Joe biden will unveil his economic plan and that looks awful like America First. That and so much more on making money. Charles stocks sinking after the Supreme Court rejects President Trumps bid to block a subpoena for his financial records and i think it is indictment by manhattan d. A. And wall street sensing their inability to keep the information secret. Perhaps, it wont be a oneday event. This whole market, this whole year has been a dickens tale of two cities. Instead it has been two stock markets, two equity at this indices. One weighed by the old economic names and Old Technology as well. The other one sprinting ahead on new economic names. These companies will form how we live and work in the future. General anxiety continues to hover over the market. Most involving the next round of stimulus. As we learned something in the last two sessions. Maybe the markets prefers stronger economy over more fed stimulus. Think about this, with an hour left to trade on tuesday, one of the most powerful folks at the fed, vice chairman clarida, he bragged about the unlimited buying power. Guess what, the market sold off into the close. Yesterday with an hour left in trading, james bullard, who doesnt have a vote on the fomc said the unemployment could drop to 7 this year. I think the market wants good news. Keith fitzgerald, and rebecca walser. Rebecca, start with you first, the Supreme Courts reaction, the stock Market Reaction to the Supreme Court today . It is uncertainty. Charles, we have uncertainty and sitting president , potential damaging records, im projecting that is what people might think they would be, market doesnt like uncertainty. We like certainty. It makes investors think maybe joe biden will be the president and i think his policies are disaster for our economy and disaster for the free market. Charles keith, i would say not only uncertainty but uncertainty disrupting the election. I think the market is saying they prefer a President Trump over a President Biden. I agree with you. The markets job is not to decide who is right or wrong. It is the markets job to decide who is profitable. Put that on the table now. To rebeccas point, uncertainty is the driver. Theyre getting cautious. Natural to take foot off the gas. It is natural with a changing narrative. Charles on the notion or taking or keeping your foot on the gas, keith, the notion that the stock market now needs good news, not stimulus to rally is what i took out of the last two sessions because when the fed, when the vice chairman of the fed says we have unlimited buying power, the market goes down, the next day another fed official says we just see the economy getting better, 7 unemployment, the market rallies, maybe it is time to root for good news . Im chuckling because i agree with you. This is the like the emperor has no clothes. Everybody knows that the fed ace train wreck. Everybody knows that you cant pay off this amount of debt forever. Theyre playing kick the can down the road. I think traders know it, investors know it. One of those things everybody went, more spending . Give me good news. Give me a ceo that knows what theyre doing. Give me a company that is growing. That is the real good news. That is what investors should focus on. Charles except more like one of those oil drums than a can anymore. Rebecca, comments on the psychology of the market right now. The market loves and embraces the fed doing so much buying but how important at this point we continue to see good news . Charles, we have that, we have. The market needs to recover. That will not happen. People bill get back to normal lives, as media is transparent what is going on with the virus. I have to say it is turned into a big political situation. We used to talk about this is what is actually happening and talk about case counts. I look at case counts, going up this is pretty much unstoppable thing at this point. Were looking at herd immunity only possibility getting back to normal. The second we realize that, get out to flying, going to restaurants, reopen, lets get it done. We need good economic news. The economy is ready for it f we get back to normalcy, the charles, the second we had great things boeing on, economy rebound the news tried to cave it. They changed how they count cases. This is so not great. We need to get back to what we do every day, which is go out and live our lives. Charles it is so hard to find out how many people have been discharged or recovered from it before. That was always part of the headlines. On that line of thinking, two intriguing stocks this morning, Carnival Cruise lines and six flags, right . The cruise operator says they will go back to sea august 5th. They have a voice out of hamburg a Amusement Park six flags up to a buy. This goes back to what youre saying. Ultimate sign, we as people, nation, over the hump when people really start to go out on cruise ships again . When we start to actually go to these Amusement Parks . Is that to me, charles . I thought that was to keith . Charles yes. Yeah. Charles, im ready. Ii want to take my kids i want to take my kids out. Lets go out. Charles hey, keith. Keith to me that is the ultimate sign. It is because to you and rebeccas point we got to live. I have lost an aunt to this. I lost two friends to this. It is very real to me and my family. You know what, that said, we still have to get out there. That is what society needs. That is it how humankind functions. Hope, aspiration and optimism are all aabout. To me you can be in to win, still do it cautiously and properly. I am excited im supposed to be