all that and much more on "making money." ♪ charles: an indifferent session became one of high anxiety and selling. there is debate what is impacting the market most. first the world health organization held the coronavirus update, noting that iran finally reported numbers of those infected including two deaths. the doctor portrayed a race against time arguing the window of opportunity to contain the virus remains open. he urged everyone not to squander the chance to arrest this situation also noting that the window may close. that coupled with reports that u.s. hospitals are gearing up for a pandemic triggered the selling. then there were also comments from fed vice chairman richard claire reed today, who threw cold water on potential fed rate cuts this year, noting that the u.s. economy is strong and in his opinion most market participants don't expect rate cuts this year. we've got some major market participants who will weigh in on that. meanwhile the selling is swift and has since stablized. it underscored the markets had a major move and grappling for what the next catalyst will be to get it higher. i have a roster many some of the and with the sxfinity stream app, screen is your big screen. best who will help us throughout the show on this market there is which is free with your service, you can take a spin through on demand shows, the debate. a tale of two arenas. or stream live tv. one filled with so much anger, download your dvr'd shows and movies on the fly. drama, animosity, it would make even record from right where you are. real housewives look whether you're travelling around the country or around the house, uncomfortable. >> i hope you heard about what keep what you watch with you. his defense was. i've been nice to some women. download the xfinity stream app [cheers and applause] and watch all the shows you love. that just doesn't cut it. >> we have a very few, non-disclosure agreements. >> how many is that? and my side super soft? >> let me finish. >> how many is that? yes. with the sleep number 360 smart bed, on sale now, >> none of them accused me of you can both adjust your comfort with your sleep number setting. doing anything other than maybe they didn't like a joke i told. can it help me fall asleep faster? and let me -- yes, by gently warming your feet. charles: ouch. but can it help keep me asleep? then it was arizona where it was absolutely, it intelligently senses your movements and all about love. automatically adjusts to keep you both comfortable. >> it is all over tv that the so, you can really promise better sleep? folks here tonight have helped a not promise... prove. don't miss the final days of the ultimate sleep number event, save 50% on the sleep number 360 limited edition smart bed. great world war ii veteran into the arena. plus 0% interest for 24 months on all smart beds. ends sunday. but, they say he is a legitimate great hero of world war ii. irving julian. irving, thank you. [cheering] charles: lover sus hate. which one will the americans ♪. ♪. don't call it a comeback. gravitate to come november in ♪ charles: you know what? coming to discuss, democratic let's call it a comeback. investors spend a lot of time strategist kristen hawn and looking for the next hot stock american action spokesperson, but sometimes old broken names kelly sadler. reinvent themselves and they that was a hell heck of a done become new and hot but with very little fanfare. any wreak. every man, woman for himself but three names in fact reported last night that investors should put back on their radar. i want to start with avis budget group. mayor bloomberg took the brunt the company posted record of it. what do you think? >> it was not a great results driven by strong revenue performance, his campaign and cash flow in the americas. acknowledged that a robust primary is healthy part of every remember this company was written off in the age of presidential election. ride-sharing. acquisition of zipcar, other the republicans went through it four years ago. changes, they are now thriving. the one we are going through one check out stamps.com. one year ago the company did the now. unthinkable. it kicked the u.s. postal the problem is the personal attacks. service to the curb saying they the idea that they are racist wanted to shed that exclusive is -- charles: there are black people relationship and want to work that might think bloomberg is with other carriers, ups, fedex, racist. i have heard black people who amazon. that day the stock was down 50%, think the crime bill from 1994 was racist, even blagojevich, in a single session. today looks like that bet is yesterday, said as much. paying off. then there is the zillow group. isn't it legitimate thing that you would bring up during the we must salute the ceo here. debate? >> i think those issues are legitimate, issue that he has to address. he has to address it with the february 21, 2019, they announced that the company would black community certainly but stick to the issues. start to flip houses. not these personal attacks. would make sense the company i think that