Transcripts For FBC Cavuto Coast To Coast 20240713

Program. Democrats said it stops right there. They want added items that would no doubt be taken up in the house of representatives. Thereby substantially increasing cost of that. But the real catalyst for a lot of this as far as Financial Moves is no less than the Federal Reserve because 2. 3 trillion has been thrown at everything from the fed, shoring up support for small and mediumsized businesses to buying mortgagebacked bonds. Buying a lot of junk bonds. Just, anything they can get their hot little hands on. The junk bond thing is kind of interesting, folks. You might recall in the financial meltdown, we had these mortgagebacked securities. Remember they would pool mortgages, even iffy ones into a package of securities you could buy, mostly like a stock. When things are turning south, no one wanted to buy them. The Federal Reserve it saying when it comes to junk bonds, we dont think theyre there yet. Just in case well be buying a bunch of them. Indicating the markets the fed is not a backstop but going full stop on this well get into the weeds on this. This warrants a little bit of weed searching here, a significant move by the Federal Reserve, clearly trying to avoid a worsening financial panic. For that matter a freeze in credit anywhere and everywhere. Municipal bond arena, mortgagebacked security arena. Mortgagebacked bonds more to the point. Junk bonds in the aggregate. You cant blame the Federal Reserve for not doing everything under its power. Forget about not lowering Interest Rates. This provides real muscle and ammunition addressing this. Meantime you have got the stimulus way beyond the fed that theyre trying to add to right now by providing that extra 250 billion in relief to Small Businesses. It has been in such high demand, Mitch Mcconnell says here is what we do. We allocate another 250 billion on a minimum for that, walk away, dont add anything else. See what happens. The democrats have a problem with walk away, see what happens. Therein lies the sort of loggerheads were at. Hillary vaughn with the latest on all of this. Hillary . Reporter neil, the Vice President is on a call right now with Senate Republicans figuring out how to get congress on board, republicans, democrats to approve more money for the Paycheck Protection Program. The president ordered 250 billion to be added to this program. The treasury approved it but moments ago, later this morning, Senate Democrats stopped it. Were asking Small Business owners across america to place their faith in us. Were asking them to keep workers on payroll, because congress, the treasury, the sba will have their back. We must not fail them. My colleagues must not treat working americans as political hostages. Reporter democrats blocked the vote because they want more funding for things like states, hospitals, food stamps but republicans are not on board. They say that 100 billion that they already allocated to go to hospitals has not even been spent yet. 30 billion, the first round of payments is asked used to go out tomorrow. Other changes democrats want made to the Food Stamp Program would be permanent, not just tied to the coronavirus epidemic. Im afraid that this unanimous consent is basically a political stunt because it will not address the immediate needs of Small Businesses in the legislation that we have passed. Let me clarify that. The majority leader indicated that the ppp, the paycheck Protection Plan is running out of money. It hasnt. 30 has been committed. Reporter democrats delay aid to Small Businesses people are losing their jobs at a record rate. Jobless claims today, one million more than anticipated. 6. 61 Million People are out of work. In the last three weeks over 16 million workers have applied for Unemployment Benefits which means, one out of every 10 workers have lost their job. Republicans on capitol hill are pleading with democrats trying to get more money to this Paycheck Protection Program which would keep a lot of people on the roster and still employed. Chairman marco rubio, who put together this ppp program, neil, says they are going through a burn rate of 3. 5 billion every hour. And that they are in a situation where they will run out of money for the program in a matter of days, not weeks. Neil . Neil hillary vaughn, thank you very, very much. Heres why this whole thing becomes very, very important, folks, hillary addressed it magnificently, but it is this, you can mitigate the job losses in the claims filings with providing more money for Small Business to Medium Business relief that would koppel compel them, it disappears as a loan, become as grant. If they put a lid on jet tis sonning workers. The claims being filed, including 6. 6 million more americans in the latest period, close to 17 million over the last three weeks, that would slow, ebb, more of this money becomes available and more people take advantage of it, businesses, businesses take advantage of it, that is why theyre hot to trot to get the money out the door. The demand has overwhelmed even the 360 billion in the kettle at that front. Lets get the read on all of this. Ed lazear, you might remember him, chairman of Economic Council advisors, under president bush 43. What do you make of the fight providing more money over this program . Well, of course weve seen this before. When we had the large stimulus bill, the cares act, itself, took a week, maybe a few days, even more than that to get the thing negotiated. Eventually they got to a solution that was the big deal relative to what were talking about now. I imagine they will eventually reach some kind of a compromise to get a deal. This is unfortunately the way things work sometimes. It is a bit slower than it needs to be, to be honest im pretty pleased with the way the government has been functioning, both congress and the administration. We have gotten a tremendous amount of action in a short period of time, much of that action has been needed so rather than criticizing i would actually give them some kudos for their rapid action at this point in time. Neil it does seem odd in this environment though, as republicans are the ones who are leading, we got to spend the extra money, provide the extra money, democrats are saying go slow. I know it is a weird world now but that struck me. What do you think . Thats true, what republicans are thinking about, correctly thinking about, what is needed at this point is liquidity. Liquidity of course is the ability of firms to continue to stay afloat, even if theyre viable. So the big problem we always worry about, you have viable firms, particularly Small Business, that is one everybody has been talking about, that is not news, but there are viable Small Businesses that but for this two, three month, hopefully short period, would be successful in the long run. We dont want those firms to fail. It is not only the firms though. Of course as you mentioned in your opening remarks, neil, were talk about workers as well. So there is now a new, 17 million newly unemployed workers. That means the Unemployment Rate right now is up about 14 . That is not the end of it. I think well get close to 20 . If you translate that into what that means in terms of reduced out put for the quarter, you know were talking about something near 25, 30 for this one quarter. So those are huge effects. I think, anything we can do to mitigate those effects and particularly to make sure theyre short run is about as important as anything we can do right now. Neil ed, real quickly, while i can, you alluded to, you know, whats happened in the past. I think you were around in that capacity during the financial meltdown with president bush. Yes. Neil it was freeze on credit. Yeah. Neil you remember it well. I found it interesting, the Federal Reserve among other things it is doing with the 2. 3 trillion funding to help markets and everyone involved, is, buying up junk bonds, municipal bonds, mortgagebacked securities. So that theres plenty of that liquidity out there. Are they seeing something im not . Are they just being really vigilant, really cautious . I think they have learned their lesson from the 2018 experience. So if you go back to the financial crisis, the financial crisis actually started in the summer of 2007 when european banks put gates on withdrawals. And it took a bit of time, i will say us. Of course i was the president s chief Economic Advisor at the time. It took a bit of time for to us act and also for the fed to act. And eventually the fed as you recall, rolled out a number of facilities, all of which i think were useful. And did a good job in making commercial paper, other markets work in a way that they werent working but it took time. I think chairman powell is looking back at that, he is saying well, you know, we have dont want to have the same situation now. We know which facilities were needed at that point. We know some additional ones might be needed right now. So lets get on it, get ahead of the curve. So i think the chairman has been actually quite aggressive, surprisingly aggressive. But, appropriately aggressive in doing this. And to my mind. It is just looking at history, learning from history, saying you know, that was a pretty good roll out. Lets do it a bit more rapidly than we did then. Neil wellputt, wellput. Thank you very much for your insight. Historical, otherwise, ed lazear former chairman of the council of economic