Transcripts For FBC Making Money With Charles Payne 20240713

Where some of the money in the bill will go. We will talk about it. We will also have a live report from the hill and instant reaction from texas congressman chip roy. Plus get expert Market Analysis from our very own Charles Payne. He will be calling in in a few minutes. He says this week has been in his words, charles says impressive. Get ready to hear the story of one florida mayor who is donating his entire salary to his residents. He wants to keep his city going. We have more good news in these uncertain times. All of that and a lot more coming up on making money. Cheryl breaking news, the massive 2 trillion dollars coronavirus stimulus package is on its way to the president , after a dramatic debate on the house floor today. Republican congressman Thomas Massey of kentucky tried his best to force a roll call vote so that basically his colleagues were on the record with their votes, but it passed in spite of him. Hillary vaughan is joining me from capitol hill with the latest. What a day. What a day, cheryl. This 2 trillion dollars package passed, but not without a few hours of heated debate and also some drama when congressman Thomas Massey called for a roll call vote. That vote would not have stopped the bill, but it could have delayed it for several hours, while members would vote one by one. I came here to make sure our republic doesnt die by unanimous consent an empty chamber. Ard roed vote is re a recorded vote is refused. I object on the basis that a quorum is not present. A quorum is present. The motion is adopted. House Speaker Pelosi was able to get enough members stuffed in the house gallery and on the house floor in order to reach a quorum essentially meaning there was a majority of members present for the vote. I want to say to our colleagues who are watching these proceedings from their chambe chambers, in the house, to come forward and come to the come to the gallery and listen from here so that when the time comes, we will be prepared to proceed. Mr. Mccarthy and mr. Hoyer had sent a communication to all of you to that effect, but it is very important that you come now. The sooner you come, the shorter my remarks will be. [laughter] the point of the roll call vote was not to delay, but massie says to hold Congress Accountable for the massive 2 trillion dollars price tag that he says will just put more debt on americans. That coronavirus package, cheryl, is the third package to leave congress, and they are already Getting Started working on what they are calling phase four for even more relief. Cheryl . Cheryl weve before talking about that. We know they are starting to think about. Nancy pelosi is certainly starting to think about that. Thank you very much. Investors have been watching all of this play itself out on capitol hill. Stocks down right now. That despite the house passing the stimulus bill. It is expected to be signed by the president. The u. S. Has passed china in coronavirus cases. The two countrys leaders spoke last night, vowing to Work Together to fight the growing pandemic. Lets bring in Fox News Contributor liz peek and business distributors vice president. Great to have you here. Hi. Cheryl liz, lets start with this issue of President Trump talking to the chinese president. They are saying they basically they have no new cases. I question the economic the data that comes out of china, always seemed a little pie in the sky. Now were supposed to think they dont have any new cases in their country. He told President Trump he wants to help us get through our crisis. What do you make of that . As they close their borders to people coming in to china, look, president xi has mishandled this, has lied to his own people and to the world about this virus from early december onward. Theyve lied about the numbers, the approach they have taken. They have basically disappeared to use a word only used in china. Their own journalists who dared to expose the truth on this matter, you know. What can china do for us now . I really wonder. Theres evidence that the test kits they have sent to germany and spain are seriously flawed. I dont think we want that. However, and this is something im writing about today on the hill, china has a lock on an awful lot of antibiotics and commonly used medicines that we need in this country, so it could be that President Trump wanted to simply keep the lines of communication open so we have access to a country thats supplying probably half of our pharmaceuticals, something i think we desperately need to change coming out of this crisis. Cheryl especially, heather, as we talk about the antimalaria drug and antibiotics in combination that could be treating these patients. The president has been bullish as well about that. At the same time, you know, i was looking at some analyst commentary this morning and one is underlying all of this, this entire market picture, whether were up, down, bull market, bear market, once we have that virus under control or it peaks or at least starts to subside, then the market comes back. We get our legs back. Do you agree with that statement . Yeah, i do. Look, i think we can see a retest of the lows. I mean, we have had a phenomenal threeday, if you want to call it bear market rally. Essentially over 20 in all indices across the board is just that, but it is within inside the worst month decline that weve had since 2008, so i think this is the volatility in the marketplace, once that subsides, we also as you rightfully pointed out need to see a peak in viruses. We may be weeks if not months away from that. We will have volatility to the upside, but i think we can retest the lows before the summer and hopefully head higher from there. Cheryl liz, we were covering the breaking news with neil cavuto that the house has passed the stimulus bill, on its way to President Trump who will sign it immediately. But the wall street Journal Editorial Board had a good point this morning i thought. They said Look Congress gives workers more to stay at home than some employers will. Their point because of the unemployment and the extra 600, blanket per week number, on top of anybodys unemployment check, no matter where you are or where you get it that will motivate many workers to stay home. They would make more staying home on unemployment than they would if they decided at some point to go back to work. I think that was recognized pretty quickly by people who actually got a chance to read the bill. In any 800 page bill theres going to be a lot of pork and a lot of mistakes. This is a mistake without a doubt. The good news is it is only a fourmonth duration mistake. It expires that particular measure expires after four months. I think the absolute essential thing is to make sure that democrats in congress dont want to extend it even if unemployment continues to climb, which undoubtedly it will from todays levels. But look, we needed to get this bill done. I think its a good thing. Theres lots of positive things to talk about including j powell rightly saying that the Banking System and our financial infrastructure is in very good shape. Just this week, something people arent talking about, Investment Grade credit, i think there were more issuances than we have seen in many many years. Thats a very good sort of stabilizing note, and also reassuring that theres money out there. It is going to go to people who can manage it and can use it and need it, so its not like were running out of money, and of course the feds Balance Sheet is going to help. Cheryl yeah, they have expanded it and they say they will be ready to go at any point, if we need more, we