elizabeth warren with all the great information was lobbing at these other candidates it is not productive. would be able to make money flipping houses. charles: i think there were some personal issues. turns out they were right. you know what? let me take a quick look, let's record revenue up 158% in one look at the buttigieg and amy year and they have $2.4 billion klobuchar encounter, if we can. in cash. as always the numbers tell the do we have that? story. >> you're literally part of the last quarter the company bought 1800 homes. committee that is overseeing these things and we're not able sold 1900 homes. they still have 2700 homes in to speak to literally the first inventory. we'll be right back. thing about the politics of the country ourself. >> are you trying to say that i'm dumb? are you mocking me here, pete? [ applause ] thank you. >> i'm saying you shouldn't trivialize. charles: between that, and one reporter, from tell mind do it's an honor to tell you that liberty mutual customizes your car insurance pounding klobuchar forgetting a so you only pay for what you need. name in the mitts of this i love you! campaign, i thought she was badly mistreated by the panel only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ and buttigieg there, who in my mind wasn't a debate. it was a game of "survivor." that tone, you contrast that to a trump rally, everyone is cheering. someone apolitical looking at both of these things, which one will i be gravitating to? >> of course. this simple thing it comes down to message. the democrats don't have a message. they don't have anything that unite them other than their hatred for president trump, right? that will not motivate people to go to the polls. that won't make america great again. you've been hearing a lot about 5g. they can't acknowledge how good but there's 5g... the economy now. and then there's verizon 5g. they can't acknowledge what is we're building the most powerful 5g experience for america. good in america and let alone it's more than 10x faster than some other 5g networks. build it for the better that is the contrast with the president. and it's rolling out in cities across the country charles: betting markets saw so people can experience speeds that ultra wideband can deliver. brokered convention go from 55% 1.7 gigs here in houston. chance to 47%. 1.8 gigs here in frigid omaha. sanders went up to 56% where almost 2 gigs here in los angeles. bloomberg lost two cents. that's outrageous! the immediate reaction maybe it's like an eight-lane highway compared to a two-lane dirt road. sanders was such a big ♪ last night he might actually get enough of the delegates to win this thing without a brokered convention? >> yeah. i think there is that concern and certainly folks like me in the democratic party are looking for a more centrist candidate. we do not think we can win with a socialist on the ticket. he has a strong campaign though. you're looking -- >> he has a lot of grassroots. >> he has got a lot of that. he does not have the majority of the democratic party but may have enough to win the nomination. charles: why is it that people don't get to pick? in other words why do elites in either party, this happened to donald trump last time, get to apps except work.rywhere... why is that? determine who represents party is it because people love filling out forms? rather than members of the party? if folks in the democratic party maybe they like checking with their supervisor to see how much vacation time they have. want sanders to be representative why not accept that? >> i don't think the majority of or sending corporate their expense reports. the american people do. charles: i'm saying democratic party. i'll let you in on a little secret. >> other primary voters, the they don't. primary voters who, a lot of by empowering employees to manage their own tasks, them who think like i do and others they need to wake up and paycom frees you to focus on the business of business. realize that they have to start being active and start voting to learn more, visit paycom.com and start participating in the process. >> bernie sanders has a legitimate group of followers. aoc has been a huge surrogate for him. democratic party is in middle of a civil war. you're a communist or centrist. tough figure it out. charles: some would call it evolution. republicans have gone through that it is donald trump's party. who knows we may be saying a few years from now it is sanders' party. >> i hope not, charles. i appreciate it, charles. charles: bloomberg attacked from his wealth, someone on the stage believes billionaires in general should not exist. >> we have a grotesque and immoral distribution of wealth in income. mike bloomberg owns more wealth than the bottom 125 million americans. that's wrong. that's immoral. >> i can't speak for all billionaires. all i know is that i've been very lucky. made a lot of money. i'm giving it all away to make this country better. >> should you have earned that much money. >> yes. i worked very hard for it. charles: joining me the other billionaire in the democrat