Transcripts For FBC Cavuto Coast To Coast 20240712

Back. Buoyed, they still think they can cobble together a stimulus deal and theyre getting a little closer. Theyre about i think latest indication about 600 billion apart. Democrats coming down to 2. 2 trillion. Such a steal. Such a buy. Republicans have been whispering about 1 1 2 to 1. 6 trillion, who knows. That that is a development few saw coming. Were 24 hours away from the big debate tomorrow. So that could obviously test these markets. So far not too flummoxed about president s taxes. Well see as we get on here. But that tax report we want to lead off front and center ahead of the big coverage planned from tomorrow night. How much the New York Times report, 5000 word plus investigation that goes into the president s taxes over the last couple of decades. The signature of both days developments is that, for a lot of those years he didnt pay any taxes and for at least the latest two years, these do not include the 2018 and 2019 years, he paid 750dollars each for each year. Considering the guys a billionaire and worth millions, certainly on paper, a lot of people are saying how could he do that . It is not as sinister you might think. The president is dismissing all of this as fake news. Well talk to real estate investment, when it comes to that particular lynn industries of the before he came president of the United States it is not what it appears. Edward lawrence is sorting through the story and a lot of details. Reporter there is a lot of information swirling and you the white house. The New York Times story. The other one were talking about the Supreme Court justice. That is a big deal. In fact the debate, on the eve of the debate here one of the six topics in the debate is the Supreme Court. Literally within moments of announcing his Supreme Court pick the attacks started to begin. Judge Amy Coney Barrett is being targeted for adopting two black children in addition to her five kids. She is being attacked for her religious beliefs. The democrats say the judge should not be in the Election Year will be swing vote to overturn roe vs. Wade and swing vote to overturn obamacare unconstitutional. Didnt matter to them, millions of americans already votes on a new president and a new congress had begun. All it does matter is that they see an opportunity to overturn the Affordable Care act on their way out the door. This is a reprehensible power grab. Its a cynical attack on the legitimacy of the court, engineered by Mitch Mcconnell and donald trump and we are going to do everything, everything, everything, we can to fight it. Reporter senator Chuck Schumer is one much six senators who will refuse to meet the Supreme Court nominee. The hearings start october 12th, october 22nd, senator Lindsey Graham expects to have the nomination voted out of committee. The other big story of the day, talked about the New York Times, claiming they have 20 years of tax returns for president donald trump. The times claims that it shows the president paid no federal taxes for 10 of the last 15 years because his income was offset with massive losses at his properties. Now the president claims this is fake news. We saw that in tweets again today. The white house pushing back on mornings with maria. Listen. It is inaccurate. It is flawed. It is wrong as the president s attorney told the New York Times but leave it to the New York Times to publish an inaccurate piece. They have done so quite often as we led up to the russia hoax where there was nothing to see here as mueller found. Reporter the New York Times says they will do more stories in the weeks to come leading up to the election. Neil we call this monday in washington. Back to you. Neil you know, edward i was listening to kayleigh mcenany. What was wrong, what was fake . If youre saying that the 750, what was fake . What was wrong . Reporter the premise he paid no taxes. In fact the lawyer for the president came out and responded to the New York Times statement in a statement to them he paid millions of dollars in taxes and that they dont have the story correct. That is what the president s attorneys are saying on this front. Neil were they millions of dollars in felled ral income taxes or social security, fica, medicare . Is he talking state, local taxes. Theyre saying that the charge that he didnt pay, i got it. But i want to be very clear here i think our viewers deserve this, when they are saying it is fake, wrong, a lie, made up, Fake News Media going after them, what are they disputing that 10 out of 15 years he paid no federal taxes as the piece alleges or that he did pay federal income taxes . Reporter Trump Organization lawyer saying he did pay tens of billions of dollars in taxes, millions of dollars in taxes in those years, the 10 to 15 years. They also wanted neil federal taxes . Federal, federal . Reporter federal. Neil that is what is alleged in these reports. Well see. Edward, thank you very, very much. Meantime, that is important distinction here. Because i dont want to conflate one type of tax business or otherwise, federal income taxes, taxes that people pay, payroll taxes the like, social security, medicare, state, city taxes. You can make the argument as i think the president has in the past, when it comes to all those taxes he paid a good many of them, millions of dollars worth over time. These particular reports cited the times looking through 20 years of returns seemed to focus on federal income taxes that the president paid. Or maybe did not pay over that time. Tom willwrit taxfree wealth. Accountant on this very subject. Im happy to have you. People lose sight leaving debate which kind of taxes that are paid. When youre in the Real Estate Industry this sort of thing is not unusual. In other words piling up losses, writing off the losses is not as sinister as it appears but explain to me. Well, absolutely, neil. Its actually, i would be shocked if he paid much in taxes. As much real estate and debt as he has, it would be pretty shocking if he paid very much in federal income tax. Neil so, we know he piled up a lot of debt. Right now he is in the middle of this audit that could cost him 100 million, he has 300 million obligations that could soon be coming due. Much we dont know about that. Is it unusual to have debt play such a large role for a real estate firm, operator like he was, actually remains . Not at all. In fact real estate developers, theyre typically cash poor. They have lots of assets, lots of debt. Very little cash. They pay no taxes. That is the way the tax law work. The tax law is intended to work that way which is the whole point of my book, taxfree wealth. Neil so it is legal in this country, you can write off your losses. I what surprised some people, maybe you can educate us all, tom, you can keep writing off these losses and spread that out over the course of years, hence this possibility because of that, techally paid no federal income taxes 10 of those 15 years. Does that jibe with what youve seen in other cases for those in this industry to have such a situation . Well, that is because when you buy a property, you get to deduct the cost of that property over a period up to 40 years. So, as long as you keep investing in new properties, and president has been investing in new properties for years and years and years, youre unlikely to pay much in federal income tax while youre investing in real estate. Neil what happens when youre done . I mean there is amortization period i get that, all that, there is a point at which obviously debt is due, you have to pay it, then what . Well, eventually, presumably you either pay the tax or you die and the taxes go away. Actually the way the tax law is structured you really dont ever have to pay that tax if youre Real Estate Investor and you can die and avoid the taxes entirely. Thats the way the tax law is written. Neil there must be a better solution than having to die to avoid that. Well talk about next time we have you on. Very good job. I very much appreciate that, tom. Tom wheelwright his expertise comes in handy when you try to decipher the tax return. That is what you get when you look into tax returns with hundreds, sometimes thousands of pages. Brian wesbury and dani hughes on all these developments. I wonder how much of an issue will be for the markets, if the markets are worried about it they have a funny way of showing it. What do you think . Right. Stocks are rallying today, neil. It is not because of this headline. Rebound in megacap stocks and new hope of a stimulus deal and energy being down and some m a chatter. Really the future certainty of low Interest Rates will continue to drive growth. So that is fed, fed, fed but general knowledge trumps taxes will be a doozy, so far they dont disappoint, many are offering like a flippant stance, billionaires, millionaires always tax code to their advantage. As leona hemsly said only Little People pay taxes. Trumps platform was to drain the swamp and get unfair graft that politicians wield over the little guy, to find out trump pays far less in income taxes then all the little guys put together is a little bit disconcerting to say the least. Neil he is disputing that. Brian wesbury, certainly this issue one joe biden brings up tomorrow night. Having said that, i dont know where the markets stand on who they prefer to be in there, is this going to be Strong Enough to affect the election outcome, hurt the president and maybe lead to a President Biden or markets fine with that, what do you think . Yeah. Well, neil, i mean this is just the latest noise. I always tell people im just shocked that there is politics going on in washington, d. C. And everyones