Transcripts For FBC Making Money With Charles Payne 20240711

They are getting louder and louder, including one from aoc, but she thinks we should just pay people to stay at home. I want to get reaction from congressman andy biggs about that at the bottom of the hour. All that and so much more on making money. Charles it feels like the markets marking time because its marking time. Right now, the s p has moved less than 1 for the week. The nasdaq is up about 1 for the week. The biggest story has been the continued celebration in the oil patch. The blue wave, remember, didnt happen and that was the big play there. The other side of that coin is utilities and thats why they have been actually slammed since the election, including this week. While buy has alternated between growth and value, it was stocks that were deeply hammered that actually enjoyed the greatest revival, particularly brick and mortar retailers. Even today, those names are up on better than expected earnings. All of this creating a dilemma. Do you buy the broken names with the most risk, do you buy these growth names on dips . Do you simply hold value and hope one day they will come to life . Lets ask. We have great ones for you here including rob luna and danny hughes joining us as well as chief investment strategist david dietze. Danny, got to give you a shoutout. You were buying those broken Energy Stocks when the narrative was we would never use oil again, right . So for awhile you took it, every week you came on saying im hanging in there, im hanging in there. Now youre rocking. Do you still like them . I do. You know, you have to longterm because think about it this way. The oil industry and the Energy Industry got hit at every imaginable angle. There was a supply side shock, a demand side shock all at the same time, and everybody decided that never again are we going to go back to fossil fuel energy. But the fact is that fossil fuels are the most dense fuels. That means they are the best ones to burn so that we can have energy in this country and all over the world. So you know, you have to think about it this way, too. Theres been a lot of growth in Renewable Energy and those kinds of things, and those are Great Companies to own. I own an awful lot of them. But with growth, you dont get that much on the dividend side. We look for cash flowing companies with strong Balance Sheets that can come back in the age of crisis which is where we are now. We are seeing like west texas actually is up 20 this month alone. Beating the s p which was up 9 which is very healthy itself. We love those names, if they came back very very well, we would continue to own them. Charles they have. Wti, west texas intermediate, still near resistance level. If it breaks out, a lot more room to the upside. Meanwhile, david, your letter last month was cautious. You talked about value but of course, heres the thing. Value is a word, it feels almost like a euphemism for so many things. It means Different Things to different people. Can you qualify exactly what it means for you . Give me a name or two that qualifies as value for you. Yeah, absolutely. So what i like to call value now is dividendpaying stocks because people need income now. We have no yield whatsoever in the fixed income market, money market yields are close to zero, historically nearly half your return on stocks has come from the income paid out. They have beaten not dividend paying stocks. Thats my focus. I would agree with your coguest. For me, value would include those energy names. I would say we are setting up for the mother of all comparisons. What will we be doing this week . We are all locked down. No one can visit grandmother or the kids. The flights are canceled, the cars in the garage. Whats going to happen next year at this time . Where you have two great vaccines, we will probably have a dozen more, people are going to be busting out to go visit. Fuel usage for cars is going to skyrocket and those are the stocks you want to be in. Chevron and exxon with huge dividends. Charles the comparisons will be out of this world, for sure. What about the rob, i want to go to you. Ironically, both dani and david mentioned dividends. Last week you heard of this barbell term. I hate the term, too many people using it, i feel like its nebulous. It just means anything to me. But you explain you like this whole idea about dividends as well. Are there any beatendown names now, stocks that are still down a lot that people might want to spy or look at for outsized growth . Yeah. I think to that point of the barbell, its combined the dividends with the growth and to give you an example, playing with the oil patch, we like Enterprise Products partners a lot right here. Thats a stock thats yielding over 9 . We didnt get the blue wave but with the biden administration, theres probably not going to be a lot of new pipelines coming on. Theyve got a great Balance Sheet to sustain that dividend. On the flipside, we talked about last week everybody was selling out of zoom. We are buying that in the 300s. I actually picked up more this morning at 427. We will continue to get these scares at least for the next quarter and we also think longterm structurally, business travels not coming back. Those are two names that fit that barbell approach. Charles apd, not to be confused with the rap group which had a whole lot of great hits. Dani, are you looking at anything on