tick race, tom steyer. thanks for joining me. >> charles, great to be with you. charles: just your overall initial assessment what you saw, attacks on mike bloomberg? there were personal attacks dealing with his record but there were also attacks based only on his wealth? >> well i do think that it seemed as if mike was running in the wrong primary. i think it is very hard as a democrat to justify stop and fisk. i think it is very hard as a democrat to justify for support of red lining by banks of black and latino communities. i think it is very hard as a democrat to justify a speech supporting the re-election of george w. bush at the republican convention in 2004. charles: tom, some are wondering -- as a democrat, as a neil: most investors grapple with the potential ever bernie capitalist also, could you add sanders presidency some on that to the list? wall street appeared to embrace it. here are the stocks that took >> no. because let me say this, i'm off, particularly big the last somebody who believes that unchecked capitalism has failed. couple days. these are companies that you but i also believe in the need to start paying attention to and put those on your watch dynamic and innovative and list. joining me to discuss money map press chief investment entrepreneurial private sector. i worked in more than three strategist, keith fitz-gerald. decades. i believe in it. keith, fuel cell was up, plug i built a company in it from was up 18%, bloom energy was up scratch to multibillion-dollar national company but what i do 18%. solar edge was up 18%. believe is this, the corporations have bought the some of these names i have government. they're writing the rules under followed for two decade as which they operate. alternatives to gas and fossil this government isn't working fuels. for and representing the bernie sanders is at war with american people. one industry, and funding charles: here is the thing though -- >> if you want to run as a another they could be huge wins? democrat, if you want to run as a democrat you've got to accept >> oh, i think that is absolutely the case. the key is when you buy these the truth of what bernie was things. do we or don't we get a trump saying which is there is a fall off or bernie fall off. grotesque income inee quality and wealth inequality in our country that the democratic party hud be fighting against fuel cells are wave of the and should be fighting against future. they are interesting stocks. it in a way that is good for charles: when does the future americans. get here. i've been in and out of fuel charles: okay. >> that i'm for 10% tax -- charles: i know we have slight cell for 20 years. delay. it makes it a little awkward, ballard power for 20 years. you hold yourself up as the they have to be on everyone's right democrat but some would say, hey, you made your fortune radar, no matter what. overall with the performance last night and this market helping millionaires around billionaires and rich companies overall, feels like bernie has making money in the stock the momentum. market, investing in coal and i don't think wall street in private prisons. general thinks he is going to none of that really generates any kind of jobs for main win. >> you know, charles, this is something you and i talk about street. all the time, the law of that you urged people to get unintended conseqences. offshore accounts to avoid paying their fair share no very few people thought trump matter how small it was. that you were someone who really could win. took part of the, to borrow a few people thought it would result in rip your face off word you used, more grotesque rally. that is what we got. aspects of capitalism where the consequence bernie has a lot someone could make billions and more power than you would think and that from a trader not doing anything for society. perspective means you have to pay attention. charles: let's talk a little bit what would say to go that about today's session. criticism. >> can i correct your completely inaccurate description of my stuart called you up because the business career? charles: yes. >> okay. market started to tumble here a good. the people who i was investing little bit. it has since stablized. for were overwhelmingly i wouldn't listen to the world endowments and foundations. health organization. in fact i realized while i was it felt like dr. tetros was investing that in fact there was suggesting, hey, we can contain an unintended consequence of it, everyone needs to take it a fossil fuels and i have divested from fossil fuels and i spent little more seriously. couple that with reports that over a decade fighting oil u.s. hospital are the bracing companies, fighting for clean for a pandemic. it underscores a certain level energy, succeeding consistently of serious fear beneath the in away that i don't, i can't surface. think of anyone who else who >> well that's the key, charles t crept in from around the has. in fact i'm asking americans to edges, right to the core, for make the exact same transition i just a few minutes. made more than a decade ago. traders did