barron's.com, and don't forget to follow us on twitter @barronsonline. wear your mask, see you next week on barron's roundtable. ♪ ♪ ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend to all. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bart row mow. great to have everybody this weekend -- bartiromo. my interview with the secretary of hhs, human health and services secretary alex azar on the race for a covid-19 vaccine, and later, a no-holds-barred interview with mark levin, the state of the election today. but first, let's take a look back at some of the week's big moments on "mornings with maria" in this edition of the week's

talkers. watch. ♪ maria: when do you expect we will have a name -- >> you'll hear from the president who his nominee is this week certainly. and there's precedent for this. unlike the last time around when justice scalia passed -- maria: mark, do you think they're going to be able to come to a vote before the election? >> i think the vast majority of americans overwhelmingly believe that it's this president's pick, and the vast majority that i want -- that i talk to want someone confirmed before the election. maria: you have chuck schumer saying the republicans have no right to fill the seat. >> the sad part here is how far the democrats have gone. they'd rather dismantle this nation than dignify the constitution. maria: what do you make of this, anarchistic jurisdictions. >> he has clearly been the worst

mayor in the history of the city. i can't tell you how bads he is, how many things he's done wrong. but it is clear this is an anarchist city. all you need to prove it are the videos of the riots that took place. maria: you're calling for a probe into bribery for michael bloomberg to spend all that money in florida alone. tell us about it. >> i spoke to the florida attorney general last night, and a criminal probe may already be underway in florida. we have a confession document, the memo that the bloomberg team used to go and get other people to contribute to this effort literally says we are doing this to impact whether or not these people vote. maria: well, a lot of politics going into the election, about a month away now. this week treasury chairman, treasury secretary steven mnuchin and federal reserve chairman jay powell were on capitol hill to urge congress for more stimulus, in addition,

secretary mnuchin is calling for a targeted package that focuses on children and parts of the economy hardest hit by this pandemic. joining me right now is my all-star panel, allianz chief economic adviser mohamedal arkansas january, and o mid mallic. mohamed, let me kick it off with you, your reaction to what you heard from stephen mnuchin and jay powell, and how do you characterize where we are today in terms of the economic recovery and the markets? >> so in terms of the economic recovery, in terms of what we have on capitol hill and the markets, think of it this way, simply, maria. we had a rally based on three drivers; an economic recovery that many people thought would be a v-shaped process, fiscal policy and monetary policy. now we've lost two of these engines, and that's what we've heard, and that's what we've seen all week.

the economic recovery is slowing because of health reasons, and congress is having enormous difficulty parsing fiscal -- passing fiscal policy. so we are back to monetary policy, and unfortunately, there started to be doubt whether monetary policy or not could deliver not for the economy, for the markets. maria: but do you think that we will see a pretty good snapback in the second half of the year, mohamed? we had that sharp contraction of the economy in the second quarter. do you think that we're on track to see recovery? >> so if it's just an issue of the economy, the answer will be absolutely, yes. this is an incredibly dynamic entrepreneurial economy. but we're finding out that it's very hard to balance three different objectives. economic health, public health and individual freedom. and you see this in europe. europe, there's starting to be

talk of a double-dip recession already in europe. this is a very difficult equation to balance, and that's why our economy isn't doing as well as it could and should. maria: yeah. you make some really important points there, mohamed. how do you see it, omid? i guess one of the issues is we we started to see a pickup in cases as the economy began to open, and that stopped people short. they stopped and said, well, wait a minute, let's revisit opening restaurants, let's revisit opening some of these institutions out there. and now we're seeing the economic numbers reflect that. >> well, let me add a fourth point to mo mohamed's three points, the public policy, the public health policy that's failing us, and that's creating all of the issues we're having with the economy. let's talk about covid-19 for just a moment. 85% of fatalities have been with people who are over 65 years old.

that only accounts for 15% of the population. we now need to understand what to, how to approach this issue more thoughtfully. if you look at the ten states that have an unemployment rate over 10, every single one of them have draconian lockdowns still in place. so it's clear to me that most of the economic issues we're facing are self-inproduct inned in nature. and let's talk about -- self-inflicted. the fiscal issues, we have already aloe caughted a lot of things that could help this issue. there are 130 billion of ppp loans that are collecting dust, there's over 600 million with the federal reserve's main street lending program of which less than a percent has been allocated. so before we write more checks of taxpayer dollars, i'd like to see almost a trillion dollars be percolated through the economy that was already issued through the original cares act. maria: yeah. which is why so many people are saying, well, politics are getting involved in this as

