Keep in mind the indices are still where they were about a year ago. Some of the smaller indices, transports where where they were 20 months ago. Were coming back to the upper ranges here. I think this is somewhat normal. Keep in mind, the big guy is going to happen real soon. Interest rates are coming down. The fed will lower rates. We have ten years of history when we get easier money, the market likes it, and i think thats a part of whats going on. As far as chinchina, i think th easy money is a catalyst to make it good news. Even though theres no new news because we have been hearing the same for 15 months. Yes, were going to have china trade talks, boy, the market loves that, but behind that, we are look agent a acte acquiescent fed. The consumer continues to do very well. The jobs report out of adp this morning was very promising. I think we all need to sort of take stock here. Our companies that have struggled very difficult job market to hire people, are they really going to step back from hiring because of a month or two of a slowdown on their order books . I dont think so. I think the jobs outlook continues very strong and that means good wages and good consumer sentiment. Gary you did mention falling within the range, which is true. You are seeing low liquidity which is adding to a lot of volatility. We saw some huge swings in august. I think the markets right now at this point have heavily baked in some cuts from the ecb as well as fed. Given that overly optimistic point of view, i wonder what could happen if that the cuts arent as large or dont go as prolonged as expected. I think overall this is a familiar play book. You will see it go up and see it go down the moment we hear anything about stalled talks. See it go up again. Look, i think theres positive and negative. I think the negative to build in on lizs point, look, it boils down to one thing, it is the u. S. Consumer versus the rest of the world. The rest of the world is slowing down. Our economy other than the u. S. Consumer, which everyone says is 75 [inaudible] is slowing down, but heres the other thing i disagree with gary k on one thing, we are not within a trading range. The trading range was about 26400. We opened above that. We have been moving sideways ever since that selloff of about whatever it was a month or so ago. Were above that sideways movement. We could easily head back to old highs. It really boils down to do you think the u. S. Consumer can trump Everything Else . I am skeptical at this point, but i look at the chart, and i see its pretty positive. David all right. I will make two points on. That first of all, consumers wouldnt be able to consume anything if they didnt have a job. It is really investment yes, i know the numbers make it look as though the consumer is more important. But they are not. It is the producers who are more important in an american economy. Thats point number one. Point number two, the markets keep going up. Yes, they keep falling because theres a lot of bad trade news out there and it is affecting the world economy, but the slightest bit of good news, i mean last week we just had a hint of some good news coming from china, and the markets were back up. What that tells me is markets want to go up from here. And they want to go up significantly, and i think they will. Go ahead. I dont know about significantly, but let me just say this, and im going to give you a market positive potentially. There is a ton of cash on the side lines. David absolutely. And theres a ton of bearishness. For the last few weeks, all were hearing about is recessions and depressions. The Mainstream Media for 24 7, the world was ending, it gets a lot of cash built up. And if markets start to move up, people try to catch up and thats where money comes off the side lines. Especially in the big funds that have a lot of that cash ready. I think thats totally true, gary. And i think the most important thing is people need a place to invest. Where else are you going to go right now . Thats the story we have been talking about for a long time. But it is really true. If you had ambitions to fulfill, the only place you can put money right now is the stock market. David a lot of foreign money coming in. We have some breaking news we need to jump in here. We are getting new developments on federal Housing Finance reform plans. Charlie gasparino has been following this for days now. We knew the report is coming. It is out. Charlie . A Long National nightmare is over. David lets hope. Fannie mae and freddie mac, allowed banks to make 30 year mortgages to individuals, they have been in government control since the 2008 financial crisis. Today the Treasury Department put out a report basically calling for that government control to end. Now, devil in the details here. You need to read this over to figure out exactly what they want. But the treasury is saying this we want fannie and freddie to no longer be in conservatorship, meaning wards of the government, we want them to set them on a path where they are once again totally private companies or private companies with at least some back up by the federal government, so they can continue doing what they do, which is essentially buying mortgages from banks, and when they buy those mortgages from banks, guess what, they put them into Mortgage Backed securities, they sell them but that allows the banks to make more mortgages in the 30 year variety. Theres a Public Policy by this government and many and predecessors that 30 year mortgages are a good thing. So they want a plan where its no longer the taxpayers are totally on the hook. What they are essentially saying in this plan we want the taxpayers to be a little bit on the hook, but we want them to be privatized. We also want them to retain capital. We want them maybe to issue stock in the