Transcripts For FBC Varney Company 20240713

The economy, pretty much at a dead stop until may, maybe longer. The market is looking to the other side of the virus problem and surely welcomes more financial help. However, stocks are ending the worst month since 2008 and the dow will open lower this morning, off maybe 140 points. Similar story for the s p and for the nasdaq. A down opening bell today. The price of oil, well, that remains at depression levels. This morning we are in the low 20 per barrel and the average price of gasoline, you got to look at this, the National Average gas price has dropped below 2 a gallon. 1. 99, thats your number this morning. The price is dropping about two cents a day but so what . Demand has cratered, the roads are empty, and few people are taking advantage of dirtcheap gas. Now, this caused a stir yesterday. The u. S. Navy hospital ship arrived in new york and was greeted by crowds of onlookers. They were breaking social distancing rules. Those people who were holed up in their apartments and houses expressed some outrage at this and the police tried to break things up. Its come to that in new york. But heres a very big positive. The president demonstrated a new test which takes just minutes for the results to come through. That is a major breakthrough on the testing front. On the program today, new stimulus, the outlook for your 401 k , the latest on stayathome rules. More and more states are clamping down. Economically america is at a standstill for the next month. All right. Now listen to what President Trump had to say about the month ahead. Roll that tape. By very vigorously following these guidelines, we could save more than one million american lives. We will have a great victory. We have no other choice. Every one of us has a role to play in winning this war. Every citizen, family and business can make the difference in stopping the virus. This is our shared patriotic duty, challenging times are ahead for the next 30 days and this is a very vital 30 days. Were sort of putting it all on the line this 30 days. So important because we have to get back. Stuart we have to get back. You heard it right there from the president. I want to bring in brad blakeman. Brad, this is going to be a tough month for the president with a lot of bad Economic News coming, and a bad month or difficult month, i should say, politically for the president. You agree . Yes, i do. But i think brighter days are ahead. The president is doing everything he can, an all hands on deck approach, and lets face it the sacrifices we are asked to make as americans today pales in comparison to those who came before us. Vietnam, world war ii, the civil war, our very founding as a nation. So our sacrifices pale and we are doing a great job. America has come together. You dont see looting or panic in the streets. Theres a calm because the president has put a great Team Together and we are pulling out no stops in order to not only defeat this virus but also to get back on track economically. Stuart okay, brad, the audio is not clear to me so i couldnt quite hear exactly what you said. But i take it that was a fine answer to the question. Brad, hold on a second. I want to bring in Scott Shellady, market watcher of the moment. Its going to be a tough month ahead, scott. Can you tell me how bad its going to be . Well, im a positive person. You know me. Id like to think this is going to be okay but you know, each week that goes by is going to be devastating to the economy. What im going to like about this month, we will start to get empirical evidence about how damaging this is going to be. The president is between a rock and a hard place. He either has to solve for the virus or open up some parts of the economy, at least some parts of the economy or the economy, and slowly but surely i think you will start to see those numbers come in, they will sway that pendulum towards the end of the month where he will have to start saying we will have to start opening up parts, at least parts of the economy, because all the stimulus packages and all of these things that congress is doing, they are just bandaids. Everybody from the guy that took me here this morning in the car to the guy behind the counter last night, they just would rather have the economy opened up again. They dont want the stimulus money. Stuart all right. Thanks very much, scott. Now, there are some new stayathome orders. Ashley, who is ordered to stay at home now . Ashley yeah. The list grows longer and longer, stu. Now we have maryland, d. C. And virginia. The virginia governor, governor ralph northam, issuing a stayathome until to last until june 10th. I repeat, june 10th. Thats the longest order so far in the country. He says quote, i want everyone to hear me, period, stay home. Marylands Governor Hogan says look, we have in those three states, 450,000 or thereabouts federal workers and he said if we have the kind of pandemic outbreak we are seeing in new york, it would be catastrophic. All of those states saying they will fine and will impose jail time if people continue to ignore those orders. More than 30 states now have stayathome, more than 225 Million People across the country. Stuart all right. Ashley, thanks very much indeed. We have a small audio problem on my end. We are going to take a commercial break and sort it out. Well be back on the other side after this. Has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. Helping you weather storms like this one, to helcoronavirus intod your xfinity voice remote say to access Important Information and special reports from around the world. And to keep your kids learning at home, say education to discover learning collections for all ages from our partners at common sense media, curiosity stream, history vault, reading corner and many others. For more information on how you can stay connected, visit xfinity. Com prepare. Ashley while we wait for stu to sort out his audio problems, lets bring in lauren simonetti. You have an update on the payroll grants that are very much hurting Airline Sector . Lauren treasury last night said hey, airlines, if you want part of this 2 trillion relief package, you need to apply for your grant money by friday at 5 00 p. M. , or risk a big delay, or not getting it at all. That money is contingent on several items. One item being that the airlines cannot lay off employees between tomorrow and the end of september so a sixmonth period. You need to keep your payroll if you want that grant money. Blake berman, our d. C. Reporter, is reporting that what is missing from this package is the potential government equity stake in the airlines but right now, theyre talking and trying to get the money out as fast as possible and we will work out the details later. Ashley yeah, thats going to be a big step if they decide to actually take a stake in these airlines. We will see whether it comes to that. Anyway, lauren, thank you very much. Again, just want to tell our viewers stu is sorting out his audio problems now. He will be back shortly. Lets bring in susan li. We saw video of the president showing off the new abbott labs coronavirus test. Whats that about . Susan yeah, great infomercial at the rose garden, five minute rapid test that took place. It can basically detect coronavirus in five minutes, it can test for negative test results in 13 minutes. This is going to be a game changer. They will make it available on april 1st. 50,000 each and every day, since we know the u. S. Has lagged other economies and other countries including south korea when it comes to testing. Also, boy the way, the secretary of health and Human Services saying one million americans have been tested but obviously that number needs to go up in order to contain the coronavirus spread. Ashley thank you very much. Lets bring back Scott Shellady, intrepid market watcher. We know its a tough month ahead but talk of maybe another round of stimulus, does that get you excited . We have on the one hand the economy shut down and on the other hand, the amount of stimulus, how much do we need in order to recover at least offset the shutdown . Whats your feeling . My feeling is that look, i will take whatever they want to give you. No one is going to say no to a handout. The problem is that the economy isnt flowing well enough for that money to really get around the economy like it normally would have had the economy been open for business. So its going to get stuck and clogged along the way and wont have the impact it would have if we had things open and ready to go. So number one, the amount of money we are spending concerns me but number two, the rush to lose your Civil Liberties also concerns me. So i just feel like at the end of this year, we are going to have less rights and we are going to have to pay more for them through taxes to make up for all the money we are spending today. Less rights and having it cost me more doesnt make me feel really good for this month of april. Stuart wait a second, scott. Wait a second. Im just coming into this. We had a small audio problem but i heard what youve got to say. These are extraordinary times. When in history have we shut down the entire economy for weeks and weeks on end . Doesnt that make for special conditions requiring a special amount of money, a special rescue package . We cant be pulling back at this stage. No, i will take whatever they give me. No one is going to say no to a handout, stuart. But there has to be okay. Hes going to call himself war president and i agree with that, right, but war president s have to make difficult wartime decisions and at some point in time, all im saying is theres going to have to be a decision made for the greater good of the country. Just like you do with a new medicine. Yeah, it might kill some people but its going to make some people healthy, lets release it. Or like you do when you raise the speed limit from 55 to 65. Its for the greater good but theres going to be more deaths. So we are going to have to make some very difficult decisions here and these are just bandaids waiting for that very difficult decision. Stuart i see your point, scott, but all this money, 6 trillion thus far, i think it will make a difference to the performance of the economy on the other side of the virus and it will certainly put a floor under those people directly hurt by this virus. Last word to you, scott. It will, stuart, i agree with you, it will help, okay . But all of the money you will throw at this economy isnt going to make people feel really comfortable by sitting next to each other at a people game or going into a very crowded restaurant. When is that going to be something thats okay . They are going to fight a psychological problem with a bunch of cash. It will help a little bit but until america feels comfortable about sitting right next to each other in a stadium of 110,000 people, then we will be okay. A lot of this money is going to go to waste. It will help but its not going to have the bang for the buck, no pun intended, it normally would have. Thats all im saying. Stuart okay. Scott, hold on a second. We will bring you back when the market opens. Thats a promise. Brad blakeman, come back in again. I want to talk the politics of this. Where is joe biden . I hardly see the hes in the middle of a president ial campaign. Where is he . Make his points but they fell on deaf ears. Hes a private citizen trying to snipe from the sidelines does not help when the country is trying to be united in beating this thing. Lets face it, typically the general election is from labor day through election day. Right now, we are light years away from the general election. People arent even thinking about it. So what joe biden has to do is cool his heels and wait for an opportunity to rise again. But that opportunity is not today, its not tomorrow, they may not even have a convention. He has to hope this virus passes and the political season will start up again traditionally as it does around labor day. Stuart the fight against the virus is basically in the hands of the president of the United States, the treasury secretary and state governors. Theyve got the power. They are the ones taking the action. Right, brad . Absolutely. This is also part of the private sector, too. I have an article on foxnews. Com today about the equivalent of a war bond. I call it a gift card. Everybody should be buying gift cards which will reduce, infuse cash now to your Small Businesses, use the money later in the holidays and this is an all hands on deck. The private sector, look at the private sector, stuart. When the government pulls back and unleashes them, they are coming up with tests that normally would take a year to reach the marketplace. America is the place of innovation and solution, and with a partnership between the government and private sector, we can solve any problem. Stuart brad, ive got more on what the private sector is doing in just a moment. Right now lets get to susan. The president showed off that new abbott labs test, i think, yesterday. That looks like a breakthrough. Susan it was a breakthrough. Great infomercial for abbott labs and its rapid point of test, in five minutes you can know whether or not you have coronavirus and they are saying they will issue these devices starting on april 1st, 50,000 tests will start each and every day. We missouri tknow the u. S. Has d other economies and other countries like south korea in testing. Also health and human secretary says a million tests have been conducted but dont you want to talk about the economy as well . For instance, we just got the latest homes price index in case shiller. This solidifies the argument the u. S. Economy was on strong footing heading into the coronavirus pandemic. Home prices actually were up 3. 