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tv   The Claman Countdown  FOX Business  July 15, 2020 3:00pm-4:01pm EDT

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maybe trailing stop, maybe half the shares, gives you some type -- charles: all right. we got it. ken mahoney, ride the winners while they keep winning. tech names keep going higher. appreciate it, my friend. also, stop losses. liz claman, the markets look like they're waiting for something. bet it comes in your hour. liz: they are waiting for you to finish and me to start. let me tell you something, charles. we -- [ speaking simultaneously ] liz: that's right. well, they are waiting for a lot in this hour, most importantly perhaps an announcement the president is about to make. so yes, we are watching the nasdaq which is up 10 out of the last 12 sessions. we are watching tech stocks very closely but we are also all over infrastructure names, materials, heavy machinery, industrials, because if you own them, they could very well get a boost in this final hour of trade.
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i want to take you live right now to the ups airport hub in atlanta, georgia, where you can see the crowds forming. at any moment, president trump is expected to announce a new policy that he says will expedite and modernize the approval process for major infrastructure projects across the united states. projects that often take years to complete, they take so long sometimes, companies just abandon their effort. we are going to take you straight to atlanta as soon as the president makes what could be a market-moving remark. the bulls are still humming but they were singing at the top of their lungs earlier in the session. dow jones industrials had spiked 428 points. it's up 129 right now. in the early morning move, there was very encouraging news out of moderna. moderna's experimental covid vaccine produced virus-fighting antibodies but investors appear right now to say you know what, we still want the buy stocks but they see the rally as an opportunity maybe for a little
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sector rotation out of some winners and into new fresh picks. there was also a nudge that came from news around 11:00 a.m. eastern time that china had summoned the u.s. ambassador, terry branstad, to formally protest to him president trump's revocation of hong kong's special status in the wake of china's power grab. china indicating it may be ready to impose sanctions against u.s. entities and individuals, and that's why these intraday pictures look like they are well off the highs of the session. but you got to go to moderna's vaccine news which is really the gunshot that set the markets off to the races. the biotech company climbing right now and if you look at the price here, it did open at $86 a share. it's at $82.41 right now, still a gain of 9.7% after the new england journal of medicine said the company's early stage human trials of its coronavirus vaccine candidate triggered neutralizing antibodies in all the test patients. now, while the vaccine was
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generally well tolerated, we do have to tell you that more than half of the participants reported adverse side effects from everything regarding muscle aches to fever and chills. but either way, the news really giving a boost to sectors that had gotten trounced in the spring as states lock down and americans stay at home. cruise lines, look at this. carnival, royal caribbean, norwegian, all jumping, big move for norwegian up 18%. even bigger for royal caribbean, up 20%. carnival bringing up the rear at 14.7%. a mere whiff of a vaccine has been a godsend to investors who stuck it out with the airlines. it's been a rough ride here. but it's sailing high right now. we have american, delta and united seeing decent gains here. ual is up 14.5%. american up 14.8%. delta moving higher by 9.25%. fwle let's flip it to the hotels. marriott international, wynn,
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hyatt, so many names under these umbrellas. marriott runs the ritz-carlton. marriott up 8%. wynn up 8.7%. hyatt up 8.8%. let me check winning names that had been real winners during the stay-at-home economy as travel and leisure goes up, we have the stay-at-home names going down. blue apron is unchanged at the moment but zoom is losing about 1.6%. not too bad there. peloton is flat on the session. wayfair, fiver international basically connects businesses with freelance tech experts, so when you were stuck at home saying i can't figure this out, these people show up. they are pulling back. we have wayfair down 2.5%. color rocks is dochlorox down. i still can't find the wipes. hard to find. investors shouldn't write off stay-at-home stocks yet.
