Transcripts For FBC Cavuto Coast To Coast 20240713

And oil is up to the tune of 25 . The jobless claims rocked the street. We were expecting them to be bad. We were not expecting them to be 6. 6 million bad. Jackie deangelis, jackie. Reporter good afternoon to you, neil. Lets go ahead to start with the tweet from the president that had the dow jones up more than 300 points now. The president said, i spoke to my friend, mbs, crown prince of saudi arabia who spoke with president putin of russia and i expect and hope they will be cutting back approximately 10 Million Barrels and maybe substantially more, which if it happens will be great for the oil and gas industry. The markets are rallying on this, because low oil prices are good for consumers and businesses that use oil. Statement, you dont want the price to be so low that the shale producers go out of business. That the Oil Producers have a hard time, staying, conducting, keeping things going. So prices spiking today, more than 20 is a positive sign that it is all moving in the right direction. Of course there are some reports locally in russian newspapers saying that putin said he never had this conversation. So it is really anybodys guess at this point about how this is going to shake out. Remember at the opec meeting, the last one, that is when the saudis and russians couldnt continue their agreement. They said all all bets are off. Stabilization will help the u. S. Markets in general. You talked about weekly jobless claims coming in at 6. 4 million. Add that to the 3. 3 million last week that is almost 10 million jobs or people saying they need the Unemployment Benefits. That is teeing us up for the jobs report tomorrow. It is going to be ugly but not probably not even the worst of it in terms of what were expecting to see remember the timing of this report really only recaps the first two weeks of march which werent sod ba. So the estimates are off the charts right now we could lose as little as 100,000 nonfarm jobs or lose at many as two million some are saying f it were close to the two million number, that would break the record of 113 months of job creation weve seen. It would also break the record set in 1945 of the most job loss. That is when the u. S. Was transitioning out of this world war ii economy. So this number will be important. It still may not give us the entire picture exactly what is happening but certainly something to watch at least for now. The dow is keeping up it is gains of 343 points, neil. Neil not too shabby and i think youre right, jackie, a lot of this is already so telegraphed, widely talked about, when the number comes out it is not as jarring. It is largely expected. Well see how all this goes. Jackie deangelis, thank you very, very much. Ahead of the report were all the Investment Bank surveys that said the Unemployment Rate could rocket, likely dwarf the 24. 9 record we had during the depression. Could get as high as about 35 . Depending on who you talk to on this. There is separate Federal Reserve surveys out of st. Louis, elsewhere, showing gdp greaterring 30 from where we are right now. When people hear those kind of numbers, they see about a 6. 6 million hit in jobless claims, it all follows a theme that they have been well expecting. So they dont expect it well, but they are expecting it. All right, get the read from blake burman how the administration handled the claims news. Now of course all this news on maybe jawboning oil price as little higher, maybe a lot higher. Blake. Reporter hi, there, neil. In the response to a little while ago to the jobless claims numbers the white house pointed back to the 2. 2 trillion phase three package the president pushed for and signed last week n part, exactly one of the reasons why he signed it, because of Unemployment Benefits that would come with it. Let me read you a part of the statement from the white house a little while ago, they say in reaction, quote, last week President Trump quickly signed historic legislation that helps American Workers and confront and respond to many economic challenges ahead, increased unememployment claims, his signature insures access to incentives for businesses to retrain workers and continue paying them as well as enhanced Unemployment Benefits. From the white house a little while ago, neil, over the last handful of days, President Trump has been openly skeptical and even on some points, even criticizing the states, getting out ahead of it saying he is not entirely sure they could handle the massive amounts of unemployment claims that might be coming their way. The president noting even at one point it was democrats were pointing for the Unemployment Benefits. He is not sure that the states can handle this massive load. Here is just one example from a few days ago. Watch. The bill provides for these unemployment checks to be delivered through the existing state unemployment systems, not us, state. I was opposed to this method because many of the states have very antiquated Computer Systems that are 45 years old. Theyre not prepared to handle this kind of distribution this, kind of money coming in so quickly. Reporter so own one hand, neil, white house saying this is exactly why the legislation dealt with unemployment claims but then you also have the president saying well, were not exactly sure that the distribution method here is going to work. I can tell you i spoke with a Senior Administration official yesterday, neil, in advance of these numbers who echoed the same concerns saying the state systems might be decades old and might not be built to last. Now we know 10 million folks out of a job in just the last two weeks alone, when the number was running at couple hundred thousand every week. By the way, since you were started off by talking about oil, and oil prices tomorrow, over at the white house, expected to be Leaders Within the oil and Energy Industry sitting down and meeting with President Trump. Neil . Neil all right, play, thank you, very, very much. Want to let you know in the age where were seeing a lot of things and events, planned activities pushed back, including olympics a full year, the Democratic Convention planned for milwaukee in july was supposed to start july 13th. It will start the week of august 17th. The Republican Convention has not moved. Still slated for the week of the 24th. But, the Democratic Convention pushed back one month because of the coronavirus situation, in the hope by then we have a lot of things resolved. There is a lot going on here. Get the read from north Dakota Republican senator, kevin cramer, nice enough to join us via skype. Senator, democrats are pushing back their convention, right backtoback now with the Republican Convention. Do you see any, have you talked to anyone within the Republican Party who are worried about their convention . Well, i have not, neil, but the fact that our convention was already somewhat later i think makes it a little less urgent for to us make a quick decision. Neil right. Quite honestly when you have incumbent president , it might be a little bit of a different dynamic surrounding that but i have not talked to anybody whether it would be changed. Neil let me get your take on these jobless claims that are out again. They have been welltelegraphed. They were expecting bad news. They got it. Some say it will get a whole lot worse. Number of unemployed americans in addition to claims backtoback. We could look at 40, 45 million. Are you why that camp . Do you worry about that . I dont know that i worry about it, neil, but i expect one of two things. There will be really high unemployment number or a lot of people employed without work to be done. Either way, that is why we fashioned the cares act the way we did so we could take care of people end up on unemployment side but also try to provide incentives for employers to hang on to the employees, stay connected. That is why the paycheck protection act which will be starting tomorrow, is my understanding. You know, both safety nets are necessary. I dont think i would read a lot into it until we get past this virus. I think the economy is just going to be, you know at a standstill at best. Neil you know, i know this knit your call, it is the governors call but north dakota one of only 11 states with shelter in place, stayathome order nance, maybe they recommend it, i dont even know, but how do you feel about that . I think our governor has done a great job managing this. She has been very firm with guidelines and recommendations but north dakotans, first of all, social distancing comes pretty natural to us. We have i think eight square miles for every person in the state. Also were pretty compliant people. If our government thinks something is necessary we do it. So i appreciate that he hasnt had to mandate it. But you also dont see a big concentration of the disease here as yet. We have it, had some deaths but you know we have not been ravaged by it. Hopefully we will be able to avoid that. Neil do you think we need another round of stimulus, relief, whatever you want to call it . The president was open to maybe a infrastructure, up to multitrillion dollar infrastructure measure what do you think of all of that, senator . Well this is an area where the even Speaker Pelosi talked about a infrastructure package. I think a infrastructure package is the perfect stimulus which is what were supposed to do anyway. Getting back to business, doing what were supposed to do, may be the best stimulus would be to stimulate the congress to do the things were supposed to do on time and provide that type of certainty. Now the president s aiming really high with two trillion dollars. He sees low Interest Rates as leverage as business person, maybe that makes some sense but at the very least a infrastructure package, it is our responsibility. Were well behind the curve on it. We already passed the bill unanimously out of environment, public works committee. That could be a good starting point and at the end of the day you have a infrastructure has as its primary