Transcripts For FBC Cavuto Coast To Coast 20240712

I will tell you about some of the stocks benefiting from all of this. Well revisit iposs that were launched in great fanfare last week. How they are holding up today. Well be monitoring what make as bear Market Correction as you know. Many market averages themselves are at or close to corrections from highs. Some of them reached a little more than a few weeks ago. So as stuart was pointing out some perspective is in order here. A lot of this has to do with, well a lot of things. Not only renewed spike in cases were seeing in the likes of the United Kingdom and france. In fact the uk theyre revisiting another possibility of another lockdown. That is what is going on in israel, they are in their second lockdown and theyre not very happy about it. Then we have cases here. Four states in the United States that have 15,000 or more deaths recorded. California joining the likes of new york and new jersey and texas. So were monitoring that. But the numbers here are actually stablizing even as theyre moving higher abroad. Then there is, as you know the death of Ruth Bader Ginsburg and the jostling to replace her right now, leaving the political back and forth aside it scooted down the bench if you will, that stimulus measure they want to see sooner rather than later. That is pushed back with the drama unfolding on the Supreme Court pick makes almost getting anything else down virtually impossible. That is where things stand right now. I should emphasize some of the high flying stocks it is interesting to point out some big ones that run up so far and so fast are the ones at or near bear market territory. If you were to pile up the losses in amazon, in alphabet, in microsoft, theyre down anywhere from 13 to 18 from their highs. Now, now, do not cry for them. Many of those issues are still up even with losses today in excess of at least 40 yeartodate. But again how you mark these things from the high where they stand, not yeartodate. Yeartodate, for example, the dow with todays losses is essentially even money on the year. The s p still nominally positive on the year and the nasdaq still up in excess of 18 on the year. So again, not everything i say matches what youre seeing but we will keep rifling through this, keep you abreast of this, keep you abreast of multiyear lows were seeing particularly a 10year note which is benefiting banks buying the hell out of them. Well get to what is behind that. Now to chad pergram with the drama unfolding on the hill. Chad, last week at this time when you were i talking sadly before Ruth Bader Ginsburgs death, stimulus, another measure to keep the government lights on and now with this move to hurriedly republicans want to hurriedly find a replacement for the former justice, now it moves all that other stuff down, right or is that the concern . Thats right. Einstein used to say time only exists so everything doesnt happen at once. Guess what . Were happening everything happening at once here on capitol hill. Democrats are girding for a battle. There is not a lot they can do to delay a confirmation vote. They are making this a political issue. They are taking it to voters. Listen to chuck schumer, democratic leader. Mitch mcconnell, blatant, nasty hypocrisy, call your senator and tell them not to listen to Mitch Mcconnell. Not to be afraid of Mitch Mcconnell. To do the right thing, stand up, and do just what is fair and right. Reporter it may be tough to confirm a justice. Over the weekend Republican Senators Lisa Murkowski and Susan Collins to wait until after the election. If youre 53 republicans youre down to 5yea votes. Everyone is focusing on gop senator mitt romney and republican cory gardner in colorado. Gardiner face as tough reelection bid. President trump believes supporting his nominee will help competitors in tough races. President trump i think Susan Collins is hurt in their race. Murkowski is badly hurt and doesnt run for two years but i think this will follow her. Reporter the family of Ruth Bader Ginsburg will sit shiva until saturday night and President Trump says the nomination will be coming soon. President trump i think it will be on friday or saturday. We want to pay respect. It looks like, it looks like we will have probably services on thursday or friday as i understand it. I think, you know due respect we should wait until the ises are over. Reporter think will be the closest toe an election they have ever considered a Supreme Court justice. As you say, this kind of puts off to the side any talk about government funding and also trying to get some sort of a covid19 bill through. They are probably going to move the Government Shutdown bill to keep the lights on until december. That will advance in the house of representatives this week. Back to you, neil. Neil chad, protocol question. I know where Lisa Murkowski and Susan Collins stand not wanting to entertain this before the election, if everyone is going through, the rest of the Republican Party, the president is pushing a nomination, then you have Mitch Mcconnell trying to get it through, do they sit idly by . Do they have to participate in that . Do they have to vote on that . What happens . Reporter dont forget a lot of senators they like to meet the with actual nominee. Sometimes they circulate the nominee through the entire senate. That takes weeks frankly. Why also a the love senators they dont like to feel pressure on a lifetime appointment. That is where you look at some of these senators who have not weighed in yet, maybe some we not even thought about. It is the senate. These guys keep their own counsel. They sometimes do surprise you that is why it could be a problem. We dont know that this universe will start to formulator this afternoon. Senate comes in 3 00. There will be meeting of Republican Leaders in the senate late this afternoon, over next couple days, especially senate phone lines line up, people call in. Weve had protest this is morning at the home of Lindsey Graham here in washington, d. C. , not far from the u. S. Capitol. The u. S. Capitol police went down there to make sure everything was okay this will get intense very fast. That may influence how senators think about the roll call vote on this. Neil chad pergram on capitol hill on this. Markets abhor uncertainty. This added a another element of uncertainty on top of the virus cases. Concerns if stimulus doesnt come soon. The economy risks falling into esession. That might be a bit of a leap here. Pounce upon the fears, think about the fears a later. Ed mills joins us the Raymond James policy analyst. Ed, youve seen gyrations in your illustrious career. Wonder if you make of the latest hiccup. I dont want to minimize it. What you make of what is happening right now . Yeah, neil, this is going to be one of the hardestfought battles you and i have ever seen, polly, political market impacts of this are potentially huge. I do think the battle for the replacement is one story but really i think that the Market Reaction today is squarely on the idea if republicans do push forward with this nomination and democrats are able to sweep in november, the likelihood of a filibuster change increases, likelihood of an aggressive agenda based upon that legislative change also increases. So markets dont like uncertainty and uncertainty that could see real change. Neil you know, ed, weve been looking at technology. It really led entire runup in the market if you think about it. Right now theyre the most pronounced issues in the red. A lot of premier names, amazons, apples, microsofts, facebooks, theyre very close to bear market territory. I must stress, there are highs that were rich ad little more than couple weeks ago. Having said that what do you make of what is going on with technology . It has happened before. You pointed it out before but those who sell have learned in past cases at least, to regret that. What do you think now . Yes. I think its a great question, neil. What we have said, Technology Regulations antitrust regulation, is certainly moving up the agenda in d. C. It would be more likely under a democratic presidency in a democratic sweep but we have consistently advised clients that is only one small part of the conversation. Anything that would happen in d. C. Would take a long time. There is questions that even if they were to be successful, would you up lock value in large Cap Tech Companies through parts analysis. That kind of thing the truth of the matter is what you are seeing here based upon weve been putting out in Raymond James is bit of rotation into cyclicals, a rotation into industrial names. Which does make some sense that if we do have democratic sweep, if we do have a next fiscal stimulus package, infrastructure bill would largely be part of that. Inventories are historically low within industrial companies. So what we have seen here is kind of a somewhat reasonable reaction, even if it comes across as immediate and severe in the near term. Neil you know, i did want to get your take on whats buffeting banking financials shares, hsbc for example, down, 5 , lowest levels i think in more than two decades. All on, you know, indications there might have been some curious shuffling of funds going on over decades. We dont know really much about the details. The banks are saying there is no foul play going on here. But it was sort of like, you know, a black Swan Development that no one saw coming. Are you worried about that or details that could emerge . That is a group we need to see healthy. Im not talking cheerleader for their stocks but they have been buying a lot of Treasury Bonds . They have been supporting a lot of mortgage activity. Is this a