advisers. Ed repeated again and again, the Federal Reserve is acting preemptively. There is no reason to provide liquidity and cash when no one is complaining about that. The problem during the financial meltdown, the liquidity and all that stuff was provided after people complaining about it. No cash to be had. I think for some of you lived through that, you remember, hey, there is no money around. This is the Federal Reserves way, to eds point before a crisis occurs. They hope it doesnt occur at all. That is a Significant Development here. One. Reasons why markets were pleased to see that. They were not expecting that. Doesnt mean they cant sell off. This was an unexpected benefit for the markets on top of good or at least better news were getting on the covid19 virus itself. There you see all the major market averages dashing ahead. A lot of banks caught up, you remember them in the middle of the financial meltdown freeze. They saw the stocks crater. Theyre not cratering right now. Were nowhere near that right now. Back to the virus itself and new guidelines that the cdc released as to when and how we get back. Weve got dr. Paronto joins us on all of this. Doctor, they immediately Start Talking about, workers will have temperatures checked, free to, often advised to wear facemasks, keep the social distancing thing going. How do you think all of this is going to go . I think taking those precautionary measures is good. The part concerning to me about the cdc guidelines they sort of artificially separated people in two groups, the general public, versus those working in essential fields. Theyre talking about people who had known expose sure to coronavirus. Those are folks we normally ask them to stay home and quarantine for 14 days. But in this case theyre being told if they work, theyre essential workers they should still continue to go to work to take those precautions and that is troubling because the cdc is separating these two folks but the virus doesnt differentiate between those two groups. Neil what if youre atom tick . There is nothing to indicate that you might have it. Youre right. So right now we know that about 50 of people have a fever but not 100 . So checking a temperature can be helpful if you find someone who has a fever but it is not that helpful if they dont. If they have no other symptoms, sure it could be that they dont coronavirus or any other illness but a lot of the carriers are asymptomatic. Some of the studies are arguing that 80 of people are symptomatic. I understand why the cdc did this. We need essential workers, food chain to be preserved, pharmacy workers, firstresponders, the problem is this erodes the publics trust, right . Is the cdc trying to protect these employees, trying to protect the companies, creates conflict. I mean things can evolve, guidelines can change when you have new research and new data coming out and thinking changes but in this case our understanding of the virus hasnt changed from that perspective. It is just that we want to maintain these industries. Neil doctor, thank you very, very much. I get scared when i hear right away walk into my building theyre immediately going to take my temperature, theyre going to be handing out facemasks. I dont know if it is scarier or not, eventually get back to life as usual, whatever that is these days. A lot of people are doing a lot of incredible things in the face of all of this. The doctor we talked is among them. A lot of stars are doing things. Noted Germaphobe Howie Mandel will join us. He is attacking this problem head on in ways you might not think. He famously showed up or show taping remember not too long ago in a hazmat suit. 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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. Neil riproaring ahead of corner of wall and broad. The markets are closed on friday. Whatever we do is the best since 1938. The dow up 500 points. Look at number on the bottom of the screen, around 23,930. Close to 24,000. Keep in mind at the lows a little four weeks ago we were 18,000. Wee climbed five, 6,000 points. Still 5000 points from the highs. Still a reminder how much we clawed back. A lot of that of late built on two things, better sentiment where the virus is going. The consensus seems to be still accelerating at a slower pace. Though will take what they can get. Countries from germany, italy, france, that are contemplating easing up on lockdown provisions that have been affected. Italy surprising a lot of folks more so than china, eased up on a lock down that shut down the entire wuhan province that effectively lifted with a lot of strings attached. But it is like the worlds way of showing were trying to get back to normal. There was of course all the stimulus out there. No less from the Federal Reserve today, that affect anyone that might be in harms way. Right now i want to show you something people are not pouncing on, record low mortgage rates. Latest period they slip slide away. 30 year fixed a little more than a 3 1 3 . Those are the advertised generates. You can get a lot lower on each or both. Rates that low, conundrum over record low gas prices, 26 states with gas under two dollars, not as if gas demand soaredded in the face of that. People are sheltered in homes, whether they can afford the homes, that has not changed. The comes to play with low mortgage rates, refinancing rates, dont seem to be propelling much mortgage activity for the timebeing. Get a read of all of this, anthony shea, home depot chairman and ceo, former etrade ceo, lending tree president and ceo in the past. It is interesting, anter any, when i look at the record low rates you would think people would pounce. I fully understand why if theyre sheltered in their homes they will not leave their homes but how long do you think this lingers where these record low rates do not get the desired response even when it comes to refinancing . Well, there is no so many things going on, neil, since you and i spoke, what, three weeks ago. The bigger issue in our industry is the lack of liquidity. The things have really changed in the back end of our industry. Plus our company, which is nearly 7,000, in the early part of march we had to transition everyone to work from home. Then there are support team members, such as appraisers, notaries, et cetera, were afraid to be out of their home. So it has been a fundamental shift on how we do business. All of that said, our inindustry is still funding hundreds of billions of dollars a month, in terms of new home purchases and reducing Monthly Interest rates because of the Interest Rates available today. Neil what about loan forgiveness . A lot of folks who are under duress, they want to skip a month or two or worse, im wondering if youre seeing any of that anecdotally or otherwise . The world has blown up with loan forbearance requests right now. It is still a bit unclear but our federal government has said very clearly that you do not need to show hardship and, you just need to make the request. It is easy for them to say but it is very hard for us as an industry to manage because as these Interest Rate payments stop coming into companies such as ours, we still have to make the payments to the bondholders, the folks that actually invested into the assets to get a yield. This type of pinch, cash flow or pressure along with Everything Else going on in our industries is creating a pretty chaotic time in our industry. Were hoping that all of the calculations based on our cash flow needs, at same time doing what is socially responsible, that is to help out those that are in need. But right now keep in mind that you do not have to be affected by covid19. You have to just make the request you would like to have your payments skipped for three months, six months, up to 12 months. When i say skip payment, what im saying, it is actually not forgiveness. It is actually forbearance. You actually delay the payments at which time you would resume and pay that actual payment back. Neil have you had a lot of customers requesting that . Yes. Right now we are forecasting up to 10 to 20 of our customers base requesting forbearance, which is a substantial amount. Unprecedented times. Neil all right. Well see how it goes. The best and worst of both worlds at the same time. Well watch it very closely. Good seeing you again, my friend. Be well. Likewise. Stay safe. Neil all right. Do any of you remember when howie mandel, showed up for americas got talent taping in a hazmat suit . The famous germaphobe was obviously trying to send a signal there humorously, that we have to be careful. That was before anyone was even talking or worried about the stuff were dealing with now. So he was ahead of the curve on that. Now he is trying to deal with the curve that has been throwing a lot of people dealing with all of that, doing a lot of good. Howie mandel is coming up. Neil you know sometimes you get staggering reminders how much this coronavirus has just stopped activity not only in this country but in the world. Departures, for example, were just learning out of Logan International airport in boston are down 96. 6 . To put it this way between march 30th and april 5th, 2019, a little more than 410,000 people departed boston. The same week this year . A little more than 14,000. Comes along with passenger, Airline Traffic numbers were getting out of Major Airlines, the big seven as they like to call them. 94,931 passengers now versus 2. 