Calling on congress to help the American People just one more time. Will the Congress Listen . Mitt romney says he will vote almost guaranteeing new Supreme Court justice by election day. She blasts those using feminism to try to block President Trumps pick. All that and much more on making money. Charles well it is a tenuous start to the session today as vast improvement over mondays start. Remember yesterday, right . So invest doors they continue to grapple with a whole lot of unknowns. What happens with aid or potential aid from the federal government. Also the Federal Reserve. What happens with the election. What happens when covid19 cases increase in the fall . Meanwhile investors decided that growth names that have pulled back enough just now to become safe havens once again as tech sector was the only winner in yesterdays session. It is powering ahead along with communications services. So what happens next . I want to bring in bny mellon strategist, alicia levine. With blueprint advisor ceo, jacob walter. Let me start with you. The thoughts on the pullback, how much further do we have to go. Shake out where these markets stand at this moment . Charles, really nice to see you. I think what weve seen in the first few weeks of september is the unwind of the excesses of august. The issue here is that we kind of have gone a little bit below the 50day move moving moving average on big tech cap stocks. You still have room to fall here. However i think for the most part were closer to the end of the correction than we are to the beginning and i think ultimately fundamentals will win. Strong growing companies will be primarily and also companies that are levered to the cyclicality were seeing in the economy. Charles jacob, your thoughts . Because all of a sudden of course after august i think was the best august in 30 years we knew there would be some kind of a pullback although the degree of it certainly caught a lot of people offguard. I think the markets taking a breather. For the most part imax mum bullish on equities on equities today and for the long term. I think we have some volatility in the markets. Volatility related to covid19. Volatility related to an upcoming election. Volatility related to whether or not well get a strong stimulus package out of, out of congress. I think that volatility is here to stay for a while and like a relative who comes over to stay that we dont really like we have to figure out how to embrace it and make the most of it. This volatility is creating a buying opportunity for a lot of food names. I think if we look at tesla, just a couple weeks ago in a matter of days it traded off 25 . Well that created a really good buying opportunity in a very good name. And so again were maximum bullish. You have to stick with your longterm investment thesis but look at the events over the course of a short term as an opportunity to dip your toe into some of the names you liked but you thought might have been too expensive. All right. Lets stay with this growth theme, right. Teslas, what not. Well get to you alicia. You seem like you like the more cyclical names. That is one of the ongoing debates over the last few weeks, growth versus value. There have been moments where the socalled value names had their moments, right . But we hear the term a lot. I want to know from you what determines a value name . Do you go by the pe ratios . Do you go by how far theyre down trailing the overall market . For what determines whether something is quote, unquote, a cheap value opportunity . Charles, thats a great point because sometimes sectors and stocks are cheap for a reason and theyre cheap because they have no growth prospects. So youre looking for growth at a reasonable price and for me that is what value is. You look for increasing rates of change in the business that can then move multiples higher and thats it. If you dont have increases in the actual business, your inexpensive stocks will not move. They will not be valued. They will simply be dead. So youre looking for companies that can grow and grow through their multiples. And thats why, if you think about the data we heard today on housing and the philly fed, the data continued to come in better than expected in the real economy throughout the summer even though we went over the fiscal cliff. That suggests that the economy will recover faster than originally thought and those companies levered to that should do better. So manufacturing, industrials, anything to do with housing and transports. We still like tech. It should be a core holding but you have to expand here. Charles jacob, you say bet the ranch on tech. When we, we see whats happening over in the uk. You know President Trump obviously advocate of keeping our economy open, having schools open. Obviously doing it in a prudent machiner. What kind of a wild card is that and whats, what do we need the most . Do we need more federal stimulus . More Federal Reserve stimulus . Or do we simply need to keep the economy open as much as possible . Look, in my view we need to keep the economy open as much as possible. And i think that there have been states and there have been nations that have demonstrate demonstratedwe have prudent policies in place, social distancing, wearing masks, getting the economies going again is good. Look at companies able to weather the first six to nine months of the pandemic they have been the large companies. They have been your costcos, they have been your targets, they have been your walmarts who quite frankly have done better in a pandemic, while Small Businesses have filed bankruptcy. And