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tv   Cavuto Coast to Coast  FOX Business  October 16, 2020 12:00pm-2:00pm EDT

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susan about how to save money ordersave money, we will let yod in the future, i am a saver in susan is not. susan: you cannot take it with you. neil: as my mom would say there are no pockets in a shroud. can i say that on tv. see what i'm doing, here it is yours. neil: i appreciate that, thank you very much stuart, have a wonderful weekend, in the meantime, it continues on the surprising strength of the consumer in the retail sales, we are going to start digging into the numbers, the one thing that struck me as interesting, electronics were not leading, electronics were one of the poor for underperformance or most everything else americans are buying we will give you the latest on that program following the president of the united states in the next hour he will talk in florida in miami to seniors and what he is doing for them, this is were getting overnight numbers on the two
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competing candidates townhall forms, joe biden may have got the better of the president's ratings, i've not seen an official reaction but the dueling in separate separate town halls got a little heated. take a look. >> the president was informed how dangerous his virus was, americans don't panic, he panics. >> we were expected to lose 2,200,000. >> you were asked point-blank to do now white supremacy. >> id noun white supremacy for years, you did not asked joe biden whether denounces antifa. >> we are hearing the senate is busy not only dealing with the nomination of judge barrett but separately taken up the issue of jack dorsey, they want the twitter ceo to come and talk to the committee and he will not do that voluntarily, they will issue a subpoena to make sure he does, in the meantime, the cool
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front in all places happening in west virginia, the hyper loop one, supposed to be the future of modern transportation, they have this and brought in europe and asia but nothing quite like this, we will explore whether this is in your future. look at the video that makes me very nauseous. in the meantime i want to go to the chief investment strategist on what he makes of today i apologize for that, were gonna go to the ohio congressman on the fast-moving developments, congressman, first off where the race stands right now and it seems to duck tail where the virus stands right now in stimulus for the virus stands right now, they all seem join together, it looks doubtful that we will see stimulus at least before the election, how do you feel about that? >> i am concerned about it, as you might imagine there are
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republicans in the house of representatives that went to have a stimulus package. one of the things that has been interesting to the whole conversation, people keep talking about we have businesses and families that are now suffering because there's no fault of their own, i agree with them 100%, that's why we want to help them and those families. if you look at what nancy pelosi is trying to do, she wants to be a lot of cities and states who problems are their own fault. that is one of the key hangups, the other thing is liability protection, i think it's pretty much impossible for business to have to be liable to get covid, that's one of the biggest hangups we are finding. we do have an addition, it's on the floor for people to sign, we get enough signatures it can be brought to the floor and will provide relief, republicans have been signing on to it, interestingly no democrats have
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and a lot of democrats, 20 some wrote a letter to losey and said we need to get this done and provide the needed word is and basically implying don't go in all the different directions that have nothing to do with the ill effects of covid. neil: i understand all of that and i know republicans and democrats in the house are much closer than a consensus that would appear but is that your real problem mitch mcconnell in the senate clearly not interested in going big on this even though the president has said go big or go home, that's mcconnell's way of saying i'll go home, he had a half trillion dollar plan and i talked to senator john thune in the republican leadership said that the best they can offer. this is from senator thune last night. >> mitch mcconnell seems to put the kibosh on aggressive stimulus, the president wants to go big or go bigger and mitch mcconnell is that the 500 billion mark, are you, nothing bigger will be entertained by the u.s. senate?
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>> i think there is probably some votes for something that would be bigger than that but the bigger it gets the fewer republican votes you will have. neil: that sounds whatever you can come up with will be dead on arrival in the senate, are you worried about that? >> i am worried about that but i'm not exactly sure how that would play out, if we were for example to get the discharge position in the president's support of it, i think the republicans would come around and see the need to get this done. everyone is in a negotiating position and that's probably a part of it as well. neil: you may be right, the whole gamesmanship. have a good safe weekend. i want to go to jacqui deangelis, the back-and-forth on stimulus to say nothing on promising developments to get a vaccine even for emergency use done by next month, that has put the green on the table in the green on the markets, what more can you tell us.
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>> good afternoon, you can see the doubt is that by 235 points after we've seen three straight sessions login losses for the major in embassies, we had a slide down and investors are getting back in, the optimism is coming from strong retail sales and increase of nearly 2% from august - september, the expectation were for an increase of less than 1% on a yearly basis the retail numbers were up 5.4% and that was the biggest gain sets september, that is significant when it comes to the consumer and how they're feeling, there's also news on the get under vaccine front that is positive after hope earlier this week, pfizer is following for emergency use with the vaccine as early as november but would be after the election, this is after j&j and eli lilly said they were pausing vaccine trials on safety concerns, pfizer's vaccine is one being developed with a german company
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bion tech, we have talked about them in pfizer ceo is saying it will depend on a bunch of things but most importantly it's about data on effectiveness that may or may not be available until later this month, the fda has already put it out there and let the drugmakers no, he wants to months of data on safety before it would authorize emergency use of these vaccine majors, it's an action that is supposed to give american people some confidence after so many have talked down the emergency perfect enter procedures of the fda and instilled fear that if there is a vaccine, maybe they should not take it, there are other say the new rules from the fda are too stringent, the point of emergency use masers is to get something done quickly because people need it. that is the argument on the other side but as far as the
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market is concerned into a point gain on the dow and we will in the week on a positive note unless something significantly changes. neil: that has been known to happen now and again. thank you very much. what does mark think of all of this achieved investment strategist. in all of this good news, even some stabilization on the infection front itself, it is just the opposite in europe where they are revisiting as you know shutdowns, lockdowns and places as far-flung from france and united kingdom and portugal and spain and even germany, i wonder what we are seeing over there could prompt the fear of the second wave here, it's a worry the markets are not showing but what are your thoughts on this. >> i agree with you, no think the markets are particular concern that that at the moment, they are hyper focused on the stimulus and negotiations that were talked to the previous segment, however, i think that is a loitering concern that
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lurks out there somewhere in the background because obviously somewhere were entering the seasonal flu. and we know there will be more interaction on indoor basis than before and some of the states were realizing a surgeon infections in the worry is what were seen take place in other parts of the world that has preceded us into the pandemic induced lockdown and could in fact start to experience it in the united states even if there is no real appetite, i don't believe among the healthcare administration officials at the moment or something nationwide that we might expect to see perhaps on a more localized level which would force economic activity hopefully not to the point of undermining a very vigorous rebound in economic activity. neil: we saw certainly that in the retail sales almost up 2% and apparently across-the-board
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minus electronics items, we don't have final numbers yet for amazon and the two day prime day sales, they were a little less than what people thought but still into the many billions of dollars, not a bad haul, i'm just wondering where you see the consumer in all of this. >> i think you mentioned that that number was particularly good, it certainly exceeded expectations, 1.9% the control group and volatile on a monthly basis was up 1.4%, also very strong, indicative over the fact that the consumer, we gotta have a conference rate from the university of michigan is doin viewing the outlook is decent, it was expectation component from the university of michigan survey that improved on a month over month basis. i think obviously, the worry that one has to have some consideration as if we don't get another stimulus and given the expiration of the cares act, still elevated level of
