Transcripts For FBC The Claman Countdown 20240713

Picture here. Dow jones industrials down 66, s p lower up, actually, by 5, the nasdaq is a bit higher, and stronger, up by 90 points. Its no wonder that traders are having a tough time deciding which direction to go, green or red. The Paycheck Protection Program just ran out of cash a few hours ago. Gone. Former ubs chairman robert wolf and round out savings bank ceo Sheryl Bowers weigh in on what happens to businesses at the back of the rescue fund line. What if they need the money still and whats going to happen to them . The number is staggering. 22 million americans now on the unemployment line as the workfromhome environment hits a major speed bump. The ceo of virtual headhunter upward is here on the new challenges of helping people find remote jobs as more and more companies let them loose. And the Hotel Industry was really among the first to be absolutely hammered by the coronavirus crisis. Strong leadership in troubled times is a premium but Remington Hotels just got a new ceo in december. Hes here on how hes handling the crushing contagion in his first few months of the brandnew job. Have you seen the latest 30year fixed Mortgage Rate . We will show that to you. Plus gold at 2,000 an ounce . When that might happen. We are less than an hour to the closing bell. Lets start the claman countdown. Liz we got this breaking news on ebay. Shares are jumping higher by about 2. 25 right now after activist investor starboard ended its proxy fight by withdrawing its four director nominees. Investors are applauding the move. Ebay is moving higher by about 2. 5 to 37. 06. The decision ends this very public fight and now allows ebay to focus on running its business in the age of the coronavirus outbreak without the activists breathing down their backs, right. This is always kind of the positive and the negative when it comes to activism. As you work at your laptops at home right now, Taiwan Semiconductor appears to be a beneficiary. It is getting a boost. We have taiwan semi up 5. 75 . The contract chip maker posted better than expected First Quarter earnings and that is tending to lift the tide for many of the Different Companies that are involved. Its pushing other chip makers including nvidia and intel and advanced microalso higher. We have them all up anywhere from 2 to 4 . Starbucks not waiting for governors or the president when it turns to when exactly it would like to open some of its stores. The chain announced it is planning to gradually reopen a significant number of u. S. Stores beginning in may. Yeah, may. What theyre doing is using the experience of closing and then reopening their stores in china as a template. They are not the only ones marking the calendar, though. We should tell you that reports are cinemark, the Movie Theater chain, is planning to reopen some of its theaters starting on july 1st. Weve got starbucks up by. 75 . Cinemark better by 1. 25 . Lets flip it over to lyft. Lyft announcing it started a Delivery Program for certain customers who need medical supplies and meals. Those customers include health care organizations, government agencies, nonprofits in certain areas of the country. Sprouts Farmers Market is expanding its grocery pickup nationwide by early next month. You have lyft down 4. 5 , sprouts up 6. 66 . Jpmorgan downgrading twitter to neutral from overweight saying the microblogging Services Revenue decline could be steeper than its peers as it is heavily dependent on product launches, events and of course, live Sports Events which just are not happening right now so weve got twitter down 3. 5 . This is really an unbelievable and somewhat depressing issue here. What typically would have taken 14 years to happen, has occurred in just 14 days. We are talking about 349 billion now all gone, granted at a frantic pace by the Small Business administration. The coffers of the emergency paycheck protection plan, that program now empty. The sba says it can no longer accept any new aid applications or sign up new lenders because all the money has been given out. What does this mean for businesses desperate to keep their companies and their employees afloat . For the big Bank Perspective, we have former ceo and chairman of ubs americas robert wolf who is concerned about whether the money thats already been given out is going into the right hands and for the small Bank Perspective side of it, on the phone, Sheryl Bowers, ceo of roundout savings, a 150yearold institution in upstate new york. I want to begin with you. When did you begin to notice and worry the money was running out . Hi, liz. Good to talk to you again. Actually, we started just a week ago, last time we talked, and within the first 36 hours, we were only a 400 million bank, we had allocated 7 million in loans in the first 36 hours. So that goes to show you the demand. You multiply that, if you talk about the Hudson Valley community banks, these are banks that measure our assets in millions, not billions. As a group of community banks, we have accepted thousands, thousands of applications and secured hundreds of millions of dollars. So that goes to show you main street usa liz you could