Transcripts For FBC Mornings With Maria Bartiromo 20240713

Sharp selloff by friday. Look at the week that was with dow industrials down 4,000 points on the session. Thats 17 on the week. The nasdaq was down 995 points, 12 and a half percent lower and s p down 406 points, 15 lower on the week. President trump deploying the National Guard to new york, california and Washington State to fight what he calls the invisible enemy as more people are told they must stay home in the heavilyhit states. More companies stepping in the fight the war against coronavirus, meanwhile, they are working with the white house to manufacture mustneeded supplies and medical equipment. Plus more businesses forced to shut down as tighter rules go into place. St. Louis Federal Reserve president warning that Unemployment Rate could soar to 30 . Mornings with maria is live right now. Maria lets check Global Markets with ftse 100 in london 236 points, european indices red across the board. Cac quarante down 150 points and dax index down 243 down. In germany Angela Merkel in selfquash teen after her doctor test positive for coronavirus. The country banning groups of more than 2 people. In asia overnight, nikkei bucked the downward trend as optimism is growing there that summer olympics might not be canceled but postponed. Major averages down between 3 and 5 and a half . Oil prices down this morning as demand decreases and price car between russia and assault and battery assault and battery rages on. The following one large oneweek percentage decline. News out of washington, people are selling whatever they can sell, stocks plunges on the senate fails to agree on the coronavirus stimulus package. Here is what we know. Democrats blocked the deal last night over how much Money Companies get versus the average american. Mitch mcconnell slamming the democrats last night. We are fiddling, fiddling with the emotions of the American People, fiddling with the markets fiddling with our health care, i want everybody to understand if we arent able to act tomorrow, itll be because of our colleagues on the other side. Continues to bicker when the country expects us to come together and solve the problem. Joining us Dagen Mcdowell and Mitch Roschelle. Mitch, dagen, good to see you this monday morning, once, again, democrats saying that this is corporate welfare, dagen and businesses are coming to a halt. Dagen bailout for help and individuals is the difference between dramatic downturn and longrun depression. The House Democrats are planning to introduce their own legislation by getting involved in something thats been bipartisan negotiations in the senate. It will drag this out and could significantly lenten the time that it takes to pass a bill. Whats at issue is the democrats are demanding to attach more burdens on businesses that borrow from the Federal Reserve in this package, thats according to wall street journal editorial page. They need to get this done and done quickly. Whats important in this and we have talked about this for the last week is that this allows, this bills appropriates half a trillion dollar to the Treasurys Exchange Stabilization Fund that would allow the Federal Reserve to lend or support businesses directly through the 133 section of the Federal Reserve act. This is critical. Again, its individuals versus corporations and businesses. We need to Keep Companies solvent to prevent a banking crisis, to prevent layoffs to go from a few million to tens of millions. I dont know if the democrats understand the urgency of this. Maria well, they rejected they objected to the republicans plan to provide 500 billion for the treasury to make loans, loan guaranties and investments to support business. They do not want to look like youre helping business even though it is business that is being told to shut down and it is business being told to tell their employees to go home and stay there. And what i dont understand is businesses are the enterprises that employ people. Businesses are the profit machines that do nothing but bad when right now what we need is businesses to be propped up so you can support the economy and pay people who may not be work and staying at home. Maria ryan, President Trump advised americans to correct protocols during Coronavirus Crisis. Watch this. Critical that americans continue to follow the federal government guidelines, so important about social distancing, nonessential travel and hand washing. Defeating the unseen enemy requires the help and commitment of every single american. Maria and yet even as we are following all of the Guidelines Congress cannot get its act together. Senate democrats are blocking this bill. Yeah, its scary right now, maria. At this point businesses need a lifeline, the tax bill completely stopped out, we need to figure something out because the market is basically trading to the maria ryan, what are you telling clients this morning given the fact that we do not have any solutions here out of washington . Yeah, i have a busy morning, maria, thats for sure. Bottom line is we dont know where this practice is going to come in and i think this is my third bear market now, the worst thing to do here is panic, stock market prices and if you dont need liquidity right now and hopefully you have cash and bonds in portfolio, you really dont want to cut equities right now and not selling to any sort of market at all. Dagen maria, i want to add quick thing before you get the News Headlines that every politician needs to listen to businesses as well as the individuals who have suddenly literally overnight lost their jobs. The ceo of marriott, the company furloughing twothirds of the 4,000 corporate employees at its headquarters in betehesda, maryland, its worse than 911 attacks and financial crisis of 2008 combined. To put it in perspective. The urgency of getting something pass, getting money to individuals and loans, immediate loans to businesses of all sizes, what is in front of the democrats in the senate is a very good start in terms of the treasurys ability to take half a trillion dollars, funnel it through the Federal Reserve and get loans to those in need immediately, businesses, they shouldnt have restriction. Maria maybe when they see jobless claims numbers on thursday, dagen, maybe then they will understand what is happening across america. Since last week we had jobless claims numbers of 281,000, but this thursday we are expecting jobless claims between 2 and 3 million, dagen. Dagen and by then maria maybe that will get them to understand the importance. Dagen by then its too late. Mark my words, something needs to get done today or tomorrow. By the end of next week its too late for a lot of businesses, they will be out of businesses. I agree. Maria businesses that need cash right now and here is the latest on the coronavirus that we know. President trump has declared war on this virus activating the National Guard in new york, california and Washington State thats to fight spread of highly contagious disease. Governors will be in charge of the guard. The death toll in new york right now above 150. That is about 5 of coronavirus cases across the world. Meanwhile german chancellor Angela Merkel now in selfquarantine this morning after a doctor who gave her a vaccine tested positive for coronavirus. Her office says while the contact was brief merkel will remain isolated at home as precaution. Officials say shes being tested right now. The summer olympics lose two big competitors, canada and australia say they will not send athletes to tokyo amid the coronavirus pandemic. The International Olympic committee will decide whether to postpone the games in the next 4 weeks we will know more. Tokyo olympics president and japanese Prime Minister have said a delay maybe quote inevitable. Games schedule today start on july 24th. Bigtech companies this morning stepping up to fight coronavirus, apple, microsoft, detailed contributions, donations of medical supplies, supplies like mask, software to track the spread of the virus as well as money. Microsoft president brad smith tweeted this, 5 pallets of personal equipment arrived as the Company Works to get muchneeded supplies to healthcare workers writes brad smith. Treasury secretary Steven Mnuchin will join me live at 8 00 a. M. Hour to talk more about the coronavirus stimulus package, dont miss that. What is being done to keep the economy aflout . All that right here, stay with us. More than ever, your home is your sanctuary. Thats why lincoln offers complimentary pickup and delivery servicing. Well pick up your vehicle and leave you with a lincoln loaner and the peace of mind that helps you focus on what matters most. Thats the power of sanctuary. And for a little extra help, you can now purchase a new lincoln remotely, and defer payment for up to 120 days. Maria welcome back, markets are selling off, take a look at futures, 565 points, we are at limit down, dow reaching lowers levels since 2017 and we will very likely see further losses when the opening bell ring this is morning because we are at limit down right now. Coronavirus also pushing the price of oil lower, take a look. Oil indicates a demand situation. Youve got oil at 22. 33 a barrel. Down 33 cents a barrel. Mitch roschelle and Dagen Mcdowell in new york. Mitch, interesting to look at the oil market because on top of all the worries of coronavirus and weaker demand, youre seeing fight between russia and saudi arabia where russias plan includes killing off the u. S. Shell industry with these prices . I think the last thing that that economy needs and one of the other things when you think about the stimulus package, we talked about all businesses. There hasnt been enough discussion about the shell industry in the United States and what support they are going to need to get through this mess because the problems dont have nothing to do. Right now fight between saudi arabia and russia. Maria well, also disagreement in terms of this strategy. You know, dagen, you talked about the oped in the journal the other day, rethinking the coronavirus strategy and that keeps coming up. St. Louis Federal Reserve James Bullard, says Unemployment Rate could hit 30 because of the virus and you have people like steve bannon yesterday on my show on fox news says shut the country down. We will be talking with bill at kin coming up and he says, look, you need to take a break, 30 days, shut everybody down, flood the country with cash. We are talking about that in a moment with phil to talk about putting money to work, but whats your take in terms of the strategy today and what this looks like when we get through is this . Dagen the problem that youre seeing in the markets is anybody investing cant see the other side of it. They cant really see the next few days. The president we are talking about a 15day period that started last week. Many people think it would go a great deal longer than that and you will have, say, governor of new york talking about months and months and months that its going to take and its a great burden on our leaders whether its state level or National Level to give some certainty to this to businesses who are trying to still operate, to individuals and to anyone in this country. This is what happens. One thing that needs to be certain is the amount of money going to individuals immediately but also the lending that the Federal Reserve could do and the backstops it could put in place to support this economy and this grave period in our history and thats what the holdup is. Maria we are going to know whether or not this strategy is working. Chad wolf, the Homeland Security secretary came on yesterday and said we will have enough data by midapril, in terms of shutting down various states but there are people who want a complete shutdown. Bill will be joining us and thats exactly what steve bannon said yesterday that the country needs to be flooded with cash and we are not seeing the kind of urgency that we need. We certainly didnt see the urgency from democrats last night, mitch. Mitch 100 , the one that the senate was having is Small Businesses and i spent a lot of time in the last 2 weeks speaking to Small Business owners and empathize with them and advice some of them and 60 Million People in this country employed by Small Businesses right now that are just choked off and have no lifeline and we have to do something right now to get Small Businesses to pay employees and stay afloat so theyll stay on business on the other side whenever that is. Maria all right, we will take a short break, when we come back we will take a look oil, stock markets, more mornings with maria after this. Shouldnt you pay less when you use less data . Now you can. Because Xfinity Mobile gives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 300 off when you buy a new Samsung Galaxy s20 ultra. Thats simple. Easy. Awesome. Call, click or visit a store today. Maria welcome back, protecting the United States from coronavirus and bad information. This weekend on sunday morning futures i spoke with acting Homeland Security secretary chad wolf who told us about all of the border closings. He also said while theres not a full shutdown on the u. S. On the agenda right now officials are working hard to combat misinformation about potential moves, watch. Is the president considering a full shutdown of the country for a period of time, sir . Not at this time. The president , again, the Vice President and the task force has been very aggressive and forwardleaning and providing a number of guidance, a number of information to the American Public. We have 15 days to slow the spread. Maria we have disinformation coming out of china but when people see reports it might be cyber fraud, right . Absolutely. We have seen a number of reports and ive personally gotten in contact a number of times of text messages, the screen shots going around saying i know someone at dhs and they say we will have a National Lockdown or a national quarantine. I will just say thats absolutely false. Its not true. Its part of Disinformation Campaign and what we know whether its russia or other cyber actors they lie to discord any on any controversial issue, doesnt have to be elections, it can be any issue and we are seeing that with the coronavirus. Maria no surprise that russia is behind this as well as china. Im with dagen, mitch, ryan. Any way you look at it, you are talking about country thats standing still. People would like to see even more of this. New york and california lockdown overnight beginning at 8 00 oclock in new york and california has been in is settle at home state. It certainly feels that way but people would like to see even more. Mitch yeah, and the Economic Cost of that and the uncertainties surrounding that is the thing that has the market completely on meltdown mode. Just on the cybersecurity point. I worry about this because i think American Businesses and consumers are incredible by vulnerable right now to cyber risk and we are not as vigilant as we should be and right now hard to be vigilant when we are so compromised. Maria yeah, these bad actors piling on the quite now knowing that we are at such a critical point, dagen. Dagen Department Officials warning based on Jennifer Griffins reporting from the news channel, planning online rumors that the federal government was going to impose marshal law and the National Guard was being called upon to enforce it. Online trolling, online lies from foreign bad actors but one thing i want to stress the reason that a broader kind of stay at home order for other states, other than say california and new york, the two largest, might be needed is because people are not following guidelines. You had people in washington, d. C. In the last few days going to see the Cherry Blossoms. You saw it here in new york city before they had to shut down the bars and restaurants a week ago, little more than a week ago, people were flooding bars and restaurants despite being told by the governor and federal officials that you shouldnt congregate in crowds. So thats the issue, is people are not following recommendations. Theyre not staying at home. Even yesterday new york city is full of people and you have the governor here is now having to impose distancing for parks in the city and throughout the state. Its really incredible that people dont understand the seriousness of this until they have loved ones who get sick and are on recess my reuters in hospitals. Maria yeah, not to mention all of the parties in florida with the spring breakers. Dagen and adults, again, the people in National Parks out in arizona. Megan mccain had to do an interviews on radio and television in arizona telling people to stay at home. I think we should shut the country down and cut the thing at the knees. 