Transcripts For FBC Making Money With Charles Payne 20240712

Transcripts For FBC Making Money With Charles Payne 20240712

Gave this answer whether asked about a peaceful transition of power. President trump get rid of the ballots and you will have, you will have a very peaceful, there wont be a transfer frankly. There will be a continuation. Charles we get reaction from the rnc coming right now. All that and so much more on making money. Charles recently in a mad dash for the exits weve seen gains turn into losses quickly. Some are comparing this action to the socalled taper tantrum. You remember back in 2013 when there was a great fear that the Federal Reserve was going to turn off the spigot, begin to undo the massive quantitative easing. Dont say to Stuart Varney i said qe. The stock market knows it has the power to moving averagers and shakers, president , congress, ceos, yes, even the Federal Reserve. I think the market rallied big time in august because it assumed there would be more accommodation. Then last week the market had its wakeup call, maybe the fed dont do more. Now the chance of fiscal help with them as well. S p 500 peaked at 235 last wednesday ad 3428. It has been downhill ever since. This sharp move in the stock market in my mind trying to get the fed to move quickly and trying to get congress to push out some fiscal stimulus. The question of course, will it work . I want to is your panel. Fitzgerald group principal, Keith Fitzgerald and walser Wealth Management president , rebecca walser. Keith, let me ask you, the market to me after july 30th, when 600 bucks ran out i thought we would go off a cliff. The market did not. To me it seemed market assumed at some point we would get fiscal stimulus. Now looks like maybe we wont. The Federal Reserve also not coming through like people thought. I think the market is trying to force their hands. I agree with that sentiment there is two things. I dont think actually the markets themselves. Many beg traders who are highly leveraged addicted to cheap money. They want tailwind for the fed so they cant lose. The big thing bin investors these are the kind of moments you have the advantage over wall street. You can concentrate on Companies Like apple, on Companies Like microsoft that have a Bright Future irrespective of the white house, irrespective of the fed, that is something im focused on very frankly. Charles this morning we have the existing homes data, initial jobless claims report and again, it was bifurcated. We saw one hand what were Still Holding steady. In fact both continues claims in initial claims came in higher than expected but continuing claims came down pretty good. The total amount of folks that are receiving Unemployment Benefits down by almost four million. Rebecca this complicates the issue. On one hand people say were moving in the right direction but it is hard to see, even with 26 million americans receiving some form of Unemployment Benefits how we do not need at least one more nudge . There is no doubt about this, charles. We need another nudge. I will go with your language. I felt sorry for powell on this week because he cant do it alone and he is doing a lot. Congress obviously stepped up to the plate with the cares act. Everybody knows this is running out. October is a deal breaker. We got to have more or got to get people back to work. We dont have that yet. That is not happening. It will certainly not happen before the election because it is so politicized. We need more. The market says this isnt going to work. Were running out of steam. Get us some more. It is so weird from me. I am not a Big Government interventionallist. At same time i dont like us to be shut down to depression nary levels and things will work out magically. It will not work. It is not going to happen. Charles mark, i think a lot of folks are saying this is not a regular time. Once in a century pandemic. People forced not to work. Businesses forced to close. What are your thoughts on whether or not the market is signaling to the congress, to the Federal Reserve they need to act sooner rather than wait . Yeah. I think the markets definitely is saying that we need a second stimulus package. The problem is we have such a huge discrepancy between republicans and democrats not agreeing with anything right now. With the Supreme Court now in limbo that will add even more fuel to the fire as far as not getting something really done. We think that there will be a lot of volatility between now and november 3rd because of that fact. And you can probably even into january if there is any serious agreement on any kind of issues were going to see some volatility here. Charles you know, which is interesting about this, i want to circle this down to the consumer because, all right, many people will be surprised to know, Household Wealth now record highs and people are spending money. Were spending it differently. Existing home sales for last month, you heard kneel mention it, nothing short of amazing. Restaurant stocks acting pretty good after earnings report, massive beat in fact. I want to go back to you, mark, on this. Bifurcated economy is reflected somewhat in the stock market but is it enough . Can the consumer actually bring us out of this if there is no more help . Yeah. Because youre seeing a huge difference between the haves and havenots right now. Youre seeing folks moving out of major cities, saving more than they ever have in their entire lives, buying second homes, third homes, et cetera because Interest Rates are alltime low. My mom got her mortgage 9 1 2 for 30 year fixed. That is the differences between purchases of folks that have jobs and those that dont and unfortunately most americans are not in the haves category. Youre seeing huge discrepancies between the stock market and the general economy. Charles and yet, rebecca, the market seems to continue to anticipate that consumer somehow will step up to the plate yesterday. Of the top 20 movers, nine ever the stocks were consumer related. Either homebuilders or retailers. Nike of course was number one. What do you make of that . You know, it is so, this is just a very unusual world, charles, because you cant look at the economic hit on the one hand and see, Economic Data is also bifurcated. Like home sales like you said. It is phenomenal. Consumers are spending differently. Were obviously offeredderring a lot more things. We dont have entertainment spending. We dont have luxury spending. We only have travel spending this is all so long until everything collapses and crashes. America is not build for americans to be staying at home spending money online. We have entertainment venues, bars, and while nike is soaring. We need to wear the nikes, just not buying them. Charles im going to every single concert every week, if you want me to on a friday or saturday i will be at a concert. I dont care who is playing. Im letting you know right now. Talk about growth, weve been in the show four minutes and vent brought it up especially technology. Keith you sort of love these