Transcripts For FBC Varney Company 20240713

And nasdaq. Strong market gains for the Bluechip Companies. Just using two of them as an example, we have apple up three dollars, microsoft up at 146. They have been higher than that earlier. Microsoft up earlier. Did they hit bottom this week . A lot of people have been buying them. Were asking that question. I hope a bottom for a lot of companies. Oil moving up to 25. Barrel. Its down 15 cents now. The government is buying oil but the petroleum written for the petroleum reserve. Whats he going to do about the russian and saudi attack on american drillers. We will ask that question to him. Gas prices tumbling. The National Averages 2. 17 a gallon falling about two cents a day. In oklahoma the averages a dollar 80. In california its 3. 25. According to gas buddy we will be down to a National Average of well under two dollars very soon. Lets get to the spreading virus. We will show you Street Scenes from around the world. Same story all over. Ghost towns, empty streets. Economists at a standstill. California orders what they call a safer at home policy for 40 Million People. Governor newsom says the worst Case Scenario is for 25 million californians to be infected. That is the worst case. Americas economy is beginning to shrink. The Congress Wants to provide support. Mitch mcconnell put out a trillion dollar plan and had intense debate. Who gets the money, how and when. Heres where we are. More tests mean more cases so there are more stay home orders. So the economy sinks. And theres this, President Trump is expected to announce new travel restrictions between u. S. And mexico and more between u. S. And canada. The briefing theyre coming up at 11 45 a. M. Eastern. Lets get to the market. Jonathan is here. Look, i watched the trading tracking of apple, microsoft and other blue chips. I see a lot of buyers for apple in the 230 range, microsoft in the 130 range. Have those two stocks hit a bottom . This is usually an easy question but i dont know and my tendency is to think not, at least for now. We are in the midst of a panic. Its, forget 1987 or 1929, this truly is unprecedented. Under normal precedent i would think theres value there but theres more. [inaudible] on the Previous Program dragon alluded to bank bailouts. Theyre making it difficult for those of us who are professional investors to buy stock. Where they gonna take equity positions, this makes the whole Recovery Process and the bottom process that much more difficult. At this point i dont know. Steve mnunchin has a better sense of where the market will bottom because hes calling the shots, not the american caople in the ameri raise the issue of boeing. Nikki haley has resigned from the board of directors. She doesnt want to be part of any company that will be bailed out by the taxpayers. Im going to ask you the same question. You probably cant answer it but has boeing hit a bottom at 99. Share . I think the companies that are going to prosper are those that dont take the bailout. Boeing is a name despite the promise, look the government promised to bailout and affect the airlines and boeing and hasnt helped any of those stocks. These companies can reorganize stuart. They can get through this. Ab not in their current form and they will need reorganization given the scope of the calamity but i applaud nikki haley and i think its in a lot of companys best interest to avoid all this government stimulus and bailout. In 2008 all the stimulus led to the slowest recovery in history and the stimulus in japan since 1990 hasnt helped that economy. Let the market slide. That will lead to their quick recovery. Stuart i think we had this debate last weekend will be having it again in the future. Ive got one last one for you. The wall street journal has a powerful editorial today that basically says is the pain that we are inflicting on the economy worth it . Would you answer that question . The pain in the shut down. Stuart the pains of the economy. The government is telling the economy shut down. Is it worth it . I think in hindsight stuart, we will look back and say theres tremendous violations of businesses rights during this time. Book americans are conscious. They dont theyre taking proactive steps but i think will look back at this tremendous chaos and say government messed up in a number of ways. [inaudible] the quarantines and shutdowns as well ultimately could hurt worse first then help the economy. Stuart thanks a lot. I need an update on the situation in california. They have a safer at home policy. I think thats just stay home. Yes, gavin newsom saying all individuals living in the state of california to stay home or their place of residence to stop the spread of the virus. Essential businesses in california will stay open, gas stations, pharmacies, grocery stores, food banks, farmers markets, take out restaurants. The governor also says, asking that the Mercy Hospital ship be sent to the port of los angeles. It will help with the increasing number of cases of covid19 and also for the other cases that happen in the regular course of the day, heart attack, stroke, you name it, they want that help from that ship. By the way the governor predicting 25. 5 Million People , californians, worst Case Scenario could be infected. Thats about 56 of the state. Stuart thats a huge number. Do you have the latest from italy . Yes, we are getting these headlines daily out of italy and its been very, very tough, especially in the lombardi region and in the north with malan. The government has agreed to use the army to help impose the lockdown. They want to tighten these lockdown restrictions and more ominously the officials there save a lot latest data shows no sign of a slowdown at all of the epidemic. I saw a report from the hospital yesterday that was done by sky news. It was really very disturbing. Stuart that bad . A hospital overflowing with patients in hallways and theyre all in these giant plastic bubbles that can help keep the pressure within the bubble the same as the pressure in the lungs, enabling these patients to brief. Stuart look at those pictures, utterly dash. Now the armies been called in to make sure people dont go out. Stuart there are employers trying to help their employees stay at work and thrive. Susan. The largest employer in america is having trouble stocking stores and fulfilling orders. As a result there hiring a hundred 50000 workers and paying out bonuses for the fulltime and parttime employees. If youre fulltime in employee you get 300 and cash bonus and parttime gets a hundred 50. Theyre looking for warehouse and delivery workers in those 150,000 workers. Parttime, Seasonal Workers but they might convert to fulltime in the future. Walmart is also allowing their parking lots which are sitting mostly empty as testing sites for covid19. Walmart has been an outperform her in the downturn market. They hit a record high this week, the first record by any component since february 21 and thats because people are stockpiling, buying their goods and as he heard, both raising their outlook on walmart. This could be a Consumer Behavior change for the next five years. People buy their groceries online instead. Stuart a lot of things will change in the next five years. Im convinced of that. Lawrence, you have an update on the israeli drugmaker. Yes. They have headquarters here in new jersey. They are rushing to bring older medications from malaria as well as Rheumatoid Arthritis to the market because they can be used to treat coronavirus. They are donating 6 million pills to the United States by march 31st and then after that they want to get 10 million doses out. Month. We are seeing this with a lot of drugmakers conducting trials of drugs that are used for other Rheumatoid Arthritis and malaria now being used for covid19. Stuart thank you. Lets go to paul conway from the chief of staff labor. The government told individual states, dont put out your weekly jobless numbers. Why did they do that . Is it legit . Ill tell you, i think the story is legit. He went through this and took a look. There have been different offices in the department of labor income indication with the states. This came out of the office of employment and assurance. They interact with state governors on the weekly unemployment claims. It appears as though this is a communication that came from career officials to the states and these are technicians who are looking at tactical realities in the states of websites crashing, understaffed officers in a sludge of unemployment claims. What they asked the states to do is talk in terms of general terms and not specific numbers. Sometimes technicians do not make the best communication folks and i think right now transparency is important and misperceptions are equally important and i think thats exactly what we have going on. Stuart they dont want to panic people because these numbers are going to just rise exponentially. Paul, can you see the point, yesterday we have a jobless claims number that rose to 281,000. In the future, is it possible that we will see 500, 600,000 jobless claims for benefits. Week . Could we get to that number . I actually think we do and im not being an alarmist but if you look at the different instructions that the president and the governors are giving out to their employers and businesses at the state level a lot of Small Businesses, you will see as many instructions that go out from government to slow down, stay at home, shut down. You will see a concurrent rising claims. I dont think that should be a surprise. I think most americans will understand that. It is critically important for congress to act and not double around and get consensus on the legislation and pass it so workers get something in their pocket. Stuart the main point of the package that we heard about last night from Mitch Mcconnell is that adults get checks for 1200 each, youngsters, children get 500 each, you get money up to 75000. Year unless after 75000 a year. How much help is that actually going to give to those literally, millions of people freshly out of a job . You know stuart, i think werwe are in tough times. Ill be honest. I think it will provide some assistance but what needs to happen is these state offices from Unemployment Insurance need to come up to speed and hire more people and get better bandwidth on their websites that are not crashing. Thats the one benefit of having a robust economy and low unemployment. Some of these states took their employment levels down and those claims offices. They need to get them back up quickly for emergency workers and they need to get to the point where they have emergency unemployment assistance as well as whatever is proposed in the legislation that finally comes through. But its time to act and take this seriously because were talking about many Different Things to many different people of all walks of life and incomes that will be negatively affected. Stuart yup i think we get those jobless number every thursday morning at 830 eastern time. I think youre right paul, i think we will see that number go up into the hundreds of thousands. Thanks for being with us. Ashleys, whats this gain stoc stock. Theres a bit of a controversy, theres an internal memo that surface, game stop saying working to keep the stores open arguing its an essential Retail Company which led to people laughing. People say people are just stuck at home playing video games and thats essential. Give me a break. We have had a statement since from game stop defending their position saying we do provide Home Entertainment systems and games but we also provide a wide array of products and devices that are important to to facilitate remote work but on social media they been getting absolutely slammed. Someone said, reading some of the comments, they were already a dying brand but this basically seals the deal. This is a disgrace. If this policy continues will never do business with your company. Stuart look, i think theyre trying to do a day decent piece of marketing. If the local Authorities Say you have to shut down they will shut down. Exactly. Its a nice piece of marketing. Yes, we are talking about it. Stuart we have all kinds of companies doing all kinds of things in this crisis. What is burger king doing. Burger king, if you buy one adult meal online or on the app you get to kids meals free. Restaurant brand owned burger king and the ceo says we are doing our part to help is schools are closed. We realize food is an issue for Many American families. Stuart okay, i guess i would take that. Susan, amazon, what are they up to. Its the haves and havenots and we know that amazon is one of the haves. The stock is outperforming the rest of the market up 5 for the rest of the year where the rest of the market is down 25 30 . In this era of having cash on hand, amazon is looking to bid for four fairway locations in new york and two in new jersey. One will be in manhattan and one will be in brooklyn. These are online beds so the bids close sometime later on this afternoon. We know fairway has gone bankrupt so they have 14 locations for sale. Amazon has not put in a bid for the whole thing but theyre looking at specific locations they might have some good bids in and that includes new york and new jersey where they might be putting some of these amazon go stores and getting larger into these bricks and mortars. Stuart susan, amazon is one of those bigname Bluechip Companies that might have hit bottom earlier last week because its getting close to 2000. Share. It didnt go down that much to be honest because we know online orders have been surging in the coronavirus quarantine. Stuart am just putting them in the same box as apple and microsoft. Huge companies, great reputation, may be bouncing off a perceived bottom from earlier last week. Well figure that out when the market opens. Lets bring in doctor tate, ceo at corbis health. Welcome to the program doctor. Good to be here. In california Governor Newsom. Predicts as a worstcase 25 million californians could be infected in the next two months. Thats an enormous number. Is it a valid number do you think . I think it is indeed valid. In fact its quite conservative compared to the estimates you see in germany of 70 of germans become infected in the estimates in the uk of 80 of britons being infected. I think its important for people to know this is temporary. China was able to stop their outbreak in two months so if we can just do this for two months i think we will be in a good position. I think three possible scenarios happening. One is we are able to stop it into months which would be the best possible scenario with the least damage to the economy. Second is the uk production that this will last a year or more and then we defeat it. The third prediction, which is the least desirable scenario is that this becomes a cyclical event like the flu so that every fall we have to get our flu shots and are coded 19 shot which would put much more of a burden on the economy. Stuart do we have an alternative to this shelter at home, stay at home . Thats the policy. Its getting more and more stringent. It seems like theres no alternative to it. There all are tentative set Different Countries are trying for example australia is trying just to sequester older people and have the rest of society do some social distancing but most the business proceeding as normal. You have countries like south korea which are doing massive testing so thats another strategy. There are different strategies to combat this. Stuart i am told there is a shortage of hospital beds and hospital supplies. Is that accurate . Yes, even before this, the u. S. Has much fewer beds for population than europe. We are starting off on the back foot but we are seeing incredible shortages of not only the equipment that help Health Workers need to protect themselves, gowns, gloves, masks but also ventilators and treatments that we would need to take care of people. Theres promising new treatments such as chloroquine as well as the regular treatments you need to support Blood Pressure, help with diabetes and other treatments. Stuart i guess we could bring this thing closer to an end if we had a reliable treatment. That seems to be the most important point, the reliable treatment. I think we have the test coming on strong but reliable treatment. Can you give us word on progress there. Certainly. There are several drugs that have been shown to be promising but the evidence is not overwhelming. Thats why many physicians have been hesitant to recommend it. You have a drug from gilead and chloroquine is a generic drug thats been available for a decade. We need more studies from this. Hopefully the fda will make it easier for patients to enroll in this study, maybe a website where they can enroll a patient in just a couple minutes so we can get better data and make better decisions about this. I think another important thing is the defense production act needs to be enacted. We are going to win this if we have a massive scaling of Domestic Production of mask, medicine, ventilators and other equipment. We need that level of production. Stuart can i ask one last question, china appears to be coming out of it on the other side. Italy is not. Can you point to something that italy might have done wrong . Italy is about a month behind china so i wouldnt expect them to be coming out of it right now. I think we will talent another two or three weeks how italy is doing. One challenge that italy has is they have a much older population. The average age in italy is about 15 years higher than china. As we know the elderly are more susceptible to catching the virus and also dying of the virus. Stuart we really appreciate you being with us, objective information is hard to come by but youve got it for us. We appreciate that. Thank you. Stuart this is probably the one news item of the day which has nothing to do with the virus. Its about tom brady. Lets talk about Something Else. The Tampa Bay Buccaneers say they have indeed signed the six time Champ Tom Brady quarterback 42yearold brady to a multiyear deal. Thats an interesting news for you that is not virus related. The face of the new England Patriots no more. Stuart okay we have 30 seconds. Theres more confirmed cases. Yes, sticking with the nfl, new orleans had saints coach said he tested positive and a slew of announcements from the nba, the l. A. Lakers announcing two players that tested positive for the virus, not saying who but when you go down the list of teams that have reported positive cases, the celtics, the mets, the nuggets, the lakers the 70 sixers, and of course the utah jazz where rudy go bears positive test was the first one that alerted us and shut down the nba season. The virus became real to me wednesday, almost two weeks ago when they shut down sports. 