Transcripts For FBC Mornings With Maria Bartiromo 20240713

Americans . Markets this morning are pointing to a lower opening this morning. Take a look at average with Dow Jones Industrial average down 528 points. Nasdaq lower by 78. Dow up 1,151 points. S p yesterday up 154 on wall street. Plus the president speaking with chinas xi jinping overnight. The two countries are working together closely to fight against the pandemic. Next hour eli lilly ceo will be here on drug supply chain and how dependent some companies are still on china plus dr. Oz is here on vaccines and growing concerns about children getting the virus now. Plus americas biggest music stars coming together to help raise money for victims and First Responders. The eye heart living concert presented by fox, and air live including fox business, join us for jellon john, billy eilish and many others taking part in charity event. Mornings with maria live right now. Lets check Global Markets. European leaders still unable to agree to join together to fight spread of coronavirus and Economic Impact. In asia overnight, they were higher followed the rally yesterday. Strongly rally, really carried over japan, best performer 3 and a half percent on nikkei average, posting weekly gain ever. More economic bad news out of china. Profits in industrial firms plummeting to lowers level in decade. Let Check Oil Prices this morning rising after plunging better than 7 yesterday on demand concerns. Oil prices at 22. 67 a barrel. Interest rates, the yield on the 10year treasury falling for a second day in a row. The 10year now down better than 8 basis points sitting at level of. 771 . More cases of coronavirus in the United States than any place in the world. 86,000 have covid19 as questions being raised about the death toll in china. Many are skeptical of beijings tally and, of course, the efforts to coverup the outbreak when it fist began in china. In the u. S. Texas and rhode island warning florida, issuing mandates that anybody traveling to those states from new york from the tri state area must selfquarantine for 14 days. Both states following guidance from the white house. New york city meanwhile reporting at least 84 deaths. 365 deaths in new york. Worries about louisiana meanwhile cases there skyrocketing in just a day amid fears of people celebrating mardi gras may have brought to coronavirus to new orleans, concerns that it could be the next u. S. Epicenter. New orleans quarterback donating 5 million for outbreak. The money will provide more than 10,000 feels every day for those in need. Well, the house expected to vote today on 2 trilliondollar covid19 package to help millions of americans struggling get by. President trump weighed in yesterday warning one member of congress could hold out and delay a payout. The house of representatives must now pass this bill, hopefully without delay. I think its got tremendous support. If youre 96 to nothing and average worker has his or her lost will receive 100 salary up to 4 full months. These are things that, by the way, we have plenty more to go. It could be one vote, one vote, one grandstander, maybe, you might have a one grandstander and for that itll take more time. Itll pass but just take longer. Lets see if we have a grandstander. Maria one grandstander, joining us the conversation Dagen Mcdowell, lee carter, Jon Hilsenrath. Dagen lets name the grandstander shall we . Suggested that he might object to allowing the bill to pass by voice vote. Let me explain that to avoid the use of fourletter words i would like to use in this instance. The voice vote is verbal exercise in which those in favor shout yes and oppose nay. The largest side fails. This doesnt require all members to be present. If the house does not have a quorum, 216 members there, one lawmaker can object to a quorum not being present and the lawmaker could also have roll call vote. The house is rushing to get 216 members back to washington potentially but, again, this individual, tomas masse, i want everybody to know hes spitting on millions of american who is overnight lost their jobs and i hope that people never forget that if he throws a wrench into this. Maria lets talk about what problems he has with the bill, dagen. What is the issue, is it too money money thrown in the economy. He does he not understand what is taking place with Small Business. Dagen he wants everybody to be on the record. Theres something for everybody to hate with this. I dont argue with that, but, again, the businesses shut down because of no fault of their own, millions of americans out of work because no fault of their own, whether you can find things to love and hate in this, it doesnt matter, it also sends 450 billion to the treasury to back up 4 and a half trillion dollars in loans through the Federal Reserve, please lets not forget that. Maria yeah, good point. Lets take a look at markets for a second because futures are pointing to lower open. Volatility has been wild after investors, of course, saw a bounceback yesterday. The dow 3day gains pushing back to bull market territory after 11 days in bear market. Jon hilsenrath, weigh in here. You heard Steven Mnuchin this week, he will join me again this morning, your reaction to this pushback by mr. Masse as well as market volatility . Jon well, i dont want to give a grandstander attention. I will go past that. I would like to talk about the markets. You know, we will see a lot of volatility in the stock market in the days and weeks ahead. I think whats really important and dagen will love hearing me say this is watching the credit markets as opposed to the stock market. This economy and the financial economy is built cash flow. Household need income as the same Way Companies need income and cash flows to pay debts and bills and we have to look at the credit markets to see how they are adjusting to this crisis in cash flow that we are seeing. Are Companies Going to miss payments, bond payments . Maria youre right. Jon im looking very carefully at bank stocks,backs are under any pressure as a result of cash flow crunch that we are hitting, i think that would be an important signal of the way this things is going. The other thing that is really going to dictate the way the market goes is the curve of the coronavirus itself. You know, its very troubling to see how we are rocketing up to be the most infected country in the world. We have to bend that curve before any of this gets back to normal. Maria do you think the president could encourage some sectors of the economy getting back to work sooner than others, jon, because earlier this week there was a huge call to shut down the whole economy. We heard it here from steve bannon, we heard it from bill atman and bill joy had a similar narrative and the president saying not going that way at all. Look, there are areas that we could see more activity, Economic Activity will start and do you think thats realistic . Jon no, actually i dont and i will tell you why. We have a whole nation thats responding to this. We have mayors of cities that are responding to this with their own shutdowns. We have governors of states that are responding to this with their own shutdowns. We have businesses that are responding to this. The wall street journal, you know, 2 weeks ago said to our employees, you have to work from home to protect each other. You have individuals selfisolating so even if the president maria theyll go to different areas in startup, yeah. Jon we are not all going to do it overnight so there will be an make stock here. Theres no escaping it. Dagen maria, i want to point out that the governor of new york andrew cuomo is also talking about this, trying to discuss the steps by which some people would be able to return to work. Listen, we are probably 2 or 3 weeks away from the peak in coronavirus cases here in new york city, but hospitals are swamped, nevertheless we need to have testing in place which is an Antibody Test to show people who have built antibodies against the virus. People who have had them. Thats one of the things that we ought to be paying close attention to here. They need to test people to make sure youre okay to get back in the workforce. Maria lee, jump in here. Lee people are afraid of getting back to work. I think that any suggestion that any politician is making right now that its time to go back to work, that we should change the course is going to be met with a lot of skepticism about people saying that we are putting profits before people. Jon can i throw a question out to lee, do we have time . Jon i want to see how the American Public is responding to this. I would like to know what the polls are saying about response responses. Maria as an observer, the American People followed instructions quite well, didnt they . Lee whats surprising the president s approval numbers are up. The other thats amazing is how popular Governor Cuomo is. They want, strong, clear leadership right now and thats what this is all about. Maria they sure do. They got it from the boys from queens, President Trump and Governor Cuomo, both from queens. I love it. Short break, when we come back a lot coming up this morning, coming up this hour the chairwoman of rnc Rona Mcdaniel on the president s approval. Find out how the economy is looking at stimulus package as well. Plus the ceo of premier, susan devore on new survey on hospital supplies and then at 7 00 a. M. The ceo of eli lilly, dave ricks to treat coronavirus. Dr. Oz talking about antimalaria President Trump, how the Younger Generation is affected by coronavirus. Plus congressman greg walden talking todays house vote on coronavirus stimulus package and at 8 00 a. M. Block rock chief Investment Officer rick talking bounceback and treasury secretary mnuchin will talk about stimulus package. Dont miss a moment of it. We have a big show this morning and we will be right 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. 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Maria welcome back, futures pointing to a decline at the start of trading, take a look, we are expecting decline of better than 500 points this morning. Dow down 69 and s p lower by 65, the dow industrials officially entering bull market territory yesterday as investors await the house of representatives vote on 2 trilliondollar stimulus bill, thats expected later today. Joining me right now savage Point Investment adviser chief Investment Officer wayne wicker, how do you invest in a company thats up yesterday and down today . This is a market where its challenging to be a day tradeer. Its certainly going to be a challenge over the next few weeks for those who are trying to find entry points or exit points. I think its best to really focus on a 12month rise at the juncture. Maria Jon Hilsenrath, jump in. Jon seems to me that banks are an important part of the story right now especially small banks because, you know, a lot of Small Businesses are dealing with cash flow problems with the economy . On the other hand, its going to be imperative for the government to make sure that some of the Smaller Banks are available for Small Businesses as physical aid is out later this year. Are they going to play an Important Role and facilitate the recovery once we get past health scare, i think. Maria yeah, lets talk about the fed for a moment. The Federal Reserves Balance Sheet surging. It is now bigger than 5 trillion, first time essential bank moves for coronavirus impact. Balance sheet by half a trillion dollars, does it bother you that the fed is with Balance Sheet once again . I think like the market im going to be excited to see the fact that the United States government is going to be so supported of the American Economy and laying the bridge right now, correct . We have to get through the health scare first and once we do that, that would be positive bridge in order to help American Businesses moving forward. Maria as you get through the health scare and we all get through the health scare, are you standing on the sidelines raising cash or looking for opportunities in equities . Well, i think that at this juncture and we have a little bit of cash in some of our funds. Weve had a bit of a buffer, we felt that the volatility here is going to be something that we are going to be living with for a while simply because of the uncertainty of where the coronavirus ultimately lands. I think that over a longer period of time investors have the ability to find some great fundamental opportunities today at about 20 less than they were paying a month ago. Maria wayne, good to have you on the program this morning, thanks so much. Thanks, maria. Maria we will see you soon, wayne wicker. Cruise line industry not part of stimulus package, we will tell you why coming up. Performance matchedattachments. You need the 1 selling compact tractor for a decade. The kubota l series tractors. 1 in 3 deaths is caused by cardiovascular disease. Millions of patients are treated with statinsbut up to 75 persistent cardiovascular risk still remains. Many have turned to fish oil supplements. Others, fenofibrates or niacin. But heres a number you should take to heart zerothe number of fda approvals these products have, when added to statins, to reduce the risk of cardiovascular disease. Ask your doctor about an advancement in prescription therapies with proven protection. Visit truetoyourheart. Com has you covered withe fast, reliable internet. Finity with advanced security to help keep you secure online. And with the most tv shows, movies and streaming apps all in one place. With simple Digital Tools you can get the help you need or even trouble shoot your services on your own. Download the xfinity my account app or just say help into your xfinity voice remote. We are working to make things a little easier on everyone. Download the xfinity my account app today. 