Transcripts For FBC After The Bell 20240712 : vimarsana.com

FBC After The Bell July 12, 2024

Both banks reported betterthanexpected results but they warned there are still risks looming for the economy. Today our swing state economy series continues from here. The state of florida, were now in Pinellas County which could actually endp deciding the election. It is really the Battle Ground of all battlegrounds. Well talk coming up why that is the case from here in Clearwater Beach. First the news, fox Business Team coverage of todays top stories. Blake burman is the a the white house. Hillary vaughn reporting on the Supreme Court hearings from capitol hill. Both Jackie Deangelis and susan li are in our new york newsroom. Blake, we start with you. Reporter connell, when it comes to covid relief here in washington there is seemingly a disconnect on both end of pennsylvania avenue. Lets start with the other side up on capitol hill because Senate Majority leader Mitch Mcconnell today suddenly announced that he would be putting up for a vote next monday a 500 billiondollar relief package. The Senate Majority leader saying that it would include money for schools, a replenishment of the Small Business loan, the ppp program, along with Liability Protections for companies. Watch here. We will go to the floor again monday with another effort to try to get an outcome even in the midst of this hotlycontested election. Reporter that was mcconnell campaigning in kentucky today, connell but keep in mind 500 billion from senate republicans. The offer here on the other side of pennsylvania avenue at the white house is more than 3 1 2 times that from the republicancontrolled white house. Theyre at 1. 8 trillion plus. Shortly after the mcconnell announcement President Trump tweeted the following says quote, stimulus, to big or go home. Keep in mind as well if the mcconnell bill were to pass the senate at some point next week it would almost be assuredly rejected in a democratic controlled house because nancy pelosi believes the 1. 8 billion white house offer is not enough let alone 500 billion. House democrats are united at 2. 2 trillion. She told her democratic colleagues in a phone call, quote, we need to have an agreement but we cannot have an agreement by just folding. I dont think our leverage has ever been greater than it is now. That from the top democrat here in washington earlier today, connell. Back to you. Connell interesting, blake, thank you. Betting on the future meantime, the big story of the world of technology, apple debuting its latest iphone today, the one capable of connecting to the much faster 5g network. Susan li covers apple in the newsroom with details. Reporter connell, the 5g upgrade cycle for the worlds biggest company. Listen. Every decade there is a new generation of technology that provide as step change what we can do with our iphones. The next generation is here. Today is the beginning of a new era for iphones. Today, were bringing 5g to iphone. Reporter apple ceo tim cook introducing the new iphone 12, four models, three sizes all 5g capable. That includes the mini, 5. 4 inches which fits right into the palm of your hands, starting at 699. You have two 6. 1inch screen, one regular, one pro. The iphone pro max 6. 7inches. That is the biggest screen ever on an iphone. You get upgraded camera system, ceramic shield, getting a lot of attention on social media, meaning more waterproof and protection. Since 2018 with the flatter edges makes its look like an ipad mini. Preorders october 16th. Shipping could start as early as october 23rd although the pro max and mini ship on november 13th which is pretty close to the holidays. Now this presentation started give es to keep us on our toes. They didnt start with the iphone which shocked a lot of people. Instead they started with homepod mini, the mini speaker is cheaper they say still with a lot of sound at 99. This is the upgrade cycle, the 5g super cycle analysts priced into the stock making apple the most valuable company own the planet and they expect possibly a Record Number of these 5g capable phones to be shipped over the next year around i think apples stock really needs that to happen in order to stay at these high levels. Connell . Connell susan li in new york. She would love to be out in cupertino not the case in 2020 when all things are virtual. Adam lashinsky joins us from fortune, executive editor, fox contributor. What do you think of, apple, iphone 5g, what stands out if anything to you . Connell, i would like to be in cupertino too. Instead im in San Francisco watching the same way everybody else is. What stands out to me is that at the didnt really release any new features. They didnt release any new prices. They released a tweak to the shape. I actually think quite a nice tweak. Im looking forward to those sharper edges, than what weve had over the past couple years and we sort of evolved, conditioned to understand this speed increase, new 5g thing is not something going to affect the average consumers life anytime soon because of the few applications that work on it, and because of spotty coverage of those 5g networks. So it is not the kind of event that will get most people who dont need a new phone particularly excited now. Over time that will change as it typically does with apple. Connell because we thought it would be, right . If you look back in time, many of us look at iphones, 10, 11, then came out, especially the iphone 11, should we get it . I will wait for 5g. To your point 5g is not there yet even if apple is. How will that affect the dynamic, do you think . Will people wait again, its a great phone, when the 5g is ready i will have it . Back in the day if you were a true believer, if