1 in january and thats even higher from december. In fact, from a sequential basis, many months on months, it was the fastest growth in a year. Lets see how it looks in the februarymarch month. This is backward looking. This is the january figure. Stuart yeah, thats wonderful news but its backwardlooking, as you say. Looking at a january number which is completely irrelevant to the shutdown of the economy now and through the month of april. The fed, i believe, thinks we will get up to maybe 30 unemployment. Thats a bad outlook if ever i saw one. In herman cain. This is a vital week. Actually today is a vital day. This is the day when you have to decide, you going to pay your rent, pay your mortgage, who you going to lay off. My question to you is weve got this stimulus package, its out there, the money is beginning to flow. Will it work . Will it put a floor under Small Business . Stuart, yes and heres why i believe it will work. I dont hear a lot of people talking about those people who live paycheck to paycheck, who have to pay their bills. So when the money starts flowing and employers bring back employees and pay them, that moneys going right into the economy. Thats the intent of it. Secondly, i think that the first 15 days of april are going to be critical if people adhere to the guidelines. The reason that the guidelines didnt bend the curve the first time around is because not enough people took it seriously. So i think what all of the officials are saying, the president is saying, cdc is saying, all of them are saying is ladies and gentlemen, take it seriously so we can, one, bend the curve in terms of new cases and theres some evidence that we might be doing that. Secondly, during that same period of time, you have the experts and laboratories working on drugs and working on vaccines. So lets participate and do our part but keep in mind in terms of the economy, its those people who are going to need to go out and its usually people who are living paycheck to paycheck. Stuart we should also point out what Small Business is eligible for. The treasury secretary told me yesterday right about this time, 24 hours ago, he said look, Small Businesses get eight weeks of payroll and you can get it by direct deposit at your bank or even your credit union, plus you get 25 of your overhead. That would be rent and insurance, for example. Thats a pretty rich program, herman, and it was put in place remarkably quickly. It is a very rich program. The month of april is going to be very telling. Although i believe personally we are going to start to see some results about halfway through the month if people take it seriously. Now, think about that. April is about four and a half months four and a half weeks, and if businesses are going to get eight weeks, that gives them a lot of wiggle room if they bring back their employees and they dont furlough them and they dont let them go. I think that is an excellent stimulus and i believe that it will work if people do what they are supposed to do. Stuart herman, thanks for joining us. Ive got to get this in. We appreciate you bowing heeing. Big day. Thank you. Yesterday there was a sickout at an Amazon Warehouse on staten island. Very few people actually walked out, and the leader was actually fired by amazon. On a similar note, we got workers at whole foods planning a sickout over demands for better working conditions. Grady trimble has that story for us. Grady . Reporter stuart, millions of americans are relying on grocery and delivery workers right now but some of those employees say their employers arent doing enough to keep them safe so they are calling for a sickout, for employees to call out sick today with some demands. For one, they want paid leave for workers who choose to isolate themselves. They want hazard pay at two times their hourly rate and they Want Health Care for parttime workers. This store is one of the ones that had a worker test positive for coronavirus. They would like to see stores like this shut down and undergo a deep cleaning. For whole foods part, they are already cleaning stores more thoroughly and more often than they normally would. They put up sneeze guards, theres boxes in the way here but you might be able to see through the window up here at the registers. You see the sneeze guards in front of the clerks and employees have unlimited callouts right now which actually means that they can participate in the sickout without facing repercussions or worry about losing their job. Whole food also increasing employee pay by 2 an hour, increasing overtime pay and workers who test positive for coronavirus or who are forced to quarantine will receive two weeks of paid time off. Its hard to say how many people are participating in this because you wouldnt see anything here at the store, but it happened at amazon, happened at instacart and is happening here at whole foods. Stuart grady trimble, lets see how that goes. The dow has come back a bit. We were down 200. Now we are down about 40. A few minutes to the opening bell. We will join wall street after this. You wouldnt accept an incomplete job from anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. Stuart we have been talking about how bad a month economically april is going to be. Now weve got Goldman Sachs chiming in. They are forecasting that by midyear, thats not april, thats midyear, the Unemployment Rate will be around 15 . Previously they said it might go to 9 . Now they are worsening the forecast. 15 is what theyre saying. That adds to what the fed has been saying. They are looking at maybe worst case, 30 unemployment. One of the themes on the show is how well private enterprise is coming to the rescue of the economy, and the rescue of the health services. Lauren simonetti, whats your news on ford . Lauren they are making ventilators at a Production Facility in michigan. They aim to have 50,000 of the breathing machines next month. However, only 1500 of them will come in april, another 12,000 in may. The full 50,000 coming july 4th. So it begins next month which is good news. Unfortunately, its not as many ventilators as states like louisiana and new york really need. Stuart okay. We heard that. We will have their enterprise product line manager, jim brownbeck, from ford on a bit later on today. Look at futures as we head towards the opening of the market. We are down but not that much. 70 down for the dow, five for the nasdaq, nine for the s p. I think, look, lets bring in, we have Scott Shellady and mike murphy both joining us as the market is about to open. Mike, first of all to you, im seeing a bit more positive tone on the market. Do you see that, too . Yeah, stuart, i think people are starting to look past this, as we knew they would at some point, but i think right now people are looking at what does this market look like after the recovery. What are we going to look like once we get past the coronavirus. Thats why you are seeing a lot of money coming into the market. One thing i will point out, though, is we have end of quarter. So you are going to see a lot of money coming in here end of quarter, we call it window dressing, that will come today. Stuart okay. Scott, i take it you dont see a more positive tone on the market. Give me five seconds real fast. No, stuart, i think the markets think the president will have to open thup this economy. He wont be able to solve for the virus any time soon. Thats what the market is looking at. Things will start to slowly reopen. Stuart okay. We hear you. The market is now open this tuesday morning. We have a predominance of red among the dow 30. I would say threequarters of all the dow 30 stocks are in the red and we opened with a loss of 90 points. Thats not exactly a sharp selloff by todays standards. We are down. 33 . That is the dow, down 75 as we speak. Now show me the s p 500, please. Where is that this morning . Im pretty sure that has a similar loss. Its down about a half percentage point. Bit stronger loss for the s p. As for the nasdaq, that also is down, in similar terms, now down about half a percentage point. The dow, s p, nasdaq, all of them down a half percentage point. Im going to run through a series of stocks which have been in the news recently and which have been moving. I will start with boeing. Its up a buck this morning at 153. The airlines are going to get their money. I presume that boeing will as well. The stock is up. Disney rebounding nicely. Remember the low on disney was all the way down at 80 . Now its at 100. Let me break in for a second. Mike murphy, do you see value in walt disney at 100 a share . Absolutely, stuart. We have been buying disney throughout this pullback and its one of the names that hasnt recovered so quickly. So when you can get a name like disney where parks are shut down, so its going to be a bad quarter, it may be two bad quarters, but if you can buy disney on a discount right now around 100 a share, its a screaming buy. Stuart all right. Now we have the dow down 176,. 8 . Continuing with our list of stocks i want to draw your attention to, how about beyond meat . Thats had a very interesting ride. Okay. I will start with uber. Sorry. Uber technologies. At 27 a share as we speak. The low about ten days ago was below 20. I think it actually dropped about about 17 or 18 at one point. Now its at 27. Okay. I missed that one, whatever you are saying to me. Do we have beyond meat . No. Lets go to tesla. Tesla is at 504 a share, up 2 this morning. Its had a pretty wild ride. Scott, are you with me . What do you make of tesla at 500 a share . Any interest . Not really. Im bullish on the american stock market in general. I think theres going to be a lot of stuff on sale like mike murphy just said for awhile here. I think when it comes to tesla, its still a tech product, really. I think you want to get involved with that for other reasons rather than the car. The u. S. Still hasnt really come in with a bunch of competition there so i would be a little leery about that one, but i am overall bullish on the u. S. And the stock market. You are going to pick up some great stuff today and you will be happy about it in five years time for sure. Stuart stay right there. I will put on the screen beyond meat. You are the cow guy, scott. You have the cow jacket. I see beyond meat at 66 a share, way down from where it was. Give me ten seconds on beyond meat, cow guy, Scott Shellady. You know, stuart, i said this before. Its a fad. Its got a place on the table in america but its got a place on the table like nonalcoholic beer and decaf coffee. You arent going to go out for that special meat. I think there will be a slice of the Restaurant Business and a slice of the takeout business that is beyond meat because of the vegetarian and plantbased people demand we have, but again, its going to be like nonalcoholic beer and decaf coffee. Thats where i think it fits. Stuart beyond meat, like nonalcoholic beer and decaf coffee. Thats a very good one. I think thats particularly relevant. All right. Continuing now looking at different stocks which have been in the news which have moved a lot recently. Nvidia. Theres a stock thats rebounded very nicely from the lows of a couple weeks ago. They make chips for electronic games. Mike murphy, i would have thought nvidia would do very well in this cycle. Yeah, stuart, you know, i think when you look at the highflying tech names, i think whats going to happen after this selloff is the initial money that comes back into the market is going to go to the big tech names that we talk about all the time, the megacap stocks, the fang stocks, if you will. But the stocks that people feel more comfortable with. The chip makers like nvidia will have a place. Gaming is here to stay and the longer people are in their apartment, the more nvidia should come into focus. But i think when the big money comes back into the market, its going to be looking for the ultramegacap names we talk about, apple, google, facebooks of the world. Stuart all right. Lets move on. More stocks for you. Netflix. This seems to me to be the most successful streaming stock, particularly relevant at this time of Great Lockdown across the country. Im sure netflixs viewership, so to speak, is way, way up. They seem to be beating the other streamers because theyve got so much stuff that you can watch. How about zoom. They seem to be the primary name now in teleconferencing. They have done very well recently. Okay, bit of a pullback today, down five bucks. But they are at 145. Scott, i dont see people going back to Business Travel in quite the way that they used to. I see a lot more teleconferencing when stuff like this, when this shutdown is over, therefore, Companies Like zoom seem to be particularly well placed. What do you say . You know, i agree with you. I think longterm that could hurt the airlines because we are not going to see people flying around as much for that big facetoface interaction. Other things you just mentioned, i did a zoom conference yesterday, i did a skype call last night, and my family is watching netflix 24 7. The only thing you didnt mention was the hair coloring problem some people in my family are worried about their roots coming out. Yeah, those things will all be strong and i think going forward, especially when everybody is on lockdown you are exactly right. I think that could be bad for the airlines but it will be good for those stocks. Stuart you have been watching the show. I know you have. Because i have been complaining about i need a haircut and theres no way im going to get a haircut until this thing is over. I will be the hippie broadcaster from new jersey. Put that aside for a second. Susan, you have a zoom nugget. Susan well, what about hacking on zoom . The fbi has warned the public for the potential of what they are calling zoom bombing. This is after two schools saw their online classes getting hijacked on the Popular Video conference app, zoom. They see obviously a massive increase in usage because of the covid19 pandemic, people are quarantined, have to work at home so theres been a huge surge in zoom. The stock has doubled since the start of this year but the fbi warns that hackers can also get in as well, after this case where two schools were affected. Stuart zoom bombing. I have to remember that one. Dow jones industrial average, we are seven minutes in, seven and a half minutes into the session and we are down just 134 points. You say just 134 points. These days, thats a mere. 6 . Down 140. Nasdaq down 29. S p down 17. Those are not significant losses compared to what we have been seeing recently. Now, i need some more boards to be shown, please. I would like to see big tech. I would love to see apple, microsoft. There you go. Apple is at 256. Apple up today. Facebook, 166. Not doing that well recently but 166 today. Amazon, google, microsoft, all of them on the downside. The airlines bouncing a little today. Thats because they are going to get the money. Financials, though, still not doing well. Jpmorgan, Goldman Sachs, all of them on the downside. Theres your airlines. They are up in percentage terms but thats not exactly a gigantic gain. They are going to get the money. They want the treasury wants to put their plans in by friday. How much do they want and why do they want it by friday. They get their demands in, they should get the money pretty soon. A very small bounce, however, for the badly distressed airline industry. All right. We are going to take a short commercial break. More after this. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Stuart you know, compared to what were used to, its remarkably calm, isnt it. Maybe i shouldnt say that. Maybe i will jinx it, well have all kinds of volatility. But right now, were down 100 on the dow, down, what is it, 11 on the nasdaq, down 12 on the s p. Relative calm. Lets not get carried away with that. Lets go to ashley. You have news on Speaker Pelosi. Whats up . Ashley yes. There are questions whether Speaker Pelosi should be taking a test for the coronavirus, stu. She was part of a ceremony in the house on friday after the stimulus bill was approved on that voice vote. She was with new york representative velasquez, nydia velasquez, who has since been taken sick. She is presumed to have the coronavirus. Therefore, you would think the speaker may need to get tested but in a statement, she says the speaker has consulted with the attending physician who found her contact to be of low risk and recommended the speaker take no particular action. So nancy pelosi says no need to take the test. Stu . Stuart all right. We hear you, ashley. Thank you very much indeed. One of the themes on the program is a lot of furloughs by major corporations. Of course, this is the last day of the month. This is the day when workers will get notification of a furlough. Lauren, youve got furlough news on what, sea world and the gap now . Lauren and today is the last day that 90 of sea world workers will get paid. Starting tomorrow, sea world says they will temporarily furlough 90 of their staff. Look at the stock. Its up almost 4 today. This stock hammered hard, down 47 this year. Also want to tell you about the gap, the clothing retailer. They are furloughing 80,000 workers out of about 129,000. They are also laying off, they are not disclosing the number, but laying off some of their corporate staff as well. What will retail look like when this is all said and done . Because we are seeing some stores get bigger like walmart and others get a lot smaller. We have more numbers on friday, stu, with the jobs report. I have to say, the real numbers are going to come in april because right now, we are hearing about all these furloughs and its already the end of march. Stuart i have to say if you are looking at retail after the virus, i would have to say the department stores, if i say the word demise, i think thats accurate, their demise will be speeded up by this nationwide shutdown that will probably last five or six weeks. One of our favorite analysts who really takes a big picture view of all thats going on in the financial world is mark grant. I follow mark very very closely. I read what hes got to say. He puts out a message virtually every day. Its always well written and always on point. I have there he is on the screen right now. I read his latest stuff and he says the world will never be the same. I read it all the way through. One of the main points you are coming out with is that this is going to change the china u. S. Relationship, fundamentally change it. Explain that, please. Certainly, stuart. You know, when you look at the economic part of this, im not making any medical comment, you look at the markets, we are already in, in my opinion, a recession or something far worse. We just saw the dallas fed say we have the worst drop in manufacturing ever on record. As you pointed out earlier, the st. Louis fed has said unemployment could be up as much as 32 and we just talked about the furlough you were just mentioning, macys, the gap, all these people, i added up the numbers this morning from what we know. Furlough, which basically means laid off, the number is over half a Million People. When it comes to protecting america, we are going to be fundamentally changed and im going to answer your question. America before you went to the lowest price so say pharmaceuticals, you went to china, went vietnam, went to cambodia. 95 of the pharmaceuticals were actually made overseas. In my opinion, that is never going to happen again. Its going to be buy american, made in america, protect america and i think while its going to be a little more expensive in the short run, its going to be tremendous for the country in the longer run that we are concentrating ourselves and taking care of ourselves. Stuart can we do it . Can we manufacture as well as asia manufactures . Can we replace them . Stuart, the answer is 100 yes. Is it going to cost a few extra bucks, the answer is also yes. But to know that weve got it in our own country, if we run into some other pandemic or some other issue, we can take care of ourselves, i think most American Consumers are going to say i want stuff made here to make sure we can get it and have it and take care of our families, god forbid we would have another of these pandemics. Stuart our audience is made up of everyday investors. Theyre not billionaires. Theyve got some money and they invest in stocks, largely. What would be your advice throughout this year . What should they do . I have an absolute couple pieces of advice. The first is we are in a timeline. We are in a recession, but we have a timeline. We know where we are here. We dont know where there is, which is the end of this pandemic. There are two parts of the end of the pandemic that are possible. One is we find a vaccine to cure the virus. We could also find something that if people do get the virus, that it keeps them from dying. So there are two parts to this. One of the most famous sayings on wall street that i learned as a young kid and i have been on wall street 46 years now, comes from baron rothschild, you buy when theres blood on the streets. This comes from the napoleonic wars. Thats absolutely right. This timeline, you try to look at it, we need cash, we need to maintain our lifestyle, we need to eat, we have mortgage payments, so you have some cash for that. But then i think what you do is take a very hard look at your portfolio and try to buy stuff thats now lower priced. You know i like closed end funds, have higher yields or in the appreciation plays, the things that are, for instance, in technology, some of the good names without any debt that you could make some money on with a little patience. I think thats the strategy that i recommend and the individuals i deal with. Stuart i will leave it at that. You buy when theres blood on the floor. How nicely put. Street. Street. Stuart well done. Good stuff. Mark, see you again real soon. All right. Quick look at this. The National Average for gasoline is now 1. 99 a gallon. Will it fall further . The answer after this. Boston light, americas oldest lighthouse, has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. Helpibewere bringing thes theater home to you with xfinity movie premiere. Such news. I know what this is. This is a real thing. Our Brand New Service that lets you watch movies at home, while theyre still in the theater. Oh, mister elton. Ahh he has figured out a way to be invisible. They picked the wrong woman. Just say xfinity movie premiere into your voice remote to bring the theater to you. Assist aga stuart i have to call this a narrow trading range. We are down nearly 300 but in todays context, a loss of 1. 25 aint that much. Thats the range we have been in, flat to minus 280. Not that bad. Now take a look at this. This is pretty good. The National Average for a gallon of gasoline has dropped all the way down to 1. 99. The man of the moment is Patrick Dehaan with gas buddy. We made him famous. Patrick, come on camera for me. You think its going to go down to a National Average of, what, 1. 70 . Really . I think it could go even lower now, stuart. I think 1. 49 is certainly within the cards. What youre seeing today in a few weeks is going to look rather expensive. Stuart the trouble is, though, nobodys driving. Thats an exaggeration, obviously, because some people are, but mass demand for gasoline has just cratered and thats another we have never seen it like th this. We have never seen gasoline demand fall so quickly. Even during the great recession, it was certainly unprecedented. Never in history have we seen gasoline demand tumble so significantly like we are today. Stuart are we running out of space to store oil and refined gas . Well, certainly gasoline has been a challenge. Keep in mind that we are in the transition to switching to summer gasoline. The epa just waived some of the summer gasoline requirements because we have so much winter gasoline that has to yet move through the system. Now, crude oil, yes, im sure theres going to be challenges with storage in the weeks and days ahead and the price of crude oil is starting to reflect that reality. Stuart okay. Patrick, im going to leave it there. Youve got a forecast of below 1. 70 a gallon fairly soon. Hold that thought, patrick. We will be back to you at some point to see if youre right. Let me move on to susan. Youve got news on cuts in mass travel services. This is important, because somebody is cutting travel flights out of new york, i think, is that right . Susan Spirit Airlines because of the cdc travel advisory that President Trump invoked, Spirit Airlines is now canceling flights, all flights, in fact, to and from new york, connecticut and new jersey. They were the fifth largest flight provider out of laguardia over the past 12 months so starting in just a few days, they say they are cutting off all flights to and from new york, connecticut and new jersey and this is in conjunction with the cdc travel advisory. Stuart yeah. Im not surprised, actually, because when you get to the far end, if you are coming from new york, they will stick you in quarantine for 14 days. How about that. All right. We still have a big show for you today. We have on deck k. T. Mcfarland, Brian Kilmeade, pete hegseth and a whole lot more. You are going to be witnessing more varney coming up next. Hey, can i. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. Can stuart bang, precisely 10 00 eastern time. The market has been open for 30 minutes now. We have a modest decline pretty much across the board. Lefthand side of the screen. Now we are just getting the latest read on Consumer Confidence. An important number because part of this read relates to the latest economic crisis that were into. Ash, the number, please. Ashley yeah, were still waiting on it, stu. Look, i can tell you that in february it came in at 130. 7. Were expecting a drop down to about 110. It is at 120. All right, so 130. 7 in february, down to 120 in march. Not a big as drop as we expected. But this number as you can imagine, with the pandemic and economic chaos it caused will go down dramatically. But not as much as we thought it would. We know which way it is headed. Lets put it that way. Stuart this is Consumer Confidence in the month of march, right . As far as into march as weve got. Ashley yeah. Exactly. Stuart some of the survey will relate to Current Conditions as opposed to wonderful economy we had four or five weeks ago. So it is in there a little bit. Surprisingly decent number. Got it. Thanks, ash. I want to bring in david lefkowitz, ubs equity management. David, i read your stuff and you have done a survey of investors, i think it is worldwide, actually and it shows, what, 77 are longterm optimistic about the economy but i also see six in 10 investors have done nothing. They just sat there throughout this market turmoil and sat done their hands and not moved. That occurs to me to be probably a good move. What say you . Hey, stuart. Yeah, exactly. Peoples expectations about the short term have gotten a little bit more [inaudible]. But the investors that we had are pretty optimistic about the long term. I think that is due to the fact we likely will see a coming out of this virus disruption. Once we do get the virus contained, we have got to see that better contained. It is a better long term story. Were taking stuart david, im sorry. We got a problem there with the audio. It is breaking up. I cant quite hear you precisely but i will paraphrase what your report had to say, which is 77 of the investors you surveyed are positive about the economy long term. Six out of 10 did nothing in this market turmoil which i think might have been a very smart move, and 30 would like to invest more in equities. Very interesting. I think rather positive. Lets get back to the market now. Of course we never really left it. Susan, what are you following for us, marketwise, what have you got . Susan monthly rebalancing for portfolios this is the last day of the month, last day of the quarter. Were looking for the worst quarter since 2008. That we very 200 billion moved. That is expectations from wall street. Stock markets have fallen so much, entering 20 down what you call a bear market but there are rotations we might see, window dressing when people buy in order to lift their stock performances for the quarter. Stuart yeah. You have got to bear that in mind. It is the last day of the quarter. All kinds of things happen on the last day of the quarter especially a market like this. Susan, keep on for us, we appreciate that. To lausch ren, if i was a food producer, lauren, i would be looking pretty good i think because were not eating in restaurants as much, but were eating out of Grocery Stores. What have you got on Conagra Brands . Lauren the stock is up. Conagra makes a lot of food that last as long time, like Orville Redenbacher and healthy choice. They say they will exceed their full year sales and profit expectations because people are buying in bulk and stocking up. This is something were all doing at the Grocery Store. Here is a story for you. My husband went food shopping yesterday, he bought for entire month for our family and his parents. The person, the cashier said, oh, my goodness, i have never rung up a order this big, he spent so much money. Were changing a little bit the way we eat. Were buying things that last longer. It is not always fresh like fruits and vegetables and frozen, canned, meat you put in the freezer. Conagra is a beneficiary of that. Stuart the point is, the president extended the you know, stay at home if you can. It is lockdown order. Extended it to april the 30th. I noticed that in some municipalities they dont want you going outside at all. You can go to the Grocery Store but they really dont like it. I think that that encourages