trying to get leverage on everyone else and, if you kind of think about all of these things, the Supreme Court, the, whether we get a stimulus or not. All of these debates that are taking place, protests, riots in the street, et cetera, i can look forward six months and just about everyday one of these things is going to be resolved. Are we going to have a vaccine or not . Et cetera, et cetera. And i think the market will end up looking through that. Dani was absolutely right. The Federal Reserve is a key. They will not raise rates for years and the profitability of u. S. Corporations is going to continue to grow. Im not saying buy apple or anything like that but apple is going to continue to sell phones whether or not the Supreme Court justice gets confirmed. Whether or not joe biden scores some points with trumps taxes. It is going to continue to happen and, so i look out six months and all of this uncertainty that everybody thinks they see today will be gone. And whats left is companies that actually can make profits and grow in a very low Interest Rate environment. Neil you know, dani, on that market, maybe telegraphing what it thinks will happen, if you follow the vix futures, volatility futures, they remain costly and costlier through the end of the year. The wall street journal was following this very, very closely to say that could maybe telegraph the markets betting real money that this volatility continues right through the end of the year. The prices come down going into the new year. It is rather interesting how the market seems to be handicapping this. What do you think . I think that is really interesting, neil. I think that theres a lot of people on both sides saying that, either candidate could really win. That the market is saying that biden cowin. The market is saying trump could win. Realistically the market saying Interest Rates will be low for the foreseeable future. There is an opportunity for companies to take advantage of that and grow. Whether to borrow money, go out to raise equity. I think the future for business looks really good. I think that is why the market is rallying on days like today when youre also hearing about potential additional stimulus come growing the government. Neil yeah. That looks more likely than it has in weeks. Im just wondering your thoughts on that, brian. I mean, i know this is a lot place, investing community supposedly abhores washington interference but it is what it is. They love it now and they think its coming. Do you think it is . Yeah. Well, it is hard to tell exactly what the markets are looking at. Let me hit a couple of points here. Neil yeah. If you can look out around election time and this, this worry about a contested election and then increased, the price for increased insurance on bonds and volatility in the markets in general, if i could do it, and this is not the, where i invest, but, i would short all that volatility. I, the feds easy. We will get, we will get an answer. And yeah, sure, people will be uncertain about who might win but i dont think there is some massive change in the world just because of that contested volatility especially with the fed so easy. Second, the second thing i would say is that is that underneath all of this is that economies are opening up. Florida just opened up. Indiana just opened up. Now that is going to push out. Because if youre in georgia, the people right across the border are allowed to be at 100 , you will push to be at 100 . Were starting to leave states that dont open behind. For example, new york, california, because of their relatively draconian, if you will shutdown procedures, they have 1. 2 million Unemployed People more than if they were at the National Average Unemployment Rate. I think whats happening now is that people are pushing and pushing and pushing to open up and thats going to help the economy too. Plus we have the vaccine out there. So all of this stuff is going to get resolved in the next few months. I think that you know, yeah, the market had a huge run. S p backed off just about 8 . That is kind of a normal correction sort of thing happening. Neil all right. But now were starting to look to the future and a Better Future it is. Neil all right. Final word on the subject. Brian i want to thank you. Dani, i want to thank you. To both of these fine folks a good point here, if you invested in bonds at the beginning of the year you are doing far better than if you invested in stocks, Technology Stocks on the nasdaq still up 20 yeartodate. The other two averages s p and dow, essentially flat to losing money. A typical Bond Index Fund returned seven to knife 1 2 , easily beating the s p and the dow. Why is that . After this. When i came to the u. S. , i was fifteen years old. My family was really poor. Now, ive got fifty employees. When the pandemic hit, i was really scared about losing my business. But osmar, my Financial Advisor from northwestern mutual, he told me, brother we got your back. His Financial Planning helped to save my business. If i could talk to my younger self, i would say, youre going to be proud of yourself. So youre a small bor 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. Neil all right. The debate site in cleveland, ohio. The big scene of the first confrontation between the president of the United States and the guy who wants to be the next president of the United States, all set with our own Chris Wallace hosting. Just reminder, well cover this on this fine network, Fox Business Network 8 00 p. M. With a little bit after pregame show. We have big market experts and the likes. This is the only place you cannot only catch the debate but foreign market reaction. I dare say, there is a great piece in the financial times. Theyre obsessed with this race sometimes more than we are. People who bet money based on what they see, how that debate goes well monitor that. The only place on the planet you can get the latest main street reaction, wall street reaction, in a onestop we call fox business. Youre welcome america. That is just what we do. Very good to have all of you back. Im neil cavuto. Taking a look at the virus, another big issue, one of the those come up on the six that Chris Wallace outlined for the candidates tomorrow so they better get their preps in order. That is the concern that it is spiking abroad, not so much here. Number of states reopening, and aggressively in the case of florida, indiana. Well get to that in a little bit here but there is also a worry developing out after study that started in houston, shows the thing is mutating morphing into something it was originally. Jackie deangelis following all of that. What is going on here, jackie. Reporter good afternoon, to you, neil. A lot of people are worried about the second wave. There is a little lag effect, they in europe got the virus first and might be coming here. Were battling the first wave and also the flu season is approaching. What is become agroing concern, now that the virus is been with us for some time, could it be mutating, partially because that is what viruses do, weve been so good fighting it, wiping down surface, washing, sanitizing hands that is has grown stronger to our response . That paper, published last week, scientists found a new strain of the virus was responsible for 99. 9 of the cases in socalled second wave in houston, texas. What they found it was not more deadly. It just was more apt to spread rapidly. Every coronavirus particle has a core. Then it has the little spikes on the edges. What the researchers found was that the protein had changed in the spikes which would make it more easily attachable to human cells. That could make it more transmissible. The problem with this, as weve seen with our flu shots, for example, is that were working on a virus right now, so many companies, and the question is, can we get the right strain of this . What if we develop a vaccine for a virus that is changing . Listen. Do you hope and pray that the virus doesnt change as much so when you get your vaccine finally after a year or two out, the virus has not truly changed in its genetic makeup, you can still have some effect, 50, 60 effect. Reporter so the doctor there basically starting off by saying he is hoping and praying it doesnt mutate. And that is a scary thought when you think about it as we go knott fall, winter period. The study i mentioned neil, from founded by coal springs laboratory, Yale University and bnj which is a Global Health care knowledge divider. It has not been peer reviewed. It i certainly something to think about as we move forward and the researchers watch what the mutations could look like. Neil all right, jackie, thank you very much. Jackie deangelis. Speaking of the virus and stimulus both parties argue they would like to see but very dismal on the prospects seeing this year, indications House Speaker nancy pelosi spoke with treasury secretary Steve Mnuchin regarding covid19 aid. They are going to talk again today and other indications that theyre ready to talk but this is coming from nancy pelosi, the Administration Must come to the table with more money to fight covid. I believe the last figures i saw have the democrats moving down to about 2. 