Progressives once at that, pushing people to go ahead to vote in georgia, become temporary residents and then leech. That is against the law. You cant do that there. Well find out how widespread that is. The read from the secretary of state says it is more widespread as you know, but none of this was going on in the big election a month ago. Jackie deangelis following all the biotech news and remedy news and vaccine news and how soon do we see it news. Jackie. Reporter good afternoon, neil. Things are moving quickly indeed. Pfizer biontech filing for covid19 vaccine approval in europe. Boris johnson is talking about administering the vaccine in the uk in a matter of days. This morning the fdas stephen hahn at the white house, the white house is concerned that the fda might not be moving fast enough. President trump tweeting yesterday, moderna now applying for emergency vaccine approval. Usfda must act quickly. The next steps are these. Fda outside advisors will meet on december 10th, next thursday to consider emergency approval for the Pfizer Vaccine which could ship days after that. Secretary azar even sate some americans could begin receiving the coronavirus vaccination before christmas here in the United States. And so remember, we have pfizer biontech, that is one. Moderna is two. Astrazeneca, novavax, j j, those three not far behind. First day of the month, neil. Stocks are higher. They are pointing to fresh records on all the vaccine news as you can see. Neil not too shabby, thank you very much for that. Jackie deangelis following all the vesselments. Keith fitzgerald following all market developments and rebecca walser, walser wealth management. Rebecca, when you look at things going on, including talk of more stimulus, maybe we can cobble together something in a lameduck session, seems like a herculean leap, were looking at 900 billiondollar package, how doable is that and for the market, if it were to come to pass how would they react . Obviously well be ecstatic in the markets. This is tough year for most industries and certainly Small Businesses. We appreciate stimulus. We need it certainly in airlines. To get it done by end of next year, it will be a little bit of a challenge, right. Everything will have to go exactly the right way. I think it is doubtful that well actually see it before the december 31st unfortunately. Neil you know, looking at that, if it doesnt come to pass, keith, you could argue didnt look likely anyway. Now were into you know, the new presidency come january 20th, what a President Biden might be able to cobble together even with republican senate, if that looks like it is going to be the case, what do you think . Well i think unfortunately that is something were going to have to contend with. I think it is disgraceful that Congress Held this up. It is disgraceful they cant come to an agreement, will go home to christmases, 12 million americans will lose benefits. Makes mead madder than what, a word i cant say on television. Volatility will be the traveling companion right up into the new year. Well get a look what the cure looks like, the vaccine looks like into june. I think that is when we get back to normal. Stocks will try to get ahead of that, im not too worried but well deal with the interim so tilt. Neil rebecca, this is more political in nature but i wonder about the market impact. Obviously pretty soon get the Electoral College gathering, sort of cast final votes on all of this, that is when it becomes official. Now the president will likely never concede. He might honor the will of the Electoral College but not happily, how will that go down if he is still, last man standing, last man fighting, doesnt attend the inauguration, might counterprogram that by announcing a 2024 run of his own, how would the markets digest all of that . I am expecting two things to happen, neil. Either President Trumps legal team will produce enough evidence in the next two weeks to make some state legislature move and Electoral College on december 14th, well see a change, if that is the strategy. That is one way i think theyre trying to move. I dont know if well get a Supreme Court resolution or will it make a huge difference here. That is one thing i see. I also see a very remote possibility with some of the new stories lately this could not be in courts at all, criminal situation escalated by department of justice. That might Second Quarter couple vent the entire process. Markets will not like uncertainty. Were used to smooth transition of power. We never had anything happen before im aware of, if theyre able to submit and prove their case as theyre saying there is a case, then it is going to be an upheaval in that case that weve never seen. I dont think the markets will react in a very red way. They will not like it. Neil december 14th is when the Electoral College will meet. The president said in the past he will honor the will of that im sort of paraphrasing, it was Something Like that, he might not be happy about it, made the wrong decision, cast the votes, will make joe biden the next president but does joe biden really care one way or the other whether he is happy camper with results or not . That he will leave on the 20th, call it a day . That, neil, is a very interesting question, expression happy camper. Markets will be happy with earnings which frankly are pretty darn good, remain good, growth still out there. Regardless who takes the white house, when and how, that is the advantage for investors. If there is a selloff, volatility can be harnessed. Buy low, sell high how the game is played. Im hoping well get some volatility. Not because i relish political discord because were going to get it. Neil i like that strategy. Come on, volatility, give me your best shot. You know, rebecca, there have been a lot of examinations in this market rally, how broadbased it is around charlie brady, he is our stocks editor, nostradamus i call him, it is to note how broadening it is, beyond averages, dow, s p, nasdaq, how it broadened out to the russell 2000, smaller stocks not part of this are now part of this. Does that give you hope this widens out in the new year . Again the political stuff, pandemic stuff, notwithstanding we all hope that settles down, you know, life goes on . What do you make of that . I think it is excellent. Exactly what we need to hear, neil. If you think about this, we had a great year considering, all Things Considered with the tech stocks really saving the day on the nasdaq and we cant have that Going Forward. We cant have just one sector surviving and you know travel, entertainment, falling by the wayside. So much of our economy as you know is Consumer Spending based. So to see the rally and the results broadening out to beyond just tech is really encouraging. It certainly what we need. In order to really recover, it needs to continue. It needs to be every level of industry to really make it sustainable. Neil you know when you look at the tech stocks, were showing some of them now, keith, apples, amazon, microsoft, theyre all up smartly today that is counterintuitive to the notion you have got vaccines, this idea people have to stay at home and rely on these guys to keep making money, you could take a point that not so much but they continue to advance. So looking at technology as a sector even postpandemic or winding down from the pandemic, can you make a credible case for that . Absolutely. Well, let me rephrase that. I think it is credible. Here is how i break this down. You have two kind of groups of stocks. The stayathome stocks, that trade will come apart, rather terribly next couple months, look at zoom, you have the stocks make the world turn, apples, microsoft, palantirs of the world, that will continue to long after the pandemic is done well need them for the next episode comes our way. Big data is important, makes the world go around. It is good case to continue to invest, stick with a winner, broaden out to rebeccas perspective but keep in mind what actually makes the world turn. Neil a part of the world not turning even though they come off the lows, cruise line stocks, airlines, while they bubbled around and picked up a little steam from their april lows theyre still woefully depressed. Can you make a case for them, rebecca, especially with the vaccines arrival, people itching to travel, itching to get out, they look like promising investments or would you hold off . It is greatly, it will be a great, you know, if you buy low and turns around and it will be a great winter. I was driving in the office, neil, passing by the actual bay in tampa where cruise lines have not been in months. Asking myself when will i see boats here again . Whether are they coming back . Lets get them back. Ill really concerned as a lawyer, liberty, personal liberty ive seen this being thrown around in europe about this vaccine passport type of thing to travel. Im really leery about that. I dont think we should go into any situation where you have to have a vaccine. Some americans will take vaccine. Hopefully we get back to a level of normalization, but to start to go down a road, being forced to do things even travel, is something the travel industry will should be extremely again because people will not want to take something this new and extremely developed. Neil thank you. Were focused on georgia right now, the peach state, not the umteenth count of the president ial vote. January 5th when we are waiting to get word on whether the republicans can hold on to their tenuous grip of the United States senate but along comes news from the secretary of States Office in georgia that a number of progressive groups are trying their darnedest recruit people