tv Making Money With Charles Payne FOX Business February 17, 2021 2:00pm-3:01pm EST
neil: all right. charles payne, to you, my friend. charles: hey, neil, thank you very much. good afternoon, everyone, i'm charles payne and this is "making money." breaking at this moment we have got intriguing action in the market right now. the giant winners of the past year they're una fair amount of pressure which i think is fine and even inevitable. the bigger question is why? does it have anything to do with spiking yields or were investors looking for excuses to cash in some chips? one thing for sure buying based on money printing should be more enabled or bowlenned certainly with this market but what
happens when inflation is an issue? how much does it help those who are not benefiting? i have two brilliant working moms on the cost of all this free money. don't look now we have housing boom, a manufacturing boom, a retail boom. it started last year and getting stronger. what it means for your portfolio from two brilliant working jabs. a new poll shows donald trump is popular as ever in the republican party. deneen borelli on him and legacy of rush limbaugh later in the shore. all that and more on "making money" ♪. charles: lots of economic data out today. with the number of narratives that every invest are i think should know and should gnat. double-edged sword of record money printing only hinting now at potential negative out comes. yes the "i" word continues to make the round. it even got a bigger boost this morning. the ppi report for january climbed 1.3%. the consensus was .4%. if you take out food and energy
because that is what we always do, against 1.2. that is estimate of .2. it spooked the market for even a second. there are bigger drivers in the economy and stock market with certain issues already on fire. the nevertheless the fed will continue to pump money and pump out checks. it is a high-wire act many think will end in tears. the trillions of dollars is not helping at this very moment. the more on the money printing parade, but why it doesn't seep to help everyone. i want to bring in quill intelligence chief strategist, danielle dimartino booth and bull tick market chief strategist, katherine rooney vera. danielle, inflation is higher than anyone anticipated. seems for the most part the markets created greeted the news
with alarm. but what are you hearing? >> we heard from surveys of manufacturers across the country, they're getting killed by rising input costs and increasing shipments and freight rates. these are the data that finally manifested in the actual data. we know this is not good news for margins. it is not good news for the federal reserve but it is indeed to your point, about how markets are reacting this definitely keeps jay powell and the happy printing press going in the background to try to make sure that those long rates do not increase. charles: right. let me follow up with that, danielle. what is the relationship then between producer price index, what we got this morning and the consumer price index which the needle hardly ever moves? >> well the relationship is pricing power, charles, and how much of the increase in input prices that producers are shouldering and feeling that they can in turn pass along to the end consumers.
so, we see, we've seen plus 400,000 home prices. we've seen record levels of car prices but on the other hand you can buy a handful of tvs where prices have been declining. so producer prices can only be passed along to the extent people buying the end products are available to afford them. charles: right. kathryn, with the bond market we've seen yields coming down for 30 years. at some point we knew the reversal, this would have to reverse itself. it is starting to happen now. what does it mean for the stock market? >> if the trajectory continues which i honestly doubt, charles, that it will because you don't really have markets that are being -- anything. it has to be driven by some fundamental or technical variables. in this case the treasury market
is moved by the federal reserve purchases of mortgage-backed securities and breadth of other things that we come to know, love, hate over the course of the past few years. i would say if we get in a sense, continued aggressive ascent in u.s. treasury yields, we should combat that with talk and implementation of caps on yields. kind of like "whack-a-mole," when the government interferes with the government sector and private markets. something else pops up. i think the fed is averse to running the risk of this you know, exercise in the past 10 years allowing rates -- i doubt they do. charles: wow, that is amazing. dramatic action at the fed. maybe this whole, you know, if you look at the chart, it looks like could go up to 3% we would still be in a downtrend. i don't think to your point that the fed would allow that to happen. the question, people are saying, where is cash going? obviously markets, things like
that. danielle, i lamented a lot over last few years of lack of velocity of money. that is how say a dollar circulates in the economy. we've got a chart that suggests somehow maybe this cash is simply finding its way into the coffers of the 1%. is this a coincidence? is it something more sin nester? if that is the case, all money printing in the world won't help the average person? >> charles. exactly right. that is not sinister. sadly it is by design. this is what we call the transmission mechanism of the monetary policy. the way the fed gets liquidity into the system is through a banking system at times unwilling to make loans. they are making loans for federally back mortgages, there is very little risk there. but making other loans to grow the economy, to grow businesses, banks are unwilling to put that money into the economy especially when it comes to smaller businesses. so if you can't get credit