what they do best. charles: tom, let me get this they took the leverage off. one thing in here -- wait, i will put the paws >> no, stop, no, no. button, take profits, regroup. charles: we only have a minute which is what is happening now. left. >> you stop. i expect buying to come back in. everybody has to make the same transition i made because we're again market totally discounting all part of fossil fuel economy. the potential of this pandemic i moving to clean energy economy. i've been pushing for that more think. than a decade. charles: keith fitz-gerald why in fact whoo i'm talking we always have you on. appreciate your wrist dom. about -- charles: we know that part of your platform. talk to you again soon. >> working for americans against >> thanks, charles. charles: coming up how a key corporate control. and i succeeded. white house official is calling charles: here is the question -- >> what you described was very inaccurate. charles: here is the question out hypocrisy on deficits. why don't you have faith in the free markets to get us toe the that's next. climate world that you want? why should the government put their numbers on the scale? if you believe in free markets and capitalism don't we have businesses to invest in multitrillion dollar industry of energy, clean energy why does the government have to make this happen? >> because our government has been bought by fossil fuel ♪ companies. because in fact the government is doing the fossil fuel companies bidding instead of american people's bidding. in fact, the truth is, obvious and republican party is denying ♪ obvious truth that every scientist supports. there is clear path here that creates millions of jobs, cleans up the air and water, makes us ♪ more just. we are fighting against a corporate-controlled government that refuses to protect safety i'm part of a community of problem solvers. and health of every american citizen. we make ideas grow. i've been doing it more than a from an everyday solution... decade. i will continue to do it. to one that can take on a bigger challenge. is important and i won't back down. charles: we have to leave it from packaging tape... to tape that can bond materials there. i did not get a chance to ask but the tie. thank you very much. to buildings... and planes. i appreciate it. we'll see you again real soon. one idea can unlock a breadth of solutions. >> nice to at that to you, charles. charles: president trump is set to take the stage at a at 3m, we are solving problems that improve lives. graduation ceremony for former inmates as he promotes his criminal justice policy and reform. later in the hour one woman shares how president trump's pardon is giving her a second chance. we are watching the markets during a pretty wild session. including instead of wondering won't work for president bernie sanders, i've got a list of stocks that probably will take off if bernie is president. making more money with president bernie, believe it or not. that's next. t. rowe price experts go beyond the numbers to examine investment opportunities firsthand, like innovations in agricultural research. because your investments deserve the full story. t. rowe price invest with confidence. the new rx. crafted by lexus. lease the 2020 rx 350 for $419 a month for 36 months. ♪. >> median household income reached the highest level in the history of our country. in only three years, including regulation cuts and tax cuts because the other ones raised taxes, we cut taxes by the record amount, it went to $10,000 per family. charles: president trump touting american growth under his 2017 tax cuts at a rally last night but you know the white house might be doing something of an about-face. as "the washington post" report saying that president trump is being advised to put a new minimum tax on corporations as part of his upcoming middle class tax plan. joining me university of maryland economist peter morici. i found this to be fascinating, peter. last night, overall talk in the democratic stage was that corporations don't pay enough in taxes. many don't pay any taxes at all. you heard amazon mentioned several times. you heard oil companies are being subsidized and you know, there is enough people in this country who have resentment out there, it feels like maybe the white house is considering ways not to assuage that but to acknowledge it? into i think it is worth acknowledging that some companies, very big and rich companies don't pay any taxes and that not right. when everybody else pays taxes. why shouldn't jeff bezos pay taxes on all the profits when some woman in ordinary job making $40,000 a year has to pay four? it doesn't seem right to me. i will say this, if we have a minimum tax for corporations as we do for individuals, then the money we get back ought to be given back to other people. and you know, middle class tax cut is good but what i would prefer to do the lower corporate rates a little more for everybody else because our corporate rates are hardly low even after the recent reform. charles: you mean 21% you would like to see lower? >> when you