hurt it is friday, oblgt ctober 1223 "squawk box" begins right now. ♪ go big or go home, go big or go home ♪ >> ghc good morning welcome to friday. i'm becky quick, along with joe kernen and andrew ross sorkin. let's take a look at what is happening. we're seeing green arrows that come after gains for the markets yesterday. yesterday in both the dow and s&p up by about half a percent the nasdaq up by a little less than half of that. this morning the dow futures up about 88, s&p by close to 10, nasdaq up by 4 1/2 but the dow and s&p 500 both down about 0.9% this week. they are on pace to break three week winning streaks nasdaq is due to break a four week winning streak.

treasury yields, this has been where it has been interesting. 0.855%, we haven't seen that in quite some time, andrew. >> we haven't. but right now, want to get straight to of course the big story, i don't know how late you stayed up, but i stayed up until the very end president trump and joe biden facing out last night in their final debate before the election joining us now to focus on the issues that matter most, political strategist frank luntz. let's get straight to it, some of the top moments from the debate take a look at this. >> they said the stock market will boom if i'm elected if he's elected, the stock market will crash.d analysts ag that >> the idea that the stock market is booming is his only measure of what is happening

where i come from, people don't live off of the stock market >> so frank, maybe we should start here who won this debate in your mind >> in the mind of the undecided voters, trump won. but he did not win by a significant margin it is not going to dhak any vins which is the real es the real question is who will win the election and did the debate have an impangts. a pact and it still looks like it will be joe biden, it looks like donald trump ended up being his worst enemy. there were two separate debates. you watch the first 25 minutes, you say you stayed up late to watch the whole thing, the first 25 mountaininutes, donald trumps calm and his answers were precise and you actually had to lean into listen to him. i was watching the people around

me and they were all sitting forward. but as the debate went on, gogi biden, clearly the idea that there was a button that could mute him bothered him. and while joe biden didn't give answers that the public wanted, they were good enough that he did well enough and i don't think it changes the trajectory at all >> i want to show you another clip and then i want to walk through what you thought about it and what those around you thought about it the economy came up again when the candidates made their final case of the night. >> success is going to bring us together we are on the road to success. but i'm cutting taxes, and he wants to raise everybody's taxes. and he wants to put new regulations on everything. he will kill it. if he gets in, you will have a depression the likes of this you've never seen. your 401(k)s will go to hell and it will be a very, he very sad day for this country

>> vice president biden, same question to you. what will you say during your inauguration address to americans who did not vote for you? >> i will say i'm an american president. i represent all of you, whether you voted for me or against me and i'm going to make sure that you are represented. i'm going to give you hope, we'll move, we'll choose science over fiction we'll choose hope over fear. we'll choose to move forward because we have enormous opportunities, enormous opportunities to make things better we can grow this economy >> so which was the more effective final effort >> that encapsulated the election in a nut shell. donald trump, your 401(k)s will go to hell, being accusatory, being very strong.

but being negative and you had joe biden, i mean, the language that he used, i'm an american president, i represent all of you and that biden approach i believe is the reason why he is leading in most polls. anywhere from 8 to 1 # 1 or 12% undecideds were looking for specifics. frankly, they were looking for solutions. and they didn't feel that joe biden provided them. and what i think is happening is that it is a choice between persona that you don't want and policies that you are afraid of. donald trump still presents himself in a way that voters are wondering did i want four more years of this versus policies that they don't know, that aren't clear, and frankly, joe biden made no effort to really clarify them taxes, never talked about the supreme court, never talked about statehood of d.c. or puerto rico.

in the end, i do believe that helped himself last night, but not high enough. >> frank, what about -- mine, there were allegations off obviously from both sides about corruption the president tried it go hard at several points against vice president biden in relation to his son and some of these reports or theories depending on where you stand about them and then of course vice president biden went back at the president about corruption to some degree or arguing that there was corruption inside his own administration did either lay a hands-on each other? >> no, because what went on with hunter biden was still never clarified. donald trump was successful in raising the issue. he wasn't successful in prosecuting the issue. there is a big difference. so that our focus group participants, they still don't understand what hunter biden did, they didn't understand the

connection between hunter's business connection and his father they wanted to know more, they were upset that joe biden didn't explain more but did it change their vote no in the end, i think former trump voters who had been undecided, i think that they will come home, but donald trump needed to radically change the condition of this race in 11 days. the iz itting won't do it, the speeches won't don't it, the ads won't do it, so that you have 00 g to give trump a minor victory because he will bring a few voters home and it will close the race a little bit, but in the end, i think joe biden won the war. >> i want to show everybody a clip of your focus group the focus during so much of the conversation let's show everybody that right now.

>> prior to covid, the first three years of his presidency, he was doing great and then covid happened and our economy has obviously gone in to the tanker and if there is somebody who can get it out, i believe it will be him. >> jill. >> i'm also concerned about joe biden's tax plan so we know that trump has shown us that we can have a good economy under him and then biden's tax plan, i mean, if 50 cent is worried about it, i'm worried about it too >> i asked you this last time, frank, i said how many people do you think are genuinely either independent or undecided at this point. how many of those people do you think genuinely were really undecided? >> everyone has a slight preference they cannot -- they don't really want four more years of donald trump's persona. and that is different than i guess being completely undecided.

so they all have preferences the key is to understand what moved them i believe that donald trump's worst opponent is not joe biden, his biggest opponent is really donald trump that they were prepared to back him on jobs, they were prepared to back him on taxes, prepared to back him on the economy but they are not prepared that the point, and you see the betting odds, and i actually think that that is a good bet for trump. it is just much broader for joe biden. so you get nods betting on trump. but in the end, it was not about the economy. in the end voters are deciding who they want in their living rooms and their household for four more years. donald trump did not make that case >> so frank, was this debate format better for either candidate and when i say this format, you had a different moderator, and i know there was a lot of fighting over various

moderators in the past, and i don't know if it is most important or not,but this idea that they were going to turn your microphone off. you didn't see people actually go past that microphone time maybe that unto itself created discipline for everybody >> yes, and i do think the first debate hurt donald trump so much that this actually helped simply by comparison. and joe biden was essentially the same person yesterday that he was in the first debate two weeks ago. donald trump had calmed down but that demeanor only existed the first 20, 30 minutes if you played him in his opening versus donald trump in his close, you see two different individuals. the opening individual is the individual that the public wanted to vote for and i saw it in the focus group chat the individual in the end was

even more about the old donald trump. but this is a show about jobs and business and taxes and donald trump won that part of the debate. but joe biden won the part on climate, he won the part on race, and frankly, joe biden proved that he is a more likeable, more bipartisan, more unifying in his approach and undecided voters unifying and reconciliation, it is important. >> final question for you. is there anything that you think that can happen between now and voting dana cy that can meaningl change the direction of the vote and do you believe the polls right now? >> well, if i don't believe them, then i'm basically attacking my own profession. and i do think that they are overstating joe biden's lead but if that lead was only four points or five points, i would say that this is still open. but at nine or ten point, let's

say that they makes same mistakes they made foyer years ago four years ago, they were off by one or two points, not nine or ten points it will be virtually impossible for du for donald trump to make up that gap with only ten days to go and 40 million votes already being cast >> that's what i was going to say, even more than 40 billion votes already cast at this point. i just try and wonder what that means. the other issue, it is nine or ten points if you are looking at national polls if you look in the swing states, it is a much closer game and there is the issue that democrats are largely -- they make up the bulk of those early voting in many states. so i just wonder how that plays out or how we even figure this out when this is so different than anything we've ever dealt with before. >> i'll give you two polling results from the last 48 hours

64% of biden voters think that he will even though he is leading in every survey. 81% of trump voters think that he will win even though he is losing in every survey so you have confidence on both sides that they will be successful second, you're correct that the bulk of the early votes are for biden. the problem is on election night, and i want viewers to focus on that, because as the polls close and first votes are counted, donald trump will have a lead they may even have a significant lead and he will say, his voters are going to think that he won the race as they count that postal vote as we go into wednesday, thursday, friday issui, biden wl close that gap and i think will even move ahead in the swing states so you will have one set of americans thinking that they were robbed on election day and a different set of americans thinking that they were robbed three days after and that is the most important warning i can give to you. it has everything to do with

vote count that who wins tuesday night will be different than who is leading on friday night. >> frank, final question for you. realistically given what you understand and know when the wor about the vote counting, what is a fair date when you think that we will actually know or feel relatively confident even if there are fights and other legal disputes after that, which i'm imagining may be coming. >> i'm going to go with saturday november 7th i'm doing the math in my head. because in the end, you've got to be clear that you have won a majority i think that it will take five days for enough of the postal votes to be counted and the challenges to be filed i think that we will have an indication by thursday morning and in fact i'm trying to change my appearance on your show he fr from wednesday to thursday because i don't think that we'll know from wednesday morning.

i think thursday morning we'll get the indication and it will take until saturday where we'll be completely sure who will be the next resident. >> so real clear politics average, you are close, it is 7.9, but there are a lot mf quinnipiac is 10 for biden, "new york times" is 9, survey auts u0 and you do have the ibd, some say that was ask really laccura, that is 4. and ras mmussen is 3. so the spread is 7.9 so does that change your view on the next what did you say 11 days 10 or 11, i could see it 7.9? that is different. i mean, that is exactly where it is on the real clear politics

average. >> and i 8 to 10 fastest close in the last week was ronald rageagan over jimmy carter. there was a 10 point shift and that is what trump needed to do the reason why regan shifted, he did better in the debate under donald trump, a plurality feel that they are better off, but it is not that wide and donald trump did not perform that well last night as ronald reagan did against jimmy carter. >> i voted for carter the first time around. i was there. and i remember i don't ascribe to just the debate like that it was a single night that just did it when it finally happened, it looked -- you know, when it

finally did happen, it was like wow, this was the way it should have been, the way it was meant to be. and i don't know about -- 2016, there were a lot of egg on a lot of faces and we'll have people today that were at 80% are or 90% for hilly clinton. and they will talk about where they are today so we'll know how everything comes out in 11 days [ inaudible >> they want answers and that is my responsibility. as of now, of all the factors, i don't see that the ads and all of the trappings of the campaign between now and election day are enough, that there would need to be one more debate there needs to be a realization if donald trump wins, that there

is a reason that joe biden isn't being specific on issues there is a reason why we should appreciate the toughness of donald trump >> we always say debates don't matter, if doesn't change anyone's mind. now it is all dependent on the debate i don't know we'll see what -- last time, i -- all right we got to go >> we have to jump and we want to thank you, frank. >> he is trying to hedge make him project >> if i was a pollster you c, m i'd do that. >> i challenge you to project. viewers want to know what you think is going to happen tell them. go ahead on live television >> that is not my job and i

won't tell you who i'm voting for either who are you voting for afrd [ inaudible ]. >> this is difficult because you're breaking up i can't matter what you are saying probably glad. but my job is to point out that last time we had the same type of polls and that when everybody in the country, when you are not just talking to 2,000 or 1500 or 1100 people and we got to break it down where 60% are one party and 40% are another party, you don't know whether there are shy voters out there that aren't admitting who they will vote for. just a lot of variables. so my job is just to raise the possibility that the consensus could be wrong, which i make all the time but i mean, you'd have to be crazy to go against a predict difference site which the betting site is 65 -- i think 64:43 today.

