NEIL: ALL RIGHT.
NEIL: ALL RIGHT.
DESPITE, IF YOU THINK ABOUT IT
DESPITE, IF YOU THINK ABOUT IT
BETTER THAN $700 MILLION GOING
BETTER THAN $700 MILLION GOING
INTO THE PAYCHECK PROTECTION
INTO THE PAYCHECK PROTECTION
PROGRAM INCLUDING ALL ANCILLARY
PROGRAM INCLUDING ALL ANCILLARY
MONIES PROVIDED INCLUDING THIS
MONIES PROVIDED INCLUDING THIS
LATEST WAVE OF FINANCING, IF
LATEST WAVE OF FINANCING, IF
HOWARD SCHULTZ THE FORMER
HOWARD SCHULTZ THE FORMER
STARBUCKS CHAIRMAN AND CEO IS
STARBUCKS CHAIRMAN AND CEO IS
RIGHT IT, WON’T BE A ENOUGH, AND
RIGHT IT, WON’T BE A ENOUGH, AND
A LOT OF THOSE SAME SMALL
A LOT OF THOSE SAME SMALL
BUSINESSES REQUESTING AID SIMPLY
BUSINESSES REQUESTING AID SIMPLY
WON’T GET IT OR WILL BE ON
WON’T GET IT OR WILL BE ON
TENTERHOOKS BY LABOR DAY, WHEN A
TENTERHOOKS BY LABOR DAY, WHEN A
LOT OF THEM WILL BE OUT OF
LOT OF THEM WILL BE OUT OF
BUSINESS.
BUSINESS.
A BIT OF A DIM VIEW.
A BIT OF A DIM VIEW.
OUR CHARLIE GASPARINO WAS AMONG
OUR CHARLIE GASPARINO WAS AMONG
THE FIRST TO REPORT, A LOT OF
THE FIRST TO REPORT, A LOT OF
MONEY MEANT FOR SMALL BUSINESS
MONEY MEANT FOR SMALL BUSINESS
WAS NOT GOING TO SMALL BUSINESS.
WAS NOT GOING TO SMALL BUSINESS.
IT WAS GOING TO A HOST OF OTHER
IT WAS GOING TO A HOST OF OTHER
FOLKS.
FOLKS.
HE JOINS US RIGHT NOW.
HE JOINS US RIGHT NOW.
CHARLIE WHAT DO YOU MAKE OF
CHARLIE WHAT DO YOU MAKE OF
THAT, HOWARD SCHULTZ NOT
THAT, HOWARD SCHULTZ NOT
CONVINCED THIS WILL BE GREAT
CONVINCED THIS WILL BE GREAT
CURE.
CURE.
WHAT DO YOU THINK?
WHAT DO YOU THINK?
>> HOWARD SCHULTZ IS PRETTY
>> HOWARD SCHULTZ IS PRETTY
PLUGGED INTO THE BANKS DOLING
PLUGGED INTO THE BANKS DOLING
THIS MONEY OUT.
THIS MONEY OUT.
HE OBVIOUSLY RUNS A FRANCHISE OF
HE OBVIOUSLY RUNS A FRANCHISE OF
SMALL BUSINESSES SO TO SPEAK IN
SMALL BUSINESSES SO TO SPEAK IN
HIS STARBUCKS.
HIS STARBUCKS.
SO HE KNOWS, YOU KNOWS WHAT HE
SO HE KNOWS, YOU KNOWS WHAT HE
IS TALKING ABOUT I WOULD SAY HE
IS TALKING ABOUT I WOULD SAY HE
IS BASICALLY RIGHT.
IS BASICALLY RIGHT.
I’M SORRY.
I’M SORRY.
USED TO.
USED TO.
SYNONYMOUS WITH THE BRAND, I’M
SYNONYMOUS WITH THE BRAND, I’M
SORRY ABOUT THAT.
SORRY ABOUT THAT.
NEIL: YOU’RE RIGHT.
NEIL: YOU’RE RIGHT.
>> HERE IS WHAT I KNOW FROM
>> HERE IS WHAT I KNOW FROM
PEOPLE, PEOPLE INSIDE THE,
PEOPLE, PEOPLE INSIDE THE,
INSIDE THE BIG BANKS WHO HAVE TO
INSIDE THE BIG BANKS WHO HAVE TO
DOLE THIS OUT AND WHAT THEY’RE
DOLE THIS OUT AND WHAT THEY’RE
TELLING ME IS THIS, THIS MONEY
TELLING ME IS THIS, THIS MONEY
WILL BE GONE WITHIN DAYS.
