Tweet earlier in the hour does suggest that you think these retailers are prepping us for numbers that are going to be tough to replicate. Yeah, i think that they have to, carl they all know that america was flush from the 1,200 check and they also know there is a lot of stay at home people trying to make their homes into an office and a home, and that thats largely passed now, that doesnt mean that you shouldnt buy these stocks because that money went to these essential retailers and now theyre stronger than ever, but i know that if you are if you are at walmart it does not pay to say this is going to continue same thing with home depot i say you wait, let them come down and recognize that these are just so good that you want to be in them. Particularly, say, if a lowes comes down, thats kind of attractive, they report tomorrow look, these are remarkable companies, but they are also given as remarkable companies are to humility and to a respect to the individual investor they dont want to pick them off. So they are saying, hey, guys, we wish we could keep doing this but understand there was a lot of stimulus money. Yeah. Mcmillen making some comments now, jim, saying a couple of things one is that back to school, slow start. Right. Clothing and backpacks have been weak so far and that they do want to see something in the way of future stimulus that does help Small Business which has been what youve been preaching. Oh, my. We can stand here and watch the giants get bigger but a lot will depend on how mom and pop is helped out from here. The last thing you want if you are one of the ceos is to have to be called in front of congress, whether youre dominos, Doug Mcmillon and be asked how is it that you are able to destroy so many businesses is it fair maybe we need to break you up. Theyre great companies, they can buy in scale, they have great Balance Sheets i personally think that we as americans benefit from them, but i also know that also a lot of Small Businesspeople and a lot of districts that cannot compete and when you see the prices, when you go to the local Hardware Store versus home depot its almost as if they would be better buying the stuff at home depot and selling it at their place than getting the wholesale price that they are doing. So if the congress investigates its going to be whether the wholesale price is fair between the small and the big. I would argue that of course scale should win, but thats a congressional issue. Maybe the small guys deserve a better wholesale price that could be an issue. There are some more headlines this morning, jim. I thought whats interesting about the walmart quarter is it was almost a flip of q1 where grocery was the standout, this time it was general merchandise and theyre giving examples on the call about fishing supplies. 25 million americans they say would go fishing before february thats now up 10 million so good luck getting any fishing gear if you were to go to a walmart this morning. It is incredible. As a fisherman i do feel that this is one of the ultimate sports that you can have, its fantastic, you go out, its a family sport and it is something, by the way, that dicks excels at those who read that might want to go and buy some stock in dicks i also think that they said apparel was good and that, again, is something that i dont know that they can maintain. General mid teens apparel. Now, grocery mid Single Digits is incredible. When i see mid teens general for apparel i think, okay, did they wipe out all the small Apparel Stores i happen to love my walmart. Why . Because they have great pick up. If you dont want to go into the store and, by the way, everyone is Wearing Masks in stores which i think really helps but its a remarkable juggernaut and their ecommerce, oh, my, how do you do those how do you replicate that number . But then again remember they are, again, a Humble Company and humblecompanies do not say you bet were going to continue to crush them what they do is warn people, look, we have lean inventory, thats good, but we dont have government stimulus. Thats why our interview with the treasury secretary is even more important when you have top executives saying, wait a second, this will not continue they are not saying that the unemployment is going to skyrocket but that is the implicatio implication. Yeah. There an argument, jim, that the numbers, the strength were seeing in retailers means that there doesnt need to be more stimulus i think that thats the certainly the superficial argument, yes. You could easily say look at these numbers. I look at it the other way which is that this next quarter that we are in, the ppp is done Small Businesspeople they took the ppp and now the customers arent coming or if the customers come they have to be 6 feet apart one of the reasons why my travel stocks like costco is that the aisles are so wide that social distance which i think we should now call physical distance because we are not really socializing with anybody, the physical distance is so great that they can put up inn incredible numbers when you go to the Little Stores sometimes you have to wait in line, you get in there i went for a sandwich this weekend and i moved four times, four times i apologized and then finally i told my wife lets just wait its so uncomfortable. But a big store its not. Thats true, jim. Basket size in walmart up 27 when people are going in store theyre buying everything theyre going to need for a long time and obviously going increasingly to ecommerce which by the way, at walmart is 11 of total sales, a year ago it was 6 and we are going to get more information walmart said today about walmart plus when the time is appropriate but the pivot, the longterm pivot to online is continues to amaze. If they have a club