Transcripts For FBC Mornings With Maria Bartiromo 20240713

We will bring you those numbers as soon as they get the hit. They may very well impact markets. We will look ahead to jobs number coming up. Job losses could hit 47 million and Unemployment Rate could surge to 32 . Jim bullard is here later this morning, more on jobs, action by the Federal Reserve and what if any rebound we can expect from the crisis. Interview coming up at 7 00. President Trump Pushes Congress to pass 2 trilliondollar infrastructure bill now to help boost the economy along the road to recovery. The president says the bill willing very big and bold. Meanwhile this, the death toll in new york city has surpassed 1,000, mayor bill de blasio joining the call for help as more makeshift hospitals are created. This as more states go on lockdown this morning, mornings with maria is live right now. We want to check Global Market s. Dax index in germany lower by 277. Factory activity in italy contracting at the fastest rate in 11 years. 40. 3 and french factory activity calling falling. In asia red across the board. Worst performer was japan down 4 and a half percent. 7year low in japan. Oil prices falling this morning after declining better than 66 in the First Quarter. It was a rough one. Crude oil at 20. 25 a barrel. President trump says u. S. Officials will meet with leaders from saudi arabia and russia to try and stem the steep slide in price of oil. Lets check yield. Down again this morning. This after largest First Quarter decline since september 2011, the yield on the 10year sits at. 613 , thats down 6 and a half basis points this morning. Now on the latest on the coronavirus this morning, breaking overnight, deaths from the virus here in the United States have topped the 4,000 mark with more than 189,000 confirmed cases in the u. S. President trump issued a grim warning yesterday. I want every american to be prepared for the hard days that lies ahead. We will go through tough 2 weeks and then hopefully as experts are predicting and us predicting after studying so hard, we will start to see light at the end of the tunnel. Maria the president Trumps Coronavirus Task force projecting 100,000 to up to 240,000 deaths across the country. The president said we are entering a tough 2 weeks. The u. S. Surpassed china in cases as well as the number of deaths, but there are, of course, questions about the tally that china has given us. New york remains epicenter of the outbreak in the United States meanwhile. In new york at least 76,000 confirmed cases, more than half of them in new york city, more than 1700 people have died across new york state. President trump is calling on floridas governor to allow a dutch cruise ship with coronavirus patients on board to dock in port everglades. The holland ship, the Holland America ship is due to arrive tomorrow night, 4 people have died and several others have tested positive on that ship. Governor ron desantis is opposed to allowing passengers leave the ship saying his state does not have enough resources to treat the people. More than a dozen spring breakers tested positive for the coronavirus after returning from mexico, the university of texas saying that the students were part of a group that chartered a plane about a week and a half ago, all of the students on the trip are now selfisolating. Spring break es facing harsh criticism. Coronavirus deathal no the United States surpassed 4,000 overnight, follows stark warning from President Trump that americans will face a tough road ahead. We are going to go through very tough 2 weeks and as experts predicted and those who have studied it so hard, you will start to see light at the end of the tunnel. Maria white house officials share newing grim data projecting that the outbreak could kill 100,000 up to 240,000 americans and that is with social distancing guidelines in effect. Joining me Dagen Mcdowell, michael lee and Jon Hilsenrath, thanks for being here, everybody. I dont know about you, dagen, but i feel like that was one of the darkest intros, the darkest conversations that the president has had just yet. Yesterday saying that we are entering a very, very tough two weeks. It was frightening to hear him talk like that. Dagen its important to hear the leader of the country speak on issues, most important crisis that the nation is facing essential in my lifetime but i will point this out, statistics should be frightening. If you were watching dr. Birx, the mountain with no intervention we could be facing 1 and a half to 2. 2 Million Deaths and quite frankly for a lot of americans thats what its going the take, its going to take scaring them. Even in new york city, epicenter, you still have people who are not following the guidelines. I saw 3 separate men yesterday spitting in the street. One man outside of this building spitting, one man pulled down a mask and cleared his throat and spit into the street. People are not following social distancing and they are crowding one another and when the ship coming people shoulder to shoulder watching. Again its going the take something frightening to change peoples behavior. Maria what frightened me was dont go outside. Its in the air so much that they dont want us to go outside because its in the air. I think that it says or can be airborne but not going outside. I felt that that was a new element to all of this. Maria not to go out for air is frightening me. Dagen i can quickly answer that. The problem is not you but other people. I think you to worry about how somebody else might combo your personal space. They will not keep 6 feet away from you. You go to a drugstore, few businesses that are open you have to be careful about people giving you enough space and distance. I experience that all day long every day in new york city as if seeing people die isnt enough to create better behavior. Maria Jon Hilsenrath, time when some of the biggest bills like rent, mortgage payments are due, april 1, jon. Jon yeah. Yeah, you know, i think the president was right yesterday to try to prepare the American Public for a very tough couple of weeks. You know, i actually had the same conversation with my own kids on sunday. You know, telling them that we have to brace ourselves. I dont know if we needed to put out the frightening numbers that went out there but i do think the country feeds to brace itself and, you know, frankly theres different ways to react. It is frightening but its also a moment i think for people to draw in their own courage, to draw their own resources and to help communities and help the families and thats another way to react and i think we have to look for ways to do that. In terms of the economics of this, yes, this is going to be a very difficult couple of weeks economically. We have the april bills come and due, we have rents, we have a lot of people losing jobs who are trying to tap to Unemployment Insurance systems to pay their bills. I think that the government has lost a lot of programs that are now starting to fire and we will have to find a way to get through it. Now i would echo what the president said, we have to brace ourselves, you know, we are talking about truly historic moment in American History and we have to pull together as families and communities to get through it together, thats where we are right now and thats what we have to do. Maria yeah. Michael lee, any strategy from you as we approach now the quarter. This is the first day of the Second Quarter and we know that the Second Quarter has been talked about as being a serious contraction, contraction estimates go all the way up to 20 contraction in the Second Quarter. What are you expecting and what are you doing in terms of strategy now . Micheal i think the Program Lending program and when you add that to 260 billion of unemployment, initial Unemployment Insurance plus 3 billion to American Public that will soften the blow. Is program that start on friday is gamechanger and help a lot of people hold onto jobs. I think its going to be a very effective band aid in this downturn and this is one of the times that congress got it right, 900 billion and some multiply e effect to add to our economy. Jon maria, can i throw something out there. Maria real quick, jon, then we will go to break, go ahead, jon. Jon i think this is going to be a tough moment for landlords and bond holders because their payments arent going to come through and we have to watch the credit markets very carefully. The fed is doing a lot to prop them up. I am seeing some positive signals that they are functioning in junk bond markets and Investment Grade markets. Thats really what we need to hold up over the next couple of weeks to get through this so that, you know, the bond holders and landlords dont start really falling under the pressure of all of the missed payments. Maria absolutely. We will talk about the credit markets coming up. We are just getting started. We have a lot coming up as dr. Dr. Mikhail varshavski. Dr. Mike. President trump says its going to be a painful 2 weeks. Cyber guy, kirk, how to keep your Online Meeting secure, 7 00 a. M. Hour dont miss James Bullard, why he says we will see unemployment skyrocket. Plus henry shine, ceo on 15minute coronavirus test. We will have louisiana congressman Steve Scalise on how new orleans is grappling with covid19. And texas senator ted cruz on what congress may do no another potential stimulus package all ahead coming up. We are on it. Back in 2minutes time. Every step is clear, theres nothing to stop you from moving forward. Actions to help prevent the spread of respiratory diseases. Wash your hands. Avoid close contact with people who are sick. Avoid touching your eyes, nose and mouth. Stay home when you are sick. Cover your cough or sneeze. Clean and disinfect frequently touched objects with household cleaning spray. For more information, visit cdc. Gov covid19. This message brought to you by the National Association of broadcasters and this station. Of broadcasters apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com i am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. Maria welcome back, we are looking at another tripledigit selloff this morning. Take a look, futures indicating the markets will extend the worst quarter performance since 2008. This morning first day of Second Quarter. The dow poised to cut more than 600 points at the open as you can see selloff underway on the heels of firstquarter downturn which saw major indices down 20 . Dow down 23 over the First Quarter. The s p 500 not far behind, down 20 . Coronavirus rattling investors certainly. Dagen, jump in here on markets because at some point markets will get enough clarity to start understanding what growth looks like but at this point we are trying to navigate a recession . Dagen right, deep recession and jon im curious to hear what jon has to say about the additional help, how the markets, particularly the credit markets are functioning a little bit better but we dont really cant see to the other side of this, the investors cant see right now which businesses will still exist and im talking particularly about restaurant chains and major retailers are two of the most hardhit areas, but despite all of this stimulus, the sba loans that are 350 billion of grants and loans and loans are coming out on friday, Unemployment Benefits, the checks, 30 billion in check sent by the irs, all of this plus what the Federal Reserve is doing, plus the additional money to the treasury to backstop lending by the fed, all thats is just to get us through this. Its not stimulus, its rescue money, its aid, we dont really know what the other side looks like. Maria yeah, which is why they are talking about a fourth package. Even the president talked about Infrastructure Spending yesterday. We know that the speaker wants to do an infrastructure package or some package, jon, as a fourth relief package. Jon yeah, let me say two things, one thing on the next package and what this looks like on the other end. In terms of the other package theres actually a lot of agreement here between the left and the right on the merits of ramping up Government Spending right now so Interest Rates are extraordinarily low. As you said in intro10year. 6 and you can make the argument that in an environment where Interest Rates are low you can afford to borrow the money and pump it into the economy to get it back to something that looks like a normal growth rate so theres a good chance that we could see yet another program. In terms of it looks like at the end. Its separating the weak from the strong. Companies that have strong Balance Sheets, have resources to get through this and at the same time same way that have access to digital economy, the amazon of the world are actually potentially getting stronger instead of weaker so we see macys laying off thousands of workers but amazon ramping up hiring. In terms of what this is going to look like, the stronger will get stronger and the weaker will get weaker and its figuring out what are the businesses that have models that are sustainable through this crisis and which ones were just kind of too weak to make it. Its a lot of maria on that note, youre absolutely, jon. I want to bring in Global Advisers dominic tavela on that. Dominic, you are talking about investors buying into Corporate Bonds and how the issuance of Investment Grade bonds in the u. S. Hit 73 billion last week, 20 higher than the previous week, speak to that because thats exactly what john is talk about, the companies that are issuing Investment Grade debt. This had become a major problem, maria. The spread, the markets had frozen up. The Federal Reserve stepped in and provided liquidity in this market and that really is going to help the situation Going Forward. If a company cant issue new debt then they are really out of the game so we actually had exited the space early on in a month of march and then when we looked at what the opportunity was we actually reentered the space on friday. Maria michael lee, what do you think about that, is that something that youre interested in . I think the amount of new debt issuance on this last quarter was Something Like in march was Something Like 273 billion which considering we are in a Global Financial crisis and Global Pandemic is something thats thats truly amazing. Im curious to hear what dominics clients are and the feedback hes getting through the mess here. Dominick when the president gets up and talks about quarter thousand people are going to maria yeah woman my reputation was trashed online. I felt completely helpless. 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. 