Transcripts For FBC After The Bell 20240712

A row of losses for both the s p and the nasdaq. That is the longest losing streak weve seen there in seven months. So with all of that, a a lot to get through. A lot of angles. Fox Business Team coverage. Blake burman is at the white house. The president will be moving shortly we think. Gerri willis following the Market Action for us. Gerri, lets start with you. Reporter yeah, lets start right here. Yeah, big selloff today. Many, many, worries, stimulus, virus, political uncertainty. Money laundering among the banks a lot going on. Let me make you feel good about the selloff, originally the dow was down 942 points. Obviously correcting in the last few minutes in the afternoon, doing better indeed. That is good news. The s p flirted with correction territory. Didnt get there. So that is good news, finishing much better than expected. The nasdaq real turn around for the index down 14 point as after being down as much as 273 points. So it has been a major turn around for this market a huge selloff on the open on a string of bad news. Lets look at the dow losers. American express, dow, 3m, caterpillar, honeywell. They shaved 300 points off the dow at one point. This is economically sensitive sectors represented here. Materials, industrials, financial, Energy Stocks really taking it on the chin as folks start to think about what will happen with the economy with these headlines today. It is also notable a bit over the weekend china announced rules for a new regulatory body that can blacklist foreign companies, read, u. S. Companies i believe. Take a look at apple. Weve got the stock up here. Look at the turn around in this stock, a focus for the market a selloff for weeks. A bear market friday. Now finishing higher today as you can see. An amazing turn around for that stock. A lot of hopes pinned on that one. Talk about some stay at home stocks. People focused on peloton, zoom, docusign all in the green. Investors focused on the stock that they might do well if the coronavirus continues longer than anticipated. A busy market. Well have to keep an eye on it. A little better this afternoon. Back to you. Connell thank you, gerri. Our panel talks about it, adam lashinsky, fortune editor and carol roth, future file legacy planning creator. Carol, go first. One glass halffull, half empty. You could pick your issue whether the virus, most of the concerned seemed overseas, a lot of people watching the uk for example, to see if they close up shop in their economy. You have concerns about congress, all the rest. We came off the lows by the end of the day. What do you make of it all . It was certainly a las vegas buffet of issues. Any possible concern or issue that you wanted you had it. Gerri mentioned some of that. The dollar obviously taking a bullish turn as well. I think at the end of the day what turns us around, whatever those concerns were, there is somebody in or related to our government who is going to probably address those. Whether it be the fed, whether it be congress, whether it be the treasury, they think there is an answer which from a longterm perspective probably isnt a great thing but in terms of quelling investor concerns at least in the short or medium term, i think that there is probably an answer to most of those things. Connell do you agree with that adam, and if so i guess the answer is more likely to come for better or worse from the Federal Reserve . I cant imagine Congress Getting much done in this environment particularly with the fight over the Supreme Court looming . What is your take . I cant think of the Federal Reserve getting much done beyond saying they will keep on keeping on. You actually cant read much into anything that happened today other than the market has a very dim view of what the future looked like it. Showed that with the large falls. The Market Investors have come to the realization that it doesnt matter what your politics are, were in for a rough and long road ahead t doesnt matter who the president is going to be. Were in for a rough and long road ahead and that said when stocks fall by a lot certain investors have seen all year long there is a buying opportunity. Connell thats the thing and i think we saw technology was interesting today because it didnt sell off as much as it did say on friday when it led us lower and so well see, melissa, where would go from here. The president a little behind schedule heading out to ohio taking some questions. Well see what he says about all of this before getting on the chopper. Melissa yeah, definitely a lot to talk about. A lot of it the economy as well, seeing a light at the end. Tunnel. Wall street thinking that the recession is over as the economy is growing, according to estimates, more rapidly in the Third Quarter than in any other quarter in history. This is according to a headline that was flashed across axios this morning. Carol were talking about on an annualized basis. Look how the forecasts changed in april. It was 13 on annualized basis. Then it was 18 . They expect Third Quarter gdp to come in at astonishing 25. 