names. They have been taking a drubbing. The rationale for buying them, the big tech names . Rationale is very simple in my mind. This is the bet on digitization of our lives. They can change a line or code, add a billion or two dollars to the top line. It is growth that will occur regardless of the pandemic, regardless of the political discord, despite the fact virus may make a resurgence. Are they tough to buy, but history shows that is exactly kind of stuff we need to focus on right now. Charles markings you like tech, communications, 5g rollout. Energy what is going on out there . It is 50 this year. Im surprised that you want to buy it other than the fact i guess it looks cheap . Listen, at the end of the day everyone is not driving a tesla. You know when we get back to get a vaccine, get back to normal, you will have these stocks have tremendous amount of value. So that is something you got to look at over the long term. But i think in the short term, you have a lot of issues people continue to stay home and, dont want to go anywhere. On zoom all day. That is the problem, that is the longterm view and shortterm view on the Energy Sector. Tech, everyone should love because in a pandemic, it is only sector that will do phenomenal numbers. Youre seeing that in almost every single tech stock out there. Having a short, a small correction recently but i think if this continues in the next for next year or two like some epidemiologists are predicting tech sector will continue to have a bull market this year. Charles yeah, well, we keep buying it on dips. I think everyone probably should until it stops working because you made a lot of money so far. Mark, thanks a lot. Keith. Rebecca. I agree america was not built like this. We want to go outside to go to another concert. We have another stimulus bill. We have latebreaking details from the hill coming up. President trump set to meet with one of his potential picks for the Supreme Court in florida tonight. With mitt romney on board, the gop are battling within, they have their favorites. Senator rick scott will tell us who his favorite is right after the break so youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Charles President Trump paying his respects to Ruth Bader Ginsburg today. He is getting ready to announce his replacement also for the Supreme Court in just a few days on saturday. Republicans appear to have enough votes now in the senate to get the nominee through no matter who he chooses but Administration Sources tell fox theyre not ruling out the possibility of a vote after the election. So what exactly is at stake here . Want to bring in Florida Republican senator, rick scott. Senator scott, thanks for taking the time. With mitt romney on board, it is less of a drama about whether or not the process can go on. Now everyone is focused on who the potential pick may be. You have someone youre leaning towards yourself . Imputing toe sigh who President Trump im excited to see who President Trumps pick is. I talked to him on monday. Brought up a judge from 11th circuit on florida, judge lagoa. She would be the first female cubanamerican on the Supreme Court, first floridian on the Supreme Court. She has a long track record. There are a lot of good picks. Amy barrett is a good choice. Whoever he picks, lets go through the judiciary process, lets do the vote. I want to do before the election day, if there is any issues coming up before the election i would like to have nine justices on the Supreme Court. Well do it in a responsible manner. Hopefully well get a confirmation done by election day. Charles over the past weekend there was a lot of sabrerattling, some really ugly threats made by your colleagues on the other side of the aisle. Do you feel like maybe that has simmered down to a degree . Or do you think there will be some attempts or some intimidation at least used to push this process beyond the election . They were already doing that before the death of justice ginsburg. This is nothing new. They talked about packing the Supreme Court. They talked about getting rid of the filibuster. Look, this is, this is just a radical left. They will do everything they can to change the direction of this country. I mean joe biden has the biggest tax increase in the history of the country. The, i am in florida every weekend when i get home. I talk to people. Theyre tired of you know, joe biden already. Here is a guy that appeases dictators. We had Homeland Security report this week showed his sons relationship with the ukraine individuals. So i mean this is, i think President Trump will have a big win because we want law and order, we want lower taxes, we want a better economy. Well go with President Trump. Charles right. Well, right now it does appear President Trump at the very least has the momentum in your state. I do want to switch gears just a little bit. I have actually taken a lot of republican lawmakers to task about another round of stimulus and many of them say they are opposed to it because at the dont want to pay people not to work. What intriguing that same concern was mentioned several times today in the Kansas City Fed report. Here is one quote. Cares unemployment bonus is killing us. In 20 years it has never been harder to hire entry level employees because they make more money staying home. That is tough. That is from a manufacturer who has job openings. How can congress find a way to thread the needle, help people who do not have a job available and not incentivize folks to stay on the sofa . We shouldnt pay people more not to work than what they were paid in their job. You know a bunch of us when the cares act was passed we fought to make sure that wasnt going to happen. Unfortunately the democrats blocked it. We worked on the bill. We worked all august. All republican senators, 52 out of 53 voted on a bill. Help people lost the jobs. Help our Small Businesses much help schools get open. Money for testing. Money for vaccine. Guess what . Democrats not being serious they blocked it. Charles well, again, with 26 million americans on Unemployment Benefits of one kind or another, something i think still has to be done. I want to ask you about your state attorney general because a pretty dire comment calling the feds to investigate Mike Bloomberg for helping to pay fines of florida felons so they can vote. President trump also calling bloomberg out. Now we know felons can vote or restore their Voting Rights in their state. Is this considered a quid pro quo and still legal what he is doing . Were going to find out. It will clearly go through the court system. Well find out. Bloomberg is going to spend 100 million trying to help joe biden win a state that is not doable. We have all know who joe biden is. We all know who donald trump is. If money would have an impact bloomberg would be the democrat nominee. So it is not going to have an impact. Well find out on the issue over paying fines for felons and it will end up going to court and the courts will decide. Charles all right. Senator scott, thank you very much. Always appreciate it. Bye, charles. Have a good weekend. Meanwhile, folks treasury secretary Steve Mnuchin testifying again this week about the white houses response to the pandemic. This as the two sides, maybe they are inching closer together on another stimulus package. Edward lawrence is live in washington with more. Edward. Reporter maybe a crack, charles. New jobless claims above estimates, 870,000 people needing help, next round ever stimulus puts that in the lime height here. That is the heart of the Senate Banking committee with treasury secretary Steve Mnuchin. Mnuchin saying that pass what can be passed right now making the point he is willing to sit down with democrats and negotiate if they were willing to actually negotiate. Then senator Sherrod Brown said this. You simply didnt step up for these workers. 