worry . Yeah i think it is something on my radar screen. One thing that we will have a conversation about is that coming out of the financial crisis there was a sense, not only for certain institutions too big to fail, certain institutions were too big to jail. And i think if you have any democratic sweep, having a justice department, having a Bank Regulators who would be more aggressive in Enforcement Actions certainly does elevate that risk. However when i have conversations with banking experts here in d. C. , they think that the prospect of robust regulation and legislation is relatively low for the banking sector. We did a lot of that coming out of the financial crisis. If there is anything that will Impact Financial Services it is probably more in the nonbank space. I could make an argument that if you do that, market share will come back to some of the largest domestic banks. I think its a different question when you start thinking about other International Banks that operate here in the United States from a china trade fight or other kind of multilateral negotiations. Neil got it. Always good talking to you, ed. Thanks for taking the time in the middle of all this. Ed mills following all of this very closely at Raymond James. The footnote on the banking shares and bludgeoning theyre getting and others happening like deutsche bank, hsbc, citigroup, bank of america for a while, less so but the fact of the matter theyre looking into curious transfers of funds worldwide among Banking Institutions that seems to link them. But again even the investigators seeing to link them, but this is not expected, got a lot of coverage in barrons and other Wire Services that picked on this. Might be a big deal. Might not be a big deal. There is a lot of explaining to do as they say, until the then better part of valor is to sell. With that uncertainty on the Supreme Court pick. The president said earlier will have a name friday or saturday. Want to katy walsh shields on this, former White House Deputy chief of staff under donald trump, Senior Advisor to the rnc. Katy, thanks for taking the time. How do you see the process going. Democrats say dont even think about doing it now, finding a replacement now, republicans say well do it now. Where is this going . Precedent shows they are not, the president will put up a nominee and senate will confirm them. There has been 29 vacancies during Election Years in the past. 19 of those 29 when the same party controlled the white house and the senate. 1of those 19 ended up confirming Supreme Court justice that year. Precedent would tell you that the president will put up a nominee and the senate will do their business. Neil katy what happens . I mentioned it before to our capitol hill correspondent chad pergram, if you have aLisa Murkowski, Susan Collins not keen on getting process going now, but if the president is going gungho on it, party going gungho on it, even democrats not keen going gungho on it, they cant sit it out so what happens . Well look i think theres two ways to look at this. One is, there is a period before the election. Senator collins, senator murkowski made it clear that they dont think a Supreme Court justice should be voted on before the election and there is lameduck session after the election. It will be interesting to see what their positions are after there after that. There is argument control of the senate runs through a number of states on republican leaning. On november 3rd or new elections for senators in georgia, in montana, in also in, excuse me in montana and iowa, all states that lean republican. In 2018 we saw during the kavanaugh hearings that we have republican leaning states with senators up. That helped us in the election. Will be interesting to see what the electorate does in the senate now that this conversation has been brought up. Neil i would think that Susan Collins, she is having the race of her life because she was a crucial vote finally brett kavanaugh. That has come back to bite her in new hampshire. It could cut both ways, can it . Yeah, it can cut both ways i think ultimately Susan Collins made the vote for Justice Kavanaugh. I think one of the other things that is important is the nominee that the president puts forward matters this is all an abstract conversation until the president puts a name behind who the nominee is. Once the public has opportunity, senate has opportunity to vet and interview the nominee i think dynamics change. A lot of base republicans but also soft republicans see how Justice Kavanaugh was treated during the confirmation process and were outraged by it. They were outraged what the democrats put Justice Kavanaugh through during the process. That changed the dynamic and conversation in d. C. And battleground states what was reasonable and how should these senators act. I think once you see the process start you will see some dynamics change. Neil i think youre probably right. More than, once or device, katy. Thank you very, very much. By the way we are learning a little bit more about the plans for services for Justice Ginsburg. She will lie in repose in the Supreme Court this week for public viewing giving mourners at least two days to pay their respects. Then buried in a private family ceremony at Arlington National ceremony. The president already made clear only after all of that is complete will he submit his name for her replacement. Then the fireworks no doubt begin. We should also let you know, and i guess our guests have been commenting on this, 25 times president s have named Supreme Court picks during Election Years. 21 times the senate has gone on to confirm those nominees including six that were presented by lame duck president s, waiting a new successor. Three of them defeated by that successor. So there is plenty of precedent for this. The battle is on. Im hector. Im a delivery Operations Manager in san diego, california. Weve had a ton of obstacles in finding ways to be more sustainable for a big company. We were one of the first stations to pilot a fleet of zero emissions electric vehicles. The amazon vans have a decal that says, shipment zero. Were striving to deliver a package with zero emissions in to the air. I feel really proud of the impact that has on the environment. But were always striving to be better. I love being outdoors, running in nature. We have two daughters. 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Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Neil all right. Weve been telling you about all the issues that are down. Pronounced in shares of snowflake, the big software ipo last week that it doubled in price on first day. It got a sell rating first time, said a group in a note to clients, it is most expensive name in all tech essentially arguing it doesnt deserve that. Expecting a another pullback of 20, 25 presumably from these levels. Do not cry to those originally got into this. This is one whose shares price is up a appreciably with that, this is expected to be a 15 billiondollar concern, with todays selloff a market valuation that still approaches about 60, to 65 billion. Not too shabby. Again Technology Shares in general, the apples, amazons, microsofts, again i stress well be rifling through all these various sectors, who is winning, who is losing, who is getting drubbed and the impact on a this, whether it matches the person were speaking with at the time or not. I promise we continue it do that. A lot of uncertainties that go beyond the tech selloff. The triggers would be stimulus that looks doubtful. Lo and behold, some stunning news we got on the virus abroad, the least of which, which is shutdowns being considered again in the United Kingdom for a second time. In israel theyre already personning that. Weve seen similar moves afoot where theyre entertaining the same in at least parts of france. The seminal figures that get a lot of attention, including us being on the verge in this country of 200,000 deaths. Steve harrigan follows all of that from atlanta. Hey, steve. Reporter thats right, neil, as the nation approaches a grim milestone of 200,000 dead President Trump this morning on fox friends said he expressed confidence there could be an effective vaccine just weeks away. Others too expressing confidence over the weekend in pursuit of a vaccine including bill gates, but his timeline is a year slower than the president. Here is bill gates. They ended the epidemic, that is probably 2022. The numbers we should drive them down if we take the global approach. Thank goodness Vaccine Technology was there. That the funding came up. That the Companies Put their best people on it. That is why im optimistic this wont last indefinitely. Reporter despite that 200,000 dead number, the head of testing for the administration, admiral giroir said the number of cases in u. S. Are down. Number of icu admittances are down 60 , deaths down 12 . There are virus raging in midwest and west. College towns hit particularly hard with the return of students to college campuses. Many are trying to eliminate spring break to reduce the spread from travel. Neil, back to you. Neil thank you very, very much. I mentioned uncertainty in relation to all of this, the cdc is beginning to say it is possible that covid19 it can remain suspended in air. That as a result, there might be cases where it travels in excess of six feet. Now the reason why that raised a lot of eyebrows is the standard procedure we have where people should be separated by at least six feet. If the cdc is right on this air carrying feature of the virus, then it might have to be more than that. No one knows how much more. All it took was the cdc saying in excess of six feet, people