Transcripts For FBC Varney Company 20240712

Growth rate and job creation, now if you put the fed statement and higher jobless claims together, thats whats pushing stock prices down this morning. Look at it. The dow is off about 100, s p 60, nasdaq about 31, more on that in a second. All right, did you watch night 3 of the Democrats Convention . It was hate trump night. Speaker after speaker layed into the president in personal terms. He gets the blame for everything. Seems to me like the democrats have not gotten over their loss 4 years ago. The president was live tweeting all the way through. We will show you both sides of this, of course, but seems to me like all of the democrats have is hate trump. Varney company is about to begin. Stuart look at the red ink on the markets, first of all, down across the board but not that much. Lets get right at it. Larry kudlow, director of Economic Council at the white house. Larry, negatives this morning. More than 1. 1 million jobless claims, the fed says the virus is hurting growth, back to school and colleges are bust for inclassroom learning, parents are stuck at home. Why dont you give us an update on the status of vshape recovery. Larry okay, thanks, im not supposed to talk about unemployment until 9 30 but i will say this quickly, the fourweek moving average of initial claims is still coming down, its a volatile series. We created over 9 million jobs, we the, economy, the American People in the last 3 months and all the signals i think are for strong vshape recovery. Incidentally on the claim numbers, one more quickie, continuing claims, continuing on unemployment fell for over 600,000. I dont think its a bad number at all. Stuart aside from the jobless number, its not a vigorous dynamic, flatout, straight up recovery is it . Larry after pandemic which was a bone crusher you have series of indicators that are booming, i mean, they are just soaring. The housing sector which is a leading indicator to have economy, housing permits up by 40 , theyre way above the february level before the pandemic, home Builder Sentiment is as strong as its been in 22 years. Youve got a boom in automobiles both production and sales and here is a key point, inventories collapsed in that second quarter, the contraction quarter. So you have to rebuild inventories to satisfy consumer demand on cars and other things, retailing, i mean, you saw the numbers from lowes and home depot and target yesterday and so forth. Retailing is very strong. That thing is above its february levels. Its hard for me to see, look, i understand perfectly well the concern about the virus. I understand that, i get that. The good news is new cases have dropped quite a bit, about 35 from the midjuly highs, but fatalities flattening out and curving down. I understand that risk, i get that and also understand that still way too many people are not working. Thats fair enough, but i will say this, the only returns for may, june and july have been really kind of spectacular, so ive got my fingers crossed that we are in a selfsustaining recovery. Stuart okay, fingers crossed. Well, do we need another virus aid package . We understand that the democrats are thinking about putting it to the vote next week, do we need more money pumped into the economy right now . Larry well, look, we is add targetable sensible help, we can do that. We cannot add 3 and a half to 4 trillion more which was democratic wish list. Thats not going to work at all. Wed like some extra money to help the schools, thats important. Wed like extra money to help health care, covidrelated healthcare and offered to put more money to the post Office Although i dont think they really need it. They got 10 billion in cash a few months ago. Thats okay. Our mantra is kids and jobs. Dont forget regarding fiscal stimulus, the president s brilliant idea to defer the payroll tax for quite some time. I think it will ultimately be forgiven if hes reelected. Thats his pledge. Thats wage increase for over 140 million working americans who are heros and had the opportunity during the pandemic, we are going to rewarded them. We also are going to increase weve offered to increase assistance for those who are unemployed. A generous package which will reduce the fear of disincentives to work. Its 300 from federal, maybe an extra 100 from the states but they dont have to match. If they put the money in, we will help them anyway. These are things that are target. We will keep the Eviction Moratorium on and keep the students line deferral interest free, so, yeah, we are adding some some on the tax cuts side, some on the spending side. We do not need another 4 trillion. Stuart well, if they came to you, look, we have a deal here for another trillion, im just picking a number. Another trillion, would you and the president turn it down . Larry i dont think so. It depends whats in stuart political angle to this, larry. I dont mean to interrupt you, sorry. Theres a political angle to this with ten weeks till the election. I cant imagine a politician turning down a chunk of money, chunked into the economy, chunked into voters right before an election. I dont see how you could turn it down. Larry well, again through combination through sensible targeting increases and tax cuts, right . Tax cuts, lets not forget that. In fact, the president has talked about cutting the income tax in his second perm. Stuart thats second term. Larry hes talking about making corporations immediate permanent. Very powerful incentives for the economy, but just to throw another 4 trillion willy nilly on democratic list, secretary mnuchin said if its sensible and if it works and if its targeted, yes, we would probably be favorable but we dont have the details yet and right now the talks are rather stalled. Stuart what do you make of the Democrat Convention and joe biden and his calls for sharply higher taxes, pretty much across the board. What do you think happens to the economy and recovery if any of those tax increases are imposed . Larry yeah, well, let me ask you this, youre coming out of a terrible pandemic contraction, terrible, all right, tragedies almost everywhere, would you still, varney, suggest that we should be taking money from individual men and women who are working or want to go back to work . I mean, thats what a tax hike is. Its taking money and picking peoples pocket and the old mantra from the democrats its rich people. No, its not. They will go across the board. You name it, they will tax it. They will never get the numbers they think from taxing successful earners, it never happens. Its the middleclass folks that will get the tax hike as they always do. President trump has a middletax payroll tax cut to increase wages. I mean, why would you i dont care whats your philosophy, we are desperately trying to claw our way back, the numbers are good, the early numbers look good, why would you take money out of peoples pockets, i would like to people to have more after tax income, not less. I dont get it. Stuart because its not this is not me talking. Im trying to, you know larry i thought that was your proposal. That was biden. Stuart stop it, please. [laughter] stuart yesterday apple went to a valuation of 2 trillion. Amazon went up well above 3,000 per share. The people who run those companies represent the very, very wealthy people of america and the left is saying, youve got so much, you can give up a little, we will tax you a bit more in the interest of fairness, so, again, a political angle to this which is very attractive to many americans. Its not fair the way things are at the moment. Larry this is always you know, i was here several decades ago for reagan. I heard the same, only rich people get tax cuts, so reagan slashed taxes from 70 to 28 , okay, and nobody complained when we had one of the greatest economic booms in the history of this country which created well over 20 million jobs. Here is President Trumps story. He inherits the weakest recovery on record, Unemployment Rates, Industrial Production teetering on the edge of recession and President Trump comes in, lowers taxes across the board, sharply reduces burdensome and costly business regulations particularly business, unleashes energy which mr. Biden wants to terminate fracking and natural gas and fossil fuels and scores major trade deals in north america and china and elsewhere which will help our manufacturing and our farm people and just about everybody else, so the economy soars, the economy soars, okay. Lower taxes, fair trade, get the regulations out. We have the the Unemployment Rate down with no inflation. Go down the list, blacks, hispanics, asians, women and so forth, lowest unemployment in history for the most part. Thats why his policies have worked. Democrats want to overturn his policies and here is what youll get, here is what is at stake, to voters, americans of all stripes, i dont care what party youre in, color or anything, do you want a future economy with prosperity and opportunity and health or do you want to go back to a stagnate economy which will make everybody worse off and lower Living Standards and final point, President Trump has said on day one and this is where he completely differs from our friends on the other side of the aisle. We should as americans, as our ideal, we should rewarded success, okay. Those companies you cited werent even around, okay, 20, 30 years ago, werent even around, have created hundreds of thousands of jobs, have rewarded their shareholders in the stock market, have rewarded stakeholders in their community. I dont want to punish them, i want to rewarded them, but most of all, i want more people to invent new companies and new technologies to innovate, to build up, you can fail 3 or 4 times in this country but as long as the opportunity is there, as long as the opportunity is there and we rewarded success, we will see a fabulous comeback. You will see it before the year is over, 20 plus growth in the third and Fourth Quarter. Stuart right at the very end. 20 growth. Larry in the third and Fourth Quarters, you can score that and we are going to have a big bang year next year and the president puts in his free market rewarded success policy. Stuart youre a former journalist and you buried the lead until the last second of the interview. Im surprised. Larry i want to keep you on the edge of your seat. Stuart happy birthday, larry, 20th, your birthday . Larry yes, sir. I am 73. I am 73 years old. Im Still Standing and i am very blessed, really very blessed to give service to the country and my wonderful bride and the stu varney show on tv. Great stuff. Stuart thanks, larry. Appreciate it. All right. Quick check on the market before we go to commercial break, we are still down, down 130 on the dow. Down 40 on the nasdaq. President trump calling for the boycott of goodyear after that Company Reportedly rolled out a new policy that shows obvious political bias. Here is the president. The people that work for goodyear, i can guaranty you i polled well with those workers. If there were an alternative, would you want the tires swapped out . Yeah, i would have it. Stuart black lives matter okay, make Blue Lives Matter, not okay. Thats the story for you. Airbnb taking steps to go public, we heard this before, are they going to do it . When can i, you and i get to invest in this brandnew industry . And you saw it first right here when apple hit the 2 trilliondollar valuation, historic moment and we will relive it for you right after this. Im a performer. Always have been. And always will be. Never letting anything get in my way. Not the doubts, distractions, or voice in my head. And certainly not arthritis. New voltaren provides powerful arthritis pain relief to help me keep moving. And it can help you too. Feel the joy of movement with voltaren. Stuart we just hit it, we actually lit 467. 80 i think it was. We spent a fortune on balloons. Its history when an American Company goes to 2 trilliondollar valuation. Exciting too, it was historic, 2 trilliondollar valuation for apple and happened during our show. Apple crossed the trillion dollar mark 2 years ago, up 120 , more than that since then. Little perspective, it took, apple, what 40 years to get to 1 trillion and only 2 years forward to get to 2 trillion. Apple is only the Second Company to hit that 2 trilliondollar mark. Saudi aramco did it last year. They are down a bit today. Look at alibaba, i call them the amazon of china and they are down out with earnings, what went wrong, susan . Susan its interesting because we did pretty well from march to june, they doubled profit during that time. Thats 100 plus in the bottom line, discounts and promotions, luring consumers back after covid, online order searching thanks to june sales event which is pretty similar to what we have in the u. S. Called black friday and alibaba is chinas biggest company. Now underperformed the rest of the u. S. Listed Tech Industry over the past few weeks over concerns that it might be delisted for the New York Stock Exchange after President Trump threatened a ban over certain Chinese Companies off of the fcc to enforce standards to list firms. Wall street doesnt think alibaba is at risk here. Its so big and reputable after being in operation and being around for nearly 30 years. Alibaba breaking record for biggest ipo in u. S. History, remember that, back in 2014. It might be down i guess on Forward Guidance and maybe not lighting up as much as what investors had anticipated. Stuart alibaba is worth 700 billion. Susan thats right, top 5, top 5 Six Companies in the world. Stuart thats true. Intel, put them on the screen please, they are rolling out a stock buyback program, 10 billion worth of buyback. The ceo bob swaan says intel shares are low intrinsic value. More on chip maker, advanced micro devices, our guest says they are taking over the chip market because intel delayed new chip earlier in the year. Intel, down a buck. The guest who likes him dr barton. Are they going up . Yes, moving to the thinner processers, the 7 nano processors, amd already winning in pcs and laptops, they have about 75 of that market. Where they are going to pick up share now is in the Big Data Center and server market, they could move from less than 5 up to 30 in the next couple of years while intel struggles, thats going to be the fuel for amd Going Forward. Stuart okay, how about the s p 500, its in record territory, but youve been looking at the history books and you say history shows or tells us that the s p is going higher from here, make your case. Yeah, when you look back all the way to 1950, stuart, and look at every single alltime the s p 500 and precursor had made, you will see that when it makes alltime high, in general, it doesnt its bearish for the next few months and even out to a year, however, if theres a 5month gap since the last alltime high like what we are living in right now, the numbers actually go up astonishingly. 