of sell being of the close to session highs on the dow. close to 2%. s&p up 2%. the nasdaq has been taking a hammering, up 2.6%. a again a little bit after modest rebound. our time is up. david asman in for mr. cavuto today. david: extraordinary. a exact reverse what we saw yesterday at this time in terms of percentages on the nasdaq, dow jones and s&p. thank you very much. welcome to "cavuto: coast to coast," i'm david asman in for neil cavuto today and we've got a busy, very exciting show lined up for you. all three major indexes higher today, the reverse of yesterday as big tech stocks look to recover from three straight sessions of losses. officials are seeking an investigation into the detroit police department's use of force on protesters. the city police chief, james craig, is here to react.

epa administrator andrew wheeler will join me after the president signed an order to extend the florida offshore drilling ban. we'll talk to him. but first, joe biden hitting the campaign trail this time in the crucial state of michigan. he will push the his own made in america plan before president trump heads to the state tomorrow. the plan calling for more taxes on certain companies. fox business's jackie deangelis has the latest. jackie, when i heard this, i thought the announcer made a mistake. he was talking about what trump had said in 2016. reporter: that is a very, very good comparison to make, david. good afternoon to you and that's right, biden is in michigan today. remember, this is a manufacturing state. he will try very hard to win over those voters. what he is saying is, i have got what it takes to make it in america. now a crucial part of that plan is what he is going to do with corporate taxes. so let's review here. we already knew he wants to roll back the trump administration corporate tax cuts to bring the

tax rate back up to 28%. but he is saying that trump's 2017 tax plan caused a manufacturing recession and to fix that he needs to impose a 10% offshoring penalty which basically means if a company takes jobs out of the country they will pay the penalty. on the other hand the if the company brings jobs back here to u.s. soil they could get a 10% tax credit. if the corporation was taking the penalty, it would pay aggregate in 30-point% in taxes. his plan he says will include a series of executive orders to insure the federal government is using taxpayer dollars to put american products and support american supply chains as well. what biden isn't take into account here what president trump did with respect to trade, regulatory policies to strengthen manufacturing in this country, implementing new trade agreements with china. implementing usmca, undoing obama-era environmentally driven

policies. he did get better terms for manufacturers to incentivize them to migrate back to the united states. the criticism of biden's plan here is that it lacks the ability to basically understand that you don't undo years of bad trade policies with other countries and incentivizing u.s. corporations to send jobs overseas. you don't snap your fingers and fix that with a penalty on these corporations to try to tell them basically fix it in a year, you have to pay x-amount of dollars. the problem with this approach the critics are saying is basically it can ultimately really depress what corporations are doing instead of slowly fixing some of the problems. you know, so we're going to have to see what he says today, and how he gets that message across, david. your right, some of the sentiment oddly echoes what the president has been saying all along. david: some would say plagiarize. jackie, thank you very much. we're waiting for joe biden's

comments in michigan on jobs and the connie in about an hour. president trump will make his case to mesh grand michigan voters, where he have expect as gloom sy economic slog if biden takes power. president trump: if joe biden takes power. the economy will collapse. he won't even know the difference. david: we have rnc communications director cassie smedile. thanks for coming in. made in america, i really thought he lifted every word from 2016 of trump's campaign but the prescription for bringing more manufacturing jobs to the u.s. is exactly the opposite. instead of rewarding people or companies for working here in the united states he would penalize them. raising the corporate tax rate and putting a penalty on offshoring some of their jobs. how do you think that will work out? >> yes. i'm in michigan today. i am triggered by joe biden. just the mere presence of him in

my state makes me wonder if i am going to lose my job because that is the history of joe biden. 47 years of politics with joe biden has led to more than 100,000 job losses when you count nafta. nearly 50,000 job losses in michigan alone. joe biden advocating for china to get favored nation status. that was nearly 100,000 job losses in michigan alone. this is not good news for michiganners if joe biden gets into office. as you so nicely laid out there, conversely in president trump's first term he has shown a return to buy american, hire american. he is clearly the only candidate in this race who is fighting for you. david: well, cassie, before the virus caused these lockdowns across america we had increased manufacturing jobs in the united states by 500,000, a huge increase over the eight years of the obama-biden administration. there was a decrease in manufacturing jobs.

but since then of course because you locked down the country, you close factories on purpose. you force the lockdown. you will have fewer jobs that is the nature of a lockdown. but the biden administration is combining what has happened since the virus lockdowns with the previous three years and showing that there is a loss of manufacturing jobs. do you think voters will buy that? >> no, absolutely not. they are playing us all for fools. if they think we'll see the numbers, think, gosh, i wonder why the numbers are lower right now. especially when you consider in the last four months we returned more than 10 million jobs to the country, showing president trump is on pace to have one of the fastest economic recoveries in -- david: cassie, forgive me for interrupting, i understand, but we still have 10 million more jobs to go to even up to where we were before the lockdowns. again, that is what you're going to hear on the campaign trail from biden. he is note going to focus on

10 million new jobs. he will focus on we are still 10 million short where we should be. >> and based on the obama-biden administration slowest recession in modern history, slowest rerecovery from a recession in modern history the american people are not fooled. we know president trump is working. he laid the foundation right out of the gate in the beginning of the first term, you saw with deregulation and tax cuts. letting you keep more of your hard-earned money. businesses are passing that on to their employees. that is why we've been able to bounce back after the virus artificially halted our economy. david: right. >> because the foundation is there. david: i just have to ask, i got to switch gears because we're running out of time but there is another virus-related topic which is the switch on mask mandates. during the convention as you know the democratic convention, joe biden said we're going to have a national mandate to wear a mask. it is a patriotic duty. he said that three weeks ago, but on sunday he said, here's

the deal. there is a constitutional issue whether federal government could issue such a mandate, so i wouldn't issue a mandate. wouldn't, should, how does this all bounce into the campaign? are you guys going to use that? >> well, i think this goes to the larger -- what we've seen from democrats versus republicans and president trump is that throughout this entire process, talk about the pandemic, but just generally, with you and your life, you have one party that, democrats and joe biden saying how can we use our power to get more control over you. then you have president trump and republicans who are saying how can we empower you to have control over your life? the mask mandate is just one more example of democrats who are abusing their power, or the power they would like you to give them with your vote to have more government control in our lives. you just fill in the blank and apply that to every factor of our life whether a mask, health

care, taxes or manufacturing jobs. david: i take it we'll see the two quotes played against each other on a republican commercial coming up. cassie, thank you very much. cassie smedile from the rnc. appreciate it. big tech is bounce being back today and lifting markets high every after the nasdaq entered correction territory in only three sessions. to the fitzgerald group chief investment officer, keith fitz-gerald, and mayflower advisors managing parter, larry glazer. good to see you both. keith, 10% pullback is at least in the short term is it fair to say that or is this a dead-cat bounce? >> too soon to tell. all the computerization, indexing, in fact make the swings bigger than the ones we grew up with. this is the new normal. i don't interpret it as a bubble popping. well-deserved pullback, get rebalanced and get back to work. david: larry, i looked at a