the tech side . By the way, zoom, the high is 588. It actually is a buy on dip right here. Right. I do, i mean, i like zoom. I like watching zoom. I like being on zoom. I dont own it. But talk about beaten up names. Intel is one that we do own. We are starting to dip into and dip more into it and i know some people hate the name, they think its a value trap. But this is a company with six years of dividend growth. Theyve got a long way to go in terms of management. Hopefully restructuring and tweaking. But i like to buy things where i have to be patient and i get paid. Dividend intel is one of those things where youre getting paid dividends, getting paid to wait. Thats a name i carry right now. Charles something tells me you have a lot of stray dogs and cats at home. You are so kind. Let me give you a trivia. Yesterday, zero stocks in the s p 500 closed at a 52week low. The worst one was intel. Its 5 within its 52week low. You talk about bottom fishing. David, also in this whole tech space, its not the names we know, right. Its been chips, its been cloud thats really done extraordinarily well. Not all tech is the same. Is there any specific niche there that you like . You know, i hate to sing part of the choir but intel is my name, too. I separate between the stayathome techs, you know, some of the ecommerce plays and so forth, the zoom, which we have maxed out on. We want to break out. Intel of course, someone put it the other day, the nuts and bolts of chimps. Im talking about autonomous driving, about artificial intelligence, about robotics. Theres huge tail winds behind that. As this economy picks up, there will be more and more demand for intel. You have not just the dividend but a growing dividend. Nine times earnings. It seems like a low risk way to take advantage of these tech trends. Charles all right. All right. I dont know. Im a little worried. I think nvidia and advanced micromight be eating their lunch. Got to like the risk reward here. Lets talk about overall a bit more of the macro picture. Estimates for the Fourth Quarter gdp have been trending higher but jpmorgan saying its the first major wall street firm that the First Quarter is going to be negative. Let me go back to you, david. Is this changing any way at all that you may be investing in this market, the notion that because of these lockdowns, we have negative gdp in q1 . Well, so i do think some caution is in order. We are up 65 since march. One of the three pillars people were putting money into this market was for stimulus. I think that with the divided government, i think the stimulus is going to be more cautious. Remember, law makers, they too are looking at these vaccines. The good news on the vaccines means hey, we dont have to spend as much of the taxpayers money. I think that could take a little bit of the edge off the rebound in q1. Having said that, ultimately its the health thats going to drive it, not any kind of stimulus. Charles all right. I want to get a little more granular, then. Lets go from macro to micro, because theres some amazing moves in this market, particularly with this electronic vehicle, lot of these chinese names. For instance, a stock called green power motors. Folks, if you havent heard about it, its an electric bus company, up 170 since october 28th, up 17 today, trading about four times its average daily volume. These names are just really blowing away so many other stocks and im not sure if its just old spec players. It feels like this false into the socially conscious area. I know you are someone who follows esg type principles. You see any value in these names . I mean, you have to see value in the fact that or maybe even growth. I dont know, when you talk about Value Investing or value in names. But i do see a lot more room to grow in the space. Theres a lot of names to look at but theres one i wanted to bring up that ties in a bunch of these themes all together, mobility, china, technology, solar. Niu is the symbol. Its expecting 50 growth in 2020. This is a company that makes chinese lithium scooters. Their biggest market is china, about 86 of their market is there. Stock is up 320 year to date. Its not cheap. It is not cheap. But 88 times earnings. However, this could still have a lot more room to grow. Charles all right. We got to leave it there. Chinese lithium scooters. It doesnt roll off the tongue but dani says it could make you a whole lot of money. Always appreciate it. Have a great weekend. Talk to you next week. Well, in moments President Trump will deliver on yet another promise made, promise kept and pete hegseth will give us his take on that. Later in the hour, aoc says in order to control covid19, we need to pay people to stay at home. The question is who is we . Where does the money come from . And when does it stop . For over 30 years, lexus has been celebrating driveway moments. Heres to one more, the lexus december to remember sales event. Get 0 financing on all new 2020 and 2021 lexus models. Experience amazing at your lexus dealer. Charles in about 15 minutes or so, the president expected to roll out two final rules aimed at lowering drug prices. This follows other promises made, promises kept, including developing covid19 vaccines under operation warp speed, drawing down american troops in the middle east. On all of this i want to bring in pete hegseth. Pete, you know, your thoughts on what were going to hear today and