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. Maria welcome back, Vice President mike pence visiting a Walmart Distribution Center in virginia today. Hell thank the company for keeping up with the supply chain during pandemic virus certainly anybody with a fever above 100degrees walmart says they will be sent home with pay, walmart is also offering employees masks and gloves. You know, i think this is one of the really incredible stories throughout all of this, mike, given the fact that youve got business really stepping up trying to either ensure theyre keeping employees safe or, you know, doubling down on antivirals and vaccines. We had Johnson Johnson ceo on yesterday. Ford motor making ventilators, whats your reaction . Mic you love the see the private sector stepping up and i think walmart will be one of the few companies that thats a winner to this crisis. Remember, we went into this with strongest labor market potentially in the history of the United States along with extremely strong consumer on par with strong nest the history of the United States and foot traffic in walmart may be peoples only to get out of the house and not everybody is going to suffer through this crisis. So theres a lot of money thats going to be spent there. The fact that theyll be able to hire a lot more employees, take care of those employees and be able to put protective products out there on the market, its a great story all around. Maria yeah, Jon Hilsenrath, do you think others will follow walmarts lead taking everybodys temperature as they arrive at work . Jon yeah, i think around the country every business has to be thinking about, you know, how it protects workers, we are constantly at the journal getting emails from our bosses, you know, kind of sharing resources with us about, you know, how we can take care of ourselves. I also would say that what we are seeing with walmart is something happening around the country like this is a nation of problem solvers and innovators and its a nation that that kind of draws on its own resources outside of the government in a crisis and we are seeing that happening all over the country right now. Maria and all the companies, dagen, are feeling the impact of the stock market as well. We just came off of the worst quarter ever, First Quarter, what are you expecting in terms of Second Quarter as we are all looking toward how steep this recession will be . Dagen i can tell you that i dont know. I can tell you that we have to watch the numbers on this virus and how long the countries will be shut down and how long states will have literally shelters in order that this is about fighting the virus in terms of how we come out of this and people feel comfortable, people fying Investment Grade debt because the Federal Reserve is essentially stopping that but i want to thank amazon workers, ups, fedex, the individuals are keeping us alive, in addition to healthcare workers they deserve raises, thank yous and tips when you see them. Maria youre right. Good point, dagen. Thank you for saying that. I totally agree with that. We will take a break. When we come back we will look at future of covid19. Dr. Mike is here on ominous warning about next 2 weeks being painful. Stay with us. Pay for what you. Liberty. Liberty. Liberty. Liberty. Maria thank you very much for joining us, im maria bartiromo, april 1st, 6 30 a. M. On the east coast. Sharp selloff underway. Kick off Second Quarter after the white house yesterday warned that the coronavirus could claim up to 240,000 lives in america. President trump saying that we should be prepared for a painful 2 weeks ahead. The major averages all closing out the First Quarter in the red. It was the worst quarter on record for the dow. Dow, s p 500 posing worst First Quarter ever. As you can see down better than 20 . Nasdaq was down 14 in the First Quarter and we kick off the Second Quarter with tripledigit decline. Check Global Market this is morning. Selloff underway in europe. The cac quarante down 149 and dax index in germany lower by 203 points right now. More bad Economic News out of europe this morning, factory activity in italy contracting at the fastest rate in 11 years. Purchasers manager index at 43. Anything above 50 means growth. French factory activity falling at fastest pace if over 7 years. That pmi coming at 43. 2 for the month of march. Again, anything below 50 is contraction. In asia overnight red across the board, take a look. We had a survey out overnight from the bank of japan showing the sentiment among big manufacturers and Service Sector hit a 7year low. There are the numbers overnight. Tough market performance. A new report meanwhile finds that the fbi repeatedly violated surveillance rules when handling fisa warrants. Cheryl casone be the details there. It wasnt just around carter page, cheryl, a lot more than that. Cheryl a lot more than that and now we are finding more details about it, maria. The findings are part of the Justice Department audit stiming from a report of surveillance of former trump aide carter page. The Inspector General says in ii cases, 25 cases, and contradicts democrats that rules were strictly observeed. Names, email addressed may have been hacked. Marriott says it does not believe credit card numbers were not compromised. Remember back in 2018 the company said that information belong to go 380 million marriott guests was stolen. The stock down 3 and a half percent in premarket right now. Facebook is rolling out a few feature, Community Help allows users to ask for or offer help to neighbors, delivering groceries, donate to go food pantry or fundraising. Facebook says debut Community Health very shortly. Take a look at stock in premarket, stock obviously to watch today, down more than 2 and a half percent. Quarterback signed a 2year contract with the buccaneers after 20 years with the new england patriots. Those are your headlines. Maria all right, we will keep the number. Fighting the coronavirus, thats what we are talking about every day. President trump warned yesterday that we are entering a very painful 2 weeks ahead for the United States. Some experts estimate that the country could see up to 240,000 deaths related to coronavirus. The president said yesterday that he sees social distancing practices lasting into the future, watch. Every citizen is being called upon to make sacrifices. Every business is being asked to fulfill its patriotic duty, every community is making fundamental changes to how we live, work and interact each and every day and i wouldnt be surprise to see this going on long into the future shaking hands or not shaking hands, washing hands all of the time, staying a little apart. Maria meanwhile we have new data, this data map from Health Tech Company ke in, za show it is number of fevers across the country are decreaseing thats good to see the number of fevers declining. Joining us right now dr. Mikhail varshavski, aka dr. Mike. What do you think when you see maps showing that fevers are down across the country, is that a sign that social distancing is working and coronavirus is slowing . Good morning, maria. Im optimistic that the social and physical measures are working. Whether we can use as this 100 fact remains to be seen. Number that the president and dr. Fauci gave of 100 to 240,000 deaths is how serious the virus is. A few weeks ago politicians were comparing to the flu. This virus spreads much faster than the flu and we dont have a proven treatment for it yet and vaccine is still at least a year away. So the fact that we will be continuing the social distancing measures, the fact that we have the president support in doing this i think is powerful. Its a true wakeup call for those who have been nay sayers saying that the virus isnt a big deal, nothing needs to be changed but the reality of the matter is we need to take virus more seriously than we have ever before. Maria yeah, i want to get to what Anthony Fauci said yesterday about coronavirus traveling 27 feet in the air. He said thats terribly misleading. Dr. Fauci spoke at the president s News Conference yesterday and responded to this report that claims coronavirus can travel 27 feet through the air. Watch what he said. So if you go way back and go achoo and you go like that you might get 27 feet but if you see somebody do that, get out of the way. I was disturbed by the report because that was misleading. What can you tell us . Its a really good question because many people have been asking if the virus is airborne and this is a respiratory droplet virus. When you have to sneeze or cough and because they are heavy over time they make their way to the ground. Research have shown they can stay in the air up to 3 hours, maria, what we have to remember is just because we are seeing the virus dna or rna stay in the air it stays in the air for up to 3 hours. We have no evidence to say that you could get sick of the virus. Maria amazing. No one is sneezing 27 feet. If someone sneezed 3 hours ago, the rate that you will get the virus is very low. Maria michael lee, jump in here. Micheal how optimistic are you of hydroxychloroquine . Ive heard thats been successful along with zpack and other combination . As a doctor you want to be a healthy skeptic but not a cynic. Looking at the evidence right now theres a lot of promise with hydroxychloroquine and combination, but a lot of it happened in smaller studies. So i think it remains to be seen how this works and how well it is tolerated. Fda signed eua, emergency use authorization meaning that if someone is really sick you dont have to jump through a lot of hoops in order to prescribe, however that does not mean that we have studies saying this definitely works and is definitely safe. Every medication has a side effect especially one like hydroxychloroquine which actually has a rare cardiac condition called qt prolongation, for those cardiac patients need to be more careful than the regular patient. Maria Jon Hilsenrath. Jon dr. Mike, there are a lot of young people out there, teenagers, kids in their 20s who still want to go out and screw around with their friends and come back into their homes. I think they need a lecture. I would like for you to give it to them about how they need to be behaving and what it means to the country. You know, id like to be even more optimistic here with the young folks in our nation and think that they dont need a lecture, they simply need to understand the severity of how serious the virus while rates for those who are younger in their 20s of having severe illness maybe larger than those over 60. They can serve as vectors for the rest of the community. You may go out and hang out with a couple of friends and you may not get that sick but you would be contributing to the spread of the virus within your community, you would be responsible for potential deaths in your community. You do not want that on your conscious, stay home, socially distance yourself and by the way, socially distance yourself doesnt mean let me invite 5 to 10 friends over and we will stay 6 feet apart. That doesnt count. The 6 feet rule is imperfect rule and something thats mandated for those who have to go out. You have to go out and do your groceries, if youre an essential employee but not to invite friends over and have a gathering. Maria thats a good point. Microsoft cofounder bill gates out with a new oped in the washington post. He outlines 3 steps that the u. S. Must take to combat coronavirus. He says the u. S. First needs nationwide stay at home order followed by the government taking efforts to step up testing and then fasttracking a vaccine through database approaches. I feel like thats what the government is doing but i guess its not a nationwide shutdown. Theres that debate. Are you better shutting down everything rather than certain states. Real quick, mike. Whats the yardstick we will be using of when we can start relaxing the social distancing policies and he said that we have to go into smaller areas in the u. S. Where the virus isnt prevalent, lift restrictions in those areas, see how the virus behaves and then we can begin. Extrapulating them. Maria and we will be right back. Stay with us as we work to get through these times together. You may not be thinking about blood donation, but blood is desperately needed now to save lives of people who are sick with a range of serious illnesses. Its easy, and safe to give. If you are in good Health Please donate, we need heroes now. Visit redcrossblood. Org to schedule an appointment. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Maria welcome back, more city officials imposing strict rules to keep people off of the streets amid coronavirus pandemic. Washington, d. C. Mayor threatening residents with a 90daytime spent in jail. Also fines up to 5,000 if they violate the stay at home orders, this follows new york city bill de blasio 500dollar fine for breaking social distancing rules. Joining us right now fox judicial analyst judge Andrew Napolitano. Judge, good to see you, these are not laws, yet we are fined in jail for them . I dont know anyone who has gone to jail but they are threatening it. In the case of washington, d. C. The threats are absurd because the same mayor thats threatening to lock people up is also opened up the jails and let people out because of the coronavirus. Maria good point. You are correct, these are not laws, these are decrees issued by executive branch people, governor, a mayor, and under our system a city council writes ordnance and state legislature writes laws. The governor doesnt write them and make up the punishment. Thats one side of the argument. The other side of the argument is when mayors and governors do this they are doing a bully pulpit to educate people and intimidate them into proper social behavior and to the extent they are using the bully puppet for that purpose is quite appropriate but to use police, jails, prosecutor and force of law to back up what is essentially President Trump called this properly just a guideline has no place, to place in our legal system. Maria so whole foods workers stages protest yesterday outside of work conditions and pay during this pandemic, judge, as new york officials are looking into the case of an amazon worker who was fired after calling for protests at amazon warehouse. The people are rallying up here in the face of the upset. Andrew amazon has the right to fire the person. This is how we buy a lot of things today are fearful that they are being made to work too close to their colleagues and touch items that are not sanitized. Thats a legitimate right but causing people to leave the workplace is a fireable offense in this environment and so amazon probably consulted lawyers before they made the threat. I dont think they fired the person yet. They are within the rights to do so. Maria judge, let me switch gears and ask you about Justice Department report. Justice Department Reportedly beginning to investigate stock trades made by senators, you know the story, they received briefings on the coronavirus and then after they got the briefings they went ahead and they sold stocks ahead of a sharp market downturn, georgia senator kelly whose husband is chairman of new york stock exchange, bought and sold 1. 