on a cruise in november myself. So who knows. Charles wow. All right. I want to get a postcard. By the way to what rebecca was saying the Financial Media really hasnt hurt the rally but i think they stop ad lot of individual investors participating and that bothers me a lot. Keith, rebecca, great stuff. Appreciate it. Well talk to you both real soon. Meanwhile talk being about economic data, initial jobless claims dropping for the fourth consecutive week, 100,000 less than a week earlier. So far they come in well ahead of what the experts ahead. Certainly well ahead where we thought we would be months ago. With the stalled reopening plans. We keep hearing about more job cuts, there is anxiety about the overall recovery stalling. The question is there enough momentum to keep this v going . I want to bring in university of maryland economist, peter morici. Peter we confound the experts the economy has, but no doubt it is stalling right now. What needs to happen and can we still get a vshaped recovery . Oh, i think were not stalling. I think were moving up. We have to accept that in a situation like this, after we had a dramatic shutdown it will not all be smooth. Certainly people are going back to work. So we got more jobless claims. We know some industries are going to shrink because they will not be as act sieve as before but people will do other things. Its a matter of transitioning to the postcoronavirus economy. We essentially accelerate ad lot of the changes that were going to take place any anyway. Automation in meatpacking, more zooming and peach watching movies like hamilton at home. Charles great point. When we hear United Airlines may lay off over 30,000, american will lay off 20,000, that are big numbers, will impact lives and people. Will those offset itself and specific industries and not necessarily reflective of other opportunities . Well there are specific industries that are going to shrink. Lets face it were a lot of Industries Customers were not treated as well as they could be. Now technological opportunities made it possible for people to use less of what those industries provide but that Technology Costs money f you go to use microsofts meeting apparatus to do tv shows, ive been using some Great Software that has been provided me by the bbc to do my biweekly broadcast. That costs money and it replaces, for example, getting in a limousine. Thats okay. Jobs go away in one place, they reappear in another. People dont stand behind mules and plows anymore, do they . Just this accelerated things. So two, three years, from now, we wont know this happened. I will point out to you, two years after the spanish flu, we didnt know it happened. Two years after the influenza epidemic of 1957, we didnt know it happened. Charles but we know that the economies took off. We had the roaring 20s right after the spanish flu. Less than a minute to go. What do you want to see from congress . I feel like theyre playing a real serious game of chicken here. I feel like Steve Mnuchin and President Trump are trying to get ahead of it but what would you like to see in the next round of stimulus . I would like to see assistance to state and local governments, not a trillion dollars. 500 billion like the governors asked for. General us unemployment benefits. Generous payments to families. Let them go buy stuff, let them decide where the money should go. Dont prop up the airlines. We propped themp through september. Now they announced lay offs in october. We cant prop up old industry. Give people money to spend. Those people unemployed, help them transition. Charles agree one thousand . Peter, thank you very much. Folks, Supreme Court big news today, delivering President Trump a split decision this morning. So what is the mood in the white house right now . We have the president s attorney jenna ellis. She will weigh in next. Also joe biden releasing his economic plan but a whole lot of the details seem like theyre taking a page from President Trumps America First playbook. Well break it all down for you. Well be right back. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Charles well it is good news, bad news situation for President Trump at the Supreme Court today. The justices ruling that congress cannot have access to his financial records, yet returning the case to a lower court with no prospects for anything happening well after the election. Then, that was a 72 decision. The court did uphold the prosecutors, man half tan prosecutors demands for President Trumps tax returns as part of a criminal investigation. For his part President Trump using a very familiar phrase today. He is talking again, he tweeted out, a political witchhunt. I will bring in his attorney, jenna ellis to join us now. Jenna, i guess a split decision of sorts. I thought 72 was intriguing for the manhattan d. A. The market sold off because they dont think the information which is only for the eyes of the grand jury will probably stay secret. What are your thoughts . Yeah. This is just a delayed victory for the president , charles. So i mean the president is completely right this is a political witchhunt and thats true for congress trying to get ahold of his tax returns. That is true for the manhattan attorney there. So you know, we all know if anyone gets his tax returns of course they are going to be leaked. In response it was interesting that congress didnt, the democrats in congress didnt have any response talking about legislative purpose or anything theyre going to do other than attacking President Trump. The same thing there in manhattan. We know it is