2 , on annualized basis. I said that is how we look at these things. That is a huge number. Are we getting ahead of ourselves or is the bounceback that big . I think there is a tale of two economies going on and certainly wall street is a bit giddy about this, but reality for a lot of main street it doesnt look as rosy. For percentage basis, you have the biggest fall off of a cliff of all time the numbers will look really good on the way back up and the market sees more possibilities than realities but the reality there is still 30 Million People out of business. There are a whole slew of Small Businesses that continue to struggle, many of which closed permanently, account for half of the economy. When you get to that wall, whether it leisure, hospitality, small business, what not, you will hit a point. Until then it looks great but at some point were going to hit that and were not going to be able to move past that . Melissa adam, it is hardest at the end, right . You get down to the businesses that are now the ones that are left. Something like depending what estimate you look at, half to 60 wont reopen at all like these last jobs. People go back quickly, went back. The people not back, it is just a much heavier lift, is it not . Agreed. You and carol make good points. To me it is just fun with math. We may be looking at large percentage gains from annualized basis from earlier in the pandemic nothing like that from a year ago. You might even ask people in the economy will be asking themselves are they better off now than they were a year ago . Im not saying four years ago. Thatthat is a different topic. The answer for most of the American Economy is no. Melissa no. But although our threshold is so much lower for fun, for anything that is reasonable. Were happy with less now for sure. Trying to look on the bright side. Thanks, guys. Yeah, connell . Connell learning how to adjust, learning how to adjust. Lets go to washington. We alluded there are more showdowns on the agenda certainly. Investors are watching all of this very, very closely to see if the battle to replace Supreme Court Justice Ruth Bader ginsburg on the Supreme Court maybe overshadows some extent the effort to keep the government open or pass more stimulus and there was definitely some of that in the market it appeared today. With that blake burman joins us from the north lawn. As we go to that issue i also know the president is taking questions on the south lawn and maybe making news on Supreme Court and other issues, right . Reporter he is indeed. The president is about to leave for ohio, connell, two different stops, two Different Campaign stops. The president , i can hear the chopper still going. I believe he is still taking questions. He spoke today and spoke yesterday to some of the Supreme Court nominees, some of the possible contenders that he would eventually nominate on to the Supreme Court. The president says that there are five people who are being vetted. He said he talked to some today and yesterday and he says that he will meet some of them in person but he doubts all five would meet in person. Clearly some of them might happen facetoface. Others would have to happen in some sort of virtual setting, potentially even on the phone. There is that of course and then there is also some of the fiscal issues you were watching here in washington, one would be the spending deal that needs to happen extending government funding needs to be hashed out next nine days. There are concerns being raised where things stand. House democrats here in washington put forth their plan but it was admonished by Senate Majority leader mitch mcconnell. The main issue appears to surround help for farmers. The white house right now is hoping that the house and senate can hash out a deal before the october 1st deadline. Were taking a look at it. Secretary mnuchin and the speaker have been obviously in touch on that. We i would say broadly speaking are encouraged by the bipartisan activity. I dont think there should be concern, you know. I mean i think weve had shutdowns in the past. This doesnt seem like one of those times. Reporter the president , connell, just wrapped up his remarks out on the south lawn. He was asked about a final decision on tiktok. He said it is working its way through. The technology is incredible. Well see what they can do. We need total security. The note says he walked off at 4 09. It is 4 10. The tape turn around is you had be real soon and well get the full comments from the president. Connell, back to you. Connell we have more from tiktok later on in the show. Well monitor that. Five woman he is looking at he says for the Supreme Court. He would rather have the vote before the election. Those comments made. Blake, thank you. Over to you. Melissa here now to discuss all of this is Dan Henninger from the wall street journal. He is also a fox news contributor. There is a lot to get to. Let me start with this. The president as we heard is taking off for ohio. He has a speech tonight. He is going to be talking about the economy and about manufacturing and about car jobs. Joe biden was on a short time ago and he was talking about how President Trump, i mean paraphrase, because i dont individual right in front of me, he never really got the struggles of the common man. He has been making this analogy since the weekend he is scranton joe and that President Trump is park avenue trump. I wonder how much you think that resonates with voters . Joe biden is incredibly wealthy. He has been in washington forever. His family is incredibly wealthy. His son, we talked about the jobs he had, money he made, that kind of thing trying to say theyre the average guy. Meanwhile a lot of people on wall street have said that President Trump isnt really a park avenue guy. They always talk about he doesnt have as much money as he really does. I wonder do you think that this is for joe biden, does this resonate with voters this idea hes the common man and President Trump is the fancy guy . Yeah. Well, lets start with park avenue, melissa. For starters, it must be