might. Liz, heather, were out of time. Thanks to both of you. Appreciate it. Thanks for having me. Cheryl lets go back to washington, republican congressman chip roy was one of 40 representatives who voted against the relief bill earlier in the month. Now he says he stands behind his colleague congressman Thomas Massie who wanted that recorded vote today. As you know massie did not win the fight. He was in texas during todays voice vote. I want to bring in congressman roy. Thank for being here. Hey, cheryl, how are you . Cheryl good. I know theres things you didnt like in this bill and you wanted to see massie succeed. He did not. Your reaction now to what you saw come out of d. C. Let me be clear. I represent a district that has a significant number of Small Businesses, entertainment venues, live music capital of the world in austin texas the folks here are hurting. Hotels are hurting. Restaurants are hurting just like they are across the country. It was necessary we pass a relief package. I believe that. I think it was important to get capital into the hands of the Small Businesses who are running the nation, backbone of the country. They are hurting because of government action, government asking them to stop doing their livelihood in order to help the public health. I think congressman massie was principled in what he was trying to say we ought to have a quorum in the house when were debating the measures. I didnt support in the end opposition to the bill. I put out public support for the bill despite reservations about some of the spending in there thats extraneous, some things i wouldnt have put in, like 25 million bucks for congress [inaudible], i wouldnt have put in the bill. I think we need to have a discussion that the Congress Continues to operate so the American People can see us doing our job, what were supposed to do. The second packet, yes i voted g ens the second one. I voted against the second one. I voted for the first one. It had mandates on Small Businesses that would have crippled, the second package. I have heard the mandates in place, well intentioned or not, for mandatory leave crippled their businesses and they have laid people off accordingly. Needed to change that vote. Cheryl let me get texas Small Business reaction from now on what was passed today, because there is 350 billion dollars in there for Small Business. A lot of Business Owners are just now figuring out they have to go to the bank, but its a forgiven loan. They have to meet certain requirements, though. Is that frustrating to your constituents out of austin . Are they saying theyre supposed to prove they are paying rent, utilities, keeping employees on the payroll. I would think those would be good things for a Small Business owner in texas because they are staying in business. Well, the Small Business package was put together heavily by senator rubio from folks in the senate, i supported the majority if not all of that package. In fact we put it in legislation in the house that we wanted to see moved. Small Business Owners in texas are concerned about getting capital and they want to have the least constraints put on them as possible in order to deploy that capital to get their business up and running again. Some of the positions that are put in that bill that would require them to maintain employment, those are probably pretty good, but keep in mind, the most important thing we need to do right now is have Business Owners be able to stay afloat. They cant even exist i had a Restaurant Owner the night before last who said they lost 3 1 2 Million Dollars in the last month and laid off 1100 people. Another restaurant laid off 500 the day before. This is a problem cheryl wait, congressman, you are saying they are telling you this was too little too late, at least from what youre talking to down in austin we should have gotten it to them sooner, no doubt. I wish my democratic colleagues hadnt insisted on putting a leftist leaning agenda in front of getting this legislation done a week ago, but it is important that they get the capital in order to stay afloat. But we cant do anything if we dont get our economy restarted. It does no good to give money to businesses, when they have no customers, when they have no ability to borrow money to then execute, carry out their business. We need to get on top of masks ventilators medicines tests and get our economy rolling again. With the appropriate safeguards in place, make sure the American People stay safe through the pandemic but we need to make sure our economy stays strong. We can do it. Cheryl im out of time. I wish i had more time. The president is going to be proposing to states governors, counties, maybe start to assess their own individual situations, whether or not they need to be on lockdown. Look, new york is a different story i think than whats happening in texas where im from by the way or in several other states across the country. Congressman, thank you very much for joining us. I know its been a crazy day for you. God bless. Cheryl god bless to you too. We are in selloff mode right now. Were down 640. We will be covering all of this throughout the hour. Coming up at 2 25, the one and the only, the Charles Payne of the world im just kidding Charles Payne is coming up. Im trying to think of new nicknames for him. He will be joining us to tell us what hes seeing inside of this session. He so far thinks its been a pretty good week. We are up for the week to be clear, folks. Hes coming up. President trump telling governors in a letter and i just talked about this with the congressman, tailor the social distancing guidelines to specific parts of the country. What do you think of that . Were going to be asking south dakota governor who will be joining us. Were going to ask her about what her thoughts are on that letter, and if they might do it. Thats coming up next. Apps are used everywhere. Except work. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com did you know Liberty Mutual customizes your Car Insurance tada so you only pay for what you need . Given my unique lifestyle, thatd be perfect let me grab a pen and some paper. Know what . Im gonna switch now. Just need my desk. My chair. And my phone. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. With Td Ameritrade tools, and help from pros. Its almost like youre training me to become an even smarter, stronger investor. Exactly. rocky theme music fiftysix straight, come on thats it, left trade right trade. Come on another trade, i want to see it more 80sstyle training montage . Yeah. Happens all the time. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] cheryl President Trump telling the governors that the white house is using coronavirus case data to tailor guidelines to specific parts of the country, while states like new york and california deal with massive case numbers others have less than 50. And may not need government controlled rules to stop the virus. One of those states in south dakota where the governor is telling people to press pause and the governor joins me now. Maam, it is great to have you here. Cheryl, thank you for having me on the show. Cheryl so much to talk about. We did learn that north dakota had its first death today and our condolences to that state. Your state youre also dealing with your first death. Youre still dealing with i guess compared to new york, what were seeing here a small number of cases. Do you lock down the state like weve done here . Do you go county to county . Do you quarantine those that are vulnerable . What is your strategy going to be . Well, we did not close businesses in south dakota. I made the decision through executive order to tell the state to follow cdc guidelines to make sure they were limiting groups to 10 people or less, to follow the hygiene orders that are recommended, but that we were going to give our Business Owners an opportunity to be innovative, to serve their customers, keep them safe, and then also take care of their employees and give them the opportunity to earn a wage and put food on the table for their families. Ive been super proud of the people in south dakota. Theyve taken this as a personal responsibility of theirs. Were seeing the results in a low infection rate in our state so far, and i think the key for them has been reminding them consistently that this isnt a sprint. We have to sustain whatever plans i put forward, and we have to do it for many weeks at a time, and the plan ive laid out i believe the people of south dakota can follow. Cheryl let me ask you that, i mean, the social distancing, i mean, ive got to say in new york, it took us a while to kind of get there. And our governor, Governor Cuomo basically scolded all of us about that. He said get off the basketball court, kids. That was just happening this past weekend after our city was locked down. So is it tough for you at this point to have faith in those residents of south dakota to actually honor these principles that do make sense i think for everyone in the country right now . I think the big difference is that i started talking about this back in january. We set up our Market Analysis<\/a> from our very own Charles Payne<\/a>. He will be calling in in a few minutes. He says this week has been in his words, charles says impressive. Get ready to hear the story of one florida mayor who is donating his entire salary to his residents. He wants to keep his city going. We have more good news in these uncertain times. All of that and a lot more coming up on making money. Cheryl breaking news, the massive 2 trillion dollars coronavirus stimulus package is on its way to the president , after a dramatic debate on the house floor today. Republican congressman Thomas Massey<\/a> of kentucky tried his best to force a roll call vote so that basically his colleagues were on the record with their votes, but it passed in spite of him. Hillary vaughan is joining me from capitol hill with the latest. What a day. What a day, cheryl. This 2 trillion dollars package passed, but not without a few hours of heated debate and also some drama when congressman Thomas Massey<\/a> called for a roll call vote. That vote would not have stopped the bill, but it could have delayed it for several hours, while members would vote one by one. I came here to make sure our republic doesnt die by unanimous consent an empty chamber. Ard roed vote is re a recorded vote is refused. I object on the basis that a quorum is not present. A quorum is present. The motion is adopted. House Speaker Pelosi<\/a> was able to get enough members stuffed in the house gallery and on the house floor in order to reach a quorum essentially meaning there was a majority of members present for the vote. I want to say to our colleagues who are watching these proceedings from their chambe chambers, in the house, to come forward and come to the come to the gallery and listen from here so that when the time comes, we will be prepared to proceed. Mr. Mccarthy and mr. Hoyer had sent a communication to all of you to that effect, but it is very important that you come now. The sooner you come, the shorter my remarks will be. [laughter] the point of the roll call vote was not to delay, but massie says to hold Congress Accountable<\/a> for the massive 2 trillion dollars price tag that he says will just put more debt on americans. That coronavirus package, cheryl, is the third package to leave congress, and they are already Getting Started<\/a> working on what they are calling phase four for even more relief. Cheryl . Cheryl weve before talking about that. We know they are starting to think about. Nancy pelosi is certainly starting to think about that. Thank you very much. Investors have been watching all of this play itself out on capitol hill. Stocks down right now. That despite the house passing the stimulus bill. It is expected to be signed by the president. The u. S. Has passed china in coronavirus cases. The two countrys leaders spoke last night, vowing to Work Together<\/a> to fight the growing pandemic. Lets bring in Fox News Contributor<\/a> liz peek and business distributors vice president. Great to have you here. Hi. Cheryl liz, lets start with this issue of President Trump<\/a> talking to the chinese president. They are saying they basically they have no new cases. I question the economic the data that comes out of china, always seemed a little pie in the sky. Now were supposed to think they dont have any new cases in their country. He told President Trump<\/a> he wants to help us get through our crisis. What do you make of that . As they close their borders to people coming in to china, look, president xi has mishandled this, has lied to his own people and to the world about this virus from early december onward. Theyve lied about the numbers, the approach they have taken. They have basically disappeared to use a word only used in china. Their own journalists who dared to expose the truth on this matter, you know. What can china do for us now . I really wonder. Theres evidence that the test kits they have sent to germany and spain are seriously flawed. I dont think we want that. However, and this is something im writing about today on the hill, china has a lock on an awful lot of antibiotics and commonly used medicines that we need in this country, so it could be that President Trump<\/a> wanted to simply keep the lines of communication open so we have access to a country thats supplying probably half of our pharmaceuticals, something i think we desperately need to change coming out of this crisis. Cheryl especially, heather, as we talk about the antimalaria drug and antibiotics in combination that could be treating these patients. The president has been bullish as well about that. At the same time, you know, i was looking at some analyst commentary this morning and one is underlying all of this, this entire market picture, whether were up, down, bull market, bear market, once we have that virus under control or it peaks or at least starts to subside, then the market comes back. We get our legs back. Do you agree with that statement . Yeah, i do. Look, i think we can see a retest of the lows. I mean, we have had a phenomenal threeday, if you want to call it bear market rally. Essentially over 20 in all indices across the board is just that, but it is within inside the worst month decline that weve had since 2008, so i think this is the volatility in the marketplace, once that subsides, we also as you rightfully pointed out need to see a peak in viruses. We may be weeks if not months away from that. We will have volatility to the upside, but i think we can retest the lows before the summer and hopefully head higher from there. Cheryl liz, we were covering the breaking news with neil cavuto that the house has passed the stimulus bill, on its way to President Trump<\/a> who will sign it immediately. But the wall street Journal Editorial Board<\/a> had a good point this morning i thought. They said Look Congress<\/a> gives workers more to stay at home than some employers will. Their point because of the unemployment and the extra 600, blanket per week number, on top of anybodys unemployment check, no matter where you are or where you get it that will motivate many workers to stay home. They would make more staying home on unemployment than they would if they decided at some point to go back to work. I