when you were used to be called apple fan boy i suppose apple fan girl, would you have the latest phone. You would get it. It wouldnt bother you couldnt use it everywhere, you just had to have it. Those people exist. By the way im not typically one of those people but i need a new phone so im going to buy one much these new phones for sure. But as you know though, apple has gotten so big most of their customers dont fit that bill. So, i think they will struggle with this by the way as 5g gets better and better, and it will, these phones will be more and more in demand, you will want that ripping speed. Connell you also have the timing of course of introducing this in the middle or whatever stage were in in a Global Pandemic which is obviously impacted the economy. So, yeah, many people are able to work from home and have spending money and using their phones more than ever. There is a whole another segment of the population not doing, that what the economy, broadly speaking the Macro Economy will be for apple in terms of their timing . First of all apple has a long history in recent memory lets say going back 15 years of not letting the outside world get in the way of its production schedule. It plans these things well in advance and goes ahead and does them. Sometimes they experience hiccups. This took a about a month longer than expected to. That is nothing if the course of time for apple. I actually think that the work from home phenomenon benefits them. Companies who are doing well, and that is many companies, need for their employees to have good phones and most of those, many of those employees want iphones. And, the economy is improving in much of the world, even if it is not really in the united states. So, i think they better than most companies are able to tune out these macroeconomic winds, whether good winds or bad winds in the long term. Connell everybody been on a zoom meeting many months quality of the phone matters, that one man or woman you cant quite hear. Adam lashinsky out in San Francisco, always good to talk to you. Lets switch to the other big story of the day as Supreme Court confirmation hearing ends a new stage. Where Amy Coney Barrett faces senators with questions. Hillary vaughn joins us with more. Hillary . Reporter todays testimony can be boiled down to two topics, obamacare and the 2020 election of the as one senator put it today it is acb versus the aca. After getting peppered for six hours straight about her motives as a potential Supreme Court justice, judge Amy Coney Barrett put it all out there telling the committee this, i am not here on a mission to destroy the aca. Tell me why you think that any individual Americans Health care status is or is not tied to your confirmation . It is not tied to my nomination. I had no conversations with anyone in the white house about that case. Not willing to make a deal, not with the committee, not with the president , not with anyone, im independent. When we react to that, dont act as if were making this stuff up. This is what President Trump said. This is what your Party Platform says. Reverse the obamacare cases. Why is it surprising for us to be concerned that you want this nominee to do what you want nominees to do . Reporter judge barrett has been asked a lot if she would recuse herself from any court case emerges from the 2020 election. She said she cant commit to anything. But did make a promise to the committee that she would take into consideration even the appearance of bias in a possible recusal. Do you think it is faithful to our democratic principles to fill a Supreme Court vacancy this close to an election . I think that is a question for the political branches. Will you commit to recusing yourself from any case arising from a dispute in the president ial Election Results three weeks from now . Certainly hope that all members of the committee have more confidence in my integrity that i would allow myself to be used as a pawn for this election to be decided for the American People. Reporter connell, judge barrett said she made no promises to the white house or anyone, now she would potentially rule on any future case. Connell . Connell Hillary Vaughn on capitol hill. You mentioned the election in your reporting. We covered dueling events in battleground states. President trump is getting set to campaign in pennsylvania. Joe biden is returning here to florida. He has his eye on one key demographic coming up. A major issue in florida, offshore drilling. Well look what President Trumps latest move on that front could mean for thousands of jobs in the sunshine state. And now, were just 21 days out from the election. Weve been speaking to voters here in Pinellas County, which as i said earlier could end up deciding the next occupant of 1600 pennsylvania avenue. When it comes to the policies what exactly specifically are you looking for in a president . Im looking for somebody that supports the middle class like we are and i think he is on our side. And military. When i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. I have a soft spot for local places. Its not just a work environment. Everyone here is family. Gonna go ahead and support him, get my hair cut, leave a big tip. If we focus on our local communities, we can find a way to get through this together. Thank you. If you are ready to open your heart and your home, check us out. Get out and about and support our local community. We thought for sure that we were done. And this town said not today. President trump 22 days from now were going to win this state, were going to win four more years in the white house. Were going to make our country greater than it has been before. Connell President Trump back on the campaign trail last