but that was wrong last time as well so we'll see we'll see. you're right, you looked really bad last time and you are willing -- you know, that is your job, that is what you have to do. but when you said that hillary clinton unequivocally will be the next president, that is tough. that is tough to do. and i don't have to put myself in a position you got yourself in so don't try >> i'm going to give you credit for hedging. i'm going to give you credit for not making that projection you deserve the credit because people in the media, and by the way -- [ inaudible ] this is your profession. but i think viewers want to get an idea of where you stand >> frank, look, we very much appreciate you joining us. wealways appreciate your perspective. i'll try to save everybody from themselves and we are going to take a quick break this morning. and i'll send it over to becky >> i'll take it.

when we come back, gilead shares popping this morning as the company gets a green light from the fda for its covid treatment. and stocks up by.7 55% ♪

when disaster strikes to one, we all get together and support each other. that's the nature of humanity. ♪ it has encouraged other people to take the time for each other. ♪ ♪

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welcome back to "squawk box. gilead sciences says the fda has given the green light to the drug remdesivir for treatment of patients with covid-19 that require hospitalization. the drug was previously authorized by the fda for emergency use only, last night's news means remdesivir is now the first and only approved coronavirus treatment in the u.s. andrew and meantime the federal trade commission getting closer to a decision now on filing an

anti trust lawsuit this time against facebook and ylan mui reports that ftc commissioners met yesterday to discuss it and telling her commissioners have not decided whether to move forward but received information on the pros and cons and potential ramifications of an anti trust suit. and of course worth noting that there was a lot of debate internally within the department of justice before they pursued the case against google with some staffers saying that they were moving too fast so we'll see when and if a suit gets brought against facebook. becky. and in other news this morning, a california appeals court says that uber and lyft have to treat their drivers as employees instead of the independent contractors that they treat them like now this actually upholds a lower court ruling from earlier. the decision comes less than two weeks before voters in california will be asked whether to exempt the ride hailing

companies from the gig economy law. the ruling won't have immediate i impact since it is not set to take effect for 30 days. coming up, big stories investors need to be watching from the stimulus debate to tax talk on the campaign trail is that why we played go big or -- i think that is why we played go big or go home never listened to those words before go big or go home, i guess we're hearing that now from some and as we head to break, a look at yesterday's s&p winners and losers >> that was wonderful, bravo, i love that, it was great, pretty good it wasn't bad. parts that wasn't very good. could have been a lot better i didn't really like it. it was trie,erbl it was bad, terrible, it was all boo! as business moves forward, we're all changing the way things get done.

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we have headlines to tell you about. shares of barclays is rising this morning, posting better than expected results, the ceo saying that he wants to stay at the helm of the company for another two years. and shares of seagate are falling, third quarter earnings breeti i beating estimates but revenues falling short. and now back to the markets and the economy. a new study from the hoover institution argues that gdp could be reduced by a whooping 8% by the year 2030. and there could be nearly 5 million fewer employed under joe biden policies

joining us, is casey mulligan and also julia coranoto. welcome, and julia, let's start out with your case in this hoover report. you are talking about 1.5 2r8d less in consumption that you think will be spent in that year and by 2030, $635 less in median household income what assumptions did you make to get to that point? >> we assume that biden if president would do the things that he aspires to do as compared to what president trump would he aspires to do that is really the comparison. s it is the comparison the voters will make and biden's agenda is trying to advance what he considers justice, but it hits the economy in three ways. it reduceses incentive to work, to invest and reduces row duck

differencity we get less from our workers and businesses because you of the retriskss thr restrictions especially around energy >> and that is pretty counter mu with it leaves the average individual trying to figure out what to believe, what assumptions need to be made and how can you realistically make predictions that look out ten years. what do you think about the studies and how to match them up >> that's right. so i read both of the studies, and the key difference seems to be that the hoover report assumes that every dollar of spending that by deviden is pron is paid for by higher taxes so there isn't deficit spending which of course there are some higher taxes in the biden plan, it is definitely deficit

spending and therefore it is net fiscal still husband and that is the modeling assumption that drives the moody he''s conclusis and they expect that it would deliver gdp above 4% and clearly the market is taking a pretty positive tone as chances of a biden presidency rise, the market tone through october has improved so i think that markets understand deficit spending and what it means and it sends to stimulate higher growth, not lower growth >> casey, what is your response to that? >> we do have deficit spending in there, but long run, you can't have sendipending, spendi, spending without taxes that kind of match it up, doesn't have to be exact

and i just think it is wrong that deficit spending by itself without regards to how you spend it, because biden wants to spend it in ways that require us to be ways to give us less incentive to work to and even vest and that type of spending doesn't grows economy. but even if it did, you are making the long run worse. and it will be a sugar hig coming down from it won't be pretty >> that is a fair point. if people look at this and say this is good news for the short term but not long term, how did you respond to that? >> so there is a couple of responses to that. one is this class of models that they are relying on, this is the kind of model that predicts that government deficits will crowd out private investment, making the economy less efficient we know those models have been debunked empirically we haven't seen higher interest rates results from deficit spending so we don't bear that burden

that the report sort of predicts the other thing though is more structure all to casey's point there is no scope in models like this for benefits from the government spending. so let's take health care. you know, there is -- health care is a public good. there aren't public goods in these kind of university of chicago style models there aren't positive benefits from greater coverage. but actually we know that greater coverage delivers benefits, it reduces uncertainty for households, it delivers efficiencies through greater risk pooling and there is really no scope in the model for those longer run employment benefits. look, releasing that employment tie to health insurance coverage would actually make the labor market more efficient, right i'm a small business owner i would love not to have to haggle with health insurers every year for coverage of my employees.

if you have a greater risk pooling, a system that features greater risk pooling, an option as people move across jobs, you are releasing them from that tie to employment based health insurance, that would have tremendous potential efficiencies for public health on so there really is no -- and i would argue clean energy has the same sort of public good nature to it there is no sort of negative impact for not addressing climate change in the hoover model. and so these are important considerations exactly to that longer run point that casey is talking about. >> casey, let me ask, i guess the assumptions are if you are looking ten years from now, that biden would win, there would be a democratic sweep, they would have the senate, they would be able to enact allel things that they have talked about enacting, and win again in four years and then maybe the election after that for another two years so none of this gets dismantled and i think you took it up

against cbo projections which i've never seen a cbo protection that has really held out over time so how much faith can you put in the idea that this is where it stands or are there gradations where you can see less of this happening or is there some sort of margin of error >> the only purpose of the cbo in our analysis was just to give a level on things. our results were in terms of percentage hes a and 8%, what does it mean this dollars. so we used the cbo as a base using other bases, you would get $6600 or $6300 but that is the idea of course this is the effect of theed a j ad jegenda of the twon both will run into political obstacles and we discuss this. especially biden's agenda which is so costly, he will get a lot of resistance. and i'm an optimist and i therefore think if he wins he won't do his agenda in its

entirety but this is the exercise we set out to do. >> casey, do you feel that leaving out the biden plan to fix the climate, did you miss that big number there, that, you know, once they do fix it, you know, there is no more storms and everything, do you think that you need to -- they are expensive. do you think you need to put them in there and get some real numbers there so if the "new green deal" does pass and we don't have to worry about that stuff nymore, don't you think you should put that in there i think julia might be right about that >> we do have it in there. the thing is, it is tiny the "green new deal" won't stop storms it will make a contribution to the world climate, and it will make a small dent in storms around the world, but our exercise was to calculate the united states of america gdp this is widely known that it is a board wide public good and the u.s. contributions to it are

vary small and they can be negative when we stop doing certain industries, it can move to china and be even dirtier. and this is discussed in the paper. >> casey, julia, thank you both for being with us. coming up, what is working in the semi ckoconductor sector if i say chip sector, i'm thinking guacamole and things like that. but now up 30% we'll get the best picks from a top analyst next and later, don't miss our interview with chris kelly, former chief privacy officer for his latest take on the pressure coming from washington and first, you can watch or listen to us live anytime on the cnbc app

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at indeed.com/home. u.s. equity futures ticked up a little and we've been -- we were up over 100, then 80 or 90. we'll see.

i don't know where the stimulus talks are, but i guess they are continuing to some extent. is that the key thing now, guy, stimulus i don't know what we should really -- i think friday takes precedence on everything, doesn't it >> it might. let's face it the stimulus, there is nothing that will be happening with that anytime soon no matter what either side says at this point. there is in way. it is a bridge to nowhere at this point i can't believe the market would get fooled into thinking that it is coming soon >> mean time, let's tell you about other headlines that are taking place wells fargo reportedly exploring a sale of its asset management business, this according to reuters. analysts saying that it would be the company's biggest shakeup since charlie sharp joined the bank last year

wells fargo asset management arm manages about $578 billion on behalf of customers as of the end of june. could reportedly fetch more than $3 billion an okay multiple becks. when we come back, we'll dig into intel's quarterly report with one of the street's top analysts shares of intel are off sharply. down 10% almost even though the company beat expectations. we'll tell you why