2 trillion and the republicans were still at around one trillion dollars but they seemed open to raising it to 1 1 2 trillion dollars. I dont want to get caught in the weeds here. Suffice it to say theyre coming together. Still quite a bit apart. Closer than they were. Who knows what will happen on that front. All of this as the number of states are aggressively reopening. In the case of florida, almost back where it was before the pandemic. Everything will open up in the sunshine state. Indiana considering a similar move right now. Those states would be among the more aggressive to return what it was like before all of this hit but that can count and cut both ways. If there are problems, the lawsuits could start running fast and heavy. Judge Andrew Napolitano with us now on that. It is risky to do all of this. There is still a lot of critic last is going on in florida. Judge, as you know where the governor encountered resistance saying now is not the time even though the cases new cases subsided substantially. There is a risk. When i hear risk i often hear lawsuits. What do you think . Well, this is, good afternoon, neil. Always a pleasure to be with you. This is virginal territory for litigation. The question is, is the pandemic a act of nature . If it is a act of nature akin to an earthquake or a hurricane it is probably exempt from a lot of liability coverage, meaning if you are a business and you do open and somebody pate patronize your business get suck, suffer and sue you will not have insurance coverage. So the governor of governor of florida telling everybody they have to open. You can close your own business but telling everybody that they may open. Now he is acutely aware of an opinion by a federal judge in pittsburgh which has not yet been appealed and it is still good law, only about two weeks old which is the First Federal opinion in the country to say that the bill of rights trumps, lower case t, trumps the ability of governors to interfear with travel, assembly and work. Stated differently, almost all of these shut downs are the force of gubernatorial opinion but they do not and cannot have the force of law behind them. Governor desantis in that agrees with that. Obviously governor murphy in new jersey and wolf in pennsylvania and cuomo in new york do not. Neil what happens, we are talking about lawsuits here, i know it is a little different from this but astrazeneca got some unusual protection in the uk to get the government there to shield or help shield the company from potential lawsuits if there are any problems with people who take its vaccine down the road. Jury is still out when it will come out but im sure other companies are going to want that kind of assurance. Maybe not full Legal Protection but some. What do you think . Well, the president has talked about that. He understands that a vaccine would be far less expensive and probably would come to market sooner if the vaccine manufacturer, or manufacturers, whichever the fda approves, however many it approves, are immune from liability. That is just the vaccine liability. Senator Mitch Mcconnell who is the republican leader of the senate, has caused about, talked about total commercial liability. So if you or i went back to work at our beloved mothership at 1211, got sick as a result of going there, there would be no ability to sue our beloved employer and the same with any guest in the building and the same with anybody else who went back to work or who patronized a newlyopened business. There would be no litigation permitted on account of covid if the Mitch Mcconnell proposal becomes law. I dont know how it will get that through the house but i think the president would probably sign it. Neil i do find it interesting that as soon as you raised the possibility of employees suing their employer, your shot went out. So i just want to throw that out there. Judge. Dont worry about it. Im sure it is just coincidencal. Judge Andrew Napolitano, is the best, knows this stuff in and out. Were telling you what is going on the corner of wall and broad with the runup in the stock market. Told you about tech stocks coming back. Banks, they are on fire. They are up at least 2 , whether talking about bank of america, citigroup, goldman sachs, wells fargo, morgan stanley, jpmorgan chase, low Interest Rates are one catalyst. But this idea they might be benefiting from all this treasury note bond buying, that too has been a Favorable Development for them. And the fact theyre optimistic about the loans on their books, theyre being paid back just fine. Stay with us. Youre watching fox business neil they say debt can shield you from a lot of trouble but in the case of donald trump, if we were to believe these New York Times revelations that look at some two decades of tax returns or tax notices sent to the irs, the president good many of those years, 10 of those years, not paid any federal income taxes at all, over the last two years, most recent quoted, 2016, 2017, this does not cover the 2018 and 2019 tax years he paid all of 750 in each of those years. He is a billionaire. Strikes a lot of people as a bit jarring he paid that little in taxes. We talked to Real Estate Trust investment expert, real estate in general, that is not unusual. Try explaining that to the American People tomorrow night in the big debate. Get charlie gasparinos read on that, how this could have impact, maybe not, other developments going on in the big apple. Charlie, first the tax fallout youre hearing now . You have to realize my sources are on wall street and Financial Sector and corporate america. Obviously nobody is surprised by this. We point out trump trump often bragged how he uses the tax code in his favor, privately bragged to people i know. It is not like he is hiding much here except for the fact we have never seen his tax returns except for leaks like this. You know, you have to ask yourself where are the leaks coming from . They could come from a lot of places. Michael cohen, his former fixer and lawyer spoke about hiss taxes in the past. Cohen said he inflated his taxes for insurance purposes and deflated them for, excuse me, his wealth and his income for inflating it for insurance purposes and deflating it for, for tax purposes. So thats one potential avenue. Im not saying he is the leaker but it is possible. Others, you know, there is a bunch of state ag and District Attorney investigations out there on him. The cy vance, the manhattan d. A. Is out there on this. The new York Attorney general, tish james is looking at his taxes as well. Interesting how it was leaked out. It is a leak designed to damage him. It is not going to persuade his loyal supporters. Nobody on wall street will be surprised about this, real estate people pay all sorts of taxes. I think where this does hurt him in the legitimacy of his brand and, part of his brand is that he is worth 10 billion. While taxes dont really tell you exactly how much youre worth, they do underscore your net worth. If he is really worth that 10 billion, which would put him in the league of a carl icahn, in that league, steve cohen, you know, generally, these sort of schemes you just dont do, also if worth 10 billion you generally dont start autonomous schools or semiquasischools Like Trump University or slap your name on water bottles. Things like that neil charlie, remember when fortune magazine, im sorry, forbes, had its billionaire issue and donald trump im told was one of the few who would complain about them understating his wealth. A lot of them would say, no, no youre overstating it i dont want the taxman knocking on my door. He would routinely question their math and figures because it didnt present him as nearly the billionaire he said, continues to say he was and is . You know it is part of his persona. Far be it from me, im some shmuck journalist but i do cover rich people. It is always interesting how he, how he was so proud, so much bragging about wealth. Steve cohen is very rich. He just bought the mets for a billion dollars. He doesnt sit around bragging about his wealth. Carl icahn, you never heard carl icahn brag about his wealth. Ken langone, if you ask ken how much he is worth, he would probably tell you, depends on the day i dont know. These guys generally dont. Really rich people dont generally do that. That is part of his brand, that could hurt him. We should point out in the Financial Disclosure forms, fec forms he said he was worth 10 billion. As i remember he wrote out billion dollars. I could be wrong, because he wanted to make it stick in the press release when he filed the fec reforms. Part of the wealth is a big thing. I want to switch gears and new york city mayor race. Neil unfortunately we dont have time about that, charlie. That is my fault. I do want you to talk about the new york mayor race. That is interesting addon who is considering a run. I apologize for that, charlie, it is what it is, breaking news changes a lot of things. Thank you, my friend. That is charlie reporting from his kennedylike compound there. I should let you know as well were talking about the big debate tomorrow. Were talking about the impact it could have on the election. Here is an interesting little factoid weve gotten from a number of states, the mailin ballots, expected to be about 100 million this year, more than double what they were four years ago, there are going to be substantial delays getting them all counted in states like pennsylvania, michigan, north carolina, wisconsin, all key battleground states. In one states case, they have until november 15th to get them all tabulated. November 15th. Well be like thanksgiving without knowing results from some states, if that holds. After this. Thats what my dad does. Good job, michael ok, lindsey now tell the class what your mommy does. My mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a Financial Advisor. She is aig proudly supports all the professionals taking care of our financial futures. Weve often wondered what keeps the world running. Is it economics . Is it algorithms . Is it magic . Turns out, its you. Always you. Doing your thing. Dreaming dreams. Building new worlds