future. It is a pretty big deal. I will say this, though, as you know and as most people know, fannie and freddie the excesses of fannie and freddie is one of the reasons we had a mortgage crisis back in the day. This plan takes a few steps towards making sure that that doesnt happen again, where these and to these blow up where the government has to take them over because by the way they were created by congress. If the government didnt take them over, given the fact that their debt is considered to treasury debt. People might have started selling our Treasury Bonds during a financial crisis. You dont want that. This takes a couple steps to ensuring that maybe fannie and freddie have enough wherewithal to withstand a financial crisis like 2008 through the building of capital. But theres a lot of details here. This is a political situation, david, because as you know, housing is a big thing. We have an election coming up. You dont want to do anything to the Housing Market that will hurt Housing Price or increase costs to consumers. The Treasury Department is walking a fine line. Some interesting things here i pulled out. I have been talking about fannie and freddie doing a stock deal at some point, that will be a huge stock deal for wall street. They talk about possibly taking fannie and freddie out of conservatorship and putting them into something called receivership. David whats the difference . Conservatorship you are kind of owned by the federal government. Receiveship is a legal place you go to prevent you going into bankruptcy while you sort out your affairs. It is an interesting legal concept. Charlie yeah, let me make this before i get to questions theres two stories here, story about the Public Policy impact here which i think it will be an evolution. Then theres a story about the stocks. Heavily traded stocks both on the common and preferred. I cant tell you what they should be trading at. It looks like just from reading this and i read it once that the common shareholders will be somewhat diluted so shares, you know, not going to go up that much more. Preferred shareholders, where a lot of hedge funds bought could go up in this plan. Anyway, any questions . Charlie, liz peek, the question i have for you is in the past, the problem for the gses was the dual mandate. They were meant to be Public Policy organizations that were aiding and abetting low income americans getting housing, and they were also supposed to be shareholder responsive entities and that just didnt work. That has changed here. As i said, nothing in that regard. Lets be clear here, when i say nothing, they are still going to be shareholder entities that are not wards of the government essentially part of government right now. They will still have a dual mandate which would be to foster housing policy and meet shareholder requirements, yet, if you read this plan, theres some safeguards on that. Theres capital requirements. Theres theyre reducing their footprint so they cant go crazy like they did in the 90s and 2000s, insuring everything, buying every loan which drove up Housing Prices too and led to people not being able to afford housing thus they defaulted and thus fannie and freddie had problems. One other thing, they want to have some competition in here. They want to have other fannies and freddies out there to compete with them, which again good for shareholders excuse me, good for taxpayers, may not be good for Share Holders if you start trading these stocks. David charlie, thank you very much. 2020 frontrunner joe biden taking heat from critics who say hes breaking his pledge not to take money from the oil and gas industry. Listen. How can we trust you to hold these corporations and executives accountable for their crimes against humanity when we know that tomorrow you are holding high dollar fundraiser hosted by Andrew Goldman, a fossil fuel executive . David crimes against humanity . Joe bidens answer to that charge coming next. You name it. The ford f150 will tow up to 13,200 pounds of it. You wouldnt accept from any one else. Why accept it from your allergy pills . Flonase relieves your worst symptoms including nasal congestion, which most pills dont. Flonase helps block 6 key inflammatory substances. Most pills only block one. Flonase. I had a few good tricks to help hide my bladder leak pad. Like the old tunic tug. But always discreet is less bulky. And it really protects. cause it turns liquid to gel. So i have nothing to hide. Always discreet. David 2020 democrat frontrunner joe biden caught offguard during a question at cnns Climate Change town hall last night. A questioner calling out the former vp over his pledge not to take money from the oil and gas industry. Listen. How can we trust you to hold these corporations and executives accountable for their crimes against humanity when we know that tomorrow you are holding high dollar fundraiser, hosted by Andrew Goldman, a fossil fuel executive . Not a fossil fuel executive. There is a fundraiser tomorrow given by a guy named Andrew Goldman who has a company and their biggest project which i think was announced in 2018 is a floating liquefied facility for natural gas. I didnt realize he does that. I was told if you look at the sec filings, hes not listed as one of those executives. Are you going to look at that fundraiser tomorrow night . I will look at what you just told me and find out if thats accurate. David as of now, hes still attending the fundraiser tonight but he didnt push back as you heard after the questioner accused a Natural Gas Company of quote crimes against humanity. Is this exchange worse than any of his gaffes so far, costing him votes from both moderates and liberals . What do you think . No, so far, david, no. I think hes going to do what a lot of these liberal politicians are going to do. Hes going to