In this edition of the weeks talkers. Watch. Maria when do you expect we will have a name youll hear from the president who his nominee is this week certainly. And theres precedent for this. Unlike the last time around when Justice Scalia passed maria mark, do you think theyre going to be able to come to a vote before the election . I think the vast majority of americans overwhelmingly believe that its this president s pick, and the vast majority that i want that i talk to want someone confirmed before the election. Maria you have Chuck Schumer saying the republicans have no right to fill the seat. The sad part here is how far the democrats have gone. Theyd rather dismantle this nation than dignify the constitution. Maria what do you make of this, anarchistic jurisdictions. He has clearly been the worst mayor in the history of the city. I cant tell you how bads he is, how many things hes done wrong. But it is clear this is an anarchist city. All you need to prove it are the videos of the riots that took place. Maria youre calling for a probe into bribery for Michael Bloomberg to spend all that money in florida alone. Tell us about it. I spoke to the Florida Attorney general last night, and a criminal probe may already be underway in florida. We have a confession document, the memo that the Bloomberg Team used to go and get other people to contribute to this effort literally says we are doing this to impact whether or not these people vote. Maria well, a lot of politics going into the election, about a month away now. This week treasury chairman, treasury secretary Steven Mnuchin and Federal Reserve chairman jay powell were on capitol hill to urge congress for more stimulus, in addition, secretary mnuchin is calling for a targeted package that focuses on children and parts of the economy hardest hit by this pandemic. Joining me right now is my allstar panel, allianz chief economic adviser mohamedal arkansas january, and o mid mallic. Mohamed, let me kick it off with you, your reaction to what you heard from Stephen Mnuchin and jay powell, and how do you characterize where we are today in terms of the economic recovery and the markets . So in terms of the economic recovery, in terms of what we have on capitol hill and the markets, think of it this way, simply, maria. We had a rally based on three drivers; an economic recovery that many people thought would be a vshaped process, fiscal policy and Monetary Policy. Now weve lost two of these engines, and thats what weve heard, and thats what weve seen all week. The economic recovery is slowing because of health reasons, and congress is having enormous difficulty parsing fiscal passing fiscal policy. So we are back to Monetary Policy, and unfortunately, there started to be doubt whether Monetary Policy or not could deliver not for the economy, for the markets. Maria but do you think that we will see a pretty good snapback in the second half of the year, mohamed . We had that sharp contraction of the economy in the second quarter. Do you think that were on track to see recovery . So if its just an issue of the economy, the answer will be absolutely, yes. This is an incredibly dynamic entrepreneurial economy. But were finding out that its very hard to balance three different objectives. Economic health, Public Health and individual freedom. And you see this in europe. Europe, theres starting to be talk of a doubledip recession already in europe. This is a very difficult equation to balance, and thats why our economy isnt doing as well as it could and should. Maria yeah. You make some really important points there, mohamed. How do you see it, omid . I guess one of the issues is we we started to see a pickup in cases as the economy began to open, and that stopped people short. They stopped and said, well, wait a minute, lets revisit opening restaurants, lets revisit opening some of these institutions out there. And now were seeing the economic numbers reflect that. Well, let me add a fourth point to mo mohameds three points, the public policy, the Public Health policy thats failing us, and thats creating all of the issues were having with the economy. Lets talk about covid19 for just a moment. 85 of fatalities have been with people who are over 65 years old. That only accounts for 15 of the population. We now need to understand what to, how to approach this issue more thoughtfully. If you look at the ten states that have an Unemployment Rate over 10, every single one of them have draconian lockdowns still in place. So its clear to me that most of the Economic Issues were facing are selfinproduct inned in nature. And lets talk about selfinflicted. The fiscal issues, we have already aloe caughted a lot of things that could help this issue. There are 130 billion of ppp loans that are collecting dust, theres over 600 million with the Federal Reserves main Street Lending program of which less than a percent has been allocated. So before we write more checks of taxpayer dollars, id like to see almost a trillion dollars be percolated through the economy that was already issued through the original