really a Pretty Amazing checklist of promises that President Trump made that have been kept, although many people may not realize it because not too often spoken about in the media. Never spoken about in the media. People wonder why there is such affection for the president , why people are so drawn to him, the enthusiasm remains so deep, even deeper than it was in 2016. Its because in 2016, it was a hope. In 2020, today, even today in the white house, its a reality. This is the first politician who is not a politician but became one who actually said what he was going to do and then did it, and did it his own way, did it while also calling out the media, calling out [ inaudible ], taking on the investigations, being willing to now take on Election Fraud which has been more widespread in our country than people realize and with mailin ballots across the country was susceptible to manipulation and we are learning more and more about that. This is a guy who you know exactly what he stands for and he fights for it and whether it is drawing down in iraq and afghanistan, building the border wall, moving the embassy, what hes done with our economy, operation warp spe, faster than anyone could have imagined, this is a guy that delivered even you could only imagine if it were the other way around, charles. You know this. He would be lauded and be on hundreds of magazines as the businessman who came to washington and changed the game. Instead they dont want to talk about it. Instead they want to obsess over every tweet or everything he says as opposed to looking at the action. Charles lets talk about some of the things youre doing, pete, because among them, you are hosting the fox nation patriot awards tonight. Give us a preview. Yeah. Im really proud of this event. Theres a lot of award shows in this country and its almost always selfimportant actors giving awards to other selfimportant actors while they give some left wing speech from the stage. This is the exact opposite. The patriot awards celebrate america. Real heroes, real sacrifice, real service. Last year it was inperson. It is for an amazing event. This year its virtual but just as powerful. These are people who never thought they would be awarded. They have never thought they would get recognized but everyday, unsung heroes, heroes in blue, military heroes, most valuable patriot. You are going to love this show tonight. 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In fact, in 2019, humana Medicare Advantage Prescription Drug plan members saved and estimated 7,800 dollars on average on their prescription costs. Most humana Medicare Advantage plans include a Silver Sneakers Fitness Program at no extra cost. Dental and vision coverage is now included with most humana Medicare Advantage plans, and you get telehealth coverage with a zero dollar copay. You get all this for as low as a zero dollar monthly plan premium in many areas, and your doctor and hospital may already be a part of humanas large network. If you want the facts, call right now for the free decision guide from humana. There is no obligation, so call the number on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide. Humana a more human way to healthcare. Charles the financial world is all abuzz after treasury secretary Steven Mnuchin wrote a letter to the Federal Reserve chairman Jerome Powell last night, requesting hundreds of millions of dollars be returned used to create a number of programs. Actually, its hundreds of billions of dollars. Now these programs are used in part to support large corporations in the financial markets. The facilities were announced on march 23rd. Does that date sound familiar . Well, it was the day that the vicious bear market hit a bottom. Since then, we have seen a vshaped rebound in many areas of the economy, and demand for some of those emergency tools never really matched the initial hype. Moreover, the Worlds Largest corporations are doing pretty good and probably dont need assistance anymore. Small businesses, a different story. The fed has bought billions of dollars of bonds from the Richest Companies in the world, not just america. Apple, 3m, volkswagen, toyota. In addition, they used almost 8 billion to purchase 16 Corporate Bond etfs. So the question is, would it be smarter to take that money and make it available to congress so they can help households and small businesses, or perhaps just keep funding trillion dollar businesses and lining the pockets of Billionaire Fund operators . Lets ask heather zumarraga. Heather, we are talking about a lot of money here, billions of dollars. Really, the question is, where should it be focused, really in the midst of rising covid19 cases, more lockdowns, i pick small business. What do you pick . Absolutely. I think youve got it right, charles. There is a lot of pushback and criticism but i think Steve Mnuchin said it best. Its really simple. The legislator made the rules, Congress Said this is set to expire on december 31st. So hes just following the rules that were set in place and look, the fed has about 500 billion at their disposal passed through by the cares act to lend out to big corporations like you said, and buy Corporate Bonds. They also needed help during the pan ddemic but they are doing jt fine right now so hes not taking the money back. That money hasnt even been used. Its still sitting there, over 400 billion, at the fed. So treasury secretary