tell. On the phone yeah, it was obvious. It was obvious. It was not going to be enough. Liz you could tell the demand, yeah, just doing the simple math, you realized this is not going to work, its not going to last. It certainly worked for some of the banks that were in line for you but now what are you telling other companies that are still online, these Small Companies in your region, when theres no money . Its been a hard day, im going to tell you. Having to talk to Business Owners who have in many examples been my customers for more than 20 years and im saying to them, you know, be patient, i believe there will be more money coming but you didnt make the cut. I know your application has been in for x number of days. Its hard. Its been a hard day. Liz robert, i want to get to you. You hear that the small bankers like sheryl and rondout savings, she was doing 55 applications on day one while bank of america and wells fargo were plagued pretty much by organizational snafus and failures. Glitches are to be expected and understandable but what worries you most about the money, these billions that have been given out . Lets just start from the beginning. It was too small to begin with by a multiple. 350 billion was just going nowhere, considering theyre trying to keep Small Businesses open. We are seeing that. You mentioned this morning, 22 Million People have come in for jobless claims over the last month. That means were going towards a Great Depression unemployment number. That means we need to keep Small Businesses open. This triple p program should have been 1 trillion plus. The idea we are fighting over adding another 250 in congress is ridiculous. There was 1. 6 million loans given out supposedly. We dont know how they got disbursed, who they got disbursed to but we are now picking winners and losers and the truth is we need wage and credit continuity. We need to keep Small Businesses open. Otherwise this recoverys going to be an l shape instead of a u shape. Liz you know, we know that nancy pelosi said at her daily Conference Today that she just wants to make sure that the next tranche of money goes to maybe the underserved communities, whether they are governments or hospitals, but you still dont feel that thats going to be enough . Well, we know its not going to be enough. I mean, this is a disappointing day for the country where i mentioned the 22 million but look at the last 48 hours. Bank earnings, this has nothing to do with wall street one way or the other. You are talking about them putting away huge loan loss reserves which means they are telling you they are thinking a deep recession here. The numbers they are putting away, 7 billion, 5 billion, this is going to dwarf what we had in 08 and 09 when i was running so we have to put it on rocket fuel now so when the recovery is ready, these companies are ready to exist again. Staying shut down for the past 30 days, its very difficult to reopen them. Liz robert wolf and Sheryl Bowers, good luck. Sheryl, i really feel for you, as you said its a very hard day, but you are still going to work hard, right . Have you been able to reach anybody to say just hang in there, there may be more money coming . On the phone i have spent the day as my staff has just talking and reassuring and hopeful there will be more allocation and it doesnt really matter if that money comes or doesnt. We are going to stand by their side as we have over and over and over again for 150 years and thats the community sense here in the Hudson Valley. Well get through it. We always do. We are a resilient population. So its a hard day but its also a day [ speaking simultaneously ] liz okay. Thank you very much. One business that apparently, though, needs no loan at least for now appears to be netflix. The streaming giants on a fourday winning streak. Analysts absolutely really like the prospects of the company right now because its a stayathome stock. The stock is up 1. 75 . The price target raised to 350. Its at 433 right now so they are a little behind. A 50 boost is not even getting it from where it is right now. Jpmorgan raised its First Quarter subscriber estimates by 1. 5 million to 8. 8 million. Along with the fact sports fans have no live sports to watch, its fueling demand and new customers for the original Binge Watching platform. Closing bell is ringing in 50 minutes. Up next, forget stocks. What treasury yields are signaling about the road ahead for the economy and your money. And wait until you see what the newest 30year fixed rate is. Well be right back. 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. Gov for more information. 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. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. So if you need to keep moving, were here for you. At carvana the safer way to buy a car. Mortgage rates are now at all time lows. By refinancing, you can save 2000 a year with one call to newday usa. Our team is standing by right now to take your call. And from start to finish, you can do it all without ever leaving the house. With our va streamline refi, theres no income verification. No appraisal. And no out of pocket costs. One call can save you 2000 a year. Liz all right. So we are still looking at a mixed picture for the markets right now. What did we say, indecisiveness on behalf of traders and investors. The Economic Data look ugly and we are waiting to hear from the president who is speaking on Video Conference with all the nations governors right now. While the averages have emerged from bear market territory which is stunning because it really looked ugly for quite some time, one of the worlds biggest hedge funds says the picture is about to get a lot worse. In a letter to clients, this is Elliott Management run by paul singer, right, they predict that global stocks could tumble 50 from their february highs. The letter goes on to say to us, there does not appear to be a gilded cornucopia of shining bargains. So you guys know, those guys have about 40 billion in assets under management. What is the bond market telegraphing . We are at twoweek lows right now. This is the third day in a row of dropping yields. You look at the tenyear treasury yield, its falling again. Last night it stood at. 64 . Im checking it right now. 60 . So that means theres still fear in the markets. What is the message that falling yields are trying to tell you, the investor . To our floor show traders and sarge, can you read the bond market tea leaves here . Yeah, sure. How you doing, liz . Investors i think are trusting right now the monetary and fiscal authorities. I do believe that Elliott Management is speaking about global stocks and i am for the most part speaking about u. S. Financial markets and i do think as long as we dont have a relapse, as long as we stay the virus curve stays somewhat sloping, peaking to sloping downward, i think we can come out of this. I think you will have trouble in the housing markets. I think thats where this will come off because so many consumers are now worried about not only their health but paying their bills, feeding their families. They are going to have to raise cash. So there are going to be homeowners that put their homes on the market and there are going to be fewer buyers at that time. I think there will be problems with our economy for some time now. But i think the markets are signaling that there is a chance for some growth, economic growth, later in the year. Liz Housing Starts fell 22 . Its unbelievable. We are looking at the home builders. What a shock, we do have at least three names that are moving higher but we also, phil, got the 30year fixed rate out today. It comes out on thursday, every single week. Now at 3. 31 . It had been a few weeks ago 3. 62 and i guess the low was about 3. 29 . But do you like anything here with Mortgage Rates so low . You know, i think i like everything other than bond market and financial bond market right now, because i think right now, this market is pricing in some very worst Case Scenarios but i also think its underestimating the amount of spending the governments are going to do in the next couple months and years to get the economy back on track. You know, take a look at what we are hearing talk out of President Trump. The next round of stimulus, if we can get the Small Business thing done, would be a potential 2 trillion stimulus package or 2 trillion infrastructure package. Thats going to be huge, its going to be great for the economy, but it also is going to mean a lot of printed money, right . If you look at global banks around the globe right now, they are printing money like crazy. So people are buying these bonds, they are going to get paid back in a currency thats diluted years down the road. While going to the treasury market for some shortterm protection might seem like a great idea, longer term its probably a really bad investment right now. Liz yeah. I know. But sarge, i think youre right. I think we will see a lot of people struggling to pay their mortgages. We already know that renters in droves cannot pay by the 5th of last month. Who knows whats going to happen this month, right . So therefore, anything in real estate might be a little squirrely. Oh, i definitely think so. But to phils point, hes correct in the fact that there will probably be some weakness at the longer end of the curve but the fed is going to pin the short end of the curve right so you do have potential for a healthy curve. Not talking about the virus curve, talking about the treasury yield curve. Thats so important, as we try to recover, as we try to maintain some trajectory for growth going out over say the 18 months after we finally get some kind of allclear. Liz great to talk to you. Thank you both very much. On kind of a very important day. The money has run out of Small Business Loan Association plan and of course, we are waiting on the governors to find out if theres any kind of consensus about when they will reopen the country. Thank you so much for joining us. Closing bell ringing in about 40 minutes. Dow jones industrials down 75 points. So now the number. 