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amazon just announced it is extending work-from-home for its employees now to january 8. for those who want to come in, amazon says it has invested resources to keep workers safe by social distancing and using vast amounts of cleaning products. all right. check the dow jones industrials. still up 130. let us all agree that promising and vaccine are two words that when you put them together, have propelled the gains during today's session. let's get to our floor show traders. phil flynn and bmo low volatility equity fund portfolio manager, ernesto ramos. you have a pretty broad-based rally here. the nasdaq moving higher by 38 points. this is, what, as we said, the 10th out of 11 or 12 up day moves here and moving up from the march lows, knowing that, what's the trade you see investors making into and out of? >> i think obviously stocks are
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higher with the poblssibility o pharma. some of those are materials, some are commodity stocks which we like quite a bit. take a look at caterpillar the last couple days. that's a stock that's really shown some signs of life. we are looking at precious metals on fire the last couple days. some of the mining stocks are going up. as we start to pull away a little from the nasdaq because it's so far ahead of some of these traditional s&p 500 stocks, traders are starting to look at what's underpriced in the s&p 500 because there's an expectation that that price is going to start to come in a little bit. the nasdaq is on fire, s&p has been lagging. there's an expectation that's going to tighten up so the s&p is finding a little bit of favor today. liz: yeah. nice move here, half a percent to the upside. ernesto, i want to bring this to our viewers' attention. the nasdaq has just done
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beautifully. it's odd, though, isn't it, to see the nasdaq spiking but to also see the vix or the fear index specifically for the nasdaq also moving higher and if you compare that to the regular nasdaq which -- or the regular vix, rather, that we all talk about which is the fear index for the s&p 500, you look at the spread between the two and you see that it is the widest it's been since 2004. some would say this is a big warning signal for investors, with the yellow line being the basic vix and the blue line being the nasdaq volatility vix. it's kind of hard to see here, but you start to see that spread spiking and yeah, the last time we saw that was during the financial crisis. what does that mean? >> traditionally or historically, i should say, the nasdaq volatility is higher than that of the s&p 500. you can go back and see that in
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your charts. it was the period late february and forward where the nasdaq volatility actually came to the same level as that of the vix because it was perceived to be the covid safe sector or set of stocks. now it's going back to the normal state of being where -- state of affairs where it's spiking higher than the vix itself. so i don't see that movement as extreme as you see it. i can't really see the chart you are showing me but i did my own research and i see it just going back to the normal trading higher than the vix itself so i don't see the anomaly. i just see it going back to what is usually the case. liz: but ernesto, do you get the sense and phil, you can weigh in on this, too, but ernesto, do you get the sense that with the tech stocks that have done so well, media, sports, anything technology related, that these
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names are getting extremely pricey, rich, and why not take some profits off the table? >> well, absolutely. the nasdaq 100 trades at 33.5 times earnings. the s&p trades only 23.5 times and then you have the russell 1,000 valued at 18 times. so there's no question about the fact that i think the risk in the nasdaq, the volatility going up is a reflection of the valuation risk relative to the vix itself and even more so to the proper value benchmarks because that's where the big opportunity is and i think that's where the market is trying to lurch towards. it's been a few days since july 2nd where the market is trying to lurch more to the value sector but growth fights back and today you are seeing that yet again. it will be interesting to see who ends up winning the battle. our call is value will end up
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winning the battle. liz: phil, real quick. >> yeah. i agree with him. i think what it's signaling here is that the highness of the volatility of worry in the nasdaq, things are getting better in the overall economy, it's not the only game in town anymore and that's just [ inaudible ] overvalued s&p. liz: yet gold continues its march higher. staying above $1800 per troy ounce. good to see you both. ernesto, welcome. phil, always welcome. good to see you. after such a nice three-month reprieve from tax day, it's time to pay the piper or at least file paperwork with him. closing bell ringing in 50 minutes. dow is now up 101 points. up next, fewer than nine hours left to get your 2019 tax returns to the post office. as uncle sam watches the clock, the liberty tax ceo is here in a fox business exclusive to tell you how the coronavirus
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extension has actually played a little havoc on the filing process. and the crowds are forming at atlanta's airport where president trump is about to announce at any moment his new policy to accelerate the federal infrastructure project approval process. we will take you straight back to atlanta as soon as that begins. "the claman countdown" is coming right back. geico's been helping people save money for over 75 years. they've really stood the test of time. much like these majestic rocky mountains. which must be named after the... that would be rocky the flying squirrel, mr. gecko sir. obviously! ahh come on bullwinkle, they're named after... our first president george rockington! that doesn't even make any sense... mr... uhh... winkle. geico. over 75 years of savings and service.
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liz: it was one of the most appreciated moves the government made during the height of the pandemic, extending the dreaded april 15th tax filing deadline by three months. how quickly time flies. here we are, july 15th. your return must be mailed by midnight local time and as people race to get their returns finished, tax preparers are racing right alongside to help americans get them in before time runs out. liberty tax helps 1.8 million americans and canadians file their taxes last year and in a fox business exclusive, let's find out from ceo brent turner what's different about this year. brent, great to see you. how many tax returns do you think your teams will be preparing by the time all is said and done this time?