82 stronger move than on average for the first month, 42 for six months and even 30 more than an average s p move over the next year when youve had to wait. Youve had builtup demand and now we have momentum and history tells us this is actually a bullish alltime high. Stuart okay, so it might hit 3500. It got 3350 at the moment, so 3500 maybe. All right, dr, thank you very much, indeed. Next case is airbnb, theyve announced a global ban on parties at all of their listings and it comes right they filed to go public, tell me more, susan. Susan filing paperwork for ipo, leaning towards a nasdaq listing according to wall street journal, however, that might change. We had covid hitting and decimating the entire business along with airbnbs, the Company Started with valuation of roughly 30 billion or so and forced to raise emergency funding during the height of the pandemic at almost half of the valuation, valued at 18 billion, however, airbnb business has been picking up. For instance, u. S. Bookings were up 22 and over 6 in june and july this year according to one analytics firms. , Stock Options are set to expire and early investors and employees want to get paid. As you mentioned airbnb banning parties at all global locations and so you have to keep the noise down, okay, stu. [laughter] stuart okay. I just want to know when i can get into the brandnew industry. Susan lets see if you pull the trigger this time. Stuart i didnt do it with uber. I have to go. 9 25 the market opens shortly. We are looking to downside move, we will confirm that. The opening bell moments from now. To know whats what. Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better stuart weve got 60 seconds roughly to the opening bill this morning. Its outhouses morning. Bottom of your screen, 1. 1 million jobless claims last week. That is accurate and its not good news. The number of new claims for Unemployment Benefits has gone up. 960,000 last week, 1. 1 million this week. Thats the wrong direction. That is a negative. Youve also got the Federal Reserve saying that, look, the virus is still weighing on the growth of the economy and weighing on job creation. Earlier this morning, however, just a few minutes ago, larry kudlow was on the program and he gave a ringing endorsement that we are going to have rapid growth in the Fourth Quarter of this year. 20 growth he was talking about in the Fourth Quarter of this year. The market is not listening. Here we go. It is 9 30 eastern time and we are about to start the days straying, down 119, 120 down from the start, 130, awful lot of red on the lefthand side of the screen and at this point the dow industrials are down 1 and a half of 1 . And by the looks of it weve got 27 down, 28 down, only 2 up. The s p 500 record high yesterday, down 20 points today, down a percentage point. The nasdaq composite, record high yesterday, down this morning, 45 points. Take a look at apple, you had big day yesterday, hit 2 trilliondollar valuation mark and this morning its not yet valued at 2 trillion, again, slightly below the level and the stock is now up about 1 dollar. Tech analysts way wong with me now, ray, youre always bullish on all of the big techs and how much more room does apple have to go up . Ray oh, apple has a lot more room to go and i think people need to understand the fundamentals. Almost half of the new purchases for ipads, mac books were new customers, 70 of watches were new customers, they are Building Hardware empire and building out services which we think will get to 25 of overall renew. Here is the interesting thing, thats not including the 5g rollout iphones about to come and augmented reality and they may be one of the Top Health Companies Going Forward. A lot of room Going Forward there. Stuart i got it. Ray, hold on a second. Lets talk about chip maker nvidia, stock is down 9 bucks, sum it up for me, susan, where are we . Susan record sales have been booming during covid and theyre also guiding for better 3 months from july to september, we are talking about record numbers here and its also for the first time nvidias history, sales of chip for data centers and cloud in nvidia surpassing graphic chips for gaming for the first time and despite lockdowns, nvidia said coronavirus did hurt sale of chips and workstation chips and the stock by the way still best performer in the s p, backed up valuation since i mention today you and nvidia largest chip maker in the world worth 300 million aside from intel in the bubble. Stuart ray wang, come back in, youre bullish on nvidia, youre bullish on Everything Else . Ray i am bullish on nvidia. They are using them in data centers and the more we work on home and rely on the cloud, the number will go up. What susan said is right, they invested in something in midterm that will pay big dividends. Stuart we hear you, travel, when is it going to come back to anything like normal, not soon says American Airlines. Lauren, i looked at this report, Holding Service for 15 markets . Lauren yeah, thats a big deal because two of the 15 markets wont have any commercial service when american exits on october 7th, 15 airports in all, greenville, north carolina, new heaven, connecticut to give you examples. 700 Airline Flights would be suspended starting october 7th because what happens on the 31st of september, the 30th of september, first round of federal stimulus, the aid expires and the status of this potential second round is in question, so american says, look, if theres more aid we can bring back some of the routes or make other changes if necessary, but without, we cant keep flying at least not in the month of october. Stuart American Airlines stocks 2 a share, thanks. Next case uber and lyft. They could shut down in california maybe as early as tonight because of Court Rulings about how they have to pay their drivers. Ray, come into this one, please because ive got a strong opinion on this. I think uber and lyft should get out of california. How on earth can they justify stopping the brandnew industry in california . Tell me. I just dont think thats justified. Im going get slightly political here. Theres an allout assault on anything good thats american dream. The ability to get a side hustle, the ability to get doesnt make any sense. Assault on singlefamily homes, 9 housing bills that are crushing people and 15 wealth tax, i mean, they are doing everything they can do to drive folks out of the state and it doesnt make any sense. Stuart all right, you want to come and coanchor the show. I didnt know you felt like that. Youre hard on everything including retail plays like amazon. All right, what else . What else . Ray i love amazon, i think they are going to do really well. I think they are post pandemic, shopfy is a great one and another one to look at is lowes, lowes is doing great. You saw what happened with walmart. They got the digital game down and target as well because they figured out that they need to get digital monetization and commerce, right, and they were there when customers needed them. Stuart one of the days you will come on the air and say you are going to sell this stuff but we are nowhere near there are we . Ray, thanks for being here today. We appreciate it. Good stuff. Twice filed president ial candidate Hillary Clinton still having trouble letting go of 2016. Watch this. Joe and kamala can win by 3 million votes and still lose, take it from me. Stuart i think she took it rather personally and so some other democrats last night. I think it was hatred for the president and i think it was on full display. You are going to see it too, so what will we see next week at the Republican Convention . Erin perrin from the trump 2020 campaign is here on whats in store for the republicans. Boycott the company after they ban all things maga and Blue Lives Matter. Apps are used everywhere. Except work. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com im not happy with goodyear because what they are doing is playing politics and the funny thing that the people who work goodyear, i can guaranty you that i poll well with those workers. Would you want the tires swapped up . I would swap them based on what i heard. You would have a lot of people not want to go buy the product. Stuart basically calling for boycott of Goodyear Tire. Ly show you the slide in question here. This is a slide which was taken, a screen shot basically by one to have employees in topeka, kansas, that slide shows goodyear banning clothing that has maga in it but not black lives. Appears to be political bias on what they ban and dont ban. Goodyear says the slide is not from them. They say the visual in question was not created or distributed by goodyear corporate and not part of diversity training class. Here is ed rensi, all right, ed, here is what i think. If youre going to ban politics in the workplace you have to ban all politics otherwise you are discriminating on one side or the other, what say you . I agree, every corporation in the United States has an obligation to train their employees in the area positive diversity and inclusion but by very nature that means dont exclude or include anybody in difference to somebody else. Any corporation that gets involved in training people with chants or slogans is heading down a path of no good. I dont know what the actual facts are but i tell you teaching diversity, teaching inclusion is really important in a workplace and i think we ought to keep politics out of it, whether its black lives matter or Blue Lives Matter, whatever it may be, you cant polarize your workforce or youre going to be very inefficient and end up losing money. Stuart its a real problem especially fastfood operations or Retail Operations where youve got a staff in direct contact with customers. I think the way to round this is perhaps uniform and thats it. Well, i think that all companies should ban any type of slogans or chants or any kind of symbols. They are going to alienate customers and workplace is to provide services and consumers. Why would you want to alienate any section or any part of our society from buying products . Its insane to think that way. Uniforms are one way to do it but i think clothing policies are in businesses all over the United States. Why not have a comprehensive uniform policy, clothing policy that says you just cant incite people to to argue and fuss on assembly line. It makes no sense. Im very much in favor of clothingpolicies, teaching diversity is important, lets get out of politics on the factory floor. Stuart yes, please. Ed rensi, forgive me, i will cut this short. I have breaking news right now. Let me get this right, are we ready report that yet . Here we go. Okay. The breaking news is this, former trump adviser steve bannon has been arrested and charged with conspiracy to commit wire fraud in relation to support of the building the border wall. So hes charged with fraud in connection with fundraising. Thats what weve got to report for you as of right now. All right, let me check the big board for you. We are down 125 points or roughly there, thats about a half percentage point on the downside. I say by look agent the level, 27,568. Its up there. The tenyear treasury yield as of this morning. 64 . The yield is down. The price of gold as of right now 1,936, down 34 bucks. The price of the bitcoin, value of bitcoin 11,840 and the price of oil today, im guessing no, 4174, thats down off 2. 