4 million in stock in the past month amid market panic. Meanwhile the wall street journal is reporting by the way that she lost money in doing so, whats your take on this story . Well, senator contends that she didnt make trades, that they were made trustee made trades on his own. The most trouble richard from North Carolina who have been reported reported that he executed trades within hours within hours of the briefing he got. Theres a statute, by the way, senator burr, one of the senator burr wrote, prohibits from using government secret governmental information as a basis for making personal stock trades. Unfortunately theres no criminal sanction there, so while the Justice Department is right to look at this, the worst that could happen to senator burr is he could be disciplined by the senate or could lose reelection. Now hes not running for reelection so what he confronts as ethics investigation supplemented by whatever the fbi finds but he probably cant be prosecuted for this because the statute stupidly which condemns this behavior does not provide for criminal sanctions. Maria interesting, they are getting all of the policy inside information. We will be watching this one judge, thank you very much. Good to see you, sir. Judge Andrew Napolitano joining us there. Coming up zoom security, countless employees working from home leaving digital meetings open to hackers, how to stay safe next. 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. Maria welcome back, zoom bombing, fbi warning americans hackers hijacking video conferences across the country, this as more people are relying on the platform to work from home. Joining us to talk more about that kirk knutsson, why are the hacks happening . Kirk youre in a corporate meeting and all of a sudden somebody that you dont recognize isnt part of your company and joins the meeting and is very disruptive with lewd comments to doing things that you would rather not happen in any sort of meeting. Cut to the fact that millions of americans are using zoom for their children to go to class. When you have those lessons happening live and somebody comes and does lewd conduct in front of your child, you want to put an end to this immediately. Thats why the fbi is coming out with this warning and thats why im here to tell you there are actually steps. On doom, its not the easiest thing to do in terms of how to set up advance control but its possible, you can actually block people from getting into the classroom or your corporate meeting. Its very, very simple. 5 easy things i will put the videos online later this morning on how to do it but the first thing is to do onetime unique id of the idea. You can log on and invite and host the meeting and youre the one in control of it rather than using the id that they gave you when you signed up, create a different id that will distort people from happening. You put them in a waiting room. This is a feature of zoom, instead of somebody who is automatically showing up, they come to you and, maria, goes, all right, i recognize that person, i will let them in. Otherwise its really just a free for all thats going on. Maria well, this is really Important Information because increasingly all of us are using zoom. Dagen, jump in here. I can tell you for sure i have a dinner scheduled, my husbands cousins are doing dinner virtually with zoom and i did a little Party Last Weekend with my best friends complete with wine and tequila on zoom. Have you been using this at all . Dagen ive only been using my facetime with my cat dad every night. Why wasnt i not invited . Maria youre right. Next im going to make sure youre on the zoom call. [laughter] maria okay, okay. That would be great. Kirk, we need this advice because increasingly we are how else are we going to get together really other than calling facetime, zoom. Kirk invitation to my 5 00 p. M. Happy hour, both dagen and you will be there. Maria okay, thank you, kirk knutsson. We will be right back. Ive always been fascinated by whats next. And still going for my best, even though i live with a higher risk of stroke due to afib not caused by a heart valve problem. So if theres a better treatment than warfarin. I want that too. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Reeling in a nice one. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily and it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Eliquis, the number one cardiologistprescribed blood thinner. Ask your doctor if eliquis is whats next for you. Maria welcome back. Good wednesday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is wednesday, april 1st. Your top stories right now, 7 0. The white house says the coronavirus could claim up to 240,000 lives. President trump yesterday warned americans to be prepared for a painful two weeks ahead. Markets this morning are selling off again. Take a look. We are kicking off the Second Quarter after a dreadful First Quarter and we kicked that Second Quarter off with a decline on the dow industrials of 660 points right now. Were looking at a messy opening. The s p 500 down 79 right now and the nasdaq lower by 205. The major averages all closing out the First Quarter in the red. In fact, the dow, s p 500, posted their worst First Quarter ever. As you can see, down better than 20 . This morning, a look at the impact the virus is having on jobs in america, when the march adp numbers come out in about an hour. Well bring you the numbers as soon as they hit the tape and look ahead to the big jobs number coming out this friday. The st. Louis Federal Reserve is warning the job losses could hit 47 million and the Unemployment Rate could surge to 32 . Moments away, James Bullard will join me. More on jobs, the actions taken by the fed and what if any rebound we can expect out of this crisis. James bullard coming up. President trump pushing congress to pass a 2 trillion infrastructure bill. This will be part of a fourth phase of relief to help boost the economy, saying the will be very big and very bold. Mornings with maria is live right now. And Global Markets this morning are also lower. We have a selloff in europe right now. We did get more bad Economic News out of europe this morning. Factory activity taking a big hit in the month of march. Purchasing managers indexes from italy, germany and france and the u. K. All showing a steep contraction in manufacturing activity. As you can see, the fq100 is down 195 points, cac is down 183 and dax index in germany lower by 349 points right now. Over in asia, overnight it was red across the board there as well. And there we got a survey out of the bank of japan, it showed that sentiment among the big manufacturers and Services Sector hit a sevenyear low. Joining the conversation this morning, Dagen Mcdowell, michael lee, and john hilsenrath. We talked about manufacturing a lot and certainly that is what set the tone for markets this morning in europe. John . It certainly did. You also mentioned the job numbers coming out. I would pay particular attention not to fridays report, but to thursdays report on initial unemployment claims. Thats going to tell us how workers are doing right here, right now. Fridays report we can talk about it more, is a little outofdate already. Maria all right. We will look at that because we know what happened with jobless claims last week, thats for sure. We want to get to the latest on the coronavirus. Deaths from the virus here in the United States have now topped the 4,000 mark overnight with more than 189,000 confirmed cases in the u. S. The white house Coronavirus Task force is projecting 100,000 to up to 240,000 deaths across the country. President trump issued a grim warning yesterday on whats to come. I want every american to be prepared for the hard days that lie ahead. Were going to go through a very tough two weeks. And then hopefully as the experts are predicting, as i think a lot of us are predicting after having studied it so hard, youre going to start seeing some real light at the end of the tunnel. Maria the u. S. Surpassed china in cases and in deaths now. Of course, we are still questioning chinas tally. There are questions about the accuracy of the numbers we get out of china. New york remains the epicenter of the outbreak in the United States with at least 76,000 confirmed cases in new york. Meanwhile, more than half of those cases in new york state are in new york city. More than 1700 people have died across new york state. The coronavirus outbreak is taking a toll on new yorks First Responder as well. More than 1,000 nypd officers have tested positive for the virus. The Police Commissioner says more than 5600 officers are out sick. That is about 15 of the force. Five members of the nypd have died from covid19. Hundreds of ambulances and paramedics from across the country are headed to new york city to help the overwhelmed Fire Department as well. The coronavirus hitting Detroit Police hard as well. The departments chief has test positive and nearly 500 officers are currently in quarantine in detroit after possible exposure. Plus, the commander of a u. S. Aircraft carrier warned the navy to take, quote, Decisive Action to fight a coronavirus outbreak on board his ship. The captain wants the entire crew of the uss Theodore Roosevelt quarantined after more than 100 sailors tested positive for covid19. The Aircraft Carrier is docked in guam. Markets selling off this morning once again, futures pointing to a steep loss at the start of tradeing with the dow trills at the lows of the morning, s p down 88, nasdaq down 222. The coronavirus pandemic has quickly evolved from a Health Crisis into a financial crisis as well, shuttering businesses, upending entire industries and sending Financial Markets reeling. In response, the Federal Reserve has taken unprecedented action. The st. Louis Federal Reserve estimated that the number of people who could be laid off in the Second Quarter could top 47 million and the Unemployment Rate could hit 32 . Joining me right now on the telephone is the president of the st. Louis Federal Reserve, James Bullard. Mr. President , always a pleasure to talk with you. Thanks very much for joining me this morning. Great to be here, maria. Maria so tell us whats behind this cautious expectation here on unemployment. Can you walk us through how the bank gets to that steep worry of an Unemployment Rate skyrocketing and all of these layoff toss come . That 47 million is the number of people at risk. Theyre in jobs that are customerfacing or would otherwise be impacted by the virus situation. So the question would be how many of those people are actually going to go and seek Unemployment Insurance which i wouldnt call Unemployment Insurance yet. We call that pandemic relief. But we think anywhere between could send the Unemployment Rate anywhere between 10 and actually the high end is very high, 42 . But that would require all of those people to go and collect pandemic relief and im not sure that thats really going to happen. But the 32 is somewhere in the middle. But it just shows you that this is a special quarter. Its going to be a special quarter in macroeconomic history for the United States. We have a Pandemic Adjustment period. Instead of maximizing output is what we usually do, were actually trying to minimize output. Which i think everyone knows the drill here. Were telling people to go home, take it easy, were not going to be doing a lot of work, were not going to be producing a lot of things during the Second Quarter and the numbers are all going to look very funny compared to normal quarters where were trying to produce as many goods and service as we can and so everythings upside down in terms of interpreting the numbers. But i think there are plenty of resources. I think we can get through this. I like the bill that was passed. I like the actions that the fed has taken. So i think this is all very doable. But its a onetime situation, very unusual, and we have to work hard to get through it here. Maria so i want you to walk through the most extraordinary moves by the Federal Reserve because combining the fed and the treasurys Balance Sheet in terms of leveraging up the amount of money to lend out is obviously incredibly powerful. What do you see as the most important policy change that the fed has made in the face of this pandemic . James . Well, weve done quite a few things. Obviously, we lowered the rate, the policy rate right away. That was just weeks ago, i guess two weeks ago or something. Seems like a long time. Then we set up programs to make sure markets are functioning appropriately. We had some liquid at this ls in the u. S. Treasury market which needs to be functioning appropriately in a situation like this and other markets started to freeze up a little bit. We brought out a lot of the programs from the 20072009 period and i think were able to restore liquidity and market functioning. What you really want, investors are very nervous, obviously and obviously its an unprecedented situation, so what you want is price discovery, you want normal pricing, you want people to be able to price assets and i think were getting closer to that. Its not perfect yet but its much closer than it was even a few days ago. So thats been very important and then maria yep. Teaming up with the socalled 13, 3 authorities which are unusual circumstances, they can do lending in conjunction with the treasury, those are very powerful tools. Those are in the legislation and they got passed just a few days ago and so i think that will help us a lot in dealing with this very special quarter, this really unprecedented quarter in u. S. Macroeconomic history. Maria and you just mentioned the lending facilities. Yesterday you also broadened that out to international. The fed launching the temporary Lending Facility for the first time that would allow foreign Central Banks to convert holdings of treasury securities into dollars in a bid to alleviate strains in the Global Markets as well. You said that the Second Quarter is special. Were going through this special moment in time. Are you believing that this could just be the Second Quarter or are we going to have a special Third Quarter as well . Yeah, the analogy i like for this is that youre driving the car down the highway at 70 miles an hour, that was where we were in the Fourth Quarter and the first part of the