 Once again, ladies and gentlemen, boys and girls and children of our ladies, you are now tuned into the Prince of Investment here live with your host, the Prince of Invest and Prince Dykes, coming to you guys and girls live all the way from the beautiful city and state of Denver, Colorado via Halu, Hawaii. So today, we did it a little different. I put on one of my Hawaiian shirts here, even though it's probably gonna snow this weekend in Denver, Colorado, but we wanted to keep everything nice and, you know, kind of do a rimless. It'll change it up a little bit. But today, as we know, ladies and gentlemen, we are here in a fierce battle between the election. We have a new election coming on, coming on here in about two weeks or so. And right now, as we are speaking live, we had the presidential debate going on between our president Trump and our president hopeful, the Democratic nominee, Mr. Senator Joe Biden. So we want to talk about how this would impact investments, including the stock market and things around the world if we have Biden win or we have a Trump win. And we're gonna see, we're gonna talk about the economy and the impact on stocks and things like that. So what I further do, you know, for the last election, I had a one to forget song, you know, we have a return guest here. He's coming all the way from beautiful city and state of, I don't know the city, but I know it's New Jersey, New York, New York, they're closing up. But we have Mr. Jay Fuller. How you doing today, sir? How are you today, France? I don't know the debate is going to suffer now that we're on. So it's gonna, it's gonna definitely steal, we're gonna steal away a lot of the audience. That's what we're here for. You were on here during the last election between president Trump and well, then president hopeful Trump and Senator Clinton. And you spoke a lot about, you know, the election, how the impact it would have. So this election here, first, first thing I want to ask you, who do you think will win this election? That's the first thing I want to ask. Oh, well, that's interesting. Um, as you know, I'm a big Trump fan because I'm fundamentally a New Yorker. And from the 1970s when New York was kind of a different place than it is now. So I've always been a Trump fan because he is a New Yorker from the 70s and he has that style, which some people like and some people hate. So, but I, I, the everything looks to me like it's going to be a repeat of 2016. All the ingredients are there. It's the same stuff with the polls that are greatly misleading. And the S&P, I'm a big subscriber, you know, I subscribe a lot to market cycles. And the, the S&P 500 is hit continuously, hit new highs this year. I mean, early on in, in February, it hit a high. Then of course we had COVID and wheat got creamed. And now the market has since then made a higher high and is traded up. And more than any other index, the S&P 500 seems to tell us what to suggest is not necessarily a Trump's going to win, but it says that the party in power is going to stay in power. And so I find that the S&P is pretty much never wrong when it comes to elections. And I'm going to, I'm going to go with the S&P. Let's back that up a second. You said the S&P 500 tells you that the party in power is going to stay in power. What does that mean? Well, if, if the S&P had drifted off and not made a new high this year in the election year, I would be very concerned, at least for, for, if you're a Trump fan, you should be very concerned. I made some notes here. What do we got? Let me just, let me just look quick. The S&P was around, I guess like around February 19th. Somewhere around there, it hit a high of about 3386 somewhere. I'm probably a day off one or two, but I just, I'm taking a quick guess out of my head. It hit in the beginning of September, we got 3580 on the S&P and we're still trading nicely right now. And actually, it looks like it's setting up for a really big rally, which makes me think that the, again, what happens with the stock market, as we've talked about this before, is certainty. And with Trump, you know what you're going to get. Whereas a Biden administration still would be a big unknown to a lot of people, even though he's been in politics for 47 years, he hasn't been president for 47 years. So the certainty of knowing what you're going to get and why, with a guy like Trump, you're going to have a lot, this certainty means a lot more crazy up and down with the market. Whereas if you had a guy like Obama, who was kind of a steady, you had a steady market, the market reflected his kind of behavior and the kind of policies he put into place. Trump, you get, you know, he still operates like a businessman, even though he's the president. So a lot of times he'll do things or say things that seems to catch the market off guard. So I just think that you'll see more of that. So the S&P is kind of telling us that what we have, the known, the Trump is going to continue. That's why it's showing us by making new highs. That's very interesting. I never heard of that one where you follow the S&P 500. If the S&P 500 continues, it tells you the person in power will stay in power. Is that correct? On the election year, on the election year, yes. Yes, and it's almost, I don't want to say it's foolproof, but it's pretty close to foolproof. Whereas some of the other indexes like the Dow and where I'm old-fashioned, so I still follow the Dow. Most money managers look at the S&P 500. So it's hard for me to, I don't always look at the, it's not my go-to index to look at all the time. Like if you ask me how the market is, I'll look at the Dow first. But when it comes to the election cycle, you have to look at how the S&P performs and it gives you an idea of what you're going to get. And so it's already sort of signaled it made a