7 . Former president ial candidate andrew yang accuses the democrats of patronizing voters. If you dont like, then its your fault. Its hurting us and its wrong. Stuart okay, well, we will talk about that in a spot in the show. The pandemic has really changed our shopping habits. I want to know when is the next big spending occasion . I dont think its going to be back to school. Thats next. Stuart a lot of schools were hoping a lot of stores were hoping for a big back to School Shopping rush. I dont think we are going to get it. Marshal cohen is going to get us, chief retail analyst for npd group. All right, i think back to school has been something of a bust, we are not going to have, we dont know when the amazon prime day is going to be, that leaves us with christmas. I think christmas is going to be the next big spending occasion, what say you . Well, youre right. Back to school is not what it used to be. Prime week which is scheduled some time in october will actually change the dynamic, youre absolutely right, stuart. What weve got holiday is the next big one. They used to move holiday. When black started it move today black friday week and black november, last year we saw the promotions begin november 1st, this year they are going to go after whatever prime week is, thats when you will start to see aggressive promotions from retailers begin Holiday Season and look for holiday to start earlier and could potentially for some retailers and industries be a bigger business than traditionally seen and the reason why i say that the absence of experimental spending and when we talked last time it was about experience and the loss have transitioned to tangible items and you see bigger holidays like mothers day and fathers day, we are giving gifts rather than experiences. Stuart i think its a strong holiday selling season because theres money out there. We have not been spending in the last six months and we have government emergency payments that are a lot of people are getting, the money is there, pinned up demand is there, this could be a blowout Holiday Season, am i going too far. You and i are the most optimistic about it. Its really true. When you think about the amount of money injected in the government by the government for those working and not works, you are talking close to a quarter of a trillion dollars that was injected the consumers ability as early as april 25th when the 88 million of 150 million stimulus checks were directly deposited, all of a sudden you saw retail that was really getten getting beaten, footwear, all the businesses were dropping 60, 70 a week. All of a sudden when it was direct deposit, you saw change in trajectory of negative growth cut in half over a month and cut to a third of the declines. So youre absolutely right, whats happened even if the government stimulus isnt as it as it most likely will be as originally, it changes the dynamic. Retail is in a really good position when theyve invested in stores and theyve invested in online to be able to capture what the consumer needs, wants and theyre willingness to spend. Stuart ive got 30 seconds. I think that a big selling item in the next couple of months is going to be computers and devices of all kinds because the kids are at home. What say you on that one . Youre absolutely right. You know, the tech products, the stay at home what i call tech and also keep in mind, we will have to entertain kids even more so, so tech has been a huge volume industry thats had some Significant Growth and dont dismiss any of the other ways to entertain ourselves while we are staying at home ourself more. The social recession that we are living through because of the pandemic has driven a huge amount of growth for some of these industries that are catering to our leisure time and our needs to change our lifestyle. Stuart marshal cohen, mpd group, we appreciate it. All right. L brands, they saw what im told a surprisingly strong quarter, Parent Company of Victoria Secret. Give me the numbers, lauren. Lauren taking a bath, l brands also owns Bath Body Works, they sell soup, hand sanitizer, comp sales rose 87 in the quarter considering the time when stores were opened. Victoria secret on the other hand their sales fell 10 . Investors are pinning their hopes on the companys overall turn around which including spinning off Victoria Secret and right now Bath Body Works is very strong. Overall the Company Posted surprise adjusted profit yet revenue fell 20 but it was a little bit better than some people thought. Stuart im just laughing because who would have thought that taken a bath would be a big deal in pandemic lockdown but apparently is. Lets bring in ashley, sorry to interrupt you there, lauren. You the story of bj wholesales. Ashley over 30 bigger than last year, revenue beat 3. 95, up 18 . Earnings up 97 year over year. These are blockbuster numbers. The stock down today, but up 88 for the year to date. So bjs, another pandemic winner, stu. Stuart another one, thanks very much, ash. We have gone through 3 days to have Democrat Virtual Convention and from what ive gathered they really hate the president. Last night was personal for them. Still to come erin perrin on what to expect from the Rnc Convention next week, pete hegseth on the good year backlash and the wall street journal Dan Henninger on drama ahead of the election for any amount you choose instead of buying by the share. Stuart all right. Look at that . Apple just hit an alltime high, 469. 43 dollars per share. That puts them back above the two trillion dollar level. They broke above it yesterday. Theyre back above it today. We are coming off the lows of the day. Last hour larry kudlow joined us. He says we will have a big, big Fourth Quarter ahead of us. Watch this. Well have 20 plus growth in the third and Fourth Quarter. Stuart right at the very end. Well have 20 growth in the Fourth Quarter . 20 growth in the third and Fourth Quarters. You can score that. And were going to have stuart 20 to 30 growth in the third and Fourth Quarters. That is absolutely huge. We ran the alert banner there. We have the read on Mortgage Rates. Ashley, it is yours. Ashley thank you, stu, good morning. 2. 99 . Last week 2. 96. A very small uptick in the rates, but barely. Still under 3 . With this report freddy is saying Housing Demand is continuing to accelerate. It is helping to prop up what is calls a somewhat stagnating economy. Also seeing a rapid increase in demand for remodeling and home furnishing. Housing market, demand is still there, inventory an issue but a bright spot overall. Stuart thank you, ash. I think we have the read of Consumer Confidence Going Forward. I dont have the number in front of me. The leading index of Economic Indicators shows a gain of 1. 4. Im not seen the report. I will not try to interpret it until moments from now. All right, everyone, now this. After three nights of the Virtual Convention you have to wonder what the democrats are really all about. I will tell you. They just hate President Trump. Last night was a festival of contempt and it was personal. Speaker pelosi, the president shows a heartless disregard for americas goodness. Senator warren, the president is ignorant. Vicepresident ial nominee kamala harris, in halting rather awkward speech i thought, she said the president had cost lives because of his handling of the virus. That is a blood on your hands speech. Very nasty and very personal. Former president obama whose vitriol really stood out. Never seen that from a former president before. Trump has failed he said. The consequences are 170,000 dead. Another blood on your hands remark. No mention of policy issues. And certainly no mention of the violence in democratrun cities. Just contempt for trump. I dont think they have ever gotten over hillarys loss. Obama has never gotten over the roll back of his policies. The rest of the speakers have never gotten over mr. Trumps success with the economy. Lets face it has been like this for four years. Democrats and their media cheerleaders just hate this president. Frankly, hatred isnt pretty. It is ugly and in my opinion it is a turnoff. Tonight, joe biden speaks. He has got his work cut out for him. What do the democrats have other than vote for us because we hate trump . How will he deal with the violence . How will he deal with the virus . What about getting kid back to school . What will happen to the economy if it is hit by a 3 or 4 trilliondollar tax hike. We are all ears. Listen to this. We must elect joe biden. If trump is rye elected, things will get worse. President trump were saving the world from a radical left that will destroy this country. Donald trumps ignorance and incompetence have always been a danger to our country. President trump we have the greatest economy in the history of the world. Now were doing it again. I will have to do it a second time. Elect joe biden and rid the country of President Trumps heartless disregard for americas goodness. President trump we need strength not weakness. I think you have to say there is a contrast. We have the lady on the righthand side of your screen is erin perrine trump 2020 communications director. He has to move on the hate trump point of view, doesnt he . Good to see joe bidens hand letters will let him escape the basement bunker to try to have a conversation with the American People. We know he is a empty vessel for all the hate. The dark divisiveness from the socialist Democrat Party this is joe bidens party. This is what he is running on. He thinks it is bad to support america. That you shouldnt support the men and women of law enforcement. That the greatness of our nation is a few. The contrast is clear. President trump stands proudly for our nation. The economy he built once he is building again. This is a couplertry that stands stronger together because of President Trump. Joe biden just thinks if he divides us he will win. That is not america first, and certainly not a message the American People want to hear. Stuart i think this Virtual Convention that the democrats have put on. I think it is rather boring. It is flat. It lacks any pizazz or excitement. Maybe that is the virtual format. What will you do next week at your convention that will make it exciting, more relevant . Well Democrats Conventions are boring and flat because it is a party of bad ideas, bad policies. Trillions of dollars in tax hikes. Eliminating the border in this country. Amnesty for illegal immigrants. You want to talk about it, economic devastation with the democrats. Listen this is President Trumps renomination convention. You Better Believe were pulling out all the stops. Were talking about the greatness of america. The ability of President Trump to support our nation, to bring it through the coronavirus. The incredible Economic Opportunity that has existed because of the president and Vice President. We are going to talk about this country in the way it should be talked about with reference, with love and with respect. Were not going to be afraid, listen President Trump will be delivering what will be an absolutely epic and memorable speech. While the media and the democrats want to say that is a bad thing americans will see for themselves this is a president that put the them first every single day. Stuart well see it next week, erin perrine. See you next week. Thank you, stuart. Stuart lets get back to your money. Here is Gary Kaltbaum market watcher supreme. Welcome back to the show. Thanks, stu. Stuart what would you advice your clients to do with their money if it looks like joe biden is going to win . More defense at this point is theyre proposing four trillion dollar tax hike. I have to tell you it is just baffling. Not the fact that we have a pandemic but theyre saying they need the four trillion dollars for investments. The problem with that is, with trump, with lowering taxes, the revenues were the highest ever. So if you raise taxes, all these corporations that invested more and hired more are going to invest less and hire less leading to lower Economic Growth and leading to lower revenues. I just really dont get it. My bigger point is, look, im a big believer that you reward success, you dont penalize success. In his proposals is this gigantic 12. 4 tax increase on anybody making 400,000. That is going to be shared by the employer and employee. So youre telling somebody who lives in new york city that they are going to be working into the month of august before they make their first dollar. Youre talking almost 60 tax rates. If youre self employed, youre around 65 . That is not rewarding success. That is killing success and preventing others from becoming wealthy. I dont get it. It is baffling. Stuart suppose President Trump gets a second term, you think were off to the races and stocks go up some more . I think a lot has been built in. I do worry about valuations right now off of, you know central bank easing. But look, for me, keeping money in the economy and out of the hands of government is always the better choice. People keeping their own money will handle it better, spend it better, save it better than government that is inefficient, ineffective. I have not heard how it will be spent. All i hear is green new deal, this, that the other thing, give me some specifics. No specifics are had yet. I dont know why the default setting every time ask raise taxes on people wanting to get and successful. Things just never change. Stuart youre absolutely right, gary. Absolutely right. Gary kaltbaum, thank you again. See you soon. Look at obama obama. I always call them the amazon of china. They reported a really strong quarter. Revenue up 34 from last year but the stock is down four bucks but it is at 256. L brands they own Companies Like Victoria Secret, bed bath bodyworks. Sales up 87 there, thanks to. L brands up. Bjs, big box store. Reported absolutely blowout quarter. Online sales up more than 300 . The stock is up 13 cents, 43 a share. News from jpmorgan, lauren, what have we got here . Lauren okay, so jpmorgan is looking to set up atms in branches in the usps, at the post office, one stop mail and bank run at the same time. They lease space from the usps which sun sun is unprofitable. That is good for the post office. Critics say the usps should provide own public banking instead of giving chase more customers. Look at the issue. Alexandria ocasiocortez is proponent of public banking but she is a critic of jpmorgan and also the big banks. Well, we hear the postmaster general come up on monday. He will testify before the House Committee that aoc is a member of, that well know more about this Pilot Program on monday but it does, the post office needs money but is aligning with the big banks, a way to do it for some of these very, you know, liberal Democratic House members. Stuart they just want a socialist bank plunged down in a post office that is it what they really want. Look at estee lauder, man theyre down big, 7 . What happened, susan . Susan they made less money than anticipated. Theyre laying off a lot of people. Disappointing quarter for them. Covid might have refocused consumers to more health and wellness, taking care of themselves and buying more estee lauder brands. Not the case. Sales were hurt worse than anticipated after store closures. Online sales yes, they accelerated not enough to make up for bricks and mortars. Cutting 1500 jobs as a result. Guidance forward was disappointing as well. Stuart got it, susan. Thank you very much indeed. Look at ulta. What have we got on that one . Well do this instead. That there is andrew yang. He says the democrats are con today sending condescending to voters. Have a look at that one. Roll tape. Democrats have a tendency to have a message out there and then if you dont like the message, well, its your fault. There is patronizing to a lot of what we say and do. Stuart does very a point . Im asking democrat strategist, that question coming up shortly. President trump calling for a boycott of the Tiremaker Goodyear after the Company Reportedly introduced a new policy showing extreme political bias. Pete hegseth fired up about that. He is on the show in the 11 00 hour. California ablaze. The mayor of los angeles threatening to switch off the citys power. What a mess. What a mess. Well bring you details after this. Tada did you know Liberty Mutual customizes your Car Insurance so you only pay for what you need . I should get a quote. Do it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Find your getupandgo. Find pants that arent sweats. Find your friends. Find your sense of wander. Find the world is new, again. At chevy wed like to take you there. Now during the chevy open road sales event, get up to 15 of msrp cash back on select 2020 models. Thats over fiftyseven hundred dollars cash back on this equinox. Its time to find new roads, again. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Stuart the price of oil today is 41 a barrel. I have got some good news here. Were seeing Shale Oil Production move up because at 41 a barrel, maybe the shale guys, the fracker guys, maybe they can make a profit. Kevin cramer is with us, north dakota republican. Mr. Senator, this would be good news indeed if frackers in your state can make a profit at 41 a barrel. Can they . Oh, i think they can, stu. It is unclear whether they can make enough of a profit to be competitive globally at that price if it is sustained that low, because remember, right now, theyre able to produce a lot of oil they already fracked. We want to get that exploration back, not just the manufacturing stage but of course the discovery stage. So it is very good news. We are seeing a comeback, a little bit of a comeback in price, activity, investment. We also need more than anything a return of global demand. That will turn this thing around in a big way. Stuart 60dollar a barrel oil wouldnt hurt either. Stuart would it, senator . 60dollarbarrel oil would be a win all the way around t would be a win for workers t would be a win for investors and win for Economic Growth for north dakota, texas, that covers entire chain around the country. More than anything its a win for the country in terms of our National Security which is tied so directly to energy security. Stuart im not sure i want to go pay 3 a gallon for gasoline any longer, sir. No. But if you pay a artificially low price, eventually other parts of world like the middle east will supply oil, while we put our producers out of business. You create monopolies with high gas prices years ago. I would rather have a sustained 2 1 2 dollars, drop to two, only to come back at four at some point. Economics is a pretty dynamic thing. Stability is important but so is National Security and oil and gas are tied directly to National Security. Stuart with economists you have always got on the one hand and then on the other hand. Always, always. Right, right. Lets talk california. They have got blackouts, rolling blackouts in that state. There are some people saying, look this is because of their green energy policy. They dont like to buy your north dakota fossil fuel. Any thoughts on this . California is the greatest experiment in the world to prove exactly that point. It is not a matter of highly unsubsidized highly renewable energy. There is the issue of the reliability of the grid. Reliability of the availability of lowcost electricity that is available 24 hours a day, seven days a week, regardless how cloudy or windy it is. I wrote a piece in wall street journal in december of 2014, called where will you be when the lights go out . I dont want to say i was prophetic. You dont have to be a genius or scientist or engineer to realize what is happening. The over reliability on unreliable Electricity Generation n our part of the world, not just 100degree days, the day they call it polar vortex, we call it winter, polar vortex last couple years created the same phenomenon in the midwest. Worse than that, when you have a coldsnap, you have 20, 30, 40 degrees below seaver row, only generate is natural gas, you curtailing home heating. That it is not to late to stop some of the craziness return to the reliability of coal and particularly nuclear. Stuart i like that comment. The polar vortex, we call it winter here in north dakota. Kevin cramer, senator from north dakota. Thanks for joining us, sir. Always my pleasure. Thanks, stu. Stuart check that market again please. Just seconds ago we actually turned positive on the dow. Okay we have now flipped to the red. Were down 11. But i see the nasdaq is up 27 points at 11,173. Rideshare people uber and lyft, could be a complete shutdown of their operations in california tonight. That is because of a court ruling. Well see what happens. They could be pulling out of california as of midnight tonight. Uber is down. Lyft is down as of right now. American airlines withdrawing from the 15 markets. Because were not knifing any longer. Delow demand because of the virus. They will withdraw from 15 airports. That starts in october if when the federal aid runs out. If there is more federal aid maybe they stay open. Microsoft, theyre digging into the oil industry . Susan disruptor in oil and gas. They are helping out brazils oil maker petrobras to help drill for oil off the brazilian shores. Microsoft Cloud Platform help petrobras employees monitor from home to make sure the oil drill something going safely. Theyre very secretive. Using a Third Party Platform like microsoft is a new thing. Petrobras is one of the largest on the planet. Microsoft is selling software to exxon and chevron but not in the close tieup like they have with petrobras. Dont forget disrupting oil industry that usually relies on oil Drilling Services like halliburton, slum schlumberger and baker hughes. They pledged to be the oil negative in 2030. Stuart is this example of use of the cloud . Susan yes, which you know so well obviously, right . Stuart no, i am intrigued about by how the cloud is used in real life. Susan dont have physical store. In instead of this and computer it is up there instead, right. Nothing physical being stored around you. You can access it anywhere especially at home. Stuart from all different devices, right . Susan correct. There you go. Stuart all good. All good. Im learning. Im learning. Getting there. Stuart the sale of bulletproof vests and other body armor items up over 80 compared to last year. Maybe this is because of the violence in our cities like portland, seattle. Well got the full story coming up. Joe biden says he wants to raise taxes if elected but once upon a time president obama said raising taxes was a bad idea during a recession. Watch this. Right. The last thing you want to do is raise taxes in the middle of a recession because that would just suck up, take more demand out of the economy and put businesses in a further hole. Stuart but isnt that exactly what the democrats want to do right now, raise taxes in the middle of a recession . More on that coming up for you . If you elect me, your taxes will be raised, not cut. The last thing you want to do is raise taxes in the middle of a recession because that would just suck up, take more demand out of the economy and put businesses in a further hole. Stuart what a contrast, right . Then and now. Lets, bring in grover norquist, americans for tax reform founder and president. Look, the democrats say that they are going to raise taxes. I think we all agree that is exactly what they are going to do but they say you will only pay more if youre earning more than 400,000 a year. They are only going to tax the rich. Is that accurate . You tell me, if i will be paying extra taxes if i made say 100,000 a year . You certainly will and remember that this is similar to the promise that barack obama made back in 2008 when he ran for president. He promised no one making more than 250,000 would pie ever pay higher taxes. Obama care taxes, biden wants to reestablish, for anyone refuses to buy obamacare. That is 700dollar fine for not buying obamacare. You dont get something for it. You get punished. You pay 700. 2,000 for a family of four. 3 4 of people who paid the tax fine under obama made less than 50,000 a year, not 100, 250. Not 400,000. So if you repeal all of the bush, trump tax cuts, as obama says he wants to do, as harris says she wants to do, that is a 2,000dollar tax increase on the Median Income family of four making 70,000 a year. 2,000dollar tax increase. This is a tax increase. The ones he promised, the ones he said he wants to do, direct lip hitting the middle class. The assertion about 400,000 is as dishonest about obamas 250,000. Stuart what in your opinion is the impact on the economy now of a 2, 3, 4 trilliondollar tax hike . We know as when you cut taxes as the republicans did, deregulate, the s p 500, if you have a 401 k just in the s p 500 its value from when the president got elected, well get back to that was up 50 . Your life savings increased 50 . Everything that was done to bring that 50 increase is going to be undone, and on top of that, energy tax, a gasoline tax, plus. On top of that, other taxes that theyre looking to put on getting beyond getting rid of the trump tax cuts. A third of life savings. Stock market will go down that level. 100 Million People in the stock market with defined contribution, ira, 401 k , Health Savings accounts, savings plans, you will see your life savings collapse. Stuart is that message going to get out there . Because at the moment i dont think it is . It isnt yet. We need to do two things and president to go into the basement, and biden out of the basement and targeted ads about policy. Left want toss talk about president s tweets, anything other than policy, how it affects you. The left decided biden, he wants to end charter schools. Three million kids in charter schools. Another million are trying to get in. Their parents are swing vote if you focus and remind them that biden is promised to defund charter schools. He promised the Teachers Union that to get their endorsement. Everybody who is an independent contractor. Saying california shutting down uber and lyft, all other independent contractors. That is 13 million plus people across the country. Biden and harris are both endorsed a federal piece of legislation to ban independent contracting. And to take away the righttowork laws from 27 states. These are dramatic changes that when they put rock stars on the democratic convention, and talk only about how much they hate trump, theyre in the letting you know what they plan to do to your life savings, to your income, to the economy, to your ability to run your life. Stuart chilling in my opinion. Grover norquist, thanks very much. See you soon. Thank you. Stuart back to the markets real fast. Were only down 15, 16 points on the dow. Nasdaq is up. S p is up. Plenty of green over there. Intel a modest gain this morning. Its a chipmaker. It says it will buy back 10 billion worth of its own stock. It is up 2 1 2 , 49. That is intel. Amd. That is another chipmaker. That stock is up just a fraction this morning. 1 cents higher at 81 a share. 17 cents. Talk about movie theaters. Theaters devastated by the virus, yes they were, but some are beginning to reopen their doors. I believe reopening today. Kristina partsinevelos at a theater in manhattan a few blocks from here. What does it look like . Reporter well it is almost like the good ol days. But there are a few changes. We know 54,000, 5400 movie theaters were closed since march, affecting 150,000 workers across the country. Real cinemas will be reopening this weekend. Theyre expected to open 200 cinemas across the country that means there will be a few changes. You have to wear your mask when not eating or drinking. When you purchase a ticket they have special algorithms in place, if im sitting over here, decide to come to the movies alone, no one will be seated next to me here or to my left. The same when you go to larger group. You see this experience right now. The seats are much bigger. They move in motion with a lot of the movie. So we spoke to the ceo of regal cinema, how they plan to compete with all the streaming platforms out there, everybody is sitting at home watching movies and tv shows . Listen what he had to say. When tv aride in the 50s, video arrived, cable arrived and streaming arrived and many, many other things arrived but cinema is still there. And the reason the cinema is there is that only our social activity. We are not the same as, the competition is not determined. Reporter he is highlighting the experience versus the actual content of the movies. Why youre starting to see some entertainment stocks doing well. Amc, for example, their movie theaters will be reopening, about 100 this weekend. They are pricing older movies at much cheaper prices. But stu, i think the major test right now, a lot of these ceos do believe people will be coming back to the movies of the a major test if the smell of popcorn, you know, will overcome those plexiglass, you know, bars that are up there right now. So far, pretty good. Here you go. Movies, across the country, regal cinema. I know. So rude of me. Stuart no, no. Youre all right, kid. Thanks, kristina. Programing note, ceo of amc is on the claman countdown at 3 00 this afternoon. College students think they know who they want to vote for. Okay, now watch this. What else can we know about the population, 18 through 24. Would you vote for someone said that. I would not vote for someone like that. Talking about us being stupid. Means that he doesnt respect us. Stuart well, those students think President Trump was the one who said youngers are stupid. But it was actually kamala harris. Well bring you more on this right after this. It was 1961 when nellie young lost her devoted husband. Without him, things were tough. Her last option was to sell her home, but. Her home meant everything to her. Her husband had been a High School Football coach and it turned out, one of his former players came up with an answer. A loan, created just for older homeowners. And pretty soon, nellie young had one of the first reverse mortgages. Discover if a reverse Mortgage Loan is right for you. Use it to eliminate monthly mortgage payments and increase cashflow, create an emergency fund, preserve Retirement Savings and more. Call now for your free information kit. That first reverse Mortgage Loan meant nellie could stay in the home she loved so much, with memories that meant even more. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan. And its taxfree cash just when you need it. Its about making your retirement better. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Of course, you can use it to pay some bills, cover medical costs, update or repair your home. But best of all, it eliminates those monthly mortgage payments so you get more cash in your pocket, every month. Learn how you can use a reverse Mortgage Loan to cover your expenses, pay for healthcare, preserve Retirement Savings, and so much more. A lots changed since 1961. Since then over a million Older Americans have used a reverse Mortgage Loan to finance their retirements. It meant so much to nellie, maybe it could mean as much to you. Call now and get your free infokit stuart all right. Pretty much a go nowhere day thus far. The dow is down 40. S p down two. Nasdaq up 27. Got that. Now heres a name we dont see very host own or spend much time on it, callaway golf. Ashley, are you telling me callaway golf is a pandemic winner . Ashley get out the big bertha on the driving range and. Callaway, be honest, back in march, was struggling. No one was going out. Not playing golf. That stock was 4. 57 in march. Look at it now. 18. 75 an Outdoor Sports revival. Get out in the openair. Take off the mask. A lot easier to socially distance yourself from others. Golf is definitely benefited from that. Weve got pga golf back on the tv even without the fans. That is another driver to get people to go out there. Listen the net sales in the last Earnings Report were down 34 . However, they saw a huge turnaround in june when sales suddenly went positive up 8 . And they do say, the company, that the recovery from the covid restrictions has exceeded their expectations. And they say, you know what . Golf is very compatible in a world of social distancing. Stuart it is. That is the truth, isnt it absolutely is the truth. Thanks, ash, good one. Our old friends at campus reform, they took to the quads, and asked students what they thought of a set of trump quotes. But here is the quicker, they were actually quotes from kamala harris. Watch this. What else do we know about this population, 18 through 24. Would you vote for someone who said that . No, i wouldnt. Because i believe young people are the future. I personally would not. I feel like the younger people are actually a lot more educated than the older people. No, would i not vote for someone like that, talking about us being stupid. Means, that he doesnt respect us. The person who actually said this is joe bidens vicepresident ial candidate, kamala harris. Stuart bet that came as a surprise. Here is cabot phillips, campus reform editorinchief. Gee, cabot. I thought those youngsters knew everything, always got it right . They were very surprised they found that out. You can see the full video for what the reactions were. This is the reaction. This is the result when you teach an entire generation not to think critically. Were now teaching as we covered leadership institutes campus reform, in class, teaching students, make up your mind based on who it is coming from. Dont ask questions, just support it coming from the left. Every day if youre a young person, you hear, i have to oppose it if it is coming from a conservative or President Trump, or i need to support it coming from a democrat or from the left. You will blindly pledge allegiance whatever the movement coming from the left. You will not think critically. Well have millions of Young Americans who according to these students are more educated than many Older Americans, having them going to the polls voting without actually knowing what theyre voting for, simply voting they have been terrified into asking questions about the platforms and making up their minds for themselves. That is a dangerous thing for the future of our country. Stuart but, traditionally, youngsters have a very low turnout, even in president ial elections, much lower turnout than say seniors or middleaged people, am i right . You are right. That what weve seen throughout the election. This year i do think there will be a struggle for the Biden Campaign to get people enthusiastic about his campaign. Right now a lot of the ways motivating young people as weve seen talking to them, i talked to thousands of young people last four years, it is all about getting trump out of office. That is not exactly a powerful narrative for people. You have to get them for something, not against something. If you need real impacts of bias in media and social media. If this would be quote from trump or republican, it would be blown up or everywhere. It was coming from a democrat like kamala harris, the media swept it under the rug. They had incentive not to get it out, why you see types of reactions from students. I done it with multiple topics across the board, if they say it is coming from the left, they love it. They dont think critically about the concepts. That is what need to change, falling for the trap of the far left. Stuart it doesnt change, does it. You can go back 100 years around people in their late teens, early 20s, always been liberal. I use that word in quotation marks. It is always been like this, right . It doesnt change if we continue to have the mindset people are going to be liberal. I think we need to have the idea of not just saying young people, we need to teach them to be conservative. All were something for to teach people both sides of the equation in a fair manner. Let people make up their minds for themselves. We need to understand again, that when people are not hearing both sides of a discussion, left and right suffer. Liberal students are leaving college having never even heard conservative ideas. I think that is one reason why there is such an aversion. It ised to think something is racist. It is easy to think something is terrified and bigoted if you never learn about what it is. Right now in class every day around the country students are told, dont ask questions. Dont associate with the right. Dont read anything about them. Theyre just terrified into being silent. With this cancel culture, young people are not doing research f they actually are caught looking into what is going on with conservatives. If they go to a conservative meeting anything not in line with the left they will be ostracized. They run the risk of being canceled. That is why theyre not doing their own research. We have to change what is going on in hearts and minds of Education System. Open up free to discussion if we change it. There is uphill battle, no doubt about that, youre right, traditionally speaking young people leave our Education System being liberal. We need to stop the trend. At least open things up to all ideas. Stuart cabot philips. Well take more of the video when you got it available. I will update the College Admissions scandal. Actress Lori Loughlin and her husband. Ashley, her daughter might have been involved in the scandal . Ashley new Court Documents suggest olivia jade was far more in on the scheme than was perhaps realized. She talked about to her parents how to hide the scheme from her guidance counselor. Prosecutors claim both daughters, olivia, isabella, older sister were involved in the fraud, posing for fake athletic photographs. Using a rowing machine to claim they were rowers. It was all staged they knew about it. Her father apparently had a inperson confrontation with a guidance counselor after the counselor contacted usc, you know what, im beginning to doubt that olivia jade is a rower. But after that confrontation the counselor, according to the documents backed off and let it go through. Both parents are expected to plead guilty or plead guilty to conspiracy. They will be sentenced tomorrow. Lori loughlin will likely get two months in prison, 150,000dollar fine. One hundred hours of community service. But the new revelation i think is the fact that the children, the kids were also well aware of what was going on. Stuart ashley, got it. Thank you. Trump hatred, man it was on full display during night three of the dnc, watch this. Donald trumps failure of leadership has cost lives and livelihoods. Joe and kamala can win by three million votes and still lose, take it from me. Stuart does trump hate win votes . It is a fair question and im going to ask it. Fed officials expect the virus to weigh heavily on the economy. How about that . But weve got stock market records. Look at this, nasdaq at record high. More varney after this. These days, businesses are adapting to new ways of working. And innovation is at the heart of it. Verizon 5g ultra wideband is the fastest 5g in the world, with speeds up to 25 times todays 4g networks. Its massive capacity and ultralow lag time is already available in parts of select cities around the country. Which means businesses both large and small can innovate like never before. Where you can find games, news and highlights. All in one place, right on your tv. The xfinity sports zone. Use your voice to search every stat and score. Follow the teams you love. And, even get notifications with breaking news alerts and more. With the xfinity sports zone everybody wins. Now thats simple, easy, awesome. Say xfinity sports zone into your voice remote today. Stuart hey, look at, were all in the green, dow, s p, nasdaq, green, going up. Look at sales force. Very interesting story here extending work at home policy until august of next year for all employees. Giving extra six weeks of paid time off for employees and another 250 bucks as a stipend to buy office supplies. Lauren, you have children at home. Youre working from home. What do you make of the special deals Company Coming from sales force. Lauren i love what sales force is doing. It shows realism, compassion. Look, remote work sounds great for so many people. Not if you have children but have to teach them, provide child care for them. Working from home. There is so much going on from one place. It is difficult for kids to see mom and dad working from home, they have nowhere to go. That makes it even harder to contain the kids. What sales force is saying. Not only will we give you the money for the home office. Well give you six extra weeks paid time off. And some money for child care. Stuart thats interesting. Ashley come in to this please. I want a list of companies which allow employees to work from home indefinitely. Who have you got . Ashley there is a growing list. There are big names here. Obviously big tech is the theme. Facebook saying that they could do that if they can, if possible. If you dont have to be in the office they say you can stay at home permanently. Facebook, twitter, square, slack, shopify and zillow, home buying app. All of these companies saying we thought about it. We think that, you know, if you dont have to come in, you can stay working as long as youre productive, doing your job, you dont have to come in ever again which i find remarkable. Stuart ashley, occurs to me this could be very bad news for Office Furniture makers, right . Ashley yeah, think about that. That is one of those sectors you dont really think about. Two big Office Furniture companies in the u. S. , steelcase. That stock down 46 yeartodate. Reported its lowest sales in the last Earnings Report, since its ipo in fact back in 1998. So sales hitting a 22year low. Herman miller, that is another big Office Furniture provider, that stock down 43 yeartodate. Also came up with a net loss of 174 million in the last Earnings Report. Sales down 29 . These companies are struggling. Stuart they are indeed. Thanks, ash. How about office rents, lauren, they have got to be coming down . Lauren big time. Cbre says demand for office space is down the most since 2009. Since the crisis. Rents are down, perks are up. Negotiate. Were so close to a vaccine. I bet there are companies saying it is safer to come into the office, forget this remote work. Come back in. I would negotiate now if you think your business is one of those businesses that need an office. Stuart fascinating. Good segment on work from, who wins, who loses. Thanks, everybody. Check the market. Weve slipped much, down 13 points. A headline from new york times, will 2020 election be the end of our democracy . We cannot rely on dejoy or trump to play this election straight. Well, wall street journal guy Dan Henninger is on the show shortly. My take on Tiremaker Goodyear, theyre facing backlash over a Company Policy that reportedly bans maga nats. Third hour of varney coming s. All with no commissions. Stocks by the slice from fidelity. Up. 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Shingrix protects. Muck. Stuart 11 00 eastern time, that means weve been in business for 90 minutes. No really clear trend except for the techs, theyre up today. Earlier this morning we received the latest news on jobless claims, a very important indicator of jobs. 1. 