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underemployed individuals in this economy that are drawing down savings to continue to remain current with their financial obligation given the forbearance programs and what night by landlords and financial institutions and if that does not get solved in the next couple of months, then we will realize probably unfortunately the effects of a soft patch in the economy, good news here in terms of what we thought in the rearview mirror, i would be a little more concerned as we look forward to how strong that consumption pattern is likely to be in the absence of the new stimulus package. neil: how is the election weighing on all of this, are the markets factoring in the biden victory or are they seen a trump potential, you really don't care who is in charge, the federal reserve will have both parties back providing whatever support
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it can, where are you on this? >> i think the federal reserve certainly matters but at the end of the day there a lending institution, there's only so much they can do, what we need to see is a presumption of demand that is ultimately going to help sustain the economic expansion. i think we now known for some time obviously that joe biden has been leading in the polls and surveys taking in the betting market show the majority expect not only joe biden when the white house but as well be swept by the democrats, the market has worried about what that might mean, they've have plenty of time to react, this might be taking to market participants expect with regardless of who occupies the white house if not before election after not gratian day, we will get a stimulus package, it's only of a function of order of magnitude. neil: and timing come if you don't get it before election d
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day, it won't help out anyone let alone the candidates. >> exactly. over the next month or two fits back into my worry about the consumption pattern over the next 60 - 90 days. neil: all right, i always learn so much, thank you very much for joining us. mark on all of these developments. we have a couple of figures in on the rival town hall meetings and they give the advantage to joe biden but nothing like the advantage that he has when it comes to money and how much he is raising, one of the rare moments with income net of the president of the united states is in trouble because his challengers raising a lot more dough than he is. that is after this. ♪ your journey requires liberty mutual. they customize your car insurance
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neil: the original data that we are getting separated by a couple of million of viewers, joe biden had more folks watching him in the campaign for him than the president of the united states who was on nbc at the time. hard to read anything into that but an arguable is the amount of money being raised and there is
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not even close, the biden campaign $383 million in the month of september, 247.8 million for the trump campaign, the numbers are picking up for both sides as of right now, we just don't know how they break down but that is a big of a tough pickle to put the president in because cash on hand, the biden folks have more than $420 million, that's a lot of money they can spend in battleground states, the impact of all of this with chris wilson, ted cruz campaign in maria, political action committee fox news get you better. chris, let me go to you if you were advising the president right now in his money disadvantage, let me tell him and where would you tell him to focus the dough. >> just to start, the
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fundraising advantage, the bottom line anyone working in politics knows there's only so much you could do with money, you're maxed out at some point, when you look at cash on hand, you mentioned the numbers raise, trump has to enter 50 million biden has 450 million, when you look at the outside packs, preserve america which is $75 million in the last report, and look a little closer, when you ge go in that, the battlegrd states, north carolina, pennsylvania, michigan, wisconsin, the state that the president one last time fail into victory, and elizabeth biden campaign, they've done all they can in pennsylvania, wisconsin, florida and they will put money into other states, that's a bigger concern, once they do maxed out and every blast data has been bought, where did they go next, they
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started doing that too early in the clinton campaign in 2016 and the biden campaign has done a better job with keeping their ion the ball with focusing on the competitive states. neil: if you have extra dough to spend, you look outside your comfort zone and i do notice how much democrats are putting to work in places like georgia, texas, arizona, that would've been considered reckless four years ago but there pouncing on the notion that maybe there could be a landslide in the making but what do you make of that, and have to spread their limited resources further, what do you make of it? >> the biden campaign has more money than they know what to do with. you are right increases right and they focused on traditional swing states but they have enough money to play in texas, georgia, play and states that you wouldn't normally, we see the trump campaign pull back
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their ads and much of the midwest because they don't have as much money available right now. so money itself doe does not win elections, hillary clinton had a lot more than donald trump in 2016 but it shows enthusiasm and not just for vice president biden, democratic senate candidates and races are out raising the republican opponents, demonstrates the democrats are so fired up the cycle and we seen early voting numbers for example matching some of that enthusiasm on the fundraising side, all of these signs together are good ones for the biden campaign. neil: another thing to look at and we touched on the early mailing voting, that is close to 20 million ballots filed, it can easily get when this is also been done 100 million people voting by mail which would
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eclipse in person voting, when you go by the logic, two thirds of the votes are democratic votes it does not mean they all voted for democrat but that's likely the case, the president could be added disadvantage, i'm wondering given the fact that it's likely that were going to have so much decided within the next week that whatever the candidates do in their final debate might register on a very small base of voters what do you think. >> i guess that would disagree with the purpose, there is no more votes cast in my politics. we are tracking this very closely, what we see not a lot of new voters that are voting right now, it tends to be heavily democratic as you mentioned and i'll give you an example when we lived in texas the first day of voting we maxed those numbers, 90% were voters who voted before, it's not new voters, as democrats during a good job turning their votes out and is not just organizational,
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solo atmospheric because of covid-19 and democrats wanting to pack half of their vote early or not go to the polls in terms of sending an absentee ballot, republicans are more likely to turn out and vote on election day we see the survey after survey were the vote will be two, three, 4 - 1 republican the key thing is not to let -- internet there voters on election day, if they don't, as you said they start with the deficit but i think they'll make that up in the states in the competitive races and you see status quo in that standpoint and that perspective in terms of republican and democrats percentage wise is. neil: i want to get your status on this, the president was talking about the whole court packing right before the election and that could be the timing of that, but this struck me, why now and why are you
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holding off on this, what do you make of the way he's handled this issue, he's tipped his hand that is a little bit concerned about it, he was not a fan in his early career when the talk first came up but why the long straw note just to answer simple question. >> it is interesting joe biden has talk negatively about this idea throughout decades of his career, i think if you were trying to read, that's probably what you would guess but the reason he has not come out and given a direct answer is because it's a real hypothetical and so much can happen about amy coney barrett's confirmation and what kind of. neil: don't people have a right to know that, if you're going to demand the president answer about white supremacists and all that, this is far less contentious of an issue, the
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angry democrats are in great republicans that they do want to pack the court and blowup the filibuster if they get control of the levers of government, he would be in control of the biggest lover of government overall, what's wrong with addressing that. >> i think the circumstances matter here, i think he certainly indicated he is not like this idea throughout his career but the reason he will not give a definitive answer is because the circumstances are unknown and they actually really do matter and i would also remind people that congress is the one that would have to pass legislation to change the number of seats in the president would have to sign it but there's so many unknowns, he says i have not really been a fan of this but i think we should look at the options, if she's confirmed and the court starts ruling to take away broad protections for citizens whether it's affordable k aaffordablecare act or gay mar
