Neil pay attention, who knew Freddie Mercury was 40 years ahead of his time and that box, four decades since that queen song hit the airwaves. The dow at that time was around 1100. Not 11,000, 1100. Today the dow is teasing 40,000, you heard that right too, 40,000. 40 times what was then. We do the rough man for you sometimes using calculators. The dow has already been there, just cant close it. You might say its trying to you guessed it, break free. See what we did . That is what we do. You are welcome. America. We had some fun with that. I remember vividly that song right before i got married, i love love love it. On this milestone mission friday, thats what we are focused on, wanting to break free, to close 40,000, less than 99 points from there. Lets go to music and otherwise. We make a big deal of attempts to break into a milestone. Often there are several events, a lot of them. We will definitely go through whether it is today, next week or most likely before the end of the month. A lot of people would say it is just a number. In terms of valuation it doesnt mean a lot but it is a huge psychological level. Psychology is important for the market. Its not just about that. It is almost like the everything rally. Youve got the s p 500, the nasdaq in new high territory, looking to close the week with another new high, youve got gold and silver trading at new highs, gold above 2400. Has been there a few times and a number of other margins around the globe are trading at alltime highs, 52 week highs looking to expand on the rallies weve had this year. Lauren 1 make an analogy about 40 years since we heard that queen song and the testament of the markets keeping their patients and being a longterm investor going up 40 times what was since then comes out to an average return a little under 12 but that tells you something about the strength of compounding, staying patient, averages that do no more than mimic what you are seeing in the broader markets. A testament to our capitalist system, the stock market, Dow Jones Industrial average which is always a major benchmark despite only having 30 stocks, the names have changed to stay current. Obviously the s p has been a thing since the late 60s or early 70s and has done well. The s p 5,000 a couple months ago was a major milestone that got overlooked a little bit by the Financial Media. Neil jamie dimon worries about the happy talk and others say be careful, one of the wyers talking about, civil wars a good possibility in this country. They are putting out i call the mornings or may be they like playing debbie downers to say this aint real. Do you think this is real . It looks real to me. If you are in a position of jamie dimon, lending your support for jobs, to think about what could possibly go wrong, what could possibly trip up the very positive environment weve been in for a why all because certainly if you look back over the decades there have been moments when things have happened from an unexpected angle causing quite a significant hiccup if not setback for the markets on a number of occasions. We know what they are. That is kind of for their job to do that. I also think to the degree that that is effective, a lot of people in the Financial Media who go on Financial Media networks managing money or prognosticating, that has helped to fuel the rally because clearly what has been going, if you were to go back to the end of april after we had a little bit of a selloff the maximum pain trade was up and weve been up pretty good so far this month. Contrary to what we get in the month of may. Todd i might have bored you with this story but you reminded me of similar things about being a longterm investor, a chart of the dow from the very beginning and from a distance, its obviously at my desk, it goes up. You get closer to that chart and see the jagged edges over president ial assassinations and oil crises and wars and conflicts and racial riots. In realtime very jagged, very scary, very offputting but the trend is up. People forget that. A very smart investor told me a number of years ago, he was nodding, but he tried to explain these per my bears are eventually going to go away evidenced by the fact that those people who have been betting on many occasions the last few decades on the end of the world, it has not played out that way. I hope you are a queen fan, tim anderson, managing director, if this market turns itself, a brutal selloff is coming. We have queued up under pressure but we will keep you not doing that one but under pressure because we thought it would work there. Edward lawrence, maestro that he is on all things music and culture is following the president at the black History Museum today. Whats the subject besides music and queen . The president wants to say we are the champions Going Forward into november but the president is focused on minority voters, he is spending saturday in the battleground state of georgia in atlanta talking with georgia voters and his Principal DeputyCampaign Manager outlined in a memo the Biden Campaign has hired and trained 20 staffers in georgia as well as plans to open ten offices by the end of this month. The New York TimesSiena College poll found the former president is 20 of the black vote in battleground states. If that hold through the election it would be historic for the former president , the naacp and the white house yesterday saying he does not believe the polling about minority support. I dont accept the premise that is an erosion of black support. I believe polls have proven itself to be untrue for the last four election cycles. I believe we are in a crisis of our democracy. Reporter on sunday President Biden will give the commencement address at Morehouse College, white house Senior Advisor told another network the president might leave in his stance on israel but the day is about the graduates. It was important for us to realize these kids didnt have a graduation from high school, now these young men need to make sure they have a meaningful commencement, and president plan biden plans to deliver on that. Reporter the Morehouse College president said if there are protests he will stop the commitment at that moment, those protests have been following President Biden. Stuart neil the administration is doing more crowing about the markets of than it used to may be owing to this teasing of the dow 40,000, the latest. He said his predecessor donald trump was over obsessive about the markets, suddenly they are as well. Reporter into tempered response, they definitely promote the things that have been good for them and downplay the things that have been bad for them and it shows in the Inflation Report of the jobs report, negative jobs reports downplayed with positive jobs reports, President Biden obviously singing praises now of the dow, poke a little fun or finger at donald trump because he was so focused on the stock market during his tenure. Julie are the champion, thank you for that. Edward lawrence. If you think im done i still have two more guests to exhaust this clean analogy. The top advisor to jeb bush, former Florida Governor joining us now, former new york state leader, democrat. Let me talk to you first as someone who can give us a view what the president s thinking, crowing about these markets, not crowing too much but trying to say this is a sign that america is coming back, the underlying economy is good, markets are bouncing on that, you should be happy about that. Is that