600 a week, 600,000 people in my state lost their Unemployment Insurance and you essentially, you and senator mcconnell an president of the United States saying 600,000 ohioans are on their own. That is grows misstatement and exaggeration and again if the democrats are willing to sit down im willing to sit down anytime for Bipartisan Legislation in the senate. Lets pass something quickly. Reporter mnuchin says he has spoken to House Speaker nancy pelosi 15 to 20 times on continuing resolution, but agreed to talk at some point the stimulus package. House Speaker Nancy Pelosi says she expects to sit down soon. We have not reduced, in fact some of the needs in terms of the coronavirus are increasing. We need more money related to that. More money for education and we need more money for Small Businesses, restaurants, airlines and many other key priorities. So were going to even need more money or else well have to cut some more things down further. Reporter in fact a democratic aide tells me that the House Speaker directed her Committee Chairman to come up with a scaled back relief package, something they could use to start restart those negotiations. Democratic aide telling me they could, the house could pass this relief package without gop support if the republicans dont negotiate on this, whatever they come up with. I can tell you at this point there is nothing on the schedule, no talks scheduled between the House Speaker and treasury secretary Federal Reserve<\/a> was going to turn off the spigot, begin to undo the massive quantitative easing. Dont say to Stuart Varney<\/a> i said qe. The stock market knows it has the power to moving averagers and shakers, president , congress, ceos, yes, even the Federal Reserve<\/a>. I think the market rallied big time in august because it assumed there would be more accommodation. Then last week the market had its wakeup call, maybe the fed dont do more. Now the chance of fiscal help with them as well. S p 500 peaked at 235 last wednesday ad 3428. It has been downhill ever since. This sharp move in the stock market in my mind trying to get the fed to move quickly and trying to get congress to push out some fiscal stimulus. The question of course, will it work . I want to is your panel. Fitzgerald group principal, Keith Fitzgerald<\/a> and walser Wealth Management<\/a> president , rebecca walser. Keith, let me ask you, the market to me after july 30th, when 600 bucks ran out i thought we would go off a cliff. The market did not. To me it seemed market assumed at some point we would get fiscal stimulus. Now looks like maybe we wont. The Federal Reserve<\/a> also not coming through like people thought. I think the market is trying to force their hands. I agree with that sentiment there is two things. I dont think actually the markets themselves. Many beg traders who are highly leveraged addicted to cheap money. They want tailwind for the fed so they cant lose. The big thing bin investors these are the kind of moments you have the advantage over wall street. You can concentrate on Companies Like<\/a> apple, on Companies Like<\/a> microsoft that have a Bright Future<\/a> irrespective of the white house, irrespective of the fed, that is something im focused on very frankly. Charles this morning we have the existing homes data, initial jobless claims report and again, it was bifurcated. We saw one hand what were Still Holding<\/a> steady. In fact both continues claims in initial claims came in higher than expected but continuing claims came down pretty good. The total amount of folks that are receiving Unemployment Benefits<\/a> down by almost four million. Rebecca this complicates the issue. On one hand people say were moving in the right direction but it is hard to see, even with 26 million americans receiving some form of Unemployment Benefits<\/a> how we do not need at least one more nudge . There is no doubt about this, charles. We need another nudge. I will go with your language. I felt sorry for powell on this week because he cant do it alone and he is doing a lot. Congress obviously stepped up to the plate with the cares act. Everybody knows this is running out. October is a deal breaker. We got to have more or got to get people back to work. We dont have that yet. That is not happening. It will certainly not happen before the election because it is so politicized. We need more. The market says this isnt going to work. Were running out of steam. Get us some more. It is so weird from me. I am not a Big Government<\/a> interventionallist. At same time i dont like us to be shut down to depression nary levels and things will work out magically. It will not work. It is not going to happen. Charles mark, i think a lot of folks are saying this is not a regular time. Once in a century pandemic. People forced not to work. Businesses forced to close. What are your thoughts on whether or not the market is signaling to the congress, to the Federal Reserve<\/a> they need to act sooner rather than wait . Yeah. I think the markets definitely is saying that we need a second stimulus package. The problem is we have such a huge discrepancy between republicans and democrats not agreeing with anything right now. With the Supreme Court<\/a> now in limbo that will add even more fuel to the fire as far as not getting something really done. We think that there will be a lot of volatility between now and november 3rd because of that fact. And you can probably even into january if there is any serious agreement on any kind of issues were going to see some volatility here. Charles you know, which is interesting about this, i want to circle this down to the consumer because, all right, many people will be surprised to know, Household Wealth<\/a> now record highs and people are spending money. Were spending it differently. Existing home sales for last month, you heard kneel mention it, nothing short of amazing. Restaurant stocks acting pretty good after earnings report, massive beat in fact. I want to go back to you, mark, on this. Bifurcated economy is reflected somewhat in the stock market but is it enough . Can the consumer actually bring us out of this if there is no more help . Yeah. Because youre seeing a huge difference between the haves and