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whatever but to take a stand for political pressure he calculates as not what a president should do, you look at the facts in the situation and at that point. neil: you presented a caveat for the if's, ann's and but in a very clear way, when he does not do that it reinforces an image that he sitting on a lead that he does not want to endanger, i get that but maybe that's what it's all about, just me, who knows. i want to thank you both very much on all of that. you did in fact come up in last night's competing town hall with joe biden but here to do the handicapping after the fact hillary vaughn and washington, d.c. >> voters usually expected in october surprise to occur before they vote on the first tuesday in november in the selection, could be joe biden finally telling voters what his position is on court packing after last night he did a complete 180
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saying voters do deserve to know after same last week and they do not. >> they will have to vote around halloween, if they vote on or before the election you are open to expanding the court? >> i'm open to considering what happens from that point on. >> don't voters have a right to know. >> they have a right to know where i stand in the no right before a vote. >> you come out with a clear position before election day. >> yes depending on how they handle this. >> president trump defended his decision to nominate judge amy coney barrett to the supreme court so close to the election day and denied what democrats have been discussing in the hearings that he is counting on a potential justice spirit to side with him on election dispute. >> if there were any chance, that it probably won't and i hope it does not get to the supreme court but if it did i would hope that you would roll
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one way or the other. >> to think she would rule for you? >> i have annoyed you. >> believe it or not i never asked her and never talked about it, i did not tell her what decision to make and it would be inappropriate to say right now because i don't want to do anything to influence her, i want her to get approved and go by the law. >> joe biden was not asked about the new york post article about his son hunter biden potentially using his dad vice president c in negotiations with business dealings with chinese executives and ukrainian executives, but he will have a chance to answer that question several times today, he has two campaign stops in michigan in president trump has an event with seniors in florida and onto a rally in georgia. neil: thank you very much on that. we do know right now that the senate judiciary committee is going to be very busy not only
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on the issue of voting on an approving judge amy barrett to the next associate justice on the supreme court but now going after big tech in right now demanding more from the ceo of twitter speak before the committee. ♪
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it will change your phone and how businesses do everything. i'm proud, because we didn't build it the easy way, we built it right. this is the 5g america's been waiting for. only from verizon. neil: i guess the senate judiciary committee is finding a way to walk and chew gum at the same time while dealing with the amy barrett nomination that we will go for a full vote next week around the same time it wants to force the issue for twitter ceo jack dorsey to appear before his committee and explain how it was trying to hide and make it difficult for people to pass on the new york
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poll story on the biden in the e-mail and all of that. edward lawrence has the latest on this. >> the committee hearings will be day one after another next week, day one in the next when the next day, the story has grown beyond the obligations with the new york post of hunter biden's business dealings and links to former vice president joe biden while he was in office is about big tech and censorship, twitter making substantial changes to attack the policy overnight, the first content will no longer be locked unless it's directly shared by hackers or those acting in concert with them. second the tweets will have a label to provide context instead of walking them, all of the other policies remain the same about materials from hackers that could include personal information like e-mail addresses, twitter had a legal policy entrusted safety and said the changes stem from significant feedback about how
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twitter enforces the hacking material policy, including the feedback, the subpoena twitter ceo jack dorsey will get next week to be in front of the senate judiciary committee on october 23, and a statement twitter says were trying to act responsibly and quickly prevent harms but we're still learning along the way, the term campaign senior advisor at marsh mercedes schlapp says they look at content allowing new york times to tweet out stories about president trump's taxes from source information not from legal avenues, it appears we will hear next week from twitter ceo jack dorsey about all of this and as of right now you only hear about the allegations against hunter biden and the connections with his father in the new york post or right here because the changes they are making will take place in a few days and you still might not be able to see the link it might be blocked because the story contains personal information
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such as the e-mail addresses. back to you neil. neil: edward lawrence, thank you very much, he said locking this was wrong i might be too little today especially for the fcc commissioner with brett who i was speaking to yesterday, their problems, big problems. take a look. >> does this seem right to you, just hearing what you have heard and how social media played it? >> not at all, the cover-up can often draw more attention than the crime and by silencing poor political speech on this important story, i think big tech has crossed a line. >> former u.s. attorney guy lewis with us right now, you know what made the line even more weird, just after the fuss over the new york post story and the difficulty for people to pass it on or retweet or send it
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to others, twitter and facebook had no problem sending along newspaper articles critical of the new york post, the washington post and the new york times, that was a blurring double standard on full display, where are we going with this? >> i think unfortunately for twitter and facebook, they are probably in panic mode right now despite the omissions of being in the wrong, now you have a committee, senate judiciary committee up in arms about this, the subpoenas are going to go out, they're gonna want to know how did it happen, who made the decision and what are your policies regarding censorship and why do they seem against the republicans and for the democrats, whether that is true not that is what the claim will be. at the same time, as you
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reported yet the fcc looking at it, they have staffers looking at it and my guesses as a result, you probably have guys over at the d.o.j. now opening a matter file and saying what is this all about, not a good position to be in for big tech. >> you think when they rub salt in the womb and the newark person washington time while allowing those who want to be the new york post story in the place to do the same thing. it's compounded itself, i guess what i'm asking what happens next. others are saying that's not enough, you gotta break them up that they've gotten to break into big for their britches. what do you think of that. >> great question, i had an old federal judge done here every
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time i tried to introduce that to the prosecutor, he would always say what is good for the goose is good for the gander, you've got to be fair and if you are not fair, that means the senate or the congress or the administration is going to step in and they're going to install some regulations, twitter, facebook, the others, the last thing that they want is more regulation and big brother looking over their shoulder, i predict that is what is coming. neil: what is wrong, this is a little crazy but you have heard silly questions from me in the past, what is this stop, we will not police any content, anything and everything goes, crazy stories on conservatives and liberals, we will not judge we will let our users judge and leave it at that, don't interfere, don't be a middleman
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trying to police what do you think is right or wrong accurate or not. >> not a silly question, let's think of some examples, what if you got information about somebody's personal information or things relating that are so hypersensitive that all of us would agree, that is out of bounds, that is inappropriate, you've got to get both sides in the room, you've got to come up with fair and partial balanced ways to draw the line, but boy oh boy in this political climate, at this time i am not so sure you're going to get people to agree on where do we slice this, where is the right balance, it is tough for the left and right to work together on this kind of thing.