100 . Maria yeah. Thats what steve bannon had said and thats what we will hear from bill akman. We will have Steven Mnuchin and whether the strategy is working and whether we need to see a much more aggressive shutdown. Stay with us. We are looking at hope in the pharma sector. Back in a moment. College compa. 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For more information, visit cdc. Gov covid19. This message brought to you by the National Association of broadcasters and this station. Maria welcome back, good monday morning, everybody, thanks so much for joining us. Im maria bartiromo, it is monday march 23rd, top stories right now 6 31 a. M. On the east coast. Coronavirus stimulus stalling in the senate last night. Uncertainty over 2 trilliondollar package sending markets plummeting this morning w. The dow down to 18,500. Just think we were at 2900 a week ago or two weeks ago. The nasdaq down 171 points right now at 67. 95 and the s p down 66 at 22. 22. This on top of a sharp selloff on friday. Fridays selloff capped off the worst week for the dow and s p 500 since october of 2008. Lets check Global Market this is morning. Similar sentiments there with the european indices down across the board. Take a look at ftse 100, down 218 points, the dax index in germany down 311 points. We are expecting jobless claims numbers to rise significantly this upcoming thursday. In germany chancellor Angela Merkel in quarantine after her doctor tested positive for coronavirus. The country banning groups of more than 2 people in germany. In asia overnight, nikkei trend in japan as optimism grew that the summer olympics may not be canceled, but it might be postponed certainly and i have two major interviews coming up so tune in. We have important interviews to share with you, bill akmin is here and Steven Mnuchin. Bill calling full shutdown of the country. We will see what Steven Mnuchin says about that and what the treasury has to say about the senate bill stalling last night. When will we see money go to individuals and businesses who need it. We are targeting a treatment. Governor andrew cuomo says they will begin trials, the government sounded confident in the drugs potential saying this, the president is optimistic about the drugs and we are all optimistic that it could work. My next guest is on the front lines of fight, mc medical doctor for emergency and medicine dr. Janet. Dr. Janet, great to see you, are you confident in antimalaria drug, right now we are talking about antivirals some which are on the market but perhaps can be used for dual use . Yes, maria, this gives us insight that antiviral medicine might work and save lives. This medication hidroxyclorine is not new, originally to be used an still being used to treat lupus and arthritis and malaria. So you dont have massive inflammation and fluid build up in your lungs, this medicine has been shown in small study, small french study that it may reduce the duration of symptoms and could potentially save lives. We do need to run the tests because we need to check for safety and efficacy and both can cause irregular beating of your heart and mild effects but they do have to be tested for this specific virus. Maria at this point we are talking about a treatment, antivirals, a vaccine year to year and a half away, correct . Correct. First doze has been given and second doze day 28, the patients, volunteers, bless their hearts will be followed and monitored and hopefully by the end of this year early next year we will have vaccine on market because studies have shown that they save lives and prevent millions of unwanted complications and hospitalizations. So thats down the road, thats not going to help us acutely but what will help us acutely that everyone together collectively adheres to the strict guidelines, protocols and recommendations of the cdc to stay home especially in youre sick, coughing into your arm, take repragues being around other people and even if you have no symptoms its important and critical to understand that you can pass and transmit this virus to other people and some of the other people may be Vulnerable People on chemotherapy or Heart Failure or on dialysis. Its about not just protecting youre but your neighbor so we can overcome virus sooner than later. Maria we cently abundance of young people being hospitalized for coronavirus. One example 12yearold girl in georgia. She was on a ventilator. Why are we seeing increase in younger patients, are they able to recover more quickly than those who are older, talk about who this is hitting now and were we wrong to think the elderly were more vulnerable . Youre absolutely, right, the data initially that we came out came out of china and it did show the ones with serious conditions are older people with underlying medical problems but im seeing in younger population. Everyone is at risk but usually, traditionally those who are younger, the lungs arent expose today exposed to pollutants. He had pneumonia. Last week i had another younger patient in early 20s, she couldnt catch a breath and couldnt breathe. Its heard breaking because you want to do everything and inhalers and breathing treatments and that sort of thing. It can affect everyone and thats why we all have take precautions not only to protect ourselves but help spread the virus and minimize on hospitals. Maria you talked about the strain on hospitals, are you worried that we are facing the hospital industry is on the brink of breaking. Someone told me the other day that we were just hours away from no more beds and ventilators, that hospitals cannot handle heart attacks and strokes because they are overrun with coronavirus cases. I want you to address that and i also want to ask you give our viewers notes on how to build a stronger immune system because we all need to build a stronger immune system to be able to handle what is obviously coming at us. Yes, i am concerned, maria, i am. I am worried about ppes, im worried are we going to run out of masks and staffs that get sick. Maria ppe is protective gear. Ppe is protective gear . Right, our masks that we dont get sick because if we get sick then we are on quarantine, how are we going to take care of our patients. Maria thats right. Masks, gowns, gloves, this is a great concern. New york state as of yesterday declared an emergency to get extra fund to go get help to have resources and tools to fight the virus but it is very, very important. We are seeing, you know, a strain on on the Emergency Rooms and the hospitals and thats why its so important for patients to really truly understand that everyone, one person can truly have an impact youre having mild symptoms, stay home. Coming into in right now is not going to make a lifechanging difference and its hard to get, you know, younger patients and sometimes the older ones who are under a lot of stress and anxiety to understand this. Good well balance diet, plenty of vitamins and minerals from fruits and vegetables, hydrated, no smoking, make sure youre up to date with routine vaccines and that can help you keep you healthy. Its not a bad to take a multivitamin and vitamin d helps with respiratory illnesses if you start in advance of the disease. Maria we will see you soon, thank you, i want to point out markets here because we are down 400 plus points but boeing shares stocks are up on upgrade this morning but the Company Making serious move and we will take a look and come back. I want to bring you secretary of state mike pompeo arriving in afghanistan on surprise visit. Cheryl casone on that with details. Cheryl, morning do you. Cheryl we have been following the secretary of state, hes in kabul right now, trying to move forward with the peace deal between the United States and the taliban, the agreement signed last night but intern al politics has now threatened any progress. The taliban and afghany government discontinued agreement. Pompeo did meet with the afghanistans president and Opposition Leader which claims to be the president of the country. Thats all going to happen later this morning, we are following that. Now to ibm and honeywell, they have now joined the fight with the white house against the coronavirus, President Trump says that ibm along with top universities and labs will use Super Computers to help researchers understand the virus and look for potential treatments and cures, you have amazon, google and microsoft. They are also working and those stocks right now and red arrows across the board. Honeywell ramping up production. Their goal is to make millions as you talked about those n95 masks, we need a lot of those folks, well, cisco is pledging 225 million to help combat the global coronavirus outbreak. The Company Offering 8 million in cash, 210 million out in services. They are expecting to announce multimillion Dollar Financial Assistance Program for atrisk individuals, thats today. The stock is down more than 1 and a half percent in premarket and finally, maria, a race, there was a flag, just no physical fans, the virtual checkered flag at the enascar racing Pro International series. The winner is hamlin. Wow. What a race. [laughter] what a finish. Cheryl you can see all the empty stands obviously and hamlin on a digital version of homestead miami speedway. He got to race holmes. Theyll be erace every week. Trying to find things to do to pass the time. Maria thats great, cheryl, thank you. Quick break and a lot more. The impact of coronavirus on markets getting hit hard, stay with us. Dr. Deborah birx we know that were asking americans to do a lot right now. So were asking everyone to be selfless for others so that we can protect those who are most susceptible to this virus. Dr. Jerome adams a question i often get asked is, why should young people care about the spread of coronavirus . Well we know that people with underlying medical conditions over the age of 60 are at highest risk, but theyve got to get it from somebody. Dr. Anthony fauci social distancing is really physical separation of people. Dr. Deborah birx its what we refer to when we ask people to stay at least six feet apart. Dr. Anthony fauci not going to bars, not going to restaurants, not going to theaters where there are a lot of people. It all just means physical separation so you have a space between you and others who might actually be infected or infect you. Dr. Jerome adams we all have a role to play in preventing persontoperson spread of this disease which can be deadly for vulnerable groups. For more information on how you can social distance please go to coronavirus. Gov maria welcome back, futures are pointing to a sharp selloff this morning. Take a look. Dow is reaching lowers levels since 2017. We continue to see investors react to a failure yesterday in the senate and continuation of closings across the country. Coronavirus also pushing the price of oil lower. Take a look at oil prices this morning and even safe havens are being sold in this market like gold. Take a look, oil prices down 14 cents a barrel at 22. 49 right now. Joining me right now federated hermes chief investment strategist phil orlando. Phil, great to get your insights this morning. What have we lost so far in terms of market value and how much lower with the market go, phil . Well, we are down about 35 from that market high and in terms of wheres the bottom, how low is low, we have been slicing through Technical Levels like butter and companies have pulled guidance rightly so, so its very difficult to look at the market in a traditional sense to figure out the bottom which is why weve come up with this sort of threelegged idea to figure out where the bottom is development in in Monetary Policy, fiscal policy and social policy when we can check the boxes and all three of those and we will have Comfort Level that we are at or near bottom. Maria look, you dont have any visibility in the face of st. Louis Federal Reserve James Bullard with prediction that u. S. Unemployment could hit 30 , phil, in the Second Quarter due to virus and americans to expect up to 3 million jobless claims when we get the weekly numbers on thursday, last week was 281,000, we are talking about 3 million perhaps this upcoming thursday. Are these things priced into the market or when you see this, when investors see these kinds of numbers in the Second Quarter, will they be surprised and send this market even lower . I think a lot of this has been priced in but i have to tell you if you look at the last cycle, Great Recession cycle, claims somewhere in 650 or 700,000 neighborhood. If we start with 2 million, 3 million claims and mnuchin talked about unemployment going to 20 , bullerd 30 , those are massive numbers. That brings us back to the point if these are the kinds of numbers, the kind of damage we are talking about, what was the senate thinking last night in terms of failing to pass the bill. This is one of the key issues here, Monetary Policy i think we can all agree that the fed is all in but fiscal policy theres still playing games in washington. This is very maria right. We got the misstep. Then that was the wakeup call for congress to come back and say, okay, now weve got to get serious. Thats where i think we are this week. Maria youre right. Ryan payne, you were there, you remember when we were in desperate need of package and they were fighting, same thing once again. The country is in desperation needing cash and they are fighting over line items. Ryan its a serious problem. We have to get leadership i think in washington and we have to get both parties on the same page. Like you said, maria, they are bickering over change and we need a couple of trillion dollars here. Theres going to be a phase 4 and theres going to be a phase 5 but we have to get action this week. Maria yeah. Absolutely. Thank you so much, phil, we