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intel shares falling after reporting third quarter results last night revenue was a slight beat. earnings and guidance remained in line with analyst expectations but disappointing data business center numbers led to investor selling. it's been a tumultuous year for the stock last 15 weeks. several major selloffs taking place as you can see in the chart. joining us b of a semiconductor analyst, this morning he rerated the stock to underperform with a $45 price target what's your thinking, vivek, this morning >> thanks, good morning. so we downgraded into an under perform, despite its many

advantages, the company is facing three big challenges in the near term, first, there is no plan to fix their manufacturing problems, their current generation products are facing low yields, which means high costs the next generation requires outsourcing the product, but there's no plan to do. second problem is the competition is stronger from nvidia and artificial intelligence products and foundries in manufacturing, and third even though the demand for pcs and everybodieservers is ste mix is weak. where they are usually very profitable, it is stronger on the cloud and consumer side where they are less profitable because it's just a lot more competitive area, so three big problems that they are having to deal with that we think is going to keep a lid on the stock. >> sounds like some of these things are out of intel's control because that's where the industry is going. is that the case would you do things differently

if you were the ceo? >> it's a tough problem and this management team in some ways handled this problem the manufacturing delays for intel are not new. this started in the prior generation usually intel has been the keeper of law, new catering of manufacturing every two years but the loss of the products slipped almost four years, and the new set of products is slipping again, and what's happening is that the competition is not sitting still. we have a foundry like taiwan's semiconductor corporation. that is now a couple of years ahead in their manufacturing and they are enabling all of intel's competitors, whether it is a and b, whether it is nvidia, or others, and that, i think, is making the problem very challenging for intel and in technology, if you're not moving ahead, you're falling behind >> that's interesting and we don't want to get too far in the weeds here, but it's getting harder and harder to get around

more or to keep hitting moore's law, just physical constraints these other companies, there's innovation and science that they're deploying that's more advanced they're ahead of intel now. >> the formula for success is focused on what you do best instead of trying to be good at everything with intel, they are trying to be extremely good in design and extremely good in manufacturing, and that formula worked for multiple decades, but over the last four or five years, that has started to unravel meanwhile, when you look at companies like nvidia, especially, and amb, they have focused just on design but they have left the manufacturing to taiwan piece semiconductor who has managed to build the economies of scale and design and r and d, and now you have a combination of design and very strong manufacturing the second thing that happened is the whole computing industry

is moving to artificial intelligence, and artificial intelligence requires a new form of competition, new forms of design, which take value away from intel's products and that is why someone like nvidia who does not have a position, they are more open to going after that market and designing products especially their gpu product that are able to take value away from intel's products so it's been a tough few years for intel, and we have seen the rise of companies, especially nvidia who have managed to take advantage of intel's struggles. >> okay. thank you, vivek, and under perform, going to an under perform on intel we appreciate your analysis today. we've got a programming note thanks, vivek. bob swan, intel ceo, is going to be with "squawk alley" at 11:00 a.m., and i'm sure some of these issues will be brought up this morning andrew thanks, joe. we've got a lot coming up this

morning. huge lineup right here on squawk to finish out the week, including tom cotton on stimulus talks. we'll see where he thinks they stand, and we have dr. scott gottlieb on the fda's approval of remdesivir for the coronavirus treatment. stay tuned you're watching squawk right here on cnbc ♪ ♪ when disaster strikes to one, we all get together and support each other. that's the nature of humanity. ♪

♪ no one thought that they were going to do this before it happened, and everyone just did it. i think that's the way that human nature should be looked at. ♪ ♪ ♪ ♪

intel ceo bob swan with sna analysis, what investors need to know now, "squawk alley" at 11:00 a.m. eastern and watch and listen live on the cnbc app. good morning, two big political stories this morning, president trump and former vice president biden squaring off in their final debate before the election plus, in washington, the debate over stimulus continues. more like the job owning and the blah blah blah over stimulus continues. we're going to bring you the latest and what it all means for your money. >> and some big news in the fight against covid. dr. scott gottlieb will join us. the second hour of "squawk box" begins now ♪ like a waver on the ocean of romance, we were liars in love and we dance ♪ ♪ we danced we danced >> good morning, on this friday

morning. welcome back to "squawk box" right here on cnbc i'm andrew ross sorkin along with becky quick and joe kernen. take a look at u.s. equity futures because with e mige migh week on a positive note. dow opening up 25 higher, s&p 500 500, 12 points higher, nasdaq looking to open about 12 points higher had been in the red this morning. all looking to understand maybe an explanation for all of it maybe this is it, joe. >> it's friday >> or not. >> i'm going to ask ylan that, andrew, right now, whether this is positive stimulus news or just friday after, you know, last night, and everything else. in washington news, house speaker nancy pelosi saying yesterday that there could be a significant lag time between reaching a deal and writing and then voting on the actual bill, which pushes it out even

further. ylan mui joins us with the latest when we see a hundred points out, maybe there's positive stimulus news. i'm not sure that's necessary on a friday it just might be that people are just, right, buy a couple of stocks it's friday >> i am definitely tgif, joe today, but pelosi had signalled there was fresh progress toward an agreement she had said i think we're just about there, but she also indicated that there were still some major issues that had not been resolved, including state and local funding, liability, and the consensus, and did seem to concede the deadline of election day is slipping away. >> i keep saying it's not a question of us agreeing in a room, it's a question of the cbo weighing in with the school, the legislative council writes these things, raising their questions, and putting it in legislative order. it takes time.

meanwhile in the debate last night, president trump blasted democrats' proposal as a give away to undocumented immigrants and a bailout for blue states and he called pelosi the biggest roadblock to a deal. >> we are ready, willing and able to do something don't forget, we have already approved three plans, and it's gone through, including the democrats in all fairness. this one, she doesn't one. it's near the election because she thinks it helps her politically. i think it hurts her politically. >> reporter: so pelosi says she does believe the president wants to reach an agreement and that gives democrats an opportunity guys >> okay. we're going to continue along here with someone that's intimately involved with everything that's happening back there, senator tom cotton of arkansas, a member of the banking intelligence and armed services committee, and senator, it's good to see you this morning. one of the -- i'm just looking at all the topics we want to discuss with you, and we just are calling it stalled stimulus

talks. is that where we are, and what is your -- are you cautiously optimistic or just posseessimisc >> joe, maybe i'm always cautiously optimistic when it comes to congress's work i wish this virus relief package wasn't stalled the senate had a majority for a bill last month that would have been a good bill back in march and april, we passed the c.a.r.e.s act which is a broad based bill because we didn't know much about the virus, the health impact and economic impact. we know more legislation should be tailored and specifically targeted to those in need, waitresses and bus boys, people who teach kids teenagers and karate or music. things that require a lot of close personal high frequency contact. we shouldn't be spending trillions of dollars on things that don't relate to this virus. for instance, nancy pelosi and democrats want to give a no strings attached bailout to

cities and states with long standing fiscal problems we have no problem providing money to cities and states to help address their virusrelate costs. they want to send checks to illegal aliens we don't think we should do that goes negotiations are ongoing i don't know when they're going to wrap up i have been advocating for new legislation going back to the summer but i'm confident that sooner or later we will have a new virus relief package. >> senator, in terms of our big tech companies, i even kid around a little bit about it i'm trying to figure out the last innovative european tech company that's been started. there are some we shouldn't be unfair, but the big ones you think about, we lead the world, obviously, but in the last couple of weeks, there have been a couple of issues that really could threaten to at least disrupt or

hold back and possibly even necessary moves to try to, i don't know, it's a wild wild west, to reign the companies in. what is, in your view, more important, this google story in terms of monopoly with the doj or what we saw with facebook and twitter in terms of deciding, you know, whether a news story should be circulated i'm talking about lap gate, the new york post reporting on vice president biden and his son? >> well, joe, i think the answer to that question is yes. they're both incredibly important. if you look at what the new york post reported, this is not some anonymous internet troll the new york post is an old and venerable newspaper. it traces its lineage back to alexander hamilton it has the 4th largest circulation in the country and the social media companies like twitter censored this report they wouldn't let it be shared they locked down the new york post's twitter account i think a lot of conservatives

and republicans across the country have always felt that these companies are biassed against their viewpoints now they feel it's an open declaration of war these are some of the biggest and most powerful companies in the history of mankind and they got that power under the protection of federal law. federal law since the mid 1990s has given them total immunity for any lawsuit that is published on their platforms you don't have that. newspapers don't have that radio stations don't have that, and if these companies want to act as editors, and curators and sensors now, they ought to face the same kind of liability rules that you all face. congress needs to act to amend or repeal that immunity. >> just we haven't really talked about it much on this show, but you have been a china hawk, you have been very critical of china overall. i don't know what's true and what's not, and i don't know whether, you know, i don't know whether it's the congress's job or the fbi, i don't know who needs to get behind it, but if

some of the allegations in terms of china are true with, you know, tryingto influence polic or any of the allegations that you have seen, we don't need to go into them, how do we get to the bottom of that is it important we get to the bottom of that and who's going to do it if a lot of media is not interested in that story, who's going to do it, senator? >> well, the best way to do it, joe, is more reporting, not having big tech oligarchs sensor the new york post. the new york post reported on hunter biden's alleged business dealings it had e-mails and other documents. maybe those are not authentic, maybe they are hunter biden and the biden campaign have not denied the authenticity it's like the dog that did not bark most news organizations would be committed to breaking news, they would want to dig deeper and explain what they found, as opposed to doing what the big tech companies do, sensor it and the mainstream media trying to

suppress it to the greatest extent they can. should joe biden win, there are going to be questions about whether or not joe biden and his family and the administration is exposed to pressure from china from the chinese communist party oligarchs, it's the same thing democrats have accused donald trump of facing for four years without any evidence we have to get to the bottom of these things whatever the result of the election is, and the media is not doing the country any favors by essentially ignoring this story. >> senator, i wanted to make two points, one is that the media industry at least the media industry that i know has been trying to investigate this, and has not been able to corroborate the story. i would also note the "wall street journal," which is owned by news corporation, which also owns the new york post has not been able to corroborate the story and said so quite directly in the "wall street journal" today. in the news pages of the "wall

street journal." so just to clarify, it is not that the news organizations are not looking into this. it's that they haven't been able to corroborate the story and a responsible news organization wouldn't, therefore, report it now, the next piece of this is you're talking about the tech companies censoring such quote unquote news if in fact, the tech companies had quote unquote liability like news operations do, you wouldn't want them to be reporting something that they couldn't corroborate, no? >> do you mean like the russian collusion hoax and the steele dossier that you reported on for four years, andrew >> well, look, i think it's fair to say that when you're reporting this news, there were clearly investigators that were investigating this and the news organizations were reporting about those investigations in this case, those investigations don't even exist