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>> when both sides are angry that means something will happ happen, that means something will happen. thank you very much, let's say you have a kid going to college and has a perfect score on his or her sats, here is the killer, a lot of schools do not care because they're no longer accepting that sec or remotely requiring it. more after this. ♪
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don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your parkinson's specialist about nuplazid. - hello, i'm michael youssef. lately, we are hearing so many conflicting voices and i don't blame you if you are anxious and worried and troubled. but if i told you that there's only one voice that you can absolutely trust. after all, he wants nothing from you
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and wants to give you everything. i'm 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. " he's 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 to find a voice that will never let you down. again, that's neil: it used to be students for generations, not the grade of the sat, gotta get a great score on my sat but my grades will not matter, now the message from higher learning colleges and universities increasingly saying we will stick with the grade, sat not so much, it's nice if
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you score well, it might get you in a higher placement in certain classes but it's awkward to be the make or break issue that get you into our schools, jerry willison has been following this, that's a big 180. >> that is a big 180, good afternoon, you know there have been critics of the standardized test for college admission for a long, long time, they say they don't accurately predict twos going to do well in college and they say they should be removed, now the covid-19 pandemic it may do just that, two thirds of all four-year colleges are either making the test optional were there removing the requirement for testing altogether and that includes the entire university of california state systems. because 1.5 million students have missed test due to cancellations but some students and their parents are opting to take the test anyway, diana
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jones of westchester college consultant advises many of her clients to take the test and be only apples to apples comparison that admission officers have to evaluate students of similar abilities. listen. >> it is something that is immutable that is an intangible comparison of those two students, even if one is a better tester than the other you know they sat for the same question on the same day. >> one of those parents dan, drove his 18-year-old daughter over 500 miles from pleasant california to las vegas to take the act risking covid-19. listen. >> she wanted to put together the most competitive application possible and really that entailed essays and experience but she also felt that she needed to combine a good test
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score. >> you can imagine the frustration and anxiety is extremely high and in danielle's case, we mentioned test that were canceled, she had three tests canceled, one without notification before she finally took the test in vegas, she did well but as i said that back to you most students are, this year's scores the worst in ten years. neil: all these kids are dealing with quite a bit if you think about it, thank you very much. gerri willis on all of that, change the whole dynamics for colleges. the doubt up 210 points, you can think yourself because you been busy shopping and buying and proving to be a lot more optimistic than many in the media say you are, you might be pivotal not only to the markets but maybe the selection after this.
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that has democrats apoplectic, some saying when we get in there and we will when we take the white house and when we take the senate and we will, we will pack the court and blow up the filibuster, that is how angry they are about the amy barrett situation, vice president biden himself seems to indicate that he is going to announce how he feels about the packing the court idea shortly before the election, we just don't know when, the independent of women's former senior policy analyst. patrice first off on the apoplectic response to amy barrett cruising toward this just a ship on the supreme court that maybe next week is time she could very well be there but democrats are furious, your thoughts?
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>> they are absolutely scared and using any tactic that they can come out most they can hit her on being a mother of seven or try to guess how she may roll on specific issues suggests that they recognize she is well-qualified, certainly she got endorsement from the american bar association that says so as well and there's nothing else they could get her on and thank goodness we have a candidate or a nominee who is not going to tell us how she would rule on a particular issue, she will be faithful to the law and the specifics of the case in front of her, that is the person that we want not someone who will advance a social agenda which a lot of the folks on the left want her to. neil: one question that came up that joe biden on abc town hall with george stephanopoulos is whether he would favor packing the court and he's dodged and we've done it in one of the
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things he seemingly indicated and echoed how he was thinking about this in 1980s, he is not a fan even though was orchestrated originally by a democratic landslide election in 1936, he tried to do it because he was ticked off at the supreme court stopping down the moves he made but now there's a lot of concern that he overstepped himself that even joe biden was saying democrats turned on fdr for that, knowing that, do you still think that joe biden, if he got in there with the democratic senate would even allow the court packing issue to come up? >> i think he would, on the campaign trail and during the primary, he suggested he is not opened or interested in the idea, i suspect it is because he's trying to appease certain parts of the democratic party
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and now interestingly he says he's not going to tell us until sometime before election day that could be the day before election day and i think he recognizes in the campaign recognizes how unpopular that would be in a washington examiner viewed the pool this weekend found that 47% of americans uphold the idea of court packing only about a third supported, when you look at the political affiliation, democrats surprisingly are more open to the idea but they don't want a super liberal majority they want more balance on the court, i think he recognizes risks losing votes. neil: we will see what happens, leave it right now to the first hour doubt up 205 points, optimism for tales. we shall see.