2 million in the same period last year. The seven u. S. Carriers have collectively idled 30 of their fleet, or 1800 planes as americans continue to shelter indoors. That is the fallout when people are just lockeddown. That is exactly where we stand right now. In the meantime were focusing on the spread of the virus and how it is being contained or not in Different Countries but gets disproportional attention, because of the biggest of the names afflicted by this, Boris Johnson continues to be in intensive care at a london hospital. This is the third day running. Latest from Benjamin Hall in london. What do we know . Reporter tonight will the Boris Johnsons five night in hospital, third night in the icu. Downing street says he is sitting up, talking to the doctors. That implies in last few days he wasnt doing that, so that is worrying. We havent heard directly from johnson himself. Downing street says he is not on a ventilator but being given oxygen. The best outlook sees him out of action for at least a couple weeks. The mammoth effort to rescue americans stuck abroad continues. 900 citizens stuck in south africa, since the ghost stopped international travel, are on their way home as the u. S. Arranged charter flights for them. Secretary pompeo tweeted this, the state department effort to bring americans home during the covid19 effort, is one ever most remarkable Diplomatic Missions in american history. Our team working at great personal risk, we repatriated 50,000 citizens on 480 plus fights and from 90 countries. Other americans are still out there though. In peru officials spread down a group of american tourists trying to evacuate the country with unknown chemical after the government imposed a mandatory quarantine on their hostel. Their numbers, new cases have dropped significantly. Bad news out of russia where the numbers are starting to spiral ought of control there. Seeing Different Countries, different stagers in the peak. Uk at top in the moment. Optimism when you look at italy and spain when you see the lockdown measures really have helped out. Neil . Neil Benjamin Hall, thank you very, very much. Benjamin in london of course. There has been a lot of back and forth here who knew what and when, when it came to the virus, probably doesnt do much good to go back to the origins and dealing with this now. Commissions and groups studying this. World Health Organization is being fingered for too closely aligned with china and not being honest when it came to sharing the severity of virus situation that was building there, last december, early january. Right now, everyone is going for funding for the w. H. O. Budget. We provide a big chunk of that. No less than the president of the United States saying maybe we should rethink that. Were going to do study and investigation and make a determination what were doing. Meantime were holding back. We want to say very unfair. So the United States, 452 million, compared to 42 million. That is to the world Health Organization. World health got it wrong, i mean they got it very wrong, in many ways they were wrong. They also minimized the threat very strongly and, and not good. Neil i want to raise this with Rebecca Heinrichs of the hudson institute. Lets say all of this criticism is justified, rebecca. Is now the time to talk about defunding an institution in the middle of a worldwide virus . Well i think the president s comments about the w. H. O. Were actually far more muted than they probably should be, though the point is very welltaken we need to be focused on containing the virus, protecting the american people. I think if we lose one of the major points and lessons in all of this, is that china is obviously to blame, but the w. H. O. Is a Global Authority on health and it has provided cover of the Chinese Communist party and it has, the president was right to say, it has played down the threat and it was late in the game, it offered faint criticism of the United States for restricting travel from china whenever we did, and it still preventing taiwan to be, equal participant in the w. H. O. And to be an observer which they used to do until the current taiwanese president was reelected and of course she has been very critical of the Chinese Government. The w. H. O. Has institutional structural, ethical, moral problems, it makes a lot of sense for the United States to call that out at this moment. Neil i guess i would ask you, lets, chinese argue that they werent hiding anything from anyone. Who knows who is telling the truth here. You know the world Health Organization gets its report from chinese doctors, medical authorities at the scene. We all know when it comes to trade matters, economic matters, the chinese do lie. We have gotten proof of that. They dosage rate their own numbers. It has gotten a lot of proof of that it wouldnt shock me if they were hiding early signs of the severity in the virus but it is a leap to say the world Health Organization was in cahoots with them or just stupid . We have multiple examples of the current example, tedros, and other members of the w. H. O. Being over the top in their praise of the Chinese Government, to the point it is curious. And all of that was, all of the praise was happening while the chinese videos coming out of china, where the chinas government was welcoming people in wuhan into their homes inhumanely. Silent reporters and journalists, disappearing sometimes after this and doctors who were trying to sound the alarm about this novel virus. We can see what the Chinese Government was doing. At the same time you had compliments about their behavior, handling the virus coming out of w. H. O. Of course the president of the w. H. O. Has a history of supporting communist governments, ethiopia. So i think it does make sense that at this point to question the objectivity and the credibility of this institutional organization. For those of you like me, neil, who believe it makes sense, that the United States should cooperate with other countries on these mutual interests, we have to be able to trust these countries. And so we need to have a standard which countries get to participate in these organizations if were going to trust them, if theyre going to be some kind of a Global Authority. Neil all right. Rebecca, thank you very much. Well see what happens. Again, there is a lot of threats back and forth. Kevin mccarthy, United States of house of representatives indicating if he had his druthers it would be stopped immediately. Well get you more on that after this. We told but the possibility, the possibility, that the saudis and russians have indeed agreed to a supply cutback but more than was thought, up to 20 Million Barrels a day. It is lifting oil prices but not as much as you would think. So what is this all about . How will it fall out and will it be able to compensate for what has been globally flattening demand . Stay with us. Youre watching fox business. Achievable steps along the way. So we can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Oooh, well. Im good at my condo. Oh. I love her condo. Nana throws the best parties. Well planned, well invested, well protected. Voya. Be confident to and through retirement. 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. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. Neil you know what is interesting about the rallies in the markets today . If the dow, maintain this is clip, remember there is no trading tomorrow, it would be the best week since 1938. We were the in middle or throes of depression that would not end until the late in the following year. S p 500, worst date was 1974. Remember we were knee deep in a recession at the time. For the nasdaq, 11 gain, i could be off a bit, but the best Weekly Performance since 2009. Of course you recall the meltdown, Everything Else. It is curious all three averages posting best numbers since pretty scary times. Those comebacks did presage something far more substantial that would come down the road. Im looking at that bouncing that off you, curious development. Dow up 501 points. We talk about businesses affected by all of this and all the jobs lost because of this, 6. 