WILL BE GONE WITHIN DAYS.
THE LAST ONE TOOK ABOUT A WEEK
THE LAST ONE TOOK ABOUT A WEEK
OR SO.
OR SO.
ONE OF THE REASONS WHY IS
ONE OF THE REASONS WHY IS
BECAUSE ON THE BANK END THERE
BECAUSE ON THE BANK END THERE
WAS SOME GLITCHES IN TERMS OF
WAS SOME GLITCHES IN TERMS OF
THEIR TECHNOLOGY.
THEIR TECHNOLOGY.
ALSO THE RULES WERE ROLLING.
ALSO THE RULES WERE ROLLING.
THERE WERE SOME BANKS THAT
THERE WERE SOME BANKS THAT
WEREN’T INVOLVED AT FIRST.
WEREN’T INVOLVED AT FIRST.
WELLS FARGO COULDN’T DOLE OUT
WELLS FARGO COULDN’T DOLE OUT
THE LOANS BECAUSE FEDERAL
THE LOANS BECAUSE FEDERAL
RESERVE WAS PREVENTING IT FROM
RESERVE WAS PREVENTING IT FROM
DOING SO BECAUSE IT HAD SOME
DOING SO BECAUSE IT HAD SOME
CAPITAL REQUIREMENTS IT HAD TO
CAPITAL REQUIREMENTS IT HAD TO
COMPLY WITH REGARDING THE FAKE
COMPLY WITH REGARDING THE FAKE
ACCOUNT SCANDAL.
ACCOUNT SCANDAL.
SO IT WAS SORT OF A WORK IN
SO IT WAS SORT OF A WORK IN
PROGRESS.
PROGRESS.
NOW WHAT WE HAVE, BASICALLY
NOW WHAT WE HAVE, BASICALLY
EVERYTHING SET UP.
EVERYTHING SET UP.
WHAT WE UNDERSTAND IS THAT THIS
WHAT WE UNDERSTAND IS THAT THIS
MONEY THIS, EXTRA, WHATEVER IT
MONEY THIS, EXTRA, WHATEVER IT
IS, 200, $300 BILLION, I KNOW WE
IS, 200, $300 BILLION, I KNOW WE
SOUND LIKE, I’M MAKING LIKE IT
SOUND LIKE, I’M MAKING LIKE IT
ISN’T A LOT.
ISN’T A LOT.
I GUESS IT IS A LOT, IN THE
I GUESS IT IS A LOT, IN THE
SCHEME OF THINGS BUT COMPARED TO
SCHEME OF THINGS BUT COMPARED TO
TYPE OF STIMULUS IS NEEDED,
TYPE OF STIMULUS IS NEEDED,
HOWARD IS EXACTLY RIGHT, THIS
HOWARD IS EXACTLY RIGHT, THIS
ISN’T A LOT OF MONEY.
ISN’T A LOT OF MONEY.
COMPARED TO FED STIMULUS TO PROP
COMPARED TO FED STIMULUS TO PROP
UP THE FINANCIAL SYSTEM, TALKING
UP THE FINANCIAL SYSTEM, TALKING
TENSE OF TRILLIONS ON THAT END.
TENSE OF TRILLIONS ON THAT END.
THEY’RE TALKING ABOUT
THEY’RE TALKING ABOUT
600 BILLION ON THIS END.
600 BILLION ON THIS END.
WE’RE TALKING ABOUT A HOLE MUCH
WE’RE TALKING ABOUT A HOLE MUCH
LARGER THAN THAT.
LARGER THAN THAT.
ON TOP OF IT ALL, NEIL, THE
ON TOP OF IT ALL, NEIL, THE
MONEY WILL RUN OUT.
MONEY WILL RUN OUT.
ON TOP OF IT ALL THERE ARE STILL
ON TOP OF IT ALL THERE ARE STILL
LOOPHOLES WHO CAN APPLY FOR
LOOPHOLES WHO CAN APPLY FOR
THIS.
THIS.
THE TREASURY DEPARTMENT WANTED
THE TREASURY DEPARTMENT WANTED
TO MAKE A POINT SAYING HEDGE
TO MAKE A POINT SAYING HEDGE
FUNDS CAN’T APPLY, IF YOU READ
FUNDS CAN’T APPLY, IF YOU READ
THE GUIDELINES DOESN’T EXACTLY
THE GUIDELINES DOESN’T EXACTLY
SAY THAT IF COMPANIES LIKE HEDGE
SAY THAT IF COMPANIES LIKE HEDGE
FUNDS ARE PROFITABLE, FOR THIS,
FUNDS ARE PROFITABLE, FOR THIS,
THEY DON’T DESERVE IT, THEY
THEY DON’T DESERVE IT, THEY
SHOULD GIVE IT BACK.