look at what other countries are doing. because we don't have a value-added tax there is tendency to overtax corporations in the united states. charles: what about the middle class tax cut? what about the focus, even payroll tax cut? something will come out from the administration, for folks who maybe missed out on this, we hear you, we want to bring you into this? there is talk of tax breaks for people to get involved in the stock market? >> if we have a payroll tax cut we have to take dedicated revenue out of the general budget to put it into the social security trust fund because we simply can't let that become vulnerable that is the most logical place to cut individual taxes because that is regressive tax. it is the highest tax a lot of people pay. so it is a good place to look if you want a middle class tax cut that excuse benefits to people below $137,000 a year. charles: peter, there is a report out that, white house official mulvaney might have aid that republicans are hypocrites when it comes to deficits since president trump has been in office but i thought more intriguing he says nobody cares about it. i got to tell you that is the new political conventional wisdom? >> i think there is some truth to it. that's why there is conventional wisdom. when republicans had control of congress they were not in a hurry to cut entitlements. you saw what they did with health care. they were great difficulty doing health care. they couldn't pass a bill in the end. on tax cuts, think about marco rubio lobbying for special benefits in the income tax code and so forth. charles: right. >> my feeling is, that they talk a good game when they're out. they play a poor game when they're in. charles: peter, stay there for a moment. i will get your take on this next story. it is run, don't walk. talking about residents fleeing new york and new jersey a new study finds those two states are losing more people than any other in america. deirdre bolton joins us with more. >> that is true, charles. if you look in percentage point terms, new york lost 1.6% of its population between 2017 and 2018. this according to a career site, zipia. they know which people are filling jobs, they know which people are leaving jobs. based on data they have they know where they're going. new york, new jersey, as you said, these are the two states losing the most people. i want to tell you, charles where they are going. charles: okay. >> so as far as they're going, arizona getting 2.2%. idaho getting 2.1%. utah up 1.8%. not a coincidence two of three of those states, have income tax of 4.9%. little tricky to make one-to-one correlation exactly why people are leaving. some people cite sunshine. some people cite lower cost of living or being near families. the trick when people leave new york or new jersey, they're honestly not going far. some people in new york go to new jersey. some in new jersey go to new york. some to pennsylvania. a lot of people in new jersey going to california. taxes are part of the equation it is not all -- that i will bet on the sunshine, charles, especially this time of year. charles: sunshine can never go wrong. deirdre, appreciate it. >> sure. charles: quickly bring peter morici in on this. you have written about this for eons. the numbers keep stacking up. the police chief in englewood, new jersey, retired last year, he got $600,000. these states are taxing the heck out of people. they're paying civil servants so much money and those who don't get a piece of the action are leaving. >> absolutely. look at the quality of services. look at the l train in new york. the l train carries more people to work than the entire bart train in san francisco or about the same number. now mayor bloomberg, the new mayor, they can't make that thing work. new york city subway conditions are so tawdry. my feeling is you don't have to go to the sudan to see a developing country. take a round-trip on the l train. charles: if you can. >> why would you stay there, put up with that if you're a ordinary working person, made $60,000 a year and has a pension of 40. you get out. charles: that's what they're doing. peter, thank you very much, my friend. >> take care. >> we're awaiting president trump. he is going to speak at a graduation ceremony for former inmates. he is making criminal justice a cornerstone of his administration. one women he just pardoned. she will share her story next. trump is not topping there. our manufacturing sector is beginning to boom again. later in the hour i will show how bullish employers are feeling. what that means for you and your portfolio? >> we are in the midst of the great american comeback. our country is stronger today than ever before. 