cares act. Maria yeah. Which is why so many people are saying, well, politics are getting involved in this as well. Were a month away from the election, maybe theres some people who want to see this shutdown go into the election. Do you think things change after november of 3rd, omeed . Wouldnt that be miraculous . Im just pointing out the facts, and i think we can draw our own conclusions, maria. But certainly those ten states that have over 10 rates, people can to a quick Google Search to see what Party Controls them. Maria yeah. In the face of all of that, mohamed, these markets have really not cratered by any stretch. Even though you did see the s p come down 10 from the most recent highs, how would you allocate capital right now, mohamed . So what were seeing is increased volatility. That is what is the main outcome. And thats because you still have this buy the dip mentality thats very strong, and its one that has made a ton of money, so its not going to disappear overnight. On the other side, you have certain people who are worried about valuations that are willing to test the market more than they have in the past. So thats the tugofwar youre going to see. And its important because anybody thug of allocating money thinking of allocating money into this market must have a strong appetite, a strong stomach for a roller coaster. I would tell people just make sure you can afford a mistake, because how do you minimize a mistake . Look for companies that have very strong balance sheet, positive cash flow and the world is coming to them. Maria and thats what youre doing, omeed. Youre investing in the private space n venture capital, private equity. What are you seeing in terms of growth . Palin tier will be going palin tier will be going public on wednesday, valued at nearly 22 billion, according to the wall the wall street journal. Its going to be a transition to a Public Company despite an unusually aggressive gore nance structure. Governance structure. The latest sign that investors are just voracious for ipos, right . That market has done real well. Its done amazing. I look at it as a kshaped economy which is there are parts of the economy that are doing phenomenal. Corporate banking and corporate issuances have gone gang busters, the private market obviously has a link to ipos, these are the companies we represent and invest in. Pal eleven tier in particular was trading at about 6 which is about 40 less than the ip if o in the private market. So youre seeing the excitement be manifested in Public Markets just like you did with the snowflake ipo. And so many of these others. The other thing is theyre very reliant on government contracts, and so its going to be something for investors to watch as to how that company will maintain those relationships should we have an administration change. Broad lu speaking, the reason why were seeing so many explosions is because of how long these companies are staying private. So you have, basically, hundreds almost of Unicorn Companies that you and i have been talking about for the past several years that are now looking for a liquidity option, and covid19 was a great dislocation to have those folks want to access the markets. Maria gentlemen, thank you so much. Mohamed elerian and omeed ma lick. My oneonone with hhs secretary my oneonone with hhs secretary is we love our new home. Theres so much space. We have a guestroom now. But, we have aunts. Youre slouching again, ted. Expired, expired. Expired. Thanks, aunt bonnie. Its a lot of house. I hope you can keep it clean. At least geico makes bundling our home and Car Insurance easy. Which helps us save a lot of money oh, teddy. Did you get my friend request . Uh, ill have to check. doorbell ringing aunt jonis here for bundling made easy, go to geico. Com. Hello . Whenyou push the limits. Fine what a truck can be, for bundling made easy, go to geico. Com. You defy convention. You turn every ask into an answer. Because those who set the standard, reserve the right to raise it. The ram rebel, ram power wagon, and the allnew ram 1500 trx. Why more people are switching to ram than ever before. The power has shifted. Aso the national eye instituteon did 20 years of clinical studies on a formula only found in preservision. If it were my vision, id ask my doctor about preservision. Its the most studied eye vitamin brand. If it were my vision, id look into preservision. Only preservision areds2 contains the exact nutrient formula recommended by the nei to help reduce the risk of moderate to advanced amd progression. I have amd. It is my vision so my plan includes preservision. i need it so bad dont call it a hobby. Its way more than just a job. This is how we live every single day. Can we go and play . roaring of engines i needed to try needed to fall i needed your love im burning away i need never get old im burning away your bank can be virtually any place you are. You can deposit checks from here. And you can see your transactions and check your balance from here. And pay bills from here. Because your bank isnt just one place. Its virtually