well. we're a month away from the election, maybe there's some people who want to see this shutdown go into the election. do you think things change after november of 3rd, omeed? >> wouldn't that be miraculous? i'm just pointing out the facts, and i think we can draw our own conclusions, maria. but certainly those ten states that have over 10% rates, people can to a quick google search to see what party controls them. maria: yeah. in the face of all of that, mohamed, these markets have really not cratered by any stretch. even though you did see the s&p come down 10% from the most recent highs, how would you allocate capital right now, mohamed? >> so what we're seeing is increased volatility. that is what is the main outcome. and that's because you still have this buy the dip mentality that's very strong, and it's one that has made a ton of money, so it's not going to disappear

overnight. on the other side, you have certain people who are worried about valuations that are willing to test the market more than they have in the past. so that's the tug-of-war you're going to see. and it's important because anybody thug of allocating money -- thinking of allocating money into this market must have a strong appetite, a strong stomach for a roller coaster. i would tell people just make sure you can afford a mistake, because how do you minimize a mistake? look for companies that have very strong balance sheet, positive cash flow and the world is coming to them. maria: and that's what you're doing, omeed. you're investing in the private space n venture capital, private equity. what are you seeing in terms of growth? palin tier will be going -- palin tier will be going public on wednesday, valued at nearly $22 billion, according to the wall "the wall street journal." it's going to be a transition to

a public company despite an unusually aggressive gore nance structure. -- governance structure. the latest sign that investors are just voracious for ipos, right? that market has done real well. >> it's done amazing. i look at it as a k-shaped economy which is there are parts of the economy that are doing phenomenal. corporate banking and corporate issuances have gone gang busters, the private market obviously has a link to ipos, these are the companies we represent and invest in. pal eleven tier in particular was trading at about $6 which is about 40% less than the ip if o in the private market. so you're seeing the excitement be manifested in public markets just like you did with the snowflake ipo. and so many of these others. the other thing is they're very reliant on government contracts, and so it's going to be something for investors to watch as to how that company will

maintain those relationships should we have an administration change. broad lu speaking, the reason why we're seeing so many explosions is because of how long these companies are staying private. so you have, basically, hundreds almost of unicorn companies that you and i have been talking about for the past several years that are now looking for a liquidity option, and covid-19 was a great dislocation to have those folks want to access the markets. maria: gentlemen, thank you so much. mohamed el-erian and omeed ma lick. my one-on-one with hhs secretary is

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♪ this is the feeling of total protection now that we protect your identity, mobile phone, auto, home and life you've never been in better hands allstate click or call for a quote today ♪ maria: welcome back. big news in the race for a coronavirus vaccine this weekend on "mornings with maria," i spoke with hhs secretary alex a azar. pfizer and mow derna have enough

data to submit by october which means we could have doses by the end of the year. this news coming as a new study shows that the coronavirus is mutating with one making it more contagious. here's the secretary of hhs. >> well, we're still looking at that nih and cdc, that data, but i think the important thing for folks is we don't see anything so far that would seem to indicate that that would impact vaccine development or safety and efficacy of the vaccine and that's, of course, one of the most important questions you would look to. we are seeing through this incredible progress of president trump's operation warp speed, we're seeing products like convalescent plasma, monokronal antibodies shoning that this is very much -- showing that this is very much a drugable virus, and that's very important as we do our development programs. maria: that is very, very good news. and, of course, we heard yesterday the news from j&j,

johnson & johnson talking about the one shot that is going into the final stages. what are you most hopeful, or what looks most promising to you right now, secretary? is it johnson johnson johnson &? what can you tell us is sort of the most optimistic? >> i give you all of the above, maria. and, you know, the johnson & johnson one's a great example of how president trump, this operation warp speed has a changed the game of drug development biharnessing the entire power of the government by allowing us to derisk the financial risk of drug companies. back in march when we first were working with j&j, they said, well, maybe we can get into the initial phase one clinical trial in september. yesterday they're in phase three, final trials, single vaccine, good cold chain storage issues on it. right now it's just going to be data, and all six of the

vaccines we're working with are in industrial scale manufacturing now. we literally have millions of doses of vaccine already. we've had several of these report out they're phase one results, i think j&j in the next day or two said they've going to report out their phase one results on that trial. so i'm very optimistic about where we're headed in terms of vaccine progress, and our monokronal antibody progress is going very well also. maria: anthony fauci told congress yesterday the u.s. should have enough covid-19 vaccine doses for every american by april. there is growing optimism in a vaccine at the end of the year or early 2021. your thoughts on what you heard from fauci yesterday in terms of what you're thinking, every american will have access by april 2021? is i know you've got priorities, you've got to give them to the first responders first in terms of the vaccine, right? is that the way you see it? >> yeah. so just to be clear on

timelines, because everyone will say things from their own perspective -- maria: i know. >> i'll give you a definitive statement. pfizer and mow derna have said we -- mow derna have said we -- moderna have said we may see vaccines. we believe that by december we will have, by the end of december we'll have as many as 100 million doses of vaccine that would be fda approved. we would target that vaccine initially in the most vulnerable people. then in january we would be continuing to produce in the hundreds of millions of doses. further getting to all seniors, health care workers, first responders as you said, and then by end of march, april we would have enough vaccine, plenty of vaccine for all americans, and we would, of course, be vaccinating as we go. we're not stockpiling it, so just rolling vaccination programs to prioritize groups