for humanity to march forward in. Its that simple truth that led us to build our workspace technology. For one thing, and one thing alone. To give you what you need to not only do what you do best but to pull out all the stops to what you can become. Youre made for bigger things. Neil it is easy, convenient, despite what the president says it is all the rage right now. Better than 100 million mailin ballots are expected this president ial Election Year, that is double what we had in the last president ial Election Year. There is the wrinkle of counting them all, especially the number of states, about a half dozen battleground states no less, have quite a bit of time to do so, well past election day. Hillary vaughn has more on that in washington. Hey, hillary . Reporter neil, there is a big difference how these ballots end up in your mailbox. That difference is what is dividing democrats and republicans. When you look absentee ballots, those have to be requested ahead of time by a voter. A lot of times they have to fill out an application first. Theyre actually sent an absentee ballot. With universal vote by mail, ballots are sent to every voter on voter rolls which many times are way out of date. There are people who died could be listed on rolls. Other names of voters are not eligible to vote. Some voters may receive more than one ballot in the mail as part of this process. This year 10 states will do universal mailin ballots, including nevada, a key state this cycle republicans are hoping to flip. Many battleground states have different deadlines for when mail ballots can be counted. In florida, arizona, ballots have to be received by election day in the mail. Other states like michigan will count ballots up to two weeks after election day. That could significantly delay the results of the election, and sow distrust in the process but some democrats say, counting the ballots, getting them certified by the state is just one part of election process. You have that certification by all states. Then you have the electoral college. Which will meet the second week of december to confirm. So there is a process there. Reporter right now 43 states have at least one lawsuit tied up in courts related to voting in this election. How those cases are decided could be a key difference what ballots are counted and what ballots are tossed out. We have states actually doing things that you would qualify as a scam when you start to look at allowing mailin ballots to come in seven, nine days after november 3rd . Changing the laws through judges that actually are not legislators. Reporter neil, how ballots are mailed could also make a huge difference. In pennsylvania the courts ruled officials cannot count naked ballots. Ballots put in an envelope with a stamp sent through the mail without a second secrecy envelope over the ballot to insure officials that that ballot has not been tampered with. Neil . Neil hillary vaughn, thank you very, very much. Just imagine that, as hillary pointed out half a dozen states up or so until middle of november to count all those ballots and some of them dont even require they be check marked by election day. Postmarked by election day. It is confusing, it will add to the ultimate time it takes to get the count in. Youre not imagining the comeback at corner of wall and broad, much of it, not all of it, so, maybe much, is built on the notion maybe well get some coronavirus stimulus after all. The two sides are far apart. We understand nancy pelosi and treasury secretary Steve Mnuchin will be talking on the phone again today as they did briefly yesterday. And that they want to cobble together something that will include an extension of those federal Unemployment Benefits of 300, maybe 400 a week. Make them retroactive in separate check due to taxpayers, akin to the 1200dollar stimulus checks that went out when the leon panetta started. A long way from that happening, but enough to avoid the buyers. After this. I felt like. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. Well, actually. Were from a lot of places. You see were from here and there and here. Your familys story is waiting to be shared. At ancestry. Com when covid hit, i happened futo be the main bread winner. Your familys story is waiting to be shared. Sixty percent of my nannies got laid off. I had to furlough my office team. Dave is my Financial Advisor at northwestern mutual. Hes like a father to me. He reached out to me. And then reminded me that years of planning with him set me up for success. I was able to rehire my staff. And now i can prepare more for the future. Its time for aerotrainer, with your weight and health . A more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form. Aerotrainers unique design allows for over 20 exercises for a total body workout. Plus, you can easily transition from one exercise to the next. Want tighter abs and a stronger back to help relieve pain . Do the aerotrainer super crunch. The prestretch works your abs even harder, engaging the entire core. Then its the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. Planks are the ultimate total body exercise. Start with a wall plank and progress with maximum muscle activation with comfort. Work your lower body with the aerosquat or advanced super squat, all while in a safe, ergonomically correct position for maximum results. Build your upper body with pushups. Aerotrainer is perfect for bridges and total glute workout. host need to reduce stress . Just stretch and breathe. announcer plus, its a great platform to enhance yoga and pilates moves, even increase flexibility and reduce back pain for golfers. The aerotrainer is tested to support over 500 pounds. Train hard, because aerotrainer can take it. It inflates and deflates in less than 30 seconds using the electric pump. Aerotrainer works for families, beginners, and athletes. Use it anywhere. Even strengthen your core while watching tv. Head to aerotrainer. Com now. Aerotrainers unique design allows for over 20 exercises for a total body workout, all while maintaining safe, correct form. Now its your turn to lose weight, look great, and be healthy. Get off the floor and get on the aerotrainer. Go to aerotrainer. Com, thats aerotrainer. Com. Neil you know, so many big events are coming this week. Obviously the debate tomorrow and obviously the ongoing back and forth over the president s taxes that will be an ongoing drama throughout but on friday the employment report for the month of september. It is expected to show a gain of about 850,000 jobs. The Unemployment Rate itself dipping to 8. 2 but take a look what is likely to happen in the manufacturing component there where they expect a surge of 33,000 jobs. Jake timmons, National Association of manufacturers president and ceo with us now. What do you think . If that happens that would represent a turnaround from sort of stumbling around in these low areas in factory jobs. What do you think . Well you know we lost, neil, we lost about 1. 25 million jobs at the worst part of the pandemic. Weve gotten back about half of those. So we still have a long way to go and what we are hearing from so many manufacturers across the country that they are concerned specifically about the pandemic and how that is going to have longterm impact on the economy. And so the message that we all have, you and i talked about this before, but the message that we all have is where those masks and socially distant and if we dont well never get the economy back where it was before all this started. Neil i know you dont like to dip into the political stuff but moodys is out with a survey today that a biden win would actually be better for the economy. Now theyre basing that on just returning stability and order to the markets i guess but it does fly in the face of others who have been arguing at least all other issues that is one the president has an advantage over joe biden at least in these polls, the economy. What did you think of that . You know, for us it is all about policy it is all about competitive tax policy, regulatory certainty, trade, that allows us to reach 95 of the customers who reside outside of the United States. Infrastructure and workforce and so i dont think there is any question before this pandemic started manufacturing was doing incredibly well because of our tax and regulatory policy. So whoever wins in november were going to make sure we keep the promises that weve made based on those policies that were enacted and were going to let policymakers know that what their actions will resolve n whether that means more jobs, fewer jobs, stronger economy, weaker economy. That is really all we can do. You know, when we talk about workforce neil your members, your members pay taxes. The president lowered the tax rate from 35 of the corporate rate to 21 . As you know joe biden wants to hike that up to 28 and im just wondering what you think the impact will be on them if that happens . I can tell you what the impact was of lowering it. It meant more investment in the United States. It meant more jobs for American Workers and meant higher wages an benefits. So it kind of seems rather intuitive if reverse that, you will have less investment, less jobs, lower wages and investments. We wont have that. Nobody wants to see that. The irony even with all the unemployment numbers that exist, we still have 400,000 open jobs in manufacturing why Workforce Development is critical. We have Manufacturing Day coming up on friday in the past thousands of manufacturers opened their doors to let young people come in to see what a job in manufacturing is all about. Well do that virtually this year. Go to creatorswanted. Org to see how they can participate in that. Because we want more people in manufacturing. Neil jay, thank you for that. The break is coming whether you and i are charting or not. Well have more after this. The dow up more than 500 points. 