to come to georgia, to vote in georgia, then they can go ahead and leave georgia. Not so peachy. Apparently not so legal after this. Its down to the wire, the teams been working around the clock. Weve had to rethink our whole approach. Were going to give togetherness. Logistically, its been a nightmare. Im not sure its going to work. Itll work. I didnt know you were listening. Neil the georgia secretary of state is investigating a role of a number of progress serves groups who are trying to influence the upcoming runoff vote in the state by enticing people to vote in georgia even if at the moment they dont live in georgia. Not quite that black and white, that simple, but something doesnt smell right. That is why the secretary of state is looking into it. Steve harrigan in atlanta, with the latest where this is going. Steve, have we learned how widespread this potential issue is . Reporter there are battles on several fronts with the Voting System in georgia and new salvos every day from President Trump. At this point keep in mind actual Voting Machines have been frozen three counties in georgia by order of a district judge. No data can be erased from those. The next step in that incident will be hearing on friday, case, accusations of fraud will be dismissed or moves will be allude to have experts inspect physically the Voting Machines. As you mentioned, at least 250 open cases now of potential fraud being investigated by Georgia Election officials. These are things like people accused of voting twice or dead people voting. Weve seen a real pushback from some georgia officials these cases will not affect the bottom line when it comes to the president ial vote. That is joe biden up by more than 12,000 votes. I think it is important to note that you know, were almost a month into this and we have yet to see any sort of systemic fraud in these organized efforts around fraud. You know im proud of that as georgian, as Lieutenant Governor of georgia im proud. Reporter heard from some republican lawmakers these problems with georgias Voting System should not be minimized. We have found that when we asked first three counts we found almost 10,000 votes were never counted. 3,000 votes in different areas went back to the president. Decreased joe bidens lead here. Reporter the secretary of state is warning that there are a number of different third party groups, he named a handful, that are attempting to register people from outofstate to vote in georgia in those critical january 5th two Senate Runoff races. Theyre trying to convince College Students to change their registration to georgia. Then change it back after those elections. They emphasize that illegal voting by nonresidents is a felony and they will prosecute. Neil . Neil admit it, you covered from war zones but this gets to be a lot more complicated, doesnt it . Reporter it is. It is. It is really interesting, it will be a tremendous two months. Everyone is coming here. Theyre spending hundreds of millions of dollars. It will be a real political battle. Neil were glad youre covering it, my friend, Steve Harrigan in atlanta following all of that. Susan crabtree, realclearpolitics White House National correspondent. This might be a dumb question. Youre used to them from me. One has it how do you prove or discern the difference between someone who moved to georgia for work, just to move to georgia than someone who is quickly going to vote and move out . It would be a hard thing to prove unless you saw it, i guess a wider scale but do we know how theyre going to isolate that in georgia, to prove those who are doing that, for nefarious political purposes and others who are genuinely in and out of the state . Well i think the interesting thing here is that the secretary of state, brad after after raffen sb erger pushing back against President Trump and brian kemp, standing by the election, stands by his integrity but now allegations are coming forward. We should make sure, we say there are allegations because just as you point out it is very hard to prove. This new georgia project, run by Rafael Warnock running against Kelly Loeffler for the senate, he actually ran that project and it is registering voters and he says that they registered voters from new york. Well theyre pushing back saying you know what . These are legitimate, these are absentee ballots and, some 846,000 new registrations occurred just for the Senate Runoff. The reporter is right. This is ground zero for control of the senate. All the groups are pouring energy and money into these efforts. The registration race is on. Neil the reason why i mentioned it, you wouldnt have prove of it until after the election, well after the election, right . If all of sudden the day after, january 6th, people start moving out, then you could say, wait a minute. But at that point, lets say democrats succeed in capturing both seats, in that event only way they can tip the Senate Balance of power that could be a prolonged battle to prove, right . Absolutely. I was talking to election experts on republican side, what needs to be done, the governor and Republican Party in georgia needs to go precinct by precinct get workers and chairman there to go through the Voter Registration lists and check and see if there is a strange number of people registered to one address, a motel, or a different house, that could really stand out but that has to be done, that takes man pewer. A army of people culling through those registration rolls. Neil georgia secretary of state cant seem to win for love of money. President belittled him. The president belittled the governor who was steadfastly loyal to the president , just said that his only foul saying look the vote is solid, certifiable, he fell on the bad end of the president s sort of stick there, im wondering what effect this internal and intramural strife is having on the election in january, this Runoff Election . Well as you know donald trump, jr. , has started a pac to try to push back because republicans are so angry about these allegations from the president himself that there was, election in georgia was rigged and full of fraud, that they are planning to write in donald trump instead of these two republican senators. Donald trump, jr. , saying that is not a good idea. Control of the senate is at stake here. We cant mess around with this. This has to be a serious effort. It all depends Voter Registration, get out, door knocking, drive up vote on either side and who will win in the end. Neil all right. Well see what happens. Susan crabtree, great catching up with you i appreciate it. Were minutes away from joe biden announcing most of his Economic Team. It is safe to say they run a little leftofcenter. That is not a shock. Here is what is a shock, wall street likes all of that. The more they want to spend the better. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Neil i know what youre thinking at home, why is neil prayinging a gregorian chant, talking about Biden Economic team. Because one of those members might not stand a pray of getting in. Her name is neera tanden. Was a key barack obama advisor, confidante of hillary clinton. Been slated by joe biden to become his office of management and budget director but she has said a lot of controversial things in the past including that the election was rigged because donald trump won because the russians handed it to him on a silver platter. She is among the team members who might have least likelihood making it to the office of management and budget. Pretty soon joe biden will announce all of their names including janet yellen, the former fed head slate the to become treasury secretary, if you will the head of that Economic Team that will be big on stimulus. Again, a lot of you are sat catching these things here as only cavuto coast to coast viewers can be, gregorian chance might be hinting of some difficulties in the overall approval in the senate, forgetting these guys and gals to their jobs. That omb choice might be the first example of that. Well have other gregorian chants to echo similar uphill battles, hail mary shoots on this, for now thank you for paying attention. Go too hillary vaughn. No gregorian chants to get hillary set up, just that Economic Team but why it is made up of individuals it is. Hillary, what are you learning about the key players and how many are showing up for the event here today . Reporter neil, were going to see about five different individuals that are joining bidens Economic Team. These are nominees and appointees, many who have to be confirmed through the senate but these picks today are really putting in the spotlight president elect joe bidens plans for higher taxes and massive amounts of new Government Spending. The former fed chair janet yellen for treasury has a history of favoring high taxes. She was against President Trumps tax cuts and jobs act in 2018. She said this, quote, the economy did not need a boost. Bidens pick also signals that yellen is someone who will carry out his higher tax agenda on high income earner but the real life impact can trickle down to average americans. Yellen would oversee the irs as part of treasury, putting her in prime decision to make tweaks to the regulations that enforce the tax code for lower income earners. The irs could ramp up revenue by doing more audits on tax payers to make sure theyre getting every penny they are owed. A tactic used during the Obama Administration that targeted the top 1 . Yellen also in favor of a carbon tax that would hit all americans at the pump. Also make it more expensive to heat your home. Some conservatives say that tax alone would break bidens promise not to hit americans making 400,000 or