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♪ ♪ maria: welcome back. new discussions about another stimulus package taking shape by the end of the week. senate minority leader chuck schumer, meanwhile, trying to bully the president this week, threatening impeachment for selecting a replacement for justice ruth bader ginsburg. i spoke with the host of the mark levin show about schumer's tactics. he pulled no punches. take a listen. >> you know, chuck schumer's been a disaster his entire career. you may recall he made himself famous in the house by going after the second amendment in

the senate. i can't think of a single positive thing this man has ever done. chuck schumer thinks the supreme court belongs to the democrat party. the supreme court belongs to the american people, number one. number two, that seat was not ruth bader ginsburg's seat, it is a seat on the supreme court. number three, if he intends to pack the court, the american people need to understand that this is a power grabby the democrat party that wants to permanently take the over all elements of the federal government. that's the guideline they're using. they will pack the supreme court with leftists. now, i want to is ask people out there, when you go in front of a court and you have a case, do you want your case to be heard by leftists or rightists? you want your case to be heard but an objective judge who's going to apply the law and the facts, in this case, to the united states constitution. that's not what schumer wantings. and if you listen to aoc, his sidekick, yesterday, she goes on and on.

we'll lose those rights and these rights. they have a whole laundry list, and that's how they view the court. and it's understandable, because one of their great inte intelles a hundred years ago, woodrow wilson, he said, basically, in order for the left to talk over the country, they need to take over the courts. this is no talk about what will these justices do on the court. the only legitimate thing a justice can do on the court is follow the constitution. the reason they're fighting like hell over this is they want another radical on the court who'll advance their agenda. that's number one. now they talk about packing the senate. they want to add puerto rico and d.c., four democrats. what else? i eliminating the filibuster. they're telling us what they want to do. push through all legislation, permanently have a majority in the senate, have a majority ideological control over the supreme court. you know what that's called where i come from? that's called fascism. that's not constitutional republicanism with checks and

balances. so we cannot allow this rogue party to take over elements of our society. and one other thing, this is -- when you listen to his rhetoric, i mean, listen to the relate rubbing of people like markey and so forth, we're going to burn down the system, we're going to destroy the system. don't they sound like the rioters in the street? they sound exactly like the rioters in the street. these are hard core radicals now dressed up as senators and congressmen. they could just as easily be in the streets, but they're in congress. and this is a big problem, maria with. maria: don't forget, if they make d.c. and puerto rico states, then that gives them more latitude to have four new senators, democrat senators in the senate. that would change the calculus on litigation and legislation as well. >> well, in my opinion, half the country really is not checked in. may i put it that way? they're not checked in. if their actually thinking of

voting for joe biden, they're definitely not checked in. he pretends he doesn't have a position, which means he supports all this. and on top of that, when you read his 110-page manifesto, and i'm one of the few people who have, every aspect of this culture is going to be turned inside out and upside down. nowhere do they talk about individual liberty, personal private property rights, nowhere do they talk about limited checks and balances. it's all centralized, iron-fisted, expanded, ubiquitous government that's going to affect the suburbs, small businesses, that's going to destroy the energy economy, large businesses, will destroy our health care system. maria: my thanks to mark levin. don't go anywhere, more "wall street" right after this. ♪ ♪ limu emu & doug

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maria: welcome back. well, next week is the end of the quarter. we will have the wrap-up when we see you next friday night. don't forget to join us every friday, the last employment report before election day is also happening a week from friday, so be sure to tune in next week, we've got a busy friday next friday. be here as we break down the september jobs numbers friday night 9 p.m. eastern here on fox business. also see you sunday morning on the fox news channel for "sunday morning futures," senator lindsey graham and kevin mccarthy all special guests this weekend. catch the show live at 10 pam eastern on fox news for "sunday morning futures."

every weekday tune in 6-9 a.m. eastern for "mornings with maria" on fox business. hope you'll start your i day with us every morning. thank you so much for joining us this weekend. thank you for watchini'll see y. ♪ gerry: welcome to "the wall street journal at large". notoriously prone to exaggeration, it's really no hyperbole when i say that the next month may prove to be the most consequential in american history. the nation was already braced for a turbulent presidential election, but now this weekend president trump gets an historic opportunity to set the course of america, the basic rules by which the country lives for perhaps decades to come. when he names his choice to