Use authorization its covid19 vaccine. You can see pfizer punching up about 1. 7 at the moment. Remember that were looking at a comeback perhaps late in the day, in the next 59 minutes, because that is the dow had fallen 430 points, now we are down just 116. Any gain for the s p, the russell or the transports means another record. Were not there yet right now. The nasdaq up 9 points. Fed chair Jerome Powell also giving markets a boost by calling on congress to get moving, already, on a new stimulus package. Former chair of the council of economic advisers under george w. Bush and now Columbia Business School emeritus dean, Glenn Hubbard is here on whether we need it, how big it should be and how worried he is about the precarious recovery. The ceos of facebook and twitter forced to run the Senate Judiciary committee gauntlet on capitol hill once again. One senator equating the social media sensations as quote, modern day robber barons. The ceo of whats being called the antifacebook is here. Millions have been flocking to this app. Over just the past five days, millions. We will ask what its about, what his platform offers that conservatives are rushing to and where he stands on whether big tech needs to be regulated or broken up or neither. Social media can make or break a brand. Elf beauty sitting pretty during the pandemic thanks to its specific social media strategy but could it take a licking if tiktok stops ticking . The ceo of elf is here. Elon musk doing a happy dance as he inches closer to the top of the list of the worlds richest people. Very close right now, thanks to teslas new spot on the s p 500. And wait until you see what Warren Buffett loaded up in his equity shopping cart this past quarter. We are about to crack open the oracle of omahas newest secret stock playbook. A fox business alert. Got to get you this. The wrath of senators on full display for both Facebook Ceo Mark Zuckerberg and twitter Ceo Jack Dorsey at a Senate Judiciary committee hearing. Both ceos highlighted their efforts, they say, to crack down on misinformation around the u. S. Elections while pleading with lawmakers to handle the legal liability shield known as section 230, handle it with caution as it underpins their Business Models. Edward lawrence listened to every word of this fivehour long hearing, he joins us now with how much damage might have been done. Edward . Reporter yeah, the glaring highlight of this hearing was the Facebook Ceo Mark Zuckerberg caught offguard by senator josh hawley. Hawley saying he has a whistleblower who says facebook, twitter and google coordinate on who they can censor and what topics get censored. Zuckerberg dodged questions saying he has to confer with his team. Listen to the exchange. We should follow up on what would be useful here. It is of course in the operations of the company if someone reports something, sometime its necessary for people at the company to go review and understand the context around what is happening. What we have here is clear evidence of coordination between twitter, google and facebook. Mr. Zuckerberg knows he has the tools to track this but he either doesnt remember or wont commit to letting us see it. I submit to you that this is both totally unacceptable and totally predictable. Because it is exactly what these Tech Companies have done to the American People and to congress for years now, which is why it is time we took action against these modern day robber barons. Reporter both zuckerberg and ceo of twitter, djack dorsey, sy there is mistakes in what has been censored. Senator mike lee saying funny how these mistakes always come down on conservative voices. Some say there needs to be a greater crackdown on information flowing through social platforms. Saying there was styilence from the social media platform. The ceos acknowledged section 230 of the Communications Decency act that gives immunity needs to be changed. Both of them say there needs to be more transparency about what is censored and the decisions about how censorship is made. No concrete steps came out of this hearing, just the ceos on notice that congress is watching. Back to you. Liz okay. Modern day robber barons. We shall see. Good to see you. Thank you for distilling that. As competitors smell blood in the water, around those two names, it appears rivals arent really having to take the time to attack. Take mewe, the adfree social networking app is being called the antifacebook. The app which promises it will never collect your user data has benefited from a growing exodus from twitter and facebook in the days following the president ial election. Mewe now has more than 11 million members. Its still small, facebook has three billion, but mewe has clocked two million new members in just the last nine days. Mark weinstein is the founder and ceo and he joins us in a fox business exclusive. Wow. Mark, mewe has been downloaded, the number one most downloaded social app for the last four out of five days. What specific role do you feel the president ial election has played in serving as the spark plug for mewes outsized popularity of late . You know, people dont want to be censored for having good conversations about whatever theyre talking about, whether its politics, health issues, anything at all, as long as they are abiding by common decency rules as facebook, twitter, google, they decided to be political arbiters of whats okay to talk about and whats not okay to talk about. People are