Woke hypocrisy . That and much more on making money. Charles all right, folks here is what i think are three main reasons for todays steep sell i dont have. Stocks got too expensive, short term, bottom line. Last week we saw the stock market put it in the best 50day rally in it history. Guess what . It only got stronger. It got parabolic. That is chance that weve seen best 60 days ever and pullback was way overdue. Second, the Federal Reserve refused to lay out concrete ideas how they provide extra hope to prolong the recovery. Wall street wanted more about bending that yield curve. Third, investors are waiting to see how much cash begins to circulate in it economy. I want to bring in two of my favorites, wallser, rebecca wallser and keith fitzgerald, principle his group. Keith, before you start, from march 23rd to the peak this week, s p was up 45 , dow up 47 and nasdaq up 46 . I like to remind people occasionally markets go down. Thats the thing. They stink. Theyre uncomfortable. Its scary but theyre absolutely normal, the markets are more disciplined over time, not at moments in time which is what we have today. Charles rebecca, your thoughts . Yeah. I totally agree, charles. I think the Federal Reserve was aggressive and acted very strong at first. Investors maybe got a little bit irrational exuberance, we started reopening things are going to be fine. We overbought really fast. We got a little too high and pricey. Pullback because of various factors i think. Charles rebecca, you mentioned the Federal Reserve. I listened to a lot of commentators. I didnt agree with anyone of them. I think jay powell gave wall street what they wanted, more clarity. With respect to negative Interest Rates or capping yield curves. Wall street, they wanted more. Lets face it, they like that fed medicine, and you pointed out, jay powell was extremely decisive. He did not wait. Now it feels like he kind of spiked the ball yesterday and is willing to wait despite their own dire economic forecasts . Right. Charles, but we cant have the fed spending 2 trillion in a couple months every time we have problem. He needed to set expectations. Not allow people to think the fed would totally be there at any sign of a second wave or anything. I actually am glad that he was, i agree with you. I think he gave them what we should have gotten and the market overreacting a little bit this morning, is because of the fact they will not have a sugar high from the fed anytime soon. Theyre starting to have a stomach ache. Charles so, keith, if the fed is not keep feeding us that sugar, where do we get the next catalyst . How much danger is this monster rally in . Well, i tell you what, frankly i dont think it is in a lot of danger because the computers are driving it. It is all about psychology. As soon as the narrative shifts back to the upside, it is going like a rocket again. As an investor that is actually part of the process, something im looking forward to. What people dont really like about days like this, charles, they dont know what to do, how to handle it. Theyre caught unprepared. If youre a savvy investor, invested in the best companies you take days like this in stride. Charles rebecca, to that point, i think also not just people, but the financial media, i know the narrative all day was covid cases were spiking. I put together a lot of work. I didnt get a chance to triple check it. But offthecuff, the last sucks days that we saw spike greater than yesterdays spike, everyone much those days, the next day the market was up. So, i think thats a disingenuous, 20 states see covid19 up. Well that means 30 see it down. But were always grappling for a reason when sometimes it is just, what it its, no . Yeah. Charles, exactly. Youre 100 right. I want to urge caution here before we start panic about a second wave. Were also doing a lot more testing. So i dont see that there is any frame of reference, when we talk about these spikes, where is the frame of reference . Were doing 50 more testing, 25 more testing. We expect more tests results to show positive when youre testing more people and a virus spread across the globe. So lets get some point of reference. Calm down, take a breath. Everyone just, i will not see, i do not see, i will go on record, i do not see a fall wave that is a panic that will happen. I dont see it and markets will not see it either. Charles keith, youre talking about owning good stocks, these days how do people know . Listen, because good stocks can be overbought and bad stocks can be oversold. We saw a lot of companies that saw one hundred rebound, yet, whether cruise lines or airlines, some people thought maybe it was just too much too soon . Well, you know, a lot of people think las vegas is too much too soon. I dont mean the reopening. I mean gambling in general. So, to me this is a very simple process. You dont change behavior sim by because the market surgeons on you. If you have Quality Companies with a clear path to profit, the management savvy and mentality needed to implement it, you know what . Those are the kind of companies you want to prioritize. Days like today when they get put down on sale, that is when you make your move. In five years you will be kicking yourself in the you know what if you dont own them. Charles you might be kicking yourself in five days. Thats right. Rebecca, looking not necessarily buying but refining your buy list right now . I think its a great time. I totally agree it is a great time