Transcripts For FBC After The Bell 20240711

January of 1987. Its best november since 1928. Now for the s p a broader measure of the market, the best november ever. The nasdaqs best november in 18 years. A lot of that with vaccine optimism driving the day, contributing to many gains we saw throughout the month. Even today moderna surging on news it will submit its covid19 vaccine for fda approval. Have a rough day to some extent. Great month for stocks. Im connell mcshane. Welcome to after the bell. Great to have you with us on a monday. Time for news happening this hour. The Fox Team Coverage with blake burman at the white house. He has the latest on a vaccine. Jackie deangelis in the newsroom with a new warning from dr. Birx. Chad pergram awaiting on stimulus and peter doocy with joe biden from wilmington, delaware. Jackie, start with you. Reporter connell, tsa said 1. 1 million travelers flew on sunday after thanksgiving. That is key because it is the highest number since march when the pandemic began. The cdc said dont travel for thanksgiving if you could help it. You could put yourself at risk getting covid19 yet these folks chose to do it anyway. Give you context, almost 3 Million People flew on the same day so its a lot less but not as low as hoped. Meantime dr. Birx urging thanksgiving travelers you need to get a coronavirus test. Dr. Birx says you have to assume you were exposed and you became infected if you made that decision to gather for the holiday. That those people need to wait five to 10 days to insure that they can get the most accurate results. She also said in the interim, those travelers should not go near Vulnerable People like their grandparent or other family members, certainly not do so without a mask. Leading up to the holiday there were 2. 2 million confirmed cases in the united states. More than 266,000 americans have died from covid19. The worst may not be over. This is according to dr. Fauci. He is warning of a surge on top of a surge, as covid19 hospitalizations hit another high as well. He said the weather has gotten colder, people traveled. None of this is unexpected, it is the reality and even with vaccine on the horizon dr. Fauci doesnt see restrictions easing from the christmas holiday. He advised schools remain open even if officials decide to close other establishments, connell, like restaurants and bars. Connell they are reopening those schools in new york city which well talk about, jackie. Thank you. On to the trouble, reaching a deal. Can the white house and Congress Work out a stimulus package before the yearends . Now so far neither side seems motivated to compromise. Chad pergram joins us with the issue that continues to hang over the stock market and the economy. Whats the latest, chad . Reporter there is a last effort to try to get a deal here, a lastditch effort. Congress came back into session today. The senate just about an hour ago. Some thought it would be easier to get a deal in the lame duck. Sometimes that is a misnomer. There has been no engagement from the white house whatsoever trying to get a deal the next couple weeks. Frankly they are running out of track. There has been a lot of criticism directed at House Speaker nancy pelosi. Some democrats believe she overplayed her hand not doing a bill before the election. Listen. There is just one big obstacle in the way and in the senate it is Mitch Mcconnell. The other obstacle he does what President Trump says, and that is President Trump. Reporter here is whats changed. There is hail mary effort by birpartisan senators since they believe nancy pelosi and Mitch Mcconnell have not moved from their position in months. Senate majority leader Mitch Mcconnell on the floor said last hour he wants to do a more narrow bill. It is unclear if they could get the same bill through both bodies of congress. Are provisions, provisions not stimulus bill that they have to pass by the 11th of december so fund the government. Connell i dont know, chad, if it will have any impact on stimulus, it might. It was nice to see senator grassley back in the senate today. He had been quarantining right, with that positive covid test . Reporter thats right. He tested positive just before thanks giving. He said he never felt any symptoms. He was welcomed back to the senate by Mitch Mcconnell. Keep in mind he is the second oldest senator. He is 87 years old he is the president pro tem of the senate. He is third in line to the presidency. This is the first time he had ever not eaten thanksgiving dinner with his wife. Connell how about that . Connell chad, thank you, nice to have you as always. Chad pergram in washington. Now back to the wider question, what would it take to get congress get going on stimulus . Hadley heath manning, independent womens forum, gary kaltbaum, kaltbaum capital management, fox news contributor. Hope you had a happy thanksgiving. Hadley you want to take the discussion, we have had the discussion for weeks and months. Would it be huge drop in the market or in the economy or doesnt happen at all getting these guys going on stimulus what do you think. Were officially in the Christmas Shopping season with thanksgiving and