SHOULD GIVE IT BACK.
OR IF THEY’RE NOT IN NEED.
OR IF THEY’RE NOT IN NEED.
YOU KNOW, THESE ARE SORT OF
YOU KNOW, THESE ARE SORT OF
BROAD, SWEEPING, STATEMENTS AND
BROAD, SWEEPING, STATEMENTS AND
WHAT WE DO KNOW IS THAT
WHAT WE DO KNOW IS THAT
FINANCIAL FIRMS ARE STILL
FINANCIAL FIRMS ARE STILL
APPLYING.
APPLYING.
WE DO KNOW THAT INDEPENDENT
WE DO KNOW THAT INDEPENDENT
ADVISORS, BROKERAGE FIRMS, MANY
ADVISORS, BROKERAGE FIRMS, MANY
BROKERS, PEOPLE, OUR VIEWERS
BROKERS, PEOPLE, OUR VIEWERS
THAT HAVE A BROKER, OFTEN
THAT HAVE A BROKER, OFTEN
BROKERS DO NOT WORK FOR
BROKERS DO NOT WORK FOR
MERRILL LYNCH, SOME OF THE BIG
MERRILL LYNCH, SOME OF THE BIG
COMPANIES, BIG BANKS, THEY ARE
COMPANIES, BIG BANKS, THEY ARE
INDEPENDENT ADVISORS.
INDEPENDENT ADVISORS.
THESE FOLKS ARE APPLYING FOR THE
THESE FOLKS ARE APPLYING FOR THE
LOANS.
LOANS.
NOW SHOULD THEY APPLY FOR THE
NOW SHOULD THEY APPLY FOR THE
LOANS?
LOANS?
I CAN TELL YOU THAT THEIR TRADE
I CAN TELL YOU THAT THEIR TRADE
GROUP, THE INDEPENDENT ADVISORS
GROUP, THE INDEPENDENT ADVISORS
ORGANIZATION, I CALLED, THEY ARE
ORGANIZATION, I CALLED, THEY ARE
GIVING NO GUIDANCE TO THEIR
GIVING NO GUIDANCE TO THEIR
MEMBERS REALLY IF THEY SHOULD
MEMBERS REALLY IF THEY SHOULD
APPLY.
APPLY.
THEY’RE TELLING THEM HOW TO
THEY’RE TELLING THEM HOW TO
APPLY.
APPLY.
THEN IT BECOMES MORAL QUESTION,
THEN IT BECOMES MORAL QUESTION,
SHOULD THEY APPLY?
SHOULD THEY APPLY?
THESE ARE FOLKS GENERALLY MAKING
THESE ARE FOLKS GENERALLY MAKING
FEE INCOME ON DEPRESSED ASSETS.
FEE INCOME ON DEPRESSED ASSETS.
ASSETS HAVE GONE DOWN IN VALUE
ASSETS HAVE GONE DOWN IN VALUE
SINCE THE PANDEMIC MARKET
SINCE THE PANDEMIC MARKET
COLLAPSE OCCURRED.
COLLAPSE OCCURRED.
THESE ASSETS GONE UP RECENTLY AS
THESE ASSETS GONE UP RECENTLY AS
THE FED LIQUIFIED THE MARKET
THE FED LIQUIFIED THE MARKET
THE.
THE.
THE REAL QUESTION SHOULD THEY BE
THE REAL QUESTION SHOULD THEY BE
GOING IN THERE DOING THIS, AND
GOING IN THERE DOING THIS, AND
THEY ARE DOING IT.
THEY ARE DOING IT.
SO THOSE ARE THE OBSTACLES THE
SO THOSE ARE THE OBSTACLES THE
TREASURY IS STILL HAS, I’M
TREASURY IS STILL HAS, I’M
AFRAID TO SAY HOWARD IS RIGHT,
AFRAID TO SAY HOWARD IS RIGHT,
THE PROGRAM WILL RUN OUT OF
THE PROGRAM WILL RUN OUT OF
MONEY.
MONEY.
IT IS WRONG ENOUGH PANNED STILL
IT IS WRONG ENOUGH PANNED STILL
GETTING INTO THE WRONG HANDS.
GETTING INTO THE WRONG HANDS.
NEIL, BACK TO YOU.
