There was an endeavor to get to the city yesterday but we were landlocked yesterday, drove into the city under the trees. It was a little scarey we are back and it is nice to be here it feels like home good to have you back, andrew this is the situation that we probably havent given focus it deserves still millions without power 1. 4 million in new jersey without power. I know connecticut was hit worse. That storm even though a tropical storm, not a hurricane, stronger than anticipated. The wind event and damage significant. I appreciate it still trying to dig out from that today a lot of people that will be without power for days starting with the markets this morning. The nasdaq on another record six straight games it closed just below 11,000. Just north of 10,998 youll see this morning, us equity futures are not pushing above the 11,000 mark just yet six days in a row weve seen gains. This morning, indicated down by 20 points. The fourth day of gains for both the s p 500 and the dow. Indicated down by two and a quarter points weve been watching the treasury market and incredible treasury yield. Under some pressure and the note now is yielding 0. 528 good morning to both of you we are watching big events in washington we have an update on talks now for another stimulus bill. Lawmakers and Trump Officials left without an agreement. After the meeting ended, chief of staff told cnbc the president would take executive action to extend jobless benefits and Eviction Moratorium if they failed to strike a deal. Saying democrats are not walking away but there are still wide differences. We continue to watch that story. If they cant get a deal today or tomorrow what the president will do. They need to come to an agreement. They do President Trump says hes sorry, becky i would say the American People think they need to come to an agreement. The administration thinks that there is still some really difficult distances between the two camps at this point. Not the 600 or the 200 still a lot of issues outstanding. That has everything to do with liability for companies if someone comes down with coronavirus. Also looking at states and municipalities the president will extend some of this by executive action. There is still question about what power he would have and be able to do on that front especially when it comes to Unemployment Benefits . The calculus is how big this is going to be inside the republican party, not all of the membership has the huge package again there are Interesting Articles about the tough decision and the deal he may be willing to make with the speaker, knowing that some within his party might be against trillions more added to the deficit. Ron johnson, the senator is really standing up saying, no. Well be speaking with him later. Again, mcconnell does not have his own caucus why you see the difficulties extending and why there may not be a deal by friday. Andrew, the clock is ticking. The market has been patient. Obviously. We are talking about the market going up about every day the question is how long is the market going to remain i dont know. Id love to see just more targeted efforts i feel like when it comes to how much money is being spent, none of it is targeted it is a onesize fits all. You can look at different areas. Liesman and others have talked about how to do this and we havent gotten anymore sophisticated. Getting to a place they might be in agreement part of the problem with that is that, every one of the states has a way of playing that out. A lot of those systems are not as sophisticated as they should be i hope the lesson i hope well get a federal system Something Better for all of this computers for giving out money when we need it. We are good at taking in money we still dont have our act together anyway President Trump says hes in favor of a new plan to give another 25 billion to struggling airlines. The president s comments come after more than a dozen republicans support aid continues. Package already has support from the majority of the house. Here we are talking about who is getting bailed out so to speak and who isnt. As we are in the mist of this fight as people are out of work and needing benefits of their own. We are having a conversation again. This goes to the issue and i used to rail about it early on i always thought we would have to give more money to the airlines not just the airlines. Is this an all employment package . The Share Holders will be saved. Im not against those. We are trying to save those around the country but we need to decide what it is we are doing are there special classes of Share Holders we are deeming more important and are taxpayers going to get something for it . Those are reasonable requests to be asked andrew, it is interesting Airlines Needless money than anticipated. There have been Share Holders willing to step up and not only buy the stock but buy bonds. If thats the case, we shouldnt give them money. If there is a private market, great. A public market, great if we are going to step in i dont want to say we should be europe but looking at what the europeans did with their airlines and they took a piece my guess would be and whether the Share Holders would benefit. Warren buffett with shares he had a view that this would be a challenged industry for a long time that economically was probably right but maybe wrong in the short term insofar as im not sure he preched how much government help or what was going to happen and that they should be the one supporting them my guess is that Government Funds would come with very strict rules and