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. Maria welcome back, so Cruise Companies getting no help from the federal government. The battered industry failing to qualify for 500 billion as part of covid19 stimulus package. To get the money, the company must be in the United States and most cruise lines are overseas to skirt american taxes and laws. President trump commented about this yesterday. I do like the concept of perhaps coming in and registering here, coming into the United States. Its tough to make a loan to a company when they are based on a different company. With that being said, they have thousands and thousands of people that work there and maybe almost as importantly that work on shore filling the ships with goods and products and the cruise line business is very important. Maria very important but, dagen, the companies have had their headquarters overseas for decades enabling them to pretty much skirt any u. S. Taxes. Dagen right, and the workers who have lived in the United States will get help from this rescue package in the form of enhanced expanded Unemployment Benefits even checks directly from the federal government if you meet certain income there shall hold. So, no, youre not here in the United States and you dont get a bailout from u. S. Taxpayers number 1, number 2, in relation to the airlines, yes, because the Airlines Want 25 billion in grants in exchange for that, you will hand over stock because whats going on . The cruise ships and the airlines have totally shown a complete inability to managing the risk of their business. In cruises, the risk are viruses on the ships, the nora virus is on ships every year on ships every year. The airlines, they have bailed out after 911, delta went bankrupt a few years later. They spent billions of dollars buying back stock. Up the share price and totally unprepared. They didnt learn anything from sars in 2003. Handout for more money and the u. S. Is going to take equity stakes in the airlines. Maria on the rues ships they will be retrofitted because remember what ben carson told me on sunday morning futures, they do not have the ventilation on any cruise ship that is enables technology to take out particles from the air. All the crew ships will need money to retro fit but they are not based in america, thats the bottom line. They are not getting part of 500 billion. Lets talk more about the airlines. Jon, the wall street writes it well this morning, treasury mnuchin signaling that the government may take stakes, the president spoke with sean hannity last night and he said he walked sean through it, they are fully expected to take warrants from the airlines, how do you see it . Jon well, i think theres a few things here. The broad picture is that one of the lessons that we learned after the last financial crisis is that bailing out companies is very decisive politically. We didnt get enough money to individual household after the last financial crisis and they never forgot and they never forgave. I think thats why you see the stimulus bill oriented to houses and companies. In terms of the airlines, you know, they did the same thing with the automakers after the last crisis, one question is why not send them through bankruptcy i mean, theres still planes and pilots and airline attendants. Why not send them through bankruptcy and let them get reworked and get in the air under new leadership . Maria well, we will ask Steven Mnuchin when he joins us. Be sure to tune in at 8 30 with my interview with the treasury secretary Steven Mnuchin live at 8 30 a. M. , stay with us on that heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. 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, good friday morning, everybody, thanks so much for joining us, im Maria Bartiromo, friday march 27th, 6 31 a. M. On the east coast. The house will vote on the 2 trilliondollar stimulus bill this morning and send id over to President Trumps desk for signage. Treasury secretary Steven Mnuchin will join me live this morning at 8 30 a. M. Eastern on this historic stimulus package, what more could be coming to help americans and the economy. Plus the government could be taking stakes in the airlines, all that coming up with treasury secretary Steven Mnuchin. Markets are lower this morning, take a look at futures indicating a decline after huge rally yesterday. Nasdaq futures lower by 180 and the s p futures lower by 62. This after a pretty good rally yesterday. Take a look at the numbers, the dow 3 days of gains have pushed it back into a bull market after just 11 days in bear market territory. Dow industrials yesterday up 1,351 points. The market was very strong, broadbase and that was gain of better than 6 . Nasdaq up 413 points and s p 500 up better than 154. Lets check Global Markets this morning. European indices down across the board. Cac request rant in paris down 141 and dax index in germany lower by 215. European leaders still unable to agree on how to join together to fight the spread of the coronavirus and its Economic Impact. In asia overnight, markets were higher on the heels of the big rally on wall street, take a look. The best performer was japan, nikkei average up almost 4 overnight. We have more bad Economic News out of china, the economy continue to go weaken, profits of Industrial Companies plummeting 38 and a third percent. Lowers level of profits in a decade in china. President trumps job Approval Rating is on the uptick, consumers and viewers liking his performance. It is up one point in the last month as the president responds to coronavirus fears gripping this country. When asked specifically about the president s response to the outbreak, a majority of americans approve. 51 said that they are happy with actions taken to combat pandemic. My next guest written new oped arguing just that. Joining me right now rona ronnie mcdaniel. Thank you so much for being with us. Great to be with you. Maria you took a coronavirus test and it was negative thankfully. Tell us about your reaction to the president s leadership in this crisis . Having the president on tv every day and giving detailed briefings and informing the American People i think has really calmed everyone around the country. Trust mustsee tv. We all want to tune in with dr. Fauci, the president and the Vice President give updates and i think his leadership has been so strong to this crisis, i hear it from my neighbors, i hear it across the country saying im so grateful for the president communicate to go us and everyone concerned about the future. Maria yeah, even as 62 of americans say that they are actually nervous about the economy, that includes 45 of democrats, up from 19 in september. We are seeing the numbers. Last night on hannity the president said that the gop is still full steam ahead on holding the republican convince as planned. Listen to this. I have to get your reaction. We will have convention in North Carolina in charlotte and we are definitely planning. People said are you canceling the convention, i said no way, we are not canceling, its going to be incredible. Maria what about that, thats making a bet that we will not be afraid to be in crowds in august . How does this outbreak impact the president s Reelection Campaign come november . We are looking at the economy as number 1 issue and here we are in a recession and yet the numbers are still favoring the president s leadership. Well the numbers are favoring the president s leadership because this is somebody that gets it done. Hes facing this head on, hes communicating to the American People, hes got the counterprogramming of joe biden trying to give briefings and really stumbling and shameful that hes trying to counteract against the president. Absolutely the convention is full steam ahead. We were on the ground in charlotte. We are ready to go and we look forward to renominating our president and having a full seated convention in august. Maria lee carter. Lee so, you know, the president s strength has come from the economy, most of its support, everybody feels confident in the president because of the economy. One of the most important things to voters is health care. A lot of faults in the Healthcare System are being exposed right now. How do you think the Republican Party needs to address both of the issues as we move forward . I think everybody in the country recognizes we face essentially a Global Natural disaster and nobody expected a Global Pandemic to come. I think the president working with the senate to put the packages forward to reassure American Workers that they will not be penalized by something thats come through no fault of their own and then putting the fundamentals in place to help us build back once we come out of this crisis, so we also have to remember the reason that we are able to combat this so well is because the economy was so strong heading into this crisis. The president put us in such strong economic place that we are able to help the American Worker right now. We do have the cash to do these things and thats exactly bus of the president. The president is the one who said we should move supply chains from china. He was spot on. I think the American Public will recognize that come november. Maria well, you know, its interesting rona because the president did change the conversation on china and now when we see the behavior where they downplayed the pandemic for so long, making it worse, wouldnt let the cdc in there and threaten that they wouldnt send us prescription drugs right in the middle crisis in america. I think the people view the president being tough on china, even going into the election and you see joe biden, what did he say about china, we dont want to fight with them. I think youre right. The public will see the president as knowing who hes dealing with on the other side of the deal if you know what i mean in china. Absolutely. You saw the sweetheart deal his son made with china. Maria thats right. This president from day one said we need to stop travel to china but when he came to presidency he said we cant have trade deficits. We cannot for National Security purposes allow all supply chains to be in china. He was spot on. Nobody else was talking about that. Maria absolutely. Dagen this is not cash that we are not spending, its borrowed money. People worried of annual deficits going to 1 trillion before the crisis, now we are looking at maybe 3 trillion if not more, thankfully the Federal Reserve is buying our debt an monetizing our debt and maybe we dont have to go to china or to japan. But this is one one of the issu, nobody is arguing that we shouldnt help businesses and individuals, but down the road on the other side of this crisis the administration has got to have to answer for that. Why you werent fiscally responsible for the crisis. Remember, we have had democrats in the house. Speaker pelosi and we havent had a filibuster approve majority in the senate since the president has taken office and in order to pay for National Defense and do the things that we need to keep america safe. Remember defense was completely depleted as the president took office. These are things that had to be done to keep our country running and i think a lot of americans are going to understand we need to borrow money right now to keep the American Workers safe, to help them get through this crisis, the crisis thats been made through no fault of their own of anybody and make sure that theyre able to get the paychecks or the checks at home so they can get through this very difficult time. Maria and the democrats will not allow the republicans to allocate money to things without including other things like the exactly. Maria the coronavirus bill. Unbelievable. Great to get your insights. Rona mcdaniel. The Trump Administration to limit chip sales to hauwei. Cheryl casone with the story. Cheryl good morning, maria. Top cabinet officials to impose the rule to block sales of chip made by Taiwan Semiconductor for hauwei. The Trump Administration claims chinas use hauwei telecom to spy on the u. S. Hauwei has repeatedly denied that. 175 inmates expected to be released in new york city due to coronavirus and total about 5,000 prisoners are in new york city jails right now. Those actually are the lowers numbers we have seen since world war ii. Mayor de blasio releasing vulnerable inmay notes during the pandemic, 200 new york city inmates have been freed from reckers island since the outbreak hit. The coronavirus pandemic has lowered sports. Commissioner added nfl rookies and fans will not be allowed to attend. Well yesterday should have been opening day for baseball and now the opening day from home is trending online. Trevor williams shared video from his own backyard. Hes practicing with his son. Houston Astros Justin Verlander sitting down with his family. This family held their own opening day parade after canceled in cincinnati amid the pandemic and Major League Baseball did post video on twitter reminding all americans even though we we are apart, wen still come together. We are coming together, maria, back to you. Maria its true. I love that phrase, really sweet. Cheryl, thank you. Stay with us, a lot more to come right after the break. Sure, principal is a financial company. But think of us as a 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. Maria welcome back, innovation the save lives. One Technology Company is trying to help fill the gap. Health sos has credited 3d printable masks in an effort to get Vital Equipment to communities that need it. Joining me to talk about Angel Investor who has helped create the new, former uber board member, shervin pishevar. We go back as you invested in so much in the gig economy, uber, airbnb when the industry was just starting. Tell me what youre trying to do here as it relates, shervin . During the crisis i have been losing a lot of sleep. My parents are both in 80s. They both have diabetes. Im very concerned for the vulnerable, the immuno compromised and my team and i have been working for the last two weeks and contribute a solution and we have designed a 3d principal ventilator that we can basically have printed. We just printed the first prototype on march 24th and we have videos of that that weve shown you. We are working with an organization in brooklyn called womp that secures 20 3d printers and theres 15 parts to ventilator and my Family Foundation and my sister actually is is helping lead this. So we are contributing a hundred thousand dollars to Family Foundation on behalf of my parents and my children and that will once approved, that will basically allow us to print about a thousand, more than a thousand ventilators. We need to get this approved by the fda under the emergency use authorizations, we are donating all the it, we are just giving it away to try to try to solve help solve the problem. Maria shervin, its so extraordinary that you can make ventilator from 3d printer. Its incredible. This is an opportunity where Venture Capital money can health make a difference. The state Venture Capital amid coronavirus even before the pandemic, bc funding had started to cool off, down 16 following the slashed valuation of wework, but now seeing Venture Capital go this way, i guess an opportunity in terms of investment but also making a big difference but its extraordinary to me that you could actually print a ventilator 3d printing. Yes, we believe that that, you know, we broke down the parts and we began to design it. Weve contributed to open source. Help os network for help open stores, so thats helposnetwork. Com. We need engineers, anybody who has 3d printers that can print this. Part of the problem is that the ventilator company dont have enough supply for the Global Demand thats happening so the idea was, well, the 3d Printing Companies and companies that had capacity, they are idle right now. We should be using the technologies which as youre correct i will saying have been ventured back in the past as in an emergency and essentially a, you know, microbial wartime emergency as a solution. A thousand printers, we could print print about 1 ventilator, all the parts in 12 hours, so we could essentially, if there were a thousand of them, we could print two per 3d printer per day and in about a week 5,000 plus printers. Maria this is exactly the kind of innovation that people expect from america and why people believe that america will get through this. We will get through this, this is the kind of innovation. Shevin, great to get your insight. We will get through it, maria. Maria credible innovation for 3d printing, doctors and nurses on the front line of coronavirus, but many hospitals are critically short of supplies their healthcare workers need to fight it. According to new survey from premier, inc, Healthcare Providers are burning through n95 respirators, surgical masks, Hand Sanitizers and swabs than can be replaced. Joining me susan devore. Reaction to what you just heard. 