22 million americans looking for a job. Up next, weve got virtual headhunter who was helping Companies Hire remote work forces well before the pandemic. Hayden brown on what it will take to get hired from home amid the coronavirus new normal. You dont want to miss fox businesss next America Works together virtual town hall. Charles payne hosts with special guest, billionaire mark cuban. They are answering all of your questions on the economy, your finances and of course, your portfolio. Thats next week. Mark the calendar, thursday, april 23rd, 2 00 p. M. Eastern. By the way, we would love for you to send in your video questions to invested in you fox business. Com. Well be right back. With va Mortgage Rates suddenly dropping to near record lows, my team at newday usa is helping more veterans refinance than ever. The newday va streamline refi is the reason why. It lets you shortcut the loan process and refinance with no income verification, no appraisal, and no out of pocket costs. One call can save you 2000 every year. Call my team at newday usa right now. Liz with more than 22 million americans filing for unemployment over just the last four weeks due to the coronavirus pandemic, here is the good, the bad and the ugly of hiring right now. Lets start with the good. Yes, there is actually some good here. We have Health Care Company baxter. Baxter is looking to hire an additional 2,000 workers to help with increased demand. Now the bad. That is that tech giant google is actually slowing down hiring through 2020, adjusting its spending in other areas. Then heres the ugly. Action Camera Company gopro laying off 200 employees as the coronavirus pandemic negatively impacts sales. A lot of people take these on trips and we know that there is not a lot of travel going on. While the crisis has forced the majority of u. S. Businesses to quickly transition to a remote work force, what challenges and opportunities does this present for both employers and professionals in this labor market, especially ones who find themselves jobless . Our next guest runs the Worlds Largest platform for hiring and placing Remote Workers. Their service has provided Remote Workers for 30 of fortune 500 Companies Including all the ones on your screen, microsoft, ge, nasdaq, glassdoor, airbnb and godaddy. Lets bring in upward president and ceo hayden brown, joining us in a fox business exclusive. Over just four weeks, you saw the numbers, 22 million jobless and it pretty much erases all of the job gains over the past 11 years which has stood at 23 million. Talk about hiring talent for your company as you specialize in the Key Takeaways of Remote Working right now. Thanks for having me on the program, liz. I think the key takeaway for companies right now is adopting Remote Working skills and capabilities is not something thats critical just during this crisis, but actually as a strategic capability that we have seen Customers Using well before the coronavirus pandemic and certainly its going to help companies be more agile and have a lot more range in who they work with after this crisis abates. Liz what are you seeing in your platform in terms of usage and numbers and people jumping on to try and get placed . Because we know so many people have lost their jobs and they cant work from any kind of workplace so when youre looking at upworks numbers, what do you see . On the client side we are seeing a lot of companies that are still really focused on Business Continuity and so categories like Information Security and tech support continue to have a lot of activity because customers are trying to keep the lights on, trying to make sure their teams are enabled with Collaboration Tools which often require Digital Skills to implement. On the freelance side of our marketplace, we are seeing a huge surge in activity as well as new signups, as more people look to online work and remote work as a freelancer as a viable way to replace or supplement income that theyre losing at this time so theres a lot of activity right now as freelancers and new entrants are trying to be part of the remote work shift. Liz well, yeah, why not. It is an option here. They may not have heard of upwork. Now we are telling people about this. Tell me, what are the most indemand jobs on your site right now when it comes to remote or virtual workers . So about 40 of our site is around Technical Work in web development, mobile development, software development, and we are seeing at this time a continued strength in that part of the business, as again, a lot of clients are looking to adopt more digital and virtual technologies inside their organizations and they need professionals to help them do those rollouts. We are also seeing a lot of strength in categories like Game Development which makes sense when you think so many people now are at home looking for new channels of entertainment and companies are looking to refresh or expand gaming content to meet that need. So there is certainly a range of things we are seeing from continuity to more of the moment types of skills. Liz listen, its not easy for a lot of people to adjust to working from home if they have been in an office situation for so many years. I understand you are giving free management courses on how to manage these remote teams. Give us the long and short of it. Whats the number one thing that managers need to do if they are trying to keep everybody together while they are