come back soon. i'm elizabeth mcdonald you've been watching "the evening edit" on fox business. thank you so much for watching, and we hope you have a great weekend. remember, join us on monday. ♪ ♪ ♪ >> from the fox studios in new york cityies this is maria bartiromo's "wall street." maria: hello and welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. thanks for being with us. coming up, venture capital and investing legend alan patricof to talk about a new project, prime time partners. then later, don peebles to talk about the state of commercial real estate today post-covid. but first, let's take a look back at some of the week's big moments on "mornings with maria" in this week's edition of the

talkers. what are we supposed to understand about this new national security law? >> if you come to hong kong, they can arrest you. if you go to china, they can arrest you. and this is setting a great caution on people who do business this china to be very careful what they say. >> they are taking advantage of some of our programs and sending military officials in. >> they also use america's own universities, our most advanced laboratories against us by infiltrating pla-aligned scholars -- maria: i felt that it was real and there was sincerity because you had real people out there. >> well, i think that this week is about truth. i think this week is about facts. what we saw last week is the sky is falling, the world is coming to an end, and this week is a reminder of all of the things president trump has done. maria: how will the gop resonate with a broader group of people? >> we look forward, we don't look backwards. if you look at the democratic

convention, it was people who have been there for more than 40 years. their own nominee has been in washington for 47 years. maria: what do you make of jerry seinfeld pushing back at you? >> the city is going in the direction of bankruptcy. they already announced that on august 31st they're going to send out 22,000 pink slips for critical workers. maria: meanwhile, this past week the federal reserve announced a policy shift that will allow inflation to run higher to support the economy and the jobs market. powell's call for, quote with robust updatings will let it run higher than the usual inflation goal of 2% that the federal reserve has. alan patricof has launched a new project, the fund is called prime time partners and focuses on investing in products that cater to an aging population. earlier i spoke with alan about that. >> well, prime time partners is

something that, you know, i can see because we both is have kind of met it, on the board of arianna huffington's company which is all about wellness. we kept in contact, and we kind of both arrived at the same idea that we recognize that the fastest growing part of the economy in the next 20 years is going to be the over 60 market. and people don't realize it. all that we talk about is the millennial and coming out with products for the millennial. here we have a fast-growing part of the population that represents 60-70% of the buying power in the country, the baby boomers who are now over 60, and yet only 5-10% of the marketing dollars is spent to attract that audience. it's just crazy, and there's no venture firm that's looking at that area really as a serious endeavor. we got this idea and we kind of came to it together similarly, and we kind of had a third partner which is a strategic

partner only which is well tower which owns the largest number of senior living facilities and is a great test bed for new concepts purely. they have no economic interest in the fund specifically. but they, together we kind of are looking at all the new products, services, technologies that are dealing with the aging or, as i like to say, the ageless population because like a lot of people, we're all living longer. i mean, you know, the age a expectation -- maria: yeah. >> -- when you're born is 100. it's not, you know, 70, 80 or 90. so if you're living longer, you're going to be spending that money, working longer. maria: alan, let me is ask you about policy and politics. we're just coming off of the convention season. we had the dnc, the rnc. what did you hear at the dnc

that resonated with you? you've been a donor to the democrat party. do you believe that the policies that you're hearing coming out of the biden/harris ticket will move the needle on economic growth? >> well, i think joe performed brilliantly. i've never heard him sounding better and stronger, forceful. he made it very clear he's all about getting jobs, getting people back to work and coming up with a plan, a strategic plan when elected of dealing with the covid crisis. and, frankly, i hope it's moderated by that time. but nevertheless, he wants to deal with that. but i think the focus is on infrastructure, the focus is on greening of america, the focus is on income equality. i've said this before, while i may be in the top 1%, i -- like mike bloomberg expressed on television the other night --

feel that we've got to, we can't ignore the problems of people at the lower part of the income spectrum. maria: meanwhile, in the face of it all, the market keeps hitting all-time highs. your thoughts on the economy and markets today, alan, the public markets. you are a venture capitalist and have your allocations in different places, but you're seeing these record highs over and over again and an economy that is expected to see growth in the second half of the year. do you expect growth after that contraction in the second quarter? >> well, it's probably inconsistent to, what i'm going to say, but i can't understand the market today. you know, i've been in the market for a very long time. when you have so much uncertainty, when you have so many surprises, things like the president coming out about goodyear and now wanting a share of the tiktok deal, i mean, those are the kinds of things that normally would upset the market, yet in the face of that