transmission function working, charles, then the fed will be simply pouring more and more liquidity and it will show up in the stock market and benefit those top 1% top 10% of americans who own stocks. charles: right. you know, it is showing up in the local newspapers in a different way. i want to ask you both because you're both working moms. this is a really compelling story. shana bell of libertytownship, ohio, a working mother. she has two young daughters. she was arrested for leaving her kids in a motel while she went to work at a pizza shop. one is 10. the other is two. she called them every hour just to make sure. now she may lose custody. we know jerome powell and janet yellen hinted they think they can do things now with their newfound powers and new roles for shana and others, maybe some people are saying universal basic income, kathryn, what are your thoughts in a system that
just created trillions of dollars. obviously the rich have gotten a lot richer. but people are still working and not making enough money they have to go through what you see shana is going through? >> unfortunately it comes to the pain happens on the middle class. the upper class, minority of the u.s. population that has 401(k) and has stocks invested is absolutely giddy what the fed succeeded in doing. but when inflation comes about, which is inevitability, charles, then you will see purchasing power of this working mother and everyone like her eroded in a massive way. when people say that inflation is a phenomenon that is dead and buried, that is completely erroneous. we're at 18% fiscal deficit to gdp. that is double what we saw in the 2018-2009 crisis. higher since world war ii. m 2 is growing at exponential
rate. we should protect our portfolios. from a personal sense, middle, poor classes take the brunt of this overly interventionist, monetary and fiscal authorities. charles: i have a minute left, danielle. your thoughts as well. the fed thinks they can fix this but many people think they are making it worse? >> in many ways federal reserve policy makes it worse, charles. the irony if janet yellen gives her wish helicopter money, directly to the people, that will generate true inflation with staying power that ends up putting an end to the huge rally in the stock market that will in turn trickle back down to people who lose jobs the first. this is damned if you do, damned if you don't situation, charles. it is a true tragedy for hollowing out of the middle class in this country. charles: it really is. i want to thank you both,
danielle, kathryn. i couldn't have started the show with two better guests for sure. we'll talk again real soon. meantime some breaking news. some sad news here, the voice of american conservatism has died. long time conservative radio show host rush limbaugh, losing his battle with stage four lung cancer. he revealed the diagnosis to his viewers on the show last february. shortly after you remember, president donald trump surprised the talk radio pioneer with the presidential medal of freedom during the state of the union. in october limbaugh announced attempts to treat the cancer were no longer working. the former president since leaving office today, to pay tribute to the icon on fox news calling i am irreplaceable. people whether they loved them or not, respected him. limbaugh is best known for his long-running radio show the rush limbaugh show. which has been on the air wafers, nationwide since 1988. rush limbaugh was 70 years old.
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be but almost everyone believes there is a chance for great theater but perhaps we'll end up with status quo. many lawmakers already weighed in what they would like to see including my next guest, republican congressman james comer of kentucky. congressman, your thoughts what we're likely to see tomorrow and what a realistic outcome could be with all of this drama. >> you're correct. every we're likely to see drama. every member of congress gets five minutes. this is televised and people will take advantage of that. i would like to see transparency from robinhood. we support the little guy. every american that understands the process would see the same way. it was very wrong what robinhood did suspending their platform. they need to give an explanation why they did that. is it because of rule,
reinsurance type regulation? if not, they should be subjected to fines and penalties because. that is unacceptable behavior and something we don't ever want to see happen again. charles: but when it's all said and done, nothing, no legislation with regard to maybe capping the amount of shorts, the amount of stock that can be shorted against a company, the use of options for ultraaggressive, you know, schemes that extraordinarily sophisticated, hard to detect but do have a deleterious impact on stocks? anything like that? i hate to say this could all of that be simply too complicated for congress? >> i think there are a lot of members of congress could have a real detailed understanding of that. certainly most members of the financial services committee do but with respect to limiting short trades and any type of aggressive options strategies, i don't think that is the right attitude for congress to take.