one of joe bidens flubs. Donald trump lived on fifth avenue. Trump tower is on fifth avenue, not park avenue. As far as i know. That is for starters. Secondly the biden campaign, maybe they have got some internal polling, make they have done some focus groups that find this appeals to people out there but the idea that trump is from park avenue or fifth avenue has nothing in common with the common i just dont get this strategy at all. Trump, if anything, billionaire or no billionaire, his built his entire presidency around populism, about doing things for regular guys and workers. All of the tariffs that weve been through, tariffs imposed on countries all over the world, badgering corporations to bring their Companies Back to the united states, the whole thing has been about helping middle class workers, lower middle class workers and on the record of the first three years of the presidency the Unemployment Rate plummeted. Employment rose for lower middle class people especially. Blacks, hispanics, single mothers. So i have always been a little bit perplexed by this strategy of bidens. I watched the speech in wisconsin today that joe biden gave. Almost entirely a personal attack on donald trump. He seems intent driving trumps persona into the campaign but i think, melissa, at this point, with the Supreme Court nomination, law and order issue rest of it, this campaign is moving past personalities and beginning to focus on parties and policies. Melissa yeah. So we were showing our audience air force one getting ready to take off. We have a little preview of some of the things that the president is going to say in ohio saying that joe biden spent 47 years shipping your jobs back to china and other foreign countries. I spent the last five years bringing jobs back. For 47 years he shook the hands of American Workers and turned around them and he stabbed you in the back. Theyre both sort of making this appeal. One thing strikes me about the economy. We were just talking about this a moment ago, it is hard to remember, nothing compares to what it was a year ago. Of course youre not better off than a year ago in most cases but at this point, 2020 has been so horrible, who even remember as year ago. I feel like now our bar is almost lower in that things are compared to five minutes ago it is awesome because we were all locked down a little bit ago. I wonder, how do you think, what is the mind set of the average person . That things are awful, that theyre better than they were a short time ago . There is just so many different ways to look at it, whats your bet . Well, i think people feel, all of us feel were in a holding pattern. Weve been treading water for over six weeks, six months. A lot of people have been out of work. Not everyone has been salaried, able to work from home and i think people are indeed concerned about where the economy is going in the future. And this is the argument, again as i was just saying this will be more about substance and policy than personalities. I think at this point people are looking very hard at the economic proposals that these two candidates are making. President trump arguing that he will restart the economy, the private economy, that he presided over successfully the first three years, no question about it. Joe biden arguing that he is going to do it primarily through federal spending and sort of programs intended to pass through money from the federal government after taxes it out of the wealthy as he calls it which i believe starts at 250 or 400,000, simply spend money directly into peoples pockets. The question is whether that kind of economy is what workingclass people are looking forward to or there is a reason they call them working class, melissa. It is because they work, they have jobs i think what theyre looking for is jobs that they can go back to. Melissa yeah. If i may summarize, dan, thats a brilliant point. We dont have the luxury of parsing personality right now. You need to pick the guy who will do the actions that is going to help you out. No. Melissa dan, thank you so much. Connell, over to you. Connell good enough, melissa. Lets talk to Mercedes Schlapp from the Trump Campaign while we wait, mercedes, for the president s comments. Marine one is on the way to andrews. The president will head to the state of ohio i want to talk to you about. Meantime he made comments to reporters at the white house which well play back once we have them. Ohio, tonight, make sense to pick up what melissa and dan were talking about, this whole idea, joe biden from scranton, donald trump from park avenue or fifth avenue. What is the message in ohio . You know, republicans need ohio to win. Is it china . Is it, what is the message tonight in ohio . Look it is a Great American comeback. The way well do this with President Trumps strong economic policies. Weve seen it where the president , he has delivered for the people of ohio. Where weve seen so many, so Many Industries come back talking about the u. S. Manufacturing industry. The trade deal benefiting not only the automobile sector but farmers and agricultural producers, they are benefiting. They have been able to export over 29 billion to places like china, places like mexico and we and canada. It is because of the president s progrowth economic policies that weve seen ohio truly benefit, even when were going through the Global Pandemic of coronavirus and lately weve seen the last three months of 400,000 jobs have returned back to ohio. That is in contrast to joe biden whose plans would destroy the economy. Obviously take us away from energy