Yeah. You know if theres less patient in the fires under control of course you can have some kind of or but. It has to be you know really exaggerate and so would say and i think you know me and i think you are is actually doing pretty well given that again very posh is. Just the point briefly to bring up with you dont trump is threaten to withhold federal funding from schools that do not reopen due to croon of ours is not going too far right now in the midst of the pandemic. No in fact when you have the California Teachers Union saying were not going to open schools no matter what will they actually said they will not agree with opening schools to the police or defunded im not sure what Defunding Police has to do with it but if youre going to have all the kids to Public Schools in california are saying we are not important let kids stay at home and learn on line they can learn on line all kinds of programs that dont take taxpayer money what are you going to do with the buildings if all the kids are home are they going to cut the taxes are they going to sell off the buildings are no longer using its preposterous but i say we take them at their word if they think its not important to go to a Public School lets put all the kids and have them all do on law. School and let the federal money go to the kids and morning just to fit in one last point with you the president of the American Federation of teachers has said many teachers may quit if forced to go back to work before things are safe do you think a mox walk is likely we have about 30 seconds. I hope you know. People. Want to know. Oh you did well and have. 9 been the same i mean i do think this is and you felt i had workers are standing up for themselves you know hell there are nurses teachers Grocery Store clerks theyre asking for better wages better working conditions because they realize how important they are in this and i think thats a really important thing and holy day may not. Have been prevented but i think. People should not risk getting sick ok thank you bieber did you say ok now that i think they need to stand up for kids or john thank you john on morning joe on former Missouri State senator john ludden morny lawyer former counterfeits for new York City Council thank you both for a spirited debate enjoyed having you on the program thank you thank you thank you. Love is your lot for knowledge from. America picks up the month left the top of the hour on global screens hope youll join the team in washington then have a great weekend and also use and buy from us. This is a boom bust the one business show you cant afford to miss in washington coming up chinas industrial output bounce back in q 2 but how do other sectors of its economy fare we analyze how the Global Economy is handling the consequences of the corona virus pandemic plus the price of copper popper recently driving optimism for the Global Economy moving forward well bring you indepth analysis we have a packed show today so lets dive right in. And we lead the program with Economic Data out of the worlds 2 largest economies as the globe continues to grapple with the copen 1000. 00 pandemic lets start in china officials are reporting the countrys g. D. P. Grew by 3. 2 percent in the 2nd quarter of 2020 compared to the same period last year now the Economic Growth was a sharp rebound after the worlds 2nd largest economy contract by 6. 8 percent year over year for the 1st quarter of this year now china was the 1st nation worldwide to start lock downs and stay at home orders in january but most restrictions have since been eased more positive data came as industrial output jumped 4. 8 percent year over year for the month of june better than initial estimates from economists now some experts see these data points as a sign of an economic recovery for china however retail sales fell by 1. 8 percent for the month of june. Worse than analysts expectations but better than the loss of 2. 8 percent in may now meanwhile here in the United States the u. S. Commerce department announced retail sales for the Worlds Largest economy grew by 7. 5 percent in june after a massive jump of 18. 2 percent in may now this of course comes as restrictions have softened in certain areas of the country despite recent spikes in coronavirus cases and as is generally the case on thursday the Labor Department released the latest numbers regarding jobless claims here in the u. S. Initial jobless claims came in at 1300000 for the week ending july 11th now this marks the 17th the straight week in which claims eclipsed 1000000 now according to the data more than 51000000 people have filed jobless claims since the end of march for more on this debt is the state of equities lets bring in some expert analysis from Octavio Renzi c. E. O. Of optimists as well as blue bus cohost christi i thank you both for being here today now christine i want to start with you what does this report mean for chinas economy and is the recovery there well underway. Well it seems like the recovery balance post corona seems to be strong and activity is looking like its returning to normal china is now the worlds 1st major economy to report positive Economic Growth after the crown of virus however what was really really unexpected that you mentioned earlier is this drop in retail sales for the 5th straight consecutive month now this was definitely not expected and could be quite problematic for the rest of the world because as you know china is the Worlds Largest consumer especially in the luxury goods segment so this actually could be quite problematic for every other exporter and seller and so now the major question still remains on whether or not this momentum seen in the 2nd quarter of this year will continue on into the 2nd half of this year when theres still a lot of underlying structural damage so it will be hard to continue to grow if chinas Consumer Recovery is still remain sluggish and then on top of that theres still this escalating confrontation between china and the u. S. We job markets and disruption by the summer floods so its just what we like to say like good news is bad news we actually saw that today because the shanghai index plunged 4. 