less with higher taxes but bidens pick for the office of budget and management, neera tanden, would play a key role in helping biden follow follow through significant economic issues. Rolling back trumps tax cuts and Affordable Care act and crafting bidens budget with trillions of dollars in new Government Spending but getting her confirmed is going to be tricky because republican senators like Lindsey Graham have called her a quote, nutjob. Senator john cornyn says she is radioactive but progressives really are not pleased either. Tanden has had combative relationship with progressives not just politically but also physically. She was accused in 2008 of actually punching who ended up serving as Bernie Sanders 2020 Campaign Manager in the chest, neil . Neil all right. Generally not a career advancing type move but to be called radioactive and a nutjob at the same time, it might preclude a lot of other things. Hillary, thank you very much for that. Shes the best. Jay timmons here right now. I dont think he thinks the same of the rest of the appointees there including janet yellen slated to become the next treasury secretary. Jay is National Association of manufacturers president and ceo. Jay, very good to have you. The controversy over this omb choice, notwithstanding whether she ever makes it, looks dicey, what do you think of the janet yellen move, and what that might signal . Sure. Good to see you, neil, by the way i like gregorian chants, kind of calms things down, maybe that is what we need here in america now. Neil that is what i do. A subtle double agenda there. There you go. Look, manufacturers have productive rimm with janet yellen, when xi was governor, pardon me the chair of the Federal Reserve, we met with her twice, our board of directors met with her twice, we were really struck by how she had probative questions how the economy was working for all different types of manufacturers, how is working for manufacturerring workers. She showed keen interest hearing our viewpoints. It wasnt just a one way dialogue which happens so often in washington. Xi she genuinely wanted to know what it would make easier for manufacturers to invest, hire, and give benefits and we hope that is start after productive relationship. Neil jay, i see things through prism of wall street folks on the show who welcome stimulus. Gone are the days one or other party had concerns about deficits and debt. Theyre all open to what is very busy, very much spending administration here because they have gotten used to that, stimulus is stimulus. So do you see this administration, the Economic Team that has been revealed thus far, as advancing that but just even more than we saw or have seen under this president . Yeah. So i think we actually have to finish this year out. This is clearly the year of the pandemic. It is a year that no one expected. It is like 3 trillion to try to save our country. Now i think would we be be much more successful in doing that if everybody had simply you know, shown some leadership, worn some masks i doesnt think we would have to spend what we did because it wouldnt have caused the economic calamity weve seen in the country. That unfortunately the past. What we need to do, congress is working on, hopefully a piece of legislation that will allow especially small manufacturers through the ppp program to have access to capital, continue paying their employees or well have a economic nightmare coming up. Also Liability Protections for manufacturers who have been trying to do the right thing all the time. Now were starting to see some jackpot justice lawyers coming at them for things they didnt cause. We cant protect our employees outside of the workplace obviously. So this congress, this administration has work to do quite frankly before the next administration comes into office. After that, our job as manufacturers is the Business Community is to demonstrate, how, for instance, tax reform has been so incredibly successful to help manufacturers invest and hire hire in the United States. We plan to bring the stories directly to the Biden Administration, to secretary yellen, show them how it worked. I will say this, neil, there is still a disparity between the rates that corporations pay and the rates that most passthrough entities Small Businesses pay and i know the Biden Administration cares about Small Business. We had 120,000 or so go under during the pandemic. We need to get them on the right footing that starts with a lower tax rate to spur on growth in their sector. Neil a lot of what you say is true. I just dont know whether the Biden Administration would be open to some Liability Protections you look at for some of your members but you know, things can change. That should happen this year. That should happen this year, right . It has been talked about several times. Neil it is not going to happen. It is not going to happen. It is not going to happen. Never say never. Neil all right. Well play a chant for that, see if we see that. Jay [inaudible] neil very safe and wonderful holidays. Be well. As jay was speaking you might have noticed before the president elect joe biden moving into this event in wilmington, delaware. He will announce his Economic Team. As soon as he does so well be going to that. Meantime i want to bring attention of dr. Roger klein, heartland institute, policy advisor, much, much more, a real smarty pants. I wanted to touch on the excitement over various vaccines prominently, maybe many others in the new year that could become available, a lot of people looked at that, most are american companies, not exclusively but most, that americans get these doses first. Do you know whether that is indeed the case, that thats the protocol, forget about Health Care Workers and the vulnerable but there will be american Health Care Workers, that it will be american vulnerable patients . Some have said, wait a minute, that doesnt seem right but then again they are american companies, what are your thoughts . Hi, neil, thanks for having me. That is a great question and you know i saw announcement or some report from pfizer that talked about distributing half of their initial 50 million doses to the United States and half to other countries that have had contracts. Now initially when the United States signed its two billion dollar contract for 100 million doses the implication was that those first 100 million doses would come here. Now moderna is going to, my understanding modernas initial doses for sure will be distributed to the United States. I dont know what pfizers plans are. Neil reason i ask about pfizer because i dont believe it was, you know, part of this initial warp speed strategy to get things out. So, that and the fact that lets say it is working with biontech and some of these others european concerns, might allow it to say well were not beholden to that. Not that they would deny americans doses here but i guess what im saying, doctor, is this even an issue . You want to get it out to people as quickly as possible, americans whomever, but im wondering whether these concerns could come out for criticism if they dont dole it out exclusively to americans or am i making a big deal out of nothing . No, i think it is an enormous concerns that americans will be not pleased if they are not the first recipient of these vaccines. Pfizer and biontech didnt directly get money for development, it is my understanding from the United States government the way moderna did, they certainly benefited from the structure and the regulatory pathways and assistance of operation warp speed but i think more important in addition to the signed contract which i havent seen and i dont know is public, we buy a lot of medicines from them and, we pay much higher prices than the rest of the world and i suspect if, if for example, those doses were to be split, were not to go to the United States this could prove to be a political mistake of epic proportions. I expect americans would be furious. Really what were talking about here is the leverage for really being the Worlds Largest consumer of pharmaceutical products. Neil you know, doctor, real quickly, i know my producers rightly will scream at me because i love you on and learn a lot on uptick in cases i notice the death percentages are down. Im wondering given the fact we got very good news on chuck grassley, 87 year young iowa senator who obviously survive ad positive virus diagnosis, were seeing a lot more of that, of older, generally considered more Vulnerable People who get this thing, more than surviving this thing. That is preany of these vaccines. How significant is you will of that . Very significant and it has been the case for all the while and i think weve discussed this in the past. Really theres a media narrative out there that is convinced people that this disease is much more serious for most people than it is. Really what we have, we have a lot of infections were not picking up. Part of the reason why the death rate is falling because the infections are spreading more rapidly among those that at least risk, young people. Partly it is because were picking up more atom tick or mildly symptomatic infections calling them cases. That is also helping and were also managing the disease better. There are a number of factors going into making the death rate fall but in general the infection death rate is far less than the, than the case fatality rate. That is what we have to understand. There are many more infections out there than there are cases. Neil yeah, as you said very early on you were saying this, doctor, there is tendency for everyone to glom on to the bad news or think it is bad news but if you look at the raw data and dug into it and realized it is not quite as grim as it has been portrayed. You were right on that, or right now. Dr. Roger klein, great seeing you again. Good health to you, sir. Thank you. You too. Neil all right. Dr. Klein. In the mean time youre going to update you saw joe biden walk into this wilmington, delaware event where he will announce his Economic Team. As soon as he does janet yellen expected to head that cast of top economic honchos. She has been slated to become the next treasury secretary of the United States. The others all look good save the omb choice. You heard the gregorian chant, you heard the concerns, why she is an uphill climb and might be a hail mary pass keeping with that theme, after this. Some things are good to know. Like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. Something else thats good to know. If you have medicare you may be able to get more benefits without paying more through a Medicare Advantage plan. Call now to request this free guide. Learn about plans that could give you more benefits from humana. A company with nearly 60 years of experience in the healthcare industry. Humana offers a wide range of all in one Medicare Advantage plans that include medical and Prescription Drug coverage. 