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Transcripts For FBC Making Money With Charles Payne 20240711

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To abide by draconian lockdown orders, will have the latest on reaction to all of this and from capitol hill im joined by republican congressman andy biggs of arizona talking about a 35 million covid relief bailout going to want to joe bidens Campaign Advisory firms, what the heck is going on with that. This is the backbone of america being challenged by new lockdown, 60 of americas Small Businesses closing for good or being pressured to follow debilitating restrictions, will hear from the chief attorney from the owners of the Staten Island bar arrested for staying open, our covid shutdowns being used as political weapons, all that and a lot more right here on making money. David stocks are on pace for record close to in the week in a bigness in the november jobs report, the u. S. Added 245,000 jobs last month, that was only half as much as expected, you can see on the right the unemployment did kick down two tenths to 6. 7 but much of that because folks leaving the job force entirely. Do these jobs numbers reflect another lockdown slowdown. Joining me moodys cheap economist, are you concerned about this question. Slightly concerned, i think it only good to be capillary and i would add were not quite to see severe as the slowdown of the Economic Activity as we did back in march and april of this year, its going to be quite mild to what happened then and thats mostly because weve learned how to cope with covid19. We may have a long dark winter but once that vaccine arrives i think we will have a red hot summer. David i would add to your lockdown that americans are pushing back, young the l. A. Sheriff saying he was not going to enforce a lockdown orders, john kony and as they are because the fact he does not believe in them, he takes American Business needs of rake. Frankly soda why. A lot of people were talking about the jobs numbers as terrible, it shows were going to go into a recession. Remember in spring, people were saying we would have double digit unemployment rates all through 2020 and of course they are down to under 7 . Also they never wouldve predicted a 33 increase in gdp for third quarter. That is so right, despite todays disappointment on the jobs front, the gdp forecast from the atlanta Federal Reserve for the final quarter of this year was revised upwards from 10. 8 real gdp growth to 11point to gdp growth, we have an upward revision of Economic Activity and we have an equity market and on top of that we have a ten year treasury yield jumped up to 1 , by no means is a Financial Market and others see this disappointment on the jobs front as implying that there is a much greater risk of a double dip recession. David we had pretty good news on wages. They keep going higher, up three tenths of 8 and if we look at jobs number were gonna have the employment report overall, we will have a nice solid increase of one half of 1 of wage and salary income in the month of november and that is important that will respond to further increase by consumer spending. David last question, the most concerning part of the jobs report, the number of people leaving the workforce and it brings up the question, the double edge sword of these relief bills that include more unemployment insurance, that does provide a disincentive for people getting jobs, right . That can very much be a problem especially when you have the 600 weekly supplement to unemployment benefits, that deterred a lot of people from taking a job in this would be especially true for lower paid occupations. My senses you get the vaccine, it starts taking effect and we are going to see people coming back into the labor force taken advantage of verizon job opportunities, right now were looking at a record high level for tax and aftertax income and i wouldnt be surprised if we come back a lot faster than currently expected for the overall economy. I see gdp going back to where it was prior to covid by the final quarter of this year. David we have to remember how unusual that is in the world right now, except for china, frankly i dont believe their stats anyway but europe was hit so much harder they started from a lower point going into the lockdowns and were having a lot of tough real problems working their way out of it as well. I think we in relation to all the other countries that we compete with are doing extremely well. Final word. This is kind of a mystery, i cannot understand why the dollar is weakening against the euro when the u. S. Economy was hit much harder by covid19, this will make it even more difficult for europe to recover from their virus induced recession and the weaker dollar is probably going to help u. S. Profitability and u. S. Economic activity in 2021. David all have to ask my nes nt guess about that. John lansky, pleasure to see you. With stocks in record territory again today, its obvious investors are optimistic the jobs report reiterates the importance of getting a covid relief bill passed soon, we know congressional leaders are talking again and if we get something soon before the holiday break how big of an impact will that have on the market lets bring in Wealth Management cio scott martin and gives Wealth Management president aaron gibbs, scott, first to you, i think markets the reason why there up even more because of the covid relief bill, they have their eyes on the prize in the prize is the massive unleashing of the World Economy of all the pentup demand once these vaccines get in place what do you think question. Agreed, you and john lonski touched a lot on that and i think hes completely right, its one of those things where you get to the vaccine release, you get to the vaccine permeation throughout society and along that way pentup demand builds up until that release until people feel comfortable to go out and spend and act freely. I agree with you alongside