6 million claims in the latest period. That cover as whole host of folks, Dairy Farmers among them. Grady trimble, looking at all of that. Grady . Reporter neil, were at golden e dairy form. Behind me you see the building where they milk 2400 cows every single day. After they do that, they pump the milk into this building here where it is usually loaded into trucks and sent to a processor but in this case theyre dumping thousands and thousands of gallons of milk every single day because demand has simply collapsed. A lot of milk and dairy products, usually go to the restaurant industry, food service and schools, but all of those areas closed they have nowhere to send this milk. The processors cant flip a switch, bottle it, send it to grocery stores. So theyre having to do this, dumping 25,000 gallons much milk a day here at golden e dairy farm and farms across the country. Theyre calling on the usda to help out, buy milk and maybe send it to food banks. That is what the farmer here would like to see happen. Listen. I would love for this to be distributed to people that need it. So, i would love for them to speed up the process. I know it doesnt just happen overnight but this has been happening over a week now since the evening of march 31st, and this is a lot of fresh, delicious, nutritious milk that could be going to households or communities nearby that is not right now. Reporter and again, literally thousands of gallons of milk at this farm alone going down the drain every day, and frankly, neil, that is money down the drain for this farmer, farmers from new york to california. They can apply for the payroll loans like you were mentioning from the sba and the federal government but that just covers payroll. That doesnt cover all of this money that theyre losing right here. Theyre hoping they might be able to reimburse for some of it, from the Dairy Farmers association but again, theyre just wasting it right now, and it is sad to see frankly, neil. Neil amazing. Grady, thank you very much. I always love your reports, grady, you talk about real people in the line of fire on this. Not just vague business names. Real people and individuals, men and women trying to make a living. Grady will continue doing that, as he continues to get a sense of the magnitude of all of this. Were keeping on top of oil prices today. They had a kneejerk run up on talk, it was just talk, this socalled Virtual Meeting between the key oil players, namely russia, saudi arabia would produce a cut in production of up to 20 Million Barrels a day. That sounds a little over the top but that was what they were running on. Theyre not running on it as much right now, the gains have been pared considerably. Phil flynn is, maybe he knows why that has eased up. What do you think, phil . Reporter neil, im sure youre glad saudi arabia, russia, buried the hatchet when it came to the little production war but they have been under unprecedented pressure not only from the price of oil but geopolitical pressure from places like the United States and canada, that have really taken the brunt of this crash in the oil crisis. What were hearing a deal is actually done. The question is, exactly how it is going to play out. The 20 million barreladay cut production isnt going to be opec alone. From what were hearing the opec Production Cut is going to be mainly about 10 to 12 Million Barrels. The bulk of that, at least six Million Barrels will be taken by saudi arabia pulling down production from 12 Million Barrels a day to six Million Barrels a day. The russians will kick in about two Million Barrels. The rest of the cartel will make up that difference. So thats the talk right now. But there is another big meeting that oil traders are going to be watching even though the markets will be closed due to good friday holiday. That is the g20 energy minister. That is when the Oil Producers and consumers will get together to try to hammer out to see if other countries will join in the cut to try to stablize energy prices. Right now from what were hearing opec is looking for the g20 to kick in at least an additional five Million Barrels a day, to cut off production. That goes with the u. S. Production that is already on track to fall by two Million Barrels a day, not because theyre colluding with opec. But because the market has been so bad, producers have had to cut back production. Neil all right, phil flynn, thank you very, very much, my friend. Were getting some encouraging news on the virus front itself from new york where were told hospitalizations of the virus are nearly flat. Nearly flat. Stay with us. 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. Neil so many trillions, so little time. Think about it, 2. 3 trillion on part of the Federal Reserve to help anyone and everyone and buy back mortgagebacked securities, junk bonds, 2. 3 trillion stimulus package on top of a trillion dollars before to rescue everyone from beleaguered airlines to Health Care Workers in the line of fire on all of this, to say nothing more of the trillions provided by the fed to shore up the backstop to the financial system. So many trillions of dollars. Is it working . Charlie gasparino on all of that. Charlie . I cant tell you if it is working now. Hopefully it will work in the future, but, neil, ive been speaking to wall street executives who deal with the fed all the time. The fed has regular meetings with top wall street executives to give them insight into the plan, and check with the plumbing of the Banking System. Heres what they are saying, that they are basically saying this level of fed stimulus is historically unprecedented. Its far surpasses anything that occurred in 2018 when the Banking System needed stimulus, when it was basically insolvent. Its around, i guess if youre going to add it all up, it is at this point, were talking 10 trillion, maybe more just from the fed. And this is all, this is all as part of easing and quantitative easing and low Interest Rates and all the various programs youre seeing including the one today, the additional one today. Heres what has some people on wall street nervous, even if you see the stock market go up. Markets go up on low Interest Rates and fed easing because obviously, you, if Interest Rates are so low, you have to find a place to put your money often. That is in riskier assets like stocks. Here is what the wall street guys are telling me. They believe the fed is seeing something in the economic numbers thats even more worrisome than we all know. Obviously were in a deep recession right now. The hope is that we come out of this fast in whats known as a vshaped recovery. You go down really hard and you bounce back up because of all the stimulus being pushed into the system, both monetary and fiscal but what wall street guys are telling me, again dealing with the fed, they said that this vshaped recovery wont materialize. That instead after vshape, well be going down, on the bottom for a while and then go up. Obviously what the fed wants to do with all easing and federal government does with the stimulus package that youre on the ground like that it is not as long, its not, its not three months of doing that. They want to see much more of what they say a hockey stick recovery, down a little bit and then you go up. That is what im hearing from the wall street, that the vshaped recovery the president wanted, the odds of that are dropping. That is what the feds beliefs. That is why theyre doing what theyre doing here. Interesting when we come out of this, neil, when there is some normalcy, the economy, it is going to be interesting dynamic out there. Wall street could do very well out of this based on low Interest Rates. Main street, if you look at the size of the fiscal stimulus by the federal government, nothing compared to what the Federal Reserve is pumping into the Banking System. You could have higher stock prices and still massive unemployment. Back to you. Neil it is wild. Charlie, thank you very much. He is quite right, the trillions Federal Reserve is spending is dwarfs whatever congress and president are providing. Will it work, after this. I can save you. Lots of money with Liberty Mutual we customize your Car Insurance so you only pay for what you need only pay for what you need. Liberty. Liberty. Liberty. Liberty. Need you all to pop my top shop top shop live cherry and ill answer questions, ill talk to you, but more importantly, what were doing today is we are hi, evvie. Thats a viewer. So were going to save Small Businesses. Were all in this together. This is a crazy time but this is also a good time for us to communicate and maybe do some good. Neil i think you know that guy. Hes a pretty tough judge on americas got talent but hes got a big heart. He proves it again and again, including this latest social media agenda where hes trying to help out Small Businesses and regularly features them. It might ring a bell because hes done the same for now outofwork comedians working with adam sandler, hes also addressed some needs on other fronts but gets very little publicity for that. But we learn to laugh at a lot of stuff he says but this is no laughing matter. Hes trying to do a lot of good in the middle of a lot of problems for a lot of folks. Howie mandel. Very good to have you. Thank you for coming. Thank you for having me. Thank you for supporting this. You know, the show we are talking about right now, that was talk shop live. Its serendipitous because i was talking to these people who had this app way before this pandemic started, and i wanted to be in business with them. Its a brilliant app. It allows anybody, even if you dont have a business right now, to download this app and to sell from your own home on any platform, instagram, facebook, the buy button is right there. I thought everybody could have their own Home Shopping network and do fun shows. Garth brooks has done it, alicia keys has done it and regular people are doing it all the time, then this hit us. So we partnered with talk shop live to try to just help promote Small Businesses. Neil you do. I think you profile a different Small Business every couple weeks, right . Well, so here, april 7, the first one i did, hungry monkey bakery from illinois. Its a young lady named cindy who is wonderful. We sold out all her banana bread. She has these social distancing boxes where you can send them, people are sending them to hospitals and First Responders and enjoying the sweets themselves and thats still available. She actually just send me macaroons for passoverme. They were delicious. I think this is the ultimate, you know, kind of stimulus package that anybody can have. If you are an entrepreneur, or you have a business and you have