Increase you dont have to sell your stocks to beat some kind of Capital Gains rate that is quo going to be punitive for rich people im not saying it is solely business as usual. But i am saying that if you own tech stocks, which a lot of people do, there is nothing to keep the stocks from going higher remarkable night, pollsters seem to think there would be this blue wave that got avoided if anything, there is, i think, a recognition that whatever the heck we had before election day seems to be the same after so, david, you know, i feel kind of business as usual for us. Well, it is, carl, not business as usual this morning as you say as the votes continue to be counted in important battleground states. Three you mentioned. Want to add georgia in there, potentially North Carolina, still those early votes, carl, being counted and tabulated and were paying close attention we are, guys. In fact, front and center this hour, the president ial election remains unsettled as voting continues as david said in those key swing states the race appears to hinge as david said on a familiar set of places, wisconsin, michigan, pennsylvania, but, of course, North Carolina, georgia, even arizona and nevada remain too close to call. The results may not be known until later in the day, maybe later in the week. Here is where things stand in the Electoral College. Biden 224, trump 213 does take 270 to win the white house eighth both stiand both sh to do so, jim. You cant say this wasnt in the playbook the notion that the president would outperform polling expectations on Election Night and then it would turn into a contest of mailin and well see to the degree to which it becomes a court issue. Yeah. I think the pennsylvania kind of epitomizes the suboptimal way that america is handling it, where there was challenge to be able to say, so all votes had to be counted yesterday, and suddenly the keystone state, keystone for this election, has until friday so were all held because of them, some of the other states i think theyll resolve it sooner, maybe today. Idea that somehow pennsylvania has decided that it determines the election. Well, it may not determine the election you point out because you can go down a number of maps that say, without pennsylvania, if biden were to win michigan and wisconsin and nevada, he would still win. Right thats true. Pennsylvania may not actually be crucial, where President Trump does have a significant lead right now, but to your point, there is still a lot of counting going on of mailin and absentee ballots all of which were either received prior to or on election day. They had to make it there why does it take this many days. Why does it take until friday . Some states dont begin counting until the morning of the election florida begins counting sooner im not sure some states dont begin counting until late and that is part of it you have an enormous amount of these mailin ballots, of course, because people are being encouraged to do so. Because of the virus and concern if they had any about going to a polling place i will say yesterday i went to vote, the easiest thing ive done ever, five minutes, only people in there were people directing me to where to go, carl obviously in new york, you vote red or blue, doesnt really matter, you know which way the state is going but kudos to the new york city election board because they did a very good job. Yeah. I think maybe, jim, one of the Untold Stories or undertold stories is the cleanliness of the process, right the mechanics of the voting. Were in the midst of mail now, which is to some a different issue, but davids wait was short. Lots of minimal reports of delays, maybe in North Carolina, but it worked. And with the numbers that they had to handle, you have to hand it to some of the boards of elections. Well, look, lets face it, where was the violence where was it where did people clash thankfully nowhere, jim but there is a concern as we get into this period, which some had forecast might come, obviously there are plenty of polls that indicated this would be a much wider margin of victory for Vice President biden th that is not the case if hes able to get a lead here and get to 270 as the votes get counted or recounted as there are challenges and as carl mentioned, potentially by the president , and the courts, there is the possibility for unrest. I think that the real difficulty would have been if there was a landslide or a big really huge vote for biden in the senate, and the president was just intransgent and troez and chose to ignore it and said hes still the president look, what time of the middle of the night did he declare himself the winner lets take a quick listen for those who may have gone to bed early. The president and the former Vice President did speak overnight. This is trump early this morning. This is an embarrassment to our country. We were getting ready to win this election. Frankly, we did win this election so our goal now is to ensure the integrity. We can know the results as early as tomorrow morning. But it may take a little longer. As i said all along, it is not my place or Donald Trumps place to declare who has won this election thats the decision of the american people. But im optimistic about this outcome. Jim, how would you characterize the markets ability to absorb the president s false claim that he won . Astonishing this market is so bulletproof, that it is amazing look, were a i did individualed nati divided nation and somehow, remember, the futures do reflect far more than people realize, they reflect what is going on in tech the tech just loves the idea there is a that there is not going to be endless hearings in the senate, endless hearings like the 30s, we have to find out why there are rich people and if we should expropriate their wealth thats off the table you have tech running. I cannot, i cannot stress the importance of the California Initiative that