any place you are. Just download and use the chase mobile app. Visit chase. Com mobile. Maria welcome back. Big news in the race for a Coronavirus Vaccine this weekend on mornings with maria, i spoke with hhs secretary alex a azar. Pfizer and mow derna have enough data to submit by october which means we could have doses by the end of the year. This news coming as a new study shows that the coronavirus is mutating with one making it more contagious. Heres the secretary of hhs. Well, were still looking at that nih and cdc, that data, but i think the important thing for folks is we dont see anything so far that would seem to indicate that that would impact Vaccine Development or safety and efficacy of the vaccine and thats, of course, one of the most important questions you would look to. We are seeing through this incredible progress of president trumps operation warp speed, were seeing products like convalescent plasma, monokronal antibodies shoning that this is very much showing that this is very much a drugable virus, and thats very important as we do our development programs. Maria that is very, very good news. And, of course, we heard yesterday the news from j j, Johnson Johnson talking about the one shot that is going into the final stages. What are you most hopeful, or what looks most promising to you right now, secretary . Is it Johnson Johnson johnson . What can you tell us is sort of the most optimistic . I give you all of the above, maria. And, you know, the Johnson Johnson ones a great example of how president trump, this operation warp speed has a changed the game of Drug Development biharnessing the entire power of the government by allowing us to derisk the financial risk of drug companies. Back in march when we first were working with j j, they said, well, maybe we can get into the initial phase one Clinical Trial in september. Yesterday theyre in phase three, final trials, single vaccine, good Cold Chain Storage issues on it. Right now its just going to be data, and all six of the vaccines were working with are in industrial scale manufacturing now. We literally have millions of doses of vaccine already. Weve had several of these report out theyre phase one results, i think j j in the next day or two said theyve going to report out their phase one results on that trial. So im very optimistic about where were headed in terms of vaccine progress, and our monokronal antibody progress is going very well also. Maria Anthony Fauci told congress yesterday the u. S. Should have enough covid19 vaccine doses for every american by april. There is growing optimism in a vaccine at the end of the year or early 2021. Your thoughts on what you heard from fauci yesterday in terms of what youre thinking, every american will have access by april 2021 . Is i know youve got priorities, youve got to give them to the First Responders first in terms of the vaccine, right . Is that the way you see it . Yeah. So just to be clear on timelines, because everyone will say things from their own perspective maria i know. Ill give you a definitive statement. Pfizer and mow derna have said we mow derna have said we moderna have said we may see vaccines. We believe that by december we will have, by the end of december well have as many as 100 million doses of vaccine that would be fda approved. We would target that vaccine initially in the most vulnerable people. Then in january we would be continuing to produce in the hundreds of millions of doses. Further getting to all seniors, health care workers, First Responders as you said, and then by end of march, april we would have enough vaccine, plenty of vaccine for all americans, and we would, of course, be vaccinating as we go. Were not stockpiling it, so just rolling vaccination programs to prioritize groups through an incredible Distribution System that already exists that wed be putting this into. Maria my thanks to secretary alex azar. Stay with us, my 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 everything we have, weve earned. The unmistakable lexus is. Get zero percent financing on the 2020 is 300. Experience amazing at your lexus dealer. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. 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Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Maria welcome back. New discussions about another stimulus package taking shape by the end of the week. Senate minority leader Chuck Schumer, meanwhile, trying to bully the president this week, threatening impeachment for selecting a replacement for Justice Ruth Bader ginsburg. I spoke with the host of the mark levin show about schumers tactics. He pulled no punches. Take a listen. You know, Chuck Schumers been a disaster his entire career. You may recall he made himself famous in the house by going after the Second Amendment in the senate. I cant think of a single positive thing this man has ever done. Chuck schumer thinks the Supreme Court belongs to the Democrat Party. The Supreme Court belongs to the American People, number one. Number two, that seat was not Ruth Bader Ginsburgs seat, it