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>> great to see you, too. thanks for having me on. we are part of a public company so it's very difficult to give you any guidance on year end specific results. what i can say is after our first quarter, we did give guidance that we were significantly behind and significantly being in the 19% range. generally after the first quarter, that would be march 31st, the majority of our tax season is behind us, with just the two weeks left in the remainder of the season but because the season was extended due to covid this year, we wound up having to take an extra three months of expenses in order to serve our clients and help them get returns filed. as we sit here today, we have had a massive catch-up in the last three to four weeks. liz: i can only imagine, because yes, we all got the extension but suddenly, it was a lot for people to deal with, they turned around and realized wait a minute, i thought i had more time and i don't.
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what specifics have you seen that make this year, aside from what you just articulated, totally different from anything you have ever dealt with having been a real innovator in this industry for a long time? >> thank you for that title but i have been in the space for 25 years. this is my 25th tax season. i got to tell you, they are never the same. there is always some nuance to it that creates some sort of calamity but this particular year has been nothing like any of us has ever seen. i would tell you that when you have stay-at-home orders and shutdowns of entire populations in certain counties or states or cities, that really does affect in the middle of tax season, that does affect those clients that tend to walk into your location to get their taxes prepared. our clients tend to like personal service so they want to see their tax person. they don't want to really do anything that's online, they
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don't really trust their own ability sometimes and they really want to feel special when they come to see us. that's what we try to do is make them feel like a special client. well, when you have stay-at-home orders, that really does make a big dent or puts a big dent in the opportunity for you to serve those clients. now, we did pivot very quickly when some of these stay-at-home orders came down, you know, late march, we actually rolled out a virtual tax platform which allowed our clients to send us documents in a secure file portal, then at that point we had a paid professional preparer that knows how to do the tax return, that had done their tax return the previous year. they were connected online and they were able to actually provide the service. it was kind of an incredible thing. our tech team was able to pull that off in about seven days. they did an incredible job and i'm really proud of them. liz: you know what, bravo to so many tech teams around the nation, yours in particular.
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we put so much on their shoulders here at fox business as well, and they just keep standing taller and taller. when you look at the tax returns and a lot of changes that were made over the past year, this is the first full year that we are looking at the gop tax cuts and then of course, we had the cap on the state and local tax deductions that are still working their way through. anything you see there? >> yeah. for the most part, the state and local tax caps don't impact our client base that dramatically. i do think that there was some simplification that was promised that didn't quite get delivered. it's okay, in the tax base we are used to dealing with complexity. that's what our business is built on. i think that you might see some additional drive towards simplification. i think it's going to be really difficult to do, especially with all the stimulus payments and unemployment benefits that were extended through covid relief this year.
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it's just going to make things more complex for the 2020 filing. liz: for a guy who hasn't slept in four weeks doing everybody's tax returns, you look pretty chipper. i know, because i get messages from my tax preparer in the middle of the night. hey, could you make sure you have that blah, blah, blah. i'm thinking do you sleep? my goodness. good luck to you guys. as we watch, it's fewer than nine hours before midnight, everybody. get your tax returns in. good to see you, brent. thank you. >> thank you. liz: closing bell, we are 40 minutes away. we have been showing you on the lower part of the screen president trump. we are awaiting his arrival in atlanta. we will go to that as soon as it happens. we are supposedly minutes away. we have been told. meantime, harley riding high today after ubs shifted to a buy rating from neutral. what do they love about it? well, the u.s. motorcycle manufacturer hitting a four-month high because ubs also
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bumped its price target 13% to 31 bucks a share. harley is at $28.80 right now. up next, the frenzy over bidding for ownership of the new york mets is reaching a crescendo as a mystery bidder could now be entering the mix. charlie gasparino has been all over the story. charlie with the mystery bidder, next. this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. in a highly capable lexus suv. at the golden opportunity sales event. get zero percent financing on all 2020 lexus models. experience amazing at your lexus dealer.
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liz: are the owners of the new york mets ready to roll the dice on selling the team to a new mystery buyer who has suddenly emerged in the bidding process? to charlie gasparino, who has been fighting for inside details and winning up until today. we are finding out what's happening. charlie? charlie: liz, drum roll, i got the mystery bidder. it's nobody. there is no mystery bidder.