3d printing of ventilators, do you see this becoming reality . I do think there are a lot of companies out there that are offering to help, probably easier to build masks and to make Hand Sanitizer than it is ventilators and we need a quantity that makes production more difficult for things like ventilators, but we are seeing a ton of Companies Offer up help in their manufacturing production. Maria so tell me how hospitals are managing through the shortages. Where are we right now, susan, in terms of the shortages in some of the critical products that weve spoken about the last couple of weeks . Yeah, for me to serve in network of 4,000 hospitals, 175,000 other providers and they are very challenged on the supply side. There are 5 or 6 major categories, Hand Sanitizers, n95 masks, the ventilators, the swabs and diagnostic kits and we did a survey of our Health Systems and most of them are getting less than 40 of what theyre requesting. Many of them have ten days, two weeks, maybe 3, 4 weeks of some of their supplies and so we really need to continue to find expanded production capability and get that inventory from all over the world into the u. S. As fast as we can. Maria well, i mean, i dont understand why the reliance on so many foreign sources. Even the swabs come from italy. Right. Swabs come from italy, from one manufacturer who has a patent and so we are trying to find other ways to free up that ip so that others can manufacture that. You know, we are a Global Economy and we have manufacturing of the commodity products all over the world and the challenge with the pandemic is everybody all over the world has pandemic challenges and therefore its harder to get that inventory to the u. S. We formed a coalition of 25 companies, manufacturers, distributors, wholesalers, gpos and we are working collectively. Everybody is sort of putting aside their previous competitive positioning and we are working together to say how do we get as much inventory as possible to the u. S. And then how do we get it to the places that need it the most. Maria look, i get that and i understand that theres a cheaper way to do things and companies are going to go that way if its much more economic call in terms of production being overseas. How quickly can you move the supply chains back to america when youre talking about very important products like the active ingredients in prescription drugs . I mean, this has got to change now that we are faced with a pandemic where we really need things and we are having challenges because theyre made in china. I do think after pandemic is over that you will see manufacturing back in the u. S. There are Companies Expanding today and we are working with several of them. There are Manufacturing Companies in other adjacent industries. I think that we have the capability to bring that manufacturing back. It will take obviously several months to build up those production lines, but i think that will happen when we get through this. Its already happening now. Maria i would expect so, yeah, for sure. Susan, great to get your insights, thanks very much. Thank you. Maria susan devore joining us. When we come back the president of Eli Lilly Dave Ricks on what his company is working on in terms of a coronavirus treatment. Youll want to hear that when we come back. Stay with us. Apps are used everywhere. Except work. 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 but through goodt times and bad at t. Rowe price weve helped our investors stay confident for over 80 years. Call us or your advisor. T. Rowe price. Invest with confidence. Maria welcome back. Good friday morning, everybody. Thanks so much for joining us. Tgif. Im Maria Bartiromo. It is friday, march 27th. Your top stories right now, just before 7 00 a. M. On the east coast. The United States has become the epicenter of the Coronavirus Crisis with the most cases in the world right now, surpassing reported cases in china and italy. Questions of course remain over chinas reporting and whether their numbers are accurate. The house did vote on the stimulus bill this morning. It will be sent to the president s desk later today. Treasury secretary Steven Mnuchin will join me this morning at 8 30 a. M. Eastern to talk about the historic stimulus package, what more could be coming to help americans and the economy and plus if the government will take equity stakes in the airlines. Dow futures are lower by 574, nasdaq lower by 173 and s p futures down by 64. This on top of a very strong rally yesterday, take a look at this. The dows threeday gains pushed it back into the bull market territory after 11 days in bear market territory. The dow industrials yesterday chalking up a move of 1,351 points, better than 6 . The nasdaq up 413 points yesterday and s p 500 higher by 154 points at 4 00 on wall street. President trump is looking to get some parts of the country back to work sooner rather than later. The white house is focusing on classifying certain counties by risk levels. Plus, the president speaking with chinas president xijinping overnight. President trump says the two countries are working together closely to fight this pandemic. In just a few moments, eli lillys ceo dave ricks will join me to talk about the drug supply chain and how dependent some companies are still on china. Later this hour, dr. Oz is here on the latest treatments possible, vaccines and growing concerns about children getting the virus as well. Plus, americas biggest music stars are coming together to help raise money for victims and First Responders. Join us for the iheart living room conference for america, that will air live on sunday night on fox networks including this one, right here on fox business. Elton john, alicia keys, billie eilish, tim mcgraw and many others taking part in this charity event. Mornings with maria is live right now. And we want to check Global Markets this morning with the u. S. Under some selling pressure, europe is red across the board as well. European Union Leaders are unable to agree on how to join together to fight the spread of coronavirus and its Economic Impact. Fq100 is down 239 right now, cac in paris down 165 and the dax index in germany down 252 right now. In asia overnight, markets were strong following the rally on wall street, take a look at the asian markets overnight. The best performer was japan. Nikkei average up 3. 8 . Japans nikkei posted the biggest weekly gain as well, biggest weekly gain ever. We did have tough Economic News out of china. We continue to see the economy there weaken. Profits at Industrial Companies in china plummeting 38. 3 in the first two months of the year. Now to their lowest level in a decade. Oil prices are up this morning after plunging better than 7 yesterday. It was a big day yesterday. There were concerns about demand. Oil prices now at 22. 63 a barrel, up just a fraction. So yesterday is obviously a very significant move. Yields on treasuries are down. The yield on the 10 year treasury falling for a second day in a row, as can you see, it is now sitting at 0. 762 , that is down 9 basis points. Joining the conversation this morning, Dagen Mcdowell, lee carter and john hilsenrath. Good morning shall everybody. Its been a good show. We have so much to talk about the Federal Reserves Balance Sheet expanding as well. Dagen i want to point out ahead of you speaking with secretary mnuchin and maybe us getting equity stakes in airlines in exchange for at least 25 billion in grants, another 25 billion in loans, americans dislike the Airlines Even more than they dislike the banks. Because of the way passengers weve been treated for years and years and years, while the people at those airlines got rich. Thats what they have to answer for. Hey, dagen. You know what i want . I dont want equity stakes in these airlines. I want them to lower my air fare when they start flying again. Dagen bingo. Maria okay. Extra leg room. Maria he just wants better prices. I get that, yeah. Exactly. And there are very few people on any planes right now, thats for sure. Lets get the latest on coronavirus. The impact has been deep and wide. There are now more reported cases of coronavirus in the United States than anywhere else in the world. Nearly 86,000 people in the u. S. Currently have covid19. This as more questions are being raised this morning about the death toll in china, are these numbers really accurate. Many people skeptical of beijings official tally following multiple revisions on how the country counts cases as well as chinas efforts to cover up the outbreak from the getgo when it first began, which we believe is now the end of november. In the United States, texas and rhode island joining florida, issuing mandates that anybody traveling to those states from the new york tristate area must self quarantine for 14 days. Both states following guidance from the white house. New york city now reporting at least 84 deaths yesterday alone with more than 1200 new cases, bringing citywide totals to more than 23,000 patients and 365 deaths. Worries about louisiana this morning, cases have skyrocketed in a day amid fear that people celebrating mardi gras may have brought the coronavirus to new orleans. There are concerns it could be the next u. S. Epicenter. In a few hours, the u. S. s navy ship mercy will arrive in los angeles to help relieve hospitals inundated by covid19. The hospital ship is staffed by members of the navys medical team. It will take noncoronavirus patients from the region. The state is preparing for that and is certainly preparing for a dramatic increase in infected patients over the next few weeks. Mercys sister ship, comfort, is expected to arrive in new york next week. And nypd custodian died from coronavirus, marking the first death in the nypd. 351 nypd employees tested positive for this virus, 294 are uniformed officers. About 3700 cops called out sick yesterday, just over 10 of the force. And the head of Counter Terrorism is hospitalized with covid19. The New York Post is reporting that the Deputy Commissioner john miller is in serious condition this morning. We will follow that and bring you the very latest on john miller. Coronavirus is also taking a heavy toll on hospital workers in the boston area. The boston globe is reporting this morning that more than 160 people have tested positive in just the last two days. Something thats believed to be a result of Community Spread and not contact with sick patients. More help is on the way to help doctors in massachusetts fight this virus. The state says all fouryear medical students will graduate early. Theyll join other healthcare workers on the front lines of the pandemic, similarly nyu doing the same. Peyton manning doing his part to cheer up students studying online at his alma mater. The university of tennessee. The former nfl quarterback crashing the class of his former communications professor. Watch this. I just wanted to drop in and say hello to all the fellow Communications Students there and realize this is a unique time and probably not the ideal way you guys expected to spend your senior year. Maria john hoss was one of mannings favorite teachers, he helped set it up, set up the surprise appearance by manning. Im sure everybody was happy about that racing to develop a vaccine, scientists and pharmaceutical companies are working around the clock and across the world trying to find a treatment as Healthcare Professionals battle the coronavirus pandemic. Eli lilly recently announced a partnership with abcelera to codevelop antibody therapies for the covid19 virus. Joining us now is the ceo of eli lilly, dave ricks. Thank you very much for your efforts on this. Of course. Maria tell us where this stands. Where does eli lilly stand on a treatment, dave . Of course across the industry as you said, everybody is working around the clock and i think at lightning speed and in ways we never have before, collaborating in many ways. You mentioned a collaboration, we signed just two weeks ago and that work started just 11 days before that. So abcelera, they acquired the plasma, the blood from some of the early survivors of the coronavirus in Washington State and they isolated whats known as antibodies the way the body attacks viruses that seemed to be neutralizing the virus and the idea is we are working with them to turn that into a therapy. We hope to start Clinical Trials as early as this summer and if that goes well, we can expand production and use it to help people who are sick or even if we could expand production enough, help those that are at risk to use this sort of prophylactically. Its an exciting approach and one of many approaches across the industry to help with this horrible situation. Maria so tell me what it treats. I mean, some of the symptoms are high fever, some flulike symptoms. Do you have perspective on the response that youve seen so far and when would you expect, given the fact that weve got a fast track fda right now, the president is trying to get through things the fda as fast as possible, when would you expect Something Like this on the market . Well, as i said, we havent studied it in humans yet. Drug development usually takes 15 years from idea to the market. Here, were talking about Something Like six to nine months, if we can work very well. By the way, i have to applaud the fda, hhs and all the three