First Quarter. And now youve come to a Construction Zone and have you to slow way down. So theres nothing wrong with the car. But youve got to slow way down. Its a special situation. You want to wind your way through the Construction Zone. Then youll be able to speed up again. So thats really where we want to be here. We want to keep the economy intact, all ready to go once the virus goes away, well move back into full production. But for now, were telling everybody to not produce, to go home. Maria yeah. I mean, these are emergency moves, james, and of course on the 15th the emergency move on that sunday when the fed dropped the benchmark Interest Rates all the way to zero. Launched a new round of quantitative easing, 700 billion worth of asset purchasing with those mortgagebacked securities and treasuries. A lot of people are wondering what other tools do you have in the box . I mean, what if this keeps going . We already have Interest Rates that are negative in some corners of the treasury curve. What are you thinking in terms of the next tool that you may need given the fact that youve sort of put all the ba bazookast there at this point, right . We have done a lot. The 13, 3 lending authorities are quite powerful. The treasury secretary has noted that you could leverage out to i think he said 4 trillion based on this one program. So i think theres plenty of resources here. Just to size whats happening for your viewers, in a normal quarter in very round numbers the u. S. Would produce about 5 trillion worth of goods and services. So were going to throttle down and only produce essential Services Plus whatever we can produce from our houses, work from home. Maria okay. And surely that is Something Like half of what we would normally produce. And it depends if it lasts the whole quarter or not. But just suppose it lasts the whole quarter. Well, that would be two andahalf trillion. So thats two andahalf trillion of income that households dont get during the Second Quarter and a way to pay for that is partly just to consume less. Well probably consume less because we cant do a lot of the things that we normally do. But also were just going to have a government go out and borrow and theyre going to try to keep all these households whole and able to pay their bills in the Second Quarter and then well come into the Third Quarter, well transition to something that will take a little while to get the to turn everything back on and then by the time we get to the Fourth Quarter, i think that will be a boom quarter for the u. S. Economy, everything will be back on and well be in full throttle again. Maria so you think the Fourth Quarter will be a boom quarter. Whats a boom quarter . You think gdp can rally like sort of in the 5 to 8 range which is a lot of people have talked about those numbers . Maria, we have to get this is way out of maria too early to tell. If you look at china if you look at china, some of the estimates on china are down 50 in the First Quarter, plus 60 in the Second Quarter. So the kinds of things that we normally talk about, plus one or two or minus one or two or something is just off the scales. So it totally makes sense, youre trying to deliberately slow the economy down in the Second Quarter and then its going to speed up in the Third Quarter and its going to be going very fast in the Fourth Quarter. I think thats the right way to think about this. All viruses ever have been temporary. Maria all viruses have been temporary. I like to hear that on top of all of this we have oil prices where they are. How tough is that making the situation given the fact were expecting bankruptcies here . Real quick, james. Were running out of time. Sorry. Oil is going to hurt texas and hurt our production so thats going to be thats an extra factor, though, on this. And oil is a boom, bust kind of cycle anyway, so thats its tough for them. Maria so in terms of the oil sector, this was one of our strongest areas. Do you think well see a lot of bankruptcies there, james . I mean, looking at oil, where it is at 20 a barrel, it broke 20 the other day, i know that sort of complicates an economy even further because this was one of the key places we were seeing job creation. Yeah. Its a tough situation and saudis and the russians decided to have a price war just as Global Demand was collapsing. Im not sure that was the wisest thing there. But the only thing i can say is it is a boom, bust business. We have seen periods when oil prices have gone extremely low and then theyve rallied later. So i think the players in that market understand that how volatile this world really is from their point of view. We have great producers out there and theyll find a way to live and fight another day. Maria yeah. And before you go, james, real quick, you said well borrow more. We keep borrowing. Weve got all these stimulus packages. The president s talking about a fourth package. When does the debt and deficits, when do the debt and deficits become a real issue, james . Because were talking about were adding to our debt every day with this. I recognize were in a crisis situation. But you also want to see some spending constraint at some point, right . I agree with that. But if ever there was a time when you wanted to do a lot here, i think this is the time. This is a very unusual circumstance and you want to keep these households whole, able to pay their bills through this very special quarter and the good side of it is were borrowing more but were borrowing at low Interest Rates, so thats very helpful in this environment. And we will have to address the spending but we cant worry about that right now. Maria all right. So you think well be back in balance, well see a boom quarter in the Fourth Quarter and then in 2021 youre expecting growth, sir . Oh, yeah. I think the thats the plan. I think every chance that we can execute this, but a lot of this is about execution right now, just seeing the days ahead here, setting up these programs, making sure people know how to get the relief that they need during this special quarter, making sure that households can get Unemployment Insurance, that businesses can get these important loans and possibly loans foregiven for this special quarter, so hopefully all that works but, boy, its a big country and being able to get all those funds out to the appropriate people right away is a tough task. So were working hard on that with the treasury right now. Maria james, thanks very much for joining us. I know you and your colleagues are all working hard and the country appreciates it. Thanks for your leadership. James bullard. Well see you soon. President of the st. Louis Federal Reserve. Im with the panel right now, john hilsenrath, Dagen Mcdowell, michael lee. John, your reaction to James Bullard . Well, i mean, i think its right, basically we have to write off the first half of the year. And the big question that ive got is you know, hes pretty optimistic that things will just restart in the second half of the year. I think policy makers need to be thinking about how do we get things restarted. Is that barber shop and the pizzeria, are they going to be able to turn on the lights and Start Cooking pizzas again. I dont know. We have to start gaming that out. And that is really going ptotic tate whether this economy to dictate whether the economy is going to get back on its feet after we get over the virus. Maria he wants to make sure that money goes out to Small Businesses, that businesses are tapping into the lending window, dagen. Dagen there is no shame in taking the help that is being offered to you. Whether youre an individual, whether youre a Small Business, and whether youre a bigger business. We have blown out the Balance Sheet at the Federal Reserve. Its already at 6 trillion, i think. Were blowing out the budget beef sideficit with borrowing te sure the money is there. There was an interesting article yesterday, that traditionally the United States doesnt subsidize employers to keep workers on. We subsidize the unemployed in downturns. But this rescue is dramatically different, where there have been earmarked for money to discourage businesses from sacking workers, including the 350 billion thats available to Small Businesses. Just one quick point. This Small Business Administration Loan grant program, 350 billion bucks, it only covers eight weeks of payroll and other expenses. Eight weeks. So again, to johns point, weve got to look past that eight weeks and say if its going to take longer than two months to get this economy back on its feet, were going to have to extend that and a whole host of other programs. Maria well, it certainly was nice to hear James Bullard say hes expecting a boom in the Fourth Quarter. That was his words, not mine. So theres that. Michael lee, ive got to get r youyour take real quick as would you see that comment as a reason to invest in stocks today at these levels, or no . Look, i think that remains a reason to be bullish. If you have a multiyear time horizon, yes, i think you can get involved today. However, i do think that the markets going to were going to trade a little lower. The pension Fund Rebalancing that brought us the high and meld up into the end of the quarter, i dont see that lasting very long. Ing i think we have rough seas ahead before you want to go allin in the market. Maria im blahe glad you mentd the rebalance. Thats definitely a factor. Stay with us. Well be right back. 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. To help you stay informed just say coronavirus into your xfinity voice remote 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. Maria welcome back. Coronavirus stimulus, how much more does the economy need . President trump tweeted yesterday, calling on congress to use the potential phase four stimulus bill to help Fund Infrastructure in the United States. The president wrote this. With Interest Rates for the u. S. Being at zero, this is the time to do our decadeslong awaited infrastructure bill. It should be very big and bold, 2 trillion, focused solely on jobs and rebuilding the once great infrastructure of our country. Phase four, writes the president. Joining me right now is kentucky congressman, House Financial Services commit a at this Member Committee member, andy barr. Thank you for being here. Are you preparing now, are you looking to write legislation on a phase four stimulus including an infrastructure bill . Well, we may need a phase four. I think right now we need to take a deep breath and focus on what jim bullard was talking about and that is execution of phase three. We just passed the cares act, the coronavirus aid relief and Economic Security act. This is an historic largest economic rescue package in American History and i think its vitally important that we get that right, that we execute, that we implement it correctly and get that liquidity to Small Businesses, main street america and make sure this Exchange Stabilization fund along with the Federal Reserve emergency lending authorities make sure our markets are functioning properly. I think focusing on that first before we move to a phase four is critically important. Maria so congressman, we just had on James Bullard, the president of the st. Louis Federal Reserve, who is predicting that unemployment could reach better than 30 in the Second Quarter, that weve got a situation where 47 million americans could be out of a job. Do you think whats on the table right now looking at all of the stimulus, and i should point out that were talking about somewhere around the lines of 20, 25 of gdp, when you consider all the Central Bank Action as well as the fiscal stimulus, so congressman, do you think thats going to be enough, given these dire predictions of 47 Million People out of a job . Well, it may be. We have to evaluate that. We have to evaluate whether the eight weeks of payroll is enough. And jim bullard has helped guide us along with other members of the Federal Reserve board and what theyve said to us is that this is not a recession in the typical or conventional way you think about recessions. This is not a Business Cycle phenomenon. I liked president bullards analogy of a Construction Zone. What this is is an intentional, deliberate shutdown of the u. S. Economy by the government to respond to a National Public health emergency. We want to look at this in terms of the Second Quarter and prepare for a rebound in the third and Fourth Quarter. And i think thats possible given the historic and enormous monetary support from the fed, coupled with the three phases of fiscal stimulus that weve injected into this economy and the key to all of this, maria, is to keep employees connected to their jobs, keep employees connected to their employers, and so while we may need to increase the unemployment or expand the Unemployment Benefits available to dislocated workers, i think whats so important for the recovery is the Small Business loan program, which is designed to keep employees on the payroll and to reimburse and in fact forgive employers their loans to keep them on the payroll so that when we do come out of this on the back end, the jobs are there, the employees are there, theyre connected to their employment and to their jobs and they can restart this economy quickly. Maria john hilsenrath, jump in here. Congressman, can you explain what role congress has, and also what role Inspector Generals have for overseeing all of the money that it just appropriated for this rescue package . Yeah, well, thats a good question. Im the ranking republican on the oversight subcommittee. I have jurisdiction over the Treasury Department and we will have oversight over this Exchange Stabilization fund. The 500 billion that will go to critical defense, the airlines and then all Distressed Industries with employees above 500 and under 10,000. So were going to be looking at both the direct lending from the 13, 3 fed emergency lending programs and also some of the additional loan guarantees. When treasury secretary mnuchin talks about levering this up to 4 trillion in lending, we want to make sure that that is that money, that 13, 3 money in addition to the Money Congress has provided is getting that liquidity out into the economy and helping keep American Workers employed. You know, 68 million americans are employed by larger or Midsize Companies and thats why we need to supplement the Small Business loan program with this 500 billion in the Exchange Stabilization fund. In addition, we need to monitor the feds emergency lending programs to make sure that theres proper market functioning in the Asset Backed Securities market, fixed income, the money market, mutual funds, all of these Credit Facilities that the fed has set up, we need to make sure that those critical Financial Markets are functioning properly. Maria all right. We will leave it there. Congressman, we know youre working hard on this. Thanks very much, sir. It is good to see you this morning. Well be watching. Good to see you too. We will be stronger and more resilient on the back end. Maria i like to hear that, certainly. Congressman andy barr. Well see you soon. Coming up, diagnosis dying diae coronavirus. Henry schein is here, back in a minute 67. Untry 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. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Maria welcome back. Good wednesday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is wednesday, april 1st. Your top stories right now, 7 3. Markets are pointing to a sharp selloff this morning as we kick off the Second Quarter. After the white house warned that the coronavirus could claim up to 240,000 lives in america. President trump saying that we should be prepared for a painful two weeks ahead. The major averages all closing out the First Quarter in the red. Take a look at futures right now, extending that loss, down another 700 points this morning but on the First Quarter and yesterday at the end of the First Quarter the dow industrials down 410 points, nasdaq down 74, and s p down 42. The dow and s p 500 posted their worst First Quarter ever. Lets check Global Markets this morning. We have a lot of news in Global Markets. We have a selloff in europe this morning. Economic news out of europe, it was bad, factory activity taking a big hit in the month of march. Purchasing managers indexes from italy, germany, france and the u. K. Showed a steep contraction in manufacturing activity. Right now, the fq100 is down 195, cac is down 169, dax index is lower by 340 points right now. In asia overnight, red across the board. We had a survey out of the bank of japan which showed sentiment among the big manufactur manufad Services Sector hit a sevenyear low. The coronavirus pandemic has cost millions of americans their jobs and now they face a new crisis. Cheryl casone with details now. Cheryl. Cheryl well, thats right, marie y its a day many out of work have been dreading, the first day of the month and that means that the rent is due. Some say the federal government has already taken action to protect renters with bans one vickss being put in place. Some for a few weeks, others for the duration of the coronavirus state of emergency. The federal government is issuing a 120 day moratorium on evictions from federal subsidized housing. Well, xerox dropping its bid to acquire hp. The company blaming the coronavirus outbreak for ending the 35 billion offer. Hp has said that xeroxs proposal undervalued the company. Hostile takeover was backed by carl eikan. Comedian larry david is urging people to curb the time they are spending outside. I basically want to address the idiots out there, youre socializing too close. Its not good. The problem is, youre passing up a fantastic opportunity, a once in a lifetime opportunity to stay in the house, sit on the couch, and watch tv. Go home. Watch tv. Thats my advice to you. Cheryl maybe watch his show. The curb your enthusiasm store has added that his show is proof that nothing good happens outside. The psa was tweeted by the california Governors Office and it has since gone viral. Finally, maria, youre going to love this. Dolly parton coming to the rescue of parents who are still working 9 to 5 while quarantined at home. The Country Music legend is going to kick off a virtual series, good night with dolly. Shes going to be reading bedtime stories to kids from her book gifting program. The imagination library. The 10 week page turning series makes its debut on facebook this thursday, 7 00 p. M. Eastern time. She is going to read the little engine that could. Maria, she said its clear that its time to share a story and share some love and who doesnt love dolly parton. Back to you. Maria oh, that is great. I love that whole sentiment and i love dolly parton. Thank you so much. We continue to follow all of the breakthroughs in the fight against coronavirus. Henry schein has become the exclusive distributor of a new antibody blood test that can determine if somebody has been exposed to covid19 and is building immunity. The test delivers results in about 15 minutes and joining me right now is the ceo of henry schein, Stanley Burgman with me. Great to have you this morning. You have to many devices and products i want to ask you about. This is really important. Lets start there. How does this work . Hi, maria. Good morning. Thank you for having us on the show. So i think you know, henry schein is the largest provider of products to officebased dentists and physicians. So in that context, we are a provider and have been for many years of whats called point of test rapid tests. These are tests undertaken in the Doctors Office to diagnose or help the physician diagnose a particular ailment or disease. In that context, about six weeks ago we started looking around the world for corona points of care quick tests and we have now brought to market two of these tests. The most recent we announced this morning is with bd, beckton dickinson. There are three kinds of tests. In the coronavirus area, there is no simple test like pregnancy or no pregnancy. These are real complex. The first kind of test is whats called a pcr test, a molecular test, that is best in helping physicians diagnose a patient in the early stage and then there are antigen tests which go somewhere around five to 10 days and then theres the antibody test, the blood test. It helps practitioners diagnose in conjunction with previous tests, with symptoms and the patients history, whether a patient has been exposed to the coronavirus, not, and can help the physician determine whether the patient should go back to work. This is the test that we just brought to market. They are easy to use, pin prick, and will be available in large quantities. Maria and it was the testing failures that really put the u. S. Behind the curve initially because we werent testing enough people so we didnt really understand who had it and do you think thats all fixed at this point . Theres so Many Companies coming up with new testing devices right now, so now we actually have an accurate read on who is sick and who isnt. Well, look, im not a physician and im not Public Health expert but i think there are a lot of companies that now have, for example, the pcr test. Maria yeah. Which is the test to help early diagnosis. But thats in relatively small quantities. Maria whats a bigger issue is keeping the hospital stocked. The white house on sunday bringing in a shipment of gowns, masks, gloves from shanghai. That was the first of 22 planned flights. What supply chain issues do you see Going Forward as the country has now figured out that we are way too reliant on china to get some of these equipment, some of this equipment that our healthcare staff needs so badly, things as little as gloves and masks, that we need are made in china. Well, first of all, theyre made in china and other parts of the world too. But maria, what is critical that we turn to is making our own products in this country. For example, for masks and gloves. We cant do it right away but we need to start now. Just like we became selfsufficient and to a large extent with oil, we have to be selfsufficient with a lot of these products. Having said that, this was a perfect storm that occurred just around the Chinese New Year when factory workers went home, they could not come back to work because of the coronavirus and so the world was put into a shortage position for masks, a real key item that the front of the fronts, healthcare workers, the people really dealing with the patients at the front need. Maria yeah. That was you know what, stan. That was about the same time that there was an article in state run media, Chinese State run media that basically threatened that they were going to hold back on the active inagreeingredients in prescriptn drugs. Let me bring Dagen Mcdowell in here. Dagen, this is tissue, were so reliant on china that they can turn around and say i dont like the tariff situation, im going to hold back on Prescription Drugs that are supposed to go to america. That right there is so dangerous. Dagen its dangerous. But we have private industry in this country that are backing the American People and stepping up and doing what stanley is. Stanley, really quickly. With these maria yeah, now. Dagen with these tests, that tests for antibodies, this is considered to be one of the most critical things to getting parts of the country reopened and people back to work. How scalable are these tests . How quickly will they be in the hands of medical providers across the nation . Quite scalable. We will have millions of tests within or expect to have millions of tests within the next weeks or so. So its quite scalable. I just want to make sure that your listeners understand that the u. S. Government has done an amazing job specifically in the last few weeks at developing supply chain, france, asia, working with local governments, and i expect the supply of products to go up specifically because of these air lifts, although we are quite far behind in terms of the number of products that we need. Things are moving along, White House Task force is doing a great job with the u. S. Government. With fema as well. Maria they are doing a great job. I think thats one of the best parts to this response story and that is the way that this Leadership Team in the white house has been able to rally up business to get business on board, to ensure that weve got the products we need. When you see somebody like a ford motor making ventilators right there, thats what america is all about the innovation and that includes Stanley Burgman at henry schein. Thanks very much for being here this morning. Thank you, maria. Maria well see you soon. Stanley burgman joining us. Coming up, credit markets in a pandemic, the outlook on corporate debt as the coronavirus worsens. What does that mean for you and markets . Stay with us. Maria welcome back. The state of the u. S. Credit market, moodys cutting its outlook on corporate debt from stable to negative on monday, as high levered Companies Face turmoil in the spread of coronavirus, despite the stimulus package giving u. S. Businesses access to money and the Federal Reserve announcing its own plans to purchase highly rated corporate debt. The fate of many Balance Sheets up in the air. Joining us now to talk more about that is the president and head of restructuring and distressed m a, Peter Kaufman. Thanks for being here. Weve been talking about the fact that a lot of debt rolls over. I believe its 850 billion this year and another trillion dollars next year. This is a concern. Absolutely. Nice to be back, maria. Hope youre well. Theres been a flight to quality, no real surprise. The real takeaway is that the credit bubble has burst. For a long time, eight or nine, maybe 10 years, a lot of cheap, low covenant refinancing money has been extended to companies that really didnt deserve it and were able to refinance, kick the can down the road. That game is over. I dont see that coming back any time soon. Maria what happens now . I mean, this is something that Stephanie Pomboy has talked about for more than a year, that weve got so much leverage in the corporate sector and the bubble is going to burst. The bubble has burst. I think youre going to see a slew of financial restructuring, sometimes out of bankruptcy court, sometimes in bankruptcy court. I think the bankruptcy courts will be inundated. I think theyll need to add more judges. The piper is going to be paid now because there is no more easy money for a lot of companies. And thats why youre seeing a flight to quality on the corporate side, a lot of high quality corporates have been able to raise Debt Financing very recently. But the spreads have widened. And the widening spreads simply put means that the bond market is not a believer in the turnaround here. Its not a believer that were coming out of a recession any time soon and it should be a great concern in the marketplace. Maria let me get the panel here. Michael lee, jump in here because this has an impact on of equity as well. Yeah. Well, my question is this seems like a distressed investors dream. How much cash would you estimate is on the shrin sideline to steo these restructuring on the other side of this . Untold amounts. Its also Restructuring Advisors dream like us, sad but triewvmensad but true. Weve been inundated with corporate boards and private equity firms asking us to assess the damage and help them triage. Wwe know how lenders think and a lot of lenders dont know what to do. Some lenders are going to be cooperative. A lot of lenders are not. And thats why youre going to see either a lot of money coming in from the outside to take out those lenders or companies being forced to restructure or poe tonpotentially be sold. You could make the argument a lot of Companies Come out stronger during the restructuring process, correct. You often see a domino. An important player or two goes through a restructuring, that puts pressure on competitors to do the same thing. Maria really important subject. Peter, thanks very much for weighing in here. Good to see you again, sir. Come back soon. Thanks, maria. Maria Peter Kaufman joining us. Coming up, surviving coronavirus. The story of one american who beat the illness. Wait until you hear his story. Stay with us. Out here there are no half measures. Doing it right is plan a and plan b. You need equipment thats up to the challenge. All day. All conditions. All year round. The xfinity my account app puts you in control with 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. Maria welcome back. The coronavirus death toll in the United States is now topping 4,000. 