mnuchin is saying i want to get that money to the American People in the form of direct payments or maybe in the form of other paycheck protection type loans. Congress has been appropriated to get that out better than the fed right now. Thats the argument. Charles sure. This is something that jay powell himself says over and over and over again. At the end of every fomc meeting, every interview, every press release, hes saying we dont really have the tools to directly fund households or to directly fund small businesses, so it feels like hes trying to have it both ways. Its really remarkable in that sense. But heres the thing. You know the media has to look at this in a different way. I do find it odd that now the media is upset that money is being taken from big business, right, because President Trump was supposed to laud big business and they are saying this whole move was supposedly done to weaken joe biden. Im not buying that argument. No, absolutely not. Hes just closing out the books. Again, Congress Passed this saying it would expire on december 31st. Yeah, i mean, i guess parts of the administration, you can argue, you wouldnt want it in democratic hands and for them to be able to control but thats not true. They want a stimulus deal passed by congress. Before the election, democrats specifically Speaker Pelosi was holding that up. They didnt want a stimulus to be passed before the election. Another cares act or paycheck protection program. Now that the election has happened, it would be in the best interest of the American People that hopefully as a bipartisan effort, both democrats and republicans Work Together to get something passed because a lot of these programs, the unemployment assistance, for example, lot of that expires at the end of this year. So we desperately need something. Charles we cant wait that long. I agree with you. If we dont get anything, a pox on both houses for sure. Heather, thank you very much. Yes, sir. Charles all right. We are waiting the hear from President Trump. Hes going to roll out another plan to lower drug prices. Reports say he will announce a curb on rebates that are paid to medicare middlemen, making prices competitive with other countries. I want to bring in dr. Marc siegel, author of covid, the politics of fear and the power of science. I want to get to covid in a minute, doc siegel, but President Trump going to speak in moments. How does this work . This additional technique to lower drug prices for everyone. Well, its twotiered, charles. The first is called the most favored nation rule. You know who the most favored nation is . Its us. Heres how that works. Foreign freeloaders are often charging three to four to even ten times more for their drugs, i mean, ten times less than what we pay. We pay four to five to ten times more for our drugs. Imagine how a senior feels like that and a lot of these prices are obscured. Under this rule, Medicare Part b, for Medicare Part b starting with that, medicare will not be allowed to pay more for these prices for these drugs than the Foreign Countries are paying. This will cover many vaccines. It will cover autoimmune treatments. It will cover intravenous. The other part of this plan is what you were referring to a minute ago, charles. Its on drug rebates for medicare. Can you imagine that you go to the pharmacy as a senior and the price is skyhigh because of pharmacy benefit manager is gouging out your rebate. The drug Company Gives a rebate but it doesnt go to the senior. It goes to this invisible middleman who makes a profit out of it. Thats going to be cut out according to this rule. Charles thats great. We hear about people actually ordering medicines from other countries because to your point, doc, its too expensive here. I think everyone should appreciate the fact that some action is being taken. We also learned that pfizer, you know, we were told this is going to happen but they are asking the fda to allow for emergency use of the covid19 vaccine. Of course, this is just days after announcing that it appears to be 95 effective. Over the next few weeks, of course, regulators are going to look at this, they are going to decide if theres enough evidence to allow this but it is emergency, it should be pushed through quickly and we hope it happens next month. The question is now, give me the steps from the manufacturing facility to me actually getting a vaccine. How does that work . How long will it take . And in what order should we expect it to happen . Well, its very exciting, charles. First of all, the steps you just mentioned are occurring because as you said, 95 effective in 44,000 people, half of whom got the placebo. What they did over the last few days is looked carefully at the safety over the last two months and it was found to be safe. The inside sources i have at hhs tell me that now that its in the fdas hands, you can expect an emergency use authorization over the next week or two, probably right after thanksgiving. Then heres the steps. The United States military is involved. The chief operating officer of operation warp speed is fourstar general gus perna who has said give me a day and these vaccines will be sent around the country, in one day. You will see that first batch going out. They have to be kept cold storage, charles, cold, very cold, about 70 degrees below 0 centigrade. Thats dry ice. But once they get to the refrigerators in the