apart . We are trying to help. We have been a distributive company for 20 years and supported clients and freelancers to do great work and get great outcomes working remotely so we are running remote webinars and the biggest thing people need to do right now is communicate. Find new channels and way to be really in touch with all your team members whether it be using video conferencing, live chat tools, increasing the frequency of key meetings, communication is kind of the naum me of the g in terms of keeping in touch and keeping engaged a remote work force. Liz hayden brown, upwork is the company, virtual headhunter. Good to see you. Thank you very much. By the way, the company is publicly traded and as we watch it grow, we will be watching you, too. Thanks so much. The closing bell ringing in 30 minutes. Look at the dow. The dow which at its lowest point had been down 292 points, is now down just 19. Lets see if it can go positive. We have the s p now up nine points, the nasdaq better by nearly 100. Even with the 25 billion lifeline the government threw to the airlines this week, u. S. Carriers are sinking at this hour on plunging demand. Look at united airlines, getting hurt the worst, down 11. 5 after slashing 90 of its flights from its may schedule, with similar cuts forecasted for june. American is down about 9. 6 . Southwest down 6. 25 . The Hotel Industry is also of course lodging major complaints of historically low traffic figures but imagine being installed as the chief of a National Hotel Management Company just a month before the coronavirus outbreak. Weve got the ceo living that very nightmare right now. Remington hotels, next. Stay with us. Life isnt a straight line. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. Guys guys 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 safe drivers do save 40 . Click or call for a quote today. Liz we have breaking news. We have just gotten brand new numbers out of the cdc as far as cases of coronavirus and the death toll. Right now, there are currently 632,548 cases of coronavirus here in the u. S. The cdc has also updated the number of deaths caused by the virus to 27,012. This is up from 24,582 reported just yesterday. In march, exactly a month ago, march 16th, im looking right now, we had 4,596 cases. Here we are today, 27,000 plus. Lets look at the intraday of the dow because just during the commercial break, i dont know if you caught it on the bug, because we keep up the bug during the commercial break, we did pop into positive territory. Right now we continue to stay there, for a minute there it was up and then down. We are up 20 points. High of the session, a gain of 62 points. We will be looking for a swing of more than 350 points when all is said and done. We will see if we can close near the highs versus anywhere closer to the lows. No checkins here. Hotels were among the earliest businesses to feel real pain when the virus hit. Shutdowns right and left. Nobody traveling, no bookings and well, talk about a battlefield promotion. Our next guest was elevated to president and ceo of dallasbased Management Company Remington Hotels back in december, just one month before coronavirus pandemic hit here in the u. S. Despite reports that 80 of the hotel rooms in the nation are empty right now, he says nearly all of his hotels are still open and running. With sometimes just two or three employees, but he wants them open. Lets bring in Remington Hotels president and ceo, sloan dean, who joins us now. Talk about baptism by fire. You are named ceo, businesses are moving along, then describe what happened. Well, i dont think anybody foresaw what was going to happen. You know, we started to see some inbound demand declines on the west coast in late january, early february and the Hotel Industry anticipated foreign inbound travel to be down for 2020 by call it early february. By the second week of march, thats when we really saw this large falloff in occupancy and demand and that happened in about a twoweek period where by which the last week of march, revenue for the industry was down over 80 . Then the last two weeks, we have seen revenue be down about 85 . Economy hotels are faring the best. Luxury, Upscale Hotels are faring the worst. Your top 25 markets like new york and San Francisco are actually doing worse than tertiary markets but revenues are down 90 right now for april. Liz oh, my gosh. Here you are, youve got the big moment to be the ceo to run this company. Lets just let our viewers know that you manage a bunch of Different Hotels under the big names like jw marriott but you also do the Embassy Suites and some discount ones. Talk about what you did with your employees. You have about, as i understand it, 7,000 employees. You had to furlough 6500. Yet you say that most of your hotels are still open. How are you sustaining that . Yeah. So we have 87 Hotels Across the u. S. From manhattan down to key west and over to san diego up to anchorage. And the statement that all but 500 of our 7,000 associates are not working is the worst statement of my career. You know, i feel blessed actually to be in the position as ceo to try and lead through this crisis, but