4,000 cases now, closing in on 190,000 across the country. As grim as that sounds, there are certainly stories of survival as well. We want to bring you this one. 50yearold Hunter Howard of dallas got sick early last month after a ski trip in aspen. At one point he could barely breathe. Then he tested positive for covid19 a few days later. Now he joins us on the telephone. Thank you for being here. First question of course, how are you feeling this morning . Maria, im doing much better, thankfully. It was a rough couple of weeks, really a rough five days but once i started feeling better, ive been feeling better every day since then. Maria so you had symptoms of what . You had a fever, first it was a low fever, then it turned into a high fever. What were your other of symptoms, hunter . How did you know you figured out you had covid19 . Sure. It was three or four days after i got back from aspen. I started getting a fever and dry cough, kind of like a light cough in the back of my throat. The next day the fever intensified. The headaches, gastro issues, started having trouble breathing. Day three, i woke up and had extreme trouble breathing, constricted chest. Im in the medical industry. Ive been talking with doctors the entire time. The scariest part was them telling me theres nothing we can do for you. We only had 42 tests per day in dallas at this point. If you do need respiratory support, icu support, come into the icu and well get you a ventilator. That was the scariest point to me, not knowing when to go in with support. I woke up that morning, my lung sounded like paper bags, crackling. We called the doctor again. We determined i wasnt ready for a ventilator. We were on the ready to go into the icu at that point. This is before we knew about the hydrochloroquine cocktail. Tylenol broke my fever for me. Ive been feeling better every day since then. My story with tylenol sounds similar to stories im hearing from first line responders, with hydrochloroquine, that once you break it, ive improved every day since then. It was touch and go, whether to go into the icu, determining when i need the support. I thought i might. Maria did you take the zpack and hydrochloroquine as well or just took the tylenol to get the fever down . At this point we didnt know about the hydrochloroquine and jpack and tamiflu cocktail. I didnt take any of that. It was the tylenol to break the fever. I think my body beat it. So maria that is so great. Were looking at pictures of with the swab, taking the covid19 test. Youre also the ceo of a telemedicine company, supporting patients getting care at home. Describe going through this as the ceo and as a patient. We see the video of you getting the swab. How was that test . This is the third Healthcare Company that you have founded. Youve been in this business for a long time. Thats right. I feel very lucky to have been kind of brought through the process with my knowledge of the industry as well as my contact and my doctors. It was a terrifying process for me. And i had all the resources at my fingertips. I feel for everybody thats going through this. Maria yeah. Exactly. Thank you so much for sharing your story with us, hunter. Hunter howard joining us. Feel good. Great to see you. I am totally blind. And non24 can make me show up too early. Or too late. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. Apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com your top stories right now 8 00 a. M. On the button on the east coast, the white house says that the coronavirus could claim up to 240,000 lives in america. President trump warning americans to be prepared for a painful two weeks coming up. Markets pointing to he selloff this morning we kick off a Second Quarter after al drumming First Quarter you why futures down 761 points this morning s p futures down 88 nasdaq lower by 221 major averages closed out in the red, dow s p 500 posted worst First Quarter on record, time lines better than 20 , as you can see. In about 15 minutes piem we get a look at impact of virus having on jobs in america march adp report comes out we bring numbers as they hit take a look at jobs number coming out you from see how that impacts markets last hour st. Louis Federal Reserve president joined me saying the crisis could drive Unemployment Rate as high as 42 is expecting an economic recovery, in the Fourth Quarter, he called it a boom to come in the Fourth Quarter President Trump pushing Congress Pass two trilliondollar infrastructure bill part can have relief to boost economy to recovery president says the bill will be very big very bold. Mayor de blasio to joining the support. In in new york city typically jammed with cars people look at this live picture, of times square right now streets are empty. Mornings with maria is live right now. Maria Global Markets this morning like this we have a selloff under away in europe got bad Economic News out of europe this morning, and its has to do with manufacturing slowdown factory activity taking a big hit, in month of march purchasing managers indices out from italy germany france and uk. All showing a steep contraction in manufacturing, in the quarter. About asia overnight red across the board bad Economic News you there a survey out of bank of japan showing sentiment among big Manufacturers Service sector hit sevenyear low Oil Prices Falling after declining better than 66 First Quarter oil prices this morning, 20. 50 a barrel, you know that earlier this week, they broke 20 dollars, President Trump says that u. S. Officials will meet with leaders from saudi arabia, russia, to try and stem the steep slide in the price of oil. Meanwhile, on Interest Rates we go yield he 10year treasury this morning lower, this after the largest First Quarter decline since september 2011 eel. 604 down seven basis points this morning Dagen Mcdowell michael lee Jon Hilsenrath in new york. Great to see everybody this morning has been a jampacked program. Yes, maam more to come. Maria a lot more to come let me get you latest right now on coronavirus, the white house, Coronavirus Task force is pro rejecting up to 240,000 deaths across the country, this as number of dead climbed to more than 4,000 in United States, with more than 189,000 confirmed cases across a country the u. S. Has surpassed china in a number of deaths in cases, but, of course, there are holes in chinas numbers most people question whether or not china is telling the truth on the number of cases. President trump says the u. S. Could see a very tough two weeks ahead, yesterdays press conference was grim he urged americans so will social distancing guidelines in hopes of curbing the astrayed. Every citizen called upon to make sacrifices every business asked to fulfill patriot Orange County duty how we live work interact. S cases surging in new york at center of the outbreak in United States at least 76,000 confirmed cases, in new york state, more than half of these, half, are in new york city more than 1700 people died across new york state we continue to get numbers for you Vice President pence will visit a walmart, dr. Center in virginia today thank retailer for keeping up with supply chain during the pandemic Vice President tweeted in part from hiring thousands of new employees to working around the clock, to keep the grocery pharmaceutical aisles stocked we are grateful to walmart helping meet needs the of American People a new safety measure in place you offering masks gloves taking temperature, anybody about with a fever above 100 will be sent home with pay. That is new at walmart today. Home depot expanding benefits fore workers in response to the coronavirus. The company is adding 80 hours paid time off for o full time hourly employees 40 hours paid time off for parttime workers home depot ending sales of m95 masks in stores online, choosing to donate them to hospitals, health care workers, and First Responders, instead of selling them. The coronavirus outbreak sending alcohol through through the roof sales up 55 for week ending march 21 americans observe stay at home orders demand apparently high for jin tequila premingled cocktails looking at selloff, as markets ended third worst quarter since 2008. And now we we kick off new quarter we are at lows of the morning dow set to drop 840 points start of trading this morning, s p futures down 95, nasdaq futures lower by 240 so we have a selloff that has worsened in the last few moments, dow is down 23 over the past quarter, with s p 500 not far behind down 20 , in First Quarter as the coronavirus rattled investors joining me on the phone is Cornerstone Macro chief investment strategist thanks very much for being here this morning. On the phone good to be with you maria, good morning. Maria your recent note goes through three faces of recovery you say phase one broad selloff we are there now take us through each step. On the phone what we know from history, what we are going through now is certainly unlike any thing we have seen before what we know markets dont bottom until the main issue that is keeping down markets has resolution visibility day that is virus, while quarantining trying to flatten the curve there are many, many questions out you the there o government stimulus cant answer unfortunately with what fed does surplus checks are going to do will help doesnt solve main issue we may be dealing with this virus for quite sometime, longer than expected that is phase one when market feel comfortable around visibility with virus we will likely see what we call phase two, where you typically see a sharp bounce in equities, in if sorry high data stocks value stocks, and despite market having a pretty big rally last week, we really didnt see that that suggests to us that we are not yet in of course, a lot of questions remaining, then phase three ultimately longterm picture longterm servers should think by what is the world going to look like as we digest virus move part virus how quickly are we going to recovery in earnings, how quickly are job losses going to come back so that is kind of phase three of the story which is something that we can discuss down the road. Well let me ask you this in the recovery part of the phase you also have a note out i read last week you said for lack of a better word, growth is good. On the phone yes. You are looking at Growth Companies as potential opportunities, does that mean technology . On the phone absolutely, technology i believe is still one i think Top Performing group to date relative to performance hitting alltime highs our view a slow staggered Global Recovery probably a few setbacks along the way, and earnings visibility going to remain an issue investors, that backdrop are going to continue to flock towards companies that have visibility that have growth, we are likely to see businesses, consumers have higher Savings Rates coming out of this means less spending means less earnings good news for growth stocks, that is where we see the best opportunities for to longterm investors today. So in order to get to that, weve got to get through what were going through right now i spoke with president of the st. Louis Federal Reserve James Bullard gave a breakdown what were going to see next quarter and beyond, he also said, that in the Fourth Quarter going to see a boom. That was his word. Steven mnuchin joined me treasury secretary last week said Fourth Quarter is going to be gigantic when you look at that recovery phase knowing what we know today knowing Energy Sector lost half value this year, for example, do you agree Fourth Quarter is going to be very strong in terms of a rebound . On the phone some is going to be a function of base effect if we stall sharply in 22, we will, 23 as welcome some point yes a big sharp snapback i think the important question for investors where is are we going to stabilize . I dont believe that we are going to be, in a booming backdrop as we come out of this maybe for a quarter when we do see that recovery, but beyond there, we think that we are going to spill be in a world of Slower Growth lower Interest Rates, better than we have today, but, again, one that doesnt really support investors going into riskier equities we think people want to be pretty cautious focus on secular growers have done so well a lot of themes worked leading up top this probably continue to work coming out of this as well we will keep watching great to talk with you great to see you. Thank you so much, from Cornerstone Macro. Joining us there, coming up jobs in america march adp report is out next right here. 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. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Welcome back, we are waiting on the march adp report looking for decline 150,000 jobs in march, going to a preview from Jon Hilsenrath we know that this was a weak month. Yeah i dont think adp numbers i dont think jobs report that comes out friday are going to capture it. You know, the jobs report in particular, the surveys were done early in the month, there are a lot of reasons that it is going to understatement estimate what is happening, thursday Unemployment Insurance claims numbers those are off the charts. 3 million last unique i think above three million this week. Maria we will watch that 3. 2 million jobless claims last thursday we get that number this upcoming thursday it really shot up from weektoweek remember because week before, it was only 281,000 jobless claims then just a week, we went to 3. 2 million jobless claims, this past thursday, of course, we are going to have that number this upcoming thursday right now working on the adp number for march we are expecting that to shows a decline of 150,000 jobs, for the month, that number is coming out any second. Probably going to impact markets you got a dow industrials down 849 points right now we are waiting on numbers as soon as that number hits the tape we will get it to you it is much better than expectations Cheryl Casone this number seems really mild here down 27,000 cheryl. Cheryl it will really is maria down 27,000 the estimate for loss of 150,000, so down 27,000 much better than expected. But remember the range for this report was all over the place guys we have seen potential losses 1. 5 million for adp private payrolls report estimates going to gain 19,000 jobs a tough report to watch i will say though this is the first time that weve seen a down number for this report in 10 years folks, first time in februariu had 183,000 upside, january was 209,000 upside, again first time 27,000 to the downside private nonfarm jobs i send it back to you talking about tomorrow, and Jon Hilsenrath mentioned this there has been estimates for 3. 5 million jobs lost for initial claims last unique 3. 