that's all for us. see you next week on "barron's s roundtable." ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy weekend, everyone. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. coming up in the program, we've got a big show. in just moments from now, author gordon chang is is here to talk about the executive order to ban chinese apps tiktok and we chat. then later on, my one-on-one with the securities and exchange commission chairman jay clayton on the report of the administration's investigation of eastman kodak and what will the sec do with all of those chinese companies listed on major u.s. exchanges.

but first, let's take a lookback on the top newsmakers in this week's edition of "the week's talkers." first, let's get your thoughts on this big admission, comey going rogued. >> she got rolled by jim comey, and it was the third time that it happened. remember now it's january 24th with the interview of michael flynn. january 5th with the briefing of president obama, and the third time was in connection with the announcement of the conclusion of the hillary clinton investigation. maria: parents are suing the popular video-sharing act in illinois. those parents allege that tiktok collects information about their children, sends it to servers in china. >> it's designed to vacuum up all the data op your phone, your e-mails, text messages, your photographs, even your browser history and key strokes. it's all sent back to china where it is subject to access by the chinese communist party. maria: where are we right now in terms of this, in terms of this virus? are you expecting a second spike

in the fall? >> if we all do our part, we can remain open, but turn around these infection rates. we've seen it in phoenix, we've seen it in other communities. maria: i understand the risks around mail-in voting, but what is the president going to do? >> they're accusing the president of trying to change the date of the election. well, let's be clear, in ten states democrats are suing so that the those states can allow votes to come in after election day. maria: this executive order by the president, good idea? what do you think? >> well, look, it's a good idea we take the increased scrutiny, but it doesn't fix the problem. because as you noted, not only does it protect american workers, it protects green cardholders. maria: after a strong bounceback on the labor front in the months of may and june, we saw a bit of a retreat in the jobs market in july even though the numbers were better than expected. the economy added just 1.763 million jobs for the month while

the unemployment dropped to 10.2%. again, better than analyst expectations but well below the gains of the previous months. in june alone we saw 4.8 million jobs created. joining me right now to talk about that is former jpmorgan chief economist anthony chan. always great to have you, thanks for being here. your reaction to the jobs numbers and where we are in this economic recovery now. >> that's certainly good news when we see this employment report because, yes, the employment numbers did, in fact, slow down from the prior month but, maria, that was no big surprise because a what we saw in the high frequency data that we all watch very carefully e is there was a loss of momentum. you can attribute that to multiple reasons, perhaps the fact that we had a pickup in infections and it made some people nervous. nonetheless, we still got positive economic growth. when you look at the credit card data that is released on a daily

basis, when you look at the census bureau's household data, they told you things were slowing down. but, yeah, we got great -- good numbers, but more importantly, maria, you got a lot of those groups out there that have been hurt, african-americans, hispanics and even asians, all on average seeing more than a 1% decline in their unemployment rates. the big question now, maria, is are our policymakers on capitol hill going to do something, our legislators, are they going to do their job on both sides of the aisle to keep this momentum going. now that we saw a little bit of a pause in employment growth relative to the prior month, unless we get some stimulus compromise, this, in fact, is going to slow down even further, and that's not positive. maria: yeah. i mean, you make a good point, but are you still expecting a bounceback in the second half of the year? i mean, we're looking right now where the jobs are in these sectors, and leisure ands

hospitality, amazingly, was creating 592,000 jobs in the month of july. retail trade at 258,000. so you did see job creation even if it wasn't at the level that we saw in june. do you still expect a double-digit growth number for the second half of the year? >> i do see a double-digit growth rate in the third quarter. again, we are seeing a good bounceback relative to what we saw in the second quarter. that's very, very positive. so i'm looking for real gdp to grow something close to 20% possibly in the third quarter. now, what happens in the fourth quarter is all going to be determined by what happens in washington d.c. are they, in fact, going to reenergize this continued expansion, or are they basically not going to do anything and by the fourth quarter you're going to see a real stalling. and, by the way, if they do nothing, it could also threaten the third quarter with not a negative growth, but certainly

less than robust growth that i think is already baked into the cake. so i still stand by my view that the recession hit bottom in may and we're picking up, but now the question is will legislators in congress allow this to remain sustainable moving forward. maria: what about the markets in terms of investing right now, anthony? e i mean, isn't it incredible that even during this pan demic and this shutdown these major averages are near record highs. you see money moving into technology in a huge way, 30-plus all-time highs for the nasdaq this year, year to date, and the s&p and the dow are also near peaks. what's your take in terms of putting new money to work right here in the stock market? >> well, maria, i i still believe that the stock prices are a bit overextended. but you also have to realize that when you look at forward earnings for the s&p 500, over the last couple of weeks they've been moving a little higher, higher and higher each week so

that if somehow we get this economy jump-started, you'll get an opportunity for earnings to catch up. maria: anthony, it's great to get your take, thank you so much for joining us this weekend. anthony chan joining us. and we are going to take a short break. don't go anywhere, gordon chang ta-da! did you know liberty mutual customizes your car insurance so you only pay for what you need? given my unique lifestyle, that'd be perfect! let me grab a pen and some paper. know what? i'm gonna switch now. just need my desk... my chair... and my phone. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪ ♪ we've always put safety first. ♪ ♪ and we always will. ♪ ♪ for people. ♪ ♪