106 Million People filed for Unemployment Benefits. Not good because its up from last week. Despite that, larry kudlow who was on this program earlier today says were going to have really rapid growth in the third and Fourth Quarters. Watch this. Weve created over 9 million jobs, we, the economy, the American People, in the last three months, and all the signals, i think, are for a strong, vshaped recovery. The early returns stuart sorry, wrong sound bite. I wanted to show you larry kudlow saying were going to have 20 economic third and Fourth Quarters of this year. That would be a big gain, wouldnt it . Now this. The fight at the Goodyear Tire company is about censorship and bias. What political statements or signs are acceptable in the workplace . Heres the story. An employee of goodyears plant in topeka, kansas, took a picture of a slide used in a presentation on diversity. That slide showed a list of acceptable and unacceptable phrases. Black lives matter, okay. Lgbt, okay. Finish make America Great again, not okay. But lives matter, not okay. It was obvious political bias. Goodyear says the slide was not contributed or distributed by their corporate office, and they say it was not part of a diversity training class are. President trump says its a terrible thing, disgraceful, and its up to people if they want to boycott Goodyear Tires. Now, i dont know how this works out at goodyear, but i do believe that censorship is rampant in this country. There is no message penalty for publicly supporting black lives matter, nor should there be. There is a giant blm sign painted on fifth avenue right outside trump tower in new york city. But there are plenty of examples of people being beaten or verbally abused for wearing a maga hat. Would you drive your car to a big city with a trump flag flying or a trump Bumper Sticker . Risky, wouldnt you say . I hope there are political consequences, because essentially it is the denial of free speech. It should not be acceptable to allow free speech for one group and deny it for others. Thats biased censorship, and its wrong. Now listen to the president. Were not happy with goodyear because what theyre doing is playing politics. When they say that you cant have Blue Lives Matter, you cant show a but line, you cant wear a maga hat, but you can have other things that are marxist in nature, theres something wrong with the top of goodyear. Stuart all right. Its thursday morning just after 11 00 eastern time, and heres pete hegseth, fox Friends Weekend host. Some people are slamming the president for canceling good year. I dont see out that way. Im slamming anybody who is biased politically and censoring those who have a different point of view. Im sure youre with me on this. Im very much with you, stuart. No ones canceling goodyear. Youre free to buy whatever you want. I hope people think twice when they buy tires now the withdraw they wouldnt have before if thats the ethos of that company. This is the tyranny of political correctness. This is the insidious nature of how the left works. They control the language and through trying to control the language and whats acceptable, they try to control people conforming to what the sort of the latest twist of the left is about whats accessible and what isnt. And the rest of us are saying, wait, i cant say Police Lives Matter or Blue Lives Matter or all lives matter or wear a maga hat . Its ridiculous that the trump Bumper Sticker that i have on the back of my jeep which is not even worth its an old jeep, every once in a while, i think about it, hey, are people thinking about that . I dont care, but that is the insidious nature of when violence and threats are a part of what the other side does, you think about it. But it doesnt work, stuart, politically. People understand thats what theyre trying to do, and it only motivates them more to support the president , support the police. It has to be exposed. Stuart yes, it does. Just hold on for a second, pete. I want to get a closer look at Goodyear Tires stock. Ash, what have we got on this . Ashley this is a stock thats down 39 year to date. Its been hurt by declining new car sales, people are driving fewer miles during the pandemic. Also sells tires to the aerospace industry, and we know how thats been struggling. All of this prior to this issue coming up and the president calling for a boycott of the company. The stock lost 3 yesterday, its down another quarter of a percent today. Whats interesting is though their competitors, cooper tires, bridgestone, those two stocks actually rose yesterday on this kerfuffle between the president and goodyear. The president says, look, and this is interesting, would i change the tires on the beast, the president ial limo e . You bet i would. Goodyear itself says this is a misnomer, but that is isnt our policy although as you can tell from that slide during a diversity Training Session in kansas, someone put it up there. But the stock itself has been struggling all year, this certainly does not help. Stuart clearly. 9 a share on goodyear. Thank you, ash. Ashley yep. Stuart back to you, pete. I want to talk to you about back to school. New york city Teachers Union is planning to strike if their safe lu demands arent met. Youve got seven kids. What do you make of this . The uncertainty for parents right now is causing a massive amount of anxiety, and its not just what will my kids do, its a what will my family do. How do i manage the workschoollife balance when i was counting on School Coming in . We had a diner this morning on fox friends that talked to a lot of educators, administrators and parents, and the overwhelming sent isment of that group was weve got to open up. Yes, if teachers dont want to come to work because theyre at high risk, they dont necessarily have to. But the problematic variable are these unions that have a vise grip on education for decades, and as a result are trying to force governors who, thankfully, at the very least theyve tried to keep it open so far. I dont know how this ends or where this ends because i dont see a stuart ill tell you what, i think that exactly. The loser, losers are the children. Youve got 56 million k12 kids in the United States and 20 million college students. Thats a very large number of people. And most of those kids and youngsters will not be getting much of an education this calendar year. And it will hurt minorities in particular, and thats an absolute catastrophe. In my opinion. Your opinion is completely correct. Ask any parent, Virtual Learning cant substitute a classroom. The one upside, stuart, is is less liberal indoctrination. Youre probably not getting the same poison that we get in a lot of our government schools. Its a real problem. If only theyd teach real history, stuart. Stuart you are hard core, pete, and thats a fact, but youre in a diner today in new jersey, the lock todowns just let our viewers are have have a quick look at this. The best thing i could hear from joe biden is that i am stepping aside [laughter] people who have been in washington for 30 years are blaming the man whos been there for 3 years for every problem in this country. And its just, its crazy. I no longer am a democrat. I usually consider myself to be kind of a left arist, but the left has left me. I came from peru. This is america, the land of the freedom. Dont be afraid e to say trump is my president. Stuart oh, i wish id have been in that diner, pete. I could give you a sound bite or two. They would love stuart varney, come on. A couple people said, you know stuart . I know stuart, hes a great guy. [laughter] ill tell you though, it is the common sense wisdom of people. Im sorry im not dressed up, but im still in my diner here, i just got home. Theyre waiting to give voice to what they feel, theres a lot of anxiety out there. These businesses are going to be lost. This diners barely hanging on, and theyre told they need to stay closed, no Indoor Dining and winters coming. I mean, it is real for people. They feel their freedoms being crushed while they watch the big guys, big businesses stay open and thrive. So as much as it was a festive environment, it was great to be out with the people again, there is a palatable sense that our countrys slipping away and a lot of hidden support for the people. A lot of people said i cant tell my friends, but i can tell you. Stuart i see it. I i hear that, exactly right. Well see you soon, promise. You got it, stuart. Stuart back to the dnc. Thats till going on. Fourth night is tonight. Senator warren spoke last night building up bidens plan for the economy. Watch this. We can build a thriving economy by investing in families and fixing whats broken. Joes plan to build back better includes making the wealthy pay their fair share, Holding Corporations accountable, repairing racial inequities and fighting corruption in washington. Stuart fair share. Oh, my goodness me. Ask them what fair share is, and they never have have an answer. The lady on the righthand side of the screen is a market watcher. Let me ask you this, heather if biden wins, what do you think of the idea of an Elizabeth Warren as treasury secretary . Well, i think thats an absolute nightmare for the stock market. While everything on the sound bite you just played from her sounds great in theory, the reality is just by reversing those tax cuts and jobs act alone would mean middle class families, their taxes would go up about 2,000. And joe biden himself has basically called that a negligent amount, but i think most americans would disagree. That 2,000 is a lot. Its not just the wealthy whose taxes will go up, its americans across the board. Its pretty clear. Stuart at the Federal Reserve, officials are saying the virus is going to continue to bog down the economy. What do you make of that . Because the stock market keepses on hitting record highs. Right. The s p, the nasdaq just a few days ago hutting hitting record highs. But i think the Federal Reserve is looking to the future, thats why youre seeing the markets pull back a little bit. Theyre saying we need fiscal policy from washington as well as support from the fed which both have done, we had the cares act, about 3 trillion, and the fed also buying bonds and keeping Interest Rates near zero. But theyral sounding the alarm on federal debt and deficit. Were now at 26. 6 trillion, our federal debt, and a even the fed has said that that is a place for concern. Stuart the average investor, our viewers and i think our viewers are average investors would you be buying more stock now or selling some stock in advance of the election in what would you do . Whats your advice . I think here if you have been in the stock market through the pandemic and you have some big gains because of technology and health care, you take some profit here. You dont sell everything and take everything off the table, but you take some profit and wait more maybe a stimulus deal from congress. Stuart interesting. A lot of people are saying that. Heather, thank you very much, indeed. Yes, sir. Stuart overnight protesters tried to build a federal building, and amid the unrest across the country, body armor like bulletproof vests sales are spiking. Well tell you what people are buying in this environment. Top democrat joe biden, some paint him as a miracle worker at the dnc. Watch this. Joe will be a president who turns our challenges into purpose. Hell rescue the economy like joe helped me do after the great recession. Stuart well, it was a joe biden love fest and at the same time a trump hate fest. Finish we have the highlights for you after the break. Where are you . honey, did you hear about these new geico savings . Mom . Youll get an extra 15 on top of what geico could already save you. Can i call you back . You know your fathers learning to make sourdough. Even though he knows i prefer rye theres never been a better time to save with geico. Switch by october seventh for an extra 15 on car and motorcycle insurance. Hey, next time lets do a face call Donald Trumps failure of leadep has cost lives and livelihoods. This president and those in power, those who benefit from keeping things the way they are, they know they cant win you over with their policies. So theyre hoping to make it as hard as possible for you to vote. Joe and kamala can win by 3 million votes and still lose. Take it from me. Stuart oh, look, that was night three of the dncx really what it amounted to was a full night of trump hatred. Look whos here, cooper tebow, i think hes way out to the left of joe biden, if thats possible. I welcome you to the show. Ill put it to you, cooper thank you for having me, stuart. Stuart at the moment its all trump hatred. Thats all i i saw last night, and thats all youve got. What do you is say . Well, id say hook at what this president s done to the country. One in six americans arent working, were at 14. 75 unemployment, took him three months to acknowledge masks work and were at 200,000 americans dead. Regardless, i say were seeing an aspirational vision for america that gets americans back to work and makes america a bit more equitable for the everyday american. Stuart do you think that a 3 trillion tax increase which is what the Biden Campaign and Bernie Sanders want, you think that creates jobs . Really . The i think it puts the economy into a near depression all over again. Well, i think you have to look at who the tax increase is on. Is that tax increases stuart on everybody. The very top of the stuart everyone. Its at the very top of the totem pole. [inaudible conversations] stuart its going to be on everybody. Everybody. Everybodys going to pay more. That is a tax increase on the folks running the factories, not the factory workers. Biden stands for stronger unionization, stronger equality for every american. That tax totally on the very top of the people that have been skimming off the top in this trump administration. Stuart it seems so grim, cooper, the outlook from the democrats is grim. Youve got to punish the rich, tax em. Weve got to get away from fossil fuels, close down those fracking operations. Its a grim picture that youre painting. You say its aspirational. No, its not. Its grim. Well, joe biden has clear lu come out not in favor of disbanding fracking, and i say that his home state of pennsylvania because of all the frack workers there, and that is the state that will put him over the top. But this is an aspirational vision, its a vision that has americans getting back to work, finally able to put food on the table for their families and maybe save a little bit. Its something that puts stuart to get back to work, youve got to open up the economy to get back to work. Democrats are all in favor of shutting it down. Well, youve got to acknowledge that the coronavirus is real first. Youve got to fight it off first. Why are we stuart please [inaudible conversations] you dont think that this administration, the American People dont understand that the virus is real . Come on. I think this administrations not talking it seriously are. That stuart not taking it seriously . You know, cooper, come