To abide by draconian lockdown orders, will have the latest on reaction to all of this and from capitol hill im joined by republican congressman andy biggs of arizona talking about a 35 million covid relief bailout going to want to joe bidens Campaign Advisory firms, what the heck is going on with that. This is the backbone of america being challenged by new lockdown, 60 of americas Small Businesses closing for good or being pressured to follow debilitating restrictions, will hear from the chief attorney from the owners of the Staten Island bar arrested for staying open, our covid shutdowns being used as political weapons, all that and a lot more right here on making money. David stocks are on pace for record close to in the week in a bigness in the november jobs report, the u. S. Added 245,000 jobs last month, that was only half as much as expected, you can see on the right the unemployment did kick down two tenths to 6. 7 but much of that because folks leaving the job force entirely. Do these jobs numbers reflect another lockdown slowdown. Joining me moodys cheap economist, are you concerned about this question. Slightly concerned, i think it only good to be capillary and i would add were not quite to see severe as the slowdown of the Economic Activity as we did back in march and april of this year, its going to be quite mild to what happened then and thats mostly because weve learned how to cope with covid19. We may have a long dark winter but once that vaccine arrives i think we will have a red hot summer. David i would add to your lockdown that americans are pushing back, young the l. A. Sheriff saying he was not going to enforce a lockdown orders, john kony and as they are because the fact he does not believe in them, he takes American Business needs of rake. Frankly soda why. A lot of people were talking about the jobs numbers as terrible, it shows were going to go into a recession. Remember in spring, people were saying we would have double digit unemployment rates all through 2020 and of course they are down to under 7 . Also they never wouldve predicted a 33 increase in gdp for third quarter. That is so right, despite todays disappointment on the jobs front, the gdp forecast from the atlanta Federal Reserve for the final quarter of this year was revised upwards from 10. 8 real gdp growth to 11point to gdp growth, we have an upward revision of Economic Activity and we have an equity market and on top of that we have a ten year treasury yield jumped up to 1 , by no means is a Financial Market and others see this disappointment on the jobs front as implying that there is a much greater risk of a double dip recession. David we had pretty good news on wages. They keep going higher, up three tenths of 8 and if we look at jobs number were gonna have the employment report overall, we will have a nice solid increase of one half of 1 of wage and salary income in the month of november and that is important that will respond to further increase by consumer spending. David last question, the most concerning part of the jobs report, the number of people leaving the workforce and it brings up the question, the double edge sword of these relief bills that include more unemployment insurance, that does provide a disincentive for people getting jobs, right . That can very much be a problem especially when you have the 600 weekly supplement to unemployment benefits, that deterred a lot of people from taking a job in this would be especially true for lower paid occupations. My senses you get the vaccine, it starts taking effect and we are going to see people coming back into the labor force taken advantage of verizon job opportunities, right now were looking at a record high level for tax and aftertax income and i wouldnt be surprised if we come back a lot faster than currently expected for the overall economy. I see gdp going back to where it was prior to covid by the final quarter of this year. David we have to remember how unusual that is in the world right now, except for china, frankly i dont believe their stats anyway but europe was hit so much harder they started from a lower point going into the lockdowns and were having a lot of tough real problems working their way out of it as well. I think we in relation to all the other countries that we compete with are doing extremely well. Final word. This is kind of a mystery, i cannot understand why the dollar is weakening against the euro when the u. S. Economy was hit much harder by covid19, this will make it even more difficult for europe to recover from their virus induced recession and the weaker dollar is probably going to help u. S. Profitability and u. S. Economic activity in 2021. David all have to ask my nes nt guess about that. John lansky, pleasure to see you. With stocks in record territory again today, its obvious investors are optimistic the jobs report reiterates the importance of getting a covid relief bill passed soon, we know congressional leaders are talking again and if we get something soon before the holiday break how big of an impact will that have on the market lets bring in Wealth Management cio scott martin and gives Wealth Management president aaron gibbs, scott, first to you, i think markets the reason why there up even more because of the covid relief bill, they have their eyes on the prize in the prize is the massive unleashing of the World Economy of all the pentup demand once these vaccines get in place what do you think question. Agreed, you and john lonski touched a lot on that and i think hes completely right, its one of those things where you get to the vaccine release, you get to the vaccine permeation throughout society and along that way pentup demand builds up until that release until people feel comfortable to go out and spend and act freely. I agree with you alongside the vaccine and adding into that stimulus that is likely to come down the road whether its by the end of the year sometime in january or february