so there's nothing to report on in that regard yet now, it very well may be that there should be reports in the future about -- reports of investigations but on the merits right this moment, it doesn't seem to be something that people are able to corroborate. for better or worse. >> andrew, you and outlets like cnn, "the new york times" obsessively reported about the steele dossier which was an obvious fabrication. there's a clear double standard being applied to donald trump versus joe biden when is joe biden going to have a press conference and answer the question, hunter holder ten for him. the "wall street journal" didn't disprove that allegation all he has to do is come out and answer these questions donald trump did it four years ago. he has done it repeatedly. where is joe biden >> can i just follow up on the tech issue and the tech question about liability protection and this idea of censoring or not

censoring information. what do you make of the argument that technology companies broadly that there's a free market for in information, that frankly, the information can get out one way or the other whether you believe it's being censored or not, we're talking about it right now. the free market is working there's some people who decide to publish something, people who decide not to publish something, there's newsstands that decide to carry a newspaper or magazine, other newsstands don't decide to do that, you could argue the tech companies are so big they own all the newsstands, they clearly don't own all the newsstands because we're still talking about it right now. >> these tech companies have had this extraordinary immunity from lawsuits since the mid 1990s, if it wasn't that big of a deal, i don't think they would have hired the army of lobbyists marching up to congress begging and pleading not to alter section 230 of the communications decency act it must be important to them, and since they have grown to such gigantic scale, in some

cases to monopolize markets under the protection of section 230, i don't have sympathy for their claims when they're censoring conservative viewpoints >> senator, let's go back to the stimulus talks we've had several democrats and republicans on from the senate this week. we had marco rubio on yesterday who says he doesn't want to vote for a big bill, one that might get passed by the pelosi and the trump administration, one that they might agree on, however, he thinks it would be more damaging to not have some sort of stimulus out there, so he would go ahead and vote for it, even if he didn't like it, even if it doesn't have everything or has more than he thinks should be in it are you in that same camp, or are you sticking with the idea that it's the $500 billion skinny deal that senate has proposed or that's it? >> so becky, i don't really look at it from the standpoint of what the overall cost of the bill is. i look at the policies that

would bill would advance of course we have to have some compromise with the democrats in the house. take unemployment insurance enhancements for those still out of work because their industry or business faces operation restrictions from state and local government i would like to see people get unemployment up to but not surpassing their previous wages. the democrats might not want to go for that, a flat increase of a few hundred dollars per month over what the state unemployment those are things we can have splittable differences on. what i don't want to see is things that have nothing to do with the virus, like bailing out states like illinois or cities like chicago for mismanaging their finances for decades we shouldn't let this crisis to be an opportunity to advance unrelated policy priorities. it's not so much about the overall price tag of the bill, it's about whether the money we spend is going to help americans in need because of the coronavirus. >> but donald trump has said that if he can agree with a deal

with nancy pelosi, the senate would come along, do you think that's the case? >> well, we'll have to see about that, becky. i know the president wants relief packages and has wanted one for many months like i have, but of course we have to review the final details of any proposal before we can make a final assessment of it >> all right senator, we're going to end it th there i'm told i appreciate you being with us this morning thank you. we'll see you again in the not too distant future, hopefully. thanks. >> thank you, all. coming up, positive news in the fight against covid, first, as we head to break, american express just posting quarterly results, earnings per share, falling a nickel short revenue did top estimates. ceo is seeing a steady recovery in spending volumes since the april low. stay tuned, you're watching "sawbo ocn quk x"n bc

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welcome back to "squawk box. apple's new iphone 12, and iphone 12 pro, they're available in stores today. apple won't be letting customers line up outside the stores to get their new iphone due to the pandemic, employees will hand out reservation forms with time slots for people to return later this video of launch day in shanghai this morning, take a look lines were much shorter than in the past as most ordering is now being done online. shares of apple up 58% so far

this year. i happened to go to the genius bar at one of the apple stores in new york city this weekend. waited outside, everybody was spacedout. hardly anybody inside, they did actually a great job they actually took your temperature on the way in as well coming up on the other side of this break, restaurants have been among the hardest hit businesses during the pandemic we're going to tell you about one initiative hoping to boost sales. we'll talk about that after the break. time now for today's aflac trivia question. what american engineer developed the first commercial steamboat the answer when cnbc "squawk box" ctiesonnu congratulations! welcome to the aflac program. aflac! now tell me, what does aflac do? aflac pays you money directly to help with unexpected medical bills. and is aflac health insurance? no, but it can help with expenses health insurance doesn't cover! that's right. are there any questions? -coach! -yes? can i get one of those cool blue blazers? you know i can't play favorites.

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in 1807, his steamboat, clermont, traveled up the hudson river from new york city to albany all right. the restaurant business has been hard hit during this pandemic, as you know, and it is among many industries looking for stimulus help. in an attempt to try and help black-owned restaurants, there is a new initiative planned in new york frank holland is here, and he has the details on that. good morning, frank. >> good morning to you, becky, you know, dozens of black restaurants in new york city hope a new effort to highlight their unique menus will improve sales. black restaurant week, comes to new york for the first time from november 13th and the 22nd, the normal registration fee is waived for new york city restaurants. participants get free marketing and they are entered into a national registry. organizers say the event can raise revenues as much as 20%. celebrity chef marcus samuelson,

owner of the red rooster who wrote a book, black restaurants feed the people and economy of black neighborhoods. >> i look at the impact red rooster has had on lennox aver there's so many businesses that stays open, for example. imagine when you take restaurants out, those boulevards are now going to be completely dark. that doesn't inspire you to move there. that doesn't inspire other businesses to start their businesses there >> new data from cnbc and uc santa cruz found the number of active black businesses fell 41% in the first months of the pandemic, compared to 17% of white businesses the numbers of black businesses, they are starting to rebound, but restaurants are widely considered the hardest hit samuelson added a large percentage of the 15 million restaurant workers in the u.s. are black, and more closures, especially in black restaurants has the potential to increase thecovid impact on the black community. becky, back over to you.

>> wow, frank, you hit on the economic impact there of black restaurants closing. is there a cultural sort of social impact, maybe as well, that goes along with this? >> you know, becky, absolutely so many restaurants have been crucial and central to things like the civil rights movement you look in d.c., a restaurant like ben's chili bowl, it not only donated food to the march on washington but civil rights workers went there to meet and organize there there's so many other restaurants around the country that are crucial, and we see in times of social unrest, black restaurants could again play a key role. >> frank, thank you, good to see you. >> thank you. follow the money, president trump and former vice president biden squaring off last night, and among the points of debate, which candidate is getting more money from wall street we tracked down the numbers. we'll bring you those details next first, though, as we head to break. check out this morning's other big movers stay tuned

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welcome back to "squawk box," i was whistling. i love that music. it just gets me really excited we're up about 83 points now on the futures we are up triple digits for a while nasdaq up 12, and the s&p indicated up about 10. the yield on the ten-year treasury has been moving up. and it seems like a big move since we haven't seen levels like this in a while still, though, under 1 point, 1 percentage point at .86% andrew >> okay. in the meantime, i want to talk about wall street donations in the world of politics right now. they were one of the lines of attacks in last night's final presidential debate. and joining us now with the story and some numbers on both candidates, kayla tausche.

>> reporter: for reporting tipping off wall street for the dire impact of covid on the markets and trump turned the tables on biden who ended september with $432 million cash on hand compared to trump's $63 million. >> you have raised a lot of money, tremendous amounts of money, and every time you raise money deals are made, joe. i could raise so much more money. as president and as somebody that knows most of those people, i could call the heads of wall street, the heads of every company in america i would below away every record but i don't want to do that because it puts me in a bad position, and then you bring up wall street. you shouldn't be bringing up wall street because you're the one that takes the money from wall street, not me. >> reporter: the president came under criticism earlier this week for making a similar comment at an arizona rally that he could simply call up the ceo of exxon hypothetically and get money in exchange for deregulation, but to be sure

where finance is concerned, the response for politics finds for the first time in decades, these deep pocketed donors are flocking to biden, moneys totaling 58 million for biden, 14 million for trump the break down of party funding is roughly the same when it comes to hedge funds and private equity as well wall street resoundingly backed president obama in 2008 but switched sides after the dodd-frank financial regulation was passed and despite the influx helping biden in this home stretch, progressive groups aligned with senator bernie sanders have called on biden to pledge to appoint zero wall street executives to his potential administration andrew, not the last we're going to hear of this. >> not the last we're going to hear of it i'm curious by the way on the last point you made about him, about biden not appointing anybody from wall street, whether in fact, if he does win, you think that will remain to be

true >> reporter: well, i know that there are a lot of transition team members who are working on that very question, you know, one of the things that has dogged biden is what type of president he would potentially be people say we know joe is a moderate he has this long political record, a long voting record that would potentially signal where he stands on certain issues, but the democratic party of today is very different than the democratic party that he served in for the last four plus decades and there are many progressive members of this party who want him to back certain policies, want him to back certain personnel, and certainly they're going to want to have their seat at the table as well, andrew. >> okay. kayla, great to see you, thank you for that reporting we will see you very very soon i'm sure in the meantime, i want to talk a little bit more about the candidates and specifically about narrow economic plans, their tax plans, the stalled stimulus talks, last night's presidential debates and what to watch out for from washington as we count down to the election.

we want to bring in libby cantrell, head of u.s. public policy at pimco. it's great to see you. let's just talk about both of these candidates, and specifically their tax plan and what you think it would do to the economy and i think it's important when we talk about the tax plan to also talk about the spending plan on the other end of it, because specifically, at least in the biden case, while there's taxes that are going to go up, there's also going to be a ton more spending and how you as an investor, and how the investment community should think about that >> yeah, yeah, thanks, andrew, nice to be with you. obviously i think that the picture is going to look quite different in biden were elected as it relates to both taxes and to spending. spending, as you mentioned, i think this is one of the reasons why the market has sort of swooned over the last few weeks or so. is there's an expectation for a lot of government spending, a lot of fiscal stimulus not only in kind of a covid

relief bill. that's obviously being negotiated right now on capitol hill, but a big infrastructure program, a big kind of jobs program, a big climate program, all of which biden alluded to last night, but to pay for that, as you point out, there is an expectation that taxes will increase but this is where, you know, as a former legislative aid, i'm going to bring it back to congress because, you know, obviously this is all predicated on the composition of congress and if there is a narrowly divided senate, even if it's a democratic senate, a likely big tax plan will get watered down in kind of the sausage making, if you will. if you look actually at the campaign rhetoric of presidential candidates in the past, versus actually what's enacted, you know, very little actually gets enacted in the way it is proposed so while we certainly shouldn't expect tax increases, they will likely be more evolutionary than revolutionary, than existential under biden.