high this year. It's made a higher high even after selling off. And I think we're probably going to get significantly, with the Trump victory, I think we're going to get significantly higher highs. Okay. Now you spoke about, I know you've been a New Yorker, you're back in your New Yorker President Trump, but I want to ask you this question. What do you think would happen to markets if we have Senator Biden become President or former Vice President? Well, I think the market's going to be a little disheveled. For one, all you got to do is look at his taxes. The tax plan he put on the table is a gargantuan tax increase. It's going to hit corporate taxes hard. It's going to hit individual taxes hard. It's going to hit capital game taxes hard. It's going to raise taxes across the board massively. And what that's going to do is hurt earnings and companies. It's going to cut down on spending. It's going to, you know, they do this, they do these tax raises with the claim that somehow it's going to help the middle class. That is absurd. I've never seen any real evidence that shows a tax increase somehow helps the middle class. It's kind of like that argument that if you raise taxes, you're going to cure global warming. You know, it's like one of those things. It helps politicians a lot because it gives them a lot of money to spend. But I would be very concerned that you might even, you might get the market knocked off quite a bit if you have a Biden victory. I would be very unnerved about the market if it looks like he's going to win. Now you spoke, I want you to unpack something that you kind of touched on and kind of ran over there. I want you to rewind there for a second. And you said that when a president raised taxes, how does it affect stocks? And you spoke about earnings. You said, hey, earnings are decreased and you don't see any evidence of it helping the middle class. Can you explain to listeners out there how taxes affect earnings which affect stock growth? Well, for example, corporations pay corporate taxes. And often we scream a lot about, we say, oh, Amazon didn't pay taxes for 10 years for, you know, three years or whatever, even though they made billions of dollars. Of course, what they don't tell you is the other side of the argument, they lost money for 10 years straight in a row. So there's like, there's more to it than that. Now you have stocks trade basically on multiples of earnings. And a lot of stocks, particularly tech stocks, are trading at kind of airy multiples like they're trading up there with the idea that there's a lot of growth into the future. If you compress, if you cut that number, those multiples down, in other words, you cut off the earnings by putting more, you know, more money goes to the government instead of the shareholders or to the company, that's going to impact those multiples. And the stocks are going to start to reflect that they're going to re even out because it's a bigger expense. Then you have capital gains taxes. Right now they're relatively low. It makes it easy for people to trade. Where this really hurts Joe Sixpack, as we used to call them, is Joe Sixpack as a 401k or a pension somewhere. And guess what? Those pensions are all invested in stocks and bonds. Well, now the taxes are going to come out of the return of those portfolios. Now you have, you know, whenever they say we're just going to tax the rich, that's always a scary thing to me because I live in New Jersey and New Jersey one time, we even had a governor who decided that if you made over $25,000 a year, you were rich and you were going to pay more taxes. So they said we're only taxing the rich, but by the way everybody who makes the bar is $25,000 a year. Now if you've ever been to New Jersey, a cup of coffee costs $25,000. It's like an absurd thing, but yet so everybody got a tax increase because what did they do? They only tax the rich, but they said they defined the rich as being, now Biden's camp is claiming they're only taxing people making over $400,000. Well remember this, if I'm a guy and I'm making lots of money and I have a big house, what do I do? I have a couple of cars. I have a couple of maybe a cleaning lady or maybe two cleaning ladies. I have, I go to dry cleaners, I go to local restaurants, I do all these things. So now the government's going to take some of that money away, so what am I going to do? I'm going to maybe lay off the cleaning lady. Or worse yet, if you really look at the numbers, there are people arguing that people in New Jersey, I made a list here, it's totally crazy some of the tax numbers. States like California, the effective tax rate is going to be 62%. New Jersey it's 60%. New York State it's going to be 58%. And New York City it's going to be 62%. Now what else is interesting about those States is those are all the States that have huge out migration. In other words people are moving out because they're getting the taxes are too high already. New Jersey is, so what's going to happen? New Jersey is going to get totally depopulated because nobody's going to pay 62% taxes. And so those businesses that I funded that I lived here in my big house and made lots of money, when I moved to Florida, that dry cleaner in my clothes, the two cleaning crew I have for my house are not going to have jobs anymore. My cars, I won't buy cars at the car dealer in New Jersey anymore, I'll buy them in Florida. All the money, all those restaurants I went to are now I'm going to be going to restaurants in Miami or wherever I South Beach or wherever I live, I'm not going to be going to restaurants in New Jersey. So it's going to have this ripple effect over the whole economy. And it's, it's, it's you got to remember that when you tax the people making the most money, most of this, most of the people making big money are big family