measures to reduce or eliminate the requirement for bail so many people are back on the streets the next day. How important is it and to what extent are these problems that the police are facing on the street being driven by political Decision Makers . You know, youre so right, gerry. I am fortunate, unlike a lot of my colleagues in other cities, i work with a mayor who trusts my judgment. The mayor, mayor dog began who was a form duggan, who was a former prosecutor, he understands the importance of creating a safe city and dealing with mitigating violence and using appropriate levels of force when necessary to quell it. Unfortunately, some of the cities have taken away the tools from officers. Theyd rather see businesses burn, looting, Police Officers attacked. And while we saw several upticks of violence, there were some early attacks on our Police Officers, but we draw a very firm line. That is not going to happen. What were dealing with today and just like all the other cities, these individuals are masters, i mean, masterful at really changing the narrative. And they do it because theyre trying to incite violence, theyre trying to get others to join their cause. And here in detroit theyve had minimal success. And so theres a lot of frustration on their part. That internal leadership is severely broken. But youre right, the relationship between the police chief and the mayor primarily, its really critical. Gerry let me just ask you, finally, chief, as you look at whats unfolding in many American Cities, the cycle of violence, we saw, obviously, the incident in kenosha the week before last and the shooting of the trump supporter in portland, the aled suspect in that alleged suspect in that seems to have been shot by police. How concerned are you about what seems to be a kind of steadily escalating cycle of violence . And what do we do to end it . You know, im very concerned. Even though weve had some Great Success and im certainly not taking a victory lap, but i am concerned, and the key is continuing to set the tone. I dont cower what side of the fence care what side of the fence that you stand on, were not going to tolerate violence from anyone. And so thats the real key. But you have to set the appropriate tone, you have to be firm because this is about keeping the good people safe and those who do protest, the ones who protested peacefully, we have to keep them safe as well. And so, but it gets tricky when youre patient, and were advising a group that, look, this is what we plan to do if you dont stop, you know, hurling projectiles or you resist our efforts to arrest you. We give them repeated warnings. Sometimes those who are not, you know, focused on violence get caught up in it. And so thats been other challenges weve had to face. Gerry chief, ive got to you off, unfortunately. Thank you for keeping the city safe and thanks very much for joining us today. Coming up, americas job markets are recovering as lockdowns are steadily being lifted. Were those lockdowns actually necessary . Thats next. 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. Lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Gerry as weve seen from the jobless numbers, the u. S. Economy is recovering, but it comes after the steepest decline in history. We were told that the lockdown that has produced that decline was necessary to restrain the spread of the virus. But how effective was that lockdown, in fact . Joining me now to discuss is trend macro see owe donald luskun. Thank you very much for joining me. Great to be here. Gerry you wrote an oped in the wall street journal having done some research on the relationship between the lockdowns and the amount of activity that was going on and the spread to have virus. Tell us what you found, if you will. Well, what we found is during the lockdown period if you look across u. S. States, compare them one to another, compare all 50 and the district of columbia, it turns out that there is no correlation at all between the degree to which you lock down and the degree of success in controlling either the spread of the virus or deaths from the views. Now, in order to deliberately induce an economic depression and all the Economic Hardship that goes with that and, for ma thats right for that matter, all the wellness consequences, you need to have strong positive correlation between those draconian efforts and success in controlling the virus. If anything, the correlation we find by looking back at the cold, hard data this is not a model, just looking back at numbers is there is only weak correlation, and weirdly, it goes the wrong way. The states that lock down more had locked down more had worse results. Gerry whether you think the lockdown was too long or too tough or too much of a risk, it does seem strange that, actually, youre finding that it had no effect or very little effect on actually restraining the virus. Whats your explanation for that . Before i give it to you, i want to say that we ran the experiment two time, one by looking at the success of lockdowns and, again, after lockdowns ended, we ran the numbers again to see if it hurt to come out of lockdown. And we got exactly the same result. It didnt help to lockdown, and it didnt hurt to open up. Why . I