the stoke piling you and your husband engaged. I might add, i have done exactly same thing. For first time im buying frozen meals. I cant believe it, but im buying them. How about that . I have to move on. Dow is down 120. Conagra is up a buck 40. That is 5 gain. Come on in please, kt mcfarland, former Trump National security advisor. Kt, i read your stuff, i read your book and i know that you are looking to the other side beyond the virus, beyond the impact of the virus and i want to break it down because you know the world. I want to break it down to the impact on europe and on russia, iran and china. Let me start with europe. Okay. Stuart i think you believe that europe is going to break up over this, correct . Oh, yeah the European Union was established so the countries would not have to have borders, so people could move freely, business could move freely, money could move freely. What now happened . Everyone of the countries is putting up roadblocks and barriers to prevent people from entering their country or leaving their country. So the whole purpose of the European Union i think really collapsed particularly because the European Union was so slow to respond to this. It was individual countries that did it, not the European Union. So theyre finished. Stuart actually ive been, had it translated the italian press. They are really angry at the rest of europe because they have contributed nothing as italy was really sinking fast. Okay, so the eu breaks up. That, could see that coming a mile off. Lets turn toe russia. Now weve got all kinds of video of putin in a hazmat suit having been close to somebody who tested positive but im more interested in russias economy. I think you believe they will be in dire, dire straits, correct . Yeah, absolutely. Russia was in bad shape to start with as prices of oil went down. It is their major export, it is their major source of income. It is one of the major contributors to their government expenditures but now theyre in a price war, an Oil Price War with the saudis that the saudis can probably last longer in the price war than russia can, i think russia is in bad shape. Theyre, there will ultimately bear the brunt of the saudis deciding that they want to control the World Oil Market once again and theyre going to push russians out and down. Theyre trying, really saudis are trying to get rid of american fracking, then theyre the last man standing. When the coronavirus and world pandemic is over, saudi arabia figures it will be once again the worlds major source of oil. Stuart okay. Let me move on to iran. We talked about this before, kt. I can see regime change there, can you . Absolutely. Look, iran made a lot of mistakes with the pandemic and they are now, really overstretched their not so good in the first place Public Health system. Irans entire income and economy depends on exporting oil. Between the Oil Sanctions and now the absolute collapse of the price of oil, what does iran have . They will have to cut government expenditures, cut Government Spending at a time they need more of it. They have already a population angry, mad at mullahs, think the mullahs mismanaged economy. I think iran is at a tipping point, within the next year or so there is a regime change of some sort in iran. As far as the United States goes, we either negotiate with the current guys because they want to, or we negotiate with the next guys. The current guys, the current regime says they dont want any help with the coronavirus. They will handle it all on their own. Well, i dont think so. Stuart okay, now the big one, the other side of the virus and what is our relationship with china going to look like . Boy, thats the real question mark. I think when this is over, and it will be over, we need to reassess our relationship with china and particularly our dependency. Think about the United States advantages in the geopolitical sense. We can feed ourselves. Very few countries in the world can say that we have an economy where we buy things, we make things, we buy things, we can really have an independent economy to a certain extent. Then finally weve always in the military, National Security field, we always said we need to make sure our supply chains for military equipment and technology are secure. We now have to add to that pharmaceuticals. We realized for the last 10 or so, 15, 20, years, that we were dependent on middle east oil. Were now energy independent. Whatever happens with the price war. But at the final thing we now can feed ourselves, we have our own energy, our own military supplies. But the missing link we dont have our own pharmaceutical supplies. My guess we need to rethink the relationship with china that, in addition to that, china has not acted like a responsible world power in the way i think their incompetence and duplicity at the beginning of this crisis. We need their help to get through it, but once it is over, i think we need to recheck and rethink how much we trust them and how much we want to depend on them for our Critical National resources and the things that make our nation secure. Stuart kt mcfarland, the author of the great book, revolution, trump, washington and and we the people. We the people. Stuart thank you, kt. We the people, a expression i really enjoy using, ashley, we the people. Kt thanks for joining us. See you real soon, i promise. Get back to the retailers. All kinds of news on furloughs, macys, the gap, et cetera, et cetera. Lauren, news on walmart. Whats that . Lauren so walmart is actually taking the temperature in a basic Health Screening of every single employee. They want to make sure the employees working at the store are healthy. Theyre ordering masks and gloves so should workers want to wear them, walmart would have enough. Stuart okay. I think it is time we, a, check the markets, because it has come back nicely. Now were only down 23 points, literally just a few seconds ago, we were down 200, nearly 300 points. So there is some volatility. It is a fairly narrow trading range. I notice that nasdaq has turned to upside, 7800 right there. All right, i have a couple of minutes to spare here. Lets go round the block here. Lets do some anecdotes how were handling the lock down. We already heard from lauren about that major purchase and the major stockpiling in the simonetti household right there. Susan, any update what youre up to . How about your nails . I dont mean to be trivial and silly but what is happening there . Susan oak. I given up on it. We can live without nails and hair for two weeks especially trying to keep safe. Obviously our relatives around the world want to know were keeping safe what we call the epicenter of the u. S. Right now. I think things are oak. I am catching up on some series i missed out, netflix. What is that series, tire king . I havent watched it. Everybody is watching. Stuart tiger king. You have to watch, all my kids say you have got to watch. I havent watched it yet. Ashley, what i have been watching, on netflix, the english game, orrery grin of soccer. Told tonys versus professionals. What say you. Ashley i seen the whole thing. Based on a true story which is remarkable. Absolutely tremendous. As for me, one thing i noticed to get back to what lauren was saying, for shopping for food, how quickly you can go through food. All of sudden, maybe i need to slow down a little bit on basics, milk, eggs, the bread. You are very selfconscious how quickly you go through your groceries. That is one of the sideeffects of this. Stuart there is an upside to being confined to your home. You have to be indoors. There is upside to that because there is an absence of obligation to go out and do anything. It may be a fine spring day but dont you go out. No, you have an excuse toe stay home to be shruglike on your couch. Im beginning to enjoy that. Lauren, what do you got . Lauren two things. Cant tell you how people said to me, first thing they do when quarantine is over, canceling netflix, i said it. Theyre watching too much tv. The second thing i cut my own hair. Ashley welldone. Stuart wait a minute. Do you think i should do that . Can you imagine what i would look like if i, a haircut done by me. Lauren give it a whirl, stuart. Stuart are we settling down . Look, im settling down into this. I know it will be the long haul. Around the block, susan, setting down . Were all settling down a bit . Susan will be it for two months. Stuart keep smiling, everybody, that is what the audience likes to see. Were on top of this thing. Well go through it together. We got to take a break. We will return after this. Its a new day for veterans all across america. Home values are up, and Mortgage Rates are at record lows. Thats good news for veterans with va loans. Thats me. By using your va streamline refi benefit, one call to newday usa can save you 2,000 a year. Thats me. Theres no income verification, no appraisal, and no out of pocket costs. Thats me. Put your va home loan benefits to good use. Call my team at newday usa. Stuart its tuesday morning, the last day of march. Weve been in business for 48 minutes and look at that. We got a turnaround, quite dramatic actually. Down 300, what, 15 minutes ago, now up almost 100. Still a fairly narrow range depending how you look at it in recent market history. Now were up 84 points on the dow. Now, were talking about private enterprise gearing up to help out the economy in these times of need. Lauren, you have got details on new balance, producing masks i think it is . Lauren yeah. The sneaker maker. Theyre working on a prototype. Once they have the prototype they plan to use all of their new england masks for the health care workers. Also Brooks Brothers, the suitt. They have the north carolina, new york, and massachusetts factories working on gear, including masks this week. Those retail workers and those, those factory workers were furloughed for two weeks. So this week they can come back and they aim to have 150,000 masks per day, stuart. Stuart i wonder if a Brooks Brothers mask looks any different from the conventional masks that we see . Maybe an upper class mask, i dont know. Well see. Retailers are working divert resources to help health care workers. A lot of companies are doing this. Lisa morales is with us, she is the worldwide, with the Worldwide Supply chain federation. Lisa, as i understand it, you identify where the need is for medical gowns and masks and then you match up the producers of those gowns and masks with those who need it. Youre in the middle here. Is that what youre doing . Correct, stuart. Thank you so much for having me on the air. We are creating a clearinghouse to match vetted buyers and suppliers, because there has been so much fraud and price gouging and hoarding of supplies. It is leading to a lot of stagnation because there is so much red tape and inability for procurement offices or even government officials to have the staff enough to go through the procurement process and vet all the suppliers. Stuart okay. Where are you getting the demand from at the moment . Obviously were short of gowns and masks in various places. Where is the greatest need that you have identified . So currently weve been hearing mostly from grassroots organizations and since last weekend, we have been working with a number of grassroots organizations directly with hospitals. Now, this week the volume is coming in directly from local governments. Of course new york, new orleans, texas, massachusetts, are starting to bubble up. And were looking to produce scale and volume, that is sustainable by creating jobs with paid workers here in the u. S. , making the understand youe working with nike, is it, and Tommy Hilfiger . Are they producing gowns and masks, nike, hilfiger . So nike has their own initiative boeing on currently. Tommy hilfiger, citizens of humanity, vera braddy, kibbe, a number of American Brands reached out to us and are producing masks and ppe. Were talking specifically about the mask. This is fabric mask that can be sown as well as hospital gowns which are also in short supply. Stuart so these new masks, theyre not like the old masks, are they, piece of tape around your neck and sort of Plastic Thing out front. Some are quite sophisticated these days, arent they . Yes, absolutely. Were working on fabric masks which are, can be sown but there is also a number of innovations that our platform is tracking across the United States and around the world. Of all the latest innovations, for example, there are some textile mills in the carolinas that are working on producing fibers that can have similar filtration as an n95 mask. So if we can spin up that fiber production here in the u. S. And we can innovate and get fda clearance on new types of masks. Stuart lisa, you are the clearinghouse. The demand, you have the supply coming in from the fashion industry and the garment makers and you have demand coming in from health care workers. Youre in the middle, pointing out supply and demand, bring them all together. Lisa, thanks for joining us. Youre doing great work there. We appreciate that. Thanks so much. Thanks so much, stuart. Stuart lets turn our attention to airbnb. Obviously dramatically affected by the nationwide shutdown. What are they doing here . Is there some money going airbnb putting out money . Lauren quarter of a billion dollars to offering losses by hosts. People are not traveling. Theyre canceling their airbnb reservations. That is 25 of the nor cancellation fees. How much the host, this is what it is equivalent to. Depends on what the type of host and the type of, shall we say more strict cancellation policies they put on their bookings. They have very strict ones, even if you can sell you still have to pay the full fee of booking the entire house. We do know airbnb has cash on hand, around 3 billion, but this is a tough year especially for airbnb decided whether or not they want to list go public on markets especially with markets like this, volatile, down 25 , in fact some of their Balance Sheets might be impacted. Stuart youre right, susan. This is a very tough time for airbnb. Because look, four or five weeks ago, you and i were talking about, oh, theyre going public. When is the ipo going public . What is the price . How will they market this thing . Susan right. Stuart now you have to think that is very unlikely with the state. Market and the state of the economy, right . Susan well see how the second half looks since were looking for a vshaped recovery according to lot of economists. That is not enough to lift Companies Like airbnb which doesnt want to be the fortunes of uber which below the offering price. Maybe they raise money in the private markets. Stuart susan, thank you. The market turned around. Not a huge rally by any means. But the dow is up 50, s p up 4, nasdaq up 75. Maybe there is some hope in the market that well get a fourth stimulus package. It is being discussed. I think thats a positive. Not only the fashion industry, that is pitching in to make gear for health care workers. Ford Motor Company is on it as well. Well have that story for you after this. The American Red Cross urgently needs blood and platelet donations and asks all healthy donors to schedule an appointment to give. Now, with the corona virus outbreak, it is important to maintain a sufficient blood supply. Your Blood Donation is critical and can help save lives. Please schedule an appointment today. Download the blood donor app. Visit redcrossblood. Org or call 1 800 red cross today. You can make a difference. Stuart all right. We just turned south again. Then we just turned north again. So the dow is up 11 points as we speak and i see some green, not much. Dow, s p, nasdaq basically pretty flat although a nice gain for the nasdaq. That is up. 9 . Now millions of Small Businesses dealing with the virus obviously and today is a crucial day and next month will be a crucial month. The nation is shut down. Hillary vaughn is at a tavern in d. C. , the owner is struggling to keep his business going. What have you got for me, hillary . Reporter stuart, i want to start with a new survey just released that shows not just Small Business owners but families around the country are dreading tomorrow, april 1st, when rent or mortgage is due, utilities and credit card payments need to be paid. This survey says 68 of families are struggling. 