were saying wait a minute, we walk into public buildings and the like, restaurants, six feet, six feet, can you imagine if they have to change that protocol around . Were watching that. Among many, many uncertainties, nervewracking developments got traders selling today. As my next guest will tell you, you know, he is a young man, he has been through some bull and bear markets alike but jonathan hoenig, who joins us right now, i do see a lot of stay at home stocks, pelotons, that benefit with people in their homes, going back to their homes, were getting ahead of ourselves, you would understand that group would do well. What do you make of all of this . Theyre getting a little bit of a bounce, neil. Youre seeing widespread selling there is an old saying, i told it is a little unmouth, when the paddy wagon comes theyre taking good girls with the bad. This is a widespread selloff. We needed this, neil. Put it in some perspective. The market had a historic 100 day run. A lot fueled by the stimulus now in question. What my fear that this correction, isnt even really a correction yet, but this dip isnt just a dip. It is beginning of a longer term trend. Youre seeing that in the 52week highs versus the 52week lows. Today, new 60, 52 week lows. 20, 52 week highs. You havent seen that in tom sometime. Neil particularly getting hit today, technology, industrials, financials, health care, everyone, when it gets so sweeping and indiscriminate where people sell everything first, maybe ask questions, reassess later, who you do you advise clients . What do you tell people who dove into the market assuming that we had shaken all of this stuff that maybe we havent . Neil, investing always comes back to your own individual context. A lot of people, for example, they say theyre in it for the long term until it goes against them by 500, they say, get me out, get me out. It comes back to your own individual situation. But the fact is, neil, that over the last number of years the market writ large has really become to encompass primarily exactly those big cap tex stocks. They dominate the indices, just the same way that microsoft and Sun Microsystems and cmgi did back in the late 1990s. So whats ironic now a lot of people who think they have a diversified portfolio, a lot of their money is in exactly those still very expensive names like apple, like microsoft, like amazon. Great companies but still very expensive stocks in a very expensive stock market. Neil jonathan, thank you very my friend. Jonathan following all of this. The lower portion of your screen, the dow almost down 750 points. We were down 1000 points earlier. Not the percentage it used to be. I harken back to 1987, when the dow in one day lost a quarter of its value, 28. 2 . Were not minimizing that. Im putting it into perspective. With all of this, the craziness this year, the dow is essentially where it was when ther. Started. The s p is kind of flat with a falloff on the year and nasdaq still up in excess of 18 on the year, yeartodate numbers. I should also point out. This is something i also look for in the middle of a market day, when some stock prices are dropping like a knife, Brokerage Firms start saying investment probation if you will, this is the term we use, they start buying or recommending this has gone a little too far. Sure enough citigroup raised price target on apple, bring it up 125 from 112. 50, that is not benefiting one way or the other. Were hearing Credit Suisse up graded ups to outperform from neutral. Goldman sachs looking to raytheon and goldman, conviction to buy list stocks. A conviction based on, my god, they have gotten clobbered. They cant get clobbered much more. Or so they hope. Stay with us. Who is usaa made for . Its made for this guy a veteran who honorably served and its made for her shes serving now we made it for all branches and all ranks whether they served one tour or made a career of it. 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Get your slice today. Neil all right. Were getting news out of england right now that Boris Johnson, the Prime Minister minister, will announce a 10 00 p. M. Curfew on pubs all across the country. This after a serious spike in cases throughout the United Kingdom that has sent rumors flying that the country could revisit a lockdown would not be unprecedented. Israel is going through this right now as we speak, its second such lockdown. In the High Holy Days is it is not being received or reacted to there. In france, reports after lockdown but new restrictions might be implemented. We dont know what the restrictions might be t might be curfews or distances or the rest. Were getting three countries where they are looking at sporadic spikes, in south korea, in japan and in parts of india. I say parts of india, for those who were not aware the taj mahal had been reopened today. It had been shut down the last six months since the global lockdowns began but reopened. There are extreme limitations, tourists what there are of them can visit. It has been reopened. It will be reopened. These are all various things weighing on investors, some surprising developments. Of course you also get close to seminal figures, one billion deaths worldwide. Very, very close to 200 deaths here in the United States and mike levin mere to sort it all out, former utah governor, former health and Human Services secretary under president bush 43. Secretary, very good to have you back. It looks like were having, not specifically the United States but having some problems again. Are you worried . Well, the virus were dealing with is a coronavirus. Its a virus that tends to thrive in cooler or winter weather. It really shouldnt be a surprise to us or anyone else were beginning to see spikes. Weve also opened up a lot and consequences were seeing more infection and higher prevalence of the disease. So i think we all should be worried. We all should be vigilant, doing all we can to make certain we mitigate the impact of this. Neil you know what surprised me, mr. Secretary, when i heard the cdc revisiting the possibility, the possibility, that maybe if this travels up through the air, it could travel through the air, they didnt go so far to change the six foot rules, distancing rules but the possibility that this was out there concerned folks. They have not wanted to alarm folks on that. The wall street journal updated this to say, it is among the things theyre looking at. Can you imagine if all of a sudden the six foot distancing provisions sort of taken at face value, here, across the globe might have be adjusted . Were not there yet but what do you make of that . We have known for quite a while, some degree, aerosols, small particles have the capacity to carry this virus. This isnt new information. The degree is to what degree. One thing we dont know at this point what does, what constitutes an infectious dose . How much of this virus do you have to have in order to become ill . If it is carried on aerosol, you are probably getting very small doses. There is a lot we still dont know about this. Were proper i think to be concerned about it, we have to learn more about it as we go. Neil indeed. Just to follow up on the cdc trying to clarify its findings, secretary, it is working on updating its recommendations regarding airborne transmission of the virus. Once this process is completed the updated language will be posted. We hope it is not a dramatic rethinking in all of this because that could change a lot but i want to get your gauge what is happening in this country. Cases have stablized. California became the fourth state to report at least 15,000 deaths. Im wondering if the trend is enough of a friend to give at least people in country some relief. What do you think . I dont think we should be too comfortable too quickly looking what is happening in europe and other places. In my own state, i live in utah, we had almost doubling of the number of cases in the last week. Were seeing a spike here. I think that is happening in other parts of the country. Again as i suggested, given the nature of this virus, we shouldnt be surprised, that in the fall, in the winter we could see a more acute situation than we did in the late summer. But i think by the time we get to spring and summer well have the vaccines, well have a lot more therapeutics. There is good reason to be optimistic but also cautious. Neil all right. Secretary, thank you very, very much. Secretary mike leavitt on all of this, in that capacity under health and Human Services running that department during president bush 43. I do want to mention besides california the other three states that have these 15,000 or more deaths are new york, new jersey, and texas. In all of those states i want to add however, the trend has eased considerably. Spikes in cases, spikes in deaths, spikes in hospitalizations has actually been on the decline. In other words the trend has been on the decline. Not that were seeing complete reversal but that the growth has slowed tremendously in those states and 26 u. S. States. The 26 refer to these occur in question. Im not sure of that im sure of this, theyre selling at the corner of wall and broad. They will dive into details on all of this, whether they were being a little too reckless but for the time being with concerns about the virus and lockdowns that are renewing abroad, a concern a rush to get a Supreme Court pick in place, and the fact that could delay stimulus, that many Market Participants the economy still needs, the better part of valor is to sell. That is just what they are doing and remember the moment that things, for one strange time in our lives, got very quiet. Some lost work and invented new