Transcripts For FBC Bulls Bears 20240713

Hello, i am david asman, this is bulls and bears, thank you for joining us, joining me, steve moore, caroll roth, capri caforio and john burnett, what progress has been made. Reporter trying to hash out what a economic stimulus package would be, could look like. President , to that end up to capitol hill today, had lunch with Senate Republicans to discuss possible options Going Forward, so far president , and the treasury secretary, Steve Mnuchin have talked about following, a payroll tax cut. Potential small be loans, paid leave, deferred tax payment and help for airline, cruise and hotel industry, were told in meeting that president floated idea of bringing down payroll taxes to zero. That would be very both employer and employee. Keep in mind, white house numbers project, over next 12 months, that would be about 1. 2 to 1. 3 trillion in taxes. After the meeting today with Senate Republicans, president tried to provide reassurance. It really working out. A lot of good things are going to happen. Consumer is ready, so powerful with what weve done with tax cuts and regulation cuts, allez of these, consumer has never been in a better position than they are right now. Reporter after that lunch, treasury secretary, Steve Mnuchin met with House Speaker nancy pelosi. The white house feels it can enact some of the measure on its own, some of the wish list, that include payroll tax cut would have to run through de democratc control house. Well Work Together on a bipartisan bases to figure out how to get things done quickly. Help the americans that are impacted by this. Negotiations . Not negotiations, were having discussions about various different policies. Reporter separately, i am told tomorrow white house will have a meeting from with reps from tech companies. They are to talk with federal agency go information shares and the coronavirus, here at white house, president particular to meet is expected to meet with executives from wall street banks this has been one of those couple days here, where like a just tuesday afternoon. A lot a lot. David i can not remember a day since he came down the escalator when we didnt go, wow yeah. These last couple days. Is is great to end up day today, thank you so much blake. While administration already focusing on private sector recovery, business involvement democrat and their friends in media are focused on direct government spending, new york time editor callizing this morning, time to stimulate the economy is after the danger is under control, steve moore who has it right . Well, first of all, david, if you look at what happened with stock market today, this is really important. Timing of what happened. You know dow actually started up big then it fell i think arthritislightly negative midn trump made the announcement, he wanted to go big to payroll tax cut and other you know initiatives, that would get the economy moving, and it just the dow within up like a rocket ship, investor love what drusm saitrumpsaid toward, i dont noy read New York Times editorial page, but i see them editorializing about stimulus, they have always been for stimulus, even when the economy does not need it. David except when is trumps stimulus. Right, last week, i think said on your show i was again payroll tax but given the evens of last week Something Big is necessary. We dont want to have happen, something a shortterm blip on the radar become longterm drag on the economy. In a self fulfilling prophecy way, but, i dont understand why a payroll tax cut will work. Imagine people stop going to restaurants, because they dont want to get virus, restaurant either laying people off or cutting back hours, which means they dont they son have a tt have a pay chick ou check at al paycheck at all, we need to do something to protect those jobs, some sort of incentive for Small Businesses and medium size businesses, maybe a bigger tax break to keep people on payroll shortterm, to get past this. To that point, i think that payroll tax has a place with respect to deferred tax payment as well as payroll tax, deferment. For least for remainder of the year on business side and worker side, i think a medley of Different Things are needed, we should not wait until the market or economy goes to a recession that is what we should trying to avoid. To keep it steady, and make sure that we maintain High Consumer confidence. The over trillion da dollar y say will divert. This is fakin fake taking it ouf Social Security some Medicare Trust fund that could have an impact on seniors and their benefits, they spend that money into the economy, the Medicare Part a trust fund that is hospitals that means potentially that could impact reemfirs reim. I think they will credit the even though money from the payroll tax, they will cred that the money back to Social Security, all funny money. And way. If you do the payroll tax cut, you know what i would do say, soon as we got this coronavirus contained. I would it should be temporary. I would for remainder of 2019 is a plausible idea. The thing that, i hear capris point this is not longterm, when you manage a budget, weather corporate or government you have to move some things around to keep it afloat and steady. And keep confidence high on business and consumer side. I think we need to lean on Public Companies and investors to have a longterm mental diaz well. This can be a shortterm one time thing, you should be able to give your Public Company in future, that would instill a lot of focus and good vibes in the system. David we need something now, by the way, if we could show johns picture. His background is interesting, background behind john right now that is 6th avenue, now 5 08 p. M. In new york, 6 avenue. A main thorough fair, it is almost empty, a lot of people are working at home, a