Mark Cuban joins FOX Business hosts for a virtual town hall
Hello. Everyone, I'm Charles Payne and welcome to our second, America, works together virtual. Town Hall today's, special guest is Mark Cuban who will be with us for the entire hour our first virtual Town Hall focused, on small businesses, also, the government's, relief efforts it was a huge success but there, were so many unanswered questions and since then well as you know the PPP, ran dry and millions, of small businesses, are really, in a life-or-death predicament. At this moment now apparently. More money is on the way but the delay could, prove fatal for many small businesses frustration. Is growing and there, is an overreaching, anxiety. About the future of this country as we race a clock to contain covet, 19 before, the economic damages, become irreversible, now, even when mankind has beaten this viral demon, we will be in a brand new world and a brand new reality and, it's going to impact all facets, of our daily lives and of course the economy later. We'll also be joined by some of my Fox business colleagues Maria Bartiromo Neil. Cavuto and Melissa Francis, but right now I'd, like to welcome billionaire, entrepreneur owner, of the NBA's, Dallas Mavericks, Mark. Cuban mark, is also an advisor and president, Trump's new great, American, economic, revival industrial, group mark, thank you very much for being part of this today just just. To start because you know I've seen you around you've, been talking about different things and there's so many elements to where we are it's, brand-new every, single aspect of our lives is it's like starting over with, the new game plan and we're not sure how to go about it. Yeah. There's no question is scary there's no question it's a restart. But. You know what depending on the circumstances, you're in you've just got to be aware of all the opportunities, available to you you know it's, horrific that we've had you, know 25, million plus people lose their job a lot more underemployed. But, you know there are services, in place and I think the one message going into this you, know historically I've got lean libertarian. And I've been against. Bigger government or government intruding. To everything, we do but, you know what this is the time everybody, needs to just recognize you. Pay your taxes, and if there's a government program available. To you whether, it's PPP, whether it's a IDL or whether whether it's unemployment insurance you, have to really step up and take advantage of, it's a different, time and you've got to think of your family, first but, I think once we get through this initial, hurdle things are gonna be okay, yeah, to that point the people. Are wondering though if some, of these things will be permanent, like there's, talk about a universal, basic income there is talk about maybe. If the Fed can spend print this kind of money why not take, out all student loans in other words yeah, we're in a life-or-death, situation no, doubt about it but is it possible we've changed the entire political equation in this country yeah. It's very possible we've, never seen anything like this you, know in one hand it's scary to think that we're printing as much money and taking as much dead on as we are but, on the other hand what's the alternative all, right you know. Even. Worse I mean it's. Horrific to think about so you, know sometimes you just got to take a chance and I think that's where we are you, know economists will be writing around about this for centuries but. Let's find out I think when we can get to the other side get to America 2.0. Then, I think positive, things will start to happen we'll, be in a better position, economically. And, medically, and then we can start making some decisions on, how, we deal with taxes, and debt and those types of things a lot of our questions are for, folks who are trying to get to that next point and they're struggling I want to go right to these viewer questions, here start with Dan, Pia from Fairplay, Colorado let's, take a listen, my. Question, is, incredibly. Perplexed. As. To how they ran through all the billions of those. PPP. Funds. Already. And. Do. You all know what the parameters, were around.
That. Distribution. And who, actually got, all that money all right, three hundred forty nine billion, we know a lot of big names got money including, universities, not Nestle peepee but that's, and headlines and publicly, traded companies, and your thoughts, yeah. I mean I know where he's coming from here's here's exactly what happened once, the money was allocated the, goal was to get it into small businesses, hands as quickly as possible with. The idea and, perspective. Being that, the quicker we got it into hands of small businesses the, more likely they were going to be able to retain as, many of their poise if not all their employees, they could because, that would allow this loan to turn into a grant. Unfortunately. What we did take into consideration. Is that be, because, this how the. Process, was, for the bank's to make the decisions, right so we the, Treasury, and the Fed said okay everybody go to a bank and apply for this PPP, loan the, banks then took all the applications. That they got they did compare notes with any other banks, there was no aggregating. Of all the, different loans together so, no one got to see as a whole who, needed the most help so, went back to the state with the banks and the banks just make decisions like Bank student, and they offered the money to their best customers as best they could and then started working down from there that, meant unfortunately. A lot of small businesses, didn't, get the capital that they needed its, enormous, ly frustrating. I mean I my, firm put in an application I've, been doing business with Citibank for, 30 years and they kicked us to a bank mark with two branches. And one of them by the way is closed because of covet 19, we, don't know what we did wrong that's F we were pumping in millions of dollars they never said anything was wrong with our relationship. Next, thing I know this small Bank is saying we don't have a guide to. This we don't know what we're supposed to do and everyone's. Worried about this but I want to pick up on what you just talked about about, these bigger businesses, getting the money because our next question focus on that is from the Lone Star State, let's take a listen. Hey. There this is Louisville, in hill country in the Texas Hill Country Harper, Texas and I, wanted you to please explain, or address, how a big business, like Ruth's Chris Steakhouse can. Get twenty million dollars, in relief, while. Other, small businesses, are waiting. For the government to decide when, they can give out more money or when they're going to do it or not mark. You have the story of Roose Chris you, had a widow, never, owned a business in her life she was sitting at home making Kurt and she saw it won an ad Christmas, steakhouse I'll buy it so, it's a quintessential, American, success story but, now it's a pretty big big business compared, to these mod pots the companies that are floundering that a living day-to-day what, do you think yeah. It was a mistake obviously I mean look I don't want to throw the Treasury under the bus because they were in such a rush it wasn't ready aim fire. It was ready fire aim and we, missed a lot of things we should have put an asset, cap so, that if you have assets ammo above above, a certain number you're, not eligible for the loan we should have put a profit, cap so if you have profits, in the tens of millions of dollars you're, not eligible we, should have said that public companies are not eligible under, any circumstances.