ways to get by. Others were busier than ever, and found strength they never knew they had. We sheltered with the people who matter most, sometimes finding how far apart wed drifted. We worried over loved ones, over money, over our planet. And over takeout. And we found a voice one the noise out there had kept quiet. When the world starts spinning again, lets remember this time where none of us felt secure, and fight for a future where everyone can. Because when the world seems like its standing still. Thats the perfect time for us to change it. Smooth driving pays off with allstate the safer you drive the more you save youve never been in better hands allstate click or call for a quote today neil uncertainly in the markets continues with tiktok, the oracle deal. Charlie gasparino, no matter what the president is saying, no matter what key parties are saying it is not quite a done deal, so the soap opera goes on. Charlie, whats the latest . Charlie there is basically more infighting in the white house over details of this deal. Lets be real clear here, there is no term sheet out there that we know exactly whats in it. Were getting various leaks, when i say we, i mean the media and here is what it looks like and it looks a lot different, and ive been saying a lot different for weeks than the line in the sand donald trump drew during the summer when he said he wanted a break from the chinese. This deal essentially is this. It is oracle, it is General Atlantic, its sequoia, essentially securing a partnership with a Major Chinese company known as bytedance. That is the Parent Company of tiktok. To basically control this, to basically, allow this app to exist in the u. S. Where all those partners, including the chinese, will make a lot of money if this thing ipos. The chinese still control the allimportant algorithm. Tiktok is nothing without the algorithm and i think that is whats, as weve been reporting this stuff, you know, it seems like every time we report the reality of this deal the president does an aboutface and i think there is two things that i think got the white house up in arms today. More reporting on the structure of this deal which everybody knows, the chinese are still involved in a heavy way, in a majority stake way. Even if they dress up the Holding Company as majority americanowned, it is still largely owned by the chinese because they control algorithm which is essentially the company. The algorithm was originated by the gentleman that runs bytedance. He is a chinese national. If you know anything about Chinese Companies they report directly to the Peoples Liberation army. That is one thing that has gotten the Trump Administration and donald trump unnerved today. The other thing, quite frankly, neil, what weve been reporting is the crony capitalism aspect of this and its glaring. I dont say this as a partisan, it is so obvious, that Larry Ellison who runs oracle, a major trump backer, that General Atlantic run by bill ford, doug leone who helps run sequoia they are going to make hundreds of millions of dollars off of this thing and it is, they are all bigtime Trump Supporters and the deal is being directed to them. So you know, you cant get around that. That is what is going on here. Now every administration you can hear engages in crony capitalism, thats right. We call them out. That is why were calling out this one. This is glaring and obvious. So i would say i think were in the ninth inning here. Our Long National nightmare will come to an end at some point but, neil, there is a lot of questions surrounding it. There is a stink to this deal you know, and its pretty obvious, back to you. Neil all right. The fact that the chinese are not overly complaining about it does make you wonder too. Thank you, charlie, very, very much. Well have a lot more including news that pubs will close at 10 00 p. M. But they will wait to do that tomorrow but it is going to happen, to deal with a spike in cases in her majestys kingdom. Well have more after this. All otc pain relievers including voltaren have one thing in common none are proven stronger or more effective against pain than salonpas patch large theres surprising power in this patch salonpas dependable, powerful relief. Hisamitsu. So youre a small bor a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Neil all right. Continuing with this market selloff that has the major market averages so far looking at their worst september in close to two decades. Certainly 18 as things stand now. Our friends at marketwatch says in this continues it could consistently get worst. We have to go back increasingly in time for a worst september. September is worst month for stocks. October gets the all the buzz, 1989, and host of other years since with the ruble meltdown and all of that but it is getting disproportionate attention today, given the magnitude of this selloff based on a whole host of concerns, not least of which is the virus, concerns about political disruptions in washington that will delay stimulus. And i could go on and on that. Is what is happening today. It could change tomorrow. Weve seen a lot of indications in that. Meanwhile new yorkers are waiting certainly to see restaurants to resume Indoor Dining the rest of this month. It has been the case in new jersey, the garden state, across the hudson river i believe since september 4th. They have been operating under 25 capacity rules since that time. Tim mcclune of mcclunes restaurants, founder there, we have to open this up a little bit, we goat to increase this a little bit. Tim, thanks for joining us. South 25 thing doesnt cut it, does isnt. Thanks for having me on again. The long answer to that again actually, i dont want to be depressing with the news you laid out there but here we were on your broadcast, i mentioned it on march 16th. We had. Stuart tinge shun, 12 restaurants burn to the frowned with no insurance. Ppp came along pushed us forward we went outdoors. We closed six places. We could only reopen six because it was not possible to do outside dining at the other six. A lot of other restaurateurs face the same problem. What happened . We had miraculous weather where we are. In month ever july, the 29 of 30 days the sun came out, only two days it didnt we were not washed out. So we were looking to indoors. If indoors came, if you were relatively successful outdoors it, was a bonus. It wasnt something you had to have. If you were a place dependent on 25 as your only revenue, i dont see how you do it. Unless youre literally momandpop, one of you is the chef and one is the general manager, you hire a few people to help you, maybe you can make it with that, if that is not the case, how do you hire a chef, a general manager, all of rest of it . So for us it has been a bonus. There have been some surprises in here, however. The surprise there was demand, first of all. People were calling up for reservations to sit inside. We didnt think almost literally that anyone was going to do that. Then in recent nights when it got chilly at night the people outside started asking about going inside. We were sold out in some places inside and we couldnt move them. So they got unhappy. But the real answer to your question is about the 25 . It depends upon what the driving rule is. Is the rule six feet of distancing or 25 . Because to some extent they cant coexist. Six feet of distancing means the back of the chair im sitting in to the chair that is behind me, well there is a window back there, but you know what i mean if there were a chair behind me, six feet between us, it is not six feet from the table. So in reality, Square Footage in the restaurant. A lot of restaurants dont have enough Square Footage even if they said tomorrow, hey, go to 75 , if it is six feet apart it wouldnt make that big of a difference. Were facing that problem in some of our places a couple of them are large enough that we can get extra tables. Some of them are to some extent going to stay the same. The question is neil dont have that luxury. Tim, i have to jump in there because of all breaking news, market news, they have to up the capacity. Demand is there. Much, much more right after this the world is in turmoil. Been turned on its head. Of a possible recession. American cities are experiencing a devastating surge. Hello, im michael youssef. Lately, we are hearing so many conflicting voices and i dont blame you if you are anxious and worried and troubled. But if i told you that theres only one voice that you can absolutely trust. After all, he wants nothing from you and wants to give you everything. Im talking about the lord jesus christ, who said, come unto me, all who are carrying heavy burdens and worry and anxiety. And i will give you rest. Hes the only one who can give you true rest and peace. Will you come to him . [female voice] are you waiting to find a trustworthy voice in the midst of the chaos of this world . Visit findingtruepeace. Com to find a voice that will never let you down. Again, thats findingtruepeace. Com. Neil all right. The selloff continues at the corner of wall and broad, the fact the dow is posting one of its worst septembers, september isnt over yet, know that, but certainly the better part of 18 years. S p also taking it on the chin. The nasdaq which had already fallen into correction territory, that is a fall of 10 or more from its highs, has gotten about 14 from its highs. A lot of the stellar names within that grouping including amazon and apple, microsoft, facebook, some of them are very close to bear market territory, or a slide of 20 from their highs. When i say from their highs, reached little more than a couple of weeks ago. Fast times. All right. Blake burman