24 hours sports, done, finished. You realize here it is in this is whats happening. Georgia senator david perdue joins us. Welcome to the program. May i ask your response to the report this morning that the four senators sold stock before the market declined, protected their capital. It doesnt look good, whats your response of this report . Stewart in the last five years, like many members of the senate i have an outside professional that manages my personal finances. Im not involved in the daytoday. And so, we complied with all the rules of the senate, you can make it look that way if you want to but if you look over the fiveyear period you would see i have a good record. Im not questioning you, im just, the way it looks, heres Congress Going through a bailout process or trying to bail out the economy and four senators are protected their capital. From a Public Relations point of view it looks bad. You could go to any period of time and make a conclusion like that but you also see purchases made during that time to so in my case im not like these others, i cant speak about their cases. I can just speak about mine. Im not personally involved on a daytoday basis and we have a professional that manages that. If you look at the record over five years will see purchases and sales all through that period of time. Theres this rescue package working its way through the senate right now. Senator schumer and Speaker Pelosi put out a joint statement and basically said look, this package is not at all for the workers. Its too much for the corporation. What you make of this . Stewart here we go. This is the Big Government solution versus free market solution. There are several things we need to do here, but one of those as we need to make sure the employer and employee can maintain their relationship. Weve already passed two different stages of help for this one for the medical Community One for the families and now are looking at how to get the economy stabilized until we come out of these. Your prior gas just said if we look at china this could be a six or eight week transition to leave max out here. I believe there are several things we need to do. One is we need to do much more testing like south korea. We need to isolate the really at risk population like australia. We need a Manhattan Project to get out vaccine. We are told if we did that we could get this done fairly quickly. Lastly weve got to get this next six or eight weeks and stabilize the relationship between our companies and our employees. We cant let a temporary period of liquidity because a solvency crisis and thats what were trying to avoid. Stuart okay. The wall street journal has an editorial today that goes right to the heart of the big picture. They are basically asking, is the economic pain worth it because we are crashing this economy. Theyve got an economist, ed who says in the Second Quarter the economy contracts at an annual rate of 20 . Thats depression territory. Is the pain worth it . Thats an academic question. Right now we have a crisis and were dealing with it. There are some anecdotes that give me some hope that we can find a similar trend in other parts of the world that are ahead of us. The pipeline from asian terms of manufacturing is being filled. I talked to our port in savannah, they are projecting more normal levels of activity very, very quickly. Theyre talking about may and june being record months because of whats coming. I think weve got to see a transition right here and thats why this act, this bill that were working on in the senate over the weekend is so critical to stabilize the immediate panic with regards to small and Midsize Companies with regards to keeping that relationship with their employees. Yes, sir. Thanks for joining us. We appreciate it. Stuart herman cain is with us, the new voice ceo and former Godfather Pizza ceo. Welcome back. Thank you. Its good to be here. We are discussing sending checks, 1200 for adults, 500 bucks for children, 500 billion going out there. That does not keep businesses open desert. No it does not. I agree with art, the best approach would have been to suspend the payroll tax for x number of months. Thats 12. 4 . That wouldve been immediate, it wouldve been direct, the employers would have been in direct control and they could make it happen. Instead of doing the easiest, the simplest and the most effective approach, the federal government now wants to send people checks. It sounds good. Its the opposit. [inaudible] thats why they wanted to go that route versus a more efficient route which was to suspend the payroll tax. A lot of businesses are just not going to reopen. Thats the way it looks to me. How about you. I believe a lot of businesses will reopen and heres why. I was on a Conference Call yesterday where the sba, the Small Business administration is ramping up to be able to help Small Businesses stay in business and get back into business. Secondly, the Labor Department is also ramping up to do some things to make it easier for Small Businesses so if Small Businesses do not get back in action itll be because they didnt check all of the alternatives that are being made available by the Small Business administration and the department of labor. I happen to believe that most of them can if they in fact use the resources that are being provided by the Labor Department and the Small Business administration. Stuart so if you add up all the help were figuring out, whether we deliver at all or not, you think we might be able to get through this in a couple months . Would that be your timeframe . That would be my timeframe, yes because heres the thing that a lot of people are missing stewart, businesses do what they do and they do it quickly. They are not going to wait six months. If in fact the timeframe is two months, i believe theyre going to have alternative plans that i call plan b in about one month with the assistance of the federal government and with the assistance of what they can do. Do what you can do, thats what businesses do. I think that is their realistic. Two months it is. Thanks so much sir. We will see you soon. Stuart weve got 45 seconds to go before this market opens. Lets bring in jack howe, the before they actually start trading. I want to ask about apple and microsoft. Do you think they are the big name blue chips, do you think they hit bottom earlier this week . Its such a good question, ill tell you, heres what im confident in saying. The difference between their price today and the bottom, if the bottom is yet to be seen, i think its a lot less significant than the difference between their price today and where they will be ten years from now. So if their longterm investor i dont have any hesitant in saying you can put money to work in names like that because right now Balance Sheets matter above all else. You Want Companies who can weather the storm, these companies have a lot of cash. Jack hold on, i want to go to the opening of the market which has now happened this friday morning. Weve opened with a modest gain. We are up. 76 just over 100 points higher for the dow industrials. Id say about two thirds of the 30 dow stocks are green, one third in the red, its a mixed opening. No big movement either way. Thats the dow industrials. Lets go to the s p, the nasdaq and start showing the whole reams of soft as they open up this morning. Nasdaq is off one half percent. Same with the s p. The dow is up just. 81. They will be affected by some big names which are not moving out. Heres big tech. Amazon up 54. 1936. Share. They are up. Alphabet is up 11 at 1123. Facebook reaching 157, a gain of four points there. Microsoft at 144 up just a couple bucks. I sought premarket over 150. Its come back since. Apple is at 247. What else do we have. The financials, j. P. Morgan is optimal Goldman Sachs is down emma Morgan Stanley is up just two cents. I call that dead flat. Citigroup is up 60 cents, wells fargo at 28 a share. I dont see a Great Movement for stock prices. Next group, we look at oil and gas, crude oil at 24. Barrel, thats down a bit. Early this morning it was 27. Energy stocks were modest, tiny recovery. Im not calling that recovery by any means. The airlines, American Airlines at ten dollars a share. United 23, delta 23. They are up a fraction, thats not a recovery. Jetblue still at seven dollars. Share. Southwest at 32. Keep it going. Cruise line, carnival has struggled back to 11. Share. Hardly a rally. Royal caribbean 23. Norwegian at eight. What you see are minor bounces that may look good in percentage terms but the actual dollar incense terms is not much. Marriott is up a little, hyatt is up 6 . Now the casino stocks. Depressed shall we say, mgm at nine, caesars five. These are depressed levels. Im not sure the status of vegas casinos. Fire tech stocks backup for mor more, theyre Holding Around 80 a share. Theyve got this report of a decent treatment of the virus but theyre holding right around 80. Share. Moving on to the drugmakers all down this morning. Pfizer, merck, eli lilly down, not huge but down. Johnson johnson down a bit. Hospital stocks on the upside, theyve not had a great run recently. Health insurers, theyre all up. What im gonna do is keep on going with those groups of stocks on the lefthand side of your screen, concentrate on the market which is not showing that much of again. Jack are you expecting a little bit better than this i think everyone watching this right now is saying okay thats all well and good but did we end up 2000 points are down 2000 points because thats the way its been going. I would be perfectly content with the boring day were nothing moves much. Give me a few days of boredom in the stock market just to get some stabilization. Jonathan i dont know if youre much of a technician but the dow is holding up a 20000 level and the s p is holding, at least for now at the 2400 level. My just grasping at straws. You have to look at any brief shoots where you can. What we have seen his unprecedented abilities, the 4 move on the dow and even on these overnight ranges as jack set a thousand points on the dow. [inaudible] we want to see some stabilization. Not unlike the infection itself, we see different areas of the capital market. [inaudible] just seemed kind of up selling all over the place, especially in the credit world. A lot of stocks people fought for income. Im looking for stabilization. We might get it today or tomorrow. My hope is that work stable longterm, we just dont know yet. Susan you tend to follow the internals of the market very closely. Are they dictating the big picture at the moment. Tell me about that. We saw the in 2016 so less of a safety play into the currency off the money coming out of treasury and you read the story that this has been the buying opportunity of a lifetime especially with today being a bit of a turbulent day because it is quadruple witching. We mean theres a lot of expiration in stock index, option features, theyre coming to a close today. The first 16 minutes will be a little bit long and volatile as you see the expiration of these contracts and people scrambling to get into Something Else or maybe sell out. Now we have a gain of 300 points. Its looking up a bit. Jack, the wall street journal has a terrific editorial this morning about is the pain worth it. Included in that editorial they quote ed hyman, a wellknown economist on wall street. He says in the Second Quarter of this year the economy will shrink at a 20 annual rate. Thats a catastrophe. I know youre not an economist but that sounds very, very sharp pullback to me. Thats a disgusting number the likes of which ive never seen in my lifetime. Were not just talking about wealthy people with numbers shrinking a little bit, were talking about families and businesses who will have wealth destroyed for a generation and its a very serious thing. We wouldnt be doing it if it wasnt such deadly serious consequences, but everything right now hinges, when we talk about where the market is hitting bottom, its not about the price to earning ratios. Everything is about the virus and how soon we can get it under control. Bank of america says our leading indicator right now is italy because italy was slow to take the virus seriously. We were slow to when you see things turn their we will have some hope that theyre about to turn here. Stuart okay. Can you show me boeing. The news on boeing this morning is that nikki haley, former ambassador to the United Nation nations, she has resigned from boeings board on the ground that she does not want to be part of the bailout of boeing. Im going to show you boeing in just a second when we can get it up there. Ba is the ticker symbol. Im wondering how the market will react to that because boeing is not that popular these days and they are in line for some kind of government assistance. They need government assistance. Boeing is one of the dow winners. I cant see it on my screen. Its up 3 b5 its up to have untold so it is up a little bit. But its a hundred dollars. Shale. Its not a popular company, is it. I dont know why but its a vital company. I dont see how america could not help boeing on these Airbus Industries as the sole major plane maker in america. I cant see that. I know the headlines for boeing even before this were disastrous and have been for some time. This industry is a real point of pride for america. Its an industry where we excel and of course commercial air travel is it crucial global utility so we want to have a healthy boeing. We want to be a country that competes wellin this industry long after this virus is gone. Fortunately for this company they have a healthy defense business that people might overlook right now in some other pockets of relative strength. Jonathan, would you offer any government help of any kind to boeing . If you want aircraft manufacturing in this country, you dont want to offer, look what happened last time we went down this road. Government motors, General Motors being government motors, we got missed allocation of wealth. The chevy volt comes to mind. There can be robust aircraft manufacturing but it might take someone like a Warren Buffett whos invested in the sector before it come in and maybe boeing is only worth 50 or 75 or ten dollars a share but we need to need the market to sort that out. If youre gonna bailout boeing , the insurance companies, banks, who has not been affected. What individual has not been affected by this terrible calamity. The market can work it out. The more government gets involved, picking winners and losers, thats whats causing the panic that were literally seeing. This debate rages on and im glad you are part of it. We will see you later. The dow is now turned negative. We were up 300, now were down 24 points. Jack you stay with us, i want to bring in dan whose the secretary joining us for the first time on fox. I believe you are buying 77 Million Barrels of oil domestically produced. Is that going to be enough or would you contemplate more purchases later . Stuart we will contemplate more purchases but that will be in the future. We are filling this reserve and we have approximately 77 Million Barrels of space what we announced yesterday was the very first part of that effort and that is to purchase 30 Million Barrels of oil. It will be u. S. Produced and we will limit those sales were those purchases to smaller companies, companies with 5000 employees or less and all u. S. Produced. At the moment its not worked in the sense that its not raise the price of oil that much progress 24. Barrel. This price slide is almost a crash in oil price. Its because of the attack on american fractures coming to us from saudi arabia and the russians. What can you do about that. Thats the precise purpose of a Strategic Petroleum reserve. Youll recall this was created back in the 70s when america at that point in time was an importer of energy. A few countries banded us together and stop selling us oil. We will, you will note that we have a free market in america. Our intent with these purchases is not really to reset the price of oil. Were just creating a sense of security for the u. S. Economy. We are sending a strong signal to u. S. Economy that we believe so its a very strong signal that we believe in the operation. Would you suggest President Trump get on the phone to the leader of saudi arabia and say come on youre our ally, knock it off, youve ruined countless records in america, knock it off and lets end this production boom on your part. Would you welcome mat. I think he will engage when its appropriate. Hell make that decision at the appropriate time. What we are doing is sending a strong signal to the u. S. Energy energy which has been under a Strong Economy for the past three years. We want to see this yet out of the other side and enjoy an Enormous Economic boom. Stuart will you consider loans of some sort to the fractures on the drillers . Im sorry, i didnt hear that. Stuart would you call it loans. I dont want to call it a bailout but rescue assistance to Americas Energy companies, the smallest scale guys. Our intent is not to provide a bailout if you will. We dont have