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neil: all right. the president on his way to florida right now, also will be campaigning in georgia so he's definitely picking up the pace right now, dwarfing the campaigning that we are seeing out of the biden folks. blake burman with the latest on what the president's strategy will be, especially when it comes to reaching seniors, some of whom are living him fast and furious in battleground states. reporter: yeah, when you look back at the exit polls in 2016 that show president trump won
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the senior vote in the first go-round. however, when you look at the polling in the last ten days or so, nbc news, "wall street journal" and cnn had a poll as well, showing that's completely flipping because those polls had the president down by 20 plus when it came to those who are over 65 years old. so today, the president is making three different stops. the first of them, potentially one of the biggest communities when you talk about the retired and senior citizens, southwest florida, as the president will be heading to ft. myers and then after that, it's just a little jaunt up i-75 to ocala and the third stop of the day for the president will be in macon, georgia. when you talk about a republican presidential candidate going to georgia 18 days before a presidential election, that sort of raising an eyebrow or two. here's why. republican presidential candidates have won the last six races in that state. the president won by more than five points back in 2016. however, if you look at the real clear politics polling average, the most -- average of the most
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recent polls in that state, it shows that joe biden is leading there by a point. a lot at play there as there are 16 electoral votes in georgia. meantime, back in washington, we also continue to monitor the stimulus stalemate. another conversation yesterday between nancy pelosi and steve mnuchin. afterwards, the speaker's office gave this readout, saying in part quote, the secretary stated he would accept democrats' language for a national strategic testing plan with minor edits and that language would be shared tomorrow, meaning today. the speaker looks forward to reviewing. we anticipate that at some point today. but as it stands right now, the white house continues to put the stalemate on the speaker. >> you get to this point and then something else happens around -- the president wants a deal. secretary mnuchin is negotiating a deal. if speaker pelosi wanted a deal, i think we could round up enough senate republicans to get a
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deal. reporter: if there is a deal i think we could round up enough senate republicans to get a deal. that is important because that's what president trump has been saying in the recent days, said it as well last night in the dueling town hall with joe biden. that's what the white house is saying, just put that to the side. there is also mitch mcconnell who runs the senate, the number two republican in washington. he's saying that the potential $1.8 trillion deal the white house is trying to negotiate, not going to be hitting the senate floor at all. he says all that his membership is willing to stomach at this point is less than a third of that, $500 billion. so first off, they got to get a deal and then they got to get republicans on board. the white house thinks they can. but there's a real question as to whether or not that could happen. neil? neil: blake burman, thank you very much, my friend. the president of course, as blake intimated there, has said go big or go home and that was when he was at $1.2 trillion. he seemed to up the ante to go bigger than that. steve moore is with us right
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now. danielle dimartino booth as well. steve, the big opposition for the president right now isn't so much nancy pelosi as it appears to be mitch mcconnell. he wants to keep it at half a trillion bucks. he says the votes simply aren't in the senate for more than that. what do you think? >> well, it certainly, you know, there are 51 republicans who would go for a $2 trillion stimulus bill, i can guarantee you that, neil. but i don't quite understand the math here because you would figure that the vast majority of democrats would vote for that kind of deal. they are the ones that really want the stimulus for a lot of their communities. look, i think it's so topsy-turvy, this has been a teeter totter for the last four months now. we keep going back and forth and back and forth and here we are, two and a half weeks before an election and you still don't have a solution. obviously, wall street would like to see a big stimulus plan. they seem addicted to free
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government money. but you know, as i look at the data right now, we got some really good numbers today, as you reported on consumer spending. nobody expected those numbers to be so good. manufacturing numbers are good, real estate numbers are good, the jobs numbers are, i think, positive, a million more people dropped off unemployment benefits last week. there's a lot of conservative republicans saying mr. president, we don't need another stimulus bill, the economy's doing well without it. neil: you know, i know that attitude is out there and a lot of people, some of those republicans, maybe, are leery of these escalating deficits. what, we're over $3 trillion this year so that's escalating but i'm curious, what if we don't get it? i know stocks won't like that. how do you think bonds will fare? >> look, the market is definitely priced to perfection. a $2 trillion deal is priced in. that is the price tag that's been running around.
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very few people are talking about the fact there are no liability protections in what pelosi and mnuchin are negotiating right now and i think that that is a deal-breaker for mcconnell and i think that is why he's been adamant in saying i'm not going to be able to back up any bill that's presented to me. by the way, after the senate confirms the supreme court nominee, this coming thursday, so i think he's saying i'm not going to expend my political capital with only two weeks before the election after that confirmation vote comes late next week, because the stimulus wouldn't actually get out into the economy until after the election came and went and it is a gigantic price tag and a lot of people in the gop, as steve was saying, are seeing some of the headline figures and are comfortable with where they see the economy headed right now. i see a few more wrinkles out there. we saw expectations for
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employment gains especially among upper income really come crashing down hard in this morning's consumer confidence data. that is definitely going to be troubling to the market if we continue to see these white collar layoffs pile up week after week. neil: you know, steve, it's the one issue the president has an edge over joe biden on by a significant amount. his stewardship of the economy. but he's got to be frustrated that it isn't turning up in polls, and i'm wondering how he refocuses. does he still pound the economy, is he pounding the progress on the virus, new cases count that seems to be stabilizing, a lot worse abroad than it certainly is here? what does he cling to? >> it's the economy, the economy, the economy. look, i just disagree with that assessment. i think the economy's a rocket ship right now. i mean, where we -- the progress that's been made -- neil: let's say this. i'm not even arguing that it's stronger than it was. absolutely. i agree with you there.
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but it's not paying off on these polls. that could be wrong. that could be wrong. but is he troubled by that? are you surprised by that? >> well, i'm not sure i'm seeing the same polls you are. look, trump is -- has to come from behind here and i think the point i would make is the way for him to come from behind and win this race, and i still think he's got a good shot of doing that, is just to remind voters look, whose economic program do you trust better. we've had an incredible recovery over the last five months. neil: you have different polls than i do. you say your polls are different than mine. >> no, no, no -- neil: mine are like everybody's. what are you seeing that maybe we're missing? >> okay. maybe i'm not looking at different polls, i'm looking at different poll questions, neil. i think the one that matters most in terms of how voters are going to vote if it's about pocketbook issues is that poll question that's been very consistent. who do you trust more to rebuild
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the economy. there's where trump has a big big lead but he has to keep reinforcing that. the message i told the white house is look, everything's going well. we are seeing a lot of new jobs, small business confidence is up, we are seeing manufacturing, housing, don't change pilots right now. that's a message that can resonate. he's got to get people who don't like him to vote for him because they trust him on the economy. neil: so danielle, ancillary question to you, but when the vice president was speaking on abc last night talking about moody's investment showing there would be a boom under a president biden, i take that with a bit of a grain of salt because moody's would benefit from all the spending that would happen in a democratic administration, it would be a good environment for municipal bonds, whathave you, i look at it a little bit, you know, cynically, but what do you make of that and this notion that if he were to become president, there would be this boom in spending that would offset the
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hike in taxes? what do you make of that? >> well, i think what markets have been celebrating all week is the increasing prospects for a biden win but not necessarily because of the downside which of course would be higher taxes, rising capital gains taxes, but i think they are celebrating the fact that the stimulus spending that the democrats are focused on goes to those who make the least. the lowest income earners. and when they get the $600 extra per week bump in unemployment benefits, that tends to be spent immediately into the economy and that is why we have seen and we are expecting to see this massive roar back in the economy in the third quarter. but if you look at gdp forecasts, if the stimulus spending is not -- does not come through prior to the election, we are looking at a contraction in the fourth quarter in the current three months. but again, what markets are celebrating is who is going to be on the receiving end as you say, states, municipalities and
