The overwhelming interest you showed in the first one last month included, of course, Trump Administrations larry kudlow, biden economist ben harris, mike novogra novogratz, robert kiyosaki, marc lasry. It was epic and we heard you tell us you want us to focus on all the Money Matters of the two president ial candidates. Its a win win so here we are at it again. Straight ahead, we are joined by forbes media chair and former republican president ial candidate steve forbes. Former chairman of the council of economic advisers austan goolsbee. Energy secretary in the Trump Administration dan br oushgs illet. Trillions of dollars of stimulus could be headed for the economy before the election. We stress could. The dow was down 332 points earlier. We are down just 26 now. S p lower by 10. Off the lows in a big way. The nasdaq off 84 points. Low of the session for the nasdaq, triple digits so definitely a better picture here. Boy, did we see an interesting move in the tenyear yield. It continues right now. Early this morning, it broke through the. 72 resistance floor, dropping to. 69. Now look at it. It is back up not only above. 72, but above. 73. So fear seems to be coming out of the market. But none of that erases this fact. The stimulus impasse has sent markets on a gutchurning roller coaster ride. You included, right . Because you have your investments. A new wall street journal nbc news poll of registered voters shows joe biden leading President Trump 53 to 42 right now, but when it comes to handling the economy, voters prefer the president. 19 for joe biden, 74 for President Trump. This as we have an uptick in coronavirus cases. 30 million americans on some form of unemployment benefit and no new stimulus package. Today, Stuart Varney just hours ago asked President Trump if he was willing to increase the stimulus offer. I would, because look, this was not closed by our workers and our people. This was closed by china. And china will pay us back in one form or another. And the moneys coming back anyway. I would, absolutely i would. I would pay more. I would go higher. Liz to our economic undercard. Forbes media chairman, steve forbes. And former chairman of the council of economic advisers under president obama, austan gals be goolsbee. Steve, the democrats have brought their original 3. 3 trillion offer down to 2. 2 trillion. The numbers are kind of moving but the white house has moved its offer up to 1. 8 trillion. What should be the president s next move and is he handling this correctly . I think what he should do is get to the specifics. One is theres going to be no bailout of states that have mismanaged their finances but having Something Like a big paycheck, another round of checks instead of 1200, make it 2,000 and the like, and on the payroll tax, suspend that for six months so people know they can get more money and employers know they can hire people and save money. Win win all around. You have those kind of positive things, that would be a good stimulus package. Liz austan, all right, steve says we do need detail. I think the American People always deserve detail. Its their money. But in my opinion, stimulus is a misnomer. It should be called a life raft right now. The white house moving up and the democrats have come down but will they come down a bit more so we can start getting people out of the water and on to the life raft and if the democrats dont, do they risk the accusation that in this political chess game, their side may be panned with making americans look like the pawns here . On the last part, im just a policy guy. I will say i agree with your terminology that this is not regular stimulus. This is rescue and life raft kind of money until we get control of the virus. If you can get control of the virus, then we can get out of the business of keeping everyone afloat. But until you get control of the virus, we are in the business of supporting people so they dont get evicted and we dont have permanent damage. The details that steve just told you, those arent even in the negotiation. They arent talking about payroll tax cuts and details like that. I think the root of the problem here is that if it were up to mnuchin and nancy pelosi, they would have already had a deal. I mean, they have come down from the original positions and they are very close in the grand scheme of things. The root problem is that the white house does not control Mitch Mcconnell, and Mitch Mcconnell has made clear that the senate is not going to support anything like the terms of the quote, unquote, agreement that they would reach. And the democrats in Congress Know that and so theyre not inclined to do a bunch of public negotiating against themselves with the white house, when the white house cant deliver its own votes. Liz steve, Mitch Mcconnell just said in the last 12 hours same thing. How do you handle this and suddenly his members of the senate, the gop members, have found, you know, fiscal religion here and conservative moves on money after such unbelievable spending, and im talking about precovid. So how does this thing get harnessed and under control and where does the president need to show some leadership . I think hes showing leadership now in making it clear hes willing to do an agreement on a huge package, and the key thing is the details. What the republicans dont want are disguised bailouts of things like the post office, disguised bailouts of states that have mismanaged their finances. You clean that stuff out, you can get an agreement very quickly. Mcconnell go along with it. There are always going to be a handful of