to say, hey, i missed out on the last dip of this stock. Say apple. It was 253. I missed out on that opportunity. Let me jump back in and these are discounted prices. I totally agree. Buy back in when the market is low. Enjoy this, enjoy it. Charles investors always say that to themselves. If i ever get a chance, on day like today, im too scared. Dont be afraid folks. You have rebeck canned a keith guiding you. Both of you fantastic. See you real soon. Thanks, charles. Charles i want to bring in one of my favorites, if not my favorite economist, brian wesbury, First Trust Advisors chief economist. Brian, despite bounce of unemployment and there are 20 million americans not getting hours they want. Heard secretary steve mnuchin. He keeps saying he wants to focus on domestic industries. Those stocks are bouncing around like crazy, hotels, travel, airlines, entertainment and i know President Trump talked about somehow getting a staycation, tax break credits. Is that one idea to go, to sort of reinvigorate the heartland of america itself . Well, you know, charles, in the middle of this, it is all about reopening. If we, if we only let restaurants open with 25 or 50 or, you have to sit six feet apart at the blackjack table, or only stay in every other hotel room it will be really hard to get this economy back. There is no amount of money, there is no amount of fed Interest Rate cuts or that will fix that we have to open it up. Having said that, if we want a robust recovery thats more than just reopening, we should look at tax cuts, because thats the way you get capital attracted to investments. There are Small Businesses and restaurants that wont reopen. So how do you generate the enuse a from investors to reopen things that have closed . Give them tax breaks. So i sure hope that we look at that in this, you know, number four stimulus or whatever we want to call it. Charles the cares act four i think. What about the tax breaks, slash credits to the individual who takes vacation at six flags in america . If we can actually give tax credits into the business community, i think they can end up not having to raise their prices. You know, im really charles okay. We have never done anything like this. If you can only have 50 occupancy in your restaurant, what are you going to do with your prices . How do you make a profit in that kind of world . So, yeah, you know, look, im for payroll tax cuts. Im for individual income tax cuts. Im for more Corporate Tax cuts. Im for capital gains. I have never seen a tax cut i dont like and especially from this when we have to climb out of such a deep hole. Charles right. You talked about pouring all of this money into the economy, you know i said for a long time americans came out of that great recession, their spending habits have never been the same. They have been shellshocked. The result of plugging of circulation of money. I think it is crushing main street. Think about this, americans, savings rate 33 , 6 trillion. Some comes back into the economy as these States Reopen but whats the trick to get what they call the velocity of money which has not come back since the last recession. Right. Charles when i buy something, i take the money across the street and they buy something with the. Is it part and parcel of us being afraid, scared or is this the internet age where we dont spend money on main street, we send it into the ether. We do a lot of that, charles. This is fascinating to look at Monetary Policy these days, after the great recession, from 2008 to 2015 when we did quantitative easing, youre absolutely right. That money did not go into the economy. It went into the excess reserves in the banking system. Today, this is fascinating to me, because in the last three months the money supply, m2, all deposits and all the transactions happening, it is up 86 , 86 at an annualized rate. I have never seen a money number like that in my whole career. Charles wow. So i, i think this money at this time is getting into the economy. Now im not going to say it is going to cause hyperinflation because there is too many forces supply and demand going back and forth. Charles sure. But when you have that kind of money, it eventually boosts Economic Growth and inflation. However, if you dont let the economy open up, it is just, it just gets stuck in the system. Youre absolutely right. It is all charles a moot point. It doesnt increase, yeah. Right. I got to tell you, its a shocking chart to watch and look at. We need to get that money circulating so that we all have a chance at greater prosperity. Brian, thank you very much for walking us through that we really appreciate it. Thanks, charles. Charles sure you heard the news by now, nascar banning the Confederate Flag from its races as we hear about President Trumps plan to address racial inequality. President s attorney, jenna ellis will be with us next. I told you on tuesday, that slew of Companies Follow ibm on facial recognition. It is happening. Amazon, microsoft, making announcements. Coming up at 2 20 why i think this is another example of silicon convalleys hypocrisy. 