you never know with maxine waters which direction she will go in. but i can't imagine any republican wanting to take this situation and overreact and have some excessive regulation because i think if you go back to when the big banks failed, lehman brothers, bear stearns, those companies, congress in my opinion overreacted with dodd-frank legislation that had a negative impact on small business owners and individual investors. so i don't want to see that happy again. i think the republicans on the financial services committee are very aware of that. charles: to your note, i think we went, seven, eight years, without a new bank at all. the big banks got bigger. loans got harder and main street suffered. to your point, touche there. let me ask but speaker pelosi. she continues to come under fire increasingly for her role in the capitol hill riots but seems like non-stop incendiary comments. is this a good cop thing, her being mean cop, president biden
being the good cop? if so can congress get anything done in this kind of atmosphere? >> this is the worst atmosphere in i've seen in my four years of congress. biden's inauguration remarks requesting unity has inbeen met. i think with respect to what happened on january the 6th, speaker pelosi without giving president trump any due process whatsoever, immediately moved to impeach him again. now we're learning is from the capitol police chief who pelosi asked to resign after january 6th, mr. sund, he requested from pelosi two days prior to january the 6th the national guard be on standby. for whatever reason speaker pelosi rejected that. that is something that got lost in translation during the impeachment hearings, is that nancy pelosi is in charge of security on the house side of. she hires the sergeant-at-arms and according to mr. sund, the
sergeant-at-arms rejected their request for national guard troops because the speaker thought it looked bad. it had bad optics t wouldn't be significant if we hadn't impeach ad president for the way he handled the situation. pelosi needs answers she needs to provide america. charles: congressman, let me get your thoughts on the passing of rush limbaugh and what he meant for the conservative movement, maybe where it goes from here? >> rush limbaugh was certainly the father of conservative talk radio. there are a lot of people in my generation, again xer -- generation-xer grew up to rush limbaugh. we were subjected to the mainstream media. we never really had anyone before rush limbaugh that gave conservative points of view. i think rush limbaugh inspired a whole generation of americans. i know that every member of
congress, republican member of congress of my age is, is saddened by this. we've all been influenced by his conservative ideology. i think that, that's a void that will be forever in the conservative movement and there will be big shoes to fill. charles: congressman comer, thank you very much, really appreciate it. >> thanks for having me on. charles: folks, we really all like to believe our elected officials reflect the hopeps and dreams of their constituents. some elected officials win office on that kind of a platform including congresswoman cori bush of missouri. she was propelled into the spotlight as a "black lives matter" activist. she pulled up a major seat taking a seat in congress. i applaud her moxie for that and what she means for voters to put her there. there is report on congressional staffing that really rubbed me the long way.
according to legistorm bush has the most educated staff in congress. stacked with people in master's agree. i think it is fine to have well-educated people on her team. only 27% of her folks in they were district have college degrees and only a sliver have masters degrees. it is worrisome. growing up in a poor district, going downtown looking for a job, just imagine sitting there in a subway train, praying that they will overlook, certainly look past your lack of a degree, right? see more your true intelligence, your passion, your willingness to work hard. on her twitter feed, website, she has great things like buzzword and grassroots community. i would like to see less virtue signaling, giving tangible hope and more staff in the same
condition of her constituents. president biden facing pressure in his own party to make up for the 19994 crime bill to agree to reparations. the money printing will go on forever, looks like. are we about to see a huge waive of consumer spending. if so what will that do to the markets? two of my favorite market watchers are next. at t-mobile, we have a plan built just for customers 55 and up. saving 50% vs. other carriers with 2 unlimited lines for less than $30 each. call 1-800-t-mobile or go to t-mobile.com/55.