havenots right now. Youre seeing folks moving out of major cities, saving more than they ever have in their entire lives, buying second homes, third homes, et cetera because Interest Rates<\/a> are alltime low. My mom got her mortgage 9 1 2 for 30 year fixed. That is the differences between purchases of folks that have jobs and those that dont and unfortunately most americans are not in the haves category. Youre seeing huge discrepancies between the stock market and the general economy. Charles and yet, rebecca, the market seems to continue to anticipate that consumer somehow will step up to the plate yesterday. Of the top 20 movers, nine ever the stocks were consumer related. Either homebuilders or retailers. Nike of course was number one. What do you make of that . You know, it is so, this is just a very unusual world, charles, because you cant look at the economic hit on the one hand and see, Economic Data<\/a> is also bifurcated. Like home sales like you said. It is phenomenal. Consumers are spending differently. Were obviously offeredderring a lot more things. We dont have entertainment spending. We dont have luxury spending. We only have travel spending this is all so long until everything collapses and crashes. America is not build for americans to be staying at home spending money online. We have entertainment venues, bars, and while nike is soaring. We need to wear the nikes, just not buying them. Charles im going to every single concert every week, if you want me to on a friday or saturday i will be at a concert. I dont care who is playing. Im letting you know right now. Talk about growth, weve been in the show four minutes and vent brought it up especially technology. Keith you sort of love these names. They have been taking a drubbing. The rationale for buying them, the big tech names . Rationale is very simple in my mind. This is the bet on digitization of our lives. They can change a line or code, add a billion or two dollars to the top line. It is growth that will occur regardless of the pandemic, regardless of the political discord, despite the fact virus may make a resurgence. Are they tough to buy, but history shows that is exactly kind of stuff we need to focus on right now. Charles markings you like tech, communications, 5g rollout. Energy what is going on out there . It is 50 this year. Im surprised that you want to buy it other than the fact i guess it looks cheap . Listen, at the end of the day everyone is not driving a tesla. You know when we get back to get a vaccine, get back to normal, you will have these stocks have tremendous amount of value. So that is something you got to look at over the long term. But i think in the short term, you have a lot of issues people continue to stay home and, dont want to go anywhere. On zoom all day. That is the problem, that is the longterm view and shortterm view on the Energy Sector<\/a>. Tech, everyone should love because in a pandemic, it is only sector that will do phenomenal numbers. Youre seeing that in almost every single tech stock out there. Having a short, a small correction recently but i think if this continues in the next for next year or two like some epidemiologists are predicting tech sector will continue to have a bull market this year. Charles yeah, well, we keep buying it on dips. I think everyone probably should until it stops working because you made a lot of money so far. Mark, thanks a lot. Keith. Rebecca. I agree america was not built like this. We want to go outside to go to another concert. We have another stimulus bill. We have latebreaking details from the hill coming up. President trump set to meet with one of his potential picks for the Supreme Court<\/a> in florida tonight. With mitt romney on board, the gop are battling within, they have their favorites. Senator rick scott will tell us who his favorite is right after the break so youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network<\/a> in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Charles President Trump<\/a> paying his respects to Ruth Bader Ginsburg<\/a> today. He is getting ready to announce his replacement also for the Supreme Court<\/a> in just a few days on saturday. Republicans appear to have enough votes now in the senate to get the nominee through no matter who he chooses but Administration Sources<\/a> tell fox theyre not ruling out the possibility of a vote after the election. So what exactly is at stake here . Want to bring in Florida Republican<\/a> senator, rick scott. Senator scott, thanks for taking the time. With mitt romney on board, it is less of a drama about whether or not the process can go on. Now everyone is focused on who the potential pick may be. You have someone youre leaning towards yourself . Imputing toe sigh who President Trump<\/a> im excited to see who President Trump<\/a>s pick is. I talked to him on monday. Brought up a judge from 11th circuit on florida, judge lagoa. She would be the first female cubanamerican on the Supreme Court<\/a>, first floridian on the Supreme Court<\/a>. She has a long track record. There are a lot of good picks. Amy barrett is a good choice. Whoever he picks, lets go through the judiciary process, lets do the vote. I want to do before the election day, if there is any issues coming up before the election i would like to have nine justices on the Supreme Court<\/a>. Well do it in a responsible manner. Hopefully well get a confirmation done by election day. Charles over the past weekend there was a lot of sabrerattling, some really ugly threats made by your colleagues on the other side of the aisle. Do you feel like maybe that has simmered down to a degree . Or do you think there will be some attempts or some intimidation at least used to push this process beyond the election . They were already doing that before the death of justice ginsburg. This is nothing new. They talked about packing the Supreme Court<\/a>. They talked about getting rid of the filibuster. Look, this is, this is just a radical left. They will do everything they can to change the direction of this country. I mean joe biden has the biggest tax increase in the history of the country. The, i am in florida every weekend when i get home. I talk to people. Theyre tired of you know, joe biden already. Here is a guy that appeases dictators. We had Homeland Security<\/a> report this week showed his sons relationship with the ukraine individuals. So i mean this is, i think President Trump<\/a> will have a big win because we want law and order, we want lower taxes, we want a better economy. Well go with President Trump<\/a>. Charles right. Well, right now it does appear President Trump<\/a> at the very least has the momentum in your state. I do want to switch gears just a little bit. I have actually taken a lot of republican lawmakers to task about another round of stimulus and many of them say they are opposed to it because at the dont want to pay people not to work. What intriguing that same concern was mentioned several times today in the Kansas City Fed<\/a> report. Here is one quote. Cares