38 say they will have to make sacrifices on basic needs in order to make their rent payment on april 1st. Half of families are already having to make a tradeoff between paying for basic things like rent, utilities, for other things like, basic need, food, but it is not just families that have this on their mind. You mentioned Small Business owners are dealing with this as well. I spoke with bill thomas. He is the owner of jack rose dining saloon in d. C. , home to one of the Worlds Largest whiskey and bourbon collections. He was supposed to be in london today, stuart, receiving an award for whiskey bar of the year for whiskey magazine of 2020. Instead he is here. He is packaging up groceries to help his workers through. He is paying through their health care for april. What the next few weeks, few months look like are unknown. He already had to take over 100,000 in debt. He says, at this point, the action that has been made is not enough because he said there are several of the things that need to happen. Take a listen. Even the small revenue were bringing in is still subject to sales tax that would be something helpful. Once again just connecting the can down the road, when they say okay well defer for 90 days, well defer for 120, we really need deferments for nearly three years. That is how long we run on razor thin margins. Reporter bill thomas also told me when it comes to the 350 billion, stuart, being made available to Small Businesses, he says, a lot of people he talks to dont have the time to fill out all this extensive paperwork. He says the system needs to be simplified much more into a onepage document so that people can focus on keeping their carry out and delivery up and going, at least getting some revenue in. Then also have the time to fill out this paperwork and get access to some of these resources that the government is making available to him. He says, he has people looking into the ins and outs of this aid. Owe is still unsure if he will be able to take advantage of it, stuart . Stuart hillary, good story and lets pick up on that because when we talked to the treasury secretary mnuchin just the other day, he told us very explicitly here is what you do. You go to your bank, you go to the Small Business lender, you go to the, credit company, and they will come up with a plan. So you just make the application directly and the money will be in your bank, bank account by direct deposit starting as early as this friday. Hillary, thanks very much indeed. I want to deal more with this and bring in mark rockefeller. He is with street shares. Thats the name of his company. Mark rockefeller run this is company and makes a tool available for Small Business owners which allows them to apply and tells them who is eligible and how to connect. I think ive got it right, mark. So why dont you tell me, here and now, who is eligible for this Small Business package . Spell it out for us, please. Yes, good morning, stuart, thanks for having me. Any Small Business, nonprofit, gig economy worker, contractors, if they have less than 500 employees, and they have paid payroll, they are eligible for this. This is 349 billion in aid. This is under the cares act, which is two trillion stimulus plan we have. There is almost 350 billion of it devoted to Small Business. As you pointed out the big problem is, most banks are closed. Entrepreneurs, Small Business owners are working from home. So there is a massive distribution problem and that is what were trying to help with. Stuart but im right in saying that they go to their bank, they go to their Small Business lender . They dont go to a government bureaucracy . You dont have to do that . You go that is correct. Stuart i understand theyre closed, that is a problem, it is a problem. But the government is trying to cut out that bureaucracy, that stands between you and money, right . Thats right, thats right, yeah. Between the borrower and the government there is less bureaucracy but the challenge is, stuart, only one to 2 of banks have the technology to distribute Small Business loans digitally and remotely. So that is something were trying to help them with right now. Stuart okay. I understand that the treasury secretary is coming up with a plan. They may have released it already, as to how you can go directly to your bank. Youre nodding your head. They have come up with a plan, have they . Theyre working on it right now. We actually spoke to high level folks at treasury yesterday. The plan is to come out friday, is what we were told but im not a Government Spokesperson but we were told friday. Stuart i have understand. Now, when they make this application, as i understand it, they should have documentation for the last eight weeks of payroll. And that will be used as money which is going to be given to them or certainly loaned to them, eight weeks of payroll going forward, plus, 25 of their over head. Is that accurate . Yes, it is. There is a calculation on the back end that is roughly 2. 5 times the payroll that you have monthly. That is roughly the amount for which you are eligible. The challenge is, is that folks dont know, a, do i qualify, and b, for how much . And so we have created this tool. Located at business relief calculator. Org, to allow folks to have that peace of mind. The point of this legislation is to prevent job loss that is the first domino in a more, systemic economic problem. So were trying to get this out there as fast as we can to prevent job loss and this tool is one way to bring the Business Owners peace of mind, a, they qualify and b for how much. Stuart okay. Tell me again, what is that website, tell me one more time . Businessreliefcalculator. Org. Businessreliefcalculator. Org. Put in the information and find out if they qualify and how much. Stuart mark rockefeller. Valuable information, and thank you very much indeed, sir. Thank you. Stuart right. Now, i want the news on ford and what ford is doing to help out with this virus crisis. Lauren, give me the news. Lauren ford is working with private company to make 50,000 ventilators. They start doing this at a michigan factory tomorrow, next month in april. However, theyre not going to have the goal of 50,000 ready until july 4th. So this is going to be pretty slow. Second point of news on ford is, that remember they said, april 6th, they will start opening up some of their plans, april 14th, well now there is no date given when they will restart car production. They do report earnings this thursday, stuart. Stuart okay. Got that, lauren, thank you very much indeed. I believe we have with us now jim baum, is that correct . Jim, are you there . Youre the enterprise product line manager for the ford Motor Company. Jim are you there . Yes you are. Sure am, yes, stuart. Stuart you wanted okay, whats this about you wanted to produce these ventilators by, by, in the next 100 days but it wont be until july the 4th. That is 50,000 ventilators, not until july the 4th. Is that a delay . No, no, not at all. In fact were approaching this two different ways with our partners at Ge Health Care. We have team members from our industrialization side of the business to help ramp their existing product up. So today, were starting to produce 40 more machines of their existing product on their Current Assembly lines to get more equipment to the people that need it the most and parallel were actually scaling up another design that were licensing through Ge Health Care that will allow us to bring that device on in much, much higher volumes. That will start producing at the end of april with significant volume in may, 12,000 units in may that will accumulativelily go to the 50,000 goal by july 4th. Stuart i understand youre making an effort to use 3d printing to produce disposable respirators. Accurate . Were certainly looking at all means and mechanisms to do that but one of the things were very excited about is moving very fast with our other partner 3m on personal Protection Equipment and weve seen just by injecting some of our manufacturing, industrialization capability with their teams, 20, 30, 40 increase in throughput on their manufacturing line. We get much more of the existing product out today. Were certainly looking at other technologies to try to create more of these devices but whats really interesting is were spending time on things we can do very quickly today. So we took the initiative to create these plastic shields or masks, open source design and as of yesterday, we shipped over 200,000 of these masks out to critical hot spots and firstresponders and by the end of this week well have shipped over a million of these devices. Stuart all right. Major effort. We appreciate it. Jim, thanks for joining us from ford Motor Company. Good stuff. Well see you again soon, promise. The market has truly turned around. Now were up 130 points for the dow industrials. 22,400. Thats where we are. Coming up next for you, a Major Pharmaceutical Company donated hundreds of thousands of tablets to help louisiana deal with the growing virus crisis. Louis attorney general will join us next. Its a challenging market. Edward jones is well aware of that. 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. From anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. Iheres money saving news from milinewday usa. N, which most pills dont. Your spouses va streamline refi benefit lets you easily refinance when Mortgage Rates drop. And they just dropped to the lowest in newdays history. Refinance now. Theres no income verification, no appraisal, and no out of pocket costs. One call can save you 2,000 a year. Refi now. Woi felt completely helpless. Hed online. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Stuart the market did turn around. We were at high the day. Were still there. Susan, come in here. Do you have news that helps the markets . Susan for banks, theyre changing rules because of the coronavirus this is called the operational framework t reduces operational burdens and allows institutions to focus on economic conditions, basically giving them more flexibility to do what they need with the environment in their business and divestitures and ownership. Very complicated. Basically give banks flexibility to lead to declining and shrinkage in the economy to basically get businesses up and running again. Stuart i think that is important. That contributed to the turn around in the market. Green arrows all over the place. Nasdaq up 1. 25 . Pretty good. Bring in the state of louisiana which announced that amniel pharmaceuticals, donating 100,000 being hydroxychlorquine tablets. Joining us is the attorney general for the state of louisiana, jeff landry. Jeff, how did you get the 400,000 tablets . There are questions whether that particular treatment is effective . Here is what happened. At the end of last week i got a call from brian hughes, good friend of mine from state of texas and a lawyer, who represents, amneal donating hydroxychlorquine and wanted to give louisiana 200,000 tablets if they wanted it. I called a friend of mine, health and Human Resources committee here in louisiana, he is a pharmacist by trade. We started working over the weekend. What we found out lsu medical school here in louisiana had gotten a clinical using hydroxychlorquine to determine whether or not it is effective in treating patients and whether or not you could use it as prophylactic solution to medical providers when you treat patients. When i called amneal said this is what is going on, we could use more, they ended up doubling that, giving us 400,000 tablets of it. Right now were using a portion for the clinical. The balance will be used on patients as doctors see fit. We saw what the fda did on sunday. Look, again, i think it is important to notice, stuart, this is not a silver bullet. It is not a magic solution but right now were in a crisis mode, we need to be able to actually do live experiments as our medical providers see fit in order to try to stem this pandemic. Stuart right. Well youre right in the middle of it right now. New orleans is one of the hot spots, thats for sure. Jeff landry, attorney general for louisiana. Thanks for joining us, sir. We appreciate it. Im sure louisiana appreciates your efforts. Good stuff indeed. To the market again, were still up, green arrows, still up on the board. Nice gain for the nasdaq, 1 higher. Decent gain for the s p. That is up seven points. Then we have new york state, at the epicenter of virus, one of epicenters, certainly a hot spot. That Navy Hospital ship arrived yesterday. Dozens of new yorkers gathered to watch it arrive. That was defying social distancing orders. Im going to talk to Brian Kilmeade about that in a moment. He is fired up about it. Well be right back. Bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. Mortgage rates have dropped to all time lows. Helping you weather storms like this one, by refinancing now, you can save 2000 a year. And newdays va streamline refi shortcuts the process. Veterans can refinance with no income verification, no appraisal, and no out of pocket costs. One call could save you 2000 a year. o nothe xfinity my account app puts you in control withe. Digital tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. Stuart all right, everyone, heres where the money is, otherwise known as big tech. Look at them go. Apple 260. Amazon, 1983. Microsoft, look at that 164 joining us now live on the radio, Brian Kilmeade. He is the host of the Brian Kilmeade show. All right, brian, how do you feel about those crowds of people who gathered in new york city yesterday to watch the u. S. Navys comfort hospital ship arrive . I dont think youre too pleased, are you . Im not but it is not as if they were having a party. If i caught them having a party i would be outraged because it screws it up for everybody. Were trying to bend the curve. If twothirds are doing it, 1 3 dont, when youre in awe of American Ship going past the statue of liberty, and youve been bored to tears in the apartment, often too small for humans to live, let alone dwell for hours on end, i could see being somewhat oblivious. I think it was in, it was one of these things where it is in error and in retrospect, makes a mockery of new york, but i think one of those things where a show of patriotism, i want to take a picture to enjoy the moment but the same reason why i watch the rose garden press conferences stuart, still all holding the microphone. They all stood around, lawmakers after they signed the two trillion dollar bill, they all stood shoulder to shoulder. I dont think they were trying to throw regulations in the street. I dont think they were trying to push aside the pandemic. They are just not thinking. Stuart but, look, i can understand it. There is something called cabin fever. If you are in a small apartment, small house, doesnt matter, youre there, youre confined 24 7, youre not supposed to go outside, you have young kids running around, that is awfully difficult situation to be in. I can understand people going outside, taking the air, but, of course they should be socially responsible but i can understand people wanting to get out. Yeah. Stuart i understand some municipalities theyre saying dont even go outside to exercise. I dont see how you can hold that all the way through the month of april, do you . I dont. I think lack of exercise, are you kidding . You cant speed walk or go to a track . I think that is ridiculous. Keep your distance. You should be able to jog, take your dog for a walk. That is going too fars as far as im concerned if you walking with group of people, that is issue but your German Shepherd will not get you sick. I dont get it on that. We should be allowed to jog, in your case, sprint, stuart. I know you like to sprint go back to your days as an olympian. Stuart yeah, yeah, very funny. Wait a second, brian. Do we have tweet coming from the president. Scroll it up there. I want to read it please. The president said, with Interest Rates for United States at zero, this is the time to do our decades longawaited infrastructure bill. It should be very big and bold. 2 trillion and be focused solely on jobs and rebuilding the once great infrastructure of our country. Phase 4. All right, brian, i, when i was talking with you on fox friends this morning you seemed to have some problems with phase three, the two trillion dollar package for Small Business and big business, you seemed to have trouble with it. You didnt like it very much. Youre more cognizant than i will ever be, this is your expertise, were writing checks on money we dont have. 2 trillion, then you would be adding what the fed is done, say it is worth 6 trillions, that is the annual budget. At some point well have to look at this, say how do we pay for it . To think that before we have the chance to see if this got traction were going back again, if youre playing with your Parents Money but actually playing with your kids money. So it just doesnt seem responsessable to go for Infrastructure Project right now. It is not 1930s or 20s or 30s depression. We dont need a make work project. We have plenty of work. We are not allowed to do it. I dont think stuart i want to make the point this is the last day of the month. This is a day a lot of people have to decide will you fire those employees, make them unemployed or not . I think at this point the government should be coming in with literally trillions of dollars for those people. Look, i have limited time, brian, i want you to address this, big news in college sports. All spring sports athletes whose seasons were canceled because of the virus will get an extra year of eligibility. Tell me more about that . Heres what i love about it this is nobrainer, whether track, lacrosse, volleyball, baseball of course, there is a lot of spring sports are canceled. You have to give the eligibility but heres the thing, you have incoming freshmen, you have outgoing seniors. They have got to go further. Ncaa from organizational standpoint has to look down of the colleges if he or she is getting scholarship money should continue next year. Should not be up to the individual school. It is not their fault they didnt get a senior rule. They didnt violate the team rules. The pandemic violated our lives. Make sure that is awarded and doesnt affect a scholarship incoming freshmen. The recruiting has been destroyed. 11th graders are in trouble stuart have to cut you off, that is the life in Live Television. Thanks very much, brian. Check that market. We have the dow industrials stuart just past 11 00 oclock eastern time, the market has been open for an hour and a half, we have a modest upside move for the dow and the nasdaq, the s p has just slipped into negative territory. Two items helping the market today, number one the fed has allowed the banks to clear away obscured rules which make it easier for the banks to get the money from the fed and then farm it out into the economy. Number two, theres a lot of talk about phase four, another stimulus package may be in the works, the market like it although the dow has dropped to the negative, now are down one point. Individual Companies Making news, first of all disney, lauren what do you have. Disneys theme park are closed through for the next couple of weeks, they will take no salary, nothing whatsoever just healthcare, 47 and a half million was his latest compensation. Their ceo will take half of his base salary which is to a half million dollars, he will take half of that and finally other top executives at disney, 30 pay cuts to their base salaries. Stuart that is disney, the stock is gummed up to 102 per share. Susan, what is happening to papa johns, they should be doing well. They are doing well, comparative sales are up to 5 in this corner, you are stuck at home and order pizza. Why not, up internationally by 2 and fully operational in most markets, they are looking to hire 20000 immediately but there might be some revolt within papa johns, we know Shaquille Oneal the former basketball star sits on the board of papa johns, we talked about the Investment Advisor iss, they want to kick out Shaquille Oneal because he only attended less than 75 of the board meetings, i argue and i think you agree, for a man of that stature, yes figuratively as well but renowned and be able to kickstart interest back into the company and stock dont you want to keep him around. I would. Absolutely. There is no greater support personality im sure there are but hes top of the tree and i think he should earn his money, whatever he gets, keep them on the board, hes an icon, even i know that. Stuart this is a crucial day for the last day of march, decision time for a lot of people, you will lay people off and pay their rent. Were looking at april where the country is largely locked down. Ash, cumin, you have news of how Many Americans are staying home for the month of april. Its a staggering number, an estimated 235 million americans, that is 31 states, washington, d. C. And puerto rico, all of them under it a stay at home order, the latest is arizona that goes into effect today at 5 00 p. M. In violation of these orders around the different states can bring you a fine of up to 5000, jail time, our producer who went across all of the states in the most severe punishment comes from alaska, it could be a class a misdemeanor, reckless endangerment, you face up to one year in jail and a 25000dollar fine. If you violate the state home orders. They are getting serious. Stuart surely you could go out to get groceries cant you . They cannot say your inside 24 7 no matter what. Ash , if you persistently violate the order, if the police or authorities continued to come across to you, they have the option of fine and jail time. Stuart that is tough indeed. Thank you very much indeed. Pete joins us this tuesday morning, we have been describing this really severe locked up situation which affects way more than 200 million all the way through april, my point is, the government is forcefully shutting down the economy in the interest of getting through this virus as quickly as possible. What is your take on it . Right now, there is a prioritization of the healthcare side of the crisis. I think what regular folks are looking for, what people are looking for in their lives is application of common sense. , they take this virus seriously, the understand of flattening the curve, they see the stimulus is which seem to be mostly targeted even though theres plenty of sanity that can provide loans and opportunities for Small Businesses to survive for a certain amount of time but i think people will start inching by the end of april for very localized application of common sense, who can be reopened, what types of people are vulnerable, how quickly can they do this in municipalities as opposed to a federal blanket. I feel like the president understands that. He is itching to make sure that we keep the juice flowing in the economic engine but has to be listening to the people who say if we move too quickly, it will hurt us more even economically. I think listen to the experts mode and do the best we can to buy a little bit more time so we can head back in the right direction. Stuart from my own observation, im sure yours too, for my own observation, people really are obeying the rules, certainly in my area. I know ive seen people Walking Around in groups, i dont see people touching each other, i see people keeping great social distance. I think americans are have a remarkable degree of discipline. Somewhat undisciplined people if i may say that. Ethic its pretty good. Were a rowdy bunch, i went for the one very essential trip, to the liquor store. I was there two days ago and everyone was social distancing automatically from the registers to the line to the store, ive been out on runs and walks and we have a lot of kids, weve taken them to a park to play football, staying away from everybody else. And everybody honoring each other space, i think you can apply that will starting to look at places that are not the center of the epicenter and reopening and responsible way while making sure vulnerable population, the elderly and those with preexisting conditions and to need to stay away from the interaction of others, it can be done and when americans are asked to sacrifice, they are prepared to do so, and the president is providing leadership everyday and is something we can do. Stuart im sure youve seen this but im going to repeat for our audience, the president issued another tweet, i will read it again, interesting stuff, with Interest Rates for the United States being at 0, this is the time to do the decades longawaited infrastructure bill. It should be very big and bold, 2 trillion will focus rebuilding the great infrastructure of our country. Phase four. We are throwing the kitchen sink at this. 4 trillion from the fed, 2 trillion from congress, more coming at the infrastructure or another stimulus program, we are going all out with this thing. Yeah, we are. I leave it to guys like you who understand the economy and debt better than i do but we are just stopping on top of the 23 trillion that we got into 25, 27, 28 trillion making a huge bet that our return will be a worrying one. Infrastructure seems like something, makes a lot of common sense, we hear so much about the green new deal, it will be like a real new deal of things the country has badly needed for quite some time and partisanship is what prevented it from happening. What cant happen is what the democrats did with the last bill which is try to log on all the garbage that has nothing to do with projects, it has to be things that put people back to work, get businesses projects that they did not have an interim. Listen, we are way outside of any school normalcy at all and we will see how much this hurts us in the long run but we have such a great economy i think we can use it to head back in the right direction quickly. Stuart i am asking this question, im being a little political here. What are the democrats contribute into the antivirus effort . I think the one thing that they are contributing with some leaders is showing some responsibility of refraining from politics. I think that is a good thing, you have to give some of the governors who have resisted the urge to make a political and stayed on the application of their state. You have to give them credit for doing so considering that through the month of february it was impeachment hearings, that is what they were focused on completely prethats what the media was completely focused on. Democrats are willing to go nonpartisan to address this and they will look good, its your nancy pelosi and others who try to use the stimulus bill to put on pet projects that have nothing to do with it and take petty swipes that will be seen as the core partisans that they are. Otherwise, this is Donald Trumps show to win and run, you cannot even tell there is a president ial contest going on right now. This will all be about the president s response and its good to see some democrats stripping away the partisanship and doing the best they can to support his effort. Stuart before we leave you, i want an update, is it pete hegseth institute for Higher Learning that youre running with all those children, i see some videotapes