stuart: for all of those in new york city, here's the news: you only have another couple of weeks to wait before you can eat inside, inside a restaurant out and away from the cold. governor cuomo will allow 25% capacity for indoor dining starting valentine's day, february the 14th. a great way to close the show. neil, it's yours. neil: i can't top that. all right, thank you very, very much. we'll see if that comes to pass, by the way. i'll believe it when i see it. all right, in the meantime, a believer in a lot of these shorted stocks, a lot of buying interest in gamestop when it was stopped and now back with a vengeance here and all the other stocks attached to it like express, nokia, even american airlines and on and on we go. there's a new cottage industry involving, folks, and it has to do with stocks that have been shorted, plain and simple. i spoke to a number of traders who tell me they keep a running roll, a running tab, if you will, of stocks that have better

than 20% short positions which is, by the way, a lot of stocks, and that volume, indeed, in these types of issues is going up. so forget about gamestop and some of these others right now, there could be a cottage industry of others right behind them. the implicationings of all of that and why washington is still sniffing around to involve itself in this because it's worried that, well, it could get out of hand. we shall see. all right, in the meantime, we're also getting new guy dance from the cdc on when and how to reopen schools. there is a problem though, the cdc can say it's okay, but it's up to teachers to actually make good on that, and a good many of them in public schools across the country are saying, no, there's no way we are doing that. all of that and the promise of vaccines, yet another one entering the market with very, very promising early reads and results. the novavax ceo and president will be joining us exclusively to talk about what he has to deal with this whole virus mess.

welcome, everybody, i'm neil cavuto, and this is coast to coast, and this is fox business where we're just trying to keep track of all these shorted stocks turning into long-term plays, and so many, so much and billions so fast up and down that it's really hard to keep track of it. when you look at a gamestop that is now trading north of $347, when it was around $7 or 8? well, that was then, this is now. but if you like wild gyrations, get used to it, because the indications are right now that with limited trading resuming -- and hopefully, we're told, full resumption in trade coming soon -- this could just be a pattern for future trading activities. kristina partsinevelos following all that in new york city, not surprisingly outside a gamestop. [laughter] hey, kristina. >> reporter: neil, i remember last april when the stock was below $4 for gamestop. but you have a tug-of-war between retail investors and wall street, and it's got a lot

of people worried. the sec, treasury secretary janet yellen, new york attorney general, congress, they're all watching these trade restrictions. what we know, this story already we're talking about it quite a bit, is these heavily shorted stocks are being pushed up by retail investors. wall street has lost billions, and that's why robin and other trading -- robinhood and other platforms restricted trading yesterday. it's eased today, but that has left some users furious. listen in. >> to accessibly crater the stock at -- essentially crater the stock at the expense of aural of your customers, that's flat out criminal. nobody's that stupid, i'm going to basically spit in the face of my entire client base, and they'll be okay with it. >> reporter: at least two class action complaints have been filed against robinhood. there's one survey of 1200 robinhood users, according to the survey, 76% plan to leave the platform, of course, after this short squeeze rally.

and the sec today the did release a statement saying, quote: the commission will closely review actions taken by regular lated entities that may disadvantage investors or otherwise unduly inhibit their ability to trade certain securities. so that, of course, is directed towards those trading platforms. but it's not just the trading platforms. social media is getting in on the game too, banning some of these stock-trading groups. facebook tells us vaguely that they closed one of the groups because it, quote, violated their community standards. despite these bans across the board, neil, you are still seeing shares of gamestop climb higher. this is a rocky road, but according to the retail investors it still remains a fight against corporate interests and wall street. back to you. neil: all right. kristina, thank you very, very much. charles payne has been getting a great deal of coverage here talking about what he thinks is really going on here and that the populist wave, there's more

to it than is generally appreciated. if the little guy gets punished for simply making money where some of the big guys have the roost to themselves. he joins us right now. charles, you know, you hit a chord with many americans saying that. going after these trading firms that have provided this means by which individual investors can pounce and do this, where is this going? it's your fear that washington will screw this up or that they're targeting the wrong guys? >> my fear is washington will screw this up, neil. you know, i put out a tweet a moment ago where president biden has promised an economy that works for everyone. that was his main catch phrase during the campaign. my question is, is he going to guarantee a stock market that work for everyone. and, you know -- works for everyone. and, you know, it's the most democratized avenue out there for people to change their life. i'm an advantage list for the

stock market -- evangelist for the stock market, and i do some trading stuff as well. my whole thing is not get rich quick, but change your lot in life and have a chance to do it in a level playing field. and this, quite simply, is not a level playing field. a lot of people have recognized that. it's kept a lot of people out of the stock market. many americans have missed the rebound from 2009 with a serious distaste in its mouth because wall street was bailed out because of its reckless behavior. it now claims it's looking out for the little guy by unplugging the system, you know, making it so you have a stock and the only thing you can do with it is sell it. [laughter] you can't buy it, you can sell it, and you can join those folks who are literally trying to send it to zero. here's the farce, i think a stock, a $100 stock is probably $70. but what's been happening for decades is where these short campaigns aren't designed to take advantage of mispricing or

looking for a trade, they're really looking to hurt these companies, and they find the most vulnerable companies, those that have very little institutional or brokerage firm support so you don't have a whole lot of buy ratings on it, maybe none. and they know that the books are a little tough. i mean, but gamestop did have about $4 billion in sales last year. and then they pounce. it's okay that you want to bet that gamestop goes down, but then when you get to sell more stock than is even out there available, you're not just making a bet, you're almost guaranteeing an outcome, an outcome that'll go in your favor. and, by the way, in the process you are crushing, literally crushing, millions of individuals who saw something, saw, you know, a company they liked a lot, they went there as kids, maybe some of them are still going there. you still get $4 billion in revenue. and they wanted to invest in it. they thought they were following the american dream, you know? it's not just the reddit traders in here. this whole thing, by the way,

neil, the genesis of this goes back, it was revealed in march and april of last year. we had the fastest bear market in history, almost every wall street expert said it's going to get worse. what did individual investors do? they piled in. they learned the lessons. they're not dumb. they knew. they remembered back in march of 2009 when wall street said it's only going to get worse. so they sold stocks at the low. they remembered back in the tech bubble and they said it was only going to get worse, and they sold stocks, and they regretted it. this time they followed reverse action of wall street. they bought low x they've been riding a wave that is blowing the minds of wall street. and in the process, it's usurped their control and power over individual investors who are supposed to normally just fork over all their hard-earned money, be happy with 5% a year while wall street goes for a whole lot more. you and i both know when goldman sachs reports their earn,ings or any of -- earnings or any of these banks, it's 20%, 30%. that stock's going to get hit.

