Have one today, chipotle, the companies that fell a great deal and made a snap back like tulio where it makes it so you can take your Small Business and take it large, what do these things have in common . They are omni channel for companies that would otherwise fail i think its this is ingenuity quarter. I know there will be people who say its a v quarter, i know there will be people who say its because the fed i think its companies that recognize what was the matter and found ways to make money i found it a very inspiring quarter given the cynicism that were surrounded with and the negativity which is frankly overwhelming for many people so you think that even though the fed has bought, what, 1. 7 trillion in treasuries in four months and even as that pace flattens out were going to continue to get innovation like that i find there is Just Innovation everywhere. I had honeywell on last night, theyre solving the problem of the vials with plastic, there arent enough vials to go around if its just glass and if we have some sort of vaccine. Theyre solving with ultraviolet the problems of len leans in airplanes, maybe even movie theaters theyre solving the problems of building air these are i see companies all the time now, i mean, some of the things that you see that are inventive you may laugh at, like the chicken sandwich from popeyes that has allowed them to have up 20 numbers, but i have seen the companies that we are talking about that did well, these companies pivoted, these companies understood what had to happen and its joyous and i like them and i like the fact that theyre businesses with ceos who adjust and who make money for their shareholders and are not just caught up with the incredible speculation which i think is i dont think wrong or the sense that all enter are going to be facing doom. I know there has not been a lot of m a, david, i know there are a lot of people who believe this is 100 fed and secretary mnuchin. I think theres a lot of companies, david, that are just doing exciting things, recognizing the new environment and as Satya Nadella said, extending into later years. Looking forward to that interview as well. When it comes to this theme that you are talking about in terms of innovation and potentially efficiency i do come back to what i continue to hear which is it is going to be a different world. Sanjay moroda will be joining us as jim said. It will be a different world when we get to the other side of this there is going to be a significant percentage of your workforce that works remotely that youre going to let work remotely, youre not going to need the space that you once did. Youre also using this period, by the way, 2020 overall where youre largely getting a pass from the Financial Markets to pursue other efficiencies, maybe that even includes quietly not rehiring people or if you are slowing people and it becoming a fulltime layoff jim, i do wonder about that flip side innovation, yes, coupled with this changing world that we are all a part of right now, but im not sure how thats going to play in the real economy when it comes to jobs. Well, i think that we are facing a reckoning carl, you know, these benefits have been so bountiful now of course obviously versus ceo compensation, no, but the extra 600, we dont know whats going to happen. Every day there is a new part of the economy that i didnt know was doing poorly today the freelance economy in california there is a sense, carl, throughout this period that the stock market has decoupled from the real economy im not going to disagree with that, there are a lot of companies that frankly dont represent the United States, the real economy, the small and medium sized business, but there are a lot of companies out there that figured out how to make money and i think we dont salute them enough because, wow, we have some ceos who really recognize what david was talking about, the world has changed and they recognize how to profit from it. Its a got point not only on Large Companies but all the Small Businesses that we have on our air all the time who have managed to adapt today is the last day to apply for ppp, thats had, you know, relatively good success if you talk to some of the people who have joined us, but it does point to powells testimony that we expect this afternoon, jim, and that is economic pain has not been evenly spread out and i wonder what you think he needs to say about further aid as we do approach some of these fiscal cliffs. I think that they have to look at the companies that cant come back. Companies that literally are not able to get to where to when the vaccine kicks in i was looking at some of the new laws, the guidelines from the state of new jersey. What they favor, carl, over and over again is the big company before the little guy because the little guy really cant do the distancing because their places are much smaller, they cant add the plexiglas, they cant make it safer than it already is i think with restaurants, i mean, you can only do in paris theyve made it so all the streets there is no parking and what theyve done is all the restaurants, almost every one of them has outside we have just begun thinking like that so i think that he and secretary mnuchin have to recognize that there are some jobs, hotel, restaurant, that have to be distinguished and they have service that represents, say, 13, 15 Million People and they are going to have to be lets call them coddled if you are a laissezfaire person, lets say offer continual help because they cant come back until there is a vaccine we may decide that they are not important. I look at