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A licensed humana sales agent will walk you through your options, answer any questions you have and help you enroll over the phone. Plans with a zero dollar monthly plan premium are available in many areas. Call now and well also send this free guide. Humana, a more human way to healthcare. Neil think about this, the election was four weeks ago today. Right . We still have eight house races undecided. Forget about the two in georgia that figures out makeup of the Senate Whether it remains republican, eight races in the house still yet undecided. Chad pergram following that, significance of that, when they might be called anytime soon. Hey there, chad. Reporter theyre sorting this out. The democratic majority is getting smaller. Christy smith, democrat conceded to republican representative mike garcia in california last night. That race, the winner only won by 339 votes. That shows you how tight some of these contests are. Somebody else who flip ad seat from democratic to republican in florida was carlos him menses. Listen. We were not buying here in south florida and other parts of the nation. We have a great opportunity to take control in 2022. Reporter it is interesting that a number of House Republicans are talking about the possibility of the gop winning the house in two years when they havent even sort the out the numbers for 2021. This is where things stand. Democrats have 222 seats, republicans 206. Seven races are unsettled but the democratic majority would be down to as few as four or five seats next year. Keep in mind there is chatter about president elect biden tapping ohio democrat marsha fudge to be the secretary of agriculture. The numbers in the senate change tomorrow. The reason that mark kelly, who defeated martha mcsally, he wilt be sworn in the senate. The numbers for senate in this congress, starting with swearing in of kelly, 42 republicans, 48 democrats. We dont know the balance of power until 2021 because of the georgia runoffs nonthe until the 5 january. Neil if republicans win that, it will be 22 seats for democrats, 213 for republicans has it ever been that close . Reporter two decades in 1990s break down with seat or two. The democrats have not had majority that narrow since the 1940s. Here is the other thing that is interesting. You have the iowa race marionette miller meeks, supposedly won, republican flipping the seat from blue to red, winning by 10 votes. I mentioned 339 vote total in the garcia, Christy Smith contest there. It is up to the house of representatives under article i, section 5 to determine its members. If you have races that are that close you could have seats be contested on the house floor. We really havent had Something Like that since january of 19850 in a seat from indiana with Frank Mccloskey seated much to the chagrin of the republicans. Neil wow. I have feeling you would know that have the dates down pat. One of these days, i will get you chad. You will stop me. Thats right, neil. Neil stump chad. I have some stock answers here. Al downing, willie mays. Throw a trivia question at me. Neil one of these days, young man. Chad pergram following all of that. As you know were well into the christmas and the Holiday Shopping season but for charities it is not been a great season and theyre increasingly worried is it wont be, after t. I felt like. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. In a on the most reliable, pnetwork with xfinity mobile. I feel hopeful about the future now. They can choose from the latest phones or bring their own. And because they get nationwide 5g at no extra cost, they live happily ever after. Again, again. Your wireless. Your rules. Your way to stay closer together this holiday season. Switch and save up to 400 a year on your wireless bill. And get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at xfinitymobile. Com. Wannits timeight and for aerotrainer. A more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time. It allows for over 20 exercises. Do the aerotrainer super crunch, push ups, aero squat. It inflates in 30 seconds. Aerotrainer is tested to support over 500 pounds. Lose weight, look great, and be healthy. Go to aerotrainer. Com. Thats aero trainer. Com. Neil after the lockdown charitable contributions way down. Grady trimble following it all from chicago. Hey, grady. Reporter neil, were at a Salvation Army kettle bell, this time of year the Salvation Army generates between 40 to 70 of its annual contributions but this year donations have fallen steeply and part of the reason for that is because, well, look around, were in Downtown Chicago in front of a macys and foot traffic is almost nonexistent at times. Just a few people. Plus not as many people as normal carrying cash. That is why the Salvation Army says they think donations will fall by as much as 50 this year. Of course the dough ilks thats are way down at a time when the need is way up. Listen. Most of the Salvation Army facilities weve seen a fivefold increase in the number of people coming in for help, whether it is for groceries, utilities, rent. When the pandemic started we were there when the pandemic is over well still be there, helping people with the needs that they have. Reporter it is not just this charity. There are a lot of them. Folds of honor is another one. They provide scholarships for those who Service Member who has fallen or wounded, for those family members. They say their donations are down as much as 30 this year. They had to turn away 3,000 applicants who were qualified but they just didnt have the money to provide scholarships for them. Sorry for the noise, here. Just want to point out all the charities are pointing out they take donations online as well. As people are spending record dollars for cyber monday, you can also donate to a charity online, neil. Neil grady trimble, thank you very much for that. I hope people do help out. Its a tough time of year for those charitys and folks they are meant to help. Stay with us. The dow up 268 points. Waiting for those Biden Economic picks after this. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. Way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. 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Neil it is the top of the hour, president elect joe biden running behind schedule to announce his Economic Team, in wilmington, delaware he will outline his plans for the treasury post for janet yellen, former Federal Reserve chairman and omb choice proving to be a controversial choice, the council of economic advisers to be council of economic advisers, half a dozen in all the president elect will outline. Ahead of that Edward Lawrence for what is happening on capitol hill with stimulus talks and a way to avoid a Government Shutdown that could conceivably happening ten days from now. What is the latest . The loudest push for more voices, republicans and now democrats and members of the administration all calling on nancy pelosi to pass a covid relief package or bring a viable bill to the floor. On capitol hill a group of nine bipartisan senators led the effort to unveil a framework for the next covid relief package, talking about 908 billion and includes 160 billion for state and local governments, 180 billion to continue expanded unemployment benefits, 288 billion to Small Businesses to support the payroll protection program, 45 billion go to airlines, buses, transportation, 82 billion for education. To get more democrats on board includes everything for other types of treatment for opioid treatment, broadband connection and u. S. Postal service. A group of bipartisan Lawmakers Said pressure from the American People will get this to the floor. The caucus voted to endorse this package, 50 members of congress. 