republicans or democrats who arent going to vote for a final package but the two sides agree, i guarantee you would get overwhelming support in both the house and the senate because people know, certainly the elected representatives know they can go home and say here, we have done something. I think austans right in the sense these are life rafts. This is like giving money to people who have been hit by a storm, economic storm, health care storm. You would get overwhelming support. People want to go home, including congress, and say heres what weve done. I dont blame it on Mitch Mcconnell. Im not sure nancy pelosi really wants a package that could be seen as something in any way helping donald trump. They can come to an agreement pretty quickly if they leave out the junk. Liz answer that, austan. What about that . Look, Mitch Mcconnell has made it clear he doesnt agree with steve. If steve were in the negotiation, he would come to some reasonable compromise. Mitch mcconnell is not bound by what is popular with the American People. I think steve is right. The American People support the life raft, but if you look, for example, at the trump tax cut that was supported unanimously by the republicans, its the most unpopular tax cut in the history of american polling. Even before covid, only 34 of the American People agreed that it was a good idea. So the fact that the American People want something is definitely not that big of a motivator for Mitch Mcconnell and the senate republicans. If you ask the American People liz now we come 2,000 tax increase by losing the exemption that gave them in 2018, they would say let me keep more of what i earn. They dont want to give up that money. Thats why they want another round of individual checks to help get their finances back in order from this disaster. I agree, they do want the checks and the economy does need the support. I will observe that the biden plan does not raise anyones taxes who makes less than 400,000 a year, so the only people complaining that they dont want their taxes to go up are the very people who have done quite well not only in the last several years or decades, but have done well through this covid crisis, and its ordinary working people who are the ones who have been suffering, and thats why i hope that they are able to reach some kind of agreement. But weve got to get over the mcconnell hump. I dont see how you can get past that. Liz heres a way to get over the spending hump. President trump has spent quite a bit of money expecting that his tax cuts would pay for themselves. Big tax cuts for corporations, that has not yet come to pass. Steve, to austan, though, we just showed the biden plan. Theres a deficit. Yes, you are implementing tax hikes on the socalled wealthy, although some would argue 400,000 is not wealthy depending on certain areas, but the spending is still outpacing the tax numbers that would come in. How do we then make the case that somehow, biden is going to bring down the deficit . Well, i would say two things about that. I think you are conflating two different types of spending. One are emergency spending measures that are about the here and now and dealing with the ramifications of covid. He has said and almost all experts agree with, that should not be financed by current taxation. That should be deficit financed. For his longer run programs, its not true, his longer run programs, he pays for by taxes that are not popular with steve or with Mitch Mcconnell, but they are higher taxes on high income people, which is overwhelmingly supported by the American People in the polling. Liz okay. Does joe biden want to continue the part of the trump tax cut that doubled the exemptions for families . Why doesnt he come out and say that part of the tax trump tax plan we will keep . Why doesnt he just say it explicitly . He has. Its on his website. He was asked that in the debate. Its right on the fact sheet that they will repeal the trump tax cuts for people earning more than 400,000 a year. [ speaking simultaneously ] we have tried that before and it does not work. Hold on, people. Liz i tried to be fair and balanced. We started with steve, we kind of ended with austan. Good vibrant discussion. Gentlemen, we really appreciate it. We will bring you both back because our economic undercard has been really popular with viewers. Steve forbes, austan gals bools thank you so much. We have major pop and drop stocks to tell you about right now. We will start with fastly, which is falling fast and furiously after warning a drop in usage from customers is pretty significant. The stock is tanking, down 26 . This is a high flyer, by the way. Now, among other names, fastlys tech helps video sharing app tiktok owner bytedance deliver online content very quickly. Thats their biggest customer. Fastly says due to uncertain geopolitical environment, tiktok usage has gone down which in turn led to a dropoff in revenues from its client. Having a tough day. Direct to Consumer Insurance company lemonaid looking tart at this hour after Credit Suisse initiated coverage with an underperform, citing valuation concerns thats hitting the stock to the tune of 7. 7 . No such worries for chewys grill and bar. Brinker International Stock popping about 3. 8 after an upgrade from bmo Capital Markets which sees earnings doubling postpandemic. Cant wait for postpandemic. Peloton interactive getting the heart symbol at this hour from wall street after bank of america raised its price target to a street high of 150. Stock is at 136. 06 right now, up 3. 