on the fox and fred we can. Are you still going strong . How are you doing. We are still going strong at the Higher Learning, in fact this will be an exclusive, were filming five episodes of the Library Lecture that will eventually go on fox nation so people can be involved in themselves, socialism versus capitalism, the left versus right, the history of war, american exceptionalism, its good stuff, teach the kids a good stuff while you got it. Pete hegseth for Higher Learning is going strong. I have more grandchildren then you have children. I will show you the Library Edition of fox nation. You are all right, we will see you again. I am breaking away, ashley is with us, what is the news from opec. Ash going through the statements, they are starting to ramp up production, the month of march weve seen an 11 year low with regard to production, a lot of that, no world demand but now we will see the output rise at a time when quite frankly were seen oil down at 20 per barrel at least west texas. But were seen saudi arabia, uae and kuwait start to ramp up their production. Part of this we need to point out is making up the losses from libya, iran and venezuela. There increasing up another 97000 Barrels Per Day so not sure whether this is part of saudi arabias plan as we know to try to pump production up in order to take up the u. S. Rockers. It appears that plan is working but interesting lucy opec wrapping up oil production. Stuart we got that from opec. The price of oil currently is at 20 a barrel, it dipped to 90 a barrel in the last couple of days in our next guest says, we could see the price of oil in the Single Digits very soon. That would be below 10 a barrel. Stephen sure kids with us, he is on the phone, this is the guy that we turn to, a big powerful guy in the oil industry, stephen make your case that oil drops below 10 a barrel. Absolutely stuart, it comes down to the inventory. When we look right now, oil for the summer is now trading at a 26 discount for oil next summer, yesterday on the stock market in the month of may traded at 44 discount to may 21 oil. What is going to happen with this inversion in the forward curve, the market is paying you to take oil off of the stock market and put it into tank. Some point this summer every portion of storage whether the tank on land or a vessel at seat is going to be sitting on inventory because it does not make sense to sell into the stock market today, therefore we will continue to produce as you just pointed out opec is ramping up production, the canadians cannot pull back their production, the United States is thought record production, we are going to see a massive glut in oil, that does clear the skids for oil to break the alltime record, of about 9. 75 which occurred in april 1986. Stuart, heres the thing, and stirred in mark under market areas, sake canada, we will see prices negative, meaning they will be paid to take the oil away from canadian producers and i am not really not a potential out for u. S. Production because by summer pushing will be at capacity. Stuart stephen, i hear you, your statements had not yet had a direct impact on the price of oil, were still at 20 a barrel. We will bring you back again because thats a dire prediction. Lets change the subject completely, lets talk about tiger king on netflix, it is very popular, what is your news on tiger king. Everybody is talking about tiger king and with all the rage share from florida has asked for leave to reopen a case from 1997. Here is the back story, Carol Baskins husband disappeared and 97, his name was don lewis and the main character in the show plotted her murder for hire against carol and then her husband disappeared. So the sheriff in florida is saying, if you have anything since were all quarantines at home and watching the show, let us know. And it could potentially be open that, under 1977 case. That makes it more interesting to watch i guess. Netflix doing well this money, they are up three box, 378. They are the premier streaming service and doing very well in the times of lockdown. Check the market, still green all over the place, 85point up for the dow industrial. We will show you capitol hill coming up next, senator james lankford, the Oklahoma Republican is on the show, i went to pick his reign on the democrats for the fourth stimulus plan, is it really on the way, this is the third hour of varney and we are rolling right along. Tes are at record l. Thats good news for veterans with va loans. Thats me. By using your va streamline refi benefit, one call to newday usa can save you 2,000 a year. Thats me. Theres no income verification, no appraisal, and no out of pocket costs. Thats me. Put your va home loan benefits to good use. Call my team at newday usa. Stuart we are invested in you at fox business, we want to spell out how you can get your money from the stimulus package. Edward lawrence joined us, as i said, spell it out. It is already started this process, the first checks will be direct deposited on april 17, the other checks after that, you do not have to do anything for most americans. They will use 2018 or 2019 if you birdie file that to see where the direct deposit is on that or if there is a check for that, if the wreck deposit elses back off the form and an automatic check will be issued to the address on the tax returns. If you for whatever reason change in relationship with the bank than the irs next week will put a form on their website seek and verify your identity until the where the direct deposit should go, that will be available next week. If you are in the category that does not file a tax return, some lowincome taxpayers and veterans and people with disabilities, then you will have to file a simple easy form, it is free, no taxes will be taken out but it puts you in the system to get the direct deposit. Stuart that is how you do it. Thank you very much indeed, it sounds Pretty Simple and straightforward. There is a great deal of talk on capitol hill and elsewhere about another stimulus package, the president has tweeted about an infrastructure stimulus program, 2 trillion, he tweeted about that. On the program recently treasury secretary mnuchin has hinted a fourth stimulus plan is in the planning stages. James lankford joins us now, he is in Oklahoma Republican. Senator, i understand you do not want another stimulus package, why not. I do not think we need to jump into the middle of another stimulus package right now, we need to stabilize the economy, a lot of people out of work, lets get help to them whether the individual check she talked about or assisting Small Businesses with a grant to be able to carry their payroll or larger businesses getting access to a loan, theres some in washington, d. C. The spent 2 trillion on a teenager giving up a roller coaster, that was fun lets do it again that are trying to jump into this and say i want to spend another 2 trillion to keep going at this point. We need to make sure were watching for our debt and deficit and our economy, this money does not come from nowhere it comes from our money all over the world and our own people so we need to be wise fro with it. Stuart because these are such strange and difficult times, does that make this kind of spending and huge deficits which will follow acceptable to of people used to be proposal for something was in a normals proposal, now 1 billion is small at this point, 10 billion seem small. Theres many that contact me during the previous two weeks when we were working through the 2 trilliondollar package that said were only getting 20 billion, we need to get ten times that much. The challenge that we have that now everyone is used to coming to the federal government saying this will solve everything, we also have to manage a budget with this federal government with state and local as well. We have to make sure were managing both of these things. We do have to do some emergency spending, this is like when you go through a storm, you have to do some things to recover but on the backside you have to pay for what you just took out. So we have to be able to look at both of these things, quite frankly, the hope is we have Rapid Testing coming on board, Treatment Options in the days ahead in a vaccine in the days ahead, so continuing to do more and more stimulus based around kobe 19 if we can get treatment, vaccines and testing on board that makes all the difference in the world. There is a strange time, it seems like we are all big spenders now. It does feel that way but at some point we have to be big savers as well as every company, the companies that are wellcapitalized will handle the storm that were not wellcapitalized, itll be the same as a nation if we can get welback to wellcapitalized a managed debt itll be much easier to do Infrastructure Projects and for not doing so much money each month and just Interest Payments on her desk. We have to be able to manage both at the same time. If we dont solve this immediately, its something that needs to be addressed or are Interest Payments, and thing else. Stuart thank you for joining us. We wish you and the people of oklahoma all the best in these difficult times. Lets go around the horn and lets have a look at how we are coping with this. We are all in separate locatio locations, ashes in connecticut, susan is in new york, i am in new jersey. And lauren is in new jersey as well, we are spread out, being socially responsible for once in our lives. What is up with you ash. Ash i am still in the garage. [laughter] and that is because i stayed behind in manhattan for several weeks while my wife came up to connecticut so im self life isolating from my wife and she is in the home, this is not the webster manner, we have remarkable friends who are our Guardian Angels and i am in one of the garage is here and eventually they will bring you the screen behind me and ill be able to close the garage door and get warmer air in here. So the studio effect will get better and better as the week goes on, at least thats the hope. Stuart susan what do you have. Susan my mom and my sister or a friend at the situation in new york, instead of emailing and texting i talked to them every day. I like the fact that coronavirus has bridged the culture relationship that i have with my relatives and i think i should take this on even afterwards so i can call them and talk to them by voice instead of writing down texts or emails. Stuart alright everybody, waved to susan mom, we hope youre doing well wherever you are. The dow was up 50, we will be back. If youre the spouse of a military veteran, heres money saving news from newday usa. Your spouses va streamline refi benefit lets you easily refinance when Mortgage Rates drop. And they just dropped to the lowest in newdays history. Refinance now. Theres no income verification, no appraisal, and no out of pocket costs. One call can save you 2,000 a year. Refi now. Stuart earlier this morning we brought you news that Spirit Airlines will not fly people out of the new york metropolitan area, lauren, common pleas you have news on a different subject from southwest airlines. Lauren southwest is canceling 1700 flights a day, that is more than 40 of the domestic flights, they are doing so from early may through early june, this cancellation is effectively right before the peak Summer Travel season. I also want to tell you about american airlines, this is interesting, the retiring their older aircraft including boeing 737, the older ones and the reason they are doing this, they are not using them but they are expensive to upkeep, they are making room for when travel comes back again comic demand comes back again and they can have newer planes which are more costly upfront but cheaper in fuel efficiency and the like. Stuart people are just not flying, and now they will not be able to. Lets go to susan, what is happening with apple . Susan there is news that there continuing to pay the hourly staff, there is some controversy and confusion about whether or not they would do that because most of their employees headquarters to work at home because of the shelter in place policy over in california closing most of their stores. In fact all of their stores outside of china, they will have a stagger reopening and there was discussion of whether or not they would pay janitors or drivers and other hourly staff, tim cook said that they would and they have confirmed this now that we will continue to make these payments. For instance janitors make 18 an hour plus 10 and benefits, if you added up its 35 million a company that has 200 billion and the bank, yes they will make the payments and gladly according to tim cook. Stuart yes they will make those payments and gladly two. Nice quote there, thank you very much. The market does have a positive tone, the dow is up over 100, nice gave her the nasdaq and s p. We are talking about another stimulus plan and there are some people looking on the far side of the virus of the recovery of the economy. Lets bring in deb, former congressman, he is now a wall street kind of guy with ubs. Tell me, where do you see, when you see the economy starting to recover, when . We are in the new targeted territory and were in uncharted healthcare toward territory economic and political territory, i think the president and policymakers will have to draw a volunteer, we know that the president articulated an aspirational goal to begin to reopen the economy, i think that probably he has concluded in the most important thing that he can do for the economy is defeat this disease, it is a question of balance, i think the president got it right, at some point you have to make sure that they cure is not worse than the illness. The government has essentially put the economy into an induced coma, it can only remain in that status so long to where the longterm health and economic implications are not worse. So now we know the president has set a new date of april 30, although in our federal estate scheme which a lot of people have failed to appreciate is really a number of governors and mayors and county executives who have a lot of say so in various regions of the country will rejoin the economy. I guess to some extent, we have a plan that is throwing more money at the problem that has ever been thrown before and clearly most of it is warranted, theres a number of aspects in this legislation that i can critique but im on the sidelines now. Im not in the crisis, i hope somewhere towards the end of april, the beginning of may that this economy. Stuart and of april, beginning