unemployment bonus is killing us. In 20 years it has never been harder to hire entry level employees because they make more money staying home. That is tough. That is from a manufacturer who has job openings. How can congress find a way to thread the needle, help people who do not have a job available and not incentivize folks to stay on the sofa . We shouldnt pay people more not to work than what they were paid in their job. You know a bunch of us when the cares act was passed we fought to make sure that wasnt going to happen. Unfortunately the democrats blocked it. We worked on the bill. We worked all august. All republican senators, 52 out of 53 voted on a bill. Help people lost the jobs. Help our Small Businesses<\/a> much help schools get open. Money for testing. Money for vaccine. Guess what . Democrats not being serious they blocked it. Charles well, again, with 26 million americans on Unemployment Benefits<\/a> of one kind or another, something i think still has to be done. I want to ask you about your state attorney general because a pretty dire comment calling the feds to investigate Mike Bloomberg<\/a> for helping to pay fines of florida felons so they can vote. President trump also calling bloomberg out. Now we know felons can vote or restore their Voting Rights<\/a> in their state. Is this considered a quid pro quo and still legal what he is doing . Were going to find out. It will clearly go through the court system. Well find out. Bloomberg is going to spend 100 million trying to help joe biden win a state that is not doable. We have all know who joe biden is. We all know who donald trump is. If money would have an impact bloomberg would be the democrat nominee. So it is not going to have an impact. Well find out on the issue over paying fines for felons and it will end up going to court and the courts will decide. Charles all right. Senator scott, thank you very much. Always appreciate it. Bye, charles. Have a good weekend. Meanwhile, folks treasury secretary Steve Mnuchin<\/a> testifying again this week about the white houses response to the pandemic. This as the two sides, maybe they are inching closer together on another stimulus package. Edward lawrence is live in washington with more. Edward. Reporter maybe a crack, charles. New jobless claims above estimates, 870,000 people needing help, next round ever stimulus puts that in the lime height here. That is the heart of the Senate Banking<\/a> committee with treasury secretary Steve Mnuchin<\/a>. Mnuchin saying that pass what can be passed right now making the point he is willing to sit down with democrats and negotiate if they were willing to actually negotiate. Then senator Sherrod Brown<\/a> said this. You simply didnt step up for these workers. 600 a week, 600,000 people in my state lost their Unemployment Insurance<\/a> and you essentially, you and senator mcconnell an president of the United States<\/a> saying 600,000 ohioans are on their own. That is grows misstatement and exaggeration and again if the democrats are willing to sit down im willing to sit down anytime for Bipartisan Legislation<\/a> in the senate. Lets pass something quickly. Reporter mnuchin says he has spoken to House Speaker<\/a> nancy pelosi 15 to 20 times on continuing resolution, but agreed to talk at some point the stimulus package. House Speaker Nancy Pelosi<\/a> says she expects to sit down soon. We have not reduced, in fact some of the needs in terms of the coronavirus are increasing. We need more money related to that. More money for education and we need more money for Small Businesses<\/a>, restaurants, airlines and many other key priorities. So were going to even need more money or else well have to cut some more things down further. Reporter in fact a democratic aide tells me that the House Speaker<\/a> directed her Committee Chairman<\/a> to come up with a scaled back relief package, something they could use to start restart those negotiations. Democratic aide telling me they could, the house could pass this relief package without gop support if the republicans dont negotiate on this, whatever they come up with. I can tell you at this point there is nothing on the schedule, no talks scheduled between the House Speaker<\/a> and treasury secretary Steve Mnuchin<\/a> as of right now. Movement here right now, to maybe a smaller package coming from democrats. Back to you. Charles edward, thank you very much. Appreciate it, my friend. Still to come, folks, are we seeing the death of free speech . Plus democrat flipflops on their push to mail in your ballot any think, well, i think they realize that actually could backfire big time. I will ask Cassie Smedile<\/a> of the rnc what she thinks next. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. Its made for this guy a veteran who honorably served and its made for her shes serving now we made it for all branches and all ranks whether they served one tour or made a career of it. We also made usaa for military spouses and their kids usaa is easy to work with and can save you money on auto, home and renters insurance. Become a member today. Get an insurance quote at usaa. Com quote usaa. What youre made of were made for get an insurance quote at usaa. Com quote im a verizon engineer. And im part of the team building. A powerful 5g experience for america. Its 5g ultra wideband, and its already available in parts of select cities. Like los angeles. And in new york city. And its rolling out in cities around the country. With massive capacity. Its like an eightlane highway compared to a twolane dirt road. 25x faster than todays 4g networks. In fact, its the fastest 5g in the world. From the network more people rely on. This is 5g built right. Only on verizon. And now your copilot. Still a father. But now a friend. Still an electric car. Just more electrifying. Still a night out. But everything fits in. Still hard work. Just a little easier. Still a legend. Just more legendary. Chevrolet. Making lifes journey, just better. Well were just 40 days away from election day, can you believe it. According to new qunnipiac poll 63 say they dont expect to know the winner on election night. This of course because of the high number of americans who are voting by mail, something the democrats encouraged at the start of the pandemic. But now democrats are singing a different tune and encouraging americans to vote in person or early. Joining me Rnc Deputy Communications<\/a> director Cassie Smedile<\/a>. Are you surprised at this pivot . Well, the democrats have been doing really good job of trying to sow distrust and confusion in this process, less than 100 days out, less than 60 days out, 40 days out, suing in states to try to get the election process changed. The idea they are now pivoting again is not that surprising that seems to be the strategy this election to sow that confusion and distrust which is why we always tell voters and our supporters to go with what you know. Make a plan to vote. Make sure you know your voting location. Request your absentee ballot. Make sure your vote is cast