independence, something that the president has been able to accomplish as well. Connell right. It doesnt seem like the president necessarily has issues with those bluecollar workers and people in that demographic as much as he might as we talked about in the past when youve been on in the suburbs, whether cleveland or columbus, or dayton, especially with women voters. I want to ask you, reading this article in the associated press, a state senator outside of dayton, asked about the president losing support from suburbans, republican state senator, he says that support hasnt ebbed, it crashed, meaning the president s support in the suburbs. What do you say to that . Try to win back on voters or double down on the voters you were talking about in the state in ohio . No, well make inroads in the suburbia area as well. I will tell you why. Ive been on several of women for trump bus tours. Weve been own the road. I think it was in pleasant prairie, wisconsin. I came back from florida, talking to women and what the common theme there was not only just the reopening of the economy. It was also about reopening up the schools safely and also about safety in their communities. They are seeing places like portland and other cities where weve had the rioters, the looters, come in, destroy Small Businesses where it has been democratled policies that have been very destructive in these areas. They dont like this idea of defund the police or redirecting resources away from the police, similar to what joe biden and Kamala Harris support and so for talking about that message has been incredibly important and able to testimony them, look, President Trump is about law and order, about defending the police, keeping our communities safe. This is not the case with joe biden and Kamala Harris and the mere fact is we talk about scranton versus fifth avenue or park avenue, this is about weak versus strong. Joe biden being the weak candidate who is basically aligned himself with the far left socialist branch of his party and the president being a strong candidate, fighting for americans every day. Connell what about the Supreme Court though, this looming battle well have over the next however many months about the next Supreme Court justice . Some of those areas you have to go back again to women voters in the suburbs, people by the numbers might be more likely to be moderate and or slightly to the left on social issues like abortion. So does the president have some risk there . I know he talked already today about five women he wants to consider for the Supreme Court. We assume they would all be quite conservative. Is there some Political Risk in this back and forth over the next few months . Sure. Well first, were mourning the loss of ruth bader ginsburg. She was a trailblazer, an amazing woman, someone an inspiration, i have five daughters inspiration for my girls because she was able to basically, you know, be such a strong presence on the Supreme Court. With that being said as we move to the next stage of this nomination process the president has made it very clear he wants someone on the court who is going to interpret the law, the not necessarily make the law. We dont need judicial activists on the court. That is something the president feels very strongly about. Our job is to insure those Supreme Court justices are focused on interpretation of the law, be strict constitutionalists. It is who he has picked. Weve seen the record. Weve seen the president s list. Were still waiting for joe bidens list. He is hiding that list. We dont know what type of nominees he would put forward. Based on his record associating himself with the radical left. Our assumption they would be probably the most progressive justices that he could possibly find. Connell just a quick comment on timing, mercedes, if you can. The president i think just said a minute ago he would like to see a vote on his pick before the election, presuming he announces the nominee, his nominee on say, saturday. What about the Campaign Perspective on that . Because you could make the argument, i guess, maybe seems counterintuitive, you could make the argument wouldnt be the end of the world to have this issue on the table when voters vote. Maybe you drive some conservatives who are reluctant to vote for the president back to the conservative camp. What do you say about the timing of this politically . Look, at the end of the day it is important to fill the Supreme Court vacancy. Weve seen this happen 29 times in history where you have had an open seat and during a president ial election and every time, every single case a president has nominated a person for the seat. So i think it is important to know that for us, it is more so what were following the lead of the president. He feels it is very important to fill this vacancy with someone who is qualified, someone again who would interpret the law and, i think thats the priority right now. Working with the senate to do so. Of course the constitution is made it very clear. The president can make the nomination and then following that with the senate basically providing advice and consent. We have got the president in place obviously ready to do that, and a republican senate. We know the majority of americans believe we should hold the hearings and get through the confirmation process. Well keep fighting hard to get through this at the end. Day the president does feel it is important to fill this vacancy. Connell all right. Mercedes, probably see you on the campaign trail here over the next few weeks in one of these swing states. Yes, i will send you my