think that was recognized pretty quickly by people who actually got a chance to read the bill. In any 800 page bill theres going to be a lot of pork and a lot of mistakes. This is a mistake without a doubt. The good news is it is only a fourmonth duration mistake. It expires that particular measure expires after four months. I think the absolute essential thing is to make sure that democrats in congress dont want to extend it even if unemployment continues to climb, which undoubtedly it will from todays levels. But look, we needed to get this bill done. I think its a good thing. Theres lots of positive things to talk about including j powell rightly saying that the Banking System<\/a> and our financial infrastructure is in very good shape. Just this week, something people arent talking about, Investment Grade<\/a> credit, i think there were more issuances than we have seen in many many years. Thats a very good sort of stabilizing note, and also reassuring that theres money out there. It is going to go to people who can manage it and can use it and need it, so its not like were running out of money, and of course the feds Balance Sheet<\/a> is going to help. Cheryl yeah, they have expanded it and they say they will be ready to go at any point, if we need more, we might. Liz, heather, were out of time. Thanks to both of you. Appreciate it. Thanks for having me. Cheryl lets go back to washington, republican congressman chip roy was one of 40 representatives who voted against the relief bill earlier in the month. Now he says he stands behind his colleague congressman Thomas Massie<\/a> who wanted that recorded vote today. As you know massie did not win the fight. He was in texas during todays voice vote. I want to bring in congressman roy. Thank for being here. Hey, cheryl, how are you . Cheryl good. I know theres things you didnt like in this bill and you wanted to see massie succeed. He did not. Your reaction now to what you saw come out of d. C. Let me be clear. I represent a district that has a significant number of Small Businesses<\/a>, entertainment venues, live music capital of the world in austin texas the folks here are hurting. Hotels are hurting. Restaurants are hurting just like they are across the country. It was necessary we pass a relief package. I believe that. I think it was important to get capital into the hands of the Small Businesses<\/a> who are running the nation, backbone of the country. They are hurting because of government action, government asking them to stop doing their livelihood in order to help the public health. I think congressman massie was principled in what he was trying to say we ought to have a quorum in the house when were debating the measures. I didnt support in the end opposition to the bill. I put out public support for the bill despite reservations about some of the spending in there thats extraneous, some things i wouldnt have put in, like 25 million bucks for congress [inaudible], i wouldnt have put in the bill. I think we need to have a discussion that the Congress Continues<\/a> to operate so the American People<\/a> can see us doing our job, what were supposed to do. The second packet, yes i voted g ens the second one. I voted against the second one. I voted for the first one. It had mandates on Small Businesses<\/a> that would have crippled, the second package. I have heard the mandates in place, well intentioned or not, for mandatory leave crippled their businesses and they have laid people off accordingly. Needed to change that vote. Cheryl let me get texas Small Business<\/a> reaction from now on what was passed today, because there is 350 billion dollars in there for Small Business<\/a>. A lot of Business Owners<\/a> are just now figuring out they have to go to the bank, but its a forgiven loan. They have to meet certain requirements, though. Is that frustrating to your constituents out of austin . Are they saying theyre supposed to prove they are paying rent, utilities, keeping employees on the payroll. I would think those would be good things for a Small Business<\/a> owner in texas because they are staying in business. Well, the Small Business<\/a> package was put together heavily by senator rubio from folks in the senate, i supported the majority if not all of that package. In fact we put it in legislation in the house that we wanted to see moved. Small Business Owners<\/a> in texas are concerned about getting capital and they want to have the least constraints put on them as possible in order to deploy that capital to get their business up and running again. Some of the positions that are put in that bill that would require them to maintain employment, those are probably pretty good, but keep in mind, the most important thing we need to do right now is have Business Owners<\/a> be able to stay afloat. They cant even exist i had a Restaurant Owner<\/a> the night before last who said they lost 3 1 2 Million Dollars<\/a> in the last month and laid off 1100 people. Another restaurant laid off 500 the day before. This is a problem cheryl wait, congressman, you are saying they are telling you this was too little too late, at least from what youre talking to down in austin we should have gotten it to them sooner, no doubt. I wish my democratic colleagues hadnt insisted on putting a leftist leaning agenda in front of getting this legislation done a week ago, but it is important that they get the capital in order to stay afloat. But we cant do anything if we dont get our economy restarted. It does no good to give money to businesses, when they have no customers, when they have no ability to borrow money to then execute, carry out their business. We need to get on top of masks ventilators medicines tests and get our economy rolling again. With the appropriate safeguards in place, make sure the American People<\/a> stay safe through the pandemic but we need to make sure our economy stays strong. We can do it. Cheryl im out of time. I wish i had more time. The president is going to be proposing to states governors, counties, maybe start to assess their own individual situations, whether or not they need to be on lockdown. Look, new york is a different story i think than whats happening in texas where im from by the way or in several other states across the country. Congressman, thank you very much for joining us. I know its been a crazy day for you. God bless. Cheryl god bless to you too. We are in selloff mode right now. Were down 640. We will be covering all of this throughout the hour. Coming up at 2 25, the one and the only, the Charles Payne<\/a> of the world im just kidding Charles Payne<\/a> is coming up. Im trying to think of new nicknames for him. He will be joining us to tell us what hes seeing inside of this session. He so far thinks its been a pretty good week. We are up for the week to be clear, folks. Hes coming up. President trump telling governors in a letter and i just talked about this with the congressman, tailor the social distancing guidelines to specific parts of the country. What do you think of that . Were going to be asking south dakota governor who will be joining us. Were going to ask her about what her thoughts are on that letter, and if they might do it. Thats coming up next. Apps are used everywhere. Except work. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time<\/a> they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com did you know Liberty Mutual<\/a> customizes your Car Insurance<\/a> tada so you only pay for what you need . Given my unique lifestyle, thatd be perfect let me grab a pen and some paper. Know what . Im gonna switch now. Just need my desk. My chair. And my phone. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. With Td Ameritrade<\/a> tools, and help from pros. Its almost like youre training me to become an even smarter, stronger investor. Exactly. rocky theme music fiftysix straight, come on thats it, left trade right trade. Come on another trade, i want to see it more 80sstyle training montage . Yeah. Happens all the time. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] cheryl President Trump<\/a> telling the governors that the white house is using coronavirus case data to tailor guidelines to specific parts of the country, while states like new york and california deal with massive case numbers others have less than 50. And may not need government controlled rules to stop the virus. One of those states in south dakota where the governor is telling people to press pause and the governor joins me now. Maam, it is great to have you here. Cheryl, thank you for having me on the show. Cheryl so much to talk about. We did learn that north dakota had its first death today and our condolences to that state. Your state youre also dealing with your first death. Youre still dealing with i guess compared to new york, what were seeing here a small number of cases. Do you lock down the state like weve done here . Do you go county to county . Do you quarantine those that are vulnerable . What is your strategy going to be . Well, we did not close businesses in south dakota. I made the decision through executive order to tell the state to follow cdc guidelines to make sure they were limiting groups to 10 people or less, to follow the hygiene orders that are recommended, but that we were going to give our Business Owners<\/a> an opportunity to be innovative, to serve their customers, keep them safe, and then also take care of their employees and give them the opportunity to earn a wage and put food on the table for their families. Ive been super proud of the people in south dakota. Theyve taken this as a personal responsibility of theirs. Were seeing the results in a low infection rate in our state so far, and i think the key for them has been reminding them consistently that this isnt a sprint. We have to sustain whatever plans i put forward, and we have to do it for many weeks at a time, and the plan ive laid out i believe the people of south dakota can follow. Cheryl let me ask you that, i mean, the social distancing, i mean, ive got to say in new york, it took us a while to kind of get there. And our governor, Governor Cuomo<\/a> basically scolded all of us about that. He said get off the basketball court, kids. That was just happening this past weekend after our city was locked down. So is it tough for you at this point to have faith in those residents of south dakota to actually honor these principles that do make sense i think for everyone in the country right now . I think the big difference is that i started talking about this back in january. We set up our Emergency Operations<\/a> center in february, february 10th to be exact. So the people of south dakota knew what was coming. We were very honest with them, told them how to prepare, and what they needed to do personally to protect themselves and their families. So when it came time to really limit and enact the social distancing policies, they were ready. And we do have more populated areas. We also have some pretty rural areas where it is not that difficult. But in our populated cities, you know, theres always that bad actor or two, but all in all, the people are following through, and making sure they are taking responsibility for their communities. Cheryl do you feel that your medical system is ready, if there is a surge in cases, god forbid in south dakota . Are you confident in the Hospital System<\/a> there . Weve been talking to them for months already too, and what this has done by slowing down our infection rates has allowed them time to prepare. They are in a very good place today. Were talking on a regular basis, almost daily with our department of health and Emergency Operations<\/a> center. They are adding beds and capacity. We will be there and be ready to take care of the people of south dakota. You know, i firmly believe that because we have good partnerships, were having honest communication that this is working well for our people. Cheryl i also have to say i love the fact that you told people, visit with your families, spend time with them and called loved ones. I love that. We all need to do that. Governor, thank you very much for being here. Thank you, appreciate it. Cheryl we have a lot more coming up. At 2 40 we have one florida mayor who is going to share why he is using his 100,000 salary, his whole salary to help pay residents utility bills during the coronavirus. First hes been guiding this wild market ride while hes been under lockdown. Charles payne is telling us what he is seeing as we wrap up the week on fox business. We will be right back. Life isnt a straight line. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. A partner who makes sure every step is clear, we find a way through it. Y, its about taking care of each other. Its the small parts that make a big difference. At chevy, we promise to do ours. Were offering chevy owners complimentary onstar crisis assist services and wifi data. If you need a new chevy, interestfree financing for 84 months with deferred payments for 120 days on many of our most popular models. You may even shop online and take delivery at home. Its just our way of doing our part. Robinwithout the commission fees. So, you can start investing today wherever you are even hanging with your dog. So, what are you waiting for . Download now and get your first stock on us. Robinhood. I waited to get treated. Thought surgery was my only option. But then i found out about nonsurgical treatments. It was a total game changer. Learn more about the condition at factsonhand. Com cheryl stocks are falling after our huge threeday rally, as investors worry about the longterm Economic Impact<\/a> from the coronavirus. Joining me now for his take on todays session, the week, maybe some possible winners after this crisis, making money host Charles Payne<\/a>. Hey, charles. Charles hey, cheryl. You know, i got to tell you something, right at this very second, this very moment, im more impressed with todays session than any session weve had this week. Easily cheryl. We could have had sell on the news. Its a friday going into a weekend. If the dow was off a thousand points, no one would bat an eye. If the dow was off 2,000 points, no one would bat an eye. Think of how many people, how many experts came to the air in the last 24 hours who say we still have to retest the bottom. Honestly, im seeing resolve all week long that i had not anticipated to see today. I think it is encouraging. Cheryl you are following a few specific names. I know you talked about before, but in particular, netflix you mentioned, i thought that was interesting since everybodys home streaming television. Charles everyones at home streaming television, but i got to tell you something, there are four distinct trends that have grown over this crisis that i think will continue. Netflix is an absolute grand slam. One major firm just upped their First Quarter<\/a> estimates on how many new viewers they will have, added almost 3 million to number. Two days ago they got a buy recommendation target and just survey after survey shows that americans and people around the world prefer netflix. They are absolutely crushing it. So listen, you know, this is a stock you can trade all day long, but if you bought and held it, i think you do very very well. Cheryl also interesting how the Drug Companies<\/a> do and the