that authority under the u. S. Statute. What we are doing is simply using the tools we have available to us and that is the Strategic Petroleum reserve. Stuart im told texas for the first time almost ever is considering limiting production in the state of texas. Yes im aware of that. I saw some of the activity and news coverage. There are state laws available to governors to state regulators if you will to manage protectin production within the state. We are not part of that conversation at the u. S. Department of energy. Stuart mr. Secretary, you can tell its quiet in d. C. Because i can hear the birds singing behind you. It is very quiet here stuart. Stuart you could do the interview on sixth avenue in new york and id probably hear the birds singing behind you as well. Thanks for joining us. We appreciate it. Thank you. Its great to be with you. I want to get back to jack howell because, by the way, now were down 187 so already this morning about a 500point swing just like that. We been in business for 14 minutes. Back to jack. You spoke with the ceo of regeneron. You say he, its the worlds best hope for treatment. Make your point. This is a company that has august on reducing the bottlenecks in drug discovery. I think they were really focused on chronic diseases, things like arthritis and all these diseases we usually buy medicine for. This process is really useful when you have a Global Pandemic like this. I spoke with him and he said look, the first thing you try, or the drug you already have on the market, you talk about the malaria pill. You can also use medicine for arthritis that reduce inflammation. If you can reduce inflammation in peoples lungs, it can make the difference between someone needing a little bit of oxygen in the hospital and having to go on a ventilator. If you can do that you did save their life and the life of someone who also needs that ventilator. The next thing you tries to make drug specifically for this disease. Thats where they have a highspeed system. They have genetically engineered mice that have the immune system of humans so you can give these mice a piece of a virus and they will develop human antibodies, you can collect those and develop them at scale. Theyve had great success. With ebola, they hope to reproduce this with covid19. Stuart hold on for Second Period the farm the program we have dealt with the rescue package which is winding its way through congress, weve dealt with the extension of this crackdown, the stayathome movement if you want to call it that, california is now involved, weve dealt with the market which open high and is now 150 points lower. Now i want to deal with the impact on retail. Clearly the retailers are going to be very hard hit because a lot of them are just flat out closed out. J scott sheilas with us, hes with commercial academy. You know about this kind of thing. You follow retail. You tell me how many of these molds which are not malls that are now closed will not reopen. Certainly these are dire times. A lot of the malls are suffering. What were really dealing with our, hello stuart this is scott, how are you doing. These are very dire times. We are extremely concerned about whats going on in the industry. Obviously as you know, as many people know retail in general is completely shut down. Commercial real estate is under siege. Many of these folks are really uncertain about what it is theyre going to do, how theyre going to pay their mortgage and rent. Stuart okay, look, i want some hard stuff. I know theyre all in trouble. I know these are dire times. I got it but lets concentrate on these malls. Toptier, secondtier, third tier, almost all of them, a lot of them are closed now because of the virus. Certainly. Stuart how many reopen . 80 , all of them. That depends on how long the crisis lasts. Stuart lets say its two months. Im just in a throw that out there. Two months, how many reopen. It depends on what the government does to protect them. Realistically what we are dealing with are folks who dont know Communications Going back and forth between landlords and tenants trying to find out whats happening. What we have to deal with is a situation that allows us to do a Forbearance Agreement and a moratorium on Interest Payments that run across all platforms that allow rent payments to be reduced as well. Stuart before this virus struck, we were predicting, a lot of people were predicting tend to 12000 bricks and mortar and Retail Stores would close this year because they face the threat of online competition. Ten to 12000. How many do you think will close now after the impact of the virus . The point that i really want to focus on is the ability for us to sustain through this and that ability does exist. Right now ablebodied americans are being asked not to go to work. Theyre being told to stay in their homes and protect those who are immuno deficient and elderly. While no one is rejecting that concept, everybody is worried about how to pay their home mortgages, rental payments and all of those things. We have a plan that we are submitting to government. Stuart i dont have time for the plan. I dont have time for plans. Ten to 12000 Retail Operations were supposed to close this year. That was before the virus. Will it be 20000 this year, 30,000 this year. It could be double or triple that if the government doesnt step in and provide for a mortgage moratorium and forbearance on all interest rates. Not a penny of that will go away. Thats something that allows us to go ahead and push this to the backend as if april, may and june didnt happen. Okay, j scott im sorry i cut that off. Im dealing with the situation where i need some hard numbers. Good stuff. Thanks for joining us. We appreciate it. Earlier today we were talking about how many jobless claims were going to get. Weve got a prediction that theres going to be hundreds of thousands, but susan, what does goldman say. Actually goldman says its gonna hit two and a quarter million next week. Thats a lot. Think of it, the peak was in 1982 from what i see backbend the search was 695,000. Goldman says that was, with this coronavirus shut down, and california with a total state shut down, one of the largest employers across the entire country, that number will jump to two and a quarter million which is start. Goldman just updated their latest predictions for the economy and the gdp read. They are looking for a contraction in the first quarte quarter, the first three months 6 . Secondquarter contraction can get this this will shock you. Minus 24 in the economy. Stuart let me repeat all this, Goldman Assange next thursday morning, make sure im right susan, next thursday morning at 8 30 a. M. We get the jobless claims numbers and they think it might be two and a quarter million. Thats right. That would be the highest on record, the secondhighest was from 1982, 695,000, but this is much, much higher than that. And april, may and june, Second Quarter, they think the economy contracts at a rate of 24 . Thats right. A quarter of the economy will be gone. Thats alarming. And i think it might have something to do with the market turning south. Susan thats good stuff. Back to you shortly. Lauren is with us. Whats j. P. Morgan doing for its staff please. Stuart, i see myself on tv but im unable to hear you right now. I apologize. Okay j. P. Morgan. I can do the story because i can see the banner. So what j. P. Morgan is doing, theyre giving 1000 bonuses if you make under 60000 a year to front line employees. So those in the branches that still have to go into work for the coronavirus, half of it comes in april, half of it comes in may. This bank has also closed the fifth of their branches or 1000 branches. So we are seeing facebook, walmart, other company saying look, lets help our employees while we can. 1000 going to j. P. Morgan, front line employees if they make under 60000 a year. Lauren, can you hear me now. No she cannot. This is the joys of liveaction television because of social distancing. We all have to spread ourselves around so were not in direct contact and sometimes things go wrong. When things go on commute carryon. Keep calm and carry on. Here we go. Wow. And look at that. Because we were. [inaudible] i can see you doing it, i got you, maybe because we were all smiling and having a grand old time the dow was up 23 points. How much are the governors asking. They sent a letter to congressional leaders. To answer your question directly 150 billion they want the u. S. Government in direct federal aid to address the virus outbreak. Stuart thats all collectively so california wants, missouri, 150. Stuart thats only three times the package for the airlines. Yes, for the 50 states. Stuart i thought it was going to be a lot more than that. Well this is the first request. Jack, ive got to get back to the numbers that susan revealed to us from goldman. Twopoint to 5 million jobless claims just next week at 830 eastern time on thursday morning. And the Second Quarter contracts the economy. Down to 24 . More comment on that please . They are shocking numbers but lets keep in mind weve had entire industries shut down overnight. Were not going to see a continuation of this rate going forward, were going to see horrendous numbers like this all at once, and then i think the pace of the damage will slow. These investment banks that are calling for these dire downturns in gdp in the first and Second Quarter, there also calling for pretty big upturns in the third and fourth quarter. We will see. Stuart can i make one comment, earlier you were talking about stores in closing, i think you were looking for some sense of hard numbers. Let me just say these, before we went into this pandemic i think if you look at the nations indoor malls, we probably only need a third of them. I think two thirds of the nation malls were in danger of closing before this. The u. S. Going into this had 24 square feet of retail space. Person. Theres a lot of countries in europe where the average is four or six, were just vastly over storage. You will see incredible levels of store closings, but part of that is we had too many stores going into this. Stuart america will look, no lon not only will it feel different but it will certainly look different as we get beyond this virus. Susan, come in please. What have you got on the big investors. It looks like they spent about a billion dollars increasing their space and the companies they already own. We note carl icahn who went home to trade on election night, during this investment roust, hes actually increased his holdings in hurst global. What is Warren Buffett doing . This might surprise you because Warren Buffett owns some airlines and hes increased his holdings, added shares of Delta Airlines because we know the airlines have been asking for 50 billion in aid from the u. S. Government. Also, you heard no shorts for the first time in many years. This is been a buying opportunity for the big whales as they call them, the bigmoney players. Stuart that is fascinating, the big guy so to speak perceived value and some of the stocks that are truly truly beatendown. That is an interesting point, i am not saying its a turning point but it sure interesting. A lot of businesses pivoting to help with the virus, i believe we have grady tremble. Wait a minute, you have a distillery where they will make him sanitizer. Tell me more. Thats exactly right, this is the tasting room for the distillery and the products that they normally make our right here, there is also farmers that grow their own grain about 8 miles, they have essentially the entire set up that they need to making sanitizer and everything that they need except for a few chemicals. They went and bought those in there in the process of making hansen at kaiser right now, what they will do first is donate to local hospitals and other firefighters, other ms and people who need it and after that they will sell at cost and these are local businesses and they dont have a ton of revenue when this area appears, the tasting room is closed so there trying to keep their staff on during the downtime when theyre not making bourbon engine and vodka in the trend to help. Is happening across the country, not just the distillery from pennsylvania all the way to distilleries elsewhere. Stuart you know what i will ask you, you know what all of our producers were saying, they change from booze to Hand Sanitizer, can you drink the Hand Sanitizer . Thats a good question, i dont think i will try it, if i drink at all itll be off the air in one of these. Stuart take it easy. Thats a very good story. Moving towards in coping with the virus. Back to you shortly. Actually, mexicos foreign minister. He said the mexico u. S. Border will remain open, there have been talks of the United States and what his counterparts have agreed with measures that will not affect commercial activity of the border which is interesting. He also said is necessary to accelerate the steps outlined in the usmca, that needs to come into force as quickly as possible, he also said theres no air restriction agreement between the u. S. And mexico. Stuart i think we had a report early this morning that the president would announce further travel restrictions. That mexico is not a ball but that is an interesting idea. Stuart coming up on the 10 00 oclock hour, before we lose you jack, you have 45 seconds, last comment to you in this hour. The story you are talking about the distillery making Hand Sanitizer, were hearing heartening has got to be helpful for people looking at the stock market and saying do i want to put money to work having these people figure out how to turn my stash of savings to more in the long term. Stuart i went to go to edward lawrence. A live report, breaking news. Federal reserve taking more action now, the Federal Reserve announced their mak working wite bank of england in canada and the European Central bank as well as the Swiss National bank in switzerland to stabilize the u. S. Dollar as the global currency. They will extend the sevenday maturity of that for weekly to daily operations starting on monday and going through april, its meant to put more dollars out there so theres no runon dollars to stabilize that market there. On another front on capitol hill, treasury secretary Steven Mnuchin just walked in the building, hes going in a meeting with Mitch Mcconnell and other senators and they will work out what they can get past and the stimulus bill, the treasury secretary saying he wants a stimulus bill, the trillion dollar plus stimulus bill that will be done by monday. They are in a tight timeline and Senate Majority leader says they will stay here until they could get it done. Two things going on. Stuart that is good stuff, right at the top of the 10 00 oclock hour. An immediate Market Action reaction, the dow industrial is up 100 points roughly there, we spiked up 100 when we got the news that the Federal Reserve on a daily basis is going to pump dollars into the currency market to stabilize the dollar soaring exchange rate. Edward lawrence good breaking news. Very much indeed. There is more breaking news, we just received the latest existing home sales, very important number,. Coming in at 5. 77 million on analyze basis, betterthanexpected up 6. 5 month over month. Up six and half over john january this is for february, median house price 270,100, that is up 8 yearoveryear, that is a encouraging sign however, were interested to see the next reading. It looks backwards, were just at the beginning of the impact of the totally stalled economy. I am sure those numbers will flatten out and go down in the coming months. That is a good number. For now that is a good number. Stuart the highest vibrate 2007. Stuart 2007 . That is a good number. That is on existing homes. The realtors have had a great vibrate, january an early march. Things are gaining traction in now thats another story. Stuart i want to bring in market watcher frequent contributor to this program, this is not assess necessarily your area but do you perceive a market bottom anywhere . We did internal research on this issue and we went back 100 years and look at market bottoms for 20 plus recessions or dips and they incurred within one month of first sign of bear market. Sometimes they incurred within the first week or so. So we believe if we have not already hit bottom, it will happen very soon and generally the markets respond very soon want to hit market bottom, 53 in one year 74 and 83 within three years. If we have not hit bottom yet, we will hidden very soon. Stuart one thing i parked on this morning, the very big name ultra bluechip stocks, apples and microsoft, even the disneys have they hit a bottom . I follow nic amazon apple and microsoft in particular buying when they hit 130 on microsoft in 230 on apple, they had the biggest of bluechip names, can you say that they have bottom . I think theyre very near bottom, we were the group find the last week or two, we were buying a soft, apple, amazon, facebook, netflix, we think theres a couple of stocks in particular that will survive and do very well, when anything about microsoft, they have teams of new state homevideo services working, theres a lot of products that will do well in this market and many of your members of the home audience can benefit here. The embassies are not the way to go in these markets, they have to buy the restaurant, they have to buy the travel Industry Companies and your home listeners can buy companies and help perform spiders or the s p 500 which is that 25 . Many of you are probably doing better with her own personal portfolios than embassies. Stuart you know the unfamiliar companies pray can you pick out a few that you invested entrepreneur companies, do you think we need good right now at todays prices. We actually have beat the s p year to date by about 10 without largecap eps. We have a group over foreign half yesterday, we have about 15. So ammo and zoom video, these companies are doing