calendar. Connell Trump Campaign, im sure it is quite busy. It will be a crazy, well, month plus. We have the president s comments by the way as soon as theyre made available from the south lawn. Well have those. Right now back over to melissa. Melissa yeah. Well turn them around to get them out to you, meanwhile bracing for landfall, Tropical Storm beta is nearing the northwest gulf coast, posing threats of massive flooding to parts of texas. Were on the ground with where things stand. Plus a threat to revoke federal funding to restore law and order. Now the cities targeted by President Trump are united in response. This is the feeling of total protection now that we protect your identity, mobile phone, auto, home and life youve never been in better hands allstate click or call for a quote today connell here is a fox business alert as President Trump moments ago made comments on the south lawn of the white house before leaving for ohio. Here he is. President trump weve been doing well with the china virus. They had a pretty big spike in europe and uk in particular. Im sure they will have it under control, hopefully soon. The vaccines are in very good shape. The vaccines are coming along very rapidly. The therapeutics are coming along very well. Too bad about europe. Too bad. Reporter announce your Supreme Court pick before friday . President trump i would say on friday or saturday i will be announcing the pick. Its five woman are looked at and vetted very carefully. Five. And well make a decision probably saturday but friday or saturday. Reporter do you plan to meet with any of them in person . Do you plan to meet with any of them in person before you make your decision . President trump yeah, i will. Reporter when do you plan to do that . President trump during this period of time. Reporter all five . President trump i doubt it. But well meet with a few probably. Reporter have you talked to any of them yet. President trump say it . Reporter have you talked to any of them yet . President trump i have today and before. Reporter better have a vote on the nomination before the election or after . Port. President trump i bet would like to have a vote before the election. There is much work to be done. There is really a lot of time. Say i make the announcement on saturday. There is a great deal of time before the election that will be up to mitch in the senate but i would certainly much rather have the vote, i think it send as good signal and solidarity and lots of other things. Im just doing my constitutional obligation. I have an obligation to do this. So i would rather see it before the election. Reporter [inaudible], some senators republican senators who may be reluctant. President trump i would think that would be very bad for them. I think their voters, the people that voted them, put them there because of a certain ideology or a certain feel and they dont want to have somebody do that, i think it is very bad if they do that. Reporter what would be your concern if it happened after the election, sir . Reporter Justice Ginsburg were made up, supposedly came from the granddaughter. President trump sound like somebody else. I dont believe, i dont believe, it could be, might not be. It was just too cone havent. Reporter what would be the concern if the vote happened after election day . President trump no concern. I think it would be better. They ask would i rather have it i would rather have it before the election. I think it would be better for our country. Well pick somebody that is outstanding very qualified. Theyre all qualified but somebody that is outstanding and i would rather see it all take place before the election. So before november 3rd. Reporter are you concerned if you lost the election it would be harder to get the person confirmed . President trump no. I dont think so. If you look at the polls, the real polls. Were doing very well. Were going to ohio. Were packed. Were packed everywhere. People, we never had spirit like we had now. Even four years ago the spirit now is greater even than it was four years ago. Reporter what would be your message tomorrow to the u. N. . Did you tape it . President trump i just did it just now. My message is a strong message on china, basically, you will see it tomorrow. I just did it a little while ago. Reporter leaning towards one candidate or another . Are you leaning towards President Trump itch one or two that i have in mind yes. Reporter [inaudible] President Trump say it . Reporter who do you think poisoned in russia . President trump talk about that at another time. Reporter is amy cone any President Trump one of the people who is respected. Theyre all respected. She is certainly one of the candidates. Reporter when you go down to miami will you meet with Barbara Lagoa . President trump i may. She is highly thought of. And a lot of people, getting a lot of phone calls from a lot of people. She has a lot of support. I dont know her but i think she is outstanding. One of the people were looking at. Reporter push doj, seattle, portland, new york, as anarchistic cities . President trump i think they are. That will be up up to the doj ad the attorney general. Certainly they are. If you look at portland, look what is going on there, what a mess. Go ahead. We could straighten it out, all democrats. All radical left. We could straighten it out so fast. Go ahead. Reporter make a final decision on tiktok . President trump that is working its way through. I would give it a preliminary okay. They will work, two great companies, oracle and walmart. Larry ellison is great genius at that kind of