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liz, i hate to say it that i have been chasing my own tail all day today on this. there was lots of reports, lots of speculation about mystery bidder popping in there, maybe a casino mowigul, maybe a huge private equity firm. we have found if there's a mystery bidder, it's neither of those two and it's still yet to be determined. this mystery bidder, we should point out, mr. mystery would have to hire an investment banker to be part of the process or at least have some wall street representative. no one can find out what that is. i chalk this up to banker chatter looking to drum up the price of the mets which the top bidder remains, from what i understand, steve cohen, the hedge fund billionaire. he's still the number one bidder, from what i understand. right behind him, i understand, is harris blitzer entertainment,
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ira harris, steve blitzer, these are long-time ge executives who owned various sports franchises including the philadelphia 76ers. from what i understand, they are indicating to people they are not going to bid much above $2 billion or maybe stop at $2 billion. that's what we have been hearing. they are not denying that. number three is a-rod. kind of interesting in the a-rod bid, alex rodriguez with his girlfriend jennifer lopez, i hear she's involved at least tangentially, they have big money in there. mike repole, vincent viola, also the owner of the florida panthers, they got some bucks in there but what's really got a lot of press lately is all these football players throwing their money in there. i have been told that the money from these folks doesn't really add up to much. even though it's getting huge
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press that all these sports stars are joining with a-rod, they just don't have the money to push him over the top against cohen and blitzer as of right about now. here's something interesting. harris blitzer, this is speculation, they are not denying it but i have heard this from several really good sources, they are looking not just to buy the mets but to develop a casino in the area. i think that's how this whole notion that sheldon adelson was involved in bidding for the mets came out, which they are completely denying, is that harris blitzer may have had conversations with shelly adelson, the vegas casino mogul, about coming in on his project in the flushing area if they are going to do a casino. again, this is how this thing gets crazy. i should point out that we have not confirmed that harris blitzer wants to put a casino in flushing. i don't know who would want to go to flushing to play craps unless it was maybe an
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after-hours joint somewhere. i'm telling you. i would rather go to vegas or -- liz: flushing is on the phone, dude. charlie: if i'm going to a casino, i don't want to take the 7 train. it's bad enough you have to take the 7 train to see the mets. okay? liz: the 7 train is fine. charlie: well, it's fine. it's not fine. it's a pain in the rear end. liz: u.s. open, you take the 7 to the u.s. open. charlie: i'm just saying it's not a pleasant ride. it's long, it's boring. if i'm going to go and blow a lot of money, you know, on the craps table, you don't want to be sitting in traffic for three hours. liz: especially going to flushing. charlie: i'm just telling you that's the rumor. harris blitzer also wants to put a casino and that's how the shelly adelson name popped in there. we should point out they are all denying this. i'm telling you, people have denied stuff and turned around and thrown money at something in the past. liz: charlie, you're saying they
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are trying to drum up a little bit of a stalking horse situation here. charlie: yeah. just so you know, i know the bankers, they are good guys. i like allen and company. but it wouldn't be beyond a banker to do that, right, to help their client. liz: really? charlie: it's not quite a bid and you throw it out there and all of a sudden, steve cohen puts up another hundred million dollars. although i doubt he would do that. one thing about steve cohen's position in this, he owns 8% of the team. he sees everything. right? he's got the look, talk about insider information, he's got it on the mets. liz: yeah. okay. charlie, we see the president on the screen right now. he's just arrived in atlanta. there is a market component to this visit, folks. he's about to announce what is expected to be a change or a shift in the procurement procedure for government contracts to expedite them, to
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modernize them, to streamline them so that projects get through more quickly and we get more infrastructure in the united states. we will be watching that and the minute he gets in front of the group that is just at one of the hubs, a hangar very nearby, the ups hub, we will take that live. dow jones industrials up nearly 200 points right now. we've got about 29 minutes before the closing bell rings. the moderna vaccine news is setting off a reopening rally for restaurants beaten down companies like cheesecake factory which has a great, great ticker, cake. bj's restaurants, dave & buster's, they are popping right now. up 17%. cheese is up -- cake, 13%. they are down anywhere from 40% to 70% for the year. this is a much appreciated rally but it doesn't get you back to where you were. "the claman countdown" will be right back.