are looking at possibly not reopening again when we come back into a full economy. Charles right. So from my point of view a stimulus package would be helpful but what we really need to do is get this economy going again. Get people on airplanes. Get people get kids going back to school. Get people riding mass transportation. If this carries on too long my fear is that were looking at damage to the economy that isnt repairable. Charles we got a light of ideas out of that. Thank you very much. Meanwhile Senate Republicans rallying around President Trump around the Supreme Court pick. The left is rallying around the fight. Just how ugly could this get. Treasury secretary Steve Mnuchin and Federal Reserve chairman Jerome Powell on capitol hill. Reviving stimulus talks. Well hear how important it could be. Well have john lonski react to it next my mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a Financial Advisor. She is aig proudly supports all the professionals taking care of our financial futures. Keeping your oysters busihas you swamped. You need to hire. I need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventyfivedollar credit when you post your first job at indeed. Com promo if i could, baby id how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Charles treasury secretary Steve Mnuchin and Federal Reserve chairman Jerome Powell testifying on capitol hill today. The addressing the need for more stimulus to help parts of the economy that continue to struggle. Meanwhile secretary mnuchin says the administration is ready to reach a bipartisan agreement with congress. For the latest lets go to Edward Lawrence in washington. Edward. Reporter and this is the hearing the markets were watching very closely, charles. Democrats here were questioning both of them on why they believe the economy is doing so well. Republicans are saying well, you know, look at this, the economy is improving because the Unemployment Rate is coming down faster than anyone thought it would. Federal reserve chairman Jerome Powell says that the fed will use all the tools in their basket for as long as it takes to get the economy on strong footing so as many as the 22 Million People that lost their jobs during the pandemic can start working again. Weve put fully half of those back to work but that is a long way to go. That is more people than lost their jobs during the Global Financial crisis as im sure you know. There is a lot of work to do there. Our policies will support that but, well go faster for those people if all of government working together. Reporter he is talking about fiscal stimulus there that became a focus of this hearing here. Treasury secretary Steve Mnuchin was pushed by republicans on what exactly needs to be in the next package. I think the next package should be much more targeted. It should be focused on kids and jobs and areas of the economy that are still hardhit particularly areas such as the travel business and others. Restaurants i think. There is broad bipartisan support for extending the ppp to businesses that have had revenue drops for a second reporter and yeah, talking about the ppp program to reallocate some of that money to allow folks to have a second bite at the ppp apple that those that can prove covid related losses. Mnuchin says it is not an emergency to pass something quickly. The stimulus already in the economy is working and boosting it along again though, hopes to have a deal with House Speaker nancy pelosi at some point this month to help the economy further in the future. Back to you. Charles that would be great. Edward, thank you very much. Joining me to discuss moodys chief economist john lonski. John, lets begin with the fact that the country is more divided between the haves and havenots, Federal ReserveQuarterly Report on wealth, wealth jumped 7 . Were at a record right now, 119 trillion. Meanwhile 11 Million People are unemployed. Many believe they wont ever get work again. As an economist this is a combination, how do we find the right combination to get this nation fully recovered and how do you get, we keep hearing more and more about targeted stimulus s that even possible . We should have targeted stimulus and as you imply, its politically unsustainable to have further strategycation, division strategycation of division of economic pie in the United States. That will give rise to political candidates that push for redistribution and the like. That would have the effect of slowing down the economy over time. You want to avoid that at all costs. Ill tell you, keeping these schools closed is making matters worse. I mean wherever possible they have to be reopened. So that we at least have some chance, some opportunity to close this divide. Charles right. You know, on friday the fed put out a report saying that 19 of families would certainly suffer lower incomes. 