thing. The technology is incredible. If we can safer it well save it. If we cant, well cut it off but they have preliminary well see what they can do. We have to have total security. That is the only thing, very important. We have to have total security. I will see you in ohio. Thank you. Reporter thank you, sir. Connell all right the president moments ago at the white house. Well get to the tiktok story in a few minutes that he spoke about at the end. On the Supreme Court easy to deduce that the president is strongly considering Circuit Court judge, former notre dame professor Amy Coney Barrett over the seat left open by ruth bader ginsburg. There is five that he favors and Coney Barrett is one who he respects. While the president is speaking we had news breaking regarding Federal Reserve chairman Jerome Powell. He will testify tomorrow at a house panel and treasury secretary Steve Mnuchin will be there with him but they just released some of the prepared testimony for Jerome Powell and you know, just to give you a couple quick things, i dont think hugely surprising i dont think here he says the path forward will depend on keeping the virus under control. And on policy actions at all levels of government. He says, we, meaning the fed, remain committed to using our full range of tools to support the economy. Some more on that tomorrow. Jay powell and Steve Mnuchin on capitol hill. Melissa. Melissa boy, rock and roll here. A lot of breaking news in this hour. Now texas and louisiana are bracing for landfall within hours. Tropical storm beta threatening days of heavy rainfall in substantial storm surge as it approaches the u. S. We are on the ground in texas next. A veteran who honorably served and its made for her shes serving now we also made usaa for military spouses and their kids become a member. Get an insurance quote today. Im a sustainability science researcher at amazon. Climate change is the fight of our generation. The biggest obstacle right now is that were running out of time. Amazon now has a goal to be net zero carbon by 2040. We dont really know exactly how we are going to get there. Its going to be pretty hard. 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Melissa restoring order. The Trump Administration is declaring new york, portland and seattle as anarchist jurisdictions. It is the First Step Towards revoking federal funding from those cities after months of riots that destroyed thousands of businesses across the country. Here is andy mccarthy, fox news contributor, former assistant u. S. Attorney for the Southern District of new york. Thank you so much for coming on today. We appreciate your insight on this because you have so much knowledge in this area. Tell me, do you think that this is an appropriate step . I know a. G. Barr said that these anarchists and you know the local municipality and city and town and everybodys unwillingness to do something about this is infringing the rights on every person including those out there hoping to peacefully protest, that is what their beef is. What do you think about that . Is that a righteous charge . Well, melissa, i think its a righteous charge in terms of the description of it. As far as the law is concerned this is not a situation like where you designate a terrorist organization where it has a bunch of legal ramifications, just you know the mere designation. I dont think there is in the law something that is called a violent anarchy zone. Theyre kind of making this up on the fly and i think what it is really about more politics than the law. They know that if they try to stop any money that goes, federal money that those to these cities, it will be tied up in court forever as happened with the sanctuary cities. So i think what is really happening here is, President Trump is trying to run for president on the same model that nixon used in 68 and reagan did in 1980. He is the law and order guy and he is trying to paint his opposition with a lot of justification i think, as too sympathetic to criminals. Melissa if he really wanted to do something about the violence, if you look at the statistics in new york city, the violence has skyrocketed. You know the 166 increase in gun violence i believe it was, the latest stat today, but they all found just like that over the last 30 days compared to the same period a year ago, if he wants to get involved in that, as he said he has offered support in the form of bodies, anything that you might want, and cities are saying no, stay away, everything is fine the way it is, what is his recourse if any, or the justice department, what is their recourse if any . Melissa, theyre just not really saying we dont want any help. What they are saying that we dont want federal troops to come into our cities or our states but there are existing federal state task forces, for example, in new york there is a joint Terrorism Task force, an antigang crime task force, a drug task force, a Firearms Task force and what they have been trying to do, especially with operation legend, is beef up the number of federal agents, fbi, dea, u. S. Marshals and the like, assigned to those task forces and make money available so the cities and states can contribute more police and state troopers. I think that is a good idea. There is a limit how much it will help unless the states and municipalities have the will to enforce the law. If they dont it will be very difficult for the feds to make a difference. Melissa when you talk about the joint task force in new york, are they doing good work . Do they want more federal hope . Are they shunning more federal