5 percent on this report that it beat expectations on the surprise beat that looked like good news however the market fell due to fears that this good news would force the government to enact more medicine or to tighten Monetary Policy to cool off the recent sharp rise in the market in our tovia activia i actually want to move on to equities here ernies we continues as we see reports out of the bank of america where profits fell by more than 50 percent for a loan losses how concerning is this to you especially if we continue to stay in a low Interest Rate environment for these big banks. Well i think amongst the big banks in the u. S. Youre seeing a real sort of bifurcation 2 directions so is the retail and commercial banking thats taking a big hit does it in terms of low doses and reserves but i would point out these of cost losses rather than actual so these big banks being very very conservative managing their Balance Sheets and saying were going to put a lot of money aside to make sure that things if things get worse and. Delinquency rates keep going up there will have an awful lot about it she has to say whether thats so delinquency rates on loans are up a bit but not as much as you might think given the state of unemployment in the economy and these terrible job numbers that weve seen coming out of the u. S. On the other side of the house however on the Investment Banking side Trading Asset Management things are going swimmingly well so we saw Morgan Stanley come out with its best call whoever Goldman Sachs did very very well and that those big other commercial banks citibank j. P. Morgan weve also seen the Investment Banking activity do very very well indeed and thats all been engineered by the fed with the fed is just piled so much money into the u. S. Markets the markets bounced up very sharply and Investment Banking is doing very very nicely thank you as a result of the us now kristie is sticking with earnings here to tesla is actually set to report earnings soon and after this massive rally it is now on par with shares of google and other consistently profitable heavyweights so what are the expectations going into this Earnings Call for elon musks baby their entire. Life shares have actually quadrupled emprise this year with volume nearly tripling this week from the 6 month average so the rally to tells us market value now to 325000000000. 00 so for everyones reference tesla is now over 3 times the size of the entire s. M. P. Autos and part sector even though that the overall share of the global autos market has only represents one percent growth from 2017 to now only point 8 percent in 2020 so the street is hoping that this quarter finally tesla could surprise the market with a quarterly profit which would put the stock in to join the s. And p. 500 within 3 to 6 months so we talked about this before it because this would be a be a major step to for tesla to be included because it would bring about liquidity to the stock and more access to the stock there passive and thats a miracle so i know there are potential catalysts that everyone is looking forward to is this battery day call on september 22nd where the company would unveil its quote. 1000000 mile battery and showcase advances that put the company ahead of its competition in terms of its Battery Technology so this is about it that would supposedly last for decades and withstand all type of weather and terrain but right now all in all tesla is still extremely overvalued you see the momentum slowing down and kind of telling right now currently the stock has topped off its rally and a settling down as even momentum traders are kind of settling down and cautious and getting out of it ahead of her just in case. We just talk about the weekly jobless claims are still coming in above 1000000 for the 17th straight week now in the u. S. In coming in worse than expectations these are signs that the long term damages are beginning to mount with permanent layoffs beginning to climb what do you make of this and will this recovery bounce actually plateau. In terms of the jobless claims i thinks extrude going to be difficult to compare that with Historical Data because were looking at quite Different Things so the eligibility for Unemployment Benefits its been low so its been expanded in almost all sorts of people who in the post with no knowledge will know i did school and the benefits have been massively expanded as well thats of course could encourage more people to file so its really hard to say what do these numbers mean with the numbers in the policy in the possible mean wouldve been a horrific number and now were quite happy that its coming down in the right direction but were still very very high but its so hard to say it was sort of very much in terra incognita we dont know exactly where these and then have to compare this historic to so very hard to say on that front and i think anyone knows what its going to go to school in themselves in the newton cells so i would be prepared for more numbers coming out this way its going to continue for some time but bear in mind it might not be as bad as it looks because its not we comparable to the possible talking about Different Things will measure in a different way and weve got different benefits. At the moment now octavio and actually follow up