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not promise... prove. don't miss the final days of the ultimate sleep number event. save 50% on the sleep number 360 limited edition smart bed. plus 0% interest for 24 months on all smart beds. ends sunday. ♪ >> president trump about to speak to former inmates at hope for prisoners graduation ceremony in las vegas at any moment. the non-profit program provides participants with job training and other resources during their transition to society. the speech comes after his clemency spree after michael milken, bernard kerik and rod blagojevich. he is giving second chance to people that. angela king received her own pardon from president trump this week. thanks for joining us. >> thank you so much for having me on. such an honor to be on your show today. charles: an honor to have you on. i'm a person that believes in second chances. share part of your story with us. >> wow, i will try to give you a quick run-down. but i ended up going to prison back in 2000. i ended up with a charge for a non-violent crime. when i was convicted i was pregnant. so i ended up giving birth to my daughter chained to a bed. 24 hours after i gave birth to my daughter, she was snatched out of my arms. not only that, there was a sheriff stood there and watched the whole process i was released from prison 2 1/2 years later from a state prison. i was given a 25-dollar check and a bus ticket. i was told to start my life over. the only thing i came home to was four children, two garbage bags clothes and two tombstones. my mother was in one and my grandmother was the other. no one wouldn't give me a job. i couldn't get government assistance. by the grace of god i found an awesome mentor, my godmother, dr. alveda king, who helped me pick up all the pieces to put my life together. i'm a national best-selling author. i have my own publishing company. i have my own foundation, american king foundation. i fought very hard to get the first step act passed. because of my own personal story donald j. trump made it illegal to chain women to the bed during childbirth. i put in for a pardon quite some time ago. i didn't know that i was going to get it. i wasn't worried about it. i just wanted to fight for other people. yesterday, day before yesterday, on my birthday i got the biggest surprise in my life. it is like a brand new life. i'm so elated. at a total loss for words. charles: i'm a total loss for words listening to your story. it is so powerful and impactful. tell us about the work you're doing with this white house and of course alveda king is amazing. the idea that maybe it could be more effective if the press would just drop their animosity towards president trump just on this one issue. because what he is doing is really revolutionary. if it was any other president i think we would be celebrating it more as a country. >> we would be celebrating so much more as a country. i mean it is just so biased. as americans you know we always talk about, you know family separation at the border. every one has compassion for people at the border basically taking a chance to have a better life. what we have our own brothers and sisters, our own family and our own citizens here that sometimes do the same thing. they commit crimes of undesirable. many time they commit crimes just to have a better life. why can't we have the same compassion? if we feel as though the children at the border are affected from being separated from our parents, well, guess what? we have a whole lot of children in america that has been affected the same way and we have american juvenile detention centers are filled with american children in cages. as americans, we need to keep that same energy when it comes to our own. charles: i just want to say congratulations again. you have an amazing story. i hope everyone picks up your book. what is the name of your book again, angela? >> the name of my book, "life after real housewife." guys. pick it up. picture of donald trump holding up my book telling people to get it. i want to con groot late you on unstoppable prosperity. who knows, one day we can partner together. and get a good word. charles: i love to, because you're a hero, angela. >> thanks for having me, charles. charles: thank you. roger stone is going to jail for 40 months for witness tampering, lying to congress and obstructing the investigation into russian election interference. it runs concurrent to stone's time already served. after doj officials recommended that stone receive a lighter sentence after it was revealed the jury foreperson in this trial posted anti-trump and anti-stone messages on-line. stone will ask for a retrial. mattel stock under pressure this week. the toy company beating earnings but biggest division, dolls and infant toys are down year-over-year. "claman countdown" host liz claman is here to discuss. liz what is the gameplan going forward? >> they have got to do something, right? what you're seeing a moment in time where mattel's stock today is jumping more than 1 1/3%. why? because it announced yet another partnership where they take their, of course their brand. you have got barbie and you got hot wheels and they have american girl doll but what do they do with it beyond manufacturing them and trying to sell them in places that cut down margins like amazon? as we know toys "r" us got into real trouble. the ceo is coming here before he speaks to investors tomorrow. he is the ceo came from the movie industry. this is a