purpose the movement of goods and services, profitability of the private sector. So you have something that adds to the, in the economy and secures that, all important, you know, supply chain that is important to recovery. Neil senator, thank you very much. Very good seeing you again. My pleasure. Thanks for the opportunity, neil neil we talk about as we did with the senator, mitigating facttores, you maintain distance from people and slow the growth of number of virus cases in the United States. It hasnt dramatically slowed it. They are still growing. Sometime tonight well likely see worldwide one million cases. Were just on the cusp of that right now. That 962,000 cases in the United States, a little more than 216,000 cases, in new york, 92,381 cases. That jumped close to 10,000 from where we were yesterday. Desks in just new york, 2373. Deaths in the United States, a little bit more, up 5100. How do we slow that . Is this going as planned with some of these mitigating factors doctor, very good to have you, thank you for taking the time. Neil, thank you. Im excited to share some important messages from the walls of the emergency room. Neil all right, please do. Well, you know, were hearing a lot of things on the news right now about potential cures and medicines that may be coming out and immunoglobulins but it is important to keep our eye on the ball here. Take me back to my military days when a bomb would go off in iraq and there would be hundreds and hundreds of patients on the ground. At that time you have to prioritize what we call in medicine triage, and dot appropriate things. At that time youre not waiting for aid in the form of, for us immunoglobulins or medicines, things like that. The power is with us. The fight has come to us. And we need proper strategies when we are sick, also if were not sick, who you to prevent it. That is what is going to help us fight this enemy. Neil we talk about this arc, doctor, about the slowing of number of new cases. Weve seen some and i put that in quotes, quotations here, that theyre slowing in places like italy. Theyre slowing across europe but theyre still increases. These are still Staggering Numbers to put it mildly. And we still expect at a minimum, maybe over 100,000 deaths in this country. Could go as high pass 230, 240,000. Maybe even significantly higher than that if these mitigating measures were taking are not honored or adhered to. Do you look at that trajectory and say, all right, i kind of agree with what im hearing, i kind of agree with those models that show thats where were going . Thats a great question. I mean, you know, in texas where im practicing right now, we have the first 100degree day, and what happens on the first 100degree day it is unpredictable. We dont know what is coming in. People have trauma, people have this, people have that, there is element that is also unpredictable. I see numbers like couple hundred thousand, i see numbers high as 1. 7 Million Deaths but what i do know is predictable is that the powers is with us to take certain preventative measures and to do certain things when were sick. What i suspect will happen is were probably following the curve of italy, maybe by four, six weeks and were in the the acceleration phase in the United States. The cases will ramp up. We dont know how long the slope is going to be but the power is with us. What we have to do is be very rigid in the steps that we follow. From the walls of the emergency room, what i often find as a phenomenon is that people who have certain conditions are, or health conditions, they dont really worry about it until they have it. For example, you dont care about gout or until you have gout or loved one has gout. Similarly what is happening in the United States, a lot of people are not seeing it in person. Maybe seeing it on the news. Maybe is it hasnt quite registered. From the emergency room where were trying to help people breathe and save them, i would like to portray that, you know this is important, please follow the rules and, we can mitigate those numbers a lot. Neil well youre a big reason why we are. I appreciate all your effort. I know you had very little sleep, doctor. So thank you for being on the front lines and having such a great tattooed about it. We owe a lot to you. Thank you too. Respiratory therapists doctor, nurses, everyone, this is team effort. Neil yeah, Incredible Team at that. Thank you, doctor. Tip your hat to what a lot of companies are doing these days, not just on front line in the health care arena, what theyre doing for their workers is noteworthy. At ocean pray spray, its stunning. I will explain after this. From anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. To help you stay informed whicjust 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. Neil all right. At a time we just learned more than six 1 2 million americans, 10 million over the last two weeks filed for jobless benefits news like this is welcome and rare to see. Ocean spray is raising wages for some 1500 workers by at least 1. 50 an hour. Roughly 100 a week. Also giving them an extra week of vacation. This continue as trend that of other bigname companies, retailers and the like, walmart, had been boosting pay, trying to hang on to the workers that it can and protect them at the same time. We have the ocean spray chief operating officer, he joins us now. Brian, thank you for taking the time. Thank you, neil. Thanks for having me on. I have want to start by saying a huge thank you to all the health care professionals, doctors, nurses, front line of keeping our friend, our families, our communities safe and well during these challenging times. Neil yeah, they are amazing and this is an amazing thing your company is doing. You didnt have to do it. In this environment you know, it is all about the numbers and a lot of numbers are not adding up for companies but you decided to do this. Why . I think at ocean spray were trying to do our part. Were owned by 700 family farmers across north america and south america and our purpose is really to connect farm to family for a better life. I think that purpose really guides our response during this crisis. Our First Priority is the health and safety of our colleagues, during these unprecedented times we wanted to make the choice to help where we could. We did a temporary increase of 1. 50 an hour to all the front line colleagues and Food Manufacturing facilities across the world and i think the other thing were really doing that were proud of is helping out communities we work in. For example, we partner with feeding with america and we donated 100,000 meals to the regions where ocean spray operate. I seen Little Things that ocean spray responded. Little act of kindness, our manager in california buying enpizza for Grocery Store or donating juice to a local hospital. Im proud to see the response of the ocean spray family during these challenging times. Neil how are they holding up . They are holding up pretty well. Our supply chain is certainly challenged. You can imagine unprecedented consumer demand the last two or three weeks but i would say theyre holding up really well. Im sure there is a lot of anxiety out there but theyre holding up really well and im proud to see what theyre doing each and every day that the Grocery Stores across america are shelved with food. Neil theyre very nice. We need to hear stories like this. Brian, thank you so much for being with us. Good health to you and your fine people. Thank you, neil. Neil mean time well take a look at the dow. It is up today. You might be saying neil, well that is a little strange. We lost six 1 2 plus million americans to the jobless line on top of 3 and a third million last week. How is it that stocks are going up . There is lot going on the energy front. Prices are bumping up on word that donald trump said he talked to the leaders of saudi arabia and russia about cutting back supply, ending their feud. So weve got this talk that is in the markets that they have agreed to a reduction of 10 Million Barrels a day in oil. It is cutting the supply, lifts demand, lifts price, lifts anything connected with oil along with it, including exxon, chevron, premier components much Dow Jones Industrials. Apache, host of players are going up. Well explore that in more detail. Well give you an update. We talked to ron desantis, the florida governor, on Fox News Channel yesterday. We learn his promise to bring cruise ships meandering in the ocean will be allowed to dock presumably in fort lauderdale. Now the question is, how will that go down . After this. Neil what about these ships, what are you going to do . I think actually well have a solution. We were concerned about a deluge into the hospitals. It turns out there will probably be some who will need to go but it is very, very manageable and local Hospital System thinks they can handle it. I think actually think they will be able to deal with this in a way that makes sense. Obviously once we found out that there were american citizens and floridians especially on board, we wanted to find a way to make it work. Neil all right. And Governor Ron Desantis telling me thinks he found a way to make it work. The cruise ships with number of coronavirus cases, including one ship four who died from the disease will be allowed to dock in florida sometime today. We dont know the exact timeline here. Phil keating with the very latest out of port everglades, florida. Phil, what do we know . Reporter well, neil, it looks like theyre overly long and overly dramatic vacation appears to be finally almost to the end. Hollandamericas zaandam and rotterdam cruise ships are very close to the florida coastline, awaiting the finalized green light to dock behind me on some empty birthing spots. That could happen as soon as the next hour. Again the final negotiations with the unified command and county commissioners still not 100 done but its close. 