flipflop. Hes going to paint energy as unless youre making windmills or solar panels, anything in the Energy Industry, even though theyre one of the greatest wealth producers of our time is going to be labelled horrible. Not only that, theyre not only energy, theyre a corporation. Every corporation as we know in this socialist environment is horrible. But hes the guy so far. So hes going to flipflop a little. Hes going to couch it in that whole technically, according to the sec, hes not an executive. He will find a way to wiggle around it. But you know the whole left is going to get behind all fossil fuel energy is horrible, which is horrible in itself. We dont know yet what they are going to do. I think we have come quite far away where you have the Major News Network playing seven hours of Climate Change content, with biden, though, his team, this is a failure of his team because if you look at the actual leadership page, of that company, goldman, his name is on there, hes listed second in command ahead of two other senior vps. Clearly there was a mistake there. There was a few mistakes by biden. I think if anything sanders probably feels a bit redeemed because his 16 trillion dollars Climate Change plan, whether you believe it or not, or you agree with it, was what was used as a benchmark. Warren have to compare her plan to his and several others as well. Can i just say attacking our Energy Industry is just such a preposterous thing for all these candidates to do . They are going to be campaigning in states where these are Large Industries providing tens of thousands of jobs and untold wealth, and by the way, lng is a great geopolitical weapon for the United States. It is allowing us to free europe from the clutches of russia, which is supplying natural gas to europe, and it is a fuel, natural gas, which has allowed emissions in the United States to go down. David bingo. I really dont know i mean, its ignorance, ignorance, ignorance. It is so appalling to me hear this. Crimes against humanity . Some baby is in an incubator somewhere being kept alive because of electricity supplied by natural gas. Come on, people, lets get this real. Let me tighten this up a little bit because crimes against humanity include murder, extermination, torture, forcible transfer of populations, imprisonment, rape, persecution, forced apartheid and thats the nice stuff. David the only torture was sitting through seven hours of that last night. That was realtor chur. That was real torture. Joe biden didnt flipflop, he turned into ralph, that says crimes against humanity from a Natural Gas Company . He stood there silent. That was an opportunity to defend Corporate America that does such wonderful thing and creates great wealth and jobs throughout this country. But no, he had to go left. He had to sit down and do nothing. Welcome to the seven hours of david bottom line is i think what liz said. You think of how humanity would suffer were it not for fossil fuels. I think the suffering would be far greater than any damage they have caused. Weve got to move on. Hurricane dorian battering the coast of the carolinas now as a strong category 2 hurricane. Its causing massive flooding and power outages. We have a live report from charleston, and were going to take you back to nassau in the bahamas where the death toll is rising. The latest on the search and rescue efforts, col coming next. Coming next. Were wearing the same clothes that we escaped the house in. It is really good to get support. Fun fact 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt into one monthly payment. You can get your Interest Rate right by locking in a fixed low rate today. And you can get your money right. With sofi. Check your rate in 2 minutes or less. Get a nofee personal loan up to 100k. On a scale of one to five . One to five . Its more like five million. Theres everything from happy to extremely happy. Theres also angry. Im really angry clive actually, really angry. Thank you. But what if your business could understand what your customers are feeling. And then do something about it. Turn problems into opportunities. Thanks drone. Customers into fanatics change the whole experience. Alright who wants to go again . I do i do i have a really good feeling about this. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Hurricane dorian taking aim at the carolinas, lashing the coast with dangerous winds and flooding. More than 200,000 homes are now without power in georgia and south carolina. Officials are warning of lifethreatening storm surge and forecasters are predicting over a foot of rain by tomorrow in charleston. Jeff flock is in st. James island, not far from charleston right now. Jeff, we have some pictures of the scene with you earlier today in charleston. You showed us how bad it already is. Im wondering what will another foot of rain do . Well, yeah, that was about a half a foot then. I think were close to a foot now. You know, charleston kind of got off fairly easy, when you think about what could have happened. This was a cat 3 storm this morning. And it was very close to the shore, but we didnt get that center of circulation, so yeah, it is able to drain. The cool thing is when it came past, the circulation is such that it then starts to push the water out. And so fortunately, not as bad a problem as it could have been. David . What about the people that you have been meeting . The volunteers, usually theres so many people that come out during these times of need. Have you encountered anyone thus far . Absolutely. You know, there was a huge army of people that came ready for swiftwater rescue. People come from all over bringing their boats, their bass boats, their fishing boats to, you know, stand by and go and rescue people. In previous hurricanes, we have been out with those kinds of folks. A lot