Because They're it's easier for them to raise capital, in other ways they can sell more stock they can borrow money against a stock they can do options, and warrants and all those types of things and so we didn't, do those things and that meant. That a lot of the small businesses that needed it the most fell, through the cracks now I'm hoping that. And I've encouraged, and said to people, on the committee that maybe, with this next tranche of PPP we can fix some of these things so we'll see what happens at the very end mark you've also put forth the idea of extending. Certain lines of credits to. Small businesses, unlike the that, a probably, had been done in the past can you explain, that a little bit yeah, what I suggested, was for those people who would qualify for the PPP, with the restrictions, I just mentioned, rather. Than trying to get them to go to a bank apply for a loan and then, go through an approval process and, compete with funding for everybody else that would take too long and lead. To the discrepancies, that we've seen what, I said was for any type of checks. That a business would write for, the the reimbursable, categories, rent utilities. Broadband. And particularly, payroll, and payroll associated. Expenses, the, bank would cover all overdrafts. So, you could just write the checks that you used to write continue to write them they wouldn't bounce and at the end of every day the bank would be made whole by the Federal Reserve right that comp list a couple things most, importantly, it meant there was no friction and continued to do business the way you've always done and. Then there's also less fraud because, the, banks understand, what, their customers are doing they can put limits on the size of the check based, off of the statements, they already have which, one of the things that people haven't even talked about with the PPP, if I'm.
A Fraudster and I got PPP, money let's just say it's the average amount of two hundred six thousand dollars and the minute that cheque hits my account and I go out and buy a Ferrari you, know yeah I still have to pay that loan back but, it's a low-interest loan that's you know lower than I can get from a car dealership if I can deal, now I have a Ferrari yeah you know different. Things that we missed but. You know what again Charles we're going to hopefully get smarter, because I'm positive, this is not gonna be the last crunch when, it hopefully gets approved today don't be more I I greet, you a thousand percent I want to go to our next video question, it's about what, this country will look like in the future. Hi. I'm meadow McBride from White Marsh Maryland my, question is for Mark Cuban mark, I had two jobs one full-time at one part-time I'm now, working part-time, my. Full-time job is, caput, s-- my, question, is do, you think this is the new standard, of living that folks are gonna make less once we get out of this mess, that we're in mark I, hope. Not I don't, think so but there will be a period of pain you. Know and it's unfortunate, we're. Gonna go through a reset, we you know it's really difficult to know what, America 2.0, is going to look like particularly, at the beginning and so, all businesses, of all sizes are going to be reevaluated and, again. I'll, go back to the fact that I really prefer small government and small. Intrusions. But, now, it's going to be a little bit different I think we're gonna have to see extended, unemployment benefits, we, may have to see a federal minimum wage and, I'll tell you why and this goes directly to your question. Right. Now minimum, wages are set by states and municipalities and. There's really the federal newer, wage isn't really applicable anymore, I think, we need to raise it to $15. An hour for the reasons you mentioned people, need a, living. Wage now a lot of small businesses, historically, have, been against that including, me but, the root of that problem was you, know if you're in one city in, the city next door you doesn't have the same minimum wage you're, at a disadvantage but. If it's a federal minimum wage not, only are people able to pay their bills but every company, plays by the same rules and, to me that's key if, all my small businesses, are paying more in minimum, in wages, for the minimum wage that's.