2500 people are on the two ships. Half of them passengers, including four children under 12, the other half crew. Broward commissioners and unified command which controls the port worked out a deal with the cruise lines, keeps floridians on land protected from getting virus from passengers on the ships and gets all the people back home. Jim and colleen wing are on board the zaandam. They live near orlando. They should have been home nearly two weeks ago which was supposed to be a glorious and tip journey around the tip of south america. Their son says it is a desperate situation on the entire family. This is a humanitarian crisis. Weve got people that have passed away. We have people that are very, very sick, much more sick than my stepfather who are stuck. Reporter according to the cruise line, the current status on board is this, 1200 healthy passengers are on the ships. 45 have a mild illness. 10 need critical care. Nine have tested positive for covid19 and as you mentioned, neil, four have died. Their journey has been hellish, nearly two weeks spent in isolation like prisoners in their cabins unable to leave. Countries in central and south america all refused to help fearing the pandemic. Under the plan conducted, 1200 healthy passengers would be first off the ships. They would be warying masks, carrying two days of clothing with them, their suitcases going directly to sanitized disinfected shuttles. Then right to the airport where they would board either scheduled plane flight or a charter flight back to their countries and cities where they live. The 10 critical would go directly to the hospital here in broward county. Broward health accepted them. The remaining 45 with mild illnesses they will be the last to get off the ships. Authorities want them to first improve past the cdc standards for good health before finally getting off the ships and making their way back to their houses. Neil . Neil phil keating, thank you my friend, very, very much. Port everglades, florida. The president the way he is jawboning and trying to force companies to help out with the coronavirus fight, last week at this time he was going after General Motors for not producing enough ventilators. He was, referring to something that gives him the power to do that, the defense protection act. It does grant a president , goes back to the korean war in forceful way make sure companies do something in time of a national emergency, which of course the coronavirus situation has now become. But my next guest, the u. S. Chamber of commerce is very concerned about those powers and going back to that, for variety of reasons. He is the ceo of the u. S. Chamber, he joins us right now. Tom, you understand the motivation behind this but you worry about it getting overused . Neil, we have encouraged the administration when they used this important piece of regulation to help things move forward in an orderly process but we encouraged them not to use it to try to force American Companies to manufacture or develop materials in a way that the government wants them to do it. We have, weve got 50 companies now that i could name are making materials and drugs and, testing mechanisms and ventilators and theyre doing it in a sequenced way that gets the materials we need and moves ahead and the president has, and the administration had agreed not to do it. It didnt go into the plan and then, there was some criticisms and so then it was done, and then the next day the president was kind enough to point out that, you know, General Motors is doing a great job. You know ive got this authority now but im not using it because, you know, everybody is doing the right thing. It is something that everybody gets exorcised on. I will just tell you that American Companies working with good people within our government are getting this material, resources and equipment together, in a very fast way. It is not simple, and were working on it very hard. Neil but as you know, tom, the president is saying a lot of it is happening because he used the bully pulpit to force the issue and now this defense act going back to the korean war to force it, he is not the first president to do so. Obviously Franklin Roosevelt right after the japanese bombed pearl harbor, recruited and urged without really any edict so to speak to go from, in case of gm at the time from making cars to making tanks. This is the same precedent. Is this of the same magnitude to you. I dont think were in the second world war. We are in war against a pandemic. I dont think that you could make a clear case in any instance that American Companies would not respond to the specific and detailed requests of what the government and the country needs, although when i say they wouldnt, they clearly would not fail to respond, that doesnt mean that you can make 10,000 or 100,000 ventilators in 10 days. The other issue, which is, neil, it is worth looking at, is, weve got a problem on the other side. We were hoping that elements of the government who are all working hard would have a plan on where they wanted remember, we got 50 states too, ventilators to go, masks to go, other matters to go, and were now working, were working to get that straightened out. And while were doing it were not criticizing the government. We dont want to overregulate them. We have want to Work Together to make this happen and this works better as a team than it is one person leaning on another. And by the way, i have no problem with the president speaking his mind and encouraging people to do as much as they can to speed up. Thats good business. Neil all right. Well, power of that pulpit is significant as you say. Tom donahue, very good hearing from you again, u. S. Chamber of commerce ceo. By the way, just letting you know, in case you joined us late, we always talk about things that are delayed. The Democratic Convention that was slated for the middle of july is pushed back now to the middle of august. That is the all because of coronavirus. Some things have been pushed back, but this one will be running right up against the Republican Convention which will start the following week. So theyre hoping, fingers crossed to get all of that done, bus by then they say, the virus, all the threat and controversy around it will ease, or so they hope. Stay with us. T when youre with, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. Neil all right. This is one of those upside down worlds, but oil had fallen so far so fast, people are grateful, yeah, a 23 runup in crude oil. This is again in response to word we got out of the president that after talking to the leaders of saudi arabia and russia, essentially to end their feud and that they are going to curtail production to the tune of about 10 Million Barrels a day. You know, they will have to deliver on that. Putin himself is claiming he never talked to trump at all but regardless, it is having the desired effect. Crude oil prices are running up. Anything connected with it is running up. Exxon and chevron are key dow components. Apache doing the same. Occidental, also. Last two are not members of the dow. Anything connected to oil is having a nice jump. Look at gold too. Gold is sort of one of the unsung, watch this thing with a very focused eye here because through good and bad markets alone, it has been moving up, up, up. Keep in mind a little more than a year ago we were 11, 1200 an ounce. It is 1633. It is up an additional 42 bucks today. The volatility in the world is one thing. But the stimulus were seeing, coupled with likely Higher Oil Prices that is helping gold as well. I mention those. You dont often see gold doing well, oil doing well and stocks doing well and bonds doing okay all at the same time but these are the times in which we live, my friends. All right. As we continue to focus on the far reverberating effects of the virus lets get a sense of what some stores are doing. Most are closed through all of this and they cant be open. Hobby lobby stores were resisting that, that they are an essential business, they could stay open. Government says, no, no, youre not essential business, important to many but youre not earnings, so you should close it back up. Then the police started getting involved. Grady trimble with the latest. Reporter neil. This hobby lobby in illinois is closed but some in states like ohio and colorado did try to stay open claiming they were essential businesses despite stayathome orders in those states. The company apparently saying that because they sell fabric, you could make personal protective equipment out of materials that they sell at their stores but that didnt fly. The attorneys general in colorado and ohio, sending cease and desist letters to the stores there, demanding them to close down, telling them youre not pan essential business, and that you could face legal consequences if you stay open. Here is what one of those letters said out of colorado. For the avoidance of doubt as you have been previously notified, hobby lobby is not a critical business and is not otherwise exempt from requirement of the stayathome order. Other local officials getting involved in some areas where Stores Remained open, closing down but we have been told by the attorneys general in ohio as well as colorado, that the store agreed to close. You may be wondering why hobby lobby has to close when other big bongs box stores, sell arts and crafts stores, target, walmart, costco, the state of vermont is saying that you can stay open but you only sell essential items. You only block off parts of the store and not let customers buy nonessential items and that is in vermont of course. Back in hobby lobby, we reached out to the company. We have not heard back from them. We reached out to a representative for david green, the controversial ceo of the company. We were declined an interview. We like to give them an opportunity to explain their case but some hobby lobbies apparently still open, not in ohio and colorado right now but in other states. There are reports that there are stores still open in texas, north carolina, wisconsin, and indiana. Well have to wait and see if the governments in those states get involved as well. Neil . Neil Grady Trimble thank you very much for that report. We have the Dow Jones Industrials up 340 points. We have gold jumping. We have oil jumping. This is in the face of a Staggering Number of americans now over the last two weeks, 10 million plus, who have applied for jobless benefits and that number is expected to get a lot higher. The Federal Reserve in st. Louis, for example, predicts it could easily go over 45 million. That the Unemployment Rate could easily rocket to over 20 . Some say 30 . Record to beat goes back to the depression, in the midst of that, around 1933 we got down to, or up i should say to 24. 