lauren: it's coming because 64 million households watched season one. so joe exotic is on but carol baskin says you have to pay me a million dollars. she put a lot of personal life on the line for the first season. not sure she will do it for the second. ashley? ashley: one person that can't wait. neil cavuto, funny enough he joins us right now. take it away, neil. neil: great. the "lion king," we'll get to that. we have a lot we're following, corner of wall and broad. we have the dow industrials down. almost all the developments happening concurrently, the push in washington to get the house to regroup. nancy pelosi wants them to vote on a measure that stops the president's changes to the postal budget, dating back to january 1 of this year. separately to get the most master general too testify before congress. that is something likely happen

this weekend, but again, these are fast moving pieces. we're looking at uber and lyft that might be exiting california because of some new requirements that they treat their freelance workers like employees. that could be a costly issue for them, so much so even though it accounts for about 60% of their combined business, the state of california alone they would still leave rather than put up with that. in new york city, forget about the virus, forget about eventually opening up gyms next week, the fact of the matter is, new york city is a safety concern right now with residents in once red hot real estate markets saying enough. it has gotten so bad they're bolting. the visitors upon hearing this, they're just not coming. so we're following that. right now we're also following the drama in washington as at least the house considers coming back to deal with this postal issue. chad pergram on that. what are we talking about here, chad? reporter: the house of

representatives is going to meet on saturday. it is rare to have a weekend session in washington anyway. what is even stranger is to have a weekend session in the mid different the august recess and recall everybody back to washington. that usually indicates that there is some sort of crisis afoot. as they're doing it on saturday to deal with the conventions. democrats start their convention today. republicans will meet next week. they're wedging this in the middle of the week. this all started late last week during an appearance on the president on fox business. that is what ignited this. listen. president trump: they want $25 billion, billion, for the post office. now they need that money in order to have the post office work so it can take all of these millions and millions of ballots. reporter: this outrage congressional democrats. many begged house speaker nancy pelosi over the weekend to do something. they were concerned the democrats were knot doing enough to protect the integg great of the election and the postal service. that is why pelosi will be back to vote on a bill to undo

changes when postmaster general lewis dejoy took over. they want all ballots to be treated as first class mail. senate democrats are that senate majority leader mitch mcconnell bring the senate into session too. they believe there is presidential interference. >> he says he wants to slow undo the mail to hurt the elections and make people doubt the results of the election. maybe he is worried he is going to lose. it doesn't matter. reporter: president trump is skeptical about voting by mail. >> absentee ballots are great. you request an ballot. i signed an absentee ballots. absentee ballots are great. they have work, proven in florida but universal mail-in is a very dangerous thing. it is fraught with fraud and every other thing that can happen. we have to be very, very careful. we have a great big election coming up. i think we're going to do very well and i want to make sure the

election is not stolen. reporter: house speaker nancy pelosi indicated some weeks ago she would not do a piecemeal bill dealing with coronavirus this is just that a piecemeal bill. as we speak, neil, house democrats are on a conference call right now trying to see if they want to add something to the piece of legislation. some democrats are pushing for that. within last couple hours senate majority leader mitch mcconnell has indicated he doesn't think there is any problem with the integrity of the postal service. back to you. neil: all right. chad. to put a capper on that senate democrats are calling on the u.s. postal service board of governors to reinvest the service changes by the new postmaster general. they sent a letter out. again as chad was indicating there is no rush on the part of certainly the senate led by mitch mcconnell, republican, to get back to consider some of these issues that come up but you never know. the also as the democratic convention kicks off tonight.

it's a little weird a little virtual just like the republican next week. we'll hear from mesh obama, bernie sanders, john kasich, forker senator and ohio governor, amy klobuchar, the list goes on what will be a busy week for speakers. hillary vaughn, what democrats have at stake, hillary? reporter: hey, neil, the democratic convention is kick off today with biden's longest lasting rival in the 2020 race, senator bernie sanders whose progressive ideas are polar opposite of biden on the debate stage but those ideas are being embraced by party leadership because they want to woo sanders' base. sanders all along wants to use his delegates at the convention to get the party platform as progressive as possible and reflect what he calls an economic bill of rights including "medicare for all," a government guaranteed job and free college. >> donald trump must be defeated

biden must be elected. after that election we'll do all that we can for progressive, to fight for progressive agenda. reporter: today biden did do an interview with one of bernie sanders biggest celebrity endorsers of this cycle, cardi b. she said her fans want to see sanders' staples free "medicare for all" and cardi b said one of the biggest roadblocks to get entire, these ideas incorporated into the platform because no one wants to pay higher taxes that they would need to get some of these plans in place, like "medicare for all" and free college. but today the dnc wants to avoid something happening at this year's convention that happened in 2016 when sanders' delegates

booed the dnc chair. today is about unity kicking it off with sanders but there are delegates protesting the platform because they don't think it is progressive enough. one of those california congressman ro khanna, rebuking biden's biggest argument against "medicare for all," the price tag. he wrote in op-ed, i will vote no on the platform, when we say health care is human right we must truly mean it and fight for it. i believe if we remain stuck on such concepts as inaffordable, we remain constrained in a. one estimate says it would cost $32 trillion in federal money over 10 years. there are so far 360 delegates signed a pledge to vote against this platform if "medicare for all" is not a part of it. neil: hillary vaughn, thank you very much. hillary vaughn following all of that in wilmington, delaware. in the meantime to bring you up to date on what the president will be doing, he is countering

all the attention democrats are getting with the convention going on virtually out of wisconsin by campaigning in that crucial swing state as well. he narrowly won the state, also be in minnesota, he narrowly lost that state, both important battleground states. ed rollins joins us how important, of course the former reagan campaign manager, fox news contributor, much, much more. ed, your thoughts on what the president is doing to counter what the democrats are trying to celebrate? >> it is very aggressive. traditionally the party that is not holding its convention, president usually goes on vacation and go to wait for their convention. this president in this campaign is being very, very aggressive going out today to wisconsin, minnesota. later in the week to michigan. very aggressive, you know, traditionally put surrogates on some networks to counter. this is a very aggressive counter. big advertising budget, the

whole nine yards. they will not let the democrats pick up any momentum without trying to counter it. this is the whole new game. this is not a real traditional convention. it will be quite different. we don't have any idea how it will all turn out. but i think the key thing here is, this president in very close race which will be a very close race and the new team is being very aggressive making sure democrats don't run away or spend the week hammering him and not having a chance to respond. neil: you know, ed, it looks like with both conventions so unusual who gets the virtual bounce, whatever you want to call it? >> the bounce -- neil: i mention i had because the polls are narrowing a little bit here, depends on what poll but they have narrowed a little bit. still substantial lead for joe biden but one cnn poll has it within four points. again the trend seems to, you know, be going a little bit more