they're looking to make a hot more than that. wall street's looking to make 40% a quarter in its trading operations in the stocks, the things they invest in, but they want the average investors to settle for 5 or 8% a year. and sometimes it doesn't work, or neil. it's just -- people, these younger folks are watching where their parents did everything wall street told them to do. twenty years ago they loaded up on ge and ibm. they've got to work longer now. neil: yeah, there is that. but, you know, do you worry that the further along it gets in the cycle someone who generally wanted to counter the moves of the shorts and they made, you know, fistfuls of money, others come into this, you know, late parade and start thinking look at gamestop, do you look at american airlines? look at all these others that are on the short list that are suddenly now being targeted for great buys and that some are coming late to this party, does the government, do regulators have any responsibility to them, or should it be let the buyer

and/or seller beware? >> leapt the buyer and seller beware -- let the buyer and seller beware. that is the absolute function of the market. everyday people buy and sell. whoever sold it thinks it's not going higher, whoever bought it thinks it is going higher. that is the role of the stock market. all of these folks out there who think the government should get involved, who's the ultimate, omnipotent, expert analyst that thinks, okay, i'm going to assign fair value for gamestop above 8, and if it ever goes above that the, we'll stone people from buying that. who is that person? the same one who told people not to buy tesla? how many people did not listen to all the financial experts on television, the stock that could have changed their life? how many people did not own it right at the very moment, did not buy it? so who makes those decisions? let the market make it. i just said the younger people, they saw their parents lose a

lot of money in the tech bubble. they saw their parents lose a lot of money in the great recessionment they were around for that. so they understand their risk. and, yes, people are going to lose money just like last year. 40% of the s&p was down an average of 17% each. the top 20 users in the s&p last year were down 47%. who protected the little guy from that? because that stock is somebody's retirement account, and they were counting on it to go up 47%, not down. neil: do you worry that, you know, we always talk about the kind of, you know, nefarious postings they can get on the internet and goes to politics, it goes really, if you think about it, to finance and, you know, the people who have shorted stocks will say all sorts of crazy stuff about it to get their way, people who want to counter that move will say all sorts of stuff to get their way. should it be, you know, just a free open forum where people can

say and do and make comments, whatever they like, and just the investors just gotta be aware that there's a pro and a con to each stock and each position? >> yeah, you know, listen, deliberate attempts to lie, i mean, obviously i think should be investigated, you know? those kind of things on either side. whether you're the short who gets to put together a 50-page manual and spends 40 minutes on cnbc beating the heck out of a company that you just shorted or whether it's some, to your point, some nefarious person trying to trigger the emotions of others. obviously, those areas you want to make sure you can protect the average, the public, you know? there should be greater efforts to educate the public with these platforms. hey, this is what history shows us. but, ultimately, you know, people have to be able to make decisions on their own, and, you know, the sort of idea that there's some sort of omnipotent force out there or that somehow now everyone who wants to -- think about this. you want to help the little guy

by making sure that the stock he or she just bought two days ago can only be sold? of. [laughter] it's like -- and, by the way, you know, the money i've lost in the market, most of it's come from things that looked great, you know? fantastic looking companies, they just -- it's creative disruption, you know? it's not long ago, neil, sears was the biggest company in this country, in the world. you could order a house from the sears catalog, you know? creative disruption takes out even the most well-capitalized, biggest companies in the world. it's just not a given that there's some kind of stock that you can buy that will go up in perpetuity. you know me, neil, i tell people to do their research, i've written two books on the stock market, and it's all focused on research, research, research and containing your greed. neil: and it works. it works. i love your passion and your smarts. charles payne, thank you very, very much. >> thanks, neil. neil: and he, his onus, the

title of his very show, " making money." the rest of us keep it very vague, but that's his mantra, he's going to help you make money, and he does. the former securities and exchange commission chairman joins us now. harvey, always good to have you. should government have a role here? should it be policing all of this this, that we need a cop on the beat as elizabeth warren said? >> we do need a cop on the beat and, fortunately, we have one. but what the government does is critical. instead of hyperbole, what we need to know are what are the facts. we're dealing with circumstances that are unique and novel and create patterns for the future. we're sort of witnessing, if you will, wall street reoccupied, so to speak. we're watching message boards

and tweets and blogs all suggesting certain transactions. and in the course of that, we're seeing the price of certain stocks like gamestop and amc which, based on the fundamentals, appear to be incredibly overvalued, but we're seeing those stocks basically skyrocket. and government has an obligation to make sure that the markets are fair and orderly. and to do that, there needs to be some review of who's behind all of this impetus for transactions and trade -- trading. if people want to read blog or tweets or whatever and act on them, there's no role for the government to may. but if there are people trying to manipulate the price of a stock or they're trying to harm

certain investors or all investors potentially are, those are things that the government needs to know about. and if that's going on, it needs to make sure those efforts are disclosed. and if they violate the laws, then it may need to take action. but government's role isn't to protect people into making smart or stupid investments. government's role is just to make sure that the market operates fairly. neil: but it does seem to be slanted toward, as we're now off 504 points on the dow at this point, harvey, it does seem to err on the side for asking for cooling-off periods when stocks are tanking. this is one of those rare occasions where they wanted to step in because stocks were soaring, this particular group. and i'm wondering if that has changed the dynamics here and in

trying to protect investors, it's sending a signal that it's going to decide what is the right time to get manic. >> yeah, i don't -- i think from the perspective of the sec, for example, the sec is basically agnostic about which way the markets go. what the sec's concern is, is are the markets unduly volatile. and if stock prices are going crazy either up or down and there's unusual volatility, then there are brakes already imposed in the system to sort of have a market pause, let people reflect and then resume. neil: but they usually put those breaks in, harvey, i think they normally put those breaks in

when things are collapsing. it is rare to see them do it or try to do it when things are rising. i know this is a particular group we're looking at, but i'm just wondering whether they should be careful what they wish for. >> always. i learned that dramatically in 2001. but that's a different subject. the important thing here, i think, is the government has to be even-handed. and to the extent it appears that the government is only taking action when stock prices rise but not when they fall or vice versa, that would be inappropriate. but i don't think that's what the sec has done, and i don't think that's what the built-in breaks in the system are designed to do. they're designed to operate neutrally but just prevent the

market from tanking or going way too high all in one fell swoop. there needs to be an orderly process so that people can see what's going on, look at the fundamental facts that are relevant and then continue trading as they see fit. neil: well put. we'll see what happens, harvey pitt, thank you very much. the dow down about 520 points. the big issue comes apart not from what the government tells you or very smart money folks tell you that often times aren't smart, but whether you're getting into something that sounds too good to be true. you might be doing just fine with that, but you should cover some of the consequences yourself if not, and if it is going to hit you. eyes wide open. all adults here. you can buy and sell without someone babysitting. that is the raging debate, how far do we go to protect us from