Gonna Create a little bit of a burden but as long as I'm competing, with everybody else doing the same thing it's, really no different than, rents, going up in an area or, you. Know the cost of any commodity if you build something with copper it's more expensive so as long as we all play the bias, rules and we lift up people from the bottom to me that's what's gonna drive the economy more than government, pushing down from the top mark we want to get into that more later in the shows you bring on some of the all-stars but I want to get to this next question as well as from Jennifer from, New Jersey. This. Is Jennifer from Hoboken New Jersey and my question is about interest, rates do, you think that the banks and credit card companies will lower their rates to, help the, American people lower, their payments, or pay. Down their debt faster, or help fewer people go into delinquency. Let, me know what you think mark. Jennifer. That is a great, question, it just so happens, I went, and looked at average. Interest, rates on one, of the websites that tracked these things a couple weeks ago and interest. Rates on credit cards had not dropped how. That happens, I don't, know and I think people, really needs to stand up and really call out their banks and call out their credit card companies, because, having interest rates at 16%, for your credit card when, you, know the, interest rates to those companies for the money that they're, loaning is a, half a percent you, know potentially. Lower that's. Just wrong and again I think we really need to think that through in terms, of why are we allowing that to happen because as you said you, know when people lose their job then all that interest. Continues, to accumulate and you, just fall further and further behind that. That is a, cascading. Problem, that really is going to affect a lot of American, people and we need, to really step up and do something about it I'm really hoping that maybe some of these FinTech companies that are trying to you know take on the financial community make a difference there mark mark, please do me a favor I know you're gonna stick around for the whole hour we're, gonna go take a break folks but afterwards Maria Bartiromo is gonna join us we're. Back with a very special virtual. Town hall America. Works together answering. Questions that have been submitted by you the viewer and of course our goal today is we, want to help America, and Americans navigate, this almost, unthinkable situation, and, we are in this all together so, I want to keep it going Mark Cuban is back with us along with my friend Maria. Bartiromo host, of mornings with Andrea starting, of course every morning 6 a.m. Eastern Time on Fox Business, and then there's Sunday, morning futures on Fox, News that airs Sunday at 10:00 a.m. Maria thank you so much for joining us being, a part of this, if. You don't mind I just want to go straight to the questions they're pouring in and this. One I think Maria you have some serious thoughts about let's. Go to Randi be he's talking about his retirement. Hi. My name is Randi, Biddy from Tacoma Washington thank. You for taking my question, my question is is. There going to be any provisions. In the stimulus package. That. Will address the, losses, that retirees, may be taken, at this time I. Worked. For 39 years at. The same company retired, almost two years ago and I've, lost 30% of my retirement to this day thank. You for taking the question Maria. People, were panicking, they're closing out their accounts, they just don't know what to do and I, think we, know from history that could be a huge mistake. You're. Absolutely right Charles it's great to be with you it's great to be with mark this afternoon to get these, great advice on these questions and you got it handed to Randy what a great question, Randy you are spot on in terms of the concerns, with, regard to retirement. I always tell people the 401k, in IRA, is one of your most important. Tools to actually create wealth over the over the long term I always say to my nephews and my nieces I gained, wealth, because, of my 401k so, once you put money in that 401k my, best advice would be leave, it alone do not touch it however.
There, Actually, is a. There. There is something, for you in this scares package, the 2.2 trillion dollar package more, than eight hundred pages, long in, it it says, that you are able, to borrow, from yourself, in other words you can take out up, to one hundred thousand, dollars of your IRA and, you. Could as long as you pay it back within a three-year period you won't get taxed on it you will not get a penalty because, if you're 59, or. 59 or three-quarters really or younger, you, will face a 10%. Tax, burden. If you, take money out of your 401k or IRA, IRA, too early, however, in the cares Act you can you can take $100,000, out you can pay it back in chunks you can pay it back all in one sum. And you will not get to face that tax if you pay it back within three years and you can use that for whatever you need so if you're cash-strapped, you can't do it I always, caution, that's the last thing I would do because you really want to keep that money intact, for retirement as much as you can mark, of course I've. Read so many stories of the things that you've done not. Just for the players on your team of course but for all the ancillary folks, who work there too but not, everyone's working for Mark Cuban how can. They go about this do you think you. Know taking the money out being able to put it back in it's one thing but sometimes people still don't do that, yeah. I mean you don't want to take it out right now the reference. I'll give you Maria is exactly right with her guidance but, you know 30%, down feels really bad but that's, probably where the market was a year ago you know or a year and a half ago anyways, because, we've seen it go up so significantly. Over the last few years and so, as, hard as it is and as scary as it is you just have to be patient folks. We got a video question and that comes from the Sunshine, State let's, take a listen. Hello. My, name is Frank and I live in Florida on Shark. Tank you, and the other sharks, are big proponents of sending. Products, offshore, for. Manufacturer. To, lower costs, and increase, margins. This. Thinking, now, has, gotten us into trouble as some. Key goods can. Be held hostage by China. How. Do you reconcile. This. Opinion, now with. The new reality facing, us Mart. Have you mark have you had an, epiphany on this no. I haven't changed at all I mean I've never asked, any of our companies to go to China, to manufacture others, on the Shark Tank panel have but, I've been adamant, for all of my companies if we can make it in the United States even if it cost a little bit more that's exactly, what we're going to do no questions, asked so it hasn't been any change for me at all but. That said to, Frank's point we've learned a lot that when we don't have critical. Items. That are manufactured. Here we're, at the mercy of foreign. Countries and that's a real problem and so we have to find ways to bring back manufacturing here. Now I'm a big proponent of robotics, because I think we, that allows us to bring almost all the manufactured, items here and create, a lot more employment. Than we've ever had before around manufacturing, but, yeah I, I agree with Frank that, whatever, you can make here we should make here and whatever we can do to bring manufacturing, here particularly, with new technologies. To so we can dominate the world in this area that's exactly what we need to do mark can can robotics, AI and, these other events technologies. Coexist, with a blooming job market, there's no doubt my mind production, can increase but will also employment. Increase. Absolutely. Positively, look at it this way Charles let's just say there's a billion products, manufactured, overseas and we can bring back half of them the, mountain of employment. Required to maintain manage. Monitor clean. Not, just the robots but all that, there the warehouse space and everything around them the software all, these things are going to create a lot of jobs, that, will pay well but don't necessarily require high, skills so a high school graduate, can do them okay when you look at the aggregate, aggregate total, employment created, from doing that it, would dwarf or anything we could create doing manufacturing. 1.0 well, Maria you were waving the red flag on this relationship, long before the corona virus and now a lot, of Americans, see, what you've been warning about. Yeah. And you know Charles this is sort of a key issue of our day right now I can, tell you I've been studying this now for 20 years and for 20 years covering, the stock market, at another, network it was all about growth, and every time I would speak with CEOs, and managers of, businesses they, would all say we're looking for growth growth, growth growth around the world and that growth is coming from China. And that was, one of the big things tend. Your manufacturing, to China it's, cheaper, it's all about money they have lacks environmental.