been shut down by this horrible crisis we are all dealing with right now, there is a ray of sunshine and that is to go to talk shop live. If you go to my channel on talk shop live and submit a 60second pitch of you, your business, and your product this week, because i want to get more than just one, im going to go back to my game show roots and do something called sold out and i will have two or maybe more businesses on it at the same time. Nobody loses but we will see who could sell the most goods the fastest and just have some fun with it. I want to do more than just one business at a time. Every couple of weeks, i will be doing that and its my own stimulus package, if you will. Neil thats not bad. You know, howie, i get the sense you had a sense of this approaching severity of this coronavirus long before most folks. I could think back to americas got talent taping when you came there i think in a haz mat suit, before anyone was really mentioning this. You are a known germaphobe, you are obviously very aware of that. Im wondering if in all seriousness, if with these stunts or whatever you want to call them, you were sending a very serious message out, or were you . Oh, yes. I saw it coming. I warned the world and nobody listened. No, i have obsessive compulsive disorder and Mental Health issues and i have been living with this fear in this is my like worst nightmare, and its horrible and i didnt foresee anything and i didnt know. Im just so neurotic and its so weird the world is now by law living like i live every day of my last 64 years on this earth. Neil so you are not big on shaking hands, right . No. Neil we might come to a point we dont do it. Right . I want i have always felt there was no reason to shake hands. Just during a normal cold and flu season, i mean, i always think of this as just a petri dish. We say nice to see you, then extend your hand. Its not nice to touch you. We dont need to touch. I started using the fist bump. Thats gone away. I hope we come out the other side of this with some better habits that will be better for everyones safety. Theres no reason to ever shake hands again. I love social distancing. I love traveling and doing tv like this from the comfort of my own home. But more importantly, i love the empathy that is being shown and the humility and humanity of just reaching out and helping people. Nothing in these trying times for everybody, nothing feels better than to maybe just help somebody. Neil but you work with a lot of people. Whether its americas got talent, the talk shop live thing, you can all keep your distancing, but what you do and as a comic and actor, you are going to encounter a lot of people. How do you handle that . Well, i have been very open about my Mental Health issues. Im medicated as we speak right now. I have a therapist. Its always been really tough for me and it will continue to be tough for me. But everybodys got issues and i just, you know, i hope i can im helping remove the stigma of just being able to talk about it. I dont think theres anybody alive that doesnt have issues. Im going to have to how i feel on the inside and what i do on the outside has always been a dichotomy. But you know, theres nothing better. My first and foremost love is standup comedy, putting a smile on somebodys face and if through entertainment we can help businesses and, you know, im always looking for fun and funny things to do. I have this site, howie gave. Com where people can donate, but its an egame like candy crush, you download it. Its called breakout which we were making before this. Its like candy crush except with bacteria and viruses. You got to line up all the same colors. Go download that, howies games. Com, and get that. But more importantly, submit yourself for talk shop live. Its going to be fun. April 15th from 4 00 pacific which is 7 00 eastern for a couple of hours, we will play a game, when we did the last one i think she sold 600 pounds of banana bread. She says she will be busy for the next six months. Theres no better stimulant than that. No matter what your product or business is, lets all reach out and help each other. Download the app yourself and sell your own wares but i will sell your wares and we will compete and lets get a lot of notoriety and face time and it will stimulate your business. Submit now. Look for my channel on talk shop live. We will call it sold out. Neil very good. At marketing as well. You have done this with masks to get more masks out there, charity for that, worked with adam sandler to help outofwork comics. Im just curious how you feel about what, you know, everyone stopped working or they have very little choice but to do whatever they do in their home. So im wondering how we get out of that here, because even when it comes to productions and shows like yours, maybe not this particular one, but the networks are even talking about, the studios are talking about theres going to be delay in show offerings. We already know whats happening on sports and all that. So we are seeing a lot of older shows, we are seeing a lot of older sporting events. It is kind of weird, isnt it . It is kind of weird but you know, necessity is the mother of invention. I believe that we are in the midst of it and on the other side of it you will see some changes that happen because of this that they will adopt in the future. And the point is we are finding new and different ways of doing production, new and different ways of telling stories and you know, all the postproduction people have moved into their own homes and they set up the equipment there. Im actually, after i get off with you, we are taping an episode of agt and figuring out how to do it. I think this is people will find ways of doing business. When you talk about hungry monkey bakery, i dont know if a big part of their business, it was a bakery in illinois and i dont know if a big part of their business is mail order but now its nonstop because of that. Even when we go back, her business is now going to be a big part of it because we opened it up to the world through this, is going to be mail order. I think a lot of people are going to be forced to and will find new and inventive and productive ways to do business because of it. I mean, this is a big shift in how we have to think and how we have to survive and how we have to reach out and collaborate and work with each other. Im sitting here on facetime doing a show in new york. Neil i appreciate it. We all appreciate it. Hau howie, i always knew you were funny. I know you are a really decent human being as well. I am. I try to get that out there. I dont know if theres a chyron under me but you should change it, howie mandel, decent man. Neil we just did that. We have technology that would blow you away. We lrliterally just did that. Howie, seriously, thank you very much. Nice having you on. Thank you. Stay healthy. My heart goes out to each and every one of us. We have to help each other. Talk shop live, submit, lets do our stimulus package and thank you for your time in allowing me to reach out. Neil howie, thank you. Be well. Be safe. Be healthy. I want to get reaction to a lot of this because we talk about numbers and everything, the dow, the s p, nasdaq, but time and again we try to do that and on this show and my other shows, some good is being done out there that goes beyond numbers and markets. Connell mcshane is with me, Jackie Deangelis is with me, jonathan hoenig. Jonathan, i ended with you. One of the things howie said, you hear this from a lot of even market types. Whatever happens after this whole thing goes away which is hopefully soon, it will produce a new normal for us. It wont be back to business as usual but it will be a different world. Whether that means we are not shaking hands, i know howie has said that and dr. Fauci has said that, but it will be a different world. Im wondering if we are prepared for that. Undoubtedly life will change at fleefleast for a period of t. It reminds me not long after the tragedy of 9 11, a tremendous shock to the country, tremendous shock to the economy, and very clearly i remember a lot of developers saying people will never build tall skyscrapers again. You will never see it again. Of course, over the course of just a couple of years, you started to see especially in new york and around the country, tall skyscrapers get built once again. I have no doubt this country, despite what we are dealing with now, because of people like howie, howie talked about a stimulus program. He wasnt talking about a government stimulus. He was talking about himself as a Creative Business owner and entrepreneur finding a way not only just to give back, but to employ people once again. Thats whats going to get this country back on track. Although we are down a little bit in recent weeks, as long as we maintain that freedom, i know this country will bounce back and bounce back hard. Neil what do you think of that, jackie . My response to that is sure, there were things we said would never happen again here in new york after 9 11 and they did, and thats a wonderful thing. At the same time, you look at airport culture, for example, how the Airline Industry changed and there were definitely pieces of the aftermath of that horrific story that have stayed with us forever. So i think there are going to be aspects of the impact of the coronavirus that sort of dissipate with time and there are going to be aspects of it that dont and change our consciousness and how we deal with each other, maybe its not shaking hands, maybe its not wanting to be in crowded venues on top of each other, maybe its being more hygienic and washing our hands more, which would maybe prevent the seasonal flu which is a good thing. Theres never enough stimulus to save everybody and thats really what i worry about in this crisis right now, especially the longer it goes and i know theres a light at the end of the tunnel, but even with the fed adding 2. 