chart, six other times when nasdaq entered correction in just three sessions, six times in history, in all but one of those cases tech bounced right back. is it the same this time do you think? >> david, you make a really good point. look the fall is a period of change for many people. the fall is seasonal volatility for financial markets. this is no exception. you're seeing that play out. a rapid fall of companies like tesla, apple, only to have a sharp recovery. what s&p told us this week, david, tesla is not the real economy. it is not the broad u.s. stock market. it's a small subsection. there are many opportunities in investors. they lean over me at grocery store, larry, what do you think the tesla stock split. they don't ask me about dow chemical, walgreens, real estate trusts which are the real economy. we're so focused on one area, leaving opportunities, for mart smarter investors with long-term

view, who embrace pro-growth policies that is where people -- david: keith what denines the real economy is change because of the covid virus. stay at home stocks that have done well, versus all the manufacturing jobs died, i shouldn't say died, but at least been put on hiatus until we get a vaccine. really so much what happens does depend on a vaccine, doesn't it, keith? >> well it actually does. depends on three reasons. larry makes a great point, it is the real economy. the question is how do you define real? vaccines give hope and money confidence and vaccines make investors want to come back in to grow their money. more importantly puts millions of americans hurting desperately all back to work. all of which is good for the economy. david: larry, what do you think, when vaccine announces passing phase three, we heard discouraging news today, that one of the participants in a trial, i can't recall which pharmaceutical but there was one person who got sick, they have

to trace that, figure out what went on there. >> that's right. david: once we do get clarity and these vaccines begin to get sent out to various individuals will this economy really start to take off? >> i think you're right. look there is segments of this economy will be hostage to that medical treatment. we need some sort of a medical solution to get people traveling, hospitality, transportation moving, to get the economy back. that is very exciting. we know at some point there will be some solution to help us address that. more importantly many segments of this economy have been pretty resilient. they have held up very well. businesses have been able to operate. all those other companies, ibms, the dow chemicals, all the businesses we are talking about they're still thriving in this environment. economic date today is improving. jobs data is improving retail sales, auto sales, despite all the challenges the u.s. entrepreneur has held up really well in most segments of the economy. we just need that medical solution for those remaining

pieces really to come forward and that's where we will see real growth and we can embrace real economic prosperity for the country. david: keith fitz-gerald, larry glazer, you are the a-team. really good stuff. great to see you. lawmakers calling into an investigation for the protest response in detroit michigan. the police chief of detroit is here to respond himself. you don't want to miss this coming right up.

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david: top police leaders in rochester, new york, including the police chief retiring now, forced to do so following the protests there over the death of daniel prude. fox news correspondent aishah hasnie is in new york city with the very latest on what is happening in rochester. ashiah? reporter: hi, david, this announcement came just six days into these protests really stunned everyone including the mayor in rochester who was not prepared for this yesterday and who tried to reassure the public that the city is in safe hands. listen to this. >> chief singletary will remain in charge of the department through the end of the month and i know that he and the officers will fulfill their duties.

we have spoken about maintaining our restraint regarding the ongoing protests and ask all involved to remain peaceful. reporter: as for why chief singletary is leaving he he released a statement, as a man inintegrity i will not sit idly by while outside people try to destroy my character. of the daniel prude, the 41-year-old man died in police custody after suffering a mental health emergency. bodycam shows him lying naked in his street with a spit hood over his head. his death was ruled homicide but the autopsy found pcp in his system. this comes on the same day a wrongful death lawsuit estate filed against the city of rochester against the police chief and 13 other defendants. that suit alleges that chief singletary misled the mayor

telling her that prude died of an apparent drug overdose, not as a result of force used by officers. now the mayor, mayor lovely warren is not named in the lawsuit but she is also facing some immense pressure from protesters who are calling for her resignation. more to come in the next couple days. right now, a huge blow for this city. david? david: aishah hasnie thank you very much. appreciate it. now to detroit where lawmakers there are calling for an investigation into the city's protest response. detroit, michigan,'s police chief james craig says these calls, are quote, unfortunate, a repeat of a number of false claims made without verifying the facts and police chief craig joins us now. sir, as we mentioned before, you are this one area where the issue of law and order seems to have been done right. you haven't had the out of control violence that we have seen in many other u.s. cities

but now lawmakers are pointing a finger at you. apparently they have some trouble with law and order. how do you respond? >> you know this is simply, david, thanks for letting me come on the show again, this is nothing more than protest pressure. so people, or some who are in political leadership are folding to the pressure by protesters. so it is by accident that you see the number of chiefs across the country who are leaving in large numbers. they don't feel supported. the men and women who are on the ground doing this work don't feel supported. and so it is really about this pressure. that is the bottom line. david: we're looking right now, chief, forgive me for interrupting, we see on the screen police chiefs either directly forced to reshine or indirectly so. look at the number of black police chiefs who have resigned. four out of the six are black americans. two of whom are women.

how in lord's name does, do you justify racial justice by firing black police chiefs? >> because that is not part of the agenda of those who are calling for police chiefs to resign. they called for my resignation. no different near except the one thing is notably different is that the mayor and i are in lockstep. he supports our posture in dealing with violent protesters. those who attack our officers. he also supports that when those resist arrest, and we have to use force we do so in a measured way. and so that's the stark difference. what you see here in detroit versus many other cities. david: you mentioned a key point here which is lost on the mainstream media in general and a lot of other people. a lot of the disturbances that we have seen use racial, not about racial justice, they use racial justice for other ends.

their ends is not, has nothing to do with racial justice. what it has to do with is changing the economic and social system that we have in the united states, right? >> absolutely. spot on, it has nothing to do with the ethnicity or gender after police chief. these folks are calling for mayors to resign as well. it doesn't matter if you're left or right. it has to do with what their agenda is. it is not supporting anybody who sits in office, anybody who is appointed as police chief. face it, we saw what happened in portland. this big hue and cry over federal officers on the ground to protect their facility. but then when they retreated the federal officers, they continued to riot. they continued to attack local police. it is never about what it appears. they hide behind these issues, whether it is unfortunate death of mr. floyd, but it is not about that.

david: let's be specific about what it is about. black lives matter has marxist roots. antifa are crazy anarchists take to the streets and hit anybody over the head as long as they have significant numbers otherwise they cower in response. blm riots in places like rochester, new york, what we're looking at on the screen, where they went into restaurants. restaurants as you know have been crippled by the coronavirus lockdowns. they tried to get money opening outside. and then they have these blm protesters or rioters, coming over, throwing the tables out of the restaurant area. ing the people sitting down at a meal and essentially ruining any chance the restaurant owners have at making a buck. this is totally disrupting our economic system, right. >> that is total anarchy.