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. Neil well, it might be a taxing issue for the president but so far, revelations about what he did or did not pay over the last couple decades not really taxing the markets one bit. They seem to be thinking its much ado about nothing and are more focus on something happening on the virus front, some improved cases that are being reported in the United States and at least two of them that are reopening almost back to where they were. We are focusing on those developments and a lift for the dow that had been up over 500 points. Also, we will go out to california and the big phenomenon there. A billionaire bond fund manager threatening to leave california if the legislature there still pounds this idea of taxing wealth. In new york city, meanwhile, we are focusing on principals saying they want state control of schools. The union is advocating that. It might prove easier said than done. Its not going without a lot of resistance. Tiktok, the latest is the judge put a lastminute literally before midnight reprieve on banning the app, but its not over just yet. Meanwhile, the president will be going before the American People a little later today not take too talk about h returns but to talk about progress on the coronavirus testing front. Edward lawrence has more on that. Reporter he may talk about his taxes. We will get into that. First, the president is in about two and a half hours going to announce a new strategy Going Forward for testing in the United States. This will be in the rose garden for this event. White house officials are telling us it will have a new initiative Going Forward to deploy testing throughout the United States. This initiative will target certain populations. We can assume from that, the populations could possibly mean those most vulnerable to the virus, possibly nursing homes. A dallas Federal Reserve survey released today, 62 of firms currently have revenues that are lower than normal. This is actually a steady decrease in the number of firms since may. As consumers feel more confident about getting out spending and Economic Activity increases, the more testing there is, the more people might feel confident about going out. Dr. Anthony fauci today saying we need to pay more attention to masks and about being mindful about where the virus is spreading. Nows the time to double down a bit and i dont mean close. When i say that, people get concerned we are talking about shutting down. Were not talking about shutting anything down. We are talking about common sense type of Public Health measures that we have been talking about all along. Reporter the white house says it believes we can open up safely in states across the country. Testing may be a big part of it to figure out where the virus is spreading. At the event at 3 30, we are told the president will take questions. He will no doubt get questions about his taxes and exactly what was relayed in the New York Times article about what specifically the president paid, what he did not pay in federal taxes. Back to you, neil. Neil all right. Edward, thank you very very much. How is all this resonating in the battleground states . Probably a little too early to tell. Connell mcshane right now in saginaw, michigan, a state i believe the president won by fewer than 10,000 votes out of more than six million cast. How is it looking there now . Reporter very close again, you would think. This area in particular is one that is really worth watching. Donald trump came to saginaw county where we are for the first time in 2015 and has an antinafta message that really resonated with a lot of Blue Collar Workers in this area. You know, it worked in an area that normally goes for democrats, the president won here in this county. As you say, he ended up winning the state. You come to business environments like the one we are in today, this group is a Precision Manufacturing company thats focused on the aerospace industry, you still see some of that trump magic or trump support. This company has been hit hard by covid19 but in speaking with the cfo, he was telling me the president s probusiness approach, something he would like to see remain in place. I think on the tax aspect of it, we feel that very deeply. The machines that we buy, you know, are very expensive. We have to invest constantly in staying up with technology, both in our economic and with our engineering. Reporter some of the machines cost how much, about . Probably 175,000 and up. Reporter the tax reform put into place by the president helps . Yeah, the ability to continue to write off equipment as we acquire it is tremendous. It really is. Reporter now, by the numbers, you look at the polling here and it does show joe biden has been holding a steady lead over donald trump ahead of the 3rd of november. A lot of that seems to be thanks to support coming from female voters. In a nearby town where we were yesterday, we met a lot of families from michigan, it was a Beautiful Day weatherwise, people out enjoying the day, and in talking to people there, you did see a sense of frustration to some degree with the president , especially when it comes to his handling of the covid crisis. I think he knew that he had warnings that he ignored. I think he could have done more for the American Public to save more lives. I think he waited way too long. I think trump has messed up so much as far as the covid response, leaving it up to 50 governors, having 50 different policies. Reporter thats the split. Now its decision time. The early voting has already begun here, both in person and the absentee ballot started last thursday. Again, we will watch it very very closely in this area in michigan, then our crew, we are driving to cleveland tonight for the big debate in ohio. We will talk to you from there tomorrow. Neil looking forward to that. Connell mcshane, we keep him busy. All right. The debate is slated for tomorrow in cleveland and they are getting ready for that. There wont be an audience per se. Chris wallace of course will be moderating it. This tax issue will no doubt come up here. Theres no way you are going to stop joe biden from getting into that matter. Matt duffler, gary b. Smith with me. Gary, are the markets watching this closely . If they were worried about the president s taxes and all of that and coming up as an issue, today at least they have a funny way of showing it. Whats going on . Precisely, neil. I think they watched it about as long as i paid attention, 30 seconds. I think most people are of the mindset that they said well, you know what, if i could take advantage of the tax code like the president does, i would do it. I think most people do and they probably say well, you know what, hes a businessman. So far as we know, he didnt break any laws. We havent actually seen the tax returns. I think most people then said okay, whats next. Then they moved on. Neil you might be right but there are a lot of other people looking at it saying all right, thats a lot of years he didnt pay taxes if true, then the 750 in each of the last two years, most recent years, 2016 and 17, might stick in some craws. It might not move the needle. What do you think does . It will matter how the president responds to the New York Times piece. I think garys right, a lot of people dont want to talk about taxes, they dont understand taxes and it might not be their votemoving issue but this notion about tax fairness we have seen particularly in recent years in elections really does play well with voters. But something that americans should understand and appreciate with this story is that this is just a function of the tax code. You dont make any money, you dont pay any taxes. This actually creates an environment in which businesses can smooth out their Business Cycle year after year after year and its what makes america competitive against other industrialized countries. The fact that the president is somewhat par taking in this particular perk of the tax code doesnt make him unique. The fact that hes the president of the United States is what makes it unique. The thing to keep in mind, if this does come up in the debates it will be interesting to see how the candidates handle it. Of course, joe biden has talked a lot about circumstances in the tax code that allow businesses to reduce their Tax Liability by using the same some of the same functions that the trump tax returns used. But the problem here for joe biden is that the Obama Biden Administration actually expanded the use of some of those items as a way to try to embolden the recovery in 2008 and 2009. If that point comes up, it might actually be a tax issue that starts moving the needle for voters because then voters will wonder wait a second, is this really a bad thing for the president to be using a legal part of the tax code that his own opponent put in place to begin with. Neil theres a lot we dont know about those taxes, what created what, if it was just debt or research and development, the kind of thing that would normally give you a writeoff. We just dont know. Gary, i think shes right to say this issue of tax fairness has come up again and again. I notice in my own state of new jersey where they just hiked the top rate to almost 11 , they are looking at doing the same in california, the notion is when people were polled in new jersey about it, more than 70 approved of the governor doing that because it wasnt them, obviously. They felt that