with it because are we going to see the u. S. Start to follow the same trend as china which we actually talked about seeing some Economic Growth you know the market has been on a tear so we start to see the fed in if we get a good 2nd quarter print and start to look at maybe bringing those Interest Rates up a little bit stopping. What are you seeing here. Im seeing q. E. Forever basically and i think the market has had this bounce like engine exclusively by the feds montra large s. And pumping in trillions of dollars into markets buying up every bond they could find and that money of course finds its way into the equities market quite quickly the fed is that its the only game in town exit markets at the moment what we just heard about tesla i would say its also pretty reflection of all this very easy money coming into the market and pushing up stock prices in fairly bizarre ways the fed i believe knows as i think the market knows a rule and as soon as the fed starts in the drool that liquid is it were going to see some real unpleasantness in the market so they have sort of painted themselves into a corner just today the head of the new york fed was saying its far too soon to talk about raising Interest Rates again the economy is going to need our support for years to come so i would say its going to be quantitative easing for as far as the eye can see and as soon as they start thinking about increasing Interest Rates and saw indications the market even considering that were going to see a nasty correction coming down then kristie whats your take on the situation. I think hes absolutely right because right now he did mark it has been entirely supported by the fed and the central bank but china on the other hand theyre saying theyve theyve been through this already in 20142015 they say well how dangerous that could be as a market gets to overheated too quickly so that is why right now the money they have been gradually withdrawing liquidity from the market for about 89 consecutive days now which is why the shanghai composite suffered this bad of a print today even when they actually posted some very good numbers that the expectations so the u. S. Has been painted itself back into the corner because right now is if we all the sudden started to tighten the quiddity we would most likely see across much greater than that of the shanghai composite today to the emergency c. E. O. Of optimists who both cohost christiane thank you both for that expert analysis thank you. Ben as we continue to discuss the economic storm brought on by the covert 19 pandemic lets go ahead and take a global look at the spread of the virus with archie correspondents are savage are gone where are we worldwide so brendas where we are right now in the numbers and shes just keep going higher confirmed cases over 13800000 right now globally global deaths over 589000 looking over to the u. S. Now theres more than 3650000 cases and deaths now have reached over 140000 jest in the last 48 hours i want to go over the numbers of new cases that are currently affecting the 10 most again affected countries now the u. S. Of course is leading but whats different here is that its followed by a india and brazil and now south africa thats actually taking the place of russia and now russia all falls after south africa and that again in latin america theres of course. Mexico colombia and peru now here we have also iraq being added to the list which was replaced with chile and iran is continuing to stay right here on the list of new cases now also want to go back to the u. S. And the hardest hit hotspots which remain to be california arizona texas and florida and now in california theres been over a 9600. 00 new cases reported in the last 24 hours and the state is currently setting a record for hospitalizations and i see you admission now brian theres also talk about a possible new lockdown in Los Angeles County now in arizona which is the most resistant state in the country when it comes to face mask now they have over 3200 confirmed new cases just in the last 24 hours and morgues are also filling up in arizona and there also seems to be a serious medical staff shortage in the state now moving over to florida that is another day of soaring cases now the Sunshine State recorded nearly 14000 new cases thursday bringing the total number of cases to more than 3 115000 others also currently more than 8600 people currently hospitalized across the state and as a wednesday more than 50 hospitals have reached intensive care unit capacity and 0 beds available and in miami where the main of the outbreak is hospitals have reached 95 percent capacity now moving over to texas right here where in counties that have skyrocketing hospitalizations and are bringing in refrigerator trucks as morgues are starting to fill up now and while hospitals are starting to get full and tech says. It has also prompted the federal government to convert a hotel into a Health Care Facility so as you can see these hotspots remain to keep increasing brand and no sorry there has been some controversy over where and facemasks around the United States how are local municipalities handling this so currently there is no federally mandated were a face mask but the center for Disease Control prevention says everyone should wear a mask cover when they go in public so while some states continue to make this a partisan debate some u. S. Retailers these big names that you see right here are taking this in their own hands and announced plans to require customers to wear masks while inside their stores but here is the problem brand if any of these retailers that you see right here are in states like georgia they cant actually make customers wear a mask and why thats because Georgia Gov