25 democrats and 20 republicans and millions of families and businesses need immediate action. Neil there is no assurance from the House Speaker she will bring the bill to the floor. It will finalize the language of the next few weeks, treasury secretary Steve Mnuchin was consulted about numbers to get those right in certain areas. He was testifying before the Senate Banking committee with the fed chairman. Both saying targeted relief is needed. Based on recent Economic Data i believe a targeted fiscal package is the most appropriate federal response, the collective effort, getting people and businesses that constitute the economy across the chasm created by the pandemic getting them safely to the other side to the postpandemic economy. Reporter Steve Mnuchin will talk to the House Speaker about funding the government specifically but the cares act may come up, a lot of support for more help for the American People. Neil as we await to hear from joe biden outlining his Economic Team whether given the closeness of the senate say it stays under republican control, whether he will have these numbers approved, not all of them need approval but it could be a fight. It could be a very big fight in the next congress. We heard Senate Majority leader and Mitch Mcconnell want a smaller bill, pushing a 500 billion bill, this is 900 billion. And that can be swallowed by the republicans to come on board with something this size and the president said he wanted to go to 1. 2 trillion at the end of last year to get this through the election but again it is going to be a fight whether it is now or later in this group is hoping the American People swell up and get the House Speaker to move, to nudge in order to get something done. Julie much has been made of the president elects choice for a budget chief, pretty heated political fight and she burned a lot of bridges, she might be the sacrificial lamb. Here anymore on that . Dont know if he is the sacrificial lamb, not hearing about that. This is something president elect, we are hearing on capitol hill the least we can get these folks past. There is also a belief among democrats i talked with on capitol hill they can control the senate and that will in turn make these pics go through confirmation. There is a little bit of that Going Forward but president elect biden wants to surround himself with people he is comfortable with but give a line to the more Progressive Side as you mentioned with that pic specifically and would be able to get through when they control the senate. Theres a little bit of that belief and undercurrent on capitol hill. Neil jackie, wall street loves stimulus, these choices are very prostimulus. Whether things are going to worsen the deficit or the debt, your quick take on that. Do they enter the room . It has been waiting for a while. Thanksgiving, it is far from the traditional large gathering of family and friends, apart from any we loved, hope you had a good thanksgiving. Times are tough but i want you to know help is on the way. Last week i announced nominations and staff for critical foreignpolicy National Security positions, first rate team is going to keep us safe and secure but today i have the pleasure, i have the pleasure of announcing key nominations and appointments for the credit economic positions in the administration. The first rate team that will get us through this ongoing economic crisis and help us build the economy back not just build it back but build it back better than it was before. A team that is tested and experienced, includes groundbreaking americans who come from different backgrounds and share my core vision for Economic Relief in the United States of america and given a fair shot and equal chance, there is nothing beyond the capacity of the American People. Lets not forget who built the country, workingclass and middleclass people built this country and unions built the middle class. From the most unequal and economic job crisis in history we can build a new American Economy that works for all americans, not just some, all. We need to act now, though. We need to work together. In the weeks since winning the election, Vice President harris and i have coverage a number of people, convened meetings with labor leaders and ceos at the same time, mayors and governors of all political parties. There is a consensus out there. Has we battle the covid disease, we have to make sure businesses and workers have the tools, resources and guidance and Safety Standards to operate safely. The goal is simple to keep businesses and schools open safely but for millions of americans who lost their jobs or hours and had to claim unemployment we have to deliver them immediate relief. That includes affordable healthcare for millions of people who lost it and are in danger of losing it, child care, sick leave, family leave. So workers dont have to choose between work and family. Really from rent and student loans, support Small Businesses and entrepreneurs who form the backbone of the communities that are teetering on the edge. There is an urgent need to fund state and city is so frontline workers on those jobs can stay in the jobs, founders are pretty smart. I could have gotten this lesson to future secretary of the treasury. Theres a reason all the states and localities have a balanced budget but were allowed federally to run a deficit to deal with crises and emergencies with that we have in the past. We keep Vital Public Services running, and give aid to local and state governments to make sure they can have Law Enforcement officers, firefighters, educators as we did in the recovery act of 2009. Before congress should come together and pass a robust package relief to address these urgent needs, any package, past in the lameduck session, is likely to be atlas just a start. The Transition Team is already working on what i will put forward in the next congress to address the multiple crises we are facing especially economic and covid crisis. The team i am announcing today will play a Critical Role in shaping our plan for action starting on day one. And to revive this economy. They help us to help the country layout my bill build back voter plan, a bill that an independent analysis from moodys, well respected lost reaffirm projected could create 18. 6 million jobs. It is based on a simple proposition. Reward hard work in america, not wealth. Time to invest in infrastructure, clean energy, climate change, manufacturing, so much more will create millions of good paying jobs. It is time to address structural and inequities that this pandemic is laid bare. Like two lines coming off of k, some people are seeing prospects for upward while others are watching economic prospects drop sharply. For those of the top jobs come back. Wealth is rising. Compared to last year. It is a downward spiral. They are putting food on the table, let me be clear, for this team and others will add in the weeks ahead, we will create a recovery for all. We are going to get this economy moving again, create jobs, raise incomes, reduce job, Racial Equity across the economy and restore the backbone of the country, the middle class. Our message to everybody struggling is this. Help is on the way. My dad, you heard me say this before when he lost his job in scranton when i was a kid and we eventually moved the family not far from here in claymont, delaware, outskirts of willington, he used to say joey, a job is a lot more than a paycheck. It is about respect, your place in the economy, to say to your kid, honey, it is going to be okay and mean it. And also joey, i dont expect the government to solve my problems, but i do expect him to understand my problems. This team understands. Secretary of the treasury, i am pleased to be able to nominate janet yellen. No one is better prepared to deal with these crisis. I wish it wasnt as much of a crisis, future secretary. The first treasury secretary was chair of the Federal Reserve, vice chair of the Federal Reserve and chair of the president s council of economic advisers. Janet is one of the most important economic figures of our time, she had a career focused on employment and the dignity of work. She is really important to me and to all of us. She understands what it means to people and their communities when they have good, decent jobs. Being looked at by their neighbors and being respected, matters a lot. Respected across party lines and around the world, by main street and wall street, educator, mentor, above all the daughter of a working class neighborhood who never forgot where she came from. Her husband george is pretty good too, he won a nobel prize but one that married up. Janet will be the first woman to hold this office. We might have to ask manual miranda who wrote the musical about the first secretary treasury, hamilton, right another musical about the first woman secretary of the treasury, janet yellen. That is what im working on right now. Director of office of managing the budget i nominate mayor tandon. Ive known him a long time, a brilliant policy mind with critical practical experience across government, was raised by a single mom on food stamps, and immigrants from india who struggled, worked hard and did everything she could for her daughter to live out the American Dream and she did just that. She understands the struggles millions of americans are facing, should be the first woman of color of south asia, from south asia, and the lead omb. And the and and to control the virus, she believes what i believe, a budget should reflect our values. My dads people say a high school educated guy very well read. Show me your budget. That is what you are going to do for us. Deputy secretary of treasury i nominate wally ali ergo. I dont know, i tell you what, senator warren really likes you. She highly recommended you but i wasnt sure she worried i stole you as well. Thank you for being able to do this. On issues ranging from macroeconomics to School Protection and National Security and international affairs. I worked with wally during the Great Recession. Rsr tackle one big job after another. Deputy National Security adviser to president obama, Deputy Director for National Economic council, former chief of staff to Elizabeth Warren where he helped create the Consumer Protection bureau, Financial Bureau which has done so much good is designed to protect consumers