28 last unique the jobs report estimate loss of 100,000 the friday jobs report covering was four million i have seen gain 100,000 estimates ranges all over the place for reports again a loss of 27,000 first time 10 years maria. Maria we also have thank you, cheryl we gave the a loss Jon Hilsenrath 27,000 for march we have february, revised downward actually sharp revision down reaction to all of this. I am going to say disregard these numbers they are out of date dont capture scale of job loss call Unemployment Insurance anywhere in country they will tell you overrun with people, looking for Unemployment Benefits action on the ground, and those Unemployment Insurance systems are racing to keep up with the scale of the job loss. Fridays report going to be like this not going to capture the scale of this. It is happening on major scale Unemployment Insurance systems fortunately are ratcheting up fast to get money in peoples pockets. Maria yeah, that is a good point so you just think that this is just irrelevant to lack at the most relevant number this is weekly look at jobless claims. Dagen i can tell you why. The jobs report we are going to get friday those surveys taken week around 12th of the month, 12th of you have march, new york city didnt go into full one hundred percent nobody go to work lockdown until march 22. This has only been this posture for a little more than a week about a week and a half. And every day, you have macys couple days ago, laying off the vast majority of 130,000 people. You literally have millions of people every week losing their jobs, and this just started, a few weeks ago long after that survey was taken for the jobs report that is out friday. Maria so what do you guys think dagen what do you think about jobless claims this thursday . Your estimates where others are more than 3. Million we saw last week. Dagen it could be on par with that you want to see those numbers come down, jon dont you think it is going to be in the Million Dollars. Yes, i think probably greater than last week because we saw major backlogs in places like california, new york the biggest state was pennsylvania i dont want to be bearer of bad news. Again, my words today brace yourself there are going to be bad numbers tomorrow on unemployment dagen quickly people in this country, as much as we love numbers, we our lives built on them we know people who have lost jobs overnight, that incomes disappeared overnight businesses shut down overnight to stare peoples en you stories about hard ship why Congress Even Federal Reserve has stepped in with the speed that they did to help these people. Three weeks, three, rescue packages out of congress three weeks, and size we have never seen before that is incredible speed and that is what we need speed is the word. Maria yeah absolutely we are going to talk about that coming up we will take a short break. When we coe koe come covid19 i orleans Steve Scalise going to speak to that, as well whats dagen mentioned the speed of all this stay with us Steve Scalise on the other side of this break. Yes im stuck in the middle with you, no one likes to feel stuck, boxed in, or held back. Especially by Something Like your cloud. Its a problem. But the ibm cloud is different. Its the most open and secure public cloud for business. It can manage all your apps and data from anywhere. So it can help take on anything, from rebooking flights, on the fly to restocking shelves on demand. Without getting in your way. Dr. About the ms whyspread of coronavirus . Are well we know that people with underlying medical conditions over the age of 60 are at highest risk, but theyve got to get it from somebody. Dr. Deborah birx so were asking everyone to be selfless for others so that we can protect those who are most susceptible. Dr. Anthony fauci not going to bars, not going to restaurants, it all just means physical separation, so that you have a space between you and others. Dr. Jerome adams for more information on how you can social distance please go to coronavirus. Gov maria welcome back, coronavirus has hit every state in the nation, louisiana becoming new virus hot spot the state seeing a 30 surge in cases in just one day, it is now facing a dire shortage of ventilators hospital beds expected to run out in a week, joining me right now louisiana congressman House Minority whip Steve Scalise thanks so much for being here. Good to be with you maria, good morning. So i just want to say, i want to get your take, on how the hospitals are doing, because yesterday we had ken langone on chairman nyu langone million said media needs to stop creating panic saying we are running out of beds ventilators i want to make sure that we are accurate, is think what you are hearing from your state . I did a Conference Call yesterday with all hospitals in my district around new orleans region bearing through this as best as they can obviously, would like more ventilators it was very helpful on sunday national, stockpile sent 110,000 ppe to state starting to see those a big help, you know they are not maxed out ventilators if you look at trend where it is going, issue there is a concern in next few days that could happen, we are able able, by the way, to just get another 150 ventilators through National Stockpile on monday, so that is a good sign that they are going to be able to get some more ventilators out he everybody kind of sourcing ventilators on their own in addition to negotiable stockpile everybody pulling together to handle this surge clearly something to be concerned about, but they are all handling it working through the challenges. Maria congressman i know you have been in on some phone calls in terms of where we are i want to get your take on yesterdays press conference. Because the president was so grim, i i mean he said look we are entering a twoweek period that is going to be painful. That we are going to have bad, bad news next two weeks. What are you expecting . Well you are seeing death rate go up i think he that is where will what president is touching on is that of the spike that you have been hearing a lot about people are expecting next about two weeks that is us when that spike will hit. And what that means is not only more cases tested positive as testing going through a lot more effectively tloou throughout the country you are seeing increasingub in about of deaths biggest concern i think the president is preparing the country for that numbers in every Community Look ive got, a senior ashifted living facility lost people he will more tested positive heartbreaking stories morgues over flowing Funeral Homes cant hold services because of social distancing this is starting to become real in the sense of the number of deaths, point where people i think are starting to know somebody in their immediate circle surely tested positive possibly died from coronavirus. Maria you are right, i want to thank you for leadership, here congressman, because youve been i know right there, and now, you see louisiana taking it hard i want to bring in Dagen Mcdowell right here dagen go ahead. Dagen congressman great to see you agency always. In terms of a phase four stimulus what is the discussion of that . House Speaker Nancy Pelosi actually raised the issue of undoing the cap on salt deductions would be a tax cut for rich in blue states is that really Something Congress would do to help people who are compacted health economically by devastating virus. First of all, you talked a little bit before break ebb about all historic things passed by congress so far. Three different bills in response, to this disaster in last few weeks a true life line to family Small Businesses across country this is where focus needs to be implementing the bill, just yesterday Treasurer Department came out with Application Form for Small Businesses there is already tremendous demand banks starting to rampup maybe by friday monday able to accept applications going to hold a lot of Small Businesses together, unfortunately Speaker Pelosi keeps talking about all those things that have nothing to do with salt with the coronavirus she was talk about repealing reinstating salt deduction before coronavirus talking about the Green New Deal before coronavirus still talking about it day we dont need another grab bag of Kennedy Center debacles embarrassments we need to focus on the bill we just passed 2. 2 trilliondollar package get that to work for American People President Trump is starting to implements no things that is going to the give families money in pockets sitting at home, you know adhrg to local dplooipz many as you noted unemployed, possibly seeing unemployment rolls growing by staggering numbers we need to get relief to families give lifeline to Small Businesses passed that bill a few days ago, literally as we are speaking reiterations will be written to implement it lets make sure we are focusing on getting that bill to work for families. Before we talk about some grab bag of wish list items speaker ploys had for 10 years. Maria you are right, you know she is out there saying she has to do jujitsu on program to get where it is supposed he to be she is giving misinformation about this no doubt you saw journal oped pelosi paichz ply state bailout, they right pelosis remarks underscore potential for political political miss choef longterm damage as governmental intervenes to stimulate the economy when matters next complained republicans want to cut taxes for the rich remember pelosi wants to cut them too mainly for progressive rich in democratic states. Right. Look, i think the biggest sign to the American People about why that is a foley not route fog look what she did to hold up the bill last week, for the Kennedy Center started a Million Dollars she holed up entire relief imagine for entire country for every worker unemployed every Small Business you know that is hanging on by a thread hopefully will make it through this they had to wait two and a half days not to get more relief to those families but to get 25 Million Dollars to the Kennedy Center, lo and behold ink not dry on bill they lay off all workers musicians, that shows you what they really care be elite only concerned about themselves hide behindings musicians to get money, minute they get money throw musicians under bus pocket dough not what we need another round of lets work getting this in pockets the relief package get that money in pockets of families who need it in pockets of Small Businesses, who need to hang on we need those jobs to come back. Maria right. Every small, medium, large sized business making tough decisions we want them back the bill we passed last week ticket to making sure that relief worksp President Trump making sure he is implementing it put congresss focus on that, too 37. Maria right. Thank you very much thanks for all your efforts here congressman Steve Scalise we will see you soon. And we will be right back. Take carry care. I am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. Maria welcome back, good wednesday morning, everybody. Thanks so much for joining us. Im maria bartiromo. Wednesday, april 1 your top stories 8 33 a. M. East coast, markets pointing to another sharp he o selloff this morning to start Second Quarter after white house warned coronavirus could claim between 100 to 240,000 lives, President Trump says that we should be prepared for a painful two weeks ahead. Markets this morning are lower down 800 points on dow industrials, down 782 right now on dow Global Markets weaker to look at european indices down across the board bad news out of europe factory activity taking a big hit in march purchasing administrationing indices from italy germany france uk showing a steep contraction, ft 100 down 215 points cac quarante in paris down 183, dax index in germany lower by 410 points right now in asia overnight red across the board there as well, weve got a survey from bank japan overnight showing sentiment hit sevenyear low. This, workers request bonuses amid coronavirus outbreak Cheryl Casone. Cheryl good morning again tyson foods going to pay 60 Million Dollars in bonuses to 116,000 frontline workers truckers in the United States, the company recognizing hard work involved to provide food to americans, during this pandemic. Eligible workers are going to receive the 500 dollar bonus in july. Down almost 3 , tesla latest company to join Coronavirus Relief efforts elon musk announcing on Twitter Company plans to deliver sba approved ventilators to hospitals in need free of charge, must only asking ventilators be used in hospitals with influx covid19 patients not stored in a warehouse tesla recently purchased ventilators from china shipped them to United States. Uber pledging 10 million free rides food delivery for health care workers, Senior Citizens others affected by Coronavirus Companies providing financialships to drivers who have con tracted the diseased drastic drop in bookings in markets affected by pandemic uber premarket down little more than 5 pv , finally coronavirus forcing beauty shops salons to temporarily close, this man took matters in his own hands to dye his wifes hair posted by 92yearold couple granddaughter act of kindness comfort to many during trying times what a lovely husband back to you. Awwwe need more of these stories thank you so much we will watch there is help on front Lines Companies shifting production, goals to get coronavirus supplies, to go to those who p need supplies most cofounder chairman jeanPaul Mitchell systems chairman emeritus, jeanpaul, thanks for being here great to have you your company producing have an sanitizer donating it who is getting it. On the phone most salons closed we have a solution to help right now what we shifted to, hands sanitizers to make sure people out there, that really, really need it get it what were doing first 20,000 ha sanitizers, people may be in homes that like old folks homes we can give them a healthy hand redoing our industry. I love this, i love to see how business is really stepping up here, michael lee go ahead. Hi, john paul what is advice for small entrepreneur businesses entrepreneurs going through tough times . On the phone well first of all to realize you are going through tough times eventually will be over in other words, look at future going to be over how do i survive between that time, let me give you an example of some of the things were doing, with salons to help stay in business may affect a lot of Small Businesses. For example, oenl Paul Mitchell school shifted information all technically oenl now they need information on the floor experiencing on the floor with real hair they can work at home with models wigs Technical Information cant be done in advance so they dont lose schooling one of the things, with salons, in contacted all their members, by telephone and email saying we want to check on you how are you doing by the way, since you are a long time in between business if you like we will deliver to your house pick up in sanitary way right Health Care Products to keep style the same in between advises special conditioners you mate need there is hope so people dont loss hope we created a Paul Mitchell help start you out program,when loyal sal Paul Mitchell go back we have a kit i have put four Million Dollars into this to support salons no cost startup products shampoos, conditioners styling products things of this nature they know they are going to have that hit the ground running i think very important, for Small Businesses, to let customers know here is what we are doing to prepare once this is dropped you come in we hit ground running very, very important. That is really great i love to see how you are shiflting things you are affordable mobile telling Communications Tell us about telemedicine. Rocket like rocket ship rokit, if you purchase one of 3d phones see movies in 3d for 199 or 299 dollars whatever it might be you get free telemedicine a period of six months you can use it at least 3 or 4 times in that periods of time costs nothing for your whole family whole family benefits by this if you do not want to apply the phone, you would like our telemedicine go to rokit. Com we have a special for any smartphone others than ours 9. 