letter agencies we work with who are working in new ways and collaborating in an amazing way with the industry to speed cure eventually or in this case a treatment to patients. This treatment would be infused into your body and, again, weve isolated antibodies, the bodys response to viruses from survivors and we would infuse those into people who are sick to help them knock down the viral load and get better. Thats how this therapy would work. Theres also a large effort across the industry, maria maria i love it. To repurpose medicines that were originally designed for one thing that could help with this. Theres talk about aisle 6 unhiv tores, inhibitors. We have our own project with an antiinflammatory. As patients get sicker their lungs are inflamed fighting the virus and the bodys inflammation can choke down our ability to breathe. And so by relieving that pulmonary inflammation, inflammation in the lungs, people can recover and get off ventilators faster. Theres some early evidence that these antiinflammatory approaches could be quite helpful and were studying that in a number of studies as well with our own product in asia and in europe as well as the u. S. Maria that is so fantastic, dave. Really, thats wonderful. Well be watching that and certainly following your developments. Are you worried about pharmaceutical supply chains, given how much minis produced in china . I know lilly does not source the active pharmaceutical ingredients for any of your approved medicines, you dont source them from china, do you . Correct. We make our own. We do that in europe and the u. S. Primarily. Were an exporter in china. Most of what we make we put out a number of statements on supply chain. We want patients to know and its important in this broadcast to communicate that we have a steady supply of medicines. Lets remember during this crisis, those that are most vulnerable to coronavirus are the elderly but also those with preexisting conditions like diabetes. And were a major manufacturer of diabetes products including insulin and we want to assure people we have supply. We make insulin in the u. S. , the core medicine, but also the finished product. Thats all happening here in the United States. We also make it in europe and ship that around the world. So we feel good about our supply chain today and hats off to the manufacturing workers whoever day, 24 7 since this started have been going to our plants, really relentlessly, to make medicines so the supply chain is assured. In the end we have to evaluate the question of api sourcing, because a lot of these pharmaceutical ingredients are sourced in india and china. They tend to be generic products where the price points are very low. And as a consequence, manufacturers have sourced at the lowest cost site. We have to ask the question as a country, do we want cheaper Generic Medicines or do we want a more control on our supply chain. I dont think theres a free ticket there. But thats the question we should ask at the end of this crisis. Maria 100 . I think increasingly after living through this current crisis, more people understand that, to be reliant on your own supply chain is truly critical for the American People. Dave, thank you for all that youre doing. We will continue to follow the developments. Thank you, sir. Thanks for having me on. Take care. Maria dave ricks is the ceo of eli lilly. Weve got a big show this morning. Do join us. Up next, dr. Oz is here, talking about the antimalaria drug touted by President Trump and how the Younger Generation is getting affected by coronavirus. And we will talk about the house vote on the stimulus package. And coming up, dont miss rick reeder to talk about the market bounceback and Interest Rates, well get into fixed income with rick. Plus, treasury secretary Steven Mnuchin is here talking about unemployment and the coronavirus stimulus package. Dont miss a moment of it, all coming up. Back after this break. 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, can we go get some ice cream . Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . Do you have any lollipops in there . laughing no, sorry. Were helping all kinds of businesses go beyond customer expectations. 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So its just helping people out. I think right now obviously people need as much help as they can get and people that are in a mortgage, its a stressful time to be able to pay that back in full as quick as possible. So the term is called forbearance. Its going to give them the opportunity to delay their mortgage, pause their mortgage and in some special instances even negotiate the price down just a little bit. With all that being said, if theyre going to have to pause the mortgage payment, they have to pay it back probably with interest at the end of their loan. But its just working with the people in hopes of them not foreclosing which we saw happen about a decade ago. Maria john. Couple questions about how forbearance would work on mortgages. One is, a lot of mortgage servicers out there arent banks, companies that most americans have never heard of like mr. Coopers. How do we get them involved in this . And can they stand the pressure thats about to hit them . Second, how do bond holders play into this . A lot of mortgages are in Mortgage Backed securities, can bond holders take forbearance in a situation like this . Ill try to answer both questions at once. I think that Mortgage Backed securities are going to be very insecure. I think were going to see a lot of these Companies Like the first one you mentioned that is maybe not a major player in the game, i think theyre going to find their way out of the mortgage industry. And i think were going to see people on the Mortgage Servicing side, whether its with an fha or jumbo loan, theyll probably get skittish moving forward. Well see a major change. The First Company you mentioned, the hope is they can survive. If youre relying on somebody to pay their mortgage thats not getting paid from their employer, its going to cause probably a pretty big mess for the short term. Maria lee . One of the questions, i know some people who are in negotiations now, the impact is so widespread. Some people are saying theyre getting holds for three months but on the fourth month they would have to pay it all back at once. W. Are you seeing different scenarios playing out . I am. The good news is the big banks are open to it. They havent announced all of the information like people that are doing interest only loans, does it apply to them, people that have a five year arm, does it apply to them. How does it really help long term if theyre going to say listen, its okay for four or five months, you dont have to pay us back and then in five months pay us back everything, its not like an employer is going to say listen, i know youve been in a tough spot, heres a five month advance to pay your mortgage many i think were looking at a fairly rough road ahead in the next quarter at least. Its going to provide for an interesting opportunity because weve never seen this, at least in my lifetime, of being a real estate professional for a couple decades. So its going to be difficult. Go ahead. Maria by the way, probably many people would like to just refinance. I mean, look at these rates. So theres that opportunity. Refinancing is going to be a great opportunity. The problem with that is you need a significant amount of cash to refinance. I think youre going to see people take out a shortterm loan with the bank, maybe a line of credit to be able to afford to refinance where it might take six or eight months to make it make sense. It will be an interesting time all across the board. Maria thanks very much for walking us through it. Dr. Oz is on the other side of this. British Prime Minister Boris Johnson has tested positive for coronavirus. He said he is experiencing mild symptoms and will selfisolate while continuing to lead the u. K. Government. We will have more on that when we come right back. Out here 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. 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Joining us right now is the vice chairman of the surgery of surgery at columbia university, the host of the dr. Oz show, dr. Great to have you this morning. Thanks so much for being here. What can you tell us in terms of the latest on a potential vaccine, where are we now . Making Good Progress on a vaccine. Across the board were making Good Progress, probably 100 different concepts, ideas, products, drugs, that are in development with lots of Clinical Trials pursuing them. As everyone probably knows the vaccine trials have started for some. In the end, its going to take at least a year, probably 15 months to get these vaccines into clinical use and you want that, maria. You dont want to have an error happen to a product youre giving to 100 mil million or 200 million people. Once they know everything about the virus, they know where the weak spots are and theyll be able to take it out. In the meantime, ill thrilled there are lots of trials moving forward on treatment of people, either to prevent them from getting coronavirus, theres one trial like that happening at columbia now or to early treatment of people who test positive with covid19 virus or folks who are having complications from the disease once theyre in the hospital. And all these options are led by diligent individuals, a lot of private Companies Involved and its wonderful to see the remarkable agility, nimbleness of american industry. Maria so are you so do you think a treatment will be on the market over the near term . Whats your take for example on this antimalaria drug being used to treat coronavirus, when would you expect some of these and antivirals some of these antivirals on the market, dr. Oz . I had the opportunity to ask Vice President pence that at a townhall earlier this week and he said he was pleased that the fda was going to allow these products to be used by doctors as they desire. Its already approved for use in malaria, rheumatoid arthritis, lupus, a bunch of conditions that benefit from hydroxychloroquine. We dont have the data that the fda needs to make decisions on these products. In that particular case, the antima layer yall drug is used in china. Weve never seen, at least i havent seen, ive looked for randomized data i did have the french physician on who did the pioneering work in france. Hes very well respected there and theyre using it in some centers now. And it worked for him. He was able to reduce the levels of virus. Maria i love that you had him on. Dagen, jump in here. Dagen dr. Oz, Dagen Mcdowell. What about the testing though for antibodies to see who has built up antibodies who have had the disease . A friend of mine who works in an emergency room, one of my oldest friends, had double pneumonia in early february and was actually put on a ventilator and they believe he actually had the disease. And this is kind of critical to getting us all back to work too. Absolutely essential to have Antibody Testing. I tell you what i would do. Just isolate some small part of for example new york city which has been horribly hit by this virus and figure out how many people have had it because we think up to 50 of people dont even know theyve had it or their symptoms are so mild they ignore them, power through them. I saw unpublished data looking at stool specimens and a lot of people have coronavirus in their stool, comes out of all your orificic. They didnt suspect they had coronavirus. There are a lot of people who were contagious but didnt know they were ill. I mean, Boris Johnson was probably pretty well isolated. That stated, he just tested positive probably because someone was asymptomatic or presymptomatic, got to close to him and he was probably presymptomatic, expressing the virus to folks around him as well. Maria thats really fascinating. By the way, Boris Johnson said hes going to isolate now after testing positive. Let me ask you about children, dr. Oz. More children have now become infected with coronavirus. The latest of course this 3monthold in new york, the youngest victim in the United States. How concerned should parents be about the spread of coronavirus to their children . Well, youre always worried its your kid, its the most vulnerable part of you. That stated, there has not been a death a child under age 10. Very few severe illnesses, people under the age of 20. Young people seem to be spared from the virus. There was a child in the u. K. As a newborn was diagnosed with having covid19 virus and we believe she got it from the birth canal. We dont think the virus goes across the am notic fluid. We have enough problems to worry about. This virus hurts in many ways, lots of people struggling with it. But thankfully, i dont think we should add at least lethal complications in young kids to that list yet. Maria all right, dr. Oz of, thanks very much for your insights this morning. Great to see you. Good to see you as well. Maria we will see you soon. Coming up, congressman greg walton and josh gushimer. Are here to discuss the vote on the coronavirus stimulus package. Stay with us for that. Sure, principal is a financial company. But think of us as a 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. Maria welcome back. Good friday morning, everybody. Thanks so much for joining us. Im Maria Bartiromo. It is friday, march 27th. Your top stories right now, 7 3. Well, the house is going to be voting on the 2 trillion stimulus bill this morning, then they will send it to President Trump for signage. Treasury secretary Steven Mnuchin will join me this morning, live at 8 30 a. M. Eastern to discuss this historic stimulus package, what more could be coming to help americans and the economy. Plus, if the government is in fact taking stakes in the airlines. Markets this morning are lower, take a look at futures indicating a decline at the start of trading after a big rally yesterday. We are now at the lows of the morning, however. The dow futures are down 600 points, nasdaq down 193 and s p futures right now lower by 71. Yesterday a powerful rally, in fact the dow industrials three days of gains have pushed it back into bull market territory after just 11 days in bear market territory. An historic vote is coming in congress today, the house of representatives poised to approve the 2. 