lot of people doing these Tell Communications with their office, but, i think maybe steve this is what turns your mind about payroll tax cut, we need on demand side. Not just supply but people on streets buying stuff, and they are not today. Well we need a big reacted from the president. I think he had to go big or go home, i think this was look at italy for Goodness Sake they shut down the country, this is a crisis,. And that that goes to point people are not going to come out of their quarantine or selfquarantine and spending more money, they are afraid of catching coronavirus. I think this is a confidence builder. Not building confidence, only thing that will build confidence is a you know a real targeted response to this pandemic, we see more and more of that, the administration is trying to bring together the stake holders, pharmaceutical companies, healthcare, and et cetera to assuage some fears, but to carolls point, if you have money in your pocket you are still not going out. David how can we bring together the parties involved if you cant get democrats and republicans working together. Another good point, you know, the issue of the payroll tax, democrat in house have said it is dead upon arrival, there are some areas of consensus, paid family leave, frankly i think investing in Community Health centers and relief for travel industry, tourism, i know that oil sector, huge. Why should it not be multipointed strategy, in terms was not just paid sick leave or paid leave, why ca condition cant it be a combination. We may not see traffic here, but people are buying online, they are ordering from the restaurants, and in terms of grub hub, and so on. That is it. Should not be people should not be as closeminded. Show consumer consumption. I dont think that democrat should be so close minded they say it ise dead upon arrival but i share concerns with regard to Social Security and medicare insolvency. David it keeps people on the job, a focus on productivity rather than money from the government. Final word. Not just the demand side, but supply side, you cut people taxes when they work more, people will stay with no payroll tax for a few months, they say, im paying this much in payroll tax. David right, but we have to stay from duckive in the cun productive in the country. It may not be as big a super tuesday, but there is a lot online, Bernie Sanders and joe biden battle it out in 6 key states tonight, it could be make or break for sanders campaign, more on that, coming next. Lets be honest. Quitting smoking is hard. Like, quitting every monday hard. Quitting feels so big. So try making it smaller, and youll be surprised at how easily starting small can lead to Something Big. Start stopping with nicorette. Starting small can lead to Something Big. If you have postmenopausal osteoporosis and a high risk for fracture, now might not be the best time to ask yourself, are my bones strong . life is full of make or break moments. Thats why its so important to help reduce your risk of fracture with prolia®. Only prolia® is proven to help strengthen and protect bones from fracture with 1 shot every 6 months. Do not take prolia® if you have low blood calcium, are pregnant, are allergic to it, or take xgeva. 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David capri, im not here to criticize joe, but joe bailed out the crooks on wall street. Is that how bernie gets back in the race. Well, yeah, the best way to not criticize someone is a they are bailing out crooks. Look, i mean, Bernie Sanders has to leave it on the feel right fe did win misch americ michigan 4, but this race different. One reason that michigan did not get behind hillary clinton, she was unrelatible to them, saw her out of touch, a coastal elite, joe biden does not have those same type of personality probl problem. He had auto bailout. Unlike hillary clinton. It will be a battle for Bernie Sanders. Ill be the republican to Say Something positive about Bernie Sanders. Again, you said 2016 Bernie Sanders won michigan, he did well, i think he will do well tonight. Right . Why . You look at biden has done, the gaffe, the whole the black community is not gravitating toward biden as they did in south carolina. When you look at senators harris and booker, right, people say, well, that will give a big boost to bidto biden. Hey, news flash, they are black senators, we can see that, they could not even grab the low hanging fruit from the black voters, they couldnt garner support from them, so how do they transfer that support to biden. I think bernie will do well because he have to do well. You look at past performance he will do well. David caroll, there are 94 othr numbers that americans look at, that is numbers of everyone bernie has planned for the economy. We did a numbers ourselves from some best sources, bernies plans over 10 years would cost 9 sive 7. 5 trillion dollars. Everyone in. 9dollars. Americans dont want to do that. And 4 times gdp of the country, he seems to think money comes on magical unicorns and rainbows, that is his. Thing. It just, a complete fantasyland fairytale, i think that people are getting sick of thering no math but envy politics and angry guy message, they want something more positive, things are going well right now. David steve. David, lockin looking at thes you put out. Remember Ronald Reagan said, a government that is big enough to give you everything you want is big enough to take everything you got. David right. Turnabout fairplay, we have talked about Bernie Sanders. But joe biden has problems of his own, he got into a debate with a line worker at a Fiat Chrysler plant in detroit, have democrats lost their dominance of Blue Collar Union vote, they like what trump has done on trade, their salaries are going up, what do you think . Look, if you make automobiles, why