this week, but this was a week where it didn't matter, and the stock fell 9%. we think they look great here. jack: jack, thanks for that explaining. to read america check out this week's edition of bare ron's.com and don't forget to follow us on twitter. wear your max on halloween and all other times. ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy weekend to all. welcome to the program that analyzes the week that was and helps position you for the week ahead. thanks for being here. coming up in just a few moments, i'll be speaking with director larry kudlow on the heels of historic third quarter gdp growth, and lauter my interview with ice cube on his work with the trump administration and their plans to help more african-americans prosper. but first, let's take a look at some of the week's big moments

in this week's talkers. watch. ♪ ♪ maria: the bottom line is there is an expectation that he will regulate the industry, even if you do have fracking, put new rules and regulations to cause some of these companies to go out of business. >> again, stone cold liar. we saw him say in the presidential debate i never -- i'm going to ban fracking, play the tape. and then you play the tape -- maria: are you expecting amy coney barrett to be confirmed before the election? >> we fully expect judge coney barrett will be confirmed. she's an originalist textualist who we think is made in the likes of a judge scalia. maria: people want to change their vote if they voted early because now they're understanding more about what hunter biden has been involved in. >> look, the hard drive from hell is about joe biden. this shows you how joe biden's

been compromised by the committee chinese communist party. maria: what about the suppression of this information, senator? >> we issued these subpoenas on october 1st before "the new york post" story about the laptop and the bidens, before that broke. so i think this gives us a good opportunity to explore really the outrageous conduct of twitter. maria: i want to get your take on the cost of those economic policies reversing should the president lose this upcoming election. >> the way to figure out what the cost of repealing all of the trump tax cuts and deregulations which joe biden has said repeatedly he will do, is to look at how much good they did for the economy. maria: meanwhile, a tough week, a tough month for the markets as we inch closer to the election. the dow industrials dropping more than 900 points on wednesday. joining me right now is the

chief investment strategist at januarymy montgomery scott. you're looking at the worst month since the beginning of this pandemic. what's behind this performance for the month? >> well, maria, you're right, it has been tough of recent. in fact, it's historically unusual that you would be down the week prior to a presidential election. typically, you have a positive week. but i think a couple things are coming together here. i think perhaps the soberer realization on the part of a lot of wishful thinking by market participants that necessarily a blue wave of which seems to be where predicted.com is placing the bets right now is necessarily going to be immediately good for the market. 9 i mean, i think a lot of investors are looking through to the prospect for a massive stimulus program, perhaps, subsequent to inauguration day. but between now and then, tax and regulatory policies could undermine those prospects for corporate profits that are pretty optimistic out in 2021 and beyond. in the meantime, of course, and

this has always been lurking out there that's been somewhat quiet or at least ignored by market participants is the coronavirus and the uncertainty associated with its path. obviously, everybody's hopeful for a vaccine which is going to go a long way towards restoring some type of socioeconomic normalcy, but news coming from europe which if you remember back when we were in sort of just emerging into the pandemic, we used to look at what was preceding the u.s. by 2-3 weeks, it's obviously surging. very strict mitigation protocols, and should that come here to the united states as we are also seeing cases mounting, that would thwart the very ricochet-like rebound with we've had in economic activity in the third quarter that, i think, does suggest we have strong momentum going into the fourth quarter and into next year, and that would be problematic once again for market participants. maria: yeah. we had a 33% gdp number this

week, and yet in the same week we hear that paris and france locking down for a month, germany is going to put a new lockdown in place beginning on monday. knowing all of that, mark, how do you allocate capital just a few days before an election as well? >> for the next 2-3 months or so, we're technically cautious. it's only in the context of expecting continued volatility. a lot of things can hit the tape, obviously, like we've seen this week that can undermine the advance in equity prices. but beyond the next 2-3 months, if we look out over the next 12-18 months, i think the macroeconomic conditions are very supportive for risk assets. so in general, we're leaning into a pro-cyclical, economically-sensitive stance which is to say we like basic materials, we like industrials, we certainly like to like financials though they can't seem to get out of their own way at the moment. i think we think this narrative of a reflation their rebound as

a consequence of the unprecedented monetary and fiscal response we've seen not only domestically, globally continues to work which we think it will, we're likely to see a rebound in those sectors that stand to benefit from an uptick in global economic activity and one that's sustained. also importantly, look at small cap stocks and emerging market equities. interestingly, even while down in the month of october, the small caps have outperformed large caps, and we're starting to see merging market equities outperform u.s. ec with i -- equities, investors are, nonetheless, buying into this renation narrative that i think will be quite profitable once again once you look beyond the next few months. maria: yeah. so many important insights from you, mark. please come bakken soon, mark, thank you very much. we'll see you soon. >> thank you, maria. maria: up next, national