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♪ ♪ neil: all right, now it's teachers saying maybe they should be moving to the front line when it comes to some of these vaccines if you want them back at work and if you want your kids back to in-person classes. molly line in boston with more on this back and forth. molly? >> reporter: yeah. tensions are beginning to boil over really between the teacher unions here in massachusetts and the republican governor and his administration. the republican governor here, charlie baker, has consistently and stridently urged to get kids back in the classrooms. he has cited the science of this, he has talked about how in-person learning has been successful at some of the private schools and institutions across the state. the teachers unions, though, have pushed back and strongly denounced the governor's recent announcement that residents 65 and older will now be shifting higher in line and going ahead of the teachers in vaccine priority. >> the decision was made that

really points society against itself. the governor paid lip service to getting students back in school, but his decision today is delaying a safe return by weeks if not months. >> reporter: the massachusetts teachers association has accused the administration of arbitrarily changing the priority of educators when it comes to making the vaccines available. but its spokeswoman for the executive office of education responded to the units and accused them of making false and misleading claims noting, quote: the administration was dismayed to learn these same union leaders also opposed going back to the classrooms until vaccines for children are developed. now, that is actually a reference to the president of the mta, the teachers association, quoted in the boston herald rl expressing doubt that most schools will open to all students within 100 days because children will not yet have the vaccine. collectively, the teachers union pushed back against the state's

assertion writing: this is patently false, we are never made such a statement individually or collectively. we are astonished that the governor would fabricate an assertion on something as important as the covid-19 vaccine. now currently in the state of massachusetts, it is happening in some states across the country, prioritizing younger students, the most vulnerable, and there are communities using the hybrid model. neil? neil: all right. very interesting. thank you very much for that. molly line following these developments in boston. the independent women's forum senior policy analyst says it's pretty clear that a lot of the interests have more to do with what teachers want than what the kids want and need. she joins us now. inez, where do you think this is going in massachusetts? the same thing is playing out in chicago and other districts across the country where the teachers aren't quite keen on going back to work citing the danger and the health threats

and the kids, specifically their parents, are just the opposite. >> absolutely. because parents are seeing the downsides of keeping their kids at home, right? they're seeing the fact that their kids are falling behind academically. unfortunately, we're seeing rising mental health problems from isolation for children. so it's not -- every single survey shows parents are concerned about the risks of reopening, they want to do it in a safe manner as much as possible, but they are weighing different risks. and you're right, we are seeing this same battle play out across the country especially in places that don't have school choice and where parents don't have that kind of leverage unless they're wealthy enough to go ahead and go to a private school where, by the way, only 5% of the nation's private schools started virtually this fall, and 60% of america's public school students started virtually this fall. so right there you see that huge gap, and that's because the incentives are simply not aligned to give parents and

families a voice in the public system. neil: you know, inez, i'm curious, a lot of the teachers say, you know, sure, the kids can come back to class, and they are very little danger of covid-positive, you know, virus, but they could spread it to the teachers themselves. and no one appreciates that. what do you saysome this. >> of course. and this is something that, again, parents are concerned about. families do have vulnerable members as well. again, they're not noting cognizant of these -- not cognizant of these dangers, but the science says opening schools is one of the lowest risk activities as a society we can do, and i would argue it says a lot about us that we have, for example, opened, you know, outdoor dining or in some places indoor dining. i'm not against those reopenings, i'm just saying we've opened liquor stores, we've opened a lot of parts of our society because we recognize

some things have to be risk, right? education has fallen far, far behind, and essentially what districts are saying is education is not as essential to this country as, you know, keeping the bus lines open, right? keeping public transit open. all of these people are going to work, and they're going to work despite the risks and, actually, the science shows that schools are much lower risk than a lot of those activities. the difference, again, is not a matter of where infection rates are higher. in fact, we have studies that show the places where schools remain closed, they correlate most strongly with not infection rates, not, you know, covid caseloads, none of those things. it correlates with the9 power of the teachers unions, and that's what this is about. you can tell when you look at the list of some of these demands, right? fairfax county is making some of the same demands that your report referenced in massachusetts, right? schools won't reopen until 2022 when all students, not just all teachers, all students can be

vaccinated. i mean, those are not timelines that parents working at home and struggling with virtual learning and seeing their kids fall behind willing to deal with, and that's why we're seeing a huge school choice push in the coming months. neil: yeah. well, it's very clear that virtual learning, you know, ain't cutting it. it's better than nothing, but it's certainly not better than being there in person. inez, thank you so much for that. the dow down about 566 points. you can understand part of the skittishness looking at the big picture here, no matter what you think of these individual issues. the fact of the matter is some of the short sellers, the firms you've heard much about, they collectively lost $54 billion on u.s. positions this year, this year. just four weeks old. stay with us. ♪ you're the one i want to want me. ♪ and if you want, then, girl, you've got me. ♪ there's nothing i, no, i wouldn't do, i do --

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♪ neil: all right, it's all mixed up with this short versus long battle going back and forth and the gamestop craziness along with oh issues like -- other issues like express and american airlines, amc, is all of that having a destable thing e -- destabilizing effect. the fear seems to be this is like a contagion of frothiness. in other words, you can get unstable or destabilizing markets and those companies and the big firms that you hear about that have large short positions that they've been needing billions of dollars of cash infusions, one of them might go belly up, and who's exposed if they do? are other people on the hook for that? if it sounds like a similar concern expressed in late 1999

with the internet boom turned, well, bust, you can probably understand the context for all of this. is history repeating itself? here to put it in perspective, scott shellady, the cow guy as we affectionately call him. dave, what do you make of what's rattling wall street right now? any of this concern that the government's going to step this to deal with this? what? >> new sources of uncertainty, neil. i think that, i think it's almost like a, you know, a source of, you know, seismic shaking from a quadrant and a force, in effect, that the street wasn't looking for and didn't expect, so it's not like a black swan, it's like an invisible swan that shows up. and suddenly everybody who has a world view is forced to say i wasn't anticipating this, in fact, it wasn't in my factors

anywhere, therefore, what does it mean to me. and that kind of reassessment of risk is what can move markets and shake foundations of markets. neil: you know, it amazes me, it has a touch of ronald reagan here, scott shellady, and that maybe that's what's rattling the markets when he famously said scariest words are i'm from the government, and i'm here to help. with the best of intentions, regulators looking at this frothiness, craziness, however you want to describe it, that they'll come in and calm things down. all history shows is they can make things worse, but what do you see? >> yeah, you know, it's the retail investor that's traditionally been afforded some protections that institutions have not been afforded, right in that's really where the tug or war is here. do you just want to say have at it, just don't lie? that's really where we're going with this. and on top of that, how is this