restrictions. You have seen Many Companies talking about how many people they plan to furlough and layoff come october 1 my guess would be any additional funds would come with very strict restrictions. That is something in the past the airlines hadnt wanted, so they went out and tried to raise their own revenue first. These moves today. These are shortterm things. Not longterm moves. Once they get the deal and the details that come with it, it may be a less than enthusiastic reaction these airlines are burning through so much. You wonder if this industry is getting the can kicked down the road to the inevitable you cant keep throwing money at a problem that may not look the same on the other side of the pandemic this is the issue for all of the money. If you told me there is a business that is not economically viable for the next 12 or 18 months. Are you better putting that company in a bankruptcy protection or mode that keeps it going during the challenge the thing is we dont know what will happen in the next 12 to 18 months thats the hard part. You want the airlines working so when the economy is ready to go, it all works if they are to go into bankruptcy protection, can they continue operating the same way. I dont want anyone to go bankrupt it is a terrible thing but there is a real conference about taxpayer money we have to tell you about other News Facebook removing a video interview President Trump posted in which he said, quote, children are almost completely immune facebook spokesperson saying the video violated the covid misinformation policy. The President Campaign fought back saying facebook is showing incredible bias against President Trump. Facebooks policy that if you say it in an emfatic way, they are likely to take it down, which has not stopped people from adding modifiers. So im surprised the president didnt do it in that context it was a video of something he said on fox news. Right if he said it that way, it would have been deemed different which is such a strange phenomenon if you think we are having this conversation now. What are you 90 days out from the election wait until we get closer these social Media Companies are in an interesting spot to see the willingness that they have between now and then to take steps like they did now and the calls that will be coming. The ones you just read, andrew the backlash of either twitter or facebook or somebody else steps in and removes a post. It is going to be heating things up. Also another issue taking place today turning up the heat. Senator Bernie Sanders is now renewing for his call for a crackdown on billionaires. He tweeted last night, i will be introducing legislation tomorrow, meaning today, to tax the ob scene wealth gain billionaires have made during the public crisis. Over 30 million americans have seen the 600 a week Unemployment Benefits. Meaning 467 billionaires have increased. While amazon is denying sick pay and providing protective equipment, jeff bezos is up. Calling out the Walmart Walton family and elon musk and then compared to what theyve done with some is workers along the way. Taxing the wealth made, we could guarantee health care for an entire year and billionaires would sftill be able to profit gains during the most difficult season since the depression. I doubt there is anything that comes of this legislation when he brings it today it is running a sentiment that runs through a major part of the situation. If we are on quote unquote war footing how to pay for what weve done we put one of the most important corporate insurance policies together the benefits have been the Share Holders. We talked about the idea that employees have given up a lot during this. Often times showing up at work, we showed jeff bezos showing up to work. Showing up to work at amazon or walmart. That is their contribution a lot of us have been blessed to work from home and to be of means, if you will im not a billionaire. I wouldnt argue against higher taxes to pay as an offset for some of this as quote unquote a contribution, if you will, to the country in the same way that so many front line workers have contributed. One mans view. Look, higher taxes are coming that is inevitable based on the amount of money we are spending we are talking trillions coming out and that will have to be paid back at some point. One thing sanders posts and doesnt take into account is what companied like walmart have done theyve increased pay. Doug mcmilan has been doing that for years. Raising base pay there and making sure additional benefits come in. I see his point. It is a valid point. Because of the actions of the Federal Reserve and studying things, wealthiest people have gotten wealthier no matter which way the election goes, they have to find a way to repay. This goes to what weve been talking about. This great divide between wall street and main street and they turn on cnbc and see that we are talking about the nasdaq at 11,000, you still have this incredible divide and horrible income gap and income inequality that the market has been able to surge back having a discussion of washington able to agree on a stimulus package that is this incredible disconnect of Bernie Sanders people saying, it is absurd when saying the ee could be my is still in the tank. Part of the reason you hear this decline is because you hear about the layoff coming. Im add Companies Like walmart, amazon, theyve stepped up but they were beneficiaries of government policy beyond the fed. In so many parts of the country, states were locked down. Small businesses were told, you have to be shut. We effectively advantaged walmart, amazon over everyone else yes, they stepped up to the play and served but there is a question to this walmart and amazon should be supporting the Small Businesses. I would say, what you brought us earlier this week is part of what theyve done. Every one of those businesses has said theyd like to see support. When they pay for it on the other end of their taxes then i think theyll really support it. Well see. Anyway, we have to come back on the other side of this break, new jobs data. What you can expect. The squawk planner ahead take a look at gold. Prices continue well above 2,000 we return right after this [ engine rumbling ] [ beeping ] [ engine revs ] uh, you know theres a 30minute limit, right . Tell that to the rain. [ beeping ] for those who were born to ride, theres progressive. 