2 trillion stimulus package passed wednesday night. That bill includes funding for public health, Small Business loans, expanding unemployment, direct payments to americans. Speaker nancy pelosi and House Minority leader Kevin Mccarthy expected to pass with a voice vote, despite concerns over a possible delay by kentucky congressman thomas ma. Ssey. Joining us now is greg walden along with new jersey congressman, josh gottheimer. Gentlemen, good to see you. Thanks very much for joining us. Thank you. Thanks for having us on. Maria first congressman gottheimer, how are you feeling . I know you are in self quarantine, right . Yeah, im feeling great, havent developed the virus but trying to do my best to take care of others that have and do everything for the district. The rescue package is key, going to help a lot of people who are suffering economically and weve got to do everything we can to help those who are sick. Maria you will vote over the phone . How would you vote . Its supposed to be a voice vote today so im going to make my support very clear. Were going to tape something and show our support and hopefully we dont have any problems today, as im sure greg would agree. Whats most important is that its voice vote, gets done, start getting immediate relief for people, the businesses as soon as we can. Maria congressman walden, your colleague Thomas Massey has expressed pushback here. Do you think hes a no vote . I dont know how hes going to vote. This is a point where we need to come together, voice vote this across the house floor and get this needed relief to americans, to our healthcare workers, our seniors, to those who were laid off, those struggling with Small Businesses, trying to figure out how to keep cash flow going and reestablish business relationships. Im glad to hear josh is doing well, hes a terrific member and real leader on the problem solving effort so hopefully together we can get this done. Maria let me ask you this. Theres an op ed in the journal this morning, Big Government contagion is the title of the op ed. Im sure you saw it. It says that any appropriators never miss an opportunity to expand Government Agencies and the departments within the government, agencies, bureaus, committees. Washington and the states are devoting significant resources to this response and a great deal of the cash is going to front line agencies, the centers for Disease Control and prevention, the fda, department of health and human services, the bill sends money to the bureau of prisons, the irs, the transportation security administration. Is this excessive in terms of how many agencies are getting money, congressman . Well, certainly all of those agencies are directly on the front lines of getting the aid out to people who need it, whether thats through the tax code. Youve got to have the irs involved. If its nih, you want a cure, a vaccine, thats where its done. We put 100 million in the department of energy so we can have our innovators access the highest Speed Computers in the world to help find a cure quicker. It all adds up and by the way, this is shortterm. There are sun d. O. Tsets involved virtually all of this. Were trying to find a solution for the present. This bill goes a long way to doing that. Maria im glad you said that. Thats sunsetting is really important. Congressman gottheimer, let me ask you this. The next line in the op ed reads this, mor more concerning is the extent to which Democrats Use the bill to tighten every fiber of the social safety net. 3. 5 billion to the states for child care, education, low income heating assistance, Legal Services for the poor and so on. This is a massive expansion of the welfare state even though many of these areas need the money in a crisis, was this an opportunity to throw more money at the welfare state . I think were to address the issue, these are going to sunset out. We need focus out. In new jersey alone we have 7,000 cases, 1400 or more in my district. People are really hurting. The front line healthcare workers who we send every day to the hospital and our ems, our First Responders, doctors and nurses and technicians, theyre putting themselves on the line every day to help people. We need to make sure they have resources and protection they need. We have to get our businesses, our Small Businesses, our medium businesses, all businesses to support the needs, to make it through it to the other side. We will get through this. The economy will be strong. It will take a lot of effort. This helps, an immediate rescue plan and a focused rescue plan and thats what we need. Maria it is a rescue plan. Thats a good word for it. Thats rescue relief. The treasury secretary, Steven Mnuchin, said this is going to address the economys dislocations for the next 10 to 12 weeks. So are you expecting a fourth piece of legislation . Are you expecting even further stimulus down the road then . Well, i would just say, maria, first of all, i want to congratulate the president and Steven Mnuchin, they have worked overtime, theyve been diligent, theyve been on the lead on this and they have really helped the country move forward. As for a fourth package, lets see how this one goes. Lets focus on some other things. How do we get supply chain resiliency in the manufacturing for antibiotics and drugs. How do we secure america better for future pandemics. I would like us to take a longer term look at the restructureing that needs to be done. Dr. Hahn at fda and other leaders waived rules and regulations we should have gotten rid of years ago to allow innovators and america to do what theyre doing now. Why does it take a pandemic to do that . Maria youre right, this reliance on foreign actors to get some of the most important and critical medicines, its just insane. Congresswoman alexandria ocasiocortez speaking out against the stimulus package, congressman, you both know this. For not allowing noncitizen immigrants to benefit from individual checks. She tweeted out this. To clarify, 1,200 checks are only going to some with Social Security numbers, not immigrants with tax ids. Thanks to the gop, these checks will be cut off the backs of tax paying immigrants who get nothing. Many are essential workers who pay more taxes than amazon. Wall street gets 4 trillion, she writes. The itins are in the irs program that allows people without Social Security numbers to pay taxes, right, josh . Listen, this package is as we said before, is a rescue, it helps so many people and it does it immediately, between Unemployment Insurance and obviously direct resources to people and reinforcing the structure thats we need, as greg said, its people coming together, its a great rescue package. Well see if we need more in the future. But right now, weve got to focus on getting this out and helping as many people as possible. It seems to me aocs the one who chased tens of thousands of jobs out of her region. Maria good point. I dont know. I dont know. She just learned how to use a Garbage Disposal recently. I dont need her running the economic model for the country. I think the point here is ill just say we all need to come together here, democrats, republicans. Thats right. Weve been doing that with senate vote. This is not a time for partisan politics. This is a time for us as country to come together, this affects everyone. This does not see the difference in party and we have to help everyone. Thats whats key here. Indeed. Maria real quick, greg. Hypothetically speaking the president signs it into law today, when does that money get to the people . As soon as its physically possible. Secretary mnuchin. Maria next week then . It could be next week. It could be the week after. I dont want to pick an arbitrary date. Some will go out faster than others. The seven day loan program for Small Businesses will be hugely important. But it will take a week or two to get that done. Ill tell you, theyre moving everything in the way of this to get it out. The president s in the lead and theyre going to get it done as fast as humanly possible. Maria terrific. Terrific. Congressman greg walden and josh gottheimer, thank you, gentlemen. Final word. I was going to say very quickly, the key here and greg made this point on the supply chain side, its ridiculous that we have to make phone calls to find masks around the world. We need the resources now. We cant afford to wait another day. Theres bipartisan support for that. Maria absolutely agree. I can see that. Thank you, gentlemen. Thank you so much. Stay with us. A lot more to come, right here. Life isnt a straight line. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. A partner who makes sure every step is clear, 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 maria welcome back. The department of justice offering 15 million for the arrest of nicolas maduro. Cheryl casone with the details there now. Cheryl thats right, maria. Good morning again. Venezuelas president called President Trump a racist could y and new charges, conspiracy to fill venezuela with violence. Federal prosecutors say maduro and senior venezuelan officials worked to traffic cocaine into the United States. Attorney general bill barr hopes the charges will help venezuela see the criminality in their country. Some big banks are postponing layoff as initial jobless claims soar from the coronavirus. Fox business confirmed that citigroup is delaying layoffs amid the pandemic, delaying any restructuring plans for now. Morgan stanleys ceo, james gorman, sent a memo to workers that their jobs are secure for the rest of the year. Deutsche bank reportedly going to hit the pause button on workforce reductions, the stocks somewhat lower in the premarket, especially deutsche. Pay cuts are coming to general motors, the automaker temporarily reducing paychecks for 69,000 or salaried workforce by 20 , that starts next wednesday. Gm says its going to repay the reduced pay with interest to workers by march 15th of next year. There is gm in the premarket, down two and three quarter percent. Data from around the world now shows the mortality rate for covid19 is higher for men. Right. But its women who are the most stressed out about the pandemic here in this country. A poll by the kaiser Family Foundation found women are more worried about themselves or someone in their family getting sick. They also are more concerned about the virus financial impact. And americans apparently like the job that dr. Anthony fauci is doing on the white houses task force on coronavirus. 77 say they approve of his work to combat the pandemic. That is more than the Approval Rating for the state and federal government, even President Trump, believe it or not. And check this out, guys. A donut shop in of rochester, new york has not overlooked faucis rising popularity. They are selling a donut that features a picture of the dr. The shops owner said people are buying them up like crazy. Back to you. Maria i bet they are. Cheryl, thank you. Lets slip in a break. We have a lot coming up this morning. The state of the airlines and when or if you should be buying a ticket to travel. Were going to get into it when we come right back. When we face adversity, we find a way through it. Its about taking care of each other. Its the small parts that make a big difference. At chevy, we promise to do ours. Were offering chevy owners complimentary onstar crisis assist services and wifi data. If you need a new chevy, interestfree financing for 84 months with deferred payments for 120 days on many of our most popular models. You may even shop online and take delivery at home. Its just our way of doing our part. 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. Air fare prices now super low, obviously, as the coronavirus wreaks havoc on the Airline Industry. With so many inexpensive flights available, should you actually book one . Joining us right now is the ceo of air fare Research Firm three victors, rick seeney. Thank you for being here. Should people be buying tickets to anywhere right now. Obviously people are afraid. What do you think. I think the prices are so low in some cases, when you have 160 roundtrip for example from new york to los angeles tail end of the fall and early wintertime, those are probably pretty good tickets to go ahead and buy. If youre looking at something in europe for example, where youre tying up anywhere from 300 to 500, now, that being almost half price, youre still tying up money. There still may be travel bans, for example. So its going to be a little tougher on those ones. I would stay with domestic tickets for right now. Maria dagen, jump in here. People are still afraid of the coronavirus but, man, are these tickets cheap. Dagen theyre cheap. But rick, i think that people dislike the airlines more than they even dislike the banks back in 2008. Handout for another bailout, 25 billion in grants, another 25 billion in loans will go to these airlines. They got bailed out after 9 11. Some of them have just been competely mismanaged in favor of the ceos and management, and even the employees over the fliers. What can these airlines do to repair their relationship with people who are actually buying tickets . I think a little bit of humble pie doesnt hurt anybody in some cases. You know, we had massive consolidation over the last decade after the 20082009 crisis. And when you have three or four airlines that control 85 of traffic domestically in the United States, its probably not a good idea, getting some more competition is probably a good idea as well. As far as consumers are concerned, if youre buying a ticket for the fall, almost everything that theyre giving now theyre waiving change fees. So really all youre doing is sort of delaying. If theyre giving you the ability to use that money late into 2021, i dont expect ticket prices to come down for at least a year. Theyll start to introduce new routes when they come in, just like a new route in the system. Business travelers will likely be less and leisure travelers will be skittish as well. Ticket prices are going to stay low for a long time. Maria christmas and thanksgiving then, maybe you want to book something for christmas and thanksgiving. I think thats the perfect time. Typically what you find is christmas and thanksgiving, you compare the week of and the week before, you would see ticket prices at least two or three times higher because of demand. Those are a perfect time to start to shop right now, which is thanksgiving and christmas time, and remember for airlines, christmas time starts the third week in december and goes through the first week in january. Maria i love it. Rick, thank you very much for the input. We so appreciate it. Rick seeny, well be watching. We have a big hour coming up, blackrocks Global Fixed Income chief Investment Officer, rick reeder is here to talk about the low Interest Rates. Plus treasury secretary Steven Mnuchin joining me at 8 30 this morning, talking about the economy amid the Coronavirus Crisis and the stimulus package which should pass the house today. Dont miss it. Stay with us. Back in a moment. Youve got it all. All this grass. All this mulch. All these projects to do. You need a tractor that can do it all right. Mowing. Hauling. Mulching. Trenching. If its on the todo list, the 1 selling subcompact tractor in the u. S. Can do it. Versatile performancematched attachments. Legendary durability. Affordably priced. The kubota bx series. Edward jones is itswell aware of that. Et. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. Maria good friday morning everybody welcome back i am Maria Bartiromo friday, march 27 your top stories 8 00 a. M. On the button on the east coast, the u. S. Has become the epicenter of the Coronavirus Crisis, with most cases in the world, in the u. S. , surpassing reported cases in china and italy, of course, questions over chinas reporting and whether or not their numbers are accurate, house is going to be voting on two trilliondollar stimulus bill this morning then sent to President Trumps desk for signage treasury secretary mnuchin joins me half hours time on historic stimulus package what more could be coming to help americans and economy, if the government could be taking stakes in the airliners all coming up with Steven Mnuchin, 30 minutes breaking news out of uk Prime Minister Boris Johnson tested positive for coronavirus mild symptoms, and self isolated will rhyme in charge of the of the uk government market lower futures indicating a decline start of trading and they have extended the losses on news we are at low of the morning dow futures down 723 points, nasdaq futures down 218 s p futures lower by 18, this after very strong rally take a look at numbers, the dow days of gains, have pushed it back into bull market territory after 11 days in bear market territory dow industrials yesterday up 1300 points 1351 higher 6 nasdaq up 413, s p up 155. President trump is looking to get some parts of the country back to work, sooner rather than later, with white house now focusing on classifying certain counties by risk levels president speaking with chinas president xi jinping overnight President Trump says two countries are working together, closely to fight this pandemic. Plus worlds biggest music stars coming together this weekend to help raise money for victimize of First Responders, the iheart living room concert presented by fox airing live sunday night fox networks including on fox business, join us elton john alisha keys tim mcgraw many take part in in inventory morning morning is live right now. Maria Global Markets this morning mixed i in europe red across the board take a look the european indices down with ftdown 2 7 contact cac down 1989 dax down 354 on one a webness european leaders unable to come up with a plan, to help fight the spread of coronavirus, and, of course, Economic Impact as well, in asia overnight markets higher on the heels of the big rally on street yesterday, as you can see, the best performer japan, nikkei average posting biggest weekly gain ever as well. We did have more bad news on the economy, out of china, profits at chinese Industrial Companies plummeting 38. 3 in first two months of the year, now lowest levels in a decade joining the conversation once again Dagen Mcdowell lee carter Jon Hilsenrath this morning, in a china data i wonder if continues to get worse jon . Well, i mean i think sign for the rest of the world what our data are going to look like, in the next few years, china has a lot of problems they have gotten past the coronavirus, the worst stages of it but rest of the world isnt buying their stuff right now. So their economy has got major problems, that looking at for the years ahead. Our economy has certainly a serious shock we are dealing with too. Maria and we saw that yesterday, dagen with jobless numbers better than three million claims. Dagen three million many more millions people could lose jobs are why two trilliondollar stimulus so important house passes quickly people out of work, companies that are shut down because of no fault of their own, that is why we have this rescue package but as the wall street journal reports this is not to reas to your economy this is to prevent a second great depression. Maria we will talk about that with Steven Mnuchin treasury secretary joining me live 25 minutes, other top stories, that we are watching this morning, there are now more than reported cases of coronavirus in the United States, than anywhere else in the world nearly 86,000 people have been about being infected with covid19 questions being raised about the death toll in china, many are skeptical of beijings official tally following multiple he go revision how country counts cases cover up outbreak from getgo when it will began Boris Johnson tested positive for coronavirus. I developed mild symptoms, of the coronavirus, that is to say, a temperature and a persistent cough on advice of chief medical officer i have taken a test has come out positive o. So i am working from home i am self isolating that is entirely right thing to do. Maria johnson says will continue to lead the governments response, to the pandemic via videoconference, we will check back and get more information on that, as it develops, meanwhile, the recent market o selloff from coronavirus has not left tumultra wealthy untouchdown for sure who, the number of americ millionaires plunsed from Supreme Group finds no millionaire not affected whether one Million Dollars or more than 25 Million Dollars that is looking at stock portfolios housing as well, market volatility amid coronavirus outbreak, has gone been high, futures this morning, point to go a decline, at start of trading, as we showed you earlier the futures are right around lows of the morning down 700 points this morning, after investors saw a huge bounceback yesterday, in fact dow industrials, three days of gains this week, pushed it back into bull market territory after 11 days in bear market territory. My next guest sayings Economic Impact of covid19 more intense than 2008 recession joining me on the phone blackrock Global Fixed Income chief Investment Officer rick rieder you lived through that 2008 upset the worst financial crisis in a general regulation how would you compare that to what we are experiencing today. On the phone i tell you crisis er arent supposed to come this close to one another this is this is deeper i mean this is almost a combination of 2008 and 2001 together, after 9 11 quick shock not system uncertainty to that, it had been bubbling you ensue there was going to be a systemic change for years to come this hit really hard the depth of nearterm decline in economy going to be significant, disconnect quarter data well over 20 decline in gdp that being said, we should also improve significantly on the back side of this so it is a different dwooik nearterm uncertainty real depth of downside on economy but recovery the economy before this literally if you look at data still getting from february, data was streeet strong would you assume we with will bounce back just trying to as i simulate how much risk today or for a while Second Quarter is going to be weak we know the estimates go for you know, con crackion 10 of a percent up to 20 , do you think that feeds into Third Quarter will we see two quarters contraction officially a recession. I dont think so we say all High Frequency data were seeing seeing through february, pretty strong you are going to get this is going to be an a tail to this delis going to be it is going feedback a while before people start doing things the from leisure space getting together crowded places, that being said you are going to get consumption accelerate inventory rebuilds, i am more encouraging than others the economy is going to be pretty solid on the back side of this but, you know, there is a lot of uncertainty because you dont know duration of the impact from if virus at this point. Yeah, i i mean Steven Mnuchin going to join me 0 minutes if last time he was own, he said he he is expecting a gigantic Fourth Quarter, what kind of a rebound would you expect lets call it the Fourth Quarter or even First Quarter 2021 . On the phone listen you could get if we get some dramatic numbers on the downside you could get, the numbers, could 5 to 8, 10 against on downside you could have big numbers going into back half of this year i think People Discount that you have a solid economy generally, and do i think you are going to get a significant rebound by wouldnt disagree depends what we get downside i wouldnt disagree with a very large number in the back half of this year at all. Maria so you are talking about 5 gdp maybe in Fourth Quarter, 5 to 8 gdp says that what you just said. On the phone yeah, you could definitely get those sort of bounceback numbers without question particularly if you think about some of the areas stimulus going monetary fiscal historic numbers,are mind bl blowing that money will get into the system that money will will filter through system myriad of ways could you create eyepopping numbers into the second half of this year so no, i wouldnt write off u. S. Economy, europe i is tougher japan tougher a lot of dynamics that can create better economy in u. S. Going into the back of the year. Maria let me ask you about some stimulus rick because Federal Reserve is expanding Balance Sheet again these numbers are dramatic, the Balance Sheet soaring past 5 trillion dollars in assets, to backstop the economy in face of the Global Pandemic. Your reaction to this . You know when you look back at 2008, the fed expanded its Balance Sheet, as well total shaets increased from 870 fwln oohing 07 to 4 1 2 trillion by early 2015 now five trillion again before all windows are opening, in this stimulus plan so it is going to go higher than five trillion. On the phone going way higher than five trillion. By the way, these numbers, you got to put perspective on numbers this week, is going to put over 600 billion into the market, this week middle a big number up 75 billion a year in perspective, buying 50 billion mortgages a day this week going to buy who could be 50 billion mortgages entire mortgage production 2019 fed bought numbers, never seen anything like this, put in perspective, because scares people, that fed increases Balance Sheet this much not that scary. Agency a cent of gdp fed Balance Sheet i believe number 21 gdp. Europe is going to approach 50 in japan i think 105, 110 now numbers, relative to gdp are not that big, and people think of it as debt, about expanding money supply, because system needs cash today, the system needs liquidity they can pull will that back, these numbers besides exactly the right things, i mean exactly, you know putting cash into the system expand the Monetary Base i think exactly right time. And i dont know people realize if they didnt do this what is happening in municipal markets municipal paper Corporate Bond moernl market can create he breakages can echo through economy literally months or years to come so they are doing right things the number seems extremely large it is large in terms of impact not daunting in terms of whattu longterm effects are. Do you think a Downside Risk to this what happens when we come out of this a Balance Sheet what, are you talking about, 8, 10, trilliondollar Balance Sheet at fed . On the phone i mean you could, i mean, they are going to buy this week, going to buy could be 700 billion or so this week. And you are going to do it again next week then tapering down, assuming systems stabilized down the program, the numbers are going to be significant but you know what you are starting to see, maria, that is the Mortgage Market saul from rates moving higher they should not have now all of a sudden, that market is really firm the fed can start pulling it back, but has to get they have to get, a really big impact they have to take out big bazooka they are doing an impact start pulling it back. Maria all right quick rick youve got two and a half trillion dollars your overseeing at blackrock, how do you allocate capital in this environment . Do you want to look ahead to that rebound, and and get establish on markets here . Equities as well as fixed income tell us how you see it. On the phone i could see uncertainty i think we got to run liar level of cash running portfolio high level of cash you got to do that then i think you got to we are doing follow fed about treasuries mortgages now investing he corporates follow fed, fed will win given size they are doing you know what people should think about we have been buying equities last few days. People should think about you know things Like Technology health care, defense, consumer goods these are multiples in equity market that we havent seen when you put numbers on equity about risk premiums go walk to depression or world war ii, you want to pick away hold high level look again at equity ebt portfolio nine months hence. Love it i know you are my guest on wall street we will see you soon rick thank you rick rieder dont treasury seek Steven Mnuchin coming up right of after this. Stay confident for over 80 years. Call us or your advisor. T. Rowe price. Invest with confidence. 