securely and safely. Dont rely on activist judges or democrats to try to take command of your vote. Charles you know, i read it initially, that they thought maybe the lack of enthusiasm for joe biden could be offset people voting from their living room. Then i start as i look at it, i start to read between the lines, it feels like maybe they think if they dont vote from the living room they wont vote at all, that this thing could really backfire. There have been enough issues out there a lot of ballots will be rejected know matter what. As weve seen in local elections. Maybe this is a wakeup calm saying we might have been too cute by half. To your point ballots being rejected, Kaleigh Mcenany<\/a> noted 1 of ballots were rejected last election. That is over 300,000 ballots. If you increase number of people voting by mail that is going up. Democrats being concerned their voters are not going to vote if they have to go out and vote that speaks to the lack of enthusiasm for joe biden. This is what were seeing on the ground as we go state to state. Our chairwoman is out chris rosing the country, everywhere the president goes he is met with throngs of people so excited to cast their vote for him. Youre just not seeing that for joe biden on the other side. Youre not seeing joe biden on the other side. Charles no. He gets the rock star status. It is really amazing. I want to ask you about the president who seems to at least suggest he is not committed to a peaceful transition of power. The media has taken this. Theyre running with it. What is the rncs response to it. First i would like to note that question that the president was asked in the press briefing yesterday was win, lose or draw. Obviously the president in his mind he is working to win. He is not talking about a transition of power. He is talking about getting sworn in for his second term in office. That is the focus. That is the focus for all of us right now. So the media trying to play the cutesy gotcha game keep asking questions, why dont you ask the question of joe biden encouraged by Hillary Clinton<\/a> not to accept the results of election. By the way has Hillary Clinton<\/a> accepted the results of 2016 . The point is President Trump<\/a> has not shown any indication he wont accept the will of the voters. We just happen to believe based on everything weve seen the enthusiasm on the ground the will of the voters is to elect President Trump<\/a> to a second term. Charles sew ultimately, if joe biden has the most Electoral College<\/a> votes, President Trump<\/a> will concede and he will move on . Certainly he is going to accept the will of the voters but again as weve seen, both in polling and in enthusiasm on the ground the will of the voters seems to be squarely with the president in electhim to a second term. Charles he definitely seems to have the momentum right now. Cassie, thank you very much. Appreciate it. Folks, freedom of speech, a right guaranteed to every american by the constitution. A right that diffentiates us from so many other countries. Many americans feel the need to selfsensor. According to a poll released by the cato institute, 62 of americans agree with this statement, listen to this, the Political Climate<\/a> these days prevents me saving things i believe because others might find them offensive. Joining me to discuss wall street journal opinion writer jillian melcher. Jillian, this is really nuts. You burst on the scene as writer when you covered freedom of speech or lack thereof on the college scene. What you do feel like when spreads to the entire country . The students grew up on College Campuses<\/a> where they didnt val up freedom of speech now entering into the work world. I think weve seen weaponnization of cancel culture, if we dont like your opinion it is not that were going to argue with you, engage you on it, were going to cancel you, go after you personally. So i think a lot of americans are responding to this selfcensoring, i would say dont do that. Speak out. It is your free speech to protest, unless we see pushback on this, we end up with dangerous situation in the u. S. Part of the value of free speech, bad ideas are defeated. That youre able to persuade unchanged minds. If you shock people out by canceling them, suppress freedom of speech, bad ideas go underground. It is really difficult when theyre not challenged. Charles to be clear, it is freedom after certain kind of speech if were going to be honest about this. The week started with a billionaire in china being sent to prison because much his criticism of president xi there. I just cone interests that to america where you have 10 books on bestseller list all extremely critical of President Trump<\/a>. You can freely speak negatively about conservatives. You can disconservative voters. You can go on national tv and call people who Like College Football<\/a> dumb. No one pushes back. This is specifically in my mind shutting down conservative thought and freedom of speech among conservatives . Yes, but i think when you speak out, this is something i really want your viewers to realize, that when you speak out sometimes you have a bigger than you think. Twitter is an echo chamber as weve seen. College campuses are a echo chamber. There is a samier public. If you speak out, it is likely other people will agree with you and support you. Maybe they will encourage you. Charles got a minute to go but i got to bring this up. Something else you were ahead of everyone else on, china, what is happening with the uyghurs. Apparently a new study finds there are 400 interment camps. A dozen of them built in the last two years. Your thoughts what is happening over there . What theyre doing in shinzhen province is a crime against humanity. Theyre turning it into a police state. Were seeing the advent of totalitarianism. The United States<\/a> needs to speak out, to condemn that, im encouraged on sanctions those violating human rights. I have to dock disney for this, filming mulan in shinzhen province while this is going on, crediting security and in their credits is [inaudible] charles more and more Corporate America<\/a> not willing to make the one extra step because of the buck. Jillian, thank you very much, i appreciate it. Thank you. Charles were following markets for you. Were up, were waffling a little bit. Weve been down big twice. Were up. This is a crazy market. I got my eye on it for you. Next, i told you this would happen, California Governor Gavin Newsom<\/a> banning the sale of gasguzzling cars. We have the details and what electric stocks should you own since one day drive aghast car will be illegal . Well be right back. Weve often wondered what keeps the world running. Economics . Algorithms . Magic . Turns out, its you. Doing your thing. Dreaming dreams. Building new worlds. 