blacks friday. Really a big boost for the economy there. A different season as you mentioned, connell, its a lame duck season, just because the election is over politics changes but the government doesnt change immediately. Weve been in a season much divided government. Chances are in all likelihood we may see divided government even after president elect biden takes over the white house. When you have divided government you have bogeyman on both sides. Opportunity for talking heads or pundits blaming whoever you want to blame. Senate, the house or election of biden or lame duck trump. There is no real change here when it comes to the government and sort of the incentives for politics, politicians to act. Connell there isnt much to hold back the stock market, gary, obviously. We had this huge month of november, by some measures the best ever in the month of november for the s p 500 at least even with todays pullback however, you know, you could argue it hurt regular people not having certainty, not being able to plan. You see all the Small Businesses do closing we will talk about later in the show. Many time we talk to a restaurant owner, well you know what . I could use a few more bucks to figure this out and they still havent figured it out. Will they . Well they are redefining the word lame in the lame duck. Stock business is great at talking to real people out there and these politicians who are politically positioning themselves are leaving millions of people in the lurch, millions of Business Owners in the lurch, the number of people that have shut down their business is gargantuan. We have been watching videos of people in their cars lining up to get food at food banks in record numbers yet they sit there and just whistle away the days as we head into you know, a new presidency. It as absolutely boggles the mind they keep saying how much they care about the people, the country. By the way were talking about both parties here and nothing gets done and the blame, they keep blaming each other and yet you have moms and dads at 3 00 in the morning looking at the ceiling trying to figure out where the next dime and ceiling where the money will come from. Connell well talk about the administration and well have a full report on president elect bidens Economic Team but yellen who wants to be the next treasury secretary if confirmed hopped on twitter. I believe she has more followers than the three of us which is disappointing in one day. Here is her first tweet. We face great challenges for the country to recover. We must restore the American Dream, a society where each person can rise to their potential dream bigger. As treasury secretary i will work every day towards reef building that dream for all. Hadley, you first, rebuilding on the dream, would imply it needs to be rebuilt. What would you take away from that if anything. That is a beautiful sentiment. I dont think you will find anyone that disagrees we want the American Dream to be accessible to everyone. The pandemic haas been a huge set back. Connell, people have been affected by the pandemic differently. If youre rich or poor, Small Business, big business, male, female, parent or nonparent you have had a different pandemic experience. Bottom line we have to focus not just on short term strategies for mitigating virus. We see the optimism about vaccines. Americans are sick of it. They did spend a lot on Christmas Shopping hoping to find something redepthing, spirit lifting about 2020. Overall it has been a discouraging year but they have still a lot, were struggling in the the Consumer Confidence category for next six months t will be a rough ride for Many Americans until we get our way out of this. Connell gary, a final thought on building the American Dream. Youre fair and balanced in your criticism for fed chairs and this is a former fed chair that wants to be treasury secretary making that comment. I have never been more optimistic on the people of this country. Ive never been more pessimistic on people like yellen, powell, the rest of them talking the big game but all they have done throughout the years, this includes bernanke, they have enabled trillions dollars of debt well never get out of rigged manipulated. Just so you understand jay powell is spending billions of dollars buying apple bonds but not helping out the poor. That is the best way to explain it what is going on in a nutshell needs to be fixed and attended to. There is no accountability with these people. Im hoping somewhere along the line somebody starts looking at this or else. You know what i think will happen at the end of the day in the markets because of all this there is 270 trillion in debt around the globe. I dont know how you get that back into the tube. Connell at some point well have to deal with that, wont we . Gary, thank you. Hadley as well. Thanks to both of you, filling out Economic Team weve referenced with president elect joe biden he did confirm he will nominate janet yellen to treasury. A number of others we heard about today. Peter doocy has the latest from wilmington, delaware. Peter. Reporter connell, good afternoon. Tomorrow we expect the Economic Team from Incoming