will keep checking back with you certainly to see how your clients are doing in this with the dow industrials down 400 right now. We will take a break, when we come back hollywood and the celebrity world, how they are looking to help amid the Coronavirus Crisis. Stay with us. Lots of money with Liberty Mutual we customize your Car Insurance so you only pay for what you need only pay for what you need. Liberty. Liberty. Liberty. Liberty. [ one morwoo me b[ laughing ]] woo play pop music no way dude, play rock music yeah woah no matter what music you like, stream it now on pandora with xfinity. And dont forget to catch trolls world tour. Lets party people one more time maria welcome back, celebrities taking action. Carley shimkus has details on that angle, carley, good morning. Carley hey, good morning, maria, celebrities are flooding social media with pictures and videos all aimed at getting folks to sanitize and stay indoors. Neil diamond serenading twitter followers with acoustic sweet caroline. Watch. Washing hands and reaching out, dont touch me. I wont touch you. Sweet caroline. Carley that video racking up 4 million views. The bronx native hosted a Virtual Dance Party on instagram called club quarantine. Drew over one hundred thousand viewers including celebrities and politicians like missy elliot, Michelle Obama and even joe biden. The best party i would create in dj would be from the comfort from my own home. Country music star garth brooks offering free concert live and taking requests and concert tonight at 7 00 p. M. Eastern time and the venue will stream concerts every saturday, tradition thats been going on for 94 years, so, maria, a whole host of celebrities providing athome entertainment to keep people occupied. Maria i love it. You have to love america. The American People will get through this. Carley, thank you. Carley thats right. Maria carley shimkus. Infrastructure firsthand, we can make better informed investment decisions. Thats why i go beyond the numbers. There are no half measures. No shortcuts. No faking it. Doing it right is plan a and plan b. Kubota equipment is built to the same high standards you live by. Its up to the challenge. Halfton hay bale challenges. Herding cattle challenges. Thats a lot of mulch challenges. All day. All conditions. All year round. Kubota. Together we do more. Maria welcome back. Good monday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is monday, march 23rd. Your top stories, 7 00 a. M. On the east coast. Coronavirus stimulus has stalled in the senate. Late last night, no deal. Now people are asking whether the entire country should be shut down for a period of time. Including steve steve bannon. I dont think we have months to do this. I think what should happen, and my recommendation would be to kind of dove tail what President Trumps action, action, and get it done yesterday is to drop the hammer r, dont mitigate the virus, dont spread the curve, shatter the curve and go full hammer on the virus right now with a full shutdown. Maria full shutdown, markets are plummeting this morning, calling for a shutdown is Pershing Squares bill akman. He will be joining me next hour. Also, treasury secretary Steven Mnuchin will be here, the question over a shutdown will work and why are markets not responding to the stimulus being thrown at the economy. The uncertainty of the stimulus sending futures plummeting again. Nasdaq is lower by 123, s p lower by 52. Meanwhile, more private companies stepping in to fight the war against coronavirus. They are working with the white house to manufacture much needed supplies and medical equipment. More businesses forced to shut down as tighter rules go into place as well. St. Louis Federal Reserve president is warning the Unemployment Rate could soar to 30 . Mornings with maria is live right now. And were looking at Global Markets this morning under serious pressure. Take a look at european indices right now, the fq100 is actually off of the lows of the morning, i should point that out, down 192 points right now on the ft. The dax in germany lower by 265. As you can see, germany under pressure, in germany chancellor Angela Merkel is in selfquarantine this morning after her doctor tested positive for coronavirus. The country banning groups of more than two people this morning. In asia overnight, japan bucked a downward trend as optimism grew that the summer olympics will not be all together canceled but would be postponed possibly. No word from the olympics Management Team there. Nikkei average this morning up 2 overnight. The kospi index in korea was the worst performer, down better than 5 . Lets Check Oil Prices this morning. Demand is decreasing, the price war between russia and saudi arabia continues to weigh on the price. Crude oil at 22. 36 a barrel, it is down another 27cents a barrel this morning, that is better as you can see than 1 . This following the largest one week percentage decline for oil since january 1991. Last week. Meanwhile, Interest Rates have fallen, the yield on the 10 year treasury down once again, now down 4 andahalf basis points, sitting at a level of 0. 810 . Democrats block the coronavirus stimulus package last night. The left taking issue over how much money certain Companies Get versus how much money the average American Worker will get. Senate Majority Leader Mitch Mcconnell blasting his democratic colleagues for holding up this vital legislation. Were fiddling here. Fiddling with the emotions of the American People, fiddling with the markets, fiddling with our healthcare. The American People expect us to act tomorrow and i want everybody to fully understand if we arent able to act tomorrow, it will be because of our colleagues on the other side continuing to dicker when the country expects us to come together and address this problem. Maria joining me right now is wyoming senator, chairman of the Senate Republican conference and a doctor himself, dr. John bur. Buraso. Thank you for weighing in this morning. Thank you. Maria tell us what happened last night. A couple things. First, we as a nation are facing a double crisis. Its the medical crisis that the virus and then the economic crisis as a result of government stepping in and shutting down businesses, all around the country. We need to have a rescue operation here and thats what we are trying to do in the senate. There have been bipartisan efforts all weekend. It turned last night into what seemed to be politics again. People playing politics. We cannot afford that, maria. We have another vote scheduled today at noon but as people are waking up, certainly in my home state of wyoming and all across the country, they have anxiety and fear, number one, of getting the virus and number two, of is their job going to be there. And those are concerns we need to address, thats whats so important about this legislation. It is no time for politics. We need to pass this today. Maria agreed. People and businesses need money today, senator, and one of the issues according to nancy pelosi is that medical workers are not getting enough versus what businesses are getting. So the democrats are complaining and objecting to the republican plan to provide 500 billion for the treasury secretary to make loans, loan goo guarantees or investments to support businesses, possibly along with states or municipalities, more than twice as much as fresh requested. What is your answer to this issue or this that nancy pelosi and Chuck Schumer are bringing up that medical workers and workers are not getting the kind of relief that businesses are getting. They negotiated on saturday night and sunday they came in with a whole new list of demands. We thought we were at a place to solve the problems on sunday but theyve continued to move the goal line on what theyre requesting. Now they want to put additional burdens on businesses that borrow. All of us want to make sure that all of the medical workers across the country have what they need and in some places its a logistical problem of getting things to locations. I talked to doctors that i work with, who i practice with in wyoming, visited with them yesterday, they continue to have concerns about the supplies, the personal protective equipment as well as testing. Those are the issues were facing. But to negotiate the bill over that isnt going to get more of those into their hands. We need to get that distribution handled. We also need to show to our people all across the country the workers the families who are concerned, will they get a paycheck, the Small Business owners and 70 of all jobs come from Small Businesses in this country. Will they be able to reopen their doors and still be solvent once we get the healthcare crisis beyond us. And thats what this package is designed to do, to give immediate relief to families and to make sure that those Small Businesses can keep those Jobs Available for people once we return to business as normal after the crisis, the medical crisis is beyond us. Maria and the key word that you just said is immediate, senssenator, because i know youl have been on the phone with lots of businesses and individuals, Small Business, big business, who say im about to run out of cash in 60 days. Another one says im out of cash today. Do nancy pelosi and Chuck Schumer understand there are individuals and businesses out there today that are out of cash today, they need the money now . Its hard to know if they do understand that or realize that theyre playing politics while the demands and the needs around the country continue to increase and i think we need some certainity for folks at home that they will get that relief. I will tell them relief is on the way. Were going to work our way through these delays. We want to get this passed today so the American Public families who are concerned and Small Businesses who want to keep those Jobs Available, that paychecks will continue to go, that the Small Businesses that employ all of these people will be able to open their doors again in the future. But we want these things to be temporary because we want this beyond us. So were writing all of the legislation to end at the end of the year. We want it to be targeted, temporary. We thought we had a bipartisan agreement. Now it does seem that nancy and chuck want to put additional burdens on the businesses that borrow the money. This isnt free money. This is borrowed money that would need to be paid back by so many of the businesses around the country. Not the Small Businesses, if they use the money for paychecks. And to have the doors ready to reopen. Maria the house version i mean, in the house version, nancy pelosi wanted to put abortion funding in there. Abortion funding. We are at a moment in time the way we were in 2008 that my last guest just said, phil orlando, we saw the same games being played around the tarp money that the American People and businesses needed when we were in the last crisis in 2008. Now you have to worry about coronavirus hitting the very lawmakers that are supposed to be passing the legislation, coronavirus in the senate, your colleague, kentucky senator rand paul, the first member of the Upper Chamber to test positive for this disease. Reports of his illness prompted those colleagues who interacted with him recently, ya like mikee and mitt romney to also enter quarantine, joining rick scott, cory gardner, had potential runins with the virus. Are you coming up with alternatives in terms of not having everybody in the senate room, the chambers, to actually vote on this . How will you get anything done if youve got senators, your colleagues actually getting sick . Youre right. Unfortunately, fortunately, none of them are sick at this point. Our hearts go out to anybody who has been impacted by that virus. We have concerns for all of those. These five were not there last night. We are extending the time for voting so we dont have all of the senators in the chamber at the same time. People go into the door, cast their vote and leave and its a slower process. It drags on. But its the appropriate thing to do because we need to make sure were not in close contact, were doing proper distancing as were asking people all across the country because thats part of fighting the disease as well, maria. Maria yeah. Senator, real quick, before you go. There are calls to shut down the country for a period of time. Steve bannon is calling it the hammer. Bill akman is asking the white house, please, send everybody home. What do you think about this idea and you have to be looking at these markets, saying we better come up with something else, for some reason all of this stimulus from fiscal to monetary is not resonating with investors, senator. The market is down 35 from the highs. Well, peoples lives are impacted by this. Their livelihoods are tremendously impacted. Were america and we value our liberty. Im at a point where i say lets make sure people do the responsible thing. I dont want the country stepping in and interfering with individual personal liberties. Its time for america to do the responsible thing. People are doing it all across the country. Some locations not as well as others. But we need to as a doctor, i would say make sure your washing hands, social distancing, avoiding crowds. If youre sick, stay home. Stay away from others. Use proper precautions that were hearing coming out of the Surgeon General and dr. Fauci and dr. Brooks, theyre the people to be listening to. They have incredible credibility on this and theyre getting the word out. Maria senator, final word here. Only a couple seconds here. Youre in a leadership position in the senate. Do you expect well get a deal this week . Im wanting a deal and a passed bill today. Were voting again at noon. Maria okay. Well leave it there. Senator, thanks for your leadership. Well be watching the developments. So appreciate your time this morning, sir. Thank you, maria. Maria senator john buraso joining us there at the capitol. Now the latest on the coronavirus. President trump declaring war on this virus, activating the National Guard in new york, california and Washington State. To fight the spread of the highly contagious disease. New york now has the most cases of coronavirus in the country. The number nearing the 17,000 mark in new york. The death toll in new york now topping 150. That is about 5 of coronavirus cases across the world. German chancellor Angela Merkel in self quarantine this morning after a doctor who gave her a vaccine tested positive for coronavirus. Her office says while the contact was brief, merkel will remain isolated at home as a precaution. Officials say she is being tested. Walmart boosting pay for warehouse workers as demand soars from the coronavirus pandemic. Hourly employees will get another 2 an hour through late may at walmart. This comes after walmart said that it was trying to do more. Amazon temporarily hiking overtime pay for warehouse workers, employees who were getting time andahalf will see hourly rate doubled until may 9th. Amazon shares this morning are lower as you can see there in the premarket. Stay with us. A lot more to come right here. Back in a moment. More than ever, your home is your sanctuary. Thats why lincoln offers complimentary pickup and delivery servicing. Well pick up your vehicle and leave you with a lincoln loaner and the peace of mind that helps you focus on what matters most. Thats the power of sanctuary. And for a little extra help, you can now purchase a new lincoln remotely, and defer payment for up to 120 days. Maria welcome back. Futures are down sharply this morning on news out of washington, stocks plungeing with the senate failing to agree on a coronavirus stimulus package. Take a look at these numbers with the Dow Jones Industrial average down 501 points, coronavirus also pushing down the price of oil. Weve got assets across the board losing value this morning. Oil at 22. 