very well, Technologies Companies are doing very well, restaurant chains have done poorly and the airlines have done poorly, but we see uncertain dips in the market respond very quickly, entrepreneurs tend to win in these markets, they are nimble and can react quickly, they adapt and we have found Entrepreneurial Companies in these markets are doing extremely well and facebook, netflix, amazon, fox, zoom, microsoft, these are all names that are doing relatively well in this market and some are way up. Stuart hold on one second i will come back to you shortly. I want to bring in tammy bruce, i want to switch topics and more towards economic and politics. Welcome to the program. I want to take a look at the wall street journal opinion headline. Rethinking the coronavirus shut down. There is a quote, america urgently needs a pandemic strategy that is more economically and socially sustainable then the Current National lockdown. I think what they are same between the lines is the economic pain worth it . Can you respond to that. All of this is brandnew for everyone. This is why Donald Trumps numbers have been increasing, we recognized even though the nation has been through such a great deal, this is completely unknown and what we are seeing is an extraordinary amount of job losses, the impact on individuals in that regard while we can bellow individuals in certain companies, we cannot be allowed the entire economy. We are seeing in impact that the President Team must also see. The bottom line is, in many ways of course, this cannot be sustained, separate from the emotional and psychological impact that individuals who have to stay at home and do not know what the end date would be, the Mental Health impact of that et cetera craig i think there is recognition that the economy itself cant withstand an extended period of time and i think this is a push in an appropriate one to recognize that there must be an endpoint, there must be a parameter of what we are doing read the president did a very good job with his 15 days of staying home so we can find the curve. But there must be some understanding and obviously, the very smart minds that operate in the country and dealing with this problem must also recognize that this for an extended period of time would be an unsustainable economically. Stuart yes it is, over a long period of time, im not putting the timeframe but you cannot do this. You cannot totally stop the american economy. I have a sense of confusion about the stayathome orders really mean. The government is compelling stores to close, compelling businesses to close. But they cannot compel you to stay inside your own home 24 7 for any length of time. Correct, when we think about world war ii and the blackouts in the requirement of people that was effectively voluntary and americans understand that, we may all be revolutionaries at heart, we understand our nation is bound together by a common goal always because we are the outsiders in a sense and a new world. But at the same time, there has to be an explanation about how will this help, we heard a great deal of that, again the Daily Briefings have been terrific. At the same time when youre thinking about what california did and they have not put an endpoint on that. I think that is a mistake, it is troubling when americans hear this, it can give the impression that we do not know what is happening. But i think with the new drugs, like the malaria drug, age drugs that can give us some benefit of easing the pressure on hospitals why we continue to look for a vaccine, that of course seems to be front and center for the president appropriately so. If we can lift some of restrictions that will help the economy if we take the pressure off the hospitals with the interim measures. Before the california governor to not give people a parameter, that is a mistake. The legitimacy of whether or not you trust your government is key here, every step that is taken, americans will accept most things when we understand why were being asked to do it. And in the case of california it is a problem, cuomo in in new york has got a praise for what he has done because theres an explanation through each step andys done certain things, recognizing that new yorkers in particular are not used to and probably will not put up with orders to do nothing for an extended time and californians of course are the ultimate rebels in a way and they want explanation as well. So were all learning on the curve, the president has been setting an excellent standard for information and transparency but as we discussed, literally economically cannot be sustained and i think the government understands that in the American People want answers and will participate in a way when they understand what is at stake and what we will accomplish. Stuart i cannot imagine how we will all feel five weeks from now it first upended to our house in our apartment. I cannot imagine. I cannot imagine that would be something they would accept. I think the extreme measures in a way take us away from thinking that we might have to do it for a longer period of time. Stuart thank you very much. I appreciate it always. We always want to bring you up to speed on what Different Companies are doing as a virus descends upon us. There is a push for nonessential stores to close, all 1100 stores in the u. S. Will close until april 1 in employees will get paid for two weeks. The company also withdrew their guidance that they just gave a few days ago for the full year because obviously nobody knows where the coronavirus is headed. Stuart did you say kohls is closing 1100. Yes about 1100 in the u. S. Stuart and employees get paid for two weeks. Yeah, i think they will update that on april 1 when they decide they will reopen. Stuart that is kohls, what do you have on netflix. As you can imagine netflix viewing has spiked in the age of coronavirus. But it looks like netflix is going to collaborate with the commissioner and that even industry chief was calling for stream platform to help reduce the load and the strain on the infrastructure. Netflix has confirmed they will reduce the bit rate of the video, think of the quality of streams for the next 30 days and they say they are looking to reduce their footprint by 25 and youtube is also reducing the quality of their videos in europe as well. Just to give you a sense of how much people are streaming in this age and the spread of quarantine they saw a 75 jump in Residential Broadband and mobile usage last weekend. So as more people stay at home, can you imagine that usage in the u. S. As well. Stuart if im doing it, everybody is doing it. Its as simple as that. If you are doing it i guess a lot of people are ahead of you, yes. Stuart on the latest of latest doctors. That is the truth. Were about to do something really unusual. Were breaking the mold on this program. 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That is depression material, what do you have on a tax deadline, what do yo good news r everybody, Steven Mnuchin putting out a tweet saying Donald Trumps direction we are moving tax date from april 15 to july 15, all taxpayers and businesses will have additional time to file and make payments without interest or penalties. Originally the announcement was you can delay payment but still file, even the filing date has been put back but he does say if you are due money, go ahead and file as soon as possible. Stuart delay, do it now. I can understand that entirely. A quick story about the fed, they moved theres a few minutes ago that they will move to stabilize the dollar. The dollar has been one of the items that has gone way up actually and destabilizing some markets. The fed said they will inject a lot of dollars into the system to stabilize the exchangerate and they will do this on a daily basis. Three major items of news right there. Jeb is with us, the former texas congressman and executive vice chair at ubs america. Welcome back to the program, good to see you. Thank you for having me back. Stuart you dont like helicopter money, why not . First if i could offer two caveats, the opinions i will give you o are my own and im sober by the fact that im not increase a bull by the crisis, im sitting on the sidelines and i said all that, i fear the helicopter money with respect to some of the proposals i have seen gear towards individuals who obviously need help, helicopter money number one has proven to be ineffective and im fearful that it does not inspire confidence. Anytime you are writing the same size check to the baggage who just got laid off in an airline and writing the same size check to somebody at amazon who just got a raise, again i dont think that inspires confidence and i do not think that is effective. Stuart can i just comment, you said it is not effective, can i chime in on that one. I understood, i got it but there are tens of millions of people who will not be getting a paycheck next week or the week thereafter, they need to pay their rent, they need to pay insurance, theres a few other things that they have to pay and although this may not be effective in boosting the economy and creating a boom out of this almost depression, it will help those individuals, what is wrong with that . Clearly it is necessary to help the individuals to have to pay their rent and their mortgage and who need to put groceries on the table and pay their medicine bills. We are not debating were debating what is most effective. Our current social Safety Net Program in place, the Unemployment Insurance be attentive, be at snap, the old food stamp program, i would move to ensure that i have bolstered, backstop the current social Safety Net Programs, number one in that before we attempt what is again perhaps ineffective giving aid to those who dont necessarily need it in order to give aid to those who do. It is not a debate whether or not we have to help people in extreme during times is how to best do it, there is other aspects of the program that are somewhat concerning, anytime the federal government potentially can be taking equity positions in private companies. That is unprecedented and i think itll be a public policy, we will woo the day that we did this. I would also counsel my former colleagues, whatever we do today, make sure the extraordinary measures used today at the crisis, this is a crisis, let there be no doubt about it. When i was in congress 16 years, everyday somebody use the term crisis bring extraordinary measures today morph into the ordinary measures of tomorrow. Dont let agenda items that can hurt america on a longerterm on a shortterm again become longterm measures that can harm our economy in the long term. Stuart thank you so much for being part of the discussion, i hope youre enjoying life outside of politics. You are a wall street guy these days, i hope you are doing well. Thank you, i appreciate it. Stuart see you soon. Lets break into the debate with another story about mexicos foreign minister. What is he saying now. He saying a lot today, the cooperation with the United States, the foreign minister saying mexico and u. S. Have agreed to create a joint task force and will work on measures against the coronavirus at joint border. Some agreement there on how to handle, he said earlier today there will be no impact on commercial traffic at the border but there waiting here for the president later this morning on his latest decisions with regard to travel. Stuart we are told theres more travel restrictions. I dont know what they will be but apparently the mexican order will be the main subject on the president. 11 45 a. M. Is the time that we have for todays Daily Briefing on the virus, 11 45 a. M. , we of course will carry it, you have to these days because it could move the market and it brings everybody up to speed on the various aspects of the virus as it crashes through our economy and our society. Market check real fast, weve been remarkably nonvolatile this morning, we had a swing at about three, four, five, 600 points, nothing calm. I dont know how many days we had thousand points swings, 2000point swings but today, five or 600 points and up 160 as we speak. Nasdaq up 131, nice gain there, can we go through the stock items again. As we always do start with big tech, amazon is doing nicely, 39 bucks higher, 1920 is your price, google is up seven box, facebook is up three, modest gains for big tech, apple has reached 250. Five weeks ago they were at 330, how the mighty have fallen, maybe they found a bottom. Ridesharing, Uber Technologies moving back up to 22, i think they hit a low of 14 a couple of days ago. That is when a lot of people moved in. They received the bottom at 14 and now its at 22. The bottom is individual is what youre saying, individual stocks, im also watching oil, down another 5 . It crawled back to 25 yesterday but now its back and 23. 90 and oil which is not helping overall market even though the dow is up 224 points. Twentyfour dollars a barrel. You cannot make a profit on that. Jody earns republican senator iowa joins us now. Senator, just a few moments ago we had job, former texas congressman, he does not like helicopter money or handing out cash to individuals willynilly. Deal. I do not like handling out willynilly but the United States is facing a pandemic and something that we have not seen in recent history and certainly not in my lifetime and if there is a way that we can provide our hardworking americans, my islands, the opportunity to pay their rent to make a car payment, to put food on the table during this pandemic, i think its the right thing for us to do. Stuart we have a trillion dollar package revealed last night by leader mcconnell and this morning or late last night speak of losey and senator schumer put out a joint statement saying not enough going to workers and too much. Theres always a public debate. Where you stand. I think we have a political debate all the time but i would say we have struck a very good balance and making sure that we are supporting the American Worker as well as making sure that we keep these businesses viable, it is important for our economy that not only are we supporting workers but those workers, once a pandemic is over somewhere that they could go back to work so i think again, we are struck the right balance, i believe the president is very pleased with this package, i look forward to moving it very, very soon so we can get the money into the hands of those workers and those families, they need release and they need it soon. Stuart the Airlines Want a big package, 58 billion in total. If we give them the money, should we take an equity stake like should the government owned 40, 50 or a majority of an airline, that would be a huge departure for america that it is being talked about, should we do it. It is being talked about but not something i am supportive of at this time. What if they proposed for those airlines and other industries is to allow for loans that will help them stay afloat during this difficult time and certainly, we do not want to see massive bailouts out there, not at all but again what we want to do is make sure were supporting industries whether airlines or otherwise and make sure those businesses are able to remain viable and have those jobs necessary for American Workers once a pandemic is over and theyre able to get back to work that they have somewhere to go, that is vitally important at this time, we have a great economy coming into this, we would love to see a great economy coming out. Stuart you are staying in washington, d. C. Through the weekend and i am told leader mcconnell and treasury secretary management want this package done by monday so you are staying for the weekend . Absolutely and i have been a long supporter of working there weekends and working through recesses, whenever we have pressing matters and congress and we will work through the weekend, it is imperative that we get this done and support our families, that is first and foremost on her mind and we will make it happen. Stuart i share the good news. Jody ernst, frequent guest on the program rethinking for joining us. Existing home sales, we got the number at the top of the hour, a 13 year high selling at an annual rate of 5. 7 million, that is pretty good i would say, the Vice President and realtor is with us. The wonderful numbers, but do they look that good, youre not expecting the same kind of numbers looking forward are you . I agree, i dont think we are, if you look at februarys numbers based on generous contract, 6. 