9 . The difference is, this is deemed to be temporary. This will go away as soon as the virus goes away or the number, increase in number of cases goes down. Charlie gasparino has an been assimilating all these different numbers and joins us right now. Charlie . Neil, a lot of Different Things going on between the nexus between washington and wall street. First thing i want to tell you, clearly there is a second stimulus bill that is being discussed and taken seriously on both sides. My wall street sources who are dealing with the treasury and dealing with the fed and also yesterday on the call with the Financial Services forum, that is a lobbying group for wall street, theyre basically telling, theyre basically telling us simply this, the trump administration, congress, theyre definitely going to do another stimulus package. How it takes shape no one knows. The best bet is they will reload the Small Business loans going forward. Because those loans i guess kick in on friday, Something Like 300, 400 billion. They think they will run right through that. That will be reloaded. There is whole bunch of stuff on the table to bail out cities and states. There will be a lot of money pumping into the system. Clearly a second bailout is being discussed. Clearly in congress, wall street, how it should take shape. Clearly it was discussed yesterday at the Financial Services forum and their meeting with the white house. That is a big lobbying group. One of the interesting things about the meeting, yesterday, neil, one of the big bankers that dialed in was jamie dimon, ceo of jpmorgan chase. Jamie dimon i understand today, this is his first day back on the job after heart surgery. I also, from what i understand, he was on the call, an active participant on the call with other bank ceos. So jamie dimon is back. Kind of a good time to have him back. If you talk about a leader on wall street, a guy who understands the economy, the guy who basically steered the biggest bank in the u. S. Through the financial crisis in 2008 to be back in the fold, this is a big thing and probably a good thing. A net positive for the markets. Markets are trading up, neil, on Higher Oil Prices, maybe relief from oil patch companies maybe some of them, prices go up based on the deal saudi arabia and the russians. Maybe, that will stem the tide of potential bankruptcies in the oil patch. Also not hurt banks so much. Plus up on the stimulus package. I will be reporting this throughout the day, neil, to get some exact, some sort, some parameters on what theyre going to do. It is fascinating after spending about two trillion, as you know that is a net number. They will actually spend a lot more, theyre actually think about going back to do another stimulus and it tells you how deep after hole the economy is with the pandemic shutdown. When donald trump says, were in for a couple, i think he used brutal weeks, you know it is going to be bad. Neil, back to you. Neil im wondering how if it is infrastructure and they go in that direction, whether that would address this . That is a more long term bang for the buck if that is the way to go . That is a great question. Let me just tell you what i hear is on the table, okay . Again, this is a moving target. Theyre not even through the first one yet. There is a wishlist for nancy pelosi. There is a wishlist for mitch mcconnell. There is a whole bunch of things on it. I think nancy pelosi wants extended leave. Wants easing of the davis bacon act, things of that nature. The stuff they all agree on is probably along the lines of extending the small best loan program. Again there is lots of talk they will blow through that pretty quick after, when it opens on friday. Remember, friday is a day where the Small Businesses can tap into that. Of the whole package i believe it is somewhere between 3 to 500 billion. Check my math on that. There is some agreement on that. There is some agreement on infrastructure spending. Theres democratic agreement on bailing out the states. Might have to do because state governments are in shambles right now. Neil all right. Other stuff gets murky. So well have to see how this goes. Again i will report this out today but it is taking shape. They are talking about another stimulus package and it does, the fact theyre talking about it as this early stage gives you an incation how deep this recession is going to be. Neil there is going to be one. The question is how big . Thank you very much, my friend. Always great reporting here. If this does come toe pass to charlies point. It would be the fourth stimulus or relief measure. First one late february, early march, 8 billion, going to Health Care Workers. Second one, 100 billion to protect immediate industries that were in disarray. The biggie, 2. 2, 2. 3 trillion one includes checks going out to folks next couple weeks, protecting Industries Like airlines that are in the direct line of fire, this would be on top of that. Again as charlie said, it could be well in excess of 2 trillion. It is only money. Its only money. More after this. I do not speed. And thats saving me cash with drivewise. [mayhem] you always drive like an old lady . [tina] youre an old lady. 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Neil all right, a lot of attention right now on these masks, whether you have to wear masks. Remember in the beginning, even bother, it is not even necessary. Then we had the Surgeon General seeking out guidance from the cdc which said you know the mask thing is kind of important. I dont know which way to go on this but i know my next guest has the expertise to weigh in on it. Jeremy howard, university of San Francisco research scientist. A member of World Economic forum global council. Kind enough to join us via skype. Jeremy, maybe you can help me with this, little more than couple weeks ago, we were told save masks for Health Care Workers, average folks walk around really dont need them. What is the real skinny . Charles, the real skinny is this, super simple. There are hospital masks needed for hospital workers. They do special procedures aerosol generating procedures, spray goes everywhere, you need specially fitted masks. They need them. There is kind of mask you can make at home, dont even need a sewing machine, anybody has to wear the masks to go outside. It is number of one thing we can do to stop the spread of the virus. Neil so, if there is a guideline change, lets say from the Surgeon Generals office or now the government, i dont know which entity would officially say it is a good idea . I even see, jeremy, more people Walking Around with these things. I live in a small community. Im seeing more of it and im just wondering whether it is just advisable . It is more than advisable. It is critical. Dont wait. The w. H. O. And the cdc take a long time to change their policy. I have studied every scientific paper on this. Over 40 of them now. Two have come out in the last two days, another one is about to come out. I actually see the papers before they hit the journals. Here is what they say. We know from a recent study in iceland that half the people with this sickness dont have symptoms. You might be sick and you dont know if youre sick. A paper that came out yesterday in nature said the first week of the illness is when you are the most thats the time you are least likely to have symptoms. So the people who are Walking Around making people sick have no idea that theyre doing it. A paper thats just about to come out shows that if you put any kind of fabric in front of your face, any kind, it blocks 99 of the little saliva droplets that fly out that we now know are by far primarily responsible for transmitting had disease. Can i give you a statistic that will blow your mind . Here it is. Japan has 127 Million People. They have done everything wrong. They dont test. They dont trace. They dont social distance. They are literally having a discussion in japan right now about should we close down karaoke. They are still doing karaoke. At 127 Million People, they have 70 deaths. 70. New york has 8. 