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♪ cool breeze from the air ♪ wind blows through my hair ♪ don't care if people see ♪ me dancing in my car ♪ i got you stuck on my mind ♪ and i feel so alive ♪ and fly and freely floating ♪ through the open sky ♪ and if it shines or rains
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♪ oh i can't complain ♪ it's still a beautiful day ♪ ♪ because i got love, got love ♪ got love, got love ♪ it's a beautiful day ♪ got love, got love ♪ got love, got love ♪ can i be washed away ♪ [vocalizing] ♪ as long as i got love, ♪ it's a beautiful day... it's like walking into the chocolate factory and you won a golden ticket. all of these are face masks. this looks like a bottle of vodka. but when we first got these, we were like whoa! [laughing] my three-year-old, when we get a box delivered, screams "mommy's work!" mommy's work. with this pandemic, safety is even more important to make sure we go home safe every single day.
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liz: want to take a look at goldman sachs. hours ago, this morning, the big bank beat on second quarter earnings estimates. they saw the best earnings performance in nearly a decade. more importantly, we are at $217.39, up 1.5%. shares opened at $224 a share, traded as high as $225. losing a little steam in the late day session here but it's important to note goldman's trading revenue jumped 93%. we told you yesterday when jpmorgan's trading revenue jumped 77% for the quarter, watch out for goldman. they have a bigger trading business. it will be bigger and sure enough, it's bigger by a long shot there. up 93% for trading revenue.
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president trump's message on infrastructure is about to happen at a ups facility hub near atlanta's airport. the white house focusing on easing regulations that have in the past dragged out the construction approval process. meaning as our bridges and highways have crumbled, so much of the plan to fix them has been stuck and choked on by red tape. the one federal decision policy as it's called setting permitting timetables with a goal of completing the approval process within two years, that's compared to a median environmental review completion time for a complex highway project currently at more than seven years. that according to a 2014gao report. the bonner bridge replacement project in north carolina took more than 20 years to finish. today's announcement looks to reduce approval time further, mode
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modernize, expedite, accelerate, you name it. now, we are told the president has just arrived on site. we are going to keep our camera up because the crowd has begun to gather here. let's go to blake burman following the story from the white house. blake? reporter: as you can see on this live picture here from atlanta, georgia, that crowd actually stood up on their feet a moment ago so we do anticipate that the president will be there at any moment. a ups facility as you mentioned, atlanta, georgia. the purpose of this trip here is to talk about the permitting process when it comes to infrastructure and specifically environmental reviews at the core, at the heart of all of this is what's known as the national environmental policy act. environmental reviews holding up the permitting process has been a long issue of contention for president trump and his administration so that is what this is going to go after. a white house official telling me earlier today about this announcement that we will hear from the president the following, saying quote, the new regulations will modernize, simplify and accelerate the environmental review process necessary to build a wide range
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of projects in the united states, including roads, bridges and highways. there in atlanta we are told the president will highlight, for example, what needs to happen with i-75. the dnc, the other side of this, blasting this move as they say it shows the president has been in their words, all talk, no action on infrastructure. here's what they say in a statement. quote, trump failed to follow through on his infrastructure promises and is now attempting to cover for his inaction by rolling back the country's most established environmental law in atlanta today under the guise of advancing american infrastructure. we do anticipate hearing from the president any moment now. liz? liz: yeah. we've got the ups ceo who is speaking at the moment. blake, i think it is really crucial here, when you talk about i-75 in the state of georgia, what they want to do is do a commercial vehicle lane which would cut down time spent on that very clogged freeway by
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a multitude, double digit percentages. so many people, whether it's in the state of california, new york, we watch these projects promised and then it takes more than a decade sometimes to the point where we have actually heard anecdotal evidence that some of these construction companies putting in bids simply cancel and give up. or the ceo retires, i mean, from the time it takes. so specifically what can he do to make sure that this happens, that we start to see some real infrastructure? reporter: this is something that they have been focusing on, the president has been talking about since the beginning. this all folded into the deregulatory efforts they were talking about. you probably remember a few years ago that scene here at the white house where they had all the stacks of paper and they literally cut the red tape saying they need to get from here basically all the way down to there, you know, to where you can't even see below the camera. so this is something that they have been talking about. what they actually can do has to
