This im Charles Payne and this is making money. Household budgetses tapped out. The government covers, they have been tapped out, right . Consumer spending tapping out. The stock market, is it tapping out . If not what should you do . Should you stay the course. Gary kaltbaum, Danielle Shay on deck. The Biden Administration about to tap into the Strategic Petroleum reserve again. What are the chances that they will completely drain this thing before the president ial election . I love to hear your thoughts on this, tweet me cvpayne. The fed is feeling a little cocky. I will ask Danielle Dimartino booth and john lonski is it too soon for powell and company to take a victory lap. New mexico governor suspends gun laws. As we remember the 22nd anniversary of 9 11. Speaking of 9 11. I will take time to honor engine 54, battalion 9, ladder 4, the bravery of that team, battles of their loved ones that are still fighting. All that and much more on making money. Charles all right, so this weeks theme is tapped out which takes on different meanings, right . Like mma and wrestling, where a participant yields because of a extreme pain. Signals no longer a desire to stay in the contest although there is excruciating pain right now there is a consensus growing that the stock market has run its course. This particular rally or bounce, whatever you want to call it has run its course. One of the tools used for that is equity risk premium. S p 500, yield you get from earnings versus bonds. Essentially it is down here, some infamous times it was down here before. July 2007 you had a little bit after good run but you knew right around the corner. August 2000, we knew what was around the corner. Golly this market is telling you this market is a little bit too expensive. It suggests maybe, speaking of which etf been talking about the inverted yield curve going on like forever. It has been going on a long time but the market rallied anyway. Here is the thing though, i have to break it to you. Apparently going all the way back, whenever the yield curve is inverted even when there is rally, post inversion the rally gets completely annihilated. They say the rally will go like this. If history repeats itself, you see how many times it happens, enjoy the good times while they lost. If market peaked, means Technology Stocks peaked. Nasdaq 100 hanging in there at the 50Day Moving Average. Here is what im concerned about though with particularly high beta names. When i see them go down below the 50Day Moving Average, i immediately wonder is the 200Day Moving Average next . My next guest says the tech boom will never be over. Kaltbaum Capital Management president gary kaltbaum. I like the point tech will never end and at what point tech stocks need to take a break and would it be Worth Holding . When i say tech boom, the greatest winners Going Forward come from technology. We go back to the 80s and 90s, with Ascent Communications new bridge networks, so many other companies eventually bought out at very high prices. As far as now i still think there are a ton of stocks still down 50, 60 from 21, and even a bunch of megacaps down from 2021. We had a 2 1 2 year breather. Were way off the lows of october last year. My big worry, Something Like apple traying double normal price earnings ratio for the last 10, 15 years while growth dropped down to basis zero. Im just wondering if there will be a comeuppance . Well see. The good news, and you showed it very well now, facebook back above the 50day today. Microsoft, tesla, also, so some big caps are starting to reassert themselves, and if that continues the nasdaq 100 will stay afloat and well see if we can make some coin off them. Charles let me ask you, i think you say the fed is somewhat irrelevant to that degree, with that in mind what are the main drivers of market outside of fundamentals . What is the thing that can makeorbreak this market right now . When i say irrelevant, they were relevant when they were printing up to nine trillion dollars. Right now, and ive been saying this for a good nine months, just watch the 10year yield. If that keeps going higher, could be trouble. I think about 4. 35, if it breaks above there, like a 15year high and also watch oil prices. Fundamentally there is nothing worse than Higher Energy prices and higher yields. That is the cost of capital and the cost of energy and thats really going to eventually hurt the consumer. Lets hope we start to flat line and head back down from here. Right now were staying a little bit elevated. Why i think we have a correction in store. By the way we talk tech. I have 60 of the market in a bearish phase of different differing lesser with regional banks and utilities the worth right now. Charles with that this mine, on 40 month rolling basis s p 500 is absolutely annihilating the bond. I dont know ever beat them, maybe you have to go way back. Theyre crushing bonds but a lot of folks are saying that is your signal. Get out of equity names