the vaccine and adding into that stimulus that is likely to come down the road whether its by the end of the year sometime in january or february to hold us over until that point, support stock prices and keep things nice and happy in the end of the year in the first quarter. David i was talking about this with john lonski, our competitors around the world has never been better. I cant think of it being better since coming out of world war ii. Compared to europe, to asia work behind, it depends versus emerging. There are some big buyers and consumers that are helping stocks push ahead despite the overall depressed development within europe and the u. S. David what about the political risk, we dont know whats going to happen in georgia and exactly how things are going to shake out with the election that we just had interns of all the challenges. Are these political risks weighing on stocks . Could it have larger room to grow once for pathos . At this point i dont see anything weighing on the u. S. Stock market, its really all about the vaccine, the vaccine mondays weve been getting for the four weeks has been pushing it up and i think the markets are so focused on getting past the pandemic i dont think theyre really going to take into account any potential additional taxes particularly i think the scenario is so unlikely that it would be one by democrats that we could to the Corporate Tax rate and i think wall street has dismissed it so it would have to be a big surprise and thats when we might see some depression but i dont see it weighing on the stock market right now, its all about vaccines. David scott, this is a very strange recession, it was so shortlived and selfimposed, i can never remember a selfimposed recession but it is still recession and were coming out of it, the good thing about recessions it forces business to tighten up and fly right and it does some good in that regard, what sectors do you think have done the best in terms of tightening up and will come out of this stronger than others. Similar to what you said, odd recessions, how about a recession where tech became the defense mechanism and as far as what to buy, cyclical tech, oldschool, and certainly new school tech became the defense play in the one to own in this recession, i think it continues to a lot of the points that aaron just made. Furthermore, you talk about the selfimposed recession which is really tough to swallow for me as a capitalist because youre right it was selfimposed as the have and have not recession, some businesses did very well and others that closed or struggling. One quick last thing, you noted this with john lonski, everybody that we be negative gdp growth quarter after quarter and month after months of lost payroll numbers in reality we have millions we had a month where we had millions of payroll growth and a quarter of gdp that just knocked in a 38 growth rate and still theres folks saying the economy is going to slow, no cutting from 38 growth per quarter, yes it probably will but it looks pretty good. David i agree 100 but we cant forget the millions of people unemployed and some of them frankly are not going to be employed again, a lot of them worked out of the job market entirely, thats why Labor Participation was down again. Are there going to be a lot of people, im talking millions of people out there who in order to get a new job will have to change careers . Yes, were already looking at 3. 7 in the longterm unemployed either people most likely going to have to retrain or change careers and were still down at least about 10 million somewhere where we were in february. Business has changed as logistics, warehousing, delivery, all the online delivery becomes more important in many people will have to change, we will not need as many stores or malls. I think the online experience is whats more important and hopefully part of the stimulus package will be retraining to where consumers will be spending even after the initial pentup demand. David i would be glad to contribute to that stimulus plan. Although we will talk about other parts of the stimulus plan that i would never want to contribute to. Good to see you both, thank you very much have a great weekend. Small business under siege as more lockdowns are put in place. We will have the latest at the backbone of america is on the ropes. Help may be on the way as the deal looks to be in reached for relief but will that be enough to stop the bleeding. Ill ask andy briggs right after this. A must in your medicine cabinet less sick days cold coming on . ZicamĀ® is clinically proven to shorten colds highly recommend it zifans love zicams unique zinc formula. It shortens colds zicam zinc that cold teen short ns colds mom. It happened again. vo add some thrill to your wish list. At the season of audi sales event. Unlike ordinary memory want supplementster . Neuriva has clinically proven ingredients that fuel 5 indicators of brain performance. Memory, focus, accuracy, learning, and concentration. Try our new gummies for 30 days and see the difference. In a on the most reliable, pnetwork with xfinity mobile. 