19 a barrel. Down about 1 andahalf percent there. Were looking at oil drop and that is also continuing to indicate that Global Demand has slowed down quite a bit. No question about it that Global Demand is drying up. I mean, there are multiple countries around the planet that are on lockdown. So one thing were not doing is producing things and burning oil and theres no cars on the road. Any number of people have been posting pictures on social media of times square with no cars and all these cities around the world and that is going to be a shock to the system that the oil markets are in disarray. Maria ryan payne, earlier you said you also would like to see a full shutdown. In some corners of the country it certainly feels like a shutdown. You want even more. Yeah, im not on mute this time. Im in better shape here. I agree with the fact that we need clarity and i think thats what markets hate more than anything is uncertainty so to cut this thing off at the knees, if you look at china or south korea which is maybe a better example, theyve done an excellent job getting ahead of this thing and they locked everyone down. Lets face it, the economy is already at a standstill. Why would we just why would we linger and not just get everything shut off right now, get the fiscal stimulus in there, then well have clarity, know that companies can get through this. Small businesses right now, i have a lot of clients that laid off workers, have one or two months worth of cash left. I wonder how quickly once the stimulus is passed can we get cash into Small Businesses hands. Dagen i can tell you why we cant respond to it like china because were not communist. Thats why. The communist government there the communist government there is the one that bears the losses, the losses that are borne right now are in the private economy. These are individual businesses. And i think that democrats in Congress Need to get on the phone and talk to some of those people who have no cash. Those restaurant workers, those individual workers who have lost their jobs overnight to try and protect the overall population, to the businesses that have gone away overnight and might stay away forever. One quick thing i want to point out. We keep talking about the financial crisis. To quote the ceo of marriott, this is worse than 9 11 and the 2008 crisis combined. In terms of the number of jobs that we will see lost, jobless claims last week, were looking at maybe 3 million, if not more. That would mean one week in the range of 3 to 4 times worse than the worst week of the financial crisis. Thats why it is paramount that you get money flowing to individuals and businesses immediately. I hope the congress is listening. 100 , dagen. Maria you would think that they understood that, given what were looking at in terms of the shutdowns. We will get jobless numbers out on thursday morning. We will see if they are in fact 2 to 3 million as now many people are predicting. When we come back, a lot more coverage of this Coronavirus Crisis and its impact. Mornings with maria comes back. Is faced with adversity, we find a way to get through it. Its not about taking care of ourselves, but taking care of each other. Checking on our neighbors. Lending a hand where we can. And just being there. Its the sum of the small parts that make a big difference. To help you get through this, we promise to do ours. Were offering chevy owners complimentary onstar crisis assist services and wifi data to help keep you connected to the things that matter most. And, if you need help with your current vehicle account, were here. For those who need a new chevy, interestfree financing for an unprecedented 84 months, with deferred Monthly Payments for 120 days on many of our most popular models. You may even have the option to shop online from your local dealer. And take delivery at home. Its just our way of doing our part. These expect and way more. Internthats xfinity xfi. 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The dow at its lowest level since 2016, dow industrials down 520 points, nasdaq futures lower by 150 and s p futures currently down 63 points as the senate failed with its legislation last night. There is a new vote this morning, this afternoon, rather, at 12 00 noon. My next guest is out with a new piece in the financial times, an op ed piece on what actions Central Banks should take. She writes the u. S. Federal reserve and other Central Banks should take coordinated action to require important banks to build Capital Buffers by retaining earnings. This means that such banks would suspend all capital distributions including discretionary bonuses to top executives until the Global Economy starts to recover. Joining me right now is Alliance Founding director and former fdic chairman, sheila behr. Thank you for being here today. Nice being here, thanks, maria. Maria so you want to see coordinated actions from Central Banks, more so than youre talking about stimulus out of the fiscal part of things or are you saying you want both . Well, i think we need all of the above. That was specifically targeted at the Banking System and making sure the Banking System remains solvent during this crisis. So yes, they need to preserve their cash and their capital. Theres no reason why they need to be distributing earnings to shareholders or executives right now. They need to conserve those resources so they can keep lending into the real economy. That will complement a lot of the efforts that are going on in the stimulus bill to provide backstop against loan losses. The banks need to get out there and lend including to Small Businesses and companies in these distressed sectors right now. They need capital to do that. Thats why they should be retaining the capital. Maria you dont necessarily need to see the Central Bankses do anything on Interest Rates or their own Balance Sheets, you want tighter regulations on the banks so they can raise more capital and be ready to lend in an aggressive manner. No, ive supported the feds liquidity measures. They were prudent to do that. Liquidity is capital. So the liquidity which is the amount of cash you have onhand has been pumped into the Banking System by the central bank. I support that. Thats a good thing. That was the first paragraph of the op ed. The liquidity isnt enough. You need to keep solvent too. They need capital so they can absorb the losses that are going to come from the terrible crisis and we want them to keep lending so theres two prongs of action that i think Central Banks should be taking. Maria last night we heard from minneapolis Federal Reserve president neil kashkeri talking about the potential economic fallout from coronavirus. Listen to this. Watch. Are we in a recession . If were not right now, we will be soon. My base Case Scenario is we will at least have a mild recession like after 9 11. The worst case would be we would have a deep recession like the 2008 financial crisis. We just dont know right now. Nationwide last week there were almost 300,000 people filing first claims for unemployment benefits. It could be five times that amount next week. Maybe more. Where is the bottom . If this is a three month shutdown well find the bottom pretty soon. If this is a year long shutdown, this could be very damaging to the u. S. Economy and most importantly to the American People. Maria sheila, whats your take on that . Do you think that we are approaching a bottom in terms of Economic Growth . Where do you see the recession and how steep do you see it coming . Yeah, i dont think we know yet. I think it could be a lot more severe than 2008 and could parallel what we saw with the great depression. A lot of it depends on the actions that Congress Tags right now. I want to emphasize, thats a muscular fiscal stimulus as well. I hope they can work the stimulus out today. Maybe they need more control out of the massive amounts of money theyre going to pump into the system. We need to get that money out the door, especially to individuals who are losing their jobs, hardhit sectors that are forcing layoffs and Small Businesses in particular. The bill is designed to address all of these. I hope they can get a compromise today and get that money out the door because the economy is desperately in need of it and it cant be tomorrow, next week, it needs to be now. Maria thats right. Sheila, thanks very much for your insights this morning. We appreciate your time. Great to be with you. Maria stay with us. Well be right back. Maria welcome back. Good monday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is monday, march 23rd. Your store rise right now. Coronavirus stimulus stalls in the senate. It failed last night. There is another vote today. The uncertainty over the nearly 2 trillion stimulus package sending futures plummeting once again. Stocks are down across the board with the dow futures down 618 points. The nasdaq down 1 170 points, sp down 72. Some people are calling for the entire country to be shut down for a period of time including bill ackman. He will join me in about half an hour. Then we will get solutions from treasury secretary Steven Mnuchin. He will be here the overriding question whether a shutdown would work and why are markets continuing to sell off even in the face of all of this stimulus. Take a look at Global Markets this morning, european indices red across the board. Youve got the fq100 down 213 points, cac in paris down 140 points, and the dax index in germany lower by 258. In germany, chancellor Angela Merkel is now in selfquarantine this morning after her doctor tested positive for coronavirus. The country has banned any groups of more than two people. Two people. In asia overnight, japan bucked the downward trend. There is optimism growing that the summer olympics will not be canceled all together but will be postponed perhaps. No word from the japanese authorities there. The coronavirus stimulus package stalled in the senate last night. The senate falling short of necessary votes to advance the bill. Now, markets are plummeting because businesses need money now. The clash over covid19 relief fueling a market selloff, dow industrials down 626 points. President trump has been out talking to the public every day. He has confidence that the u. S. Economy is not waiverring. He is predicting the markets and the economy will surge after america overcomes this pandemic. Our goal is to get relief to american as quickly as possible so that families can get by and Small Businesses can keep workers on the payroll. This will help our economy and you will see our economy skyrocket once this is over. I think its going to skyrocket. Maria joining me right now is former chief Economic Advisor under president bush 43, ed lazere is here. Thank you very much for joining us. I want to get your take on the senate. Hello, maria. Maria businesses need this money now. There are people calling for a flooding of cash into this country right now with a total shutdown. Your response to what has taken place last night . Yeah, obviously its deja vu. I remember this in 2008, when we tried to get the tarp passed and the first time it failed and youll probably recall we had to go up to congress, working both democrats and the republicans, try to get them in line and on friday, about five days later, we finally got it back together and they passed it. I hope it doesnt take that long this time. I know senate is talking about working very hard to try to get it done. They better get it done. This is essential. This is not stimulus. This is all about liquidity, about keeping people going in the short run. This is not talking about the kinds of things that we would be needing for coming out of a recovery later on, they is keeping us going right now, immediately. And there are a lot of people who are going to be hurting, you talked about it earlier on your show. Go ahead, im sorry, maria. Please. Maria what im saying is, i mean, weve got warnings up and down business and wall street, a stark warning from former white house chief strategist steve bannon yesterday who joined me on sunday morning futures and i asked him about the influx of stay at home orders sweeping the nation. Watch this. I dont think we have months to do this. I think what should happen, and my recommendation would be to kind of dovetail what President Trumps action, action, and get it done yesterday is to drop the hammer, dont mitigate the virus, dont spread the curve. Shatter the curve and go full hammer on the virus right now with a full shutdown. Were going to have to shut it all down to kill the pandemic, bridgette with a cash infusion and take care of solvency and liquidity problem using the fed and Treasury Department to lend to Corporate Credits. Maria ed, what about that . Do you think if the public believed there was an end date, that we shut the country down for 30 days but we know theres an end date, would that be helpful or to get through this or what . What is the answer, ed . Part of this is a technical question. When i say technical, i mean technical in the sense of epidemiology. The question is whether shutting down for any period of time actually kills off the virus for us. So the problem with this disease is that even if you shut things down and you get the thing under control for a while, its not that easy for that to stay under control for a long period of time. It only takes a few cases to get the thing started again. The question really is whether we can eliminate it. I guess the way i think of it is this. I would say essentially what government needs to be thinking about right now is resetting the clock, kind of starting over again and saying, gee, if we shut down for a period of time, two weeks, a month, im not sure exactly what that number is, would that put us back to where korea might have been a couple of weeks ago and get us on a different path. I doubt were going to be able to eliminate it without having real herd immunity. What real herd immunity, not created through social forces like people doing social distancing, it means people having had the disease and being immune to it. Thats a different situation from what were talking about if we control it through social forces. Maria thats very different than by the way the u. K. s strategy, which wanted everybody to go out and get sick. Thats what they were calling herd immunity. Ive got to get your take on where we are in terms of the economy. Why did they on how steep the recession will be, how steep the contraction will be in the Second Quarter, what are you expecting . Do you think well have a contraction in the Second Quarter of, what, 10 . 