Selloff, but stocks will open lower this morning. Disappointing housing numbers really not helping, the dows looking for a loss of 370 points. Thats quite a drop right there. S p down 58, nasdaq down 288. A lot of red ink on the lefthand side of the screen. By the way, 860,000 jobless claims this week, thats the lowest number since march the 14th. All right, there is a mask and vaccine fought. President trump saws well have 100,000 next doses. That will be super fast. The cdc says, hold on, youll have to wait until the middle of next year, and joe biden says he doesnt trust trump, he trusts science. College sports, yeah, making a comeback. Ncaa basketball returns in november, big ten football in october. And sally, ouch. That storm has dumped more than a foot of run in some pluses and, get this, a storm named teddy is forming. Could go up the eastern seaboard. Big show, of course. Aoc wants even more implements for the social u. S. Es. Fomo, fear of mussing out missing out, have Retail Investors got a bad case . Were going to cover it all. Very gnu and company is about Varney Company is about to gun. Stuart all right. Better take another look at those futures because its not a pretty picture. Were down 370 for the dow, 295 on the nasdaq. Looks like big tech is taking it on the chin all over again. Brian wesbury joins us, heist an economist hes an economist, for heaven sake. Housing starts, not great. The markets heading south. Is the recovery slowing down . Well, technically, it is, because we bounced we were at such a low, stuart, that we had to come back and make up for lost ground. So we should expect some of this data to be a little slower in the next couple of months, but that does not mean that the recovery is over. All right . So were going to grow 2530 in the Third Quarter, and then were going to probably grow another 5 in the Fourth Quarter and probably 5 next year, and so, yes, little slower than the Third Quarter, but still a growth trajectory. So i just this is just a correction. Stuart isnt the problem here, one of the big problems for the overall economy, the fact that the big population states and im thinking new york, new york city, new jersey, california, illinois yep. Stuart theyve not fully opened up. Theyre not even close finish. Right. Stuart and that surely affects the economy overall. Oh, stuart, ive done the math on this. We have just california and new york combined, because of those two states not opening up, we have 1. 3 Million People unemployed that wouldnt be if they followed the national average. In other words, the Unemployment Rate would be a full percent lower if california and new york werent still shut down. So this is all a shutdown story. And as we gun to open up, so the good news is you saw it in your opening said it in your opening, the big ten is i playing football. Thats they didnt want, kevin warren, the commissioner of the bug ten, dud not want to play football. But when the acc and notre dame play, they were forced to go that way. So my belief is that Competition Among people, among schools and football, among states, among companies, its going to push this economy to open as the day that on the virus get better. And thats whats happening right in front of our faces. Stuart got it. Bruin, thanks for joining us. See you again real soon. All right, stuart. Stuart lets talk about snowflake. Weve got to talk snowflake. It went public yesterday. Lauren sum netty is here today simonetti is here today. I see the stock down, not doing well today, is it . No. Theyre giving back some of the outsized gains that they saw yesterday. We saw showers more than double to 253. That gave them a valuation of 70 billion, stuart, thats two twitters. Warren buffett, who tip clue shuns ipos . 800 million. Investors of all sizes are seeking growth right now. There is no alternative to the big five technology companies. Snowflake is a cloud company. Theyre debuting in a world where big data is trying to figure out how big it can be, and investors, they believe in it. Makes no money yet, been around for ought years. Stuart we should point out that the early investors, a lot of them are locked in. They cant sell their stock this morning no matter how much theyre worth. Theyre locked for about 180 days. So any selling you see now is the day traders and the institutions who bought yesterday, talk their profit this morning. See how that ends the day. All right, next, new numbers from the census, and they reveal Median Household Income gained almost 7 last year. That was 2019. And the poverty rate, it actually went down 10. 