the rich maybe dont pay their fair share and they should pay more. Im wondering whether this resonates more than the president appreciates or those who just are stuck on the markets and all that pollworthy issues to be stuck on dont get, this has more political life to it than the president might appreciate. What do you think . Well, you make a good point. Maddie made some really great points. I think the president s best tack on this is to educate people what the tax code is for. Its not really a fairness document. If it was, we would eliminate every single deduction that there is and charge everyone probably a flat tax with, you know, looking out for the Poverty Level and stuff like that. But thats not what the tax code is for and trump probably needs to make that point. The tax code is a series of incentives and disincentives. It incentivized marriage, for example. It has an incentive on Home Ownership versus rent. It has the big incentive that trump should point out is it incents people to build businesses. You could argue hes done a bad job of building businesses. Thats not the issue. But look, im building businesses, im taking advantage of what the tax code wants me to do. If you want a fairness flat code, we need to look elsewhere because thats what not what the irs tax code is there to do. I dont think a lot of people understand that. Unfortunately. Neil thats a good point. Another thing, too, we can talk about the tax code that can influence behavior. If taxes get too high, it could influence behavior as well. I suspect a good many of those rich folks being targeted in jersey are going to leave new jersey and all of a sudden, we have heard from jeffrey gundlach, the bond fund gazillionaire who is contemplating leaving california because he has a target on his back and rich people do in general. Then what . Well, there was an interesting quotation from a consultant when we were going through tax reform talking about how texas has oil, california has Silicon Valley and new york and new jersey have millionaires. Making the point that this is a tax base. Unfortunately, thats a tax base that can vote with its feet and in california, its not just the threat of a wealth tax or higher income taxes. I think their top rate is 13. 9 . Its outrageous. Its the fact that they actually have a supermajority requirement in place to raise taxes. The spree couupreme court just to keep it in place because some localities like San Francisco are trying to raise taxes further. Now its the case that even protections that have been built into the law are starting to get decayed in california. The result is we will see people leaving pretty quickly to try and make their money elsewhere. Neil a lot of them have, to the safer confines, florida has benefited, texas has benefited. Gary b. , i wonder if that is how the president pivots on this issue. I think so. Look, hes got to put this in the mindset that a, people can understand it and maybe more importantly, people can understand why he did what he did. You know, biden will have a very good case of saying look, my god, youre a billionaire and you only paid x. That is a great place to start and trump is really going to have to do a good job discussing the points you brought up, the points maddie brought up. Its not going to be an easy task, to be honest with you, because most people pay regardless of their income level a heck of a lot more than 750 a year. Neil all right. Yeah. Its going to be wild. We will see how they sort this out, if they sort this out. I want to thank you. Good talking to you, guys. We are also following developments, talk about high tax regions, new york city comes to mind. Bill deblasios term limited. His second term isnt going to turn into a third term. There are a lot of people interested in that job. But they generally dont get the big financial heavyweights interested. Last time we saw that was with michael bloomberg. We have not seen it since. That could be changing. Charlie gasparino on a big name that could be a big entrant, after this. The world is in turmoil. Been turned on its head. Of a possible recession. American cities are experiencing a devastating surge. Hello, im michael youssef. Lately, we are hearing so many conflicting voices and i dont blame you if you are anxious and worried and troubled. But if i told you that theres only one voice that you can absolutely trust. After all, he wants nothing from you and wants to give you everything. Im talking about the lord jesus christ, who said, come unto me, all who are carrying heavy burdens and worry and anxiety. And i will give you rest. Hes the only one who can give you true rest and peace. Will you come to him . [female voice] are you waiting to find a trustworthy voice in the midst of the chaos of this world . Visit findingtruepeace. Com to find a voice that will never let you down. Again, thats findingtruepeace. Com. Keeping your oysters growing while keeping your business growing has you swamped. you need to hire i need indeed indeed you do. 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 neil want to let you in on a little issue we are getting in right now concerning united airlines. It says its pilots have voted to accept the socalled Pandemic Recovery agreement. This is something airlines have been trying to cobble together with their pilots to avoid furloughs. Hinging on this, of course, is hope that down the road, the airline can get some aid, Airline Industry wants at least 25 billion to 30 billion worth of aid. We are told that that might be included in a stimulus package they are working on. That is nancy pelosi working with Steve Mnuchin, a package that would include aid to the airlines. Ahead of that, the Airline Pilots accepting this Pandemic Recovery agreement that could at least forestall at least immediate job cuts. We will keep you posted on that. Airlines doing very well today. Almost every sector is. We will get to that in a second. Back with my buddy charlie gasparino. I had to cut him off with this big story he has concerning the new york mayoral race and who is interested in that job. Charlie thanks for getting me back on. His name is ray maguire, a vicechair at citigroup, the big new york bank. What sources are telling the Fox Business Network is that as early as this week, he could announce his intentions to run for mayor of new york city. This will be a pretty interesting thing if he does get into it. Hes a prom naminapromminant in banker in new york city. I always say if because at the last minute, these guys can often change and he has a very cushy job at citigroup. He makes a lot of money and hes going to go right into the maelstrom of new york City Politics. If he does run, he will have the support of the bloomberg coalition, if not the former mayor himself, former wall streeter. We should point out mayor bloombergs partner works at citigroup on the board of directors so hes going to have some real interesting support behind him on wall street. It will be interesting to see if he does it. Obviously if he does it, he will have wall street support but thats a negative, too, as you know. New york is a very progressive place, particularly if ray mcguire runs as a democrat as he signaled he will run as a democrat. You know, the wall street thing could hurt him. Citigroup is a very controversial bank. If you look at all the banks that may have ignited the 2008 financial crisis, citigroup is probably at the top of the list, although we should point out ray mcguire was not really part of that department that developed the toxic assets that led to citigroups implosion and several bailouts by the u. S. Government. Neil hes a democrat, would run as a democrat, right . Charlie i think so. Listen, he could run as an independent, could run as a republican. I dont know if theres a single republican who has announced although the supermarket heir, billionaire neil right. Charlie yeah. Hes signaling his intention. I think he will run as a democrat. Again, its not a done deal. I hear it could come as early as this week. The reason why i say that is because new york City Politics, president ial politics is rough and tumble, we know that. New york City Politics is pretty nasty. Him working on wall street is going to open both him and his family up to a lot of scrutiny. Neil all right. We will watch it closely. Charlie gasparino, thank you very much, with the battle for what they used to say was the second toughest job in america, being mayor of new york city. Joe borelli joins us, Republican New York City Council majority whiep. I want to get your thoughts on this before we get into issues near and dear to you, including whats happening with schools around the city. What do you think of a wall streeter, forget his party, running for mayor . Look, i would certainly entertain mr. Mcguire entering the race. Theres no question he would be qualified to be mayor of the city of new york. The interesting thing is that mayor bloomberg spent 100 million to win his third term so the question out there would have to be does mr. Mcguire have that same sort of access to his own money, where he can spend 100 million to win. The reason that thats the case is because new york city, its not just about winning the votes. You have to really understand how to game the citys matching funds program. We give 1 we give 8, rather, to every dollar a candidate for mayor raises. Hes going to go up against wellfunded people in the primary and the general, and both times his opponents will get 81 matching funds. So he would need a little bit deep pockets, number one, and he would really have to understand how to game sort of the Institutional Support that would allow other