Administration to be rolled out the same way they announced the National Security Team Last Week with elections to people biden intends to nominate to the key roles standing on a stage socially distanced behind him here in wilmington. He did make it official today, the president elect, he intends to nominate janet yellen as treasury secretary and neera tanden as director of the offers of management and budget. She has gone to war with some republicans over last couple years, buying into the steele dossier, calling majority leader moscow mitch. Republican senator john cornyns Communications Director says there is 0 chance she will be confirmed by the senate. She must know there is trouble brewing because she already made several thousand tweets from her page over the last few years disappear. Announcement tomorrow is coming even though the president elect is laid up. There was some confusion yesterday. The press pool was called, get in the van. Go somewhere in the motorcade. They thought sunday afternoon it would be church. It wasnt. They wound up two different medical facilities in the wilmington area where a ct scan picked up initial xrays missed, hairline fractures in the medial, lateral kuehne form bones. They did not let the press pool to get unobstructed shot. The video we got of biden gingerly entering the suv because, because fox sent a separate crew to get in position and just get one or two seconds worth of video. He, has not been seen today but we are hearing he is receiving for the first time in the transition the president ial bailey brief, the classified file that only the president or the president elect or the highest levels of Intelligence Community have access to. He is getting it at home in wilmington. Kamala harris is getting it in a scif in the Commerce Department in d. C. Connell . Connell that is where the Transition Office i think is, right . You mentioned kamala harris, Vice President elect, news on her today . Reporter right. And, to get this brief you have to have special facility. I know that they told us last week officials were scoping out areas in the wilmington, greater wilmington area that they could build something to actually sit the president elect in and give him this information whenever he needs it. They found a place on the property. So that is where they are today. Connell peter, good stuff. Peter doocy as always. Thank you, wilmington, delaware. I believe when peter was talking about janet yellen and near rattan dem we had wrong flame on the full screen. Wanted to clear that up. Janet yellen at treasury around neera tanden with those nominations. We do have a new threat from iran we want to talk about as well after an attack took out the countrys top nuclear scientist. This hour a live report from the state department what we know so far about that. Plus moderna filing for emergency approval of its covid19 vaccine but questions remain like when can americans expect to receive the first dose and who should get it first . Holiday season unlike any other. New estimates are predicting today will be the Largest Online sales day in history and the rush could have serious implications for amazon. Well be right back. Liberty mutual customizes your Home Insurance, heres one thatll really take you back. Wow whatd you get, ryan . Its customized Home Insurance from Liberty Mutual what does it do bud . 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Reporter connell, 94 clearly one of the headlines from moderna. The company said its covid19 vaccine candidate continues to be safe but company is also highlighting when it came to severe cases in their trial all of the severe cases were from those who ended up getting the placebo and not those who got the vaccine. So that is why in part they are submitting to the fda for their emergency use authorization and the head of that company hinted today at when the fda could potentially publicly discuss all of it. Listen. The fda has indicated to us that likely the advisory committee, at the meeting should happen on december 17 and hopefully if everything goes well in the next couple weeks you could expect between i would say day to two or three days vaccine approval. Meaning were able to ship the product. Reporter n. O. W. The fda is set to take up the Pfizer Vaccine candidate on december 10th. You heard Stefan Bancel of moderna. The fda has not publicly acknowledged at all when they could take up this public look at the moderna candidate. Connell. Connell still all good news here so far with the vaccine. Im sure theyre pleased at the white house . Reporter they are. At least this was the message, in part one of messages coming from today to President Trump, he took to twitter, said the following quote, moderna now applying for emergency vaccine approval. Fda must act quickly. To be clear though, connell, and the fda has been very clear about this, they said the eua process is going to take weeks whoever it may be pfizer, moderna someone else. They want it to be thorough, they want it to be vetted and want it to be transparent. Last thing we heard from the fda no matter who it will be it will be a several weeks process. Connell. Connell makes sense, blake