on. Come on, man. [laughter] really. Not talking it seriously . They want to open up the economy. They want to get people back to work. [inaudible conversations] stuart youre keeping the schools closed. Parents cant go back to work. Youre doing this. Its the democrats thats doing this. Whos the president . Stuart its the democrats who are running the states which are closing things down whos the president [inaudible conversations] stuart the Teachers Union which is threatening to strike if we dont open up the schools. You democrats are closing things down. Youre locking things down. You are. Thats what you are doing. [inaudible] this is trumps economy and trumps pandemic, and if this were happening stuart trumps pandemic . Please. Trumps pandemic . Few god, my god, man. [inaudible] right here in america, because trump hasnt done anything to help us out. Stuart he hasnt done anything to help us out. Okay. Ive got to end it there, cooper, because my heads exploding. Youre welcome to come back on the show, and its very interesting i appreciate it. Stuart well see you. I think. The dnc, all right, it was supposed to be a big draw for milwaukee, wisconsin. Thats a battleground state, of course. That changed, obviously. That means tons of lost cash for local businesses. Mike tobin is with us, fox news guy. Mike, hows milwaukee feeling now because they dont have the convention . Reporter yeah. You know, haas night you heard last night you herald tony evers say, holy mackerel, lets get to work. Thats a little wisconsin color, and thats about all that youre going to see. All of the gravity went to delaware where the president ial and Vice President ial nominees are giving their speak, and that means the 50,000 visiters that milwaukee was hoping to get, 200 million with them, it didnt show up. The way the head of the metropolitan Milwaukee Commerce Association put it to me, instead of a shot in the arm, they got a punch in the gut. The retail stores, the bars, the restaurants, they had just endured three months of lockdown. The cash they were helping for to help hoping for to help right the ship, that didnt arrive. You tried your best to highlight the town and attract future conventions, you work with the convention youve got, not the one you wish you had. Stuart . Stuart i hear ya. Thank you very much, indeed, mike. See you again soon, thank you. I just got a quick check of tesla, 1,962 per shower, thats where they are right now. Amazing, theyre up another 4. 5 . Lets get back to apple. They hit the 2 trillion valuations yesterday. Theyre back up to that level new. Anything new, susan . Looks like apple might be the First Company on the planet to close above the 2 trillion. We covered it yesterday, breaking through 2 trillion, and thats two years after being the first to cross 1 trillion. Lets put that milestone into Historical Context. When went when ge was the First Company to cross 100 billion in 1995 and the First Company to crack 10 billion . General motors back in 1955. The planets first billion dollar company, at t, and First Company to break nine figures, 100 million, new York Railroad in 1878. Thats a good historical kaleidoscope of Different Industries that have led the u. S. Economy at different times. Now, will it be apple a few decades from now . I think history says probably not, but apple will still be a big company, im sure, and if thats what you really have to do to stay awe held. Speaking of it rating and evolving, apple splitting four for one at the end of this month. I think that was a good Historical Context there. Stuart yes. Just pointing out history and taking me back to the good old days which i knew very well. Thats what you were getting at, i know you. No. [laughter] stuart how about this one . Airairbnb filing to go public, confidentially. I dont know what that means. Travels rebounding, they want to go public. Its one of the most highly anticipated stock listings for the year. Could be a big risk for investors too. Well take a closer look at it for you. The democrats seem to be laser focused on the post office. Wall street journal guy Dan Henninger says that proves they are not interested in take on real issues. He joins us next. Stuart moments ago ago, President Trump welcomed the Prime Minister of iraq to the white house. Theyll be going inside for a headtohead meeting shortly are. The president was just asked about the indictment of steve bannon. He was arrested earlier this morning on fraud charges. The president said he feels, quote, very badly about bannons arrest. More headlines when we get them. Now listen to this democrats denied a 10 billion offer for the u. S. Postal service by this president before they went on recess. But now theyre back to pursue the latest democratmanufactured crisis. Its sad but its clear where democrat priorities stand. Stuart all right. Thats caylee mcend e neyny saying the democrats are to blame for not helping the post office. Okay. She calls the crisis a manufactured crisis. We got all of that. Dan henninger is with us, and he writes about the Postal Service in his column in the wall street journal today. Before we get to that, dan, i want to say this its not a political issue. On election day we will not get an election result, we will not get a result even in election week because the Postal Service, we dont know when to count the votes. It is going to be chaos, there is going to be delay, and during those delays there will be legal challenges from even. It will be chaos. What are you going to say about this . I completely, i completely agree with that, stuart. And the fact is it does not have that much to do with the Postal Service per se. What it has to do with is Election Officials in the various states who are not guing the Postal Service enough time to deliver the mailin ballots. States like new york and michigan, some of these states that months over these uncounted mailin ballots. Stuart okay. Now look at this headline from the new york times. Im going to read it for you. Will the 2020 election be the end of our democracy . This is from tom friedman, ace columnist. He says we cannot rely on dejoy postmaster general or trump to play this election straight. Thats pretty strong stuff. End of democracy because of the Postal Service . I just, i think thats irresponsible, quite frankly. I think it is too, stuart. This is a reflection of the american heft are. Obviously, theyre running against Donald Trumps character. Upset about the president s personality, we get that. But then, as in Barack Obamas speech last night, they go completely over the top suggesting that trump is literally a threat to the american democracy that was established in 1789. And im with you with, i think a lot of undecided voters out there just stand back and say, seriously . I may not care for trumps personality, but in what way has he constituted a threat to, quoteunquote, our democracy. Its bonkers. [laughter] stuart good word. I wasnt expecting you to say that, but i do agree entirely are. Dan, were on the same page, and i appreciate you being with us as usual on a thursday. Thanks, Dan Henninger, good stuff. Thanks. Ive got to go through some individual stocks that are making news. Delta airlines has announced theyll continue to block middle seats off until at least january the 6th of next year. The stocks down 20 cents. Intel rolling out a huge stock buyback program. Theyll spend 10 billion on their own stock. Their ceo says intels shares are trading well below their the, quote, intrinsic value. That helps. The stock is up 1, 2 there on intel. Microsoft, theyre keeping oil rigs pumping. How about that . The Brazilian State Oil Company is tapping microsoft to help them keep workers home while still monitoring offshore equipment. This technology is a part of microsofts expanding cloud software. Here we go again, the cloud. So important. Microsofts up nearly 2 on that. All right, uber and lyft. Susan, how soon could we see service shut down in california . Possibly tonight after midnight. New comments from ubers ceo on this impending shutdown in california. He was speaking on the pivot test cast, and they could hire 50,000 drivers overnight, therefore, to immediately reclassify drivers as employees with benefits instead. He says if there is a shutdown in california, it will only be temporary since uber and lyft and other companies are trying to push through new legislation that will exempt them from having to reclassify. Finish now, he also confirmed reports that uber is looking into a franchising model, licensing its brands to fleet operators in california. If uber also has to temporarily shut down in california to try to figure their plans out, there are predictions theyll have to restart, and when they do restart in california, theyll have to limit the number of drivers allowed on the platform, and that means limited cars, prices will go up by as much as 20 in dense cities such as San Francisco and probably much higher. And youll like this, when he was asked about the New California law of not paying drivers enough, he says we already have an optimized system. Its called capitalism, not socialism. Stuart real fast, susan, what do you think will be the last of all those millions of people in california who regularly use uber if uber leaves town . What do you think theyll say . Yes, can you imagine the congestion . How do they get to work . Are you going to start renting cars . There isnt a great public transport or Transit System in San Francisco. Look at the hundreds of thousands of drivers that are without pay. I think you have to feel really sorry for them, right . Theyre trying to put food on the table. Stuart all right, susan, thank you very much, indeed. [laughter] lets turn to grubhub. Fighting to end new york citys cap on food delivery charges. Whats going on, lauren . They want to restore the 40 commission. Thats the fee that restaurants pay to the app to deliver food for them. So in new york city thaw capped the fees thaw capped the fees temporarily at 20 just to help restaurants get through the pandemic, save some money. But now the new York City Council wants to extend this 20 cap into next year, so grubhub is saying, no way. Theyre launching a Major Campaign to fight it, and their point is, look, if you cap us, were just going to see consumers pay more in the end because prices are going to go up. Stuart okay. Got that. Grubhub is down 2 today. American air laurens withdrawing from airlines withdrawing from a 15 markets come the fall as the federal aid expires. Were going to tell you which cities will they not be flewing to. Ill have that coming up for you. Ive been saying out for months, theres an exodus out of the cities. Okay. And into the suburbs. Next, well tell you the august Housing Market largest Housing Market in the country. It might surprise you. More varney after this. 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. I cant stop worrying. Why cant i sleep at night . How do i deal with all this stress . When did the world get so scary . Hello, this is michael youssef, there can be no doubt that our world is filled with troubles right now. And yet, there is one person who said, i can give you peace that can never be shaken even in the worst of your circumstances. Jesus is the way the truth and the only giver of eternal life and he is inviting you to come and surrender to him. And he will give you unbelievable peace, a peace that seems too good to be true, but its true. Will you come to him . calm inspirational music [female voice] are you looking for a peace that can withstand any hardship life can bring . Visit findingtruepeace. Com to find answers. Again, thats findingtruepeace. Com. calm inspirational music stuart are we still all in the green . Not quite. The dow is down 2 points, but a nice 70point gain for the nasdaq. How about Johnson Johnson . Theyre going to haunch their Clinical Trial of their virus drug. The stocks up 10 cents at 150 a share. And this one too, realtor. Com has the list of the hottest zip codes in the country. On your screens right now, Colorado Springs top of the list, reynoldsburg, ohio, rochester, new york, melrose, massachusetts, and joining us, danielle hale, she is the chief economist at realtor. Com. Danielle, theres a list of the hottest zip codes. What do they tell us about the movement of people in america . Well, as youll notice, stuart, the list contains a lot of suburban areas or smaller secondary cities. Its clear that people are looking for space in this Housing Market, and theyre finding it in these more suburban, less dense and crowded areas. Stuart youre really telling us that this is all about the exodus from the cities, right . Were absolutely seeing people look for affordability, and theyre moving out of cities into less crowded areas to find it. Theyre looking for a good value for their dollar in the Housing Market. They need space. Theyve been spending a lot of time at home, and the suburbs are really where you can find it. Stuart its not just that though, is out, danielle . There is always tax to consider and safety the consider, right . There are certainly other considerations. Whats interesting is were actually seeing traffic up to suburban properties, Rural Properties and urban properties. So across the board people are more interested in real estate right now. Low Mortgage Rates are stuart where are they moving . I mean, where are they moving . Theyre moving to those hot zip codes, arent they . And those are not big cities. Thats right. They are generally pretty close to nice job centers so people can have good jobs, but what were seeing is homes are selling fast. On average, theyre selling in just 18 days, 51 faster than homes selling across the country generally. So if you want to be a buyer in these zip codes, you need to be prepared to act quickly. Stuart okay, understood. Now, youre an economist [laughter] okay . And i dont mean that pejoratively are. You are an economist, and a very good one, im sure. I want to know if theres any chance we will get the 30year fixed Rate Mortgage rate down to 2 even. Not 2. 25, not 2. 5, not 2. 