going to go on in the future in? i mean, part of me feels like i'm in the cafeteria watching a guy eat a bowl of soup that i know is poisoned, and i'm trying to tell him not to eat it, but everyone in the cafeteria is telling me, he's hungry. [laughter] they want to play with the big boys, so if you want to take on the big boys, we don't really talk enough about how ridiculous some of those short positions were, and they deserve to be spanked. i would argue that the market did its job. but going forward is what everybody's worried about like the other guest said. this doesn't lend a lot of confidence in the market going forward, and if you have a reason to get out, you're going to use this as one, and maybe we reset later. right now we're seeing a seismic shift in how investors are going to behave, and you're going to see more -- we talked about herd immunity all last year, maybe we're going to talk about, you know, herd community this year. neil: you know, this is an interesting point. dave, i think there's something

weirder going on here, if you'll just indulge me. i call it the tesla effect. a lot of people said, gosh, i should have got into tesla when it hit 50, 100, 200, now it's closing in on $1,000 a share, i missed it. i'm not going to let that happen again. then little cases like this pop up where there's a whole new cottage industry involving where you have all these potential teslas undervalued, shorted to hell, and a lot of people say, ah, i'm not too late to the tesla party. so, in fact, it's feeding the froth. what do you think? >> oh, i think absolutely. and i think, in effect, you have this, you know, interesting coverage in the "wall street journal" today of some of the original sort of thinkers behind gamestop thing, and they're clearly very, you know, intelligence investors in their own right -- intelligent investors in their own right. and so now it makes you wonder does everyone then start looking

for new kind of, you know, soothsayers to follow kind of in the amateur world and try to find what's the next gamestop which all leads to a very speculative froth. and then the really troubling thing to me beneath all of this is that, you know, this notion that we're building societal institutions on the top of these digital platforms and living life on these digital platforms and then finding they can yank that rug out very quickly which, to your original question, adds this whole other layer of destabilization. and so it's a pretty toxic brew that is reminiscent in a different way, to me, of 2008. neil: what is different -- very, very quickly, scott, here -- is we're scrutinizing these message boards and others, you know, people who are justifying stocks shorted that they should be a lot richer. we tend not to apply the same

standard to go after those who shorted a stock or, you know, undermined the stock in a company. they're not being as scrutinized. that's what raises the issue of the little guy getting burnt here. what do you think? >> you know, i don't like, you know, stopping the markets from trading. less manipulation that way or less intervening that way, i'm for just letting it get on with it and may the best man win. so when we don't apply those regulatory rule the same across the board, that's a bad thing. look, these communities of traders that are getting together to do whatever they're doing, that's not going to go away. maybe that's the next big question, how to deal with that. and taking these groups off of message boards is also a bad thing. you're starting to see these robinhood groups that are getting kicked off of facebook now. i mean, where is this going to end? are they going to start looking at your e-mail? i could go on and on and on. so, yeah, we have to apply the rules across the board equally, and i think we should just let

the best man win. neil: all right. you know, it's buyer, seller beware. you know what you're doing, do it. it can work out for you if you've done your homework, it might not if you haven't. we'll see what happens. thank you both very, very much. meanwhile, we do have some good news to tell you about, and that's on the vaccine front. new and late-entering here even though it's been in the mucks for quite a while with -- mix for quite a while with some very, very promising vaccine results. novavax ceo is here. nicorette knows, quitting smoking is hard. you get advice like: try hypnosis... or... quit cold turkey. kidding me?! instead, start small. with nicorette. which can lead to something big.

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neil: all right. add novavax to the list of companies with promising advantage seens concern vaccines. the latest news is that its two-shot vaccine had an overall efficacy rate of an 89.3% in britain. that's the good news and that's what's sending the stock soaring today. there is some problematic news

here that -- by the way, goes beyond affecting novavax -- but how to deal with this infamous south african variant that proves quite the dilemma for a lot of these guys. let's get a sense of whether it could be for novavax, ceo and president, eric stanley. good to have you back with us, welcome. >> thanks for inviting me. neil: talk a little bit about the news on this very promising news, but lately i'm hearing with a lot of promising vaccines that you're certainly in that list. there's concern about how effective it might be with this variant, this south african variant that's popped up in south carolina, for example. can you update us on that this. >> yeah. so let me put it all in context. so we're now running three efficacy trials in three different countries. we ran the south african trial on 4700 subjects in south

africa, 15,000 people in the u.k. we just blinded those day before yesterday, so now we have the first data showing how our vaccine works in three different strains of coronavirus. it's really great data. and then the third trial is the u.s. that we started just after christmas. it's a 30,000-person trial, and we've got 16, a little over 16,000 people already enrolled. so we expect to have that enrolled in early to mid february, and we'll be talking about data from that trial in march. so that's a bit away. so let me tell you what we've got. so in the u.k., there are two strains of virus circulating. there's the original strain that you'd say was from wuhan, and then there's a variant strain that add a, an important point mutation, and roughly half the people had -- were infected by

each strain the, which is great, then we can get data and see how our vaccine works against them. against the prototype strain, the original strain, we had 96% efficacy. it's a terrific result. it's what we had hoped for and expected, but we've got 96% protection. then the strain that has mutated slightly showed, we showed 86% protection against that. so slightly lower, till very good -- still very good. but we've got data that shows how mutations affect vaccine efficacy. in africa we had a bit of a different story. in africa the population down there got infected with what they call a triple mutant variant, and so it has a lot more mutations on it, and so it's called an escape mutant, and it tries to escape the effect of a vaccine. and it did to some degree with

our vaccine. we got -- in the majority of the group, the group that was hiv negative, 92% of the study, we got a 60% efficaciment 60% efficacy is, obviously, lower, but it's a good vaccine. it's at or above something like you get in standard flu vaccines. so we're happy with that. what we would like is to -- what we're thinking about doing is a way to fix that is to think about making a vaccine that has that strain in it. just like in flu where you change the strains every year, covid could be turning into a flu-like disease. so we've started producing the south african variant strain in a vaccine in our labs right now, and the hope is to get it into a phase one clinical trial sometime in the next quarter and

so that we could have possibly a bivail lent vaccine with the original strain the, south african strain or maybe just the south african strain alone are. so those are the options. so not bad news, it's just news that we're finding out how our vaccines work against different strains. neil: we're finding out that between your work, stan, and what j&j is doing, astrazeneca, pfizer and all these others, there's no short only of vaccines coming down the pike, but it's gotten so bad in europe that the european union is threatening legal action to secure more vaccine doses. obviously, you've heard about these problems going on globally. what is the issue with the last mile as it were getting into people's arms? >> yeah. so that's not my part of the business, actually. my part of the business is to show a vaccine works, make a lot

of it and then provide it to the global health care system. neil: but it's got to be frustrating for you, right? i mean, you're making this great -- >> well, sure. neil: -- and in a lot of cases it just sits. >> yeah. it's hard, and it's obvious that the world wasn't prepared for it. i've been in vaccines for a couple decades. i've been, i've made many pandemic flu vaccines over the years that have never been purchased or stockpiled, and there's been a lot of talk about all the preparations. but it costs money to do that, and it always gets erased from the budgets. so the world wasn't prepared. neil: real, real quickly, i know my producer's going to kill me, maybe your people too, but i'm curious, this so-called herd immunity where enough vaccines get out, percentage of the population is that we've got that herd immunity. how far are we away from that in your gut?