5 is great and we are coming up the prosperity of eight straight weeks of yearoveryear doubledigit increases and 40 increases yearoveryear and housing stocks. But i would be lying to say as we get into april, may and june we will not see these things add some. Stuart is a terrible thing because late march, april, may, all the open houses that you see all over the place, i presume a lot of those open houses will not take place this year. I think probably what you see right now brokers are beginning to scurry and do things that are outofthebox, facebook tours, things like that, video tours for clients as they go through places. I put a property under contract the day before yesterday, believe it or not all thats going on with the pandemic, people still want to buy houses because theres a great deal out there. Stuart im wondering if possibly people are so solid on the stock market, you lost your shirt down 25 or 30 in a matter of weeks, maybe some people would think in some locations where you might expect the capital gain, im talking up your book of course do i have a point here . I think you have a real point, people are buyers because one of the things that we will see on the backside of coronavirus is the fact that we may see pricing come down son and thats going to create opportunities for people and tell me this, is it safer to buy a piece of property where you get advantage of living in the property or to buy a share of security that is obviously based on todays narrative all over the place. I think maybe real estate is the way to go. Stuart as you would, i do not blame you. I will tell you this, the other thing i want you to remember if we look back post 9 11 at that landscape, that was one of the largest real estate surges in history and it helped put a shot in the arm in the economy. I think if you look post lehman and that landscape, that was a return of Institutional Investors to real estate. I think any recovery of our economy and the postcorona landscape is definitely going to include real estate as of propping up sources. Stuart what is your location, location, location, where are you showing houses . D. C. , it is absolutely terrific. Its a smoke show. The funny thing when i was out on sunday, you talk about people looking for great deals, i was showing everything over 2 million, it was not even the entrylevel stuff, i think people looking for great deals, they can see house, maybe theyve done well. A few moments ago you suggested you sell pressure on the downside, maybe price cutting . Why would you do that. I think itll likely be a visceral response based on people being concerned about what this pandemic looks like coming on the backside and the reality is based on inventory, we should not see price restriction at this point but people have emotional reactions to things that may create deals in the marketplace. Stuart got it, maybe real estate is a decent alternative to the stock market. Maybe, im not saying that but im giving you help. Come and see us again soon. Thank you very much. There is a question on the prompter, what is going on at jfk airport in new york. The air Traffic Control tower has been closed down because an faa technician tested positive for the coronavirus, however, those air Traffic Controllers are being moved to another area of the property and flights are continuing to operate without problem. Chicagos Midway Airport remains closed as they clean that not close, the air tower, the control tower remains closed in the airport still open to commercial flights. Stuart it only takes one positive case, those people around the self quarantine and clean the facility and maybe reopen it again. Before we go to her neck subje subject, show that, the dow industrial up 300 points. You have some volatility today, not that much, not like we used to, swings of 700 points today. That is nothing, we can handle that. Stuart common susan, your good news from walmart and amazon go. They are hiring 150,000 workers temporary for now but could turn into fulltime and permanent in the future, walmart employees one and a halfmillion across the country and theyre paying out bonuses as well to their stop 550 million worth if youre fulltime you get 350 in cash bonuses and parttime gets 150 extra, dont forget this is on top of amazon hiring 100,000 workers because they need to keep up with the demand and delivery and paint an extra 2 an hour on top of the 15dollar minimum wage that they already pay, i should point out that walmart has Industry Groups for the struggling restaurant businesses and other industries as well for those that cannot find work, if you need a job look at walmart because theyre hiring right now, it gives you a sense of the search the amazon is trying to do with, they have amazon prime pantry which delivers household supplies and food as well, they said that is temporarily closed because they have to deal with the backlog, huge backlog of orders that have been put in that they have not been able to fulfill. Stuart i cannot remember amazon saying anything like that before. We have so many orders we cannot fill them, closed on the ordering system temporarily, ive never seen that before. Have you . Not on purpose. There may be glitches im sure but nothing because of overwhelming demand. Stuart do we live in strange times or what. I have a new relationship with anybody who delivers anything to my door right now. You take a moment, you we look at each other from afar, they put the box down, i open the box outside, bring the items in, wash my hands and tip them, oh gosh we should not touch but its an appreciation of this new economy we live in. Stuart i have a personal story, it is again alphabet noticing and amazon story who produces and puts words in my mouth all the time. He reports this morning that he tried to order on amazon what we used to call a dumbbell, the weights, what do you call them weights . Right. Cannot get them. Everybody is ordering them because theyll have to stay at home and exercise at home. A little story, little hand action. Delivery or contact, i choose contact thats deliverable the on doordash grade i dont need to touch you, just drop off the food at the front door, thats all that needs to be done, i will still tip you obviously. Stuart what a lady. Another example of how this is impacting life around the globe, the latest report says 35 people who have attended and waiting in australia have contracted the coronavirus, this is happening around the world, 44 guest, same thing happened to them at a wedding in uruguay, now in the uk couples dont want to cancel their wedding but they said you can go ahead but you can only have two guest. Stuart my son who has a restaurant operation in australia, shut the restaurant down hes only doing deliveries and take out it was a thriving business and nobody is coming and thats in south australia. I dont know how many cases they have in austria but not that many. Nothing like anywhere else in the world. Lets move on, mitch greene is with us, i should say mitchell green, i should not shorten his name, lead ed capital managing partner and founder. You say, that we may hit a bottom on the market soon. Explain it. I think the market will be ahead when we look into the future. I think her nearterm looks weak. Stuart im sorry, mitchell, the sound quality is just so bad that is better. Sit back and explain why we might be at a bottom. I think the bottom in the market may become in the next month or so, i think the market looks ahead and looking more into the future but i think theres a lot of negative news still coming to the market. I think they are thinking its only going to last a month or so and i think we will sit here in midmay expanding the exact same thing. Stuart im going to leave it at that, im sorry but the broadcast quality of the audio is not quite there. We appreciate you train to be with us this morning. Lets go to Hillary Vaughn live on capitol hill. I believe senator richard burr is speaking about reports that he sold stocks before the virus market disaster. Tell me more. He is releasing a statement on twitter, heres his explanation for why he sold a large amount of stocks before the market crashed when he was well aware of what was happening with the Coronavirus Crisis. I relied solely on public news reports to guide my decisions regarding the sale of stocks on february 13, understanding the assumption that many can make in hindsight however, i spoke this morning with the chairman of the Ethics Committee and asked them to open a complete review of the matter with full transparency and he is explaining that he folded news reports specifically out of asia and thats his explanation as to why he may have had a head start the other people did not on what the Economic Impact of the Coronavirus Crisis would have on the u. S. Economy. Stuart that is his explanation, tammy bruce come into this. Regardless of the explanation, it just looks bad. It does. There were particular meetings, not just with burr but also senator loeffler, they were having meetings and briefings by the Administration Just for senators that gave them an overview that was unique and elements that we do not know because we are not senators and then actions were taken on those dates or immediately after those briefings. When you are a senator, while maybe there are certainly many people watching this program and will have a variety of Information Sources that will dictate whether they buy or sell but in this case, there is an awareness that something globally was happening that it was going to impact the financial and as senators there is and must be some kind of a standard when it comes to the choices you make because of the appearance, the legitimacy of the government at times like this is key and especially with the particular case as an appointee, she took office, first of january i think and all of this began and her sales and joint sales with her husband began just later that month, you begin to have questions about this. This is the last thing this country needs at this stage. Stuart heres my solution for what its worth and everybody else around the table, full disclosure. If any senator or congressperson sells a stock or a bond or makes any investment, you say it publicly. Full disclosure. As soon you do it, you say it and Everybody Knows what you are up to and thats the way it should be in my opinion. Not only with that but that is a consciousness of decisionmaking if you are going to do something where you would hesitate to publicly say it, that would be your indication that maybe you should not do it. Thats a very good idea, theres also the stock dynamics when you look at the nature of the actions of congress, this is not a new dynamic, we have this problem historically with senators using and people in congress using Insider Information if you will to take action, our decision has to be are we going to let it go off into the never, never land of an ethics investigation or should be, i think many people are agreeing because of a National Crisis that these individuals should resign and we should then move forward from that point. Because youre in a unique point and a senator and unique job and we have to have ultimate trust in the nature of decisions being made whether you be republican or democrat. Stuart full disclosure. Thank you very much indeed. Wait for it, we are going to do it again, i will give you market check, the dow is up 200 and the dow is up, nasdaq sub, s p is up, give me the general, the second commercial break for the last week. We are doing it. We will be back after this. Tv sports announcer oh lets go to a commercial. Not another commercial when you bundle your home, auto and Life Insurance with allstate you could save 25 . The more you bundle the more you can save. What . Bundle and save. Click or call for a quote today. And i recently had a heart attack. It changed my life. But im a survivor. After my heart attack, my doctor prescribed brilinta. Its for people who have been hospitalized for a heart attack. Brilinta is taken with a lowdose aspirin. 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They come from people who. Were brave. And took risks. Big risks. Bring your Family History to life, like never before. Get started for free at ancestry. Com or trips to mars. No commission. Delivery drones, or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. Stuart boeing, show me the stock, i think there is news on it, nikki haley has resigned on the board of directors. It is tumbling down, 96. 50 it was up 3 for premarket, i was wondering how anyone can put price targets out like this, citigroup cut the price target from 422250. Stuart even without theyd be happier now. Fascinating, at 96. Stuart i do not want to know. But i am the guy, i do not want to go at 33145 weeks ago and i am down to 96. Ive lost my shirt. Thats why i am saying, maybe real estate makes a better for the stock market. Jack king is with us, fox news senior and strategic analyst. Welcome back to the show. Good to see you. Stuart we have a report in italy, they will use the army, literally to impose a lockdown in the region. Could we do this, could you see the same thing happening here, our military controlling the civilian population. I dont think the United States would go to Something Like martial law and have on the streets National Guard and activeduty soldiers to enforce, i dont see that happening in this country, i do see significant resources and you can see the governors are starting to take advantage of the resources at the National Guard has had and were assisting with testing and setting up shelters where patients can be treated in the corps of engineers is deployed to new york city to help Governor Cuomo in case he wants facilities renovated that can be used rbc to treat patients into hospital ships are on the move and i think seattle and new york city, and if the National Guard resources are expended, we have significant activeduty resources. The United States military troubles all over the world and to help all other people have major disaster problems and if those resources are needed in the United States to assist, then certainly the department of defense stands ready to do that. Stuart will they have to have the role change in no longer be army rangers of 101st airborne and they become National Guard people. Would you have to do that . No, we deployed 40 50000 activeduty troops down to hurricane andrew in the 90s, we deployed tens of thousands of them during hurricane katrina, they stayed at the 82nd airborne and stated who they are but they become a label force largely to assist others. Stuart can you keep them safe . If they are distributing food or building houses in hospitals and what have you or administering test of some sort, you have to keep them safe. It is challenging. There is basic training going on every day and all for services. Right now, thats a Group Activity in an intense close quarters. And we have to do that because 25 of the military turns over every year. And for three of the Services Army marines and navy, we operate in close quarters all the time. And they are doing that today. And yes, eventually we have 49 military people who have the virus and certainly that will expand but the encouraging thing is that we have a young population into, the population is very healthy. That is a good thing in their favor in terms of being able to withstand the horror of the disease. Stuart on the civilian side if you have a group of people, for example on the floor of the new york stock exchange, 100 people, one contracts the virus, all of them have to lead, what happens if one person in one of the training groups that you are talking about contracts the virus, they have all the symptoms, they have it, what happens, do all the training people have to go into a self quarantine, separate them out completely . Something close to that, our Healthcare Professionals are informed that what would happen that obviously the person who hasnt is going to receive medical attention and everybody else he or she may contact with to include their instructors would have to be quarantines. That is the reality of what would have to take place to protect them. If that became a largescale problem at one of her major training centers, the commanders in charge would have a tough decision in front of them, do we have to shut that function down at that particular base, that is where the readiness of the military would then start to be impacted because we are by nature a Group Organization that operates in trains closely together and obviously that is a problem in terms of the spread of this disease. Stuart this may seem rather farfetched but times of great distress like this, an enemy would be tempted to mount an attack. I know that sounds really, really farfetched but im sure youre aware of that. Most certainly but i do think that is farfetched. Everything we have been doing so far is defensive, we have pretty good news yesterday, we finally have an offensive capability antiviral drugs in antimalaria and antilupus drug that is now available and doctors can get that for their patients who have contracted the disease. If that works like similar antiviral drugs work with the swine flu then we will turn the corner and we could probably turn it pretty quickly, if it does not work and were shooting blanks and we have to try Something Else. Stuart i bet you never thought you would deal with a war like this, but you are in we are in there you go. Always good to see you. See you soon. Hillary gone back on capitol hill. We brought the statement from richard burr, now senator feinstein and jim imhoff are saying something now. They are correcting the records, senator feinstein issued a statement saying she did not sell the stocks, her spouse did saying report that senator feinstein sold stock that she attended a junior 24 the briefing on the coronavirus in a transaction in question were made by her spouse and all of senato find feinstein and hao involvement in her husband stock trade. Were getting a statement from inhofe himself saying that the New York Times report that says he was at the generate 24th reading are 100 false, he said i do not have any involvement in my Investment Decisions in december 28 teen becoming chairman of the committee i instructed my Financial Advisor to move me out of all stocks and into mutual funds to avoid any appearance of controversy. So it seems like the messaging here from several of the senators who have been coming under scrutiny because of this are pushing back on these reports. Stuart i still favor full disclosure. You sell something, everybody should know immediately. Thank you very much indeed. One thing we tried to do on this program is bring you antidotes so how people are coping and what is going stay in your home radio stations, about a hundred 80 across europe played the song youll never walk alone which is the anthem of the Liverpool Football Team and they played it at the same time with people across europe reportedly coming out on their balconies singing along with it. Its kind of a defied message of solidarity. The government of slovenia said thats great but when you go outside please do walk alone. Just as interesting and nice to see people coming together. I agree. You need those moments to lighten up just a little. Speaking of which, Suzanne Somers is with us. Come on in, look at me. The picture is frozen. That means we dont have it. Can