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do with federal projects, right, not necessarily what maybe private enterprise might want to do but that is a pretty wide purview they have. they will be targeting specifically the environmental aspect of this. we already heard from the democrats and other critics who will say look, there's a real reason there needs to be environmental reviews but we have also heard from the president and the administration saying we need to cut down the time frame of these projects, you can't have projects for 10 or 20 years, people come and retire and it never gets done. that's what brings us to this moment here in atlanta this afternoon. liz: yeah. the first female of ups ever is continuing to speak and what blake was referencing, too, it is not just the environmental approvals and regulations. when you are talking about the mechanics of the process of getting bids to be approved, you are talking about a whole bunch of other issues. are you being fair, what about the price, the technical expertise and more. we will see how this may change
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in this speech and as the president enters the hub at atlanta's hartfield airport for ups, we must stress and this is for our business audience, materials stocks are spiking. cement stocks, building stocks, heavy equipment names are moving higher by anywhere from 2% to 5% right now. so this is very much a market story. let's check the dow, up 216. here's the president. >> great honor. please, thank you. sit down, please. it's great to be with you. great company and wonderful location. quick flight. it's in and out but we have some big things to say. carol, i want to thank you also for doing such an incredible job at this company. i look at your numbers and i'm very jealous. lot of people are very jealous. but i'm delighted to be back in atlanta, georgia. special place. the hometown of one of the most
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amazing companies on earth, ups. they never fail. the dedicated men and women of ups are an inspiration to us all, in the face of every challenge you always come through for your fellow citizens. would you say that's correct? i say it's correct. let me start by expressing my gratitude to every driver, worker and employee who has contributed to this great success and continued to deliver for america throughout our battle against the china virus. goes by many different names. about 21 that i can figure. maybe we will use a different one every time we hit it. but whatever it is, it was a terrible thing and it could have been stopped and it should have been stopped right where it started in china. together we will defeat this virus and emerge stronger than ever before. we are here today to celebrate a
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historic breakthrough that will transform the lives of workers and families all across our nation. for decades the single biggest obstacle to building a modern transportation system has been the mountains and mountains of bureaucratic red tape in washingt washington, d.c. before i took office, reviews for highways ballooned to an average of nearly 750 pages in length and they were the good ones. they were the short ones. i know because i was in business for a long time and i had to go through process that was so ridiculous, it was so ridiculous, we went through a process for building buildings usually. it would take forever. by the time you start building, the market changed. you say you know, the market was good when we started, now the market's lousy so you say the hell with it. we won't build. sometimes you start building, you say that was a mistake. but we went through years and
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years of litigation and tumult and it was just not good but you go through it to an even greater extent. the maze-like approval process represented lobbyists that were very rich, they were making a lot of money. i remember i would go up to albany, new york and see my lobbyists up there. i say what are you doing here? i knew what they were doing. they were trying to make it more difficult. so you had to hire them for more and more work. spend millions and millions of dollars for nothing. but too often they caused massive delays on top of everything else and that way, they got their fees over a longer period of time. it's one of the reasons why, for example, the average atlanta driver spends an incredible 77 hours in traffic. during a short period of time. but all of that ends today. we are doing something very dramatic. we just completed an
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unprecedented, i want to say it's absolutely unprecedented, top to bottom overhaul, should have been done years ago, of the infrastructure approval process. this approval process that has cost trillions of dollars over the years for our country and delays like you wouldn't believe. this is a truly historic breakthrough which means better roads, bridges, tunnels and highways, wherever ups driver and every citizen all across our land. together we are reclaiming america's proud heritage as a nation of builders and a nation that can get things done because with these horrible roadblocks that were put in front of us, you couldn't get it done. no matter how good you were, you couldn't get it done. you would wait and wait. you would go to the next step, you would say you can't start the next step until you finish the first. joining us for the special occasion are council of environmental quality chairman