for the president of late even though he is still down. that cnn poll notwithstanding. back to that premise. what do you think? >> the bounce of the last several years has not been quite the bounce. what used to be the bounce everybody watched the conventions and people had a week or two between them so there was always a anywhere from a five to 8-point, nine-point bounce. once you had your convention pretty much came back down tock equal. example was decaulk kiss with a 17-point lead -- and then, bush caught him and beat him. this particular case i would assume since biden and harris have been running pretty good in the polls i don't think there will be much of a catchup. maybe the president closes it up in a lot of these polls next week when he has his convention. i would expect before we get to the end here this is a very, very close election. it will be decided by a couple

points. maximum, victory for the president and popular victory vote for biden because of california and new york. i think at this point in time, these two conventions are unprecedented. will be totally different than the one before because of the virus, campaign will be totally different. so i don't think anybody can make wide predictions other than the fact it will be a close election at the end of the day. neil: but you're saying it will be a replay what happened four years ago, the president picking up the electoral vote and losing the popular vote? >> well that was the map. the bottom line is he pulled off. neil: right. >> everybody has tried to do not been able to do because they couldn't win michigan or wisconsin or pennsylvania. there is no way any republican in modern times is going to win popular vote because the massive voting in california and new york. there could be five or six million vote margin. you just can't make it up anywhere. this time we probably have 150,

170 million people voting, maybe even higher. half will probably vote by be a absentee ballot, maybe more. this is a whole new game. i will not predict other than closeness of the race. other thing unlike four years ago which was open presidency. usually presidential campaigns are about the incumbent. you want to give the incumbent four more years or you don't. historically most presidents get four more years. neil: we'll watch it closely. ed, good catching up with you. i want to go to a big democratic fund-raiser, backer, venture capitalist, sees diamonds in the rough, made a lot of money investing in those companies. alan, good to have you. been a while. thank you for coming. >> haven't seen you, like, neil, in almost four years. neil: we make this a quadrennial event. there you go.

let me get your sense how this race is going and the oddity of these virtual conventions. typically the challenger is less known than the incumbent so it's the challenger who typically gets more of a bounce from what would be your normal convention. this is not normal. this challenger doesn't, at least according to the polls need as much of a bounce but all these polls are narrowing a tad. the president still trails by a little or a lot but it is narrowing. what do you think of that? >> i think there is a lot of optimism around people like ed rollins who are still perhaps dreaming back four years when donald trump was the unknown, exciting new candidate and they believed a lot of things he said. i think today people have seen 3 1/2 years of the reality of donald trump and joe is a totally different person. he is kind of person everybody

can relate to. i think this virtual convention so far, actually had a first conversation this morning in the virtual convention pre-obviously, there is so much excitement and some people lined up to speak. i think the vice president will come out of this convention in four days with even a bigger lead than he has got today. the momentum is enormous. people are just determined to see a change. they're determined to have stability in the white house. they're determined to get their lives back together, not wake up every morning as we did yesterday when they released methane gas. this morning releasing arctic fields for oil drilling again. i mean it is upside down world and, maybe you know i'm biased as a democrat, announced democrat but it feels very good going in. yet no one is taking anything

for granted. we recognize anything can happen. neil: you don't think, you don't think joe biden might be taking it for granted? you don't think joe biden might be taking it for granted? he has rope-a-dope, try not to engage the media with interviews, try to avoid coming out of his home that often? i get it. he wants to protect the lead he has, but almost every prominent candidate over the last century who has tried to do that has failed miserably. thomas dewey comes to mind in 1948. i remember covering that campaign. he blew it. he blew it. >> but he is confined quarters. he has made a hell a lot of out of being confined to his home in delaware. he will still come out. he managed to interact with a lot of very good people, people don't realize, they don't see it every day on national television. they don't have the forum

donald trump has every single day making speeches but joe is on the virtual zoom, i would bet you, there are 10, 15, 20, a day with thousands if not hundreds of thousands of people. he is getting his message across. neil: all right. >> he is not taking anything for granted. neil: i don't know. i think he is, i think he is playing it a little safe alan. you might be right but he seems to be playing it safe. i get thoughts on colleagues in the venture capital world, some are quite concerned a biden election, particularly if he takes the senate with him, that it will be bad for the markets. that we'll look at higher corporate taxes, higher taxes in general. it might wallop this market, wallop this economy. happen at the worst time. your thoughts. >> i think that you know so-called 1% whoever one likes to throw darts at is really a

responsible part of the american society and people in that 1% recognize that they got a very large tax benefit four years ago unnecessarily. i think people, and i will include myself in that, recognize the fact we got to deal with income inequality in this country. we got to find a way making more people included. if it is going to take a few dollars out of my pocket and a lot of other people's pocket, i think we are prepared for it. i don't hear what i read about. maybe there are a few isolated people on wall street or concerned by the market but i think the stability of the economy and knowing what is going to happen next and feeling that you can count on principles and restore some of the things taken apart in the last 3 1/2 years, i think it is going to be very good for the economy, good for you, neil, good for me, and i am looking forward to the

changes that joe and an administration that can get something accomplished. i mean, you know, we're seeing this right now in terms of this whole postal situation which is just a disaster. neil: i know, alan, real quickly, real quickly on that, real quickly on that, in an environment like this, if it as bad as some of your colleagues it is, economy itself, would this be a time to raise taxes on anyone? >> yeah. i don't buy this argument that if capital gains rates go up a few percent it will change the investment. i will tell you most people like myself, i think i'm a good illustration of people investing every day in young and exciting new companies what the tax rates are not affecting our decisions. we're looking for great opportunities. i think that way in the market. that is why in spite of donald trump the market has gone

up, in spite of the pandemic and i don't think that will change whether there is a new affidavit administration. i think stability, no surprises. those are the things that people, in my long experience on wall street, that is pretty long, that is what people look for. they don't look for surpriseses wonder what happens next in terms of forerin relations, domestic situations. we're looking for more calmer, more compassionate world, dealing with the problems we have all know are there. just tucked under the rug under the trump administration. i'm looking for very positive times ahead. under joe biden i must say. neil: we'll see. i'm going to put you down as a maybe on the president, interim though. alan patricof, great catching up with you. we'll see how -- >> how can i become a maybe? neil: i don't know. i don't know. >> how did i become a maybe?

neil: i'm kidding. alan, thank you very much very good having you. alan patricof, there is no disputing his financial acumen and uncanny calls on so many trends a lot of people missed especially with the internet. much more. stay with us.