medical Device Companies<\/a> do because i mean, every company i have to say, ceos are not heartless people. These companies arent heartless entities. They are trying to figure out a way to either come up with a vaccine, new ways to make ventilators, ppe equipment or, you know, come up with drugs that can treat this. We have talked about the drug shortage in the past. I would think pharma would be interesting to you in particular. Charles pharma is very interesting. Heres with particularly new drugs, it is tough for my laymen to know what going to win. When i first started in the business, 30 years ago, i got a subscription to the new england journal of medicine, i was going to watch all this stuff and learn it, i couldnt figure out the suffixes, prefixes, it means something, it is a very very tough game to play. Thats why you see some of these stocks go back 20 years and look at the chart. These stocks can go up hundreds and hundreds of percent and then give it all back if they miss on one single drug. I will say to your point though a lot of pressure earlier today with General Motors<\/a> making some tweets and news, if there are Large Companies<\/a> that do this all the time like medtronics, they have 120 billion dollars market cap. General motors has 30 billion dollars market cap. We need to pressure all those companies particularly those that make ventilators to drop Everything Else<\/a> and focus op those things. Other than that, it is a tough game to play because when these Biotech Companies<\/a> miss, they miss big. So its a tough one. Charles cheryl the Editorial Division<\/a> of the wall street journal said basically they are concerned about the stimulus bill, which as we know is on its way to the president s desk right now, as a matter of fact, theyre concerned about the increase in tun Employment Benefit<\/a> in the unEmployment Benefit<\/a>. They are saying the extra 600 a week on top of whatever they are get in that state might encourage low income workers to not work because they are making more money if they stay home. We know that that is still the struggling piece of the u. S. Economy. That was the story before with the low income wage workers. Charles right. Cheryl what do you make of the wall street journals opinion about that . Charles i think they are on point for normal times. Theres no doubt about it. In fact, after the last crisis, the states that took away those benefits saw a tremendous amount of people go back to looking for a job and actually getting a job. Sometimes you have to nudge folks off the sofa, particularly if they make more money staying at home. Unfortunately, under the current circumstances, it is just too tough. You cant try to be too nitpicky with these things in this kind of a crisis, cheryl. You know, we just hope that everyone does the responsible thing, but right now were giving a safety net over the entire country. Some people will say big business is going to take advantage of this. Some people worry about welfare people getting extra welfare check. I think a majority of the americans are saying get it done. We know the flaws that have occurred in the past through stuff like this, but we have never experienced an emergency to this degree. So, you know what . It is an interesting debate to have. I agree with their premise. We have seen it in real life. We saw it after the last crisis, but theres no time right now to argue about that. Cheryl i think also too, you know, if you talk about stimulus, you want it to be temporary and targeted. And i think the fed has done a real good job of that. I mean, they have more power than the stimulus package does especially if these markets can get out of their own way. I mean, if you have got a system thats liquid, if you will, and the volatility the volatility is a little higher today, that fear gauge, but if you can get that volatility down, i think we might get more of a normal process of markets and stability and of course we need the virus to peak, but i mean, im not sure which one is going to come first. Charles well, you know, listen, the fed has its fair share of critics out there saying they have gone too far, that we will rule the day that they unleashed the pandoras box. You will have critics on everything. The idea of providing liquidity, the idea of making sure the world knows that our banks are liquid and safe, the last thing we want to compound on this is a run on the banks. So i think the fed has done a great job, an admirable job particularly after 2019. Were in a precarious place. I think investors know to watch this market very closely. Real quick, i like this idea of the pets, chewy. Com. New york city they ran out of pets. All the pets you could adopt, people staying in place, they want to have their pets. We have our 17yearold puppy with us. Also keep an eye on stocks, miracle growth, couple names there, put it on your watch list, i think when this is over, those stocks will do very well. Cheryl pet stores open in new york city. A friend of mine saying why are the pet stores open . Im like, pet food, just a thought. I mean, we love our pets. I know i do, and i know charles we love them. We went and bought three cases of food for our one pet, and the ladies at the store, they said that there was like a run on the place. It is an essential business and people should keep that in mind. It is essential for a very important reason, to keep us company in these lonely times. Cheryl leaving it on a high note, im glad you like the week you have seen. Thank you very much, sir. See you monday. Charles thank you. Youve done an amazing job, cheryl. Thank you very much. Cheryl charles, thank you very much. So good to see you. We will see you monday. Obviously your viewers will have you back. Charles thanks. Cheryl Charles Payne<\/a>. We have a lot more coming up on charles show. Governor murphy has just addressed the media as the coronavirus cases in his state are gaining. Nearly 2,000 cases in one day. We should say by the way these are live pictures. The criticism of the states response is getting political. The republican running against senator cory booker says that new jersey used to make the worlds medicine supply before outsourcing more than 80 of the industry to china. Now he wants to bring it back. He joins me right now. Good to have you on the program, sir. Hi, cheryl, thanks for having me. Cheryl i like your point that new jersey used to be the epicenter of pharmaceutical production. How are your constituents . How is the state doing in the middle of this crisis . New jersey has a lot of cases right now. We do. I have to commend all of the great Health Professionals<\/a> and front line workers that are out there making new jersey a great place to be through these crisis. I got to tell you, though, you know, we continue to have failure of leadership among our effect willed officials among our elected officials. You wont see cory booker anywhere around while this crisis is going on. I have to commend the healthcare workers that are working tirelessly around the clock. I used to be one of them as a pharmacist working at a hospital so i know how diligent they are this doing their job. They are in doing their job. We are going to get through this. Every time new jersey has a crisis, we get through it. It is a little bit tougher with our failed politicians. Cheryl obviously, new jersey is in crisis. You may in fact be on par with new york in the amount of cases that you have. We have two densely populated states that neighbor each other. At the same time theres a lot of talk about the Hospital System<\/a>s in new jersey. Are they ready in your opinion to handle this crisis, if we indeed get that