>> well, again, i'm not -- i hear the same numbers that you do, that if you get to 60 or 70% of people vaccinated, herd immunity can help. now, it has to be -- the previous infection has to show that it is, helps prevent or lower getting a second infection. and so we don't know that that's the case yet. if the thought process is what's being proposed. neil: quickly as well, i was talking to an immunologist who was telling me that what worries her the most about this latest wave of either variant or on the people who are, you know, getting diagnosed with this thing, the positive cases while going down, for example, in some states stubbornly high in others. is it your thinking that people -- again, this might be outside your purview, and i apologize in advance -- are

going to have to be practicing all the stuff they've been presumably doing like mask wearing, washing your hands, doing all that right through the end of the year, that that this is not something that's going to magically disappear in the spring? >> yeah. i think it's just, again, it's unknown. i do think that we don't know, but in our trials we will try to measure whether getting successfully vaccinated will prevent transmission to others, and that's just not known yet. novavax has a, an experiment in primates that shows our vaccine does induce what's called sterile immunity, in other words, you can't detect it in the airways, the nose. and if you get that, then you probably do get a loss of transmission. but, you know, we just have to get the data from trials for that. neil: got it.

stan erck, promising news that novavax has a vaccine that's 89% effective.

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not as common as everyone thinks we are. we know what were the key point people will say were on a casino

betting on amc and gamestop whatever it may be. but the real fact some of us are out there and were seen these companies had to fund that it been getting away with this for years over sorting the companies and hammering the companies into the ground and no one says anything. neil: robinhood trader there has proven to be the venue for a lot of people feel the shorts have overdone it hitting stocks like gamestop and a host of others that they are not getting nearly the scrutiny these guys are. robinhood has changed its dynamics and allowing limited trading on gamestop raising $1 million and having credits to make him stop available to buy or sell for traders and that is done with the stock. a little north of $328 a share. lauren simonetti following all these developments just as the perceived crackdown in washington to address this. what i don't understand

crackdown on what? maybe you know. >> i know, happy friday, i think we all need a week and after this exhausting week. we've been looking at gamestop in these other popular short squeezed stocks in their back today, robinhood is allowing some trading to resume, basically the epic battle is back on the reddit army versus the hedge fund shorts. the army is winning again today, causing some hedge funds scrambling for cover, melding capital management had to be bailed out but others are getting hurt not only because they might have short positions but the pain this is creating, that is spreading throughout the market, maybelline is down 45% this year through wednesday. in a large part this is being enabled by robinhood casino looking at very popular with

millennial's and lets them buy stocks and crypto an option for free, remember its mission statement. watch this. >> remember when green was good, we had to look the part. we had to pay for a seat at the table we set out to change it the latest system. >> that is what they're doing but most people don't realize robinhood sells data, you're the user not the customer and that's how it's trades are free, does not have to charge you. so yesterday when i stopped allowing trades for certain stocks people assumed it was pressured by the big guys and they protested from new york city to california, robinhood said we did not have the cash to make the trade as is legally required and they raised a reported $1 billion. the sec is out with a statement this morning and they say were monitoring the volatility and

adding it has the potential to expose investors to rapid and severe losses and undermine confit under market confidence as you can see at the end. under minding the market confidence is arguably what is happening today. neil: to put it mildly, great reporting throughout. lauren simonetti. he will be included in my next panel, great column by charlie gasparino in your post to get washington involved. you might want to be careful what you wish for i'm paraphrasing from charlie's peace, none of this will address the problem why white people are susceptible to stockmarket hikes for which there is a cure it'll be painful and outside the government regulators. learning there are consequences to taking risks. such as losing money.

he might've just summed it up right there, charlie gasparino, connell mcshane after the host. charlie, back to you i thought it was a great column on the buyer and seller, where there is no way the government can protect us from ourselves nor should it but your thoughts customer. >> a laughable conspiracy theory yesterday, the ideological spectrum from aoc on the left to ted cruz on the right and rush limbaugh and crazy peter navarro that robinhood was closing down trading on the stocks because it wanted to protect the big hedge fund buddies because some hedge funds like citadel that are involved in these trades are somehow benefit robinhood. they do, they by robinhood's overflow. robinhood makes money by not

selling information, and makes money by selling their trades, people like citadel maximum. robinhood trades to anybody, everybody wants those traits, the reality robinhood as we reported yesterday did not have the cash on hand to settle the trades and that is what's crazy about the situation. there is tons and tons of conspiracy theories that healed the run-up in gamestop and all the shares. you have easy access to trading in very low interest rates and easy financing from the fed that is a toxic boom but how do you regulate that, you let people get crushed for taking an outside risk, there is no other way to regulate the stuff. neil: i did think rush limbaugh was a little nutty to like it to the generate six event quieting free speech and all that a

bridge too far. rebecca walser let me ask you about this. there does seem to be a sense building in the online community that there's a double standard protection for the hedge funds, that short stocks, no such scrutiny over the positions or what's behind it but a lot of scrutiny over these average joe's in joanne's who are profiting quite handsomely countering those votes. >> i think to charlie's point obviously it was a matter of not having the cash that is required for yesterday but what about the pressure being applied on wednesday to shut down the exchanges altogether which was what was happening. i think people are seen wait a minute the big guys are really lucrative all the time the hedge funds shorting stocks and then you have a short squeeze and all of a sudden there are these

problems and they also have a problem -- >> the exchanges did not shut down. >> i did not say they shut down. neil: charlie, that is a dangerous step -- >> that the dangerous under different story. neil: it was one thing to limit trading in a freefall, quite another to limit buying in the middle of a free up. i just begun worrying about how far this goes. what do you think. >> i think robinhood biggest problem yesterday with communication. they did not come out, late the day they did interview but early in the day they did not tell anybody what was going on and charlie hit on a key point, his comments earlier, robinhood customer base does not view retail investor out there who are trading through the