what is obvious, political leadership i saw it before, not in all cities, some cities were standing by and saying nothing in fear that they may then be attacked. but the problem is, they're being attacked any way. you got to understand what the true agenda is. it is certainly not about race. it is something much deeper than that. we need to start talking about it. we need to stand up and call it what it is total anarchy. david: you have the guts, you have the guts. you have the gumption to stand up and call it for what it is. but as you mentioned, a lot of politicians are not just being silent. we have governor cuomo's office calling what happened in rochester peaceful protests, which of course were anything but. they were out of and out riots. determined to destroy private property. you are not taking it sitting down and we wish you the very best of luck in continuing to do so. i'm glad the mayor is behind

you. that means a lot. mayor craig, thank you for being here. >> i appreciate it. david: good to see you again. an unexplained illness halting astrazeneca's coronavirus vaccine trial. is this a wake-up call for other vaccines? we'll get to the bottom of this coming next 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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♪. david: astrazeneca halting its coronavirus vaccine trial after a volunteer contracted, quote, an unexplained illness. the national institute of health and u.s. surgeon general testifying on capitol hill about vaccine progress today. edward lawrence has more on how all of this is working out. reporter: astrazeneca was seen as the company fartherrest i have a long in in phase three trials. the company announced their phase three program has been halted for undetermined amount of time. here is what happened. someone in the study had spinal

inflammation said two testifying in the senate hearing. that spinal inflammation caused that person to go to the hospital. astrazeneca will go back to figure out if that inflammation was caused because of the vaccine, or if that person was in a a placebo study or something else was going on. a spokesperson tells fox business that is not unusual getting the vaccine right. dr. scott atlas says this should inspire the confidence. >> things happen during the trials. that is part of the reason we can't totally predict when things will be available. this is not anything really unexpected. as they said it is routine and these are investigated. but you know, that is exactly why we're doing the trials. so people should be assured by this. reporter: now if the pause proves to be a setback for astrazeneca this is exactly the reason the administration has contracted with a total of six

vaccine makers to secure doses when approved. pfizer says it could have enough data to submit in october. the focus of democrats at the senate health, education, labor and pension hearing. the head of the national institute of health, says that independent scientists not government employees will look at it and decide if the vaccine should go to approval. >> what a heartbreak that would be, we come up with a vaccine that ask safe and effective. we already lost 190,000 people. we could prevent many more deaths yet people are afraid to use it. we can't let that happen. reporter: the surgeon general testified they are focused on the process, not the politics of making this happen. so a vaccine is safe and effective. david: edward, thank you very much. meanwhile joe biden of course made waves when he called for a national mask mandate at the democrat national convention. listen. >> we'll have a national mandate

to wear a mask, not as a burden but as a patriotic duty to protect one another. in short, we'll do what we should have done from the very beginning. david: guess what? now the former vice president, only three weeks later, rolling that back, saying on sunday, quote, but here's the deal, the federal government, there's a constitutional issue whether federal government could issue such a mandate. i don't think constitutionally they could. so i would not issue a mandate. to the federalist senior editor chris bedford. chris, this is an absolute reversal of a pledge that he made only three weeks ago. what does this tell you about joe biden's pledges? >> i want to know what kind of polling the democratic campaign was getting back in order to decide, it was maybe not an issue that was playing so well. a lot of the issues that we've seen with a sudden reversal from

governor cuomo and other democrats on school closures, possibly on this one were because polling was coming back saying this is a very unpopular thing. there is a lot of country that doesn't have the density of washington, d.c., new york, los angeles where these things might be completely unnecessary. but i'm also curious here. what exactly is joe biden's coronavirus plan now? how is it different from donald trump's? david: yeah. >> this is really the only major difference. they said they will test more. we're testing a lot right now. they said we'll spend money. he is spending money. we're developing a vaccine. the united states is currently developing a vaccine. this is the only difference. that is i guess now it is gone. >> you hit on it exactly. two points, as you mentioned, this was the only issue on which he differed with donald trump's not only donald trump's plans but what he has actually been doing since we realized the virus was a pandemic.

secondly, when you make a pledge, you're raising your hand, i pledge to do something, it is only three weeks later when he reversed a pledge that he just made. i mean it could be either, he forgot, maybe he was just speaking off-the-cuff. seriously, you don't know whether it was that or whether they realized that, or think that there will be no pushback for having reversed a pledge so quickly? >> and something that was really carefully choreographed. this pledge like you mentioned, this last comment was off-the-cuff, maybe, but that pledge was not. that was written into the first major address to the american public. showing he is a person in control of his faculties, control of his temper, could be a safe alternative to donald trump. this was vetted line. they walked it back. to your point on pledges, usually politicians wait until they're safely elected before they walk back half of their pledges. this one comes early. david: one of the major points we will keep hearing in the

campaign in ads from the trump campaign, this president, president trump fulfilled his pledges on lowering taxes, on border issues. on dealing with china, et cetera. so that will be, what biden just did will become part of the campaign, no doubt, that the trump people will use this, pressing ahead. i also want to ask you, since, since it is clear that they did change, are willing to take the flak for having reversed a pledge, and they're also not doing well with the reversal on violence as a result prosome of these riots, these blm riots, antifa riots, what do they have left, that they have stuck with from the beginning? >> riot issue is a really, really big one, david, where you see, they can't be the party of safety and also be the party of rioting in cities. so it is difficult to exactly come up with what they're standing on right now which is different from donald trump. david: raising taxes i guess.

>> raising taxes. unlimited access to abortion. kamala harris has come out with a plan to give every person in america who makes under $100,000, $2000 a month the next year, which is a lot of money, a lot of money. $6 trillion would be spent one year, more than doubling our deficit. i guess those are the democrats plans right now, and to your point on promises made, the trump campaign's repeated mantra, promises made, promises kept from the rnc, that is the kind of thing they will be running on in this election. david: by the way, we're at session highs right now. you can look at the bottom right of your screen. the dow is up 550 points after three days of real serious losses so there appears to be a bounceback. economy will have, one issue nobody can deny that joe biden is not donald trump. they will try to repeat that line over and over again. it is kind of an obvious point

to make but, but is that enough? >> the alternative to donald trump is only, that might early on been enough when biden strategy was clearly tack to the left and try to consolidate the democratic party to win. there are a lot of democrats in the united states. they're extremely excited about voting. they have been ahead on registering for absentee ballots. if democrats are able to shut down polling stations with lawsuits because of safety reasons and concerns in all these states, that could potentially be enough but if republican enthusiasm continues to rise and they ride this wave that began again with the rnc, with a series of moves from the president, then i think that the gop and a lot of the silent majority will actually start to come it and people who have been afraid to speak out because they would be fired from their jobs will change their minds at the polling stations. david: very interesting. chris bedford. good to see you. thanks for coming in. appreciate it. startling number of people flocking to florida every day

from high-taxed states. we'll give you details, figures you're not going to believe. coming up after i should get a quote. this.