businesses. So you're taking money away and you're giving it to the government to do who knows what with on and it's, it's not going, it's not getting spent like efficiently. Okay, James, I want you to hold right there. Great points that you made about the tax laws and how they're going to affect, you know, a Biden win versus a Trump win. But it's some more things I want to get into. I want to get into the stimulus, the stimulus packages and also the different parties of how they look at how this can affect stocks and great point you made about taxes on stocks. But we're going to do right here. We're going to talk about that right after the break. We're going to take a quick break. I mean a very quick break and we're going to be back more with the elections impact on stocks and investments with James Ford and we're back here on the Prince of Investment right here with your host Prince Dice coming to you guys and Girls Live. Now, we, before the break, we spoke about a lot of things about a President Trump win. And I've learned a pretty cool thing there with the SM, following the S&P 500 and the sitting President. And we talked about a former Vice President Biden win, which is going on right now with the election. How's it going to affect our investments? We talked about taxes and how taxes are invaded and things like that or whatnot, affect earnings that can affect the company's growth. So now we're going to get into something very big you've seen go all around Wall Street, all around the financial industry. Google just got sued by the Department of Justice for this. Earlier this summer, they just had a big conference call, a big whatever you want to call it, what they called and Facebook, they called an Amazon, Apple for this big anti-trusts that's going on with Facebook, Amazon, Apple, all of the big companies that are out there. You know, Google pretty much is the internet and pretty much runs the internet with the search engines. And you have Facebook as the leader of social media. Google owns YouTube, which is pretty much just taking over media. It's where most people concerned take, you know, get their media from. So we want to talk about how does business and politics go together. And another thing was with Uber, Uber, with this current situation with California, talking about reclassifying that contractors into employees. So, James, we got our guest here, James Fortland, we're going to get to him. James, what do you think about all this anti-trust that's taking big hits on our tech stocks? Well, I think, you know, a lot, again, if the Trump win, we're going to see probably a lot of pressure on this. This is going to go hard because a lot of people, including myself, because I'm involved with a bunch of tech businesses, see how the search functions are manipulated, see how companies like Facebook, it's one thing to be a company, but now Facebook is basically telling you what you're allowed to say and not say about COVID. So suddenly, Facebook is a doctor. I want to know who Dr. Facebook is. I haven't met him. Then they want to know, am I registered to vote? Like, it's none of their business, whether I'm registered to vote, which I am, but it's none of their business. And the next step is going to be who did you vote for. And if you didn't vote for the right person, we're going to squash your profile. I just, Twitter's had a lot of trouble because they've been blocking people on certain news items and kind of just saying, no, that's wrong. Well, if you're going to do that, then you're in a whole different league here. And you have to, that has to be addressed. And I think you have too much of a monopoly situation. Again, we're back to say standard oil. I was very much against the Microsoft investor because I felt that, well, Microsoft might have been a monopoly. You couldn't prove that they were hurting the end user, the customers. They were hurting maybe some of their competition, but that's life. But Google is hurting the end users. I mean, for example, if you have a story like you say tonight, James Voight was on the show and said Trump's going to win because the S&P 500, Google's going to push that all the way back. You're going to find that on page 50 when you search for, when you search about stuff like that. They're going to do that on purpose, even if millions of people tune in to see that. And it gets huge amounts of views. They're going to push us back because we just mentioned we said the wrong words. It's like, and that's a really big issue for a lot of people, including myself. So I think this is maybe the beginning of what you might see the breakup of like the four horsemen of technology or whatever they call them. You're probably talking like the main targets to me are going to be Google and Facebook. Some people throw Apple and Amazon in there, but I'm not so sure about those two. Some people even say Twitter is in serious violation of a bunch of stuff. Twitter really, at the end of the day, even though it gets a lot of credit for things, it's very small. The amount of people who use Twitter is really tiny compared to the amount of people who use Google or the amount of people who use Facebook or the amount of people who use YouTube that you were talking about. Twitter is really relatively small. So I think now if a Biden win goes, Biden may squash all this. Normally the Democrats were always big with the antitrust. They like to pull that tool out to threaten businesses to get their way. But I think right now the Democrats could say they are getting their way. For example, if you research global warming, it's like 30 pages in before you find that any article that ever disputes the whole idea of global warming. And if you're if you really study the science, there's a lot of people who dispute the idea of global warming. They there's