you hear me suzanne. I can hear you. Stuart excellent. You hosted americas biggest Cocktail Party on your Facebook Page. Tell us how it went. It was a tremendous success. We had people from all over the world. You have to look at whats happening. [inaudible] there was tequila and we had a good time. Stuart how many people were chimed in on your Facebook Page to take part. We havent accumulated all of them yet but were going to have another Cocktail Party next friday night at 5 00 p. M. I expect you to be there. Im sure you like tequila stewart. Stuart youre surely not drinking your tequila now. Its 11 00 oclock eastern time in the morning. No, im not even out of bed yet. Im really enjoying this appearance. Anyway, i happen to know. [inaudible] no i didnt get rid of it. I bought it at 330 a share and Im Still Holding it at 96. Im dying here suzanne. Give me some investment advice. I thought yesterday it sort of had a feeling about the way we felt that 911 when we came together. Bringing all these people from all over the country and all over the world, there was just a great feeling and was it like tequila or was it just let this divide. Stuart ill tell you what it was, it was very intelligent use of social networking at times of Great National stress. You provided a way for people to get together. The tequila is really irrelevant. You brought them together, you had a party and everybody could join in. Thats a fine thing. Tell me one more time when are you doing it again. And we had social distancing. Friday night, next friday night at 5 00 p. M. Pacific time. I can see the comments on facebook, they cant wait for it. You get a peek into my house and my relationship with my husband and i and he runs the camera and i sit there, i do have the gift of the gab. [laughter] stuart dont say it. If youre not careful suzanne ill join you at 5 00 p. M. Pacific time next friday night. Not so sure about the tequila but ill join you. Im gonna leave you for a second and get to grady trimble. Hes back at that distillery and rochelle illinois. This is a distillery making Hand Sanitizer. You have an update. To keep with the alcohol theme they usually make vodka and gin and bourbon. Theyre now making Hand Sanitizer and you asked last hour if you can drink it. The answer is yes, but because of that the brewery or the distillery is worried they will be packed on those Hand Sanitizer that is in desperate shortage. They could be taxed 10 16. Gallon. With the rate theyre planning to produce that would be 30,000 dollars a day at a time when theyre not generating revenue. If they will be taxed which theyre trying to figure out, they need that red tape cut without having to worry about that extra cost. Stuart excellent. Your report had impact and we like that. A good report. Interesting stuff. Thank you very much. 11 00 oclock eastern time, we just hit that mark, lets restart the show and tell you exactly where we are. Were waiting for the White House Virus Task force coming up at 1145. We expect the president speak again. Hes taking a leadership position and wil restrict new restriction on travel between the u. S. , canada and mexico although mexicos foreign minister has been saying all kinds of stuff about that. I believe youve got breaking news for me. Were just getting this from edward, the fed boosting liquidity to money market forms, im going through this trying to find the amount. Whats happening here. Shirshortterm invisible bonds can now be bought by the Federal Reserve. Correct so if you have a mini bond as you might call, what happens is the fed canal by that bond, probably at face value, that puts money into the many bondholders hands, it injects liquidity. Theres been a lot of concern about that particular market. Now i thought youre gonna say this earlier report that the Federal Reserve is pushing money into the dollar. That to so youve got to stabilize the exchange. They will buy shortterm bonds and stick more dollars into the currency market to stabilize the exchange rate. On that the dow maintained its rally up 300 points. We briefly spiked up to a 400point gain and weve settled back at 350point game. The fed taking action on two fronts. Mike brown is with us. Welcome back mr. Senator. Its a busy time, is it not. No doubt. I believe you support what im going to call helicopter money that is checks going out to individuals that your critics or the critics of the program say thats not gonna work. Youre just checking money around willynilly. Answer the critics please will use her. When it comes to how we try to put, take the edge off this national anxiety, first of all we will be here get something done. I hope by tomorrow evening if not by sunday this needs to be rolled out and buttoned up so we can tell the public before they wake up this crack it. This is unusual, something weve never confronted before, this crosssection between tamping the disease down which requires certain businesses to be shuttered, social distancing, its had a big impact on the economy. I think we have to hit it from two angles and theres commonality here. Helping Small Businesses, we dont have all the facilities that larger businesses would have to get through this and then the displaced workers, and thats gonna be in whatever fashion whether you call it helicopter money, it needs to happen. Im one of the most fiscally conservative guys here and this is not the time to address those issues. We get back on that once were through the crisis. The rest of the package which involves maybe helping particular businesses that are larger in nature, some of them have been disproportionately hurt through no fault of their own even though you get into discussions, the Airline Industry used all their cash to buy back stock, will have to get through that. I think its important show were in unison and we get it done quickly. Im more worried about what were doing and 7 10 days when were through the initial stretch of what we do here over the weekend and what the prescription to tamp down the diseases. I think thats when we really got big decisions. I think you put your finger on it, what youre doing is youre echoing a wall street journal editorial this morning. I think ive made our viewers aware of this. They are saying no society can safeguard Public Health for long at the cost of its Overall Economic health. Theyre basically saying, is the pain worth it because the pain is absolutely extreme. Is the pain worth it . Your response. No doubt about it. If you want to see my version of that, even before the journal came out, i did a five minute floor speech yesterday and it basically said that, but when it comes to talking about that, i think at this point we have to fully follow healthcare prescription part of it, take this pain over a 14 day period, but then like a local optometrist got in touch with me, many Small Businesses , i have three kids running the business i started back in 81. They all say if youre in good shape you can get through this for a while but the Ripple Effect that we are going to see will be much greater in 7 10 days may put us in a spot where we need to take a step back and make sure we dont kill the economic patient while we are rightfully trying to tamp down the disease. Stuart thank you very much for being with us. These are extraordinary times and were very glad you can be on our program. Well get through it. Yes we will. Thank you. Wall street journal Deputy Editor page editor. I see youre not in the studio with me, youre not the building, i can see that. Sheltering in place. The editorial that came from the journal this morning, no society can safeguard Public Health for long at the cost of its Overall Economic health. Is the economic pain worth it . It seems like theyre saying no, the pain is so great its not worth it. Is that right . Were not quite saying that. Were saying the medical steps, the social distancing thats taken place so far are indeed worth it to suppress the spread of the virus. What were asking is whether, as the senator was just suggesting, ten days from now, as the doctor said we would go through this for 15 days. What were saying is at that point it may be worth stepping back and looking at, not just looking at the economic, we know what the economic costs are. The Auto Industry is shut down. The hotel business, the marriott is laying off tens of thousands of workers, small and mediumsize businesses probably have a limited lifespan on how long they can survive this, and the former head of the Economic Advisor suggested yesterday that we could be facing depression levels of unemployment. If all that is true, and it looks like it is true, it seems to us that its incumbent upon the government at that point to look hard at the mitigation strategies and decide whether they need to be revised, whether a total lockdown like this cannot be mitigated or revised in some way to allow the economy to begin functioning again. Stuart america urgently needs a pandemic strategy that is more economically and socially sustainable than the Current National lockdown. Thats exactly what youre saying today on this program that ten days from now you gotta take another look at the National Lockdown because the pain is unbearable. It is. Theres no question about it. I think we have to have a lot of smart people as we have right now trying to solve the coronavirus threat, we need some smart people to think about what parts of the economy can be reopened. Is it possible at all to do something short of the complete lockdown that we have right now. I think one of the metrics worth looking at is the fact that this coronavirus, unlike the pandemic of 1918 which killed everybody, this seems to basically strike the elderly people over 70, especially people over 80. So that raises the question whether wouldnt be possible to protect that class of the population in some way, perhaps have them shelter in place while allowing other parts of the population to get back to work at some level. Stuart that would mean that yours truly, age 71 would be isolated. We exempt essential workers. Thats a great idea. Great idea. But look, at some point out here some serious thought has to be given to whether we can come over trying to prevent a pandemic collapse for sure, but if the reality of an economic collapse is becoming culpable, we have to think hard about that. Im sure you saw from Goldman Sachs this morning saying next thursday the new jobless claims, new unemployment claims could be 2 million and the Second Quarter ca economy could contract at a rate of 24 . That severe everybodys out there, its good to be optimistic, its like saying the treasury secretary says the economy will come roaring back. Well, maybe or maybe not. If we do this extent of damage and destruction to the economy, it could be a long time before the u. S. Economy comes back. We had a Strong Economy, we had a strong one going into this crisis, but at some point we gotta think hard about protecting what weve got. We do indeed. Dan, at some point in the near future, i would love to see you sitting on the set next to me but i dont think it will be for a while. I cant wait. See you soon. Good stuff i want to bring in, by the way the dow is now up 400 points. Maybe this is partly a reaction to the new fed action , theyre going to consider buying Municipal Bonds as a way of propping up that market and earlier they said they were going to inject liquidity, that is money into the currency markets because the dollar is so strong they want to stabilize and theyre taking action on two fronts. The market likes that. Steve cortez is with us, America First spokesperson, now steve, i read your stuff when youve got your own economic proposal to deal with the virus and deal with the economy and there are three points to it. Tell us real fast what youve got in mind. Real fast, number one the most important, take the tax rate 20 for all but the highest bracket. For middle and lower income workers, the federal tax rate, not just the tax holiday but the payroll tax, the overall rate to zero and take it there indefinitely. Secondly, i think we need to bring massive fiscal stimulus to the situation. For those who are out of work, that tax break doesnt help the them. We need to double Unemployment Benefits temporarily along with the income tax going to zero. Thirdly we need to postpone all Student Loans. Stuart there is an economic inferno that is starting this country. We cannot fight it with a garden hose. We have to fight it with absolute water cannon and this is a time to be big and be bold. Thats why i wrote the article and made that proposal to the white house and the press. And you dont think the current rescue package so to speak at a trillion dollars is not enough. Its not big enough, unfortunately. I know that sounds crazy, trillion dollars in big believe me im not a Big Government guy, this is very unusual for steve cortez to advocate for this kind of action but i think the Economic Situation warrants it and this is no time to suddenly get religious on the deficit after we been running about a trillion dollars a year for two decades. This is actually the time when we can have local markets for effectively 0 for the long term and bring massive immediate help to the American Worker because also im not talking about new entitlements or newbie accuracies or agencies, im saying let the people keep their money for now. All of it. So that we can restart this amazing American Growth story. I think we can restart within weeks to months, not months to years. We can get back to the trajectory quickly if we take big bold action now. This is a radical departure for republicans, conservatives , people like yourself because this is a sea change in what you think the government should be doing. Okay. Reduce the tax rate to zero, ive got that, but theres a lot of spending involved. An enormous amount of Government Spending that goes out there. That is the seachange for republicans and conservatives. Do you think, well i think you have persuaded, i think the Republican Party is largely onboard with a completely different way of going out a crisis. None of us can control this. None of us can predict it. Its an act of god on the world and on our country. We have to change our thinking temporarily. Thats why i think this is crucial. Im not talking about a permanent entitlement. Im talking about to bridge this gap, to get the American Worker, and im not talking about the highest and who doesnt need help, im talking middle and lower income folks, to get them through this crisis so we can then get back on the trajectory we were on because of President Trump. These kind of bold measures are necessary. I would say to some of my friends on the right, my allies who are disagreeing with me on this and are taking a very doctrinaire approach to the economy, we have an economy stuart to serve as citizenry, not the other way around. We are a country that has an economy, not the other way around. And we cannot save capitalism by taking austrian economic stances right now. This is a time for extremely bold action, and in doing so we will give the people the confidence and the cash to get back to spending, back to working, i agree totally with the wall street journal, we have to have an end date on these harsh lockdown measures all over america. If we do all of the above and establish a reasonable and date and a lot of americans with the cash they need near term, then this country will quickly rebound, i guarantee it. By the end of summer i believe we can be massively growing again. Stuart we hear you, we like what you say, lets see if it works out. Steve cortez. Thanks for joining us. Markets holding onto a gain of 350 for the dow. That is approximately one and three quarters percent. Not bad. Not quite the volatility of recent sessions. Today swings are about 600 or 700 points. Welcome to the brave new world. Nathan is with us, nathan is our young capitalist kind of guy. He is a millennial and im going to put it to you nathan that you millennials, at least some of you are behaving in a grossly irresponsible fashion partying the night away, setting yourselves on beaches and groups, and what are you going to do about it . Millennials unfortunately dont understand they are essentially suicide bombers with this virus but when they blow u up, they dont die themselves, they kill everyone around them. So you really have to understand and we have to understand that you have to do these social distancing measures and understand that if you dont youre risking killing your grandparents, killing your parents and its going to be painful. Its going to be painful for couple weeks but we have to do it. I got a report that someone in britain who had broken their order of quarantine was arrested. Can you see the same thing happening in the United States of millennials are out there in a group of say 20 people on the beach, having a grand old time, can you see the point where we would arrest them for that . I can see it coming. Look, youre seeing beaches in florida obviously close down, you see these parties in pensacola happening over spring break, i dont think its a horrible idea, i think it should be looked at very closely and very strong measures should be taken to prevent, everyone talking about flattening the curve this really is reliant on the millennial younger people who are asymptomatic, they do not show symptoms, weve got to do our part flatten the curve and if that means arrest to send a message it has to be done. Stuart your young guy, you are a millennial, are you buying anything because stocks im talking about. Are you buying any stocks because a lot of people say look you dont get apple for 230 a share very often. You dont get microsoft at 140 or whatever it is. Someone at your age, if you buy now your at a long time horizon. Have you bought anything. I was texting my sister the other day whos a little younger than me, 26, im 30, weve never gone through a recession where we have a little cushion to invest. Back when