just plainly obvious for all of us to see this is just a politically motivated targeting of President Trump and these two cases, are just delayed victory. He will continue to fight for his constitutionally protected right to be free from politicallymotivated attack. Charles now, some of his tweets though, after the, after the news, he seemed pretty upset. Again to your point, obviously, you know, saying it is a witchhunt. It is purposeful. We have a lot going on in this country in addition to the reelection, how we continue to fight covid19. Will this interfere with that at all . Will he still be able to do some things with congress between now and november . Because the country still need another boost. Right. We can hope so. I mean the democrats are just trying to obstruct and they have been, they have been targeting President Trump and becoming the party of just we hate trump. That is all that theyre doing, rather than collaborating with this president , passing legislation that can be helpful to the American People this is just another thing, now were having to talk about on air, use media time to talk about all these things like the russian collusion hoax, impeachment hoax, all of these things designed to obstruct rather than focusing on the American People. So hopefully congress will actually consider that and return to it. President trump is very dedicated to fighting on behalf of the American People. Charles thought but yesterday, because i know this is something that you talked about a lot yesterday. The Supreme Court ruled in favor of employers who claim religious beliefs preventing them from offering things like Birth Control and other parts of that obamacare package in their health plans. Just your thoughts. This is a really to me seems like a great victory for religious freedom. It is. The court was correct in the Little Sisters of the poor case that the government cannot compel through a Health Care Mandate for employers to provide Services Like contraceptives against their sincerelyheld religious beliefs. Contrast that with the title vii decision where employers cant hold to religious believes in hiring decisions and freedom of association, that is conflicting message with the court, playing politics, rather than applying the First Amendment fairly and accurately. We have the right of freedom of speech, freedom of association, exercise of religion in employment context. Were hoping President Trump will get for more years, were confident in that, that well have conservative majority that will apply the the constitution as the nonpolitical branch it was intended to be. Charles there is lot of inkiss sys coming out of this inconsist sys coming out of this particular court. Jenna, we appreciate it very much. Well talk again real soon. Thanks, charles. Charles meanwhile, folks, joe biden is about to unveil his economic plan in the swing state of pennsylvania. Instead of channeling his inner, his new buddy Bernie Sanders, he is sounding a lot more like President Trump. Well give you those details. Plus are chinese investors betting right now on a hot win streak that biden will win . Well explain that as well. Well be right back ok . Thats 15 percent on top of what geico could already save you. So what are you waiting for . Dj khaled to be your motivational coach . Yo devin remember to brush in a circle motion. Thank you. Dj. Khaled. Tiny circles, devin. Do another one. Another one. Is this good . Put in that work, devin. Dont give up. Geico. Save an extra 15 when you switch by october 7th. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Leading armies to battle . , weve just been finding a way to keep on pushing. Was that your greataunt, keeping armies alive . Drafting the plans. Taking the pictures. Was it your family members . Who flew. Who fixed. Who fought. Who rose to the occasion. When the world needed them most. Find and honor your ancestors who servered in world war ii. Their stories live on at ancestry. Charles former Vice President now democratic president ial presumptive nominee for the democrats joe biden set to unveil an economic proposal today that will spend 700 billion, focusing on manufacturing, products, research, also sort of, i guess a challenge to President Trumps America First agenda. Hillary vaughn joins us with more details from the metal works facility in dunnmoor pennsylvania, where he is expected to speak. Hillary . Reporter biden will tee up his hire American Economic plan. This economic plan is following on the heels of the joint Task Force Proposal came out from from the Bernie Sanders and biden camps were really meant to embed Bernie Sanderss ideas into the biden agenda. It fell short many progressives were hoping for and what wall street was fearing. Green new deal and medicare for all were in the in the proposal. He said the end result were not what i or my supporters would have written alone the task force created a policy blueprint in the country in the muchneeded progressive direction. Today biden is moving in a different direction. The plan he will tee up today is american first approach to a moderate reboot of the u. S. Economy if he is in the white house. It sounds a lot like what President Trumps campaign talked about in 2016. Buy american, hire american, and build american. Bidens plan promises to do just that, investing 400 billion in his first term to federal purchases of u. S. Products including clean vehicles american steel, medical supplies and artificial intelligence. It includes a made in america tax credit to provide capital to small and mediumsized manufacturers. H