20 . What does the Second Quarter look like . What does 2020 look like, ed, at this point . Well, i would say if we have a positive scenario, and a positive scenario means we get help from government, that the senate and house are able to get their act together, we get this what i call liquidity bill, i resist the word stimulus because i think stimulus is a different thing. What were talking about now is keeping businesses viable in the short run. But if we were able to do that, i would expect a contraction somewhere between 15, 20 for this quarter. Then zero in the following quarter because once we bear that contraction, we dont have to bear it again. We level off. And then we should start seeing growth in the third and Fourth Quarter out from now. I would guess that we could come back with in six quarters, back to where we are right now and then even have high growth after that, 3 , 3 andahalf percent, even 4 after that. Much of this depends on the progress of the disease, of course, but also the progress of government in terms of making sure that businesses stay afloat. Weve got to keep those businesses open. Weve got to keep people afloat. You know, this is not just about when we say liquidity, were not just talking about liquidity at the level of Small Businesses and big firms. Youre talking about individual liquidity. You cant have people losing major sources of income and expecting the economy to function. Maria thats right. Ed, its great to get your insights this morning. Very smart, as usual. Thanks very much for weighing in. Thank you. Maria well see you soon. Appreciate it. Maria new york state is about to Start Testing drugs to treat coronavirus. Cheryl casone with those details. I know this is an optimistic story, thank heavens, cheryl. Cheryl we are hopeful that maybe this could work, maria. A lot of us are. Heres whats happening in new york. The Governor Andrew Cuomo says the states going to start trials tomorrow after the government gave the state 70,000 doses of hydroxychloroquine, 10,000 doses of zythromax and doses of chloroquine itself. They normally treat malaria and inflammatory difference. New york has the most cases in the nation, 17,000, and more than 150 deaths. Thats 5 , maria, of coronavirus cases worldwide. Well, Dollar General putting out the help wanted sign. The Company Announcing plans to hire 5 of thousand workers 50,000 workers by the end of april, nichel nearly doubling te of hiring. The coronavirus pandemic taking a heavy toll on the airline industry. We talked about it. Jetblue preparing to cancel hundreds more flights, reducing capacity to what the Company Calls an essential level of air service. Emirates will maintain International Cargo routes because they say theyre in high demand. United airlines is restoring International Flights to help stranded passengers get home. United said on friday its going to slash International Flights for april by 95 following travel advisories that have been coming from the government, the u. S. Government. And shares of jetblue and united, want to take a look at these stocks. Of course, as we wait to see what the senates going to do, jetblue is down almost 1 andahalf percent, United Airlines down nearly 2 andahalf percent. Okay, finally maria, i cant wait to share this with you. Its a viral moment, i hope it makes you smile. A world war 2 veteran was forced to cancel his 101st Birthday Party because of the pandemic. He posted this picture on social media. The internet did its thing. He racked up now almost 130,000 likes and, yes, i was one of the people that retweeted him over the weekend and happy birthday, owen. Maria i love that. Happy birthday from all of us to owen. Thank you, cheryl for that. Stay with us. Well be back in one minutes time. Stay with us. Protect your family as it grows company. A put enough away for college company. And a take care of your employees company. Were a help you ride the ups and downs of the market company. And when its time to retire, were a weve been guiding you toward this all along company. Think of us as all these companies, and more. Principal. Retirement. Investments. Insurance. Actions to help prevent the spread of respiratory diseases. Wash your hands. Avoid close contact with people who are sick. Avoid touching your eyes, nose and mouth. Stay home when you are sick. Cover your cough or sneeze. Clean and disinfect frequently touched objects with household cleaning spray. For more information, visit cdc. Gov covid19. This message brought to you by the National Association of broadcasters and this station. Of broadcasters you dont just own horses. You own a pasture. A fence. A barn. An arena. More fence. And hay. Lots of hay. So you need a tractor built to do it all. And do it right. You need the power to handle anything. You need versatile performance matchedattachments. You need the 1 selling compact tractor for a decade. The kubota l series tractors. Maria welcome back. Scientists across the world racing to create a coronavirus vaccine. One company says it already has a promising treatment. Joining us right now is founder and ceo dr. Robert heririri. Thank you for being here. Let me just say you were one of cornells most highly regarded surgeons, you are the chief scientist and ceo of cellularity. Tell us what you are working on. Good morning. Its great to be with you. Selcelllarity is one of the wors leading cellular Medicine Companies that harnesses the unique power of the biology of the placenta. Among the products we developed include stem cells that have a variety of biological features, more recently, immune cells that can be used in cellular immune therapy. The same product we developed here, a natural killer cell derived from a placenta, designed to protect the developing fetus and newborn from a variety of diseases including viral diseases happens to have activity against virally infected cells. Were rushing to advance this into the clinic and democrat strait whether or not its an effective way to control coronavirus. Maria and this is already in Clinical Trials in terms of using this Clinical Trials as a treatment for cancers, correct . Yes. So we already complete r ed phae one studies in two forms of blood cancers. We just had our ind accepted to begin treating solid tumors and were waiting to get permission to begin treating patients with covid19. Were very excited by it. This is a product that can be highly scaled and can be administered via simple Intravenous Infusion and we believe its perfect for a number of conditions across the board like these types of pandemic viral illnesses. Maria wow. Dagen mcdowell, jump in here. Dagen tell us how like what kind of trials this would involve and what type of timeframe were looking at. So youre looking behind me right now at one of our gmp manufacturer suites. This is an ultra clean room where the cell products are manufactured and we are preparing to enter into a trial of about 50 to 100 patients where we would be administering this at a stage of disease where patients have symptoms but are selected for characteristics that will allow us to really determine whether its our treatment thats effective and how safe it is. Now, the nice thing about Cellular Therapy and cellular immunotherapy is that its easily administered and in all likelihood can be administered serially so you can finetune the effect in your patients based upon the clinical observations of how they respond. Maria so what do you need from government right now . Obviously, the president is trying to open up the paths for new innovations in terms of the drug world by allowing it to be easier, fast track movement through the fda. Are there things that would make this easier for you to get out to market, to at least test this on covid19 patients . What do you need to see . You know, maria, were very fortunate because this president and this administration acted very quickly, very quickly to take steps that controlled the sheer volume of patients coming into our country who were infected and contagious and thats one of the reasons why dr. Faucis concept of flattening the curve is working. Were spreading out the time with which the Healthcare System has to adapt and manage that volume, that patient load, and this is allowing groups like ours and many other groups to develop therapies that could be introduced and rapidly evaluated and brought into the fight against this virus. I want to tell you that dr. Faucis concept of flattening the curve echos our concept of flattening the immune logic curve. His flattening of the curve has bought us time. Our concept of using a natural part of the immune system to flatten the curve will allow patients to keep their viral loads down we believe below a threshold for clinical symptoms and allow the patients adaptive immune system to step up and do the job. Maria doctor, this is so important. Thanks very much. Well be watching certainly. Come back soon. Please report back on your progress. Great see you. Thank you. Maria more mornings with maria right after this. Stay with us. Weve got big interviews in the next hour, bill ackman and treasury secretary Steven Mnuchin is here. Back in a moment. More than ever, your home is your sanctuary. Thats why lincoln offers complimentary pickup and delivery servicing. Well pick up your vehicle and leave you with a lincoln loaner and the peace of mind that helps you focus on what matters most. Thats the power of sanctuary. And for a little extra help, you can now purchase a new lincoln remotely, and defer payment for up to 120 days. You can now purchase a new lincoln remotely, some people say thats ridiculous. I dress how i feel. Yesterday i felt bold with boundless energy. This morning i woke up calm and unbreakable. Tomorrow . Who knows. Age is just an illusion. How you show up for the world, thats whats real. Whats your idea . I put it out there with a godaddy website. Make the world you want. Maria welcome back. Markets are down sharply once again this morning on news out of washington that the senate failed to pass any legislation last night, stocks plunged with the senate failing to agree on a coronavirus stimulus package last night. There is another vote scheduled today at noontime in the senate. Coronavirus also pushing down the price of oil this morning, as you can see, stocks are down. Dow industrials down 625 points, nasdaq down almost 200, oil prices are down almost 2 , 40cents a barrel, sitting at a level of 22. 24 a barrel. We are joined today by Dagen Mcdowell and Mitch Roschelle in new york. Mitch, your reaction here . You have to believe that the senate understands the seriousness of this and we will get something this week. But right now, they are once again back to their political games. Yeah, and you have a lot of senators who i dont think have ever made a payroll in their life in a Small Business and they dont know what the real pain is being felt across america by Small Business owners and you have comments that Elizabeth Warren made referring to 500 billion as a quote, slush fund and taking something that is desperately needed and politicizing it now, now is not the time for politics, its a time for bipartisanship. Dagen what Elizabeth Warren slush fund is, its a facility where the Treasury Department would backstop an immediate Lending Facility via the Federal Reserve, where it would be able literally in a week to get money to a whole host of corporations and businesses who didnt qualify for the Small Business money thats set aside in the rescue package. Holding this up is the difference between a shortlived downturn and a long run depression in this country. And i dont think that some members of the senate and house understand that. Maria well, i mean, a lot of people, dagen, are saying this reminds them exactly of tarp. Remember when we needed the tarp money during 2008 and that financial upset . Well take a short break and then well talk with bill ackman, he will join me along with Steven Mnuchin, the treasury secretary here in 30 minutes time, all of this coming up next. I know that every single time that i suit up, there is a chance that thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your retirement plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. Apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com woi felt completely helpless. Hed online. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Maria welcome back good monday o mornings thank you for joining us. Im maria bartiromo. Monday, march 23 top stories 8 00 a. M. On the button east coast, coronavirus stimulus hitting a snag democrats blocked a fades three funding package. Hillary vaughn from capitol hill ahead of a new vote this afternoon. Reporter good morning, senate Majority Leader Mitch Mcconnell tried to reschedule a vote this morning 15 minutes after market opened trying to drive point home economy cannot wait for Senate Democrats to get onboard but Chuck Schumer rejected that schedule for a revote this morning after they blocked the bill offer this weekend. And secretary Steve Mnuchin was here on hill until at least midnight last night trying to work out a deal a schumer the president said yesterday, he is onboard with what some of the wishes democrats have that would put conditions, on some of the wsof blarn dollars. I do not want to give a bail oult to a can be have somebody about go out use that money to buy back stock in a company or raise price, and then get a bonus, okay. So i may be republican but i dont like that, i want them to use the money for the workers. Senate will be back at noon to try to approve this emergency relief even when five mbz in quarantine one senator rand paul tested positive for coronavirus over weekend, about so those five senators will not be a participating in the vote secretary mnuchin says if this package gets through today should last or hold the economy through for the next 10 to 12 weeks maria. Maria all right. Thanks very much the next 10 to 12 weeks. Shutting down United States of america, is another option, i spoke with former white house steves will strategist steve bannon yesterday on sunday morning futures has this piece of advice for President Trump. I dont think we have u. S. Months to do this i think what should rap my recommendation would be dovetail with President Trumps Action Action action get it done yesterday drop hammer dont mitigate virus dont spread curve shadow the curve go full hammer on virus right now full shutdown. Maria my next guest also urging commander in chief shut down the Company Period of time joining me Pershing Square ceo, bill ackman thanks for weighing in what do you want to see happen bill . I think steve bannon is correct, what we want to see happen we want curve flattened he everyone agrees, that is how we address the problem, the question is how we flatten the curve without destroying the economy. The way to do it you do it with a sharp hard break. You have effectively shut down country except for essential services manufacturing, things you need infrastructure, railroads, i know, new york state ohio put together very good guidelines on what shutting down a state looks like apply same thing to the entire country. And then do it for 30 days 30 days you can kill the virus, if virus needs hosts to survive can only survive outside four days an metal or plastic, enough time incould youbags period