help . Why arent we seeing more of an impact . Is there one about you know, crime on the streets and you know, as were saying, you look on the internet people are posting pictures all the time of drug use out in the open in broad daylight. People performing sex acts on the Upper West Side in broad daylight. They are everywhere. They send them to me. Put them on. Are they working on that in concert together . There is nothing, melissa, more important than the tone that gets set by the municipal police. Just to give an example, there is 38,000 new york city cops when theyre staffed up. There is 14,000 fbi agents in the whole country. Most of them are not working Violent Crime stuff. Melissa wow. So it is either the municipal authorities are going to do the job or theyre not. If theyre not doing the job, if theyre communicating to the police they are not going to be backed up by their leadership, if they do the kinds of things necessary to enforce the law, there is only a marginal amount of, it is probably not even a detectable amount that can be done where the feds can help. The real thing that has to happen is the police have to go back to enforcing the law which in new york the police enforce the law better than its done any place else in the world but you have to let them do their job. Melissa yeah. Andy mccarthy, thank you for explaining that to us. We appreciate it. It is kind of bleak but we still appreciate the explanation. Connell, over to you. Connell all right, well shift our attention to the gulf coast because they are bracing for yet another storm there its a Tropical Storm named beta. Remember meteorologists have run out of names. They have moved on to the greek alphabet. This storm, beta, threatening parts of louisiana as well as texas. Foxs jeff paul live in galveston, texas. Jeff . Reporter connell, Tropical Storm beta officially about to make landfall here along the texas coastline. Were certainly feeling the impact of this Tropical Storm. The outer bands all day today really packing strong winds but mostly rain. That is the concern right now. As it gets closer and closer to both the texas and louisiana coast. You can see the birds out here are not too phased by Tropical Storm beta but the certain at the moment at least is the rain. You remember Hurricane Harvey which many of these people in this community certainly remember happening nearly four years ago, a little over four years ago where a storm came onshore and dumped lots and lots of rain. That is the concern. We have heard of flooding, typically see flooding in lowlying areas. Nevertheless the concern is very real. The authorities are preparing for the worst possible scenario. We will see a combination of the surge, combination of the fresh water rain and a combination of the high tide which could give us as much as three to four feet over the road. That is pretty significant. That is what were concerned about. We asked people to leave, if that would be a problem. Hopefully they have done that. Reporter you see the red flag warning up there right now. We havent seen anybody out there trying to test the waters of the ocean out here as this storm continues to work its way throughout the texas coastline. Back to you. Connell thats good news at least. Should say flooding will be the thing to watch. Jeff paul, in the middle of it there in galveston. Melissa. Melissa bracing for price hike. New york city diners may soon see a covid19 surcharge on their check. This is after the city Council Passed a bill allowing restaurants to charge as much as 10 to help cover expenses amid the pandemic. Open your wallets and stick around. We got no free pass. Everything we have, weve earned. The unmistakable lexus is. Get zero percent financing on the 2020 is 300. Experience amazing at your lexus dealer. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. Keeping your oysters busihas you swamped. W. You need to hire. I need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventyfivedollar credit when you post your first job at indeed. Com promo 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. Connell as promised the ticktock on ticktic for you now. President trump told reporters he believes he could save the deal for tiktok as long as u. S. Could quote have total security. Lets bring in scott kennedy, center for Strategic International studies, senior advisor, trustee, chair, chinese economics an business. Talk about more what that will be. Scott, i want to flash up on the screen, oraclewalmarttiktok agreement, what we know, they would pay for 20 stake. Chinese company bytedance would keep a big portion of the company. Oracle would, however host tiktoks u. S. User data. The last part about walmart bringing retail capabilities is fine but the second bullet point of oracle in its cloud hosting the tiktok user data in the u. S. Is that total security for American Consumers that use tiktok . Sure. I think it should be enough for right now. We have cant say for sure what total security would be until a deal is implemented but they have out of line ad pretty complex deal that includes some ownership control, full management intervention and oversight by walmart, oracle. Also a security committee, u. S. Government oversight of the source code and data storage and [inaudible]. Now it could go wrong but what were trying to do is head off of a potential National Security problem and this seems to me pretty good start along that path. Melissa okay connell okay, say somebody, a parent has big tiktok users, they read about this, why dont you go with microsoft, they could have bought