we were 18 and 16 years old was oh eight. Now is a great time for what you just said. Millennials have a long term horizon. People will be flying into years, people will be taking cruises and staying at hotels, now is a great time to buy. I am buying and are also seeing stocks have gone all over the place. Youre seeing these massive hedge funds having to deleverage to make margin calls which is putting gold and silver at prices that are steel. Im addressing investing aggressively. Put it to work in the market. Thats money if you can afford to forget about. Put your money to use. Stuart okay. Our responsible millennial. Thank you. Good stuff. We have news on three Different Companies. Lets look at tesla. We are up double digit. Tesla has confirmed they are suspending production temporarily at its fremont facility. Yesterday there was some confusion about whether or not they can go from 10000 employees down to 2500 despite the fact that we have to shelter in place order across the state, but tesla confirmed its fremont facility which builds all the model threes and the crossover, and they have now been suspended. Also by the way, we heard from elon musk who says they will Start Building ventilators for those who need it in this coronavirus age. By the time actually gets production the ventilators might not be necessary and tesla also getting some, shall we say confidence boost because a lot of these analysts they may think theres enough liquidity and cash on hand to survive this downturn. Lets talk about retailers. Can you hold on for a second. Ive got some very interesting news coming about the extension of the shutdown in new york state. We just heard from Governor Cuomo calling for a one 100 workforce reduction, in other words it went from 50 in the middle of the week, 75 yesterday, today hes calling for one 100 workforce, only essential business function should be remain in place. Hes calling for everyone. I think that has an Immediate Impact on the market. We were 400 points, we heard this news, you report it and now were up 129. Hes also calling on retired nurses and doctors if possible to come back and help out. He said the greatest need by far is ventilators. There also desperately short of gowns and gloves and masks and will give funding to businesses who can make those items. All hospitals instructed to maximize their capacity and there also looking at a number of locations to serve those temporary medical facilities. And im reading the headline, cuomo says only essential personnel allowed at work. Thats a degree of shutting the economy down that weve not seen thus far. Im aware that in california theyve got this safer at home is the name of that program. Its only 14 Million People. Dont go out, stay home. The s p had just turned negative as you shutdown more people in their homes, dont let them go to work. Essentially the government is saying its crashing the economy. I use that word, there shutting the economy down. The market reflects that. S p now down four. The dow is up only 50 points. Theyve lost 400 points in a matter of seconds. Thats after the new york state announcement from Governor Cuomo. He holds a News Conference every day starting around 11 00 a. M. In the morning. There are more cases in new york than any other state. I think there up to 4000 cases. New york city its 4000 cases. 26 deaths. 26 deaths, 4000 cases. Okay. The penetration of the illness is in new york im in new york state. The market is taking it on. Doctor Nicole Safire joins us, foxnews medical 18. We just heard that announcement, one 100 of nonessential workers have to stay at home. Do you think that kind of crackdown is justified . Thats a great question. There is not going to be a blackandwhite answer whether whats right, whats not right. Will only know if these efforts are working in the next couple of weeks. Were not going to know later today, when i can know tomorrow, but the bottom line is theyre doing everything they can to try to mitigate Community Spread and best case is, if everyone adheres to them than we may actually be seeing this or the leveling off of cases so that it would be very shortterm as opposed to longterm. More people, it just means it will take us that much longer to start leveling off our cases. It seems that china has been successful with no new cases reported for the second day in a row. They had this massive clampdown of 700 Million People and it appears that come out on the other side. Italy however has not come out on the other side. Italy is still in dire straits , literally, i dont know the number of deaths but its in the thousands. So what did italy do wrong . China already had a large amount of cases but then they shut everything down. Those strict requirements that were starting to see right now, that went in effect for about seven weeks. They had already had a lot of cases. For italy, unfortunately, they had in the lombardi region they started seeing a lot of cases there, there tends to be a lot of elderly people which is why they started seeing so many deaths. Now theyre saying kind of decreasing cases in the Northern Area of italy where this all started in everythings been locked down but unfortunately in the more southern areas where they have less infrastructure they are now seeing an increase of cases. The bottom line is, its not just about a municipality or estate shutting down. This is a nationwide effect. You have to actually take it from the entire country and so now we are seeing states coming together with the most amount of cases but we are going have to really shut things down on a National Level if we want to stop spreading this illness. You are a medical doctor, obviously, thats what you do. Youre a medical person, you are a doctor. Youre recommending what you think is the best way of cutting short the virus and its impact on america. The other side of the coin is, you shut this nation down totally, you suppress the economy totally, and the economic pain is dire in the extreme. Are you setting your comments on the shutdown. Youre making a very good point. Youre really making a good point. When you talk to Public Health experts are medical experts, the economic and ethical concerns are not really put into those numbers. The Trump Administration in my opinion is really looking at this from a mall multifaceted approach in that they are taking the economic precautions. When youre talking to physicians or the Public Health officials their goal is to suppress this illness and save as many illness as possible. You cant just listen to one side. You have to get everyone in and you have to do whats best for the country. Stuart what were looking for is Real Progress on a treatment. Can you give us any update on Real Progress on treatment. Absolutely. In the last 24 hours im actually starting to feel hopeful that we are making some headway when it comes to how we are going to treat those who become infected. Weve already had Clinical Trials with antivirals that have been underway for about a month and those are showing some promise. Those are new medications. We also know our vaccine has started in human trials in record time so we know thats on the way. But what are we going to do right now for people who are dying . The literature coming out of france is showing that we are having extreme success with a combination medicine that President Trump mentioned yesterday, the combination of azithromycin and hydro chloroquine. When theyre given to patients the severity almost has a dramatic turnaround. They are proven safe because the fda approved for other conditions. Now through compassionate youth and right to try legislation, that is why we are able to be using them on humans for covert 19 which is wonderful. Unfortunately i get concerned that people are going to go out and start hoarding these medicines because there are actually people who need these for other illnesses, not covid19. We also want to make sure these medications stay available for those severe cases that dont do us any good if people are hoarding them and keeping them in their own home pharmacy. Doctor Nicole Safire, thank you for being with us. Im sure we will see you very soon. Thank you. Stuart we just turn positive but not by much. Governor cuomo said look, 100 of non essential workers, you stay home. That took the market down 400. Weve bounced back up a bit. Oklahoma senator, come on in. Welcome to the program. Good to see you. Would you address this issue some of the youth selling stock before the big market decline. And the chairman of the Ethics Committee and if any of those claims come before the Ethics Committee i will be the one to be here them and go along with them with the senator who is the other chair. That is actually one of those cases i cant address at all. I was going to suggest may be full disclosure of any stock purchase or sale by any member of congress immediately would solve the problem. Would you comment on that. Short. Any sale exceeding a thousand dollars of any type for that exact stock has to be to close within 45 day time period. Congress has a tremendous amount of transparency for any kind of purchase for any stock of thousand dollars or more. Stuart thank you for addressing that. I think theres a far more important item here. Within this latest stimulus package and that is we no longer wish to have china dominating the supply chain and the basic ingredients of our drugs. Im pretty sure there is universal agreement on that, is there not. There is universal agreement for that. This is a vulnerable moment that we found many of our drugs come from overseas and its not just the drugs, but the precursors from those drugs so this is part of our supply Chain Management that we have to do to be able to identify. We cant be dependent on any country in the world for our most critical drugs and supplies. We have to bring back things like Critical Minerals which we use for batteries and other things but also the precursor supplies for all of our drugs. Could this be used as a much Bigger Program of bringing manufacturing back to our country . Theres already been that trend. I have yet to run into an International Company that does manufacturing in china that has not reevaluated their strategy based on the tariffs that started three years ago from President Trump. They went back and looked at the most basic evaluation to determine ive got a weakness i didnt even see. I thought maybe it was one spot but ive got to because manufacturing in china, every manufacturing is looking to move it to china. Now with yet another illness thats come out of china at this point in the shutdown they did was 700 Million People, they saw the manufacturing is very vulnerable if youre dependent on one place. I think we will continue to see that trend. A big storm which weve been approaching all day long is something that appeared in the wall street journal in their editorial. They are really saying is the economic pain worth it. Do we not need to take a new look at this national clampdown that appears to be gaining momentum all across the country. What you say . Is the economic pain worth it . The pain is extreme. I did read that editorial. It was very well written. It started out by saying here are all the real medical issues. We have to address them. They reinforce the whole social distancing but then if this continues on into weeks and months, how are we going to manage the economic issues. Thats one of the Things Congress spent a lot of time stalking through. Airlines, a lot of folks say lets shut them down. We cant just shut Passenger Airlines down, even if they have a low number of passengers flying because of cargo in their belly is extremely important for the logistics of the entire country to be able to operate. We need those airlines so youve got to be able to have a bigger look at whats can happen in the economy and if the economy continues to tank, the people hurt the most will be those in poverty and we have to make sure we have a sustaining system that takes care of everyone. If we help any company, should we take an equity stake in that company, in other words a government owned, piece of bowling or piece of American Airlines. I dont think we own a piece of one of those companies. I dont want to move to a socialized market where the government owns part of that. If we give alone and they pay back with interest and put up collateral just like you would within a normal loan but our proposal that we put out on the republican side is negotiating for their colleagues on the Largest Company getting access to liquidity and loans not trying to do outright grants. The smallest of those businesses, they can take out a loan if they use that loan to do their payroll, that loan is forgiven. They can stay at their business and restart quickly. For smaller businesses a loan that moves to a grant if they keep people employed, liquidity and equity. I couldnt imagine asking the republican senator if he would like to nationalize an industry, but i asked and i knew what the answer would be. Mr. Senator, thank you very much for being here. Back to susan, i need that news on jcpenney, cocacola and at t. What he had got. Lets start with retailers. Jcpenney is pulling off and pulling back their 2020 outlook on profit and sales. Its pretty much the trend across most companies. This joins a long growing list of retailers doing this so jcpenney at kohls, victorias secret pulling their forecast and guidance for 2020 until they get a better grip as how the First Quarter and Second Quarter look as the coronavirus spread. Cocacola announcing the same thing, theyre withdrawing their guidance for this full year. They will give us an update after they post their q1 results but they werent looking for a lot of growth, maybe 5 in sales in the first month of this year. We will see what they do and dont forget Warren Buffett is a big shareholder. Heres something you might find interesting. At t had this accelerated repurchase plan they will buy back 4 billion in stock. Now they will cancel that because at t says they need the money in case pending on how the coronavirus epidemic impacts the economy and the business. Dont you think its unsavory as wellin this type of environment were talking about ingesting bailouts into the airline and boeing and trying to prohibit them in the future from buying back any stock. We know that by box actually missed the stock price and that helps benefit the executives who get paid a lot and compensated a lot in scot stock. Stock buybacks have suddenly become extremely unpopular. Im not surprised. Susan, thank you very much. Hilary vaughn on capitol hill, senator schumer and the president just spoke. We know what they were talking about . Just half an hour ago Senate Minority leader Chuck Schumer called the president had a conversation asking him to invoke the defense production act which essentially would allow them to expedite producing ventilators and other important medical equipment. The president told schumer he would do it and then reportedly yelled to someone in the background to get it done. We do have the press conference from the coronavirus tax force coming up so perhaps that will be a part of something thats announced in just a few moments. Moments. Stuart well said. It should be 10 45 a. M. When we get that virus briefing the president leads these briefings along with doctor fauci and the Vice President. You always get something new in these things. There are new announcements because its a very fastmoving situation and it could move the market. The governor of new york, mr. Cuomo saying 18 of the 7000 cases confirmed in new york have ended up requiring hospitalization. Stuart what percentage. 