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consumers who spend every dime that they get in stimulus spending, and inject that right back into the economy. is that capitalism, is that the way america should operate? should we be celebrating socialism light? absolutely not. but markets are not very forward-looking at the current time and that again, what i think is putting such a floor underneath the stock market right now. >> can i just -- neil: thank you. i wish we could, steve. sorry i ran over with that. i would love to have you both back. meantime, i'm going to go to kennedy on this issue of the virus and how it's spreading around. the president mentioned last night that he thinks things are getting under control. here was the president last night. okay. just take my word on that. he was talking about the virus itself. we were rounding the corner and if you don't believe me, i will just quote the article. but in the meantime, i've got kennedy here and i've got her reaction to all of this. so it's the virus, it's the spending around the virus, but
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both have to be in tandem to help this president, right, kennedy? >> there is better news in terms of treatments for the virus. the fact that the virus seems to be mutating. it's not quite as deadly to as many people, which is very good news. maybe more people are getting infected. there is definitely more testing, there is more ppe. all of those things when combined with good personal choices, it means that we are mitigating the worst of the virus. the best indicator of normalcy is the fact that my show is coming back to fox business monday night at 8:00 p.m., as we all know. we were placed on hiatus so our staff could help fbn throughout the day. they have been stalwarts. they have been champions of freedom and liberty and they love the cause so they have been helping out on every show. now we are getting back together
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monday night, new time slot, 8:00. very excited. neil: as we all are. i'm wondering, you have a lot of issues front and center for you, as you kick off the week. next week will be the week they will vote on the amy barrett nomination. it will be the week they drag, you know, dorsey of twitter to subpoena him, what's going on with them covering up conservative thought or making it very difficult to transfer that. you have a potpourri of possible angles to go with. do you think as this election stands, that these polls should be worrisome for the president? it's quite easy to say they are fake and all that, but they are largely consistent and in battleground states, some of them are wider than they were four years ago. i just wonder how that's all sorting out. what do you think? >> i do think that it's foolish to categorically dismiss the polls. i think if the president wins given the numbers that are
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showing where now particularly in the battleground states, then that means that there is no such thing as polling as we know it and we are going to have to go back to the drawing board completely from scratch in terms of polling and how we elicit opinion and information from voters, and we are going to have to do something like biometrics. i'm not even kidding. do your eyeballs lie about who you are going to vote for because people can when they pick up the phone. i think it's worrisome for the president and i think what you're seeing is the press is having a great big gulp right now, not a delicious refreshing drink, but they are nervous how they are going to cover a biden administration because it's going to be very boring for a lot of people. there won't be the drama and excitement of a trump presidency which a lot of people have gotten addicted to. so how would you cover a biden presidency different and that's what they are having to think about right now because man news organizations in their push to unseatresident trump are in
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a way signing their own death warrant. fascinating. neil: you know what's weird about last night's dueling town halls and the numbers are preliminary, as you know, but more people watched joe biden than they did donald trump by a couple million. that might not be anything significant but it was telling in a way. what did you think of that? why do you think that was the case? >> i think that's interesting because more people thought president trump would get higher numbers because his exchanges do tend to be more dramatic. maybe the people have seen enough of that. whether it's the debate or seeing some of his rallies, and maybe there are more people who have outstanding questions of joe biden which he has not been satisfactorily pressed and he has not appropriately answered and i do think there are outstanding questions in terms of quid pro quo with his son and his son may be completely innocent. all of these e-mails may be a total fabrication. this could be a massive russian disinformation campaign and if
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that's the case, then prove it. go ahead and prove it. give us some concrete evidence that this is all malarkey as the former vp likes to say. neil: yeah. allow us to read it without anyone on social media trying to prevent us from passing it along. we will be the judge. if it looks silly we will say it looks silly and move on. let us be the adults here and not you policing us as if we were kids. i look forward to your show on monday. it's good to have you back. of course, you have always been here. but it's going to be fun. 8:00 p.m. eastern time on monday. she calls it as she sees it. the dirty little secret on kennedy, she has a great sense of humor. i think that is crucial. sometimes more than what you know, it's how funny you are when you explain how much you know. more after this.
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neil: all right. bit of a ratings clarification for you. i mentioned that more people watched joe biden on abc than watched donald trump on nbc. that is accurate, if you are going major broadcast network to major broadcast network. but when you add the fact that the nbc debate was simulcast on
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msnbc and cnbc, the combined total for the donald trump back-and-forth was about 15.47 million. the biden town hall by comparison only on abc was 14.873 million. so two ways to look at it. network to network, where there was an advantage for joe biden, or all viewing options including the cable channels msnbc and cnbc for nbc, where the advantage was for donald trump. there you go. have at it. charlie gasparino with us right now. one of the things that did come up a little bit briefly in that exchange with george stephanopoulos with joe biden was whether he would reconsider hiking taxes if the economy were slowing down. of course, he's convinced it's still going to happen. that's what wall street is bracing for, right?
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charlie: they are bracing for a couple things. we should point out barack obama reconsidered raising taxes his first couple years after the financial crisis. i can see joe biden putting off all these tax increases until we get a vaccine or something along those lines. that's definitely a possibility. but really, you know, it is confounding to people like me and maybe you and others that i talk to on the street as to exactly why is the market up so much when biden is winning in the polls and his policies, whether he raises it on people making $400,000 or more or lower incomes get hit, he's still going to raise taxes significantly on investors. why is the market up so much. why is it up today. as he expands his polling lead. part of the reason, there's always many reasons for this, obviously keeping interest rates to zero, but part of the reason is what i'm hearing from the
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morgan stanleys, bank of america. what brokers are telling their clients, it's an interesting argument. what they are saying is this. you are going to get hit with taxes, maybe have a more tax-efficient portfolio but if you are worried about the overall economy, you shouldn't. the economy is not going to take a huge hit on the biden tax plan primarily because even as he raises taxes on investors and entrepreneurs and wealth creators, he's going to spend a lot of money. there's going to be a ton more fiscal stimulus pumped into the economy on top of the monetary stimulus of the fed. if there's a democratic congress, you can guarantee the tax increases but you can also guarantee massive spending. now, i should point out and if you are a viewer out there, i'm not saying i endorse this, okay. i don't, as a matter of fact. i'm much more of a tax cutting person. we should point out that wall street, i have been covering wall street for 30 years, there
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are economic departments at these firms filled with keynesians who think it's better for the government to spend money than for people to spend money in stimulating the economy. some of this is the idealogical backbone of wall street which is keynesian, left of center, spend money as opposed to supply side but it is being filtered through the brokers. the brokers deal with millions of small investors. they do have an impact on the market and this research obviously filters through. by the way, if you don't believe me, google goldman sachs. one of the most widely respected and watched research departments came out and said essentially this, and it think this is one f the reasons why you do have a rally that seems at odds with reality if joe biden wins, namely that you are going to hit investors, people thinking the government is going to bail out the economy even if that does happen. back to you.