following all these developments right now for us and the markets, worried about stimulus and everything else, where do we stand on all this and reaction to it all . Reporter there are still two huge fiscal issues here at washington, d. C. In the moment. Of course, setting aside everything thats going on with the Supreme Court. That being this standstill among democrats and republicans in washington over a next covid19 relief package but also keep in mind, nine days from now, nine, 10 days from now is october 1st, when government funding for the next fiscal year starts all over again and democrats and republicans need to pass a new Government Spending measure. I asked larry kudlow earlier today as it relates to the Supreme Court whether or not that would sort of take up all the oxygen here in washington, and push aside the covid19 relief talks. He said first and foremost, before all of that, there needs to be in washingtonspeak a clean c. R. , meaning getting that government funding deal done. Listen here. You know, it doesnt have to. I dont want to go ahead and make any forecasts on how this things going to play out, outside my lane, but it doesnt have to. We can get a clean c. R. , for example, which first order of business, keep the government open. We could negotiate a sensible package thats targeted and would provide some assistance. Fortunately, the economy is very strong. No, i dont believe so. Reporter it wont take long to know who President Trump ends up selecting for his Supreme Court nomination. He says he will make that choice public either friday or saturday. We have a lot of time. Tremendous amount of time. I think it should be voted on and done before the election. I think that would be good for the Republican Party and i think it would be good for everybody to get it over with, because its always controversial. Reporter so as for the relief talks, still stalled out and then on this issue of government funding, theres not much worry here in washington about getting this done by next thursday, but then again, in this incredibly heightened, polarized political environment right now, they still need to get it done and they only have until the end of the month to do it. Neil . Neil yeah. I always love the line, we can walk and chew gum at the same time. I always say no, you cant. All right. Blake, thank you very very much. Blake burman following all of that. To the panel. David asman, this idea that markets suddenly got concerned, right, that there was a potential delay in stimulus or it moves down the bench, thinking of who to replace on bench and im wondering if its just an overreaction or that, you know, we get through these things. Your thoughts . Well, markets, as you well know, always overreact whether its on the upside or the downside and it takes a few days to figure out where that middle ground is. You mentioned the october 87 crash when it went down about 23 and it wasnt i think about a week or two weeks later when it was back up to where it was after the fall. So thats true. But there have been such a pileon of unknowns and businesses and markets hate the unknowns but you just pile them on. The virus, you have the trouble over in the uk you were talking about where they may be shutting down again at least partially. You have the election unknowns. There are so many unknown factors about what happens if biden wins. We know that hes going to increase corporate taxes. That means lower revenues for corporations, that means lower stock values and of course, then you pile on the new kerfuffle with regard to the Supreme Court. Its bad enough that Justice Ginsburg passed away and that we may have to appoint somebody but now nancy pelosi, the speaker of the house, throwing in the idea that maybe she will have an impeachment even though we have had 29 times in u. S. History when a president has appointed in an Election Year or has nominated a Supreme Court justice so so many unknowns and markets just hate those things. Neil they do indeed. You know, mark, is any of this anxiety building the closer we get to the election . Its been remarkable to me that, you know, polls are ignored no matter how they look, nationally, in battleground states, as the markets are just, you know, running up, up, up, up, up as if it wasnt even on the radar. Is it on the radar now . Whats driving everybody . Well, i think it is, neil. Mine, its been actually pretty remarkable that it has been so far because we know joe biden has been leading in the polls now for quite some time. I think theres a certain crystallization of investors mindset with regard to passing through labor day and now we are on the other side of that and within a couple of months, instead of four, five, six months, hes Still Holding on to a rather sizeable lead. In the meantime, as david mentioned, you get these other variables inserting themselves. They are getting in the way of not only the prospect, the counterweight to President Trump getting reelected but as well, are dampening the probabilities that we see some kind of fourth fiscal package, that i think is imperative for satisfying the still large swath of those that are underemployed in keeping not only their spirits up, but their Consumption Habits up, which is going to be critical if we are not nl only going to see the rebound in the Third Quarter of this year which we will. Right now the atlanta Federal Reserve is guesstimating we are seeing about a 32 increase in gdp in the Third Quarter this year, but in order for it to be sustained through the Fourth Quarter and into 2021, we are going to need the tail wind of that fiscal package in order to do that. Otherwise, any kind of more tepid response economically is already and will continue to weigh on equity prices. Neil you know, david, you and i can remember covering, you know, the relief that everyone wanted to see from banks and Financial Institutions when it failed in congress, the market that day fell about 800 points, i think 777, if memory serves me right, and quickly huddled together to avoid a market freefall, passed it and in the weeks and months that followed, we fell thousands of more points but what about that, the impact and the fears about the government not getting this stimulus out there . A, is it even necessary . There is one thing thats different and thats the willingness of President Trump to use executive orders to try to get stuff through in piecemeal fashion. Again, the democrats say its necessary to pass an entire bill rather than ones that republicans and democrats could agree on. In the meantime, the president has singled out a couple of issues like that 300 its actually decrease from where it was at 600 bucks, but the federal unemployment check that was going out to the 10 million americans that are still unemployed. Various states now, state by state, they have either agreed or not to go along with the president s executive order. We just had Governor Cuomo in new york agree to it. I think there are 30 states now that are accepting that 300 check from the feds. Its kind of hard to refuse when you have so many people in your state unemployed, as we do here in new york. So there are temporary measures and individual measures. There may also be agreements on Small Businesses, ways to help out Small Businesses that the federal government could assist state governments with. But you know, you had that restaurateur in in the past hour that the minor openings that are happening now in new jersey and new york, at 25 occupancy for Indoor Dining, as we head into the winter, its just not enough. I think theres a lot the market is realizing the openings we have seen are not enough. As mark was saying, the help from the federal government may not be enough. So there is guarded negativity right now and thats showing itself in what the markets doing. Neil you know, mark, just a big sort of skyhigh view of things here. I know smart guys like yourself think longterm to ease investors anxiety. The older i get longterm it becomes dinner tomorrow. I wonder, what do you tell people . How do you tell people, as david pointed out, these things happen and as you point out many times, they continue to happen but how do you talk to clients or advise them . Well, neil, thats a great point. We become increasingly myopic when things look particularly uncertain and only focus on the very near future. But if we pull the lens back a little bit and consider whats happening globally, certainly of course theres concerns that we acknowledge with regard to a surge of new infections across europe, particularly in the uk, and the threat of course that we could have that here in the United States come this fall in conjunction with the flu season. Having said that, theres been a massive amount, 35 trillion thats been unleashed in the Global Economy that represents almost 40 of global gdp in an effort to try to reflate economic activity. You can see that its working. China has started to report better news, as has europe, and now of course here in the United States as well. So i dont think any of this is going to be lost in monetary and fiscal officials. Therefore, while we would urge tactical caution because of all the aforementioned variables that will continue to insert volatility in share prices, i think if you look to the next 12 months and beyond, you can see a picture there [ inaudible ] and the Natural Healing of pentup demand will ultimately be key to sustaining the advance upon the expiration of those fiscal and monetary tail winds but in the meantime, stocks tend to focus more on economics than it does politics and this, too, shall pass. Neil so im good at least through dinner tomorrow. Gentlemen, i want to thank you both