candidates to raise that much money. Neil you know, you are the trump 2020 new york cochair and now of course, you have the release of the tax records in the New York Times. The president called it fake news but its out there. What do you think the impacts going to be . To be honest, the same reporters, someone i do respect, actually, wrote the same story in 2016 and we see it didnt really have much bearing on eroding the president s support. I think if you are like me, you realize that most people open that article and if you dont like trump, you might not like him even more. If you like trump, it didnt really affect you. This is someone who has obeyed all the law. Thats essentially what the article has indicated, that he has used the tax system to benefit himself just like every single american in america, whether you are at the lower end of the Financial Spectrum or the top end of the Financial Spectrum can do. Neil yeah. But i cant avoid paying at least some taxes, my friend. Let me ask you. It is interesting, because all of this is occurring in an environment right now where, you know, slowly but surely, cities, states are reopening, in new york on friday Indoor Dining returns. Actually returns on wednesday, im sorry. But the schools, they are still a mess. Thats your biggest worry, right . Now the Principals Union is talking about a takeover of all the schools in the state. You are a young dad. You have a young son. You are leery of exposing him to all of this right now. How do you feel about it . Well, i got to be honest, we pulled our son out of the Public School system and put him into catholic school, unfortunately. Not every parent has that option. I know you long enough to know you would push back on me if i simply said that literally anyone can do a better job than mayor deblasio and the chancellor but in this instance, you can actually see that just about every School District around the country is Going Forward with their plan and yes, they might have hiccups, they might have delays, they might have problems, but this really is the only School District in the United States that is seemingly unable to put children and teachers in the same classroom at the same time and learning. It really falls entirely on the mayor of the city of new york and i dont blame the Principals Union. I think they have been sounding the alarms on so many issues in the past two months and now have rightfully said we have no confidence in the leadership of the doe. Heres the problem. They havent come up with a way or given them the flexibility to solve them and here we are, when school is supposed to start and its going to be impossible to do so. Neil joe, thank you very very much. You call it as you see it. Thats why we love having you on. Joe borelli, a concerned dad, just said i cant deal with this. Im not going to deal with this. Thank you on that. You might have heard of this late midnight hour reprieve for tiktok users that they were not going to be banned or the app was going to be banned as the administration had wanted to do. A judge blocking that for the time being. This soap opera is hardly finished. The tiktok cticktockon tiktok this. Neil all right. Weve got a healthy rally going on at the corner of wall and broad, particularly for the dow, which has been negative on the year, at least year to date. The s p essentially flat on the year. The nasdaq up about 20 , but there is still un reon pacer to of the most poorly performing septembers we have seen. What buoyed things today is optimism about a potential deal in the works on the coronavirus, just when everyone thought that was dead. They might be getting a leap ahead of themselves here but there is optimism a deal could be had and that it would include federal unemployment relief, benefit relief for those who were getting used to that 600 weekly check. It might be half that right now but it could be retro active and could be part of this as well as the separate stimulus check, pandemic check that pretty much as we saw at the early days of the pandemic back in march and april. This and some other news, for example, in the merger arena, a number of mergers in the energy arena, but virtually all the major sectors are up and up across the board. Interest rates remain low and that is certainly put all together, you have healthy gains here. I hasten to say that some of the same things they were selling off on last week, they seem to be ignoring right now, including the dustup over the president s tax returns. Hes going to be giving us a virus update in a couple of hours from now. He supposedly will take questions. I doubt very few will have much to do with the virus and more to do with that New York Times expose of the president s taxes going back a couple decades. Its still early. Well see. More after this. What your mommy does. My mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a Financial Advisor. She is aig proudly supports all the professionals taking care of our financial futures. Neil all right. Think quick. Which would you have done better in this year starting january 1 this year, betting on stocks or betting on bonds . What if i told you would have done appreciably better betting on bonds . Its true. Whether you are looking at a variety of different etfs pegged to the bond index or separate bond investment itself, the fact of the matter is that Bond Index Funds have returned on average north of 7 this year, some as high as 9. 5 . The s p by comparison is essentially flat money this year. Todays gains notwithstanding. A little more than 2 , 3 . The dow actually down about 4 and the russell 2000, dont even get me started there, small cap stocks down in excess of 12 . Boring old bonds beating exciting sexy stocks. Whats that all about . To jonathan hoenig. Were you surprised by that . Still early, things could change. What do you think . Well, this is a longer term trend, bonds outperforming stocks, than even this year. But i think it gets to that bigger point we always talk about, the importance of a diversified portfolio. Especially in a bull market, people say oh, yeah, yeah, yeah, diversified portfolio, give me tesla, give me apple. I think to your point, this is a great example. In a year thats been extraordinarily volatile, one of the most volatile in history, as you said, boring ole bonds are beating stocks. Thats a good thing for investors who have had that diversified portfolio, especially for a lot of those baby boomers who are nearing retirement. They are finding themselves sitting on not only gains from stocks, but huge gains from bonds. This is kind of an unusual era we are living in. Its not just this year. Its the last 20 years. Investments in longterm treasuries, u. S. Government bonds, have returned about 423 , almost double the 200 that the s p has done over the same period. So its an eerie time. Thats only happened about 8 of the time over the last 80 years in stock market history that bonds have beaten stocks by such a wide margin. Neil im just curious what the spillover potential is for municipal bonds. I guess it depends on the bond, it depends on the city or state, whathave you. What do you think of that . Certainly its a benefit to anyone who borrows to see these rates at historic lows. If you are able to get a mortgage, its a great time to get that mortgage. You tell a great story of having to take out a mortgage in the 70s, what, at least 100 years ago, right, for 14 . Imagine now you can take it out obviously for a fraction of that. But as an investor, im a little worried, i have to tell you, because i see a little of that same herd mentality. Investors have bought bonds now for the last 24 weeks straight. Its not a record but its a pretty impressive amount. Keep in mind, you can leave money in the bond market as well. Bonds went down in 2018, they went down in 2013, they went down in 2008. It was a difficult time to be an investor because that safe haven bond might not be so safe after all. Neil interesting. All right. Good stuff. We boomers, we are just always looking at retiring. I love how you remind me of that every time were on. Thank you very much. Good having you on again. Jonathan hoenig. Meantime, a lot of people are looking at how these fast track hearings for amy barrett are going to go. A lot of people think it will all be about religion and dogma. That might not even come up. What will come up is how she could impact the Affordable Care act. After this. I felt like. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. What the heck are you doing to my car, bro . Its okay. Its okay. I do this thing where i take peoples cars for free. What . You did this . Yeah, man. Neil all right. He is still saying he can still do that. I have to admit, hes a big tiktok influencer, i had no idea how big, but my teenaged sons quickly reminded me hes cooler than cool, clearly implying that their dad is not. He joins us right now. I was brought up to date on all your goingson here. You have 650,000 plus followers on tiktok. Love the tesla stuff, love the other stuff youre doing. I guess theyre relieved, youre relieved that the government cant just clamp down and start banning tiktok downloads. Are you relieved at that . Yes, i am. I mean, its a huge relief and i think you were the one that talked about this earlier on the show, looks like we are watching a soap opera. I really think that as well. One day, its on, the next day its off. The fact that its going to stay on the app store for another month or so is great for me and many users. This is our living. This is how we pay rent. This is how we eat food and have that come and go tomorrow or not is hard on us. Neil i was looking at a lot of your stuff. Very funny. Im thinking that we talk about chinese spying and looking at everyone whos using this but i can understand its appeal. Talking as an old fogey so forgive me. Its a fun place to watch young kids dancing or you do some of these antics and that was going to be held up or maybe frozen in this battle for tiktoks control. Where are you on this . Do you care who owns them, whos in charge of them, just that its still out there and everyone can use it . I do care. I 100 back national security, for sure. I want them to do this right. I want the app to exist safely for users, especially for the american youth. They are in trying times to be safe on the internet. That said, all of my trust in our government, bytedance and trump to figure this out. I hope oracle can provide a safe space for all of us americans [ inaudible ]. Neil we had some audio issues with rlondon. No doubt the chinese interfering on this. Thats a joke. Let me ask you. This video where youre painting the guys tesla, is that all fake or did you really do that and hes furious . I really did color on it. It was expo marker. Thats my tesla. I do crazy things with my car every day. Yeah. In later videos i explain that it was expo, it wasnt sharpie. That video is my biggest to date, i think it has almost 12 million views. Neil i believe it. This venue is the one you chose, tiktok venue. Could have gone anywhere. Maybe did sample other social media sites but something about tiktok and maybe the 650,000 plus you have, thats where you reign. Would you ever go anywhere else . Totally. Im always trying to diversify myself. The reason i chose tiktok is because of the growth. Probably the last time you looked at my account, i was at 650 but i just actually crossed 1. 3 million followers. Neil oh, wow. I apologize. No, no worries. No worries. So yeah, i want to teach youth and kids all over the country about tiktok and how to strategize. Im actually launching a course here in november, obviously subject to what our governments come up with on how to keep the app here. Yeah, anybody can sign up even right now. Londonlaz. Com. Im making this a business and livelihood just like thousands of other creators on the app. Neil its working for you. London, thank you very very much. You are very cool the my son. That means something. Tiktok influencer, thats probably an understatement. Imagine 1. 3 million followers. I wonder what judge amy barrett would think of that. We will ask her former clerk after this. I searched and found sofi and applied for a personal loan. I paid off my credit cards and felt a weight come off my shoulders. Thank you sofi for a great experience and for helping me get my money right. Keeping your oysters busihas you swamped. You need to hire. I need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventyfivedollar credit when you post your first job at indeed. Com promo neil all right. We told you a little bit earlier about florida going back to business almost prepandemic business, but indiana is, too. Thats where you will find Grady Trimble with the latest there. Hey, grady. Reporter hey, neil. Restaurants once again for the first time in a long time at 100 capacity. Also at full capacity, nightclubs, entertainment venues, even malls and conventions are allowed here in indiana. We were here actually back in may when restaurants could reopen for the very First Time Since the pandemic lockdowns were in place in indiana, and there are a lot more affairs now. I will let the owner tell you a little about that. Chris is with us here at radius. Tell me about what you have seen in terms of being able to expand. People seem to be comfortable coming back to restaurants. Yes. People are very comfortable coming back. They were comfortable beforehand. The only thing i have done differently with the extension of 100 is added a few more seats at the bar. We built a new bar during the whole situation and we are able to put a little more seats there. Reporter i want to show a map that we have that shows an hour away from here at chicago, restaurants are at 25 capacity. Here, you are allowed to be at 100 capacity. These loosening of restrictions, it makes a big difference to your business. Oh, its a huge difference. I feel for the businesses at 25 . I dont understand. Its different, im very blessed and happy that we are at 100 for the restaurants in this area. Reporter a couple caveats to this new full capacity rule in the final phase of reopening here in indiana. The mask requirement is still in place and on top of that, you have to have social distancing possible. You will notice even though they are at essentially full capacity, there is still quite a bit more space in between tables than there might have been precoronavirus. Neil . Neil all right. Better than nothing. Thank you very much, Grady Trimble on that. Meantime, back to washington, d. C. And the Drama Building now over the push that republicans have right now to get judge amy barrett approved as the next Supreme Court justice. Maybe even before the election. Amanda roberry is a former clerk to judge Amy Coney Barrett and joins us right now. Amanda, very good to have you. It looks like it will be a nasty fight, pretty much along partisan lines, no surprise there. Is the judge worried about that, concerned about that, remembering what happened to Brett Kavanaugh . These things get really nasty. You know, judge barrett is a person of tremendous principle and courage. Thats the kind of judge she is. Thats also the kind of person she is. During my time as a clerk, i saw firsthand just what a compassionate, generous person she is and she approaches all of her roles, all the hats she wears, as a judge, as a mother of seven, as a dedicated member of her community, with a sense of uncommon grace and a cheerful determination. I have no doubt thats how she is going to approach this confirmation process and its also the kind of judge justice shes going to be on the Supreme Court. Neil you know, she noted obviously Ruth Bader Ginsburg who she would be replacing on the court, she had high praise for judge antonin scalia, whose sort of justice role it appears she would emulate. Is that your thinking as well . Yeah. Judge barrett has spoken frequently about her admiration for her mentor, justice scalia. She followed she follows many of his originalist and textualist interpretations of the law and like justice scalia, she is going to be an independent, fairminded jurist and she has a neil you know, much is made of the fact that there is dogma that lives within you, to paraphrase dianne feinstein. I dont know if they go that route again, it is very risky, they will pursue the membership in peoples of praise catholic group. You can interpret that a lot of ways. It is supported by pope francis, this is not a right version ever scientology. It will come up. Is she ready for that, is she concerned about that . Of course she is ready for that. The most important thing here is judge barretts incredible judicial record. Her record for being independent, fairminded, that is the kind of, that is how she is going to approach the Supreme Court confirmation. Neil you know another issue that has come up it might be more focused on the Affordable Care act. She has had a couple of interesting decisions that Many Democrats have interpreted as sort of trying to rip that Affordable Care act from its roots. Is that true and she has been critical of Justice Roberts in the past about a decision that all but saved the Affordable Care act. How aggressively will she pursue that . You know, here is what i can tell you. Here is how judge barrett will approach cases on the Supreme Court, the same way she approached them on the court of appeals. She will enter with an open mind. She will take full account of the law, the facts, the arguments on both sides. She will apply the law as written. Neil so your sense of the timeline republicans have, amanda, they think they could get her approved not only in the committee, in the full senate before election day, i think i heard Lindsey Graham say maybe days before election day, what do you think of that . Im not here to comment on the pole ticks. I will leave that to our elected officials but i will say the president s nomination of judge barrett to the Supreme Court is a very exciting day for me as a former clerk and i think it is a very exciting event for the American People. Neil all right. That is a very judicious answer. Thank you very much, amanda. Served as a clerk before amy barrett. I believe that was the 2017 to 2018 period but the fight is on. The battle is on. You might have heard a number of Democratic Leaders in the senate including Chuck Schumer are refausting to meet with the judge. Theyre saying what is fair is fair. Republicans refused to meet with merrick garland. Barack obamas choice before the Supreme Court in final year of office. They are returning that favor. Nastiness is going on and on. Something else going on, buyers of stocks in droves. More than 500. To Charles Payne right now. Hey, charles. Charles neil, thank you very much, my friend. Good afternoon, everyone, im Charles Payne. This is making money. Breaking at this moment the market surging depicting up on fridays momentum. Trying to ease some pain of september. When does bias go to the upside for good and which stocks lead the way . Well have answers. It is official, Amy Coney Barrett is the nominee for the Supreme Court. It has brought out a lot of unimaginable attacks. Talking about the blow to civility and what she would mean for the business community. Top trade advisor Peter Navarro joins me for a big day at the white house. Join me and much more on making money