it is not a quote unquote, you know, what do they call it a solve science? Or as they have that expression that they use, science is always debatable. It's not like there's it's always in play. It's always. No, it's not nice. Yeah. Yeah. It's it's so there there's there's a lot of issues with the search. Now, if a Biden win that may go off the table. They may just say no, Google likes Biden. Google likes the Democrats. Google Facebook likes the Democrats. So let's just leave it the way it is. And but I think if Trump's there, Trump's been pretty harsh on the media most of the time. And I think for good reason, I mean, whether you like them or not, the media has really been just totally dishonest, stupid for one thing. It's really dumb. And it's it's it's just devolved into like just totally like we're going to make up anything. And if we just say it a lot, it's going to be real. And and that's not that's not a real vital media. That's not what the founders had in mind when they wanted to free press. They wanted to press to, you know, argue and fight. And and don't get me wrong. There's always been biases by media, but there used to be many different biases. Now it seems like there's just one. And that's it. Well, I got to ask the question, Jane. Now, when you look at it and say, hey, when somebody else has more money and they could dominate the ads and they can dominate radio and air and television. And let's say if you're the smaller person who don't have as much money or you don't have as you can put that much of marketing push, then it's kind of like, hey, the person with the most money kind of just wins. Like, hey, you know, I have millions of dollars versus you have hundreds of dollars. So guess what? People are never going to hear you. I can just drown you out. What do you have to say to people that say, hey, we do need somebody to step in to make sure the big guy just doesn't take over? Well, that argument is always interesting. However, just I just mentioned a guy. You ever heard of Mike Bloomberg? Oh, yeah. Mike Bloomberg runs for things. He spends a hundred million dollars and he can't even get one person to vote for him. And right, not one person, not one vote, not like nobody. And like, even people in New York who like him wouldn't vote for him, right? And like, it's like, it's like, I think there is an advantage, obviously, to having money. But when Romney ran against Obama, there was a research study done which has basically been shuffled down like it's kind of a snubbed away. Nobody ever mentions it anymore because it would really hurt the people who do political ads. It would hurt their business. But it basically said all the money they spent on television advertising did move the needle one way or the other. It didn't change anybody's mind. And if you're involved in politics, at the end of the day, politics is local. People vote for people who come out and shake their hands and kiss babies and that old fashioned stuff. That really does it. That's why Trump has such a big connection with people who like him. He does those huge rallies. He gets out of his car sometimes and met, I mean, in New Jersey there were, he was going to the country club, that golf club that he has there. And there was a big group of people like with Trump flags on the road and they stopped the whole presidential motorcade and he got out of the car and started talking to people and shook people's hands and like talked to people. This is what makes you popular and even in this day with all this modern technology, this is what, it's that personal connection. And also you got to say something that people think is real. I mean, look at your point there to me. Right now we're in the middle of a stimulus deal. You know, they're talking about a second round of a stimulus. You had a Democrat saying, on a house is saying they want to spend 2.2 trillion dollars. The Senate is giving pushback saying, hey, what about 500 billion? President comes out and says, what about 1.8 trillion instead of 2.2? They're saying, oh, that's not enough because we need to get money to people and all of the good stuff like that. I got to ask you, what does your take about the stimulus deal and what do you think it's going to get done? Well, I think again, if the Democrats win, you're going to have a huge stimulus, but the stimulus money is not going to go to people. It's going to go to bail out all the states in the Northeast like New Jersey, New York, Pennsylvania, maybe Connecticut, all those states that are basically going to go totally bankrupt. I mean, they're going to disintegrate. And right now it's still a big joke because people who work for those governments haven't been impacted by COVID. They've been paid even when they weren't working. But when their pensions start getting defaulted on, then they're going to start, then suddenly there's going to be a lot of screaming. If Trump stays in and they have to bail out states, I'll refer back to the 1970s when New York almost went bankrupt, they put in something called the Financial Control Board, which took over the city of New York, laid off 20% of all the workers across the board, no exceptions. So 20% of the police, 20% of the fire, 20% of the teachers, no matter who it was, no favorites, and sort of helped the city get back on its feet financially. I believe because Secretary Muchen has mentioned this, the Secretary of Treasury has mentioned this several times, that a financial control board would not be out of the question for states like New Jersey, New York, and none of the politicians in those states want those things because they lose all their power. Illinois maybe is another state that's going to belly up. So this is it now. If you told me with a stimulus, I was going to send out everybody another big check for 1200 or 2500 