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so you can start hiring right away. claim your seventy five dollar credit, when you post your first job at indeed.com/home. ♪ >> this election is a choice between the trump super recovery, which is what we're having, or a biden depression. sad to say. maria: president trump says there is a stark contrast between his economy and that of joe biden's. this week we got our first read of the third quarter gdp jumping an historic 33.1% for the quarter. that beat expectations. joining me now is national economic council director larry kudlow. what do you say to critics who say this number is backward-looking, and they question the president's notion of a super recovery? >> well, i say they're wrong, because when you come town the list, you hit on all cylinders. this is a rebound from the

pandemic contraction, yes. but you've got new momentum. automobile production, for example, was up nearly 1200% in this quarter. consumer spending up 40%, housing up 59%, business equipment investment up 70%. here's a key point for the forward momentum, all these areas are clicking. there's no inventories, maria. inventories are virtually depleted, so they will have to build. manufacturers, construction people will have to rebuild inventories to meet the auto demand, to meet the consumer demand, to meet the business machinery demand, and that means continued strong growth in this quart, the fourth quarter, and frankly, out to next year. policies notwithstanding, this v-shaped recovery with momentum. we're not just looking backwards, we're looking forward here. maria: so, larry, what about looking forward to, well, people

are expecting about a second wave. we're seeing coronavirus cases spiking in europe, and as a result, france has instituted a new lockdown until december 1st. germany is putting in a lockdown for the next month because of this spike in coronavirus cases. is there any chance we see that kind of spike here and that leads to more lockdowns? >> well, there's no question we've seen a lot of hot spots in the covid cases, no question. particularly the upper midwest, the upper northwest. fatalities, however, remain very low, so that's a wonderful thing. we are -- the president has said time and time ago he is opposed to a shutdown or a lockdown of business. we don't have all the authority, but our advice to the states and lower callties is to not shut down. you have got to -- if you do that, you will make the cure worse than the problem. and our experts said you have to take a targeted approach here, maria, a targeted approach.

we have tremendous new equipment, we have a lot of new therapies. our experts are fanning out into the affected areas. the key going to be, again, observing and practicing the common sense guidelines, all right? masking, distancing, good hygiene, washing your hands. watch out for family gatherings. that's kind of the new piece. we were concerned about large outdoor gatherings. however, watch out for family gatherings. be cautious at home. it's not that you can't go home, just be cautious particularly with respect to distancing. but a lockdown would be devastating for this country, it would be devastating, and it's just not necessary in most cases. maybe it is in some small areas, but it's not necessary nationwide. we have a recovering economy. we'll be back to, we'll pick back all the losses of the pandemic contraction probably by late wasn't, early spring of next year. let's not fiddle with that.

we do not want the cure to be worse than the problem. maria: what is the status of the stimulus talks, what is happening? nancy pelosi e sending a letter to steven mnuchin. where are we? >> yes. it's a very odd story. speaker pelosi, who speaks to mr. mnuchin every day for about the last three months, decides to send a letter. mysteriously, maria, the letter got published in "politico" before secretary mnuchin got hold of i it. that's a rather odd case. so i will say this, regrettably, our team believes now that the speaker is not negotiating in good faith, she will not compromise on key issues, she is still stringing us along running out the clock until the election. that's e what our view is right now. we've tried to be patient, we've tried to offer compromise all over the place, and we believe now no compromises are forthcoming. now, some of these areas -- i don't think the v-shaped recovery depends on an

assistance package. but, but, but, but, certain key lawyers could have been really helpful -- areas. in particular, maria, the ppp program for small businesses which has $135 billion of unspent money left, and we could easily appropriate that. that could have been done in a separate bill. or unemployment assistance. president trump acted quickly, he had an executive order to boost unemployment assistance, but we could only go so far. there's no reason why the congress couldn't have passed a separate bill to help unemployment. you know, we've cut back on unemployment by 50%, but it's still too much hardship. airline assistance, something people agree on. but the democrats have their own agenda, their own ideology, and they're choosing now to damage this economy and damage the covid recovery. i think that's very bad policy. and, again, it doesn't look like good faith when "mitt coe" gets your -- blitz coe get --

politico gets your mail before you get it. he will write a letter in response,. i haven't seen a copy of that draft yet, but right now we don't see a compromise, we don't think there's good faith negotiations. maria: what are the chances of a stimulus package in a lame duck session, larry? >> it's very hard to say. i really -- very, very hard to say what the house will do. maria: okay. >> what the president will do, what the senate will do. it's awfully hard to say. look, we tried our darnedest. we compromised, we raised our asking number. president trump said on key issues he would even spend more than the democrats, but they've gone too far. they've gone off -- some of their asks have nothing to do with covid, they have nothing to do with the economy. we can't bail out cities and states across the country, pension funds, so forth, we're

not going to add health care to illegal immigrants. that stuff can be adjudicated later. there's no reason why it can't be done now, we need economic assistance, this is no reason except for stalling on the other team. so i think the game's over at least until the election. maria: my thanks to larry kudlow at the white house. ice cube is teaming up with the trump administration in hopes of bringing about real change for the black community. ice cube will join me coming up right here next. stay with