platform, i would think of a customer someone who pays for the service and the market makers on wall street are making money on the overflow and the customers of robinhood and robinhood is reliant on the wall street banks as it was proved last night and the operation on the credit line they had to draw down in the money they had to tap into. robinhood had a communication problem yesterday at the very least. that's why conspiracy theories take hold if we learn nothing over the last few years it makes sense in people's minds, people have legitimate reasons to think the deck is stacked against them so when they put the pieces together they draw conclusions that are unfair and i think robinhood in these other platforms did a better job coming out and telling people what is going on they may not have found themselves with that type of an issue yesterday. >> i think you kind of miss the point, robinhood's customer is the small investor. that's why it makes a conspiracy theory so bizarre. the more people trade on his platform the more money it will

get paid to sell for the overflow that it sells. that is the bottom line to stop people from trading means it makes less money selling overflow. that's when you start unpacking. neil: if you can't handle overflow your overwhelmed. >> that is right that's the issue, it could not handle it from a settlement and regulatory standpoint. we reported that yesterday speaking of people with robinhood, maybe they should've put out a broad press release on the whole thing, i don't know but we did report that on cavuto yesterday and you would not believe the smack down that i got on social media. this is just basic reporting common sense about the plumbing of security markets. it is not all a big computer engine conspiracy theory. there is plumbing here and it doesn't work all the time. i reported last night i learned

on maria's show that merrill lynch also stop trading in the stocks yesterday. why did they do that, they were worried once robinhood put the brakes on, they would be overwhelmed with orders that could blow up their system, these are legitimate worries when you trade a stock it's not like putting on the lightbulb has to go through whole process, you get the price that you traded at but the settlement happens a few days later and they make sure you have the money the other side has the money, it is a process and that process was breaking down i just worry does robinhood survive all of this, when you ask for a billion dollars in cash this fast, there is an underlying weakness to your business, i am not reported that, it just seems very strange that they needed $1 billion immediately. neil: by the way i'm glad you got some of my social media

comments. [laughter] >> the one thing i like that this is a big picture issue for me and i may be oversimplifying it but i think ever since the rise of amazon the would've should've could've an investors are looking in saying if i would've got into this earlier or tesla, look generous when it hit $100 and would hit $200, when it hit $300, there are people saying i want another tesla, amazon and all the sudden the stocks that are getting the disproportionate attention to focus on those the 50 biggest being shorted right now and that group alone is getting incredible attention it's beyond a shift in thinking people who are not satisfied with the four, six, 7% market return, they want the home 100, 200, 300% return, that mentality to charlie's point is part of the buyer risk

and beware and it's not your birthright, people want to get sins doing that, that is on them not on the government to help them from that. >> absolutely i am in 100% agreement with charlie's point you don't want the government to step in because that's where you see people saying it's a little guy versus the big guy if you look at the reading group they made that private so another not doing it and obviously regulation speculation can we not have a public chat for where people are colluding it to push up the price and obviously hurt the hedge fund, you do not have insider-trading information it is public information and they are speaking up, it is free speech, are they going to monitor chat room to see if they're discussing chat prices, where we have free speech and behavior, you are taking the risk and it is on you and we

don't need the government protecting us the second we make rules for the government to protect us from this behavior that means people in these businesses speculation legitimately and are just having messages about it, they're going to be affected, this is more regulation and always consequences nobody faces that are always damaging. neil: i don't want to put a political spin on it, that's why i was surprised of rush limbaugh's attack line and now it gets to shutting up try loyalists and conservative speech in the attack on the capital i thought this is very different here but having said that, i am wondering if this is a bigger market story and that it does reflect a little adventurous investing strategy the likes of which we did see in the height of the.com bubble that burst and that is something, i'm not saying government protection but an

acknowledgment of what goes up really, really fast ultimately can go down really, really fast. >> we will probably find that out were still talking about this in the middle of it which is an interesting conversation to have. we have not had short squeezes and markets for years and years and if you look at the famous examples of them people wrote about volkswagen and said if you go out a couple of years after the stocks have peaked in their down 90% from those peaks that happen over and over and it may or may not happen now. people will have to deal with the consequences of their actions investing. i will say this this is a new risk and the market for the professional investor to deal with, rather in sitting back if your big hedge fund hoping there will be a new rule or law passed bill you are from the risk you're taking maybe you have to learn to manage this risk that you have not thought of before last week. if you're in a short position of

one of the stocks you will have to consider in your own research that there are other outcomes that could come about it could be a mob of folks on reddit that will bid that stock up, now i have to account for that and that would be another thing that works itself out that the new factor in the market in the years to come. neil: i want to focus on this for a second period two of the big hedge fund players that are very in the short committing i know citroen and its research for the most part. but having said that we do know melvin lost billions on these failed short trades can steve cohen big hedge funds came to the tune onto an half-billion and might even more. here's my worry in question for you if a big hedge fund were to go belly up as this process drives forward it's one thing

for a hedge fund but they tend to have a lot of customers, big customers, a lot of banks, investment banks, is not a legitimate fear that one goes down others potentially go down with them, the spillover effect the people worry about. >> clearly and a legitimate fear, long-term capital management, that was simply the same thing, the big hedge fund had lots of money and other hedge funds and other wall street banks, this is back in the day when wall street banks traded in a proprietary way they copied those trades it was tremendous systemic risk losses across financial system that would've locked it down and firms came in and it was an engineer trader bailout not with taxpayer money but the firms owe money it was lower interest rates by the fed and a bunch of things that they did to calm the situation down. melvin capital is not as big as

long-term capital so i'm thinking the same types, it is just literally doing what hedge funds do. they go short on others, these seem to be reasonable short, they were not investing in treasury bonds. there is some crazy bonds that they were involved in that the street piggybacked on and it was built with leverage. it's a little different, the meat and potatoes but there is a potential for contagion if other people, if there is others trading you can have other hedge funds and that could be a lot of losses. i don't really believe that is a real systemic problem. i think the real systemic problem and what people are worried about is the day trading aspect, here's why, if you had unlimited amount of money that can be borrowed on low interest-rate if you risk being taken because effect keeps interest rates at 0. if you have an easy to use app, retail will get in there, some

will be screen the man and making money out of it. a lot are going to be stuck holding gamestop at 500 or whatever was 300, $400 a share when it's backed up to $4 a share, that's a public policy problem that should be looked at and probably is being looked at right now. neil: i should've listened to my teenage sons when they say gamestop is a great place to go. i just ignored them. so for me wants. thank you all very much we don't know where this ends but were at lows with the dow down 720 points. whatever benefiting some of these stocks concerned the more that they do in the better that they do the more it increases the likelihood that more people will get involved and that's a worry. red and blue, when it comes to green day worry about it. but they don't like washington getting involved.