and working people from unfair, deceptive and abusive financial practices, the first african american, and an immigrant from nigeria, he understands everything we do. Basically for the people, for families, hardworking people. To understand their struggles and most of all their dreams, he understands both and i want to thank wally for being willing to do this. Chairperson on the council of economic advisers i nominate, notwithstanding a very distinct professor at princeton and my children used to kid about one of the most established economists in the country, expert on labor economics, race, poverty and education, dean of the school of international affairs, the council of economic advisers to president obama, advisor to president clinton at the National Economic council, more than that, proud daughter whose mom, school psychologist, and her dad, one of the countrys first africanamerican astrophysicists who dared her to dream, she has done both. Of conference easy will be the first excuse me, the fourth woman to lead the council, National Economic advisers, the first africanamerican ever to hold that post. As cea chair she will serve as member of the cabinet as well. As a member of the council of economic advisers appoint jared burns, old friend, brilliant thinker, quick wit, heart as big as his head and the heart he got from his mom and educator, social worker turned economist, jared is one of my closest economic advisers and friends, serves as chief economist during the Vice President , he was there and that foxhole during the Great Recession with the economy on the brink and country on its back. Couldnt think of anyone else i would want to be on my side to face the challenges ahead. Jared will be one of the leading voices in economic policy. As his hero fdr used to say straight from the shoulder. One thing i can assure you is working people always have a voice in this council. As member of the council of economic advisers i appoint heather bouce. Thank you for getting here. One of the foremost economists working to make sure we build an economy that works for all americans. The daughter of a union family, no wonder she believes so deeply in the idea of leave no one out, leave no one behind in this economy. During the campaign, rely on her counsel in addressing structural inequities and i will do so again as president because that is one of the central issues of our time. To this team, thank you for accepting calls to serve again. To your family use, thank them for their sacrifices, it is real sacrifice. You could not do this without you into the American People this team will always be there for you and your families. This is family oriented team. We got to make sure ordinary people get a chance to do well because when given a chance they have never ever let their country down. 11 years ago president obama and i entered office during the Great Recession and implemented the recovery act that saved us from the Great Depression. I didnt see the map of america at the time, nor did he come in terms of the state and red states. We only saw the United States of america. We work with everyone, for everyone, recovered and rebuilt together as one nation. Vice president harris and i will do that all over again. Outstanding team. They are ready on day one. United states senate, i hope these outstanding nominees receive a prompt hearing and we will be able to work across the aisle in good faith and move forward as one country. Lets begin the work to heal, to unite, to rebuild an economy for all americans. They deserve and expect nothing less. Thank you and may god bless you and may god protect our troops. I now turn this over to the new team started with our next secretary of the treasury, janet yellen. Thanks for accepting. Appreciate it. They are going to clean this off for us here. Excuse me, janet. I put it in my book. Talked about masks. Thank you, mister president elect and madame Vice President it let. It is my great honor to have this opportunity to serve you and the American People. And to join this incredible Economic Team at this moment of great challenge for our country. Mister president elect, when you reflect on what your father taught you about how a job is much more than a paycheck i hear my own father who raised our family in workingclass brooklyn. When he graduated from medical school during the Great Depression he looked for a home and a place to hang his shingle with the brooklyn docs. Back then Bush Terminal on the upper new york day was a thriving hub for manufacturing and transportation. And for the Union Workers whose livelihoods depended on some. Knowing they didnt have cars, my father found a bus line, he started his Family Practice in the basement while we lived on the floors above. At the end of the day, he would talk to me, my brother and my mom about what work meant to his patients. Our friends and neighbors especially if they lost a job, the financial problems, family problems, health problems, loss of dignity and selfworth. The value of work always stuck with me so much so that i became an economist. Because i was concerned about the toll of unemployment on people, families and communities. I spent my career trying to make sure people can work and achieve the dignity and selfworth that comes with it. Mister president elect, i know you have done the same. I saw that understanding during the last Great Recession and the recovery act that follows. Now we are facing historic crises again. The pandemic and economic fallout the together caused so much damage for so many and had disproportionate impact on the most vulnerable among us, lost lives, lost jobs, Small Businesses struggling to stay alive or close for good. So many struggling to put food on the table, pay bills and rent. Is is an american tragedy and it is essential we move with urgency, inaction will produce a self reinforcing downturn, causing more devastation and we risk missing the obligation to address deeper structural problems, inequality, stagnant wages, especially for workers who lack college education, communities that have seen industry disappear with no good jobs replacing lost jobs, racial disparities, Job Opportunities, housing, food security, Small Business lending, to deny wealth building to communities of color, gender disparities to keep women out of the workforce, keep the economy from running at full force, convergence of tragedies, not only economically unsustainable but one that betrays our commitment to giving every american an equal chance to get ahead. I know this team will never give up that commitment. As you said before, mister president elect, out of our collective pain as a nation, you find collective purpose to control the pandemic and build the economy back better than before. To rebuild our infrastructure and create better jobs, to invest in our workforce and advance Racial Equity and make sure the economic recovery includes everyone, to address the Climate Crisis with American Ingenuity and american jobs, working together with Outstanding National or Foreign Policy team you announced last week to help restore americas global leadership. Above all, we share your belief in the American Dream. A society where each person with effort can rise to their potential and dream even bigger for their children, i pledge as treasury secretary, to work every day towards rebuilding that dream for all americans and the great Public Servants of the Treasury Department i look forward to working with you and wally to rebuild the public trust. To the American People, we will be an institution that wakes up every morning thinking about you, your jobs, your paychecks, your struggles, your hopes, your dignity, and your limitless potential, thank you. Mister president elect, madame Vice President elect. I am humbled and honored by the trust you have placed in me to work with this talented team on behalf of the American People and especially proud to work alongside leaders who understand that budgets are not abstractions. They are a reflection of our values, they touch our lives in profound ways and sometimes they make all the difference. Like the Vice President elects mother, my mother, maia, was born in india. Like so many millions across every generation she came to america to pursue a better life. I was raised in him suburb as a middleclass kid but i got my parents got divorced when i was 5 and my mom was left on her own with two Young Children without a job. She faced a choice. Return to india at a time divorce was stigmatized and opportunity for her and her children would be limited, or keep fighting for her American Dream. America came through for her when times were tough. We relied on food stamps to eat. We relied on section 8 housing vouchers to pay the rent. We relied on the social safety net to get back on our feet. This country gave her a shot to reach the middle class and she made it work. She was involved as a travel agent and before long was able to buy us our own home in bedford, massachusetts and eventually see her children off to college and beyond. I am here today thanks to my mothers grit but also thanks to a country that has faith in us, that invested in her community and our dreams. Im here today because of social programs because of budgetary choices, a government that saw my mothers dignity and gave her a chance, but it is my profound honor to keep lifting americans up, to bring them back from the brink, give everybody a chance my mom god, that every Single Person deserves. That is the america we were drawn to. The america that president elect and Vice President elect are ready to grow. I believe so strongly that our government is meant to serve all the American