of may, will get there eventually. Thank you for joining us, always appreciated. I want to focus increasingly on the price of oil. Because we have had stephen on this program saying you have a huge problem in the price of crude is going to drop below 10 a barrel. And we have news, ashley delivered earlier, the opec is starting to increase production adding to this gigantic slot that we got here. Christian joined us, he keeps a close eye on the financial market, the Energy Market particular. It seems that were in the middle of an energy crisis, this could be the breaking of the Energy Market, what are the world implications of that. Ash they are big, especially the United States, this will cause a lot of harm across the United States is been a revolution domestically and all of that, this all started, we sort of think the coronavirus alone kicked off the market decline but coincidentally we had a price war between saudi arabia and russia, and opec meeting they were supposed to constrain output, the russian said no, that will help the americans so they went robe and saudi radio went robe, they have prices since 2011. The White House Administration and congress are privately putting and somewhat publicly putting a lot of pressure on the saudis to turn this around telling crown prince to undo, this is a terrible time to have an oil war for the United States and also this is unsustainable for saudi arabia and russia to. Stuart it is not working. They announced today they will increase production. Whatever diplomatic pressure we are putting on, it is not working. I want to know when this is all over, i have no idea when it will be over, with the relationship between saudi arabia and the United States. Thats with the crown prince does not understand, i think this turned around and i should disclose on next line, i think this does get turned around, it is not sustainable. But in congress they are talking about trade restrictions on saudi arabia and revisiting legislation they consider last year that would penalize saudi arabia for its conduct in the yemen civil war potentially endangering military goods relationship between the u. S. And saudi arabia. I think they will come to their senses, President Trump had a phone call with Vladimir Putin and they will have an expanded discussion potentially about constraining oil outputs or the flow of the price a little bit, i think the president needs to put pressure on the saudi prince and maybe the king and hopefully they will come to their senses. This is not sustainable for any oil producer, i do think this will end some point in april. Stuart that is the collapsing Energy Market, lets turn to the virus in the impact, there has been a second wave in hong kong, taiwan and south korea as well but you are telling me that they handled it very well, is that correct, they did not go back to full lockdown . , none of these countries, china is a little different, we cannot trust the numbers coming from the mainland by your having a second wave so they had an initial wave of infection from wuhan and now International Travelers which they have now restrained but none of those countries and cities that you mention have resorted to complete closure of schools or if they have they have not been limited. In hong kong nobody is going to restaurants but they are still open and they spread people out, tokyo, theyre doing things a little differently, singapore has not closed schools but aggressive about quarantining people, south korea has used a lot of testing and south korea has not use that much testing. Different speech but doing much better than any of the predictions of the United States in the United States is taking a course that is similar to them except for high outbreak areas like new york city. We talk about numbers, we talk about the doomsday predictions including the college in the uk, if you look at the case studies, its the advance free countries in east asia that are the best predictors of what will happen in the United States and theres room for optimism. Stuart we will take that. A little optimism. Thank you very much indeed. The Market Holding onto a modest rally, talk of another stimulus package, that helped clearly. Next we will put our finger on the pulse of Small Business. How are they doing at this crucial time, this crucial date coming up to a wicked month. We will be back. Boston light, americas oldest lighthouse, has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. From anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. Stuart the market shows a continuing gain, ashley, what news do you have breaking right now. Ash right now the governor is updating andrew cuomo of new york, updating how the coronavirus cases have increased in the state, up to 75795, that is up from 66000 yesterday and the number of deaths are up to 1550 people have lost their lives, that is up for 1200 yesterday, an increase of 332 deaths in the last 24 hours in new york state, we do not have the breakdown for new york city but we know a large number have been in new york city. It continues to follow the headline. Stuart thank you very much ashley, the market shows again of 120 points for the dow, green for the nasdaq, green for the s p as well. And encourage perhaps by the idea that we might have another stimulus package in the money is going out very quickly on stimulus package number three and also from the fed. The money is flowing. News on elon musk. Susan he was tweeting a few minutes ago since we know makers will make ventilators in the coronavirus pandemic, elon musk tweeting we have extra fda approved ventilators that will ship to hospitals worldwide, that shipping costs are free and only requirement that the vents are needed immediately for patients and not stored in a warehouse so please get in touch with me. We know that elon musk and tesla found 1200 ventilators and masks from china that has been sent from the l. A. County and gm, ford, also tesla will work with them to build the ventilators for use for patients, obviously that are in dire need of the ventilators. Stuart elon musk knows how to grab a good headline. He is at it again. Lets talk Small Business, as you know by now the treasury has organized a Small Business rescue plan where you apply Small Business, you could get your payroll taking care of in the overhead taking care of and the money can start arriving maybe by friday or the weekend or early next week, the money is on the way, i want to bring you jam kaufman who knows a lot about this, we are zeroing in on Small Business because thats where the greatest need is at this moment, with a Small Business, will they get the help that they need under the Steven Mnuchin package. Stuart terribly sorry, that is Live Television for you, we have a problem with audio, im sure what he had to say was vital and intriguing and interesting but we cannot hear him. We will try to get him back. Meanwhile going around the blo block, i want to know how our whole team is coping with the ongoing lockdown. The show ends in about 15 minutes i have a couple of items that i got to attend to at 12 noon and then im headed for the couch, a long nap, im getting used to doing very little in the afternoons. Lauren, come in we heard about your husband stockpiling nasas above amounts of food for the next month. What else you have for us, something about your childs teacher . Lauren the kids are getting cranky and restless and i got a surprise call for my daughters preschool teacher. She wanted to check in and i gave her to my daughter and i started to cry because i was so excited to speak with her in our School Closed down suddenly, nobody had time to prepare for. So she is going to send us stuff in the mail and that was great. The other thing, this is a luxury and i know but i will say anyway, the weather has been bad over the weekend, you cannot go outside and play the people with pools are calling the Pool Companies to see how quickly they can reopen for when the weather gets nicer. Gives you something to do. Stuart that is a good idea. I have a story for my grandchildren worried i have five of them and cape cod and they are housebound but a third grade teacher from a local school went around to the houses of oliver her third grade kids with the chalk and chocked a nice message to each of the children on the driveway. I thought that was a really good way of communicating with youngsters in a very difficult time. Actually, youre not in vigorously, what is your antidote. Ash im getting tired and cranky and restless just like lawrence children. No im not actually, i feel very fortunate to be able to continue to do this and also feel safe outside of the city, self isolating. And isnt Technology Amazing without the internet none of this would be possible. I am also impressed by being able to do this and very thankful to continue to do this. Stuart about a minute or two ago we wave to your mom, i dont know she is watching but did she have any response, was she watching our wave . Susan , probably not at the time, she has a very social active life, although she stayed indoors more said shes in a high risk at 70 years and above. But she has a weekly club and they have stopped their nights so shes a little depressed by that but hopefully the get up and running once the coronavirus pendant passes. Hopefully, she is fierce. Stuart one thing i liked about living in hong kong was that you walk down the street and the mahjongg tiles were being slammed all over the place. I loved it and miss it. I really do. We are going to take one of those breaks, we are going to take a commercial for once in a while, we have to make some money, we will be back after this. Shouldnt you pay less when you use less data . Now you can. Because Xfinity Mobile gives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 300 off when you buy a new Samsung Galaxy s20 ultra. Thats simple. Easy. Awesome. Go to xfinitymobile. Com today. Stuart just a few moments ago we brought you news that new york state recorded 1550 deaths from the virus in the state, actually come back and, we have more news from new york. Ash andrew cuomo, he said this is not going to be over soon, as you can see the banner that came up, the apex of the virus will likely be 14 30 days from now and he keeps stressing, depending on who you believe, hes getting a lot of different advice, as always in the situation they plan for the worst Case Scenario but 14 30 days to reach the apex where we see the curve flattened out, thats where we want to see but we have not seen it yet. The deaths in new york state up to 1500, as well they went up to 332 just in the last 24 hours, it is fair to say that the Hospital System and especially in new york city is being overwhelmed at this point. Stuart ashley, chris cuomo in the news with the virus, give it to me straight inaccurate at least. Ash chris cuomo, that i do not have. I just have the press conference being given by andrew cuomo right now, i do not see a headline that says chris cuomo but we will certainly check on a. Stuart array, thank you very much. We will get up to speed on that shortly. I want to bring in the judge as a napolitano, welcome back to the program. As i understand it in d. C. They are threatening to put people in jail if they break the stayathome rules. That seems rather extreme to me, im sure youll agree with me. Tell me what is going on here. First on chris cuomo, cnn and alstyne tested positive, that he is home and his symptoms are mild and he plans to do the show from home. This is announce what his brother was making his daily press conference. That is for d. C. The mayor is taken on a totalitarian edge on her own decreed that nobody can be on the streets. This is very problematic. First of all the members of Congress Going to and from the capital, secondly this cannot apply to federal officials, many, many of whom who driving the streets of washington, d. C. , third it is not the force of law because she does not write the law, this is as President Trump calls it a guideline which one is free to abide by or at ones risk one is free to reject. It cannot be backed up by the force of law. If she starts arresting people because theyre walking through a Grocery Store or a Doctors Office or a pharmacy or walking for exercise and putting them in jail at the same time, she is empty and jails because of coronavirus in the jail, she is not only breaking the law, shes doing infinitely more harm than good. Stuart i guess you can put this into the category of serious advice or warning, dont break the rules just to make everybody socially conformed. That is what its all about really. No one does that better than andrew cuomo but even he knows that these are just guidelines, they are not orders, the legislative branch writes the law, the governors do not and the mayors do not in this particular case in d. C. She would stop the federal government if flatfoot it if this blanket shall not be in the streets and the rule that she along were to have the force of law so it doesnt. Stuart well said judge napolitano, sorry it was so short but you make your point very well. The dow Industrial Holding onto again and that is true with the rest of the market, a modest game but i see green. Back in ae moment. By refinancing now, you can save 2000 a year. And newdays va streamline refi shortcuts the process. Veterans can refinance with no income verification, no appraisal, and no out of pocket costs. One call could save you 2000 a year. Neil market is holding on to very narrow gain at this point. Stuart remember this is the last day of the month. The last day of a quarter. Anything can happen right before the closing bell but right now i see a lot of green. I want to say, thank you very much to ashley, lauren and susan. Were all in different locations. Were communicating quite well i think. Despite the distance and we will see you all again. Neil, its yours. Neil all right, stuart, thank you very, very much were keeping track of end of the month, end of the quarter market number, stuart. But were also following developments you touched on in new york. The number of cases the state has jumped in a big way and in new york city itself. New york accounts for close to half the cases in all of america and close to half the deaths. Connell mcshane has more. Hey, connell . Neil, weve been monitoring a press conference that continues with the governor of new york, andrew cuomo, updating reporters as he does on a daily basis. You showed numbers, over 75,000, the most recent figure of total cases in new york