Rules Okay let's produce it there they, have lacks rules when it comes to workers let's send our workers there now, there's you're rethinking this because, of exactly, what Mark just said we, cannot be hostage, to a foreign, country in the middle of a crisis, and that's exactly where we find ourselves today with, coronavirus. Given the fact that China produces, 70. Percent of the active ingredients, in our prescription, drugs I'm talking, about antibiotics. Ibuprofen. Penicillin. All of these things, and in the middle of this pandemic we saw an article in state-run. Media from, China that says oh such speculating, oh well, what if Beijing, decided, to hold back those, prescription, drug active ingredients, during this crisis, America won't get the drugs they need maybe they'll lay off on the tariffs, these are the kinds of things America, cannot afford so I think as we speak there's a rethinking, going on in the part of managers, in terms of how to get their products produced and it's not just a whole product right it's components. You had you may have a car that's assembled. In Detroit, but you've got a component, that you need that's made in China that's what's gonna be rethought right now and I've got a Pew Research study right in front of me by the way Charles that says US views. Of China increasingly, negative amid, this coronavirus. The individual. Out there is also feeling the heat because, of that reliance on China during this moment in time right and bipartisan. By the way it's Republicans, and Democrats, both are feeling, the same way and let's switch gears a little bit because we got a video comes, from Buffalo, about, life after, the pandemic. My. Name is David Turner I'm. From Buffalo New York my question is in your. Vision, for a post corona America. How. Would workers, that are displaced, by robotics. In various. Technologies. Be. Integrated. Back into the workforce, without. Leaving a significant. Portion of those workers behind. Now. Mark you already addressed a part of this but in. Your America, 2.0, it's not just factory, work it's it's office work, you know I offices, are running and nobody's in them and there's, no way that they look the same after this so where, do people find employment how do we adjust, well. A couple different things you're right companies are going to change I mean we're finding out that we can work from home in four hours what we thought it took eight hours to do in an office so there'll be a lot of adjustment, but with that adjustment kind of becomes a lot of opportunity, you know we live in an entrepreneurial, nation that's different, and better than every other country in the world well we get to the other side of this there's going to be so many unique entrepreneurial. Opportunities, that, great you know huge American companies, are going to be built so while there'll be a little bit of disruption, I mean I made a lot of disruption. I think we're gonna build a lot of great companies that are employed, millions, of people that, will create new jobs and so you, know we're just I think, the word that that's, really gonna have to apply to American, workers that have been displaced is agility, we're just going to have to be agile and pay attention to the jobs that are being created and really, be ready to jump on those jobs as they are created right and, grow, quick Maria I mean disruption. Has been a key word in Silicon Valley in Wall Street for a decade now. Exactly. Charles I agree with Mark 100%, don't forget what happened back in 1999. 1998. We were all afraid of the dot-com era right, companies, were not necessarily, adapting. To what was going on they were left behind and yet, later 5-10 years later we have all of these jobs who knew that there was somebody that we needed to mine, data, did, we know that we needed an engineer, to go, through all of the explosion, of data and and categorize, it etc so, there will be new jobs but make no mistake a I will put some jobs out of business there's no doubt about it because if you can do something better if you can do something more effectively, with technology, you're going to do it it will it, will replace certain jobs but, in other areas, it will actually complement, jobs who, doesn't, want your doctor to have more information at, his or her fingertips, when, they're examining, you right so you want people to understand, the latest I think the best advice for our viewers is to arm themselves with such much information, about the digital economy as they can particularly, during now this coronavirus. Crisis, because the digital economy is only going to accelerate exactly, what Mark said you're going to be doing a lot of these things that we're doing from home on the other side as well I want to go to Jeff see he posted his question on Facebook.