into bonds. At some point you mentioned bonds. Are you buying any bonds here . First off if the bond market goes up yields come down i think the market does better so it would be a winwin situation. I used to have a great big income business and it went to nothing because of jay powell and now it is back again. For people that want, buying one and two year paper above 5 riskless, with no local and state taxes. You cant go wrong with that but people that cant stand the ups and downs of the stock markets. Charles gary, man, you and i spent a couple of 9 11s together. I remember sitting on a roof across from the empty space where the buildings were. I think you often on this day, my man. Glad youre on the show. Thank you, charles. Tough day. We pray for all the families. Charles certainly do. I cant wait to tell you the a story about parents of one of the brave men who lost his hot. That is later in the show. Thanks, gary. I ask guests about their macroeconomic outlook because it really matters particularly for stockpickers. Take a look at this table. It is a important interesting table. It gives you four economic conditions, right . Goldilocks, disinflation, reflation, assets. How. This goes back to 1973. Th helps figure out where you want to position your portfolio. I want to bring in my next guest, who is in the gold goldilocks camp. Thomas hayes. You like goldilocks now . Labor Market Participation is going up. New supply of labor. Employers are getting the upper hand. They dont have to pay as much. You have earnings growth, not too hot, not too gold, perfect goldilocks scenario. Charles Real Estate Investment trust 18 . Obviously you still want exposure to the stock market. What is interesting here, for all quite frankly, gold really outperformed through stagflation periods. We get a lot of folks who want stagflation. Refresh shun be something . It feels like the markets are trading reflation feel right now. Commodities are coming on big time and equities are hanging in there. Reflation is a possibility. Keep in mind m2 money supply is running 3 trillion above trend. If you took the longterm trend of m2 money supply weve done a lot of reflation. Now it is the lag effects. It is offset by tightening of the fed. It is that push pull, not too hot, not too cold. Charles only thing that canchange that at this point woe be a fed misstep . Thats correct. If they overshoot, nick timiraos, the whisperer setting table fed might be done. There is shift in sentiment n that is case, keep rates longer before mid next year before they start cutting. Earnings will be tight and continue to grow. Just chasing high beta stocks. I look under the surface for opportunities and bargains. Charles first talk about earnings. Weve had this big swoon in earnings. A really big swoon in earnings, earnings recession. Yeah. Charles for the most part everyone agrees the debate is over. How quickly will it rebound. 58 to 90 of my guests think numbers are too high, earnings estimates are too high. Do you agree . They have been saying that last nine months. Charles saying it for last nine years. No question about it. What youre seeing earnings estimates go up just in the last two weeks, for 2. 48 next year. If i told you charles, next quarter were in information vacuum before earnings season, would you be short the market, answer is probably not because estimates are plus point five and they have been running three Percentage Points too negative ahead of the quarters. Charles we got some ideas that you like here and they correlate with the first table, right . Goldilocks. Charles this is industrial name. Should do well. Stanley black decker. Vernadoe is interesting. Real Estate Investment trust. You know were still talking about empty buildings, work from home. Yes. Charles are you concerned about this . Yeah. Charles does this add a element of risk to this . I was on the network in march talking about very vornado, people thought i three heads. All you heard commodity meshal real estate was absolute thing this is like malls. A class malls Like Simon Property Group they did fine. B and c went out of business. Same thing with commercial real estate. Lower End Properties havent upgraded in bad locations will be in trouble. Vornado has best building in the world, all around this area it is vornado and never bet against steve roth. Charles sounds like you were dissing my man gary megacap. Is this megacap, intel or for the gotten old dinosaur that should be bought. You know me. I love the story because you get a free option with the plan to get highend ai chips in the future. Im not even pretending that will happen. Were focusing on their legacy business. They control the pc market. They control the server market. Last quarter stock was up no 25 to 38. It could be 55 stock. If gel singer is right charles too pc centric . That business as touched. They have 85 of the market. As that reaction sell rates is a 50, 60. As gel singer moves into the next phase you may