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neil: the real issue here is that the spending, they say, some in the markets are saying will outweigh the slowdown you get with raising taxes, right? they cling to that. charlie: and i don't -- just so you know, for my angry twitter trolls who think i'm a never trump, by the way, half the time i'm considered an apologist for trump, the other half i'm a never trumper. i must be doing something right. just so you know, i don't ascribe to this but this is clearly what's being pumped through the wall street research departments. neil: i don't know. all my e-mails and tweets are very warm and fuzzy and generous. i don't know. i don't know what your problem is. charlie, thank you very very much. charlie gasparino on that. you know, they call it the hyperloop. it sounds like science fiction but it's spreading around the world. this idea of modern transportation that's really powered by air in a way, or off
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the ground, not using any fossil fuels, it's not solar power, wind, any of that. it's all the rage. right now, the latest rage is in west virginia. the guy behind it after this. i have an idea for a trade. oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪
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neil: all right. you hear a lot of talk back and forth about 230, we will change 230. it's been a very protected feature for social media companies that can kind of do a lot of what they want to do without fear that people are going to come down on them like a ton of bricks but that is very very quickly changing right now. jillian turn er in the whole 23 drama. reporter: you laid it out better than i ever could. i can just talk back to you. neil: i wish. go ahead.
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reporter: all right. so all three branches of the u.s. government are lasering in on, you just named it, section 230. it is a little-known legislative provision really written into law before social media companies even existed on the internet some 24 years ago. now, section 230 of the communications decency act has long been used by the social media giants as a shield to protect them against lawsuits over censorship. it may be ending soon. take a listen. >> we're going to take away their section 230 unless they shape up. >> section 230, this is the beginning of the end of section 230. liberals don't like it, conservatives don't like it. reporter: ajit pai is launching a review in light of bipartisan criticism coming from capitol hill, the white house, even the supreme court, about a quote, overly broad interpretation that in some cases shields social media companies from consumer protection laws in the way that has no basis in the text.
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let's take a look at the crux of the matter. it reads no provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider. so now, in layman's terms, this means social media companies are not libel for content their users post. at the same time, the companies are empowered to take down content as long as it is done in quote, good faith. now, supreme court justice nominee amy coney barrett was asked about section 230 during her hearings this week. take a listen to what she said. >> out of respect to section 230, just in general, the danger of of course doing that is to subvert the will of the people. you represent the people. reporter: so now whether this gets resolved at the white house, by the hill, by the supreme court, over the next coming months, all eyes are going to be on these tech execs because they are about to be
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subpoenaed next week, facebook, twitter, maybe instagram, maybe a couple others. the executives of the big five will have to answer for section 230 revisions and if they think revoking the section or revising it would actually help moderate their behavior or not. neil? neil: that could be a big leap. jillian, i understand this now. thank you very very much. jillian turner following all of that very ably in washington, d.c. the drama could come next week when a lot of these guys are dragged before congress. in the meantime, we are looking at the future of, well, getting around. transportation. you often hear a lot of talk about hyperloop. it gets a little weighty here but west virginia is the location of a hyperloop test cent center, virgin's test center, that could be an inkling for where the world is going for fast, efficient transportation. jake walter joins us now, the virgin hyperloop ceo. very good to have you. congratulations on this.
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could you explain a little bit about how this whole hyperloop phenomenon works? >> sure. sure. so thank you for having me. look, this is a really really exciting time for us. after having really years of developing the hyperloop technology, we now announced the hyperloop certification center will be in the state of west virginia and this really gives us the opportunity now to move forward on the commercialization and deployment of hyperloop for the united states and beyond. so what are we really looking at here? we are really looking at the first new form of mass transportation that we have had in over 100 years. we are looking at transportation that will be incredibly fast, up to 670 miles per hour. we are looking at transportation that will be high capacity, that will carry people and cargo simultaneously so it meets our needs in both of those areas.
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ain't will have a lot more to do with ride hailing than it does with train schedules. it will be flexible, it will be on demand. the last part of it that i really love is that it will accomplish all of that without polluting the air that we breathe. so we really put together a package of how to be able to do this that gives us what we want, that we'll be able to connect places in ways that perhaps we have never imagined before, and i think we will open up incredible opportunities for us. neil: it's obviously a huge infrastructure undertaking to take advantage of those speeds, 600 miles an hour. it would be ideal to hook up cities. i wonder when i hear about this, what would it do to the airline industry? >> well, i think it really works best for routes that are what the airlines refer to as short
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haul. it's not changing new york to los angeles, for example. but i do think it offers a much, much more convenient way of connecting cities across the country. i think the way to think about this is really to think about what we did in creating the interstate highway system. we created that system in 1956. dwight d. eisenhower was still president at that time. and the connectivity that came from that allowed us to really reimagine how we connected places within our country. but we now have in our minds that the time it takes to get between places is defined by the highway system. we can change that. today, if you want to go from columbus to pittsburgh, that's a three-hour trip. with hyperloop, it's 25 minutes. that's the type of thinking that we are bringing into this right now. neil: jay, there are a lot of very rich guys who are looking at the whole hyperloop
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phenomenon. i know elon musk of tesla fame, spacex, obviously richard branson, a host of others a. are they all on the same standard here? in other words, this isn't like the electric battery thing where there are different standards for different cars, different makers? how are they coordinating, or are they? >> well, here's a place where i really have to give credit to the u.s. government, because the secretary of transportation came out very very recently and said they are going to take a leadership position in defining the regulations for hyperloop. and she put the responsibility with that for the federal railway administration. she's very clear about the fact that this is the opportunity for the u.s. to take a leadership position in being able to do it. ultimately, there will be standards that come from this. certainly we want to make sure there are standards that achieve the best outcomes for everybody.
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i think we will get there. i don't think that's the most difficult challenge for us to be able to meet. neil: looks very cool. looks very very cool. we will see how it goes. it could be a whole new initiative here. thank you very much, jay walder, virgin hyperloop ceo. we have a lot more coming up. the dow in and out of session highs right now. buoyed by very very strong retail sales. it really comes back to that. it comes back to you, buoying this economy. you have been doing a lot of shopping. you are apparently very optimistic to do a lot more this holiday season. credit yourselves for all this green. 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.
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neil: all right. good day for retail sales, up better than expected. there are various ways you can play that, by buying the retailers themselves or the s&p retail etf, down a little bit itself. maybe a lot of this was baked into the cake here. but the strong number was not, up 1.9%. think of all that was going on in september to see this growth. apparently it's continued with what were reportedly strong online sales for amazon and its two-day prime day shopping extravaganza, target and walmart and a host of others were going along and seeing similar robust appetite among consumers. nancy davis joins us right now, portfolio manager, quadratic capital manager and cio. this is remarkable and flies in the face of this view all consumers are tapped out, bummed out and quitting.