♪ david: more wildfires burning through california, oregon, and washington state. over 2.3 million-acres already burned this year. fox news correspondent jeff paul is in mom rove yaw, california, with more. you hate to see this, jeff. reporter: absolutely do. you know as the weather starts to change it is getting a little warmer. they're preparing for the winds. anxiety for people live near the wildfires only goes up. we're in monrovia which is a foothills community north and east of los angeles. this is what everyone here in this particular neighborhood and of course anyone near one of these wildfires is worried about, the smoke billowing in the hills just beyond their backyards. you can probably tell by the shot it is not incredibly windy

yet, but firefighters are bracing for those santa anna winds to move into the area, to fan the flames and expand these fires even more. it is the same story up and down the west coast, especially in communities in the pacific northwest like washington and oregon. thousands have been forced to evacuate. hundreds of homes and businesses destroyed. oregon governor kate brown calling it a once in a generation event. hundreds of thousands of acres have been burned in the northwest. at times things have gotten so bad even firefighters had to abandon their posts. some locals say it is just watching everything they have grown up with burn away. >> hit me about 4:30 this morning my husband went and looked the fire is just down there. okay it is time to go. it is just time to go. i pray for everybody. i hope everybody is safe. we all have homes to go to. reporter: california is experiencing fires like never

before. record-breaking amount of acres burned, 2.3 million and counting. so devastating it is not only impacting people but also the brave men and women who are out there working to put out these fires. officials say 14 firefighters and bulldozer operators were injured in one of the fires in the los padres national forest. three had to be airlifted. one is still in critical condition. all eyes are on the winds, the santa ana winds, could have winds as high as 40 miles per hour. gusts as strong as 60 miles per hour. david: a dangerous prescription. thank you very much, jeff, we appreciate it. now to florida where high-taxed residents are seeking shelter. the state reportedly seeing close to 1000 people moving there every day and home sales are more than doubling in some areas. to king's college, business and economics professor brian brenberg. great to see you, brian. thanks for coming in. this is not really knew.

i remember when rick scott was governor of florida and he was bragging about 300,000 new residents every year. this translates, 1000 a day to a little more than that. why the pickup? why do you think it is picking up right now? >> well a couple of reasons for that. one is this coronavirus shutdown gave people a taste of life outside of the cities. people left the cities. they went elsewhere. obviously some went down to florida and elsewhere. they found places they wanted to live. that is one of the reasons, the other one is, when it comes to taxes it is all about what you get. are you getting what you're paying for? david: right. >> so many high-taxed places the answer increasingly is no. look at new york city, for example. people looking around, more trash on the street, more crime aviolence, more mayhem, why am i paying sky-high prices for this? the prices i'm paying i should get a safe experience and

cleanliness i'm not getting that. places especially not northeast, people are getting out. the question for the residents of florida, do they want them there? what does it mean that many people are migrating to florida? there are big consequences. david: it is interesting, not only the numbers of people, but quality of people. a lot of floridians i know, lifelong floridians, are against regulations and high taxes, are worried that new yorkers will come down to vote for people that raise taxes. not too long ago a candidate for governor bragging about the fact that he would raise taxes. he lost but it wasn't by a huge margin. >> yeah. both florida and texas, i talked to a lot of people have said, we're happy to welcome people with open arms but when they come here, they have to understand why they came here in the first place. don't come here and bring your politics. we don't want the regulation. we don't want the taxes. we don't want to turn florida, turn texas into another new york city or new jersey situation

where nobody can afford to live here. so, even as they welcome people with open arms, they better tell them there is, you know there is a set of policies that work and don't work. you better get on the right side of that. david: now before, it was mostly about taxes. people going down to florida because there is no income tax down in florida. here i think city and state add up to over 12% but the key question now is safety. the least that a government can do is provide safety and safe streets to walk down. new york doesn't have that. i'm afraid for my family walking down the street if i'm not with them. i'm afraid for them if i am with them. it is not just new york. it is chicago. you hear story of a story, it is los angeles, portland and seattle. all the problems boil down to pulling back the police. how do we change that, brian? is it possible?

we saw it change back in new york in 1990s, with rudy giuliani. can we have a turnaround like that again? >> you're right. they are insidious problems. they build on each other and grow in a city, to the point where people who can flee. that is the problem, some people leave, people have the means to leave, it leaves those who are stuck here, even worse position. yes, we can get over this. so many of these issues have to do with dealing with smaller problems before they become big problems. you look around our country right now in places where things are burning, where you have looting and rioting, it didn't start at that level but it has gotten to that level because politicians were too afraid to make hard choices to provide for safety. they hurt the least-off the most when they don't do that. david: absolutely. the bottom line, finances are going to explode. they will be forced to make changes pretty soon because they can't print money the way the federal government can.

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[bells ringing] david: the market taketh away and giving back. the nasdaq was just in correction territory. it bounces back up over 3% right now. another good sign of what is happening with the markets is oil. that really took a beating the past couple of days but today it is up over 4%. perhaps it overreacted to global growth concerns. maybe there is a light to the end of the covid tunnel. therefore a need to burn more oil to create things and you see the price of oil up to $38.33. a-rod and j.lo making one final pitch to buy the new york mets but our charlie gasparino is reporting that steve cohen is finalizing paperwork to buy the team. we were supposed to talk about this yesterday, we goat diverted

to other things like restaurants in new york which by the way is a good thing to be diverted to. >> i'm glad we goat diverted i was able to do more reporting. here is what we know. a-rod and j.lo may want to buy the mets. they have more money. it seems very odd that the wilpons, sole owners of the mets would turn down a higher bid. you don't do that. this is their legacy and their children's trust funds and grandchildren's trust funds that are at stake here. we'll note one other thing f j.lo and a-rod have three billion dollars, most of it debt, mlb probably won't approve that. steve cohen can approve whatever he wants, it is all cash. what we know, steve cohen, the hedge fund titan and the mets from what i understand now are finalizing the paperwork. by the way you never say a deal is done until you hear it

announced but from what i understand the paperwork is being finalized. how you know this thing is real close, the owners called a meeting in november. that is not a regularly scheduled meeting that i'm told. that is a special meeting to approve this deal. he is in exclusive talks with the mets right now and their timetable is, they approved steve cohen. now the question is, does steve cohen get approved by the owners? a little bit of a controversial background as you know. long time hedge fund manager, one of the best in the business, did have a run-in with insider trading. he himself was never charged with insider trading. his former firm, sac capital was shut down, paid a large fine and was shut down. he was charged with failing to supervise one employee, that is what it came down to in the end. a guy that is in jail right now. steve cohen had a year or two ban, back at doing it.

let me real clear, he was never charged. from what i understand the mlb owners are highly, highly likely to approve him. the league, he bailed out the league, david. think of this way. you have covid. you have teams that are bleeding including the mets, it is not very -- their balance sheet is nothing, not for faint of heart. you have a few willing to pay 2.3 billion for it. david: in cash. >> that is in cash. shortened by covid. what you're saying here is that you know, he threw mlb a lifeline. from what i understand if it was held right now the vote would say yes, we have to leave it at that. thank you, charlie gasparino. coming up, epa administrator andrew wheeler on president trump extending the oil drilling ban off the coast of florida and a lot more. stay tuned. for any amount you choose