5 . In essence, they are saying the Fitness Equipment and Subscription Company will be a holiday wish list darling. Get on the wait list, everybody. Finally, some insider buying to tell you about at fubo tv. This is a company that we brought to you in just the past couple of days. They just went public on the floor of the New York Stock Exchange. The chairman buying 200,000 shares totalling 2 million. Fobu tv which focuses on live sports, up eight Percentage Points intraday. All right. Three letters moving at this hour for the markets. Pp and p. The muchneeded Business Loan program set for a standalone vote next week in the senate but which side of the aisle will get the credit for helping americas hardest hit businesses . Two Regional Bankers in the thick of the storm. These people were writing loans right and left, 24 7, they are here to hash it out live. With the closing bell ringing in 45 minutes, the Dow Jones Industrials down 42 points. The claman countdown economic undercard is coming right back. Ok, just keep coloring there. And sweetie can you just be. Gentle with the pens. Okey. Okey. I know. Gentle. Gentle new projects means new project managers. You need to hire. I need indeed. Indeed you do. The moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. Claim your seventy five dollar credit, when you post your first job at indeed. Com home. So youre a small bor a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Liz our economic undercard continues right here on countdown. I want you to take a look at pej. This is an exchangetraded fund for leisure and entertainment, arguably one of the hardest hit sectors during the pandemic, down 28 year to date. But how much worse would that number look like, would the industry look, if it werent for the Paycheck Protection Program that treasury rolled out . After mass closures and ppp money used to save salaries, there happens to still be 133 billion left over from the program, plus theres another 300 million left in the cares program. Could that cares money go to ppp . Treasury secretary Steven Mnuchin on fox business last night. We need authority to spend that money, so our choice would be to immediately use that money for Small Business, for more ppp money, second payments. Liz and if there is a second payment, a second round of ppp, what about this stunning news today. Wells fargo fired more than 100 employees suspected of lying to obtain ppp money for themselves, money intended for desperate businesses. Our economic undercard continues with two Regional Bank ceos who toiled 24 7 in the early days of the pandemic to distribute loans to local businesses. We are joined now in upstate new york, roundout bank which was given 24 million in loans and helped save twoo2800 jobs and vy National Bank helped save 170,000 jobs in the new york city and new jersey area. Both ceos of those banks, Cheryl Bowers and ira robbins join us now. Good to have you both. Im going to assume you both will say this we need more money but i need to know if you were sitting in front of secretary mnuchin, how, ira, begin with you since you are the bigger bank, how you would make that case to both the Treasury Department and the American People . I think the case was made originally when you first sat down and said the ppp was a priority. Congress and treasury went out and said we expect it to be for a certain period of time which was a couple months. Covid lasted longer than a couple months. The fact that we havent extended ppp or other fiscal programs to support our businesses from that extended time makes absolutely no sense to me. If it made sense back in march and april, why does it not make sense today . Liz cheryl, give me some anecdotal evidence and not from the early days, but recently, the suffering that businesses are seeing because we have seen lockdowns ease up and we have seen some easing of restrictions, some restaurants are opening, businesses are allowed to open their doors. Make that case right now that theres more to be done. Theres a lot more to be done, liz. We are here upstate and we are a little more fortunate because the restaurants have been open for a longer period of time, but hey, we will have a heavy winter in a matter of weeks. They are not going to be able to serve food outdoors. We have gyms that are on very limited capacity or not open at all. You have laborers that are going to come to a grinding halt and this, in the hudson valley, more or less hospitality is our industry. Hotels are either not open or at very limited capacity. Theres no weddings going on. This is a destination for weddings. I could go on and on with the list of needs. But as horrible as it was, and it got better, its getting bad again and with money sitting on the table to support these salaries, its just ridiculous. Liz ira, talk to me specifically about what you would change or alter about ppp if we got this second round. What needs to be fixed here . Lets just pretend the treasury secretary is watching. Look, i definitely believe [ inaudible ] some revisions associated with it. There doesnt need to be the size loans we made for certain organizations. We should make it targeted to the industries that are hit harder. Make there be a lookback that says how bad has your business been impacted and can you demonstrate that. That said, getting the money in the hands of our Small Businesses as quickly as possible is extremely important. The bureaucracy thats taking place today, no one is representing the Small Business owner in congress. At some point we need to put our political views aside and say whos going to represent the Small Business owner to make sure t