under a status quo election, president trump get reelected, while he talked about tax cuts, and we expect him to push for an extension on some of the tax cuts on the individual side, and some of the cuts in 2017, very unlikely, as you know, speaker pelosi is in the house, probably likely under that scenario that she would go along with it promises for tax cuts. i think it's unlikely those materialize in a status quo election >> joe. >> thanks, andrew. we haven't talked about it this morning, and it was in certain circles got very controversial, i'm talking about transitioning quickly away from fossil fuels and the energy industry. and, you know, i don't understand how we're going to do that quickly in terms of global commerce, and you know, big bankers, and fedex planes and so

many things that we depend on fossil fuels for at this point, and you know where wind and solar are in terms of total energy maybe for the grid, it's helping things like that, but we're nowhere near it right now. high paying jobs, there are some states, battleground states where a lot of the economy depends on these jobs. i mean, if you factored in at pimco what we're talking about, or should we not take it seriously, it's kind of saying i'm going to stop the storms and the wildfires. >> yeah, i mean, it's not that we're not necessarily taking it seriously, but again, i think you have to differentiate between kind of campaign rhetoric and actual policy reality. some of this, if biden were elected, he could do this from a regulatory perspective, but i also think he's incredibly mindful and tried to reiterate with great success there will be a long transition, and he is very much conscious of sort of

the labor component. he sort of tripped over himself to emphasize that labor had endorsed his climate agenda, his environmental plan as you point out, specifically in this moment of time, eleven days before november 3rd, you know, i think there probably are some democrats who were kind of a little bit biting their nails when he was talking about all of these things because of course pennsylvania is a state that has depended on fracking in particular and that is, you know, another reason why i think biden was trying to make it so clear about his position on frackingme i think realistically, on one issue that biden has gone farther to the left is on climate. we certainly are taking it seriously. i think it's going to be, you know, a process, and really a transition, and a transition is probably going to be much longer than four years under his -- >> getting the carbon neutral by

2030 is -- >> aspirational. >> i know. and in terms of growth and everything else, it's, i don't know, it would mean, i don't know what it would cut off of growth, and the other side will make the point that, you know, there's going to be new jobs associated with it, but i think they're living in some type of fantasy world to not look at the global economy and see how much it's dependent, you know, the way that it's working right now is dependent on moving these goods and services and everything else and it's dependent on energy. i think we can make it cleaner but it's dependent on hydrocarbons. >> and part and parcel has been the carbon tax and this has been discussed on capitol hill for, you know, 20 years, and hasn't gotten traction for a variety of reasons, and i think this is one of them, policy makers are concerned about the potential economic fallout. >> and libby, i have a markets question for you, and it's something that i have been

struggling to try to understand, you have had the markets on -- well, this week has been a tough week, but generally we have been doing more than fine, better than fine, better than expected to some degree, and that's with what may be considered the head wind of what historically people thought of as a biden win when it comes to taxes, at least in this calendar year, and the reason i ask is, yes, people may be happy about potential stimulus plans in the future and whatnot, but there is a view that a lot of people are going to take profits in this calendar year if biden does win, and i'm curious how you sort of square up those two ideas >> it's a great point, andrew, and in terms of sort of the market, it does seem like it's chang changed since the summer where it was fearing a democratic sweep or a potential of a democratic sweep, and again, now

it seems like it's romanticizing a democratic sweep probably the reality as you mentioned is more in between we talk to clients about this, and our clients are long-term investors, they're not making tactical adjustments based on the election but of course a lot of them are tax sense ticitive,e in the change in dynamics and not necessarily making a lot of moves. they are talking to their financial advisers or, you know, their tax planner but it doesn't seem like they're necessarily anticipating any kind of draconian changes in a tax regime, and i think just practically speaking and not to be too sanguine about this because taxes will increase under a biden administration for sure, but i do think that the moderate democrats in the senate, a narrowly divided senate is going to be kind of a moderating force on any ultimate tax bill, including probably what i think you're pointing to is a potential change in the capital gains rate

i think there is, again, a lot of sensitivity for a variety of reasons about retirement savings, about impacting the markets and so i think if any change were to come about, there would likely be some sort of phased in censored step in process over several years, and i think, you know, maybe investors are expecting that as well >> we will see we will see. libby, it's great to see you hope to see you again very very soon thanks so much. >> thank you. when we come back, we've got some of this morning's stocks to watch, including some good news from the toy industry. hmm, wonder why. who hasn't indulged their kids lately. first, though, as we head to a break, let's check out this morning's biggest dow winners and losers it you're watching "squawk box" right here on cnbc ♪

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welcome back to "squawk box," if you wonlt miuldn't min, don't mind it doesn't say that, i put that

in there check out the shares of mattel, the stocks up after the toy maker reported revenue rose 10% in the latest quarter. the biggest increase in a decade mattel is forecasting more growth this holiday season as retailers rush to restock shelves with barbie and other toys in high demand from kids stuck at home during the pandemic and i will tell you that the ceo is going to be on with jim tonight on mad money and i can tell you that i knew that once again, becky, i was in kind of a sitting position, and i found that out at about 4:45 this morning no, i found out at 4:45. so jim was -- i can't tell you where he was i can just tell you that i knew -- >> we don't want to know where you were either. i'm looking forward to this. look, this is that continuing retail story, you heard it yesterday with tractor supply company when we had them on. there are the haves and have

notes when it comes to who is doing well, who is really getting the consumer spending and i don't know anybody who isn't spending a little more than they normally would on their kids because they feel so bad about the stuff that they're missing. so this obviously is one of those stories and will continue to be a story probably at least through the winter and potentially the spring, too. >> yep i guess if i hadn't -- if there was ever a time where i didn't give them every possible thing they could possibly want, maybe it could change during the pandemic, but it's difficult to see. >> tell me about it. >> we're getting a kitchten next week, which i never thought we would do. >> you don't have cocoa yet? >> you can't have them until they're 8 weeks old. >> she was pretty cute. >> i have a picture. >> that's nice 2020 has broken us, all the things we said we would never do >> i have german shepherds, i

would get a cat if i wasn't allergic, with the german shepards, it's funny to watch them all get along cats and dogs do live together anyway, coming up, dr. scott gottlieb on the gilead news getting the fda. if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert. ♪ ♪

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shortened hospitalizations joining us now to talk more about it dr. scott gottlieb, a former fda commissioner, cnbc contributor, and serves on the boards of ill lumipfizer good to see you. >> thanks a lot. the stock is up significantly, more than 5% on this it may not come as a huge surprise given this was granted emergency authorization. what do you think about this, does this change the outlook for what happens with patients does this change the outlook for what happens with gilead >> i don't think it changes much from a practical standpoint from the view of clinical medicine. this was standard of care for hospitalized patients. gilead has done a lot to ramp up supply we were concerned there wouldn't be enough supply heading into the fall and winter, it does seem like they will have enough supply on hand judging by what

happens mind you with the epidemic and how dense it gets going into the winter. this won't change clinical care patients who are getting this. it's good they secured the full approval the drug has been shown to provide a benefit in moderate patients it hasn't demonstrated a mortality benefit but there are suggestions it night in some of the clinical data and we're going to need subsequent studies to confirm that. >> i was going to ask you about that, the world health organization study that we spoke about a few weeks ago, that is circulating on social media and other places, concerns about whether this actually improves the death rate or hospitalization on things, but you're convinced that this is adding something to the fight against covid, right >> i think the balance of the data shows that it is providing a benefit. we have to be comfortable with singles and doubles when it comes to developing drugs against covid. we rushed medicines into clinical development, not optimizing them.

this is the first generation of medicines. nothing is going to probably be a home run we have drugs in early development that look like they're going to be substantially more effective they're not going to be available well into 2021 i think we need to take what we can get in terms of providing a treatment benefit. the w.h.o. study had significant limitation, 20% of the data was missing. it was a practical study it wasn't a placebo trial. that said, the data is important. we still need to look at it, but i think the balance of the evidence really does suggest that remdesivir is providing a treatment benefit to patients and wooere're going to need subsequent studies to tease apart if there's an effect on mortality. there's a lot of antivirals that reduce symptoms, length of stay, severity of illness, and having demonstra demonstrate to improve mortality. we're going to need more research i think that there's a commitment to collect more evidence post approval for this

drug >> hey, scott, another thing i noticed was gilead said this was going to be a standard of care for people who are hospitalized, who are at least age 12. this ties back to what you were saying about vaccines not being tested for anybody under 12, and thinking it's going to have to be reformulated for people younger than that. is there anything you can do for kids under the age of 12 at this point if they get covid and if they have a bad reaction >> they're having -- there's still a good support of care steroids are being used in children, but these drugs need to be reform utiliulated at a l dose both remdesivir, as well as the vaccines, that's going to be done subsequent to the approvals, in part because you're concerned about putting something into children for risks of side effects, and part because children seem to be faring better with coronavirus infections, so you're not seeing the same bad outcomes than

adults they're going to be more cautious about introducing therapeutics, but that work is being done right now, and i would expect in 2021, if these they're putic therapeutics are successful, i would expect to see formulations being put in clinical development for children. >> we have talked about this issue more than a few times, and the actual mortality, is it similar to influenza, is it worse, i thought initially they thought that it was even less lethal for children than influenza, and then the numbers were going up to where it was equivalent to influenza, and i don't know whether, you know, parents were going to naturally have much greater fear for our children than maybe is rational. should we view it as different than the seasonal flu that we see every year or is it really similar to, you can be just as worried about getting influenza

if you're a child as coronavirus? >> yeah, i think unfortunately the data is going to demonstrate a higher death rate, and more deaths among children tragically than seasonal flu. mind you, that seasonal flu affects a child population that's been largely vaccinated and so you have other therapeutics that are protecting a lot of kids, so maybe if you left the entire population of children unvaccinated and we didn't have effective antivirals, they would look more comparable, in terms of the crude number of deaths that we're going to see by the end of this sort of third surge of infection heading into 2021 by the end of the year, i think unfortunately it's going to eclipse the numbers that we see in an average season for seasonal flu maybe not by an order of magnitude. >> we don't know at this point, the initial numbers were that it was similar or less than influenza for lethality, no? >> yeah, we don't know because

we don't know how many kids have been infected. when you look at just the number of children who die each year from the flew and the number who are going to die from the coronavirus, i think coronavirus is going to eclipse the number you see in a typical seasonal flu season again not by an order of magnitude, but there's hundreds and it's probably going to eclipse several hundred just by the run rate we're on right now unfortunately. >> that's how you get to the idea, it's just, you know, we're prone to being really worried about our kids, and i think there's times maybe you can be of public service to not be hyperbolic about raising fears. >> i think we need to recognize that this doesn't affect children nearly as severely as it affects adults. there's a strong age component the older you are, the more likely you are to get the virus and have a bad outcome

kids are far less susceptible as adults are, and the data does show that. if this was affecting kids the way a pandemic flew, we would feel differently. >> but you want a vaccine for older people first, obviously. >> absolutely. >> yeah. all right. thanks andrew so much more to come right here on "squawk box. the world, according to tom friedman, he's going to be joining us, talking about stimulus talks, the big tech under fire, we're going to get his take on the day's top stories, and his take as well. stay tuned you're watching "squawk box" on cnbc ok, just keep coloring there...