What's. Your thoughts on starting, a new business, with. The way. The economy will possibly, rebound, and what. May, not open again, I know, it's a vague question somewhat. Of a general question but, I'm wondering you know what your thoughts are, to. Go ahead and plan. To open up a business and a downturn, like this and hope, that we come back with. A boo economy. And. More particularly I. Looking. At a possibility, of a bar, something. I've always wanted to do you. Know I think the opportunity, is now because there's gonna be a lot that will not recover so just. Like your thoughts on that mark. This is in your wheelhouse, yeah, Jeff, and everybody, else watching now is the perfect, the. Absolute. Positively. Perfect, time to, start a business while, you're quarantined, work on your business plan while, you're trying to envision eyes what's going to be what it's gonna be like on the other side put. Your vision and you know show it and share it with other people so you can get feedback and the minute we can walk out the door go, go, go if it's starting a bar knowing. That a lot of other bars may close as you mentioned, what's, going to be needed what's gonna be fun for people in your neighborhood you know how are you gonna deal with social distancing, what can you do to make people feel safer, in your bar, from, the coronavirus, than anything else that count pops up that they won't get elsewhere there's, such amazing, opportunity. Right now I mean. This is the best literally, I say, this with no exaggeration this, is the best time, ever to start a business out of this or will. Come like, I said before crazy, amazing. Companies and you just have to ask yourself when you're sitting there thinking should I start a company just ask yourself why not me why, can't I be the one who starts the next big thing and changes. The world Maria, we saw it done a Great Depression a lot of companies that are huge now where ideas that people said I'm then leaped on him back in the 1930s, and 40s I love. It it's so empowering, to think about it not only there I don't think you're gonna get better interest, rates every time you, have the cash to actually, put some cash to work you, want to borrow money on top of that now is the time to borrow money you're talking about borrowing money for free where the tenure is right now interest, rates are right now the best, spot. You're gonna get in a lot of years once we get out of that all right bottom line go for it go for it Maria thank, you so much really appreciate it thanks.
For You hey. Folks coming up we're going to bring in Neil Cavuto into, the mix to answer more of your questions of, course a lot of you are worried about this huge debt pile, Nilson, you're, right to worry and, we are back with more America, works together our special, virtual town hall with special, guest Mark Cuban answering. Your economic, questions as we struggle through this corona virus pandemic and its fallout and now we are joined by Neil Cavuto host, of coast to coast right here at noon on Fox Business and of course also host of your, world on Fox News 4:00 p.m. as well as kabuto live on Saturdays at 10:00 a.m. thanks for watching folks the show's over. Neither. We went through the whole resume we'd be here for about a half an hour but, thank you so much sir, free tract, just deal with it. In. That case let's just go straight to the questions because the first one is specific, specifically, for you right it. Says my concern is that this huge federal debt that, continues, to grow with each congressional, session, it seems, this issue is never confronted, by any member of Congress or administration, from either party please, speak to the stability of our country and our, government with, this debt looming over us and being ignored by, a representatives. In government nill. Well. They're right I mean it's, not going to get any better I mean Republicans and, Democrats are just. Jumping into this spending no one is trying to rein it in and I can understand, the emergency, that we've got I get a lot of you, know nasty, emails now and then saying, is anyone, looking, at this now obviously you want to throw anything. That will stick to, see that things get turned around here but we are eventually gonna have to have, to pay for this and I think when, all is said and done our total. Debt leaving. Out other unfunded, obligations, is. Going to be 25 trillion, we, have to address that so let's say you have to do it with tax, increases reining in entitlements, but, but there's going to be after. All of this I understand, the need for speed, to, get help on the way but there's gonna be a need for. Saving. When. We're out of this so one, step at a time I get it but I - I'm worried about it what mark some, people have actually said weekend with interest, rates at this level which, by the way Maria mentioned just in the last segment that we could grow our way out of it that we can hit a certain level and chip away at it is that just you know wishful thinking. Depends. On where you invest the money I mean you know effectively, if we get into infrastructure, 2.0. And we and borrow money at, just, above zero and, get, a return of greater than that then yes we can grow our way out of it but we have to spend it wisely into, Neil's point he's right on we you know you have to take first steps first but you also have to be cognizant that the minute we get any sense of normalcy we have to focus back on restraining. That debt and trying to grow our way out of it and, yet mark you think there will be another round there'll be another phase who call it five six whatever but that enough money has not gone to this to address the immediate emergency. Yeah. Because when you look at the people at the bottom the people who have, been laid off the people who have been had their hours cut back there's, just not enough money there right now to really, you, know it create. Demand and if, there's no, consumerism. If there's no demand then, there's nothing there's no revenues, for businesses and that creates a real problem and so, I think we, might get to the end of it in terms of businesses, with one more tranche but I think there's going to be more stimulus payments, to people making under 75, K because we really got to stimulate, spending, without, it there is no economy, all right let's go to our next question it's about social distancing.