enough time to minimize human contact shock virus out of existence reopen the same way china opened o slowly carely test like crass take inabout visible enemy lake it visible testingr whereof we finally got testing infrastructure up good place last 10 i cant say you can still have pockets, brush fires if you want to call them that, appear might be small december immediately quarantining the cities test everybody trace people if you do it this way then you know businesses can survive a 30 day shutdown when we reopen careful reopening of the country the problem we have now this is weve got 38 states go ahead, maria. Maria no, no please continue your thoughts go ahead. What i am saying right now you have about a dozen states in what looks like version of shutdown a slightly different version not coordinated. We shutdown new york state without shutting down new jersey, or connecticut, people you know 8 00, new york effectively shut down last night people leave new york go to connecticut, new jersey spread the easiest way ins look what happened in florida miami beach crowded with spring break rev he will rz go to Fort Lauderdale beach shutdown Fort Lauderdale go to boca raton, go to you have to whackamole approach to virus shut it down 30 days again, shut down does not maintain keep a Central Services up healthier, pharma look at new york state hae, make tremendous sense, you stop virus,about kill it in tracks if you will, still pre, in vanish places in the country you now have time to address the brush fires that happen weve got a fire raging everywhere some hidden behind walls places we captain find neighborhood the whole town, city is burning, we just got to stop the burning, okay . Then we gradually bring oxygen back, bring a little bit of virus, but we shut it down, we have to control entry into country seal our borders, and essential travel only people coming in quarantine for 14 days, if we do that, now, economic point the worst thing is once people understand, once people understand that there is an end date, that it will open up and certain period you think that will be enough for people to just shut down stay a month then open up in the next 30 days, what is your reaction to what the Central Banks are doing because right now as you are talking, bill, markets are rallying here because the Federal Reserve iss expanding Balance Sheet the fed this morning is taking major action, to cushion strainings of corporate, bonds mup markets expanding facilities buying treasurys Mortgage Backed securities open up to consumers and businesses as fed is announcing this right now as you are talking the futures, have gone, that they have cut losses, significantly we are looking at decline 170 points, bill. On the phone first of all, i want to say that fabulous job everything doing is necessary, actuallyness not sufficient to address the problem he is not we have to the try to get sense what administration is doing what with mnuchin is up to giving the treasury, federal Government Authority it needs from congress to be in a condition to bridge country for about inevitable shutdown as soon as it comes reduce risk the risk now that is going on in new york state new york city right now. That is going to unfortunately lead to people dying not just coronavirus if you have a heart attack in new york city a stroke you cant you are going you might die because imagine jamie dimon aorta blow up on him able to be saved with emergency surgery. You know one of the Great American business heroes of the country we cannot let that happen throughout entire country. It is the economy we need to support workers, during their periods of time congress, this bill needs to get approved today hopeful approved today right thing for the country. Up bill were going to do o is we are going to lets take a break a break come back with you on the phone, because you are breaking up what you are talking about is way too important to hear breaks within your sentence we are going to take a break then we are going to call you on the physically come right back i want to get your take on what acting Homeland Security secretary chad wolf told me in response to what you are talking about shutting down whole country we will be back with bill ackman stay with me. Because your investments deserve the full story. T. Rowe price invest with confidence. Lthis great offer on the fast, durable kubota sidekick. With gas powered for a top speed of 40 miles per hour. Bestinclass acceleration and handling with cargo. All backed by a twoyear, 1,000hour warranty. Get the sidekick now for as low as 10,649, plus zero down and 3. 99 percent apr for 60 months. And platelet donations and asks all healthy donors to schedule an appointment to give. Now, with the corona virus outbreak, it is important to maintain a sufficient blood supply. Your Blood Donation is critical and can help save lives. Please schedule an appointment today. Download the blood donor app. Visit redcrossblood. Org or call 1 800 red cross today. You can make a difference. I opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. I just discovered sofi, and im an investor with a diversified portfolio. Who am i . i refinanced with sofi and i was able to cut my Interest Rate by forty percent. Thank you sofi. Portfolio manager bill ackman bill you just said you would like to see, the country shut down, for a period of time, tell us more. On the phone sure, so basically what i am saying is us we do a 30 day shutdown was, that does kills virus, virus cant survive up to more than four days without a host eliminate as many hosts as i can keep Central Services infrastructure, construction, et cetera, running. Very similar to new york state plan, but a plan that happens on coordinated fashion every state now every business knows, there is shutdown for 30 days, but going to be a reopening of the economy if you will on a gradual basis based 30 days out right now what you have, you have a shutdown on rolling basis uncoordinated basis statebystate, approach. And every business has to let go workers we dont know if you will you will they can reopen their company by having a finite deadline 30 days we kill virus, opening carefully thereafter with high degree of testing if you have a problem, you know start to see outbreak immediately shut down very small geography continue to function basically similar to the china model worked about very effectively for the chinese and certainly, applies here, you have mnuchin and treasury, backing up the country, supporting workers, supporting people during this shutdown periods of time. That is what you know, working on in congress get that done got to get that closed, and then we are you know off to the races again i actually think stock market recoveries once a clear plan to eliminate the virus i think this isnt it, i have talked to, you know, top you know, i dont think anyone disagrees we need flatten curve this is most efficient way to do it the problem what were doing now cuomo doing a great job, in new york state, to announce if you will this begins 8 00 pm on sunday everyone leaves new york state goes to connecticut, can, levers spreads the virus, analogy giving dont know if on air spring breakers crowding beaches in miami, mayor miami shuttles down beach they went to Fort Lauderdale same thing happened there, things shut down went to clearwater what is happening with virus a basically i call it whackamole the only way to what being the mole shut down 0 days virus dies without a host reopen, businesses with an plan survive right now if you have to let everyone know you dont know when you can reopen again no business with an sustain itself without those revenues for months and months. You are saying with a date end date businesses have more clarity i asked department of Homeland Security second chad wolf this very question he commented on possibility of a nationwide shutdown watch this. Is the president considering a full shutdown of the country for are a periods of time, sir . Not at this time, the president , Vice President the task force have been very aggressive very forward leaning providing a number of guidelines number of information to American Public 15 day to slow persuade a number of are measures asking public to take you will see a number of governors particularly new york california have taken extra stop imposed additional strictest murders we agree with those months. Talking on phone you said if we shut down new york and california, maybe you dont have to shut down, for example, nebraska maybe that is a chit later on is that it can. Exactly right we want to take aggressive steps in communities that were seeing large numbers, and outbreaks, so that we dont have to take measures elsewhere. Of course, bill you dont think that is enough, what about what Federal Reserve is doing right now will because look at this market, having completely rallied on the fed move this morning, issue fed establishing two new facilities, primary market er Corporate Credit facility for a new bond loans issuance secondary market Corporate Credit liquidity for Corporate Bonds owing Corporate Bonds this market turned around on this fed move, bill. On the phone sure, i tell you that a great move the right thing to do secretary mnuchin doing outstanding job, we are very fortunate to have him as country but it is not enough it is may be enough to Bridge Company i want to comment on homeland secretary statements he said not at this time reality is 15 days is not sufficiently slowing spread of the virus look at case acceleration around the country, you know, if virus is only in new york state you could put up, about walls around new york state you could use this approach but the reality is people are mobile people dont like being if you will shut down confined so people move the reason this thing happened in the first place, is chinese we had outbreak in wuhan chinese announced curfew said doing a curfew 12 hours then five Million People left wuhan dispersed around china around the global, same thing is happening in the people in new york city left anyone could had a home elsewhere grandparent someone to move into i am getting outgoing to connecticut to live with grandparents to michigan, to be with family lives there what they are doing, inadvertently spragd virus around the country you have to have kierntdz response around state finite are periods of time every day you wait because of exponential compounding you make problem worse increase probability being he overwhelmed in houston dulles a, des moines, the virus knows no boundaries all it needs a host to live human being to live, dedeprive human beings 30 days, you still need to run the infrastructure the country, still need to run, the internet we need to run food supply system we need to people need to be able to, you know, do infrastructure for the country so there will be some spread but minimize it, okay . You kill as much of the virus as possible, and then we can have a then you test everywhere again testifying of infrastructure better every day see where virus is when it breaks out quarantine when it breaks out shut it down. That way you protect the Health Care System every state city and county new york city right now unfortunately, a microcosm what is going to happen in every city in this country small or large unless we do this now. Maria well, in the meantime, youve got Global Markets having lost all value 25 trillion dollars globally when you look at equity losses, do you believe weve seen worse on that front . You told me this weekend you are actually buying this market. Do you think we have seen a bottom in the market . On the phone we may, let me tell you what weve been dock i think some people are confused by interview i gave last week. We are very i am bullish on america lets start there we are long on we have not been short this stock market whatsoever for the last couple months did buy hedge in credit markets, couple months ago, that is protected us somewhat still lost money. We have been buying on the way down invested 2 1 2 billion dollars, beginning in last 12, 13 days we have been buying all the way down, so again, we are i am telling you sort of voting with feet if you will, that we believe this we think the president is correct we with think mnuchin is correct, to handle this virusv correctly shut it down, the economy will come roaring back we have to give Business Community investment incumbent confidence there is an end date. The way you kill a virus deprive it of hosts, you do that by coordinated 30 day shutdown if you close borders not getting virus that way, right you cant close every state border where there is a problem people have spread around the country, you have to have a coordinated response look at ohio protocol new york state protocol a coordinated protocol statebystate basis allows essential industry essential services, health care, Pharma Research things that need to continue to continue careful basis people wear masks practice social distancing, et cetera, everyoneelse hunkers down at home 0 days skies are you know gradually open, people have to still be practice social distancing still be super careful weve got to test everywhere test people even if they dont have symptoms so we can South Koreans great job Early Warning there is a problem in some little town, then they can shut down the town and monitor it until the virus is killed that buys time for some therapeutics, protects Health Care System protects frontline workers. I want to show you President Trumps last tweet last night. And this is what he writes he writes we cannot let the cure be worse than the problem itself, writes the president at the end of the 15day period we will make a decision as to when way we wanting to, in other words, i am wondering bill ackman from you, you are saying just like steve bannon said yesterday, shut the country down, businesses closed 30 days one hundred percent but the least an end date are we doing too much for the cure, as opposed to the actual issue . And many businesses you know bill will not be able to get through they need money today they may not be able to survive 30 day shutdown. On the phone businesses can swif 0 day shutdown with facilities, and support the congress and mnuchin are putting in place, what they cant survive is this thing going on for 12, 18 months until we get a vaccine for sure the president is correct you dont want at a cure worse than disease right now current cure is worse than disease, but i am saying modify the cure the cure is not a statebystate rolling sort of shutdown it is a country wide shutdown like steve bannon says the president goes on tv tomorrow, says, we are implementing United States essential Service Protocol started by great state california great state ohio great state new york doing it all at witness the only way to kill if virus for 30 days that cure is much better than disease the cure were working on doesnt do anything, it helps new york state that everyone is hunkered in place doesnt stop spread of the virus we are not controlling the borders into new york state so people will have infections bring more infected people into new york state doesnt protect rest of the country going to new jersey,new jersey is next new york state they are cominge couple thousand cases in new jersey