3 trillion today, that brings the Balance Sheet up to about a little more than 8 trillion, thats almost twice the level that we saw during the financial crisis and i worry about that. I worry about the Economic Impact of this and how long its going to take the fed to work through it, Small Businesses to work through it and other investors to work through it. For those waitresses and waiters who have been laid off, to get their jobs back and for retailers that are struggling right now who were struggling before the coronavirus pandemic, to be able to get things back on track. Our economy is all about the consumer. We need people working so they have paychecks and they need to feel comfortable and go out and spend and Business Needs to be opened up again and right now, you know, even though things seem a little bit better, you wonder when in reality is that going to happen. Neil you do have to wonder how quick the turnaround is, right . A lot of people are hoping that we get this vshaped turnaround, but it might be awhile. People are going to be reluctant certainly to return to whatever the new world will be. I dont know how quick they will be to hop on cruise ships, for example, or planes abroad so that will take time, wont it . Yeah. I mean, i think that we have seen it even when we have talked about how other countries are going to put their economic reopening in place. Talked the other day about austria, denmark and other countries have started to outline where there will be staged openings so even if you are comfortable, you may not be allowed to go to a certain venue, for example, in austria they were saying the large gatherings wouldnt take place until july even if small shops start opening up next week. Then certain other businesses start opening up on the 1st of may. If we follow a similar pattern to that, the Comfort Level will be one thing and its understandable because everybody has kind of a different experience with this and a different approach to this, but some of it probably will also be the government mandates in terms of they try to balance it to the health side and you know, on the economic side. This may be a slight exaggeration but i was listening to howie mandel speak to you, you know, in some ways people like him are doing more than some of the big banks. Howie mandel in some ways doing more than citibank right now and thats kind of an ironic twist of fate and something that has to be rectified here in the next few weeks, because for as much as we talk about the Federal Reserve and how much liquidity is being put in the system and that was and is a big story today, the other big story to me is whats happening with this Paycheck Protection Program, which you know, has all the right goals and in many ways, is probably working. Edward lawrence gives us numbers as soon as he gets them but the numbers he gave us last hour were kind of split, right. They are rolling out these loans, 120 billion worth, they have allocated 350 so they got 120 out, and theres a whole bunch of banks participating, but the small ones, right . Where are the big banks on wall street and why are they taking so long even though they are processing the loans to actually get the money rolling . A lot of small banks and Small Businesses and you know, just individual people, as howie mandel is an example and others are doing a lot but we need to see more from some of the big banks, its fair to say, on wall street and keep on them to see where they are on this. Neil yeah. Youre right about that. Because apparently, its just chump change in the scheme of things. Weve got more of it coming. The question is, is it going to do the job and afterwards, when you have to pay everything back, are we ready for that. Guys, thank you all very, very much. As they have been speaking, you can still see the dow up about 500 points. We are en route to having our best week for the dow since 1938, for the s p 500 since 1974, for the nasdaq since 2009. What do all those dates, years have in common . They were all in the midst of serious economic crises. The depression, of course, in 1938, which still had a year or more to go. Of course, the recession in 1974. That still had close to two years to go. And of course, we remember in 2009, the start of the financial meltdown. It actually began in 2008 but continued obviously and took us some time to get out of but we are now rebounding from all of that and a lot of people are remembering then saying all right, remember what happened then, we came back substantially and we really started gaining ground. Will it happen again . We shall see. Stay with us. 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. Which most pills dont. Many of lifes moments in thare being put on hold. Are staying at home, at carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. 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And well be here to serve for a hundred more. Yeah. This moving thing 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. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Neil all right. We talk about trying to get this under control and make some progress. In the new york area you always hear from governor andrew cuomo. He hasnt been addressing whats happening out in long island and a lot of concern there that that was once a hot spot might be a hot spot now, but its apparently less of one. That doesnt mean long island is out of the woods. Steve malone is the Suffolk County new york executive, joins us now. Maybe you can give us the accurate skinny. Where are things right now if you had to speak collectively in your area to an extension of long island itself . Off the worst levels . You would would y how would you define it . We are still very much in the thick of this. The battle over the past week has really shifted to Suffolk County in long island. We have always felt that we were anywhere from seven to 14 days behind where new york city was but we have more cases here in Suffolk County on long island than any state in the country other than new york, of course, and new jersey. Even to put it in a little more perspective, the 40,000 cases that we have on long island represents half of what they reported in all of Mainland China from the start of the outbreak. Our hospitalizations are going up, our infection rate is higher than in new york city and new york state, and sadly, we are continuing to see the death toll rise. We will surpass likely 1,000 people who have died just on long island at some point today. Neil wow. I know you were one of the first to get free public testing going. How has that been going . The testing was critical but when we saw the testing happening, what we realized is that the virus had been here and it was spreading throughout the community. We are just over a month since our first positive case and what i said to communities across the country who havent been as hard hit yet, when this hits you, it is intense, it is fast, and you really need to be prepared. Our focus has been on making sure we get the supplies here for the people who are on the front lines, Health Care Workers, First Responders, who really are putting their health and safety and their families at risk. And the president made a commitment to Suffolk County in his Daily Press Briefing on sunday, he talked about the county in long island and what was happening here, and two nights ago at our Emergency Operations center, i received 200,000 n95 masks from the white house. The president fulfilled that commitment and we are grateful on behalf of those First Responders and Health Care Workers. The governor as well, governor cuomo, delivered 136 ventilators during that time period. So having that supplies and equipment really is a shot in the arm to the people who are leading the fight for us on long island. Neil hang in there. You have your work cut out for you but you have been leading the charge. Thank you to you and your folks. Steve malone, Suffolk County, new york executive dealing with this headon and that still remains a hot spot. I was not aware of those statistics, the cases now eclipse those in china. Just in that county. We have a lot more coming up including a look at the dow and what is driving this buying, whether it continues as well. After this. I wanted more from my copd medicine thats why ive got the power of 1, 2, 3 medicines with trelegy. The only fdaapproved oncedaily 3in1 copd treatment. Trelegy the power of 1,2,3 trelegy 1,2,3 trelegy man with trelegy and the power of 1, 2, 3, im breathing better. Trelegy works three ways to open airways, keep them open and reduce inflammation, for 24 hours of better breathing. Trelegy wont replace a rescue inhaler for sudden breathing problems. Trelegy is not for asthma. Tell your doctor if you have a heart condition or high Blood Pressure before taking it. Do not take trelegy more than prescribed. Trelegy may increase your risk of thrush, pneumonia, and