burman from the white house. We have reaction from an Emergency Room Physician from global outreach doctors. Good to have you back on the show. Lets start with the timeline question that blake was hinting at as we work through the process but still this is amazing to watch from a scientific point of view how quickly vaccines are coming online. For normal people around the country getting back to normal what would you tell them now . Where do you think we stand . Youre absolutely correct. We are thrilled about all the news that has come out. You know, were seeing a light at the end of the tunnel, but for the general popelation that finish line is not december 31st. It is going to be several months from then. Were hopeful by the end of the year well start getting distributions of vaccines to hospital systems, front line workers, really highrisk people but even then that will just start at the end of the year and that will take months to continue to insure adequate vaccination. They will roll it out through a phased process vaccinating the general population over the next six months or longer. So the finish line is quite a bit ahead of us. But it is there. There is a light. We need to keep pushing it as hard as we can right now. Connell were not doing that well at that push. Hospitalizations remain at record high. 267,000 people are dead from this virus in this country. So getting from here now until then, by almost any account it will take a few months. How do we do it . Some of the most important factors, some of this gets repetitive but how do we get there . Right. It is all the things weve been pushing for. The same things people need to push for this month is critical. November, december, january are our most critical months right now. Were in the worst wave of the virus. We need to work harder ever than we have. Washing hands, social distancing, avoiding indoor activities as much as possible. Social activities in general, avoiding crowded areas. That is the same message weve been saying, fighting that covid fatigue, really to get us across the finish line. What is really important to know, yes, this is remarkable timing for this vaccine. These companies didnt wake up in january and say, hey, were going to start making a vaccine, covid is coming. They have been working for vaccines a very long time. We knew a pandemic was coming. There was merz, sars, they were working on that technology and safety has been absolutely paramount throughout this entire process. So we have a lot of faith in the vaccine. Efficacy has been phenomenal. It is about getting through the cold chain infrastructure and getting the vaccine out to the population which were working on with our physicians and the cdc to help make sure that happens to make sure we have active Safety Measures in place to really keep track of what is going on. Connell by all accounts from what we can tell, from talking to people about it, seems like this operation warp speed has been set up quite efficiently and it is ready to go. Are you concerned at all about a hiccup in the process whether its on the scientific side or the logistical side . Because so far so good here but were not, as you said earlier were not quite there yet. What concerns you as far as getting the vaccine out . The biggest concern is not on the safety side. Weve been doing a remarkable job monitoring these vaccines, more than ever in our history the transparency has been incredible. I think the Biggest Issue is the logistics of it, the cold chain infrastructure and making sure that is in place. The Pfizer Vaccine has much more deeper temperatures that a ordinary freezer can accommodate for. The moderna is easier to keep and refrigerate temperatures in seven days to get out to the public. Overcoming some of those hurdles we will be able to do. This will not be monitored by the federal government. They have will not do this. The cdc will give recommendations to each state. It is up to each state to carry out the recommendations to do it accordingly. Theyre pretty good about doing that. In the past with h1n1 theyre good at following recommendations. Im confident well get the vaccines out. I think the big issue is getting the public to actually being motivated about continuing to want the vaccine. The Rural Communities will be ones we need to put the most effort to actually reach them. Connell all right. Dr. Natasha, thank you for coming on with us. Terrific insights. We hope for the best of you. The nfl is laying down the law to some extent for a couple of teams that broke the covid19 safety protocols. They fined the new England Patriots 350,000 for violations related to quarterback cam newton testing positive in october. The new Orleans Saints facing 500,000dollar fine have been stripped of 7th round draft pick because after maskless locker room celebration the last two months. San francisco 49ers will play two games in arizona. 