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good morning, futures showing gains ahead of the opening bell, but the dow, the s&p and the nasdaq, they're all currently on track to snap multiweek winning streaks. and their closing arguments, president trump and former vice president biden going head to head in what was definitively a more subdued second debate however, we still heard a clear difference on their plans for the economy. we're going to break down the candidates' biggest claims, with the "new york times" tom friedman, talking about the tech

crack down with facebook's former chief privacy officer and ask galaxy digital's what a november election blue wave would mean for the markets the final hour of "squawk box" begins right now good morning, and welcome to "squawk box" here on cnbc, i'm joe kernen along with becky quick and andrew ross sorkin u.s. equity futures at this hour on the dow, 20 and change on the nasdaq, s&p up about 13, treasury yields have been backing up a little bit. .86% at this point on the ten-year. becky. >> thanks, joe let's get you caught up on some of this morning's top stories. the united states has just recorded the most new coronavirus cases in a single

day. according to an nbc news data base, there were 77,640 new infections just yesterday. the prior daily high of just under 76,000 cases came back at the end of july. the 7-day average is now above 62,000 the big earnings mover of the morning, american express, the company poested a third quarter results number earnings per share falling a nickel short, although revenue did top estimates. the american express ceo is seeing a steady recovery in spending volumes since the april lows and that stock right now down by about 3%, and then there's intel, those shares tanking after the chip company reported third quarter results adjusted earnings matched the street's expectations but it was sales for intel's data group that were down 7%, coming in below expectations and causing some real concerns

that stock is down by almost 10% this morning you can see intel ceo bob swan in a first on cnbc interview that's coming at 11:00 a.m. eastern time today andrew >> thanks, becky meantime president trump and former vice president biden clashing on jobs and the economy at last night's final 2020 debate steve liesman joins us with a bit of a fact check on some of the biggest claims that took place last evening, steve. >> good morning, andrew, from taxes to tariffs to jobs that candidates debated issues that could end up having a profound effect on the economy in years to come. here's the back and forth to start with, on the controversial issue of a $15 minimum wage. >> what's going to happen, and what's been proven to happen is when you do that, these small businesses fire many of their employees. >> there is no evidence that when you raise the minimum wage businesses go out of business. that is simply not true. >> the congressional budget

office in 2019 specifically found boosting the minimum wage to $15 would result in 17 million people getting higher wages and 1.3 million becoming jobless, 1.4 million would have pulled out of poverty. on trade, the president said china is quote paying. they are paying billions and billions of dollars when it comes to the tariffs, however, most economists agree the burden of tariffs fall primarily on the importers, u.s. consumers and companies, but it doesn't appear biden would be quick to eliminate these tariffs anyway on the issue of the trade deficit. former vice president joe biden said president trump has caused the deficit with china to go up, not down in fact, the trade deficit with china fell by roughly $2 billion in 2016 to 2019. it did hit an all time high in 2018 finally, the president once again repeated that he had the best african-american unemployment rate and while this is true, it does require some context. african-american unemployment

fell by 6.2 percentage points under president obama, it dropped a further 2 1/2 percentage points to an all time low to president trump, and that was before the pandemic. to this point in the trump administration, it's 4.2 percentage points higher than when he took office. how much president trump was responsible for a record low is a response it an increase in double digits and whether vice president can do better, that's among the issues that voters will decide in eleven days, andrew. >> i'm curious whether some of those back and forths you think, i mean, you study the economics more than the polls, but whether you think there was one question that really changed the dynamic last night >> you know, i don't think so. i think what was interesting was they had a chance to debate the issues and you could hear the answers. it was very very helpful in that

regard there are very different ideas out there. president trump wants to run growth through the corporate side of things, and has done so by lowering taxes on corporations joe biden wants to increase growth through the worker and through the average family aspect of things my take on these things is there's room for both of these things in an economy, and both should be handled and taken care of i don't see anything changes the dynamic on the economy if anything, it was the issue you were talking about in the last hour which is the issue of oil and gas and it's a troubling thing for people to think of getting rid of oil and gas, and fossil fuels, on the other hand, it's troubling for people not to be doing anything about climate change >> fair enough, steve liesman, thanks >> all right let's bring in another close watcher of the u.s. economy and

the 2020 campaign. tom friedman, "new york times," foreign affairs columnist, and author of "thank you for being late," an optimists guide to thriving in the age of accelerations. his recent column, after the pandemic, a revolution and education and work awaits. tom, it's good to see you this morning. >> great to be with you, becky, thanks >> let's start on the idea of the economy. i have to say it's something we probably haven't heard about enough, focused on enough, going through this campaign season normally, particularly here on a business network, we would follow it much more closely. there has been so much this year that's kind of changed the scene and kind of been thrown out in the noise. but what do you think about the economic plan of each of these two? >> well, you know, i think steve got into a lot of it, you know, in what he talked about, which is that biden wants to lead us out by a lot of government

investment in infrastructure in particular, and clean energy infrastructure in particular trump is a free market guy at the end of the day, i'm sure there's going to be a combination of both. but i didn't hear anything sort of wild and radicall interesting coming from either guy, so i don't think that discussion really moved the needle one way or the other, becky, from my perspective but that's really how i saw that >> you know, you did have 50 cent coming out this week and saying because of the high tax rates that he would be voting for president trump, and that's something that's gotten picked up and play and kind of run with i just wonder, those types of tax rates, those things that are out there, you think that that is something that actually happens if biden wins the election >> i think taxes will go up. i mean, he himself says for anyone making over $400,000 a year, so taxes will go up. >> to 62%?

>> for corporate america >> no, do you think taxes will go up to 62% in some places? >> on individuals, you mean >> yeah, on individuals. that's the number in california, and i think new jersey would be as high as 60% >> both state and federal together you know, it depends entirely on who controls the senate. you know. >> and i also think right now democrats seem united about that, but there are a lot of conservative democrats remember, becky, the democrats took the house back in 2016. it wasn't actually because of the aoc, liberal faction, they recovered the house because democrats running in purple districts conservative democrats actually did well. so this discussion will get much more interesting, you know, once you see the makeup of the senate and the house afterwards during the campaign, there's no laws of gravity, you can make

any claim you want democrats won the house back because conservative democrats did well, not the more liberal ones. >> yeah, and you know, tom, i don't know how much you've thought about this, but i've been trying to kind of run through the list of things that the biden campaign has said they want to do there's health care, there's taxes, there's infrastructure, there's stimulus spending. and even if there's a completely blue sweep, try and figure out which one of those would be the top priority, before you lose momentum, before you start thinking about the next race in two years. what do you think or have you spent much time thinking about that >> i think the two things that there would be a broad public support for and probably broad based democratic support for is a real infrastructure bill, stimulating the economy through investments and infrastructure, though those take longer to work through, and some kind of roll back on the corporate tax cut in order to pay for, you know, some

of the other social programs that biden is talking about. i doubt once it all goes through the meat grinder that it will be anywhere nearly as radical as biden hopes or predicts. those are the two areas i would look for, infrastructure spending and some kind of roll back in the corporate tax cut. >> let's talk about your most recent column after the pandemic, you see some sort of a revolution coming both in terms of educationand the work force describe what you mean i guess this is something in terms o. digitalization being pulled forward in a big way. >> yeah, i mean, i think the pandemic is both accelerating, becky, and disguising some really profound changes going on in society, and particularly around education and education to work, you know, sometimes people ask me about getting their kids to the college and i think of these guys in hollywood, these knuckle heads

who bribed people to get their kids into usc. excuse me, but if you're going to bribe someone to get your kid into college, may i suggest you bribe to ibm's university, and not usc. so what's that about what that's about, becky, really what i wrote about in my last book, the pace of change is accelerating so fast now, that the old days were government educate, and you business employ that doesn't work anymore because when the pace of change accelerates this fast, you have all these companies feeling they need to start to own in-house universities that are built on what robbie kumar from emphasis calls not just in case learning, going to teach you this just in case you need it, but entirely on just in time learning i have spent time at ibm at their in-house universities. they are awesome i think what you're going to see

in the future, and this is what the article is talking about, yow going to see education move to an ecosystem where maybe an ibm will partner, as they have already done with northeastern kids at northeastern will be able to take courses at ibm's in-house university, not just on their campus, and people at ibm, may be able to take humanities, philosophy, ethics, at a university, and i think in the future what's going to be the competition is what ecosystem do you have, who gets to partner with google, apple, microsoft, which universities, you're getting the best of just in case learning, and the best of just in time learning >> i mean, it sounds almost like an apprenticeship pram, you koga modernized apprenticeship program where you're looking at the high-tech trades and beyond. >> you have to when the pace of change is this quick, basically, the average life of skills, half-life of

skills diminishes faster and faster, and the only way for these companies to keep up, and that's why they're all going in. at&t has done it, and building impressive in-house universities you don't want people learning the latest, you know, tech innovation but also ethics, you know, philosophy, morals, maybe we can get to actually a much better synthesis than we have right now. >> hey, tom, i wonder if that in some way would increase the problem of inequality, though, if you have to get into one of these great schools or great universities, or great companies in order to get the skills and consta consta constant refreshing of those skills you need. is there any part leveling the playing field and making sure everybody has access to something like that? >> it's a very good question, so first of all, you have to be very intentional about that. there's no reason you can't do this by partnering with community colleges, you know, and also if you talk to again,