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♪. neil: all right. they threaten they might do it. now indications are uber and lyft, ride-sharing services could make good own a promise to leave california because of new requirements there that will have right now freelance drivers treated as employees. the problem for uber and lyft, that will be a lot more costly for things the benefits issues, issues coming up with workers on the payroll rather than working for freelance. they might bolt even though it woe be costly for them to do so. together the ride services have 16% of the ride-sharing revenues they generate nationally. assemblyman kevin kiley is trying to stop that from happening. a republican california legislator. he joins us now. assemblyman thank you for taking the time. they are planning to leave or do you think they are just sort of

teasing that, what do you think? >> no, i think this law, assembly bill 5 made it impractical for them to operate here. everyone saw this coming. we've known for a fuel year this law is absolutely devastating not just uber and lyft, hundreds of professions in california. ab-5 bans being independent contractor or worker, you have to be in the employ of someone else. we have uber and lyft, 100,000 of drivers will be out of work. millions of californians rely on services, another blow to our economy which is already doing about as bad as any state in the country. neil: this, at the same time one of your colleagues, the democratic congressman ro khanna, touched on the notion of taxing well. not just your income but your assets the h. i want you to respond to this. he was on me last week. they left, you're still taxing

them, they're no longer california residents. you can't a legally do that. >> for 10 years the wealth was aaccumulated during their time in california, during the nexus they had with the state of california and, that is what we're proposing in our bill. neil: i don't know where this goes, assemblyman, but i do know seas it will only affect a third of the top 1%, raise 7 1/2 billion dollars for the state you can use but new wrinkle on it is that even if they bolt, he will go after them up to 10 years on assets that have left the state because a lot of those assets were raised and gained and scored in california. can he do that? >> no. that is plainly unconstitutional. when you think about it, when a bill actually explicitly contemplates in its own -- the effect of the bill is going to be for citizens to leave the state, maybe that is a sign it is not a very good idea.

the wealth tax has been tried in european countries. it has been abandoned. california used to be the birthplace of new ideas. now it is become the graveyard of failed ones. by the way the wealth tax proposal is in addition to raise the income tax more than ever. to raise property taxes more than ever. only in california will we be proposing the biggest tax increase ever during the biggest economic collapse we've ever had. neil: where is it going? you have a par better read than i do in your state. i. i heard experts not dismissing it out of hand? >> right. i think this wealth tax may prove to be a bridge too far for even california. even governor newsom was quite skeptical of it in his press conference few days ago when he was asked about it. we have to put it in the context in the state even before covid-19. a survey showed 63% of californias are considering leaving the state. think about that. that is failed state when over half of your people want out.

because of legislation like this, that makes it so difficult for folks to be there. this is targeted at the wealthy. that is where it starts. you look people leaving california, are leaving california, i lose constituents every day. it is not just wealthy folks. people on part of working class who cannot get by here with the cost of living and loss of economic opportunity because of misguided bills like this. neil: assemblyman, thanks for taking the time we'll see where this goes. to the assemblyman's point, he raises a good one, how taxes start for particular group grow. the alternative minimum tax was meant to finger the very rich, who might sideline paying any taxes at all. eventually that measure that was meant to target that group, one to 5% of the population, now ensnares close to half. stay with us. ♪ it's easy to get lost in the economic uncertainty.

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♪. neil: all right. whatever you think of these protests, demonstrations that are going on around the country they do zing budgets across the country in cities and states that have been featuring them. grady trimble is reporting where the impact has been particularly acute, chicago. sir? reporter: neil, there was no looting over the weekend but there were multiple protests. you can see businesses on michigan avenue still boarded up. police say one of the protest this is weekend turned violent and we do have some video of that. there has been some fingerpointing between police and the protesters as to who started it. police say that officers were assaulted first with projectiles. one even repeatedly hit with a skateboard. chicago police making 24 arrests over the weekend. four of those felonies of the protesters. police chief or superintendent i

should say, david brown, saying that his police officers response was in kind. when they were assaulted, that's when they pepper sprayed the protesters. listen. >> at some point there was a concerted effort that i saw to agitate officers, to pull them into more conflict and confrontations physically and i saw the officers remain calm, keep their professionalism and take only the proportional appropriate action. reporter: it's too early to tell the cost of the most recent round of looting here in chicago but we do have numbers across the country, $66 million in property damage and stolen items alone in chicago. cities like minneapolis in hundreds of millions of dollars. those numbers include police overtime and protective measures which cost taxpayers money. when you compare these numbers

of periods of civil unrest in u.s. history, this will likely turn out to be most expensive and costly period of civil unrest. it beats according to experts numbers from 1992, the l.a. riots which adjusted for inflation cost $1.4 billion. here in chicago things are calmer on michigan avenue although stores are starting to reopen. there is still a lot of my wood like this, neil, because people are still on edge. neil: all right. grady, thank you very, very much. i can well understand that. the magnificent mile as grady was pointing out. not so magnificent now, a lot of shop owners anxious about opening up again even if they have the option. avoided by the general public, not keen on exploring that option. keeping an eye on new york. you've been hearing a great deal about the incredible vacancy rate that has been accelerating right now this at a time when rents themselves are collapsing,

on average 10%. they have never seen that in the greater new york area since the depression. so what does this signal? well a lot of it has to do of course with the virus but as kat timpf can tell you, it is crime, suspicious characters showing up in more and more places across one's relatively safe areas of the city. it's a bigger picture, but not a nice one, is it, kat? >> no, is certainly isn't. i experienced it myself. i found out last week some transients broke in our apartment building and held a maintenance guy at knifepoint, trashed the break room. people are getting mugged outside. it is really, really bad and dangerous. i don't understand why anyone would be here who didn't absolutely is have to be here. only reason i'm here issues with lease. if you're super wealthy, you don't need to worry about that.

you're gone a long time ago or planning on leaving soon. it isn't just a safety issue. it is why are you here? in new york, it used to cost a lot but it was worth it because of all the culture, restaurants, museums, lots of concerts and bands coming through. great public transportation. none of that is here now. even if we reopen, it will not be okay great, we're reopen, we're more along of the lines, okay, we're great. let's see what is still around to be reopened. you can't just press pause on bills and places stay closed indefinitely and reopen like nothing ever happened. neil: a lot of people are worried that new york is returning bad ol' days they call gentrification of the city, they can put a label on what they want but it became a more safer city. drug dealser are returning. prostitution is returning. violent homeless people with their around ticks and a lot of

the problems problems associated with that increased in way that is it is prompting a number of residents, as a number of papers reported over the weekend to consider leaving all together because it has just gotten so dangerous. is it that bad? >> it is that bad. i love when people try to tell me it is not that bad when they're somewhere not in the middle of it like i am. and you know, i am libertarian, right. i'm for decriminalization of non-violent things like drug use other sex work, but i don't feel safe and i'm not safe. there is not even anyone to stop the violent, violent issues. i have also friends who manage restaurants in the city who, it is not safe for them to even be there because people are breaking in, threatening them, trying to get money. talking about violent crime. not being able to be safe and paying a premium, huge amounts to live in a place where not only do you not have all this

culture and all of these wonderful things that made new york, new york, but where you can't even feel safe because you're not safe. neil: well-put. i think someone was saying about hell's kitchen, upper westside, midwest side, if you will, it is truly hell. >> i saw a video of a guy in hell's kitchen spitting someone. hudson yards by "hell's kitchen." saw a video of a guy sitting on a guy trying he tried to grab me on the street he grabbed me from his wheelchair. only people saying it is not that bad, saying it for political reasons and are nowhere near the city because it is worse than anyone thinks. neil: it is incredible. you're right in the middle of all of that, kat tim. be safe yourself. >> thank you. neil: meantime, if and when you return to flying a lot of people have. it's a very different world

right now. the whole boarding process very, very different as well. not what you might think. kristina partsinevelos on that after this. introducing stocks by the slice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today.

