Audio real quick . Hell of a time getting in here today. You sound great and you look great. Thanks, i needed that. Gavel again. Okay. Good morning, welcome. I call to order subcommittee on oversight. I want to thank everybody for joining us today. Were holding this hybrid hearing in compliance with House Resolution 965. Accordingly i am joined by members here in the hearing room as well as approximately ten members on the remote platform. Thats outstanding, and i want to thank them for joining us. Before we turn to todays important topic i want to remind the members of a few procedures to help us navigate the terrain here. First, consistent with regulations the committee will keep microphones muted. For those participating virtually to limit background noise. Pause for one moment. So we will pause for one moment. Members are responsible for unmuting themselves, unmuting themselves when they seek recognition or when recognized for their five minutes. Members here in the hearing room al
Despite the spike in covid cases around the Country Companies are looking to the other side of the pandemic as we make progress on a vaccine. Pfizer out today with big news it applied for fda emergency use of its vaccine and Corporate America sending signals of an all clear. Nike, merck, kohls and costco, more and more Companies Getting comfortable forecasting the future the number of big businesses issuing Forward Guidance up 30 from last quarter. Corporate america is looking to the other side is it time for investors to do the same brian kelly, what do you say well, i think it is great, first of all, that corporate investors, corporations have a little bit more clarity, but thats what this whole reopening trade was about. From the bottoms, that was the whole thing, you are not going to have clarity, but when you do, boy, then it will be really good lets look at what we had this week we had good news on the vaccine. We had multiple companies up their dividend we also had multiple Comp
Mr. Chairman, are you ready to begin . Please begin your five second countdown. Chair pappas five, four, three, two, one. Good afternoon. I call this hearing to order. Without objection, the chair is authorized to declare a recess at any time. We have a number of members participating remotely today. And before we proceed, i would like to go over some items for our members participating remotely. First, if youre experiencing connectivity issues, please make sure you or your staff contact our Technical Support so those issues can be resolved immediately. Members participating remotely must continue to use the video function for the duration of their participation in the hearing, unless they experience connectivity issues or other technical problems that render the member fully unable to participate on camera. It is committee and subcommittee policy that members participating remotely will remain muted when not recognized, just like turning on your microphone on and off during an inperso
Came on our air and said they were bullish, in part because everyone is so bearish each one took turns explaining how those bears would turn into bulls, propelling stocks higher. Buy, buy, buy. Just one little problem when one strategist says everyones bearish, thats a listen up moment when two strategists say everyones bearish, you might get a little suspicious. When three bigshot strategists say everyone is bearish, you got to figure the consensus is wrong. We dont have too many bears we have too many bulls and maybe thats why the averages rolled over today with the dow tumbling 317 points, s p sinking 1 , and, by the way, things were a lot uglier for the dow in the early afternoon you see when most investors are bullish it means there is no one left to buy. They have plenty of facts on their sides. Everything from low Interest Rates, massive earnings, liquidity, i would let any of them manage my money if i were allowed to have money managed. Unfortunately, these positives have a whi
What we are get interesting the university of Michigan Sentiment survey. The headline number, way, way weaker than anticipated. That number coming in at 77. Thats down from 81. 8 last time around. When things are good well north of 100. The expectation was for 82. Current conditions, 85. 8. Thats actually ahead of expectations. But its the expectation number, the forwardlooking number here, that is really sharply lower. Coming through at 71. 3, alix, versus 79. 1 in terms of where the market, the economists had forecast that number. Down from 79. 2. A much more gloomy outlook for the u. S. Consumer from the u. S. Consumer. Alix no doubt. As covid cases are spiking everywhere here in the new york, it feels like we are headed for a School Shutdown as well. Get the read on what that means to the consirmse with ajay. Its always good to get your read. You have this more pessimistic expectation outlook from the consumer. Then you have rising covid cases and you have targeted regional shutdow