6 Million People, 1400 deaths. Whats the one thing japan does right . Masks everywhere. Taiwan, four deaths. Four deaths. Neil they do the mask thing. I did not know that. Thank you very much. More after this. Boston light, americas oldest lighthouse, has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. Neil all right. We have stocks moving up, largely because oil is moving up. A lot of that has to do with this talk that the president got on the horn, the phone, with the Saudi Crown Prince and Vladimir Putin, got them to cut production or at least end their beef which has sent oil prices collapsing as they were both boosting production dramatically. Now we are hearing, though, this is via reuters, the u. S. Does not know the formal details of the saudi russia plans to cut oil supply. There had been talk it would be ten Million Barrels a day but no one knows for sure what was agreed to. We shall have to see about that. Bottom line is Oil Prices Move up smartly and oil prices within the dow move up shartply as wel. Some of the things we are following with Lauren Simonetti with an update on how the markets are faring. Lauren with that news, the dow is 200 points off its high of the session but still broadly higher today. You have a balancing of news. The oil news, which you just said, are millions of barrels of oil going to be taken from the market, and the number we got this morning on jobless claims. In the past two weeks, we have seen ten Million People file for those firsttime Unemployment Benefits. Thats the highest number we have ever seen and its more than we saw between the recession in 2007 and 2009. We saw those two years, we saw more in the past two weeks. So the market is balancing this news. The good news today is hope that as you take some of this oil supply off the market and with that, we are seeing stocks like chevron, for instance, and exxon on the dow move sharply higher. Also Companies Like Diamondback Energy up about 20 today. The president will meet with some of the oil ceos tomorrow. If 10 or 15 Million Barrels, is that enough to keep shale producers in business . I dont know. Is he going to put tariffs on imported oil . Im sure theres a lot they are going to be discussing. Going back to jobless claims, i know the number is terrifying when you look at it, and to make matters a little worse, if you look at the state of new york, which is the epicenter of coronavirus cases right here in the u. S. , last week, the Unemployment Office in new york state only filed 366,000 claims. You know that number is going to get worse but we are all aware of this. This is a problem we will have to deal with for some time. Heres the silver lining. Outside of new york and maybe a few other states, these state Unemployment Offices are getting these checks out to americans pretty fast. Your money is coming. Thats the silver lining, if there is one here. All of this is as we try to flatten the curve. Thats what everybody is trying to do. Take a look at the price of amgen, collaborating with adaptive biotech to come out with an antibody treatment to prevent in some cases coronavirus. Both of those stocks are higher today. They do expect to be in Clinical Trials pretty soon. Thats whats going on. But hey, i think im sending good news to the market. Dow now up 410 points. Back to you. Neil i think it helps as we chatted. They are so expecting bad news, even when they get a confirmation, even when its even worse than some of the numbers they feared, they are in a mindset to say we know its going to be bad. How long they can stay patient like that, well see. Thank you so much. Weve got Hillary Vaughn joining us with a different look at how the airlines are handling canceled bookings and the like and what obligations they are under in the face of that. A lot of cash refunds could obviously add up. Lets get the latest from hillary. Reporter well, nine democratic u. S. Senators are asking 11 Major Airlines to issue cash, not vouchers, for thousands of travelers that had their plans change due to the coronavirus epidemic. The senators writing this in a letter. Quote, we believe your company has a moral responsibility to provide real refunds, not travel vouchers, to consumers. United, delta, southwest, all say they are reviewing the letter but American Airlines responding, saying they believe the voucher system they have in place adequately meets their customers needs. A Southwest Airlines today also announcing they are going to request money from the United States treasury as part of that stimulus package, relief package that was passed by Congress Last week to help them deal with the drop in demand, and these senators think that because airlines are going to be taking advantage of this money, that they should then use some of that money to not just pay their workers but give cash to travelers who many are out of work and need the cash refund to pay for basic needs. They could use that 300 for whatever they paid for the ticket. The one interesting thing about this is as southwest is stepping up, saying they need this cash, there is a restriction or condition included in this relief package that passed last week in congress saying the secretary of transportation can condition this money saying if you are taking this money, you need to maintain your routine routes that you had in place, your normal scheduled service that was in place before the coronavirus epidemic. So march 1st, 2020 is the date they have in this bill and thats something to consider, because southwest announced they are cutting flights by 40 from may to june, and a lot of other airlines announcing they are cutting about 60 of their flights. Neil . Neil all right. Great report. Thank you so much. I want to go to david lee miller, because in new york, where hes been covering all these fastmoving developments, the rapid rise in cases in new york, we are a standalone country, it would have the third number of cases in the world right now. David lee miller on what the state and city are dealing with as we speak. David lee . Reporter thats right, we are on fifth avenue, new yorks famed fifth avenue. Behind me is mt. Sinai hospital. Mount st. Sinai struggling to c with the influx of coronavirus patients. Now you can see some of the damage caused by the virus on the facade of the building itself. Take a look over my shoulder. By that i mean take a look at what appear to be some of the boardedup windows. These locations they ahave low pressure rooms to create lower air pressure in the rooms than the corridor, to reduce air flow, therefore the spread of the virus. Mt. Sinai says these isolation rooms are being installed nationwide. The governor said the state distributed a total of 600 ventilators to hospitals but the supply is running low. Right now, we have a burn rate that would suggest we have about six days in the stock pile. But, but we are taking all sorts of extraordinary measures. Reporter new york City Ambulance crews have been told not to bring people suffering cardiac arrest to a hospital. If their heart cant be restarted on the scene. The directive was issued to reduce stress on hospitals already overwhelmed with coronavirus patients. Also hard hit by the virus, the state of new jersey, especially the northern part of the state, which is home to many commuters. Governor phil murphy this morning toured a field hospital. The States Health commissioner says seven hospitals have now reached capacity and are diverting patients to other medical facilities. New jersey now has more coronavirus patients than any other state with the exception being new york and give you a little context here, new jersey has a little more than 22,000 positive cases of coronavirus. New york state has 92,000. Neil . Neil all right. David lee, thank you very, very much. A little clarification on something i mentioned earlier about this runup in oil prices and what sparked it. The president was talking to Vladimir Putin and the crown prince of saudi arabia and there had been reports out there that putin said he hadnt talked to President Trump. For clarification, he had not talked to the Saudi Crown Prince. All of this started a little bit earlier when the president , i want to make sure im getting the exact tweet right, had been arguing that it was a Good Opportunity for both to do something on this oil impasse. It appears that no matter who talked to whom, something has worked here and the agreements to curtail production, while it might not be the exact ten Million Barrels a day, we are at least getting whisperings of, the hope is significant enough that its made a big boost possible in oil prices. We will keep you posted on that. The reaction to all of this from mark abalone of potomac Wealth Advisers and rebecca walser. On the oil thing and whether this comes to pass whether these two countries, russia and saudi arabia, can bury the hatchet and continue to make money in oil, because they both hurt themselves, where do you think this goes . Yeah. I mean, i think thats exactly right. Its really the survival of the fittest when you have prices at this trading at this low per barrel. If we look at the u. S. Shale economy, we need a 50 per barrel range to break even because we are so debtladen with all of the shale producers. So we can withstand this for a little bit of time before youre looking at bankruptcy and liquidation on our end. I think its actually in President Trumps all of our interest to get saudi arabia and russia and opec essentially to agree to a production pullback. They cant withstand these prices either. Maybe a little bit longer but seriously not any time not a long protraction. We cant take it. Neil looking at these markets right now, today notwithstanding, it has the oddity of rising in the face of stunning jobless claim news, 6. 6 million americans, 10 million over the last two weeks that have filed for Unemployment Benefits but its holding up relatively well today. I usually say its because of the course, good or bad news, course of the coronavirus cases we hear. What does it for you . What do you look at to sort of get a gauge of where were going . Im looking at the duration of this and how long this works and hopefully behind the scenes, all the rumors we hear about vaccines or treatments are going to reduce this duration of this. Its inevitable that i believe we get out of this and thats what drives people to still invest because i think if you are looking at a three to fiveyear time horizon, you will look back today and say this turned out to be a very good time to invest. I think money on the sidelines is looking for valuation. We might see them either in technology or communications, the work from home space has been popular. People are looking for what they perceive as values and bargains if they are a long time investor and they may get rewarded for that. Neil what are your views on the snapback the administration wants to see and investors want to see . I could make a very good argument this is way over action and whats going on with the number of claims filing, a lot of that will be reversed, but i do feel a lot of people are going to be a little gunshy about going to crowded venues, whether thats restaurants or theaters or Even Convention centers and stadiums, and i dont know if we are going to see that u or v snapback, it will happen but it wont be immediate. What are your thoughts . You know, i agree with