have a free option on alltime highs. Charles sounds good. Great stuff. Appreciate it, charles. Charles coming up are consumers tapped out . You know how i feel about it. I cant wait to talk to Danielle Dimartino booth. She is focused on this and corporate bankruptcies. The fed is pretty strong, you heard it from thomas. They may be ready to get a victory lap. With john lonski going over all the data you need to understand to make important decisions. Gas prices on the rise, Strategic Petroleum reserve is at the lowest point since 1983. I got an idea. Lets tap it again. Well ask victoria coats whether she thinks that is a good idea or not. Invest in them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. New projects means new project managers. You need to hire. I need indeed. Indeed you do. When you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. Visit indeed. Com hire and get started today. Book a work trip. Earn onekeycash. Shake some hands. Do not forget to laugh. [laughing] book a getawayfromwork trip. Use onekeycash. Order some sides. Do not disturb. Join one key to earn and use rewards across expedia, hotels. Com, and vrbo. I got into debt in college and, no matter how much i paid, it followed me everywhere. So i consolidated it into a lowrate personal loan from sofi. Get a personal loan with low fixed rates. Borrow up to 100k. And no fees required. Sofi. 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In a word its fitzcredible. I got to trademark that one. This season, eligible xfinity rewards members can get up to 100 off nfl sunday ticket from youtube. Sign up for xfinity rewards now. Charles all right, so after many months, right, of false starts the oil trade is finally accelerated and accelerated in a big way. Now the recent spark, you could say okay, it began, saudi arabia, that Production Cut when it took effect, talk about Perfect Timing . As soon as they cut production, guess what . , the price went higher. But i think this whole thing the genesis of this whole thing goes back a lot further than that. Here is a longterm chart. We had the pandemic. Prices came down. Obviously no one was driving. There was Something Interesting that mapped right here. That was the election, folks. The day after President Biden was elected, crude Oil Prices Went straight through the roof. There were other things that happened long after that but forget it the die was cast. We knew he would go to war against fees sill fuels. Man as he lived up to that. Here is where we are now. Gasoline prices the first time in more than a year have up yearoveryear. They have big Time Momentum going into the election. They are never supposed to go up in august and september, they are never supposed to go up so finally the Strategic Petroleum reserve, we put this right, remember we arab oil embargo. We said if anything ever happened we want a whole bunch of crude oil so no one, no country could ever hold us hostage. Guess what . We used up so much of this we are at levels since 1983. I wonder if the Strategic Petroleum reserve will b completely drained before the president ial election. Why he has taken steps to shore up Global Supply even if that means coming into the Strategic Reserve. He wont hesitate to look at other opportunities to do that in the future. Charles okay. Joining me now, bp of Davis Institute for National Security and Foreign Policy at the heritage fund, victoria coates. Vicker to yaw, golly, i have to tell you something, this is kirby, the spokesman. Taking up efforts to shore up Global ResourcesGlobal Supply. On top of that well tap the spr again. I want to scream when i hear this. I mean, youre an expert in this area. How much damage is being done right now . How are we emboldening bad actors out there as we continue to drain our emergency reserve . Well, charles, good to be with you. It is hard to even know where to start. It is just embarrassing seeing admiral kirby permitting basically a Million Barrels of a day of illicit iranian exports to china were somehow sourcing Global Markets that we might tap the spr, the Strategic Reserve again and as you said the Strategic Reserve was never intended to be a tool against high Domestic Energy prices. It is a tool in case there is a constriction in supply which there isnt currently. For the president said to do more of artificial releases, who makes that angry . Gulf partners and allies who are huge energy producers. The saudis look at this as a business not some sort of a political game which the administration is playing, that americas them not coordinating with us. Charles you got to believe if we get over 4dollars gasoline going into president ial election the administration will become panicky. They will not help the u. S. Energy theyre pulling licenses already. Is there a level we get to the strategic part, when it gets so low it is no longer strategic, 2 will no longer serve its purpose . Were definitely getting there. It is wildly irresponsible but not the