would you vote for a party that hating automobiles . They want to get rid of the car. They want to get rid of fracking, this is a big problem in state like ohio and pennsylvania and michigan. To answer that, yes, i think democrat have fundamental fall line fault line between the radical greens who to shut down you know, industrial producttion. And the workers who work in those industries that would be shut down. I am from a community and i represent a community for a decade in Ohio State Senate that made cars, general motors, lords town plant was there for 52 years it closed last year, this now replaced with electric trucks and batteries, so, it is an interesting dynamic, were one corner of the world, but i will say working class or union reagan democracy is definitely a very challenging demographic for democrats many did vote for donald trump last time, it is a hard road to get them back. Let me ask, capri, joe biden, he so by far most moderate candidate between the two left. Obviously. But he said he wants to eliminate fossil fuel in his lifetime, the point that would get rid of a lot of blue collar jobs in the Energy Sector and car industry and et cetera. Right, i would love to see him actually double down on that again, this would i say that in gest, i feel he may have said that in a contest or a debate where there were more progressive peal piling on, i hope joe biden does not actual believe that, that is how you lose the country and hurt electric industry, there is a whole host of things, you can be just get rid of fossil fuel that is not the be all end all for climate change. David white house looking for ways to combat economic fallout from the coronavirus. But our next guest said that tax relief may not be needed. Indiana senator mike braun joining us right after this. I dont think that is warranted. The real economy, remember that jobs report that what is happening in real world. As it. A put enough away for college company. And a take care of your employees company. Were a help you ride the ups and downs of the market company. And when its time to retire, were a weve been guiding you toward this all along company. Think of us as all these companies, and more. Principal. Retirement. Investments. Insurance. I need all the breaks as athat i can get. Or, at liberty butchemel. Cut. Liberty mu. Line . Cut. Liberty mutual customizes your Car Insurance so you only pay for what you need. Cut. Liberty m. Am i allowed to riff . What if i come out of the water . Liberty biberty. Cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. David a live shotwhite house briefs room, were expectation a briefing there on coronavirus from task force to begin any moment, well cover that. This president , trump and his top economic officials meeting with senators this afternoon to pitch possible economic stimulus proposal in hopes of boosting the economy. Democrat immediately belittle the idea, even a few republicans are questioning whether it necessary, one senator mike braun, what wrong with a tax cut. Coming from a true fiscal conservative. I believe that underlying economy being as good as it has been and main street america, i was keynoting in austin, where they canceled the south by southwest to do, they normally have. The room of grain and feed dealers were not stirred up by coronavirus, their businesses are not helped with any type of government aid, where stepping in with either payroll tax, cut, aimed at Small Businesses only, i doubt it will be the case, you know i might be listening. But for time, i think we thiede to let this thing get into a trajectory where we see where it goes. My predicttion that if it does level off, it could, i have said be vigilant. I think well get a lot of market loss back as well, then well have done something to where we didnt need to, and i doubt that money gets returned. David if i could followup, a reason we had that rally is because the market was excited about a payroll tax cut. Maybe that is, maybe it would be that fact that this needs another week to 10 days in my opinion to see where to goes, is it an epidemic or have we didnt what i thought weve been doing, being prepared. I never did think we should dismiss this not a big deal. I just hate to step in with help, i dont think this like 2008, when underpinned crisis then. Melissathen. Steve mor moore here, i agree with you. We have a Strong Economy then we hit the wall with coronavirus, but where i disagree respectfully, is you may be right in hopefully you are that we can contain this in next several weeks. But i would argue that it makes sesent to over react rather than under react to take some worse Case Scenarios and be prepared, worse case could lead to a paralysis like weve seen in italy. I think that not a good comparison between here and italy, i think we have the best defense again it. And i do differentiate between the full frontal attack on the disease itself with our Health Care Infrastructure as opposed to stepping in on the economic front. I see cruise ships, i see airline industry, oil industry, which sure that took a tumble. That may be is not that bad if it is short run thing for all of the industries that use oil as an input, hedging in lower costs, i think we need to give the economic component more time to play out as were attacking the disease itself. Itself. Maybe a difference in timing. Senator, caroll roth, i agree key is to keep people employed, and are certain types of businesses and industries, you named some, but like restaurant, hotels, airline and Small Businesses without as much blixbill. Flexibility, is there some other type of stimulus or incentive you would be behind whether today or a week from today that would allow the businesses to have more flexibi. Yes, i think if you look at we talked about a certain left of loans, at very low Interest