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keeping new york city restaurants closed. why the governor is calling indoor dining reckless without more enforcement. and president trump expanding a ban on new offshore drilling off of florida's atlantic coast. epa administrator andrew wheeler was with the president yesterday when he made the announcement. he will be joining us in just a few moments. markets soaring today but maybe not so much down the road, if joe biden gets his way. the former vice president unveiling a plan to raise taxes on a lot of companies with an eye on offshore profits. to the "wall street journal" editorial page writer, jillian melchiore and former trump senior economic adviser steve moore. great to see you both. steve, made in america, that's joe biden's theme song now. i thought it was donald trump's but i guess he's taken at least a part of trump's rhetoric but he hasn't taken the message. instead of lowering taxes, lowering regulations, he wants

to increase taxes and he thinks that that's going to bring more companies back? how does that work out? >> yeah. that's a bit of a conundrum for mr. biden. one of the things that we were able to do, as you know, i helped put that tax plan together. one of the things we are proudest of, you remember this one, was the repatriation tax where we allowed businesses with trillions of dollars stored overseas, whether in china or germany or the bahamas or other countries, we brought in a trillion dollars of money back to the united states, an outlet to a lot of investment in the country and was one of the big factors that led to the big gain in jobs and big gain in -- boost in the gdp. i would simply say i just don't understand the math. i don't understand how you raise taxes on our small businesses, raise taxes on american corporations, from 21% to 28%, and expect somehow that's going to bring more jobs to america.

maybe you can explain that. i don't get it. david: i don't think the math works at all but i think the rhetoric does for his base. he's not trying to appeal to american companies. maybe he knows or his advisers know that if you tax companies more, that doesn't increase incentives, it decreases incentives, but he's appealing to a base that thinks, that looks at business as the enemy. that's the only thing i can perceive. what do you think? >> i think it's that and i also think that he's going after the trump voters that are really concerned about american competitiveness, about companies moving offshore. it's a rhetorical point. on the economics, this isn't a good plan and i think we have really seen businesses coming back, repatriating, because they have opportunity here. and joe biden is doing the opposite of that. if you look at his plan, across the economy, it's to increase regulation whereas the trump administration has decreased them and it's to raise taxes whereas during the last four

years, we have seen taxes cut. i think that's going to really have a horrible effect, you know. we saw the trump economy before the pandemic but i really think we need to adhere to some of these free market principles after the pandemic, as people are trying to get back on their feet. businesses have just taken a battering, some of these lower wage employees really struggle. david: one of the things you hear from some of the old clinton folks who are helping joe biden with his economic policy is hey, the clinton administration raised taxes and they had tremendous economic growth. so we can do the same. how would you respond? >> so couple things. i want to make one other quick point about what jillian was talking about. when i knew what trump was doing was going to work was right after the election, literally 24 hours after trump was elected, surprisingly, right, what we saw was a massive spike up, remember this, david, of small business -- david: i remember paul krugman ended up with egg on his face about that. he said the opposite would

happen. >> right. so you had the big, big spike up and i'm not talking about the corporations. i'm talking about the small businesses that really prospered and grew dramatically under trump policies and unfortunately, i do think, you know, if joe biden were to win on november 3rd, i think on november 4th you would see a massive drop in that small business confidence. you raise a good point. i would love it, i probably would vote for him if joe biden would run on bill clinton's agenda of welfare reform, of, you know, capital gains tax cut, of downsizing government. we had the biggest reduction in the size of government under bill clinton and of course, newt gingrich than we did any time -- david: most of that was because of the defense spending. the end of the cold war. >> we caught a lot of domestic spending as well. my point is, i don't see any of those impulses in the biden administration. this is the most radical left wing, you know, economic agenda i have covered in the 35 years i

have been involved -- david: jillian, the question is with this left wing economic agenda, does he lose the independents or will his overall message that i'm better than donald trump win? >> well, i think it's becoming increasingly clear that he's a trojan horse. he's somebody who campaigned as a moderate but any time he's been in conflict with progressives in his party, the progressive wing of that party has won. so i don't think that he is as moderate or independent appealing as he thinks a. david: jillian, steve, great to see you, guys. thank you very much. appreciate it. well, president trump expanding the offshore drilling moratorium, this time to include georgia and south carolina, to go along with florida's current hold on coastal drilling. the epa administrator andrew wheeler joining us now. you were with the president yesterday when he announced this. you know, he's one that prides himself on helping the energy

industry. this obviously is not helping the energy industry. why does he do it now? >> well, the people of florida want this. the people in south carolina and georgia, the elected officials, the governor of florida was on the stage with the president yesterday. senator graham, lindsey graham from south carolina was there with the president, both of them have weighed in to ban the drilling off the shore. but remember, even without the drilling there, we are energy-dominant today. under president trump's leadership and under our deregulation, we are proug more oil and gas than ever before but we are doing it in an environmentally conscious manner. we have actually decreased air emissions 7% during the trump administration. so he is energy-dominant but we are doing it in an environmentally conscious manner. david: we also have oil under $40 a barrel and that's because of the covid lockdown around the world. you don't have industries that are using oil to push their

machines, you don't have airplanes using up jet fuel, et cetera. is the fact that we have this excess of oil in our world economy affecting the president's decision? >> his decision was based on the request from the people who live in those states and we -- remember, we do have -- we are energy dominant, energy independent, we are exporting oil, we have the shale play, marcellas shale and the new up in north dakota with the balkan play. we have plenty of -- david: forgive me for interrupting, administrator, but even if we didn't have a surplus of oil right now in the world, the president would still have done this? >> i'm sure he weighed all of these issues when he made the decision but he listened to the people in those states and elected officials. they asked him to ban the offshore drilling which he has done, it will be effective for

the next ten years. i think it's important for the environment, it's important for the people who live in those states. david: let me put together two issues, the environment that you just mentioned and also, the covid, what's happened because of covid. we have about one-third of the industrial production worldwide that we did before the covid virus hit us, and caused all these lockdowns, yet we have just had the hottest summer in recorded history around the world. it's been extraordinarily hot. doesn't this undermine the argument of global warming enthusiasts that in fact, industrial production is the cause of global warming? >> i think it undermines it in the sense there are multiple causes for fluctuations in the weather, weather patterns. it's not just co2 emissions. it undermines it to those people who just think it's humid induced or just from co2 emissions. i think you're right there.

human emissions do contribute to changing climate. co2 emissions as well which is why, under this administration, at epa we have taken four separate regulatory actions to reduce our co2 emissions. david: i'm willing to guarantee you, administrator, that if we had not had the covid shutdowns, lockdowns, and we had industrial production up at regular level, we would be hearing stories in the "new york times" and elsewhere that see, this is what industrial production does, it creates global warming. >> absolutely. they would have blamed us. just look at california, what's going on with the energy crisis they're having and the blackouts they've had. a lot of that is due to the environmental policies they enacted as a state. they have actually asked us to lessen some of the clean air act requirements in the state of california so that they can bring on more generators to provide electricity, which i'm sure is much worse for the environment than if they had

moved to cleaner energy in a more measured approach, instead of rushing to all the renewables that they did and doing away with their base load generation. there's a lot of hypocrisy on the left on this issue. david: epa administrator andrew wheeler, good to see you, administrator. thank you for being here. well, republican senate majority leader mitch mcconnell is pushing a skinny version of a stimulus round in hopes of averting a contentious dead end in congress. chad pergram with the path to the stimulus and it may not happen? reporter: you are absolutely right. two big things they have to do. they have to fund the government by the end of september and there's also an effort to try to get some sort of agreement on coronavirus relief. keep in mind mitch mcconnell has put this bill together. there's going to be a test vote tomorrow which needs 68 but it's unclear whether or not they even have a simple majority inside the senate republican conference. among those who are skeptical is

the senate minority leader chuck schumer. >> leader mcconnell knows this bill won't pass. he knows that most of his members don't want it to pass. and amazingly, he seems happy with that situation. this is one of the most cynical moves i have ever seen. reporter: this is a significantly pared-down bill. remember mitch mcconnell pushed a $1 trillion bill. the administration bumped things up to $1.3 trillion but this package is only $300 billion, a trillion less. democrats called the legislation emaciated but mcconnell wants to know why democrats won't vote for this narrow bill. >> it's what every single senator will decide tomorrow. do you want to do something, something, or do you want to do nothing. democratic leaders know this simple choice will put the spotlight on their partisan antics. they know this vote will expose their obstruction.