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. David the wheels are spinning for federal relief as Nancy Pelosi Mitch Mcconnell seeming to be willing to pass a trillion dollar package but are we sure where the all the money is going. Arizona republican congressman andy biggs. I will go right to it congressman, we have an extraordinary story of a 35 million package, its unclear whether it is a loan or complete giveaway which came from the cares act by the way and went to the california government to a democrat Consulting Firm that is linked to joe biden, this is outrageo outrageous, this money is not supposed to go to organizations like that. David, youre exactly right, when you release that much money it was two plus trillion dollars, you dont always have the accountability are supposed to have, what we have the california secretary of state, secretary padilla and heres the problems, youre not supposed to use the money to do voter outreach and voter contact, at any time regardless of where the source of the money is and specifically here so you have a 35 million nobid accelerated contract to a firm associated with the biden family. That smells bad right on the face of his 35 million that shouldve been going to Small Business owners that are in trouble. This is very, very disturbing and that is why republicans are asking for an Inspector General report immediately on this. David the idea, the 35 million when theres americans who are struggling desperately who at most might need 20 30000 to keep their Small Business alive, theres a lot of americans who feel the swap is benefiting from the covid relief bills and even though they are taxpayers like everybody else, there was one guy in michigan a Small Business owner who could not take it anymore, he had to get it out in front of the camera and we have the soundbite to get the congressmans reaction after. Are you the owner . 4 trillion in stimulus money i gave it to who . Special Interest Groups and campaign owners, wake up, stand up this is america be free, give us the money to shut this down and calm the virus but dont take it out. David this guy has it exactly right more than any of the geniuses inside the beltway, this guy knows whats going on in the 35 million is just an example of that. He is exactly right, the problem with the 2 trilliondollar package, it went all over the place without any accountability, if you are going to provide relief, the place where i suggested is we should target the relief to the Small Business men and women who by the way half of them are going paycheck to paycheck, monthtomonth, we are seeing lockdowns at the state and local levels and there is no accountability and they begin knocking him down, then they come to the feds and say they need to bail them out. If you begin to say we are going to be free and let americans make an assessment on the risk, people will be able to determine a going to go to this place or im not based on the risk. Guess what the economy has so much room to go because so much is locked down but you and i both know we can go to any mainstream america and you will see two or three restaurants that are closed out of five and you will see half the other retailers closed and whatever help was supposed to be given to them they were able to last. David i suspect that man his name dave morris, i would suspect he needs a lot less than 35 million. For my taxpayer perspective, i would be willing to give them from the 35 million that went to a political Consulting Firm and if they had any shame they would write a check right now and send it to dave morris. Send it to the hardcore American Business communities, Small Business communities that is the backbone on the american economy. They need the money, not political consultants. Its just outrageous, you thinking for the worse and then Something Like this happens. Thank you very much for being here. The attorney for the Staten Island bar owner arrested for refusing to stop spending indoors, as restaurants go under unbelievable rates. A more lockdowns on the way. Stay with us. Wow whatd you get, ryan . Its customized Home Insurance from Liberty Mutual what does it do bud . It customizes our Home Insurance so we only pay for what we need and what did you get, mike . I got a bike. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. David Small Businesses under siege as more lockdowns put in place and limited foot traffic and lockdowns are taking more businesses under as nearly 164,000 businesses have had to close since beginning of the pandemic with 60 having to close permanently. Jackie deangelis joining us from the newsroom. This is very sad. It really is. Small businesses, restaurants are americans backbone and as you said there on the ropes because of the pandemic. The limited foot traffic that youre talking about, the lockdowns, 164,000 businesses having to close at one point, that means 60 have closed permanently, illinois governor, democrat has been referencing a study from the u. S. Cdc from september that suggested adults who tested positive for covid19 were twice as likely to have reported negative, the coronavirus transmission has a higher likelihood to spread indoors where people are in closer contact. Critics of the lockdowns are saying the u. S. Is living with tight restrictions and even so the virus really hasnt been contained, perhaps transmission is occurring in other ways, big businesses are calling out what they see as hypocrisy, goya food ceo speaking out on fox friends. Listen. We have this competition of people who are flocking to states that are open for business, is disingenuous for these ceos and governors to close down the states, put people out of work while they enjoy a fixed salary without any repercussion. Speaking of economic damage that could result, 3. 2 24. 8 trillion in u. S. Real gdp according to a new usc study. The factors that will impact the severity include the duration and extent of business closure, how gradual reopening their plane out as well as infection rates and fatalities. As coronavirus cases and hospitalizations are on the rise and deaths hit a new oneday record this week, Public Health and the countrys economic viability are at stake. David of course the numbers dont describe the emotional tragedy of the situations and some people feel the life is over. Thank you so much. The attorney for the bar owner on Staten Island fortifying coronavirus restrictions, great to see you. I want to start with a question i think a lot of people had when they heard that sheriffs cayman when they prevented people to going into the restaurant when they were being arrested and they acted like a guard. Can you hear me all right . What is happening, why were these sheriffs rather than the new york police department. I dont get it. First of all thank you for having me, thank you for your coverage, i