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The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. Claim your seventyfivedollar credit when you post your first job at indeed. Com promo this is the feeling of total protection now that we protect your identity, mobile phone, auto, home and life youve never been in better hands allstate click or call for a quote today. Charles it is a story we broke yesterday in our hour. California plans to ban the sale of new gasoline powered vehicles starting in 2035. Many are wondering whether it can be enforced, more importantly for me, how many other states will follow . California usually sets the trend. Automakers preparing for these new rules. There is a lot of questions about it. I want to go to Kristina Partsinevelos<\/a> with some of the answers. Kristina, this is big news. Reporter it is big news and like you said california set as precedent for the rest of the country but this executive order would mandate the complete elimination of fuelpowered cars i should say by 2035. That is in 15 years. If you happen to own a gas powered car in 15 years, you can still keep it, you can buy the cars on the secondhand market. This mandate applies only to new vehicles. It is likely to have a Ripple Effect<\/a> across the entire auto industry. Why . Because california is such a massive auto market in the United States<\/a>. It accounts for 11 of registrations of new cars and light trucks this is according to research from ihs market and california at the moment already requires that all commercial trucks and vans be zero emissions by 2045. So that would mean essentially that there could h would be a complete ban on all fossil fuel burning vehicles within its boards. To answer your question, charles, you have support coming from michigan and oregon at the moment. The order raises questions about affordability. The vehicles might be out of the price range for the average family. It begs the question about eliminating competition and high price. For consumers you always want choice so for this to be successful come 2035, most consumers, all consumers should prefer an electric vehicle. If that not the case there will be huge issues. Reporter a lot of Car Manufacturers<\/a> havent really commented on this but we did reach out to ford motors, they told fox business, they quote, are proud to stand with california. But keep in mind ford did release and all electric version of the f150 pickup truck and mustang mach e last year. This executive order to band gas powered cars by 2035. That california would join 15 other countries around the globe that have taken such initiatives. Back to you. Charles thank you very much. How should you invest on this news . The electric vehicle looks great. Maybe one of those stocks would be good for your portfolio. I want to ask chief Market Strategist<\/a> at federated phil orlando. Before we begin with opportunities to make money off of this, the Energy Sector<\/a> is down 50 this year. Im wondering how concerned we should all be . This reflects great jobs, Great American<\/a> jobs, they are vanishing because of government mandates and Political Correctness<\/a> . Reality is in california, in a lot of the country, energy is an important industry. So while youre propping up a new industry in this case, electric vehicles, you have also got to oversee winding down of fossil fuels, coal, natural gas, other industries that have been big employers with goodpaying jobs. There are a couple parts of this equation as a governor, Governor Newsom<\/a> will, is going to have to evaluate. Charles the rolling blackouts, you know, fires that raged, were raging over there, people say maybe they have pushed, already pushed the envelope too much. Then on the other side of this it might feel good to wake up in the morning and unplug your car but what is it going into that is cobalt, lithium, copper, maybe coal for the power. It is a lot of things behind the scenes. That doesnt make this as pretty and shouldnt necessarily give the someone the feeling theyre so great that theyre doing great things because the labor that is used to get this cobalt often 12yearold kid in africa with no future . That is a concern as well. You go back to some of the power issues that california has been having this summer. There are some experts that say that the use of renewables is great during the day when it is sunny but it doesnt have the ability to store power as well at night or during cloudy periods. So you probably maybe better served in terms of reliability with an electric grid that has a combination of both renewables and more traditional generation like natural gas. So again, that is an issue different states will have to evaluate. Charles i know youre a big advocate for esg. You are one of the pioneers in investing there and from what i understand esg loves electric vehicles but it has been a tough week for the whole batch. Tesla, that battery day thing looked like it was a bust. Ceo of nikola had to quit. Many people are wondering if that company is a scam or not. Should investors be buying these stocks . Should they invest in them . Tesla already made a 40 point reversal from the low today to the high. It is still attracting a lot of action . So if you look at what Governor Newsom<\/a> said yesterday, electric vehicles as the future of california and the nation as a whole, you have to recognize the cars are expensive. The driving range isnt very good. It takes a long time to charge them and you need a much Larger Network<\/a> of charging stations around the country. So what california is doing, this is incredibly ambitious goal. As an investor i think investing in the companies that are making these charging stations, looking at battery technology, tesla is not the only game in town. Youve got virtually every major car company in the world is working on all electric vehicles right now. It is not if you only have one option as an investor. Charles right. We have a long time horizon here to do fundamental Due Diligence<\/a>, to figure out where the opportunities are that are sustainable. Charles phil, youre the man. Youve been on this before a lot of other folks. Thank you very much. Appreciate it. Coming up next, folks, a new study showing why closing businesses should not be the goto for governments as we see perhaps a rise of coronavirus over the next, over the fall and winter. Well be right back. i need it so bad dont call it a hobby. Its way more than just a job. This is how we live every single day. 