Talkers. What are we supposed to understand about this new National Security law . If you come to hong kong, they can arrest you. If you go to china, they can arrest you. And this is setting a great caution on people who do business this china to be very careful what they say. They are taking advantage of some of our programs and sending military officials in. They also use americas own universities, our most advanced laboratories against us by infiltrating plaaligned scholars maria i felt that it was real and there was sincerity because you had real people out there. Well, i think that this week is about truth. I think this week is about facts. What we saw last week is the sky is falling, the world is coming to an end, and this week is a reminder of all of the things President Trump has done. Maria how will the gop resonate with a Broader Group of people . We look forward, we dont look backwards. If you look at the democratic convention, it was people who have been there for more than 40 years. Their own nominee has been in washington for 47 years. Maria what do you make of Jerry Seinfeld pushing back at you . The city is going in the direction of bankruptcy. They already announced that on august 31st theyre going to send out 22,000 pink slips for critical workers. Maria meanwhile, this past week the Federal Reserve announced a policy shift that will allow inflation to run higher to support the economy and the jobs market. Powells call for, quote with robust updatings will let it run higher than the usual inflation goal of 2 that the Federal Reserve has. Alan patricof has launched a new project, the fund is called prime Time Partners and focuses on investing in products that cater to an aging population. Earlier i spoke with alan about that. Well, prime Time Partners is something that, you know, i can see because we both is have kind of met it, on the board of Arianna Huffingtons company which is all about wellness. We kept in contact, and we kind of both arrived at the same idea that we recognize that the Fastest Growing part of the economy in the next 20 years is going to be the over 60 market. And people dont realize it. All that we talk about is the millennial and coming out with products for the millennial. Here we have a fastgrowing part of the population that represents 6070 of the buying power in the country, the baby boomers who are now over 60, and yet only 510 of the marketing dollars is spent to attract that audience. Its just crazy, and theres no venture firm thats looking at that area really as a serious endeavor. We got this idea and we kind of came to it together similarly, and we kind of had a third partner which is a Strategic Partner only which is well tower which owns the largest number of Senior Living facilities and is a great test bed for new concepts purely. They have no economic interest in the fund specifically. But they, together we kind of are looking at all the new products, services, technologies that are dealing with the aging or, as i like to say, the ageless population because like a lot of people, were all living longer. I mean, you know, the age a expectation maria yeah. When youre born is 100. Its not, you know, 70, 80 or 90. So if youre living longer, youre going to be spending that money, working longer. Maria alan, let me is ask you about policy and politics. Were just coming off of the convention season. We had the dnc, the rnc. What did you hear at the dnc that resonated with you . Youve been a donor to the democrat party. Do you believe that the policies that youre hearing coming out of the biden harris ticket will move the needle on Economic Growth . Well, i think joe performed brilliantly. Ive never heard him sounding better and stronger, forceful. He made it very clear hes all about getting jobs, getting people back to work and coming up with a plan, a Strategic Plan when elected of dealing with the covid crisis. And, frankly, i hope its moderated by that time. But nevertheless, he wants to deal with that. But i think the focus is on infrastructure, the focus is on greening of america, the focus is on income equality. Ive said this before, while i may be in the top 1 , i like Mike Bloomberg expressed on television the other night feel that weve got to, we cant ignore the problems of people at the lower part of the income spectrum. Maria meanwhile, in the face of it all, the market keeps hitting alltime highs. Your thoughts on the economy and markets today, alan, the public markets. You are a venture capitalist and have your allocations in different places, but youre seeing these record highs over and over again and an economy that is expected to see growth in the second half of the year. Do you expect growth after that contraction in the Second Quarter . Well, its probably inconsistent to, what im going to say, but i cant understand the market today. You know, ive been in the market for a very long time. When you have so much uncertainty, when you have so many surprises, things like the president coming out about goodyear and now wanting a share of the tiktok deal, i mean, those are the kinds of things that normally would upset the market, yet in the face of that tesla goes to new highs, apple goes to new highs, all the Tech Companies go to new highs. Maria thats true. [laughter] my sense is that the market is more on the overpriced side than the underpriced side. I think theres a lot of money sitting in peoples pockets, and they just, you know, every day they read about amazon and tesla and apple and netflix, and they want to get a piece of america, and they want theyll buy it at any price. Its maria apples incredible. I mean, look at where apple is. You saw apple when it was just a young company, and you knew this was going to take off. What did you, what did you buy apple at . I mean, look at where the stock is today maria, i will tell you, i will tell you ill tell you the honest, because ive looked at it [laughter] we invested, im telling you the truth, in 1979 before it was public, this goes back now long time, we invested 300,000. And, remember, this was an early stage, young company. And it was the second year of its business, i think. Maria yeah. I have just and we distributed the stock after it went public to our investors. So i have no idea. Im sure, unless by accident someone still holds it, but i have havent gone to the effort several times i have gone to the effort several times in the last year. As of last week that 300,000 would be worth 4. 