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mary newmayer. where's mary? thank you, mary. thank you. thank you. thank you, mary. good. secretary of transportation, very special woman, great woman, somebody that has done an incredible job, elaine chao. elaine. she was very much instrumental in getting this done and when elaine speaks, we all listen. but she was very much instrumental. secretary of agriculture, a man who has done a fantastic job for our farmers and ranchers, sonny perdue. sonny. i learned more about farming from sonny than all of these consultants that came in. i learned more in a half hour from that man right there. we had a great call today with the farmers, too. great call. they're doing very well. lot of good things have happened right, sonny? lot of things have happened. they were targeted by china. they were targeted by others. we just signed the usmca which
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is phenomenal for our country and our farmers. got rid of one of the worst trade deals in history, nafta. one of the worst trade deals ever. how anybody could have signed it but worse, how anybody could have let it run for 25 years or whatever it was. they just took advantage of us. we had 60,000 empty plants and factories in our country by the time that mess got finished. so we just signed a great deal, usmca. it's the largest trade deal ever made. mexico, canada, largest ever made. i know sonny would like me to thank the ups, all of the drivers and workers, for all of the help in delivering nearly 30 million meals to rural children throughout the country, for our meals to you program, meals to you. you know what that is? meals to you. you do, right? we are also pleased to be joined by a great senator, somebody that's done a phenomenal job and
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i can tell you, look, he's a friend of mine so i'm a little prejudiced but he's a man that's respected by everybody on both sides of the u.s. senate. he works hard, he loves your state and i always say does david get the kind of recognition that he deserves, because he is a very, very special man. david purdue. where's david? david, thank you. and a woman who has come in and done a great job and she's been so supportive of me and the agenda, and a good person, a good woman with a husband who is a terrific man, senator kelly loeffler. thank you very much. thank you, kelly. great job, kelly. and warriors, these are warriors. these people fought for us through thick and thin, through very very unfair territory, we were treated terribly and they came in and they turned out to be tougher than the other side
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by a lot, and i just want to introduce representatives rick allen, rick, thanks, rick. great buddy carter. buddy. an incredible spokesman, an incredible man and friend, doug collins. doug, thank you. great job, doug. drew ferguson. drew, thank you very much, drew. jody heiss, thank you, great job, jody. and barry loudermilk. thank you very much. also, two people, friends of mine, they will be there soon in my opinion because they have to be because we need all the help we can get in washington. karen handel, karen, thank you very much, thank you, karen. and rich mccormick. rich, thank you. they will be there soon, i hope. i hope. we need them.
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we need them. get them in there. thank you as well to a man who i became very good friends with, a man who was running against somebody that was unbeatable. running against a superstar. i said oh, she's a superstar, wow. can you beat superstars, i don't think so. but he figured out how to beat a superstar and i don't know, is she still a superstar? i'm not sure. i'm not sure. i don't think so. i don't know. superstars don't lose, do they? governor brian kemp. i'll tell you, what a warrior he is. he's tough. he's tough. he's done a great job and you have done a great job in every aspect of running this incredible state and i have always been there for you. he was saying when we met at the plane, everything we've needed in georgia, you've been there for and that's right. that's right. perhaps more important than brian, however, right, far more important is georgia first lady
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marty kemp. thank you very much, marty. and watch, please, those mail-in ballots. you are going to watch that for me because they have a lot of problems all over the country. they just had patterson, new jersey where massive percentages of the vote was a fraud. mail-in ballots. be careful. be careful. they would understand because they deliver. in fact, i'm going to have to be very nice to ups. ups, i love you, carol, wherever you are. i love you, carol. it's very bad what's going on with mail-in ballots. okay? as differentiated from absentee ballots where you have to go and you go through a process because you can't be there for some reason but the mail-in ballots is going to be -- they are going to be rigged, they are going to be a terrible situation and you have to be careful in georgia but you have to be careful everywhere where they're doing it. you know, we went through a first world war and a second
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world war and people went to vote. now they're saying let's use this as a chance not to vote. there's been tremendous corruption, tremendous corruption on mail-in ballots. so absentee ballot, great. mail-in ballot, absolutely -- it makes no sense. a governor sends out millions of ballots all over the place. they don't know where they're going. they are going to wherever. i have a friend who got one for his daughter, another one for his daughter, then a second one for the first daughter. they didn't know what to do with them. i had another friend, really wonderful guy who has lost his son seven years ago, robert, his son robert, and his son was sent a mail-in ballot. he called me, he said what do i do, i just got a mail-in ballot for robert. robert died seven years ago. so it's a terrible situation if they decide to use it and we will see what happens. there's a lot of litigation, lot of court cases right now. it makes sense. just think of it.