♪ neil: all right. if you think things really changed when you check into an air period of time after 9/11, you should see what is happening now with the postcovid-19 world. kristina partsinevelos joins us from newark liberty national airport. kristina? reporter: neil, it is the race right now to make air travel safe and why is that? we know that there has been such a dramatic drop in traveling. i'm at new york international airport. air terminal b, completely empty. we're starting to see a technology revolution happen in airports to assure people it is safe so they feel comfortable.

take hong kong international airport, they imposed disinfectant booths, you stand in the booth, you take your temperature taken, you get sprayed with antimicrobial spray. it takes 40 seconds. you're on your way. if you want to bring it back to the united states in pittsburgh, they launched robots cleaning floors with uv lights. you also have facial recognition slowly starting to come across a lot of airports. they're using biometrics. your face essentially could become your passport t would create an entire contactless experience from the moment you walk in all the way to your gate. i did speak to the chairman of the port authority for new jersey and new york, he said all of these changes are going to help travel up again and move around. listen in. >> we're doing all we can to make sure this will be the safest experience short of staying in your home. eventually the travel is going to come back. reporter: he is saying the travel is going to come back.

we talked about all the new stuff but the old tactics are working as well. in dubai they are using k-9s, these are dogs that can sniff out coronavirus. according to airport they have done 400 tests with accuracy rate of 91%. we talked about the technology moving forward. you have got the old, the dogs, the masks, the screens, you have the new biometric ppe vending machines, absolutely everywhere selling masks. you have got medical screenings at airport. you can see to get covid tested this will become the new norm. one possible perk, fingers crossed, shorter lines. back to you. neil: you just sold me. if the lines are shorter we might put up with this, right? kristina, thank you very, very much kristina partsinevelos. very interesting. another interesting development despite the lockdown and everything else, surge in build being activity.

homebuilder sentiment. these guys construct the homes. that hit an all-time high. a lot of this has been buoyed by record low interest rates, but people itching not only buy homes but refinance the ones they're in. gerri willis has been following this very, very closely. gerri, this continue as trend we've been seeing across all the states of housing numbers we've been getting, improving across the board. reporter: neil, it's amazing really the numbers we're seeing here. homes are flying off the market at a record place, pace that is, and all eyes on this week's real estate data releases. here is what we've got coming up. the report started with august homebuilders sentiment index increasing to the highest level in over 20 years since records were kept. july housing starts due out tuesday, are expected to show a 1% 17% rise month to month and building permits going up 3 to

5%. the key number comes out friday, when the national association of realtors releases existing home sales for july. here, we're expecting a 14.8% increase to a run rate of 5.39 million homes in june. that number was up 20.7%. listen. >> in 15 years it is the hottest market i have ever seen. every day we have to pinch ourselves because there is double-digit unemployment and all sorts of economic carnage but not when it comes to the housing market. reporter: one big factor in the housing boom, low mortgage rates through, average rate of 2.98% for a 30-year fixed mortgage, the lowest level in nearly 50 years of record-keeping. freddie mac's weekly average release last thursday, 2.96 for a 30-year mortgage, still very attractive indeed. other factors, 28% drop in

inventory. summer sales are outpacing the spring market which is typically the fastest market of the year. pricing according to red cent are up 9% year-over-year to 311,000. tossing back to you here, neil, of course the housing boom isn't benefiting all markets. you talked about the trouble in new york. san francisco also trouble too. big cities having a hard time holding on to people who want to move to the suburbs or maybe even rural areas. back to you. neil: i can understand. gerri willis, thank you very, very much for that. housing is alive and well. i wonder what arch crawford thought when i all but buried him again. i said he was dead. he is not. he is alive and well, next hike!

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♪. neil: i was reading your story, very intrigued by it. it reminded me but you're very, very young, the late great arch crawford used astrology in a lot of his forecasts. a lot of cynics at the time said that was a hook to get customers. i was talking to a young woman who reads taro cards to help

investors guest in and out of the market. uncanny success. the problem in the interview, the gentleman, wall street icon, arch crawford, very early in his career, used stars, astrology to predict market momentum. here is the thing i did, i wrote him off as he was died. here is really offensive. i did the same thing before. busily used excuses to make it up. charles payne. my floor directors, my producers. i apologized profusely a of crawford i'm not dead!. here with us on the phone alive and well arch crawford. i will never let payne do that to me again. i don't know what to say. i did it again. i'm a maroon. i feel like ralph kramden.

i'm glad you're alive as well. i hope you didn't take any personal offense. i know i would. but you're here. >> i'm delighted to be here. let's put it that way. thank you. neil: okay. >> can you hear me all right? neil: you're a gentleman, arch. i can, i can. because i didn't think a dead guy could sound so clear. but seriously, while i've to got you, my friend, it got me think about novel ways to follow the market. obviously you're a good technician, you follow price multiple, all that stuff. but you incorporated astrology. this young woman uses tarot cards. people might look at it as a gimmick. you encountered people said your astrology thing was a gimmick and it wasn't. how dot stars align for you and this market right now? >> most significant right now is the spx is flirting with the old

high and it looks like it will need to go just a couple more spins to do so. so we'll see how that comes out. but, in terms of the astrology, i read about it on the front page of "the wall street journal" on the day before my birthday in 1963 about people using astrology in the market. so i got several books on it and i, the books did not have what i wanted to know. i wanted to know, what is the actual percent change in the dow jones when these things occur? so i hand calculated them myself so i'm looking at direct history that has actually occurred. this is not airy, fairy, what should happen kind of stuff. neil: all right. arch, hang on to that. because i do want to get you

back with all the breaking news. a, i wanted to apologize to you. b, i want our viewers to get the fell measure how you're doing with work, and elections. ii want to nab you another time. stay alive. stay well. i'm glad you are. we'll have more after this. ...