ultimately, we had to make the decision in quick fashion to furlough the vast majority, over 90 of our population. The question how we are operating is with skeleton crews. In six hotels we have meaningful occupancy so in manhattan, we are running 60 occupancy, where we are housing nurses and doctors. In a couple of hotels in durham, North Carolina as well as austin, texas, we have leased our hotels to the city to help the local municipalities deal with the crisis. We are trying to help where we can. But in some of the hotels, we are running 5 occupancy and im operating a hotel with three employees. To be open and available for shelter, should people need that. We have found through hurricanes and natural disasters that hotels that stay open through a crisis tend to recover faster than those that close. Liz sloan, heres what i have to say. I want to quote the great jack welch, may he rest in peace, when he talked about the difference between a good ceo and a great ceo, he said a great ceo is one who can make it through a neardeath business experience and im sure given the choice, you wouldnt have started with this kind of experience, but sounds like youve got things under control, you are making it through but you are doing good things by lending some of these rooms to doctors and nurses. Good luck to you. Congratulations. Hang in there. All right, thank you, liz. Thank you very much. Liz any time. Sloan dean of Remington Hotels. By the way, dallas based, hang in there. Closing bell ringing in 18 minutes. Dow is up 11 points. Clinging to the green. If you havent already, you want to talk about going through the start of a business and running into some real problems. A floral business began and in the first order, flowers were arriving dead, they were arriving like a total mess, wrong colors, et cetera. But the founder on your screen right now kept on going and now her flowers are among the hottest in the world, as people are ordering these flowers that last more than a year. Real flowers with no water. She shares her story on my everyone talks to liz podcast. Download it and let me know what you think, wherever you get your podcasts. Well be right back. Dow is holding on and even gaining, now up 26 points. Volatility is dropping about 1 . Every Financial Plan needs a cfp® professional confident Financial Plans, calming Financial Plans, complete Financial Plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. Helping you weather storms like this one, 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. Liz weve got some breaking news. We have Senate Leader Mitch Mcconnell now saying that there has been no movement on the latest tranche, at least hopeful tranche, of Small Business money for those who are suffering from the coronavirus and have lost their jobs. The Paycheck Protection Program, still negotiating at this moment with the democrats but again, u. S. Senate majority leader mcconnell says there has been absolutely no change at all in the negotiations and the money is not there yet. Now, this becomes extremely important considering that the 349 billion is all used up, that first tranche. Remember how former chairman of ubs americas robert wolf just said at the top of the show he was worried that some of that money, some of those 349 billion, werent exactly getting into the hands of mom and pop businesses that had been forced to close. Charlie gasparino has an exclusive story right now, i dont know, charlie, is my blood going to start boiling on this . Charlie yeah, it is. Im surprised robert left out that one of the people who is defending some of this practice is his business partner, Anthony Scaramucci. Scaramucci has been on record saying maybe hedge funds should get some of the money. Im telling you, let me just go through my story, then we can get into that. I spoke with banking executives today. Heres what they said, that they received a surge of these ppp applications from hedge funds, Financial Advisers, law firms and other high end businesses. These companies can qualify for the program even though the spirit of the Small Business lending plan you know is aimed at salons and factories and the people that we have on who are really not getting access to it. The interesting thing is my banking source is an executive who runs a midsized bank. Spoke to me on the condition of anonymity and spoke to me about this because hes really worried that when we get out when the lockdowns end, that theres going to be occupy wall street on steroids because of this. He told me that he and some other banks have decided not to process some of the loans from these outfits, arguing that these are companies, for example, hedge funds, their fees are down but they are still making money. Remember that. They are still bringing in fees. Brokers, brokerage teams, private Financial Advisers that apply for this stuff, still get fees from clients. Law firms, guess what, they get fees, too. So what the banks are saying, some of these banks are saying no, were not going to process your loans. Others obviously have and thats the problem we have here. Some of these outfits obviously took money away from all the people that we hear from day