Energy Supply the American People want and need. It is absolutely outrageous any american in 2023 should be energy vulnerable, should have to pay five dollars at the pump. What he is doing running around canceling leases that were lawfully granted, five, six years ago. In many ways this is his most dire shot in his war against fossil fuels. Not ownly does it kill our ability to harvest those Natural Resources in northern alaska. Charles right. But it sends a signal to industry, have all the propers permits and leases the president can yank it out from underneath you. I have dont think it is legal. What it has done delay the process until it gets worked out in the courts. Charles i seen so many things the affidavit administration did that wasnt legal and by the time it was reversed on legal grounds whatever they were trying to accomplish sadly was accomplished, in this case means less drilling in it country, less economic freedom, less energy independence. Victoria, thanks so much. I wish we had more time but i always appreciate your expertise. Thanks. Charles lets get to money mail. John kirby the president made tap into the spr. Another nail in our coffin. Another viewer tweeting should be only used for the mill day i are. Congress needs to stop draining our emergency, i underscored that, oil reserves. Fill the spr. That is good idea. Chad wants to know, if you wanted to get rid of fossil fuels, why would you need the spr . Guess what, we have need fossil fuels. Tweet me cvpayne. Love your emails always. Danielle shay looks at Energy Stocks which is intriguing because we get retail sales. The u. S. Consumer hitting a tipping point. Danielle dimartino booth says the consumer has been tapped out for a long time. Here comes the bankruptcies. Why is the fed even considering a victory lap . I dont know. Well talk right after the break. Teeth sensitivity is so common. It immediately feels like somebodys poking directly on the nerve. I recommend sensodyne. Sensodyne toothpaste goes inside the tooth and calms the nerve down. And my patents say you know doc, it really works. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. 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You may see some of these headlines out there. Of course there will still be challenges even if they pause here for a while. The government of course as you know has an insatiable spending habit, that is, 31 , 31 of all Government Debt matures over the next year. So payback time is combing, some 7. 6 trillion worth of debt. The fed has unresolved questions with over 80 of all u. S. Money created, 80 , between 2020 and 2023 is there still too much cash sloshing around the system . Well, it is a good question. Meanwhile repayments of Student Loans saw a Record Number of payments to the department of education. It is a reminder households will be squeezed and delinquencies will shift into a higher gear. Here is where the moratorium on student debt went into effect and you can see the repayment just starting. Now the goal of rate hikes is to slow the economy and cause pain. That might keep the fed going while policy is taking a decided toll on credit and mortgage issuance there is still not enough audible pain in the labor market as you see right here. People still not worried about that. Charles, back to you. Charles always weird the fed wants to see job losses. Appreciate it, gerri. Joining me, qy research chief strategist, ceo, Danielle Dimartino booth. Powell starting to get a little cocky here. How worried does that make you . It makes me really worried, charles, because i learned the rules of the road about the labor market and its strength when i was a rookie at the Federal Reserve and the rule of thumb there was three months of revision toes nonfarm payrolls up or down meant you were at an Inflection Point and we have had seven months in a row now, charles, every single month this year payrolls reported they have been downwardly revised and indeed fresh data out of the new york fed this morning show americans perceptions of a weakening job market are the worst in 2 1 2 years. Concerns about losing their job. So i think, i actually think that the consumers are starting to get the message and it appears that the fed is tone deaf, even using its own rules. Charles to that point youve been talking about this, right, the soft underbelly of consumers. We obviously had all the stimulus money but going to these credit cards even with the highest credit card rates ever out there, im reading more and more about this. Of course we get retail sales this week. You know, but what do you make of the notion that so many folks out there believe it is okay . Even though, you dont see where the cash is going to come from, that the consumer is not tapped out . You know it is kind of surreal, charles, because, i see it on my twitter feed of all places. That is that the government is going to bail us out. We can spend more than we make. We can spend beyond our means, its