these cruise lines every day and i say to myself are they that important . And i happen to like the companies very much but is that what were supposed to support are these bonds being bought i think that theres going to be some industries that are going to have to be left by the wayside because theyre not essential. But i genuinely believe that the hotel and restaurant cohort is going to go under unless they address them as a separate set of businesses that need help from the government. Right jim, i mean, you mentioned of course a vaccine, but thats not an insignificant part of the economy that youre saying is reliant on there being a vaccine. Not to mention what is a significant portion of the population you know, 15, 20 depends on how you measure it of the population that is still not going to feel really comfortable engaging in full Economic Activity until there is a vaccine we focus on it for obvious reasons. Will it be later this year we can only hope more likely its deeper into next year when we have a vaccine available. Thats a huge economic toll, jim. Yes. Its got to be. Yes and its not just business, obviously. I mean, carl, there is this i read the philadelphia enquirer every day and they have this the faces and names of people who have died and i go through them and a lot of them are in their 70s, in their 80s, in their 90s, in their 100s and i think that there is some sort of weird realism in this country that somehow those lives dont matter hey, listen, those people, it was their time thats ridiculous. And i think thatthat is anothe sign of the callousness of our government and the belief that somehow when you reach a certain age its okay for you to die because of covid these people should be protected. But do you know what, the cynicism prohibits it. In the same way the cynicism prohibits Wearing Masks which is insanity thank heavens some of the airlines are saying something. But i find our country embarrassing at this point the eu wont let our people come back the eu we are the greatest country on earth. It does feel like that it feels like that tide is turning, jim. Senator mcconnell yesterday saying theres no stigma in a mask sean hannity on fox last night saying i think they work goldman with a report out today talking about the benefit you could get from a nationwide mask mandate and then the ceo of United Airlines on our air yesterday saying if you want to fly united you will wear one amen. Take a listen. Wasnt that great if you refuse to wear a mask, were just not going to allow you to travel on united until the pandemic is over and it really is about protecting others and protecting their safety and were serious about this and youve just got to do the right thing. I thought that was so great what courage i mean, theyre going to fill those planes, i think dr. Siegel, Jeremy Siegel was right in saying, look, if you guys are really doing it great and you have good numbers that says that people arent getting sick and i had honeywell on last night and theyre able to make the planes cleaner so it really is up to the individual people to wear masks. Masks versus closing down the economy. I think its rather remarkable the lack of the gdp brush versus wearing a mask. I know i personally am involved in a project to try to fund a mask, its a mask that people will like, you will hear about it in a couple weeks, its just something i care about why . Because i cannot bear to see this thing i mean, look, im nobody, im a guy that has two shows, but, geez, weve got to unite. Weve got to unite yeah. We cant have the gdp down 5 because live free or die, the mask i mean, give me a break. How about seat belts in cars, what a drag they were. I hated them yeah, we are the only country that has politicized the wearing of a mask and its very much unfortunate and shows in the numbers. Theres some hope, you know, as you might imagine hedge funds are employing a lot of scientists to take a look at things because it may give them an edge and apparently there may be some cities in texas depending on the data you are looking at that are starting to turn positively which is good. Yes. Turn in the right way i think florida continues to be a real question mark and concern out there. And theres this belief that when you do say, okay, weve got to get on this, you start to see about ten days later a response in terms of the numbers, new infections, hospitalizations a bit, but were watching it all very closely and of course we all do see those comparisons with the eu, for example, 440 Million People versus 330 million and our numbers are horrible at this point, guys so we can only hope that its finally sort of going to wane as a political issue. Right. Which one might never have anticipated when this pandemic began. In the meantime the stocks that went up this quarter, a serious ad mixture of financial services, again, in this case its the antiwells fargos, its fintech, tesla obviously on everybodys mind tesla is causing a great hunt among speculative people who are looking for a nick at that or theyre looking for workhorse, Workhorse Group is not easy to get your arms around, they obviously have some things that are admirable in the ev space, but Mccarter Lee Bray being the largest nasdaq thats not the United States, thats latin america its an ebay of latin america or you could say amazon, ebay but when you look at whats winning you do get the irony that paypal and ebay were the same companies what an undervalued security that was people think that zoom is overvalued not if we stay at home not if we stay at home. That was really shrink to grow that was an