allows the third way of doing things. A referendum on the gig economy, the gig economy, whether you like it or not, the gig economy is the way to be able to make it so tech make more money than if they had to hire everybody and give them benefits. Well talk more about that. It is very important to the likes of uber and lifyft and Companies Like door dash it is private now. You messengntioned it earlier, senate, again, many of the polls had a real strong possibility that the democrats would wind up controlling the senate that is not going to happen. No, if that happened, yo wow actu you would have a chance for drug prices to come down. That has a lot of implications if joe biden prevails here, you got divided government to your point, you made it at the top of the show, unlikely to be as significant a relief package if you get one at all. Infrastructure spending, carl, i think you can probably say, i dont know that could be a heck of a challenge to try and get Something Like that through. And so many other things that might have been on the legislative agenda of a Biden Administration if they had in fact if they come to power, and had the senate on their side thats not going to happen as jim points out, the market may actually appreciate and like divided government, it does seem as though that is typically the case. Carl, last night, i gave you a list of healthcare stocks that i said win because unless there is just some sort of incredible wave these Companies Get their way. I think the direct impact for people who are not watching for the portfolio, but thinking about their pocketbook, big loser last night, for the people who are in the middle class. Because what it says is you will see no change. United health won again. Humana won again as someone who, david, one day you find this out, i hope, someone who is in medicare, it is such a lousy plan, it is better than nothing, but you got to go to humana, which had an amazing number last night. Carl, there is one notch for the victory of capitalism and the way we run Health Care New and those stocks with all be bought jim, on the calculus on stimulus, is it what is the narrative now . Maybe less generous package than pelosi wanted, but there is more discussion today that the speaker may need to compromise given the fact that while they hold the house, probably a net loss. The senate, the republicans in the senate believe in a vshaped economy there are ill advised nature of what is causing that because of the belief that they have they seem to think that there is no new wave of covid, and theyre not going to be any job losses the same year is the secretary mnuchin is more aware of the 14 Million People who are about to lose their jobs because of covid in the Hospitality Industry that i think a deal can be done remember, the president did say he was going to do a huge stimulus if he won we dont know. Hes not won, whatever there is covid i keep coming back to, okay, with election is almost over, now we got to face covid, and covid is going to require a gigantic amount of money thrown at this economy, since we dont have it under control. David, the restaurants are gone. Right. Theyre gone. I know. 13 million, 14 Million People they have some food on their plate. Unless people in washington are totally oblivious to the nation of playing for dinner, which would be horrendous, that is when is on the agenda. Covid did not covid was not covid was another big winner last night. Right, you may be right, and there are those who are looking at the results in places like florida, and i think we had some people on on the show last night, from st. Petersburg, indicating they were worried about lockdowns under a potential Biden Administration not this biden said there would be, jim, but he has talked about being much more aggressive in trying to take control of the virus. Now he believes he said over and over again, this is a david, when we look at the vote totals, 50 50, we have to understand that there are a lot of people in this country who do not believe in the scientists and think the scientists got it wrong and thinks that sure a hoax and this was a victory for the hoax group. Theyre listening to what the president has been saying for many months now. This is not a victory for masks. A victory for the people who say masks dont work and what really matters is get tough get tough contingent. Jim, obviously the network news desks are taking their time calling these races and rightfully so. If youre looking for tells in the very shortterm, are you looking at prediction markets, futures, and which futures, and yields, dollar or Something Else what i think people are just saying is it is all the senate, carl it is weird. It is almost as if, hey, listen, the white house, doesnt matter, as long as the senate is different from the house, were okay nobody gets anything done. This is a nobody gets anything done referendum, i think ultimately thats good for three days something well, you know, it is not like there are any challenges facing our nation that actually might require legislative response i mean like the government funding. That or dealing with, you know, i could go long down a very long list as you guys both know but there is a need, potentially, for finding some Common Ground and i think had you listen to everybody this morning and listening to barry diller who i thought was so eloquent this morning on squawk box, and heart felt, were a divided nation more than we have ever been and regardless of who takes control of the white house, thats not going to change and it becomes re difficult to imagine there is enough Common Ground in this country to agree on anything that will keep us moving forward. You dont think there whoever loses is just going to have to say, okay. We have now lets say trump wins lets say trump loses, could you imagine him saying, okay, now im going to stand aside no. No what i was most worried