osteoporosis. Call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. Think your copd medicine is doing enough . Maybe you should think again. Ask your doctor about oncedaily trelegy and the power of 1, 2, 3. Trelegy, 1,2,3 man save at trelegy. Com. Neil all right. Perhaps no sector of the economy has been as hard hit by all of this collectively in the aggregate, the total dollar amount, than the Airline Industry. We told you a little earlier about traffic at Logan International airport in boston, tumbling 96 from where it was before all of this hit and that the seven Major Airlines are all scaling back plane usage, 1800 planes, 30 of capacity and more coming with or without the stimulus that is coming their way as well. Hence the administrations concern for the Airline Industry and trying to find a way they can turn things around, part of a strategy to get an idea of where this whole virus thing is going and how a lot of these Companies Like the airlines can come back. Blake burman following a lot of things including that. Blake . Reporter the treasury secretary Steve Mnuchin in an interview earlier today said he would be meeting with President Trump this afternoon to give him the airline analysis, as he put it, as the treasury secretary said the next thing that they want to tackle down the line is to help out the Airline Industry. The relief is in place but now they have to work out the details, as you know one of the outstanding issues is the equity stake that the government might be taking. The numbers for the Airline Industry, you went over it, absolutely devastating. Let me just give you one. According to the tsa, there are only 94,931 passengers who were screened in all of the airports, all across the country, yesterday. To put that in context, that is a 96 decline from the 2. 2 million on the very same day last year. I reached out to a spokesperson for airlines for america, the trade association that have all the major airliners, when we got the news mnuchin said he would be sitting down with the president. This is what they say in a statement. Quote, u. S. Carriers remain hopeful that the Treasury Department will move quickly to ensure airlines are able to utilize funds to meet payroll and protect the industrys 750,000 jobs. The treasury secretary said he hopes to have some movement on that. Speaking to the airlines as well, going on into the weekend. Elsewhere, we are also getting reaction from the white house. Just got it a little while ago, as it relates to the jobless claims numbers, and the white house is pointing the finger directly at Senate Democrats today. This is part of a statement from the white house, saying quote, on a day when we saw another report with a significant increase in uninsured Unemployment Insurance claims, its beyond disappointing that Senate Democrats would choose to block our efforts to provide more emergency relief to Small Business. They go on to say at President Trumps direction, this administration has moved quickly to provide muchneeded relief to workers, families and Small Businesses during these difficult days and we will continue to do so. The issue here as you know is on top of that 251 billion addition to the ppp, the Small Business loan program, the democrats and republicans all agree should happen, democrats also want to add on relief for states and municipalities and for hospitals as well. The treasury secretary saying this morning that that would be quote unquote, in the next bill, assuming that there is a next bill, but that is the thats the stall point at this point. Neil . Neil thank you very much, blake burman in washington. I want to go to liz peek, our financial contributor. Liz, as blake was speaking, we are getting some at least distressing news economically out of new jersey from governor murphy, saying the 214,000 residents in the garden state filed for Unemployment Benefits last week. Now, among the more than 6. 6 million americans who did so, nearly 17 million in the last few weeks. One of the things he kicked around was he wants to sign an order to provide a 90day grace period for home, auto and renters, life insurance, that sort of thing, to ease the blow and presumably coming out of this. What do you make of measures like that . Well, i think they are all stopgap measures trying to ameliorate the impact on our economy and on individuals of this terrible government imposed shutdown. I think the first package, second package i guess that went through, the 2 billion plus package, takes care of a lot of that. People are going to be receiving unemployment plus, as you know. So there is income coming in and i have heard anecdotal evidence that a lot of landlords, a lot of creditors, people like verizon, for example, are offering people a grace period to pay up their bills and get back on. I think all of this really highlights the urgency of figuring out a way, whether its four weeks or six weeks, of getting people back to work. Lots of countries in europe are following that path now. We have got to figure out how our economy begins to open up again. Gradually with some businesses opening before others, et cetera, but we have got to have a plan forward or all those Companies Like landlords and stuff are really, they are operating without a full deck. They dont really know what thats going to look like. Is it a fourweek grace period, an eightweek . I dont think hes going to shut down everything. Neil i wonder what you think it will look like and how slow it will be, whether its done in stages, to your point, but a lot of people who have this vshaped recovery, people get tired of hearing it, i wonder whether it snaps back that quickly if for no other reason people are going to be leery of venturing out. Certainly leery of taking cruises, leery of getting on a crowded plane, no matter where its going. I wonder what that rollout will be like. Without a doubt, its going to be gradual. Not every industry is going to recover at the same rate. To your point, i think its going to be a long time before airlines are full again. The reason is we are all nervous about getting on an airplane. Number two, businesses have discovered they can deal with a lot of the transactions and communications that they need to deal with without persontoperson communication and zoom and all these other approaches are working very well. So i think what we are going to see is sort of like whats happening in denmark, whats happening in austria and germany, where they are saying okay, for example, some of the schools can open. Why . Because this category of small children is pretty good, their immunities are good and so forth, they can go back to school. Small businesses, shops, a lot of small shops are beginning to open or will at the end of this month in europe, because you can enforce social distancing in a small space better, perhaps, than opening up a Big Department store which in most cases are going to happen two months or two weeks later. So i think its going to be trial and error but what we all know, i have heard so many Conference Calls now with doctors and stuff, we have got to have broader and better testing of immunities and also of the presence of this virus before we really can go very far down that road, for two reasons. We want people to be safe and by the way, we want businesses to be safe, because if you allow people to come back to work and then they get sick, we have to figure that out. Neil yeah. You are in deep trouble after that. Liz, thank you very much. Liz peek. To her point, one of the factors they use to get people back to work, besides the decline in the number of cases, whether increasing or not or going slower, the testing availability. In this country now we are at the point where 1 out of 300 americans is getting tested for the virus. In germany, 1 out of 100. Of course, we are a much bigger country but the point is they want to get close to that 1 out of 100 at a minimum before they even think about lifting stuff. Some. After this. Americas oldest lighthouse has weathered many storms. Seeing the break in the clouds before anyone else. Together, well weather this storm. Neil you know, we talk about those who want to remember and help at times like this, but a lot of people dont at first blush think of our veterans, particularly our homeless ones, who need all the help they can get. Not these next two folks. Brett and alexa have a company that does just this called backpacks for life. It helps with sold jiers and the who have been forgotten, but not these two. Brett and alexa, very good to have you with us. Explain how this works since you are the president , i guess. Maybe you can tell me first what it involves. Backpacks for life started five years ago. I was in the marines for six years and when i came back from my deployment in afghanistan, i was a machine gunner overseas. I had a hard time integrating back. I thought it was because of the lack of resources out there but i started to realize as i was going through it that it wasnt the lack of resources, it was the lack of knowhow. Thats kind of where alexa and i came in. We get these backpacks, to homeless, i lived out of a backpack for seven months in afghanistan. Thats kind of where it came from. We put supplies, toiletries and resources inside these backpacks and distribute them to homeless veterans. We have given out about 7500 anand ended up developing our own to ensure that veterans on the street could survive and get off the street. Neil thats beautiful. Alexa, how whats in the backpack itself . He touched on some of the items but whats in it that would help a homeless veteran . Yeah, so each backpack is filled with your daily essentials such as shampoo, soap, conditioner, and supplies like a reusable water bottle. We put first aid kits in there as well. We really focus on high quality fullsized products, not toiletry size items because those dont last very long. We make sure theres lots of quality items. Lastly we include resource information inside each backpack. Thats the most critical piece. Access to housing, financial aid, drug and alcohol rehabilitation, whatever it is, we want veterans to know what they have access to. Neil how do you handle the virus situation and deal with that . Thats a whole other element to this, right . Yeah, so three weeks ago, we called one of our buddies, we met at a National Nonprofit for veteran entrepreneurs, it had a cut and sew manufacture facility in new jersey. We called them up, we sourced the appropriate materials because we know how to source these materials, especially domestic materials since we made our backpack with domestic materials, and we also made it right here in the usa. Because of that and our experience and knowledge, we came together, thats how veterans do, we get it done and we came together, we developed a mask that is a surgical mask, a pfp95. 