oak. Somebody will come in and rescue me with a stimulus check. That is really the postpandemic mindset. It is not the right way to think about your financial future as you well know. I mean part of, part of Financial Security is learning how to save for the future, not spending more than you have. We have fresh Consumer Credit data out on friday afternoon that showed that americans barely took any money out for car loans but boy, did they pile it right, another 10 billion right on to those credit cards. This is not the way to become financially secure. I really do hope that Many Americans mind set begin to shift. Charles well, you know, i think to your point a lot of people are probably just going to have to learn the hard way, i hate to say it. So where does that put us with respect to recession . Do you still believe it is inevitable . Again, charles, i go back to the sheer number of revisions one month after another. The st. Louis fed is negative. 26 for the Current Quarter whereas the atlanta fed is 5. 6 of gdp you could drive a mack truck through those two estimates. As you know when we get a lot of these data points reported were seeing constantly, this was downwardly revised. Im not just talking about payrolls. Thats what were seeing, and thats what you see when the economy is taking a turn. There is an undeniability, charles, there was another bankruptcy that was Just Announced today, a big retailer just went bellyup this morning. When you see bankruptcies rising at the fastest pace since 2010 that means that every bankruptcy is attached to people losing their incomes in their entirety. Forget about living beyond your means. How about not having any means at all . We cannot ignore the bankruptcy cycle as much as many on the street would prefer to do so. Charles i got 30 seconds, then. Would you be okay with the fed holding here, pausing, being data dependent. Should they be hinting hey, the task is done, Mission Accomplished . I certainly dont think they should stop shrinking their Balance Sheet. That was a failed experiment for them to monetize every penny of physical largess that was done but i do think it is time for the fed to pause on the level of interest rates. I think that is appropriate stance right now, charles. Charles danielle, thank you very. Always appreciate it. Thank you, charles. Charles, never forget, charles. Charles never forget. Thank you so much. You got that in, danielle, we appreciate it, thank you so much. Folks i want to bring in now john lonski. John, last week you wrote in substack, i think it was thursday, great piece, the title was next rate cut may be harbinger of doom. Walk me through that because you got me at doom. Here is what happens when you have extraordinarily high federal funds rate which we have today. Charles right. We tend to find a recession does not get underway until the fed has already begun to reduce interest rates. So if youre in the equity market, you have, big on equities, you shouldnt overlook the fact that a rate cut doesnt necessarily mean that the worst is over. Charles right. The coast is clear. Charles right. Because the record suggests otherwise. Charles is that, is that just an acknowledgement then the fed itself is late, realizing okay, that they dont recognize their own handiwork . I mean do they always tend to overdo it . They tend to overdo it. Nobody is perfect. The fed is a late swinger i guess in the cycle, the monetary cycle, the Business Cycle. Charles or is it, john, it is okay for them to, and the goal of licking inflation like they used to call it in the 70s or beating inflation, whatever it is like jay powell they do whatever it takes like paul volcker to get this down, maybe err on the side extra half a million jobs to be lost that didnt have to be lost or a few million bankruptcies that didnt have to happen. That is the best option than any sort of inflation issues, whatever it takes to get rid of inflation even if you over do it . Even if you over do it. They cross their fingers and they hope the recession will not be very severe like the recession of 2008 and 2009, that was horrible, dreadful theyre looking for rye section comparable to 9091 or 2001. That is their hope. You cant get away from the Business Cycle. The Business Cycle is here to stay. I dont care who is running the fed. Charles isnt that skewed though . I mean between the Federal Reserve, quantitative easing and you know, the sort of Balance Sheet because i remember we used to talk about the Business Cycle when the feds Balance Sheet was less than a trillion dollars. Now eight trillion, seven trillion, is there such a thing as a Business Cycle . Then you get things like fiscal spending weve never seen before . That is one of the problems with the fed, they do not confront the huge budget deficits theyre running in washington. That has at effect keeping inflation high. In the past Alan Greenspan was not afraid to speak up, neither was paul volcker, but for some reason Jerome