peak that were talking about which at last estimate was in 21 days . Yeah, well, look, they are getting ready; right . Were going to have an increase in new cases coming up, but you know what . A lot of these cases, you know, might be more cases because more testing is being done. Were not sure what the critical cases are that will influx the hospital. At the end of the day, you need to take good caution, social distance, wash your hands and follow general protocols. Thats how we will get through this. Cheryl there are also a lot of healthcare workers who have fallen ill in new york and new jersey. I know you are running against cory booker in november. What are the things that you think you can beat cory booker on . I mean if you look at his record so far in the senate, besides his failed president ial run, we should say, where do you think that he has come up short for the people in the state of new jersey . Well, first of all, cory booker has missed the most number of votes, 65 out of any senator. Lets talk about that in terms of preparation for coronavirus because thats top of mind. Pharmaceutical sector, 72 of our drugs are now made overseas. When you look at the drugs that could potentially be used to treat coronavirus, hydroxychloroqui hydroxychloroquine, we need to look at where it is being sourced from, not just manufacturing. I know the president has done a good job to make sure that manufacturing comes back, you know. New jersey used to be the top of it. The other thing we need to look out for is where source ingredients are coming from. The source ingredients to make these products all come from overseas. Now if countries start to put export stoppages on new orders, you know, we need to make sure that we dont have a shortage of these drugs. Cory booker is nowhere to be found when it comes to this. Theres no bipartisan effort to make sure we protect our medical innovation system. Cheryl rebuilding the pharmaceutical industry in the state of new jersey, thank you very much for being here. We certainly appreciate it. We want to let our viewers know we did reach out to ricks opponent, senator cory booker, we have not heard back. All right, during this crisis, many people are stepping up to help their communities. Coming up next, one florida mayor explains why he is directing his paycheck to help pay residents utility bills. Cheryl we are down, down but not out. We were down much more earlier. Were off session lows today right now but the dow is down by 561 at the moment. S p down 53. Nasdaq is down by 162. Were heading into that final hour of trading. Weve got one hour twenty minutes to go. Its been a big week of gains. We had three Straight Days<\/a> of very strong gains, huge gains. Im going to say it. Lets bring in chief investment strategist and Wealth Management<\/a> cio and fox business contributor. Hey, guys. How are you doing cheryl . Cheryl scott, lets talk about the markets this week. I mean, three Straight Days<\/a> of gains. Nobody is getting out the confetti and the popcorn, but at the same time, that was one of the better signs that we have seen amid three weeks of extreme volatility and a lot of selloffs for these markets. Yeah, and frankly, cheryl, a lot of these rallies that would happen for a day or so, day and a half, getting sold, and it was encouraging like you said to see about three days of rallies. That was coinciding with a few things we talked about last week with you and rob which was credit markets firming up. Obviously the fed and the administration i think executives on wall street getting their hands around the size of this problem. So yes, encouraging, i believe it is, but the fact that it means were out of the woods yet, im not so sure. Cheryl rob, we just passed the largest economic rescue package in our nations history. The amount of money between the fed and the government and this package the cares act, i mean, were looking at trillions of dollars going into the economy. Is it enough to buffer the pain . Yeah, no, i mean, these are astronomical numbers, under a trillion on feds Balance Sheet<\/a> prior to the crisis in 08, 09, barely wound that back after all the actions we took. These are astronomical numbers. It give mes a lot of confidence that the gives me a lot of confidence that the fed learned their lesson from 08, 09. They are putting fire power in this economy a lot faster. That is necessary. You want to look at the dollar longterm. This is going to be very very hard to unwind. I know scott has been a big proponent of gold. If you dont have any in your portfolio, it is kind of pulled back a little bit here, for some people that might be a pretty decent trade right here. Cheryl it certainly has, scott. You can talk about the issue of gold because i know a lot of our viewers like that because it is a safe haven play, you go for gold and bonds. But at the same time, you know, back to the set for a second here, you know, former fed chief ben bernanke was on television this week and he talked about the fact saying look this is like a snowstorm, it is a virus but like a snowstorm it is instant and fast. As fast as the markets fell, they could come back. Am i being too optimistic . No, it is something to be optimistic about. Staying on that imagery, does the sun come out sooner or later and does the temperature get above 30 p. Above 32 where the ice melts . In chicago we get a snowstorm in january and ice sticks around till april. I think thats the worrying thing of some of the economic effects where we are. I agree with rob, the stimulus is out there. The fed learned their lesson and said we are boeing to do anything we can. We are going to do anything we can. Whats the Multiplier Effect<\/a> . Back in 08 o, 09, for every dollar they put in the system we got 4 of gdp back. Do we get that same Multiplier Effect<\/a> here with some of the stimulus thats out there . To me it looks like a lot of this is going to fill holes in Company Revenue<\/a> projections and Balance Sheet<\/a>s. That may not have the same kind of exponentially growth effects we have seen from previous stimulus packages. Cheryl speaking of the stimulus package our own Edward Lawrence<\/a> reporting that the bill is now physically with senator chuck grassley. He has signed and enrolled it on the senate side and right now they are taking it to the white house. So we will have a bill signed today. Rob, scott, thank you very much for being here. Thanks. Cheryl making money will be right back. music is faced with adversity, we find a way to get through it. Its not about taking care of ourselves, but taking care of each other. Checking on our neighbors. Lending a hand where we can. And just being there. Its the sum of the small parts that make a big difference. To help you get through this, we promise to do ours. Were offering chevy owners complimentary onstar crisis assist services and wifi data to help keep you connected to the things that matter most. And, if you need help with your current vehicle account, were here. For those who need a new chevy, interestfree financing for an unprecedented 84 months, with deferred Monthly Payments<\/a> for 120 days on many of our most popular models. You may even have the option to shop online from your local dealer. And take delivery at home. Its just our way of doing our part. Thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Cheryl heres a story im really excited. The mayor of pensacola florida is donating his salary each month to his city and the residents there that are struggling to pay their bills. Grover robinson is giving his salary to Pensacola Energy<\/a> and the city sanitation services. Mayor robinson is joining me