3 , at least one parent would have to even stop working if their kids dont go back to work. I want to talk to you, job transition a level we havent seen a long time. Perfect example of a bifurcation you have alluded to, by the way stoking the political fires for right now. Folks with less than a College Degree almost 17 are unemployed 45 years old, 12 unemployed. Those making less than 60,000, 22 unemployed. Again, i know that we just threw a bunch of money out there. Some of it was stolen. Some of it was misappropriated. Some is still sitting in the pot. Makes me wonder how they will really be able to structure a deal that fine tunes all of these numbers in the way to help the folks that need to be helped. We dont need to make anyone rich already rich . You know, we have to be careful how these funds are going to be allocated, no question about that. Perhaps we could do a better job in that way. A lot of these people were working in lowerpaid jobs in areas such as, restaurants, travel, lodging and the like. So it is going to be important to try to reopen these businesses as soon as possible. Meanwhile we have to see to it that these charles right. Not too many of these businesses close permanently because of a lack of funds. As mnuchin said, weve got to look at airlines. Weve got to look at lodging. Weve got to look at restaurants in order to provide them with that very necessary support. Charles dont you think it is going to happen . You think these lawmakers, we saw today both sides with typical trying to score political points. A lot of fingerpointing. We did hear some lawmakers, listen, im on board we need to do something. Do you think it will happen . It may not happen unfortunately until the economy begins to contract again. In that case people in washington have no choice but to put together another stimulus package. And that falling apart of the economy that becomes difficult to deny may not happen until after the president ial election. Right now the news is still pretty good. Home sales are booming. Manufacturing is charles sure. So, lets cross our fingers that if this continues and if were lucky enough, perhaps we build up enough Forward Momentum so the need for additional stimulus fades. We still have the sectors that are hurting badly because of covid19. Charles yeah. I just worry about some lawmakers getting complacent, to your point if youre in the right industry, you are absolutely booming. Again were at record high with mouse Household Wealth in this country with 11 Million People unemployed. That is something else. John, thank you very much, my friend. Appreciate it. Thank you. Charles china releasing a shockingly video showing a simulated attack on an American Air Force base in guam. At 2 45 Fox News National security analyst walid phares will share why beijing is provoking the world. Senator mitt romney paving the way for President Trumps court pick but will this only push democrats to up the ante . Well be right back. One day well look back and remember the moment that things, for one strange time in our lives, got very quiet. Some lost work and invented new ways to get by. Others were busier than ever, and found strength they never knew they had. We sheltered with the people who matter most, sometimes finding how far apart wed drifted. We worried over loved ones, over money, over our planet. And over takeout. And we found a voice one the noise out there had kept quiet. When the world starts spinning again, lets remember this time where none of us felt secure, and fight for a future where everyone can. Because when the world seems like its standing still. Thats the perfect time for us to change it. The garland decision was consistent with history. The decision to proceed with a new nominee is also consistent with history and precedent. And that is where i come out. Charles utah senator mitt romney announcing he will join most republicans to vote to fill the seat vacated by the late Ruth Bader Ginsburg, all but ensuring that President Trump has the backing he need to push the nominee through. For his part President Trump says he will make the announcement of his pick on saturday. I want to bring in independent womens voice senior policy analyst, inez stepman. First and foremost this, whole process for mitt romney, i guess we have to brace i dont know what will happen because we know over the weekend there were some crazy thoughts about adding additional states, removing the filibuster, it just went on and on. Satellite democrats are completely to rip up the constitution. Well certainly for people who talk a lot about norm breaking this would be a massive normbreaking, right . In a way that filling a vacant seat of the Supreme Court is absolutely not breaking a norm. There is no comparison actually between the garland case and this one because of course in that case the senate and the white house were opposite parties. In this case we have a dulyelected president. We have a dulyelected senate to advice and consent. There is no reason in terms of our norms why the president should not appoint and senate should not confirm a new justice to the Supreme Court. Charles yeah. I mean of course all president s are obligated you know, to make a nomination. In this case Mitch Mcconnell says he will have a vote on it. You know, i want to bring up your reaction to a tweet from earlier this week that says i dont think anyone understands the depth of female rage right now. Youre response to this tweet was, do you mean lingering rage over the way Sexual Assault was used as a political football to smear brett kavanaugh, yeah, i still have some female rage over that. It will keep getting uglier, isnt it . This is something, where Ruth Bader Ginsburg was a trailblazer. She was absolutely amazing. Her name is etched in history but feels like this nomination process is becoming something else, particularly with respect to the battle over feminism . Right and of course the president s current frontrunners are all women which would, if one of them is nominated and confirmed will make her the fifth woman to sit on the Supreme Court since Sandra Day Oconnor was appointed by ronald reagan. That mere fact that a woman can rise to become a Supreme Court justice should put to rest the idea from the left that women are some kind of victims in america but i suspect it wont of course. They will con