People, republicans, democrats and independents like all of whom deserve to know their government has their back, i look forward to working together alongside the dedicated career professionals of the omb to expand possibilities for every american family. I want to thank my wonderful family, my husband ben, without his life love and support i would not be here and elaine and jamie. Thank you for this profound opportunity to serve. Thank you for this profound opportunity to return the Treasury Department and serve the American People. I know firsthand the president elects capacity to lift our country out of hard times, had the privilege of working with him to help americans recover from the Great Recession. Californias inland empire where i grew up, workingclass neighborhood, the Great Recession hit us hard. We are one of the foreclosure capitals of the United States. The pain of this is real for me. Not just numbers in a report or stories on the nightly news but neighbors and friends who lost everything. I was proud of the work i got to do it the Consumer Financial Protection Bureau protecting American Consumers helping to grow the us economy. I was proud also of getting a chance to serve as leaders like the president elect who oversaw the recovery acts implementation investing in american workers, betting on the resilience and derive and giving them a chance to get off the map. And giving them a fair shot when they needed most. And making sure the economy works not just for the wealthy but the hardworking people who make it run. Those are lessons i learned from my parents. Another entry school principal, a nurse who came to america to build a better life for me and my siblings. Had an opportunity to serve our community in the country that gave us so many opportunities. I learned early on how much needs to be done to ensure everyone has a fair chance they deserved. I look forward to working with janet yellen to reduce inequality in this country and expand the middle class and make sure we build an economy that works for everyone and as we build back better, may laser focused on the Treasury Departments Critical Role protecting National Security. This includes using sanctions museum to hold bad actors accountable, dismantling Financial Networks of terrorist organizations and others who seek to do us harm. And ensuring our Foreign Investment policy protects National Security interests. The challenges before us are unlike anything we have ever faced but i know what the president elect saw is true. The American People can do anything when given a chance. I am on it to be part of this talented team and work with them and all the American People to build an economy that gives everyone that chance and turns our nation once again from crisis to hope. Thank you. Good afternoon. Mister president elect, madame Vice President elect. Thank you for this extraordinary opportunity to join this team. Im humbled and honored and ready to get to work for the American People. To be perfectly honest, until recently i did not anticipate returning to public service. As every academic knows, when you lay down roots in a school you love with incredible students and colleagues you have grown with it isnt easy to take a leave. Requires a rare combination of urgency and opportunity to pull you away. But that rare combination is precisely what our nation is facing right now. My path as an economist began my first year of college. My mother, the school psychologist, encouraged me to take a course in economics and it happened to coincide with one of the worst spikes in unemployment since the Great Depression. It was impossible for me to separate what we were learning from the classroom from what i know was going on in towns across the country. I found myself drawn to the study of the labor market in all its dimensions. The reasons jobs disappear. The impact of education on job prospect and the ways we can tear down barriers to job growth and make it easier for people to find longlasting economic security. Nearly 40 years later we are once again living through one of the worst job crises since the Great Depression. Millions of families had their lives turned upside down. The safety net has frayed leaving vulnerable americans to slip through into hardship and hopelessness. Structural inequities that have always existed in our economy are being exacerbated like never before. This is a moment of urgency and opportunity. Unlike any we faced in modern times. The urgency of ending a devastating crisis and the opportunity to build a better economy in its wake, an economy that works for everyone, bring fulfilling Job Opportunities and leave no one to fall through the cracks. I look forward to working with the Vice President elect and the president elect in this amazing Economic Team to address that urgency and seize that opportunity and make our Economic System work better for every american. Thank you. Good afternoon. I am hardpressed to find the words to express my gratitude to the president elect and Vice President elect for the chance to be here today. In thinking about the past the brought me here a good place to start is 12 years ago almost to the day when i met with then Vice President elect biden at his home not far from here. It was supposed to be a Job Interview to be his chief economist but it quickly turned into a conversation about Economic Justice and fairness which as many here know, our common destination conversations with the president elect. Over the years we have continued that discussion. Often it takes the form of some policy minutia. Sometimes it is me hitting him with far more graphics than are necessary or him telling me to stop speaking economies and start speaking english, guilty as charged, mister Vice President elect. The reason we had such meeting of the minds back then dates back to a common saying in my household when i was growing up. If you are not part of the solution you are part of the problem. I grew up with a single mother, a lifelong educator. There was a picture of fdr on the wall. The proudest moment wasnt when i got a phd but when i got a union covered, local 802, new york city musicians union, but that is a whole other story. Of course, if you intend to be part of the solution you need to accurately diagnose the problem. In that regard the president and Vice President elects agenda is timely, resonant and visionary. They stressed the urgent need to control the virus and relief needed to help families and businesses get to the other side of this crisis but they have been just as adamant that the beginning back to where we were sets the bar too low. The economy is more resilient, more fair and more inclusive. It is precisely the vision this nation needs and i suspect im not the only person on the stage chomping at the bit to get to work on making their vision a reality. Mister president elect and madame Vice President elect. I am honored and grateful for the chance to be part of this exceptional team, excited to get to work helping build an economy rooted in the values we share. E quality, opportunity and the dignity of work. It is no accident that i focused my career on instilling those values in our economy, developing policies that help the nation grow stronger by growing more equitably. Like the president elect and the Vice President elect those values were instilled in me at a young age. The late 1970s my dad got his job at boeing, if you grow up in seattle like i did you know what that means. A lot more than a paycheck as janet referenced and as the president so often reminds us. And for our family. My dads childhood meant security, union benefits, a place in the neighborhood, a place in the middleclass but when the recession hit in the early 1980s, one by one the pink lips arrived for every family in our coldest back. Every kid had a parent who was laid off. Our entire Community Solid future dimmed and one by one it was my turn. So the first time i truly experienced this thing called the economy it was my parents sitting down and explaining things were going to be tougher for a while because my dad was on layoff. Too many kids in america experienced the economy due to those Difficult Conversations or far worse. I was struck by the profound power this Mysterious Force held over my life, my friends and my community. I wondered if that power could be wielded to happier conversations and folder lives. I dedicated my career to figure out how we can grow and sustain the middle class and uproot the gender barriers and racial barriers too Many Americans outside the train holding in. Through the organization i cofounded i pursued solutions about the dangerous march of inequality and bring us back to the core value of broadly shared success, the same value i see at the heart of the billback better plan and why i am so excited and honored to help the team bring back not just good jobs but the good lives and peace of mind that comes of them to every american community. Thank you. Mister president elect, congratulations on choosing Outstanding Team of brilliant minds, this Economic Team, this is the right team, to our nominees and appointees, thank you for your continued service to our nation, this is the team we need to deliver immediate Economic Relief to the American People to get our economy back on track and to make sure it works or working people. As president elect biden noted earlier complete that task could not be more urgent. Cases of covid are spiking and beyond the tragic loss of life, the toll of this recession continues to mount. Across america one in 6 adults with children say their families are hungry, janet yellen talked about security, this is real, we are looking at a hunger crisis