to hold us over until that point, support stock prices and keep things nice and happy in the end of the year in the first quarter. David i was talking about this with john lonski, our competitors around the world has never been better. I cant think of it being better since coming out of world war ii. Compared to europe, to asia work behind, it depends versus emerging. There are some big buyers and consumers that are helping stocks push ahead despite the overall depressed development within europe and the u. S. David what about the political risk, we dont know whats going to happen in georgia and exactly how things are going to shake out with the election that we just had interns of all the challenges. Are these political risks weighing on stocks . Could it have larger room to grow once for pathos . At this point i dont see anything weighing on the u. S. Stock market, its really all about the vaccine, the vaccine mondays weve been getting for the four weeks has been pushing it up and i think the markets are so focused on getting past the pandemic i dont think theyre really going to take into account any potential additional taxes particularly i think the scenario is so unlikely that it would be one by democrats that we could to the Corporate Tax rate and i think wall street has dismissed it so it would have to be a big surprise and thats when we might see some depression but i dont see it weighing on the stock market right now, its all about vaccines. David scott, this is a very strange recession, it was so shortlived and selfimposed, i can never remember a selfimposed recession but it is still recession and were coming out of it, the good thing about recessions it forces business to tighten up and fly right and it does some good in that regard, what sectors do you think have done the best in terms of tightening up and will come out of this stronger than others. Similar to what you said, odd recessions, how about a recession where tech became the defense mechanism and as far as what to buy, cyclical tech, oldschool, and certainly new school tech became the defense play in the one to own in this recession, i think it continues to a lot of the points that aaron just made. Furthermore, you talk about the selfimposed recession which is really tough to swallow for me as a capitalist because youre right it was selfimposed as the have and have not recession, some businesses did very well and others that closed or struggling. One quick last thing, you noted this with john lonski, everybody that we be negative gdp growth quarter after quarter and month after months of lost payroll numbers in reality we have millions we had a month where we had millions of payroll growth and a quarter of gdp that just knocked in a 38 growth rate and still theres folks saying the economy is going to slow, no cutting from 38 growth per quarter, yes it probably will but it looks pretty good. David i agree 100 but we cant forget the millions of people unemployed and some of them frankly are not going to be employed again, a lot of them worked out of the job market entirely, thats why Labor Participation was down again. Are there going to be a lot of people, im talking millions of people out there who in order to get a new job will have to change careers . Yes, were already looking at 3. 7 in the longterm unemployed either people most likely going to have to retrain or change careers and were still down at least about 10 million somewhere where we were in february. Business has changed as logistics, warehousing, delivery, all the online delivery becomes more important in many people will have to change, we will not need as many stores or malls. I think the online experience is whats more important and hopefully part of the stimulus package will be retraining to where consumers will be spending even after the initial pentup demand. David i would be glad to contribute to that stimulus plan. Although we will talk about other parts of the stimulus plan that i would never want to contribute to. Good to see you both, thank you very much have a great weekend. Small business under siege as more lockdowns are put in place. We will have the latest at the backbone of america is on the ropes. Help may be on the way as the deal looks to be in reached for relief but will that be enough to stop the bleeding. Ill ask andy briggs right after this. A must in your medicine cabinet less sick days cold coming on . Zicam® is clinically proven to shorten colds highly recommend it zifans love zicams unique zinc formula. It shortens colds zicam zinc that cold teen short ns colds mom. It happened again. vo add some thrill to your wish list. At the season of audi sales event. Unlike ordinary memory want supplementster . Neuriva has clinically proven ingredients that fuel 5 indicators of brain performance. Memory, focus, accuracy, learning, and concentration. Try our new gummies for 30 days and see the difference. In a on the most reliable, pnetwork with xfinity mobile. They can choose from the latest phones or bring their own. And because they get nationwide 5g at no extra cost, they live happily ever after. Again, again. Your wireless. Your rules. Your way to stay closer together this holiday season. Switch and save up to 400 a year on your wireless bill. And get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at xfinitymobile. Com. David the wheels are spinning for federal relief as Nancy Pelosi Mitch Mcconnell seeming to be willing to pass a trillion dollar package but are we sure where the all the money is going. Arizona republican congressman andy biggs. I will go right to it congressman, we have an extraordinary story of a 35 million package, its unclear whether it is a loan or complete giveaway which came from the cares act by the way and went to the california government to a democrat Consulting Firm that is linked to joe biden, this is outrageo outrageous, this money is not supposed to go to organizations like that. David, youre