75, 2 even. Could that happen . Well, you can never saw e never. I think the odds of that happening not great, but if you told me a year ago that we were going to have the Mortgage Rates under 3 , i probably wouldnt have believed that either. Were certainly in uncharted territory. The 10year treasury rate is under 1 and has been for the last five months, so anything is possible in this environment. But i think Mortgage Rates are up likely to go quite unlikely to go quite that low because theres too many other factors stuart 2. 5 . Come back to market as Mortgage Rates move, so its absolutely been a good thing for the Housing Market. Stuart whats the proportion of people who go for a 30year fixed versus some kind of adjustable . Oh, its the vast majority, over 90 of the market is using a 30year fixed loan. So most people are trying to lock in their Mortgage Rate and their payment over the lifetime of the loan. Stuart that makes sense to you, right . Mortgage rates are so low, may be heading lower, lock it in for 30 years and youve got significant safe few at low safety at lower cost. You can understand this. Yes, absolutely. And you dont bear the risk if Interest Rates rise, right . Thats on the banks. Stuart danielle hale, thanks very much for being with us this morning. We always appreciate it. Thank you very much. Next we have this body armor, bulletproof vests and other protective gear selling bigtime. Grady trimble is with us. Hes in chicago. Now, this is is this a real surge in this bulletproof vest thing . A real surge . Reporter oh, yeah, absolutely. We talked to a manufacturer of bulletproof vests who said sales are up 500 of many of their products. Were at the cop shop in chicago, they provide vests for a lot of cpb officers. Maggie is the manager here. You said youve seen security guards and ordinary people they want to know how much the ballistics are. Roughly theyre 8001,000, but with the high price point, security guards calls are probably up 50 . Reporter and, stuart, weve heard a lot of this has to do with the pandemic. Anytime theres economic uncertainty, people get concerned, and they want to protect themselves. But also the unrest weve seen and the spike in crime in chicago, new york and other major cities across the country, they want a bulletproof vest, and they dont feel safe without one, apparently. Stuart i can understand that but, my goodness, what a story. Grady, thanks very much, indeed. Right in the middle of it. Moments if from now were going to hear from the president i think were dealing with him for a long period of time as most of the people in this room know. He was involved in our campaign, he workedded for goldman sachs, he worked for a lot of companies, but he was involved, likewise, in our campaign. Part of the administration very early on. Havent been dealing with him at all. I know nothing about the project other than i didnt like, when i read about it, i didnt like it. I said this is for government, this isnt for private people. And it sounded to me like show boating, and i think i let my opinion be very strongly stated at the time. I didnt like it, this it was sw boating and maybe looking for funds, but youll have to see what happens. I think its a very sad thing for mr. Bannon. I think its surprising. But this was something, as you know just by reading social media and but reading whatever it is and by speaking to mike and mike and all of them, i didnt want huge that project. I thought that was a project that was being done for show boating reasons. I dont know that he was in charge. I didnt know any of the other people either. But its, its sad. Its very sad. [inaudible conversations] roger stone, Michael Flynn and [inaudible] Michael Cohen . Whats it say about your judgment that these are the kind of people well, i have no idea. [inaudible] yeah, yeah. Well, there was great lawlessness in the Obama Administration. They spied on our campaign illegally. And if you look at all of the things and all of the scandals they had, they had tremendous lawless reness. But i know nothing about i was not involved in the project. I can tell you i didnt know the three people that were talked about were people that i did not know. I dont believe i ever met em. I dont think that should be a privatelyfinanced wall. I dont think its too complex, its too big, and and were now up to 300 miles, almost. In another week, week and a half well be up to 300 miles of wall at the highest level. They were even having construction problems. I was reading, the little i know about it i got from you, i was reading where theyre having construction problems with the wall that they had a small area just to show people they could build a wall, and they were having a lot of problems where it was toppling over and other things. And i didnt like it because i didnt want to be associated with that. We built a very powerful wall. It was a wall that is virtually impossible to get through. Its very, very tough. Its very strong, and its everything the Border Patrol wanted. And i didnt to have a wall that was going to be an inferior wall, and i i felt this was going to be an inferior wall. [inaudible] so i didnt know that, i didnt know about bannons involvement, but i didnt know i didnt know the other people. And, but i do think its a sad event. Again, steve has had a great career at goldman sachs, hes had a career with a lot of other people. I havent dealt with him at all over years now, literally years. And i i guess this was a project he was involved in, but it was something that, in fact, you can see i made statements about it a long time ago, it was something that i very much felt was inappropriate to be doing. [inaudible conversations] go ahead, please. Mr. President , the end of [inaudible] is one of the very important issues. How america is going to support ending the mill that in iraq youre very hard to understand. Could you maybe help me true it again. [speaking in native tongue] the United States helped iraq enormously in defeating isis and also in toppling the Saddam Hussein regime. We are working on building a strong relationship that is based on joint interest between new york and the United States between iraq and the United States for the Better Future of the iraqi people and the United States people. [inaudible conversations] when we came into office, isis was running rampant all over iraq and syria. And we knocked out the, 100 of the isis caliphate. But the Obama Administration did a very, very poor job. They were running rampant all over, and we came in and we did a real job, and we got rid of that. That was a good thing. And now were working with iraq. They use the Great American dollar which is the most powerful currency in the world, and theyre starting to do well. And we are with them, and this gentleman in particular, weve developed a very Good Relationship. Hopefully its going to be very strong for your country. [inaudible conversations] thank you, mr. President. There have been several attacks in the last ten months on u. S. Interests in [inaudible] how are you going to help iraq to hold these attacks by iranian militias and to hold these people accountable . And third if i may also, there was some report that the u. S. Talks will withdraw from troops will withdraw from iraq totally in three years. Is this true . So at some point we obviously will be gone. Weve brought it down to a very, very low level. When there are attacks, we take care of them very easily. Nobody has the weaponry we have, nobody has the anything. Of what we have, we have the finest, the greatest military in the world. When somebody hits us, we hit back harder than they hit us, so we handle it. In addition to that, iraq has been very helpful where necessary. But we have been taking our troops out of iraq fatherly rapidly fairly rapidly, and we look forward to the day when we dont have to be there and, hopefully,ing iraq can live their own lives and defend themselves which theyve been doing long before we got involved. Yes. [inaudible conversations] about the bounties, you say you hit back hard, but we havent seen any definitive strike back for bounties upon americans. Well, you dont know about the bounties. You tell me, if you know something, you can let us know, but you obviously dont know very much about it. If we found out that would be true, it would be a very, it would be a fact, what you just said, we would hit them so hard, your head would spin. Go ahead. Mr. President , how do you see the role of the kurds in iraq and how important is the relation between the kurds helped us greatly in defeating, as you know, the isis and getting the isis, 100 of the isis cally e fate. So we have a very Good Relationship with the kurds, and weve also treated them very well. Mr. President . Yes, please. The end of the militia role in iraq very important to stabilize the country. How america can help in ending the militia role and how can help iraq in the democratic process . Well, what were doing is were helping where we can. But again, thats a country, thats a separate country. They have a Prime Minister and they have people in office, and they have to run their country. Weve been in iraq for a long time. I wont say whether or not i said we should be there but, frankly, i didnt think it was a good idea, but i was a civilian, so whos going to listen to me. But i made my point pretty clear, i guess as clear as any civilian can do it. But we were there and now were getting out. Well be leaving shortly, and the relationship is very good. Were making very big oil deal. Our Oil Companies are making massive deals, and thats basically the story. I mean, were very, were very happy with the relationship that weve developed over the last couple of years. I thought before that, frankly, the United States was being taken advantage of. But were going to be leaving and, hopefully, were going to be leaving a country that can defend itself. Prime minister, on [inaudible conversations] airstrike on Northern Iraq in kurdistan region killing one civilian. I know your thoughts here you talk a lot about the sovereignty of iraq. Is that something that youre looking for help from the United States . And, mr. President , is that something if iraq is asking for help in terms of the interference from the neighbors, not just iran, but other neighbors well, theyd have to make a specific request, but certainly the Prime Minister has my ear, so if he does that, well take a. Ook. It is a very unstable part of the world. Im not talking about iraq. Im talking about the whole of the middle east. It is a very, very unstable part of the world but were there to help and because of the relationship we would certainly be willing to lend you the kind of support that you need. [speaking in native tongue] translator definitely the turkish attacks are not accepted. On the other hand the iraqi constitution also does not allow iraq to be, to become used to attack any neighboring country. We are entering dialogue with turkey to rectify this situation and i look forward to solving this problem with turkey and getting our neighbors, the turks to understand iraqs circumstances. Once again the. Rackky constitution does not allow iraqi territory to be used to attack any neighboring country. President trump i will say this, the United States, and me in particular has a Good Relationship with turkey and with president erdogan. Well be talking to him. We have a very, very Good Relationship with turkey and president erdogan. Reporter mr. President , to follow up on the troops question for for the time frame for the complete withdrawal of troops from iraq . President trump mike what do you want to say to that . As soon as we complete the mission. The president wants to get the troops to the lowest level as quickly as we possibly can. We are working with iraqis to achieve that. President trump were at lowest level in afghanistan in many years. Well be down to 4,000 troops in afghanistan. That will be when . Couple months, sir. President trump a few months. As you know in syria were down to almost nothing. Except we kept the oil but well work out some kind of a deal with the kurds on that. But we left, but we kept the oil. We left the border. We said turkey and syria can take care of their own border. We dont have to do it. That worked out very well. I remember when i did that, i was scorned by everybody. This is terrible. Why did it. It is now two years ago. We did it, mike pence went over met with the various parties and very successfully and we removed our troops, nobody was killed. Nobody. Now they protect their own border like they have been for hundreds of years and weve left but we did keep a small force and we kept the oil and well make a determination on that oil fairly soon. President trump reporter manhattan case about taxes you need to turn over your taxes. Do you have a reaction to that . President Trump Supreme Court say it is a fishing expedition you dont have to do it this is a fishing expedition. More importantly this is a contain ages of the greatest witchhunt in history. There has never been everything like it. People want to examine every deal you ever done if there is comma out of place. No president has had to go through this. The Supreme Court shouldnt have allowed this to happen. No president has ever had to go through this, but what the Supreme Court did do say if its a fishing expedition, my interpretation is essentially you dont have to do it. So well probably end up back in the Supreme Court. But this is just a continuation of the most hideous witchhunt in the history of our country. We beat mueller. We won at every level this, in washington, d. C. , we won at every level. Sew now what they do . They send it into new york. Now we have all democrat state, all democrats. And they send it in to new york. This should never be allowed to happen to another president. This is continuation of the most disgusting witchhunt in the history of our country. All it is. Supreme court said fishing expedition. This is the ultimate fishing expa is did. Nobody has anything. We dont do things wrong but they will say lets go and inspect every deal he has ever