Rates to the companies that have been impacted. I think that would be one thing. You would broaden the interest of fiscal conservatives to where note just spending more, we will not do an offset for this, i believe if we were in better hell health not running till rotrillion dollar deficit this s something we should prepare for, but we dont operate that way. Im not ruling it out but i think today, we need more time to see where it is going and then making money maybe mak. If you do it now it sets stage for doing it again down the road this place is so bad at preparing for the rainy day, that should be something we do in general, which we dont. David you are among conservative senators calling for censure of minority leader Chuck Schumer over presumed threats over Supreme Court justices. I want to tell you gorsuch, tell you kavanaugh, you have released whirlwind, you will pay the price, you wont know what hits you if you go forward with the awful decisions. David what support do you get for censure . I thought chuck was a little bit more seasoned than that, i walked by Supreme Court that morning, but, i remember what he did he dumped about 35 to 40 million in negative in negativeg to my campaign, he got out of hand when he standing there in front of a crowd making a Statement Like that. I dont know that well get much farther, many here wont take the extra step to get close to a venture vote, but for me, it is quite all right, similar to people impeachment and way they roll on a lot of issues, media spin hype its up because they dont have a platform they are really proud of or can talk about, that will play out. Congressman, i respect the fact that you are a businessman, the thing back to the previous topic. I am a believer in being proactive not reacting, seems you are coming from a reactive law. In respect i think best it keep things going, here is the thing, censure, thing that. You know the sword cuts both ways, if we go after schumer for this, they have to come back at us, i didnt like who senator schumer said, i was born in peoples republic of brooklyn, but what best way Going Forward here, is it going do create more division . Well first, censure is not going to happen. You are not getting probably beyond folks that have been on it. You make a point when you say that i think chuck did step across the line here. And it was mostly because he was riled up by the crowd that was lapping it up. And you are right, i would love to see a more civil place with any of these key issues, i remember when we were talking about impeachment. He politely, i was finally beating him down, he said, mr. Braun, you are so polite, now i need to talk. Maybe it should be like that. I dont know that well get there. David senator braun thank you so much for being with us, we were waiting to see if we could see the beginning of that briefing from task force, we will conservative that but first a break well wors cover thae will go to a break, if it comes in whila break well come back from the break. Stay with us. At Fisher Investments, we do things differently and other Money Managers dont understand why. Because our way works great for us but not for your clients. Thats why were a fiduciary, obligated to put clients first. So, what do you provide . Cookie cutter portfolios . Nope. We tailor portfolios to our clients needs. But you do sell investments that earn you high commissions, right . We dont have those. So, whats in it for you . Our fees are structured so we do better when our clients do better. At Fisher Investments were clearly different. Its surprising how the bigger a city gets. The smaller it starts to feel. 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David well get update on spread of coronavirus any moment, it was due to begin 10 minutes ago, they always inup being later than usual. We bring it to you, when it begins. Thousands of americans go to quarantine after being diagnosed or coming to contact with coronavirus, but not everyone is following presidure, a missouri man broke his quarantine to attend a fatherdaughter dance, now that School Canceled classes for the week, judge andrew napolitano. Some laws go to 19 century, any clear rules . Rules from modern day america are series of Supreme Court opinions. That pertain to people who are mentally deranged and unable to be safely free on their own. Often these of people who have been convicted of a crime, served their time but too dangerous to be set free. All those Supreme Court opinions say the same thing, society can protect itself but each one of the people Whose Movement is to be restrained, entitled to a due process hearing, government would have to prove an active contagion, not just exposure, but you have it and your proximity to there ar another pn would give it to another person, and you are unwilling to restrain yourself, i in an assaultive mode. Judge, i have a question, about the process of this. You talk about Supreme Court cases federal law. In new york a state of merge issued by governor, and areas of quarantine put on places like new rochelle, they are stale and local jurisdictions. If someone wanted to do a legal challenge. Would they sue a local jury. Your best bet to sue state and people by name who are confining new federal Quarter Court that has jur jurgdz jurisr where you are. David judge napolitano, members of Coronavirus Task force have enter the room. Good afternoon, we completed todays meeting of white house Coronavirus Task force. And i could not be more proud of the efforts of the men and women standing behind me, all though the behind them. President trump said from early on that this would be a whole of government approach. And today gives evidence of fact that it also a whole of america approach. Were bringing full resources of federal government and full resources of this