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pop in retail sales coming in much better than anticipated. households have more money to spend. stand to reason, vaccine distribution will expand. avalanche of spending should come in behind that what does it mean for the market? >> i think the continuation of the meltup i called a few months ago but of course it is not just that. jay powell and christine lagarde from the ecb are printing $250 billion a month. let me repeat that, 250 billion a month and that is what is fueling the market. retail sales would help. i'm noticing even though the cruise lines are still not cruising, they're breaking out of middle range here. the airlines are acting better. vail mountain resorts is like at a yearly high. the market indicated there will be some serious spending coming up. i think some of that is in there. i suspect there is more in this
meltup to go. charles: ryan, we saw retail sales. these numbers were significant in part to the 600 bucks. we're talking now 1400 bucks and of course the money that gary just referred to. what does that mean for this market? can it be the next leg up? can it propel the next leg up in the stock market? >> charles, we think it can. like you said, the retail sales are way above expectations, up over 5% month over month. you go back 30 years that is one of the best months we've ever seen. a lot was the 600-dollar checks. imagine people get more as the economy comes back to open up. it is not just that. look at the industrial production number we saw. empire manufacturing data the other day, really strong. we had a record earnings season. the truth of the matter is this. this economy is opening up faster than maybe the wild bullish economist would have thought six months ago. all are continuing drivers to help the market go higher. one more thing, the atlanta fed,
gdp now, where they think gdp would be. at the start they thought first quarter gdp would be 4 1/2%. after the strong number of retail sales, they think first quarter gdp could be as much as 9%. that is amazing but that is what the data is telling us. charles: real quick. you mentioned manufacturing. we've been in manufacturing renaissance from everything from the empire fed to philly fed. you do historic correlations. i love the work in the correlations you do. history doesn't always repeat it self but certainly rhymes. is there something about manufacturing in particular that helps the market? >> yeah. absolutely. thank you for that. historically speaking manufacturing leads s&p 500 earnings by about six months. so we are see being record jumps in manufacturing over the past couple months here f you extrapolate that out six months. that tells you earnings should really jump six months from now.
the market is forecasting that. they're expecting better earnings in the second half of the year. why we're at all-time highs. earnings should improve before we're all said and done. charles: speaking of earnings, we're in the middle of earnings season, gary that has been booming and guidance the rest of the year is off the charts. does that help a little bit about traditional valuations being off the charts? or is that irrelevant in this melt up scenario you told us would happen and by the way it is happening? >> it always helps when guidance goes up t brings valuations down if it comes in, but look, i can go to any wear of the market vam wageses are off the charts. we're seeing ridiculous froth and speculation in some areas right now. there are some no sales companies skyrocketing. this spac thing is a money grab of companies starting up and all tilling you they're going to
build electric vehicles. penny stock trading all-time record. margin is skyrocketing. all the things worrying about late innings are in gear but late innings can be fruitful. i think there can be more to go. i think earnings are doing, the fed create created this gargantuan bubble and you saw it in gamestop and that is not just a one-off. charles: ryan, a minute to go. is there anything you got worried? is there a red flag out there. >> i came on last year this market wants to go higher. people didn't believe it again. everyone is on one side of the boat. things get rocky. the fundamentals are still there. by the pull back but that gives us near term worry. charles: i get worried when everyone is wrong. i like it when there is a lot of
skepticism especially the experts. ryan, gary, two experts i always rely on. appreciate it guys. president biden is having his first test on reap pa races. he has a new bill, is i trying to make up for the 1994 crime bill, the infamous crime bill. his predecessor donald trump seems sturdy. look at a few polls. he has actually gone up among those voters. i'm going to get fox news contributor deneen borelli to weigh in on biden's sins, trump's staying power and the legendary rush limbaugh. we'll be right back.