dont know. If you want to keep an Infectious Disease from jumping from person to person, maybe the reality in our imperfect world you could never have a lockdown extreme enough to really defeat that little microscopic particle, and nobodys going to go there, right . Nobodys going to put everybody in a hazmat suit and lock you in some little capsule, right . Given the real world feasibility of even the most draconian lockdowns, it just wasnt enough. It didnt work. If its not going to work, if it isnt going to be enough, then just dont do it because its really expensive. Its like a bad medical treatment thats really costly, doesnt work and has side effects. Why would you to this . Gerry and it is striking. Again, there was a lot of attention over the summer on florida and texas, a lot of kind of panic in the media, oh, my god, cases were rising and florida and texas governors were killing their people. It turns out, you know, they had a rise in viruses, but they kept their economies open, and even as they kept the economies open, the virus spread declined. So it doesnt look as though those lockdowns were really, the lockdowns that we had elsewhere were really necessary. You know, the media hysteria about that, highly politicized as you imply, was completely factually wrong. These sun belt hot spot states, in fact, didnt open first, they didnt open most which just shows, again, theres just complete what amounts to randomness in these results. And for the costs that were talking about bearing, we need Something Better than politicized randomness. Gerry and as you say, it does, unfortunately, look as though so many of these discussions were politically driven and, indeed, still are. Im in new york city, were still in many respects locked down with views cases on the decline. But, of course, if youre a protester, youre allowed to go out. It does look like a political decision. Well, anytime youre talking about government regulating its people, thats politics, you know . Thats what poll picks does politics does. And, unfortunately, human beings have to carry out these policies, and they have their own ambitions, as we are learning. Gerry thank you very much, indeed, for pointing all that up. Next up, haircuts for thee but not for me. Hypocrisy in modern america. 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 when it comes to screening for colon cancer, dont wait. Because when caught early, its more treatable. Im cologuard. Im noninvasive and detect altered dna in your stool to find 92 of colon cancers even in early stages. Tell me more. Its for people 45 plus at average risk for colon cancer, not high risk. False positive and negative results may occur. Ask your prescriber if cologuard is right for you. Im on it. Thats a step in the right direction. Gerry it wont come as a big surprise to hear to you i dont know much about haircuts. Its been a while since i spent more than a few minutes troubling a hairdresser, so ill accept it on High Authority that nancy pelosi has a really good hairdo. But i am comparable of recognizing hypocrisy, selfserving superciliousness when i see it. You probably have seen the images taken from inside a hair saw hon on monday of a soon to be perfectly coifed ms. Pelosi, lecturer in chief of the nation telling us all how we must remain locked down in our homes until she tell us to come out. Mrs. Pelosi booked ab appointment when salons in San Francisco were still under orders not to offer their services indoors. But those are for the little people. When youre nancy pelosi, you make the rules. Youre not actually expected to abide by them. Ms. Pelosi does recognize that the sorry incident does demand an apology. The bad news is she thinks the apology should come from the hour salon owner. Thats right. She claims the whole incident was a setup, a devilish plot to expose her as a hypocrite. Well, that worked. And she thinks the owner should apologize. Now, without making too much of a single illicit haircut, its hard to new of a better motif for the current state of the nation. Its one rule for me the rich, powerful, untouchable chiefs and one rule for everybody else. Finish and if you dare take the time to point out the injustice, its you, the hard working american struggling to get by in almost impossible circumstances beyond your control, its you who needs to atone for having the temerity to challenge your betters. This country is a republic, at least its supposed to be, but it resembles more and more one of those european monarchies. Instead of let them eat cake, its let me get a blowout, the rest of you can suck eggs. For the latest show updates, follow me on twitter, facebook and instagram. Ill be back here next week with more indepth interviews on the wall street journal at large. Thank you for joining us, and have a wonderful long labor day weekend. Jack welcome to barrons roundtable where we get behind the headlines and prepare you for the week ahead. Im jack howe in for jack otter. Coming up, Investment Specialist rob around naught on why its time for investors to shift away from high fliers like apple and tesla. Later, the pandemic is scrambling plans for some investors approaching retirement what to do about it
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