reporter: of course, they have to fund the government by september 30th. house speaker nancy pelosi has been talking with the secretary of the treasury, steve mnuchin. they apparently have a tentative agreement but it's tenuous. listen. >> we will be here for the month of september at least, as long as it takes. we will come to agreement on that. i feel quite certain. reporter: pretty much all they have agreed to here is not to shut down the government. there are no details and something else that they have to resolve is just how long this interim bill would run. republicans would like this to run into the fall, after the election. they are worried maybe that president trump loses, they can put in their spending priorities this fall. democrats would prefer to extend the government funding bill to about february. they hope they have president biden and a democratic senate to deal with to make spending decisions come next year. david: meanwhile, there are i guess about ten million americans who are still unemployed or hoping for that unemployment bonus from the

federal government. the president has said he would use an executive order in order to extend that. what happened to the executive order? reporter: well, it's generally thought at the white house that he can't do it. the congress has the power of the purse. that's clear in the constitution. unless congress signs off on this extra money, there's no way the administration can just, you know, drop in this money out of the ether somewhere. they have to get the green light from capitol hill. that's why people say they are limited in what they can do with these executive orders without congressional action. that's why a lot of members on both sides of the aisle, house and senate, democrats and republicans, are getting very nervous just about three weeks or so before congress goes home for the election, and they have not passed and cannot come to an agreement on a coronavirus package. david: ten million unemployed americans are caught in the middle of this bickering. chad, thank you very much. appreciate it. well, governor cuomo not giving up on indoor dining ban, his dining ban in new york city. why restaurant owners say they won't give up on fighting back.

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♪ the big events are back. xfinity is your home for the return of live sports. david: the markets are on a tear right now. look at all of the indexes, way up. of course, this is after three days of losses, we know that. we get that. and there are some people

pooh-poohing this game saying it's a dead cat bounce, but others say no, the pullback is done, it's done its duty in terms of rationalizing some of the irrational gains, if you were, of the previous couple of months. but right now, the markets are on a tear. the nasdaq is well over 3%. the s&p 500, 2.5%. dow jones, over 2%. it is a great day for markets. we wish you well with your investments. meanwhile, we have some breaking news out of new york. new york governor andrew cuomo just saying that indoor dining will resume in new york city by september 30th. it's at 25% capacity, it's down from what a lot of people say will be profitable but still, this is a big win. there has been tremendous pushback against the governor saying restaurants would have to wait until june to open indoor dining. this would be a death knell for thousands of restaurants in new

york. a lot of people are looking at new york as a sort of guidepost of what might happen in other cities, other major metropolitan areas around the country. for the governor to give up the way he just did on his ban on indoor dining until june is significant. to "new york post" columnist carol markowitzwho has been arguing against the lockdown orders for a long time now. this is a big victory for i think common sense. don't you? >> well, not so sure about that. because new york city, the rest of the state outside the city has been at 50% capacity for indoor dining throughout the summer and we haven't seen a spike. now that people are returning to new york city, the governor is saying that our restaurants only three weeks from now can open at 25% capacity. that doesn't even take into account that the governor and mayor do this side show where they argue with each other and they disagree with each other publicly, and each tries to say

who is in charge. the mayor may decline this anyway. this is an ongoing problem with new york that the city's in real trouble and the governor doesn't care and the mayor is too incompetent to deal with it. david: i got to tell you, as a lifelong new yorker, if the mayor turns down the governor's proposal to even at a 25% capacity open up indoor dining, there will be a call for his resignation and impeachment that will deafen the ears of even the most hardened upper west side liberal. >> you know, i hope you would be right but i'm not so sure anymore. what i see from new yorkers is a complacency. where were they all summer? restaurants were suffering. i would like to believe that they would rebel but our schools aren't even open yet. we are in such a place that governor cuomo gets this positive press that people buy and he's very into himself and very into his performance, has a

book coming out about what an amazing job he did even though we led the country number one in covid deaths, and the people sort of are following the media on this and it's really sad -- david: i live in an area near where they had those hotels, using our tax money, they have filled with homeless including sex offenders who preyed on children, right next to an elementary school. that has now been changed. that policy is in the course of being reversed. we will see what happens but it's interesting, your kind of cynicism about this because you did write a piece a couple weeks ago saying you came to new york when it was in the depths of the 1970s depression, when it was essentially broke, yet you had faith. your parents had faith in new york, you came here from a communist country. have you lost that hope? >> well, the difference is that in the '70s people faced reality and they knew that there were problems. right now, my column yesterday in the "new york post" is about

how journalists are posting these pictures, i didn't see any crime so everything is great. everything is not great. for new york lovers like myself, i think we need to face reality. the reality is 25% indoor capacity is not going to be enough. it's not going to help these restaurants survive. as soon as it gets a little chilly, the outdoor restaurants, you know, the situation will close and this 25% is just nowhere near enough. we need to bring the city back and we need to do a lot of things to make that happen and facing reality and facing the facts of the matter is step one. david: well, let me play for you a sound bite of a restaurant owner who yesterday had to turn in her keys to her restaurant to her landlord because she had to shut it down due to the indoor ban. cammilla marcus is her name. >> -- impossible financial situation that has been going on now for almost six months, with no plan being outlined at any

level of government. i have a family, i have a young child who is 1 years old. it's impossible and deeply unfair position but unfortunately, restaurants are bearing the brunt. david: as tragic as her position is right now, i'm sure there are thousands of others going through what she's going through, she ended up with a note of optimism that she is not going to stop pushing back, she's going to be pushing back with everything she has to reopen this economy. i sensed hope at the end of that interview despite her tragedy. >> look, i have hope, too, but again, i think the first thing that new yorkers need to do is to push governor cuomo and mayor deblasio to open our city. we are at under 1% positive rate right now. we need to bring people back and in order to do that, we need a vibrant city for them to return to. people aren't going to return to their small new york apartment only to not leave their house

again. it's not happening. elected officials need to face facts and do more for us. david: all right. thank you very much for your commentary. appreciate it. appreciate seeing you. the windy city winding up with a lot less -- lot fewer residents. occupancy rates in downtown chicago now falling to a 20-year low as residents flee the city. grady trimble with more. grady? reporter: david, we have been hearing stories of people fleeing this city and others and now we have numbers that prove it's actually happening. look at rent prices for downtown apartments compared to a year ago. they have fallen 12.4% according to integra realty resources. at the same time, rent prices in the suburbs are up more than 1.5%. the reason for that change? well, it's of course people getting out of downtown. the apartment occupancy rate or how many people are renting downtown is down more than 5%