very very much. I want to get a good read of how all this is getting buffeted by whats going on in washington or more to the point, whats not going on in washington, whether you are a fan or not of going ahead and picking replacement for justice Ruth Bader Ginsburg. The fact of the matter is its pushing other priorities down. We mentioned the stimulus measure. Bob, you are following that. Im wondering how all this sorts out. You already had two republican senators not keen on getting this process going now. If Lisa Murkowski and Susan Collins opt out, a, can they and b, what happens then . Well, neil, some people are thinking this is going to be in a lame duck and im not in that camp. The rule in washington is if you have the votes, you vote. And as you mentioned, collins and murkowski have said they are a no vote before the election and you could certainly see another, mitt romney could be a third. I cant find a fourth. Remember, they can have three defections and be a 5050 vote and mike pence would be the tiebreaker. I think the dynamic would change dramatically should biden win on november 3rd. I dont think you get the votes in that kind of situation. So big meeting tomorrow, senate republicans. Mitch mcconnell, i think, is going to hit the gas and i think hes going to do everything he can to get this nominee before november 3rd. Neil all right. Any possibility of democratic votes for whoever is chosen . Im thinking doug jones in alabama, thats a very heavily republican state he won, you know, with all of that, and there would be pressure on him to be a yea vote. We take it as a given all democrats vote no, maybe up to three but everyone else on the republican side votes yes. What do you think . Well, jones is up for reelection and hes the underdog. You know, i think at this point, its shirts and skins. Joe manchin in a heavily red state barely won reelection last time out. I think all the dems will vote no but if there is one i would look at manchin but i dont think so. I think hes going to be with the democrats and with schumer. Neil you know, i always like to talk polls with you. You always politely slap me down, sometimes not politely, quite rightly tell me to shut up. I do notice these trends holding in the national polls, this wall street journal nbc news one shows biden with an eight point lead nationally and im wondering whats going on in the battleground states. As you remind me, thats where its all decided. Any trends that you think are noteworthy . Well, biden is up in the battlegrounds and certainly Hillary Clinton was up in the battlegrounds in 2016. The math has changed a little bit. Like arizona is actually leaning toward biden now. That is not something we saw in 2016. Ohio is kind of up for grabs, as is florida. The president needs to win at least two of those three states. But you know, we have a long way to go with the debates, first debate coming up in about a week. But right now, battlegrounds, polls, if you believe the polls, they are in bidens favor. Neil all right. We will watch closely, my friend. Thank you very much. Bob cusack on all that. The president has already indicated he will have a choice, announcement after services are done and remembrances for Ruth Bader Ginsburg. She will lie in repose at the Supreme Court, actually in the capitol, i might have misstated that, over the next two days, then burial at Arlington National cemetery by the end of the week. Again, his plan is to have a nominee submitted by then. I misspoke. It is at the Supreme Court where she will lay in repose. That is tradition for Supreme Court justices. More after this. Here . Nah. Here . Nope. Here. When the middle of nowhere. Is somewhere. The allnew chevy trailblazer. Liberty mutual customizes your car insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Neil all right. We told you about whats going on in stocks right now but a lot of that money is finding some safety in bonds. A lot of banks have been scooping them up and that has the tenyear yield the lowest its been since the beginning of the month. It will fetch about. 66 . I cant fathom how low rates are and how low rates likely will remain if we are to glean anything from Federal Reserve officials. We are following that. There is that pocket of, you know, the market selloff when Interest Rates go down even further. We are also following the pitched party lines right now on the replacement for Ruth Bader Ginsburg. The president wants to do it right away. The democrats are saying wait until after the election and enter a very influential conservative action group thats already putting up 2. 2 million in ads urging gop senators to vote on the president s upcoming Supreme Court nominee. I guess we will know those details friday or saturday. Its called the Judicial Crisis Network and its president joins us right now. Carrie, good to have you back. Great to be here. Neil all right. Lets talk a little about some of the states that are being targeted with this campaign. Colorado, iowa, maine, north carolina, utah, all has a vulnerable republican either up for reelection or in the case of utah, a senator like mitt romney who clearly has gone the other way when it comes to things important to donald trump in the past. Tell me a little about it. Well, our ad is focusing on the precedent that there is for getting nominees confirmed and confirmed swiftly, people like Justice Sandra day oconnor who was confirmed in 33 days from the time her nomination was submitted to the senate. Justice ginsburg herself, 42 days and she was confirmed. We are going to see a nominee and we will see one soon, later this week, who is going to be a woman, that is a trailblazer, someone in the mold of Justice Ginsburg in terms of her accomplishments and life story, if not obviously in terms of her jurisprudential leanings but someone who does follow into the mold of strong women and we think senators, all the senators from these states should be willing to give these women a vote. I think we will see someone who the American People will be very impressed with, names are being bandied about, Barbara Lagoa, Amy Coney Barrett. Neil Barbara Lagoa got a lot of attention as a cuban american woman. How much will this other stuff play into it or is it just i want a conservative justice, bottom line, that will be my whole thrust . The great news is people we are hearing talked about would be outstanding conservative justices. For example, barrett and lagoa have judicial experience. The latter in the Appellate Court and federal Appellate Court and Amy Coney Barrett on the seventh circuit. They have a judicial record showing commitment to the constitution and to the rule of law, to the text and original understanding of the constitution. So you kind of cant go wrong here. They each have different stories. The cube an story really compelling. Lagoa tells us how her parents came here for the rule of law and barrett a mother of seven, two of those children adopted from haiti, has accomplished just at the highest levels of her field as a law professor and now a judge, raising her family. I think either would make an outstanding pick to follow Justice Ginsburg. Neil is this ad push right now your way or your groups way, the crisis networks way of putting pressure on these senators including those who dont even want to vote on this until after the election to do it . Well, we think all the senators should want to move forward with a vote on this. We know theres historical precedent for when theres neil those two dont. And there might be others. Im wondering do they even have the right, its going to happen, they cant just sit it out, can they . Well, you know, senators have the opportunity to vote yes, no, or they may vote present on a nomination. We think these women, we will find out which one on friday or saturday, really is someone who the American People will want to see on the court, deserves a vote and we think its going to be very hard to look at one of these women and say lets not move forward with this. I think you can be frustrated with the timing. I dont think anyone loves the timing of this. But i think its a seat that is going to be filled by one of these outstanding women. Neil we will see what happens. Good having you back again. I want to get the read on all this from the former clerk for justice Ruth Bader Ginsburg. Law partner at morrison and foster. Thank you for taking the time. Many backers and admirers of Justice Ginsburg are referring to the statements she apparently made to loved ones and others that she wanted if something happened to her, this to be decided by another president. Do you know that to be the case . Can you hear me . Doi ha i do have that effect on people. We will take a quick break and hopefully fix that up. Again, indications are the president will submit a name friday or saturday, some of those names you heard mentioned by my prior guest are leading that list and it could change, but the expectation is that republicans will proceed with this. Whether they can get it done before the election seems like a herculean task. It has been done in the past. Election year votes have happened actually more than you think in the past. Supreme Court Nominations in Election Years, 21 times we have had them. The senate has generally gone along actually 25 times we have had them and 21 times, the senate has confirmed the choice. Smooth driving pays off with allstate the safer you drive the more you save youve never been in better hands allstate click or call for a quote today allstate im a verizon engineer. And im part of the team building. A 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 eightlane highway compared to a twolane dirt