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♪ ♪ maria: welcome back. the crackdown on the chinese communist party continues. this week president trump issued executive orders to ban the popular chinese apps tiktok and we chat from operating in the united states if they are not sold by their parent companies within 45 days. the ban is over national security concerns. the order says that the apps, quote, threaten the national security, foreign policy and the economy of the united states. joining me now to discuss this and a lot more is the author of the great book, "the great u.s./china tech war." dwor can chang is here. thank you so much for being

here. do you think this was the right move on the administers' -- administration's part x if microsoft ends up acquiring tiktok, do you think you get chinese surveillance out of that company given the fact we know it's coming from a chinese company? >> yeah. this was exactly the right move from the trump administration. we know that, for instance, tiktok was surveil ising users, that it was surreptitiously downloading software on users' devices, it was misusing the data of minors x there are hints -- and this is in the president's executive order -- there are hints that tiktok was trying to manipulate u.s. political opinion. the engineers for tiktok's chinese sister app also work on tiktok's app, especially the algorithms on curating videos. in other words, which videos do people see. and there are concerns that tiktok was responsible in part for fueling the nationwide spread of the protests following

the death of george floyd. this is not proved yet, but nonetheless, we do know that they've been manipulating the algorithm in ways that are extremely suspicious. maria: wow. and, you know, you just mentioned influencing politicians. i want to ask about this because there there is some concern they've already bought off politicians in australia and that they are currently trying to influence politicians here in the u.s. now, do we have any information about what these campaigns are? what are they trying to do in terms of our own politicians here? >> well, china has for decades been trying to buy influence in the u.s. at all levels. and, you know, we have heard some really suspicious statements from u.s. politicians. so, for instance, the senator from california, dianne feinstein, recently said that china was becoming a responsible nation. which i think defies just all

expectation and all that we know about what china's been doing. so we've got to be really concerned about the influence there. you know, it's across the board. you mentioned australia. china has been trying, for instance, to buy the grid there. they've got a number of politicians who have helped that, and recently there's been a story in some of the australian papers detailing the chinese influence in the grid. and the reason why the grid is important and important for us as well is because chinese equipment can be used to turn off the lights within two minutes in australia. they probably could do the same thing in the u.s. maria: wow. that's unbelievable. i mean, you mentioned dianne feinstein. we should point out that then we learned that she had a driver for 20 years, we learned just last year that the driver was a chinese spy. i mean, how nobody made a big deal about that is just extraordinary, to me. she's got her handler, a driver with her for 20 years, and she learns after 20 years that he's

been spying on her. >> this is the problem. i mean, and, you know, she's not the only person of concern. we have seen a number of politicians in the u.s. say things that are extraordinary and can be explained best by chinese influence operations which have been persuasive -- pervasive. and it's not just politicians, it's academics just across the board. maria: yeah. you make a really important point. let me turn to ben mang stepping down this week, this past week we understood that the california public retirement system, calpers, the investment officer there resigned after about a year and a half in the position. this is the nation's largest pension fund and, clearly, an incredible amount of money to investment what happened? to invest. what happened?

>> there were allegations of conflict of interest which appear credible. also he failed to disclose certain transactions as required on public disclosure forms. and then, you know, on top of that there were many investments in chinese companies that probably weren't warranted, but also his investment performance was subpar. he was well below the s&p 500 for the period in which he was chief investment officer. so you put all those reasons together, and it was high time for calpers to sack him. maria: this is, this is a fund of $409 billion, gordon. i mean, he's running the investment ideas for the nation's largest pension fund. $409 billion. this is exactly the kind of situation that the administration talks about, how the chinese communist party has been able to put certain individuals in very powerful positions so that those people

could either buy e and invest in china or change policies that are much more positive toward china. is that a fair statement in. >> oh, it's certainly a fair statement. and, you know, there's another issue and that is when he was appointed cio, there was concern across the board that he would be involved in activities which were inconsistent with his role. and, indeed, those fears have borne out. maria: and met me just point out -- let me just point out that before he joined calpers, the country's largest pension fund, he was the chief investment officer of the chinese state administration of foreign exe change. this is the agency in charge of china's more than $3 trillion in foreign reserves. so he was, obviously, working for the chinese communist party before getting this job in the united states at the country's largest pension fund. gordon, it's great to see you this weekend. thank you, sir. >> thank you, maria. maria: gordon chapping.