neil: all right, welcome back, everybody. by the way we are going to have art crawford back on a much longer discussion of how he sees the market and the stars all of that aligning politically and the financial marketplace we just wanted to resolve the issue and i wanted to formally apologize to him for assuming he left this world. he's not, he's alive and well and a huge influence again in the financial community so he will be back with us we've not forgotten that. in the meantime, i want to update you on right now congress wanting to reconvene at least democrats in the house wanting to reconvene to stop the president's changes in the post office. we're also talking to the platformer top republican leader in the house, about what he makes of these latest developments and right now, what he makes of the president's handling of the pandemic itself, as well as the stimulus measures the president has proposed. and ed rendell, the former democratic governor of pennsylvania on what he makes of the kickoff of the dell ic convention it's a virtual affair

as you know the republican will be a virtual affair and dr. joseph kim, the anovio ceo of the company start of phase ii and three testing an intriguing way for the human body to combat this on its own. it's a fascinating premise but we're going to explore that first and get an idea of where we stand right now on this battle back and forth with the post office, and for that, we go to blake burman on how the administration is responding to democrats saying he is trying to shut down voting in this country. blake? >> reporter: indeed, neil and there is going to be a rareness here in washington d.c. this weekend as nancy pelosi is bringing back the house this weekend, to try to take up legislation to sure up the united states postal service pelosi wrote the following to start off this week or at least leading into it to her democratic colleagues saying "in a time of a pandemic the postal service is election-central. americans should not have to

choose between their health and their vote. " pelosi also believes that the president, in her words, is trying to sabotage the post office as some postal operations have been slimmed back this year democrats worry that the president is trying to hedge against mail-in voting with a weakened postal system. the president this morning though said he's not trying to slow anything down. >> i have encouraged everybody and i also want to have a post office that runs without losing billions and billions of dollars a year, as it has been doing for 50 years. >> reporter: before we even got to the election president trump and the treasury secretary steven mnuchin had been pushing for reforms to the postal service as the president feels that the world's wealthiest man, jeff bezos, is taking advantage of the postal service, which loses billions of dollars. again this morning, the president pointed the finger at amazon. watch. president trump: one of the

things the post office loses so much money on is delivering packages for amazon and these others. every time they deliver a package they probably lose three or $4. that's not good. they have to raise those prices. >> reporter: here in washington, the house oversight committee is looking to hold a hearing a week from today, with the new post master general, lewis dejoy. democrats, neil, highly, highly, skeptical of that man right there, the new postmaster general as he was a fundraiser for president trump before being put into that role. neil? neil: thank you my friend, very much, blake burman at the white house. by the way all of this occurs as the democrats are kicking off at their convention virtually as will be republicans next week the president trying to counter them by going into the belly of the beast. in fact the exact same state democrats will be at least virtually gathering, but he's also visiting minnesota. these are two key battleground states.

now, normally the opposition party sort of stands down when one party is having its big event. not this president, not this time, you could expect democrats to return the in your face, you know, demeanor when they're doing this , and republicans are gathering. connell mcshane, the "after the bell" host in racine, wisconsin now on the president's plan. connell? connell: that's exactly, neil what stood out to us in this first stop of what'll be a two-week tour of some of the key swing states is the different approaches of the campaigns all virtual on the dnc side instead of being in-person in milwaukee but anything but virtual for president trump. in person himself in this state later today and over the weekend in pleasant prairie, wisconsin we saw the trump campaign out and about this big pink bus with women for trump printed on the side of it and mercedes schlapp who worked in the white house for the president and now moved over to the campaign and i spoke to her in that aforementioned parking lot and she says this is all meant to

make a point. listen. >> we're going to be very loud this week. we've got a big digital ad buy, in fact i think you'll see more advertisements of donald trump that people will see the democrat convention. we want to be in-person, in these different states. connell: as for the democrats this should be the week when downtown milwaukee is hopping but on the river walk when we stopped by there, beautiful day yesterday but nothing that shows any sign of a political event going on. people out and about enjoying time with their families. we did get a chance which was interesting to talk to a number of voters, the abbott family, sit out from the suburbs, trump voters last time around but they're both undecided, husband and wife, this time around. it's not the economy or any other issue that's bothering them so much. it's the way that the president has handled the pandemic. take a listen. >> got a decision to make, i

guess. i was a trump supporter at the beginning over the few years i just started to distance myself. >> yes, i wish we would have seen that support from the beginning where he would have been vocal about the support of masks and he would have said, you need to wear a mask. connell: you know, funny tom abbott, the gentleman there actually did tell me if he votes for joe biden he hasn't decided yet he'd like to see biden come here before november in-person, pandemic or not. make a point on the economy, neil, we've been watching them all in the key swing states. wisconsin has started to bounce back, the unemployment rate here shot up in april to well over 13 %. its come back down to about 8.5% so on a relative basis compared to other states that's not bad. that's pretty good and in terms of how people are going to vote to follow-up on what blake was reporting on, neil, every single trump supporter that we ran into on the ground here in wisconsin said they'll do it in person. they'll go to their local poll

ing place whereas the biden folks and undecided voters are the ones that said they were open to or planning to vote by mail. back to you. neil: connell mcshane thank you very much my friend. i know you'll be busy over these next couple of weeks as usual. i might go to governor ed rendel l, former chief executive of the beautiful state of pennsylvania. he joins us right now and the importance of the convention kickoff. it is going to be weird, isn't it, governor, for both parties. i just wonder who gets a bounce when it's a virtual bounce? >> well it's very hard, because you don't have the enthusiasm that goes with the in-person speeches. you know, let me just say a word about milwaukee. i was chairman of the convention , the democratic convention in philadelphia in 2016, and we had a great time, and we showed city off and milwaukee was looking forward to doing the same thing. they think they have a town that people haven't discovered yet and they are looking forward to

national and international craft s and coming in and discovering milwaukee. well that's not going to happen so i've urged the dnc to make an announcement this week that if milwaukee wants to apply for the 2024 convention which we hope will be in person, they be granted that convention to make up for missing the benefits to come from being the convention city, but in terms of what this is going to be like, i think that there will still be the ratings are going to be surprisingly good for what could be just a boring set of speeches with no audience and no enthusiasm. neil: [laughter] >> i think there's several important speeches and i think people are going to listen to them. neil: you may be right. it's going to be a little different but you might be right but i do want to, i know you remind me not to focus too much on polls after all, they can be wrong, they are a snapshot in time, and depending on the poll,

joe biden is either leading by a lot or in a new cnn number out today, very little, four points, but one thing we have seen over the last couple of months is a slight narrowing has gone from double-digits to making a tad more competitive, again depending on the poll for the president. are you worried that things could start slipping away, that joe bidens "play it safe" approach or whatever you want to call it could be back firing on him? >> i'm not worried about play it safe approach backfiring because i think joe biden has laid out in five different press conferences a terrific economic development plan, but i'm worried about the fact that people underestimate donald trump all the time. he is in my judgment a lousy president, but he's an excellent campaigner because he knows how to distract attention from himself and whatever failures he has had. if this was a yes/no election,