Powell is quiet about this big, gigantic issue. Charles bottom line they may overdo it a little bit then . I think they will over do it. You will have recession in 204. That will not make incumbents in the white house very happy. Charles to say the least. Yeah. Charles john, good stuff as usual. Folks, well be right back. Theres challenges, and i love overcoming challenges. When better money habits® content first started coming out, it expanded what i could do for Special Olympics athletes with developmental needs. Thousands of bank of america employees like scott spend countless hours volunteering to teach people how to reach their financial goals. It felt good. It felt like i could take on the whole world. I have type 2 diabetes, but i manage it well. Jardiance its a little pill with a big story to tell. I take oncedaily jardiance, at each days staaart. 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Edward jones. Charles all right, so my next guest the fed will pause for now and as long as they do the stock market could rally. With me Simpler Trading vp of options Danielle Shay. Danielle, you would invest during this pause but, doesnt it, doesnt it still mean that there could be potentially more rate hikes on the table . Does it mean you have to be more nimble . Oh, definitely, charles. There could still be some more rate hikes on the table but honestly as we get into the fall season we typically see a little bit of bearishness anyway. And so im still looking at the overall trend in the market. Im saying hey, you know what . For right now the feds going to pause, i want to stick with the trend, the trend is up. We might see a little bit of bearishness and maybe that will cause them to pause even longer. Coming into the year, two old wall street axioms, dont fight the fed and dont fight the tape f you didnt fight the tape, you made a whole lot of money. Listen some of the brightest out there. You also mentioned the put call ratio which by the way the puts have gone up tremendously. No one is buying calls anymore, exceedingly pessimistic but for you this is a buy signal, right . Yes, charles. If you look at the put call ratio particularly the 10 Day Moving Average any time that is above nine that means a lot of People Holding puts and that gives the market a great chance to rally. Look at tesla today, it is on fire. When you have so many people pessimistic, shorting the market what that means anytime there is a gap up we could be buying especially with the nasdaq above the 50 simple on a daily chart. Names that often work out are the ones heavily shorted. I have a list of some of the picks you like, some of the ideas on the shored side. You mentioned tesla. Nvidia is fighting against a social media battle. Orders are faked. Somehow, just whatever that amazing quarter they just put together along with that guidance to ignore it, so far it has impacted the stock but i think is this is buying opportunity . Charles as long as it is above 50 simple on the daily chart its still a buy for me. So i will continue to buying it. All the pessimism just helps even more. When people short it, when the market is pessimistic, and then we get a gap up people dont want to miss the move, right . They start buying, then you have shortcovering, it causes it to fly. I will stick with the trend, until that trend shifts. By the way i love short squeezes. I live for short squeezes, okay . Now you like Consumer Discretionary which is intriguing. Retail sales are out. A whole bunch of folks saying the consumer is tapped out. Amazon is a little bit different, starting to restate its case as a preeminent name. Other names on the list, talk to us about them . You know, charles, when i was doing research i was sure priced as well because it doesnt fit the narrative. That is what you have to look at, look at the narrative and look at the technicals. Part of that the consumer is still strong. We have some shining stars here. So these stocks are all above the critical moving averages. They are in strong trends. They continue to have eps growth. Im looking at all these to the upside. Until that trend ends i will continue riding it higher. Charles you have sherwinwilliams, lowes, like home depot as well or rally. You also like another name in that space. A week ago though there were these retailers, the dollar stores, and those kind of things, they got annihilated so is there a different type of consumer out there . Charles, there is. It is just the here rosier and the zeros right now. This is really a stockpickers market. You can really see the difference between what companies are doing well and which ones arent. Autozone in particular, you have a narrative where new cars are incredibly expensive right now so you have aze and oreilly continuing to do well. People are still ordering packages from amazon. It is cheapest best option in my humble opinion. People are stuck in their homes because they cant sell it. So they will be buying stuff at home depot