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♪ ♪ maria: welcome back. the securities and exchange commission is backing a senate bill that could lead to companies that are from china being delisted from u.s. exchanges if they do not follow the u.s. accounting rules and if they don't have financial audits reviewed by american officials. this week i spoke with sec chairman jay clayton about that and as well as a possible investigation into eastman kodak and how it communicated what was a big loan from the u.s. government. >> we are in, obviously, very choppy, very up -- uncertain economic times. companies are going to have

information that is material to investors and that is going to move shares prices and other security prices significantly are. you think about drug companies and whether trials are going well for vaccines or therapeutics, you think about business combinations, those things in this choppy period. we have encouraged companies to look at their controls around information. i use the phrase practice good corporate hygiene. this is the, this is really important in times like this because our investors need to know that there's integrity in our marketplace and that businesses are releasing information that is material to investors in a fair and comprehensive way. our law requires it, and companies should be buttoning up and making sure they're doing that. and with respect are to executive compensation, i've commented before that boards of directors have a responsibility here, generally a fiduciary responsibility to set

compensation in ways that is, you know, for the benefit of the corporation as a whole. and we expect them to be doing that, disclosing how they, how they reach the conclusions they have. so that investors can understand why particular compensation packages have been structured the way they have. i appreciate the opportunity -- maria: so you sound -- >> go ahead. maria: yeah, i know, it sounds like this is a real disclosure issue. companies need to be buttoned up and insure that they are disclosing the information at the same time that everybody gets it, and when you say in times like these, what do you mean in terms of the fact that we are in this lockdown, that maybe wrongdoers will try to take advantage of it during this time? >> oh, well, yes. and, look, we are in a time period when business as usual is no longer in effect. how one particular company is doing at any moment in time may

change significantly. like i said, the example is you come up with something that in the biomedical field that has promise for combating covid-19, but it could, it could be just that your sales are much larger than expected or much lower than expected. these types, this type of information needs to be well buttoned up, and then when it's released, released broadly and fairly. maria: that was the whole point of what i tried to do when i first got down there to the new york stock exchange 25 years ago, to try to help democratize information so that the little guy was getting information at the same time that the large institutional companies were getting the information which were paying big money for some of the brokerage research or big information that maybe i had gotten on the floor of the exchange. this is not new information. we all have have to insure that

the information is getting to all investors at the same time. >> that's exactly right. the principals are the same today that they were a 25 years ago. we may transmit information differently, the particular information that may be market-moving may be different, but the principals -- principles are exactly the same, maria, you're right. maria: let me switch gears to china. you and i have spoken about chinese companies listed on u.s. exchanges for a little while now, and we've talked about holding these companies accountable to the same accounting rules that american companies face. c-trip reportedly in talks to delist. senator kennedy's bill passed, but that bill is giving these chinese companies three years to abide by the rules of following accounting rules in the u.s. how come the u.s. is giving these chinese companies for so long whereas they don't have to

follow sarbanes-oxley e the way american companies do? >> that, what i'll call the status quo, has been in effect for too long. it's been too long. and senator kennedy's bill is a sensible, very sensible way to deal with something like this. in markets you generally don't flick a switch overnight. it causes, you know, harm and unintended consequences particularly to investors. but giving, giving time for people to either come into line or to delist is a very sensible way to approach this subject. so, you know, the kennedy bill in the senate, i know there's similar legislation moving through the house. got bipartisan support. and it's sensible from a market perspective. maria: my thanks to chairman jay clayton. don't go anywhere, more "wall street" right after this. ♪

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plus, every weekday on fox business, tune in weekdays from 6-9 a.m. eastern for "mornings with maria" right here on fox business every day. hope you have a great rest of the weekend, everybody. that'll do it for us for now. thank you so much for joining me. have a great weekend, and i'll see you next time. ♪ ♪ gerry: welcome to "the wall street journal at large". well, there's no escaping it, it's been an absolutely miserable year in 2020. more than a 150,000 americans have died from the coronavirus epidemic, tens of millions of jobs have been lost thanks to government-imposed lockdowns. life's simple pleasures like a drink in a bar or a trip to an you elderly grandparent have been declared off limits for most of the year. but perhaps the worst of all is having to endure being constantly lectu