should president trump be re-elected, he would lose, in my judgment, 60-40, but he's going to put the democrats on trial. he's going to try to make the election about joe biden, about being weak on law and order, the socialist, et cetera, he's a very good salesman, he's going to try to sell on rhetoric and i guarantee, neil that the polls are up 12, 13 points and if joe biden wins by 10 points in the popular vote, in one sitting. neil: oh, come on, that's an easy one. that's an easy one. by the way, there are some pundits by the way, governor, who are saying that it could happen again, the same way it did, where donald trump wins the electoral vote and loses the popular vote. >> absolutely. i have no doubt he's going to

lose the popular vote because he's getting beat in states like california and new york, massachusetts. he's going to be beaten by 25, 30, 35 points in those populous states. he won't be able to match that in the popular vote anywhere. neil: it's all about the electoral vote. it's all about the electoral vote so he could do it again. >> sure if he sneaks by. just barely in florida and texas , and then wins the big three in the midwest again. he's president. anythings possible. neil: 270 to win and we're a long way from seeing conclusion. always good catching up with you , thank you very very much. the president now has arrived in minnesota, so it's a twin state appeal to voters there in minnesota which he narrowly lost and in wisconsin which he narrow ly won but he's doing this , so the democrats are

convening for their convention, eric with me right now the former house majority leader you know, eric when we talk about this and you remind me as well about how especially a president's re-election is about him and his stewardship and the economy but of course much is morphed into his stewardship of the virus itself. what do you think? >> well, neil it's good to be with you and i think first of all, we got to start with the assumption that the nation is so polarized at this point that there's really a smaller -- neil: eric can you hang on i don't mean to jump on you but the president is speaking i will go right back to you, i apologize. >> "we love you." president trump: i love you too. i wanted to make this stop. we came a little bit out of our way and i said we're going to come here, we're going to talk about that horrible scene that we witnessed not so long ago, where there was a lack of law and order and people that have no clue what's happening, right? but i traveled to minnesota to

meet with minneapolis and for these brave patriots right over here, these are four of, these are a couple of groups that we have a lot of them back there we're going to see them the next time they're all lined up but we appreciate you being here very much and you're going to say a few words, and really, i say words of strength and words of encouragement, because what they've been through is incredible but for these brave patriots all they wanted was to live the american dream. that's all they wanted, to start a business and a family to give back to the community, that they call home and that they love. the fact is they love our country and our country loves them and we want to show them about that and that's why i came and that's why i stopped and that's why we're here to see all of you, but to be represented really by these incredible people, so thank you for all you've gone through. thank you very much.

[applause] president trump: while the cities liberal mayor refused to defend its citizens which was incredible, their lives were destroyed. while the leadership of the democrat party cheered, their dreams were burned to the ground. we all witnessed it. we all saw it, very vividly on television or wherever. this is the difference between us and joe biden, mayor jake on frye. >> [boo ] president trump: and governor tim wolf. weakness is also the currency of your liberal senator tina smith and you know, she's now running against a great gentleman, so jason, get out there and vote for her, tracy, you know that. >> [applause] president trump: he's going to win you see the polls are about even and that's a big step. he's a great candidate. neil: we'll continue to monitor the president back with eric can dor, the former house majority leader. eric one of the things coming up right now is the president's

involvement of the u.s. postal service and his concern on about all of these mail-in ballots and that's going to overwhelm the system, democrats are rushing back to stop him, to hear from the u.s. postal service chief. where do you think all of this is going? >> well at the end of the day, i don't anybody wants to stop the post office from working. i know the president has indicated and i think he's right , that there's a lot that needs to be reformed in the postal service, and even back when i was in congress, we fought again and again to try and implement nose reforms and so what the democrats are doing right now is trying to conflate the issue for the need for reform with their cry that the post office needs to be adequately funded for the increase in mail-in ballots this time, and i think at the end of the day it'll be worked out, and i think the post master general, which is a trump appointee, he has said that there are issues in being able to meet the deadlines that the states are going to impose

given their election laws. i think all of that's going to have to be worked out and i'm sure i wouldn't want to see our party, my party get in the way of making sure that people have the right to vote but to insist that they vote in a legal way and not allow for any kind of mischief or fraud to come into the system. neil: you know, eric, at the same time the president is saying because congress was unable to come up with a virus stimulus on its own, he went ahead with these executive actions, orders, whatever you want to call them that among other things will cut the payroll tax but a lot of employers with whom i've been chatting of late have to say you're leary to implement these changes a) because it's only coming on the president, not congress so they don't have that cover, and b) they're not convinced that they will have to pay this money back if it's a new president, or this president doesn't wave that. what do you make of that? >> well, you know, first of all

, i think if you look at it through the lens of the election , that's where you continue to get closer to labor day and get real serious on the calendar, if you will, the election, the swing vote in this country, i think you've got to give them more credit. they understand that this national pandemic that is or international pandemic that is impacting all of us in our communities, it's a tough thing to get your arms around, and you know, i applaud the president for reinstating his covid task force press conferences, but i would insist that he maybe take a step back and let some of the experts in the lab coats and the doctors and the scientists speak because i know that in my state of virginia, people are very, they see the confusion around the school situation. what's going to happen with their kids so again, i do think that there's a lot going on right now. people want to hear from the experts and that's probably the best thing that this administration and the

president trump can do is to take a step back and let the experts speak. neil: all right we'll see. eric cantor, good catching up for you i apologize for that disruption in the meantime here we're going to be hearing about a lot of companies that have a promise, treatment, vaccine, cure, whatever you want to call it for coronavirus. one of them that's gotten a great deal of attention and de penning on your point of view is warranted or skeptic is anov io pharmaceuticals. the ceo behind that company with a novel solution to taking on covid-19, in a way others do not , after this. find your keys.

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neil: all right the name of the company is inovio, and it got a lot of attention as a possible covid-19 vaccine that gained excitement and buzz in the medical community, the shares soaring more than 350 % on that buzz alone, but there are numbers of short traders out there who are convinced that this is much to do about nothing that in the past, inovio has had promising research that looked like it might have a vaccine at the ready for swine flu and a host of other ailments that have popped up over the years but never to get a vaccine

ultimately to the market so this push and pull continues. with us right now is dr. joseph kim, the ceo of inovio. doctor, very good to have you back. you've heard the critics, doctor , that maybe you're not all that. not you specifically, but this talk of states two, three trials going on for your vaccine isn't as promising as you've made it out to be. what do you say to that? >> well, neil great to be here. inovio is very excited to develop inl-4800 against covid-19 disease, so we were able to move rapidly through phase i clinical trials, with encouraging safety and immune responses and we're poised to get into phase ii/iii efficacy trials in september. so we're doing everything we can we have our eyes focused on this public health menace of the century and trying to develop a vaccine that can be

both effective and safe at the same time and trying to control this pandemic that really has impacted us all. neil: you know, doctor, i guess what confuses a lot of people is i guess you have to use a gadget of some sort to apply this i guess to the nose. leaving that aside, then there was confusion on wall street when a number of insiders were selling the stock, and i'm thinking nothing illegal going on at the time given the run-up, but that it just bothered a lot of people that you were not, specifically you, but the company not being honest enough to say wait a minute. this might not be the timeline we once promised. what's the real story here? >> well, neil, you know, we're developing this vaccine in a unprecedented pace and we have