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capitol hill to explain. reporter: hi, charles. a new push for reparations on capitol hill gives president biden a chance to repair racial justice and in some ways repent for his crime bill that led to black men being locked up eight times more than white men but he is not ready today to back direct payments to black americans right now. >> he doesn't support reparations executive order? >> again, it would be up to him. you know, he has executive order authority. he would certainly support a study on we'll see where congress moves on that issue. go ahead. >> just ahead, getting a lot of follow up from last night. reporter: today house democrats are reviving a push to study reparations which the white house sis says biden does support. congresswoman sheila jackson lee says support direct payments to black americans from the black
lives protests that rippled across the nation last year. >> last year we have seen hundreds of thousands, peacefully take to the streets in support of black lives and accountability for law enforcement. many of these protesters carried signs in support of hr 40, and made the important link between policing reform and the movement for repair tiff justice. reporter: review of reparations by the roosevelt institute puts the price tag into trillions. it would take direct payment of $800,000 for each eligible household to close the wealth gap between black and white americans. congressman burgess owens, says a massive government payout to make up for the past is not the answer for problems black americans are facing today. >> it is impractical and nonstarter for the united states government to pay reparations. it has been tried in last 100 years. resulted in miss remember i, death of over 100 million children, called redistribution of wealth or socialism.
reporter: charles, while the white house is not backing direct payments right now, they are backing that study. they are not waiting for the study. they have taken several executive actions to try to eradicate systemic racism. charles? charles: hillary thank you very much. for reaction i would like to bring in fox news contributor deneen borelli. all right, deneen, here we are, $800,000 per household. sounds enticing. >> charles, this notion of reparations is utterly ridiculous. first of all it will not erase the fact that there were a number of disproportionate black men and women incarcerated because of the biden bill. he owns this biden crime bill but you know what else is not going to erase, charles? the fact that joe biden was pals with known segregation it and racist, former senate majority leader and former klansman robert byrd.
joe biden called him a friend and a mentor. robert byrd, the same one who filibustered the 1964 civil rights act for 14 hours. so yeah, let them spin this all they want but the facts will not go away. charles: also, you know, one little interesting historical fact or tidbit is that the folks that were promised 40 acres and a mule, the former slaves actually received them. upon the assassination of abraham lincoln a democrat took over as president and took all that stuff back. maybe i don't know, maybe they have more guilt than you think, deneen. i want to switch for a moment because we see all this talk in d.c. and in political circles about the role of president trump now. well apparently a lot of polls are showing that president trump is seeing a post-impeachment increase in popularity among gop voters. many of them saying they would support him if he ran again. so what does this mean for a party that seems to, not
necessarily be gravitating towards a senator mcconnell but you know, they're not sure, they put their fingers in the wind to see if they should support trump on any given day? >> well, i'm looking at what i am seeing up close and personal. people who still support former president trump, charles. people come up to me in the supermarket, at my church, talking about politics and the former president. and also, think about how president trump was for the forgotten men and women and for the america first agenda. that is not what we're seeing with joe biden. he has been in the white house for five minutes, right? already he is trying to flip all of the legacies that former president trump put into place from open borders to demonizing our law enforcement still and to want to raise taxes and regulations. those policies are harmful to hard-working men and women and i think americans are going to see that first-hand, whether they
support it former president trump previously or not. charles: before i let you go, deneen, i would like your thoughts on the passing of rush limbaugh? >> well, sure. he is the epitome of talk radio. anytime i had to chance to listen to rush limbaugh i always learned something. his voice will be missed. my condolences and prayers to his family. charles: deneen borelli, thank you very much appreciate it. folks don't look now, but you heard it before, bitcoin breaking another record today while clubhouse is taking shape as the anti-reddit. if you haven't heard about it, we'll tell you all about it. we'll break down change of multiple guards. happening in the investment world fast and furiously. that is next good morning! this is where everything started. the four way is engulfed in history.