people like robbie kumar at emphasis, they are not hiring people just on the basis of their skills okay that is if you can prove you have the skills, they're moving from hiring people on degrees to hiring people on skills, and if you can prove you have the skills, you know, you're going to be able total g hired at these companies, number one, without a degree you're going to see that trend increase and at the same time, what's happening to work and this is part of what my article is about as well. work is being divided up more and more, made more and more module and companies are becoming organic str becoming organic strbecome orchestraters. now we have full-time columnists, monthly columnists, now we have daily responding to whatever is going on my editor works out of home. the people who monitor the comments on my column are somewhere, montana or sri lanka

for all yrn. remember the old joke, two dogs in front of a computer on the internet, no one knows you're a dog on the internet also once work gets broken up like this and made more module, anyone can compete for it minorities, women, people with disabilities, so you know, this can go in a lot of ways, and the real point, i think the pandemic is both accelerating, and disguising a volcano of creative destruction that's going to happen in the next few years, that will be profound and hit education and how we work. >> you know, you pick up on the strong points of that, the idea that anybody with a disability, anybody who's a different religion, anybody who is a different culture, can jump in and still be able to get access to these things, but it's also kind of an argument for globalism. do you think that this is going to mean that a lot of those jobs

eventually get outsourced, too, and they can be done in someone in another country that has a much lower cost of living and can get paid left. >> that train left the station a long time ago. i wrote the world is flat in 2005 people ask me, is the world still flat it is getting flatter all the time technology is taking us there, and the challenge of politics going forward, and that's why last night's debate was a little old fashioned, is how we get the portab portable health care, how we get portable pensions, how we get portable lifelong learning opportunities, how we get a proper safety net for that kind of economy that's the world we're going into i promise, i did not start this. i swear. i just wrote about it. you have to dip in to see where companies are going. that is where they're going, where technology is going to take us, and politics needs to be all about how we get the best out of this world and cushion

the worst and there are going to be up sides downsides, and politics has to be about how we take advantage of the up side and cushion the downside. >> thank you, tom, it was good talking to you this morning. >> always a pleasure, becky, thank you. >> thank you >> joe >> still to come this hour on "squawk box," facebook's former head of privacy or privacy weighs in on yesterday's vote by senators to authorize subpoenas for mark zuckerberg and jack dorsey, and billionaire investor mig -- michael novogra strktz ot might be a blue wave gap plans to shrink its footprint by 350 stores and switch to a business model driven by ecommerce and off mall locations. stay tuned, you're watching

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welcome back to "squawk box," the futures are indicated up 106 points, the dow, as you can see, nasdaq up 34. see for yourself, and the s&p

indicated up about 15. andrew >> thanks, joe meantime, gilead is saying the fda has given the green light to remdesivir for the treatment of patients with covid-19, requiring authorization. the drug was approved for emergency use only the first and only approved coronavirus treatment in the united states. >> thanks, andrew, still to come this morning, new numbers on mortgage bailout stemming from the coronavirus. we'll bring you those numbers. and galaxy digital, michael novogratz on why bitcoin is surging again. it hit its highest level in january of 2019. stay tuned, you're watching "squawk box" on cnbc how do you find companies that are driving the right outcomes? if you care about economic equality and social justice,

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welcome back to "squawk box," we are looking at green arrows for now dow futures indicated up by 92 points s&p by 14. nasdaq up by 33. it does come after an update from the markets yesterday but this week has been a are you one and all three of the major averages look like they will close down for the week unless there are far bigger gains than this today joe, i'll send it over to you. >> where are we exactly? we're not down too much?

>> friday. no, i think it was 1.4%. before this morning's gains, 1.4% for the nasdaq. .9 for the dow and s&p 500 it's possible, they could make it up today if they build on the gains from here. >> probably need a mnuchin/pelosi tweet or something. i don't know and the latest numbers on covid related mortgage bailouts are in, and more data on how renters are doing. diana olick joins us with more good morning, diana. >> reporter: the mortgage bailout numbers continue to improve. we're not out of the woods yet the number of borrowers in private or government sector forbearance plans fell slightly, down 11,000 compared to last week fanny and freddie loans dropped by 14,000 and banks or prooif secu private secure loans, 5,000 loans in fha and va bailouts,

according to black night as of october 20th, 3 million borrowers were in covid plans, 5.6% of all first lean mortgages. 80% of those in the bailout have had their terms extended as the picture for homeowners continues to improve, that's not case for renters as more are struggling to pay the rent 10% of renters said they had no confidence they could pay next month's rent 1.34 million renters households will owe just over $7 billion in rent by december of this year, which is around $5,400 per household and that's all as a result of pandemic related job losses, joe. >> thank you yeah, you heard me say uh-oh, too late for me to request the michael myers theme song i guess, but, you know, it is

coming up. ♪ so i did it myself anyway, let me ask you a question see, i knew i would get that most renters can't be evicted under the cdc moratorium that expires, is that correct, in january what happens then? >> it expires in january, the cdj updated its moratorium, saying while landlords can't remove tenants from their homes, they can start the eviction process, come january 1st, some renters could be out on the street immediately, and it's interesting because it's indicative of the great divide between the haves and have notes. homeowners are getting relief from lenders who are getting relief from the federal government's programs, and renters not so much. there's really nothing in fact, there are some state rental assistance programs but they're just continuing to build

this debt with no lifeline who are hurt more by unemployment than homeowners. >> and it's the 23rd, so that's next saturday. a week from tomorrow is halloween, right, and we don't know what is going to happen this year. i don't know i'm not sure i don't know where, you know, the whole mask thing has me confused, wear the mask on the other side of the other mask or the halloween mask, i don't know which is -- anyway, andrew, have you figured it out, how you're going to do it, are you going to go at all with the kids? >> i don't know what we're going to do, we have been tossing around ideas, i think everyone is masked up one way or the other, if you know what i mean. >> you need two masks. >> you might need two masks.

i think if you put the one mask under the other mask, i want to make sure that the kids can breathe a little too w we got to figure it out. >> you could go as a surgeon, a doctor, one of the great heroes of the whole pandemic. go as one of the heroes. >> that's a very nice and honorable idea to show our respect to all the medical professionals trying to help people on the front lines. when we come back on "squawk box," more congressional testimony on tap for the ceos of the alphabet, twitter and facebook and new subpoenas for two of those men as well. when we come back, we're going to talk about the renewed crack down on big tech with facebook's former med of privacy. stay tuned you're watching "squawk box" on cnbc ♪

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these are some of the biggest and most powerful companies in the history of mankind, and they got a lot of that power under the protection of federal law federal law since the mid 1990s has given them total immunity from any kind of lawsuit from what is published on their platforms. you don't have that, newspapers

don't have that, radio stations don't have that, and if these companies want to act as editors, and curators, and sensors now, they ought to face the same kind of liability rules you face congress needs to act to amend or repeal that immunity. >> okay. that was arkansas senator tom cotton with us last hour, talking about the scrutiny of america's biggest tech companies. we have heard that the federal trade commission is filing an antitrust lawsuit. ylan mui reports that commissioners met in a private session to discuss a potential case it comes as republicans on the senate judiciary committee voted to authorize subpoenas for the ceos of facebook and twitter to testify about the company's handling of a recent unverified new york post article about joe biden and his son. joining us to talk about this is chris kelly, former chief privacy officer at facebook and

it first general counsel. >> thanks so much for having me. >> you heard senator cotton, this is one of those, i guess, areas where we wish we could just have a really simple answer, this is how it's going to be. this is not how it's going to be, and we're a long way from consensus on this, chris, what is the right thing to do >> i agree that we're a long way from consensus, and i want to point out that the idea that there aren't extensive liability protections for the mainstream media under the first amendment, and 230 is the only thing that differs here if you were to get rid of 230, there would still be extensive protection for the decisions that the tech companies make just as there is extensive protection under the first amendment for traditional publishers, and a lot of the players in this space like to avoid that difference and to say it's all 230, it's actually the first amendment in quite a number of these cases, so i

expect that that will be part of the hearing when it finally gets set for the discussion, and 230, i think, is a great way to make it clear who's responsible for speech, but 230 protects mainstream media, too, when it has comment board on its internet sites or operates through its app, et cetera, so this idea that 230 is this radically different protective measure for the internet isn't quite right, and that needs to be introduced into the debate and the discussion as well >> andrew, you want in >> chris, the thing i don't understand about this, and i was trying to get at with senator cotton this morning, if in fact you were to remove 230 and the liability protection, i would imagine the ultimate answer would be more censorship, not less >> i actually think that that's the most likely outcome. you would see a lot more extensive, you know, sort of

review of facts and it's just a burden that you don't necessarily want to applies on the -- place on the companies, and it's implemented in particular ways around the election to avoid being a tool for russian disinformation and other disinformation, you know, it was implemented in the most recently new york post case, and there is wasn't a blocking of the sharing of the new york post piece online the way there was on twitter initially, but it was referred for third party fact checking and as that comes back, there will be either a allowance for it to spread normally through a news feed promotion or it would be labeled and in the most extreme cases blocked but that's all reserved primarily for covid misinformation that would immediately cause people harm. >> can you explain, then, the political calculus for those

politicians who come on our air and elsewhere who suggested there should be liability, who are also saying they don't want censorship >> it's a very easy means of trying to work the reves, that they're not happy that the story isn't spreading the way they expected it to, and so they're just trying to, you know, to push it as aggressively as they can, just the way that the president did in the debate last night. they're trying to get it out through any means necessary, and i guess i understand that from a political perspective, but when you're trying to run a platform that plays things down the middle as much as it can, and it has set forth a number of standards around these things in particular close to an election, and when facebook was essentially being accused in 2016 of being a tool of russian disinformation, the company hears that and wants to say that's not a goal of ours. our goal is to spread good information and to allow people to state, you know, to have a

voi voice, a variety of perspectives on anything, opinions should be robust, but we do have standards at the end of the day around facts and particularly close to an election, that protocol gets implemented. >> that was what i think senator cotton's point was i think you just said it, they were burned once, and maybe they've reacted by going too far the other way, chris, and senator cotton, the dossier, whatever you want to look at in the past election, and all the things that were circulated on facebook and twitter at that time with zero fact checking >> all these different things. >> that was his point, suddenly they found religion in this case, but in the past, there was no concern whatsoever. it was a total wild west, and anything went on what got out there. >> i would dispute that it was a

complete wild west, but i wouldn't dispute it was a different approach in the 2016 election, and what you're seeing is an evolution and an understanding that there's a responsibility in a democracy to make sure that factual information flows more easily than questionable information. >> in this case, it happened where they were able to do it one political party back then, and now the other political party might be affected, which is what i think with silicon valley executives as well. >> and that's sort of an easy, lazy trope for a lot of conservative politicians to go to as well >> all right i love lazy tropes. >> chris, two points, one is i think it's fair to say i don't know if you want to call it the mainstream media, but they originally did not pick up the dossier report at all. it actually came from buzzfeed, and then later became reported on once effectively folks in