My. Name is Ronnie malanga, from Taos New Mexico and, my, question is for you mark can, you support, the model such as Sweden is currently, doing, open. With social, distancing. At some. Point we, all will, be subject, to this concept, what. Are your thoughts mark everyone's. Talking about the Swedish model marketing. It yeah, I just read an article where they retracted, a lot of the data and so it's hard to know what's true what's right, look, the, one thing I know for certain is then I'm not a scientist, and at. Some point we have to just trust, the scientist, dr. fallacy doctor bricks that are working for the White House and listen. To them we. All have our opinions we, all read the same things and try to come to conclusions, but, you know what I know what I know and I know what I don't know and I know I'm not an expert here Neil, the thing is some, businesses, like Ryanair saying even, if you allow us back in if you take out the middle seat we can't make any money other, businesses, are saying other people saying, you, know the hurt mentality, the idea is that you, know at some point it's, going to come back and and, it might be smart to be somewhat prepared. Bye-bye. You know maybe some places cutting, corners with, respect to social distancing. Well. You know what Sweden's an interesting example of that because they they, were forcing. Immunity, some people said that they were playing Russian roulette with, Swedish, citizens, helped but the darnest thing has happened in the process, of 20% of the population has. Developed, an immunity to this now, you could say that was forced, on them because of these, fairly liberal, positions. And they do have, distancing. Provisions. They're nothing like ours even. Proud of the you know limitations, I think no, more than 50, but, but, for. Some reason, it does work. A little bit now I hasten, to add that the cases, there are double. What is in neighboring Denmark I think they have a little bit more than 15,000. Cases about, 8,000. Deaths so I hate, todaya that it's not a not a cure. Or, an elixir but it's a reminder that, don''t, stages, maybe this is what Georgia. Will look like this is what some, of these other states that some. Deemed to be moving too soon Charles are going, to go through that that Sweden is going through it now it's, a bumpy, road and I'm not trying to say it's Nirvana there but, they have stumbled upon something, here that might prove. Valuable, in, future. Ben Demarest in Georgia real. Quickly to what Neil's saying if I can I have, a very simple test well I'll let my kids go you. Know I'm not going to put them in a harm's way at all and when, you look at Sweden a lot of them really you know they quarantined themselves, we just, my, kids can go I'm. Not I'm not buying it all right well I tell you what Georgia if they do what they say they're gonna do gonna be an amazing case study of real life decline 34, its day-to-day and we'll know a lot in a couple of weeks I want to go to Heather see she, has our next question. Hello. Heather Cimorelli Hyde, Park New York we started to look at houses the end of February, beginning, of March and I just wanted to know if you should be making an offer on a house during, this time thank. You Mark, we're not saying prices, come down that much in the housing market and contracts, seem to be holding up as well yeah. I think the inventory, has declined so much that's why prices. Not gone down I would, I would be a little bit patient I wouldn't rush into it if, it were me buying a house I'd make the lowball offer and say you know what if it doesn't work it doesn't work I'd have no rush to move into a new house and then just see what happens because I'd, be fairly confident, in saying we're not going to see housing prices explode, any time soon so your, worst case may be you don't get the exact house of your dreams your better cases maybe you get a great deal in the house you really like no I got to tell you what frustrates, me in January, February early March the numbers were amazing.
Household, Formation Millennials. Moving out we, were our housing, market was becoming a juggernaut, and I wonder if it can just find its way back at some point later on maybe with a different focus maybe folks move into suburbia, instead, of living on top of each other and having to worry about wiping down the elevator buttons I. Don't. I'm more intrigued by Mark Cuban, nickel-and-diming, a potential, seller. All. Excited. Hey, I got Mark Cuban on my door and. He's nickel-and-diming, me on the house there you know it's bad if that's gone. Leaving. That aside. Hey. It's a it's a free country I mean we're a billionaire because of it but I do, think he raised a very good point and we do that it is now very much. You. Know it's, a buyers market and. You can't afford to wait and, now with the uncertainty, and a lot of lending, institutions. Not thinking all right who's the next to go or who the next it looks Valle nura below who's the next who might not be you. Know D, sheltering, for their homes it's. Going to be harder I think even to find loans even with these record low interest, rates but I think time, is probably on your side if you just want to if you just want to wait it out now for different. Strokes, for different folks some see, that house that they got a got a hat I get, that they you know they drive by Mark Cuban's estate and say I'm. Never gonna get that but the fact of the matter is people are driven by by, the passion, of wanting that that piece of real estate I think, they could resist that temptation for, a while because, if this is going to be around a while yeah yeah well you know it's it's always been part of the American dream for sure our next question is about the future of the economy. Ron. Regan Merritt, Island Florida, our. Economy. This. Mrs. and, employers. Will, change at a more rapid rate as a result of this pandemic and. Technologies, endless, advancement, how, should students, and employees, prepare themselves to. Participate. In, this new economy. Nilla, we've, talked about this in Prior, segments, I'm interested, in your thoughts. Well. I think you've already seen our young people they're the most prepared, for this because they're the most computer, savvy so if you think about it it was not a huge, transition for them to start doing their classes, online, you. Know my teenage sons are a good example of that they, sort of you know poopoo, me and waiting me away when I say, are you on top of that of course they are so they're actually more prepared that we give them credit, for I think it's the older fogies like myself who. Can't you know figure out where the on button is that this is a big, adjustment but I do think, there's something inherently, positive. About, this that I think, Mark illustrates, see he is who he is today because he didn't look at the glass as half-empty seeds, it has half full and he's got gusto and and I think that matters, a lot I mean in this vacuum we've seen a lot of people buying. Online we've seen trends. That have changed maybe, for a very, very long time that, that speak to this country's, creative.