now. Hi, mayor. Hi, glad to be on here. Thank you very much. Cheryl i think i should say thank you, sir. I mean, we added it up, it looks like you make about 100 k a year, and youre going to give it all away. What motivated you to do this . Im assuming that you care about your folks. Well, i deeply care about this community. Ive been from here. My family has been here. This is a navy town, but were also a tourism town. When we took the social distancing measures that we implemented, it was going to cost a lot of people in our community their jobs. I thought about what can you tell, what can you say to them to try to get them to overcome their fear . I said you are going to have to show them. So again, i thought what better way to do that than to say im in the same boat with many of our citizens here. Im not afraid of it. Were going to find away to get through it, the containment period and then we will be ready to move forward in recovery. Im as interested as anybody in getting back to recovery. Cheryl why did you pick the Sanitation Department<\/a> and Pensacola Energy<\/a> . We have a the number of people out of work and cant afford to pay either their gas bills or sanitation bills. For me it seemed like a natural thing for us to continue to support our workers here in the city of pensacola and continue to support them, support those calls that are essential to every citizen. Make sure they have sanitation, garbage pick up as well as their natural gas. Cheryl how prepared are you if the cases spike in our area . In your area . We know miami has kind of become a mini hot spot. Respirators, face masks, do you have that equipment . We have three great Hospital System<\/a>s in this community that are working together. Im taking my advice from working with them. At this particular moment, nonessential surgeries, Everything Else<\/a>, they feel like they have built some capacity in there. We are not seeing at this particular time. We have about 20 cases. About 1800 tests. About 1200 of those still have not come in. Were checking. Were seeing what we can do, but we know that social distancing is working. Our challenge is obviously looking to recovery and how long well hopefully get back up where were a tourism market. We depend on people coming here, but you cant advertise for people to come somewhere if you have contamination. Cheryl yeah. Were very focused on getting this containment done, and then were going to come out of this with recovery. Cheryl what about crowd control . You have Pensacola Beach<\/a> right there. Are your residents or some tourists that might be there, are they honoring the social distancing . Everyone has been. Weve been working with the county. Again, if i could turn this around, you would see an incredible view of pensacola bay. We had the blue angels flying by a little while ago. It is beautiful here, but that is the challenge. So the beach at this particular time is closed. Were working with the county officials, but again, we have kept our parks open. We do believe that getting out and having exercise in small groups, less than 10, is incredibly important. We dont want our citizens were very worried about them feeling contained and too cooped up, too much stress, so we do believe in getting out, being a part of the great weather thats here. The people come to florida to live in. All of thats great. But we want you to do it and do it in a responsible way. From the citizens of pensacola, thats the way they have been behaving. Cheryl i tell you what, mayor, if you are going to have to kind of lay low or be quarantined, a beach is not a bad place to do it right now. Mayor robinson, again, thank you for what you are doing for your residents. Very generous of you. Thank you for what you are doing. We certainly appreciate our local fox networks here. Thank you for what you are doing keeping people informed. Cheryl that means a lot. We are here for you guys. Thank you very much, sir. The mayor of pensacola, florida, giving up his whole salary for his people. Big banks, folks, they are giving homeowners a break during the crisis. Were going to explain how you can get the relief from your bank. Thats coming up next. You cant predict the market, but through good times and bad at t. Rowe price weve helped our investors stay confident for over 80 years. Call us or your advisor. T. Rowe price. Invest with confidence. Can we go get some ice cream . Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . Do you have any lollipops in there . laughing no, sorry. Were helping all kinds of businesses go beyond customer expectations. How can we help you . Why do things that are supposed to make life easier sometimes feel so complicated . Ibm watson is different. Its ai that works on any cloud to help your business tackle problems. From building smarter cars to predicting sales trends to improving Customer Service<\/a>. Without slowing you down. Edward jones is itswell aware of that. Et. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. Cheryl big banks are giving homeowners a break during the pandemic but if you dont act you might miss out. Ashley webster is here to explain. Ashley yeah, look, at times like this with millions of people losing their jobs, one of the most stressful aspects of this of course is not being able to pay your bills. The biggest bill of all often is your mortgage. But the big banks are offering some reassurances. In fact, bank of america says it has received already 150,000 requests to defer payments and they will help. You know, youve got citi, Jpmorgan Chase<\/a>, u. S. Bank, wells fargo, bank of america, just to name a few that say they will allow you to suspend mortgage payments for 90 days. You must enroll, though, in an assistance program. There will be no late fees and your accounts will not be reported as delinquent which is very important. So we reached out to some banks and heres what some of them told us. Jpmorgan chase, if you have a mortgage with chase, they say, and have been impacted, help is available. Our Customer Service<\/a> specialists have already helped thousands of customers across the country by deferring payments. Wells fargo, spoke to them. They said we encourage customers to continue making their payments if they can, but we are granting an immediate 90day payment suspension for any wells fargo home Lending Mortgage<\/a> or home equity customers who request assistance. Bank of america deferring payments for clients on a monthly basis until the crisis is over and at this point, the timing could be up to 90 days or longer. You know what, cheryl, we got back to Jpmorgan Chase<\/a> and what they said was they just need to reach out. That is so critical. Dont think its automatically going to be deferred. You have to make contact with the bank, explain your situation, probably present some documents, fill out some forms, but then you get some breathing room. Now, these deferred payments go back to the loan and you will have to pay them later, but breathing room is very important right now. Cheryl ashley webster, thank you so much. Thats it for making money. The claman countdown starts right now. Cheryl im Cheryl Casone<\/a> in for liz claman. Liz is working from home under selfquarantine. She is going to join us in just a minute. Markets are selling off, one day after the dow made a successful exit from the bear market in record time, but investors hitting the sell button after the greatest threeday rally in almost 90 years. We closed that one out yesterday on the claman countdown. Now we are looking at some red arrows but remember, we are up about 14 for the week. Take a look at those numbers. 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