hospital, they can have about a day or two or three outside of that cold storage and be kept in a freezer or refrigerator before being administered. Pfizer has that plan in place already. Its going to be deployed, to use an army term, its going to be deployed right away. Charles dr. Siegel, always appreciate it. I learn so much. I dont know, i just feel better after we talk with you. Thanks a lot. Thank you. Meanwhile, folks, aoc says that we need to pay people to stay home. This is how we get the virus under control. But just who would foot the bill and for how long . Im asking congressman andy biggs for the answers, next. Trelegy for copd. Birds flyin high you know how i feel breeze drifting on by you know how i feel [man coughing] its a new dawn, its a new day. No matter how you got copd its time to make a stand. And im feelin good start a new day with trelegy. No oncedaily copd medicine has the power to treat copd in as many ways as trelegy. With three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. It also helps prevent future flareups. Trelegy wont replace a rescue inhaler for sudden breathing problems. Tell your doctor if you have a heart condition or high Blood Pressure before taking it. Do not take trelegy more than prescribed. Trelegy may increase your risk of thrush, pneumonia, and osteoporosis. Call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. Its time to start a new day. Ask your doctor about oncedaily trelegy. And save at trelegy. Com. Ask your doctor but what if there was a Hidden Treasure . A prolific area,evada. Untouched for decades waiting to be rediscovered . What if one gold explorer is set to unearth the potential and transform the area into the next big nevada gold district . Corvus gold, gold rediscovered. Charles while the fed has no issue handing out billions in funds for vaccines, cities are saying their pockets are empty and they worry they cant even carry out the vaccination process. Blake burman is live with more on that. Blake . Reporter hi, charles. Heres how the money stacks up through operation warp speed, states and localities have already received some 200 million to help with the vaccination distribution process. Another 150 million coming down the line by next month. So 350 million total. However, the head of the cdc, dr. Robert redfield has testified in recent months that number, he believes, should be somewhere in the area of 5. 5 billion to 6 billion and state Health Officials have written a letter to the big four in congress saying they believe that number should be some 8. 4 billion. Heres what they wrote just last month and im told this number still remains the same. Quote, these funds are urgently needed to expand and strengthen federal, state, local, territorial and tribal capacity for a timely comprehensive and equitable Vaccine Distribution campaign. The house speaker, nancy pelosi, said today when we heard from her on camera that she believed the vaccine, the upcoming vaccine, proves that they need another relief package to be able to help with the distribution process. We reached out to an official from operation warp speed and this is what they told us in part today. Quote, the federal government has already covered the major costs. They go on to say states will be playing the role of air traffic control, telling us where to ship the doses to. That official also added that the cdc is working on getting the states additional funding for 2021 and beyond, seemingly acknowledging that there could potentially be an issue out there for these states. Charles . Charles right. All right. Blake burman, thank you very much. Now lets go to the white house. President trump to unveil his new rules on lower drug prices for americans. My administration is issuing two groundbreaking rules, to very dramatically lower the price of Prescription Drugs for the American People, especially for our cherished seniors. We are pleased to be joined on this occasion by secretary of health and human services, alex azar and administrator of center for medicare and medicaid services. Thank you both. Thank you both. Thank you all for being here. Appreciate it. The unprecedented reforms were completing today are the direct result of the historic drug pricing executive orders i signed in july, statutorily we had to go through a very long process and we got it done. I was very proud to have gotten this done. We were pushing it very hard. As we did with the vaccines and other things. The first action will save american seniors millions of dollars by preventing middlemen, famous middlemen they call them, from ripping off medicare patients with high prescription prices. Currently Drug Companies provide large discounts on the price of prescription medicines, including nearly 40 billion in rebates to Medicare Part d plans last year alone. Yet often middlemen stop those discounts from going to the patients which is what were interested in, not the middlemen, who need it the most, so the patients are going to be now getting the benefit instead of these very wealthy individuals. Patients pay very high prices and they have for many years, although we brought it down. First time in 51 years. With the cost adding up to hundreds or even thousands of dollars per year per patient. Todays action ends this injustice and requires that these discounts go directly to peop people. These are the people that need it. This will save patients up to 30 , could be 40 , could be 50 , could be much higher than that. These are numbers that nobodys ever even contemplated. And that doesnt include lifesaving drugs like insulin which will be even higher. Insulin was destroying lives and destroying families because the cost was so high, and now its at a level that nobody can even believe. Is that correct, seema . [ inaudible ]. 