done, they are over it. They dont want their data sold. They dont want to be targeted. They dont want their opinions manipulated and purchase decisions manipulate d. So people are flocking to mewe because mewe is social done right. There is no fartargeting, theree no ads. It is pure authentic we are connected [ inaudible ]. Its really common sense. People call the movement a revolution. Mewe is social done right. Liz im a big believer that when there is a monopoly out there, for years, or a duopoly, twitter, facebook, that kind of thing, the upstarts really get their shot when those big goliaths stumble. But youve got to be ready for that stumble. Tell me technically how you are ready, are your servers holding up . Give me a sense of how you are capitalizing when this opportunity arises. We have been engineering, we only have one person on marketing. We are an engineering focused company because if you take on facebook, which is what we chose to do, you have to build the best social network and its got to scale perfectly. We are scaling perfectly. We are engineered to scale perfectly. So its easy for people to register, get started, get the groups they want to follow. So its simple and our server astruc isre compl complyely gndeed tgngnt hgnt hgnsedsf milliofmemberer okayay i w wt, ient went on was g somg oe grgr. Ps. S, aot of lot of conseivseiv p. Ou bhe t genentyen has a a a sean hanty oas oneheretsi meaea his,ut theress a sh, he heot a lffa, 00. ,6 tucktuckas aas fess l tn th at. Onaltititicocovatiervati sherehe a a a s se qan qan gro ell an well my qd uen uecome jack dorseysey s thatha h flagged agorge twitterer h fla some 30 0, pie of ot ty aboutabouou electiel. Tielorsimar u sayu saou will wilil do tha. However, what happens if somebody puts something on your site, lets just say for example a terrorist who puts an outline of how to make a pipe bomb on your site in a group of we love pipe bombs whashgs a, what are to do about that . Nothing . No, no, these are great questions. These are great questions. First of all, the problem with facebook and twitter is their Business Model. The fact that you or i or anybody or a russian or chinese, the government, can go in and target millions of members and drop data and content into their news feeds unsuspecting, change their minds, change their purchase decisions, change their votes, thats completely absurd. At mewe, nobody can target you or me. Its only what i follow. My friends, the pages i choose, the common interests, hobbies, whatever, its all what i choose to follow. Liz but its out there. Youre saying they can have their groups privately. Hold on. Hold on. We do have strict terms. We are not anything goes. I am completely against anything goes sites. On every post, on every group, on every profile, on every page, we have a trust and safety team. We dont allow inciting violence. We dont allow anything like that, bullying. We dont allow any illegal content. We are very strict. But yes, we have people from all walks of life, conservatives, great, welcome to mewe, but everybody else is welcome to mewe, too, because mewe is founded on democratic principles of we argue, we disagree, thats fine. Isnt that what our republic is about . Isnt that what democratic principles are about . Thats what mewe is about. If youre a bad guy, youre out. Liz okay. We would love for you to come back. We are following this story because if there is regulation by congress, you may get swept up in that, as you are a social media company. Im sure you wouldnt be thrilled about that. But we will be watching it. Thank you so much. Thank you. Liz mewe is the company. They are calling it the antifacebook. Pretty popular app lately. Fed chair Jerome Powell has made borrowing money for anybody, mewe included, as cheap as possible, or has he . Are we about to see him take it a step further . Is he going to ponder negative Interest Rates . Former council of economic advisers chair of Columbia School of business dean emeritus Glenn Hubbard games that possibility and the dangers of it even if the economy is desperate for it. Closing bell ringing in 49 minutes. Dow jones industrials down 174. The claman countdown is coming right back. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. The recovery continuing at a solid pace but with significant downside risks, especially in the near term. Of course, the near term risk that were most focused on is the spread of covid these days. The concern is that people will lose confidence in efforts to control the pandemic and they will pull back from activities that they think might put them at risk of infection. There are some signs of that already. So yeah, this is very much a concern. We have been saying all along, the economy cant fully recover until people are confident that its safe to resume activities involving crowds of people. Liz fed chair Jerome Powell speaking just a short time ago at the Bay Area Council business hall of fame ceremony, outlining just how a precarious recovery can suddenly go south after just a few steps. But look at the intraday chart of the s p 500. We have gotten pretty much to the highs of the session a few minutes ago after he spoke. Is that on the belief that the fed may resort to negative Interest Rates if it means it will help the recovery . Joining me now, Glenn Hubbard, former u. S. Council of economic advisers and chairman and dean emeritus of Columbia University graduate school of business. Great to have you, dean