remember you from my old wall street trading days. The nypd and the state troopers in the state have refused to work with the mayor and the governor and throwing people out of their own businesses and businesses that they own they absolutely refuse to do it so the sheriffs in the city have a different responsibility than most sheriff offices around the country, in new york city there more of a civil enforcement, quite frankly nobody ever deals with them unless there is some type of eviction, they have been constricted by the mayor of the city to be his own political enforcement, that is why they are there, we had 2000 people at the rally, not one new York City Police officer, it was peaceful, respectful, we did not need them because we did not loot and write. David we had the situation in los angeles that we heard about yesterday were the sheriff in los angeles said he will not enforce the mayors restrictions because they think the businesses have been beat up on and off. There is a revolt that is happening, not just by regular citizens pushing back against the lockdowns like your client but Law Enforcement all over the country is beginning to do this, i want to get to the question of whether the sheriffs who did come had any kind of warrant to go in there and do what they did . They did not have a warrant. I happen to be there, i was on my way to my sons basketball workout and i just come to talk to my two clients to tell them to be respectful and calm and cooperative if the shares did come, 30 seconds after i walked in the place they came busting and with 15 20 sheriffs deputies and no they did not have a warrant. David so theres a constitutional issue and another issue political. You look at a map of Staten Island, for those not familiar its in the lower end of new york, it is below brooklyn, below manhattan. But the lower half of the map, the orange area is exactly where the lockdown, max public house is a couple of blocks away from her less restricted area where they would be allowed to do business. Is it just coincidence that lower section of Staten Island is republican and the northern section is more democrat . I am no scientist, i barely passed biology but what i can tell you that the covid virus does not stop at the railroad tracks, i hate to think like this that the governor of the state they would put on a business lockdown for political purposes but we are the most heavily republican district in the whole state, when you arbitrarily draw a line across the island and coincidentally the lockdown is in the republican area, one has to assume there might be political intent. David one has to assume, needs to be explained if we can believe anything the governor says at this point. Thank you very much for being here. Its no secret the pandemic has changed the way that we work but for many businesses is creating a new role in management, a chief remote officer Lauren Simonetti is here to explain what is not. The cro and is the head of remote work, they set protocol, how are we supposed to work from home, i worked in the closet before, im sure everybody has a similar story, there was a rulebook for all of this until now in the protocol often starts with the allimportant zoom call. What happens, you have somebody going behind you in the camera when youre in a meeting, how will you handle that, putting policies in place, a casual meeting, no problem, children pass through, no worries, if its a client meeting, please seek a quieter place. What are the hours, expectation and what equipment and how do you guarantee equal opportunity or facetime if you have many executives in the office but the rankandfile not in the office, we found out this morning from the Labor Department that 21. 8 of employed americans are currently teleworking and that number is expected to grow glassdoor find job openings for remote only search 276 since last year, its Big Companies like facebook but also get lab that are leading the charge right now and i spoke to facebook and they realized that the future of Corporate America is not in the office, its in Virtual Reality, they tell me artificial and Virtual Reality is the next Computing Platform to allow people not just to work from home or anywhere but that requires investment, organization and communication and this could be an opportunity for women especially so many of them if you look at the jobs numbers left the workforce either because their jobs are in the Services Sector and that sector was closed for a while or their homeschooling their kids, if you can communicate a flexible arrangement you can get women as one demographic coming back to the workforce. David we shall see, lord knows how this will all shake out at the end. Thank you very much. Shares of pfizer trying to recover after reports of supply chain issues meaning half of the vaccine promised for this month will happen, only half, the major embassy taking higher back into record territory despite the discouraging jobs report were all over the market, how theyre behaving as a result of mixed messages, so far so good, well be right back. Americas been waiting for. Verizon 5g is next level. Unlimited plans fit everyone in your family starting at just 35, with 5g included at no extra cost. Plus, youll get 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. 