which is the lowest it's been since 2002. the rate in the suburbs is down only slightly, basically flat. experts say renters don't see the value in paying a lot to live close to an office they're not going to right now, and the appeal of downtown living has also largely gone away during the pandemic. >> the amenities that are outside and the neighborhood has always been a big focus of attracting people downtown. it's a shorter commute but it's also the night life, it's all the activity that's available, and with that really being kind of shut down to a great extent right now, it's made it not quite as compelling to live downtown. reporter: experts say the recent violence and looting in downtown chicago is not the main reason why people are leaving, but for some people who were already considering getting out of town, it might have been something that pushed them over the edge. integra realty resources say they do expect downtown to

bounce back at some point but only once offices are back open and widely in use and when that will happen, right now is a big question mark, with some companies extending how long their employees are working from home and others letting it happen indefinitely and eliminating the need in many cases for highrises. david: it's happening all over the country, in every major city in the u.s. thank you very much. as you see at the bottom right hand of the screen, these markets just continue to go up. the nasdaq is now up 3.18%. that's a 345 point gain, well over 11,000, almost at 11,200. all of the indices are up but it's really the nasdaq that is doing the biggest climbing. we are seeing a recovery not entirely from the correction that we have had over the past three days where it came down 10%, but well off its lows. we will continue to follow what's happening with markets.

stay with us. we'll be right back.

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david: take a look at the markets, by the way. it's lost a little bit, the nasdaq is now down a little bit from its highs, but it's still just about a 3% gain. we will keep a sharp eye on what's happening with the markets. a very good day for markets today. meanwhile, reverend al sharpton is chiming in on the push to defund the police, calling out those who are behind the push. listen. >> we need to re-imagine how we do policing. to take all policing off is something that i think a latte liberal may go for as they sit around the hamptons discussing this as some academic problem, but people living on the ground need proper policing. david: so he's still calling out for defunding the police. reaction now from former d.c. democrat party chairman, scott

bolden. great to see you. thank you for coming in. do you agree with reverend sharpton? >> i certainly do. the academic enterprise or exercise, intellectualizing the police system or police process, has got to go beyond that. it's got to be practical. i'm a former prosecutor. this is not an intellectual exercise. i quite frankly, the hard working men and women of communities that are poor or african-american, where crime is a real problem, certainly don't want to defund the police. they want better policing. they want to reimagine a better police force that may not be working at its highest level now, where we see young black men and actually, young white men being treated badly or -- david: hold on a second, because there may be a big misunderstanding here. what i'm hearing from reverend sharpton and from others on the left is that defunding of the police is still an option.

yet as you correctly point out, 82% in a recent gallup poll, 82% of african americans say they want either the same or more police presence in their neighborhoods. i see a contradiction between what reverend sharpton is saying and what the people are saying. you don't see that contradiction? >> i don't, because what reverend sharpton is saying is those who want to have an academic exercise is one thing but people on the ground, they want -- the people on the ground want more policing. they just want the police to be better, if you will. david: no, but he's taking -- look, the black lives matter movement has said defunding the police is black lives matter and that's the side on which reverend sharpton is positioning himself. >> it is an awful term because what they are really talking about, this is important, is reprogramming some funds to prevent crime as opposed to solving crimes. you do a ride on the police, they get a call, the crime is

committed already. what black lives matter says, many of us who are democrats say wait a minute, let's put more resources into preventing crime, reprogramming some of those dollars so the police don't have to come, you can in effect reduce crime, thereby putting more funds in the community. i like the idea but you can't defund the police. david: let's get beyond the rhetoric -- [ speaking simultaneously ] david: -- and focus on what's happening. take police chiefs as an example. four black african-american police chiefs have been forced to resign. the police chief of seattle, the police chief of rochester, the police chief of atlanta, the police chief of dallas. these are real cases of african-american police chiefs who are being fired by radical left wing elements in their local administrations. >> oh -- david: hold on. how does it benefit racial justice to fire black police chiefs? explain that to me. >> them being black or white has

nothing to do with it. it's got to do with accountability. it's got to do with the police doing their jobs in a safe, efficient and excellent manner. david: all these police chiefs deserved to be fired? >> i don't know about every one of them. what i'm saying is these may be political decisions but the political decisions are rooted in accountability. david: they're not rooted in racial justice. that's for sure. they are rooted in an idea of left wing political idea. >> but that's your definition. that's your statement. david: that's not true. how is it racial justice to fire black police chiefs? >> because if you tolerate bad policing and you tolerate bad police officers, who shoot unarmed black men, there has got to be accountability and even if you are a good cop -- david: are you accusing black police chiefs of racism? >> hold on. no, i'm accusing them of -- david: you said they shoot innocent black men. >> bad police officers, if you

allow bad police officers to shoot unarmed black men, it's an accountability issue whereby you need to do better training or have a better police force and if they're not up to the job in doing it, the mayors are saying they are going to get somebody in there who will do it. david: tell that to the rochester police chief. he would have a long argument with you based on his experience on the ground. >> buck stops with leadership. he may not have been -- david: exactly. the leadership of members who are leading to rising crime in their cities. that's the leadership where it stops. >> police chiefs are responsible for bad policing. that's their police force. david: -- changes have been made in places like new york that have led to a dramatic increase in crime. it's extraordinary. it's called good policing. that policing has been pulled back and as a result, you are seeing a huge rise in crime all over the country and it's making a lot of people who live here mad. >> that's debatable whether you are seeing a large --

david: it's not debatable at all. a 50% increase is a very large increase. >> maybe people need to be fired, then and those numbers should go down, then. david: we got to have a beer together and argue this out. we have run out of time. good to see you. thank you very much. appreciate it. nasdaq is rebounding after its steepest three-day plunge in six months so are tech concerns too premature? we will debate that coming next. so you're a small business, or a big one.

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find a stock basedtech. on your interests i want my son to know that i tried my hardest or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. david: well, stocks are bouncing back after the major averages suffered their steepest three-day declines in at least three months. big cap tech stocks leading the market higher. to money map press chief technical strategist d.r. barton and fox business's jackie deangelis. great to see you both. d.r., is this just a dead cat bounce? >> well, i think it could be much more than that, david, although with a lot of wiggling

and bouncing and volatility in between. you said it's the biggest drop, fastest drop we've had since february in six months but here's an interesting fact. it's the fastest three-day drop in the nasdaq ever, from all-time highs to a 10% correction. the interesting thing is, that's only happened within a month so to drop 10% in a month from an all-time high has only happened 11 times ever in the nasdaq, and 10 of those 11 times, the market's been up three months later. so this doesn't necessarily mean we are in for a big pullback from here. david: jackie, when you look, and again, i'm very happy with this pullback and with the pullback and reaction to it that we see today and think it could go on but i look at stocks like tesla, for example, which had just grown in capital worth so much, many people would say far beyond anything that elon musk on his best day could produce,