tesla goes to new highs, apple goes to new highs, all the tech companies go to new highs. maria: that's true. [laughter] >> my sense is that the market is more on the overpriced side than the underpriced side. i think there's a lot of money sitting in people's pockets, and they just, you know, every day they read about amazon and tesla and apple and netflix, and they want to get a piece of america, and they want -- they'll buy it at any price. it's -- maria: apple's incredible. i mean, look at where apple is. you saw apple when it was just a young company, and you knew this was going to take off. what did you, what did you buy apple at? i mean, look at where the stock is today -- >> maria, i will tell you, i will tell you -- i'll tell you the honest, because i've looked at it -- [laughter] we invested, i'm telling you the truth, in 1979 before it was public, this goes back now long

time, we invested $300,000. and, remember, this was an early stage, young company. and it was the second year of its business, i think. maria: yeah. >> i have just -- and we distributed the stock after it went public to our investors. so i have no idea. i'm sure, unless by accident someone still holds it, but i have haven't gone to the effort several times -- i have gone to the effort several times in the last year. as of last week that $300,000 would be worth $4.5 billion. so that's the benefit -- maria: wow! don't go anywhere, don peebles is joining us next to talk about the rnc and the state of commercial real estate today. that's next. ♪ ♪

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businesses have been shutting doors for good, and retail rents are dropping nationwide due to the shutdown. what can be done the save the sector, and what will it look like post-pandemic. joining me right now to discuss this is real estate developer peebles corporation chairman and ceo don peebles. don, it's always great to see you. thanks for being here this weekend. >> thank you for having me. maria: so i know transaction volume is down better than 60%, almost 70%, and we are seeing anecdotally people not wanting to go back to big cities. what are you seeing in terms of commercial real estate? are people wanting to renegotiate? are they wanting less space? how do you see it? >> i think there's a lot of, a lot of things happening. retail had been struggling before the pandemic, and now it's decimated. many retailers, more than a quarter of them, are never coming back. the others are going to have severe financial problems, so they're all beginning to

renegotiate restructuring of their leases and so forth. the office sector was kind of transitioning, and it was soft, and the pandemic accelerated that. i don't think people are going to go back to work in terms of large offices until the second quarter of next year, if that. and so, ultimately, they're going to need to look at restructuring and renegotiating as well. hotels are in big, big trouble. travel is down significantly, occupancy rates are well below 50%. those hotels cannot continue to survive, and when that comes back, it's going to look very different. obviously, significant stress in the hotel sector. the bright spot of the marketplace is on the housing sector. now, condos and other multi-family type of projects in cities like new york city are in big trouble as well. the condo sales market in new york city is down significantly. some new developments are cutting prices by as much as

50%. but single-family homes in the suburban areas -- connecticut, westchester, long island in the new york area -- do real well. and south florida, of course, is on fire. maria: well, you said so many things that i want to really dive into, don. first off, let's talk hotels and restaurant9. you said the hotel industry is in trouble. how is this going to play out? i also spoke with ray washburne this week on "mornings with maria" who was saying with the ppp program expiring at the end of july, the stress on the independents restaurant industry is really intensifying right now, and he expects 50% of independent restaurants will close in the next 90 days. is so walk us through how things will look different for hotels and restaurants, don. >> i think on the restaurant side the federal government's going to have to do something to step in and also these cities are going to have to make some tough decision. new york city still precludes

interior dining at any level. and places like outside of the city they are having interior dining. i think without that, these restaurants are not going to be able to survive. and the federal government is going to have to provide additional relief or you'll see massive job loss. you're already seeing massive job cuts in the hospitality sectors and hotels like the marriott in washington, d.c. which had over 1500 employees, closed down permanently. you're going to see much more of that. and i don't think -- many of these hotels will not reopen. the nature of the business has changed as well. group travel, corporate travel is going to be down significantly because everybody's getting more familiar with technology, and it's actually more efficient and equally as productive in many instances. i think we're going the see significant foreclosures in the hospitality industry. pretty soon, by the way. maria: unbelievable. you're right, people are rah

realizing they can be much more productive, and it's actually working from home. this whole situation of deferring rent to 2021 is also an issue, and the fact that that ppp program treated taxable income, and the ppp was treated as taxable income, that's also a major pressure for these restaurants. so do you think we're just going to have fewer restaurants, fewer hotels, a lot of consolidation? maybe we'll see mergers. >> you'll see mergers in the hotel sector, you'll see significant reductions, and then those buildings will ultimately get repurposed for other purposes, maybe residential, creative office. maria: don, i want to take a short break, get your take on that and also this flight out of high-tax, high-crime cities as people go to florida. you've got a good handle on that as well. talking with don peebles this weekend, and we'll be right back with more. stay with us. ta-da!