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And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Charles protests for black equality is shifting to cleansing america of confederate history. Statues honoring confederate leaders are being ripped down nationwide. Meanwhile nascar banning flags, the Confederate Flag from all forms of racing. It feels like this among part of the growing support to help end racism in this country, but is their argument for the need to remember history as well . Joining me to discuss attorney for President Trump jenna ellis. I mean, jenna, were seeing it, some incredible images out there from these statues being toppled. Then of course the nascar announcement which might have been unthinkable two or three years ago. You know, this isnt a new conversation, charles and yet the left is pretending that it is. The left is trying to erase American History where conservatives want to remember and learn from our past. So the left is pretending we have never grown from our mistakes while President Trump and conservatives recognize while america doesnt have a perfect past, we out of every nation in World History have the best opportunity for a perfect future because our Founding Fathers recognized that our rights come from god, our creator and they provided a system of government within our u. S. Constitution that allows us to create a more Perfect Union and weve done that through the reconstruction era, that codified and recognized rights for black americans not to be enslaved, protected the vote and made sure for equal protection. I would add, charles, it wasnt until 50 years later we amended our constitution to provide that same equality and protection for women. Im greatful for the 19th amendment, right . As a woman, i recognize and champion that history and i want to move forward. Im so grateful to serve a president who recognizes my accomplishments and recognizes accomplishments of all americans regardless of our immutable characteristics that we are all together as americans and he is truly a president for all americans. Charles right. We need to move forward, rather than erase our past. Charles you know, i think some people believe that is part of moving forward. Certainly ripping them down without public forum, and those kind of things is not how we typically do things in this country. But having said that, we know President Trump is expected to address Police Reform and racism. He is meeting with black faith leaders and Small Businesses and as well as Law Enforcement in dallas in just about an hour. We know about the First Step Act which has been phenomenal, certainly underreported in the media where a lot of black folks who have gotten out of jail, given a Second Chance at life doing extraordinarily well. Any other ideas or thoughts where President Trump might be ready to do in terms of really even doing more . Well you know the white house is going to release hopefully in the next coming days those measures that they have been working on very hard and i know that President Trump is very concerned about this. He has had Kayleigh Mcenany talked about that yesterday. He definitely has been focused on this the last 10 days. I think well see that coming out of the white house very soon. Also, he is always a president , if we look back over his presidency and his administration, he has a wonderful, unique ability to bring together americans in unity. I think were going to see that especially with the Campaign Rallies starting and how he is truly the president for all americans and providing that opportunity and that American Dream to give power back to the people, to give more freedom and liberty. Charles right. And were going to see i think that unifying message that only President Trump can deliver. Charles right now the country needs it more than it has in a long time. To your point, you know, saving hb, saving historically black colleges, the First Step Act, just the overall economy, those all helped. I think he has got an amazing opportunity to do even more. So im looking forward to it. Thank you, so much, jenna, i always appreciate having you on. Thank you, too, so much, charles. Charles okay. Folks, amazon theyre getting out of the facial recognition business at least when it comes to police, proving that Silicon Valley is the quick to be arbiters of truth but not always living by their own example. Epidemiologists are sharing when they expect to fly, go to concerts, hug someone else without fear. Tell me what activity can you not wait to do . I want to hug my grandkids. Tweet me cvpayne. Well be right back. Charles deeds versus action. Apple announcing today that theyre donating a billion dollars to racial equality and justice initiative. Microsoft though also joining ibm and amazon not selling police facialrecognition technology. They say in order to make sure that it is not used irresponsibly. Now, all just part and parcel of the last two weeks seen Corporate America go on combination of charmed offensive and apology tour. Initially financial pledges were so small many said it was actually an example of real csuite indifference. Adidas was immediately taken to the woodshed offering 20 million four years to the black community. So in 24 hours management upped it to 120 million. The response of Silicon Valley is most pitiful. The Richest Companies in the world began posting diversity employment stats in 2014. They said they wanted to held accountable well their hiring of black workers and lack of upward mobility. It hasnt changed. It has gotten worse. The worse response probably in the last couple of days to all the initiatives to donate money come from one of my business heroes. Marc andreessen, you remember he developed mosaic, he founded netscape. He went on to become one of the biggest Venture Capitalists in the entire world. His firm pled