guy who understands how to turn brands into blockbusters. i'm talking big screen blockbusters. he will talk about what he plans to do to give a brand new life to mattel and see if he can really start to move the stock on longer term basis. i am going to show him, barbying of course, charles, made after me, moi, redheaded barbie. charles: that is so cool. >> the spitting image. who will play bash biin -- barbie in the live action film. charles: who? >> you will have to tune in. hot actress. charles: top. hour. "claman countdown." thank you, liz. we'll monitor president trump at las vegas event. we'll bring you any headlines. there is more proof that the trump economy is going strong. it is from the manufacturing sector. reports this morning that are turning heads. ♪. flexshares may look simple on the outside. but inside every etf... there are untold hours of careful construction... infinite "what ifs?" and contingency plans. creating funds that help target gaps in client portfolios. tap untapped potential. and strengthen confidence in you. flexshares. powered by over a century of investment expertise before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. for a prospectus containing this information. at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? 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i sure do! see? you're able to stick with him. like to travel? this kind of plan goes with you anywhere you travel in the country. so go ahead, spend winter somewhere warm. if you're turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. thumbs up to that! remember, the time to prepare is before you go on medicare! don't wait. get started today. call unitedhealthcare and ask for your free decision guide. learn more about aarp medicare supplement plan options and rates to fit your needs oh, and happy birthday... or retirement... in advance. charles: major breaking news. lo at that, folks. another milestone for president trump. this brand new gallup poll shows the president's approval rating actually higher than his disapproval rating. this is the first time that's happened since he was sworn in. meanwhile, the manufacturing sector rebounding also. this is looking really real. take a look at these numbers. i have been talking about this for a long time. today's philly fed number, one of the biggest beats ever. joining me to discuss all of this, heritage capital's paul shatz, nicole webb and pwc partner mitch roshel. i have been looking for this for a few reasons. let me start with you, paul. here's the thing. we saw empire state yesterday really big. we see this philly fed number, really big. my investment thesis for this year is rebound in manufacturing and strong household formation in the housing sector. right now, both are looking pretty good. >> so let's step back. manufacturing isn't the behemoth it used to be in the economy. i think it must account for 17%, 18%. so the surge, if you will, we have been seeing, while it's important, it's not going to have the impact that it once would have. on the housing front, i totally agree. mortgage rates are near all-time lows. there is a shortage of housing. job reports are still amazing so all that does lead to pretty good support for the jobs market, for housing and certainly for the housing stocks. charles: there's no doubt that manufacturing is not what it once was in terms of overall economy, but i think it's also critical, not just because it's a critical part of the economy but from a political point of view. i think if manufacturing has a sort of tailwind going into november, it helps president trump get reelected and that helps the stock market, i think. >> certainly. when you talk to anyone in manufacturing, they will tell you march is the tell month. march will tell them what summer looks like heading into an election season. i think that will really be important to this campaign. charles: what about the millenials buying houses? they look like they are stepping up to the plate. >> let's not forget, i'm from rural minnesota. when i go home, i check myself because it is a different world outside of manhattan. so yes, i still think the american dream exists. people are buying homes. there is suburban sprawl. we are seeing that in the new builds. >> let's look at what's going on in housing. statistically, household formation is when children move out of their parents' house. there may be people in the audience cheering when i say that but that's what household formation is. we have three plus million households that have been formed for which we haven't built new supply of single family or multi-family. so that is a demand case for more housing and that's what's happening right now. we have lowered the cost of capital for not just the people buying it but for people who are building it. that's why we are getting more supply. charles: the market overall, we had a noncommittal open start to the session but we did finish record highs on the nasdaq and s&p. so some scuttlebutt came out about coronavirus which happens almost every single day, to be quite frank with you. but