the whole company with chinese ownership there, you tell me it could be enough to let the Chinese Company to own 80 . Why is that the case . Why should people not be worried i guess about the data . Sure. Well i think everyone ought to be worried about their data because it is in the hand of companies and we dont own the data. So there is is a larger policy issue about making sure users control their data, not companies. Now you have a company, plus a company from an authoritarian country, that makes things even worse. I think what we do through this deal is provide some guardrails on the source code, where the data is stored on the content management which should be enough to allow the u. S. And china to continue to do business in the area of social media. Doesnt necessarily a foolproof solution. We have not figured out what that is going to be but, this seems like a pretty reasonable start. It is not the type of thing generally we want free markets to operate freely and let the market decide here because of the National Security concerns we need to intervene some. This seems like a reasonable compromise. Connell okay. Because the criticism as im sure you heard of the Trump Administration or the president himself, wants to go of oracle because of connections there to especially Larry Ellison raised money for President Trump and been a supporter but youre saying there is a business rationale that makes sense . Well i think there is most importantly a National Security rationale. The u. S. Government isnt intervening in this issue because theyre trying to take away business from the chinese or help American Companies compete with the chinese. Theyre trying to come up with the best now first theyre letting bytedance negotiate with potential bidders and bytedance settled on the oraclewalmart option for them and then there is some conditions which had been part of the negotiations and looks like that deal is something that folks can accept. Now the question is, even if the National Security parts of the u. S. Government can accept it will the white house accept it . It doesnt feel like weve gotten to the final yes yet. Connell right. Didnt seem that way from the president today. Yeah. Like to work it out. Obviously total security is what they want but didnt give a final sign of or seal of approval or whatever you want to call it. Scott, thank you. Good analysis. We appreciate it. Melissa, maybe parents are concerned about this. So many people use it. I have a couple of teenagers pretty active on tiktok. I only tried it ones in my entire life. It didnt go well. I assisted on a video but it has since been deleted. Melissa huh. You say it has been deleted. I will look for it in this break. Okay. Well see. Hope to ease commuters fears, officials in one of the countrys largest cities are rolling out a new Warning System on its trains. Details on that next. Hi, this is margaret your Dell Technologies advisor to listen, is to hear more than whats being said. And offer the answers that make someone feel truly heard. I understand, lets get started call a Dell Technologies advisor today. I understand, lets get started 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. 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Speak to your doctor before stopping, skipping or delaying prolia®, as spine and other bone fractures have occurred. Prolia® can cause serious side effects, like low blood calcium, serious infections, which could need hospitalization, skin problems, and severe bone, joint, or muscle pain. Are you ready . Ask your doctor about prolia® fda approved for 10 years. 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 melissa trying to make commuters feel more comfortable, Public Transit in chicago rolling out a new web site. Grady trimble is live in the windy city with the details. Does it work, grady . Reporter hey, melissa, it does. Metro has a dashboard, so does the cca which runs the el train, and you can avoid it when theyre a little more crowded. Metro also unveiling a new campaign called commute with confidence. Theyre cleaning trains regularly, theyre requiring masks. Theres plenty of space on the train because ridership has fallen about 90 percent since the pandemic hit, and so theyre trying to tell people, look, our trains are safe, and theyre ready for you when youre ready to get on them. Listen. Were ready for them. Ready when theyre ready to come back, when theyre comfortable to come back. Everybodys not going to come back all at once five days a week, they might start coming in one or two days a week, we just want them to know that the options back. Reporter and in new york, Governor Cuomo urging people to get back on the subway as well, and now if you dont wear a mask on the subway, you could face a 50 fine. Melissa . Melissa all right. Grady, thank you for that. Connell, as we always say, cleaning things maybe the way we should have before the pandemic. There you go. Connell thats right. Not a bad idea. Melissa that does it for us here at a much cleaner after the bell. Thats right. Lou dobbs tonight starts right now. Lou good evening, everybody. With 43 days until the november election, President Trump has set the stage for what will be a monumental political battle on capitol hill. The president says he has now narrowed a list of possible replacements for the late Supreme Court Justice Ruth Baderer ginsburg to five candidates. Justice ginsburg died friday at the age of 87 after her long battle with pancreatic cancer. The Supreme Court today announced that ginsburg will lie in repose at the Court Building onsd