in america, one in 3 adults are having trouble paying their bills, essential bills, the bills that need to be paid at the end of every month to get to the next month. The number of open Small Businesses has fallen by 30 due to this pandemic. Many others are hoping they can stay afloat until a vaccine is available. These are the struggles, the worries that keep people up in the middle of the night that have been sitting at their Kitchen Table past midnight trying to figure out how they are going to make it work but americans are not united by their worries alone. They are also united in their aspirations, the aspirations they have for themselves and their children and their families and their communities. No matter where you live or what language your grandmother speaks, Everyone Wants to be able to get a job and keep a job. No matter what your gender, who you love, Everyone Wants to be able to buy a home and keep a home, no matter how you worship or who you voted for in this election, Everyone Wants to be able to give their children a decent education and allow those children to pursue their dreams even during a pandemic. Joe and i understand that. We were raised to respect the dignity of work, we were raised by hardworking parents who always understood the dignity of work and the potential not only for their children but of our country. That is why i have always fought for working people, standing up for middleclass families who lost their homes in the Great Recession, you talked about that. Families in california were devastated, they were able to rely on their government and the they need to see their conditions and speak to that condition. That is the work that needs to happen now. I look forward to collaborating with this Extraordinary Team to put working people front and center in our administration. These Public Servants are some of americas most brilliant minds, they are proven leaders with talents, achievements and life stories. Their life stories reflect the stories of the American People and stories reflect the very best a country. They not only have the experience, the expertise, and what is necessary to end this economic crisis but also what is necessary to put people back to work and they share in our commitment to building an economy in america where everyone has access to a higher minimum wage and affordable healthcare, paid family leave and paid sick leave, homeownership and capital to start a Small Business. On america where opportunity is within reach for everyone, for all the people. We have a lot of work to do to build that america and to billback better, and president elect biden and i together with this Economic Team will be ready to hit the ground running on day one because that is what this crisis demands and that is what the American People deserve, thank you. Neil we are always waiting for the possibility of the president elect taking questions, a rare event, not happening today. Welcome back, you have been watching live coverage of the president elect choosing his Economic Team, a whos who of left of center, centerleft economists and recommendations who served in prior democratic administrations going back to the Clinton Administration but some of the choices not a big surprise, janet yellen, former Federal Reserve chair to take over as treasury secretary and Jared Bernstein serving as advisory member on the council of economic advisers, the deputy treasury secretary serving with janet yellen. Good deal of controversy about the president elects choice for the director of the office of management and budget, some of said fiery and divisive comments on the election four years ago when she said the russians handed that to donald trump might come back to bite her and cost her support in a republican senate. She might need the heaviest lift of these choices, the council of economic advisers, the president elect hoped her to be in that role, was controversial. Probably the toughest cell. Some said that was deliberately the case. I wawa to too harlie this. O urugon getting these oices ths ugs a s is not a big fan of a lot of trying to focus carefully on georn orornu5th,y heh, ma irksnrksnecrksnecessarilyrily e sturdibed by anyf the sesera l acadl emics ons se listbut bibuden needdesbe abo push these nomins s thugh and anat wl be crucial as Kamala Harris said to hit the ground running when it comes today one. Before we went into this and he made those announcements, talking about a stimulus plan and the fact that he wants to see a robust package for relief go through now and he would expect to pass something as we move forward, something wall street is expecting from that team, you see the names and photographs, and the stark contrast between those personal stories coming from academia and the cabinet we are used to we have seen in the Trump Administration the last four years who had done quite a good job with the economy free pandemic, people like Steve Mnuchin, larry kudlow, wilbur ross, people with business experience, this is all going to be very interesting as we watch it play out. Neil normally a senate no matter who controls it will, by and large, deep for to the incoming president and accept his choices, not all the time but most of the time. How do you see this . They are going to accept all these people except maybe tendon, she is so controversial and partisan. She was doing tv attacking Mitch Mcconnell not long ago. There will be a lot of focus on her. The markets like janet yellen, speculators love lower Interest Rates. Here is my take away from this. Listen to these folks, very highminded rhetoric about the middle class, you forget a few things. The middle class was doing well precovid. We are not coming out of the depression, there was rising wages on the low end. When we had covid donald trump, larry kudlow, Steve Mnuchin, working with Senate Republicans and democrats in the house passed stimulus bills that saved the economy from depression. I dont know what Kamala Harris is talking about. When you hear janet yellen talk about income inequality you almost have to laugh. This is the thing with janet yellen. She supported everything president obama did in terms of fiscal policy at the fed when she was fed chair, she still kept Interest Rates very low which screwed over the middleclass savers and income inequality given her federal policies, Federal Reserve policies under her watch as vice chair and chair and fiscal policies under obama which she supported, dramatically in the obama years. I couldnt help but laugh listening to her talk about the middle class needs to be saved when the policies she enacted hurt the middle class. The policies she is looking to reverse clearly under a trump help to the middleclass and workingclass. It is very stark and a story that is not being covered. Neil interesting point. The Incoming Administration will always trash what they inherited from the prior one. Donald trump was fond of saying he inherited a depression in the worst economic time ever at all of that. If memory serves me right wasnt quite that bad, but to be fair the Prior Administration said quite rightly in this case it did inherit a meltdown but it was fond of blaming all the ills in the world on the bush administration. Im wondering where this goes. They have to sell more spending and more stimulus, i dont think they were run into resistance on that. Good question. The best way to look at it, when you look at the Great Recession and the problems a lot of folks were talking about solving their way through, no question that happened but the amount of time in which it happened it took a decade to get back to the level with respect to the stock market and the economy chugging along again and donald trump says i inherited this economy that was full of trouble and he did to a certain extent and did turn things around, free pandemic our economy was doing the best it had done in a long time and people are reaping the benefit of that. The stock market under obama did not rebound fast, less than a decade. That is the problem. Neil the growth was subpar. We have a lot more after this. Stay with us. We made usaa insurance for veterans like martin. When a hailstorm hit, he needed his insurance to get it done right, right away. Usaa. What youre made of, were made for. Usaa usaa. What youre made of, were made for. Adapting. Innovating. Lsetting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. The entertainment and gaming the whole family will love. 100 obsessed with the mandalorian. man i watch a lot of sports. woman it has all my favorite shows. Switch now and save 700 on galaxy s20 plus. Its like a gift on top of another gift. Gifts keep coming at you. Everywhere. This is 5g from americas most reliable network. My husband would have been on the sidelines. But not anymore an alternative to pills voltaren is the first full prescription strength nonsteroidal antiinflammatory gel to target pain directly at the source for powerful arthritis pain relief. Voltaren. The joy of movement. Neil if you like stimulus you will probably like what is planned in the new administration. You will see more of it. Wall street signed up for view the more keeps coming no matter who is paying you will see it. Here is david asman in for charles payne. David david, that discussion about inequality between charlie. That was a great discussion. Neil thank you, my friend. Good to see you. David great to see you. Im david asman in for charles payne. This is making money. Nasdaq hitting new record highs, we have market watchers to help you make money on all of this. Investors optimistic about the development of covid vaccines, there are six as the cdc meet this is hour to come up with a plan who