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it happened under your watch. a governor and free to look at causes of that but sometimes you

have to look at the proverbial mere because again some sort of republican cabal against you you could stretch that and say you might have a case but the reality was look at the facts this is the new york state attorney general examining this and looking at how it was possible to understate the deaths going on in nursing home for valid reasons at the beginning or the methodology she leave that open as a possibility but it still happens, what happens now the former governor of the state of new york, governor i was hoping or waiting to hear governor cuomo would outline, we screwed up, something went wrong we don't know what, or where but something went wrong, we came back to a cabal out to get them and rigged this against them, very disappointing. your thoughts? >> is not just disappointing it is delusional, if he believes

this is a result for a political reason, he does not have a sense of reality because as you said a democratic elected attorney general conducted this investigation and she did not do it for partisan reasons the democratic chair of the assembly health committee has been begging for the health department for six months and they have been stonewalled by cuomo and his health department. it is clear that what is happening is a failed cover-up, he completely bumbled the coping response and require nursing homes to takeover bid positive patients when they were begging him to stop because they could not deal with it, they tried to cover up the consequences which is over 13000 people dying in new york state nursing homes and it is just tragic first that the people died and tragic that a leader own up to what he made in the state, by saying whoops we

should not have done it but he cannot even acknowledge that that hideous mistake was made. neil: early on you could talk about what were being defined as covid related deaths and something else, i remember quite well, some of the confusion over that and some were lumped in as covid deaths when the early days they were not so sure, having said that why don't you say that, in other words say we weren't quite aware what was going on and signing all of this to covid when in fact we suspected early on it might be other stuff, i don't know how you explain that but it gives you a chance to say our early data might've been skewed by the medical attention on what is a covid death versus another death. you sort of throw it all out and say republicans cabal, conservative, the trump

administration, stop. when i eat a lot i am to blame for getting fat, i try to blame my wife, she is a good cook so that might make sense but it has got to stop. >> blaming the wife never works and blaming republicans when it's a democrat who released this devastating report is awkward to work either. it is bipartisan outrage in new york state about what happened. it's one thing to make a mistake and another thing to try to cover up and then another thing to lie about it once the cover-up is blown to smithereens. it turns out the great communicator explaining to the people of america how great new york was doing during the covid crisis, just telling the people the truth, that is a real tragedy but the sad thing right now people are trying to get to the root of this so they can

read prevent it from happening again in the stone wall continually blaming republicans for his failure has limited the ability of the health experts to find out what happened so we can prevented the next time. neil: real quickly you talk about health experts, they have been at the view that the number of deaths being reported to covid, forget about new york but it might have to be higher now as we take a look at early cases dismissed as non-covid related, i am not taking sides on a governor or how or he or she should handle back or even whether the president trump are now president biden addresses this. but if we have new data available and reliable ways to count those who get hit with this and tragically die then by all means get it out and apply that standard. and very little about politics. these are numbers, these are lives, these are people and let's account for all of them.

>> exactly right the data matters. as you become more familiar with this disease and this pandemic and the consequences we are going to see different numbers and different consequences but the whole point is to deal with it in the most effective way possible. and with any future pandemic and having the appropriate data is a tickle part of that. sadly in new york don't know what that is. neil: i hope we get a better idea on a very soon. george pataki is not an bad idea to build a career unscrewing up but i would always go back to john kennedy when he became president after the fiasco, something that he could've said was concocted under the eyes of our administration and he was following through on their plan, he did not do that and he took the response and said i goofed, i screwed up, this is on me his

popularity went up ten points, his father said you should screw up more often it is helping your poll numbers. keep that in mind it's not an awful thing to say i goofed. more after this. everyone remembers the moment they heard...

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neil: lately i'm hearing promising vaccines and you're certainly in that list, concern about how effective it might be with the variant south africa variant popped up in south carolina for example, can you update us on that. >> this out africa with 4500 south africans, 15000 people were in the uk, we just took blind from those the day before yesterday now we have the first data showing how our vaccine works in three different strains of coronavirus.

neil: that was a novavax ceo with promising news on the vaccine same to be 89% of effective against a virus a little less when it comes to the south african variant that they say popped up in one u.s. state, south carolina. the board certified acute care physician. great to have you. what is it about this variant where i know all the leading vaccine makers can address that. but decidedly lower successful percentages, are we going to have to worry about that going forward, what do you think? >> it is a very scary to the public it has negative, this does not lead to science, mutations occur any time a virus replicates it replicates in the order of billion. the goal right now is to stop the process of transmission that we don't continue to see it but maybe more transmissible or possibly more dangerous or

deadly. at this time we do have two vaccines proven in the united states that are more than 94% effective they create an antibody response. even if there is decrease in potency we are not starting from ground zero where were doing this completely ineffective, we made decrease a little bit but it is a spectrum it will not stop working. neil: let's talk about the vaccine what we seem to have right now. there is no shortage of available doses that will eventually come out, i know trouble in the last mile making it estate to individuals in that state and elsewhere but they had a devil of a time doing it it's got so bad in europe were that you is seriously looking at taking legal action to secure more vaccinations, what is going on and even for your own patient how do you deal with that when you're trying to say you should get this vaccine. >> the vaccine rollout requires

distribution models. were talking about vaccinating an entire nation and all of america we have to know this is a monumental path and challenges will arrive, it's a two dose new vaccine that has to be refrigerated but here's where the good news is no one thought we would have a vaccine by the end of 2020 but we did. and now we have the same mission to get this in the arms of people and to save lives, when it comes to the supply both pfizer and moderna said they should have a vaccine to inoculate 200 million people by the second quarter and we know there's new vaccine that will likely get approved down the road. were not there yet. when it comes to demand in the priority groups, people want to get vaccinated they know this is the most powerful do we have right now to save their lives. with 9094% efficacy were doing well without.

right now the distribution states need to iron out the wrinkles, what we have to understand this is a once-in-a-lifetime pandemic there is a lot of issues with the data collection right now and a lot of the states and local health department do not have the funding to be able to do the proper data collection. that makes it very difficult to determine where the limited supply should go and if we don't do it properly were overcompensated in one area but not in another we will have to get more people vaccinated to reach herd immunity. neil: hopefully not too long. thank you very much, have a safe weekend. by now you probably know the story of robinhood i'm not talking about the guy who famously spoke to the rich to get to the poor. i'm talking about how we morphed in doing online trading community that has washington trying to shut him down. he should've stuck with arrows. after this.