i would join that club they have tremendous delivery. Im happy to have the guy come in with a body cam, give him a onetime each day the code would stop, body cam, put it right in the refrigerator because i come home, im living alone, im miserable, even john oliver commented about how miserable and sad i am. Yes, we are going to hear that later. It would be great i want mark loriu a, bucknell, fantastic, i need his people to come in and make me no more pathetic behavior when i get home where im looking at last night i made pasta, okay, the night before i made some pasta, then i made pasta and then i have to make pasta because i can make pasta. Yes. I burned the chicken the other day. Along with picking a hidden tomato and canning and listening to the rain. I love the big look, i get clothes at walmart the clothes are much better than they used to be. I used to go to walmart and all they had was size 45 i know. I think thats changed the perception of what the notice you get there that said, though, jim, the rivals are not standing still. The journal today with this piece on amazon hiring 3,500 in six major cities including 2,000 in new york where theyre going to take over the Historic Building that housed lord and taylor, jim, thats not a thing you see when cities are truly dying, is it no, it isnt. I do think that that they could get that lord and taylor property for a song. They need to be that last mile to control things the last mile. I also think if we talk post office, i know the president is upset with the contract, i have to believe that the post office is overwhelmed with amazon and probably gives it top priority, again, that would irritate the president , but the lord and taylor property, google coming in new york city is alive, but its just not alive for Public Transit which numbers are just ridiculously bad and the boarded up stores and the rentals. Oh, my 10 decline in your rent price its only. 5 in brooklyn right not to mention the spike in crime which is actually a phenomenon in several cities around the country as robert frank was telling our viewers earlier today. Jim, all right, lets say for the sake of argument we get an all time high today, first since february 19. What does that do to sentiment i think that we have more chasing. Id like to see i do fear the dollar could start going higher, its been a not great trade, the dollar has been going down i do think that you would have people saying, all right, like david costian did the other day i have to come in. I do worry about the reversals in the retailers, there was a negative comment today two negative comments about apple, apple has been a Market Leader this may not be the day that we take them out. Youre referencing mohan of b of a, went to neutral a couple weeks ago, a relatively big deal, reiterates 470 target. Now he is talking about pressure on the app store, whether its from epic or from china, which was heart part of his less bullish thesis earlier in the month. Right, and the doo he sell operation of the apple stores. Of course, he is still not talking about the lifetime value of a customer with 99 Customer Satisfaction making it so the stocks finally got the final price as Procter Gamble who sells a razor, now you get harrys club so who knows. Apple, own it, dont trade it. You have bernstein saying something negative, wow, that guy is on repeat, but i do think that we need to see other groups besides retail move today. I would love to see the Bank Stocks Going down, maybe thats asking for too much. We will get to some of those big names more in a bit, but of course after the break as we said the treasury secretary on all thgstiluanmo i a momentd ren otally blind. Otally blind. And non24 can make me show up too early. Or too late. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. Welcome to camp tonsafun on xfinity its summer camp, but in your living room. Learn how to draw with a minions expert. How to build an indoor Obstacle Course plus. Whatever shes doing. And me, jade cattapreta. The host of es the soup camp tonsafun. Its like summer camp, but minus the poison ivy. Unless you own poison ivy. In which case, why . Just say summer camp into your xfinity voice remote to join. So many things to talk about including what are the prospects for a new potential covid relief deal because we sure dont have one now. Joining us on the phone treasury secretary Steven Mnuchin mr. Secretary, welcome back to squawk on the street. Thank you its always great to be with you. Same. So what can we look forward to here we are running out of money, ppp done, we just had some numbers that make it look like Small Business is being crushed by Large Business you care passionately about saving the Small Business. What can we do well, jim, theres no question that the economic numbers are doing better so as we reopen the economy we see things better, but i agree with you, the president wants us to do more. He wants us to provide money for kids and jobs and the second round of the ppp and direct payments are a clear part of that how do we move forward here what can we do what can the media do . Im not being presumptuous, its just i feel like theres been some sort of log jam and i think people can be reasonable knowing that the little person is its just in a void versus home depot, versus walmart, these numbers today are staggering against the Small Business. They are staggering and you can see the good news is that people are beginning to spend, but as you said, jim, theres a lot of need for Small Businesses half of the employment in the u. S. Is in Small Businesses and we need to support them. You understand this and i would just ask you to continue to emphasize these issues, but the good news is were moving forward, the president s eo on unemployment