or something like that, and that's all they were going to do, I'm all for it because a lot of people took hits, a lot of industry has got totally wiped out, and that's the interesting thing about COVID. But let's look at some numbers, like whether you really need a stimulus or not. For example, is another thing I did some research on. Right now, the unemployment rate is 7.9% as of September. In 2012, the midway through the second term of President Obama, the unemployment rate was 7.7%. So after seven months of COVID, we're back to where we were basically when Obama was, and this is not a diss on Obama. I'm not saying anything wrong. I'm just rolling numbers here. Now, in 2011, the unemployment rate was as high as 8.9% at one point, at least the numbers I grabbed. And so you saw that it came down a bit in 2012. Another interesting factor is in 2012, the amount of worker participation. In other words, people participating in the workforce was 63.5% of the workforce was participating. Right now, we're at 61.4, and we just had seven months of COVID, which included states like Michigan, New Mexico, New Jersey, New York, getting totally shut down where nobody could basically work at all. So I would say we're from an economic standpoint. We're actually in amazingly good shape. Now, this doesn't help people if you worked in a restaurant, if you were in an event business, if you worked at an airline, if you worked for a cruise ship, if you were any kind of hospitality, like a tourist kind of thing like tour guides, it doesn't help them at all because those industries have been decimated and some of them are going to come back and some aren't. And for that matter, public education, which nobody is talking about, has been massively impacted by COVID, and there's going to be a lot of big changes that are already starting in public education. Okay, I'm going to ask this question, James, before we get out of here today. Great episode. I want you to wrap it up here in about 10 seconds to tell me who do you think will be better for the economy? President, I think you kind of think I know what you're going to say. Yeah, I mean, Trump in a landslide. I think he's going to win big this time. I think he's going to win bigger than last time. I think of anything he picked up, more people like him than before. The haters still hate him. Maybe they hate him more, but hating people doesn't get you anywhere in life. And believe me, I'm a professional hater and it doesn't work. And you don't succeed by hating. And I just don't think raising taxes, it's never proven to be an answer to anything. It's not going to be an answer. I live in New Jersey. We have the highest taxes. And or give you a perfect example, Florida has a higher population than New York, but the state budget is half of New York state. And I would bet the services in Florida are better than what they are in New York. So, Jane, I got to ask this question. Are you still doing tours in New York on Wall Street? Right now, I will do a private tour if somebody wants me to do it. However, probably until Broadway comes back. And the reason is Broadway is so predicated on the tourist business. So when Broadway comes back in the middle of next year, you will probably see me. I have a feeling I'm going to be mostly working for myself doing private tours. But I can do them if somebody requests one, but I'm not really working. I'm not actively doing it right now because I just don't see there's not enough business. It doesn't pay for me to go into the city. It costs too much to go into the city. It doesn't work. Okay. Well, if you are in New York and you are by, you know, go to Wall Street, I know James is a tour guy. He gives tours on Wall Street and things like that. Very great tour. It's a financial crisis tour. But the thing about it, I wanted to say, James, tell everybody how can they find you? How can he reach out to you? What you got going on? All the other great stuff. Oh, I have, well, you can find me. I do little YouTube, like Wall Street minute videos. There's, I only got a few subscribers to it, but it's like, you can find me under James Foytland. And if you go on my Facebook page, which is unofficial, the unofficial Wall Street, and there I have a lot of my own content, plus I curate a lot of stuff, and I see articles that look like really interesting. For that matter, I'd repost this show on there, the recording of the show, things like that. If you're interested in finance, you're interested in history, it's a great page to go on and like just search around. And if you contact me on there, I usually respond sometimes right away. Sometimes I just miss that you, that somehow I got an email, because sometimes Facebook, you don't kind of get the connection right away. But I try to respond to everybody. I do not really give stock tips. I worked in the business a long time. I'm not in that business anymore, but I do like to talk about the market and the history. And I do, if you ask me what sector I think is hot, I'll tell you what sector I think is cool, or something like that. But generally, you can only assume, if I'm talking about a stock, I'm either buying it or thinking about buying it, or I already own it. So it's one of the, it's one of the others. So I don't want anybody to think I'm playing any monkey business with recommended stocks. All right. All right, ladies and gentlemen, boys and girls, that is James Fallon. Thank you for coming in today. That's going to conclude today's episode. Don't forget to hit that like, subscribe, comment, and share button. Hit that like button, hit the share button, tell all you friends and great stuff. Thank you guys and girls for tuning in until the next video. High-cast, cartoon, or whatever else crazy you see us do around the globe. Peace, be safe. I'm out. And thank you.