in and day out, small, legitimate Small Businesses, mom and pops. Not only that, people that run cleaning services, they cant get the money and these brokers and Financial Advisers and Hedge Fund Guys are applying and are getting the money. Like i said, some banks, i know one banker, you know the guy, he spoke to me under condition of anonymity, we can talk offline who he is and what he said and some of the other things he said, but hes not processing those loans. We should point out that the Treasury Department had no comment on this. But one of the reasons why Hedge Fund People and bankers are so upset about the fact that Hedge Fund People are applying for the loa loans, because theres going to be a backlash when this is over. The amount of stimulus money going to main street is paltry. If you think about what Mitch Mcconnell is trying to do, hes trying to get 250 billion on top of 350 billion. The fed has pumped close to 10 trillion into the wall street Banking Community and thats why stocks have stabilized. These Small Businesses have not stabilized. Unemployment is still spiking up. What they are worried about is when this is over, say joe biden wins, say Elizabeth Warren is appointed to some cabinet post, lets just say she does an investigation into the hedge funds that got the money, and she starts to have show trials which is very possible given where the Democratic Party is, you get what im saying, this could get really nasty. Steve mnuchin coming into the treasury, he should be putting a stop to this. Robert wolf makes a good point but check the tape on what Anthony Scaramucci said. I believe he was trying to say that as roberts friend and partner, i believe he was trying to say this is a legitimate use of funds because hedge funds do employ people. Yes, they do. But this program was not made for them. Back to you. Liz well, charlie, this is infuriating and its not just democrats, its republicans who should be upset. This is taxpayer money and if you are conservative and you care about how its spent, boy, thats not going to be great. All right. Look, Dow Jones Industrials has a brand new high. We are up more than 81 points. We are coming right back. Gold at 2,000 an ounce . When is that going to happen . Res all time low Mortgage Rates. And best of all you can do it from start to finish without leaving the house. Its fast, too. With our va streamline refi, theres no income verification. No appraisal. And not one dollar out of pocket. 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We do have all green on the screen. Maybe investors gotten a less tentative with the last few minutes before we hear the closing bell ring. New high for the dow, a gain of 93. Were up just 68. Costco hiking its dividend by 8 because, people are going there in droves. They need costco to be open. Sales risen dramatically, with consumers stocking to the floor shelves to stoke up amid the covid19 crisis. If you look at the shares that is a gain of 4 . Costco stands at 322. 44 a share. Lets go to Cheryl Casone . Cheryl has the latest on costco and more this is good news when you see a stock surging today like that. Reporter we have bed, bath beyond. Take a look at the stock right now. Look, lizzie, up 18 . Earnings coming in better than expected. They earned 38 cents a share that was a 68 decline from the same quarter year ago. Above what the street expected. Mark triton said the Quarter Ended two weeks before the quarter began the shutdown. Current conditions are tough. Overall sales have been down 42 in the last few weeks. They told analysts sales doubled nearly since the shutdown began. They are buying bread making machines, coffeemakers, vacuum leaners. Back to you. I know youre not surprised. Liz i ordered from bed, bath beyond three sodastream cartridges. Im still waiting. I make my own little sparkling water. Cheryl, good to see you. Gold hityear highs this week. There is call for gold passing 2,000 a troy ounce and it will stay there the next five years. Take this as with a grain of salt. It is coming from the Gold Mining Company newmont. Is he talking his book a little bit . My next guest, ed coin, he runs sprout management. Gold needs to hit 1hundred eight 1800. Where will gold hit that, ed . I like to remind people since the fed tried to tighten back in 2015 gold has been marching forward quite nicely. It is not because they anticipated covid19 happening. Weve had too much debt on the balance sheet, we had Interest Rates lower for longer and we think that will continue in droves now were qe to infinity. I think 2000 is very reachable. [closing bell rings] i think you have to look at it from a stair step standpoint saying 80000 first, 1850 and so forth. Were only 10 away from all time new highs. Liz ed, got to run. Sorry to cut you off. Green on the screen. That will do it for the claman countdown. Thanks for joining us. Now aft the bowl. Connell President Trump is just wrapping up a meeting with the nations governors talking about guidelines for getting america back to work. Well talk about that, good to be with you. Im connell mcshane. Melissa im Melissa Francis this is after the bell. The major near session highs. Fox busin