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Charles the question we continue to ask was it possible to save both lives and jobs during the peak of the coronavirus pandemic in america . Well a new Research Report<\/a> shows that stay at home orders were more effective in containing the virus than government mandated closures of businesses. Cheryl casone joins us to break it all down . Reporter initial jobless claims came in at 170,000, you got to wonder what the strategy is, maybe we should change strategy in this country. But i digress, this was a university of penn state, university of pennsylvania study, excuse me, presenting at the Brookings Institution<\/a> today. What they found, if you look at all things we did, close schools, close down nonessential businesses, that saved 33,000 lives through may 31st, according to researches, but the bigger point, half of those lives saved of 33,000 was because people stayed at home. 28 of schools closed, guess what . Those businesses, nonessential businesses, you know all the restaurants and bars and nail salons and Everything Else<\/a> that got shut down, only 22 . It really makes you think, i am sure researchers are pointing this out in washington, did we really make the right decision here, i dont know, 3 Million People<\/a> were out of work in that time period up to may 31st. 3 million jobs lost. So what is the cost here, right . Charles yep. That is amazing. Just now, cheryl, the dow was up over 300 points. Now it is up only 100. One issue of headline out of france 16,000 coronavirus cases. That is one of the highest levels they have had. Those numbers are going up, before we reset in this country as well. Thank you very much, cheryl. Reporter european numbers, if you look at demographics of that number, its a Younger Group<\/a> of people. I think, that people sending their kids to college right now need to really think about that. Charles yeah. My sons going to college. [laughter] reporter i didnt know that, sorry. [laughter] charles but we thought about it. Hey, meantime, the markets are obviously had a rough go of it of late. So what do you need to know as we go into the final hour of trading . Weve given up a big rally as we head into the last hour of trading. Do you want to buy on that . Dont go away. 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. To fill portfolio gaps and target specific goals. Strengthening client confidence in you. Before investing consider the Funds Investment<\/a> objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. For a prospectus cnoand if youre troubledan. A lifby falls and bleeds,ers. Worry follows you everywhere. Over 100,000 people have left blood thinners behind with watchman. Its a onetime, minimally invasive procedure that reduces stroke risk and bleeding worryfor life. Watchman. Its one time. For a lifetime. Charles tough sledding for the last few years with respect to the shorts. They have been making big money in the last three weeks. My next guest takes advantage of the markets in up and down moves. Todd horowitz joins us. Todd, from what i read earlier in the month, you went short apple, facebook, advanced micro, square, roku, some of the highflying names, and a lot of them have come down. Whats your thought process for saying hey, if these stocks were up too much, they will come down faster than they went up and theres a lot of money to be made . You know, we are always trying to play the price action because markets themselves dictate what theyre going to do next. We were in a nice up trend and as long as we have ever been going into when we started selling, and suddenly the price action has changed. Even today, if this is the best america can do after the way its been hammered the last few days, its not a very impressive rally. Thats what youre starting to see, the rallies are starting to fail and the markets are making lower highs on shorter term charts, which is usually an indication of potentially a longer term trend change. Thats what im seeing right now and im still playing very very short here, short all the indices, because i think you got a lot more room to the down side. Doesnt mean i wouldnt change if price action says to me its time to change, i would be happy to turn and go the other way but right now i will keep riding this one until it changes. Charles i worry when individual investors short because obviously, theoretically, theres no limit to how much they can lose. If there is a viewer out there, some viewers who want to try to go short, whats a way to at least mitigate their risk, you know, when these markets make these sharp reversals back to the upside . I agree 100 they should be using some sort of easy option strategy that has limited risk, unlimited reward. You never want to be in a position to be in unlimited risk position. Its a horrible place for even a professional trader. I dont like it either. I dont take unlimited positions. Every one i put on has some sort of out. Charles we started the show, the dow was up around 300 points. Its up around 30 right now. I think its a headline out of france about a massive spike in covid19 cases and of course, we have seen some of these things happening in this country as well. What do you think its going to take . You talk about price action. What do you think its going to take to really, for this market to sort of find that bottom before it really starts to make one of these big bounces again . Well, i think it will take some more of the economy opening up, probably now maybe not until after the election. There is some uncertainty that people are worried about and i think thats causing some grief. I think everything thats going on in this country right now is kind of scary and any flicker to the downside markets and investors want to get out because remember, we have a lot of investors in this market today that would never want to be there if they could get yield anyplace else. You have a lot of weak hands here but at some point we will see it shake out, we will get that little bit of capitulation type bottom and that will be the bottom. When will it come, its very hard to say. We havent had it yet because volumes have still been pretty light. Once we get the big massive panic selloff, i think you are ready to see the bottom. Charles so some of these big things in the last few weeks, they dont fit the bill. Less than a minute to go. I do have to ask about one name you think is oversold. Nikola. The ceo quit, theres a report about them being a scam. I just tried to get someone to say he liked tesla but you are out there, saying no, now is the time, this stock is oversold . Well, either nikola will go back up or its going to zero, right . Look, i think the strategy is real charles okay. If General Motors<\/a> is investing in it, to me they have had to do their Due Diligence<\/a> on this company. This reminds me of the herbalife story that you get all this bad news. I bought the truck, i put a deposit, so im ready. I own it and im buying more. Charles hey, you put your money where your mouth is, both with the product and with the stock. Thats a first rule of investing. Todd, thank you very much. As the dow struggles in the overall market, liz claman, struggles to hold on to gains, it was looking pretty good when my show started but a couple headlines tripped it up. Liz okay. Im glad you took responsibility for that. You cant, really. Its nobodys fault. We have seen a 550 point swing for the dow. Folks, we are back from the brink but will we stay there . The s p which yesterday was teetering on the edge of correction, further from it earlier today as markets bounced back after yesterdays selloff. Make no mistake, we have already endured a pretty volatile last couple of hours. Suddenly we are heading a little bit into a southerly direction. 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