35 a month from many times that number. The second rule were finalizing today will transform the way the u. S. Government pays for drugs to end global freeloading on the backs of american citizens and american patients. Until now, americans have often been charged more than twice as much for the exact same drug as other medically advanced countries. We would be having a drug, identical drug, same company, and we would pay many times the price of what that drug would sell for in certain countries. In case after case, our citizens pay massively higher prices than other nations pay for the same exact pill, from the same factory, effectively subsidizing socialism abroad with skyrocketing prices at home. We would spend tremendous amounts of money in order to provide inexpensive drugs to another country and when i say the price is different, you can see some examples where the price is beyond anything, four times, five times different. For example, Medicare Part b recipients are forced to spend five times more for a common Breast Cancer medication than patients in other countries. So five times more. We have other examples that are substantially higher than that. To address this unfairness and to lower prices for americans, we are finalizing the most favored nation rule. Remember that name. Most favored nation rule. Nobodys ever done this. The Drug Companies dont like me too much but we had to do it. Took a long time before we were able to do this because statutorily, we had to go through a process. But there will never be anything like this. I just hope they keep it. I hope they have the courage to keep it because the powerful drug lobby, big pharma, is putting pressure on people like you wouldnt believe. Medicare will now look at the price that other developed nations pay for their drugs and instead of paying the highest price on the list, and we are substantially higher than any other country in the world, we will pay the lowest price. In other words, we take the lowest price and we match whatever the lowest price is, leading to colossal savings for all americans. We are talking about savings of 50, 60, 70 , 80 . Different drugs, different prices. In addition today, we are taking one more historic action to hold down drug prices. In the past, Drug Companies have been allowed to identify certain very old generic drugs that have been widely available for decades and exploit a misguided program called unapproved Drugs Initiative. Thats unapproved Drugs Initiative. A program that has been around for a long time and hasnt been too good for the people that were supposed to benefit. To obtain Market Exclusivity on these medicines. We are doing something that nobody thought anybody would do. These savings is going to be incredible. Then they have jacked up the prices by as much as 1,000 to 5,000 on this product. This program is also shortages of specific medicines. We are ending the unapproved Drugs Initiative program to stop this unfair practice. So prices are lifted by 1,000 to 5,000 in one or two cases even more than that, and we are ending this. We are putting an end to it. Together, these reforms will save american patients many, many billions of dollars every single year. For generations the American People have been abused by big pharma and their army of lawyers, lobbyists and bought and paid for politicians, but i have been loyal to the special interests, i have been loyal to our patients, and our people that need drugs, Prescription Drugs, and devoted myself to completely fighting for the American People. You see that. This is not an easy thing to do. Big pharma ran millions of dollars of negative advertisements against me during the campaign which i won, by the way, but you know, well find that out. Almost 74 million votes. We had big pharma against us. We had the media against us. We had big tech against us. We had a lot of dishonesty against us. But big pharma alone ran millions and millions of dollars in ads, in fact, i looked at it, i said who is it. I have never seen anything quite like it because i told them im going to have to do this. I was put here to do a job. And pfizer and others were way ahead on vaccines. You wouldnt have a vaccine if it werent for me for another four years because fda would have never been able to do what they did. What i forced them to do. And pfizer and others even decided to not assess the results of their vaccine, in other words, not come out with a vaccine until just after the election. Thats because of what i did with favored nations and these other elements. Instead of their original plan to assess the data in october. So they were going to come out in october. But they decided to delay it because of what im doing which is fine with me, because frankly, this is just a very big thing. A very big thing, what im doing here, i dont know if anyones going to appreciate it. These people cant even believe it. Alex, even you cant believe it, can you . Look at you. So they waited and waited and waited and they thought they would come out with it a few days after the