5 billion. So thats the benefit maria wow dont go anywhere, don peebles is joining us next to talk about the rnc and the state of commercial real estate today. Thats next. Geicos been helping people save money for over 75 years. Theyve really stood the test of time. Much like these majestic rocky mountains. Which must be named after the. That would be rocky the flying squirrel, mr. Gecko sir. Obviously ahh come on bullwinkle, theyre named after. Our first president george rockington that doesnt even make any sense. Mr. Uhh. Winkle. Geico. Over 75 years of savings and service. Maria welcome back. Commercial real estate in focus, businesses have been shutting doors for good, and retail rents are dropping nationwide due to the shutdown. What can be done the save the sector, and what will it look like postpandemic. Joining me right now to discuss this is Real Estate Developer Peebles Corporation chairman and ceo don peebles. Don, its always great to see you. Thanks for being here this weekend. Thank you for having me. Maria so i know transaction volume is down better than 60 , almost 70 , and we are seeing anecdotally people not wanting to go back to big cities. What are you seeing in terms of commercial real estate . Are people wanting to renegotiate . Are they wanting less space . How do you see it . I think theres a lot of, a lot of things happening. Retail had been struggling before the pandemic, and now its decimated. Many retailers, more than a quarter of them, are never coming back. The others are going to have severe financial problems, so theyre all beginning to renegotiate restructuring of their leases and so forth. The Office Sector was kind of transitioning, and it was soft, and the pandemic accelerated that. I dont think people are going to go back to work in terms of large offices until the Second Quarter of next year, if that. And so, ultimately, theyre going to need to look at restructuring and renegotiating as well. Hotels are in big, big trouble. Travel is down significantly, occupancy rates are well below 50 . Those hotels cannot continue to survive, and when that comes back, its going to look very different. Obviously, significant stress in the hotel sector. The bright spot of the marketplace is on the housing sector. Now, condos and other multifamily type of projects in cities like new york city are in big trouble as well. The condo sales market in new york city is down significantly. Some new developments are cutting prices by as much as 50 . But singlefamily homes in the suburban areas connecticut, westchester, long island in the new york area do real well. And south florida, of course, is on fire. Maria well, you said so many things that i want to really dive into, don. First off, lets talk hotels and restaurant9. You said the Hotel Industry is in trouble. How is this going to play out . I also spoke with Ray Washburne this week on mornings with maria who was saying with the ppp Program Expiring at the end of july, the stress on the independents Restaurant Industry is really intensifying right now, and he expects 50 of independent restaurants will close in the next 90 days. Is so walk us through how things will look different for hotels and restaurants, don. I think on the restaurant side the federal governments going to have to do something to step in and also these cities are going to have to make some tough decision. New york city still precludes interior dining at any level. And places like outside of the city they are having interior dining. I think without that, these restaurants are not going to be able to survive. And the federal government is going to have to provide additional relief or youll see massive job loss. Youre already seeing massive job cuts in the hospitality sectors and hotels like the marriott in washington, d. C. Which had over 1500 employees, closed down permanently. Youre going to see much more of that. And i dont think many of these hotels will not reopen. The nature of the business has changed as well. Group travel, Corporate Travel is going to be down significantly because everybodys getting more familiar with technology, and its actually more efficient and equally as productive in many instances. I think were going the see significant foreclosures in the hospitality industry. Pretty soon, by the way. Maria unbelievable. Youre right, people are rah realizing they can be much more productive, and its actually working from home. This whole situation of deferring rent to 2021 is also an issue, and the fact that that ppp program treated taxable income, and the ppp was treated as taxable income, thats also a Major Pressure for these restaurants. So do you think were just going to have fewer restaurants, fewer hotels, a lot of consolidation . Maybe well see mergers. Youll see mergers in the hotel sector, youll see significant reductions, and then those buildings will ultimately get repurposed for other purposes, maybe residential, creative office. Maria don, i want to take a short break, get your take on that and also this flight out of hightax, highcrime cities as people go to florida. Youve got a good handle on that as well. Talking with don peebles this weekend, and well be right back with more. Stay with us. As a caricature artist, i appreciate what makes each person unique. Thats why i like liberty mutual. 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I think for the last several years new yorkers have been talking about how quality of life has diminished, the city has gotten dirtier, and it feels less safe. Covid got people out of the city, got them to rethink, and also these protests with the Violence Associated with them, i mean, protests, people are very good can these protesters have legitimate arguments to protest about. But the Violence Associated with them is making people unsafe. Plus youre seeing shootings and murders continue to increase in new york and other cities. And i think thats pushing people out. Maria unbelievable. Hows this going to play out . I mean, when i had mayor de blasio on sunday morning futures a couple months ago, he said theyve got a hole to fill of 7. 