night. He was in sanford, florida, trying to rally the base there. The fate of his reelection though may be decided here where we are in Pinellas County. Florida, we say it all the time is known as the ultimate swing state but it doesnt really have many swing counties. In fact only four out of 67 flipped from voting for president obama to President Trump. Pinellas was the largest to do so. Were right at the western end of the states famed i4 corridor in a county that is strong democratic support in the city of st. Petersburg. Voters ho tend to lien republican in the northern section of the count really helped the president four years ago. We found a lot of that still in place here in Clearwater Beach. If the election is held today, who are you voting for . Trump. Tell me why. He run the country the way i like it. Im from rural kentucky. Ive seen a lot of damage to our cities. Our mayor is democrat. He let our city go to waste. Who are you votes here . Trump only. Trump number one. I like what he has done with our military, probationally everything he campaigned on he actually did with little to no help from the rest of the government. Im voting for donald trump. I believe were better on than we were four years ago. He will keep us moving forward. I care about america. I dont want to see it go away. Connell in 2016 President Trump topped mitt romneys 2012 vote total in Pinellas County by more than 25,000 votes t was so important to his victory. Were joined by our friend Gary Kaltbaum now, florida man, fox contributor. President of cat bam capital management. In no particular order. We were over in your neck of the words, i apologize for not stopping by for a barbecue in Central Florida. What do you make of the Political Climate . You know florida pretty well. Well talk about other subjects as well. How do i think things will go this year . As usual it will be as close as close can be. Most people dont realize the last election we had 9. 4 million votes in florida and President Trump only won by113,000 votes. There was a reason why he was in sanford last night. There is a reason why joe biden is in Pembroke Pines in south florida at a senior center. The president won seniors by 330,000 votes last election. Only one by 113. The game is on. I suspect almost every day or almost every other day both candidates will be in this state in one area or the other because 29 electoral votes, if you minus that from the president , he is down to 275. Then youve got to be perfect from there. So we expect air force one to be riding down i4 a few times in the next three weeks. Connell without a doubt. He needs the state to win. You can, you know, take other states out but not florida for President Trump. As you said you almost have to be absolutely perfect. I said i wanted to talk about other subjects. We always talk about the market or the economy. On the economy here in florida, Governor Ron Desantis pretty much opened things up a few weeks ago. There has been a lot of yelling back and forth whether that was a good idea or the wrong thing to do. What is your take how he handled things, how things are going now since that latest reopening . Much, much better. I think the governor decided that weve got to measure the virus with the economy because so many businesses were just going out that werent coming back. Then you have here Central Florida which the travel industry is gargantuan. 75 Million People visit Central Florida every year for the theme parks and everything else. Of course that is almost to a did stop. And that brings in like 75 billion of Economic Activity. So i think, i think he found a decent bounce. I know he has a lot of detractors. He also has a lot of a people right behind him. A mixed bag. A lot of politics unfortunately plays into that. Leave no doubt, we are back, much better than some other areas of the country. Connell havent seen a spike yet, thank goodness after this latest reopening. Obviously hoping for the best on that front in terms of the virus. The stock market and the economy is another topic that we try to put together on the show as much as we can. They dont always go together though that well and even more so the stock market and the election what is going on right now . Were down a little bit today . In general at the top of the show were only two or 3 off record highs for the major averages. So if the president was right and the market would quoteunquote crash, were he to lose, wouldnt it be selling off . The polls showed joe biden has a pretty Comfortable Lead in the electoral college, in a lot of polls. The markets have held up. What do you think is it going on . You will get all kind of rhetoric on both sides which way the market goes. The bottom line the market is strong. You know what i think for one big reason. Massive policy out of central banks, both here and around the globe which helped things out. But leave no doubt, the economy is much better around the country with getting back to business. I will leave no doubt in florida. It is much better with things opening up much more than other places. And i said, every economic statistic, every data point, and every dow point will count the day of the election and a better stock market does not hurt the incumbent. I always go back to obama mccain where mccain came out of the convention actually ahead and even though i think obama would still lead, the economy cracked, market cracked, that went to the election. If nothing bad happens if the economy and marks do better as we move forward. Connell that is good month. Last three months before the election if the market is up, the incumbent almost always wins. If not the opposite happens. Were having fu

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