Skill Set and I think that it's, something that's going to be too you, know very intriguing to, watch I think the, unique. Concept. And DNA, and all of us to, just find, a way to to. Pivot and change to the times we're already seeing our young people I think we're seeing it in people who are convinced, you know this is this, is get gets a little long a little old you, know cooped up in our homes you, assume that people really like their family but, if they do they. Come out of it and they're all the better for it I'm convinced, we'll see Charles let me just add to what Neal said that, the one question, I will guarantee that you get asked when you go for a job interview is. What, did you learn during the pandemic of 2020, and so, if you use this time to increase your skill set you're going to be much better suited to find a job and you're gonna be asked that question guaranteed. Well, I hope I don't have to look for a job because I learned how to work the dishwasher, that's my only thing I've learned so far. Nor. Nor. She. Says my concerns are I'm on a fixed income I receive, Social Security not a large amount and I have an investment from which I need to draw to pay my bill since all this started have lost a large amount and, worried if it will be depleted how can I secure my investment, is to do do I withdraw, it don't, touch it you, know and and here's the thing we kind of hit on this already it's. Always my preference that people don't take money out because. I find, that they. Even though what the best intentions, they don't always put it back in even, when they're forgiving Thank You Neil very, much really appreciate it your insights are invaluable, coming. Up folks our very own Melissa Francis, is gonna join a town hall and students. Are asking some, questions we hit on some of them but wait to hear the rest they're great so please stick. Around, we're. Back with more of our America, works together virtual. Town Hall Mark Cuban has been with us for the entire hour and it's, been fantastic mark, we've appreciated your insight joining us now Melissa. Francis, co-host of after the bell on Fox Business Network 4 p.m. Eastern of course you can also catch melissa every day on outnumbered, over, on the fox news channel melissa, thank you very much for joining us I want to jump right into this and I know this is something that you appreciate, and talk about all the time our, next question is about student, loans. Hi. My, name is Christina older and I am coming from Columbia, South Carolina, during. The pandemic full time college students, have taken some of the hardest hits after losing their jobs and internships. Because, they do not qualify for unemployment benefits in, most, cases the stimulus, check and less than 50% of the cares act really funds goes to students, to, give these individuals more time to search for a job should, the government consider, extending, the suspension, of student loan payments, and student loan interest how. Can we offset the, kovat 19, financial. Burden on college, students. Melissa. Let's start with you. Well. That's a great question I, would say first and foremost, interest. Rates are the lowest that we're going to see in our lifetime so if you have any ability. To refinance, any of those loans or swap them to something that. Has a lower interest, rate that would be the way to do that in terms of putting off the payment, you know they're not forgiving, the payment, they're, just making it later in the future so it doesn't solve a lot of your problem, if, you're currently a student I don't think you're making payments on that anyway, but, if you're out of school, and you're you, know going along I, would, just say you know it really highlights, how, much of a drag student.
Debt Is on kids and it reminds, you really. To get out of school as quickly as possible to, focus on studying something that you think is going to actually help your career I mean unless you're just totally loaded and your parents are loaded and you can sit there and party and enjoy yourself and learn something wonderful god bless, you yeah but, if you're going to be paying for this later you know it just it really highlights the fact that you need to get to it get out there and get, started in life it, marked earlier in his show you talked about these opportunities, not, necessarily, well you need a college degree did. The former, IBM CEO she called, them new collar jobs not blue not white new. Collar jobs where you have a specific skill, set also. Opportunity. Sets that maybe weren't, out there before yeah. There's no question a couple things one if you're still in school you, know Garant given, that so much is going to be online going forward you might want to reconsider where, you're at and how much you cost and picking an alternative. Number. Two when you do graduate you, don't, have to start paying things back and immediately. But, in terms, of getting a job and where you get a job you just spent four years paying, to learn go, out and take any job, it doesn't have to be the perfect job because now you're getting paid to learn I've, learned, the most from some of the worst jobs people could ever have jobs, I've been fired from I've literally learned the very most and that's helped me start my companies, and so, you know you're not these, days kids aren't coming out of school looking for a long-term career where you you know you're retiring you get a gold watch go, out and get a job that pays you learn, from it and recognize, that you're a free agent once you learn to feel confident, you have a skill set to do something more then, you can jump to the next job and that, puts you in a position to start repaying those loans I always got a bill from California, he's got a great question. It. Seems to me that the states that opened early for business without creating, a lot more Kovac 19 cases will, get the majority of the business and, states revenue, through. Taxes, and fees in those states will soar compared, to states like New York and California which. May open very late well. A federal government bailout those late opening States how. Much will the prudent, profit earning States want to support the laggers as, a corollary, how, will this affect the population movement from i-tech states to low tax states I gotta. Tell you mark they're already talking about bailing out states anyway and that's gonna be a hot topic in Congress maybe even as early as next week, yeah. But I disagree with the premise I don't think you, know so much is being sold online right, now I don't think that you're, gonna have more or less business because nationally. Because you open up sooner, and I also think opening, up early, I'm not against it I'm all for it but, there, have there's so many precautions that need to be taken to protect your employees, and your, customers that. It's gonna cost you more while, at the same time you're gonna have less traffic and and less revenue so, that's, why you see so many companies, pushing towards online we. Already had been seen the decline of traditional. Retail and. We're gonna see that accelerated. To the point where a lot of their old retail will go away and so, much more will be sold online so because we're becoming so much more comfortable with it that I don't think it's so much one state versus the other one city versus the other it's going to be about how each individual, company. Executes, on their, on their, plans. Melissa. You, know governors, have gotten sine Mart's go ahead.