5 , down over 1 compared to 2018. Hey, brian brenberg, hes the finance chief at college manhattan. You know, i think these numbers are being ignored. We dont hear about it now. Stuart, youve got to shout these numbers from the rooftops. Of we saw the highest Median Income in this country weve ever seen, poverty rates at a 60year low, and the gains were fastest for minorities and women both on income and on the poverty rate are. We have to talk about this because in this country the social justice conversation is dominated by people who want to grow the government. People who want to undercut the very things that are driving these gains, stuart. Youre right, the medias not covering it. Its not convenient to the narrative they want to push right now, but if we care about recovery, weve got to talk about what got us to 2019 because its there waiting again if we dont give it up because of the pandemic. Stuart is the recovery showing signs of slowing down . Look, are the numbers slowing down . Yes, because you cant keep up the numbers you had immediately after the bounceback. But that doesnt mean the recoverys dead. There is a ton of strength here, stuart, and you can see it across sectors. Consumers are still spending, employers are still suring, people are still buying houses, but theyre asking are we going to get somebody in office in 2021 who is going to keep this recovery going, or are we going to get somebody whos going to focus on inequality, on taxing the rich, on spending, on new green energy boondoggles. If were going to get the latter, then you know this is going to slow down because we saw it during the obama biden administration. If you want to know whats going to happen under biden, look at 2009, all the way through until the beginning of the trump administration, thats whats on peoples minds right now. Stuart you know, brian brenberg, i am astonished youve still got a job in academia [laughter] coming out with that kind of individual liberty kind of talk come on, stuart. Stuart almost protrumpian, im astonished you can still walk back onto the campus. Stuart, im talking about the day that. You and i started this conversation on the data. Real income, were talking about poverty rates, im leaning on that to make my case, stuart. Wherever that data goes, im going to go. Stuart you know what im up to here, brian i know what youre up to, stuart, i know. [laughter] stuart you come back and see us im all about that, stuart. I will, stuart. Stuart thank you very much, brian. Good luck to you. See you soon. Thank you. We really need to get the latest on sally. It is now a tropical depression. The first death has been reported. And, by the way, theres another storm perhaps headed to the east coast. Janice dean is with us. Janice, please start with the rainfall from sally and then tell us about the new storm teddy. Janice okay, will do. Lets take a look at it. They gave the last advisory on sally this morning, the National Hurricane center. It was category two when it made landfall, and the storms totals are impressoff. They verified over 30 inches of runfall along the coast, historic for a lot of areas across alabama and the Florida Panhandle and, of course, wind gusts in excess of 90 miles per hour, very widespread for a number of hours. So heres the latest track. Again, this is the last one were going to get. Its going to be sweeped out to sea by a cold front, but the potential for more heavy rainfall from georgia toward the carolinas, flash flood warnings in effect for Central Georgia in towards western South Carolina, and thats going to continue for the next 1248 hours. 46 inches on top of what we have received. 30 inches, that is really impressive for a storm. Before i get to teddy, i want to show you this area, unstress 90 invess 90, wilfred would be the last name on the list and then the greek alphabet. 90 chance this is going to become a storm, so the gulf coast needs to watch this over the next couple of days. Theres hurricane teddy, very impressive, its going to become a major hurricane. Moving towards bear knew i da next bermuda next week monday and tuesday, and the east coast is going to have to watch this. Maybe the canadian maritimes, but the euro model, one of our most reliable forecast models, has it coming very close to new england. We will monitor that. Thats the rest of your forecast, by the way. I know youve probably been covering the wildfires off the west . Look at the smoke, stuart, thats moving into the central u. S. All the way up towards the northeast. In new i dont recall new york is because of the fires and the smoke coming our way, if you can believe it. Stuart i understand that the smoke is even evident in europe. Is that accurate . Yes. Yes. Some of the winds are picking up the smoke, and it is actually traveling towards europe. Its very, its unbelievably its hard to wrap your head around it, but these winds in the upper levels are bringing some of these particles to europe. Stuart astonishing. Janice its unbelievable. Stuart good report, janusz, see you later. Check the futures, overnight lows, were down 370. Look at the nasdaq, down nearly 3 on the nasdaq. Congresswoman alexandria ocasiocortez is confident that she and other democratic socialists can push joe biden to the far left. Watch this. I think overall we can likely push Vice President in a more productive direction across policy issues. Stuart news. All right, so whos really leading the Biden Campaign . Im going to ask the question. Hollywood taking a day off from facebook and instagram. Theyre protesting hate speech. Did it work . Well have the story for you next. Thats what my dad does. 