Travel, i am glad to welcome the. Eo of airbnb, brian thank you so much for joining us. I have questions about your business in the olden times, in the future times. I want to start with one big picture question about all the enterprises that have an affected by the enterprise, yours has to be most affected. You are about mobility, and people have not been mobile. What is the main lesson, surprise, or discovery that you personally have taken from the experience in the last eight months or so. Ourn we lost about 80 of business in eight weeks, that we had spent about a decade building. That was quite surprising. What may have been even more surprising what is what happened next. What happens next is people, no matter the circumstances, in the midst of the pandemic, still had the desire to travel. They did not want to get on planes, they were not necessarily traveling for business, they did not want to go to a hotel or crowded tourist district, but they did want to get in a car with a tan
Sell off until they realize they cant keep paying for things like snow flake because when they have to sell Something Else i think is why we have another bad day. Dow dropped 245, s p fell and nasdaq lost 1. 70 . It bounced from the lowest percent. Once again, were reminded the stock market is first and foremost a market. And markets are government earned by supply and demand. Right now the supply of new stock is overwhelming demand so the whole market just gets hammered until you trade for a living, you might now understand how this works the software a video game plan and they dont have spare cash lying around, what do they do . How do they get that piece easy they sell. They sell the stock and companies that dont understand it anyway. If you have a stock on the deal and you flip it, well, thats free money free big profits and you got to take free money when wall street is giving it to you. Take public at 52 if you got some at 52 in the deal it scored to 75 where you can cchaching. S
80eople will be in the audience in person tonight on the campus of casete wes reserve university, which is cohosting the event with the Cleveland Clinic. The moderator is fox news Chris Wallace, we at the newshour are practicing social distancing while i am broadcasting from our sturedio, ourters and analysts will join us remotely. Thats White House Correspondent yamiche alcindor, congrsional correspondence, Lisa Desjardins who is covering the biden campaign, amna nawaz will be watching the debate with a half a dozen voters from around the country. Amy walter of the cook political report, along with Washington Post contributing Columnist Gary abernathy, joining us from ohio, and syndicad columnist Cynthia Tucker in alabama, welcome to all of you and we are gog to ask yu no for a quick word from each one of you starting with yiche, tell us how is the president prering. T president did not do traditional debate pretp, he waaving mock debates or having anybody play his political opponent.
All the fast moving developments. The back to improving trend here but the markets are chewing on that, i guess assessing not improving fluff. What is your take . I agree with you. If you look at continuing claims, they have fallen pretty dramatically. The weekly claims there is sense by the market to keep the momentum going. Maybe that is a stimulus package. We dont know. Obviously the market takes it as a slight negative. We have had in the economy last couple months is housing boom, explosion in building. It has driven up commodity prices. Lumber prices. Multiyear highs. Multidecade highs. There is a concern that may cool off a little bit. Housing starts slowed down a little bit in august. There is a little bit of concern, that maybe that bright spot in the economy is starting to go down a little bit but not so much if you look at the oil market. Look at the oil market it is kind of signaling Better Things ahead. Weve seen a big jump up in oil prices, the last couple of days, a big
Stimulus package to stave the stock market thats ridiculous. Today, we got an idea what happens if theres no grants as far as the stock market is concerned, its not that big a deal the dow gained 52 points, s p inched up, nasdaq advanced i dont want a stimulus package to save the stock market, i want a stimulus package to save an industry i know all too well, the hospitality industry, which i can tell you from my ownership stakes, is getting destroyed by the pandemic millions of jobs are on the line but they reside in Small Businesses ones that dont show up in the averages but individual stocks sure do. And the winners today tell you everything you need to know about the losers and the broader economy. Especially the biggest winner, which is the one i want to focus on the winner is the stock of olive garden strongest stock on the s p 500 yes, i am telling you right now that the strength in the stock of darden it should terrify you. Dardens winning, because its private competitors cant