also, the notion that maybe the federal reserve won't be as accommodative as wall street believes. how critical is it that we get one or two more rate cuts to keep this rally going? >> i don't know if it's actually going to be critical at all. i look at it and think -- charles: that's just one of those typical wall street temper tantrums? >> i'm kind of going with yes, a lot of noise. i look to my distinguished panel members here, but i see both sides of this. there's a lot of -- charles: paul heard the news, he was selling everything. how dare the fed not cut rates two more times. >> i think the market is really good at sending the fed a message and sending the white house a message. we don't have to look past the fourth quarter of 2018 to see what that message looks like and maybe -- charles: do you think that's why this news was intriguing, because clarida saying i'm looking at the same tea leaves and i don't think the market is anticipating rate cuts. i'm wondering what the heck was he looking at. >> one, i still think we get a rate cut in the fourth quarter. charles: fourth quarter? >> fourth quarter. yep. >> after the election. charles: what about if we get signs the coronavirus is slowing, that we might need one before then? some people think we may get one in march. >> here's the problem. if you think the coronavirus is that bad that it will slow the economy, you would cut rates if you didn't think it was going to end quickly. you would cut rates if you knew something that everybody else doesn't know. most people think the coronavirus is a q1-q2 thing in this country. if the fed says it's going to get so bad, what do they see down the road? charles: i got you. >> i think the market's fine. if we don't get a rate cut this year, the market's fine. i keep telling people be careful what you wish for. the fed was cutting rates in all of '01 and '02, second half of '07 and '08. be careful with rate cuts. charles: why are you cast for the re rest of the year? 65% of s&p companies beat on revenue or earnings, earnings have come in better than expected, 3.1%. take out energy, 6%. sequentially every quarter from here on out is expected to be better and better. is that your main investment thesis for you being able to sleep well at night? >> no. so this was supposed to be the weakest quarter of the year. i always worry when everyone says one quarter is going to be the weakest quarter of the year. i think something else could trip up the economy and inject some weakness second half of the year. thesis wise, most importantly, the single one thing that's been driving the market for 11 years is we don't have a supply of stock. between buy-backs and takeovers, we don't have this outpouring of ipos. there's not enough -- they can't even fill the wilshire 5,000 with 5,000 companies. it's not earnings, it is liquidity but there's just not enough stock out there tosatiate demand. >> i'm right there with you. i wonder where is all of this cash going to go. it is looking for a home. >> i think some of the selloff we are seeing, the market wanted a selloff. they got the coronavirus as a story, which -- charles: but is .5% a selloff? >> absolutely not. there is so much cash on the sidelines that every time there's a dip, there are people who have spoken to their brokers, people listening or watching right now who said buy a dip, you get a two-day dip, they buy. the big thing is this wall of cash sitting globally on the sidelines. let's not forget the fear of missing out. when you drop interest rates as low as they are, dollar denominated securities that pay dividend look really good. charles: america is the best game in town. >> is, was and always will be. charles: that's my man right there. they ought to give you a flag or something. thank you all three very much. a collaboration with streetwear brand supreme and a lot of cookies, featuring the famous red logo, you can see it there. they are releasing this in the coming months as part of supreme's 2020 collection. they are going to sell out in seconds because there's a crazy secondary market for everything supreme. i know. i have been shopping there for 20 years. this is not their first unorthodox collaboration. they have sold everything from branded bricks to honda dirt bikes and guess what, they always sell out and they make killer resellers. buy a box and put them in your freezer. liz claman, don't eat them. they will be worth a lot more money. liz: i put everything in my freezer. chocolate, cookies, i love everything frozen. charles: don't eat the supreme cookies. liz: save them. all right, charles, thank you very much. well, after riding wednesday's wave to record highs, stocks are hitting rough waters but as we head into the final hour of trade, a bit, i stress a bit of stabilizing is coming into play. the dow jones industrials, down 162 points right now but this morning, plummeted 388 after a call to arms by one of the biggest names on the street. his warning, the stocks you own haven't even begun to feel the full impact of the deadly coro

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