great economy. And our great business sector to bear in protecting American People and families. Few updates, as we continue to expand testing availability across the nation, testing now in all state labs. By end of this week more than 4 million more tests made available in jurisdictions, a million are already in place, thanks to good work of our top commercial labs that President Trump brought together yesterday. Lab corps, and quest are in process of distributing and marketing coronavirus tes all as america. Were working to make sure it happens as rapidly as possible. As testing is expanding, we want to make sure that American People knew that testing was available to tell that cost would not be a barrier, today trump assembled Top Health Insurance executives in america, as we announced earlier today, all of our major Health Insurance companies joined with medicare, mad medicaid, waive al copays and cost. Committed to no surprise billing and encourage telemedicine, it was a year ago medicaid expanded to paid for telemedicine, medicare pairs for telemedicine, for seniors who think they may think they are at risk or contracted disease they can get medical advice without having to go to the doctor or an emergency room. I know i speak for President Trump when i say how grateful we tor see our Health Insurance city step forward. To meet this need so that no american should be concerned. About being able to pay for or afford the cost of coronavirustivity test, if it deemed to be necessary. President went to capitol hill today to meet with members of u. S. Caucus, talked about an economy package, calling for payroll tax relief, and i think most important we want to make sure hourly workers, hard working blue collar workers, small, medium size businesses in america would be afforded resources to provide paid leave t no one would feel they have to go to work if they might be infected or nigh might have been exposed to coronavirus. We had a good reception on capitol hill. We will work with republican and democrat leadership to move an economy package, larry kudlow will reflect on that in a few moments, we talk about n95 masks and were working senator fisher and others have important legislation to extend temporary liability protecttion so masks made are in industrial use could be sold to hospitals to ensure Health Care Workers are properly protected and outfitted, were grateful for growing bipartisan support for that and well work with republicans and democrats to move a reform that would make more n95 masks. We did receive a comprehensive proposal from the cruise line industry, that includes advance screening, improving medical service on ships, and at expense of the cruise line for anyone that might be not only up fecked witd with coronavirus but any serious illness, well review that in next 24 hours, president s objective is for us to make cruise lines safer even as we work with cruise lines to ensure no one in our particularly vulnerable population is going out on a cruise in the near future. I will recognize dr. Fauci to talk about where we are. And dr. Burks give us research she has been on the scope, but let me say, again, this is a whole of government approach. For from early on President Trump, as insisted our government at federal level, all our partners at state level work in concert to protect the American People. And as we stand here today, the risks to the average american. Contracting coronavirus remains low. But we determined to give every american the tools and information they need to protect them sellers, family, work place, schools and were going to Work Together. Were going to Work Together to see our way through this. And working with leaders in both parties in congress, working with leaders at state level across this nation, i am confident we will, with that, dr. Tony fowch fauci for updatn status. Thank you very much, to give you a brief sketch of what we coevery day, cases continue to increase globally. We Pay Attention to cases in europe and italy and france, and were seeing that up at same time, as relative number of new cases come down from china,. Were seeing in europe is that europe is in that upslope. So that is something that is expected. That is the way these outbreaks go. This is not a surprise to anyone. If you look at history of Infectious Disease outbreaks in United States we continue to have new cases, as of this morning there was 712 i believe with 227 deaths. And tomorrow, there will be more. So we realize that this is something that weve been saying were talking very seriously. Now that question is, what do we did about that what do we do about that . There are a of things, look at curbing of outbreaks, they go big peaks then they come down, we need to flatten that down. That would have less people infected. That would openly have less deaths, you do that, and by trying interfere with natural flow of the outbreak. So what were saying today, is that although we keep coming in saying, appropriately, that as a nation the risks is low. There are parts of country right now that are having Community Spread in which the risk there is a bit more than that. You know the places. You know washington state, california, new york. And florida. But what i want to talk about you today, is that we would like to country to realize that as a nation, we cannot be doing the kinds of things we were doing a few months ago, it does not matter if you are in a state, this has no cases or one case. You have to start taking seriously what you could do now that if and when the infection come, and they will come, sorry to say, sad to say, they will. But when you deal with an Infectious Disease have you that metaphor that team talk about that wayne grea gretzky. We want to be where th the s going to well as well as where it is, you can see if you go to