working . Its always easier to blame than to boast. We see donald trump doing that, talking about all the things that could be bad in our economy and not focused on anything good. When you boast about what youve done people tend not to believe that. That is why negative advertising, those campaigns are so popular. Biden will be careful here. Weve learned the lesson, hes got to say this is something that transcends, one of the Economic Indicators that people can relate to with the dow. It only tells so much. The real problems are the divide this growing in our country, that the economy might be growing, people are being left behind and we see that certain demographics in chosen polling and thats why hes got to talk about his empathy for communities across the country and how he will help the more than donald trump will. Neil cant risk telling the American People they are imagining what they are going through. You have a unique perch on all this as former advisor to jeb bush and his dad, George Hw Bush arguing the economy appeared to be in a recession was actually coming out of it, it was at that time, too little too late to help them and bill clinton came into office but he too was saying the seeds of recovery are here and it fell on deaf ears. The biden folks like to think the markets, the economy, people have had time to digest that, to make that argument. What do you think of that . A tough argument to make when peoples 401 k s in stock markets going higher, theyve got to talk about that, the only piece of good economic information. The inflation rate is still too high. More americans are falling behind on auto loans and Credit Card Debt according to recent data so theres a lot of people in terms of what they are feeling, they are not feeling the economy Getting Better, the stock market might be Getting Better but thats more of a future indicator of where the economy will be 6 or 12 months from now but people are feeling, experiencing right now, high inflation and high Interest Rates for home loans. Julie we can all talk about the markets but is it a leap for donald trump to say they are doing it because they have been doing it because im going to come in and they are optimistic about that . Its a reasonable argument for donald trump to make. When you look at the polls from the New York Times, news organizations they also donald trump winning in the swing states and nationally. So if anyone would say donald trump is more likely to be present now than not, thats builtin right now to what the market is doing. I think its like having your cake and eating it too, saying we are going to pick and choose what Economic Indicators we want to take credit for, which ones we dont so its either you take in all are taken nothing in the fact that you try to boast that its because of what might happen come in january of next year, that is outrageous. When you point to the fact that President Biden has had these successes whether its the bipartisan infrastructure bill, the inflation reduction act, the chips act, helping put more money in americans pockets, having the cost of prescription drugs, the list goes on and on but you have to be careful in the political sphere when we try to give too much credit to ourselves and biden has a lot to talk about in terms of his accomplishments. You got to be careful because its quick and easy to take out a few problems to attack and its easier to believe those negatives than those positives and that is why biden has to be out there listening to people and understanding there is this growing divide and many people are getting left behind and he is going to be the president who make sure they get that boost into the future economy we are seeing in the United States and around the world. Julie watch what happens, thank you both very much. This is what we are keeping focus on regardless who gets the credit. A lot of people say its the federal reserve, a safe landing, Interest Rates stabilized a little bit and corporate earnings coming in. The dow right now is 93 points away from 40,000, nothing we are obsessing but to put it in perspective the dow is already up about 50 and two years, it has doubled over the last four years so it has been on a bumpy, torrid pace for a little while and it continues this week. 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Syracuse universitys Daniello Institute for veterans and military families has empowered more than 200,000 veterans to serve their communities and their careers. From professional certifications, to job training, to help navigating programs and services, we give veterans access to support from anywhere in the world. Edward adam you are probably asking why we are showing of the markets and donald trump from yesterday leaving the courthouse. When he was at the courthouse, besides talking about this sham of a trial as he calls it which is been going on for the better part of 3 weeks now the resumes next week with more Michael Cohen testimony, he did get a chance to talk about the dow, teasing 40,000 saying a lot of it is based on the markets and investors being excited for him returning to the white house would somewhat agree with that, some would disagree. There are other factors like the economy, improving inflation news, corporate earnings. Having said all of that donald trump is saying this is a preview of coming attractions if he gets elected and the markets are seizing on that. Talk about anything and everything. Lydia should know. Shes been covering this trial very closely and often times been in the room itself where this is happening and joins us right now. Back to Michael Cohen next week. Reporter it sure is. Yesterday when i was there the defense team continue to do their work tearing apart Michael Cohens credibility. They hammered on his repeated lies to congress, the fact that he pleaded guilty to tax evasion and pleaded guilty to lying to a bank but through all that scorching crossexamination, Michael Cohen maintained his composure in the courtroom and the defense was ready for that counter of your to jurors and other side to michael and what they say are his motivations and testifying against trump and used his own words when they did that, the defense played part of Michael Cohens podcast when he was talking about trump. I hope this man ends up in prison but it wont bring back the year i lost or the damage done to my family but revenge is a dish best served cold and you Better Believe i want this man to go down and rot inside for what he did to me and my family. A different side from what the jurors were sitting on the witness stand. Todd blanche also suggested cohen was continuing to lie to jurors in this trial. Blanche crossexamined cohen about one particular phone call, cohen had testified he called trumps bodyguard q schiller to fix with trump and cohen said he told schiller and trump about Stormy Daniels and that call telling them that the nondisclosure deal was done. But on crossexamination blanche used Text Messages sent around the time of the call to suggested cohen had been receiving prank calls from a 14yearold and actually cohen called schiller to discuss that harassment. Blanche said to cohen, that was a lie. You did not talk to donald trump on that night. You talked to Keith Schiller about what we just went through. Can you admit it. Cohen answered no, sir. I cant. Im not certain that is accurate. But the suggestion that cohen was lying about the phone call, or wasnt forthcoming with a ph