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Were just now getting a look at the fed chair Jerome Powells testimony which will be delivered tomorrow morning before the Senate Banking committee. Littleknown fact that Jackie Deangelis is an expert speed reader. We asked her to go over it in the newsroom. Anything interesting, jackie . Absolutely, two nuggets i want to share. Fed chair powell what he is expected to say tomorrow. Talking about the status of economic aid and the pace of improvement with respect to the economy as well as the job market. He is going to say both of those have moderated in recent months, but the rise in new covid19 cases both here and abroad is concerning and could prove challenging for the next few months. Now secretary mnuchin is also going to be testifying in front of the same committee tomorrow as well. He is expected to say that a targeted, fiscal covid19 relief package is warranted. He also is going to say that he strongly encourages congress to use the 455 billion that was unused from the cares act to go ahead to pass an additional bill with bipartisan support. As you know the democrats are looking for substantially more than that it is not exactly clear if they will come to terms on that but that is at least what the secretary is expected to say, connell. Connell so real quick, jackie, if im reading this right, goes right to what we were talking about at the top of the show, what will motivate congress to act. Sounds like both men will try to do their level best you have to get your act together to on some level of stimulus, sounds what youre saying. Exactly. The people out there right now are suffering and the pandemic will continue to go longer than we thought it would even with the vaccines on the horizon. Something needs to get done here. A fail on both parts, democrats and republicans if they cant get aid out. Connell well watch for that tomorrow morning. Thank you, Jackie Deangelis in the newsroom. Jackie is right. A lot of people are struggling. It is such a split economy. You have a lot of people who have a lot of money to spend in this environment. So much so we might be in the midst of the Largest Online sales day in history. The pandemic is not stopping americans on cyber monday, if anything, for those who do have the funds and means it is encouraging them, to hop online, grab the best holiday deal. Grady trimble with the story now live from chicago. Grady. Reporter connell, americans spent 23 1 2 billion dollars online from thursday till sunday. Despite the fact were supposed to be back to work, by all projections were going to keep spending. Here is what adobe says well spend today, 10. 8 and 12. 7 billion. That is just online. That would make today the Biggest Online spending day ever and would be between 15 and 35 more than we spent on cyber moaned last year which is the Current Record holder. Of course the pandemic is a huge reason for the surge in online sales this year. Black friday foot traffic at stores down 52 yearoveryear. That is according to sensor mat tick solutions. Some way that is by design. Some big box retailers had fewer door busters and moved sales online and spread them out over the entire month of november which of course heated up the competition with amazon and amazon really rose to the occasion this year, increasing its share of online sales on thanksgiving and black friday to 55 that was followed by walmart, best buy, target. Then ebay. One more thing to note. In addition to the savings on products today, shipping is about to get a little more expensive in the coming days. Adobe says the last day for cheaper shipping, connell, is december 11th. If you buy today, you save own the product and cost to get it delivered to you. Connell i dont think, grady you angered anyone in management, but freezing cold in a parking lot talking about Online Shopping i would start to ask questions if i were you to the assignment desk. Reporter i said i could do it from the comfort of my shop, which how we did all our shopping, but somehow, connell, we ended up here. Connell sad. Im sus saying. Good reporting none the list. Grady trimble out in chicago. Major reversal for the nations Largest School district. It will end up reopening for thousands of students, if the parents agree to one new protocol. Well talk about that coming up. Pending confrontation. Iran is in retaliation of a country for the killing of its top nuclear scientist. Putting netflix on notice, britains culture secretary to urge the streaming giant to include a disclaimer at the head of each episode of the crown, telling the consumer that the drama is a work of fiction. Well be right back i felt like. I was just fighting an uphill battle in my career. 