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We are very hopeful of that and moving quickly, we have all hands on deck and we expect to move very quickly with the vaccine advisory committee, the group of independent experts will review the data that we provide them in the data that will be public on the interest of informing the public and transparency. I dont want to prejudge that situation at all. Despite pfizers announcement that adult cut the Worldwide Supply and have to 50 million doses this month, doctor hans believes there could be 20 million vaccine doses here in the u. S. By months and. I think given what we know about supplies it is realistic that it will depend on the Vaccination Campaign and the final decisions of the cdc and the department of health and Human Services about allocation. We also heard rather from the head of the cdc today doctor Robert Redfield was doing an event with the Vice President who is in georgia today with the cdc headquarters. Doctor redfield just like doctor hahns sounded optimistic about the thursday meeting regarding pfizer. David the whole world sometimes revolves around one little state, so much happening in georgia these days, we will talk more about that. Thank you very much. What is more important to investors, getting the vaccine out in indy lockdowns or passing a covid19 relief bill. Here is security president Danny Danielle h hughes. I think a power of an open economy is a much greater then a bailout, you disagree why . There is a couple of reasons and just to start with the fact that americans want to feel safe and not only do americans want to feel safe but i think theyre really on edge that everything that is going on politically internation, were not seen that reflected in the stock market of course which is been on fire absolutely since this summer. But i do believe, take a look at todays report, the jobs report was completely disappointing, were seen more people out of work than expected and the folks that had not been at work since march that have been laid off have not found work. States and cities are really hurting and theyre going to need that money from the government. I do believe that in the government has been kind of dragging their feet to say the least in terms of putting the covid bill into american hands. David to point i would push back, one the problem of disincentives at least if you continue with an unemployment benefit from the federal government an extra 600 which a lot of people say when you combine that with the state if you combine that with what people are making is tougher for employers to hire people, the other point when i started the show, 35 million going to political consultant firms, they got 35 million from covid relief, that is outrageous, a lot of money being wasted and a lot of people on the street who are in danger of losing their business are not getting a penny of it. There is no doubt that theres a lot of graft where companies are actually getting money that should not be getting money, i think you would have that in any kind of environment but i do believe in order for americans to feel safe and into invite people to the table and to get Business Owners started up i know plenty of people who own restaurants who have been shuttered thinking to themselves, im not going to put my investment on the line again just to be shut down again, they are very concerned unless we have some kind of element safety for these people to be incentivized again that they wont. But i do think that were both going to get our wish, were both going to get both of these things happened hopefully sooner rather than later. David safety versus freedom and i sense and up swelling of the desire for freedom that is even greater then the concern about safety right now. But i think youre right in the next couple of months we will be able to satisfy both fronts both safety and the freedom front as well. The topaz true. Read to see you, thank you for being here. President trump heading to georgia amid calls from republicans to boycott the special elections. We will hear from the rnc coming up next. Erke martin. An air force veteran made of doing whats right, not whats easy. So when a hailstorm hit, usaa reached out before he could even inspect the damage. Thats how you do it right. Usaa insurance is made just the way martins family needs it with hasslefree claims, he got paid before his neighbor even got started. Because doing right by our members, thats whats right. Usaa. What youre made of, were made for. Usaa. 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. How did you know . Mom. That was taken at the farm. It was in this small little village. In connemara . Right connemara it is. Honestly, we went there oh, oh look at that look at that. Resso to help you remembermber commthat Liberty Mutualgia. 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 . It customizes our Home Insurance so we only pay for what we need and what did you get, mike . I got a bike. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. David President Trump getting ready to rally in georgia trying to drum up support for republicans for the state senate run of new elections next month. This coming as new evidence emerges showing what appears to be violations of georgian election laws on the night of the election, gop Deputy Communications director cassie smedile. Great to see you, lets go right to the videotape, this is an extraordinary videotape from georgia showing counters if you look at the upper right hand box, the counters shoot out observers for the night and then they pull out ballots under the table and counting ballots all night with no witnesses, what the hell is going on here. An excellent question, one were working to get answers to and by the way thank you for talking about it, so many in the media have neglected to cover any of the cases of voting irregularity that we have seen in several states across the country in georgia to be just one of them, thats what weve been fighting on the ground for, legal teams, local Election Officials who are making their case in the court for these exact instances. We know the other day in georgia it was found that one of the progressive groups promoted by Stacey Abrams and Raphael Warnock have been pursuing to have University Students in georgia registered to vote despite that is not where they are residents. That is a felony. David is also a felony tissue out election observers and pullout votes and start looking at them without any observers present. Are these people presumably, we know who these people are on the videotape, we have records of their names, they can be pulled in and