why next to new york state people get in their car they leave go to connecticut then rhode island is going to be next makes its way up coast follow the path, you know my daughters friend when this left new york, some to michigan to be with parents some of them went to rhode island have a house, so people people disperse it is why the problem started and spread all over the world it is why the problem in new york because major port for people fly from china going to spread, already spread to every, 50 states. Which is why i asked the acting secretary Homeland Security about shutting down all Domestic Travel people are worried weaponry if they can travel in country right now before what you are talking about listen to his answer on that watch this. I have got to ask you about examine domestic a travel a lot of people wondering, they see reports, that the president is considering shutting down all Domestic Travel 30 days is that in the cards. I would say the about task force, we continue to look at there is no immediate plans, to put travel restrictions on in Domestic Travel we continue to be concerned again about high transmission areas like new york, parts of california, and washington so were going to continue to look at that, if we see that we need to put, targeted travel restrictions in place we will do that. Maria it is just the markets have noting reacted to what they have done so far, in terms of shutdowns as you say, you know, not coordinated yet Federal Reserve this morning making these major announcements, bill we have hood a 1,000point swing while weve been talking Federal Reserve is unveiled major expansion in terms of market support. Unveiling lending programs, that are designed to unclog the credit markets that they seized up last week your take on what is going on in terms of Corporate Credit the credit characteristics is this enough certainly market seems to like what they are doing 77 up 650 points on dow. Maybe people think country wide shutdown makes sense the point i will take i am sure both are true the point i will take you dont need to should thedown Domestic Travel in fact i wouldnt shut down Domestic Travel if you have coordinated shutdown if you will, in every you know, around the country, right the reason you have to shut down travel is because you are he exporting infection virus from one state to another state if every state operating under same protocol only thing going on essential services only people traveling people emwho have to travel for essential country reasons, so absolutely i applaud secretary mnuchin for vars steps treasury has taken but you what will reclauch economy save country is people there is a credit i believe plan to eliminate in view of the majority of virus infection we can do you dont have to be epidemiologist virologist to understand the virus lives four or five days outside, on plastic or metal right that is longest it can survive without being in human body deprive of human body how do you do that . You put as much country at home as you can, then you just let essential services run and those people he will protect themselves they wear masks on job, they practice social distancing wash hands wear gloves, people when they go to supermarket wear dploefgloves m shock virus kill it 30 days, a bit like, you know bombing your house with, you know, a something to destroy, bedbugs you wait till bedbugs die then move back in essential same thing 30 day how do you know bedbugs are going to die within twoweek period or 30day period, bill . You want to shut down areas that dont even have a lot of cases is what you are talking about this has been a big city problem there is a reason that new york has become the epicenter it is so deputies there are other cities other states that are not as dense. You sure you are not doing too much in terms of cure, relative to what were looking at statebystate . On the phone yes, yes, exactly, why . Because, first of all, this isnt 50 states probably every town almost every city is is possible someplace middle wyoming someone is he isolated on massive farm that is probable if p you lockdown big 70s people move to smaller cities lock down smaller cities people move elsewhere that is the problem. Maria yeah. So a 30 day just a fact get on your show ask the top ask fauci he will support this plan. Dr. Fauci will agree that this virusv dies without you the a fume host if you go 0 days you get beyond two jess dedication period some virus you cant shut down essential services trains have to run you got to deliver goods should not be shutting down major contradiction projects but if building a bridge no reason why you needed to be six feet next to another construction worker you can wear ab about about mask doesnt amplify virus you will see a massive droppo in infection rate then you know a bit another way to think about it is think like a fire we had here was we had a fire start behind the wall of some house in the neighborhood it is getting warmer, then spread around the house, issue and, you know, eventually you know Fire Department got called in another fire behind the walls of other houses in the neighborhood people that werent in neighborhood i dont need to worry about this this is not my neighborhood little by little p fire spreads in those neighborhoods as well. Did you see the oped in the journal did you see oped in the journalism last week that said rethinking the coronavirus strategy. That maybe taking our economy to a halt could be detrimental i was talking with league hospital guy yesterday er is what he said i got to get your make he said maria strategy is not working we are of going to have a revolution of poor people people out of a job have no money cant buy anything how long do you think they are going to stay cooped up in one bedroom or studio apartment while everything is at halt, so you have that risk as well. Yes. I would love to address that still short story he is entirely right if this goes on months and months and months you could have a revolution certainly civil unrest, right . Again if you make it a if new york state comes out with when they come up with plans actress 49 months every restaurant has to let go of workers can do delivery take out deliver, right they have to shut down if you say look, okay 0 days, okay . Then we are going to reopen, then again restaurants will be a little bit of lagging indicator take a while longer, but most businesses. Maria treasury secretary Steven Mnuchin right now he has been hearing your this interview bill we are going to talk with Steven Mnuchin see if this would fly from his standpoint bill ackman thank you very much, for this interview this morning, and weighing in on this important issue markets rallied this morning, on the heels of the Federal Reserve, announcing this hour a major expanding of lending facilities market mad taken a down turn after Senate Democrats shut down 1. 3 trilliondollar, 1. 6 trilliondollar stimulus bill last night i spoke with former white house steve strategist steve bannon about way to combat coronavirus he agrees with bill ackman watch this. Shut it down kill pandemic bridge with cash infusion take care of the solvency clitdz problem using confessed Treasury Department to actually lend Corporate Credits. U. S. Treasury secretary Steven Mnuchin on telephone he mr. Secretary thanks very much for joining us what do you say to calls, from bill ackman from steve bannon to shut the country down, for 30 days, let business understand that there is an end date so they can look forward to the recovery . On the phone maria, first of all, always great to be with you, i only caught the end of bills comments, i didnt hear what he said. Let me just say, i would separate the medical issues from the economic issues. I am going to leave the medical advice to the medical professionals but what we have been focused on on economic issues, so let me just again start with some of the most important things in this bill, for any Small Business, 500 people or less, most of these businesses have been shut down at no fault of their own. They are going to be able to take an sba loan that will give them two months of payroll, and some overhead if they hire workers back or keep workers hired, the government will forgive that loan we want all Small Businesses to keep employees on, so that they can reopen those businesses quickly, when it is medically sufficient, and, i know some people have been concerned about the sba process, i assure you treasury will be working with sba we are going to add normal number of new leerndz basically this is going to work that any Small Business can go into a bank very quickly get loan underwritten get the money fast. Maria so then why are your democrats colleagues the democrats in the senate pushing back saying there is not enough money for medical workers there is not enoumoney r individuals calling this the corporate warfare secretary. On the phone that is ridiculous this isnt of well fairer helps allAmerican Workers the Small Business program has been negotiated on bipartisan basis, there is enormous bipartisan support for this i would say lots of bipartisan support for putting money in Exchange Stabilization program to create broadbased programs with Federal Reserve to support businesses so they have clitsliquidity. You saw supporting asset backed markets primary Corporate Bond markets secondary Corporate Bond markets fed has announced purchases of treasurys Mortgage Backed securities, are and vast amounts, fannie mae and freddie mac also made some announcements so i can assure you, we are using all the tools we have, and we have told congress we need additional tools asap. I hope the start of. The Federal Reserve the Federal Reserve facilities obviously, they are resonating markets completely reversed course with these new actions this morning, and markets are happy obviously, about these moves let me ask you, about what with ted cruz he tweeted in response to what he was working on in senate the fiscal stimulus plan he says in negotiations for economic prices relief some are pushing for a special carveout just for boeing and ge that would be wrong, millions are losing jobs we dont need bailouts corporate welfare from ted cruz those companies should participate in same Liquidity Program as everybody else boeing lost 44 of value in a week are there plans to taketh stake in boeinging. On the phone i want to be clear there are no bailouts not about bailing anybody out there is a provings we are in the process of negotiations for airlines, airlines do provide significant Resources National Security Issues we want the airlines to continue to be able to operate, domestic air travel i believe something that is very important to americans, when the economy opens up, we need to be able to have these airlines, so there are very specific provisions to airlines, and those are still being negotiated as we speak. Maria and will you taketh stakes . The government equity stakes in the airlines . On the phone what i would say we will be doing things on market terms, if we determine that market terms include equity we have the ability to do that so the president has made very clear that the taxpayers are putting money at risk they should be properly compensated. You said this weekend, that this legislation is designed to address dislocation in the company over coming 10 to 12 weeks does that imply further legislation is likeable coming in coming minutes. On the phone im very haef we are going to kill this virusv in that time period if not shorter i spoke to the president last night i know he is very pleased with the medical professionals the movement, some of these new drugs, that have been approved,so this is this legislation prepares us for what i would say 10 to 12week period but i hope we dont need to that long for whatsoever reason this turns outgoing to last he longer we will go back to congress the president and we are determined to support American Business American Workers, this is i no fault of their own, this is the government has shut down vast parts of the economy, because of a virus, that was caused having nothing to do by American Workers. Maria i understand, but you are doing we have shutdowns in various states new york, california, obviously, and there are calls to shut the entire country down. Steve bannon, bill ackman say give people an end date shut everything down cross the country not the specific states so that we understand, when the end date is and we understand when we can get back and we can get this virusv passing through, with everybody shut down. Are you considering a full shutdown secretary . On the phone maria what i would say nothing against the financial people, and me, we should leave the medical suggestions to the medical professionals we have great medical he it is also economic suggestion not just medical this is economic suggestion as well we have got businesses that you have been on the phone with this weekend who say i am out of cash i need cash now. Of the i need to shut down reassess, i need this now, and youve got politicians dealing with this in senate want to throw things in this bill have nothing to do with coronavirus. On the phone maria let me be clear. For businesses that have to shut down, this bill gives them much, much needed support. So again, vast amounts of money for Small Businesses, we have the irs fully gered up as soon as this is approved we are expect to be able to get direct deposits to Hardworking Taxpayers for bridge payments, going to be over 3,000 dollars, for family of four that is muchneeded liquidity hardworking americans have, again we will have programs that support our financial markets, so that businesses can continue to borrow. And homeowners can continue to get mortgages. The president will decide. I dont think there is any i have seen a bunch of fake news, over the last couple days, about you know complete shutdown of the economy, the president has not made that decision. If there are medical professionals the president will listen to it but, again, i think the president is hopeful that the policies proceed yourself put in place will kill the virus quickly. On a global measure g20 finance ministers will Holding Teleconference to discuss this day what do you want to a hear from counterparts autograph the world in terms of coordinated action on fiscal standpoint i started early this morning 7 00 on video call, i got off that video call just now so that i could be on the phone with you. I think the good news is there is a lot of understanding g20 with Central Banks and finance ministers that we are all prepared to take actions to support our economies. And coordinated in a global basis, as needed to. Whether g20, g7, we are working closely with imf the world bank, this is a team effort, to kill the virus and provide economic relief. Maria what what metrics do you have that would indicate that the 15day period is actually working . Because secretary we are hearing he that look you want to lock down settle in place in california in new york, a couple of other places, and you are looking at markets trade down in face of this we just saw a reversal because of fed action this morning but what metrics are you looking at to indicate whether or not this strategy is actually working . On the phone maria