mark. The thing is, we went and closed down the entire u. S. Economy, if we were just going to have 200,000 cases of the flu, we wouldnt have done that. We need a protocol that eliminates the deaths. Once people realize if i go live my normal life, i my gight get flu or little bit of a cold but im not going to die, then i do think we will have a return to normalcy. I think we will have gun shyness. Absolutely, of course. Certainly businesses that furloughed a lot of people, are they going to fully staff up. It will be a little bit of a slow process. We will have to see, right. But i do see that once we have whatever is going to happen this month to kind of understand the mortality rate and medical protocols, we are going to have a tremendous, wonderful sort of okay, i cant tell you when but its going to say we are going to see light at the end of this tunnel, i promise you. We need some hope here. And weve got to have this economy ready to go because we are going to get some hopeful news. We are going to see some wonderful things happen. I know its going to happen. Im counting on it. And we just have to be prepared, the american people. Once we know we are not going to die if we go out, then lets go back to restaurants and theaters, lets go watch our sports teams and do this all again. Neil very well said. Once you know youre not going to die. Thats a very good point. What do you think of that, mark . Well, i think economically, it will be rocky for weeks and months. These scenes are going to take a long time to unwind. Its not just are we going to be comfortable sitting in a restaurant. I was at a corporate banquet for a number of years and i can tell you right now that new Business Development has stopped at every bank in the country. Its sort of going along like triage. They are looking at protecting from loan losses. They are building workout shops and they are either accommodating creditor requests, they are reviewing collateral which is impaired and they are realizing that theyre not going to collect interest for a few months. You couple that with how the stock market is impacting Management Fees of banks, that m a activity has slowed, and this flat yield curve which is already hurting banks, you are not going to have a robust immediate economic turnaround. I do believe it will happen. But for anybody who thinks its going to be two or three months, i say we really need to look at two or three years as a more realistic opportunity to turn this giant ship around, because banks are going to be mired in trouble and they are the economic engine and lifeblood for financial recovery. Neil two or three years . Well, to reach where we were, to get back to close to 30,000 on the dow. I dont see that happening in 12 months. I could see another 20 bump and thats why you keep people invested in this. We had a 20 bump last week. So that can happen again. But thats only going to take us to 26,000. If you are still going the way the math works, on the way down, its a lot more benign. You need a bigger percentage gain to make up for what was almost a 30 hit. Then this last week we were down 6 . We are going to see more of that and before we get back to dow 30,000, you are going to have to look at a period of years and not just months. Neil all right. We shall see. Guys, thank you both very, very much. Some news on amazon here. Its made a commitment to do temperature checks for workers. It had run into problems at whole foods and a number of Distribution Centers where workers were saying hey, we dont feel very safe here. This follows what walmart has done without any such complaints prior. Walmart also taking temperatures of its workers, also providing higher pay for them in the process, if they want masks or any other protective devices, gloves and the rest, they will provide them. Amazon doing the same. More after this. Sz sgliefrjt you wouldnt accept an incomplete job from anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. Yeah. This moving wthing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Neil all right. Oil the big reason why we are seeing the runup in the dow, although not quite the runup we had earlier. A barrel of oil right now will set you back about 24. 65. Its up about four bucks, little bit more than 21 . This on talk that the saudis and russians have agreed to curtail production, we are told by as much as ten Million Barrels a day. Theres really no way to know for sure. This was getting buoyed before any of this on talk that china seems to be turning things around. The Manufacturing Sector seems to be turning things around. That would increase presumably demand for oil. Then of course, the president tomorrow will be meeting with i think seven of the big oil giant ceos. We will see how that goes at the white house. Meantime, John Hofmeister is with us, former shell oil president. It looks like, you are closer to this than i would ever be, both countries, saudi arabia and russia, agreed they are only hurting themselves and the world, but hurting themselves if they kept this up. What happens now . I think in the case of both Vladimir Putin and mohammed bin salman, crown prince of saudi arabia, they were actually attempting to play a longer game, and that is to create such chaos and such reduction of capability in the u. S. Oil and gas industry that they would basically take over again control, total control of price and once the u. S. Industry was in shambles, then they would cut back production and enjoy the rising price. And stay in control of it. This is really a National Security issue for the president and for the oil and gas companies, because having a strong independent industry in this country is really the nations best protection against the vagaries of geopolitics which has always been part of the oil industry. Neil what is the sweet spot here . Obviously when we tumbled into the 40s, the 30s, the 20s, then we were around 19 briefly, people said enough, already, that hits the fracking industry, it hits the drillers and the wildcatters, to say nothing of the big guys. Now theres a little bit of bounceback but its still a long way from where we were. So what happens . The current bounceback doesnt really help with the planning of the next six months by the oil industry. Its not enough money to stay in business, frankly. So the problem is how do we achieve equilibrium . Right now theres so much demand destruction taking place worldwide, every sector of the economy that uses oil products or natural gas is down, whether its making electricity from natural gas, whether its aviation fuel, gasoline. Diesel is holding its own for the moment because we are still moving a lot of freight, fortunately, but even if theres a recession, then the Freight Movement will slow down as well. So the real need for the industry is continuity in price. Whether that price is 40 or 60 or 80, Oil Companies can respond at a low cost level, a medium cost level, a high cost level if they have, you know, some longer term view of stability of price. Its the price volatility which is so distressing and causes so much havoc. So whether its at any price level, we can sustain a 40, 60, 80, and the economy seems to run very well globally somewhere in the 6080 range. That seems to work for consumers. That seems to work for producers. Thats about where the industry is. How we get there, how we get back there, right now with the demand destruction, we have to cut not 10 Million Barrels a day but 20 Million Barrels a day. Thats how low we have gone. Neil you would also have to see a big pickup in economic activity. Regardless, we are hearing that the saudi kingdom is calling, this is from Edward Lawrence in washington who is telling us they want an emergency meeting of opec and soon. How likely is that . Well, i think the urgency is real. Not just for the kingdom or russia. Nobody can get by on 20 think about this. The russians and saudis in particular as well as the other opec member countries, all base their National Government spending on royalties or revenue from their Oil Production and at 20, 25, they cant pay their bills anywhere. Thats what takes you to a depression. They can for a shortterm borrow from their Sovereign Fund or borrow from banks within their nation perhaps, but when you are not covering your bills and are trying to run a country, every country looks after its own survival, they cant stay in business at this level. There has to be a reduction in crude and i think any country that doesnt recognize that reduction in production, including the u. S. , we are going to reduce our production because we cant afford to keep it going at these prices. So we are all going to be cutting back. Question is, when do we achieve equilibrium between the supply side and demand side and we are a long way off from that right now. Neil apparently. John hofmeister, thank you very, very much. The former shell oil president. John hofmeister. By the way, you know already the patriots have lost tom brady but they havent lost their sense of civic duty and responsibility. Even after that, they just did something so big, so huge, to help so many that its almost it almost makes you forget the whole brady thing. Turn on my tv and boom, its got all my favorite shows right there. I wish my Trading Platform worked like that. Well have you tried thinkorswim . This is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. I was blessed to be part of building one of the greatest game shows in history. During that time, we handed out millions of dollars to thousands of contestants. I thought, what if we paid the contestants their winnings in gold instead of cash and prizes . Back in 1976 we had a wonderful contestant named lee, whose 3day winnings, were valued at 12,850. And you know what . That was a pretty big haul back in 1976. So i wondered, what would have happened if lee had put 12,850 in cash and then put 12,850 in gold in a safe . Just sitting there, side by side, from 1976 until now. I went back and i ran the numbers, and what i found was amazing. We all know that 12,850 in cash would still be sitting there, but it would be worth a whole lot less than it was in 1976. But that 12,850 in gold, safely stored away, its worth 135,000 as of the taping of this commercial. Thats more than 10 times the original amount. And thats why ive been putting my money in Precious Metals for years, and i dont see any reason to stop now. 