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charles: have you seen this? all of a sudden crude oil in a monumental up swing right now. it's a move that started long before the winter fiasco down in texas. wti on the verge of really reversing a multiyear downtrend. these kind of breakouts are unusual and they are powerful. by the way it didn't hurt that we got news warren buffett bought a bunch of chevron. can the breakout lead to a much bigger move? speaking of breakouts, bitcoin continues to sizzle.
should you wait for the dip? how many are waiting for the dip? let's ask michelle snyder. i want to start with bitcoin, michelle. you seem to be believer. millions of people are kick themselves. i tried to buy that one dip. it didn't work out for me. i couldn't get the account open. should they get in or wait to be a part of this? >> you have to define dip. last week we had a dip because it went from 40 up to 49, went down to 44. there is a your dip. we have to have a new definition for dip. 49 toe 50 will be your dip. if that that holds 50 or more. bitcoin are liking to the tulip bulb mania. that mania went on a long time before it peeked out. this may not turn out to be a mania because of blockchain
technology because it is changing the whole face of investing and valuations. and institutional interest. the tact all these institutions are jumping on are only legitimatizing it, etfs, et cetera. i would say right now, look at 49,050. if you don't want to wait too long, that would be breaking point i get out. i think we see a lot of up side here for now. charles: there is no doubt when you start to hear about bny mellon, the oldest bank in america, when you start to see some of these longstanding, you know, financial institutions say hey we want to be a part of this, at least acknowledge its existence and facilitate, that is kind of foundation the tulip bubble never had. >> exactly this is a much more legitimate face. add to that a micro strategy borrowing $900 million to buy more about it coin. so the cap right now is at around a trillion. looks like it could continue to grow. charles: yeah. brilliant strategy, michael
saylor. maybe robinhood would have bought bitcoin early on. maybe they would be able to facilitate all trades. but i digress. crude oil was supposed to be a huge loser under president biden. now it is crushing it. it is cruising on a monster breakout. the same question, do you chase a move that is already pretty big knowing it is well off multiyear highs? can it go much higher from here? >> the winter storms was a bit after sea ching in terms of philosophy, wind turbine, some alternative energy didn't really help people get through the storm. where will you turn? oil and gas, of course that has some issues down in texas. nonetheless we're a oil and gas economy. that is what we're most reliant on, in terms of the consumption, apart from the storm. in fact the demand coming back, the possibility of us flying in the air again, i think oil could
go higher. like with everything else, i always like to caution from a technical standpoint you have to know where you're wrong and you have to know what to do in order to take profit when you're right. looking simply at the instrument, uso, which i like to trade. charles: right. >> now that is broke through 40, if it is going to hold 40, risk down to 38.50. if we get through 44, we see 50. that is how you kind of have to trade right now in these increments. charles: i like that. you have 25% upside. you give yourself less than 10% downside. that sounds like great risk/reward. let me ask but the phenomenon of the new eadvantage gellists of stock market who are not professional advisors. we saw a lot with reddit. clubhouse is a new phenomenon. this is part ever the retail revolution. as someone that does it professionally, are you concerned so many superstars and market, you know advisory have no real advisory, no real practical experience?