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contract to further black opportunities in america. here's what cube told me. >> after the death of george floyd, i saw a lot of activity and a lot of people talking about, you know, police reform, criminal justice are form. not too many people talking about financial reform. and the reason i came on your show was because knew that i'd be talking to financial leaders in this country, and, you know, the fact that black people, you know, make up 13% of this country, but we're living off of, you know, .5% of the wealth. you know, not even a percentage point of the wlt in -- of the wealth in this country should let everybody know, that should alarm even. and everybody should know that that's not sustainable. so that's the reason why, you

know, after coming out with the contract with black america, i really went hard at both campaigns to see a what they were going to do financially for the black community specifically. so that was the quest. maria: president trump is talking about extending lending, he's talking about the $40 billion in new lending, and then that times ten in order to allow the black community to create businesses, start-up business. did you help him with his platinum plan in terms of that item, helping black america create business? >> what i e tried to do was emphasize that, you know, we've been under a smoke cloud of words like minority, people of color, diversity, urban, all these truck words that really puts us under all of america.

we only get 2% of those programs. so i wanted to basically tell the administration that, look, black people have paid an enormous debt. i'm talking about the sentence of slaves in this country have paid an enormous debt. there's an enormous debt owed. some estimate that the country has lost about $16 trillion due to racism. so with these things at play, i wanted to make sure that anything being done that we need to be at the front of this line. the black people who have been here for centuries, who suffered here for centuries need to be at the front of any line when it comes to helping businesses, you know, over the pandemic. over 43% of our businesses is have shut down. nobody's talking about that. and so i just want to make sure that, you know, all these

political people understand that we have to help a specific group of americans to stop all this stuff that's going on in the streets. because the country is coming apart at the seams. i don't know why people don't see the real problem, you know? it's not just -- maria: yeah. >> -- police, it's financially. maria: you've been able to create an incredible life for yourself through hard work. you continue to reinvent yourself and create wealth and opportunity for those around you. i know the other day you were on the phone with college students trying to talk them to the to the next level. what is it going to take, what do you want to see out of this administration or whoever's listening to you? do you feel that you're being taken seriously? >> i mean, definitely, you know? i think, you know, it without, you know, me kind of pushing this line, you know, our concerns kind of would have been, you know, in everybody's back pocket, and they would have been, you know, everybody's

trying to get, you know, white suburban housewives now, you know? that's the thing to go after for these candidates. but at the end of the day, until you solve these problems, you know, i want to see more. i want to see people actually doing things to solve the problems. now, i understand there's a process, and i'm going to be watching the process, you know in i'm going to see, you know, what happens after this election, and i'm going to be on whoever wins to implement some of these things that specifically help black americans. because right now we're being, you know, kind of engulfed by this, you know, broad minority brush that we don't really get our needs taken care of. and i'm just trying to break through all that and make sure that the country pays the debt to the people that is owed. and, you know, history states that there is some debt owed. there has been, you know, very, you know, crazy, unscrupulous

practices put together when it comes to dealing with us financially. it's just been, you know, if you read the history, it's sad to see the things that's been done to the black community financially in this country. and that has to stop. maria: my thanks to ice cube. don't go we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. ♪ usaa we're made for. we try to soothe it with this. cool it with this. and relieve it with this. but new preparation h soothing relief is the 21st century way to do all three.

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maria: welcome back. that'll do it for us, thank you so much for joining us. tune in to fox business every friday night at 9 p.m. eastern for another edition of "wall street," another bug show planned next weekend. plus, i'll see you on "sunday morning futures" on the fox news channel sunday, my guests senator ron johnson and lindsay graham, nfl great herschel walker, just a few days away from the big election. catch the show live at 10 a.m. eastern on fox news on sunday. plus, right here start smart, tune in weekdays from 6-9 a.m. eastern for "mornings with maria" right here on fox

business. join us every weekday. and check out my new book in stores right now, "the cost: trump, china and american revival." hope you'll pick it up. thank you so much for joining us this weekend, have a great rest of the weekend, everybody. i'll see you e a a a a a a a a . ♪ ♪ ♪ gerry: welcome "the wall street journal at large." days to go now until voting ends in the 2020 election and just a few more days for the media to maintain its protection around joe biden, insuring nothing could possibly interfere with his right to be elected president. the last few months we've witnessed the completion of the transformation of most news organizations into well-financed, highly-engaged tools of the democratic party. still refusing to mention the revelations about hunter biden, his plans for a lucrative family deal