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millions of ballots. in california they are sending out millions of ballots. they don't even know who. maybe they know too well who they're sending them to and maybe it's the people that don't get it. maybe it's an area of republicans or democrats that don't happen to get any ballots. we've had a lot of problems. just take a look at what's gone on over the last month. take a look at patterson, new jersey. small city in new jersey. i think they said something like 20% of the ballots were corrupted or something happened with them. 20%. and even in the 2016 election, 1% are in question. but i don't want to talk about that one because i won so i don't want anyone going back and looking. i'm not going to talk about 2016. that was the greatest election and now we have to do something very important. we have to keep it going or this country will be in big big trouble. i want to thank also for being here georgia attorney general
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chris carr. you're the one, chris. watch that, chris, will you? you going to watch that, chris, please, okay? you got to speak to the man that handles it. you know what i'm talking about. got to do it. thank you, chris. it's in good hands. superintendent richard woods. richard, thank you very much. thank you. and members of the georgia public service commission of the state senate and house transportation committee, got a lot of politicians in this room and really, good luck to karen and to rich. go out and go get them. great people. today's action is part of my administration's fierce commitment to slashing the web of needless bureaucracy that is holding back our citizens. i have been wanting to do this from day one and we started it on day one, literally on day one, but it takes a long time. you have statutory requirements, you have a lot of different roadblocks even to changing it but the change you'll be hearing about in a minute and it's one of the the last administration increased the federal registry
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by 16,000 pages of job killing regulations. under my administration, we have cut the federal register by nearly 25,000 pages. more than any president in history, whether it is four years, eight years or one case, more, and we frankly, this i would think is maybe the biggest of all. we did the u.s. waters. you saw that, the u.s. waters act. that was a big one. that was a big one. i thought i was going to take a lot of heat when i did that. instead it was just opposite. came up, grown men had never cried even when they were a baby, they were standing behind me when i signed the bill at the white house, they were crying, they were crying. we gave their life back to them. that took their live away. took their livelihood away. that was a big moment this is a big moment today, possibly as equally as big. today's action completely
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modernizes the environmental review process under the national environmental policy act of 1969. we are cutting the federal permitting timeline from a staggering 10 years, 15 years, 18 years, 21 years, you know the story, you've seen it. projects that start out. a young guy heads the project. by the time it gets approved or disapproved in many cases, disapproved, usually disapproved, he is getting ready to retire. what do you do for your life? i worked on one project. we didn't get it through in the end. no, we won't get certain projects through for environmental reasons. they have to be environmentally sound. you know what? we'll know in a year, a year-and-a-half. we'll not know in 20 years. [applause] so we're cutting the federal permitting timeline for a major project up to 20 years, or more, hard to believe, down to two years or less. so we have it down to about two
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years right now, elaine. i think two years or less. our goal is one year. you may get disapproved. they may vote at the end something environmentally or safetywise, i'm all for that, but but i but you will not devoa lifetime to get something approved. when it comes in approved it in in 10, 20, 30 times the cost. a highway in a certain state, a short road, not a highway. more of a roadway. they put in a straight line from point to point. by the time they finished it 18 years, it was this? it cost 10 of, many, many more times than the original. it is a dangerous roadway, there are turns. you have to being wide awake to make those turns. you have to see the guardrails. they had a simple, straight roadway, and now they build,
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they end up, took 17 years to get it approved. ended up costing many times what the original estimates were. not good. under the last administration, mere 7% of reviews for federal highways were processed within two years. now, what we're doing is two years won't be the exception, it will be the rule. what we're doing, is going we're to have that coming down at a much steeper rate. this will reduce approval times for highway as i loan by 70%. but the 70% is very unambitious number, because the number will being actually much lower than that. at heart of the reforms is one federal decision policy. it really spells it out, when you hear that name, one federal decision. before applicants for infrastructure permits were forced to spend years and years navigating, a labyrinth of
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federal agencies and every single one had a power to stop a project. anytime you went to an agency they had the power to stop it. and it would stop the project, not only stop it, right in its tracks, it would stop it. with our reforms, there will be one quick and fair decision. we're going to give every project a clear answer yes or no. yes or no. the two year process were just to submit is two years is not acceptable t will be very quick yes or no. after study, but the studies will go quickly, and they will go simultaneously. so if you're in numerous agencies you're all going at the same time. instead of waiting for one, for two, for three, and often times you go through one it would take you six months. then you have to wait 90 days, then you have a review period. then you start the second one. and now you go for another four months and then you wait 90 days, you have a review per


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