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this is not happening. at least not in these numbers. what do you make of them? >> absolutely, neil. it's the fifth straight month of higher retail sales. as i said on your show back in i think it was march or april, that in the early spring, americans love to spend. the consumer segment of the economy is the biggest, most important and you can't keep americans out of shopping. and consuming. neil: so it's interesting, it ran across almost all retail sectors, save electronics which had been strong already. but what do you make of the makeup of these sales? >> obviously, auto is sort of its own segment. so take that out. but i do think as we have seen in the fang stocks and all the tech stocks, that have benefited from this accelerating trend that we have seen through the pandemic, the same thing with electronics. like the web cam i'm using to skype with you today on your
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show, everything is driven by technology these days, especially in the work-from-home setting. neil: do you think that it's changed the way we shop, too? it's one thing to say all online but even the way we get food delivered to us, this contactless, you know, arrangement that has now become the norm. do you think that sticks even after this pandemic hopefully is long gone? >> i do think we are going to see a ton of consumer behavior change. whether that's more -- less travel, less interest in meetings, more online food grocery. personally, i have never used walmart before ever for online groceries but they had an app and i can download it and have the groceries brought out to my car. i have never done that before. just my little microcosm. my spending has changed dramatically and i think a lot of americans are questioning the way that we used to do things
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and maybe less efficient ways. neil: yeah. no doubt about that. nancy, thank you very much. good catching up with you. nancy davis on all of this. certainly, the consumer is back, as if he or she had ever left. what about new york city? what's happening there? actually some hopeful signs. after this. stay restless with the icon that does the same, the rx crafted by lexus. lease the 2020 rx350 for $409 a month for 36 months. experience amazing at your lexus dealer.
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♪ liberty. liberty. liberty. liberty. ♪ neil: all right. so how anxious are you about the coronavirus just hanging on for awhile? well, would you believe nearly 6 in 10 americans are already looking at stockpiling food if this gets out of hand. grady trimble in chicago with more on that. grady? reporter: neil, some people are already doing it. we are at happy foods, a local grocer in chicago, and well, this looks familiar, doesn't it? this is the paper towel section of the store. we are already starting to see some paper goods that are harder to find. that's right, that survey from sports and leisure research group found that 58% of people already are stockpiling or are planning to stockpile grocery items ahead of the election and uncertainty with that as well as possible concerns about a
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resurgence of coronavirus cases. barbara eastman is the owner here at happy foods and you actually got a list from your suppliers and they said these are the items that we will not have available for you until early in 2021. what type of items are people buying? >> that's hopefully. it's mostly right now people are buying the towels but disinfectant, bleach, any products used for sanitizing are very -- we don't get them or they are allocated. reporter: they are flying off the shelves. what are people telling you when buying these things? are they worried about possible cases or are they worried about people beating them to the punch on buying these types of products? >> both. actually, they are thinking ahead this time, they are going to be ready for it. they are actually not hoarding. they are just being prepared. reporter: i know you still have product limits on some of the more popular items. it's not just local grocers like this one. we also reached out to the big box stores and target tells us that they will be sending more inventory than ever before to
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stores in anticipation of this and in hopes that they can keep those shelves stocked going forward. neil? neil: all right. thank you, my friend, very much. grady trimble on all of that. so clearly, this indicates that americans are concerned about the virus itself and its lingering effects and that it could last awhile. something that was mentioned on maria bartiromo this morning when it comes to if and when new york will recover any time soon. >> it will take new york city about i believe a decade to come out of this, because it's going to be a perpetuating aspect because the tax base is shrinking very rapidly and the deficits are increasing, and the current government has not shown any willingness to reduce any of the costs to operate the city or to think strategically about where they spend the money. i think it will take about ten years. neil: about ten years. want to go to my buddy jack otter, host of barron's roundtable.
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catch that tonight at 10:00 p.m. jack, that's more severe than we saw after the meltdown, more severe than we saw after 9/11. ten years. what do you think of that? >> think about who was speaking there, neil. that's a real estate developer. okay? right before covid, prices were at peaks. you were seeing mom and pop stores, boutiques, restaurants getting pushed out of their real estate because of the chain stores moving in and the huge national stores that were only paying for that real estate as a billboard. even they couldn't make enough money to cover the rent. so that's all changing now. we are going to see a lot of stores pushed out. broadway is dark. people are moving out of the city. what does that mean? lower rents, lower prices for apartments. the business world abhors a vacuum just like nature so what's going to happen? young people are going to suddenly find wow, i can afford an apartment in brooklyn for the first time in ten years. they are going to move in. you will see small restaurants actually able to open in new
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york city instead of olive garden or something. so i think there's going to be -- this is creative destruction. it's the destruction part we will soon see the creation. now, that said, i don't want to minimize the seriousness of this. again, broadway is dark. there are millions of square feet of office space with nobody in them. i came down to the studio from a floor of a building on sixth avenue that had no people in it. so yes, this is serious. but i think creative people are going to come up with smart things to do. if lots of people who used to be in offices are working from home, what's going to happen? i don't know. maybe nyu will realize wow, we can rent that space at half price and double our enrollment for online classes. there's all sorts of interesting stuff that can happen. i have great confidence that it will happen. it will be more painful, say, for real estate developers and landlords than it will be for small theater companies who can suddenly afford to open up a stage.
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neil: in the meantime, for a lot of those real estate guys and even the guys who run the trucks and all, a lot of them will go out of business. that's inevitable. you can't make your living on pricey corporate leasing and all of a sudden, no one's leasing. so that's going to be some creative destruction there. these buildings that we're looking at on sixth avenue, will they ever be back to being filled, or will they have to cut rents to the degree they have already tried to? so far it hasn't worked. to get people back. >> well, this will be a slow burn because a lot of those buildings you were just showing have long-term leases and i'm sure the occupants are trying to renegotiate. the landlords may be standing tough but i think we do have a secular change in which more people will be working from home, or from across the country, right. because we found that we don't need offices as much as we thought we would. but again, there's something called recency bias. whatever is happening now, we think it's going to last
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forever. think about it. young people kind of like offices. that's how they meet other people. i met my wife in an office. and so they don't want to work, even that new brooklyn apartment they can afford, it's still kind of cramped. they will get on that subway and go to the office. so i do think we will see changes but it is not as dire as people are predicting. i recently told a younger colleague who was moving from brooklyn to her parents' house in new jersey, i said tell your landlord you want half price for three years, lock that in. you will be proud. neil: thank you very very much. more after this. all otc pain relievers including voltaren
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neil: that was an optimistic note to end on, that new york will come back. could take a little time, certainly not ten years. we shall see. charles payne, i hope he's right. to you, my friend. charles: so do i, neil. thank you very much, my friend. good afternoon, everyone. i'm charles payne. this is "making money." breaking at this very moment, markets heading into the weekend in the green, closing out a choppy week, but here's the key. we did see buyers emerge every single day that it looked like major indices would break down. today it's about strong earnings and proven consumer sentiment and monster restatail sales tha put a spark in trading. investors looking for value including sipping that texas tea. we will explain. at least 17 million people already voted but the two candidates, well, they did their best to reach those who haven't gone to the polls


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