and you wonder whether that's coming down, that's not going to get back to those highest levels that it was. >> it probably won't. i think that you hit the nail on the head by bringing up a stock like tesla, for example. what i see happening in the marketplace and from those that i'm talking to about it, this is actually more technical than everything else. yes, there are people standing back and saying you know, we are cautious about the market, we are watching the virus, we are watching the election, there are so many different variables right now, but they are still enthusiastic about stocks. so you saw a big sell-off before we went into a holiday weekend and it continued as people took a little bit more profits yesterday as well. but then there are so many folks that look back when we take these moves back and say now it's time to get in today and they go back in. they may not be buying the teslas of the world, but they are trying to get in on stocks they think, you know, are undervalued and may be a good buying opportunity. you know, at the end of the day, you can't stick your money in the mattress and you can't keep it in a savings account or certificate of deposit right

now, right? most people want to be invested in the market and i think the other thing that we're missing here is the fact that there hasn't been a huge resurgence of the retail investor in this, impacting some of these moves. this is not just the big guys and the institutions, either. these are people who are day trading and watching these stocks closely. david: well, d.r., i think you have two elements that are pushing this market to big swings. one is, of course, covid and the lockdowns that result from that and yes, it does seem we are making tremendous progress on a vaccine, certainly in therapeutics. the deaths are going down as a result of that. but it is still the lockdowns are of great concern. we only see these miniature moves by cities and states like new york to open up, some other states have done a lot more, but that's one and then of course, the other is the political concern. what happens in november. are we going to have a president who continues to lower taxes, lower regulations, or are we going to have a president who

increases taxes and increases regulations. >> yeah. i think there's a big balance there. you throw in the new cold war with china into the big three -- david: that's another one, yeah. >> yeah. and you know, the markets are addressing all of them but i think when we get those three things pushing down, there's one other monster pushing up and that's that huge horde of cash that's come from fiscal stimulus as well as monetary stimulus. we look at $2 trillion additional in checking accounts just since march. that's a huge set of cash on the sidelines that, as jackie just said, is going to find its way to the markets. they're not going to keep saving it. they aren't going to put it into bonds. they will come, some of it, at least, a good chunk of it into the market so you've got that pushing up. i think that's why we will get that up and down you are talking about and i think the up's going to win. david: great points, all. i like that positive outlook at

the end. appreciate it. d.r., jackie, great to see you both. thank you very much. coming up, fashion industry being forced to adapt amid the pandemic. interesting details you want to stay tuned for, next. ( ♪ ) ♪ i need it so bad don't call it a hobby. it's way more than just a job. this is how we live every single day. can we go and play? (roaring of engines) ( ♪ ) ♪ i needed to try ( ♪ ) ♪ needed to fall ( ♪ ) ♪ i needed your love ♪ i'm burning away ♪ ♪ i need never get old

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david: drive-throughs driving restaurant success amid the pandemic. new data revealing that drive-throughs account for nearly half of all u.s. restaurant business visits in the second quarter, so will drive-through options at restaurants become more popular than ever? our own jeff flock is live from a mcdonald's drive-through in chicago with details. jeff? reporter: i moved on, david. this is lunchtime. we will try popeye's. we have been trying different drive-throughs and this is what's been saving fast food in a lot of places. pretty good line here, by the way. according to another poll, 74% of people have either done more drive-throughs in the last few months or at least as much as they had been before, and you

know, that's great news for an indust industry, $240 billion fast food a year industry that hadn't been growing that much. in fact, this year, they expected to climb about 16% but of course, that's better than a lot of mom and pop restaurants that have gone completely out of business. popeye's, the reason we're here, take a look at their q2 same store sales. this is one of the fast food companies that has, you know, really hit it out of the park in the second quarter. some people say it's because of their chicken sandwich as opposed to the drive-through but perhaps we can tell, as i sit here in the drive-through line, they're not moving that fast. that's one thing a lot of folks are trying to do better at is make the drive-through experience faster so some people doing two different lines. at any rate, i leave you with a picture, perhaps, of sitting in line at the drive-through. that's the only problem. david: the best popeyes chicken i ever had, jeff, was where?

can you guess? reporter: popeyes chicken you had, louisiana? no, chicago. david: in abu dhabi. of course, maybe it was because i was so sick of the middle eastern food but i found popeyes in a mall in abu dhabi. it was the best chicken i have ever had in my life. reporter: are you sure that was chicken? david: we are going to end at that. all kinds of ways i could answer that question. thank you very much. like most industries, the world of fashion has been forced to evolve with the pandemic. with more people working from home, does this mean sweatpants are here to stay? kristina partsinevelos has all the details for us. hi, kristina. reporter: hi, david. let's start with the latest news, the fact that it may look a little bit different this year but new york fashion week is set to move ahead on september 13th. that's with virtual shows and this comes at a time when no one

really seems to be dressing up. like many other industries, you have the fashion industry hit hard by the global pandemic but industry experts are saying this industry had this coming for a long time. what i mean by that, take a look at some of the bankruptcies we have had just in 2020 alone. you have neiman marcus, lord & taylor, brooks brothers on that list, dianne vonfurstenberg said she would close 18 of 19 of her stores, laying off hundreds of people. if you go outside, even past labor day weekend, there are sales everywhere. that's because people are not doing the discretionary shopping, they are not buying the items that make them feel good. and you even had to this day, those people that are sticking to sweat will dpants. those sales are doing quite well. even anna winter, the "vogue" editor who said she would never wear track suits was seen wearing a pair of sweatpants. figured i would show you guys that. you also have designer marc

jacobs who told "vogue" in a recent interview throughout the pandemic that this was -- the industry was struggling for a long time and many of his collections could be in debt. listen in. >> i'm not sure there will be a spring/summer '21 collection. i just don't know. this has been a very difficult business to be in for a long time. reporter: now the business model is completely changing and that's changing to direct-to-consumer. you are seeing that, even nike is reducing the number of middlemen merchants that can sell nike products. why? because you can have higher margins and full control of the message to your consumers, and thirdly, data collection. you know exactly what shoppers are buying. so overall, this could be the strategy that the entire fashion industry takes post-pandemic and that is direct-to-consumer. long live the sweatpants, though. i know that's doing well.

fashion week, september 13th in new york. david: we can now prepare for phase two of the film, the devil wears sweatpants. reporter: i don't know about that. david: i'm not going to answer that. a rebound after the steepest loss in three months. stay tuned. . .

david: little tech news on a big tech day. fighting back with for knight. apple is countersuing epic

games, creator of "fortnite" asking a for punitive damages and restricting the game-maker from what it calls unfair business practices. as you can see it is not herring apple's stock. it is on a tear. that is up 4 1/2%. that brings us to charles payne. charles payne, had the cp effect day after i suggested it. but you came roaring back with it. charles: sometimes it is delayed, david. sometimes it is delayed. david: understood. charles: thanks a lot. good afternoon, i'm charles payne, this is indeed "making money." yes the market is back in rally mode. the question is was that three-day air pocket the pause that refreshes or should investors remain cautious. and buff is buying technology. what the "oracle of omaha" is doing to the cloud area that could add even more credibility to those stocks. meanwhile americans are spending again in the most