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Forecasting Fourth Quarter revenue to be above estimates, more users signing up for paid subscriptions to the pandemic selling on the news. Look for zoom opening lower tomorrow. Now this. The idea is to go to weekly testing, 20 of the school community. Our plan is to use this approach all the way through to the vaccine and not have to shut down again. Connell mayor of new york bill de blasio explaining the strategy for phased reopenings of the Public Schools starting next monday came after the shutdown of the schools before thanksgiving when the Positivity Rate for the coronavirus in the city hit 3 . Here now is dan henninger, wall street journal, fox news contributor. This is quite a turnaround. What do you make of it, dan . Yeah, indeed, a turnaround of a turnaround of a turnaround. Connell, im sitting here not trying to burst out laughing listening to mayor de blasio. You have to laugh to keep from crying. Those of us who live in new york city and especially poor people of parents going to Public Schools here have been watching this turn into a fiasco since last spring. On again, off again. The mayor sitting there at his desk blandly waving one plan after another into existence. Almost always fails and has to be reversed. Now he is claiming this one is Going Forward until after the vaccine. There are hardly any parents of Public School students in the city of new york who believe it is going to work out this way. It has really become a reckoning for the Public School system in this city. Connell now he is going to need parents to consent to testing i guess. They will be, you know, either online, in person, forms passed around. They have to sign off on the testing. How that is implemented is another question. They seem always to be behind. I guess the saddest part, dan, people they leave behind are ones can least afford to whereas we probably both know plenty of parents that do have means chosen to pull kids out of city schools. Need to them to put in private school for a little while, come back after the pandemic is over whatever the case may be but a lot of people cant do that. That is a good question where the poorest children in the city of new york are going. What will happen . This is basically a lot of school year. Will the system wave the kids on into the next grade pretty much demolished the year they were supposed to be in a given grade . Or will they simply figure out a way to you know, reimburse these parents for the lost time they spent out of work as well trying to get their kids back into the schools . Connell i want to get a quick word on Small Business as well. This is related in some ways to talking about the schools. It all goes together. A new study from a Nonpartisan Group came out. Almost a third of Small Businesses in new york and new jersey are shut down, permanently shut down. Not ones that you know, closed for a little while in the spring and come back. That is a huge number. It is not just new york and new jersey. It is similar in a lot of other states. These folks are just not coming back. Yeah. You know the question here, connell is, why is information like this sort of incidental to the coronavirus . We have briefings every day in which they describe cases, hospitalizations and deaths. Why dont those briefings also include numbers like this on bankruptcies, closures, metrics describing lost income, broken families, admissions for depression . We know all of that is going on out there as these businesses fall apart but it always seems to be running in the background, in the background of the coronavirus. I think it should be right alongside in the consideration of hospitalizations. Connell and you probably think, or seems like youre saying the reason it is not included if you did include that you would have to take a more balanced approach to things . Thats exactly right t would have to be balanced. They seem to be incapable of doing that the politicians believe that they will get blamed for the deaths but no one is going to blame them for the bankruptcies. I would just add quickly, youve been talking about that stimulus bill in congress. The one thing i think that bill could do is aim at people like this who need their businesses recapitalized after basically ordered to shut down by the state. Connell so should republicans give in then . Because it is a big give on money. I think last week we talked about it because of the Georgia Senate races. This could be a two trillion dollar senate race in many ways. In other words republicans want a stimulus plan around a trillion, democrats are pushing three trillion. Youre right, something probably needs to get done but theyre still so far apart, right . Yeah and i know im speaking idealistically, the democrats want to throw everything but the kitchen sink into the bill. They want to bail out states for all their spending problems. It is unlikely you will get a clean, discrete bill that helps Small Businesses put out of business by government shutdowns. Connell right. It is, tough to do something simple these days. Thank you as always. Dan henninger from the wall street journal. Tickets please. Beginning to look a lot like christmas with the Iconic Rockefeller Center Christmas Tree set to be lit up tomorrow night. The mayor of new york, de blasio says you need tickets to view the tree. They dont want too many people. Take note if you brought your own Christmas Tree because the Consumer Product safety commission, that americans need to hydrate these trees because demand is surging early in the season this year. 