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Ill go to you, chris, first what youve said is markets are divergent. We are looking at the difference of stock market and bond market. Seeing these two rallies in tandem committing capital to buying corporate debt, treasury debt, mortgage debt and not forcing graces higher. This is what we are seeing now this is a huge government buy. If chris is right it is hard to say hes not the question is, does that at some point tip the hand . At some point it will yields fall, bond prices inch higher i was looking at the Municipal Bond market. Looking at that level. There is no volatility as the fed leans in to keep Interest Rates low or where they are. The interesting point has been real yields. Those have continued to fall those have inched rates higher that has been in hard assets predominantly gold sill skrer prices are up lumber is up copper is up creating rallies and equities, bonds and hard assets. Im sure you get calls all the time do i put more money into the nasdaq now we Like Technology here Communication Services speaking on the s p, down 6 . You can see where the rest of the market is not participating. Those companies are producing good top line growth is that a multiple expansion story both. They are expanding undeniably. The best sales growth and margins. Youve got to go where growth resides. Chris, do you pull your hair out, if you will, saying to your self what is going on in the equity market . No. It doesnt there is something not being discussed consistency enough what is the longterm impact of the fed impact what is causing investors to have to go further and further out to get a decent return on the yield. The risk is being held on the pension funds, 401 k, 529s like the fed hasnt seen before with the liquidity, in the end, it is starving the investor. Well see funds moving forward where they are not able to hit their yield and we have a crisis on their hands in place of the short fall and what they have. This is something that takes a long time to manifest. Fed intervention in terms of keeping Interest Rates artificially low has been going on since the 2008 crisis now theyve pushed their foot a little further down on the gas pedal and creating a situation where people are unable to see any meaningful return in their portfolio. Okay. Thank you both guys coming up, americas largest Mortgage Lender to make a market debut but mortgage pricing above the expected range take a look at shares of roku. Company saying uncertainty in the ad industry will linger through the second half of the year overshadowing. Sales soared as more users logged oton that platform well be right back. By spreading any misseds cp usaa insurance payments over the next twelve months so they can keep more cash in your pockets for when it matters most find out more at usaa. Com time now for our executive edge, the manhattan Real Estate Market was supposed to rebound in july. That hasnt happened and now there is a glut of unsold apartments sales contracts falling 57 compared to a year ago all price segments take ago i hit. Coops over five million the big concern now is all of this rising inventory. Now at the highest level in almost a decade with a 17month supply compared to the eightmonth supply that is typical. Pricing is really hard to determine. New developments are cutting the most the getty building are cutting prices in half compared to the suburbs that saw a record july. Sales in the hamptons doubling west chester more than doubling. In connecticut, you saw increases of over 70 . You have got some towns in connecticut seeing the average listing period for homes now just under a week. Well see if this lists a pause. This move accelerating in july close to settling down which is why you have the governor of new york almost pleading yesterday maybe some of it was tongue and cheek. Almost pleading new yorkers to come back to the city. Yes he said please come back ill cook. The question is with all of the families moving out in march, the question of coprimary residences many of these families may end up more living outside of the city but keeping their manhattan homes that could impact taxes and overall value and the vi vitality of new york city. Robert, we are still wondering what happens with taxes on that front a. A lot of people working in the hamptons and hedge funders will argue you have to pay if you are in utah and have to pay, the laws are clear if you are a new york state resident, no matter where you work, you have to pay income taxes a lot of people saying, look, ill just stay out here because schools are not going to open, so there is less incentive and an dooring in new york thank you well talk to you soon when we come back. The latest on the pandemic and t