road. 25x faster than todays 4g networks. In fact, its the fastest 5g in the world. From the network more people rely on. This is 5g built right. Only on verizon. Since your ancestors served in world war two. Many of their stories remain untold. Find and honor the veterans in your family. Their stories live on at ancestry. Neil you know, the selloff were experiencing here really accelerated in europe right now. Nothing to do with this Supreme Court backandforth we are dealing with in this country, everything to do with a spike in cases in europe. Theres talk of a second shutdown in the United Kingdom, the first hint of that coming later today when we heard theres going to be a curfew, a 10 00 at british pubs that will take hold tomorrow. The issue right now, though, is what other countries are experiencing these same spikes, france comes to mind, israel is in another lockdown of its own. So across the european continent, there are worries that this accelerates here, hence these emergency measures that some fear could extend to this country eventually, although that does not appear to be the case right now. Nancy davis with quadratic capital management, founder and cio. Nancy, its the virus, its the concern about maybe the Global Economic recovery in this country, you know, about who replaces judge Ruth Bader Ginsburg. Lot of worries, lot of uncertainty. Markets dont like that, do they . No, markets dont like that. Theres a lot of uncertainty and its definitely a challenging time because we have never had this type of pandemic. This is not economics, this is not business decisions, this is the unknown of health and definitely to your point, neil, i think the u. S. Is just reacting to worse data coming out of europe and a lot of concerns as we reopen schools here in this country whether we are going to have a spike of cases in the fall and coming into the winter months. Neil what about where the markets are right now . We are getting closer and closer to the election so maybe they are much more sensitive. I have seen the vix, the volatility index, has jumped to multiweek highs here. Whats gotten them in this funk, do you think . Well, its actually, there are two different, multiple types of volatility. Anything that has an Options Market has a volatility market so while the vix is reaching new highs, Interest Rate volatility as measured by say the move index or eye iball etfs, you ha this dichotomy between markets where one is saying caution and its priced in whereas the fixed income markets, specifically the bond market, is very very calm and really expecting volatility to fall. So its very peculiar. Neil i didnt know that. You are quite right as i look at this, as you always are. Let me its literally neil they get richly rewarded for waiting these selloffs out. That doesnt always work but we have had the bumpy rides have been more and closer between, i guess, of late. But still, in the scheme of this incredible bull market, few and far between. Play this out. What do you tell folks who get worried about this, see whats going on and say its the world, its the virus, its the uncertainty in washington, its all of this stuff, i want out . Yeah. Its definitely a hard time for investors because equity markets have recovered so much. Credit spreads have also recovered and i think there are questions whether government bonds will provide the diversification that they previously have, especially with Interest Rates so low. I think investors need to be looking for other asset classes, other ways to potentially diversify. You want to have that spread out. I do think the iball etf is an attractive diversifier because you get exposeure to Interest Rate vol that indexes to the lows and that goes back to the late 80s. Its another way to access a diversifying strategy because its tough for investors right now to know, because its all related to the pandemic and we just dont have any real data besides hope right now to go on. Neil all right. We will watch closely, nancy. Thank you very very much. We will see what happens here and whether cooler, calmer heads prevail or whether this is the start of something. I did mention what started certainly in europe was reported spikes in cases there that has france considering at least some partial lockdown, the United Kingdom potentially revisiting them. We just dont know. What we do know is british pubs and all will be forced to have a 10 00 p. M. Curfew, i believe that takes effect tomorrow. Lets get the latest from greg palkot watching it all in london. Hey, greg. Reporter yeah, here we go again. Uk could be looking at more covid19 trouble after a relatively healthy summer, coronavirus could be exponentially growing here within a few weeks. We heard from scientific officials today. They are saying that 50,000 cases a day could be the norm just by midoctober. Several hundred deaths a day. So yeah, youre right, Prime Minister Boris Johnson is expected to announce tomorrow new limits on socializing. Maybe not a full scale lockdown, but for example, curfews on pubs, maybe on restaurants as well. They have been packed, i can tell you, for weeks now and younger people with covid19, thats been leading the way. A crackdown like earlier this year is seen as disastrous for this economy which has been hit as hard as anybody. The government has been borrowing heavily to keep this place afloat and im sure as you have been reporting, stocks are down not just here but around the world. Interestingly, neil, scientific officials also said today this is a sixmonth problem. They used that phrase. That, while the majority of people are saying, its the amount of time it will take for some kind of vaccine possibly to get into widespread use. Whats happening here, as you noted, is being seen across europe too. Again, we are dealing with a serious problem and officials are trying to look at how to deal with this without slamming the economy. Back to you. Neil thank you very very much, my friend. We have the Dow Jones Industrials still down quite a bit, about 720 points. The nasdaq under water, considering what has accelerated to a little more than your simple correction, 10 . I believe we are down about 14 . I was noticing, taking a quick look at some of the premier technology names, that many have their losses from earlier this morning, i dont want to make a general statement thats the case for everybody, but if you look at netflix, now positive. Apple now positive. Amazon, which had been down close to 70 today, down about 35. Facebook which had been down about five bucks, down about three. Im not saying this is a huge turnaround but its certainly not as bad as it was. Stay with us. This is decision tech. Find a stock based on your interests or whats trending. 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Com promo neil you would think as lockdown restrictions were easing up, you know, traffic on subway systems across the country, particularly in chicago, where theres a real problem, well, that would be jumping up but Grady Trimble in chicago, that is not happening. Quite the opposite, right, grady . Reporter unfortunately, yes, neil. This is the metro, the Commuter Rail here in chicago, and ridership is still down 90 compared to prepandemic levels so they have launched a campaign called commute with confidence, and what they are trying to tell people is that when you are ready to ride again, we will be ready for you to welcome you back on to the train. The ceo, tell me some of the things you have been doing to try to encourage people to get back on the train. Tons of signage at the stations and trains and depots, adding hand sanitizer, fogging the train every night and just really talking about the air system here, that we circulate the air 15 times an hour. Reporter masks of course are required. Theres plenty of space because not a lot of people riding. Its also important to point out you are in a situation that a lot of different train and subway systems in the country are dealing with right now, and the moneys going to run out at some point if ridership stays so low. With ridership at the current levels right now, we would go ahead and run out of money sometime next summer. We did drop our Service Level from 100 of our trains down to about 55 and thats helping, but obviously now getting the riders back on is our number one goal. Reporter thanks, jim. Also want to mention in new york, where they are enforcing a mask rule, here they have the mask rule but in new york, if you are on the subway not wearing your mask, you could be fined 50 for it. They are dealing with a drop of ridership, so is the chicago el and d. C. Metro. A lot of Public Officials including Governor Cuomo in new york urging people if you take the subway, if you take the el, if you take the metro, please start doing that again because that is the only way we are going to get back to anywhere close to normal and fits the only way we will be able to offer the services of Public Transit in the future. Neil . Neil very good point. Grady trimble in chicago, thank you very very much. All right. We told you a little about the battle over replacing Justice Ginsburg on the u. S. Supreme court. Republicans locked in their place wanting to speed up a Selection Process before the election. Democrats, just the opposite. Dont even get me started on how much each side is raising money over this. After this. She wanted a roommate to help with the cooking. But she wanted someone who loves cats. So, we got griswalda. Dinners almost ready. But one thing we could both agree on was getting geico to help with our renters insurance. 