exactly right, when you release that much money it was two plus trillion dollars, you dont always have the accountability are supposed to have, what we have the california secretary of state, secretary padilla and heres the problems, youre not supposed to use the money to do voter outreach and voter contact, at any time regardless of where the source of the money is and specifically here so you have a 35 million nobid accelerated contract to a firm associated with the biden family. That smells bad right on the face of his 35 million that shouldve been going to Small Business owners that are in trouble. This is very, very disturbing and that is why republicans are asking for an Inspector General report immediately on this. David the idea, the 35 million when theres americans who are struggling desperately who at most might need 20 30000 to keep their Small Business alive, theres a lot of americans who feel the swap is benefiting from the covid relief bills and even though they are taxpayers like everybody else, there was one guy in michigan a Small Business owner who could not take it anymore, he had to get it out in front of the camera and we have the soundbite to get the congressmans reaction after. Are you the owner . 4 trillion in stimulus money i gave it to who . Special Interest Groups and campaign owners, wake up, stand up this is america be free, give us the money to shut this down and calm the virus but dont take it out. David this guy has it exactly right more than any of the geniuses inside the beltway, this guy knows whats going on in the 35 million is just an example of that. He is exactly right, the problem with the 2 trilliondollar package, it went all over the place without any accountability, if you are going to provide relief, the place where i suggested is we should target the relief to the Small Business men and women who by the way half of them are going paycheck to paycheck, monthtomonth, we are seeing lockdowns at the state and local levels and there is no accountability and they begin knocking him down, then they come to the feds and say they need to bail them out. If you begin to say we are going to be free and let americans make an assessment on the risk, people will be able to determine a going to go to this place or im not based on the risk. Guess what the economy has so much room to go because so much is locked down but you and i both know we can go to any mainstream america and you will see two or three restaurants that are closed out of five and you will see half the other retailers closed and whatever help was supposed to be given to them they were able to last. David i suspect that man his name dave morris, i would suspect he needs a lot less than 35 million. For my taxpayer perspective, i would be willing to give them from the 35 million that went to a political Consulting Firm and if they had any shame they would write a check right now and send it to dave morris. Send it to the hardcore American Business communities, Small Business communities that is the backbone on the american economy. They need the money, not political consultants. Its just outrageous, you thinking for the worse and then Something Like this happens. Thank you very much for being here. The attorney for the Staten Island bar owner arrested for refusing to stop spending indoors, as restaurants go under unbelievable rates. A more lockdowns on the way. Stay with us. Wow whatd you get, ryan . Its customized Home Insurance from Liberty Mutual what does it do bud . It customizes our Home Insurance so we only pay for what we need and what did you get, mike . I got a bike. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. David Small Businesses under siege as more lockdowns put in place and limited foot traffic and lockdowns are taking more businesses under as nearly 164,000 businesses have had to close since beginning of the pandemic with 60 having to close permanently. Jackie deangelis joining us from the newsroom. This is very sad. It really is. Small businesses, restaurants are americans backbone and as you said there on the ropes because of the pandemic. The limited foot traffic that youre talking about, the lockdowns, 164,000 businesses having to close at one point, that means 60 have closed permanently, illinois governor, democrat has been referencing a study from the u. S. Cdc from september that suggested adults who tested positive for covid19 were twice as likely to have reported negative, the coronavirus transmission has a higher likelihood to spread indoors where people are in closer contact. Critics of the lockdowns are saying the u. S. Is living with tight restrictions and even so the virus really hasnt been contained, perhaps transmission is occurring in other ways, big businesses are calling out what they see as hypocrisy, goya food ceo speaking out on fox friends. Listen. We have this competition of people who are flocking to states that are open for business, is disingenuous for these ceos and governors to close down the states, put people out of work while they enjoy a fixed salary without any repercussion. Speaking of economic damage that could result, 3. 2 24. 8 trillion in u. S. Real gdp according to a new usc study. The factors that will impact the severity include the duration and extent of business closure, how gradual reopening their plane out as well as infection rates and fatalities. As coronavirus cases and hospitalizations are on the rise and deaths hit a new oneday record this week, Public Health and the countrys economic viability are at stake. David of course the numbers dont describe the emotional tragedy of the situations and some people feel the life is over. Thank you so much. The attorney for the bar owner on Staten Island fortifying coronavirus restrictions, great to see you. I want to start with a question i think a lot of people had when they heard that sheriffs cayman when they prevented people to going into the restaurant when they were being arrested an