benefited from the attention that comes with it both the positive and negative attention but certainly, we have our eyes focused on trying to help people around the world, including this country, who have been greatly impacted by this covid-19 disease, and trying to get our economies on track. now, you know, are we doing everythingly perfectly? i'm in preed inly proud of all of the accomplishments from our clinical studies to pre-clinical studies as well, as well as getting our vaccines manufactured on time. we have a goal of manufacturing a million doses before the end of the year. we are currently on track for that, and we are on track in meeting our goal of 100 million doses or more in 2021 so that's what we, at inovio and our

collaborators are focused on. neil: let me ask you about that then, as there was talk about working with your partner, there was litigation there you weren't seeing eye to eye, a number of shareholders sued, this is a lot of noise around what could be to your point, doctor, very promising technology and a potentially very promising vaccine. how do you diplomatavow some of the notion that some of the other issues that came up with swine flu and a host of other ailments going back to 2009 with a promise of a vaccine will look good for your company it never materialized and the same might be happening now. well neil our technology is novel, and we're developing this new technology platform to develop vaccines that will be helpful in controlling covid-19 disease. we have been successful in the clinical trials, against a

similar virus and we have vaccines that we have developed all the way to phase iii pivotal trials against disease that's caused by human papilloma virus and in fact we plan to report phase iii pivotal trial data inq 4 of this year. just in may, we reported on very encouraging, overall survival data and perhaps the most lethal cancer of them all in glioblasto ma, or gbm, where we were able to establish higher rates of survival at 12 months in these patients compared to standard of care historical data , so you know, creating and developing new medicines is tough and i expect there to be a lot of noise, both good and bad along the way, but we have incredibly dedicated team with lots of supporting partners who are pushing us to be successful

in bringing out a safe and effective vaccine against covid-19 and other deadly diseases that we're going after. neil: but do you need more money , doctor? i'm sorry to keep belaboring this point? i know you had 71 million i believe it was about that from the defense department for this device that goes into the nose without getting sidetracked on that but that you ran through that and that you need still more money. do you? >> well we have almost $400 million in cash in the company, so we have a very strong financial footing for a small mid-cap company but also we expect to bring additional partners who can help us fund this very expensive development process of bringing in new vaccines to the market, so we've had -- neil: all right we'll watch it, got it. i'm jumping on you because of a hard break but doctor thank you for that update, dr. joseph kim, inovio the ceo of that company

right now getting a lot of buzz and attention, good and bad as will happen when vaccines are netting notariety in the medical community. we'll keep an eye on that and the biotech index. right now its had a bumpy right itself, after this. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today.

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neil: only in this covid age what do you do if your community is slowly reopening restaurants but the community right next door to you is not or converse ly your town is allowing gyms to reopen but the town right next to you is not. it happens in more places than you know. william la jeunesse on some of the conflicts. william? >> reporter: well, neil, we're going to talk about the border right now, neil. technically it is closed to all but essential traffic but many in congress are concerned that illegal immigrants and others aren't just ignoring pandemic protocols but exploiting how the u.s. is handling this crisis

illegal traffic is up double in three months and one small texas border county last week, alone, recorded more fatalities than the daily total in all but six states, overwhelming hospitals. now, cbp confirms it is taking in migrants for care who show covid symptoms or claim to be positive and 10 border patrol agents have died after contract ing the virus in "the line of duty." now as migrants ignore stay-at-home orders and distancing and because the federal courts are closed we're not putting illegal immigrants in jail. 30% are continuing to come back, after being returned to mexico, infecting others and u.s. hospitals. >> they know that human smuggl ers are going to put them in tractor trailers and they are still doing it. they know individuals they know or suspect that they have covid but yet they are still trying to illegal enter this country. >> reporter: so right now the border is again closed to

all essential workers and while el little traffic is down from a year ago, it is up in each of the last three months, 40,000 in july, 100 mostly mexican migrants have been treated or hospitalized for covid. >> we have to be much more strict because you can't have a pandemic and have an enforced border because all that does is allow people in with different mutating type of disease and you can't get your arms around it. >> reporter: so while mexico, neil, has been a huge help in reducing illegal immigration from central america, it's having problems with its own economy, and they are number three in fatality the behind the u.s. and brazil so thousands of people are coming north and the border patrol is having a hard time and they are surging agents to south texas to handle the increase. neil? neil: william thank you very much, william la jeunesse, sorry for that confusion on my part, but in the meantime i do want to take a look at what's happening in seattle making news again,

where the richest resident, in fact, the richest guy on the planet is telling his workers at amazon, that's right talking about jeff bezos, that if you want to continue to work at home remotely and maybe potentially indefinitely, go ahead. now, is this in response to the city cracking down on him? jason rand with us right now. what's going on here, jason? if you think about it bezos didn't say anything new. this has always been thought out there but is this a response to him becoming sort of like a target of the city council and others? >> so when you look at amazon and the way they deal with the seattle city council, they usually just send little hints. they don't overtly do anything. on friday, they sent a pretty significant hint in the form of a poll that was sent out to all of their employees in seattle, which simply asks, which would you prefer, which city would you prefer to work in outside of seattle? and it gave a list of all of these cities, mostly in east

king county between 10 and 20 minute drive of seattle and including tacoma, and the way that this was taken from a lot of people within the amazon workforce is this is a direct response to a jobs tax that was just passed by seattle city council, that was called an amazon tax which would impose on amazon and other businesses that are eligible a 1.4% payroll tax per employee making over 150,000, and 2.4% tax on any employee making over 400,000. so amazon of course doesn't like to spend a lot of money needlessly on taxes. they like to actually invest in the customer and the product and so they look at this , they look at being blamed for pretty much every problem that's happening in the city of seattle, on amazon, and this is just them saying yeah, maybe we're going to expand outside of seattle. this is not the only time they've looked at this. they've obviously already expanded outside of seattle. they've got the worldwide

operations they actually move from seattle to the city of bel evue, and also in the city of redmond on this poll which is asked of the workers so my guess is they're looking in this post-pandemic world of opening more remote sites all across the region as a way to avoid some of these taxes and some of this bullying that's coming from this council. neil: jason, thank you very much a little revealing here the first time i've seen amazon respond fairly blatantly on this jason rantz, thank you very much my friend. by the way this is just coming across the wire from white house chief of staff mark meadows who says he's very hopeful that u.s. companies that have expressed interest in acquiring tiktok will be able to address national security concerns and this all started with microsoft kicking tiktok around and now a host of other players have as well. the administration seems to like microsoft's bid, but that doesn't mean it stops with

microsoft. our charlie gasparino has been following the tiktok on tiktok, after this. it's easy to get lost in the economic uncertainty. the volatility. the ambiguity. the moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics... and insights borne from over 130 years of successfully navigating economic turbulence. giving you clarity. inspiring confidence. and helping you uncover new paths forward. northern trust. wealth management. come on in, we're open. ♪ all we do is hand you the bag. simple. done.