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>> this is a public role the white house complained educating people about the dangers of this trading. >> we respect the role of regulatory agencies they are closely monitoring the situation but is under their purview at this point in time and part of her education can be conveying to people that the sec is a regulatory body that would oversee this. neil: and then the market tanked. but those remarks and the couple hundred points to the dow selloff that fears of the administration and others in washington, not just the white house but other security agencies to say nothing of the likes of elizabeth warren to ted cruz, it is a bipartisan witch-hunt going on exactly the

gamestop follow, robinhood moves in all of this, mayflower advisor the managing partner is with us and susan li has been covering the story nonstop, susan as soon as the white house are saying were looking into this and to the point the securities exchange commission and looking into what? >> there's lots of things that they need to look into whether cartel collusion on reddit or about restricting traders from trading in or out of position what happened on robinhood. i would note things have changed and the brokerage game with all the short squeeze plays you look a gamestop were up close to 100%, i think the roles were changed on robinhood, we had to raise a billion dollars to make sure trades settle, this morning at dtc c which is a clearinghouse telling brokerage firms you made $33 billion in collateral to make sure the ops and trade clear.

neil: that kind of money the obvious question becomes how do you get it, a lot of people have sinister intentions to robinhood and some of these others and what was behind it. just handling that volume of activity and inability to do so, nothing political to that, sinister but i worry about the government stepping in trying to assign some other motive or address emotive that might be a simple as too many players buying and selling too many stocks in an overwhelmed firm dealing with all of that. >> you make a great point a lot of people at home saying i don't own gamestop or bath and beyond, how does this affect me, the markets are very fragile and the markets are intertwined in these stocks show up in index funds that you thought were safe, their endowments, and pension

funds. what is ironic, the fact when those stocks go up, the good companies that you love and cherish like apple and microsoft in the broad market go down and that's what we see today. washington is first to say wall street is a casino and i take issue with that on behalf of the casino because the casinos have much better odds than day trading. europe twice the odds of making money in a casino then you do on robinhood day trading. my 13-year-old son insisted he had the hot hand by dodge corner bitcoin orbit stock and he could shorten syllabi reset and when you have 13-year-old kids as your customer based on robinhood day trading with their milk money and leveraging all that money on margin i think you have an issue. the issue comes from a lack of financial literacy to much margin debt in the system. these people are not fiduciary. they claim to be the little guys

friend, they go to wall street when they need a billion dollar bailout overnight which is worse the fact that they need a billion dollar bailout or they got a billion dollar bailout, i told my son no one is going to bail you out especially me if you lose all your money day trading that's a lesson we need to take from this and that's a lesson washington needs to have don't bail everybody out all the time because you're making the problem worse by doing that. neil: i don't know if they're all 13 summer 14. but i get what you're saying. one thing that does bother me he just alluded to the intention on the billion dollar credit line provided but no one talks about the two and a half billion dollars that meridian capital is given on the part of king griffin and steve cohen to keep them going. where i get annoyed is the double standard, i don't think it's political. that is nonsense, i'm not saying that. i am saying is not a casino

surprise surprise, there is a lot of gambling going on and i'm just thinking people are free to try to make money but equally free to lose money. they're free to go into a trade stupidly but you cannot protect people from stupid. i worry when people try to take over the casino, casinos are not bad by the way, don't get me wrong many have wonderful breakfast buffets. but i am worried where does this go that we throw the baby out with the bathwater and then some. >> they always say you should not gamble and buy shares and why cannot conversely be said you should be shorting stocks that you should not be able to cover, i would say there has

been a generational shift in the stock market, it's a great thing when younger people want to get the stock market nursing on social media and reddit pages and facebook pages and the fact that we have all the new money at play is the reason why were trading at the record levels as well and 2021 is a different game i have the fact that were dealing with the technology and these players and we haven't seen the young investor enthusiasm in 20 years, they should be reminded that you should note that with more than you can handle. >> that's a good point, another thing very quickly, people are going back and reassessing if this company is going to be worth 1000 times earnings and i'm looking at some of these other companies then there is a disconnect, that's what feeds this valuation disconnect and i'm wondering if that something for general market and something

to worry about. >> i think it's great we have a young investor engagement in their learning and interested in the animal spirits are live and they want to participate in the capitalistic and bill business. at the same time we want to system that is safe so they maintain the confidence so we don't want to lose a generation of investment, we have to teach them valuation does matter and there have not been discoveries in part because of the federal reserve, interest-rate r0 which boosted valuation of a lot of asset, that is part of the problem sometimes too much intervention in washington can be a bad thing and we see that play out because of skewing the public market and driving money out of savings account that retirees need an fdi insurance into the financial markets were does not belong. i feel great if we can get more education into the system so we can teach people how to make mistakes and how to not lose their life savings and not lose their retirement. we have to protect investors so we keep the system stable for everybody. neil: says you with a 13-year-old son already a

billionaire. larry, thank you very much, susan li thank you very much. we will keep following it the dow down 627 points. you are watching fox business. quit cold turkey. kidding me?! instead, start small. with nicorette. which can lead to something big. start stopping with nicorette did you know you can go to libertymutual.com to customizes your car insurance so you only pay for what you need? really? i didn't-- aah! ok. i'm on vibrate. aaah! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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neil: back to the coronavirus, the biden administration is giving an update on the covid response and indication from the president that he does support the coronavirus relief, presumably with or without republican support. blake burman in washington with more. >> we heard from president biden top coronavirus advisors earlier today they said over the last week one point to million americans have been vaccinated on average every single day they are also healing how seven states in the country have vaccinated 10% of their population, they are also stressing the need to get vaccinated because as we heard from doctor anthony fatty today we are seeing new mutations of covid-19 here in the u.s. listen to dr. fauci stressed that point. >> vaccinate as many people as we can as quickly as we possibly

can because mutations occur because the virus has a playing field as it were to mutate. if you stop that and stop the reputation viruses cannot mutate. >> in the oval office the president met with the vice president and as you can see on the right the treasury secretary janet yellen, that group making the case for the $1.9 trillion stimulus plan. >> i want to emphasize is absolutely right, the price of doing nothing is much higher than the price of doing something and doing something big. we need to act now and the benefits of acting now and acting big will far outweigh the cost in the long run. >> we also heard from the white house today saying president biden will not be traveling to pitch the $1.9 trillion stimulus plan normally the biggest legislative item the president

goes out on the road they will not be doing that due to covid-19 safety precautions. neil: blake burman at the white house, thank you very much. more coming up selling off on the dow. ♪

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neil: blake burman already told us no roadshow to get the $1.9 trillion stimulus plan and the white house is not interested in breaking it up into two plans with a contentious age to government and states in a separate package, it is all or nothing. so far all or nothing. let's go to charles payne who is certainly not nothing. charles: thank you very much, good afternoon i am charles payne and this is making money in the major industries are under significant pressure but all eyes remain on the gamestop saga and heavily shorted names that have resumed immediate order rally after robinhood allows customers to buy instead of relegating them to be only able to sell. make no mistake this story has a number of layers and it goes well beyond the stock market, speak to a world where the people are trying to reclaim

power