election. And it would have probably had an impact. Who knows. Maybe it wouldnt have. Im sure they would have found the ballots some place, the democrats and the group. These corrupt games will not deter us from doing what is right for the American People and i will always put american patients first and i think it can never be shown better than what im doing today. Already we successfully lowered drug prices for the first time in 51 years. In september we finalized a rule allowing states, wholesalers and pharmacies to safely and legally import drugs from canada. Career politicians have promised to institute this reform for decades and we got it done. The reason canada, this is going to be i think just a shortterm fix because until we have the favored nations fully ready which we hope will be on january 1st, i think a very important thing, january 1st is right around the corner, but im giving governors the right to go to canada because they will pay approximately 50 less for their drugs that they buy for their states. So the governors buying drugs for their states go to canada, they buy the drugs for very very much less and they will be able to pass that on to the people of florida, ron desantis was the first one to ask, but others are asking also, and its a great thing. I mean, you will save 50 . They are going to buy a lot from canada initially, and i think ultimately, they will be comparing prices, you will get the lowest price anywhere in the world so you wont need to buy from canada. In a few weeks, my administration will also finalize rules requiring federally funded Health Centers to pass drug company discounts on insulin and epipens directly to patients, and the epipen price has come way down. We remember those horrible stories about epipen. Well, the price has now come way, way, way down. We capped insulin costs for many seniors at just 35 a month, as i said, saving them an average of nearly 500 to 1,000 a year. Just on insulin. Saving 1,000 a year on insulin. Since i took office, we have reduced Medicare Part d premiums by 12 , putting nearly 2 billion back into seniors pockets. 12 is great by any standard, but 12 is peanuts compared to what we have done with favored nations. I think its probably the biggest story that we have ever had relative to drug prices. Theres never been anything like this. This is something that has been talked about for many years but nobody had the courage to do it, because of the power of big pharma. We ended the gag clauses that prevented pharmacists from telling patients how to buy less expensive drugs. As you know, pharmacists could not talk to patients about how to buy drugs. How about that one. Think thats right . Now they can and should. We approved a Record Number of affordable generic drugs. For three years in a row. And we have put a very heavy emphasis on generic drugs and the pricing there has become very good but that pricing will also go down very substantially. No administration has ever fought harder or achieved more for our patients and for our seniors. But for america, when you think of it, for america, because other countries were paying a fraction of what we were paying, in some cases a small fraction. I mean, it was the numbers were just staggering, the difference between going to i wont name nations but i could name five of them right off the top of my head, that it is so incredible to think about for years, what was happening. We have been working on this for two years, statutorily. We had to go through a process. But when you think that our nation for the exact same pill out of the exact same box, often made in the exact same factory, same company, and you take a look, the cost was so much more. Many, many times more. In four short years, we have instituted the most dramatic series of drug pricing reforms in decades and you will see that. It all comes to fruition right now starting on january 1st. And the American People will benefit from our actions for many, many decades. It should be very immediate. Now, i presume they will sue but its a suit that they should never be able to win. They should never, ever be able to win. So now i would like to ask secretary azar to provide some more details as to the action and then seema, i would like to have you come up and say a few words. Great job. We appreciate it. Thank you. Reporter [ inaudible ]. Well, thank you, mr. President. What an extremely exciting day for American Health care. On top of the news that you just made today, pfizer will be filing an application for an emergency use authorization with the fda for their covid19 vaccine that appears to be 95 effective. Within weeks, we could have a decision from fda and within 24 hours of that, we will have started distributing millions of doses of safe and effective vaccine to begin protecting our most vulnerable across america. You know, the president mentioned his passion for getting drug prices down and i can tell you, i have seen that firsthand. When i became secretary in january 2018, the very first meeting we had in the oval office was to put together our plan for tackling drug prices. It was the number one priority, the president said for us was getting drug prices down. In that meeting, we came up with the idea for most favored nations status and for ensuring that the discount prices that big pharma was giving to middlemen would get passed on to americas seniors at the pharmacy counter. Almost