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I should let you know as well that a number of companies, this is we are getting into the earnings season here, the advance of the dow has now gone under triple digits, a lot of companies are seeing price cuts from investment firms that just dont think their stocks have much more muscle in them. Among those that have been downgraded or seen their price targets cut, home depot, booth allen, texas roadhouse, ruths hospitality, bloomin brands, disney, roku, i could go on and on. Lowes, and so many others. They are actually into the dozens of names right now. When you hear that, wall street could be wrong in adjusting their target prices but when so many of these companies dont offer any guidance, people sell first, ask questions later. So be looking for that when companies, when they do make their earnings announcement, this will start in droves beginning next week certainly in earnest, what kind of outline are they giving for the future and absent that, since a lot of companies dont, because they dont know, they are fine with that, you know, a lot of Brokerage Firms say you know what, we are going to notch this down a bit. They are notching down a lot. When layoffs are compounded with that, jobless claims and the rest, it just adds to the uns t uncertainty. Wall street abhors uncertainty but wall street also cheers on unexpected good news or Good Companies that do good things, even evil teams when it comes to the new england patriots. Maybe theyre not evil anymore. They did something very, very good that concerns getting some more of these face masks from china, of all places. Jackie deangelis has much more on that. Jackie good afternoon, neil. You have to look past tom brady and really check out this story of the patriots doing some good here. To your point, good will does resonate with investors and that is something that we are seeing, as companies try to help Health Care Workers right now. The patriots story is great because the governor of massachusetts was able to secure more than one million n95 masks and you know how important those are in the fight in this country against the coronavirus. The only problem was they were located in china and he couldnt basically get them here so hes friends with jonathan kraft, the president of the patriots, son of bob kraft, and he mentioned this quandary to him. They said why dont we take the patriots aircraft, send it to china to pick up these masks and bring them back. Its a real incredible story. There was a lot of red tape but they were able to cut through it. They only had three hours. The crew couldnt get off the plane. Ground workers got these masks on the plane in two hours and 57 minutes. 300,000 of these masks will be coming to new york, where of course, they are really needed. Its the epicenter of this crisis. But thats not the only story of good will here. Some pictures to show you of whats actually happening on the ground. Masks being donated in new jersey. [ inaudible ] to make masks and also sanitizer for the Health Care Workers and other responders that need those products. Lvmh took a Christian Dior plant and is making Hand Sanitizer there. Youve got barclay uniforms making scrubs. That company said it would donate 10,000 per month for the duration of the pandemic for those who need it. Ford motor making masks as well. Using 3d printing to help out. There are so many of these stories, i cant go through them all. [ inaudible ] donating a Million Masks to fema after it also makes sure that all of its workers [ inaudible ] so they can serve customers with essential items that they need throughout this crisis. So even though people are scrambling and supplies are scarce, you have so many people adding a helping hand and it really is heartwarming at a time like this. Neil yeah, it is indeed. Jackie, thank you very much. Ive got my friend jack brewer joining us, the nfl player and superstar. To know jack and what he does, you almost forget the football stuff because he does a lot of good and is helping right now as we speak to feed a lot of kids in places like florida and elsewhere, who in the middle of this are going hungry. Always good to see you. How you doing . Man, you know what, im tired, man. Its been a long week of just trying to get aid to so many people, both here in the u. S. And abroad. There are so many folks that you forget about that are affected by this virus. We fed over 1,000 kids last week. We still have enough food supply for them for two months over in haiti. Right now we are feeding over 15,000 kids a day in malawi, africa. They are confused and scared and they dont have the resources that we do. We are also feeding kids here. I have been part of the National Police Athletic League and Police Athletic leagues across the country so now we are feeding all the kids in the West Palm Beach p. A. L. Last weekend we got a food drive there. We are feeding south florida to help them. Its been incredible to see Companies Like anthonys pizza just gave me a call and they are giving away 10,000 pizzas to try to feed the kids down in south florida. On and on, you just see the private sector stepping up. I have been tasked by my good friend mike lindell, im leading the task force for my pillow right now. We are just calling on these companies and businesses, man, to start protecting your workers. You walk into these Stores Across the country, folks arent wearing masks, people arent being supplied with enough Hand Sanitizer. We are just calling upon the nation right now, folks, lets get smart about this, lets start sanitizing our hands, lets start using masks and we are trying to do what we can. Neil you know, i would think of your state, whats happening in florida right now, some say its very late, this stayathome thing. How do you feel about that . I think its needed. People go back and forth, whether or not you should be outside. I think you should be able to go outside but at some point, when you look at china, south korea, these other places, theres a reason why the public are wearing these masks and protecting themselves. I think psychologically, it makes you more cautious and thats always a good thing but i understand that we are in a crisis right now because a lot of folks cant get these masks. I tell you, what we are doing with the my pillow task force, we are producing over 20,000 masks a day inhouse but we are getting so many calls so we are trying to also help companies procure masks from other places and you know, its just been really revealing for me the last five or six days to see so much need in america. I mean, small towns are calling that dont have any masks to protect the workers, people calling from Police Departments and hospitals, Childrens Cancer centers calling us needing masks because they are not being able to protect these sick babies. It just breaks your heart. Neil you know, i have no doubt because of efforts like youre taking and so many others to help people out, that we will get through this whole coronavirus thing but i dont know if its going to be immediate. One of the things i worry about is that even if people are told you can go back to restaurants, i dont know if they will crowd into them, i dont know if they will crowd into theaters. I dont even know if they will go and fill stadiums. Im wondering, thinking of you and the nfl, i know they have expanded their season a little bit, the wild card and all that, but as far as filling those seats in the stadiums, at least in the beginning, assuming they get off without a hitch around labor day, i bet a lot of those stadiums arent full. I agree. I think we will have to change a lot of the things we do from the protocol that people take going to places. I think sanitiization will be taken much more serious. You think about going to an nfl game, i think about the guys in the locker room before you get to the game. Guys got to be playing and practicing against each other, sweating and tackling and being in that environment. So its really, it makes you wonder will the nfl be able to even have a season this year. I dont think any of us know. So i think again, i think its really important and thats why with the my pillow task force, we are begging people, please start considering these longterm protocols and changes so we can take this thing seriously. When i go out walking into a walmart or whole foods, im scared to death because you see so many people still crowd in these stores and theres really no sanitation procedures other than giving you a hand wipe at the door. I think we really need to take this more serious. Neil i think youre right. I would feel a lot safer if i was Walking Around the store with you, though. I would get over my fear. Jack, thanks for all the good youre doing. You could be sitting on your money and enjoying the world and you are doing anything but. Its so inspirational. Thank you very much. Glory to god, man. Like mike said the other day, nation, lets get around our bibles, lets pray with our kids and we can get through this together. Neil we can, and we will. Jack, thank you again, so much. All right. Quick peek at the corner of wall and broad where we still have this come down from our highs, still up about 90 points. If you were to tell someone that after getting news that we would have six and a half million plus people file for jobless benefits, long and away a record that was reached just last week, you would think we were taking anyway but were not. Why . After this. Neil essential businesses and workers only. Thats the one thing that is hurting harley davidson, though at least a dealer in new jersey said he was forced to close his doors because only parts and Service