18. Stuart so if you get it and you positive, you go to the hospital. Thats why theres appeal for more beds and more hospitals supplies. David niclas is with us. David, first of all, before we go to the market, you are in atlanta. I believe they recently shut the bars, the restaurants come of the gems, deserted streets in atlanta just like everywhere else . Yes, pretty deserted. Coming in this morning to work the result was no one on the highway, no one on the road. A good friend of mine owns a restaurant. He said his sales are down 85 , laid off most of his staff. He has his family working the restaurant just to make it work. So stuart, its truly heartbreaking for anything that storefront. Restaurants, hotels, retail, its really sad to see whats been happening. Praying its the short term but its pretty ugly. Stuart its the price we pay for shutting down the economy and thats what were doing by government order, shutting it down. One of our themes this morning is whether or not the Great American company, the truly bluechip american companies, their stock prices have hit bottom. I was using apple, 230, 235. Are you buying either of those on the ground that maybe theyve hit a bottom. Stuart, have to say no its not a bottom. It pains me to it say that parents you have to put yourself into different camps. If youre an investor and have a longterm horizon, this is the best thing that can happen. If youve got 20 or 30 years to go, this is a great time to buy. If youre in retirement this is really where you have to consider raising cash. Were actually today raising cash for a client. Unfortunately i dont think the bottom is in. Were looking at the level on the s p 500. I just have to believe theres no downside from here. If you can raise some cash you might have better buying opportunities. You say ray sums cash, your selling. Work we are part were not selling full portfolios but we are raising a percentage of cash because we have to have the ability to buy when prices are cheaper. I think they will be but there are some good names. I think the real estate world has been beaten up if you look at nrb that stock is down 60 print that company will come back and you can buy at a level like now that has great income. If youre buying today you just have to understand and accept that youre going to see some downside fluctuation. If youre buying for the long term this is a great value to get in. For full transparency we are raising cash for clients and there is some downside left to the market. We could see another 15 20 down. For me thats where i get really comfortable going. Is your thinking affected by a couple of the reports that we got today . Ed hyman very well known Economist Says in the Second Quarter the economy will contract at a 20 rate. Goldman sachs says in that Second Quarter economy will contract at a 24 rate. Thats extraordinary. And next thursday hold on a second, next thursday when we get the latest jobless claims report, goldman is expecting to a quarter million new claims for Unemployment Benefits. Is that your thinking . Thats depression level. Stuart we have to take those reports seriously. We been such bulls on this market but the reality is the data is telling us, its giving us warning sign. We have to take the data seriously. The jump that we saw this week was quite historic. We havent seen jump like that in the last recession or the recession before that. Keeping this in contact, i think the pain will be severe. I think it will be shortterm but we have to understand the markets are going react in the short term and as investors we need a longterm outlook. Those reports are some of the things concerning me. Ill be on a Conference Call with the white house this afternoon about Small Businesses. My hope is we will hear, Small Businesses dont want handouts but we have to make sure we can have access to loans to make sure we can keep our employers on the payroll. We want to be able to pay these loans back but we have to be able to have the ability to get liquidity in case this gets worse than it is today. Stuart david niclas, thanks for joining us. To bring you all up to speed we are expecting the coronavirus Daily Briefing in about five minutes. These events are often pushed back, theyre often a little late as they finalize the details and i noticed Governor Cuomo of new york is Still Holding his daily News Conference. What we often have is a delay in the National Briefing from the president until such time as Governor Cuomo is finished. He also reemphasized oslo hes calling for one 100 of the workforce, he said this is not a shelter in place order. He said those essential, those essential businesses will remain open. What were you saying earlier that you can compel stores to close, compel businesses to shut down but you cant compel people to stay home, totally stay home 247 so these shelter in place orders are, they vary from state to state and its hard to know exactly what you can do and what you cant do. However we have with us the cyber guy, tens of millions of people are working from home. Are they vulnerable to cyber attack. Stuart, it is the last thing we need to be thinking about right now, but thats exactly what hackers are doing globally. They are taking advantage of the u. S. Right now. Theyre taking advantage around the world and they are especially taking advantage of those people, the millions of americans who have moved into their home and they are working and now they are the latest threat. Stuart why arent they vulnerable because theyre working from home. Well when you move your corporate world, and just all your time to your house, you end up having a lot more time and you have a lot more focused so the hackers are announcing we go where the people go so now theyre trying to get through home devices to get in. Weve already seen one hack attack that happened not only just here inside of homes, but also throughout the government. There are some ways you can protect yourself. I think we might have some video on this. Hackers are beating victims with email with an identical copy of this coronavirus map from johns hopkins. A rapidly spreading ran somewhere attack can lock your home and erase your phone if hackers are not given ransom within 48 hours. You should change the default username and password. If you leave that default on there, youre basically leaving your front door unlocked. Hackers can find their way and especially at home where devices likes smart speakers, doorbell and your wifi router are open targets. This device protects your home to lockout scams and threats. It easily plugs in ahead of your cable or dsl modem. It works by actively guarding all internet tracking to block and shutdown intrusions to all home devices. They will get all of your login information and if they have that they can access things like your bank account, they can do all sorts of things with your private information and sometimes with your money. Just out of clarity we shop that with her prior to our new way of keeping distance from one another, but the lesson in all of this really is have a look at your home technology, make sure the passwords are updated, make sure the software, the firmware inside of them all is updated, and then, right now we have some great initiatives, the sec trying to open up a hotspot throughout neighborhoods so lets say theres part of the population that doesnt already have robust home internet, theyre trying to turn those public hotspots into free opportunities for the public, but i have a caution there because that is exactly where hackers love to lurk and hang out. They could be in taiwan or russia and then suddenly now theyre accessing us through our neighborhood hotspot. Stuart as if we didnt have enough to worry about. Thank you very much indeed. The dow is up 50 points. I think most people, most investors might be waiting for the virus update, the Daily Briefing which should begin shortly. It will probably be a bit late. Supposed to be 1145. Hold on folks, when it happens you will see it right here. Welcome guest now, jonathan morris, fox news contributor. All right jonathan, we are heading into the weekend. Tens of millions of people will be at home, nowhere to go. Cheer me up, im about to go back to my little prison in new jersey. Cheer me up, what you have for me. The word is anxiety which is really whats eating away at all of us in different ways. Anxiety from the market, anxiety about relatives, family that are sick, anxiety about the future, and that plays into mind, body and soul. Just think about anxiety when you say anxiety, we take our Blood Pressure, Blood Pressure is up because of anxiety. I think the same thing happens in our soul. What we have to be able to do is have the soul lead the way. And how do we do this . We need hope and how do we get hope . Theres lots of ways but i think you have to start off by saying im going to make sure im going to get my nature, that is my body, my spirit in a place where i can then build on that nature. What we do. When you get up in the morning make your bed. Peace and order in your life. Get dressed even if youre isolated. Do exercise, make a to do list, make phone calls of people you love and connect with them. Thats a very natural thing. I think that prepares the way for what i would call the grace of god, blessing to enter into our soul and to give us peace. Then i think a big element to this is prayer. Its a very simple thing. Worse must be washing our hands any times during the day. How about while were washing our hands, its supposed to be at least 20 seconds. Say the our father. Its a beautiful way. Look, jonathan, im with you one 100 . But im going to tell you what a lot of people. I think i lost you here. Im listening to Something Else. Stuart can you hear me now i can hear you, but i dont think you can hear me. I think weve lost you jonathan. He got in a great message. I was about to say to him, lets get real for a second jonathan theres a lot of people who will go home this weekend to their solitary confinement and theyll drink and they might even smoke some legal weed and i think thats what a lot of people do. Im sure there are people who will do that and there will be others who may do what jonathan morriso morris said we should do. Its very difficult time in anxiety is the keyword. Stuart were not a bunch of drunks. That doesnt work. Especially the hangover the next morning. On your screen you can see right there we are waiting the daily covid19 briefing. The president will go out to that podium moments from now. He will give an update on the latest progress, medical progress, help bring in doctor ouchi or some other medical professional to say what is the latest medical news. I can tell you the latest, the line you use here is shelter in place. California has adopted a safer athome program which is exactly stay home. We have jonathan back. Jonathan, before we get to the president , im going to bring you back, i just suggested that the reality is a lot of people at home, i see people coming out at home, though be having a drink and may be smoking some legal weed. Im sorry john, i dont think ive got time, okay jonathan, what you have to say. Listen, even the Liquor Stores in new york state have just closed down. Theres a lot of anxiety and i think above all we have to look for places to find peace and anxiety because to live without anxiety and in peace, why question right because with anxiety we make bad decisions and i think prayer is panama now. Do it in your own way. Talk to god in a personal way. The suggestion of while youre washing your hands every day, save the our father or whatever prayer you used to. Communicate with god because in the end, there are answers to all of this because whats most important is your soul above everything else. Money means very little. That was actually perfect. You gave me 30 seconds and we needed 30 seconds as we wait for the president to appear in front of that podium. Jonathan, thank you very much for joining us. Much obliged. The backdrop to todays briefing is this. California has adopted a safer athome program. 40million californians have been suggested to stay at home. Governor cuomo of new york which has the worst virus infection of any state in america, he is saying one 100 of nonessential workers are not allowed to go to work. They must stay home. We cannot compel them to stay at home, we cant do that. Youre allowed to go out for necessities but as you can see the lockdown movement, the Restricted Movement is going from state to state and its being enhanced all over the place. Pennsylvania i believe is also started that kind of program. Now here is the president of the United States. Thank you very much. I had a very good telephone conversation, extremely good with senator schumer a while ago. We were working on various elements of the deal. The democrats are very much wanting something to happen and the republicans likewise are very much wanting to something to happen and i think it will. I spoke with Mitch Mcconnell at length and its tremendous spirit to get something done but my conversation was very good with senator schumer. I thank you for joining us and id like to provide an update to minimize the impact of the chinese virus on our nation students with many schools closed due to the virus, the department of education will not enforce standardized testing requirements, very importantly, for students in elementary through high school, for the current year, theyve been through a lot, theyve been going back and forth schools open, schools not open, its been standardized testing, were not going to be enforcing that so i think you can let the people know, i think probably a lot of the students will be extremely happy, some probably not but its one of those things, very unfortunate circumstance. Weve also temporarily waived all interest on federally held Student Loans. Though be very happy to hear that. Ive instructed them to take that action immediately and today secretary devos is directing federal lenders to allow borrowers to suspend their Student Loans and loan payments without penalty for the next 60 days and that we can expend that. Borrowers should contact their lenders but weve given very strong instructions so weve temporarily waived all interest on federally held, thats a big thing that will make students very happy. We have more to come with Student Loans, more good news for the students but will do that at a different time. This morning the treasury Department Also announced we are moving tax day from april 15 to july 15 so we are moving it out to july 15 so that people will have time and people will be able to hopefully, by that time have people getting back to their lives. Families and businesses will have this extra time to file with no interest or penalty. However if you have refunds or credits you would like to claim, you may still file, in other words you can file early if you are owed money by the irs. Other than that were moving it all way out to july 15, no interest, no penalty, your new date will be july 15. That team will also provide an update on our continued effort to prevent the transmission of virus across american borders and i watched whats been happening in california with Governor Newsom and this morning with Governor Cuomo, and i applaud them, theyre taking very strong bold steps and i applaud them. We are all working together, were working very closely together including those two governors but i would say based on the media that was there, with respect to virtually every governor in that call, i think every governor we had almost all of them, if not all of them and i would say you could see for yourselves the level of respect and working together was extraordinary. There was nobody angry, nobody upset, we were able to help them and thats what were all about. We want to help. The relationship is very extraordinary. This just came upon a spreader working with canada and mexico to prevent the spread of the virus across north america. You heard what we did yesterday with canada. The secretary of state pompeo will be making a statement in a little while having to do with mexico and the border and chad likewise. Its a joi joint effort in collaboration with our neighbors. The measure and all of those measures that were putting in place the health of all three nations. We are working very closely with mexico, very, very closely with canada and the relationship has never been better. Were all working toward the same goal in our nations Top Healthcare officials are extremely concerned about the Health Consequence of crossborder movement and that would be mostly and even beyond but mostly beyond this Global Pandemic. Every week our Border Agents encounter of thousands of unscreened, undivided and under authorized entries from dozens of countries and weve had this problem for decades. We are taking a very strong hold of that and we have before, but this is now at a level that nobodys ever approached. In normal times these massive flows place a burden on our Healthcare System. We are doing a Global Pandemic, they have threatened to create a perfect storm that would spread the infection to our Border Agents, migrants, and to the public at large, left unchecked this was cripple our immigration system, overwhelm our Healthcare System and severely damage our national security. Were not going to let that happen. So, we have a lot of information and they will be discussing that in a moment. To confront these Public Health degrees, the centers for Disease Control and prevention has decided to exercise its authority under the title 42 of the u. S. Code to give customers and Border Protection the tools it needs to prevent the transmission of the virus coming through both the northern and the southern border. We are treating the borders equally. The northern border and the southern border is being treated, theyre both being treated equally, a lot of people say theyre not treated equally, while they are. As we did with canada were also working with mexico to implement new rules in our ports of entry to suspend nonessential travel. These new rules and procedures will not impede lawful trade and commerce. Furthermore mexico is taking action to secure our own southern border and suspend air travel from europe. We are correlating very closely with the air travel going to mexico and trying to come into the United States. The actions we are taking together with our north American Partners will save countless lives. At the conclusion of my remarks, secretary hr and pompeo, secretary wolf, we are going to be also taking some questions with tony and deborah who youve gotten to know very well, but they will be discussing certain things and i think you will find them of great interest. We will be providing tremendous amounts of detail over the coming days, but a lot of it will be provided right now if youd like to find out about it. There has been a week of resolute action, tremendous action, tremendous relationships have developed with people who frankly didnt get along, people who didnt like each other, they are now working together and maybe even in some cases learning about each other and liking each other. Its a nice thing. I invoke the defense production act and last night we put it into gear we moved the National Response to the highest level, if you take a look at what we did this has been increased to a grade one level which is the highest level. We are providing historic support to Small Businesses and to the states who need support. This is something they would normally do themselves but because of the magnitude the federal government has gotten involved. We are helping them, its a responsibility they have but they are helping the states a lot. Thats why the governor in every case have been impressed and very nice we enacted sick leave for workers at no cost to employers. I think thats very important they get paid sea sick leave at no cost to employers. Were advancing legislation to give direct payments to hardworking families. There is in times of struggle we see the true greatness of the american character and we are seeing that a lot of people are talking about it. We are at 141 countries from what theyre telling me and some of those countries are really working in a unified manner and working with