and lowes. Charles all right. I continue to like these names as long as theyre in an uptrend which they are. Charles full disclosure i have subscribers in oreilly recently and amazon a long time. Danielle, thank you very much. Appreciate it. Thank you, charles. Charles coming up my takeaway i pay tribute to the heroes that lost their lives 22 years ago today and and the crinone credible story of christopher. Circumventing the constitution. New mexicos governor has a 30day ban on carrying guns in public. The problem is democrats say that has gone too far. That and other important issues next the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Ive spent centuries evolving with the world. Thats the nature of being the economy. Observing investors choose assets to balance risk and reward. With one element securing portfolios, time after time. Gold. Agile and liquid. A proven protector. An everevolving enabler of bold decisions. An asset more relevant than ever before. Gold. Your strategic advantage. Charles so new mexicos governor issuing a 30day ban on carrying guns in public in albuquerque. Want to bring in jack brewer, founder of federal commission on the social status of black men and boys, jack brewer. Let me tell you this is, i know how much you believe in the constitution and this is so outrageous that ted lieu tweeted, ted lieu, one of the most progressive of the progressives, i support gun safety laws however, this order from the governor of new mexico violates the u. S. Conetution. No state in the union can suspend the federal constitution. There is no such thing as a state Public Health emergency except to the constitution. Ted lieu is saying this but what do you think about there period, jack, were in, it feels like were getting more and more shots taken at the constitution . You know the problem is theyre doing it in the name of rid schussness. They try to make you feel if theyre doing it for the social good of the people when actually theyre going, literally against the fabric of what this nation was built on. I look at these communities that are impacted by this, these families that are impacted by this. Just this last weekend 42 people were shot in chicago. All of sudden you tell folks that have to go into these communities they cant protect their family . Even the thought of that, beyond the overreach in the constitution. Charles right, right. Lets talk about the core of this issue that you think you have so much power that youre going to remove the ability for someone to protect their family. Isnt it amazing too, everyone by now has seen the videos. I remember a year ago seeing people with store walking in stores and run out with stuff. Now they walk. Take as much as they can take. You had the same pushback, all of companies are saying we never seen this before in their righter. One company, five below, issued an earnings warning for the next three months t will get worse and why . They blame Public Policies like this, people have no way to defend ourselves. You cant. You cant hurt workers you cant hire anymore. I walk into cvs you cant grab deodorant anymore without someone opening one a key. Look at how this has trickledown effects of the u. S. Economy. It is affecting those at the bottom. That is what we have to stand for, stand against this outrageous, overreach by so many in power today. Charles youre the, youre the commissioner of the federal commission on social status of black men and black boys. A lot of videos you see young black men and i think theyre being lured into this honestly, when i was living in harlem jack, if it wasnt for my mom, they had the blackout, 77 was year of blackout. My neighborhood was hardest hit. I wanted to go loot. My mother was like you wont. I went, oh. You watch tv, you can see you get away with this, and youre poor, it feels like you want me to do this. It feels like elected officials want me to do this youre giving me the okay theyre appeasing it and that is what is so sad at a time you should be standing up and men should be standing up, authorities should be standing up, theyre actually promoting this. It starts with the politicians. When you get elected, right, i turn on the tv i hear something come from the president or from the governor and from the mayor those are things i take serious. Charles sure, sure. Now you dont have, you dont have that moral fabric to anything that theyre saying. Now youre allowing people to go out and steal up to 957 worth of products. Charles right. Of course the poor kid, of course the kid that is going to be influenced is going to go do those things. Charles no one is saying thats right. Were saying it is going to happen. Thats right. Charles that is why your work is so happens, what happens the served with fatherlessness. Charles, were at epidemic, 18. 