is a seat on the Supreme Court. Number three, if he intends to pack the court, the American People need to understand that this is a power grabby the Democrat Party that wants to permanently take the over all elements of the federal government. Thats the guideline theyre using. They will pack the Supreme Court with leftists. Now, i want to is ask people out there, when you go in front of a court and you have a case, do you want your case to be heard by leftists or rightists . You want your case to be heard but an objective judge whos going to apply the law and the facts, in this case, to the United States constitution. Thats not what schumer wantings. And if you listen to aoc, his sidekick, yesterday, she goes on and on. Well lose those rights and these rights. They have a whole laundry list, and thats how they view the court. And its understandable, because one of their great inte intelles a hundred years ago, woodrow wilson, he said, basically, in order for the left to talk over the country, they need to take over the courts. This is no talk about what will these justices do on the court. The only legitimate thing a justice can do on the court is follow the constitution. The reason theyre fighting like hell over this is they want another radical on the court wholl advance their agenda. Thats number one. Now they talk about packing the senate. They want to add puerto rico and d. C. , four democrats. What else . I eliminating the filibuster. Theyre telling us what they want to do. Push through all legislation, permanently have a majority in the senate, have a majority ideological control over the Supreme Court. You know what thats called where i come from . Thats called fascism. Thats not constitutional republicanism with checks and balances. So we cannot allow this rogue party to take over elements of our society. And one other thing, this is when you listen to his rhetoric, i mean, listen to the relate rubbing of people like markey and so forth, were going to burn down the system, were going to destroy the system. Dont they sound like the rioters in the street . They sound exactly like the rioters in the street. These are hard core radicals now dressed up as senators and congressmen. They could just as easily be in the streets, but theyre in congress. And this is a big problem, maria with. Maria dont forget, if they make d. C. And puerto rico states, then that gives them more latitude to have four new senators, democrat senators in the senate. That would change the calculus on litigation and legislation as well. Well, in my opinion, half the country really is not checked in. May i put it that way . Theyre not checked in. If their actually thinking of voting for joe biden, theyre definitely not checked in. He pretends he doesnt have a position, which means he supports all this. And on top of that, when you read his 110page manifesto, and im one of the few people who have, every aspect of this culture is going to be turned inside out and upside down. Nowhere do they talk about individual liberty, personal private property rights, nowhere do they talk about limited checks and balances. Its all centralized, ironfisted, expanded, ubiquitous government thats going to affect the suburbs, small businesses, thats going to destroy the energy economy, large businesses, will destroy our health care system. Maria my thanks to mark levin. Dont go anywhere, more wall street right after this. [ thunder rumbles ] [ engine rumbling ] [ beeping ] [ engine revs ] uh, you know theres a 30minute limit, right . Tell that to the rain. [ beeping ] for those who were born to ride, theres progressive. 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Our fees are structured so we do better when our clients do better. At Fisher Investments were clearly different. Maria welcome back. Well, next week is the end of the quarter. We will have the wrapup when we see you next friday night. Dont forget to join us every friday, the last employment report before election day is also happening a week from friday, so be sure to tune in next week, weve got a busy friday next friday. Be here as we break down the september jobs numbers friday night 9 p. M. Eastern here on fox business. Also see you sunday morning on the Fox News Channel for sunday morning futures, senator Lindsey Graham and Kevin Mccarthy all special guests this weekend. Catch the show live at 10 pam eastern on fox news for sunday morning futures. Every weekday tune in 69 a. M. Eastern for mornings with maria on fox business. Hope youll start your i day with us every morning. Thank you so much for joining us this weekend. Thank you for watchinus. Jack welcome to bare rons round taik where we get behind the headlines and prepare you for the week ahead. Im jack otter. Coming up, andy sieg on how to reduce risk in a turbulent market, and which companies are leading the pack in a vaccine . We begin with what we think are the three most important things investors should be talking about right now. The s p edged correction territory, how things are
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