washington started to comment on it, and. >> and again, that was after the election, that's the other thing to point out about the steele dossier, that was after the election. >> the second thing i wanted to ask you about, clearly what's happening in washington is a conversation about using the antitrust laws to deal with potential little this issue of censorship, and my question to you is when you define the markets effectively around news, the distribution of news to the public, i often talk about the idea of newsstands, one monopoly company that owned every newsstand and could decide which publy da publications they were going to put in the newsstands, do you believe there's a monopoly on news right now. >> not even close. this is where everything from the cicilline report in the house, the actions of the federal trade commission as they explore potential antitrust action against facebook, and the doj has taken action against google, and a number of other

people pointed out, it's not even clear that facebook has a monopoly in any relevant market for anybody to take action and say that some of their actions were somehow anticompetitive or in violation of the antitrust laws that's the first point when you extend this further to a, you know, fighting against alleged censorship, that's an even further stretch, that if you're worried about disinformation and worried about general actions, facebook has its own first amendment rights to run its platform the way it wants to at the end of the day if it wanted to be biassed, it could, it chooses not to be. it chooses to articulate generally acceptable standards around hate speech, around a number of things that cause immediate harm and to try to apply that as evenly as possible, and to set precedent over time, and you have seen the new facebook supreme court, as people call it, finally getting launched today, and i think you'll see the most extreme cases go to that and inform the

future of the company the way it enforces it rules. >> thanks, chris, i give you one more lazy trope, it was after the election, last time, but before the 2 1/2 year, $48 million mueller probe that resulted from it there's that tip from my lazy tropes, thank you, and we'll see you next time. >> fair enough >> all right andrew. okay i don't believe that the dossier led to the mueller report, but nonetheless, when we return on the other side of this break, galaxy digital'd mike novogratz, we'll talk bitcoin and so much more you're watching "squawk box" on cnbc taking good care of ourselv

during this pandemic a member of our family at cnbc learned the lesson the hard way. this comes back to the rainy day fund that you often tell people they need. >> the most important thing in

anybody's personal financial portfolio is at least an 8 month emergency fund, and it's really important that you have that out of anything else in a portfolio. welcome back to sko"squawk box," we spoke to paul tudor jones, he sees democrats taking the white house and the senate joining us is galaxy digital ceo mike novogratz, great to see you this morning we have all been trying to make sense of what may happen over the next ten days and beyond that as well between the election, and we should also say covid. we should note today, by the way, we now have a new record, 77,640 cases of covid, which is a new record in this country, and trying to understand what you think all of that collectively means for the markets going forward, mike?

listen, we had a debate last night, i don't think it changed anyone's minds, you know, joe biden came out swinging, he did okay all he had to do was not lose, and i don't think he lost. but president trump was more well behaved than he has been in the past it's weird that's the bar, but he certainly did better than expected i don't think, though, any voters were changed. we have eleven days left 50 million votes have been cast, and probably another hundred million votes. my sense is paul jones was right that you're going to get a democratic sweep, too much ground for trump to make up with not enough info coming out and listen, for markets, i think the bigger story is liquidity. if it's 2 trillion or 1 trillion or 3 trillion, that's 5, 10, 15% of gdp stimulus that's coming down the pipe. so we're going to have some volatility around joe biden's tax plan and maybe it gives people a better chance to buy stocks, but people are going to be buyers on dips, you know, i had been bearish at one point,

and finally had to wave the white flag the liquidity tsunami is just too big. with long rates as low as they are, i think you're going to see people pouring into speculative assets. >> let me ask you, mike, in terms of this liquidity wave that you think is coming our way or stimulus wave that's coming our way, there are some in washington who think that stimulus wave is not coming until february if not later. if that's the case, at least for some small businesses, what may be a liquidity crisis for them today turns into a solvency crisis later which unto itself becomes a real problem, no >> listen, the economy on its ma crow cro is doing okay. plenty of small businesses are suffering. your hope is post election they put something together in the lame duck to take care of that if not, you're right, you could see a little bit more volatility, a little bit more weakness markets look forward they know the juice is coming, when the juice is coming, you're not going to get too bearish.

>> your view is you're buying, even right now >> i'm buying dips listen, we've got a large bitcoin position we've got a lot of things that are all correlated to risk people always say, geez, bitcoin goes down if stocks go down. that's great in this chapter you're seeing liquidity drive everything, gold and bitcoin and tesla, all of these things, i think in the long run, stores of value like gold and bitcoin will decouple from equities. equities are tied to some discounted cash flow in the long run where stores of value aren't, so it is a possibility you're going it see that decoupl decoupling i think what has been driving price is liquidity, i think it makes sense that the assets are correlated. >> let me ask you about that correlation, with risk on, people are taking more bets on things like bitcoin, but how much of that is a bet on bitcoin or the issues around just

printing cash versus the operational potential as a transactional currency given the news we just heard from pay pal that pay pal is going to allow cryptocurrencys as part in some ways the shot heard around the world on wall street pay pal has 346 million accounts 30th biggest bank in the u.s. in deposits and all of a sudden every financial institution says wait a minute, what am i doing? you're the board room of morgan stanley or goldman sachs or bank of america, you're thinking how do i get engaged i was looking before i came on at stock prices, a platform that this new financial ecosystem is going to be built on is up 200% this year. square app, 186% pay pal, 99% and then you go to wells fargo, down 60, citibank, down 46 so if you're a ceo of a big bank, saying, hold on, what's going on here?

we are going to see over the next ten years a rebuilding of the financial infrastructure of this country it was interesting that pay pal hired pacsos to do their integration with crypto. when i lived in alabama, i was a helicopter pilot, there was a town called enterprise and they had a statue that held up a bow weevil the craziest statue i've ever seen the bow weevil ate all the cotton they planted peanuts and that brought prosperity to the region in some way the cryptocurrency community is going to hold up a virus, the covid virus because it was the covid virus that really accelerated as horrible that sounds, accelerated adoption of crypto in two i wwas the macro story and the digitalization of all cash, digitalization of the financial services system. that's going to mostly be built on a theory.

>> mike, two questions, would you buy more bitcoin now, would you buy etherium right now. >> we have this debasement of currency happening globally, not just in the u.s. we have adoption of the rails to allow people to buy bitcoin happening in an accelerating rate you watched the next group will be the big credit card companies that allow so the visas, mastercards, american expresses, they'll be the next great surge. so that's the simpler bet. etherium is still a venture bet. we have a lot of etherium, i would buy more i bucket them as macro and venture. >> okay. mike, great to see you as always we appreciate you joining us and look forward to talking to you more over the next few weeks. >> thanks a lot, guys. >> you bet becky? >> thanks, andrew to cnbc

headquarters, jim cramer joins us right now you want to talk bitcoin or mattel and the ceo you have on tonight? >> bitcoin i think is up on a very serious spike i think technically looks like it could come down but i do believe in the long storage issue. i think it is a great place to be, given what has to happen post pandemic. which is the paydown of debt to pay down this debt, it is to print money. which i think all of us would admit is not great mattel had a good quarter because i think people are staying home it is a pretty simple model, which is they have got barbies for all occasions and barbie is very inexpensive thing to make, and the fact they now have an asset-like model, i think he has a tremendous tailwind. there are head winds all over the place. a tailwind for a toy company is pretty obvious in this -- let's not go out regime. >> yeah, we were talking about this earlier

about him being on your show tonight. and just how this plays into the retailers and the brands that are able to really play into this, the ones who consumers are willing to pay anything for and spending like never before just trying to figure out how long does that last? is it as long is as the pandemic what happens when kids are able to go back out again and you don't feel so guilty as a parent. >> i think as long as the pandemic this is more of a meg issue. if meg gave us the high side, then i think mattel would do badly. i'm not -- i'm not getting that. and i think that people are a little more comfortable spending more time with their family and doing things with their kids rather than having their kids be on the pc. they're on the pc because they work at home now but i do think that this -- maybe this era of alienation kids parents might be over and very -- i know, silver lining, pandemic i'm taking it. >> yeah, i'll take it too. we all have way too much screen

time i played un eed uno last night. >> yes, number one game in the world. >> try the dare version. it is good. >> we'll see you in a few minutes. folks, when we come back, stocks making some big moves ahead of the opening bell we'll bring u youp to speed. "squawk box" will be right back. at calvert, we know responsible investing is hard. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice,

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hour now, until the opening bell on wall street, seema mody joins us with a look at some of the biggest premarket movers, seema? >> joe, we got quite a few movers this friday morning including a couple of dow components let's start with intel, which you can see now down 10%, poised to be the dow's biggest laggard today after signs of new weakness in its data center segment. analyst reaction also pouring in, cutting the price target on the stock from 63 to $60 a share. rosenblat analyst down to $40 a share. and you can see intel shares now on track for their worst day since its last earnings report, when the stock fell more than 16%. currently trading at $48 elsewhere, gileadshares up on significant volume after the fda's approval of remdesivir as a treatment for covid-19

esg insight says the approval carries potential positive social implications. shares up 4% and we will end with american express. falling about 3% premarket after earnings missed expectations by a wide margin on lower credit card spending. ceo of the company says the company remains pretty cautious about the direction of the pandemic, and its impact on the economy. back to you. >> seema, thank you. happy friday enjoy your weekend and we'll take a quick look at the futures. then we're going to say good-bye right now, futures up about 15 or 16, dow jones up 108, and nasdaq up 32 and change. i laughed. i cried. four stars it was quite a show. and i ask -- someone asking me to -- someone asking me who is going to win the election. it is like -- i'll show you my

draft kings account if you want my predictions i don't really think you need my predictions for anything at this point. you know what i mean >> draft kings account -- i was going to say -- >> yeah, yeah. >> take the opposite fade my picks. anyway, have a great weekend and we'll do it again next week. >> you too, guys >> "squawk on the street" is next >> thanks. good friday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures are pretty solid here as investors react not only to the debate last night and first official fda approval for a covid treatment. intel, mattel, amex and the ongoing stimulus talks our road map begins with that big pharma boost the president says a covid vaccine is just weeks away with j&j, moderna and pfizer leading the way. >> gilead shares are up in the premarket, the fda approving its