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Even strengthen your core while watching tv. Head to aerotrainer. Com now. Aerotrainers unique design allows for over 20 exercises for a total body workout, all while maintaining safe, correct form. Now its your turn to lose weight, look great, and be healthy. Get off the floor and get on the aerotrainer. Go to aerotrainer. Com, thats aerotrainer. Com. Neil all right. It is proving a september to remember. Clup ba welcome back, everybody. Im neil cavuto. Right now, the selloff continues with the Dow Jones Industrials down about 750 points and that brings its losses to the month of september thus far to just a little under 6 . The s p 500 down so far 7 this month. The nasdaq is down just under 10 on the month so major market averages, talking as an aggregate, this is getting to be the worst september we have experienced in about 18 years. The nasdaq itself is in correction territory from its highs. Keep in mind, these are highs reached a little more than a couple of weeks ago, three weeks ago. So i do want to put them in perspective. On the year, that would put the dow and s p close to even money. In other words, where they started, they are at right now. The nasdaq still up close to about 18 . I might not be exact because these are fastmoving targets here. A lot of those stellar issues that led the nasdaq, the amazons and apples and facebooks and some of these other high tech leaders, including alphabet, which are down today, and at the very least correction territory, a couple very close to bear market territory, 20 from their highs, they are still up appreciably on the year anywhere from 25 to 40 on the year with all of these gyrations. I always like to step back from these things and put them in perspective. Whats got a lot of the selling going on is concerns right now that because of the spikes in cases we are seeing abroad in the coronavirus and talk of still more shutdowns there or lockdowns, much like israel has experienced now for the second time in little more than four months, that this could spread to us and then there is the search for a replacement for Ruth Bader Ginsburg and the pitched battle between republicans and democrats as to how soon you do that. Republicans say like now. Democrats say no, wait until after the election. But they are raising a ton of money on this, pushing their way. Theres a democratic group, online group, that at 9 00 p. M. Eastern time when most of the world was getting news of the justices passing, almost 10 million was raised in a single hour. It was a record. Very next hour, it was beaten again by more than 10 million. Tens of millions of dollars since added on to that thats been raised. Conservatives have initiated a better than 2 Million National ad campaign targeted at vulnerable republicans in states such as utah and maine, elsewhere to sort of put the pressure on them to go ahead and vote for whoever the president submits. Into this i bring jessica tarlov, democratic strategist, fox news contributor. They are piling in the passions and money to get their way. Where do you think this stands, jessica . Well, as if we didnt need a more crazy election, the fact that Ruth Bader Ginsburg passed away just a mere 45 days before the election was the september surprise i dont think any of us expected. Where do i think it goes . I think Mitch Mcconnell moves ahead with his plan. Its been very interesting to see that we have only heard from Susan Collins and Lisa Murkowski out of the group of kind of four or five who we thought might say hold your horses on this, we should wait to see whos elected on november 3rd. I expected a statement from utah senator mitt romney to come pretty quickly. Hes been very critical of the Trump Administration, and this seems like the kind of thing that he would speak out about already, but he hasnt. Waiting to hear from Chuck Grassley as well, who used to be the head of the Senate Judiciary committee that would handle this, has not said anything though we have heard from joni ernst who is facing a tough reelection battle against theresa greenfield in iowa. Where do i think it goes . I do think it moves ahead and that the president needs to move even faster than he can so hes supposed to wait until friday or saturday to put a name forward, already giving up a week. He should wait through the funeral of Ruth Bader Ginsburg. She will be lying in repose on wednesday and thursday. But time is of the essence certainly for the republican side and i think that Mitch Mcconnell is aware of the fact he might be losing control of the senate on november 3rd, so hes got to move as quickly as possible. Neil you know, i understand politicians being politicians, you know. Mitch mcconnell okay with a vote on this, when he wasnt okay when barack obama was doing it in the final months, obama still had about 10 months to go of his administration, and democrats, you know, ripped him apart for that. By the same token, some of these same democrats say this cannot be, you know, done right now, are the same who were arguing four years ago do it right now. I understand how that works but i just want to know is it your sense that senators who dont want to be a part of this, like Lisa Murkowski, Susan Collins, do they just watch this happen before them, do they not participate, if they sit on the judiciary committee, there are plenty of other members on that committee. When they say they would rather not take this up right now, lets say republicans force that issue, say we are going to take it up right now, what do they do . I think that they participate. I think that it is their duty as sitting senators to participate in something which is one of the most important jobs that they have, to consider someone who would be going up for a lifetime appointment to the highest court in the land. But i think there will be behind closed doors very significant pushback against it. We talked about this a lot with the impeachment hearings, that so many Democratic Senators that were running for president at that time were now going to be off the campaign trail and having to go back to washington, and we know kamala harris, the Vice President ial nominee, is on the Senate Judiciary committee and she would be heading back to washington for that. But as you rightly point out, there are a lot of vulnerable senators on the republican side that are going to have to be there as well. And when you look at the recent averages, where people are in tight races like thom tillis, Susan Collins is down, cory gardner, tough race, Martha Mcsally against mark kelly, these senators want to go about their business and run the campaigns that they have been, and while this might be a motivating factor in terms of turnout and republicans have generally speaking been able to better motivate on the issue of the judiciary, they have already been running campaigns for several months now that did not take into account that they might have to be explaining to voters that are not particularly fond of them or fond of the president that americans have already started voting and that they might be trying to ram through a nominee before we know who is elected on november 3rd. Neil you know, Susan Collins is in trouble in maine, among other issues, for that deciding vote for Justice Kavanaugh. I can kind of understand where shes coming from. I wonder if you are doug jones in alabama and you are up for reelection, a democrat, you are under some pressure as well, arent you . Absolutely. Doug jones is one of those seats i have always considered to be a gift, if the republicans had run anybody but roy moore, i dont think doug jones would have stood a chance but an alleged pedophile is a big enough turnoff for republicans to sit it out or vote against him. So it does make it an issue. Doug jones has voted his principles that have been in line with his long career in terms of social justice issues, which are to the left of the average alabaman. I dont want to offend anyone from alabama who may be watching. But it definitely puts i love to be right. So i think it puts everybody actually in quite a precarious position, especially those in tight races. Tommy tuberville is going to be enthusiastic about a conservative justice, but for Anyone Running in moderate territory looking at the polls, youve got to be a little freaked out by the situation electorally. Neil yeah. That could explain the markets right now. Freaked out. Thank you very much, jessica. Good seeing you. Again, we will see how this all sorts out. The dow down about 780 points right now. We have been holding these rather depressing levels here but in percentage terms, 2. 8 , is not as bad as you think. Diane retired and opened that pottery studio. How did you come up with all these backstories . I got help from a pro. My financial professional explained to me all the ways nationwide can help protect Financial Futures in peytonville. Nationwide can help the greens get Lifetime Income because their son kyle is moving back home and could help set up a Financial Plan for mrs. Garcia. And he explained how nationwide can help mr. Paisley retire early and spend more time with his pal, peyton. And their new band. Exactly yeah. Dont forget the band. I havent. Neil time for my buddy, charles. Hey, charles. Charles neil, thank you very much. Good afternoon, everyone im charles payne. This is making money. At this moment u. S. Markets follow europes lead tumbling out the gate. All of sudden worst Case Scenarios have been amplified. No stimulus help. We have guidance from the absolute best. Bank stocks are falling after a report claimed the biggest banks in the world made big money dealings with known criminals and nefarious characters. We have those details. Then there is this. President trump