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into a multi-unit home. and i get to live in this beautiful house with this beautiful kitchen and it's all thanks to sofi. neil: all right, when it all started with microsoft that was looking at tiktok, now a host of other players have weighed in here and maybe considered bids of their own complicating matter s is the view of the administration which obviously wants to keep national security concerns first and foremost. charlie gasparino, where is all of this going? charlie: i wish i knew for sure, neil. that's the best i could tell you i don't know for sure but i can tell you what's going on right now. tiktok and microsoft continue to negotiate the deal as of last night, from what i'm told by people close to the matter. it is a very complicated deal. it is a very costly deal and

it's a deal that's complicated by the fact that you have engineers in the u.s. dealing with engineers in china, and there's a language barrier, so trust me, this is pretty intense stuff, but they are negotiating from what i understand, and you know, here is the thing, neil. this deal is not a done deal until it's done, so just remember, michael mccaul can walk away from this in a minute, if it has to, if it feels it can't integrate enough of tiktok 's operations to be competitive. sources are telling us that microsoft has shown interest in tiktok's uk assets as well, not just the ones that mentioned australia and some other various countries including the u.s. , something known as the five i's the five countries that have security deals with the u.s. , uk is one of them, new zealand, australia is one of them, and it's from what i understand, it is expressed interest in tiktok

uk though can't tell you there's a deal there, unclear if it's for sale, unclear if microsoft really wants to put off even more money for that because that would boost the price tag from roughly $40 billion to something much higher, but they have expressed interest. the bottom line is, what we're hearing from tiktok is that the company is pretty confident that it's going to be able to sell itself or get a deal that saves its u.s. operations. that's the word they're giving. whether that's true or not, whether this is an insurmountable issue because the trump adminitration really has turned the screws on them, it's i guess there's two orders out there. there's a 45 day order and a 90 day order and i guess the 45 day order is probably the one that's the executive order from president trump as opposed to the order that i think they are racing against time to complete, so that's where we are right now it's an update. i wish i had something more solid, but it is interesting

that tiktok is telling people there are other suiters, and that microsoft has expressed interest in a bigger piece of the business, not just the u.s. and somewhat of the other ones in australia. neil: got it, my friend, thank you very much, charlie gasparino on all of that. in the meantime, a lot of focus right now on what will turn this whole thing around. we talk about the virus and all of that, and everyone's waiting for a vaccine. at least on the economic side, the power, the changer here, could be you, the consumer, after this. ta-da!

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briefly touched record territory , and the nasdacjonathan hoenigf this and you no one thing that struck me when all of the debate about the economy and all that is the strength of the consumer, of mortgage demand soaring, retail sales not across-the-board, but certainly ex-autos doing much better-than-expected. i'm wondering what we wait for a vaccine, we certainly don't have to wait for the economic pickup courtesy just average shoppers what do you make of that? >> yes, neil, we're spending, and there's a lot of explanation s of it i think probably the most obvious is what's called the wealth effect. basically, neil, the more we have, the more we spend, and undoubtedly that has been helped to a great degree by the dow jones industrial average, the higher the dow goes the more we tend to spend and it also has to do, neil, with the stimulus check. a lot of those stimulus money went to, you know, new tv sets or home repair but there's a

historic precedent the same thing happened with obama with his stimulus check back in 2008 or president bush from 2001 where the government sends a check to people they tend to spend it, the only difference is this time, neil, that we're home , we're board and a lot of people are taking that money and spending it online, that's of course benefiting a lot of those so-called covid stock, amazon, pay pal and all the rest neil: yeah, you're right about that. what is your thought on the markets and elections? we're within that 90 day window where how the markets perform can give you an indication how the party in control of the white house performs, and roughly nine times out of 10, the markets are up during that period. the guy in the white house is re-elected. what do you make of that? >> yeah, i think it was a question a lot of dissatisfaction with, you know, bush's handling of the economic crisis, that ushered barack obama into the presidency, but

so that, says to me, neil if you look at the party elected there is no correlation between the party that's in power and how well the economy does. there is a correlation how between policies that that's a policies that are the more free market policies the more capital ist policies the market tends to do. this is such an exceptional time , neil, the pandemic, the out performance of the tech stocks, all of the stimulus we've talked about makes it a very difficult era to be an investor, but more than any time now neil it's all caltech all the time, it's one thing to try big technology stocks, the facebook, amazons, apples, they're the ones power ing the market forward, and if they faulter, that's what i'm really concerned about the market and the economy at large. neil: do you think the base is widening out a little bit, the wall street journal investors business among those talking about how small cap stocks are down a little bit , you don't want to put a

permanent stamp on it but not that they're replacing technology, but that they're giving it a run for the money. do you buy that? >> yeah, i'm glad you brought that up. that's so important that we start to see some of that market performance broaden so it's not just the top five nasdac stocks we've mentioned this before, it now accounts for about 50% of the nasdac 100 that you're never going to find a small cap in the nasdac 100 but we want to see other types of the market doing well. small cap, mid cap up, base metals, industrials not just the technology that's how you'll know ultimately this unprecedented rally, 100 day, 50 some percent in the nasdac and the s&p ultimately has legs more than we've seen. neil: all right, thank you my friend. always good catching up with you jonathan. jonathan hoenig following these markets very closely, just want to pass along several individuals including a lot of candidates running for office are suing the president of the united states and u.s.

postal service and new post master general in new york. he's already agreed to testify on capitol hill a week from now on some cutbacks that are going on but they're suing for adequate funding for postal operations, and saying they're not satisfied with his descriptions of what's going on that's not in the national interest and they're suing him over it. we'll have more after this. or w. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. shingles doesn't care. i logged 10,000 steps today. . . . but no matter how healthy you feel, your immune system declines as you age, increasing your risk for getting shingles.

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♪. neil: all right. we now know the postmaster general will testify on capitol hill a week from now. we do know that the house democrats are coming in. they want the entire house to come in to vote on measures to prohibit any changes that happened since january 1 of this year. it is getting thorny out there. here is charles payne. charles: thorny might be an understatement, my friend. i'm charles payne. this is "making money." neil: you may be right. charles: you're right about that. it is a lazy, hazy say. one of those dog days of summer. i have to tell you something, there is intense excitement about the s&p 500 closing in on a new high. meanwhile the nasdaq is still on fire. the mega cap stocks maintained mojo. but the dow jones industrial average that continues to sag. no longer an effective gauge of the market or the economy. a lot of pressure coming from warren buffett, position sales. wait until you hear what the "oracle o