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Com maria welcome back house lawmakers moving to pass the two trilliondollar stimulus package today hillary vaun with the very latest on cop toll hill. I talk with nancy pelosi yesterday asked why house not passing the senate bill unanimous consent. A with one way or the other with losing no time with anything else we will we will be passing the bill tomorrow, thank you. Reporter voice vote anyone can show up demand a roll call vote a quorum there are mounting concerns one congressman massey from kentucky is planning to do that demanding a quorum means at least half house at least 260 members need to be here that is a problem maria most members are out of town, many of them are social distancing some selfquarantining driving them back raises concerns about safety House Majority are leader hoyer putting out a plea to make their way back here in time for a vote saying members are advised it is possible measure will not pass by voice vote members encouraged follow guidance of local state Health Officials if able willing to be in washington, d. C. , members encouraged to so with caution house gavels in 9 00 a. M. Plan two hours debate on this bill what happens thavrt if a voice vote goes straight through, or, they hit a something that one calls for roll cal vote or quorum wheels could come off this bill maria. Maria it will be a busy day we will be watching Hillary Vaughn on capitol hill President Trumps Approval Rating up slightly throughout all this, going from 47 to 48 , according to recent fox news poll as president grapple wells coronavirus pandemic joining us right now, to talk more about that former Senior Adviser to president george w. Bush karl rove thank you for being here you wrote oped this week saying americans are watching the president and mr. Biden intently a measure both men defining moments of crisis have yet to come, and that will be the outcome of the president ial race hanging in the balance tell us what you mean by that. Just this is a big moment for the country, as a result a big moment for the incumbent president and big moment for of his challenger. You are right the fox poll had 48 approved, 51 disapproved that was improvement from january up 3 points on positive, and down points on negative. It may presage further upward movement this morning there is abc Washington Post poll out on handling Coronavirus Crisis, 5145 approve of federal government generally 66 approval gallup had the president s handling of the coronavirus, of crisis at 60 , so we are opinion will move during this crisis. Depending on the president s handling of it, and thus far moved up from where he was in january. And we will see if that translates into durable support or not he faces Big Decisions coming up, and joe biden faces a difficult task making himself part of the dialogue so far not succeeding very well at that a lee carter jump in. I was going to ask about that we are everything you are looking at conventional wisdom sort of goes out the door you cant look at somebodys ground game you cant look at all of the things that we usually do, so joe biden is getting really, no airtime right now he is having these talks from his basement studio not getting any pickup his message isnt getting out there, what would you advise him to do to get his message out there . Well, first of all, the lets be clear is it streaming aiming is not kind to joe biden he has adversarial relationship with teleprompter come onm,man not good. He let unanimous naps put up studio version 100 Million Dollars for National Public radio to fight coronavirus we have to have same day election registration key element fight against coronavirus, he should have stepped in said, he should have stepped in said, no way are we going to do that nancy here is what were going feedback focused on, just like remember back to 2008. Barack obama came back got nancy pelosi leader House Democrats harry reed leader of House Democrats said approach we are going to take not looking to be on television looking to lead let that speak to American People biden seems to think going down to rec room saying we need to have use defense production act nobody out in america understands, somehow is going to about reassuring make him part of dialogue would i focus on being better candidate focus often preparing myself most of all say i am leader ive got responsibility as Presumptive Democratic nominee to shape substance what have we are going to do rather than simply trying to get myself on streaming opportunities from my rec room. Running mate shaping the discussion more so than im sorry looks like Governor Cuomo trying to shape discussion more than joe biden for the democrats. You already had movement grow, saying lets replace joe biden with andrew cuomo. But look they are in different place, andrew cuomo has a real governor of the state of new york and under state law has Responsibility Authority over public health, has actually job to do he is making certain he explains what he is doing, to the people of new york, so that they have confidence in his actions. Frankly that is why the president s Approval Rating until the gallup was 60 while federal government approval of the handling of the crisis is 66 because president has gone out there, not only has he been substantive offered information had experts standing next to him gives reassurance to American People he has a great team ceping him confront this scham. Maria are a thank you so much we will see you soon. Karl rove joining us there, on on that, and, of course, we know that relief is relief is on the way, being for millions americans house of representatives, expected to vote on historic two trilliondollar Coronavirus Relief package today bifurcate heads to the president s desk pooeb signed includes finding for public health, Small Business loans, expanding unemployment, and direct payments to americans, joining me right now over the phone u. S. Treasury secretary Steven Mnuchin mr. Steak thanks very much to for joining us once again great to have you this morning. Good morning, maria. Always great to be with you as you said this is really, historic, bipartisan legislation, to kill this coronavirus. And save u. S. Jobs, u. S. Business. Maria yeah. Obviously, relief that is is very sorely needed i love you to talk about medics of Federal Reserve leverage as part of this one analyst writes 4 r50 billion dollars can turn into 4 1 2 trillion dollars because of the passage every act including, for the esf, the Important Fund enables the treasury to backstop what the fed is doing can you walk us through that . How how the money from the treasury can be levered up by fed giving 4 1 2 trillion dollars to purchase assets secretary . Well maria, let me explain this to you, and as i said before chairman paul powell and i speaking memorandum pell times the fed makes a request to me as treasury secretary, i have to approve it, i have approved all the requests so far. We have announced five transactions using existing money that we had before the legislation was passed. And the mechanism works in some of these, where the fed is doing certain transactions get credit support from treasury and more than that we put up with Exchange Stabilization fund so the fed treasury didnt wait for congress to acted, we already started using this did not have enough money, congress allocated just more money i can tell you, we are moving at light, lightening speed. And enormous numbers you have to believe, this is going to move the needle, do you think we could avoid a recession with all this stimulus. You know maria i made this comment yesterday i just want to clarify it. Because, you know, the number one issue is not what the economic numbers are right now. The the number one issue is the hardship to the American People, who are losing their jobs. And we have multiple approaches to this to help the American Workers, because this is not their fault. We have a Small Business Lending Program for retention loans, that should help 50 of the u. S. Payroll, and provides 8 weeks for people to work with for have been gifbl loans i am on record saying new program by friday banks can lend that would be a historic achievement that is just incredibly aggressive, this is a brandnew program the treasury working with the sba, we are doing everything we can, because americans need that money now, they cant wait for government to take three or four or six months like we normally do. We also have the economic Income Payments again during obama years months for treasury irs to get out i committed irz will death direct deposit in three weeks American Workers cant wait the last part is Unemployment Insurance, and, that will go through the states, i know the stated are a bit overwhelmed in Unemployment Insurance but going to work as hard as they have, and i know lindsey others comments on this the reason we sent one number we had to create a simply system, and we didnt think would it be fair, to send certain states 400 dollars other states 800 dollars, so on a bipartisan basis the Banking Committee picked 600 dollars across the board. Maria so when you said yesterday, you know, these numbers dont matter, in response to the numbers on jobless claims up to 3. 3 million, what you were saying was that you this i that this is just a spike it is temporary, and things will normalize by yearend . Is that what you meant when you said these numbers what i should have said is these numbers matter, indicates people are losing their jobs, and, you know, now we have Government Programs with either get those people back to work, or we will get those people money. But what the numbers higher or lower in short term, Economic Statistics at the moment, are not relevant, we are in unprecedented situation. Where the government shut down, major parts of the economy. So whether it is unemployment claims, or other numbers, this doesnt reflect the normal economy this reflects government action. That is why you know this historic two trilliondollar package plus as you said another four trillion we can use with the fed, that is six trillion dollars to help save American Workers, in American Business. The president is you fully committed that we are going to do everything in our power to protect workers, and business. Maria absolutely extraordinary the numbers, is want to thank you so much for the hard work that you have been putting into this secretary, i know this is a really incredibly critical moment in time so thank you to you and your leadership team. But i got to ask you about some other things in the bill you just heard from karl rove how joe biden should have stopped nancy pelosi, of course, you saw oped in journal this morning talking about money going to tighten the social safety net funding agencies in the ghoost about all things in this bill you had to agree to placate colleagues tloevent, there is the Forest Service getting three Million Dollars for forest and range land research, 27 Million Dollars for Capitol Improvements maintenance another seven Million Dollars for filed wire management secretary. Maria i think 90 of the things in this bill reflect what the president wanted the president s priority to get economy back to work, and also, the president s priority to send money to hospitals, and states, to fight the coronavirus. You know, in any bipartisan deal, you know, it is not one hundred percent it is bipartisan, so the only thing i would say this is a time where we need everybody to come together. And it is not a time to criticize parts of the deal we may not the likened this is is the time we want to see the government, and the states all come together execute on the largest financial package in the history of time, that the president now has the support 6 congress, and hopefully will sign today to fight this war, and that is war and we will win this war we will protect American Economy. Maria tell me about stakes in the airlines the president talked a little about this last night with sean hannity what do you want to see in terms of government taking stakes in the airlines here . Do you want equity, how far will that work in terms of billions of dollars direct grants allocated to the Airline Industry in this package. Maria i have been very clear this is not an Airline Bailout, okay . And that the taxpayers need to be compensated for relief they are giving to airlines let me just also say, the airlines in our view have National Security interests, we need to make sure that when we reopen this economy, that we have domestic and International Air travel, and i think we have the right balance, of being able to provide relief, by the way, all relief goes to pay workers. So that the airlines can operate and are ready to reopen this, but taxpayers get compensated. So it is probably one of the more complicating this is not Airline Bailout it is support to airline for National Security reasons taxpayers are going to be compensated for. Understands you have to believe that boeing, is National Security, they have got a very important military part of the business, putting the commercial jet business aside, will there be equity about stake taken in boeing . Maria i can only comment what boeing has says publicly boeing has said that they have no intention of using the programs that may change in the future. So, again, you know, these let me be clear these are things the Companies Need to come ask us for, so, again, you know, right now boeing is saying they dont need it and again let me also be clear, in this is not about 7737 max, if we do something with boeing. Of course. Again, the taxpayers will be fully compensated, but look, i appreciate the fact that boeing thinks they can operate on their own that is what we want them to do the government, is there in case they cant do that no bailout for boeing or anyone else. Maria ask understood, but you are right, i mean, has nothing to do with max nothing to do with commercial side of the business it is National Security when you look at military business at boeing, we will wait to see what happens there because it could change; right . It could and, again, what i would say our number one focus is we are working at lightning speed to execute programs that normally take two or three years, so you know, i can assure you. Maria unbelievable. We have people coming from other agencies, in the government to come and help us out weve got a lot of premium moving over we have a full support, of the president and the cabinet. And i can assure you we are going to execute on this. Maria tell me about Small Business the area our viewers have been asking a lot about when they are actually going to get help, Small Business as small as talking about restaurants that feel like they may not make it out of this, because they have to close they remain closed with people on lockdown. It is a great program. You know, especially want to thank Marco Rubio Susan collins, mark warner other people helped us on bipartisan basis, every Small Business, if you have 500 or less employees certainly industries can going higher than that you can get a loan, that will cover 8 weeks of your payroll, plus overhead, and as long as you hire those people your loan will be forgiven this keeps 50 of American Workers at work, and we understand, these are restaurants that are closed, these are retail shops that are closed, malls, this is not the fault of the American Public, and we want to get all those people paid, said, you know this is a herculean effort that people every going into banks next friday be able to get loans. It is going to be very simple process fdac insured institution can administrator wright loan approve immediately government guaranteed loan get money to that Small Business i to encourage all Small Businesses out there, within the next few days, we will put out guidance putting out certain information, you dont have to call us or sba yet because we are putting this information out, we are going to get money to you, the president number one objective medical process and his number two objective is from economic standpoint to protect American Workers. Maria mr. Secretary i recognize right now is not the time to to think about debt and what this is going to do to the Balance Sheet of the america. But you the when does that become a priority