hubbard. Do you get the sense that if congress cannot manage to pass some type of help, that that is the next step, or at least a few steps away, and that would be negative Interest Rates . I dont. I dont think negative Interest Rates are in the interest of the economy. I think they would distort Capital Allocation and might really just push on the strain. The fed does have other tools through the programs that it has, but chair powell has been right in his comments that what we really need is more fiscal support if we want to correct some of the demand problems during the virus recovery, weve got to do that. The fed cant do it. Liz yeah. But the congress cant seem to get it together to do what he is asking them to do. So it makes me wonder, the last three times hes spoken, i listen very intently, he continues to say we have to be careful because now what you see across the United States are sort of revived lockdowns being instituted from the coasts to the midwest and everything in between. What are you seeing as a top economist out there who has watched all kinds of issues that this country has faced, if there are market slowdowns, we got retail Sales Numbers this morning that missed estimates on both the top line headline number and then of course, ex autos it was a decent miss there. It makes people start to wonder how bad its getting. I think youre right. Chair powell was correct when he said unless and until we fix the virus and get people comfortable with normal activity, whether thats work or shopping or anything else they do and entertainment, we are not going to recover. The fed cant fix that, though. Lower Interest Rates or negative Interest Rates arent going to change any of that. What we need is assistance for people who are unemployed, for businesses who are struggling to make it, and for states. I do think theres a potential for compromise on some of those individual pieces, members are not that far apart. Theres been a big battle over headline numbers but if you look under the hood, theyre not that far apart. I think a couple of missed numbers puts a package on the table. Liz we have millions of people unemployed and about 30 million still getting some form of government help. The heroes act that the democrats had passed back in may, i believe, couldnt really get together with the republicans. President trump tried to broker a deal that came close. Were looking right now at what they had come down to. Democrats said okay, 2. 2 trillion. President trump and Steven Mnuchin had said we will go up to 1. 88 trillion. But Mitch Mcconnell said forget it, i dont have the votes. There isnt the taste anymore on behalf of republican senators. Is this a mistake . Well, i think from the economys perspective, a package of at least 1 trillion is needed. I have done some work with aspen, with some other economists this past summer. If you comply with aid to states and Unemployment Insurance extensions and more funds like the paycheck protection program, you could get up to about 1 trillion. I think the heroes act is probably too much and a trillion would get the economy going again. Liz okay. Because the heroes act wants to put 1200 direct payment checks into peoples hands, expand ppp, the paycheck protection program, give some state and local governments assistance. It seems that there are so many needy areas. But you say 1 trillion. All right. I do have to ask when you put on your dean emeritus hat at Columbia Business School, jobs out there, are they plentiful . Because im hearing anecdotal evidence that graduates of a lot of top mba programs, not just columbias, are having trouble finding jobs, even after graduating with that platinum degree. What are you seeing . Well, the job market is actually pretty good for our students. The real issue of course is which industries you are interested in. If you are interested in technology, consulting, finance, thats fine. Obviously things that are more real estate or travel and entertainment oriented have been hit. I think it really depends on the sector. Overall, its not columbia mbas im worried about. Its many lower skilled americans who are really struggling to find work. Liz us, too. But you know, if the columbia mbas are having trouble, you can only imagine how hard it is out there for the average lehmaayla laywoman. Thank you. I appreciate you coming on. Glenn hubbard. Look at gamestop shares. They are falling. This is interesting. After chewy cofounder ryan cohen, one of the video game retailers largest investors, called out the company in a letter to gamestops board. Cohen complaining about quote, gamestops outdated Business Model and failing brick and mortar strategy. The stock is kind of failing right now, down 4 right now. Talk about playing and winning the game. Elon musks tesla, topping the nasdaq as it supercharges its way into the most exclusive club on wall street. No wonder hes dancing. We are tracking all the electric moves, next with the closing bell ringing in 38 minutes. The russell 2k now positive, up 4 . If we close right now, thats a record for the install asmall a midcaps. Or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Metastatic Breast Cancer is relentless, but im relentless too. Because every day matters. And having more of them is possible with verzenio, the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopausal status. And its the only one of its kind you can take every day. 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