95 a month a little over 30 dollars for solicit you have a doctor right there i think least expensive out there this is great federal government is suggesting people definitely go to telemedicine. I believe 70 may be more all business could have ben taken care of if doctor could physically see you that is really, really important. Maria i love it jeanpaul do you agree we are having a big rebound toward end of the year . What is your sense of business getting back, jumpstarting again . On the line good question what were doing here making sure that happens that is why Paul Mitchell handling loyal salons to make sure they have what they need our distribute another thing, we made agreements with distributes longer terms distributors giving sal ops longer materialize paying bills, with Free Products we are giving them way over ten Million Dollars in business this is worldwide. Shutdown in germany england supporting salons independent that support of Paul Mitchell brands are closed down we are expanding this all over the world where they need it when they are expanded in those areas, up and running another thing people should take care of, is local folks we have something in austin called keep austin fed we have volunteers now more volunteers because a lot of people are working from home where they go around selecting from Grocery Stores Catering Services so forth extra food deliver directly to food banks old fox homes elderly homes, people that need it can do themselves in their community they can about do it help everybody out. Maria i can see that great to have you here thank very much we will watch, you are in austin we are going tos stay in texas and catch up with senator ted cruz when we come back. Stay with us. Ht is plan a kubota equipment is built to the same high standards you live by. Its up to the challenge. Halfton hay bale challenges. Herding cattle challenges. Thats a lot of mulch challenges. All day. All conditions. All year round. Kubota. Together we do more. Maria welcome back, futures pointing to sharp selloff the start of trading this morning, on heels of the markets worst quarter since financial crisis, take a look where we stand with Dow Jones Industrial average down 7 2 points right now s p down 83 nasdaq down 206. Bring back panel here weve got Dagen Mcdowell michael lee, Jon Hilsenrath, what do you think in terms of clarity when is this market going to stop being infers i guess all about Health Professionals when we have clarity in terms of when business gets back we have a vaccine in place or even the antiviral for treatment. Cheryl congest gauge to do with money watching Health Care Crisis as unphysiologist as you just pointed out to see what happens at epicenter of this fight against coronavirus, here in new york city, even to waiting for that the peak of cases. Waiting for the peak to pass, and to make sure, that other communities looking back to birsxs heart make sure communities protecting themselves to avoid what happened in new york to to get serological tests out test for antibodies one way to get people back to work a critical part of the response, investors are watching that, and less so say adp numbers that came out earlier in the hour. Maria you are right. You are right jon you made the point it is jobless claims we needed to be focused on. On the phone in terms of market this is a sad morbid thought i think the market is going to turn when it starts to see death toll slowing down. Now in terms of cases hard measure testing protocols are changing so might be accelerating as testing more people it is really when we start seeing fewer people die the as a matter of fact stabilize, a depressing thought but should focus mind it is in the economy ventures to focus on task at hand right now to stabilize. Maria for sure michael lee . Maria, if you look at the adp number talking about, the range of estimates from minus a million and half to plus 100,000, a as long as there is this much dispersion amongst consensus so much unknown so much that is hard to quantify it is going to be very difficult for markets to bottom, once we can kind of put arms around all these variables once market can kind of price out what is the damage, of this recession caused from this virus that the point i think markets turn i think markets turn ahead of promising results. Maria even before that already talking about infrastructure in america. President trump, calling for the another two trilliondollar phase four, stimulus package relief package to revise america infrastructure, the president tweeted about it yesterday he said this, with Interest Rates for United States being zero this is the time to do our decades long would itted infrastructure bill it should be very big bold, two trillion dollars focused slowly on jobs rebuilding once great infrastructure of our country, phase four rights president push days after signing historic two trilliondollar relief bill to cushion economic blow covid19 not everybody onboard some republicans including House Minority leader Kevin Mccarthy say congress should wait see how phase three impacts economy before moving forward with phase four package joining me texas senator member Arms Services judiciary committees ted cruz great to have you thanks so much for being here. On the phone great to be here. Maria the infrastructure planp is talking about do you believe we should do phase four relief package. On the phone i think needs to be driven by facts circumstances we are facing we passed a two trilliondollar emergency relief bill that is unprecedented to help millions americans make it through extraordinary economic challenge that has caused by Global Pandemic we are facing. I think we need to see what happens in terms of fighting the coronavirus, in the next several weeks we need to allow the month of april, to play out, and in that month of april we need to be focusing our resources and energy on defeating the virus defeating this pandemic, the way to do so is focus on four critical priorities number one testing testing needs to be more where had more accurate. Number two about protective gear we see essential gear first providers Health Professionals need, number three critical medical facilities icu betdz ventilators to marshal every resource we have to make sure, that we can save peoples lives that they get if they get gravely ill, a vaccine cure for covid19 if we get to end of april this pandemic is at widespread growing proportions if economy is still on stand still i am sure congress will come back with more steps to address the crisis at that point, but we need to be responding to the actual facts and circumstances in front of us, both the public Health Crisis, and the economic crisis. Maria senator i understand that we are facing really a critical moment in time, we just hads James Bullard on president st. Louis Federal Reserve said we could see unemployment up to better than 0 there are longterm issues needed thooeb changed you have done work on this incredible reliance on china senator what are you going to do about the fact we rely on china to export twif ingredients for Prescription Drugs i keep saying this i have to say it again, in the middle of this crisis, we had a state run media from china come out you with a story saying well if america keeps up with tariffs poking china then maybe china will hold back and not export those Prescription Drug give ingredients in middle of crisis is this what we should be having in middle of crisis with reliance on china their threatening us they are not going to export these products. On the phone you are absolutely right that is story ought to be reported on every single day, if you look at this crises. Number one this pandemic began in china. It began in wuhan, china the decisions of the Chinese Government played a critical part in in causing the pandemic to be as bad as it is because they suppressed information they held out international he Health Experts cover it up punished whistleblowers did everything they could to hide public Health Crisis spreading right in front of them, and had they not done so the chances are we could have stepped in, and saved many, many more lives. Want beyond that, i have said for sometime, the single greatest geopolitical threat to the United States next century is china. That is true economically through militarily, politically. Last fall i controverted to asia i went to pearl harbor tokyo india hong kong taiwan, it was all designed to be a friends and allies tour all around china because china is expanding its economic might, blackmailing neighbors stealing intellectual Property Building up militarily when you talk supply chain, the fact that so much of critical supplies critical medicines that people in america depend upon for their health our seniors depend upon for their health so much is manufactured in china and you are right, they have now the Chinese Government, has exexplicitly threatened cut off lifesaving m months to america as tool of Economic Warfare that is real warfare when you start killing people we should not allow ourselves to be vulnerable and captive to a nation that behaviors considers itself our enemy, and i think that is going to prove one of the great challenges of the decade centuries ahead, decoupling from chierp ensuring that we can be strong, without china having that much control over us. We are going to be looking forward to your leadership on this issue, senator, because we need this change which aed we are going to be looking at you to be making sure to move neil on this let me ask you as far as the origin of this coronavirus, we know it came from wuhan. Do we know if it came from the only level four super lab in china, located in wuhan, or was it this open market . Because there is a lot of conversation on whether or not we at some point are going to learn that somebody made a big mistake by playing around with biochemicals and it got out. On the phone you are exactly right. That is a critically important question to ask how did this start what could have been done to prevent it the short answer no, we do not know the origin of this virus we know where outbreak first began it was wuhan. You are right. There is a level for you Biomedical Research wuhan instituting a few miles away that is the level four is highest level security we know that at that facility they were he researching highly highly infectious cumulatives from bats reaching same zz became disease became pandemic a naushl question to ask, there have been multiple stories written global media about how this security protocols at Wuhan Institute were lacking werent very good this is you know this is a sort of place you see in movies people come in hazmat substitutes you all sealed off and there is a very natural question to ask well, did somebody make the mistake, were they studying this virus and did it escape accidentally and is that part of why the communist government in china tried so hard to cover this up. And you know, ill say its an interesting thing, maria. There were initially some questions being asked right at the start of this outbreak, right along these lines, then you saw much of the Mainstream Media react in lockstep and oppose it with a ferocity that was just curious. There were a whole series of stories maria disgusting. Thats exactly right. There were a whole series of stories that said no, the science demonstrates this virus was not made in a lab. Well, no one is arguing that this is a biological weapon the chinese army created. In fact, what seems plausible, if not likely, is that this was a virus that was being studied at the lab, we knew they were studying bats, we knew they were studying coronaviruses, it was being studied at the lab, and the natural imprint if theres an outbreak right next to where theyre studying this virus is somehow it escaped, presumably accidentally, that some safety protocol wasnt followed. We dont know that, but china doesnt want that question answered for the world to know and in fact, the Chinese Government tweeted out that the American Military brought this virus into china. I mean, what a ridiculous propaganda lie. China doesnt want this known. The World Health Organization which is dependent on china for a whole lot of money, they dont want this known. And much of the american media, you look at the big media companies, there are very few things that are more important to them than access to the chinese market. This is all about money. This is about the Network Executives saying we got to get into china, theres a whole lot of money to be made so lets defend china at all costs. Once we defeat this pandemic and our priority now needs to be the immediacy of beating this pandemic, once we defeat it, there needs to be serious careful inquiry into what the hell happened, how could it have been stopped and how could we have saved all of the lives that are being lost right now through this terrible disease. Maria i could not agree more. Are you going to be accountable for that . Are you going to lead that investigation, senator . On the phone i will do everything maria we are counting you on there as well. On the phone to get answers. When it comes to standing up to the communist government in china, that has been number one, its personal to me, as you know. My family was tortured in communist cuba but i have, for the eight years i have been in the senate, every year made standing up to china and strengthening america against china a Top National Security problem. Maria thats partly what this election will be about as well come november. Who do you want there to stand up to china. Senator, thank you. Thanks for all your leadership. Appreciate your time. See you soon. Ted cruz. Varney Company Begins right now, already in session. Stu, take it away. Stuart all right, thank you, maria. Good morning to you. By the way, well said at the end there. Thank you, maria. See you later. Good morning, everybody. Look, we are waking up to a startling reality. Over 1700 dead in new york state. Over 4,000 nationwide. It is april 1st and this month will be very difficult on all of us. The president spelled it out. Roll tape. I want every american to be prepared for the hard dayst