>> well some is yes and no because i think what happens is, the dust eventually falls away, you get to see what is really solvent. that is the things that stick around. in terms of reddit, we have really interesting mind there. in terms of clubhouse we know musk is very busy in there right now trying to legitimatize it. so i think that you really have to, again, you know, have some level of an education. obviously, don't follow anybody blind. but i'm very encouraged by this. they are really changing again the landscape. they're making trading of itself much more active. so that's a good thing. charles: i agree with you 100%. no one can ever accuse of being a player hater, michelle. you give us a lot of information to work with as usual. thank you. there are some ideas, so many trends i love to discuss on the show every day. i have amazing guests. never enough time. why i also write for my own subscribers. i have free commentary. check it out, i write it every day at wstreet.com.
transitions™ light under control. ♪upbeat music♪ transitions™ signature gen 8™ available now, in 4 vibrant style colors. transitions™ >> he was very brave. i mean, he, in theory, could have been gone four months ago really. he just, he was fighting til the very end. he was a fighter. charles: well, that was former president donald trump making his first tv appearance since leaving office to give his thoughts on the news that conservative radio show host and media icon rush limbaugh had died after a battle with lung
cancer. joining me now, fox nation and radio host david webb. you know, david, obviously rush limbaugh paved the way for conservative radio. you are now also a major, major figure in that space. you knew rush and followed his career, so share some of your thoughts with us, please. >> well, like so many others, it's a sad day for those of us who cared about the man. it's also a sad day for the industry, obviously. and to his entire family, to the friends, to those who worked with him closely that were like family, my heart goes out to them, my prayers are for them. i came in to talk radio about ten years after rush did. i was in entertainment and music radio for a number of years, but i'd always listened to him. and he paved the way with some very simple principles. i remember when i first went into syndicated talk, and i said i've been listening to this guy for some time and then i was
given the advice that i was told he gave to many others, don't be like me, be you. rush limbaugh was not only a pioneer, but an amazing success because he was rush limbaugh. he was the man. he would say it's the rush limbaugh show and emphasize the word show. he would get it across that this was a craft as well as a message combined and so much more. charles: what was it though distinctively about his approach, his style that made him such a mega-success? >> honesty. whether you agreed or disagreed with him, he came at it from a point of honesty and conviction, let me add that to it. rush would say this is where i stand. he would bring you to that debate, but he wasn't afraid of the debate from others who disagreed with that. he liked to get into the radio tussle on air, and he would want to flush it out. and he did that. he brought along a lot of people
who still disagreed with him but listened to him. you don't grow an audience of that size and a reach of that size as a figure and as a person without many who don't necessarily agree with you. and i think that the lesson for many talk show hosts today, and i certainly enjoyed the debate, that we want to put our ideas on the table. and then for those who disagree, let's flush it out together. charles: obviously, he was fearless. being fearless, trying to be honest, trying to engage in the debates in this new cancel culture though, it's, you know, of course rush was established, he was revered, and i don't think it ever was an issue or if him, but to be able to carry that philosophy from here on out, how difficult will it be? >> well, in truth, if you abide by the principles, the foundations set not only by rush, but by broadcasting while
his voice will be lost and missed, it won't be that hard to carry on the principles. we get up every day, sean, mark levin, andrew wilcow, alex marlowe on breitbart, stacy washington who you know and so many others, and we do this every day. we continue this. look at glenn beck, looked at others. just get up every day, stay true to your conservative convictions, realize that you're also there to do the business of radio, right, to grow your audience, to engage people. and that's how we continue as a success. and, by the way, that's the rush limbaugh. rush limbaugh got up every day, went to work, was honest with his listeners in good times, in bad times and struggles, in triumphs, and that resonates and should resonate with all of us. charles: right. david, 30 seconds, where does conservativism go from here? >> well, conservativism will continue.
again, his voice will be missed, and it will be lost, but there are many of us out here who will carry on the principles of conservativism. and -- charles: right. >> we need to make sure we do it the way he would. charles: david webb, thank you very much. the markets are mostly sideways as i hand it off to my if colleague and friend, liz claman. over to you. liz: thank you so much, charles. we are fewer than 24 hours away from the event in d.c. that will, no doubt, have just about every stock investor, fund manager and ceo of a public company rivetted. the key players in the reddit-gamestop short squeeze to testify before the house financial services committee facing questions from lawmakers about that age-old question, whether the markets are rigged existence the individual invest -- against the individual investor. our panel has a preview. they both have great knowledge from two different sides.