6 fatherless kids in america. Were the largest in the world in fatherlessness. The impact on the economy from fatherlessness is something ive been tracking. Some studies show 100 billion of negative effect to the economy because we have fatherless children. That is not even counting what the criminal Justice System is. Im on the board of goe group, we have prisons across the america put rehabilitation programs in. Let american tax dollars go to rehabing people, get a jobe, be part of this economy. More importantly get back in their house and be fathers, grandfathers, and uncles to these kids. Charles great work, jack. God blows you, charles. God bless you brother. Charles folks, well be right back. Detect this living with hiv, i learned i can stay undetectable with fewer medicines. Thats why i switched to dovato. Dovato is a complete hiv treatment for some adults. No other complete hiv pill uses fewer medicines to help keep you undetectable than dovato. Detect this most hiv pills contain 3 or 4 medicines. Dovato is as effective with just 2. If you have hepatitis b, dont stop dovato without talking to your doctor. Dont take dovato if youre allergic to its ingredients or taking dofetilide. 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For me i have a routine i tried to do every year i walk three blocks west of where we are right here in the studio and i try my best to show appreciation to honor the Fallen Heroes and i go to engine 54 battalion nine ladder for, that is the firehouse and on 9 11 343 new york city firefighters and 71 Law Enforcement folks all died at the World Trade Center on the ground and obviously they were trying to save lives. You think about this because surely they knew their lives were doomed to the process, the scenes are vivid particularly in my mind are so vivid i worked in the neighborhood for decades my office was four blocks away in my gym was so close that eventually it was taped off as part of the crime scene. Im not sure why, but this year has been a little harder than others. Im not sure recently, i was greeted when i went there by several firefighters a lot of them remembered me and some of them watch the show, a lot of the retired folks, some of them still serving if you get a chance to go there 48 street memorial across from the firehouse, i walked over there and i got the position for the event and the end of the ceremony they bring a bell for each firefighter who perished trying to save as many lives as possible. They read a name and they had the bell. The last name that they read is Christopher Santora who was a probationary firefighter at the time. Christopher was 23 years old when he died on that day, he was also a teacher, he worked at queens in elementary and middle school level, he loved the American History that was one of his favorite things and he was proud that he was an american and he wanted everyone that he knew to be proud of his country he majored in history at Queens College where he graduated in january of 2000. A tribute to christopher underscoring the fact that he had a great sense of humor and the great laugh and his honesty and he loved sports, his Favorite Sports Team was the toronto blue jays, his patriotism everyone talked about that and his beatable smile christophers Queens Community honored him with the street naming after him, the Early ChildhoodCommunity School where he taught. His family has established an Educational Scholarship for students in educational materials for the youth and i was lucky enough to meet his parents today, his mom, marine and his father al, they are humble people. I have to tell you something they are fighters and there is a lot of work to be done, they are upset that the 9 11 memorial, the wood in Lower Manhattan at the scene of the actual attack is not really a national memorial. I had no idea but they are determined to fix this wrong they want to get the designation and i think its something that we can all get around. This is something we should all be on board with. To be honest as i walked away, i was choked up and i was maybe 40 or 50 steps away not far in the middle of the block and there were people outside sitting at the tables eating their avocado toast and sipping their espresso, oblivious to what had gone on down the block a few steps away. One of the speakers made a point i was not upset with them i learned that heroes like christopher and all of the First Responders and the soldiers and the sailors view their job so we can have the privilege of being oblivious, they dont ask for anything except that we have our freedom and we have safety, that is their reward, i say god bless the men and women who have done so much for us and it is a reminder freedom is not free it comes at a cost and its something if you could acknowledge and shake someones hand and say thank you it is worth it, believe me. I wish more people were at the memorial but im glad the folks that were there are there. I know this is an important day for you as well. It is so touching it never goes away. Liz many of us were here back then. I always think about, my dear friend david who ran the phone company. He was the kindest