5 billion. They want the government to give them aid. Were with obviously seeing budget shortfalls, don. What does this mean on a practical level . Are you going to see less attention, less money for social services . How does the city change as a result of the financial strain that is coming on top of all of of the things you mentioned . I believe the budget since he was on your show has gone into a deficit of 9 billion. So the hole just keeps getting deep or. I think that new york city and municipal governments around the country have to reexamine what their role is. Historically their role should have been to provide police service, fire service, protection, pick up the garbage and maintain the streets and the like and provide a Decent School system for our kids. That role has expanded into social services, redistributing wealth and so many other things, and i think theyre going to have to shift that. New york is going to have to cut. New york city, for example, is going to have to cut 21,000 workers at the end of this month, and the question is where will they come from . And these consistents will create cuts will create further distress in the city like new york, and that will mean reduction in service. So its a vicious cycle. I dont think the federal governments going to bail them out in the next few days, so theyve got some really tough choices to make. New york city and other major cities around the country realize theyve got to compete for residents and compete for businesses, theyre going to continue, you know, significant struggles until they realize that. Maria meanwhile, it feels like de blasio is pushing out all wealth. He goes and puts homeless shelters right near the most expensive highrise buildings and tells the community, oh, well, well all live together. Thats not what rich people are doing, theyre taking their money and leafing, going to places like florida and texas. Youve got great developments in florida. Are you seeing that on the ground . Are you seeing increases in the populations in florida as a result of what youre seeing in places like new york . Absolutely. You know, of course, florida usurped new york as being the Third Largest state in the country a few years ago, and that was because of flight from the northeast, from new york city down to florida. Whats happening now is, for example, south florida, miami in particular, had its best month for condos. Condos are soft all around the country. But thats because the inventorys getting absorbed because people want to leave. Maria meanwhile, the rnc this week in their convention tried to suggest a bigger tent than people knew about in the republican party. They are reaching out to africanamericans, theyre reaching out to gays and lesbians, theyre reaching out to women. You were in Democratic Politics as a former member of president obamas finance committee. Do you think that the president s message is resonating with the Africanamerican Community . Hows the support in the black community for trump . I think that the challenge the president has is to get black voters to pause and listen to him and look at his record. The media, the Mainstream Media has assaulted him and been on attack for the last fourplus years. But if you look at his policies, i think that they deserve a closer look. Support for historically black colleges, criminal justice reform, reforming the severe criminal justice impact that was created by the 1994 crime bill that Vice President biden actually introduced in the u. S. Senate years ago. And i think that thats the challenge. I also take issue with anyone saying that because of the color of my skin, it determines how i vote. I mean, i dont think that biden would have said if you are white and you cant make up your mind to vote democrat, youre not white. I mean, i think that that kind of a racial policy and racial politics has no place in this country. If we want to get to a society where we are all equal, then we have to treat each other equally. Democrats compete for our vote, for black peoples vote, for business peoples vote, they have to compete based on policy. Maria really important interview. Don, thank you. Don peebles. Thank you. Maria dont go anywhere, more wall street right after this. Looks like they picked the wrong getaway driver. Theyre going to be paying for this for a long time. They will, but with accident forgiveness allstate wont raise your rates just because of an accident, even if its your fault. Cut sonny. Was that good . Line the desert never lies. Isnt that what i said . No you were talking about allstate and insurance. I just. When i. Lets try again. Everybody back to one. Accident forgiveness from allstate. Click or call for a quote today. i need it so bad dont call it a hobby. Its way more than just a job. This is how we live every single day. Can we go and play . roaring of engines i needed to try needed to fall i needed your love im burning away i need never get old maria welcome back. Coming up next weekend on the program, dont miss it friday nights, 9 p. M. Eastern. Ill talk with the ceo of blue apron and the founder of khan academies, saul khan, my special guest, to talk about the new model of covid19. Ill see you sunday morning on the Fox News Channel for sunday morning futures, my guest, louisiana senator john kennedy and acting director of National Intelligence ric grenell along with candidate in baltimore, kim klacik, my special guest. Catch the show live, 10 a. M. Eastern over on fox news. Plus start smart every weekday right here on fox business, tune in on weekdays from 69 a. M. Eastern for mornings with maria on fox business. We hope you will start your weekday with us. Thatll do it, thank you so much for joining me this weekend with. Have a greathe weekend, everyone, see you again next time. Gerry welcome to the wall street journal at large. Republicans made their case for the reelection of donald trump this week, but its just possible that events elsewhere may have as big an impact on novembers election. The shooting on sunday night of jacob blake by a Police Officer while he appeared to be resisting arrest started off another round of protests in cities around america resulting in the death of two the testers shot protesters shot by a 17yearold. Mr. Trump and the republicans at
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