we now have many states that are moving through that process, we have looks like five states that have already been approved, we have another four states that have submitted and about flour ten states that are in the process so the good news is despite congress not acting, because pelosi and schumer arent willing to sit down and strike a reasonable deal the president moved forward with the eo to help people still unemployed. What are the prospects, youre looking a the 19 states, is it possible we will be surprised and maybe see a majority of states be able to come up with the money i would expect that most of the states qualify and they can use their 100 theyre paying for Unemployment Insurance to qualify to get at least another 300 from the federal government so i hope we see the majority of the states and hopefully since Speaker Pelosi is coming back to look at postal, hopefully she will be more interested in sitting down and let me just say as part of postal, i think you know i chaired a task force for the president on the post office, i also chaired the federal Financing Bank we are the largest creditor to the post office so ive spent a lot of time studying this over the last two years and the post office has plenty of cash on hand they have about 15 billion cash on hand, we signed a term sheet which is part of the c. A. R. E. S. Act to give another 10 billion if they need it and Speaker Pelosi and schumer and meadows and i agreed on another 10 billion to the post office, which we didnt think wa completely necessary, but we agreed to as part of an overall deal to make sure they have money and, you know, unfortunately we cant we cant go through with that, but we were going to attach that to ppp and direct payments and money for schools and hospitals and vaccine and lots of other important things. How about a small deal, something that just says, all right, restaurants, small retailers, Different Companies that obviously are on the ropes, while we try to while we try to get something bigger, lets get some cash to Companies Whose business has been interrupted, thats been your mo from the beginning and i think it resonates with republicans and the democrats. It does, jim. I think there is a lot of bipartisan support for that. I think you know working with both the sba committee on the house and the senate side its been a real bipartisan effort for the ppp. It clearly had a very, very big impact and Going Forward weve decided to refine it so i think the appropriate thing is move forward, this time its focused on people that have revenues that are down 30 so we put a real standard in there and we give them a second check. As you said we know a lot of restaurants that reopened if we dont give them more money theyre going to end up closing and we are going to end up losing a lot of Small Businesses. 15 Million People. The president would like us to move forward with it. I know you care parks in thely because you understand business and 15 Million People should not lose their job because something that had nothing to do with either party or the state of the world past the pandemic let me ask you while ive got you, there is a bid, 80 20 bid, 08 private equity, 20 oracle to get tiktok. Its a real bid. It could come together today would you not favor that because there is no leverage over oracle by the chinese, unlike microsoft which actually even i believe has Artificial Intelligence business in china, oracle is clean, oracle has got absolutely terrific Cloud Business that Larry Ellison and katz know about, this is a deal that would be great for america can you say that you want to get this deal done jim, that was a nice try but you know i cant publicly comment on these types of things i chair the committee on Foreign Investment in the United States and im on the Security Council and i can assure you we are looking at all the different issues and i can assure you any deal that gets approved we will make sure that american data is protected and that this becomes a u. S. Based company. We know theres 50 million users, the amount of times theyre spending 50 minutes a day, the polls that ive got say that literally 25 million are republicans, 25 million are democrats. Who wants to shut this thing down oracle obviously is a Great American company that has no ties with the chinese to speak of i mean, i would think that this is something you would like to move along yes, nice try, but im not nice try business, mr. Secretary. I got that. And thats why i deal with you and i like you all the time, jim. All right lets go back to the post office for a second if you guys are so close, why does it seem like its so far . Jim, i really dont know. We started with a trillion dollars, we agreed to increase that in several areas in an effort to compromise i think as you know they started at 3. 5 trillion, they actually increase it had to 4 trillion, they said that wasnt enough and then they basically said unless we publicly say at least 2 trillion so they didnt they didnt come down, they never made us a proposal at 2 trillion, they never gave us a line by line counter you know, theres a deal to do here if the democrats want to be reasonable im concerned about the politics in all this, but im speaking to the senate republicans, mark and i are speaking to the members in the house every day and i think theres a lot of people on both sides in the senate and the house that would like to see both republicans and democrats that would like to see people come together and get a deal done thats good for the American Workers and the american public. Mr. Secretary, do people understand that just because walmart and home depot have blowout numbers and im sure target and lowes will also that thats not necessarily good for the working perso