3 micron rated material, and started to make masks. We made about 160,000. Thats the amount of materials we sourced right now and we have started to mass produce these masks. We will be able to make about 5,000, 6,000 a week. Neil you guys are amazing. You are doing a lot of good. Thank you very much. We need stories like that. We need to hear stories like that. We are flooded with them. This stands out particularly but its very nice to hear. Something very nice to hear thats closer to, well, our little fox business staff home here, concerns, a new life coming into this world in the middle of all of this. My producer Tom Andersons beautiful wife torry just gave birth to a beautiful baby boy, leslie robert. 21 inches long. Only time in your life you will be measured in inches. Seven pounds and four ounces. Only time people will brag about weight at that point. What a beautiful baby boy. Fortunately, fortunately, takes after torry, not necessarily tom. With coronavirus spreading, people at higher risk must take extra precautions. You are at higher risk if you are over 65, or if you have an underlying medical condition. Please visit coronavirus. 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[ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Neil you know, my friend Charles Payne coming up at the top of the hour will have a special virtual town hall on the impact all of this coronavirus stuff has had on the Small Business world, the Small Businesses that get kind of lost in the sauce, the Small Businesses for whom they are trying to raise an additional 250 billion in relief on top of the 360 billion out there. The demand is that strong. Mitch mcconnell wants to see that happen pronto. They could use all that help and a lot more. Doesnt my next guest know it. Dan bavaro, bavaro hospitality ceo. Hes among those who want to see part of this, help him get back on his feet, his workers, his employees. Very good to have you. Thank you so much for having us back. I appreciate it. Thank you. Neil so dan, where do things stand with you . Have you been able to file application or get something from this program . Get something, no, not yet. But i was able to file for my company. So as we all know, last week, cares act was approved, supposedly last friday we were supposed to get the application process started. Friday became saturday, saturday luckily became sunday around 5 00 p. M. , i received the email from my bank. They are an sbaapproved lender which is very helpful right now, so i received the actual application and filled that out. Its a big process. It took about nine hours for four entities and a lot of uploads of documentation. Probably had about 100 files per company that i had to submit for. So it took a good amount of time. The application itself neil nine hours among all these im sorry to jump on you nine hours among all these . Man, oh, man. I would be tearing my hair out. Yeah, you know what, though, we are lucky because they are sbaapproved lender. Business owners out there that arent banking with sbaapproved lenders are nervous because they are being told that their banks cant help them. So that is what im hearing from other entrepreneurs and they are going to banks that are approved lenders, and what those banks are doing, such as valley, they are taking care of clients first, then they look to help others which does make the most sense but theres the fear of are they going to run out of money before all these applications get through the pipeline. So we filled it out and submitted. I was told yesterday that of all the applications that they submitted, three were already approved by the sba. Of the three, they had not received any money. Its my understanding that no one has received any relief yet for the ppp application. Neil so when we talk about this, the payroll protection program, part of the Program Means if you hang on to your employees, this loan or whatever they want to call it becomes a grant, you dont have to pay it back. What are your plans . So thats the thing. You got to be very careful because it is a good thing and i think its a step in the right direction, especially for the work force that a lot of people right now are obviously unemployed. But basically, its a separate way of an Unemployment Fund versus just filing for unemployment. The only difference is for the business owner, they are potentially on the hook for this money and will have to pay it back if its not used correctly or if you dont meet the guidelines. Guidelines meaning lets say for instance one restaurant or one company, Small Business, has 20 employees, 12 months ago and then precovid they had 25 employees. Lets say you get 100,000. You have to spend that 100,000 in eight weeks and you start and you have to end with that 25 employees, otherwise its not considered a grant and the business then owes the money back. So now say we have a hard time hiring. Say some people want to stay on unemployment and dont want their jobs back or they switch industries and the business is not able to hire the amount of people that they had precovid. They are going to be liable to pay that money back over a twoyear period. Think about all the businesses that, a, didnt want the loan neil that could be substantial. That could be substantial. It could wind up 12 months from now, eight months from now, putting those businesses out of business because of the way this is set up. But it is a good thing for neil hopefully, you wont have those problems. Hopefully you wont have those problems. I jump on you and i apologize but we have to go to this hard break, as they call it. I wish you well. Im confident this will work out. More after this. vo in this world where people are staying at home, many of lifes moments are being put on hold. At carvana, we understand that, for some, getting a car just cant wait. Thats why the new way to buy and sell a car is also the safer way. At carvana, you can do it all 100 online from home, with a touchless delivery and pickup process to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. Shop now and get up to 90 days to make your first payment. Check out carvana the safer way to buy a car. Weve worked to provide you with the financial strength, stability, and online tools you need. And now its no different. Because helping you through this crisis is what were made for. Neil dont say we couldnt warn you thisco happen, after runup oil has turned south. Catalyst for own the downside, talks of opec, namely between saudi arabia and russia they had agreed to cutting up to 20 Million Barrels a day. The figure itself seemed toe big to belief. Bottom line, nothing materialized, no statement came out, or any cuts at all have been established or finalized. All the gains we saw in oil evaporated. A statement could come out a commitment to cut production. Maybe not of that magnitude. Could still come out this happened repeatedly with the markets. Get ahead of themselves they hear a statement, when i like to remind my staff, when it sounds too good to be true, sometimes it isnt. That is going south. So far not stocks. Corn of wall an broad, dow is up, s p is up, nasdaq is up and multirecord decade gains for the week there is no trading tomorrow. What we have here wraps up the gains for the week. Best for the dow since 1938. Zest r best for s p since 1974. And best for nasdaq since 1989. All periods we sharply rebounded. Next up Charles Payne. Charles hello, im Charles Payne. Welcome to our special virtual town hall, America Works together. Over the next hour well be focused on main street, saving Small Businesses and helping everyday working americans. Amid this generations greatest challenge for which there is no recovery blueprint, were going to answer your questions that are most pressing and address your most urgent needs. Today we learned another 6. 6 million americans filed for Unemployment Benefits, bringing the tally to 17 million in three weeks. Instantaneously be the Federal Reserve would pump 3. 3 trillion into the economy, going far beyond anything imaginable