Melissa. No I was, gonna say I'm a glass-half-full kind. Of gal so, I would look at it if I'm in a state where they're opening, late then, I'm gonna say the other guys are doing the experiment I'm gonna watch it closely I'm gonna see those restaurants those bars what they're doing that's not working what's blowing up in their faces what's, working what. Do I want to copy if, I'm in one of the states that's going first then, I am gonna try and take advantage of that yes I do have more of a burden to protect my people but I also have the opportunity, to get out there first somebody, you, know the the playing, field is never level, you, have to look and see where your advantage, is how can you make this work to your benefit, yep. All right Kim our from, Fort Worth Texas, it has a message for us on Facebook, we. Are a family-owned, jewelry, store, has been in business for over 40 years because. Of the shutdown I feel, we are almost certainly. Going to lose our business what, do, we do with to save our livelihood, if the government continues to stand in our way by. The way they're huge maverick, fans as well Marco this is your state and these. Are these kind of stories I'm sure you're hearing every single day every, day hang, in there and, you've got it - Melissa's point you've got to innovate you've got to deal with what's in front of you you know things, just off. Top my head so if I have a jewelry store I'm, gonna go and talk to local churches local. Groups. And to. See who still wants, to get married but, hasn't gotten married yet maybe offer a deal on engagement. Rings and do it online you, know do it be a zoom showing people the Rings you're, just it's just not gonna be business the way it's always been for, better or worse but other, you know other jewelry, companies are having the exact same problems, so if you innovate take advantage of the zoom approach, you, know and demonstrate, jewelry, you can still once somebody says yes to something you can still go drop it off have them try it on get their measurements, pick it back up bring it back with always in social distancing, instead. Of looking at as my, goodness this is really bad you, have to really be resilient to look at and say well it's just as bad for everybody else I'm gonna innovate, and this could be really good and that's the way I would try to approach even though I know it's painful you just gotta find a positive way to innovate, Melissa. Know, it's so true I mean I have watched businesses, in every field those, who have gone on the sidelines, entered a lot of pain and I feel for them and those who have found a way to use this situation to their benefit, I'm thinking, of a local tutoring. Company, that, was tutoring kids for the standardized, tests here in New York they said the kids couldn't gather any longer, they were being homeschooled, so immediately, she, sent a sign up you get on zoom' we're doing you know three kids at a time it's better tutoring. You can do it after you're done with your schoolwork she found an opportunity and. Lo and behold parents, like me were like oh yeah, so my kids only in school half the day online the, other half they can use it to get ahead so when the next standardized, test comes he's, that much smarter than his friends who were playing computer games in the afternoon, so, that person, took what could have been a total, crushing blow to their business and put her out of business and instead, she created a whole new opportunity, and got more revenue from moms like me it's all about the hustle all, about the household especially now, you knock on people's doors they'll, open it up and give you the business mark I want to go back to the first segment because we.
People. On social. Media love what we're doing right now but the one question they keep asking me to come back to your, comment about a federal minimum wage they're. Saying that it just cannot work it would be unfair for certain. States it would be disjointed. And it would sort of take away from the capitalistic, system that we already have that's sort, of been been. There what do you say that to critics of this well. I mean obviously I expect there to be a lot of critics but it's, not it's not going to vary state by state because, it's a federal minimum wage so no business. Workers. If your small business owner and Mississippi, paying $15, an hour can. You be in Kingston, business yes. Because everybody, else is paying $15, an hour for everything, as well and so, it's not like you're you're having to pay more when everybody else has paid less and that's, what's happened in the past now of course there'll be some adjustment, but think of it follow it all the way through now, everybody, in your community, is making $15. An hour as well even, if they're working for a bigger company work that's you know headquarters. Outside of your community and so there's more money within the system to buy from you in, order for us to get out of this malaise in order for this economy to turn around, it's got to be trickle, up we've, got to have people with money that they're willing to spend and able to spend until. That happens, this economy, is not going to hit that rocket ship it's, not it this time around is not going to be trickled down it's got to be pushed off well you know we started this show talking about the inevitable, changes in this country and that's, going to be something for debate Melissa thank you very much and folks that's, it right now for. America works together Town Hall want. To hope obviously everyone, found it important, a very special, thank you to our guest Mark, Cuban of, course Maria Bartiromo, Neil Cavuto Melissa. Francis but more importantly you, you, are the best guest of the show we appreciate it you can catch me on weekdays 2:00 p.m. Eastern on Fox Business.
2020-04-24 22:50