given all the spending sir . Maria that is war. Okay . When you win a war you say we are going to spend what it takes to protect the American People. And the good news is, Interest Rates that are close to zero we can being borrow a lot of money, it is inexpensive i appreciate congress came together said we are going to make sure that we have the resources, to support thismen public, and American Business, and like any other war, the entire resources of the u. S. Government this is when you use them. A final question here secretary, the last time we spoke, a couple times ago, actually, you said we are expecting a gigantic Fourth Quarter that was your word not mine, talk little about the pentup demand, that you are expecting, once we do come out of this . With this kind of stimulus coming into the economy you have to believe things are going to come back in a big way, if we actually getvenes treatments it will health part is okay what are you expecting say Fourth Quarter First Quarter of 2021. Maria as i said, this is not a normal financial situation you know this is an extraordinary situation. If we are successful, in combating this medical issue, quickly, and, by the way, every day i listen to the medical professionals and hear the possibility of new drugs, that are going to have an impact, you know, the sooner we get this under control and win this war, with this financial package, and keeping people ememployed workers ready as soon as the president is ready to reopen the economy, American Workers and American Business will have money and i would expect that you will see the economy bounce back. Maria i like the fact the white house is focusing on classifying certain counties by risk level secretary how you will that work. Im fulltime focused on economic aspects this have so although i am sitting in on task force listening to medical side, i am leaving that to the president and the Vice President and medical professionals to deal with. Maria i mean we just had rick rieder on from blackrock said we could see gdp Fourth Quarter 5 , we can see 8 First Quarter, he is also talking about all of this pentup demand what things might look like, when we get out of that, does that sound realistic to you 5 gdp number the end of the year . Absolutely. Sooner we can about execute on this package, the sooner we can win this war against this virus, the economy will bounce back very quickly, so you know there will be jobless claims, again you know the a lot of programs werent up and running i want to be very clear, you know, we are trying to protect American Workers again whether its the sba loans whether it is tax credits whether it is checks in the a bill whether it is enhanced unemployment worth it be objective its protect American Workers make sure we have resources to get through this as we shut down the economy and when we reopen it we want to u. S. Economy to reopen quickly and that is why we are paying people to keep workers onboard. Secretary extraordinary work thank you so much sir. Thank you, maria. Appreciate your time this morning treasury secretary Steven Mnuchin lot to take in there get to panel Jon Hilsenrath your reaction . Couple things first thing i would say is the part about Small Business, is really important. I think it is great that you asked that question, there are millions of Small Business owners out there right now saying how am i going to get through next month, or two months. I think talk about a bounceback later in the year is premature, a lot of people first have to be able to pay bills get through couple months. The other thing i would say the secretary said when he talked to about president reopening the economy, i dont see it that way the president doesnt get to open and close the economy. We have governors and mayors making their own decisions, we have individual companies and individuals, this economy isnt going to just turn on turn off when president says so it is going to happen when we get the virus under control going to be a decision made by millions of individuals. Yeah, i think that is true you know he is leading and obviously, been talking about getting things back, as soon as possible but obviously, not going to do anything, or talk about doing anything, Economic Activity, in a big way without the buyin from medical professionals next to him on all task forces, dagen what struck you do. Dagen also what treasury secretary was talking about the Small Businesses, they employ half the United States workforce, and the 350 billion dollars that is in the two trilliondollar rescue package, those are as treasury secretary enpointing out to reiterate it those are grants to these businesses they are not loans. If it is spent on keeping your employees onboard, issue very critical. The Unemployment Benefits, expanded Unemployment Benefits i know that there has been, additional 600 dollars here week handwringing by conservatives some republicans on that, that expires during the summer lets not act like, that is going to be around for forever the academician going to families twothirds, 3400 dollars for family facilitate of four twothirds monthly immediate app income house holy income in this country not insignificant doing everything basically to prevent dramatic downturn sudden shock to our economy from being something truly longlasting. Maria yeah, lee ca shg, carte. I am as if narrative watching message out of administration when he talked about this this is a war we are going to do whatever it takes to protect the more than people, both on medical front and economic front, i think that is smart. Strong language, going to make people feel safe. The understand how seriously we are taking this this is a o philosophy way taking things right i way to be communicating right now i think people need to feel this is extremely measure what were doing everything possible, that we can. And i completely agree, on Small Businesses, so critical that is the question most people have right now how are we going to keep people getting paid, about through this. Especially Small Business community. Maria i thought interesting answer on boeing we spoke with ceo of boeing, earlier this week, and he basically said no, we dont want any government money we dont want equity stakes, but sounded like, you know, government is there, should boeing change, its tune on that, because there is a National Security business right there. That boeing has gone putting commercial front of the business i think a story will develop we will take a break weve got a lot mere to come right here. Stay with us. 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. Maria welcome back. Venue taking own vechz convert to go help with pandemic jeff flock with all details right now good morning. United center good morning to you maria in chicago here typically home of the bulls and hockey, the black hawks. This is going to be used the city says as stageing area for First Responders as well as a Central Location where they would stockpile, any materials that they need, but i tell you this morning, that was announced i dont see any activity at all taking place like this right now. You know the city yesterday mayor really went on warpath, if i can use that term, on people that have not been staying in. In fact if you look out there you see obviously, cars folks out here now she said dont shut down lakefront, she shut down what is called 606, a big trial that folks go on through the city, said too many people out there potentially spreading the virus, one other thing i want to show you talk about businesses shut down see that white area over there, that is a first in the nation uber facility at a venue essential uber cars come to there so when you leave venue pick them up, as you can imagine there is no people doing that, and maybe you see a bunch of cars lined up over here that are not making money for anybody right now. Speaking of cars joe walk with me quick in middle of warren boulevard typically you know, five lanes lead into Downtown Chicago you cant see right now because it is foggy but typically choked with traffic before 9 00 local time you can see i can stand middle of the street nobody runs me over, maria. Maria all right jeff amazing to see how they can transform a venue to make it a hospital jeff flock joining us there, a break when we come back taking a look at markets state of hollywood amid coronavirus and some of the brightest stars of the Music Industry come together this weekends, about to help raise money for victimize for the purposes, iheart living room concert for america presented by fox, stay with us, back in a moment. 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. 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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. Maria welcome back. Coronavirus and the impact on the Entertainment Industry. Nearly all the 40,000 plus movie screens across the country are closed, due to covid19. One major union estimates at least 120,000 americans are now out of work in hollywood as Film Production has stopped completely, and analyst firm estimates the crisis will cost the Film Industry 11 billion. Joining us now is former film executive, Media Capital technologies president and author of feeding the dragon chris senten is here. How bad is it . How would you characterize things . Well, look, all industries are heavily affected and obviously hollywood is a major part of that equation. In hollywood, we have a couple of factors. One is just financially how do these Companies Get through and i know a lot of emphasis has been put on the Theatrical Box Office and exhibition industry but on top of it, theres a lot of issues in regards to where Consumer Behavior goes from here, too. Maria yeah. Thats a good point. Where do you think it goes . Well, i think number one is the financial situation is also a political one. You have the theatrical chains which obviously are going to need some help. Unfortunately, one of the largest chains, amc, the largest chain, is heavily owned by the chinese so the question is whether congress will help them through this. If they dont, we have an issue financially. On the Consumer Behavior side, thats a whole other part of the equation. People are hanging on to the theatrical sort of exhibition business as a habit, very fragilely, so the question is after we come out of this crisis, are they going to go back to theaters like they used to and one of the big models we are watching right now is obviously the Chinese Box Office and how they bounce back postcrisis. Maria yeah. You make a lot of good points. I dont think people recognize or realize that china owns amc. Dagen, jump in here. Dagen two words. Tiger king. I dont know if you watched it but its on netflix. Its indescribably awesome and bizarre. For people, its basically about a group of people who raise tigers in captivity across the country but it is about its just completely insane and i know its gotten most americans through this crisis being stuck in their homes. I have two 13yearolds. We have been addicted to the series cheer recently. We are trying anything to keep our minds off of whats going on right now. Quite frankly, netflix is the one thats really benefiting from this. Their whole business is in streaming. If you look year to date they are up 12 . Disney which obviously has disney plus, big streaming entity, but all the other businesses that they have is down roughly 30 year to date. So we are seeing a real switch from consumers. Maria you wonder how long that lasts. That may very well be, you know, that americans get used to that and stay there. Lee, want to jump in . Thats one of the Big Questions i have, right. Its often we have seen necessity becomes the mother of invention. Streaming is something we are all dependent on but going back to the Movie Theater doesnt seem like something thats going to be tops on anybodys list. You think they are thinking of new ways to introduce movies, new ways to navigate this whole new world we will be living in where Movie Theaters might not get the business back . Yeah, they definitely are. Universal has been experimenting with going day and day or even straight to premium pay per view type model just during the crisis. Obviously coming out of it theres going to be a lot of rethinking. Theres very strong relationships with the exhibitors between the studios so its going to require a lot of discussion. But the studios are starting to experience, we have already seen collapsed windows with several very recently released films so this is going to be a work in progress just like a lot of industries. Maria chris, great to have you on. Thanks so much. Thanks so much for having me. Take care. Maria chris fenton there. The Entertainment Industry taking a hit. A lot to talk about this morning. What we just heard, john, one reason that Steven Mnuchin, the treasury secretary, told me a few minutes ago this new program is going to be in place and ready by next friday. Right. Maria, i think speed is of essence right now. There are a lot of households and businesses that are operating without cash flow. They got bills coming through on april 1st so the big question for me is how quickly can the state Unemployment Insurance systems and Small Business rescue programs get up to speed and get cash flowing into the system to help out all those Small Business owners and individuals. Maria yeah. For sure. We have been talking about it all week. Its been quite a week. Lee carter, final word from you . You know, im so encouraged by so many of the things we heard this morning. We heard about 3d printing, we heard about some new maria youre right. Theres so much american ingenuity, so much to be hopeful about amidst all the fear and i really want to be focused on this is the time to be coming together. We are starting to see that happen. Maria good point. Dagen . Wrap us up. Dagen tiger king on netflix is everything. So exotic. It is so insane, you cant even describe it. Everybody needs to watch it and read the memes on the internet. Maria have a great weekend, everybody. Good to see you. Great show. Have a good one, everybody. Thanks for joining us. Varney Company Begins right now. Stu, take it away. Stuart tiger king indeed. Good morning, maria. Good morning, everyone. It was supposed to be a done deal by now, signed and sealed. Its not. There is a holdout. His name is Thomas Massey, republican congressman from kentucky. He appears to be demanding a voice vote for the stimulus package. That means house members need to rush back to washington so that they have a quorum, 216 votes required. So the allimportant vote has been delayed. Look, first it was Speaker Pelosi accused of Holding Things up and now its a