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So ill let you know. Theyre going to be reporting to me tomorrow morning, and well let you know. Stuart okay, now, that will be today. Susan, what are the security good morning, stu. American users data in the hands of beijing, those are the security concerns, and that was really the point of this pressured sale of tiktok. But its not really a sale, more of a partnership proposed by orr can cl where theyd oracle where theyd with a watchdog. This may not be good enough though for the administration and the administration officials. The treasury secretary few knew chin and others, they want u. S. Ownership well above 50 , and the idea is that they want all of tiktok to be held under a new company with oracle, possibly even walmart getting in and other Venture Capital groups owning most of this entity. As for the covid deal, remember that commission that the president wanted . He said that at the press conference yesterday that he was told the it wasnt really legal. But, you know, maybe the 20,000 jobs that tiktok promises to bring to the u. S. Might be the cut or the commission that the treasury gets. Stuart its all kinds of ways of getting your cut in a deal, and 20,000 jobs in america, thats a news piece of action. Yeah. Stuart but the big question is who we retains the data taken from all our talkers and youngsters. Thats the point. Stuart thats it, isnt it . Thats the whole ball of wax here. According to few knew chin. Everybody. My knew country. Stuart celebrities froozing their facebook and instagram accounts for 24 hours. Theyre protesting hate speech. Kim kardashian west, mark ruffalo, katie perry and others, 24 hour freeze. And weve got this for you as well on a similar line of argument. Twitter labeled a tweet from the president as manipulated mode media for changing the music on the desposito video of biden. But when the campaign asked twitter to label similarly in the same withdraw a biden video, they refused. John hands is with us, ceo of parlor, a social media site. Theres no censorship, and hes back on the show. Is this, a, double standard and, b, the flat out censorship of conservative speech . Hi. Yes, thanks for having me again. And, yes, it is. It is a double standard. Theyve made it very clear, you know . They dont want trump reelected, them and their employees, and theyre taking these weird, you know, double actions, you know, basically twopseudod actions to kind of make hum look bad. And it extends further than just the example you said about manipulated media. There are times when biden has mistakenly seen, last week he said michigans death rate were actually the military death rates from covid, and hes mixing these up, and hes not getting factchecked. Its very onesided. Stuart doesnt this encourage the view that theyre got to be reinedded in or in some way made to play fair through legislation of some kind . I mean, this adds the legislative pressure on the facebooks and twitters of this world, doesnt it . It certainly doesnt look good in that field because, i mean, theyre basically participating in this weird middle ground where they claim to be a social platform which means that they are not liable for anything, yet at the same time theyre censoring people like an editor, theyre editorial using everything, right . And things like what Kim Kardashian are doing, she has 200 million instagram followers, and although its really nice that shes standing up for her principles, shes doing it in a manner which is pressuring facebook to ban conservatives even more because what they consider hateful content is essential through the content of anybody that supports trump. And so really if people want to solve these problems, they need to get together and have a parlay and a conversation and debate whats going on. Thatll solve the partisan problems. Stuart john, or youre a competitor to facebook, twitter. Twitter especially. Have you seen a bug increase in the number of people using your platform recently . We do every time this kind of stuff happens, right . So on one hand, you know, im very if Kim Kardashian wants to promote more censorship over conservatives and they start banning, you know, President Trump supporters or censoring his content, yeah, we do see a large influx in users which is excellent for us but not excellent for this country. People need to have conversations, and they cant be interfering in an election labeling only one candidates content as fake news while not looking at the other. Stuart well said, john matze. Thanks for joining us again. Thank you very much. Stuart a couple of weeks ago, as i recall, facebook hit 300 a share. Im looking at them now, and theyre at 257. Hey, lauren, what happened . Yeah. The ios 304, theyre caving to pressure thats coming from all sides. You know that president ial anti trust potential antitrust lawsuit, you have that the starstudded boycott you were just talking about and, wait, theres more. Climate change activists. Facebook has now answered to them. Theyve added the sciencebased information hub to answer to create you cans who say they put out a lot of miss information on Global Warming on this suit. Theyve done something similar with election disinformation as well. All of these moves they appease the critics, the regulators, even the lawmakers. Im calling it a position shift so they can protect their bottom line because they know whether its a biden or a trump administration, its not going to be a handsoff approach anymore. Stuart 257 on facebook as of right now. Thank you, lauren. Overall it is a downside market, down 300 on the dow. Look at the nasdaq. Thats down 310 points. More on that after this. Limu emu doug you know limu, after all these years its the ones that got away that haunt me the most. 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