two and a half years ago, in may, the president laid out the most comprehensive vision for reforming drug pricing in american history. The president s blueprint was clear. We needed to put american patients first and our drug Pricing System too often puts them last. The system had to change. The blueprint called for tackling free riding, for bringing down high list prices, for bringing down out of pocket costs and for better negotiating by our government programs. Thats what the president has delivered over the last two years already. Thats what the president s delivering today with these new historic reforms. We are ending a broken system of shadowy kickbacks that drove Prices Higher and higher every single year, and left so many patients shocked at the out of pocket costs that they owe at the pharmacy. We are replacing that system with upfront discounts in medicare, delivered straight to the patient at the pharmacy counter. We are bringing negotiation to the way we pay for the most costly drugs in medicare, fixing a system where the government just took the price the Drug Companies offered, paying about twice as much as comparable countries. We are ending a program thats been used by Drug Companies to jack up prices on older drugs. The president s actions today boldly take on the big Drug Companies, take on the middlemen, and take on Foreign Countries charles alex azar now speaking. President trump of course laying out a twoyear Ambitious Program finally coming to fruition to save billions, tens of billions of dollars that American Consumers are spending right now on drugs, making us a lot more competitive with foreign nations. Its all centered around the most favored nations status and if President Trump comes back and takes questions, we will go back to the hearing. Meanwhile, bitcoin, folks, you have heard about it. You have talked about it. It is again a rocket ship. The currency trading in fact at its highest levels in three years, up 155 this year. Its flirting back with that 20,000 mark. But thats where it was in 2017. Then of course it had that massive crash. But this time, it feels different. The question is, should you be in there . Joining me, ceo and investing diva and author of cryptocurrency investing for dummies, kianna donlaw. A lot of folks are making pretty strong projections about where bitcoin goes, including 100,000 in five years. Is this your prediction . So this is a prediction of so many bitcoin activists including myself, and the reason mainly comes down to supply and demand, because bitcoin is only ever going to be 21 million bitcoins. Four million of it is already being lost so just because of supply and demand, this is pure math. We could see it going higher and higher. Just from a [ inaudible ] point of view, back around 2011, it was 10, it took about four years to go from 1,000 to 10,000 in 2017 so doubling that time frame could get priced towards 100,000. Charles so of course, that math was always built into the equation. I was always concerned about it. I think others were. But now its obvious theres greater acceptance. Major news from paypal, others, accepting bitcoin. How important is that and how much has that really been the reason, one of the reasons its taking off again . It all comes back down to the definition of money. The definition of money, money has to have a few characteristics. For example, enough people must have it. Merchants must accept it. And society must trust that its valuable enough and that it will remain valuable. Paypal getting behind crypto is huge for people actually getting the brand image that bitcoin is not that thing that dropped, that crashed in 2017. It is something that is reliable. Maybe there was a high back in 2017 but it could in fact be something that more merchants and internationally can accept it and people can actually use it for their payments. Charles although how many people are using it for transactions, or more as an investment . It feels like its replacing gold. People are storing it away as a store of value. To your point, if you go to 100,000 in five years, theres no way im buying Christmas Gifts with it. 100 . So bitcoin definitely has become the definition of gold 2. 0 and i believe its actually more valuable than gold, because we never know how much more gold we can find but bitcoin, theres always going to be this much, 21 million, and as a matter of fact yes, right now there is a hype around it. I do think, im seeing the cryptocurrency industry that people are planning to sell a little bit of it right now once it hits 20,000. We could see a pullback for sure. Bitcoin definitely is volatile so if you are just getting in it because we just said oh, 100,000 prediction, please, please dont buy just because we said this. We dont want another repetition of 2017. But long term, that is something we could definitely see. Charles yeah. I love the caveat and the warning. Obviously its been extraordinarily volatile. Ive got less than a minute. I do want your thoughts on the notion we saw a lot of global governments push back on cryptocurrency, particularly bitcoin. Now some are creating their own versions, including china. Does that take away from the value or Growth Potential of bitcoin, another cryptocurrency . In my opinion, absolutely not. Thats the beauty of bitcoin. It is not backed by any government. Even if governments said bitcoin is banned, who are they going to ban