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plus 0% interest for 60 months on all smart beds. ends monday. ♪ ♪ maria: and we are back with the ceo of the peebles corporation, don peoplings. don, before we went to break you were talking about security issues in places like new york. that's also adding to this unwillingness to go back. it's not just about high taxes, and it's not just about covid, is it? >> no. i think that the quality of life issue and now the public safety issue is a major um we discuss for people -- impetus for people to rethink new york. i think that was a driver prior to covid. i think for the last several years new yorkers have been talking about how quality of life has diminished, the city has gotten dirtier, and it feels less safe. covid got people out of the city, got them to rethink, and also these protests with the violence associated with them, i

mean, protests, people are very good -- can these protesters have legitimate arguments to protest about. but the violence associated with them is making people unsafe. plus you're seeing shootings and murders continue to increase in new york and other cities. and i think that's pushing people out. maria: unbelievable. how's this going to play out? i mean, when i had mayor de blasio on "sunday morning futures" a couple months ago, he said they've got a hole to fill of $7.5 billion. they want the government to give them aid. we're with obviously seeing budget shortfalls, don. what does this mean on a practical level? are you going to see less attention, less money for social services? how does the city change as a result of the financial strain that is coming on top of all of of the things you mentioned? >> i believe the budget since he was on your show has gone into a deficit of $9 billion.

so the hole just keeps getting deep or. i think that new york city and municipal governments around the country have to re-examine what their role is. historically their role should have been to provide police service, fire service, protection, pick up the garbage and maintain the streets and the like and provide a decent school system for our kids. that role has expanded into social services, redistributing wealth and so many other things, and i think they're going to have to shift that. new york is going to have to cut. new york city, for example, is going to have to cut 21,000 workers at the end of this month, and the question is where will they come from? and these consistents will create -- cuts will create further distress in the city like new york, and that will mean reduction in service. so it's a vicious cycle. i don't think the federal government's going to bail them out in the next few days, so they've got some really tough choices to make. new york city and other major cities around the country realize they've got to compete for residents and compete for

businesses, they're going to continue, you know, significant struggles until they realize that. maria: meanwhile, it feels like de blasio is pushing out all wealth. he goes and puts homeless shelters right near the most expensive high-rise buildings and tells the community, oh, well, we'll all live together. that's not what rich people are doing, they're taking their money and leafing, going to places like florida and texas. you've got great developments in florida. are you seeing that on the ground? are you seeing increases in the populations in florida as a result of what you're seeing in places like new york? >> absolutely. you know, of course, florida usurped new york as being the third largest state in the country a few years ago, and that was because of flight from the northeast, from new york city down to florida. what's happening now is, for example, south florida, miami in particular, had its best month for condos. condos are soft all around the country. but that's because the inventory's getting absorbed because people want to leave.

maria: meanwhile, the rnc this week in their convention tried to suggest a bigger tent than people knew about in the republican party. they are reaching out to african-americans, they're reaching out to gays and lesbians, they're reaching out to women. you were in democratic politics as a former member of president obama's finance committee. do you think that the president's message is resonating with the african-american community? how's the support in the black community for trump? >> i think that the challenge the president has is to get black voters to pause and listen to him and look at his record. the media, the mainstream media has assaulted him and been on attack for the last four-plus years. but if you look at his policies, i think that they deserve a closer look. support for historically black colleges, criminal justice reform, reforming the severe criminal justice impact that was created by the 1994 crime bill that vice president biden

actually introduced in the u.s. senate years ago. and i think that that's the challenge. i also take issue with anyone saying that because of the color of my skin, it determines how i vote. i mean, i don't think that biden would have said if you are white and you can't make up your mind to vote democrat, you're not white. i mean, i think that that kind of a racial policy and racial politics has no place in this country. if we want to get to a society where we are all equal, then we have to treat each other equally. democrats compete for our vote, for black people's vote, for business people's vote, they have to compete based on policy. maria: really important interview. don, thank you. don peebles. >> thank you. maria: don't go anywhere, more "wall street" right after this. ♪ [ thunder rumbles ]

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maria: welcome back. coming up next weekend on the program, don't miss it friday nights, 9 p.m. eastern. ill talk with the ceo of blue apron and the founder of khan academies, saul khan, my special guest, to talk about the new model of covid-19. i'll see you sunday morning on the fox news channel for "sunday morning futures," my guest, louisiana senator john kennedy and acting director of national intelligence ric grenell along with candidate in baltimore, kim klacik, my special guest. catch the show live, 10 a.m. eastern over on fox news. plus start smart every weekday right here on fox business, tune

in on weekdays from 6-9 a.m. eastern for "mornings with maria" on fox business. we hope you will start your weekday with us. that'll do it, thank you so much for joining me this weekend with. have a great rest of the weekend, everyone, see you again next time. ♪ ♪ gerry: welcome to "the wall street journal at large". republicans made their case for the reelection of donald trump this week, but it's just possible that events elsewhere may have as big an impact on november's election. the shooting on sunday night of jacob blake by a police officer while he appeared to be resisting arrest started off another round of protests in cities around america resulting in the death of two the testers shot -- protesters shot by a 17-year-old. mr. trump and the republicans at their convention