my focus is completely unmaking sure that American Business and American Workers have the necessary liquidity to go through the shutdown so i am going to leave it to the president and the medical professionals to decide how long this will be, but i would emphasize all Small Businesses we will have an immediate mechanism that is close to 50 of the u. S. Economy. For workers. We are encouraging Small Businesses, make sure you hire people back. If you havent let people go dont let people go, because we are providing you necessary liquidity, we are going to get that money out fast. So the president wants to protect Small Businesses in the workers, and we are working round the clock today to make sure that the Senate Passes this today. This is the most important thing we can do. With cash do you believe the country will be flooded with cash to the help cash flow problem at so many businesses today . On the phone maria this legislation is approximately will two trillion dollars part of that is 500 billion dollars, which is not a slush fund. I have heard people out there refer to this as a slush fund. It is not a slush fund. It is a mechanism that we can use working with the Federal Reserve, that will provide another four trillion dollars of potential liquidity into the market that is on top of the fed Balance Sheet, this is a massive Liquidity Program. That the president is determined that we are going to support hardworking americans, that we are going to support Small Business, and we are going to make sure we get through this and we are going to win this war, so maria it is great to be with you i am going to have to sign off. But i want everybody to know we need to get this legislation passed today. So final word here secretary why are the democrats pushing backing . You spoke with senator schumer last night why arent they moving and voting on this getting this into the economy immediately . What is stopping them then . On the phone maria i can tell you i am on my way to senate this morning to meet with Mitch Mcconnell and his team and senator schumer. You can ask that to democrats what i am saying we need this to pass today. Maria we certainly do secretary thanks very much to for your leadership we appreciate your time this morning sir. On the phone thank you, maria by. Maria secretary Steven Mnuchin a lot to discuss news out of Federal Reserve sending markets higher new lending facilities coming out of the fed, billionaire investor bill ackman who you he could defeat covid19 pandemic treasury secretary mnuchin saying we need this coronavirus stimulus package passed day quick comments from Dagen Mcdowell 3w6 we go to break. Dagen what Federal Reserve is doing it is going allin as lairmz dither to maker businesses have liquidity and loans there is no limit to quantitative easing or how much money that fed will spend, applying treasurys Mortgage Backed securities here is a breakdown of the new facility that fed is introducing, three of them one as treasury secretary was saying about asset backed markets, it is revising acides facility will basically provide liquidity to consumer loans credit card lends lend money to investors to buy securities backed by credit card loans other consumer debt, and two things, two more. One facility will lend to Investment Grade Companies Providing bridge financing of four years the second the secondary Market Facility will apply Corporate Bonds issued by highly rated companies and u. S. Listed Exchange Traded funds, in the Investment Grade Corporate Bond market so buying corporates there, these three facilities will support 300 billion dollars in new financing muchneeded liquidity, to major corporations, and i will add one more thing. Of the that they are also looking at the Federal Reserve at fast for small and medium sized businesses. This is really incredible the fed also said it would soon roll out a main street business lending program. That will support lending to eligible small and mid so ive businesses that is exactly what is needed and you see the reaction in the futures. Maria and this is also one of the answers to the corporate debt that we have been talking about dagen, 850 billion dollars in debt rolling over this year, another one trillion dollars in corporate debt according to Stephanie Pomboy rolling over next year. Dagen basically trying to prevent debts from going bad many of the corporations even Investment Grade corporations they have little or no revenue in this environment as we try to fight this virusv, as a nation, as a this virusv, as a vacation as world to point out individuals in this precarious situation because of no fault of their own, they should not be punished because we are fighting a virus and Health Crisis as a nation, that is why, you need what fed is doing, for monetary stimulus and supporting lending in this economy but also the money that will go to individuals from congress, and the money that will go in particular to Small Businesses. Maria you have to believe that the Federal Reserve is doing all that it can, to actually unlock activity in this country. The democrats are stopping this fiscal stimulus plan from going through, but i dont think they can do this all week and have markets stay stable. We need to get something signed this week as soon as possible. Dagen every day they dither is a day closer to longer Term Depression in this country before they flow out words like slush funds bail oits Elizabeth Warren has done augmenting to think about the consequences. Which is why Steven Mnuchin was trying to make the case, we need this now. They continue to call it things like bailout corporate welfare i guess they think that plays well with population, missing the point that we are in a crisis moment in time right now where we will see bankruptcies sigh rocket second half of this unique krk indeed wall street journal writes about Elizabeth Warrens language, they write after this outburst if joe biden let senator Elizabeth Warren near his ticket or cabinet we would say that is sufficient calls to vote against him that is how that would say the dramatic reaction from the wall street journal editorial page, and i chuckle, but she is trying to get in the way of rescuing businesses, guess what businesses employ individuals you want to keep those companies noted just liquid but solvent to avoid banking crisis to make sure that people have jobs now, and have jobs down the road. The rescue is on, extraordinary measures this morning from Federal Reserve, we are waiting on fiscal stimulus out of congress, we are going to take a short break and come right back with more discussion. Stay with us. P prevent the spread of respiratory diseases. Wash your hands. Avoid close contact with people who are sick. Avoid touching your eyes, nose and mouth. Stay home when you are sick. Cover your cough or sneeze. Clean and disinfect frequently touched objects with household cleaning spray. For more information, visit cdc. Gov covid19. This message brought to you by the National Association of broadcasters and this station. Of broadcasters in the Transportation Industry without knowing firsthandness the unique challenges in that sector . Coming out here, seeing the infrastructure firsthand, we can make better informed investment decisions. Thats why i go beyond the numbers. Its our most dangerous addiction. And to get the whole world clean . That takes a lot more than an alternative. So we took our worst vice, and turned it into the dna for a better system. Materials made from recycled plastic woven and molded into all the things we consume. We created bionic and put the word out with godaddy. What will you change . Make the world you want. I lot from Federal Reserve bill ackman from Steven Mnuchin Mitch Roschelle jump in because we have been discussing reporting the incredible efforts from the Federal Reserve taking major action, to cushion strains in the Corporate Bond, markets as well as expanding creating additional facilities my favorite line in press release from Federal Reserve is this Federal Reserve will apply any amount needed any amount needed. Mitch. They are pulling out stops if you look what happened last week or socred spraerdz got wide means markets saw a tremendous amount of credit risk in Corporate Bond market, in Municipal Bond market trying to ease that to put liquidity back in the market so about corporations can continue to borrow, and what is really interesting buying assets potentially secondary markets bonds that are already out there, just to continue to provide liquidity and assure bondholders investors there is no credit risk unreasonable trying to make sure that investors are willing to jump back into that market continue to buy bonds, so not just what fed is buying, but other investors to come in, and continue to buy new issuance corporations i think a big move bold move the fed is unifying all powers they have. Maria that is a great point the congress is trying to use all powers that it has ryan payne as you heard he from Steven Mnuchin with us a few moments ago getting pushback from some democrats, he wants that bill signed today. He wants that cash in peoples hands and businesses, today. Absolutely, i have to say bill ackman for president , i mean i like that clarity, lacking here we need clarity from government to know exactly what is going to happen Small Businesses know here to going to be shut down a month manage cash flows better get access to loans right now i think would be fantastic then i think layoff would be less i think we need that clarity we havent seen that that is so critical here. Maria this is so unprecedented, dagen people do not understand what a 30 day shutdown might look like, and whether or not, we do see a pretty good bounce back end of the year remember when mnuchin joined us last week he said to me, we are expecting a gigantic comeback Fourth Quarter after he said if we dont get fiscal stimulus addressed we will see unemployment at 20 . Dagen indeed the timeframe looking at biggest missing piece Federal Reserve allin the help for particularly individuals, and smaller businesses in the Senate Package but we need more certainty about the amount of testing and control of this disease. Outside of hot spots, new york state, and california biggest areas. About what these states are going to do so that also falls on the governors and false on the entire Health System to communicate more effectively with the American People who is getting tested try to identify spread of disease incredible story in the wall street journal today about testing of all nba players gave Health Officials great insight into how people were transmitting this disease despite having zero symptoms, how that was spread among individuals. This is more of a what needs to be done from a health perspective. Maria yeah, meanwhile, there is a bloomberg study out this morning i want to get your take on dagen it is saying President Trump began talking privately late last week about reopening the nation despite dwiflt rising number of coronavirus cases against advise of health probativelies relaxing guidelines he wants to curb the economic route we dont know where this is is going the president shut down governors shut down a handful of states youve got calls to shut down entire country the president is looking at the other side of this, what is the economy going to look like, if in fact we were to see this the easiest way to rescue this country economically and financially is to reopen it, but there has to be that cost benefit analysis. There has to be weighing the health risks to individuals versus the risk to our country financially for a long period of time. Weve still got, what, a week left in this 15day period. Certainly the president and other people in the administration have looked to Health Professionals for guidance and ultimately, thats a conversation that everyone has to have. People need to stay in their houses. People need to stay at home as much as they can, because they are still not doing that. People are looking at the Cherry Blossoms in washington, d. C. Thats why new york had to completely shut down, because people were not following guidelines. They werent even over the weekend, they were congregating in parks outside, potentially spreading this disease to healthy people. They are not listening. Individuals are not listening. They are adults. They need to act like that. Maria well, it does sound like the government will be taking equity stakes in the airlines. I just asked treasury secretary Steven Mnuchin about that. He said there are specific provisions for airlines that are still being negotiated. Well see if that ends up being equity stakes. The treasury secretary also said the treasury will add enormous amounts of new Small Business administration lenders. This is one of the key parts of the fiscal stimulus, to make sure to help Small Business. These are the businesses that are the job creators in this country. Right. Small business and i really like what Steven Mnuchin said, which was that, you know, two months worth of payroll and overhead so that they can continue to employ those people, i think the uncertainty of businesses of what to do with their people, the uncertainty of employees regarding whether or not they are going to have a paycheck next week, thats key. We are talking about 60 Million People employed by Small Businesses and we absolutely have to keep those Small Businesses open. Maria well, mnuchin wants this bill passed today. The other thing that he talked about just moments ago saying if this Health Crisis continues, the administration will go back to congress for more. Lets face it, the treasury secretary said that this is for the dislocation in the economy for the next 10 to 12 weeks, ryan payne. 10 to 12 weeks, meaning we may see a fourth tranche of support from congress. Real quick. Absolutely. I think they are going to throw the kitchen sink at this. I think that is something that we have to expect and i think thats going to be very very good for the economy and the markets. So i think today, we are going to get some congress to get to agree on something. From there i think things will look a little better. Maria if they dont sign this or pass this today, dagen, we will have a different market opening tomorrow morning. Agreed . Yes. Absolutely. 100 . They need to get money to individuals and they need to, again, these businesses are coming to the federal government for money because we are fighting a virus. Its not because of any fault of a ceo or an individual. Rescuing the companies is rescuing jobs. Maria which is one reason the Federal Reserve has made extraordinary actions and that is why you are seeing a rally this morning in stocks. Complete reversal of fortune. Dow industrials up 500 at the start. Lets get to varney company. Stu . Stuart maria, good morning. Good morning to you. Good morning, everyone. The rescue package, lets deal with that first of all, that stalled. It was a tie vote, 4747, five republican senators had to sit out the vote. They are in quarantine. The democrats dont like some aspects of the package. Senator schumer says it favors corporations over individuals. That seemed like bad news for the market but then the fed came to the rescue. They have announced a new package of measures to support