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Meanwhile in tehran today it was funeral for the scientist, the founder of Irans Nuclear program who the Israeli Government publicly singled out back in 2018 while charging iran developing a secret nuclear program. Israel has not commented on this killing nor on previous assassinations of Iranian Nuclear scientists. Shortly after the attack irans foreign minister tweeted quote, terror attack on our scientists planned and designed by a terrorist regime and executed by criminal accomplices. Shameful some refuse to stand against terrorism and hide behind calls for restraint. Impunity emboldens a terrorist regime with aggression in its dna the United Arab Emirates and jordan both condemned the attacks. Separately they have established the u. A. E. Diplomatic ties a short while ago with the israel. Jordan did in 1994. Connell jordan can expect pressure. They keep up campaign against iran, maximum Pressure Campaign involves all the sanctions on iranian government through the end of the administration. For the latest development, it is unclear how specifically the Biden Administration comes in is going to play all of this. The biden advisors have said they would consider returning to the Iran Nuclear Agreement if iran returned to compliance themselves with the deal. The trump team thoroughly attacked nuclear deal and the relationship with iran. Earlier this year you remember a u. S. Air strike killed Iranian Quds Force commander, soleimani in baghdad. Opponents of better relations between the u. S. And iran and at least getting back into the Nuclear Agreement are hoping what the Trump Administration did to finally finish the Iran Nuclear Deal while those in the deal are trying to hold it together, connell. Connell a big issue to watch after january 20th. More so, thank you, rich edson live at the state department. Today marks the end of the atlantic hurricane season. What a season, the most active on record as there were 30 named storms. Six reached major hurricane status second time in history. The National Hurricane center used every name on the preset list, prompting the use of the greek alphabet to name the storms. Meteorologists are warning additional storms could develop. Forecasters are watching a possible 31st storm right now in the northeast atlantic derriere discomfort. We try to soothe it with this. Cool it with this. And relieve it with this. But new preparation h soothing relief is the 21st century way to do all three. Everyday. Preparation h. Get comfortable with it. Connell drastic measures as the progressive wing of the democratic partys calling on the president elect, joe biden, to forgive or to cancel more than 1. 6 trillion in student loan debt. Jer gerri willis with more on this story. Thats right, connell. The big question, does the government simply forgive 1. 6 trillion in College Loans . Its a good question and seems like a good idea if you listen to progressives. But the benefits, well, theyre highly debatable. Questionable, even. Debt forgiveness would be progressive, that is, benefiting low income americans. Left of center think tank brookings says, no, not true. In an analysis conducted by adam looney, a brookings senior fellow, saying that 65 of the benefits of forgiveness of 50,000 in student loans, as you know, thats the idea from elizabeth warren, it would benefit the top two highest earning quintiles of americans. Think about that. The bottom 60 of households would receive only 34 president of the benefits 34 of the benefits. Why is that . Because nearly half of Student Loan Department underwrites grad school, and that is partially to say doctors and lawyers getting educated. Not exactly a recipe for progressive reform. President elect joe bidens proposal to forgive student debt isnt as forgiving or generous as elizabeth warrens, he only wants to forgive 10,000, and he argues it would act as a stimulus and spur spending. Scholars say probably not. Why . Well, loan forgiveness is about forgiving money owed in 5, 10 or 20 years, not giving out money today. And, of course, College Debts not going to encourage institutions to cut their prices now. So inflation for education, it would probably encourage it. Connell, back to you. Connell would you need a democratic senate, do you think . Is this another reason to look at the georgia races or maybe get this through without it . What do you think . Well, it said this could be passed without the senate or Congress Acting at all, that its possible that the department of education could move to forgive some of this debt. But that would be really contentious and very controversial. So if they go that way, expect a big fight. Connell we will that. That is something to really watch after the inauguration. Gerri, thank you, gerri willis joining us. And that does do it for us here on after the bell. Thanks for watching. Im connell mcshane, well see you back here tomorrow. Lou good evening, everybody. President trump today demanding the federal government move with urgency on two critical fronts. President trump telling the food and Drug Administration to act quickly to approve a vaccine to fight the china virus pandemic. U. S. Drugmaker moderna today fueled for an emergency use authorization filed for an emergency use authorization of their vaccine. Moderna becomes the Second Company to do so after pfizer filed for its emergency use authorization two weeks ago. Moderna says its vaccine is 94 effect