called to account for their actions right . Absolutely, thats part of what were trying to get done, our teams have never left, there on the ground in the legal battle continues, i was looking at polls the other day that shows a 12point increase in the percentage of people that think there was something wrong or rigged with the selection, those concerns should not be dismissed, theyre coming from somewhere in these types of instances which show up, we have hundreds of these which have been reported. David i dont know how you can look at that videotape and not have a lot of questions specifically and get serious when you look at it. But even people who have been somewhat reluctant to continue with the challenges like the governor of the great state of georgia who had been very friendly with donald trump President Trump actually endorsed his reelection et cetera but they had been at odds and yet you have this election coming up in january, you dont want republicans divided going into that election, now that Governor Kemp has spoken out about some of the electoral problems like the videotape, or he and the president working in tandem again . Yes i dont know that they ever werent. David the president said im ashamed at myself for having endorsed him, thats at odds. Now that the governor everybodys on the same page, lets talk about this, the president is going to georgia to fight for senators perdue and loeffler because georgians know in the president no ever talking about Election Integrity we better make sure we have a Senate Majority as well as the white house to but were fighting on all of the friends together, any suggestion that there is a widespread feuding within the party is simply not true. We are working together, we all understand the cause that were working towards and we certainly understand that Chuck Schumer in nancy pelosi, their interest and agenda would be detrimental to our country and certainly detrimental to Election Integrity Going Forward as we see with these instances where we know the other side is trying to push for interference in our election. All of that were on the same page about, the president continues to fight for us and we continue to fight for him and were fighting at every single one of these elections. David i have a hard break only five seconds, will Governor Kemp be with the president when hes in georgia on saturday. I dont have the answer to that but im confident that we were strong united front and were grateful for the president for being there. David cassie smedile, great to have you on. We appreciate it. What you need to know ahead of the final hour of trading with all three major indexes in record territory. That is great news. 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. teen mom. It happened again. vo add some thrill to your wish list. At the season of audi sales event. 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 . 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David its been a monster week on wall street and we can in the Training Session with all at record highs despite rising covid cases in a weaker than expected unemployment report, investors are optimistic that were heading in the right direction, joining me too wrap up the week the ceo of a Ci Financial Company rob luna, thanks for being here, im going to tell you what i bought nine months ago, you might like the idea but Going Forward you dont, i bought the spider, the s p spider fund at the lowest point and i have gained 50 since then and i dont see any reason why i should change my investment in sp why its an average of 500 companies, it really spreads out my risk and 50 gain in a year is not bad. Its been a great gain and if you look at the other indexes, Technology Index 100 150 , the time to buy the s p is really on the huge selloffs, 2008 like we experienced at the beginning of this year, that time everything is cheap, why try to stop at that time, ride the momentum up but wend when you get to a poine this when youre trading 26 27 times earning is hard to argue its a cheap market although theres a lot of stocks that havent participated, a lot of those names are trying to catch a bid way cheaper than the market growing a little bit faster paying better dividends and i think its a little untrained time to be a little bit more selective. David lets start with salesforce, they were hit hard by the slack news, why do you like them. This is a company that is dominating enterprise in terms of the client Relationship Management software, as an investor in salesforce knowing the Balance Sheet and our user of salesforce, i can tell you getting a higher Adoption Rate they need Something Like slack its going to be extremely important to the future growth in the company, theyre getting a lot of pushback but yahoo passive google for a billion dollars in facebook for over a billion dollars, i think salesforce is looking to be another yahoo. David i know you like Energy Stocks but one more, petco they have an ipo coming up, do you like petco. I dont like petco, i like to be but i understand what petco is doing. David in the lockdowns Everybody Loves their pets and spending a lot of money thats the reason people are picking it, great to see you, have a great weekend. Lets look at the markets, they are all up again, were in record territory all over the place and nobody handles a record like liz claman, liz claman are you there . We came a little early to you. Liz especially a 45 record, david knows, he and i go way back. David we do. Liz those are the little records that we used to play on vinyl. We have cut it, lets try again as we head into the final hour of the trade, the dow, the s p, nasdaq and the transports are all set for record closes in this hour but we sell nearly this exact scenario 24 hours ago before latebreaking pfizer headlines scared the bull off. But that pfizer report would have to scale back in the distribution has been clarified

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