coronavirus. Gov, yesterday dr. Burks mentioned some things we put together they are simple, keeping workplace safe, home safe, and school safe, and keeping commercial establishments safe. This should be universal, everyone should to, that whether you live in a zone that has Community Spread or not. When you have Community Spread you will ratchet up the kinds of mitigation you have, but in a minimum. This is minimum, say all hands on deck this is what we need to do, ill stop there, later ill be happy to answer questions. Thank you. It for Vice President and dr. Fauci. We continue to monitor situation across the country and across the globe, we very fortunate between dr. Fauci and i we have longterm contacts out there. In many countries that are experiencing out breaks, we continue to review all scientific literature. And that why we talked to you about people with deficiency any age and medical conditions and elderly, and how american it is to take pre how important it is to take precautions, we have circulating flu and other diseases at this time, we have to aliking all of those diseases can be strain mitted to others. And as we said yesterday we hope that decreases all of thes remirros redisease, we have ns from china, 9 pregnant women during a an an acute covid infe. They delivered, all 9 babies were healthy and mothers were healthy, we continue to look for data like that, insuring every person that is parts pay thing in this response to that virus and taking those precautions. If we starts doing this today, we will be ready next year for our diseases, i think well be able to show these simple household, work, school, business approaches can change on all our respiratory diseases, thank you for getting message out and participating. And ensuring that the households in america are protected. Thank you. This is available at coronavirus. Gov. As we said, risk of correcting g coronavirus to average american remains low, but with seniors with serious underlying chronic helhealth conditions, potentiar serious consequences is very real, make no mistake by practicing these habits in your home, school, you protect your health and those more vulnerable. For, that update on the progress that President Trump made with people chun insurance companies. As well as Home Health Agencies around infection control. Been a great deal of attention about the grand princess and hhs working with the coast guard, with the department of defense. It is currently working through disembarking foreign nationals. I want to ask secretary azar to speak. Update us on the progress. Want to express appreciation to governor newsom, the mayor of oakland, the stevedores cleared dock area so we can do all the operations there. Admiral able is leading the coast guard efforts and deputy secretary vegan from state has done incredible work with the foreign partners repatriation of nationals on board the ship. Data i have got as of noon pacific time today, this will increase quite substantially since my last update, but as of noon pacific, we had 548 individuals who were oaf offloaded from the ship. 228 canadians back in canada, flown overnight. 171 california are taken by government of california and are at travis airbase. 26 individuals were sick and theyre being, they are being treated for various, could be from the novel coronavirus. Could be we had some frail individuals who were sick that needed treatment. Our goal is to get all of the citizens ever california off today to be in the care of the california State Government as well get the uk citizens off today so they can be repatriated to the united kingdom. We continue to work with other countries on all of those manuevers. We will have noncalifornia residents who will be in transport to the bases at dobbins and at lackland. Today we hope or tonight. So everything is progressing. It seems to being progressing w. The were using highest isolation, preventative screenings to insure the safety of passengers but also of the local communities and all Health Care Workers and others, Emergency Responders helping. Thanks to all the partners for help with this very complex operation. Let. Let me echo the secretary appreciation to the state of california, city of oakland and it literally has been a seamless partnership. Everyone on the ship will be tested, isolated, quarantined as appropriate and provided with treatment. The crew on the ship, other than those who were ill will be quarantined on the ship offshore but it really represented a kind of partnership and cooperation from every level of government that, that every american i know is grateful to see. With that on economic front larry kudlow. Thank you, sir. All right. Yesterday in a meeting in the oval the president act knowledging there will be challenges on the health and economic side. He mentioned that he intended to bring the full power of the federal government to deal with these challenges and accordingly as Vice President said up at the Republican Senate luncheon today he mentioned in this room yesterday, President Trump unveiled his proposals, strong proposals for a temporary payroll tax cut holiday. Which ichy he would be prefer to last through the end of the year. Also administratively as, treasury secretary mnuchin and others have suggested, we are trying to, we will use the assistance to unpaid sick leave people, very important point. Also small and medium businesses another important point and also possibly to some Distressed Industries or sectors in the economy. Maybe tax deferral might be a useful tool and other means. So this is a strong across the board package. Were consulting with leaders in the house and the senate which respect to this package and particularly payroll tax holiday. Let me say, coming into this difficult period, the economy is in fundamentally good shape. We saw