actual shrink to grow, paypal from ebay. With amazing people on the paypal side, really Just Brilliant people ebay side, too ebay is coming back, by the way. Guys, we have a lot to get to this morning. Okay. Theres the banks, wells fargo of course as jim mentioned, we will talk about the facebook ad boycott continuing to grow the china news as they signed that security law regarding hong kong into effect as jim said, micron on the show this hour, when squawk on the street returning. Youre first. First to respond. First to put others lives before your own. And in an emergency, you need a network that puts you first. That connects you to technology to each other and to other agencies. Built with and for first responders. Firstnet. The only officially authorized Wireless Network for first responders. Because putting you first is our job. Presumptive democratic president ial candidate joebd weighing in on taxes today telling potential donors if he were a lake effected he would get rid of trumps 2 trillion at that time cut a lot of you may not like that but im going to close loopholes. Biden saying he would hike the Corporate Tax rate to 28 looking to raise an estimated 1. 3 trillion over the next decade, something he told squawk box earlier in the month, i think, and something that david costa at goldman have talked about broadly in terms of Market Impact and earnings impact. Look, you really slice a gigantic amount of the s p profits and when you Start Talking about Capital Gains you know that theres at times Capital Gains have been taxed like ordinary income, at times they havent Capital Gains are the province of the wealthy, there is not any dispute of that. If youre going to say thats not true youre obviously illadvised. I think that what the market goes down, ive been saying that i mentioned that the market goes down because the s p earnings go down, i think theres a lot of people who dont even recognize that there is a correlation, but, you know, david, we have a lot of new people coming into the market and i think they are baffled about the notion of things like the s p profits and how it relates to priced earnings multiple. I got taught by Lee Cooperman at goldman. When i started i didnt recognize the relation and i was wrong and i got taught and then i taught others. David, what i see is that there are people who just dont even think that what biden says matters when we know that that would cut earnings you may favor, hey, i like him, it does cut earnings. It may well cut earnings. Of course, we are still sitting here certainly we have debates when secretary mnuchin joined us well, previous to the pandemic or larry kudlow, about the impact of the 2017 tax cuts, jim, whether they really were a broadbased way to get the economy moving in a much stronger fashion or whether they were particular benefit to Corporate America which then went out and spent a lot of the new found profits on buying back stock. So that debate will continue one thing that i think will not be in debate, though, whomever the administration s whether its the current one or whether it is a biden administration, is going to be facing enormous budget deficits and the need to potentially raise more revenue if and when the economy does start to get going again and we are on the other side of this pandemic we are talking about of course record budget deficits now as a result of all the replacement aid, i dont really call it stimulus, that we have had to put into the market and thats expected to continue for some time i dont know, jim, how taxes are going to be viewed, but to your point and of course to the larger question of the disparity in incomes in this country that has been widening more or less lets call it for the last 20, 25 years, Capital Gains some say and taxing it as ordinary income would be at least one way to start getting at that. Right i think you go back to president reagan, i thought he did a lot of good things and i think he would be aghast at the republicans and how much theyve given away again, you guys have to read the history. He just didnt favor whats happening, but he did change the tax code to fix some loopholes carl, i think that its not our generation thats going to have to face this problem, so i think that we can were very cavalier, but there will be a generation that will have reckoning. I have dave cody on tonight, he is former ceo of honeywell and has been one of the principal preachers of lets worry about our grandkids and whats going to happen because it is pretty a little nutty yeah. No, i definitely want to hear from cote on that and we will get a cbo forecast later in the week which will talk to this topic. When we come back we will talk to micron up 50 from the march lows saay mnja rote tra will join jim later on in the hour when we come back. Helps you redefine whats possible. Now. 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Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. After do remember. Futures slightly weak here, mixed, actually, if you look at the nasdaq as we close out q2. Best quarter for the nasdaq since q4 of 2001 and best quarter for dow s p since q4 of 98. Back in a moment now is the time to support the places you love. Spend 10 dollars or more at a participating Small Business and get 5 dollars back, up to 10 times with american express. Enroll now at shopsmall. Com. Announcer the opening bell is brought to you by nuveen. A leader in income, alternatives and responsible investing. Lets get a mad dash with jim, watching a little cmg. Yeah, when you think about why chipotle or spotify have such unbelievable gai