Departments are considered essential. He joins us right now. Bob, how you holding up . We are fighting for our lives here, neil. But our Service Department is working diligently to keep our customers on the road. Neil what i find weird about that is the Service Department is next to your actual dealership, right . Well, its connected. Its connected. Its in the back side of the showroom. Neil so the reason i mention it, not to be silly about it, if thats open, your parts and Service Department is open, what would be the harm in just having the place right next door open . Social distancing. What they are allowing us now is to sell motorcycles via the internet. Neil but you could police social distancing there. Im not going to argue with city hall and the federal government now policing this whole social distancing thing, but its not as if you couldnt control, i said the same about auto showrooms where they can control the traffic, as they do in a lot of stores right now, where they keep people at least six feet apart. That was not an option here. What are you doing . Well, we are working diligently via social media and the internet to try to attract customers with their spring purchases of motorcycles. Thats the biggest revenue stream we have as harley dealers. And its being complicated by, you know, the pandemic that everybody else is being hurt by these days. Neil now, in the parts department, are possibly spreeo out . Are you practicing distancing there . Yes, we only have one person. We do everything via the internet or the telephone. We deliver it to our consumer in the back of the building on a picnic bench. Neil wow. You probably heard about this is going to go on for at least another month. It could go longer. How much longer can you still do this . We are fighting really hard for our lives. We are hoping these stimulus packages kick in sooner than later. The 2 trillion thats been put out to the Business World i think is going to be absolutely too little to sustain more than another month, two months of this. Neil have you talked to anyone, part of it is these loans that you can get that can become grants, through the Small Business administration, i think its about 360 billion worth, its earmarked supposedly for guys like you. Have you checked in with anyone on that . Yes. We are in close contact with valley national, the bank that we do work with, and also Columbia Bank here, two new jersey local banks, and they are doing everything they can to assist us. Its just a waiting game at the moment. Neil hang in there, bob. You have a lot of beautiful bikes there, and a good reputation. Im sure that will win out in the end. I hope it will. Best to you and your family and workers. Hang in there. Okay. Thank you so much, mr. Cavuto. Neil bob difazio. Think of all the store owners, individual operators, merchants, all of them facing the same kind of crisis. They cant do business. They cant do anything. Stay with us. Its a challenging market. Edward jones is well aware of that. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Neil all right. That jobless claims number certainly was one to digest earlier today, right. More than six and a half million americans filed for Unemployment Benefits on top of the more than three million the week before, thats ten million. You have the Federal Reserve, all these other folks saying its going to go up a lot higher than that when all is said and done, maybe 40, 50 million americans could be out of work, just when im pulling my hair out ive got to talk to Charles Payne because every time someone bounces on the negative, Charles Payne comes along to look at the half full glass and put it in perspective. Hes a good historian and im relying on him to do that right now. Charles, good to see you, my friend. Charles its good to see you, too, neil. I thought about this very question last thursday when we saw over three million, 3. 3 million, and that was a shocking number then. Of course, you know, there were some whispers a week ago the number could be as high as ten million. But i think theres Something Else going on here. Two things. One, how many shows have we done in the last ten years or since 9 11 when the market was up after a terrorist attack or after something awful happened . I think theres something on the psychological part of this where yes, you know what, we have taken a mighty blow but we are not going to succumb and it feels like often in these moments, and you know, maybe im being a little corny here, but i feel often in these moments, particularly over the last decade, when blows when we took these sort of body blows, the stock market sort of as representative of this country, has held and often gone higher. Thats one of my theories. The other part of this is that it does add a sense of urgency. It sort of cuts through that washington, d. C. Haze and says hey, you guys have done a lot but we need a lot more. If you need proof, there it is. Neil yeah. They are probably going to get it. We will see what happens. Charles, look forward to more of that insight in just a few minutes from now. Charles payne. Thank you, my friend. We have a lot coming up here, including the latest on that carnival princess ship making its way to florida. Theres another ship as well. But this one has been a source of all of this agita out there. Its expected to arrive day after tomorrow in florida, presumably fort lauderdale. Stay with us. Sgliefrnlts 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. Power of working together. Thats why, when every connection counts. You can count on us. Neil all right so clarification on that coral princess ship. It is actually a third ship right now with multiple passengers who tested positive for the covid19 virus. It is said to have been cleared to dock in florida the day after tomorrow. This is in addition to two other cruise ships, zaandam and rotterdam given clearance to dock in port everglades. They are carrying eight passengers in total who tested positive for covid19. More than 200 guests and crewmembers on board the ships are experiencing flulike symptoms. At least 13 test samples were taken from latest ship in question, but the results have not been released. Now three ships are expected to arrive in florida within the next 24 to 48 hours. This is an escalating situation that Governor Desantis said, we had two others earlier, when i spoke with them, they ban to be on top of that, make people are cared for, not to alarm floridians, some who dont want them to dock in their neck of the woods. A third ship expected to arrive in florida two days from now. Well keep you posted on that. Posted on latest Record Number of jobless claims, 6. 7 million in the latest period, a lot of americans have already done filing you might be asking if you directly affected if you lose a job temporarily or permanent how you go about that process now. Edward lawrence . Reporter were talking about 10 Million People filing new unemployment claims in the last two weeks alone, blowing away all the estimates. Now under the phase three deal that was passed a bill passes youre eligible for extended benefits related to this. You will have more weeks of unemployment in addition, it will cover contract workers and selfemployed, as well as giving everyone who files an extra 600 per week. It also revives the emergency Unemployment Compensation that extend 13 weeks from when your state benefits run out. Some state systems are giving automatic rejections for qualified people. Those states are asking you to reapply for unemployment as they get up to speed with the new rules. A Business Marketing consultant has a Company Based in maryland and Remote Working from vietnam. She says in the economic shutdown, that the most vulnerable are the homeless and those already without jobs and contract workers and freelance workers. Listen. Definitely freelancers are very vulnerable. They represent about 35 of the u. S. Workforce. There is 5million of 57 million of us in the u. S. We contribute one trillion dollars to the u. S. Economy. We dont enjoy lot of benefits, safety net and social safety net a lot of employees do. Reporter if youre a contract worker or freelance worker or gig worker youre encouraged to file some of those benefits but here are things you may need to get approved from the states as they figure out who to cover. Some are asking for check stuck, Bank Statements and work orders, prove of income. There may be hiccups in the next week or this week as things r being worked out but the administration adamant everybody who is eligible will get those benefits. Back to you, neil. Neil real quick, while i have you here, edward this, saudi meeting, calling emergency meeting of opec, do you know where that stands . This just happened literally as you were talking about it. Theyre calling for an emergency meeting. The saudis in their notice said they want to level or normalize the level of oil prices around the globe. As your guest there talked about, john who hoffmeister thot the 60dollar range might be the sweet spot for them. Were really under that. Theyre trying to figure out how to get it up to that point so everyone around the globe can make money off of this. The president tweeting out that sort of dispute between russia and the saudis is now over. Neil all right. We shall see. Sometimes the devil in the details as we make good on all the rumors because the rumors are going ahead of any official comments were getting. Edward lawrence, thank you very much. Now to my buddy Charles Payne to sort it all out. Hey, charles. Charles good afternoon, im Charles Payne. This is making money. Breaking at this moment after recoiling in reaction that record 6. 6 million in initial jobless claims, stocks turned it around in hopes after truce of the saudi arabia and russia oil war. All indices turned on a dime and rallied higher. Crude up 25 . Allstar Market Analysis coming right up. Heartbreaking unemployment news add more voices to the chorus that the nation needs a fourth economic package. I will ask rick scott of