about was a big defeat by trump, and a suggestion by trump that was a complete fraud and hes not going to leave the white house no matter what there is a bit of a legitimacy here, he challenged it because it is cloese i dont blame him. We could be in a situation where it would be like the military. Who would the military side with it would be it is a soft j, a junta. Thats not going to happen. The junta is off the table. Well see what happens. And i know youre looking at the same things i am in terms of the ap, i believe biden has taken the lead in michigan according to the ap. Are you allowed to say that yet . I dont know. I guess i just did the ap is a pretty good source but well thats just vote totals thats not saying who won. It is important. Right right. Yeah. And in fact, we may actually get some numbers out of wisconsin before we get michigan today speaking of which, phil lebeau has been in milwaukee for the past 48 hours and joins us this morning as well. Hi, phil. Let me bring you up to speed in terms of where things stand with the vote total in wisconsin so far at this point, nbc news is saying that wisconsin is still too close to call. But if you look at the vote totals, and we will talk about why the big change happened early this morning, joe biden appears to be up by just over 20,000 votes with almost all of the votes counted. We say almost because we dont know for sure how many absentee or early ballots may be out there in different locations around the state that have not yet been tabulated here is what happened early this morning. Call it joe bidens Early Morning surge. Thats when the city of milwaukee finalized its early and absentee ballot count, remember, we were in the room counting the ballots yesterday, delivered it over to the county and you saw the big surge. Milwaukee and green bay, most notably, those flipped wisconsin from President Trump leading early this morning to joe biden now currently holding a 20,000 vote lead. So could we see a recall it is not automatic here in wisconsin, according to the election commission, the deadline for requesting a recount is three Business Days after the Elections Commission receives the last statement from a county board of canvassers what will happen now, guys, each county board, will go through their votes one more time, thats not a recount, theyll just go through their totals and say to the state Elections Commission, here you go, heres milwaukee county, heres dane county, whatever county it is. Then the state will say, here is our tabulation if at that point President Trump and his team believe, look, were going to call for a recount, thats when you would see it happen. They have three days from when that happens and one other note, guys, unlike what were seeing with pennsylvania, and other states, where they still may be opening up ballots, several days after election day, thats not the case here in wisconsin it was designated by the u. S. Supreme court, a week ago, remember that case, where people said or the democrats said, look, we would like to see them open up ballots as long as theyre postmarked by election day. And the u. S. Supreme court said no in the wisconsin case, you have to open up and you can only count what is received by election day so this is not a case where they can see some mail come in today or tomorrow and then try to count those votes. At least that was the ruling by the state the u. S. Supreme court. So, again, guys, thats the latest from here in wisconsin. Phil, good information, and by the way, former Governor Scott walker this morning tweeted the election recount procedures for the state of wisconsin, maybe one indication of where were going well watch the results of that state later on today well take a break here. A lot to get to, a lot we dont yet know by the way, there is a fed decision, we have adp ahead of jobs number on friday. Squawk on the street continues after a break. Sales are down from last quarter but we are hoping things will pick up by q3. Yeah. Uh. Boss doug . Sorry about that. Umm. What. Its. Um. Boss you alright . [sigh] [ding] never settle with power e trade. It has powerful, easytouse tools to help you find opportunities, 24 7 support when you need answers plus some of the lowest options and futures Contract Prices around. Dont get mad. Get e trade and start trading today. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save hundreds on your wireless bill. Plus, get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at your local xfinity store today. Shares of uber and lyft are both up dramatically in the premarket. This after california voters approved proposition 22, which allows both companies and other socalled gig economy firms to classify workers as independent contractors rather than employees. It is a big victory, jim, you mentioned it earlier but we can spend a little more time on it now it is a victory for the driver, many would say, who are able to maintain the schedules they potentially like and it is obviously a very important moment for the companies themselves in terms of their compensation structure. I dont think they could have thrived if it werent for this some would think they would have to go out of business. You know that not only is this a tremendous win for uber and lyft, but also a win for the way the people will work in the future and i think it is going to spread this is very big news. Yeah, you said it, jim, before the break i know there is an email to his staff, the future of independent work is more secure because so many drivers like you spoke up and made your voice heard. I wonder if you think it is a net draw to california for various types of businesses that rely on gig . I think it is look, this is the third way. There is the third way of working. And it accommodates the people choosing to work the way they want im sure the people say will you give me a break, jim i was a member of a union